International Karachi, Wednesday, October 13, 2010, Zul-Qa’dah 4, Price Rs12 Pages 12
President vows to pursue SC orders
PCB issues show cause notice to Afridi
See on Page 10
Opec sees oil demand at 1.3pc
See on Page 12
Nato copters violate Pak airspace again
See on Page 12
See on Page 12
No Afghan peace sans Pakistan, says Gilani
Economic Indicators $16.99bn 13.77% $5.18bn $9.03bn $(3.85)bn $(944)mn $1.72bn $267.10mn Rs 185bn $55.63bn Rs 4863bn $100.90mn 3.05% 4.10% $1,051 170.77mn
Forex Reserves (1-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Aug10) Revenue (Jul 10-Aug10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Jul 10)
GDP Growth FY10E Per Capita Income FY10 Population
Change, only thru vote: PM NAB head appointment not a legal affair, but administrative one
Portfolio Investment SCRA(U.S $ in million)
47.95 -1.27 -0.22 2353
Yearly(Jul, 2010 up to 11-Oct-2010) Monthly(Oct, 2010 up to 11-Oct-2010) Daily (11-Oct-2010) Total Portfolio Invest (1 Oct-2010)
NCCPL (U.S $ in million)
FIPI (12-Oct-2010) Local Companies (12-Oct-2010) Banks / DFI (12-Oct-2010) Mutual Funds (12-Oct-2010) NBFC (12-Oct-2010) Local Investors (12-Oct-2010) Other Organization (12-Oct-2010)
1.15 0.40 -1.02 -0.63 0.04 0.25 -0.19
Global Indices Index Close KSE 100 10,292.33 Nikkei 225 9,388.64 Hang Seng 23,121.70 Sensex 30 20,203.34 ADX 2,712.42 SSE COMP. 2,841.41 FTSE 100 5,661.59 *Dow Jones 11,013.78 *Last Updated 20:00 PST
Change 30.23 200.24 85.61 136.55 9.26 34.47 10.81 3.44
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.98 18.20 156.77 2.00 43.07 1.70 36.61 9.68 33.35
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.83% 13.07% 13.22% 13.50% 12.81% 13.01% 13.21% 13.61% 13.71% 13.89% 13.81% 14.06% 14.28% 14.45% 14.62%
06-Oct-2010 06-Oct-2010 06-Oct-2010 29-Sep-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010
Commodities *Crude Oil (brent)$/bbl 83.12 *Crude Oil (WTI)$/bbl 81.45 *Cotton $/lb 110.70 *Gold $/ozs 1,348.00 *Silver $/ozs 23.12 Malaysian Palm $ 935.50 GOLD (NCEL) PKR 37,477 KHI Cotton 40Kg PKR 7,877 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 83.48 Canadian $ 84.60 Danish Krone 15.85 Euro 119.00 Hong Kong $ 11.00 Japanese Yen 1.038 Saudi Riyal 22.90 Singapore $ 65.30 Swedish Korona 12.75 Swiss Franc 88.55 U.A.E Dirham 23.30 UK Pound 133.50 US $ 86.10
84.00 85.00 16.50 119.50 11.30 1.064 23.00 65.50 13.10 89.20 23.50 134.00 86.30
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
84.31 84.87 16.02 119.45 11.09 1.051 22.96 65.83 12.90 89.27 23.44 136.95 86.14
84.51 85.07 16.05 119.72 11.12 1.054 23.01 65.98 12.93 89.48 23.50 137.27 86.32
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
31°C 34°C 35°C 36°C 30°C 33°C
MIN
17°C 23°C 22°C 21°C 6°C 18°C
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CHARSADDA: Prime Minister Syed Yousuf Raza Gilani talking to media persons during the launching of Waseela-e-Rozgar Scheme under the Benazir Income Support Programme.-APP
EU to fight Pakistan trade case at FoDP BRUSSELS: The European Union will urge countries to join it in granting Pakistan trade breaks to help the country cope with widespread floods while calling on Islamabad to pursue reforms, an EU official said on Tuesday. Representatives of 23 countries, as well as officials from the World Bank and the Asian Development Bank, will meet in Brussels on Friday to assess what long-term financial help Pakistan needs to recover from the floods. The assessment, from the Friends of Democratic Pakistan group, will be forwarded to a meeting of donor countries to be held in Islamabad in November. While offering Pakistan sup-
port, and urging other countries to follow its lead with trade breaks and economic incentives, the European Union will call on Pakistan to reform its administration, including by broadening its tax base. "The aim is to send a strong signal of solidarity to Pakistan," an EU official said. "And it's an opportunity for Pakistan to present a plan for reconstruction, including economic and institutional reforms." Officials say the EU trade breaks would increase Pakistani sales in the bloc by about 100 million euros ($139 million). Many leading Pakistani See # 17 Page 11
September sales up 18pc YoY
1Q auto sales pick up 9.4pc Ahmed Siddiqui KARACHI: Auto sales showed an improvement as cumulative car, LCV & pickup sales surged 9.4 per cent to 33,687 units during 1QFY11, according to the latest data released by Pakistan Automotive Manufacturers Association (PAMA). On the other hand, sales of car, LCV and pickup jumped 18.2 per cent YoY to 11,669 units in the month of September 2010 against 9,874 units in the same month last
year. Main reason of sale-surge in September was expectation of increase in car prices due to cover the rising costs -- owing to increase in Yen prices, as per the TFD analyst. As per details, amongst the individual categories, car sales showed a better growth of 12 per cent YoY to 30k units, whereas LCV & pickup segment sales registered a decrease of 8 per cent YoY to 3.65k units in 1QFY11. Pak Suzuki, Indus Motors and Honda Cars were the three See # 18 Page 11
NAB head submits report in Supreme Court
Nothing found in Zardari Swiss accts ISLAMABAD: The National Accountability Bureau (NAB) on Tuesday submitted a report on the Swiss cases to a 17-member larger bench of the Supreme Court (SC). The report that was submitted by the newly appointed NAB Chairman Deedar Shah, claims that there is no trace of money in the Swiss accounts of the president. See # 16 Page 11
COAS vows to wage war on terror till its logical end WANA: Chief of Army Staff Gen Ashfaq Parvez Kayani has said armed forces will take the war against terrorists and extremists to its logical end with the cooperation of nation. Army chief said this while addressing tribal elders, army officers and jawans engaged in war on terror during his visits in Upper Kurram and South Waziristan. Corps commander and respective GOCs received the army chief when he arrived there, sources told. They briefed him at length about the security situation of the area. Army chief commended the operational and professional capabilities of the army saying the whole nation felt proud the way armed forces were fighting against the militants courageously and valiantly. "We will win this war with the support of the nation, he remarked. During his meeting with tribal elder army chief held out assurance of full cooperation from army for their uplift and betterment. The sacrifices See # 15 Page 11
NRO review case
Khosa to represent Federation ISLAMABAD: Advisor to Prime Minister on Information Technology, Latif Khosa has resigned from his office on Tuesday, media reported. Latif Khosa would represent the Federal Government in NRO review case before the Supreme Court (SC) in place of former Federal Counsel Kamal Azfar, sources said. The hearing of NRO review case is due to start today Meanwhile, Prime Minister Syed Yousuf Raza Gilani has accepted Khosa's resignation, it is learned.
CHARSADA: Prime Minister Syed Yousuf Raza Gilani Tuesday said his government would complete its five-year term and only the people had the right to bring about any change. "We have come into power with the support of the people and not through back door corridors," Gilani said at the launching ceremony of poverty survey in KhyberPakhtunkhwa and Waseela-eRozgar program and distribution of Watan Card here. Gilani said, "It is not the prerogative of those who are sitting in drawing rooms to talk about change," he said while strongly rejecting the statements by "some television critics" that a political change was
President-PM meeting
Next 48hrs stated crucial ISLAMABAD: Political pundits and analysts termed the next 48hour in the country very crucial as Supreme Court of Pakistan would resume its hearing on NRO review case today. Earlier, on Tuesday night, President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani held one-to-one meeting in the President House and discussed various issues of national politics, media reported. Reports said the two leaders exchanged views over the current national and political satiation and See # 10 Page 11 in the air. "If we do good deeds, we will be reelected or rejected like the previous government." Gilani said "We rendered great sacrifices and have faced jail terms for the sake of democracy." Prime Minister said the political government was following the Constitution and urged all those who were outside the parliament to show political maturity. He said if the politicians cannot deliver than no one else can. He said certain segments
WB, ADB compute flood loss at $9.5bn ISLAMABAD: World Bank (WB) and Asian Development Bank (ADB) have finalised their survey with regard to assessment of the damage caused by floods in affected areas. As per survey report, disastrous flood afflicted loss of 9.5 billion dollars. Survey teams comprising hundreds of experts of WB and ADB participated in the survey conducted to assess the loss caused during the floods in all the four provinces of the
country. According to assessment report over 25 million people were affected and 250,000 houses were damaged fully or partly. Survey teams also sought help from data worked out by government of Pakistan. The report will be presented in the next meeting of WB board. Foreign Minister Shah Mehmood Qureshi will also present this report in the meeting of Friends of Democratic Pakistan taking place on next Friday in Brussels.-Online
Oil, gas output up 2.3pc in 1Q Ghulam Raza Rajani KARACHI: Oil & gas production rose 2.3 per cent to 768.09 thousand barrels of oil equivalent per day during 1QFY11 against 750.74 kbpeod in 1QFY10. Oil production -- marginally went up by 0.7 per cent -- stood at 64kbpd. Similarly, gas production surged 2.5 per cent to 4 billion cubic feet per day (bcfd) versus 3.94 bcfd in the same period last year. Oil & Gas Development Company Limited (OGDC), oil and gas production during
the period dipped 2.5 per cent to 205 kbpeod versus 210 kbpeod during the corresponding period last year. Gas production also decreased 2 per cent at 965 mmcfd. Oil and gas production of Pakistan Petroleum Limited (PPL) has surged by 5.7 per cent YoY to 175 kboepd. Oil production of the company increased 60 per cent to 6.5 kbpd mainly by the higher production from Nashpa and Tal block. Likewise, gas production of the company increased See # 14 Page 11
were trying to say things that were undoable and said democratic system was the country's lifeline. Gilani rejected those who said the parliament has achieved nothing significant and said it restored the 1973 Constitution and all legislation has been done through consensus. He said Quaid-e-Azam Mohammad Ali Jinnah who created Pakistan was a politician, Zulfiqar Ali Bhutto the founder of country's nuclear See # 11 Page 11
Sharmila made CM’s info advisor KARACHI: Sharmila Farooqui has been appointed as Advisor to Chief Minister Sindh on Information while the portfolio of information minister has been taken from Jamil Soomro due to
lack of coordination on his part with journalists during the presence of President Asif Ali Zardari in Karachi. See # 12 Page 11
Rekodeq mining project
Chilean co upbeat on greenlight LONDON: Chilean copper miner Antofagasta is confident that Balochistan government in Pakistan will give the greenlight to its $3.3 billion Rekodeq mine project by the end of the year, an executive said. That mine alone could See # 13 Page 11
MQM says Bill to revolutionise country, feudal system hurdle in the poor’s rights
Bill to limit landholding tabled Special Correspondent ISLAMABAD: Muttahida Qaumi Movement (MQM) Tuesday submitted 'Land Reforms Bill' in the National Assembly Secretariat named after Dr Imran Farooq to honour the services rendered by him, a private television channel reported. "The ownership of agriculture land should be limited to 36-acre and holding of rain-fed land should be limited to a
maximum of 54-acre," the bill suggested. MQM leader Farooq Sattar, other National Assembly members and Senators submitted the bill aimed at ending feudalism in Pakistan. Twenty-five Assembly members and five Senators were also present in NA Secretariat at the time of submission. After submitting the bill, Farooq Sattar said in a news conference that the disparity between the rich and the poor should be
eliminated to protect Pakistan, adding this bill will herald the agricultural revolution in the country. Sattar said the ratification of 'Land Reforms Bill', submitted in the National Assembly would render many landlords insomniacs. Dr Sattar said that 180 million poor people of the country cannot get their rights until feudal system continues. "The root of all evils in Pakistan is this feudal system which needs to be exterminated", he said while
addressing a press conference here at the National Press Club. Farooq Sattar expressed the confidence that 'The Redistributive Land Reforms Bill 2010' would bring revolution in the lives of 180 million poor people of the country. "We are fully aware that after the introduction of the Bill, Altaf Hussain and the MQM would have to face tough time" he admitted expressing the resolve that his party would not step back in its fight for the
rights of the poor. The minister held that they have submitted the Bill in the Parliament with open mind and heart and they are confident that all the political parties would join their hands in passing the Bill. Sattar added that the Bill would also help maximising the output of agricultural produce by intensive cultivation and optimal use of water, through cooperative farming without let or hindrance by government or
bureaucracy. He went on saying that the corporate farming on state land on public-private partnership basis will not be barred so long as the State remains the absolute owner of the land. The Act also seeks to pave the way for the empowerment of 63 per cent people living in the rural areas and for the establishment of a welfare, egalitarian and prosperous state, as visualised by Quaid-eAzam Muhammad Ali Jinnah, he concluded.
2
Wednesday, October 13, 2010
Qaim chairs meeting regarding rehabilitation flood victims
Strategies yet to be set for flood affected KARACHI: Sindh Chief Minister, Syed Qaim Ali Shah, here on Tuesday presided a high level meeting regarding rehabilitation of flood affected people of the province at the CM House. Syed Qaim Ali Shah stressed upon all concerned departments to make concerted efforts to combat the situation and chalk out strategies and priorities of various development projects aimed at to provide basic amenities to flood affected people. The schemes pertain to rehabilitation and restructuring in Agriculture, Irrigation, roads, education and health departments. Chief Minister stressed the need to chalk out a comprehensive plan for those important sectors with a priority of localities and areas. He said that the government has to move fast as people had suffered a lot and they are in need of immediate remedial measures. Chief Minister Qaim
Ali Shah said that the President of Pakistan Asif Ali Zardari had yesterday directed to initiate rehabilitation work to the satisfaction of the affected people. He said that cultivation of Rabi crop had started in lower Sindh area particularly in Thatta and Badin districts. Qaim Ali Shah directed that the Agriculture Department and Irrigation Department should first submit their proposals and priorities immediately for early implementation. Later, Sindh Minister for Finance Syed Murad Ali Shah, Advisor to CM for Planning and Development Qaisar Bengali, Chief Secretary Sindh Ghulam Ali Pasha, Additional Chief Secretary (P&D) M Ishak Leshari and Secretary Finance Sindh Muhammad Siddique Memon briefed the meeting about efforts being taken in this regard. It was decided that grow more wheat campaign will be launched in flood affected areas so as to get food grain in maxi-
mum and give financial support to those affected people. It was decided that Chief Secretary Sindh will coordinate all relevant departments, hold immediate meeting and discuss and finalise the planned strategy, priority and modalities of scheme to be initiated early, as he also posses charge of Senior Member Board of Revenue and Relief Commissioner Sindh. It was informed that the Government of Sindh has already revised Annual Development Programme so as to meet the needs of development in flood affected areas. The meeting was further informed that arrangements will be made to dispose of flood water from agriculture lands so as to assess actual losses and start rehabilitation process. It was decided that the services of technical persons will be acquired to guide and process the rehabilitation works with regard to irrigation department.-APP
Samsung organises bloggers event KARACHI: Samsung Electronics recently arranged bloggers event 'Samsung Tweet-up' at a local hotel here. Speaking at the occasion General Manager Samsung Pakistan Steve Han said; 'This special event has been designed to impart knowledge relating to various communication tools and introduce our young bloggers to innovative products." The event featured presentations from prominent technology specialists to highlight the capabilities and features of Samsung's latest cellular, display and other digital media devices. Bloggers benefited greatly from the insight into the latest technologies at the event. Samsung attaches great importance to this community, as they understand technology better and hence are the strong opinion leaders and influencers when it comes to innovative gadgets. Samsung's breakthroughs in 3D technology have revolutionised the visual display market across the globe. Steve Han also stated, "We will be planning another blogger's meet in Lahore very soon."-PR
KW&SB ordered to finish work fast
WEDNESDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:05 13:00 15:15 14:00 15:02 15:30 16:15 17:05 18:05 19:00 19:30 20:00 20:05 21:00 22:00 22:05 23:00 23:05
Programmes Chai Time (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Islamabad Say (Rpt) News Power Lunch News Akhri Sauda Agri Business (Rpt) Karobari Dunya Ghar Ka Kharch Chai Time News Mang Raha Hai Pakistan News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Awam Ki Awaz (Rpt)
Administrator visits Banaras flyover K A R A C H I : Administrator Karachi Fazlur Rehman has directed Karachi Water & Sewerage Board to perform the shifting of water and sewerage lines from Banaras Chowk within 3 days so that the construction work of bridge and road carpeting could go alongside. He was inspecting the works of Banaras Chowk Flyover with EDO Works and Services Rasheed Mughal and other officers of city government and
KWSB. During the visit Administrator Karachi also directed to begin the
construction and repair of roads beneath and around the flyover. EDO Works and Services gave a briefing on this occasion. He said that the PC-1 of the construction of 2km long roads on both sides of the bridge has been sent to
government for approval which also includes the construction and repairing of adjacent roads and bridges and shifting of water and sewerage lines. After completion of these entire works flyover will be opened for traffic within a month. Administrator Karachi said that in order to solve the traffic problems of whole area, construction of roads has been made part of the project of bridge. He also issued instructions for beautification of the area.-Agencies
Corps Commander visits lab
Alternate energy lab established by DHA KARACHI: Commander 5 Corps Lt Gen Shahid Iqbal visited the newly established renewable energy development lab of
all basic tissue culturing equipment including autoclave and a green house with automatic mist irrigation system.
Seaview. The lab has been established for carrying out research in the field of renewable energy and has
TV PROGRAMMES WEDNESDAY Time Programmes
7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
DHA City Karachi and DHA tissue culture lab at Nisar Shaheed Park DHA Phase-II on Tuesday. Tissue culture technology is an evolving complex discipline of microbiology that has the potential to bring a revolution in the field of agriculture in the country, a DHA spokesman said. The lab is equipped with
The Corps Commander asked DHA to play a pioneering role in promotion of emerging tissue culture technology and to concentrate on production of ornamental flower in the first stage followed by production of crops on demand. Later, the Corps Commander visited DHA Renewable Energy Lab at
been tasked to indigenously develop cost effective and qualitative lighting solutions through optimum utilisation of solar and wind energy for power generation. The Corps Commander was briefed on the research and development work on renewable energy development carried out so far in the lab.-APP
ISLAMABAD: Dr Farooq Sattar, Minister for Overseas Pakistan / Parliamentary Leader, MQM and other MNA’s Submitting The Redistributive Land Reforms Bill 2010 to Secretary National Assembly.-INP
System to strengthen by 794MW next mth ISLAMABAD: Four more power projects having a total capacity of 794MW will start functioning from next month according to Pakistan Power Infrastructure Board (PPIB). These projects are Foundation Power Company (Daharki) Limited 177MW, Liberty Power Tech Ltd. 195 MW, The HUB Power Company Limited 213MW and Halmore Power Generation Company Ltd 209MW. According to details of the Foundation Power Company located in Daharki area of Sindh, Foundation Power Company (Daharki)
Jamshed Qureshi elected ACAAP chairman KARACHI: Jamshed Qureshi was unanimously elected Chairman, Air Cargo Agents Association (ACAAP) in the elections held recently, said a handout issued here on Tuesday.
Jamshed Qureshi is founder member of ACAAP and has played a pivotal role in the development and uplift of the Air Cargo Industry in Pakistan.-PR
US envoy take part in relief work KARACHI: United States Consul General William Martin flew to Pano Aquil air base in Sindh, to take part in on-going flood relief efforts. Two helicopters from the 15th and 26th US Marine Expeditionary Units delivered food north of Pano Aquil. The Consul General helped unload bags of wheat flour, which weigh 40 kilos each, as well as boxes of high energy biscuits to Pakistanis directly affected by the flood. This joint operation between the US military, Pakistani military, and international organisations, like the World Food Program aims to reach those isolated by flood water and get them much needed food and supplies. Since August 5th US has delivered 15,735,510 lbs of relief supplies and evacuated 21,964 people.-Agencies
Limited is installing 177 MW Combined Cycle Power Plant near Daharki in District Ghotki, at a Cost of approx. US $ 220 million. Doosan Heavy Industries and Construction Company, Korea is the EPC Contractor. Askari Bank Limited is the Agent Bank and a Consortium of Banks has arranged for the loan. Foundation Power Company (Daharki) Limited (FPCDL) is strictly following International Standards and is extremely environmental friendly. Foundation Power Plant is Modern with respect to its technology and func-
tioning. The Fuel Source is Mari Deep Well No 6, having low BTU gas with no domestic and very low industrial use. The net out put of Power Plant will be 177 MW, and will be sufficient to illuminate 250,000 houses or to provide all needs of 70 middle sized industrial units or 1500 villages. The remaining three projects Liberty Power Tech Ltd 195 MW, The HUB Power Company Limited 213MW and Halmore Power Generation Company Ltd. 209MW are located in various parts of the province of Punjab Faisalabad, Narowal and Bhikki respectively.-APP
Atlas assets announces 1Q payouts KARACHI: The Board of Directors of Atlas Asset Management Limited (AAML) in their meeting held on Tuesday approved first quarter payouts (ended September 30, 2010) for its Atlas Money Market Fund (AMF) and Atlas Islamic Income Fund (AIIF). The Board also approved the final payouts of Atlas Fund of Funds for the FY ended June 30. For Atlas Money Market Fund (AMF) AA(f) rated by PACRA, the Board approved a bonus of Rs11.50 per unit (2.30 per cent on the face value of Rs500 per unit). AMF provides competitive returns from a portfolio of low risk, short duration assets while maintaining high liquidity.
For Atlas Islamic Income Fund (AIIF) AA-(f) rated by PACRA, a bonus of Rs11.0 per unit (2.20 per cent on the face value of Rs500 per unit) was approved. For Atlas Fund of Funds a final distribution of cash dividend of Rs0.22 per certificate (2.20 per cent on the face value of Rs10 per certificate) was approved. The certificate holders whose names appear in the register at the close of November 2, 2010 will be entitled for the above cash dividend. Atlas Asset Management Limited, owned by Shirazi Investments (Pvt.) Limited (holding company of Atlas Group) manages mutual funds, pension funds and various investment plans.-PR
PBC join hands with campus radio 90.6 KARACHI: The Department of Mass Communication, University of Karachi, and Pakistan Broadcasting Corporation (PBC) have entered into an agreement for exchange of radio programmes. This was announced in a statement of the department of mass Communication, University of Karachi, here on Tuesday. It said that the Chairperson of the Department, Dr Rafia Taj, and Director General of PBC, Murtaza Solangi, agreed to exchange the radio programmes. The programme produced by the students of the Mass Communication Department will be aired by Radio Pakistan. Radio Pakistan will provide FM 90.6 Campus Radio several educational programmes to be aired through the Department of Mass Communication KU.-APP
Friday now a full-day at KCCI KARACHI: Karachi Chamber of Commerce and Industry will remain open for full day on Fridays to facilitate its more than 16,000 members. President KCCI Muhammad Saeed Shafiq, in a statement here on Tuesday, advised the members that they can contact the Chamber's secretariat for consultation, visa recommendations, membership and other queries from 0930 to 1800 hours; with lunch and prayer break from 1330 to 1430 hours six days a week.-APP
‘PPP believes in democratic values’ KARACHI: Central Secretary for Information of Pakistan Peoples Party (PPP), Fauzia Wahab said on Tuesday that her party believes in strengthening democratic values. She said this while addressing a press conference at the PPP Sindh Media Cell. Fauzia Wahab said it is the first time in Pakistan
that the members of the ruling party have appeared before courts and pleaded for grant of bail. She said at this time no person was in jail for political reason. Fauzia Wahab said that it was normal to appoint the Chairman of the National Accountability Bureau (NAB) but PML- N leader Chaudhry Nisar was criti-
cising it for nothing. She reveled that 20 cases were pending before the NAB against Sharif brothers. She said the Chairman of NAB was duty bound to open all those pending cases. Fauzia Wahab said cases pertaining to tax evasion were also pending against PML-N chief Nawaz Sharif.-APP
KARACHI: The Council on Foreign Relations Economic Affairs and Law, held a reception in honour of the Ambassador of the Royal Norway Robert Kvile. Picture shows Chairman KCFREAL, Lt Gen [Retd] Moinuddin Haider, Vice Chairman Ahsan Mukhtar Zubairi, Lise Albrechtsen, Second Secretary of Embassy, Vice Admiral [Retd] Khalid M Mir with other guests.-Staff Photo
3
Wednesday, October 13, 2010
Euro erases losses versus dollar on ECB’s Weber
Swiss franc dips vs dollar
Investors await FOMC minutes for insight on easing NEW YORK: The euro erased losses against the dollar on Tuesday after European Central Bank Governing Council member Axel Weber said the ECB's government bond-buying program has not worked and should be scrapped. Speaking in New York, Weber also called for the ECB to scale back its other forms of support as soon as possible and not delay interest rate hikes. "The ECB is concerned about the stability of their currency and they are consequently planning to withdraw the minimal amount of QE they have supplied," said Joseph Trevisani, chief market analyst at FX Solutions in Saddle River, New Jersey. "The Fed is not concerned and seems to be planning to double its QE with the result the euro is up. The
dollar is down." In midday trading, the euro was little changed at $1.3868. It had fallen as low as $1.3775 on trading platform EBS, its lowest level since Oct. 5,
retreating further from a more than eight-month high of $1.4030 hit last week. The dollar had earlier edged higher against the euro as investors awaited minutes from the Federal Reserve's latest meeting for clues on the central bank's stance toward purchasing more assets to
stimulate the economy in a process referred to as quantitative easing. "I think it has the opportunity to disappoint people. It's going to focus on incremental
changes in policy," said Mark McCormick, currency strategist at Brown Brothers Harriman in New York. "A lot of people are starting to get a little bit concerned. We saw that consolidation starting to take place on Friday and it seems to have rolled over into today as well," he added.
Asian currencies
Won slips on dollar short covering, baht hit by bond tax 1,129.4 per dollar. "Appetite for the won among local investors fades on offshore dollar purchases and stock losses. I did not see many exporters either," said a Seoulbased-foreign bank dealer. "It will be key if the won stays around 1,125." Foreign investors sold a net 132.7 billion won worth of stocks on the main exchange with the benchmark KOSPI down 1.5 per cent. The Thai baht tracked Asian peers down marginally on dollar short-covering in thin trade, weighed by a government decision to tax foreign investment in Thai government bonds as part of its efforts to
curb capital inflows. Dollar/baht was bid at 30.05 at 0542 GMT against 30.01 late on Monday. The baht has gained 11 per cent against the dollar this year, making it the second best performing Asian currency after the yen. The Malaysian ringgit dipped 0.45 per cent in early trade to 3.1140 per dollar on dollar short-covering, but it trimmed losses by late morning. Traders said the dollar rebound was tempered by offers from exporters. Dealers saw the ringgit's next major support at 3.1500 on any sustained dollar rebound, a level they do not expect to be breached soon. -Reuters
Sterling falls on more dovish BoE comments
Taiwan dlr eases on USD short-covering
BANGKOK: The Korean won led emerging Asian currencies down on Tuesday on dollar short-covering, and the baht fell on government measures aimed at curbing capital inflows by taxing foreign investments in Thai bonds. The won tumbled 1.1 per cent on dollar short-covering amid a rebound in the US currency and persistent caution over further currency intervention by South Korea's foreign exchange authorities. The won was also under pressure from weaker Korean stocks which lost at one point 1.6 per cent with foreign investors emerging as net sellers. The won was quoted at
LONDON: Sterling fell to a one-week low against the dollar and lost ground on the euro on Tuesday after a Bank of England policymaker said the central bank may opt to use quantitative easing in the future. Monetary Policy Committee member David Miles said QE "remains a potentially powerful tool and
one that we might come to use" His comment comes just a few weeks after fellow BOE policymaker Adam Posen advocated further quantitative easing. Miles' comments followed a speech in Dublin in which he said policymakers faced competing risks of not doing enough to curb inflation on the one hand and tightening policy too soon on the other. "The comments suggest Miles has shifted from being a hawk to sitting on the fence," said Jane Foley, sen-
ior currency strategist at Rabobank. By 1450 GMT, sterling was down 0.5 per cent against the dollar at $1.5795, having hit a low of $1.5779, its weakest since Oct. 5. Sterling's trade-weighted index hit its lowest since the end of May. Its falls versus the dollar came as the greenback staged a modest recov-
ery on uncertainty over whether the US Federal Reserve will opt for aggressive monetary easing. The euro was up against the pound, gaining 0.2 per cent to 87.51 pence, above a session low just below 87.00 pence. The single currency's gains put it within sight of its fivemonth high of 88.05 pence hit last week. UK annual CPI inflation stayed at 3.1 per cent last month, more than a percentage point above the BoE's 2 per cent target. -Reuters
TAIPEI: The Taiwan dollar fell on Tuesday for the first time in more than two weeks as investors covered short positions in the US currency amid questions about how the Federal Reserve will boost the world No.1 economy. Suspected central bank intervention to control market volatility also pushed the Taiwan dollar weaker on the day for the first time since Sept. 24. It closed at T$31.07 against the US dollar, compared with its final price of T$30.998 on Monday. That in turn pushed down Asian currencies that had benefited over the past two weeks by absorbing cash ahead of expected quantitative easing to buck up the struggling US economy. The Taiwan dollar fell further on Tuesday after a suspected central bank move aimed at keeping exchange rates in check. The monetary authority seeks a balance to protect the export-driven economy but keep prices fair. The central bank will let the Taiwan dollar appreciate to a degree as long as it stays in line with other Asian peers, strategists say. -Reuters
Aussie, NZ dollars consolidate before Fed SYDNEY/WELLINGTON: The Australian and New Zealand dollars fell on Tuesday, squeezed by profit-taking and a short-covering bounce in the US dollar as investors hunkered down before a crucial release from the Federal Reserve. The Australian dollar eased to $0.9793, down from Monday's $0.9856, and well off a 28-year high of $0.9918 hit last week. Resistance was around $0.9866, and support was around hourly low of $0.9711. It took a bigger hit on the yen, dropping to 80.05, from Monday's 80.77. The fall was aggravated by stop-loss selling under 80.45. Traders said heavy selling in euros by a prominent US bank, a short-covering bounce in the US dollar, and caution before the release of the minutes for the Federal Reserve's September policy meeting led them to take profits in the Aussie dollar. Indeed, many think the currency is on track to hit parity given Aussie's high-yield allure.
Australia already has one of the highest interest rates in the developed world at 4.5 per cent, and could see further rises. Money markets are implying around a 42 per cent chance of a further hike to 4.75 per cent at the Reserve Bank of Australia's next policy meeting on Nov. 2. Investors ignored a private survey that showed Australian business confidence dipping in September even though the pull-back was accompanied by higher sales and profits. The NZ dollar also consolidated around morning levels at $0.7503, after an $0.7482/$0.7520 onshore range. Thursday's one-year high of $0.7592 remained the next topside target while support was likely from Friday's low of $0.7426. The Aussie/kiwi traded sideways at about NZ$1.305, not far from a near six-month high of NZ$1.3176 struck late September. The kiwi held steady at 0.5404 euro but a touch softer at 61.45 yen. -Reuters
The dollar dipped against the yen, pressured by falling US Treasury yields. The dollar fell 0.4 per cent to 81.80 yen, not far from a 15year low of 81.37 struck on Monday. Most market players expect pressure to remain on the dollar/yen pair, with a test of 80 yen and the record trough of 79.75 yen still in sight. Analysts said the risk of another round of intervention to weaken the yen seemed to have increased after Japan weathered the flurry of weekend G7 and IMF meetings with hardly any criticism of its recent yen sales. Falling stock prices also helped boost risk aversion and weighed on yen crosses. The euro fell 0.4 per cent to 113.45 yen and the Australian dollar was down 0.2 per cent at 80.57 yen. -Reuters
ZURICH: The Swiss franc dipped against the dollar on Tuesday as the greenback stabilised broadly as markets awaited the minutes from the US Federal Reserve to assess the chances of further easing by the central bank. The franc was stable against the euro, trading in the range between 1.33 to 1.35 per euro where it has largely been since the Swiss National Bank took interest rate hike expectations off the table with its dovish statement in September. The franc was 0.2 per cent firmer against the euro compared to the New York close, trading at 1.3358 per euro at 0657 GMT. The franc was 0.2 per cent weaker against the dollar at 0.9667 per dollar, off last week's record level around 0.9550. Analysts at St. Galler Kantonalbank said the dollar looked well oversold in the near-term. "The greenback is hitting a significant resistance at 0.97," they said in a note. "We stick to our long position and hedge it at 0.9540." -Reuters
Cbank guides yuan lower as $ bounces SHANGHAI/HONG KONG: Spot yuan slipped against the dollar on Tuesday as the People's Bank of China fixed a weaker mid-point, with a rebound in the US dollar taking some steam out of the recently appreciating yuan. Spot yuan's response to the PBOC's slightly weaker reference rate indicates that the central bank is still in firm control of how much the Chinese currency can move despite lingering pressure from the United States and others for more appreciation. The central bank uses the midpoint to guide the yuan, from which it can rise or fall 0.5 per cent each day. Dealers believe the yuan will continue to rise in coming weeks in a pattern of a few steps forward and a step backward as China needs to cushion US criticism and make some concessions until after the US Congressional midterm elections in early November and the G20 summit in Seoul in mid-November. The yuan could rise to around 6.6000 versus the dollar in this leg of appreciation -- a 3.4 per cent gain since the PBOC announced the yuan's depegging
to the dollar on June 19, if the dollar index stabilises from its slide in recent months. The yuan ended at 6.6734 against the dollar on Tuesday, down from Monday's close of 6.6678, after the PBOC fixed the mid-point at 6.6775 before trade began, down slightly from Monday's 6.6732. The yuan has hit a slew of postrevaluation highs since early September as the PBOC engineered its appreciation against the dollar amid political pressures and a globally sliding dollar. It has now appreciated 2.29 per cent since its depegging on June 19. There was no impact from China's surprise increase of reserve requirements for its biggest banks, which dealers said was a response to rising capital inflows rather than a prelude to a shift in monetary policy to a tightening stance. One-year NDFs were bid at 6.4280 in early trade, implying 12-month yuan appreciation of 3.88 per cent, but they rose back to 6.4580 in late trade, with implied 12-month yuan appreciation falling to 3.40 per cent. -Reuters
Indian rupee downs on weak euro, shares MUMBAI: The Indian rupee dipped to a one-week low on Tuesday as losses in domestic shares and the euro weighed, but hopes for capital inflows stayed firm ahead of the Coal India share sale later this month. The partially convertible rupee closed at 44.66/67 per dollar, after dropping to 44.7650 during trade, its lowest since Oct. 5 and 0.6 per cent below Monday's close of 44.41/42. Last Thursday, the rupee had hit a 25-month high of 44.1250. "Euro and stocks came down today. Import demand was there, but it was offset by some flows," said Hari Chandramgathan, a forex dealer with Federal Bank. "Now, we may see one more dip to 44.30 at max. Overall I stick to 44.20 support for the dollar. The euro also looks like it has hit the top in the shortterm." Foreign funds have bought shares worth a record $21.7 billion so far this year, out of which nearly $9 billion has
come in since the beginning of September. The rupee is up 5.4 per cent since September, and up 4.6 per cent thus far this year. One-month offshore nondeliverable forward contracts were quoted at 44.87, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.80, 44.79 and 44.81, respectively, with the total traded volume on the three exchanges at a low $7.05 billion. -Reuters
Top Economic Events Time 4:01 4:30 4:50 Tentative 12:15 13:30 13:30 14:00 17:30 17:30 13th-15th
Source GBP AUD JPY CNY CHF GBP GBP EUR CAD USD USD
Events Nationwide Consumer Confidence Westpac Consumer Sentiment Core Machinery Orders m/m Trade Balance PPI m/m Claimant Count Change Average Earnings Index 3m/y Industrial Production m/m NHPI m/m Import Prices m/m Federal Budget Balance
Source
Events
GBP GBP AUD GBP GBP GBP GBP GBP USD
BRC Retail Sales Monitor y/y RICS House Price Balance NAB Business Confidence CPI y/y Core CPI y/y Trade Balance DCLG HPI y/y RPI y/y IBD/TIPP Economic Optimism
Forecast 64 -3.7% 17.3B 0.2% 4.3K 1.6% 0.7% -0.1% -0.1% -52.3B
Previous 61 -5.0% 8.8% 20.0B 0.1% 2.3K 1.5% 0.1% -0.1% 0.6% -90.5B
Forecast
Previous
Previous Day Actual
0.5% -36% 10 3.1% 2.7% -8.2B 8.3% 4.6% 46.4
1.0% -32% 11 3.1% 2.8% -8.7B 8.4% 4.7% 45.3
-34% 3.1% 2.6% -8.0B 9.4% 4.4% 46.7
Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver
As per 22.00 PST Ask High 1.3868 1.3885 0.8786 0.879 1.3279 1.3413 113.46 114.16 0.9573 0.9726 1.0118 1.018 1.58 1.5917 129.26 130.72 0.9847 0.9868 1.4032 1.4097 85.51 85.47 1346.63 1354.43 22.00 0.00
Bid 1.3866 0.8783 1.3275 113.43 0.957 1.0113 1.5797 129.21 0.9843 1.4029 85.44 1345.88 21.97
Low 1.3776 0.8702 1.3268 112.86 0.957 1.0098 1.5781 129.04 0.9770 1.3979 84.30 1340.28 0.00
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 12/10/2010 A USD GBP CAD EUR JPY O/N 0.22563 0.55000 1.05000 0.72625 SN 0.09500 1WK 0.25025 0.55500 1.06750 0.68775 0.10750 2WK 0.25169 0.56000 1.10000 0.69000 0.11375 1MO 0.25625 0.57125 1.12833 0.71875 0.12813 2MO 0.27297 0.62838 1.17250 0.76875 0.15875 3MO 0.28906 0.73913 1.23417 0.91750 0.20250 4MO 0.34344 0.82209 1.29167 0.98063 0.28938 5MO 0.40531 0.92500 1.34833 1.06719 0.34813 6MO 0.45500 1.02750 1.41417 1.17500 0.41000 7MO 0.50219 1.10350 1.47750 1.22063 0.47000 8MO 0.55038 1.18469 1.56250 1.26563 0.51813 9MO 0.60188 1.26625 1.63750 1.31438 0.56688 10MO 0.65500 1.34063 1.70500 1.36188 0.59688 11MO 0.70813 1.40813 1.79083 1.41100 0.62375 12MO 0.76650 1.47313 1.86417 1.45925 0.65188
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada European Central Bank Federal Reserve Swiss National Bank Bank of England The Reserve Bank of Australia Bank of Japan
Oct 19 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 n/a n/a n/a
Sep 08 2010 May 07 2009 Dec 16 2008 Mar 12 2009 Mar 05 2009 May 04 2010 Oct 05 2010
Current Interest Rate 1% 1% 0.25% 0.25% 0.50% 4.50% 0%
Division of National Bank of Pakistan (NBP) KARACHI, October 12,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
86.30 137.27 119.72 85.07 89.48 84.51 12.93 1.05 14.72 65.98 16.05 23.01 11.12 12.94 305.97 27.78 64.68 23.70 23.50 0.08 2.87
86.10 136.95 119.45 84.87 89.27 84.31 12.90 1.05 14.69 65.83 16.02 22.96 11.09 12.91 305.27 27.72 64.53 23.65 23.44 0.08 2.86
85.91 136.64 119.17 84.65 89.03 84.09 12.86 1.05 14.65 65.66 15.97 22.90 11.07 12.88 304.46 27.64 64.36 23.59 23.38 0.08 2.86
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 12, 2010
CMKA
BMA
INVSR
GSL
ICSL
12.10 12.15 12.35 12.55 12.65 12.85 13.05 13.10 13.20 13.50 13.90 13.80 13.80 13.90 13.95 13.80 13.75 14.05 14.30 14.45
12.10 12.10 12.20 12.45 12.65 12.80 12.95 13.05 13.15 13.50 13.93 13.95 13.98 14.04 14.04 13.85 13.80 14.05 14.33 14.50
11.80 11.90 12.15 12.40 12.60 12.75 13.00 13.08 13.15 13.45 13.90 13.75 14.00 13.85 13.90 13.68 13.68 14.05 14.30 14.45
12.10 12.20 12.35 12.50 12.70 12.90 13.15 13.20 13.28 13.45 13.94 13.96 13.99 14.01 14.03 13.90 13.65 14.08 14.31 14.45
12.15 12.20 12.45 12.55 12.67 12.80 13.05 13.10 13.20 13.55 13.75 13.80 13.85 13.85 13.85 13.90 13.75 14.05 14.35 14.45
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 11.90 12.10 12.30 12.40 12.60 12.75 13.00 13.10 13.15 13.45 13.92 13.75 14.00 13.85 13.90 13.68 13.68 14.05 14.35 14.50
12.03 12.11 12.30 12.48 12.65 12.81 13.03 13.11 13.19 13.48 13.89 13.84 13.94 13.92 13.95 13.80 13.72 14.06 14.32 14.47
Currencies Correlation EUR/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD
week month months months year years
-0.26 0.84 0.45 0.35 0.35 -0.07
-0.28 0.94 0.72 0.73 0.92 0.81
0.15 0.85 0.72 0.79 0.90 0.40
0.00 0.90 0.78 0.51 0.91 0.77
-0.21 0.93 0.60 0.05 0.68 0.55
USD/CAD USD/CHF
-0.06 0.61 0.68 0.23 0.39 -0.04
-0.04 -0.66 -0.68 -0.73 0.14 0.14
-0.16 -0.82 -0.24 0.10 -0.33 -0.12
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)12/10/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ABP L 12.00
12.50
12.10
12.60
12.25
12.75
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.30
ASK 13.80
ABLN 12.00
12.50
12.10
12.60
12.30
12.80
12.80
13.05
12.95
13.20
13.10
13.60
13.25
13.75
13.35
13.85
J S B L 12.10
12.60
12.15
12.65
12.50
13.00
12.90
13.15
13.20
13.45
13.20
13.70
13.30
13.80
13.50
14.00
ASPK 11.90
12.40
12.10
12.60
12.35
12.85
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
CIPK
12.00
12.50
12.10
12.60
12.40
12.90
12.75
13.00
12.95
13.20
13.00
13.50
13.10
13.60
13.20
13.70
DBPK 11.85
12.35
11.95
12.45
12.15
12.65
12.70
12.95
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK
11.85
12.35
11.90
12.40
12.20
12.70
12.65
12.90
13.00
13.25
13.10
13.60
13.15
13.65
13.40
13.90
FLAH 12.00
12.50
12.15
12.65
12.25
12.75
12.80
13.05
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
HBPK 12.05
12.55
12.15
12.65
12.35
12.85
12.75
13.00
13.00
13.25
13.10
13.60
13.20
13.70
13.35
13.85
HKBP 11.90
12.40
12.00
12.50
12.30
12.80
12.75
13.00
12.90
13.15
13.10
13.60
13.20
13.70
13.30
13.80
N I PK 11.75
12.25
12.25
12.75
12.65
13.15
12.80
13.05
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
HMBP 11.85
12.35
12.10
12.60
12.50
13.00
12.90
13.15
13.20
13.45
13.20
13.70
13.20
13.70
13.40
13.90
SAMB 11.90
12.40
12.00
12.50
12.35
12.85
12.80
13.05
13.00
13.25
13.15
13.65
13.25
13.75
13.35
13.85
MCBK 11.70
12.20
12.00
12.50
12.40
12.90
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.40
13.90
NBPK 12.00
12.50
12.00
12.50
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
11.90
12.40
12.25
12.75
12.70
12.95
12.95
13.20
13.10
13.60
13.20
13.70
13.35
13.85
UBPL 12.00
12.50
12.10
12.60
12.25
12.75
12.65
12.90
12.95
13.20
13.15
13.65
13.25
13.75
13.35
13.85
AVE
12.43
12.07
12.57
12.31
12.81
12.76
13.01
12.96
13.21
13.11
13.61
13.21
13.71
13.34
13.84
11.93
4 Wednesday, October 13, 2010
A Chronology of US Pakistani Ties
The Financial Daily International Vol 4, Issue 69
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
Make food security the top priority It is one of the rare occasions that a report on food insecurity has been released excluding Pakistan. However, there is no room for complacency because the reasons stated to be responsible for food insecurity also prevail in Pakistan, though of a lesser magnitude. It should also be taken as a warning to remove factors leading to hunger. By reviewing the situation and taking necessary measures has become necessary in the aftermath of recent devastating floods. Over the last two years double digit inflation has pushed more and more people below the poverty line, which has resulted in malnourishment particularly in children. According to Global Hunger Index report poverty, conflict and political instability will keep one billion people hungry this year, many of them children of Africa and Asia. Out of 122 countries included in the annual report, 25 have alarming levels of hunger and four countries in Africa have extremely alarming levels. Three factors used for determining the hunger levels were: 1) proportion of undernourished people in a country, 2) prevalence of underweight children, and 3) child mortality rate. The Democratic Republic of Congo emerged as the worst in the hunger index, based on the data from 2003-2008 due to protracted civil conflict since late 1990s leading to economic collapse, massive displacements of people, and a chronic state of food insecurity in the country. Food availability and access deteriorated as food production levels dropped and remote areas became even more isolated, a consequence of very poor infrastructure. With the exception of Haiti and Yemen, all 25 countries with alarming levels of hunger are located in sub-Saharan Africa or Asia. Here is a list of countries in order of increasing hunger severity: Nepal, Tanzania, Cambodia, Sudan, Zimbabwe, Burkina Faso, Togo, Guinea-Bissau, Rwanda, Djibouti, Mozambique, India, Bangladesh, Liberia, Zambia, Timor-Leste, Niger, Angola, Yemen, the Central African Republic, Madagascar, the Comoros, Haiti, Sierra Leone, and Ethiopia. Bangladesh, India, Timor-Leste and Yemen had the highest prevalence of underweight children under five, more than 40 per cent in all four countries. Afghanistan, Angola, Chad and Somalia had the highest child mortality rate, with 20 per cent or more children dying before reaching the age of five. It is necessary to reiterate that Pakistan doesn't suffer from any inadequacy of resources and there aren’t any stumbling blocks standing in the way to achieve food security. The country has the potential to become a major exporter of food items. However, to achieve this objective, appropriate policies have to be developed for boosting production of food cereals and edible oils. Experts are of the view that agriculture output of Pakistan can be doubled without increasing area under cultivation by simply bettering the crop management. It's a worth pondering point for an agrarian country.
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.
R
elations between the United States and Pakistan have been on a roller-coaster for nearly 60 years. Following is a chronology of some of the ups and downs. 1954: US and Pakistan negotiate a mutual defense assistance agreement to address Washington's fear of Soviet expansionism and Islamabad's concerns about rival India. 1955: Pakistan joins the South East Asia Treaty Organization and Central Treaty Organization -- two Western regional defense pacts. Between 1953 and 1961, Pakistan receives some $2 billion in US aid, a quarter of that in military assistance. 1960: Pakistan allows the United States to fly its spy planes from an air base on the outskirts of Pakistan's northwestern city of Peshawar for reconnaissance of the Soviet Union. A US U-2 spy plane flown from this air base was shot down by the Soviet Union over its air space on May 1, worsening relations between Pakistan and the Soviet Union. Pakistan publicly claimed to have been deceived by the United States about the use of the base. 1962: Indo-China war prompts US President John F. Kennedy to offer India economic and military aid. Pakistani President Mohammad Ayub Khan expresses displeasure over not having been consulted beforehand, as Kennedy had promised. 1965; Second Indo-Pakistan
war prompts US to suspend military assistance to both sides, leading to a cooling of USPakistani ties. 1970: Pakistan plays a behind-the-scenes role to open communications between its old ally China and the United States. These efforts result in a secret visit of then-US Secretary of State Henry Kissinger to China in 1971 and then by President Richard Nixon the following year, the first US presidential trip to China. 1971: Civil war between West and East Pakistan leads to the third Indo-Pakistan war. East Pakistan breaks away to form Bangladesh. US again suspends military aid. Many in Pakistan begin to see United States as an unreliable ally. 1974: India conducts underground nuclear test, prompting Pakistan to begin efforts to respond with its own nuclear arms capability. Islamabad's pursuit of atomic weapons in subsequent years strains ties with Washington. 1975: US resumes limited military aid to Pakistan. 1977: Army chief General Mohammad Zia-ul-Haq stages a coup, overthrowing the government of Prime Minister Zulfikar Ali Bhutto. 1979: President Jimmy Carter's administration cuts off military aid to Pakistan again over its covert construction of a uranium enrichment facility. November 1979: Enraged Pakistani students burn the US Embassy in Islamabad on rumors that US forces have
attacked Islam's holiest city of Mecca in Saudi Arabia. Two US Marines and two Pakistanis are killed in the incident. December 1979: The Soviet Union invades Afghanistan. The United States begins to view Pakistan as a front-line state in the effort to stop Soviet expansionism. September 1981: President Ronald Reagan's administration negotiates a five-year, $3.2 billion economic and military aid package with Islamabad. Pakistan becomes the main route for arms and supplies for the Afghan resistance. 1985: Pressler amendment added to the Foreign Assistance Act. It requires the president to certify to Congress that Pakistan does not possess a nuclear device as a condition for receiving aid. 1988: Soviet Union withdraws from Afghanistan. US begins to take a harder look at Pakistan's nuclear activity. 1990: President George H.W. Bush suspends aid to Pakistan under the Pressler amendment, cutting all military funds and most economic assistance. Deliveries of major military equipment are also suspended. Washington refuses to deliver 71 F-16 fighters ordered by Pakistan the previous year. 1990s: US disengagement from Pakistan and Afghanistan in the 1990s causes growing resentment in Pakistan. Many people today feel the current situation is the result of the US failure to remain engaged. 1998: India conducts a
nuclear test and Pakistan follows with its own test. Both declare themselves nuclearweapons states. The US imposes sanctions, restricting military sales, economic assistance and loans to the Pakistani government. 1998: US agrees to pay Pakistan $324.6 million to settle legal disputes involving the US government over the refusal to deliver the 71 F-16 fighters. Washington also gives Pakistan $140 million worth of surplus wheat and soy, but resentment over the failed arms deal lingers. 1999: After meeting US President Bill Clinton in Washington, Pakistani Prime Minister Nawaz Sharif agrees to withdraw Pakistani troops and anti-India militants from the Kargil area of Indian Kashmir after a bloody conflict that threatened to go nuclear. 1999: Army Chief General Pervez Musharraf ousts elected government in a coup. Clinton says he hopes Pakistan will return to democracy as soon as possible. 2001; Musharraf turns into President George W. Bush's key ally after the Sept 11, 2001 attacks on New York and Washington. Pakistan officially abandons support for the Taliban regime in Afghanistan and joins US-led war on terrorism. US aid to Pakistan soars. Between 2002 and 2008, US provides nearly $12 billion in aid to Islamabad, about threequarters of it military assistance. 2004: A.Q. Khan, founder of Pakistan's nuclear program,
confesses to supplying nuclearweapons technology to North Korea, Iran and Libya. Washington presses for his arrest, but Khan, a national hero, is confined to his home instead. 2005: US responds to Kashmir earthquake with $510 million commitment to relief, reconstruction and humanitarian assistance. 2007: Musharraf steps down as army chief amid plans to hold elections to return the country to democracy, but he retains the presidency. Former Prime Minister Benazir Bhutto assassinated during political campaign. 2008: Elections bring Bhutto's widower, Asif Ali Zardari, to power as prime minister at the head of a coalition government. Pressure from the new government forces Musharraf to step down as president. 2009: Newly elected US President Barack Obama names Richard Holbrooke as special envoy for Afghanistan and Pakistan. He later unveils a new strategy to "disrupt, defeat and dismantle" al Qaeda and its safe havens in Pakistan. US approves $7.5 billion in aid for Pakistan over the next five years. 2010: Failed car bombing on May 1 in New York's Times Square leads to the arrest of Pakistani-American Faisal Shahzad. Pakistani Taliban claims responsibility for the attempt. US warns of "severe consequences" if a successful attack on US soil is traced back to Pakistan.-Reuters
US attacks Creating Resistance in Pakistan Gene Clancy
U
S efforts to supply its troops and the puppet regime in Afghanistan came to a standstill on Sept. 30. Convoys of trucks bearing fuel and other supplies were backed up for hundreds of miles on the long supply route that runs from Karachi, the main port of Pakistan, to the mountain passes leading into Afghanistan. Twenty-seven large fuel tankers blazed out of control after being attacked by militants. The main reason for the holdup, however, was that the government of Pakistan had closed off the Khyber Pass, in response to a US armed incursion across the border with Afghanistan that killed three Pakistani border guards. In recent weeks the US military has
stepped up its deadly attacks on Pakistan by both drone aircraft and armed helicopters carrying US troops. There have been more than 20 strikes by CIA-operated drones since Sept. 1, counter-terrorism officials said, the highest monthly total in the nearly nine years since the US began carrying out such attacks as reported in Los Angeles Times on September 28) As its highly touted "surge" policy has bogged down, the Pentagon has frantically lashed out by attacking so-called insurgent bases in Pakistan, claiming the right of "hot pursuit" after being attacked. No mention is made by the corporateowned media of the fact that the "attacks" are on forces which illegally occupy Afghanistan or that the drones are remotely controlled from halfway around the world at bases in the continental US
The US claims to have a secret agreement in which the Pakistanis are supposed to ignore these incursions into their sovereign territory as well as the killing of Pakistani citizens. Pakistan has denied that any such agreement exists. The killing of the border guards has raised that disagreement into a fullblown crisis. Ninety per cent of military supplies for the NATO forces in Afghanistan travel through Pakistan, 75 per cent though the Khyber Pass via Peshawar in the Northwest Federated Provinces. Attempts to broaden the supply routes through Central Asia have been unsuccessful. The only other major seaport capable of supplying the NATO contingents is the Iranian port of Chabahar. The vulnerability of the US supply lines was shown in early 2009 when militants
successfully cut off the Khyber Pass temporarily by blowing up a key bridge. It is obvious to the Pentagon planners that they cannot "succeed" in Afghanistan without the assistance of Pakistan. But according to a poll released on July 30, the vast majority of Pakistanis consider the US to be an "enemy country" and oppose helping the NATO mission in Afghanistan. Many Pakistanis have expressed outrage that the government of Pakistan only reacted forcefully when members of their own armed forces were killed after months of tolerating murderous air strikes on their homeland. People in the US and around the world need to join in solidarity with the people of Pakistan and Afghanistan and demand an immediate end to the illegal NATO war and occupation of Afghanistan.
Better Agriculture, Boost GDP growth Shabbir Kazmi
P
akistan faces many problems but two have become serious threats 1) growing food insecurity and 2) rising food inflation. Not only the lower segments of society are finding it increasingly difficult to meet the ends but a large percentage of population is suffering from malnutrition, leading to declining resistance against contentious diseases. One often wonders why an economy classified as agrarian, nearly one third of its work force involved in agriculture and still millions of acres remain uncultivated face food shortage. The reply is simple, over the decades focus has remained on manufacturing but that too has led to highly inefficient manufacturing units and non-performing loans running into billions of Rupees. Giving attention to manufacturing units was right but ignoring agriculture has made the country heavily dependent on imports. Pakistan has been a major exporter of rice but self sufficiency in wheat production has been achieved only recently. The country imports over US$2 billion edible oil and import of pulses is on top of that. Cotton output has hovered around 12 million bales as against the capacity to produce20 million bales. Achieving higher cotton
output also enhances indigenous production of cotton seed oil for human consumption and oilcakes for feeding cow and buffalos. A little attention on cultivation of sunflower and canola could have helped the country in achieving self sufficiency in edible oil. The key reasons for not achieving self sufficiency are 1) inadequate availability of water, certified seeds and insecticides/pesticides; 2) financial institutions reluctant in extending loans to farmers; 3) absence of modern storage facilities; 4) poor farm to market roads and markets completely in the grip of middlemen. Though, dozens agriculture research institutes are operating in the country, they have not been able to develop high yielding varieties. Yield of various crops in Pakistan is almost one-third of the global average. Pakistan is among the top five cotton producing countries of the world but the difference in yield is colossal. This is attributable to 1) cultivation of varieties more susceptible to virus and insect attacks; 2) inadequate application of fertilizers; 3) use of adulterated pesticides and insecticides; 4) inefficient crop management and 5) freefall of cotton prices in case of a bumper crop. This year Pakistan aims at producing 25 million tons wheat.
Some of the experts have already started saying that the probability of achieving the target has gone down after the floods but a few experts say the country can produce 2 million tons above the target produced farmers get soft-term credit for the purchase of certified seeds and fertilizers. To give an incentive to farmers the government is considering fixing wheat support price at Rs1,000 per ton. If Pakistan succeeds in achieving 27 million tons wheat production the country can join the club of wheat exporting countries. Saudi Arabia is an example to emulate, which was like a desert but has attained the status of wheat exporting country. One of the serious impediments in achieving self-sufficiency in wheat is limited storage capacity. According to experts Pakistan has wheat storage silos which can store 10 million tons, at the maximum. The remaining quantity has to be stored either in open or unsuitable warehouses, which renders wheat not fit for human consumption. The State Bank of Pakistan (SBP) has announced financing facility for the construction of modern and state-ofthe-art wheat storage silos. Globally canola oil is being used to produce bio-diesel, which shocks many Pakistanis. In Pakistan the price of canola
oil is almost double the price of diesel. Pakistan should try to emulate Canada in the production of canola. Lately, when minister for agriculture suggested that farmers should cultivate canola, some of the quarters opposed it and considered it an attempt to switch over from cultivation of wheat to canola. For the information of those, wheat is food and canola is weed which can be cultivated of inferior quality land. It is encouraging that SBP has also announced policy for extending specific loans to canola growers. Maize is the most ignored crop of Pakistan. It seems growers are still not fully aware of the benefits of maize cultivation. Use of corn, corn flour, corn oil and its plant as fodder allows use of every part of plant. Maize can be cultivated on average land with least management and the crop is ready within 120 days. However, balanced application of fertilizer, particularly higher doze of DAP helps in improving yield. Pakistan is also among the top ten milk producing countries of the world but production of dairy products has remained highly negligible. The concept of packing milk in tetra packs has yielded two immediate benefits 1) enabled the milkmen to get a decent price and 2) allowed the consumer hustle free use and 3) increased the shelf life of
milk. Production of dried milk has also helped in bringing down import bill of powdered milk. Experts say tetra packs still use only 10% of the total milk produced in the country. Above stated are only a few examples to achieve food security. Over the years fertilizer manufacturing companies have been playing very important role in educating the farmers. Balanced used of fertilizer has helped in improving yield but lot more remains to be done. However, the country has once again become a net importer of fertilizer. Pakistan needs to add another one million tons urea manufacturing capacity at the earliest. Import of urea not only erodes country's foreign exchange reserves but also forces the government to pay billions of rupees subsidy on imported urea. The security of loans can be ensured through crop insurance. Pakistan has completed the first phase of insuring credit with reasonable success and now banks and insurance companies have to enter the second phase of providing comprehensive crop insurance. However, the target can't be achieved without participation by the government. Corp insurance involved a cost but it is an expense worth undertaking for the good of farmers and the country.
5
Wednesday, October 13, 2010
South East Asian stocks
Commodities drag EU shares lower; eyes on Fed KSE-100 Index Opening Closing Change % Change Turnover (mn)
LSE-25 Index 3,205.33 3,200.87 4.46 0.14 2.29
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,627.72 2,620.69 7.03 0.27 0.14
Major Gainers
Symbol
Close
Change
ULEVER 4,019.50 COLG 731.01 BATA 459.35 IDYM 228.78 BHAT 177.99
29.50 25.33 21.82 8.80 7.99
Major Losers
Symbol
Close
Change
NESTLE 1,945.00 WYETH 879.50 HINO 114.12 PAKD 92.15 AABS 92.28
-55 -24.5 -4.88 -4.85 -4.72
Top 5 Volume Leaders
Symbol
Close Vol (mn)
DOL DFML ATBL DGKC JSCL
4.50 1.47 2.30 25.31 9.10
5.80 2.39 2.07 1.94 1.81
Active Issues Plus Minus Unchanged
162 223 21
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
US stocks early-afternoon
Benchmark index below 10,300 level
10,322.56 10,292.33 30.23 0.29 51.89
Opening Closing Change % Change Turnover (mn)
Mostly retreat; Thailand recoups early losses
Nawaz Ali KARACHI: Shares at Karachi Stock Exchange (KSE) ended lower on Tuesday as investors opted for profit-taking and squaring their positions ahead of Supreme Court (SC) hearing on government appeal against the overturning of the amnesty law, NRO. KSE-100 index declined by 30 points to close at 10,292, KSE-30 finished at 9,934 with a loss of 29 points, All Share Index
ended at 7,173 with a meager gain of 19 points, and KMI-30 called it a day above 16,226 mark as against last closing of around 16,225 points. Kasif Mustafa an analyst at First National Equities said, "Three factors are likely to set the future direction of market, which are: 1) whether government completes its term, 2) fate of NRO/beneficiaries, and 3) relationship with the International Monetary Fund."
India shares fall; earnings awaited MUMBAI: Indian shares fell 0.7 percent on Tuesday, weighed down by disappointing factory output data and traders said all eyes were now on corporate earnings parade that starts this week. Weak global markets and a large initial public offering that opens next week, which could suck cash away from the secondary market, also kept investors wary. Energy conglomerate Reliance Industries dropped 1.4 per cent and contributed the most to the losses in the main index. The stock has been a laggard this year in the absence of immediate triggers to boost earnings. The 30-share BSE index ended down 0.67 per cent, or 136.55 points, at 20,203.34 points, with 22 of its components closing in the red. Data on Tuesday showed annual industrial output growth plummeted to single-digits for August, mainly on a contraction in capital goods and consumer non-durables, easing pressure on the central bank to raise rates again in November.
Factory output grew 5.6 per cent in August from a year earlier, well below the median forecast in a Reuters poll of 9.65 per cent. But analysts cautioned that the wild swing in figures between July and August may hide the fact that growth was still steady. "The growth was disappointing but it seems to be filling the gaps after the growth in the month before. I wouldn't read much into it," said Ambreesh Baliga, vice-president of Karvy Stock Broking. He said the September quarter earnings, which will be kicked off on Friday by No. 2 outsourcer Infosys Technologies, would portray a better picture. "My concern is we have discounted all positives, but have not made any provisions for negative surprises," he said. The benchmark BSE index is up 15.7 per cent so far this year, with foreign funds pouring an unprecedented $21.4 billion into Indian equities since the start of January. See # 6 Page 11
Mighty yen takes 2.1pc off Nikkei TOKYO: Japan's Nikkei average fell 2.1 per cent on Tuesday, knocked to its biggest daily loss in a month by persistent strength in the yen and by a surprisingly weak profit forecast from popular stock Fast Retailing. The stock market returned from a three-day holiday weekend that saw the yen jump to a fresh 15-year high against the dollar in overseas markets before pulling back, and a renewed yen rise on Tuesday afternoon added momentum to the Nikkei's fall. Worries about yen strength, which hurts Japan's exporters and threatens its fragile economic recovery, dampened investor sentiment despite perceptions that the risk of further currency intervention had grown after weekend G7 and IMF meetings produced no overt criticism of the Japanese authorities' recent yen sales. Fast Retailing fell nearly 10 per cent, weighing on the benchmark Nikkei early on in the earnings season, which moves into high gear in Japan later this month. "Worries about further strength in the yen spurred hedge selling in futures," said Hiroaki Kuramochi, chief equi-
ty marketing officer at Tokai Tokyo Securities, adding that markets had yet to see any significant change in comments from Japanese authorities since the dollar fell below 82 yen. And while earnings hopes appear to have boosted US stocks after Alcoa Inc's thirdquarter profit beat Wall Street estimates last week, sentiment in Tokyo is weaker. "Earnings hopes appear to be supporting US stocks after they kicked off the earnings season with a relatively upbeat note such as Alcoa," said Yumi Nishimura, deputy general manager at Daiwa Securities Capital Markets. "By contrast, expectations aren't really high in terms of earnings reports so far in Japan, although the reporting season won't get into full swing until later this month." Despite early gains on the back of a climb in global equities, after weak US jobs data strengthened the case for more stimulus from the Federal Reserve, the benchmark Nikkei shed 200.24 points or 2.1 per cent to 9,388.64, its worst daily percentage drop in about a month. The broader Topix lost 1.8 per cent to 824.60. See # 7 Page 11
ANNOUNCEMENTS Company Thatta Cement Atlas Fund of Fund Bank AL-Habib Dadex Eternit K.S.B.Pumps
Period Yearly 3rd Qtr 1st Qtr 3rd Qtr
Div/Bon/Right 25%(R) 2.20%(D) -
PAT (Rs in mn) 65.990 2,271.594 -11.406 82.664
EPS(Rs) 1.30 3.10 -1.06 6.26
Dow, S&P slip as Fed minutes on tap
index lost 30 points, trading volume for the day shrank to less than 52 million shares as compared to slightly less than 89 million shares that changed hands on Monday. The index also failed in sustaining above 10,300 level. Investors' cautious attitude came very close to pessimistic approach which is evident from the fact that out of 406 active scrips prices of 162 went up, 223 declined, and 21 managed to remain unchanged.
However, another analyst who preferred to maintain anonymity said, "As long as foreign funds keep on pouring in and investors buying quality scrips, market may witness lower volumes and benchmark index might remain rangebound." Yet another analyst was of the view that today's correction was anticipated and should not be a cause of concern for investors. The only point to be noted is for how long will the foreign funds keep flowing in, he
added. The market remained subdued prior to NRO hearing. According to general consensus investors desperately want the prevailing uncertainty to be over sooner than later as it is counterproductive in all respects. However, it may take some time for the Supreme Court to come to the final verdict. All the indicators show investors were not ready to take any position. Though, the benchmark KSE-100
Commodities pull FTSE lower
Shanghai shoots up; HK off 28-mth high
LONDON: Britain's leading share index edged lower on Tuesday with weakness in commodity issues countering strength in defensive issues as investors' risk appetite faded. At the close, the FTSE 100 index was down 10.81 points, or 0.2 per cent, at 5,661.59, having earlier touched its lowest level in a week below the 5,600 level. Miners Xstrata, Kazakhmys, and Lonmin were among the top blue chip fallers, down 2.1 to 2.6 per cent, as metal prices eased with a strengthening dollar on short-covering as investors awaited likely indications there will be fresh quantatitive easing from the US Federal Reserve. "The market remains nervous as likely quantitative easings, while providing a positive boost, will reinforce worries over the global recovery, raising demand concerns for commodities," said Mic Mills, head of electronic trading at ETX Capital. The Fed said after its Sept 21 meeting -- for which it is set to release the minutes at 1800 GMT on Tuesday -- it was prepared to provide more support for the economy but expressed concern about low inflation. US blue chips were 0.2 per cent lower ahead of the Federal Open Market Committee (FOMC) minutes release, also impacted by China's latest bid to cool down the world's second biggest economy. The Chinese government raised bank reserve requirements by 50 basis points, the fourth hike this year, due to excessive lending, an official Chinese newspaper reported. The report confirmed a Reuters story on Monday. Crude prices slipped for a second day on Tuesday as Saudi Arabia signalled OPEC would maintain current production levels at the group's meeting and as the dollar rallied. Oil majors BP and Royal Dutch Shell both shed 0.7 per cent. Oil exploration stocks were dealt a sobering blow as mid cap Soco International plunged 18.8 per cent on news it would abandon its Vietnamese appraisal well. Blue chip Cairn Energy lost 2.7 per cent. SPECULATIVE STANDARD Banks were among the top blue chips gainers led by Standard Chartered, up 2.1 per cent, as traders cited talk that JPMorgan was interested in making a takeover approach. JPMorgan and Standard Chartered both declined to comment. Global banking heavyweight HSBC also provided support, up 0.2 per cent, while Royal Bank See # 8 Page 11
HONG KONG/SHANGHAI: Shanghai stocks rose to fivemonth closing highs on Tuesday, reversing intra-day losses, as gains in commodity plays offset weak banking shares that were hit by a surprise temporary rise in reserve requirements. The Shanghai Composite rose 1.2 per cent, bringing its gains since markets reopened on Friday after the Golden Week holiday to 7 per cent. Hong Kong shares fell, however, with the benchmark Hang Seng index slipping from a more than two-year high as investors booked profits in large caps, including certain banks. Reuters reported on Monday after the close of Shanghai's market that China had raised reserve requirements for six large commercial banks on a temporary basis, in a surprise move to drain cash from the economy. "In the short term there will be an impact on bank earnings and stock performance but the adjustment was within market expectations. The significance is more of a warning that the central bank is keeping an eye on rising liquidity," said Chen Xingyu, analyst at Phillip Securities in Shanghai. Agricultural Bank of China ended down 0.7 per cent and
ICBC closed 0.2 per cent lower. Traders remain bullish on the Shanghai market, which is down 13.3 per cent so far this year and is one of the world's worst performing. Expectations of another flood of global liquidity and marked weakness in the US dollar are boosting large commodity issues. "The weak dollar is the key factor spurring gains in coal and other large resource firms," said Guo Yanling, analyst at Shanghai Securities. Yanzhou Coal rose to its 10 per cent daily limit on over eight times its average 30-day volume as investors piled into shares of energy companies which are also benefitting from China's robust economic growth. Shares of Aluminum Corp of China jumped 5.3 per cent while Zijin Mining rose 10 per cent. HK FALLS, TENCENT AT RECORD HIGH In Hong Kong, the index fell 0.4 per cent to 23,121.7. The China Enterprises Index gained 0.2 per cent, helped by a strong day on the mainland bourses. Large caps weighed on the Hang Seng, with CNOOC Ltd down 3.7 per cent as oil priced eased, the biggest drag. Local property shares, up over 20 per cent since the See # 5 Page 11
NEW YORK: The Dow and the S&P 500 edged lower on Tuesday as investors grew nervous ahead of the release of minutes from the Federal Reserve's last meeting, while the Nasdaq rose slightly. Another factor pressuring the stock market was China's bid to cool down its economy, which sparked concerns it would crimp global growth. An official Chinese newspaper reported the government raised bank reserve requirements by 50 basis points, the fourth hike this year, due to excessive lending. Shares of heavy equipment maker Caterpillar, down 1.2 per cent at $79.01, led the Dow's decline. The Fed, which is set to release the minutes at 1800 GMT, said after its Sept. 21 meeting it stood prepared to provide more support for the economy but expressed concern about low inflation. Increased hopes that the Fed would step in to bolster the economy helped support stocks in recent weeks. The S&P 500 index is up 10.8 per cent since the start of September, and last month's performance was one of the best months for stocks in a decade. "If the (Fed's) minutes express concern over doing any quantitiave easing, that might worry the market," said Marc Pado, US market strategist at Cantor Fitzgerald & Co. in San Francisco. Also on investors' minds are results from Intel Corp, expected after the close. Its shares advanced 0.2 per cent to $19.60. Apple, up 0.5 per cent at $296.86, led the Nasdaq's advance after Barclays raised its price target on the company's stock. "We all know the economy is not doing great. But as long as we can get slow growth and strong profit margins ... then investors will be comfortable," Pado said. The Dow Jones industrial average was down 33.95 points, or 0.31 per cent, at 10,976.39. The Standard & Poor's 500 Index was down 1.77 points, or 0.15 per cent, at 1,163.55. But the Nasdaq Composite Index was up 4.65 points, or 0.19 per cent, at 2,405.98. See # 9 Page 11
Dhiyan
PRACTICE SIDELINISM Faisal Shaji, Head of Research, Standard Capital The market is expected to remain jittery today. The trade prompt of the day would come from what NRO case hearing has to deliver. In our opinion, apex court is likely to ask government to write letter to Swiss authorities to implement the original judgment. Though it’s a mere letter, but it has caused a furor in the country. In the present circumstances, we do not see any immediate change in political setup due to peculiar reasons. However, the standstill in market volumes is mainly due to reasons such as lack of liquidity etc. Moreover valuations are sound at the moment but political uncertainty stands between the market and gains. Investors are suggested to buy weighty scrips at lower bids. We continue to trumpet oil stocks such as POL and PPL. Among others, we like LOTPTA and especially FFBL due to good dividend anticipation.
Mohsin Adhi, Director, Alpha Adhi Securities Today's NRO case hearing at the SC is very important as investors will take cue from how it turns out. There will be wholesale sidelinism among the players and sluggishness would be the order of business. However, the event of a positive upshot might give investors some heart to shrug off inertia and storm the market. Thusly, the tone of coming days' trade would be set. High Inflation numbers and peaking interest rate are also two of the key anti-growth factors that subtly impede all kinds of economic activity including that of stocks. However, if local institutions turn up the heat on buying a relishing rally could be served. The bulls are advised to pull their horns in and stay on the lookout for developments that matter. For the ones who can't resist trading, bluechips are the “buy” of the day.
6
Wednesday, October 13, 2010
Market 51,891,425
Value
1,734,407,469
Trades
35,669
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
162 223 21 406
PE
Open
High 369.99 89.70 10.77 111.60 225.00 148.88 182.30 249.38 67.80 277.10 30.89 195.90
Open 1,169.42 Turnover 9,691,121 P/E (x) 7.21
High Low 1,310.12 1,291.24 Total cos Defaulter cos P/BV (x) ROE (%) 4.09 37.01 Low 362.00 86.60 10.50 110.02 217.00 147.30 180.51 244.76 65.00 274.25 29.10 193.00
Close Chg 365.42 87.11 10.53 110.38 223.69 147.71 181.22 248.56 66.91 276.07 30.86 193.32
-2.80 -2.31 -0.21 -1.51 3.19 -0.42 -0.93 3.14 2.07 -0.14 0.86 -0.72
Close Change 1,303.91 7.35 Listed cap Market cap 65,194.15 mn 1,032,879.53 mn Payout (%) Div Yield (%) 68.56 6.20 Last 60 days High Low
Volume 146669 849058 426022 16198 242435 228641 566201 825650 48814 574381 18183 9326
372.95 92.90 12.96 138.45 225.00 153.00 214.10 249.38 79.50 289.45 39.80 244.00
% Change 0.57 5-Day High 1,303.91 5-Day Low 1,248.69
2009 Div BR (%) (%)
2010 Div BR (%) (%)
293.90 250 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 27.32 188.00 330 -
300 31 200 55 90 255 80 40
20 20B -
PE
High
Low
Agritech Limited 3924 10.24 22.81 Bawany AirSPOT 68 1.40 10.84 BOC (Pak) 250 9.35 73.30 Clariant Pak 273 5.75 161.84 Dawood Hercules 1203 7.77 169.65 Descon Chemical 1996 2.15 Descon Oxychem Ltd. 1020 3.51 Dewan Salman 3663 1.45 Engro Corporation Ltd 3277 8.98 175.90 Engro Polymer 6635 - 14.70 Fatima Fertilizer 22000 - 10.54 Fauji Fertilizer 6785 7.30 107.12 Fauji Fert. Bin Qasim 9341 7.43 29.11 Ghani Gases Ltd 725 9.11 12.66 ICI Pakistan 1388 7.20 122.19 Lotte Pakistan 15142 3.09 8.82 Nimir Ind Chemical 1106 73.00 1.35 Sitara Chem Ind 204 5.47 125.00 Sitara Peroxide 551 8.31 United Distributors 92 - 11.20 Wah-Noble 90 5.04 42.54
23.15 10.99 73.49 163.50 170.00 2.40 4.51 1.41 176.24 14.95 10.80 107.43 29.25 12.80 122.98 8.91 1.49 124.95 8.30 11.00 42.53
22.10 9.84 73.40 162.00 168.05 2.05 3.50 1.35 174.60 14.40 10.55 106.80 28.90 11.66 120.60 8.71 1.32 120.00 8.17 10.20 41.77
Close Chg 23.15 10.97 73.46 163.50 168.51 2.37 4.50 1.36 175.18 14.52 10.62 107.25 29.20 12.02 120.88 8.90 1.46 124.10 8.30 10.22 42.53
0.34 0.13 0.16 1.66 -1.14 0.22 0.99 -0.09 -0.72 -0.18 0.08 0.13 0.09 -0.64 -1.31 0.08 0.11 -0.90 -0.01 -0.98 -0.01
Close 1,167.12 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 501 348 200 1215 2260 312892 5802754 147981 285946 459882 1199408 239788 1697188 340279 40928 1751524 369128 2210 34864 607 1601
Change -2.29 Market cap 264,056.98 mn Div Yield (%) 6.77
27.79 16.78 82.50 174.00 185.88 3.15 5.45 2.21 194.59 15.20 12.46 113.39 30.65 13.85 128.30 9.07 1.77 134.00 11.09 17.99 48.00
% Change -0.20 5-Day High 1,169.42 5-Day Low 1,138.36
2009 Div BR (%) (%)
2010 Div BR (%) (%)
21.15 9.84 66.90 90 154.27 125 155.38 40 10B 1.78 3.20 1.28 165.60 6010B 40R 9.57 - 27.5R 9.02 102.96 131.5 10B 26.59 40 7.41 109.50 80 6.75 5 1.16 110.03 75 7.67 10.20 10 10B 41.00 50 -
5 15 20 20 75 5 55 25 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,152.35 Turnover 21,260 P/E (x) 5.94
Open 680.61 Turnover 598,244 P/E (x) 5.39 Company
High Low 1,160.03 1,137.21 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47
Close 1,145.45 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Century Paper 707 Pak Paper ProductXDXB 50 Security Paper 411
4.09 4.67
18.99 39.05 39.85
19.24 39.90 39.51
18.65 39.10 39.50
19.00 0.01 39.33 0.28 39.51 -0.34
2336 122 1997
Change -6.90 Market cap 3,173.22 mn Div Yield (%) 4.26
Last 60 days High Low 22.70 62.85 50.40
17.31 38.61 38.10
% Change -0.60 5-Day High 1,154.94 5-Day Low 1,142.91
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Paid up Cap(mn)
Pak Int Cont. Terminal XD 1092 PNSC XD 1321
PE 7.55 5.25
Open 935.75 Turnover 124,892 P/E (x) 2.92
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
565 3.33 675 555 5.49 1199 4.52 785 19.59
Open 24.30 2.06 13.00 46.42 9.25
High 24.60 2.14 13.19 46.75 9.90
High Low 938.37 912.02 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 33.10 Low 24.00 2.07 12.80 46.25 9.30
Close Chg 24.60 2.14 12.80 46.40 9.60
0.30 0.08 -0.20 -0.02 0.35
Close 918.29 Listed cap 3,596.11 mn Payout (%) 30.91
Last 60 days High Low
Volume 846 8410 1381 16301 4001
31.73 3.20 16.75 70.71 10.80
23.75 1.65 12.25 46.25 8.20
% Change -1.87 5-Day High 963.12 5-Day Low 918.29
2009 Div BR (%) (%) 10
30B -
Paid up Cap(mn)
PE
Open 929.32 Turnover 7,471,375 P/E (x) 7.81 Paid up Cap(mn)
High Low 948.82 924.27 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 7.10
Change 8.93 Market cap 68,610.64 mn Div Yield (%) 2.44
% Change 0.96 5-Day High 938.24 5-Day Low 894.50
Volume
Last 60 days High Low
3.10 63.75 14.12 1.53
3.20 64.00 15.00 1.70
-0.09 0.00 0.29 0.10
2102 89042 7780 12000
4.40 72.40 20.00 2.74
2.80 62.00 14.01 1.30
50 -
20B -
25.00 2.00 1.60
25.00 1.80 1.50
25.00 0.76 2.00 0.00 1.54 -0.01
1383 3569 21259
32.90 3.90 2.20
22.10 1.02 1.30
-
-
-
-
25.36 2.80 4.87 1.83 3.49
25.55 3.48 4.89 1.90 3.85
25.20 2.61 4.75 1.74 2.75
25.31 2.80 4.87 1.85 3.49
1940043 11441 214081 29801 3034
28.74 5.15 5.50 2.37 7.50
23.02 2.11 4.50 1.74 2.11
-
20R -
-
20R -
2405 93939 91448
7.30 7.00 3.46
4.01 5.50 2.60
-
-
-
-
Open
High
Low
Al-Abbas Cement Attock Cement Berger Paints Dadabhoy Cement
1828 866 5.10 182 982 13.08
3.29 64.00 14.71 1.60
3.24 64.19 15.23 1.70
Dadex Eternit Dandot Cement Dewan Cement
108 948 3574
-
24.24 2.00 1.55
DG Khan Cement Ltd EMCO Ind Fauji Cement Flying Cement Ltd Gharibwal Cement
3651 35.15 350 6933 12.18 1760 2319 -
-0.05 0.00 0.00 0.02 0.00
2009 Div BR (%) (%)
2010 Div BR (%) (%) - 100R 50 - 122R -
145 1288 13126
7.88 -
5.83 5.90 2.85
6.79 5.95 2.87
6.00 5.90 2.76
6.78 0.95 5.91 0.01 2.81 -0.04
Lucky CementSPOT Maple Leaf Cement
3234 3723
6.51 -
73.09 2.85
73.40 2.87
72.20 2.73
72.49 -0.60 2.75 -0.10
338630 52450
74.00 3.84
62.60 2.51
40 -
-
40 -
-
Pioneer Cement Thatta Cement
2228 8.24 7981878.00 19.69
8.15 19.48
7.75 18.69
8.00 -0.24 18.78 -0.91
33478 2054
8.47 21.80
6.80 17.74
-
-
-
50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 884.61 Turnover 216,675 P/E (x) 2.59 Company
Paid up Cap(mn)
PE
Open
High
High Low 884.44 879.59 Total cos Defaulter cos P/BV (x) ROE (%) 1.14 43.91 Low
Close Chg
Close 881.25 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change -3.36 Market cap 33,162.97 mn Div Yield (%) 6.00
Last 60 days High Low
% Change -0.38 5-Day High 893.43 5-Day Low 881.25
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Cherat PapersackXDXB ECOPACK Ltd Ghani GlassSPOT Merit Pack Packages Ltd Siemens Engineering Syed Match
115 3.28 34.97 35.00 34.15 34.36 -0.61 230 2.05 2.40 2.10 2.33 0.28 970 6.20 59.78 61.10 59.90 60.60 0.82 47 - 16.00 16.00 16.00 16.00 0.00 844 15.30 100.63 101.90 100.70 101.00 0.37 82 10.25 1149.00 1150.00 1136.00 1150.00 1.00 3 - 14.00 13.00 13.00 13.00 -1.00
36230 51.05 34.15 177203 2.89 1.70 142469 61.99 54.65 200 20.70 11.81 7179 125.96 98.00 133 1299.75 1025.00 500 15.00 13.00
30 32.5 900 -
10B -
20 25 300 -
25B 10B -
Tri-Pack Films
300
55905
100
-
-
-
8.07 102.80
103.00
105.00
91.00
62.90 38.99
Low 61.00 38.00
Close Chg 61.52 -1.13 38.50 0.47
Close 666.65 Listed cap 3,242.17 mn Payout (%) 11.08
Volume 4070 7854
Change -13.96 Market cap 12,006.31 mn Div Yield (%) 2.05
Last 60 days High Low 87.86 41.00
60.86 34.50
High
High Low 1,074.86 1,050.02 Total cos Defaulter cos P/BV (x) ROE (%) 0.92 25.35 Low
Close Chg
71.00 69.15 70.96 -0.04 144.90 139.24 140.89 2.73 17.00 17.00 17.00 -0.95 95.05 95.05 95.05 -2.64 30.50 29.00 30.49 -0.01 1.50 1.35 1.47 0.07 5.05 4.58 4.58 -0.22 10.90 10.50 10.82 -0.04 225.50 221.20 221.84 -1.19 77.00 73.02 74.50 0.26 25.00 24.50 24.77 -0.12 1.95 1.65 1.94 -0.06
Close 1,058.91 Listed cap 6,768.53 mn Payout (%) 20.42
Volume 22718 20904 500 443 222 2390400 7003 5300 17324 2932 3802 24504
Last 60 days High Low 78.39 209.00 19.80 127.99 33.47 2.24 5.70 14.50 287.00 89.99 27.85 3.25
63.01 131.00 15.90 92.00 28.25 1.16 3.55 9.65 212.29 69.25 23.91 1.53
Open 1,473.35 Turnover 202,590 P/E (x) 29.47 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 AL-Noor Sugar 186 Clover Pakistan XD 94 Colony Sugar Mills 990 Dewan Sugar 365 Habib Sugar 600 Habib-ADM Ltd XD 200 Hussein Sugar 121 Ismail Ind XD 505 J D W Sugar 490 Kohinoor Sugar 109 Mirpurkhas Sugar 70 Mirza Sugar 141 National Foods XD 414 Nestle Pakistan 453 Noon Pakistan 48 Noon Sugar 165 Premier Sugar 38 Quice Food 107 Shahmurad Sugar 211 Shahtaj Sugar 120 Shakarganj Mills 695 Tandlianwala 1177
PE
Open
High
High Low 1,490.84 1,467.42 Total cos Defaulter cos P/BV (x) ROE (%) 8.93 30.30 Low
Close Chg
13.58 7.55 8.54 7.06 7.06 -0.49 4.32 42.75 42.50 41.27 42.50 -0.25 28.36 44.76 45.99 42.61 45.38 0.62 3.73 4.00 3.50 3.87 0.14 1.50 1.90 1.25 1.35 -0.15 6.43 29.84 31.33 29.75 31.19 1.35 3.57 12.81 13.35 12.70 12.70 -0.11 - 12.50 12.40 12.40 12.40 -0.10 12.48 74.00 73.49 70.30 73.39 -0.61 2.29 66.97 69.25 67.00 68.48 1.51 4.10 4.01 4.00 4.00 -0.10 5.93 58.14 61.00 55.24 56.41 -1.73 0.29 4.70 4.70 4.70 4.70 0.00 19.45 40.61 41.00 39.15 40.65 0.04 22.38 2000.00 1997.96 1900.00 1945.00 -55.00 9.25 19.95 20.95 18.95 19.89 -0.06 - 11.16 11.89 11.50 11.88 0.72 6.66 34.66 36.39 36.00 36.28 1.62 2.85 3.40 3.18 3.18 0.33 16.52 11.30 11.40 10.85 11.40 0.10 - 60.00 62.99 57.00 60.16 0.16 3.99 4.66 4.00 4.03 0.04 271.73 28.50 29.90 28.50 29.89 1.39
Close 1,477.64 Listed cap 11,335.33 mn Payout (%) 30.57
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
AL-Ghazi Tractor Bolan CastingXDXB
215 104
5.23 221.08 5.01 42.28
221.44 219.00 220.00 -1.08 43.50 42.11 43.36 1.08
901 8694
227.45 51.99
200.26 35.25
400 -
20B
150 25
10B
Ghandhara Ind Hinopak Motor
213 124
1.90 12.37 - 119.00
12.55 12.00 12.06 -0.31 117.00 113.06 114.12 -4.88
12419 460
19.75 154.99
11.29 108.11 17.15
-
-
-
KSB Pumps Millat TractorsXDXB
132 366
9.00 79.00 5.76 444.22
75.18 75.05 75.13 -3.87 453.50 442.55 449.07 4.85
206 147300
91.00 597.90
71.11 390.00
25B
650
25B
35 450
40 15
-
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
60.25
Total Assets (Rs in mn)
MA (10-day)
10.92
Total Equity (Rs in mn)
MA (100-day)
9.10
% Change 0.00 5-Day High 1,071.82 5-Day Low 1,055.73 2010 Div BR (%) (%)
40 100 20B - 100R 80 30B 15 100 5 - 20B 2 -
90 100 25 150 10 -
20B 20B -
4,126.72 591.38
Revenue (Rs in mn)
9.48
4,337.45
Interest Expense
646.86
1st Support
10.94
Loss after Taxation
2nd Support
10.60
EPS 09 (Rs)
(177.04)
1st Resistance
11.59
Book value / share (Rs)
2nd Resistance
11.90
PE 10 E (x)
1.39
Pivot
11.25
PBV (x)
0.59
(5.746) 19.19
REWM closed up 0.74 at 11.31. Volume was 1,602 per cent above average (trending) and Bollinger Bands were 58 per cent wider than normal. The company's profit after taxation stood at Rs187.984 million which translates into an Earning Per Share of Rs6.10 for the nine months of fiscal year (9MFY10). REWM is currently 18.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into REWM (bullish). Trend forecasting oscillators are currently bullish on REWM.
EcoPack Limited
Volume
Last 60 days High Low
120 11.70 1.12 598 47.35 39.25 203 50.00 33.33 90701 4.49 2.40 177 2.90 1.11 63452 31.33 23.80 6090 16.98 12.60 200 14.00 4.22 515 76.90 53.64 4970 69.25 60.10 194 8.50 2.11 1046 68.13 55.24 201 5.70 3.55 271 65.29 39.15 587 2057.99 1641.00 2223 33.06 18.95 1518 14.35 10.00 3052 43.60 32.50 500 3.40 1.60 4555 11.90 7.40 1069 93.98 44.50 601 5.00 3.02 1205 35.50 22.45
% Change 0.29 5-Day High 1,477.64 5-Day Low 1,450.02
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 35 40 15 40 25 600 50 30 15 100 -
15 40 17.5 110R 0 12.5R 12 200 12 -
25B 10B 25B 10B 10B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
63.88
Total Assets (Rs in mn)
MA (10-day)
2.02
Total Equity (Rs in mn)
MA (100-day)
2.29
Revenue (Rs in mn)
1,850.83 180.12 1,764.85
MA (200-day)
3.11
Interest Expense
195.37
1st Support
2.20
Loss after Taxation
(85.62)
2nd Support
2.00
EPS 09 (Rs)
(3.726)
1st Resistance
2.50
Book value / share (Rs)
2nd Resistance
2.60
PE 10 E (x)
Pivot
2.30
PBV (x)
7.84 0.30
ECOP closed up 0.28 at 2.33. Volume was 510 per cent above average (trending) and Bollinger Bands were 22 per cent narrower than normal. The company's loss after taxation stood at Rs18.393 million which translates into a Loss Per Share of Rs0.80 for the year ended FY10. ECOP is currently 25.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into ECOP (bullish). Trend forecasting oscillators are currently bullish on ECOP.
Soneri Bank Limited
HOUSEHOLD GOODS Performance of SR Household Goods Index Open 1,082.74 Turnover 104,210 P/E (x) 3.90 Paid up Cap(mn)
Nakshbandi Ind Pak Elektron Tariq Glass Ind
High Low 1,117.87 1,106.57 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 10.64
Close 1,112.37 Listed cap 3,763.71 mn Payout (%) 6.27
PE
Open
High
Low
Close Chg
Volume
1176 13.33 1174 2.93 231 2.79
17.00 13.86 17.27
17.00 13.85 17.90
16.00 13.55 16.80
16.00 -1.00 13.69 -0.17 17.13 -0.14
450 40240 33515
Last 60 days High Low 17.00 15.95 19.12
10.00 12.17 14.45
10B -
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
95,310.27
Total Equity (Rs in mn)
7,803.20
PERSONAL GOODS
MA (100-day)
6.63
Revenue (Rs in mn)
9,337.28
Performance of SR Personal Goods Index
MA (200-day)
8.08
Interest Expense
6,602.78
1st Support
5.80
Profit after Taxation
2nd Support
5.47
EPS 09 (Rs)
1st Resistance
6.48
Book value / share (Rs)
2nd Resistance
6.83
PE 10 E (x)
Pivot
6.15
PBV (x)
PE
High Low 924.30 902.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.54 8.64
Accord Textile 93 0.24 Ali Asghar Textile 222 1.00 Amtex Limited XD 2415 2.96 11.76 Apollo Textile XD 83 14.76 3.00 Artistic DenimSPOT 840 5.86 22.20 Aruj Garments 62 7.60 4.50 Azam Textile 133 0.54 2.74 Azgard Nine 4493 252.75 10.27 Babri Cotton 29 0.43 16.13 Bannu Woolen 76 1.14 12.45 Bata (Pak) 76 4.54 437.53 Bilal Fibres 141 0.92 Blessed Tex Mills 64 0.72 49.90 Brothers Textile 98 0.67 Chakwal Spinning 400 1.10 1.69 Chenab Limited 1150 3.54 Colgate Palm 316 15.70 705.68 Colony Mills Ltd 2442 2.69 3.00 Crescent Jute 238 0.89 Crescent Textile 492 2.99 21.50 D S Ind Ltd 600 1.61 Dawood Lawrencepur 514 9.54 39.87 Din TextileSPOT 185 1.30 26.00 Ellcot Spinning 110 1.75 20.15 Gadoon Textile 234 1.23 46.65 Ghani Value GlassSPOT 75 7.02 32.50 Ghazi Fabrics 326 1.24 3.65 Gillette Pakistan 192 46.67 65.90 Gul Ahmed Textile 635 2.86 22.03 Gulistan Spinning 146 1.41 6.75 Gulshan Spinning 185 1.52 8.26 Hira Textile Mills Ltd. 716 1.23 4.47 Idrees Textile 180 2.32 4.16 Indus Dyeing 181 3.02 219.98 Kohinoor Ind 303 1.44 Kohinoor Mills 509 1.90 Kohinoor Spinning 1300 1.11 1.39 Kohinoor Textile 1455 2.83 5.06 Masood Textile 600 1.02 19.41 N P Spinning 147 4.37 23.49 Nagina Cotton 187 1.24 16.45 Nishat (Chunian) 1586 2.29 18.28 Nishat Mills 3516 5.79 49.67 Pak Synthetic 560 5.77 5.69 Premium Textile 62 0.94 28.21 Prosperity 185 2.45 16.41 Ravi Textile 250 4.49 1.88 Redco Textile 213 4.67 0.61 Reliance Weaving 308 0.86 10.57 Ruby Textile 392 25.00 5.00 Rupali Poly 341 5.74 35.00 Safa Textile 40 5.08 3.00 Saif Textile 264 1.50 4.60 Sally Textile 88 0.36 5.47 Salman Noman 40 5.31 2.70 Samin Textile XR 134 7.45 Sapphire Textile 201 1.86 98.25 Sargoda Spinning 312 0.52 1.91 Saritow Spinning 133 0.63 2.17 Service Ind 120 4.59 182.31 Shadman Cot 176 2.37 14.00 Shahpur Textile 140 1.18 0.90 Shahtaj Textile 97 - 20.00 Shield Corp 39 9.91 53.60 Suhail Jute 37 - 12.00 Sunrays Textile 69 1.03 34.00 Suraj Cotton 180 1.28 36.50 Tata Textile XD 173 0.71 18.25 Thal Limited 256 4.08 111.16 Treet Corp 418 7.80 38.10 Yousuf Weaving 400 7.24 1.25 Zil LimitedSPOT 53 6.65 40.45
0.85 1.00 11.98 4.00 23.31 4.50 3.20 10.34 15.17 13.45 459.40 1.18 49.00 0.30 1.79 3.87 740.96 2.99 0.80 21.45 1.68 40.85 25.50 21.10 46.00 31.90 4.59 66.00 22.01 6.99 8.40 4.45 4.25 230.97 1.65 2.01 1.34 5.40 19.99 24.66 16.70 18.47 50.00 5.31 29.40 17.00 1.89 0.70 11.56 6.00 35.00 3.00 5.44 6.20 2.74 7.50 101.99 2.35 2.30 184.99 13.00 1.00 20.00 56.28 11.00 34.00 36.80 18.00 111.50 38.80 1.23 39.00
0.85 1.00 11.00 3.10 22.90 4.25 2.60 10.05 15.15 12.70 449.95 0.75 47.50 0.25 1.16 3.31 695.95 2.60 0.70 20.52 1.55 39.00 25.01 20.50 46.00 31.00 4.25 63.00 21.50 6.25 8.34 4.25 4.05 209.03 1.25 1.71 1.22 5.39 18.90 23.25 16.50 17.82 48.91 5.31 28.99 16.40 1.68 0.70 10.91 5.00 35.00 3.00 3.75 5.50 2.50 6.56 93.34 2.00 2.00 178.10 13.00 0.85 19.35 56.27 11.00 34.00 35.80 18.00 108.51 37.75 1.23 38.78
Open 841.22 Turnover 42,703 P/E (x) 6.66
979 208 1707 165 200 96 306
20 17.5
Total Assets (Rs in mn)
Low
Abbott (Lab) Ferozsons (Lab)SPOT GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
57R 10B -
5.70
High
Company
-
2010 Div BR (%) (%)
57.15
Open
Paid up Cap(mn)
2009 Div BR (%) (%)
% Change 2.74 5-Day High 1,112.37 5-Day Low 1,045.08
MA (10-day)
Open 915.48 Turnover 9,388,258 P/E (x) 6.25 Paid up Cap(mn)
Change 29.63 Market cap 5,513.68 mn Div Yield (%) 1.61
RSI (14-day)
% Change 0.28 5-Day High 1,451.31 5-Day Low 1,400.80
2009 Div BR (%) (%)
2010 Div BR (%) (%)
2009 Div BR (%) (%)
Change 4.29 Market cap 189,615.54 mn Div Yield (%) 1.04
Close Chg 0.85 1.00 11.06 3.10 23.31 4.33 2.99 10.11 15.16 13.11 459.35 1.14 47.51 0.30 1.68 3.44 731.01 2.90 0.70 20.93 1.60 39.89 25.28 20.51 46.00 31.80 4.25 63.00 21.50 6.42 8.37 4.27 4.06 228.78 1.49 2.01 1.22 5.40 19.99 24.49 16.52 18.08 49.19 5.31 29.40 16.90 1.75 0.70 11.31 6.00 35.00 3.00 4.39 5.60 2.71 7.50 94.28 2.00 2.27 178.38 13.00 0.85 19.86 56.27 11.00 34.00 35.94 18.00 109.05 37.83 1.23 38.82
0.61 0.00 -0.70 0.10 1.11 -0.17 0.25 -0.16 -0.97 0.66 21.82 0.22 -2.39 -0.37 -0.01 -0.10 25.33 -0.10 -0.19 -0.57 -0.01 0.02 -0.72 0.36 -0.65 -0.70 0.60 -2.90 -0.53 -0.33 0.11 -0.20 -0.10 8.80 0.05 0.11 -0.17 0.34 0.58 1.00 0.07 -0.20 -0.48 -0.38 1.19 0.49 -0.13 0.09 0.74 1.00 0.00 0.00 -0.21 0.13 0.01 0.05 -3.97 0.09 0.10 -3.93 -1.00 -0.05 -0.14 2.67 -1.00 0.00 -0.56 -0.25 -2.11 -0.27 -0.02 -1.63
Close 911.83 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 1000 1000 92487 1401 56997 6000 189215 341771 700 41611 566 5500 998 501 21015 3505 315 4002 6003 1256 81510 4623 2684 15900 500 1112 600 648 310 1613 27815 147168 9520 6311 7010 1556 8679 2000 2001 1162 2712 1433409 1457022 1000 605 1908 202537 1500 429740 502 442 200 1013 137670 6100 7512 710 4855 19000 4122 500 1101 6674 177 500 35831 5112 2000 34701 28484 5000 3806
Change -3.65 Market cap 113,548.97 mn Div Yield (%) 2.67
Last 60 days High Low 0.85 2.21 20.45 4.00 23.31 6.70 3.20 13.40 18.75 13.45 579.99 1.96 52.05 1.50 2.56 4.98 770.00 5.00 2.25 28.25 2.49 51.99 30.90 25.45 48.30 38.64 5.00 73.00 23.00 8.13 8.69 4.85 5.35 269.50 2.00 3.80 1.84 6.30 23.25 24.66 17.18 19.49 53.14 7.90 30.90 21.47 4.69 1.20 12.00 0.00 36.75 4.00 5.44 6.20 3.11 8.69 124.80 2.50 2.75 225.99 15.00 2.26 21.50 59.99 12.00 35.00 37.50 19.70 114.99 49.49 1.90 46.12
0.24 0.40 11.00 2.00 17.55 3.50 1.35 8.55 9.50 7.50 436.00 0.55 40.80 0.10 0.70 2.93 590.00 2.23 0.48 19.51 1.44 37.08 23.75 20.15 33.80 27.30 1.11 57.50 19.99 5.00 5.31 2.52 2.55 199.70 1.01 1.60 0.56 4.00 18.55 14.65 12.00 14.64 40.81 5.16 24.90 15.75 1.38 0.50 6.91 0.00 31.35 3.00 2.01 2.74 1.30 5.02 93.34 0.31 1.01 176.50 7.00 0.25 14.75 49.60 10.50 30.03 29.50 12.75 97.00 37.20 0.73 33.00
PHARMA AND BIO TECH Change 4.06 Market cap 30,933.61 mn Div Yield (%) 16.43
20B -
% Change -2.05 5-Day High 705.07 5-Day Low 666.65
FOOD PRODUCERS
Performance of SR Pharma and Bio Tech Index
Close 1,451.31 Listed cap 1,336.62 mn Payout (%) 131.49
30
Change -0.01 Market cap 38,215.98 mn Div Yield (%) 5.64
Performance of SR Industrial Engineering Index High Low 1,466.46 1,430.63 Total cos Defaulter cos P/BV (x) ROE (%) 3.04 38.02
2009 Div BR (%) (%)
Reliance Weaving Mills Limited
MA (200-day)
INDUSTRIAL ENGINEERING Open 1,447.25 Turnover 196,141 P/E (x) 8.00 Company
98.10 100.58 -2.22
High
High Low 677.44 652.32 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 25.53
Alert ! Unusual Movements
Performance of SR Food Producers Index
Company
Close Chg
PE
Karam Ceramics Kohat Cement Lafarge Pakistan Cmt.
Close 938.24 Listed cap 54,792.74 mn Payout (%) 19.04
Open
144 5.18 71.00 101 5.31 138.16 247 11.64 17.95 626 6.62 97.69 Baluchistan Wheels LtdSPOT 133 4.86 30.50 Dewan Motors 890 1.40 Ghani Automobile Ind 200 3.85 4.80 Honda Atlas Cars 1428 - 10.86 Indus Motors XD 786 5.06 223.03 Pak Suzuki 823 9.25 74.24 Sazgar EngineeringSPOT 125 6.43 24.89 Transmission 117 1.94 2.00
20B -
CONSTRUCTION AND MATERIALS
62.65 38.03
Agriautos Ind Atlas Battery Atlas Engineering Ltd Atlas Honda
2010 Div BR (%) (%) 30 40 7.5
Open
Open 1,058.92 Turnover 187,259 P/E (x) 3.62
Company
Change -17.45 Market cap 8,870.98 mn Div Yield (%) 10.57
Performance of SR Construction and Materials Index
Company
16,226.06 16,251.46 16,158.02 h1.15
AUTOMOBILE AND PARTS
INDUSTRIAL METALS AND MINING Performance of SR Industrial Metals and Mining Index
Company
KMI 30 Index Current High Low Change
9,939.44 9,983.85 9,912.26 i29.11
Performance of SR Automobile and Parts Index
Company
High Low 1,177.83 1,160.93 Total cos Defaulter cos P/BV (x) ROE (%) 2.52 35.00
Open
Paid up Cap(mn)
Current High Low Change
INDUSTRIAL TRANSPORTATION
Performance of SR Chemicals Index
Company
KSE 30 Index
7,172.82 7,202.94 7,153.70 i19.26
Performance of SR Industrial Transportation Index
CHEMICALS
Paid up Cap(mn)
Current High Low Change
OIL AND GAS
Attock Petroleum 576 5.62 368.22 Attock Refinery 853 15.84 89.42 BYCO Petroleum 3921 - 10.74 Mari Gas Company 735 14.96 111.89 National RefinerySPOT 800 5.57 220.50 Oil & Gas Development XD 43009 10.19 148.13 Pak Petroleum 11950 5.68 182.15 Pak OilfieldsSPOT 2365 6.31 245.42 Pak Refinery Limited 350 - 64.84 PSO XD 1715 4.67 276.21 Shell Gas LPG 226 13.90 30.00 Shell Pakistan XD 685 9.91 194.04
Company
All Share Index
10,292.33 10,339.57 10,263.66 i30.23
Performance of SR Oil and Gas Index Open 1,296.56 Turnover 6,711,249 P/E (x) 11.05 Company
KSE 100 Index
Symbols
Volume
PE
Open
8.08 93.47 7.15 110.70 12.30 68.68 6.52 24.28 17.18 8.00 8.13 119.90 5.42 62.02
High
High Low 858.30 838.02 Total cos Defaulter cos P/BV (x) ROE (%) 1.49 22.31 Low
Close Chg
92.95 91.75 92.18 110.99 107.01 109.01 69.39 68.13 68.14 24.75 24.00 24.00 8.00 7.50 7.73 120.00 120.00 120.00 63.89 62.50 63.19
-1.29 -1.69 -0.54 -0.28 -0.27 0.10 1.17
Close 846.50 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 2619 2787 7052 4632 35264 500 16618
77.00 96.00 65.00 22.10 6.10 115.90 53.36
2010 Div BR (%) (%)
30 20 20 7.5 - 15B 20 120 7.5 50 5 115 15B 15 5 20 10B 7.5 35 70 8 400R 25 10 5 - 12.5 - 10B 10 - 10B 10 20B 10 10 15 5 15 15 100R 20 - 20SD - 50R 15 20 25 45R 12.5 7.5 50 20 30 - 25SD 40 40 10 5B - 100R 50 5 200 20 45 - 30B 10 10 15 50 25 20 20B 80 20B 40 10B 35 -
Change 5.28 Market cap 28,107.88 mn Div Yield (%) 6.69
Last 60 days High Low 96.40 124.00 83.77 25.79 8.66 133.00 64.19
2009 Div BR (%) (%)
% Change -0.40 5-Day High 918.63 5-Day Low 911.83
2009 Div BR (%) (%) 120 10 50 25 70 15
20B 15B
% Change 0.63 5-Day High 846.50 5-Day Low 822.98 2010 Div BR (%) (%) 20 30
20B -
145.35 0.29 15.55 0.39
SNBL closed up 0.28 at 6.07. Volume was 186 per cent above average (trending) and Bollinger Bands were 40 per cent narrower than normal. The company's loss after taxation stood at Rs186.353 million which translates into a Loss Per Share of Rs0.32 for the half year of current calendar year (1HCY10). SNBL is currently 24.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SNBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on SNBL.
Dewan Farooque Motors Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
51.26
Total Assets (Rs in mn)
MA (10-day)
1.42
Total Equity (Rs in mn)
(471.36)
MA (100-day)
1.66
Revenue (Rs in mn)
4,496.92 1,557.02
MA (200-day)
1.85
Interest Expense
1st Support
1.40
Loss after Taxation
2nd Support
1.30
EPS 09 (Rs)
1st Resistance
1.55
Book value / share (Rs)
2nd Resistance
1.60
PE 10 E (x)
Pivot
1.45
PBV (x)
105.73 (1,390.03) (15.623) (5.30) (0.28)
DFML closed up 0.07 at 1.47. Volume was 1,483 per cent above average (trending) and Bollinger Bands were 26 per cent narrower than normal. The company's loss after taxation stood at Rs437.504 million which translates into a Loss Per Share of Rs4.92 for the year ended FY10. DFML is currently 20.7 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 very strong flows of volume into DFML (bullish). Trend forecasting oscillators are currently bullish on DFML.
BOOK CLOSURES Company
From
To
Cherat Papersack Ecopack Ltd. JS Value Fund Bawany Air Prood Din Textile Mills Ghani Glass Glamour Textile Mills Nimir Ind Chemicals Pakistan Refinery Buxly Paints First Habib Bank Mod Ghani Automobile Ghani Value Glass Gillette Pakistan Haydari Construction IBL Health Care KESC Allied Rent Mod Baluchistan Wheels D.G.K Cement Ferozsons Lab Kot Addu Power Pakistan Synthetic
13-Oct 13-Oct 13-Oct 14-Oct 14-Oct 14-Oct 14-Oct 14-Oct 14-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 16-Oct 16-Oct 16-Oct 16-Oct 16-Oct 16-Oct
27-Oct 26-Oct 20-Oct 27-Oct 20-Oct 20-Oct 20-Oct 21-Oct 20-Oct 26-Oct 22-Oct 21-Oct 21-Oct 28-Oct 23-Oct 21-Oct 21-Oct 22-Oct 23-Oct 30-Oct 25-Oct 25-Oct 30-Oct
D/B/R 20,20(B) 5,10(R) 20,10(B) 25,10(B) 11 25 22.5 12.5 20(B) 27.50(F) -
Spot AGM/Date 05-Oct 06-Oct 06-Oct 06-Oct 07-Oct 07-Oct 08-Oct 08-Oct 08-Oct 08-Oct -
27-Oct 26-Oct 20-Oct 26-Oct 20-Oct 20-Oct 20-Oct 21-Oct 20-Oct 25-Oct 25-Oct 21-Oct 21-Oct 29-Oct 23-Oct 21-Oct 21-Oct 22-Oct 23-Oct 30-Oct 21-Oct 25-Oct 30-Oct
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Shakarganj Food Grays of Cambridge Lakson Tobacco Eye Television PIAC(A) AKD Capital Pace (Pak) Ltd Netsol Technol Pak Telephone
Open 4.21 92.28 1.25 55.46 390.11 23.5 2.16 57.75 2.79 18.37 1.5
High 4.28 93 1.1 53.05 400.05 23.5 2.25 56.6 2.76 18.58 1.98
Low Close 4.08 92 1.1 52.69 380.1 22.41 2.12 54.87 2.66 18.1 1.52
4.17 92.01 1.1 52.69 387.72 22.41 2.2 54.87 2.73 18.16 1.75
Change -0.04 -0.27 -0.15 -2.77 -2.39 -1.09 0.04 -2.88 -0.06 -0.21 0.25
Vol 629131 1630 500 1010 6443 3160 23504 6390 417385 94372 503
7
Wednesday, October 13, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,130.75 Turnover 1,870,974 P/E (x) 6.16 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
78 37740 3000 8606 6175
High Low 1,144.18 1,117.08 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
PE
Open
High
Low
Close Chg
4.54 9.19 -
97.00 19.37 2.21 2.58 3.80
93.00 19.30 2.24 2.70 4.05
92.15 19.12 2.11 2.54 3.72
92.15 19.30 2.15 2.68 3.99
-4.85 -0.07 -0.06 0.10 0.19
Close 1,135.83 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 6483 1151320 375784 1022983 716190
Change 5.08 Market cap 78,975.79 mn Div Yield (%) 10.16
120.61 20.22 3.09 3.30 6.13
92.15 17.32 1.80 2.30 3.60
% Change 0.45 5-Day High 1,135.83 5-Day Low 1,097.44
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 -
Ask Gen Insurance Atlas Insurance Century Insurance EFU General Ins. XB Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Silver Star Insurance United Insurance XB
204 6.51 369 4.43 457 5.65 1250 28.84 400 7.47 718 13.46 791 9.38 3000 250 1.40 350 51.25 303 4.51 252 4.45 253 1.81 400 1.23
Paid up Cap(mn)
Company
Hub Power Japan Power KESC Kohinoor Power Kot Addu PowerSPOT Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
PE
Open
High
Low
11572 6.15 1560 7932 126 2.59 8803 7.09 3673 3541 91.00 191 3.81 1367 5.46 150 -
33.33 1.57 2.06 5.24 41.07 11.56 12.62 21.00 2.23 0.75
33.79 1.50 2.10 5.30 41.25 11.65 12.80 21.70 2.21 0.94
33.10 1.40 2.03 4.90 40.90 11.40 12.50 21.00 2.10 0.75
Close 1,152.22 Listed cap 95,369.29 mn Payout (%) 104.13
Change 2.83 Market cap 96,902.90 mn Div Yield (%) 8.34
% Change 0.25 5-Day High 1,152.22 5-Day Low 1,137.13
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
33.21 1.48 2.08 5.20 41.00 11.65 12.74 21.40 2.13 0.94
1547196 26425 108350 1636 304287 85025 1434303 603 177979 1001
37.24 2.28 2.63 6.70 44.85 11.69 12.99 23.49 3.21 1.60
33.5 64.5 20 3
-0.12 -0.09 0.02 -0.04 -0.07 0.09 0.12 0.40 -0.10 0.19
32.75 0.70 1.92 3.90 39.51 9.50 9.25 20.00 2.08 0.33
31R -
Open 816.99 Turnover 9,113 P/E (x) 77.15
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,708.05 Turnover 739,938 P/E (x) 12.63 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,716.21 1,688.64 Total cos Defaulter cos P/BV (x) ROE (%) 1.44 11.41
Close 1,703.66 Listed cap 12,202.80 mn Payout (%) 66.79
Change -4.39 Market cap 37,732.82 mn Div Yield (%) 5.29
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 19.12 6712 4.52
32.41 29.96
33.00 29.90
32.25 29.50
32.50 0.09 29.63 -0.33
472290 548916
33.40 30.70
25.00 16.00
% Change -0.26 5-Day High 1,708.96 5-Day Low 1,677.57
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 15
25B
BANKS Performance of SR Banks Index Open 978.25 Turnover 31,085,885 P/E (x) 6.95 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.68 53.17 Askari Bank 6427 6.04 14.82 Atlas Bank 5001 2.31 Bank Alfalah 13492 12.32 9.27 Bank AL-Habib 7322 6.91 32.59 Bank Of Khyber 5004 3.06 3.10 Bank Of Punjab 5288 8.30 BankIslami Pak 5280 3.19 Faysal Bank 6091 3.15 13.56 Habib Bank Ltd 10019 6.55 101.55 Habib Metropolitan Bank 8732 5.68 19.55 JS Bank Ltd 6128 2.47 KASB Bank Ltd 9509 2.57 MCB Bank Ltd 7602 9.06 195.99 Meezan Bank 6983 7.29 15.70 Mybank Ltd 5304 2.33 National Bank 13455 5.38 64.60 NIB Bank 40437 3.00 Royal Bank Ltd 17180 5.99 Samba Bank 14335 1.94 Silkbank Ltd 26716 13.27 2.97 Soneri Bank 6023 5.79 Stand Chart Bank 38716 9.33 6.28 Summit Bank Ltd 5000 2.70 United Bank Ltd 12242 6.21 52.37
High Low Close 993.96 970.38 984.47 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.93 13.45 34.35
High
Low
Close Chg
53.70 52.25 52.61 -0.56 14.79 14.56 14.62 -0.20 2.43 2.25 2.30 -0.01 9.25 9.03 9.24 -0.03 33.75 31.71 32.04 -0.55 3.10 3.02 3.06 -0.04 8.30 8.13 8.19 -0.11 3.30 3.10 3.15 -0.04 13.85 13.55 13.69 0.13 102.10 100.50 101.86 0.31 19.40 19.00 19.20 -0.35 2.49 2.35 2.46 -0.01 2.74 2.39 2.50 -0.07 196.38 194.03 194.31 -1.68 15.01 15.00 15.01 -0.69 2.38 2.20 2.20 -0.13 64.80 63.91 64.08 -0.52 3.08 2.93 2.99 -0.01 6.14 5.98 5.98 -0.01 1.95 1.90 1.92 -0.02 2.99 2.90 2.92 -0.05 6.50 5.82 6.07 0.28 6.54 6.25 6.53 0.25 2.82 2.60 2.66 -0.04 53.50 52.10 52.80 0.43
Volume
Change 6.22 Market cap 599,871.84 mn Div Yield (%) 4.94
Last 60 days High Low
25614 59.70 30545 17.46 2074318 2.84 895391 10.25 754315 34.00 29553 4.75 290278 11.24 69535 3.87 4028 15.70 496873 109.10 266524 23.75 26474 3.00 31540 3.70 286152 214.99 1550 16.50 10182 3.14 1078111 73.89 486045 3.50 1057 12.50 1507 2.90 916865 3.30 190341 7.90 35267 8.50 38956 4.15 1564015 60.20
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.20 1.55 2.15 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
20 - 66R 55 -63.46R 10 -
Paid up Cap(mn)
Company
Adamjee Insurance XD
Close 630.71 Listed cap 11,111.34 mn Payout (%) 79.54
Change -0.19 Market cap 40,568.91 mn Div Yield (%) 7.86
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 12.01
67.10
67.50
65.55
66.08 -1.02
153327
89.90
63.05
2009 Div BR (%) (%) 30
10B
% Change -0.03 5-Day High 630.90 5-Day Low 604.66 2010 Div BR (%) (%) 10
-
11.45 30.01 10.05 36.34 10.76 76.19 54.99 13.68 5.92 2.05 8.66 6.50 7.27 4.90
0.46 1.20 -0.20 -0.41 -0.09 3.50 -0.01 -0.41 -0.58 -0.15 0.26 0.00 0.32 0.34
500 7102 1375 7262 5900 106374 444 127113 3200 706 5610 4461 1600 200
11.89 31.00 11.95 54.50 13.89 79.10 62.50 19.40 8.20 4.16 10.60 7.25 10.00 7.15
8.45 27.10 9.42 34.76 10.04 66.02 52.21 12.50 5.06 1.66 8.00 6.02 6.00 4.02
High Low 811.29 800.26 Total cos Defaulter cos P/BV (x) ROE (%) 2.97 3.85
Close 806.43 Listed cap 2,290.72 mn Payout (%) 355.53
40 40 35 35 30 30 5 20 -
10B 8.7B 20B 25B 15B 20B 16B
Change -10.56 Market cap 8,995.11 mn Div Yield (%) 4.61
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
455 850 34.03 627 52.50
2.76 62.44 40.65
2.22 63.00 42.20
2.21 61.56 41.70
2.22 -0.54 62.62 0.18 42.00 1.35
1000 21391 9594
3.15 84.99 46.00
10 -
UPTO 100 VOLUME
20B -
Symbols
% Change -1.29 5-Day High 825.69 5-Day Low 806.43
2009 Div BR (%) (%)
2.05 51.25 34.50
2010 Div BR (%) (%)
- 10R 5513.33B 10 -
-
20R -
FINANCIAL SERVICES Open 354.29 Turnover 5,260,870 P/E (x) 0.44 Paid up Cap(mn)
Company
AMZ Ventures Arif Habib Invest. XB Arif Habib Limited XB Arif Habib Securities Dawood Equities IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap XD JS Investment KASB Securities Pervez Ahmed Sec Trust Inv Bank
High Low 362.05 348.39 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22
PE
Open
High
Low
225 360 7.28 450 6.29 3750 2.27 250 2121 600 2.85 2849 2878 1.81 626 0.31 7633 508 500 1000 12.58 1000 775 586 -
0.50 15.06 26.07 23.30 1.83 1.96 7.59 0.70 4.45 1.77 9.03 2.34 25.48 5.73 3.74 1.61 2.87
0.59 16.06 26.20 23.30 2.07 2.00 8.57 0.69 4.57 1.98 9.15 2.33 26.48 5.69 4.00 1.65 2.25
0.50 15.45 25.12 22.90 1.80 1.95 7.50 0.59 4.35 1.73 8.85 2.20 24.25 5.51 3.50 1.50 1.87
Close Chg 0.50 15.58 25.24 23.01 1.80 1.95 8.19 0.68 4.41 1.85 9.10 2.31 24.72 5.66 3.70 1.60 1.87
0.00 0.52 -0.83 -0.29 -0.03 -0.01 0.60 -0.02 -0.04 0.08 0.07 -0.03 -0.76 -0.07 -0.04 -0.01 -1.00
Close 354.88 Listed cap 30,336.44 mn Payout (%) 4.60
Volume 502 127020 33419 906783 3568 7005 18215 5017 93766 27863 1805363 327783 52373 35832 28765 322411 5001
Change 0.60 Market cap 25,487.60 mn Div Yield (%) 10.43
% Change 0.17 5-Day High 354.88 5-Day Low 338.99
Last 60 days High Low
2009 Div BR (%) (%)
1.10 20.99 48.90 35.55 3.36 2.43 9.00 1.16 5.40 2.84 15.47 6.16 42.00 8.65 5.49 2.79 4.25
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.62 20.90 1.55 1.17 6.90 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 1.35 1.26
2010 Div BR (%) (%) 20B 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,027.49 Turnover 3,703,112 P/E (x) 6.39 Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. XD Atlas Fund of Funds B F Modaraba B R R Guardian Mod. Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Capital Mutual F. Golden Arrow H B L ModarabaSPOT Habib Modaraba Imrooz Modaraba JS Growth Fund JS Value Fund KASB Modaraba Mod Al-Mali NAMCO Bal. Fund Nat Bank Modaraba Pak Modaraba Pak Prem Fund Pak Strat Fund PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund XD Prud Modaraba 1st XD Punjab Modaraba Stand Chart Mod. XD Tri-Star 1st Modaraba Trust Modaraba U D L Modaraba
High Low 1,053.61 1,009.72 Total cos Defaulter cos P/BV (x) ROE (%) 0.26 4.09
PE
Open
High
Low
264 1375 2.43 525 2.64 68 8.28 780 200 2.80 113 3.85 524 300 3.66 760 3.92 397 5.75 1008 4.41 30 5.67 3180 38.75 1186 283 2.52 184 1000 3.45 250 6.86 125 1.82 1698 3.81 3000 5.46 1000 2.74 2835 2.28 2841 1.87 872 2.58 340 454 4.78 212 5.03 298 3.77 264 3.48
1.10 6.33 3.52 4.15 1.05 0.74 2.90 1.05 3.00 3.65 6.58 6.00 54.90 2.90 3.08 1.50 0.95 2.99 7.05 0.93 7.72 6.93 5.09 8.14 3.70 0.94 1.19 8.65 2.85 3.05 6.69
1.40 6.39 3.89 4.14 1.05 0.80 2.80 1.10 3.44 3.69 6.74 6.00 54.00 3.10 3.18 1.51 0.95 3.62 7.40 1.40 8.00 7.11 5.25 8.40 3.83 0.98 1.49 8.74 2.50 3.25 6.90
1.12 6.20 3.26 3.80 1.02 0.50 2.50 1.05 2.80 3.58 6.45 5.86 52.16 2.86 3.10 1.50 0.80 2.70 7.20 0.95 7.72 6.91 4.90 8.20 3.55 0.89 1.00 8.36 1.85 2.10 6.65
Close 1,029.91 Listed cap 29,771.58 mn Payout (%) 104.19
Change 2.42 Market cap 17,471.15 mn Div Yield (%) 28.66
% Change 0.24 5-Day High 1,029.91 5-Day Low 1,006.13
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
1.15 6.29 3.43 4.14 1.02 0.70 2.50 1.10 3.40 3.61 6.50 5.86 53.94 3.10 3.12 1.51 0.95 3.45 7.20 1.00 8.00 6.99 5.15 8.31 3.70 0.98 1.49 8.41 1.91 2.98 6.68
1659 3604 17946 130 2000 21119 71801 7515 45200 48567 14114 39712 301 2051 58168 157 255 150000 1000 12986 131686 11175 112590 63579 9017 9419 5029 2643 12503 209 17282
2.24 7.25 4.20 4.90 2.43 0.90 3.45 1.50 3.80 3.88 6.80 7.49 69.95 4.39 3.98 2.00 1.25 3.70 8.45 1.40 9.86 8.10 6.49 10.55 5.00 1.20 2.00 10.99 7.12 4.40 6.90
4.5 5 20 63 10 5 16.5 10
0.05 -0.04 -0.09 -0.01 -0.03 -0.04 -0.40 0.05 0.40 -0.04 -0.08 -0.14 -0.96 0.20 0.04 0.01 0.00 0.46 0.15 0.07 0.28 0.06 0.06 0.17 0.00 0.04 0.30 -0.24 -0.94 -0.07 -0.01
1.01 6.10 2.53 3.65 0.90 0.16 1.65 0.76 0.99 2.32 4.80 5.56 43.00 2.70 2.31 0.52 0.56 2.25 6.15 0.25 7.00 6.01 4.00 7.60 3.50 0.70 0.57 7.75 0.50 1.00 5.00
2010 Div BR (%) (%)
- 18.5 2.2 0 1.2 5 17 11 21 76 5 10 2.8 15 10 3 - 18.6 - 11.53 5 20 10 3 17 5 - 12.5
Open
FNEL COTT SGMLPS BWCL ISTM UBDL OLPL SNAI PASM ESBL PAKL GUTM IDSM WYETH CHCC JKSM HADC FRCL AABS FCIBL MEHT LMSM AASM RCML MTIL FECTC SHEZ FIBLM SHFA GRYL BIFO OLTM SANSM GHNL BGL PHDL FANM FCONM GATI SMCPL PGLC ALQT PAKT GENP UPFL MACFL MWMP KOHE DIIL BHAT STML MRNS PNGRS SHCI ULEVER TSMF DCM CFL DATM ELCM FZTM NATM ZTL HUSI TOWL NSRM BAFS FRSM FECS JVDC ADOS PICTPS MDTL OTSU LPGL DREL
Performance of SR Financial Services Index
2010 Div BR (%) (%)
NON LIFE INSURANCE High Low 640.12 621.69 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 5.20
East West Life EFU Life Assurance XB New Jub Life Insurance
% Change 0.64 5-Day High 984.47 5-Day Low 939.49
Performance of SR Non Life Insurance Index Open 630.90 Turnover 812,893 P/E (x) 10.12
Paid up Cap(mn)
Company
2010 Div BR (%) (%) 50 - 7.8R 50 20 -
11.45 28.82 9.45 36.00 10.15 74.00 52.75 13.61 5.65 2.05 8.30 6.25 6.25 4.90
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,161.84 1,139.29 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 9.35
11.45 30.24 10.50 37.00 10.95 76.32 54.99 14.00 6.45 2.19 8.77 6.50 7.27 4.90
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,149.39 Turnover 3,997,221 P/E (x) 12.48
10.99 28.81 10.25 36.75 10.85 72.69 55.00 14.09 6.50 2.20 8.40 6.50 6.95 4.56
9.99 1.70 3.50 25.99 4.74 33.00 5.45 30.50 8.20 2.58 3.02 23.66 3.39 904.00 10.55 7.15 0.99 3.20 97.00 3.96 64.00 2.05 33.47 25.20 0.57 5.70 96.66 2.50 31.62 1.02 39.82 2.00 13.90 4.20 1.40 53.25 3.00 1.46 39.90 6.12 10.00 4.75 112.65 0.77 1020.00 2.90 1.80 23.65 16.20 170.00 17.60 52.72 5.68 2.33 3990.00 1.54 1.05 11.31 0.44 10.00 341.01 17.50 2.97 10.19 20.00 16.20 49.99 19.35 38.00 60.00 18.62 8.35 56.90 27.50 10.50 699.99
High 9.99 1.85 4.50 24.70 4.80 33.00 5.62 30.99 8.83 2.49 3.99 24.84 3.39 904.00 11.15 7.00 0.85 3.00 95.00 4.38 65.99 3.00 33.34 26.46 0.70 6.50 94.00 1.50 30.05 1.45 40.50 2.00 13.85 4.50 1.79 50.59 2.95 1.91 41.89 6.95 10.00 4.75 116.95 0.87 1030.00 3.40 1.79 24.33 15.20 177.99 17.50 53.50 5.49 2.44 4099.00 1.99 1.99 10.32 0.24 11.00 341.01 16.50 3.23 10.85 20.00 17.19 52.00 18.80 39.90 59.00 17.62 7.39 56.75 28.86 11.49 700.00
Low
Close
9.99 1.50 4.49 24.70 4.50 33.00 5.40 29.01 7.65 2.49 3.01 23.98 3.34 870.00 10.17 6.15 0.74 2.20 92.15 3.90 63.90 1.10 31.85 26.40 0.59 4.77 94.00 1.50 30.05 1.45 38.00 2.00 13.85 4.15 1.79 50.59 2.95 1.89 40.00 6.11 10.00 3.80 114.50 0.80 1025.00 2.88 1.50 23.00 15.20 162.01 17.50 53.00 5.49 2.40 3940.00 1.99 1.49 10.32 0.24 11.00 341.01 16.50 2.99 10.30 20.00 17.19 52.00 18.75 39.90 59.00 17.62 7.39 56.75 28.86 11.49 700.00
9.99 1.85 4.49 24.70 4.78 33.00 5.40 29.25 8.46 2.49 3.86 23.98 3.34 879.50 11.15 6.35 0.84 2.20 92.28 3.90 63.90 1.10 33.29 26.46 0.70 4.99 94.00 1.50 30.05 1.45 38.01 2.00 13.85 4.28 1.79 50.59 2.95 1.89 40.00 6.11 10.00 4.04 114.50 0.80 1025.00 2.88 1.60 23.50 15.20 177.99 17.50 53.00 5.49 2.40 4019.50 1.99 1.49 10.32 0.24 11.00 341.01 16.50 2.99 10.30 20.00 17.19 52.00 18.80 39.90 59.00 17.62 7.39 56.75 28.86 11.49 700.00
Change
Vol
0.00 0.15 0.99 -1.29 0.04 0.00 -0.05 -1.25 0.26 -0.09 0.84 0.32 -0.05 -24.50 0.60 -0.80 -0.15 -1.00 -4.72 -0.06 -0.10 -0.95 -0.18 1.26 0.13 -0.71 -2.66 -1.00 -1.57 0.43 -1.81 0.00 -0.05 0.08 0.39 -2.66 -0.05 0.43 0.10 -0.01 0.00 -0.71 1.85 0.03 5.00 -0.02 -0.20 -0.15 -1.00 7.99 -0.10 0.28 -0.19 0.07 29.50 0.45 0.44 -0.99 -0.20 1.00 0.00 -1.00 0.02 0.11 0.00 0.99 2.01 -0.55 1.90 -1.00 -1.00 -0.96 -0.15 1.36 0.99 0.01
100 100 100 100 80 58 56 55 52 50 50 49 45 41 37 32 32 31 22 21 21 16 15 14 14 13 13 12 12 11 11 10 10 10 10 8 6 6 6 6 5 4 4 4 4 4 4 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
10B -
Symbols
Open
High
Low
Close
DGKC-OCT
25.42
25.60
25.30
25.37
-0.05
530500
NBP-OCT
64.90
64.81
64.13
64.37
Change -0.53
200000
Vol
NML-OCT
47.56
47.55
46.52
47.04
-0.52
157500
MCB-OCT
195.99
196.00
194.35
194.83
-1.16
151500
POL-OCTB
229.39
233.00
228.50
232.24
2.85
109000
PSO-OCT
276.38
277.25
274.55
276.55
0.17
106000
ENGRO-OCT 176.25
176.39
175.30
175.87
-0.38
PPL-OCT
182.16
182.00
181.00
181.51
-0.65
70500
ANL-OCT
10.40
10.30
10.15
10.17
-0.23
70500
AICL-OCT
67.62
67.00
66.15
66.19
-1.43
34000
OGDC-OCT 147.93
73500
148.70
147.36
147.54
-0.39
23500
LUCK-OCT
69.60
69.01
68.51
68.55
-1.05
20500
PTC-OCT
19.35
19.33
19.30
19.30
-0.05
7000
BOP-OCT AICL-COCT
8.38
8.10
8.10
8.10
-0.28
1000
67.69
0.00
0.00
66.63
-1.06
0.00
ZERO VOLUME Symbols
Open
High
Low
Close
ADAMS
11.26
11.51
11.51
11.51
0.25
0.00
5.25
4.25
4.25
4.25
-1.00
0.00
11.68
11.60
11.60
11.60
-0.08
0.00
CSIL DYNO FAEL
9.00
9.25
9.25
Change
9.25
Vol
0.25
0.00
HAJT
0.84
0.79
0.79
0.79
-0.05
0.00
IBFL
35.28
35.00
35.00
35.00
-0.28
0.00
JSBLR
0.03
0.02
0.02
0.02
-0.01
0.00
MLCFPS
6.72
6.49
6.49
6.49
-0.23
MQTM
8.75
9.75
9.75
9.75
1.00
0.00
NCLNCP
24.85
23.61
23.61
23.61
-1.24
0.00
PCAL
52.00
52.23
52.23
52.23
0.23
0.00
PECO
311.00
310.00
310.00
310.00
-1.00
0.00
REST
7.01
7.10
7.10
7.10
0.09
0.00
0.00
BOARD MEETINGS
Dera Ghazi Khan Cement Co Ltd
KSE 100 INDEX
United Bank Ltd
Fauji Fertiliser Bin Qasim Ltd
Company
Date
Time
Descon Oxychem Ltd Otsuka Pakistan Limited National Investment Trust Ltd Latif Jute Mils Limited IGI Investment Bank Ltd. Pakistan Tobacco Co Ltd Pakistan Petroleum Ltd. Tri-Pack Films Ltd. Packages Ltd. Shell Pakistan Limited Hafiz Textile Mills Ltd Kot Addu Power Co. Ltd. Mari Gas Company Limited Pakistan International Airlines Corp
13-Oct 13-Oct 14-Oct 15-Oct 18-Oct 18-Oct 19-Oct 19-Oct 22-Oct 22-Oct 25-Oct 25-Oct 26-Oct 28-Oct
2:30 5:30 11:00 3:30 3:00 1:00 10:30 11:00 11:30 10:30 10:30 2:00 11:00 10:00
TECHNICAL LEVELS
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
67.98
Support 1
10,257.45
MA (5-day)
10,219.28
Support 2
10,222.60
MA (10-day)
10,124.43
Resistance 1
10,333.40
MA (100-day)
9,879.40
Resistance 2
10,374.45
*Arif Habib Ltd
9,951.29
Pivot
*Arif Habib Ltd
AKD Securities Ltd
43.29
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
Technical Outlook Technical Analysis
Fair Value
* Target price for Dec-10 & **Net Open Interest in future market
Trend forecasting oscillators are currently bullish on DGKC.
Brokerage House
44
Buy
AKD Securities Ltd
Positive
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position 810.01 26,900.37 N/A 33.36
* Target price for Dec-10 & **Net Open Interest in future market
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
56.82
Accumulate
Neutral
TFD Research
65.53 27.94 27.73 29.34
78.44
Positive
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
77
Buy
Technical Outlook 326.94 9,546.60 0.01 29.12
* Target price for Dec-10 & **Net Open Interest in future market
ing oscillators are currently bullish on FFBL.
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
50.12 52.08 54.29 58.21
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
306.04 16,159.17 42.74 52.69
* Target price for Dec-10 & **Net Open Interest in future market
Fair Value
Rs Recommendations
Brokerage House
65
Buy
AKD Securities Ltd
59.97
Buy
TFD Research
74.2
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.83 47.76 46.32 52.72
forecasting oscillators are currently bearish on UBL.
Pakistan Telecommunication Co Ltd
Brokerage House
Rs Recommendations
24.04
Buy
*Arif Habib Ltd
Positive
AKD Securities Ltd
30.5
Fair Value
175.80 8,647.60 26.99 49.44
* 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)
59.37 19.03 18.78 19.61
Buy
61.96
Neutral
92.3
Positive
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
78
TFD Research
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
National Bank of Pakistan
Fair Value
Positive
Technical Outlook
Technical Outlook Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Buy
reflect volume flowing into and out of DGKC at a relatively equal pace. reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast- reflect volume flowing into and out of UBL at a relatively equal pace. Trend
AKD Securities Ltd
41.73 33.18 33.94 33.71
29.1
Rs Recommendations
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
*Arif Habib Ltd
Technical Analysis
32.06
Fair Value
displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely low when compared to playing a downward trend. Volatility is extremely low when compared to the
Buy
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
33
Brokerage House
DGKC is currently 7.6 per cent below its 200-day moving average and is FFBL is currently 1.3 per cent above its 200-day moving average and is UBL is currently 9.3 per cent below its 200-day moving average and is dis-
48
44.9
182.55 4,620.33 30.08 25.36
Nishat Mills Ltd
Rs Recommendations
Rs Recommendations
DGKC closed down -0.05 at 25.31. Volume was 30 per cent below aver- FFBL closed up 0.09 at 29.20. Volume was 7 per cent above average and UBL closed up 0.43 at 52.80. Volume was 108 per cent above average age and Bollinger Bands were 38 per cent narrower than normal. Bollinger Bands were 16 per cent narrower than normal. and Bollinger Bands were 3 per cent narrower than normal.
*Arif Habib Ltd
TFD Research
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Technical Outlook
Leverage Position
55.91 24.34 24.94 27.40
Hub Power Co Ltd
Brokerage House
Brokerage House
Buy
10,298.50
rower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 10,333.40 and 2nd resistance level at 10,374.45, while Index will continue to find its 1st support level at 10,257.45 and 2nd support level at 10,222.60. KSE 100 INDEX is currently 3.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bullish on INDEX.
Rs Recommendations
44
RSI (14-day) MA (10-day) KSE 100 INDEX closed down -30.23 points at 10,292.33. Volume was MA (100-day) 44 per cent below average and Bollinger Bands were 38 per cent nar- MA (200-day) MA (200-day)
Fair Value
584.63 11,283.45 7.52 19.27
* 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)
49.85 63.62 65.33 72.48
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.37 20,400.96 47.45 64.35
* Target price for Dec-10 & **Net Open Interest in future market
HUBC closed down -0.12 at 33.21. Volume was 9 per cent below average NML closed down -0.48 at 49.19. Volume was 37 per cent below average PTC closed down -0.07 at 19.30. Volume was 37 per cent below average NBP closed down -0.52 at 64.08. Volume was 42 per cent below average and Bollinger Bands were 62 per cent narrower than normal.
and Bollinger Bands were 50 per cent narrower than normal.
and Bollinger Bands were 60 per cent narrower than normal.
and Bollinger Bands were 31 per cent narrower than normal.
HUBC is currently 1.5 per cent below its 200-day moving average and is NML is currently 6.7 per cent below its 200-day moving average and is dis- PTC is currently 1.5 per cent below its 200-day moving average and is dis- NBP is currently 3.0 per cent below its 200-day moving average and is disdisplaying a downward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is extremely low when compared to the playing an upward trend. Volatility is extremely low when compared to the playing an upward trend. Volatility is extremely low when compared to the the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of HUBC at a relatively equal pace. reflect volume flowing into and out of NML at a relatively equal pace. Trend reflect volume flowing into and out of PTC at a relatively equal pace. Trend reflect volume flowing into and out of NBP at a relatively equal pace. Trend Trend forecasting oscillators are currently bearish on HUBC.
forecasting oscillators are currently bullish on NML.
forecasting oscillators are currently bullish on PTC.
forecasting oscillators are currently bullish on NBP.
Company Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah BankIslami Pak Bank.Of.Punjab Dewan Cement DGK Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors JOVand CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev XD PACE (Pakistan) Ltd Pervez Ahmed Sec PIAC(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 45.64 3.10 3.05 54.81 52.00 51.40 40.96 63.75 63.55 31.59 24.85 24.45 46.59 22.85 22.65 42.98 65.25 64.45 48.99 14.55 14.45 47.58 10.00 9.90 77.57 361.60 357.80 61.19 85.90 84.70 71.85 9.10 8.95 50.48 3.05 3.00 46.32 8.10 8.05 50.83 1.50 1.45 55.91 25.15 25.00 42.57 1.30 1.25 52.04 2.05 2.00 38.01 35.90 35.45 56.48 61.80 60.95 49.19 174.45 173.70 51.98 13.55 13.40 50.20 4.80 4.70 65.53 29.00 28.75 58.08 106.90 106.55 66.80 100.90 99.90 41.73 32.95 32.70 53.21 120.00 119.10 45.46 220.20 218.55 30.08 2.25 2.15 49.73 1.40 1.35 52.35 2.35 2.30 44.21 8.90 8.75 44.32 40.85 40.70 50.64 2.00 1.95 61.52 72.00 71.50 56.51 193.45 192.55 38.61 2.70 2.65 49.85 63.70 63.35 61.75 17.75 17.45 42.56 18.00 17.80 62.51 2.90 2.85 54.85 1.35 1.25 61.83 48.75 48.30 59.58 147.05 146.40 49.96 2.65 2.60 49.77 1.50 1.45 51.88 2.15 2.05 54.12 7.80 7.55 76.01 245.75 242.95 44.72 180.40 179.55 48.88 72.70 70.85 62.49 274.50 272.95 59.37 19.20 19.05 41.30 192.25 191.15 72.24 32.15 31.85 45.02 8.20 8.15 74.46 29.45 29.30 47.68 2.10 2.05 57.48 4.10 4.00 50.12 52.10 51.40 61.68 2.60 2.50
1st 2nd Resistance 3.25 3.30 53.45 54.30 64.20 64.40 25.90 26.60 23.25 23.45 67.20 68.35 14.75 14.90 10.30 10.45 369.60 373.80 89.00 90.90 9.30 9.40 3.25 3.40 8.30 8.40 1.60 1.65 25.50 25.70 1.40 1.45 2.15 2.20 36.90 37.45 63.20 63.85 176.10 177.00 13.85 14.00 4.95 5.00 29.35 29.45 107.50 107.80 102.50 103.10 33.65 34.05 122.40 123.85 224.50 227.15 2.35 2.40 1.50 1.55 2.50 2.55 9.20 9.35 41.20 41.40 2.10 2.15 73.20 73.90 195.80 197.25 2.85 2.90 64.60 65.15 18.40 18.75 18.45 18.75 3.05 3.15 1.50 1.60 49.85 50.45 148.60 149.55 2.75 2.80 1.65 1.75 2.25 2.30 8.20 8.35 250.40 252.20 182.15 183.15 76.65 78.80 277.35 278.65 19.35 19.40 195.15 196.95 32.90 33.35 8.35 8.40 29.85 30.10 2.25 2.30 4.30 4.40 53.50 54.20 2.75 2.80
Pivot 3.20 52.85 64.00 25.50 23.05 66.40 14.65 10.15 365.80 87.80 9.15 3.20 8.20 1.55 25.35 1.35 2.10 36.45 62.40 175.35 13.70 4.85 29.10 107.15 101.50 33.35 121.50 222.85 2.30 1.45 2.45 9.05 41.05 2.05 72.70 194.90 2.80 64.25 18.10 18.30 3.00 1.40 49.35 147.95 2.70 1.60 2.20 7.95 247.55 181.35 74.85 275.80 19.25 194.05 32.60 8.25 29.70 2.15 4.20 52.80 2.65
8
Wednesday, October 13, 2010
Microsoft, HEC ink agreement
ISLAMABAD: Students waiting to receive their degrees during the annual convocation of International Islamic University, at Jinnah Convention Center.-Online
KU vice chancellor inspects Mass Communication Dept
KU unveils CY11 admissions’ policy Staff Reporter KARACHI: A meeting of the KU Admission Committee was held on Monday, in which it was decided that the admissions for the year 2011 will be commenced as per the policy of the previous year. In order to make the procedure less complicated it has been decided that the applicants who are interested in applying for admission in the faculty of pharmacy can apply on the same form for the both morning and evening classes whereas separate forms will be issued for admission in morning and evening in other departments of KU. It was expected that due to recent flood the University will extend its admissions for the year 2011, however, in order to give opportunity to every citizen the University has decided to give provisional admission to the applicants of the flood affected areas even without the documents but their admission will only be confirmed when they will submit the required documents.
On the other hand, a three member committee has also been formed to facilitate the entire process of admission; the committee will guide the students and parents as per their need. Special security plan has also been devised to avoid any unlikely circumstances during the process of admission. The meeting was presided over by the convener Admission Committee - Prof Dr Shahana Urooj Kazmi, Dean Faculty of Arts, Science, Pharmacy, Management Sciences and Islamic Learning, Director Admissions, Campus Security Advisor, Student's Advisor, and others. Meanwhile, the Vice Chancellor of Karachi University, Prof Dr Pirzada Qasim Raza Siddiqui visited the Department of Mass Communications and had an informal meeting with the teachers and students to inquire about the developmental activities at the department. At this occasion, Dr Pirzada Qasim asked Chairperson Dr
Rafia Taj to provide all details of the lab development plan, so that the University may be able to make them available to the students. He also visited the classrooms and asked about the teaching methodology and availability of digital modern equipment to the students. A student of the Mass Communication Department, Hina Mujeeb Alam, pointed out that due to lack of availability of digital modern cameras students face difficulties in performing their practical examination. In response, the Vice Chancellor directed the Chairperson of the Department to discuss the matter so that urgent availability of the required equipment can be made possible. The visit by Pirzada Qasim was basically a follow-up to the suggestions made before Governor Sindh Ishrat-ul-Ebad last week, where the governor vowed to provide the basic educational facilities to the students and also to upgrade the outdated equipment in the department's TV lab.-APP
Panel to see to PU plant pathology degree issue LAHORE: Punjab University VC Prof Dr Mujahid Kamran has said the university administration has hired services of highly educated and experienced agrarian experts for imparting Higher Education Commission (HEC) recognised syllabi comprising basic agricourses to Institute of Plant Pathology (IPP) students. Talking to a four-member representative delegation of IPP students in his office here Monday, he said that in order to make up the academic deficiency of students, who have already qualified from the Institute, free of cost deficiency courses are currently being run. Dr Kamran said that HEC National Accreditation Council for Agriculture Education expert team, after visiting the IPP, had already recommended inclusion of the Institute in 'X' category and formal intimation to this effect is likely to be received from the Commission shortly. He said that he had also spoken to the VC Agriculture University Faisalabad recently, who promised that they would extend full cooperation for resolution of the IPP students' problem on priority basis.-APP
KARACHI: According to an announcement Microsoft has entered into an Education Alliance Agreement with the Higher Education Commission (HEC). It said that Microsoft believes that Information and Communications Technology (ICT), combined with education, provides the path to individuals, communities and nations to achieve their potential. In essence, the agreement will provide centralised IT services to HEC-approved universities across Pakistan while maintaining the highest standards in the use of information technology within the ambit of education in Pakistan. Commenting on this major development in the country's higher education sector, Country Manager, Microsoft Pakistan, Kamal Ahmed, said, "This agreement provides the framework for a comprehensive joint public-private implementation plan that supports Pakistan's objective of achieving education excellence. It is aligned to the key strategic aims of transforming education, fostering local
innovation and enabling jobs and opportunities, and contains a selection of mutually agreed programmes and solutions that offer the tools and support to achieve the country's overall vision pertaining to education." Sharing his views on the Agreement, Executive Director of the Higher Education Commission of Pakistan, Professor Dr Sohail Naqvi, said, "The Commission has entered into this joint partnership with Microsoft to promote the use of Information Technology in Pakistan's higher education sector through powerful software tools and to improve the efficiency of the education system by attaining the best accepted standards at all higher education institutions in the country." Since a strong technology infrastructure serves to make communities more appealing to local, regional and global businesses and investors, deployment of technology access under the education alliance will help bolster Pakistan's economic growth and global Linkage, added he.-APP
Ebad prizes ACCA’s talented lot Staff Reporter KARACHI: Governor Sindh, Dr Ishrat-ul-Ebad said that once businesses and overall economy of country grows, there will be a rise in job opportunities for young and qualified talent. He was praising the ACCA achievers who met the governor in presence of leadership from ACCA Pakistan. Governor awarded certificates to three global winners of ACCA and CAT qualifications and 23 national winners of the December 2009 and June 2010 exam sessions. Arif Masud Mirza thanked the honorable governor for sparing his time to meet the ACCA High Achievers. He said that ACCA Pakistan is very proud of the competitive young men and women for not only passing global exams of ACCA and CAT qualifications but also excelling at the national and global level amidst political and economic instability in the country. Governor, Dr Ishrat ul Ibad was of the opinion that Pakistan has an infinite potential of economic growth and development and with the recent policies of Sindh government bearing fruit, a lot of young business leaders will get opportunities to emerge on the private sector business-scape.
Educators robbed of Rs264mn house-rent ISLAMABAD: Teachers of Federal Directorate of Education (FDE) run e institutes have expressed resentment and disappointment at Ministry of Education's surrendering of an amount of Rs264.10 million which was allocated for their house rents. Talking to APP, Representative Federal Government Colleges Teachers Association (FGCTA) Muhammad Tahir said that the former education secretary got allocated Rs420 million, in the current fiscal year, for the renting of houses against the demand of Rs610 million, but only Rs160 million were utilised by teachers for payment to house owners. The funds were surrendered through a letter (available to APP) written by a section officer to AGPR on the directives of new Secretary Education
Athar Tahir. The Education Ministry surrendered the amount allocated for their hiring on the pretext that the government needed the funds for other expenditures. An amount of Rs264.10 million for hiring is part of Rs374.2 million surrendered by Ministry of Education from various sections, according to the letter. Muhammad Tahir said teachers were in jitters as Federal Directorate of Education (FDE) which needed Rs 620 million for the said purpose was now running short of funds. FDE runs 480 schools and colleges in rural and urban areas of Islamabad. Already, teachers were not paid amount of house-rent for several months. Many teachers now have to pay to their landlords, rents running into hun-
dreds of thousands of rupees but they see no end in sight to their financial troubles. The FGCTA official said the teachers would be left with no choice but to protest the dismal situation. According to official of Estate Management Department of FDE, desperate teachers were approaching them for their renting-dues as they were facing constant threats of eviction by their landlords. The teachers are looking towards Federal Minister for Education Sardar Aseff Ahmed Ali who has assured of resolution of their problems. The government is expected to announce a special package of incentives for the teachers of public schools and colleges of Islamabad on October 19 which would hopefully bring some relief to them.-APP
9
Wednesday, October 13, 2010
European vegetable oil prices
JAKARTA: Farmers harvest rice stalks in one of Indonesia’s biggest paddy fields in Gowa district, Indonesia's South Sulawesi province. -Reuters
Sugar corrects after rally; arabicas jump LONDON: ICE raw sugar futures fell on Tuesday, weighed partly by a stronger dollar, while arabica coffee surged on investor buying and cocoa consolidated after recent volatility. March raws, which had rallied to touch an eight-month peak on Monday, were down 0.43 cent or 1.6 per cent at 26.16 cents a lb at 1402 GMT. Sugar markets were underpinned by reports of Brazilian industry buybacks amid a domestic price rally, congestion at Brazilian ports and strength in US corn futures, dealers said. Corn is used in sweeteners. London December white sugar was down $8.10 or 1.2 per cent at $668.20 per tonne in thin volume of 1,580 lots. Arabica coffee futures edged higher in light volumes after Friday's rally. The market's direction could be linked to weather updates from top producer Brazil, analysts said. ICE March arabica coffee futures were up 7.75 cent or 4.3 per cent at $1.8810 a lb, while Liffe January robusta coffee traded up $24 or 1.4 per cent at $1,685 per tonne. ICE cocoa was little changed, with the market focused on European and North American third-quarter grinding figures, which are due on Thursday. ICE December cocoa was down $34 or 1.2 per cent at $2,819 per tonne. Liffe secondmonth March cocoa traded down 13 pounds or 0.7 per cent at 1,916 pounds a tonne. -Reuters
Copper back up, mkt awaits insight on QE LONDON: Copper reversed early losses to trade back up on Tuesday supported by expected positive trade data out of top consumer China and continued supply concerns. Benchmark copper closed at $8,350 a tonne versus Monday's close of $8,290. The metal used in power and construction had earlier touched a session low of $8,165. Aluminium, zinc and lead tracked higher copper prices to touch their highest levels since April. "It's a pretty strong rebound (for copper). This underscores what we think is a pretty good outlook fundamentally," Citigroup analyst David Thurtell said. China's imports of unwrought copper and semi-finished copper products are seen likely to have increased on the month in September as traders shipped in material ahead of seasonal peak consumption between late September and December. "People are looking at the imports numbers ... That may be getting the market holding up pretty well," Thurtell added, despite saying he himself was cautious about the data. Traders also underlined volatile trading during London Metal Exchange (LME) Week, an annual global industry gathering. The event, which gathers miners, smelters, consumers and investors for meetings, seminars, receptions and cock-
tail parties in London, historically generates volatility and tends to set the tone for the final
Shanghai copper falls London copper fell 1 per cent on Tuesday, extending a small loss in the previous session, as expectations of additional Federal Reserve stimulus to prop up growth vied with fears prices are technically overbought. London Metal Exchange copper fell $80.25 to $8,209.75 a tonne by 0702 GMT, after ending the previous session $10 lower, while the Benchmark third-month Shanghai copper fell 1.2 per cent to 62,150 yuan. quarter. Latest data showed LME stocks down 725 tonnes to 371,750 tonnes. Among other metals, aluminium closed at $2,437 a tonne versus Monday's close of $2,400 a tonne. It earlier hit its highest since April at $2,445 a tonne. Zinc closed at $2,370 a tonne from $2,330 on Monday, having earlier touched $2,390, its highest since April. Battery material lead closed at $2,375 a tonne versus Monday's close of $2,315 a tonne. It earlier touched $2,380, its highest since April. Tin closed at $26,500 versus Monday's close of $26,195. Stainless steel material nickel closed at $24,050 a tonne versus $24,375 a tonne at Monday's close. -Reuters
Oil dips as OPEC to stand pat, dollar strengthens OPEC signals no output policy change likely at meeting NEW YORK: Oil prices slipped for a second day on Tuesday as OPEC signaled it will keep output targets steady when the group meets this week and with the stronger dollar also providing price pressure for oil.
Strikes affecting French ports and eight of the country's 12 oil refineries cut fuel output and pushed up oil products prices, helping to limit crude oil's price slide. Trading was choppy in the oil and equities markets ahead of the release of minutes from the most recent Federal Reserve policy meeting. US crude for November delivery fell 49 cents, or 0.6 per cent, to $81.72 per barrel by 1631
GMT, having traded from $80.88 to $82.33. In London, ICE Brent November crude fell 32 cents, or 0.38 per cent, to $83.40 a barrel. The US dollar seesawed near flat against the euro after
strengthening earlier on a shortcovering bounce as investors awaited the Fed minutes for clues on the central bank's stance toward purchasing more assets to stimulate the economy. The dollar index strengthened.
OPEC has had the same official production ceiling since December 2008, but compliance with production targets has slipped to 56.5 per cent, according to Reuters calculations. The group said in its monthly report there was a broad consensus that oil prices around their current range have helped support economic recovery and promote industry investment. French oil refineries cut output as a nationwide strike further choked supplies. Workers at major ports and eight out of 12 French refineries were on strike. Industry group the American Petroleum Institute will issue its oil inventory report on Wednesday, delayed a day by Monday's US Columbus Day holiday. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 11 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1300
1145
October (3rd Wednesday)
1305
1130
November (3rd Wednesday)
1315
1140
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for October 11 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
2250 2260 2210 2220 2165 2175 2165 2175
2390 2391 2423.5 2424.5 2445 2450 2485 2490
8335 2270 8335.5 2270.5 8325 2301 8326 2302 8155 2305 8165 2310 7815 2282 7825 2287
24465 24470 24500 24505 23725 23825 22650 22750
TIN
26390 26395 26290 26300 25600 25650
ZINC NASAAC
2301 2302 2333 2335 2375 2380 2360 2365
2271 2272 2300 2310 2310 2320 2360 2370
ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Dec10 817.00+3.00, Jan11/Mar11 821.00+0.00, Apr11/Jun11 834.00+5.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 815.00+0.00, Feb11/Apr11 820.00+0.00, May11/Jul11 825.00-5.00, Aug11/Oct11 815.00+0.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1265.00-10.00, Apr11/Jun11 1245.00-15.00, Jul11/Sep11 1265.00-15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1315.00-40.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Oct10 990.00-5.00, Nov10 982.5010.00, Dec10 982.50-10.00, Jan11/Mar11 980.00-10.00. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1027.50, Jan11/Mar11 1017.50. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 980.002.50, Jan11/Mar11 970.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 990.00-2.50, Jan11/Mar11 980.00-5.00, Apr11/Jun11 982.50-5.00. PALM STEARIN: Dlrs tonne fob Malaysia Oct10/Dec10 960.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Nov10 810.00-5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Sep10/Oct10 1420.00-25.00, Oct10/Nov10 1415.00-25.00, Nov10/Dec10 1410.00-30.00, Dec10/Jan11 1410.00-25.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Sep10/Oct10 1470.00, Oct10/Nov10 1420.00+0.00, Nov10/Dec10 1415.00-5.00, Dec10/Jan11 1415.00-5.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2000.00+0.00. Reuters
Tokyo rubber hits 6-month high SINGAPORE: Tokyo rubber futures rose to their strongest in six months on Tuesday as concerns about limited supply in Southeast Asia helped the market defy pressure from a falling stock market and rising yen. The most active Tokyo Commodity Exchange rubber contract for March delivery rose as high as 332.5 yen a kg, its strongest since April, before settling 5.5 yen higher at 328.2 yen. Japanese markets were shut on Monday for a national holiday. "I think the market is mainly pushed up by the funds. Money is flowing into commodities, and it's not only in rubber," said a dealer in Thailand's southern city of Hat Yai. Shanghai rubber futures, which often influence movements on TOCOM and the physical market, were at four-year highs. The most active March contract rose as high as 29,565 yuan a tonne -- its strongest since May 2006. -Reuters
Gold dips as USD rises ahead of Fed minutes LONDON: Gold fell on Tuesday as the US dollar rebounded and uncertainty prevailed over what the Federal Reserve will do to support growth, while Goldman Sachs said falling US rates prompted it to lift its gold price forecast. Spot gold was bid at $1,346.95 an ounce at 1520 GMT, against $1,352.95 late in New York on Monday. US gold futures for December delivery fell $6.40 an ounce to $1,348.00. Prices rallied to a record $1,364.60 an ounce last week as expectations the Federal Reserve would move towards further quantitative easing to bolster the flagging US economy undermined the dollar. Many analysts expect to see some pullback in the gold price before the uptrend resumes. Investment bank Goldman Sachs said a period of slowing
US growth coupled with a fresh round of quantitative easing had prompted it to raise its 12-month gold forecast to $1,650 an ounce, from around $1,365 previously. The Fed releases the minutes of its most recent policy meeting at 1800 GMT and analysts expect to see some indication
from the central bank about the likelihood of, and scope for, renewed quantitative easing measures. Analysts said the currency market had already priced in aggressive US monetary easing and that if the Fed does not press ahead with such a policy at its Nov. 21 meeting, the dollar is likely to rebound. Investment interest in gold-
backed exchange-traded funds was soft, meanwhile, with holdings of the world's largest, New York's SPDR Gold Trust, declining by just under 1 tonne on Monday to 1,287.327 tonnes. The trust's holdings have dropped nearly 7.5 tonnes so far this month, despite a 2.6 per cent rise in gold prices. Silver was bid at $23.16 an ounce a g a i n s t $23.29, while platinum was at $1,689.00 an ounce against $1,683.15. Palladium was virtually flat on the day at $585.00 against $585.45 late on Monday. The platinum-palladium ratio -- the number of ounces of palladium needed to buy an ounce of platinum -- fell to its lowest since early 2004 this week at just under 2.9. Reuters
NY cotton surges on mill, fund buying
Indian sugar eases on weak demand
NEW YORK: Cotton futures second day running at $1.1117, finished Monday at a new 15- the highest level for cotton year top on Chinese mill fixation prices since 1995, Thomson and investment fund buying with Reuters data showed. Total volume traded stood at no immediate sign, yet, of the market's rally flagging at levels 22,944 lots at 1845 GMT, nearly approaching all-time highs. 20 per cent above the 30-day "We haven't reached the upper average at 19,442 lots, Thomson limit yet," Bill Nelson, an ana- Reuters preliminary data lyst for Doane Advisory NY cotton early-trade Services in St. Louis, ICE Futures US key December cotMissouri, said of cotton's ton contract rose 0.45 cent to trade at blistering surge. "I think end-users are panicking." $1.1095 per lb at 1311 GMT. Those end-users are led by the China, the world's No. 1 consumer of cotton, and several other countries scrambling to get their hands on supplies of cotton. The Chinese were particularly active as they came back from a holiday that largely sidelined them from Oct. 1 to 7. ICE Futures US key December cotton contract jumped 3.33 cents to close at $1.105 per lb, having traded limit-up for the
showed. China's tight cotton market stock situation is underscored by the USDA's monthly supply/demand report. USDA cut its estimate of China's 2010/11 cotton production by 1.0 million bales to 31.5 million, upped their Chinese import forecast to 13 million bales from 12.75 million and dropped its ending stocks forecast to 14.72 million from 16.01 million bales. -Reuters
Malaysian palm slips; China soyoil off highs KUALA LUMPUR: China's soyoil futures hovered below two-year highs hit earlier on Tuesday as news of the government lifting a ban on Argentina soyoil partly offset the bullish soybean supply scenario. China's most active May 2011 soyoil contract on Dalian Commodity Exchange climbed 0.7 to hit 8,986 yuan -- a level unseen since Sept. 1, 2008. "The market's cooling down compared to yesterday on concerns over the possibility that the government will release state reserves to cap vegetable oils prices," said Zhang Juan Cong, a vegetable oil analyst in China's Southern city of Hangzhou. China lifting its ban on Argentine soyoil and market talk of the government releasing state vegetable oil reserves this month may temporarily stall a rally that
started last Friday when the US trimmed its soy crop estimate. Malaysia's benchmark palm futures ended 0.9 per cent lower at 2,900 ringgit ($935.5) per tonne. Traded volume was heavy, rising to 17,513 lots of 25 tonnes each from the usual 10,000 lots. A Reuters analysis showed palm oil may retrace to 2,847 ringgit a tonne, as a gap that formed on Monday is likely to be partially filled. Palm oil may move higher if Malaysian production in October starts to fall and exports maintain the current momentum, traders said. Traders are waiting for cargo surveyors to issue Malaysian export data for the first half of this month on Friday, after data showed a slight decline in exports for Oct. 1-10. -Reuters
MUMBAI: India's spot sugar prices nudged lower on Tuesday on a drop in demand, though a delay in cane crushing in key producing states limited the downside, dealers said. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety eased 0.3 per cent to 2,573 rupees ($57.6) per 100 kg. Fresh showers in India's key sugar producing states of Maharashtra and Karnataka are likely to delay cane crushing by a month, industry and government officials told Reuters on last week. India, the world's biggest consumer of the sweetener, has made available 1. 75 million tonnes of non-levy sugar for October, lower than 1.85 million tonnes it had released a year ago, the government said in a statement earlier this week. The country is expected to produce 26 million tonnes of sugar in 2010/11, up from previous forecasts of 25 million tonnes, Prakash Naiknavare, managing director of Maharashtra State Cooperative Sugar Factories Federation, had told Reuters in an interview. -Reuters
BD tea prices rise at auction DHAKA: The average price of Bangladeshi teas rose 1.46 per cent to 200.83 taka ($2.86) per kg at the weekly auction on Tuesday, brokers said. Nearly 1.73 million kg were sold at the sale, leaving 4.33 per cent of the offer to be carried back. "There was strong competition for brighter teas, which pushed up the average price," said an executive of the National Brokers Limited, the largest tea broking firm in the country. Different grades were sold between 175 taka and 236 taka per kg in the auction. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
Contract
Price
Date
Quotation
Open
High
Low
Close
Traded Volume
Previous
Current
Open Interest
in lots
Settlement
Settlement
in Lots
Price 82.26 83.04 83.88 23.22
52 30 -
12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500
NO10 DE10 JA11 NO10
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce
82.24 82.90 83.82 23.14
82.60 83.40 83.88 23.22
80.94 81.70 83.82 23.14
82.26 83.04 83.88 23.22
108 62 -
Price 81.85 82.66 83.54 23.18
12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010
SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz
DE10 NO10 DE10 JA11 NO10
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
23.23 1342.50 1344.50 1346.70 1342.20
23.35 1355.00 1356.00 1357.00 1350.40
23.00 1341.00 1341.80 1342.50 1342.20
23.23 1350.40 1351.20 1352.10 1350.40
82 757 1,466 1,314 -
23.19 1351.10 1351.90 1352.80 1351.10
23.23 1350.40 1351.20 1352.10 1350.40
34 589 952 551 -
12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010 12-Oct-2010
GOLD 100oz GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M
DE10 JA11 OC10 NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 14OC10 OC10 OC10 10-Dec 11-Mar
US$ Per Troy Ounce US$ Per Troy Ounce 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 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
1347.00 1343.90 37227.00 37237.00 37250.00 37200.00 43390.00 43390.00 38308.00 38256.00 38269.00 38282.00 38295.00 43800.00 2402.00 3129.00 4406.00 86.66 86.16
1356.00 1351.20 37472.00 37480.00 37494.00 37444.00 43674.00 43674.00 38542.00 38581.00 38503.00 38516.00 38529.00 44331.00 2402.00 3153.00 4406.00 86.69 86.16
1343.00 1343.90 37227.00 37237.00 37250.00 37200.00 43390.00 43390.00 38308.00 38256.00 38269.00 38282.00 38295.00 43800.00 3128.00 3129.00 4354.00 86.66 85.66
1351.20 1351.20 37472.00 37480.00 37494.00 37444.00 43674.00 43674.00 38542.00 38581.00 38503.00 38516.00 38529.00 44331.00 3152.00 3153.00 4354.00 86.69 85.66
55 4 1 -
1351.90 1352.80 37477.00 37486.00 37500.00 37449.00 43680.00 43680.00 38547.00 38586.00 38508.00 38521.00 38534.00 44292.00 3128.00 3129.00 4406.00 86.66 85.67
1351.20 1352.10 37472.00 37480.00 37494.00 37444.00 43674.00 43674.00 38542.00 38581.00 38503.00 38516.00 38529.00 44331.00 3152.00 3153.00 4354.00 86.69 85.66
4 49 2 1 -
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Indian hockey players celebrate winning their semi-final match in New Delhi
10
Wednesday, October 13, 2010
Peter Lim bids 320mn pounds for Liverpool SINGAPORE: Singapore's rags-to-riches billionaire Peter Lim bid 320 million pounds on Tuesday to buy Liverpool Football Club, a revised offer that tops rival bidder New England Sports Ventures (NESV). The reclusive Lim, the Southeast Asian city-state's eighth richest man with a fortune estimated at $1.6 billion by Forbes magazine, said he will also make a further 40 million pounds available for manager Roy Hodgson to purchase new players. Lim said in a statement that his cash offer, funded solely by his own wealth, would cover the club's debts estimated at 237 million pounds. The rest would meet bank interest and 40 million pounds for working capital and other liabilities. "My offer provides a firm financial platform from which the club can rebuild. Given the manner in which the sale process has been handled, I feel (Liverpool chairman) Martin (Broughton) and the board owe it to me, to the club, and to the supporters, to consider my offer," Lim said. The offer, revised after an earlier bid of 300 million pounds, has been lodged with Broughton. It comes amid a battle in London's High Court to decide whether the club's much-hated American owners Tom Hicks and George Gillett can block the club's sale to NESV.-Reuters
Sindh Women's Swimming C'ship this week KARACHI: The 19th Palmolive Sindh Women's Swimming Championship 2010 will be held on the 16th & 17th of this month here in Karachi. The competition is open only to female participants and spectators. Participants should be female swimmers from the province of Sindh only. The age groups being contested this year are '8 years and under'; '10 years and under'; '12 years and under'; '14 years and under'; '16 years and under' and the 'open age' category. These championships are sponsored by Colgate Palmolive (Pak) Ltd. and organised by KWSA (Karachi Women's Swimming Association).-PR
n n
NA body to axe Butt in 24hrs Ijaz Butt in deep trouble, Parliamentarians threaten to resign Chairman has caused huge damage to cricket: NA ISLAMABAD: Members of the National Assembly Standing Committee on Sports have threatened to resign en masse, if the cricket board chairman Ijaz Butt does not step down within 24 hours. The NA body has expressed dissatisfaction over Ijaz Butt's attitude towards the committee following the PCB chairman's absence at the committee meeting on Tuesday. The chairman of the parliament standing committee, Iqbal Muhammad Ali said, "Ijaz Butt has caused huge damage to the game of cricket in the country and is also inviting more embarrassment with his irrational actions." "We are meeting tomorrow to decide on the course of action," he said, adding that the "members would not hesitate to resign, if
Ijaz Butt did not step down in next 24 hours". He said that the committee will also approach President Asif Ali Zardari, who is the patron-in-chief of the Pakistan Cricket Board (PCB), and ask him to remove Butt. The disastrous performances by the national team and the stance of the PCB on important issues have led to calls for his ouster getting louder by the day. Butt was recently caught up in the spot-fixing scandal that rocked the cricketing world. Butt accused the English players of match-fixing but later retracted his statement and offered an apology. Meanwhile, a PCB source said that Ijaz Butt would not attend the Standing Committee meeting owing to his other international commitment. He
will attend the ICC Executive Board meeting, which will be held on October 12 and 13. The members of the Standing Committee have announced to resign from the committee if Ijaz Butt did not quit. This will be very important meeting for the Parliamentarians. Former Chief Selector Salahud Din Sallu said the NA body could only threaten to resign, adding he does not think the body will resign. Pakistan cricket team coach Waqar Younis, and selectors Wasim Bari and Mohsin Hassan Khan appeared before the committee which was discussing the England tour and the spot-fixing scandal among other things. However, the PCB chairman Ijaz Butt could not attend the meeting as he is presently in Dubai.-Agencies
Younus finally puts his ego aside Monitoring Desk KARACHI: The dismissed former Pakistan skipper Younus Khan has finally put his ego aside and is determined to clear the confusions and misconceptions between him and the board, for which he is likely to meet with chairman Pakistan Cricket B o a r d (PCB) Ijaz Butt, a local website reported here on Tuesday. It has been learnt that this is for the first time that Younus has loosen up a bit and showed his willingness to meet with any PCB official after the lifting of the infinite ban in June. Younus has finally decided to clear the things and resolve the matters so as to save his already darkened career from further destruction. Younus who in the recent days was giving a strong message to the board that he is fit
and perfect for the game was continuously being ignored by the selectors after the indefinite ban removal. Sources have said that Younus' no coordination with
the board along with no contact after the ban removal might be the basic reason behind his non selection. It is due to this reason that PCB has ordered in a stiff way that Younus should contact the board within a week otherwise legal proceedings would be carried against the already grounded cricketer after the issuance of a show cause notice. The sources said that Younus' point of view was clear as he said that he is not at
all egoistic neither he has any problem in meeting with the board officials adding that he is perfectly available for a week in Lahore. They further revealed that no elasticity is b e i n g shown from the b o a r d side as the chairman PCB was of the view that performance can be ignored, w h a t important is to meet with him a n d resolve the matters regarding the ban imposition. It must be remembered that Younus Khan was among the seven players who were either banned or fined after returning from the Australian tour in March but an appellate tribunal later removed the bans and also reduced the fines. Younus along with Mohammad Yousuf were the individuals who faced hard decisions in the form of indefinite ban from the team in March.
Hyderabad beats Lahore in T-20 Cup LAHORE: An opening stand of 93 runs set up Hyderabad Hawks splendid 7 wicket win over Lahore Eagles in Faisal Bank T20 cricket tournament here on Tuesday at Gadaffi stadium. Lahore elected to bat on a placid wicket after winning the toss by their captain Taufeeq Umer posted 177 for 6 in allotted 20 overs and the touring side, thanked to a half century from young opener and man of the match, Azeem Ghumman answered with 180 for 3 with two balls remaining to hand over Lahore a shocking defeat. The Hyderabad success outshone a sterling knock of Lahore's skipper Taufeeq Umar who hit home enterprising (78) for the delight of a handful crowd. Azeem duly justified in the role of Hyderabad skipper smashing 2 sixes and nine fours off 29 balls to start the run chase in style and together with Sharjeel Khan produced a solid 93 runs opening stand to dash away Lahore's hopes for clinching a win.-APP
Second Nigerian tests dope positive at CWG NEW DELHI: Nigerian sprint hurdler Samuel Okon has tested positive for the banned stimulant methylhexaneamine, Games Federation Chief Mike Fennell said on Tuesday. Compatriot and women's 100 metres gold medallist Osayemi Oludamola tested positive for the same substance and was suspended Monday pending the analysis of her B sample. "We have had approximately 1,200 tests up to last night and I again regret to inform that we have had a second anti-doping violation," Fennell told a news conference. "This is also a Nigerian athlete, Samuel Okon, in the 110m hurdles and for the same substance, methylhexaneamine." Okon, who finished sixth in the sprint hurdles final last Friday, had waived the right for his B sample to be tested, Fennell said, although the Federation were waiting for personal confirmation of this. "I heard about the second test and as the chef de mission of the Nigerian contingent, I am really concerned," Elias Usman Gora told Reuters.Reuters
Afridi asked to show cause ISLAMABAD: Pakistan Cricket Board (PCB) on Tuesday sent a show-cause notice to Shahid Afridi for allegedly violating the central contract. "Shahid Afridi has violated the central contract," the notice reads. "He is barred from giving any interviews to the media without prior consent of the PCB chairman," it added. Afridi, Pakistan's one-day and T20 captain, had given an interview to a local TV on Sunday in which he expressed reservations over the team selection for the forthcoming series against South Africa. "The selection committee had discussed the probables for the England tour with me, but I don't know what happened this time around", Afridi had said. "It's better to sit down and sort these issues out instead of indulging in a blame game later
on," he argued in the interview. Afridi added that a few players suggested by him would have made the team stronger. This is the latest controversy to hit Pakistan cricket, already engulfed by several controversies, including suspension of three players on spot-fixing allegations in August. Salman Butt, captain of the Test team during Pakistan's England tour, is amongst the suspended players, along with pacers Mohammad Asif and Mohammad Aamer. The team had to find a new captain for the Test team in the form of the previously discarded batsman Misbah-ul-Haq. "The board has moved illogically in issuing this show-cause notice," former Test cricketer Sarfraz Nawaz said, adding that the chairman is trying to find scapegoats to cover up the board's own follies.-Agencies
Former coach backs Misbah’s appointment LONDON: His appointment as Pakistan Test captain has drawn surprise and dismay from some quarters, but Misbah-ul-Haq is the best man to lead the side, said former Pakistan coach Geoff Lawson. Misbah played no part in the recent tour of England, which ended in acrimonious fashion after three Pakistani players were suspended over allegations of spot-fixing. Salman Butt, captain for the last five Tests of the tour, was one of those players, and with his appeal only due to be heard at the end of October the Pakistan Cricket Board had no option but to look elsewhere for a leader for the two-Test series against South Africa next month.
Chief selector Mohsin Khan has admitted that Misbah was not Pakistan's first choice, and that Younus Khan would have been appointed if he were not still at loggerheads with the Board. Former Pakistan great Wasim Akram has also claimed to have been shocked by Misbah's appointment, but Lawson insists that the middle-order batsman is the right man to lead Pakistan. "He definitely has the best cricket brain and intellect in Pakistan cricket," Lawson told ESPNcricinfo. "He has a statesman-like demeanour which so many Pakistan captains have lacked and he handles adversity analytically not emotionally.-APP
KARACHI: On the opening ceremony of PSO interclub Football Championship 2010, MPA Dr Saleem Hangono is kicking the ball to innaugrate the event.-Staff Photo
Indian spinners hit Aussies hard Ponting steadies touring side with resolute 72 Ojha says India need to bat sensibly
BANGALORE: The second and final test between India and Australia was heading for a gripping climax after bowlers dominated the fourth day on Tuesday. The Indian spinners reduced Australia to 202 for seven at the close, with Mitchell Johnson and Nathan Hauritz facing the task of extending a slender lead of 185 runs for the touring side who lost the first test by one wicket. Captain Ricky Ponting made a defiant 72 to hold the innings together before falling to Zaheer Khan in the final session. The tourists were let down by their top order which struggled against Indian spinners Pragyan Ojha and Harbhajan Singh. Ojha removed in-form opener Shane Watson, Michael Clarke and Mike
Hussey, while Harbhajan accounted for Simon Katich and Marcus North. "I'm not satisfied. I will be
satisfied if we can get them out early tomorrow and get those runs," Ojha told Neo Cricket channel.
6th double ton for Sachin BANGALORE: Indian batting icon Sachin Tendulkar on Tuesday completed his sixth double hundred in Test cricket, adding to the mountain of runs he has accumulated in his over two-decade career. Tendulkar's knock of 214 came against Australia in the second Test here. The right-hander took 363 balls and struck 22 fours and a couple of sixes during his stay on the crease. He was dismissed by rookie Australian pacer Peter George who clean bowled the Indian for his maiden Test wicket.Tendulkar holds just about every batting record worth owning in the game, including those for most runs and hundreds in Tests and ODIs, and most international runs.The right-hander has 57 fifties in the longer format of the game.The 37-year-old has 46 hundreds and 93 fifties in oneday cricket.-Online
"Whatever they got is gettable but we have to bat sensibly tomorrow. The wicket is turning," said the left-arm spinner. India resumed on a commanding 435 for five and Sachin Tendulkar cruised to his sixth test double century before falling for 214. Tendulkar, who hit two sixes and 22 fours, became debutant Peter George's first test victim when he dragged a delivery on to his stumps and Hauritz polished off the tail as India slumped to 495 all out. "There was not much in this wicket, so we found other ways to create opportunity and take chances," George said. "We have three wickets in hand, we'll try to get as many runs as possible tomorrow and bowl them out to win the match."-Reuters
BANGALORE: India's captain Dhoni successfully stumps Australia's Clarke during the fourth day of their second test cricket match.-Reuters
India output growth skids, raises rate doubts
Asia stiffens resolve to resist capital inflows BANGKOK: Thailand slapped a tax on foreign investment in government debt on Tuesday, Japan said it could intervene anew to weaken the yen and China again talked down the prospects of a faster rise in the yuan. After the failure of a weekend International Monetary Fund meeting to defuse escalating forex tensions, Asian governments are redoubling efforts to resist capital inflows that are boosting their currencies and undercutting the competitiveness of their exporters. Thailand's cabinet agreed to impose a 15 per cent withholding tax on capital gains and interest income from foreign investment in government debt in a bid to curb the baht, which is at its highest since the 1997 Asian financial crisis. With the dollar hovering near 15-year lows against the yen, Japan said it would wade into the foreign exchange market again if need be, despite widespread disapproval by its peers of a bout of dollar buying last month. And the People's Bank of China applied the brakes to the yuan by setting a weaker midpoint reference rate for the day's
trading, while its foreign exchange arm said currency reform did not equate to yuan appreciation. China's insistence that the yuan's rise must be gradual is a huge obstacle to the appreciation in Asian exchange rates policymakers say is needed to reduce global imbalances. It, and other countries, counter that the prospect of the Federal Reserve printing money again will flood the world economy with more liquidity, weaken the dollar and push emerging currencies yet higher as investors search for returns with interest rates in the developed world at record lows. Minutes of the Fed's last policy meeting -- at which it said it stood ready to provide more support for a stuttering economy -are due at 1800 GMT. "The Fed minutes will be crucial as we could learn more about the size of potential asset purchases," said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi. A second round of quantitative easing by the US central bank would pile more pressure on an already languishing dollar. Britain too could embark on a
second round of asset buying with new money although a Bank of England policymaker said he and his colleagues faced competing risks of not doing enough to curb inflation versus tightening policy too soon. "It is not obvious what the next direction for monetary policy is," David Miles told a conference in Dublin. "We do have a policy tool, quantitative easing, which ... remains a potentially powerful tool and one that we might come to use." The announcement by Thailand came a week after Brazil doubled a tax on foreign portfolio inflows into bonds and some other financial instruments to 4 per cent to reduce upward pressure on the real, its currency. The baht has risen 11 per cent this year, the second strongest currency in Asia after the yen, pushed up in part by foreign inflows into Thai assets. Japanese Finance Minister Yoshihiko Noda said he had explained to a weekend meeting of the Group of Seven industrial countries in Washington that Tokyo had intervened on September 15 to prevent destabilizing lurches in exchange rates.Reuters
NEW DELHI: India's annual industrial output growth dropped to single-digits in August, raising doubts about the economy's strength and the need for the central bank to increase rates again in November. The drop mainly reflected a fall in capital goods output -- payback for a stunning 72 per cent rise in July -- and marked the slowest industrial output growth since May 2009, data on Tuesday showed. A fall in a purchasing managers' index for September suggested further weakness, although analysts cautioned industrial output had been volatile, putting added weight on Friday's inflation data to determine the policy outlook. "It reduces the odds for the Nov. 2 rate hike," Dariusz Kowalczyk, senior economist and strategist at Credit Agricole CIB in Hong Kong, said of the output data. "I still think they will hike, but there will be speculation in the market that they would not, given that data has recently been extraordinarily choppy and therefore it has increased uncertainty regarding economic performance," he said. Industrial output, combining factory, mine and utility production, rose 5.6 per cent in August from a year earlier, well below the forecast in a Reuters poll of 9.65 per cent.-Reuters
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"All of these, doubtless, is going to impact on overall economic growth."Among the region's largest countries, the ADB estimated India would face a water deficit of 50 per cent by 2030 while China would have a shortage of 25 per cent. China, India, Pakistan, Vietnam, Bangladesh, Nepal, Uzbekistan and Cambodia are currently feeling the heaviest impacts of the water shortage in terms of food and energy production as well as ecological damage, the ADB said. Plugging the water leakage and stopping the waste will cost billions of dollars, according to the ADB, which called on the private sector to play a bigger role in fixing the problem. "Increased investments from the private sector, especially in managing and delivering water services, and in using technology and innovation to reduce our water footprint, will be critical," Thapan said. -Agencies
In the broader market, declining shares outpaced advancing ones in a ratio of 1.5:1 in a relatively moderate volume of 443 million shares. The 50-share NSE index declined 0.7 per cent to 6,090.90 points.-Reuters
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Still, market players said expectations of currency intervention by Japanese authorities and further asset buying by the Federal Reserve to support the US economy would likely prevent the Nikkei from falling much further. "Expectations that the Fed would ease further are a driver for weaker dollar/yen, but for stocks alone, easing both in the United States and Japan would mean more money flow and that can be a supportive factor for solid performance," said Koichi Nosaka, a market analyst at Securities Japan, Inc. In Asian trade, dollar/yen hit an intraday low of 81.80 yen on electronic trading platform EBS, coming back under pressure as Continued from page 12 No #2 earlier short-covering faded, traders said. It logged a 15-year low uphold the sanctity of our sacrifices and struggle on till we of 81.37 on Monday. Market players had seen the Nikkei's 25-day achieve our goal," he said in a statement. -Reuters moving average, which now stands at 9,424, as a major technical Continued from page 12 No #3 support level, and will continue to watch if the index remains transgressed into 50 meters, it could be said technical violation. below that level. Its 26-week moving average around 9,680 is FC sources said that the Nato helicopters come on zero point seen as the next resistance. After that, the Nikkei's next upward and went back. It is noticeable to mention here that Nato had give targets stand near its recent peaks around 9,700, marked this written assurance to Pakistan that it would never again violate month, and 9,800, hit in July.-Reuters Pakistani air space. -Online Continued from page 5
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International & Continuation
Wednesday, October 13, 2010
No #8
Bank of Scotland also gained 0.2 per cent. Defensive issues were the main FTSE 100 gainers with drinks institutions associated with the FoDP include Asian Development Bank (ADB), Islamic Development Bank (IDB) group Diageo adding 1 per cent, ahead of a trading update due later in the week, while drugmaker AstraZeneca gained 0.8 per and World Bank (WB). -Reuters cent, and British American Tobacco took on 0.9 per cent. Continued from page 5 No #5 Utilities were higher, with water company Severn Trent ahead beginning of September, also succumbed to profit-taking. 1.0 per cent and mid-cap peer Pennon up 2.1 per cent as HSBC Cheung Kong Holdings closed down 2.4 per cent while Sun raised its ratings for both firms, saying UK water offered a stable Hung Kai Properties fell 1.1 per cent. A rebounding mainland mar- outlook with yield visibility to 2015. ket and strong foreign flows into Asia have helped the Hang Seng However, United Utilities slipped 0.1 per cent as HSBC cut its break out of a trading range that had been in place since November rating to "neutral" from "overweight". 2009. Speculation about another round of asset purchases by the British inflation held well above its target in September, US Federal Reserve has grown after a weak jobs report on Friday, unchanged from August, as separate surveys showed retail sales keeping the dollar weak and boosting flows into emerging market growth slowing and house prices falling fast, highlighting the stocks and bonds and precious metals such as gold. opposing forces facing the Bank of England.-Reuters But with the dollar holding steady on the day on the back of shortContinued from page 5 No #9 covering and the Hang Seng trading well in overbought territory, The dollar was up 0.2 per cent against a basket of currencies. investors preferred to lock in gains ahead of earnings season. The Hang Seng's relative strength index, which indicates whether a par- The prospect of the Fed buying more long-term securities such as ticular security is overbought or oversold, is at 78, close to its high- government bonds has created an inverse correlation between the est level in about three years. "It looks like people are happy to add dollar and stocks, with investors using the greenback as a trigger more risk heading into year-end and that's different from this time to move into or out of stocks. Also in recent sessions, e-mini futures and the euro have follast year when they were basically trying to match their benchlowed the same trend, a sign investors are watching for euro marks," said the head of a trading desk at a bank in Hong Kong. "But I think with results season here, people will start to look at moves to decide on whether to increase their exposure to risk. In the latest news on the deal front, Pfizer Inc, the world's fundamentals a little more and given the run-up we've seen, earnings coming out of the US now have to be pretty good to sustain biggest drugmaker, agreed to buy King Pharmaceuticals Inc for these gains," said the trader. Bucking the trend, Tencent Holdings $3.6 billion. King surged 39.5 per cent to $14.16. Pfizer, a Dow closed up 3.5 per cent at a record high and was the top gainer on component, dipped 0.06 per cent to $17.37.-Reuters the Hang Seng, with short-covering seen helping the stock. Continued from page 1 No #10 Short-selling in Tencent, as a percentage of total turnover in the discussed issues of mutual interest. stock, has outpaced that seen in the broader market. The five-day Political analysts are giving much importance to this sitting average shorted turnover in Tencent was 14.8 per cent as of Monday's which came a day before hearing of NRO implementation case in close versus 5.4 per cent for all Hong Kong stocks.-Reuters the Supreme Court of Pakistan. Continued from page 5 The SC has snubbed the federal government by rejecting its No #6 The inflow has picked up pace over the past six weeks on opti- request to postpone the hearing of its review petition against the mism about India's economic growth, while the developed world court verdict declaring the NRO illegal. It has set a stage for the struggles to head off a slowdown. Traders said an IPO by state- possibility of another confrontation on Wednesday. The raging pressure on the government by Pakistan Muslim owned Coal India Ltd, the world's largest coal miner, which opens League Nawaz following the appointment of Justice (retd) Deedar on Monday could also draw away investor funds. The IPO is likely to fetch $3.5 billion, more than initially esti- Hussain Shah as Chairman of the National Accountability Bureau (NAB) also came under discussion in the meeting. -Agencies mated, a Reuters poll of 11 fund managers showed. Financials eased as investors booked profits. The banking secContinued from page 1 No #11 tor index shed 0.4 per cent, but is still up more than 41 per cent in program and creator of 1973 Constitution and all those who the year to date. Leading lender State Bank of India shed 0.8 per restored it and gave the 7th NFC award, were all politicians. cent while rival HDFC Bank dropped 0.1 per cent. Mortgage firm Prime Minister Gilani said the democracy today was due to the Housing Development Finance Corp fell 1.8 per cent. supreme sacrifices of Shaheed Benazir Bhutto and paid tributes to Vehicles maker Tata Motors raced 1.3 per cent after the the parliamentarians and their leaders for achieving consensus and Economic Times reported it was planning to launch a new car taking along all political parties. Gilani directed inclusion of aimed at taking on Alto manufactured by leading car maker health insurance scheme under the Benazir Income Support Maruti Suzuki India. Maruti Suzuki shed 0.1 per cent. Program (BISP) to help the poor cope with high costs of medical Engineering and construction firm Larsen & Toubro declined treatment and said it would provide them much needed relief. 1.9 per cent. The stock has gained 19 per cent so far in 2010. He said the people of Khyber-Pakhtunkhwa had rendered great Metal makers dropped as base metal prices fell in London. sacrifices for the sovereignty and security of Pakistan. He recalled Non-ferrous metals producer Sterlite Industries and aluminium the gesture of the people of the area for accommodating with open producer Hindalco closed 0.3 per cent and 2.1 per cent lower arms the Internally Displaced Persons of Swat and Malakand and respectively. Tata Steel, the world's seventh-largest steel produc- the ongoing war against extremism and terrorism. Gilani said he er, shed 1.1 per cent. was pleased to note that complete transparency was being
High inflation, slowing economy lights BoE dilemma LONDON: British inflation held steady well above its target in September as separate surveys showed retail sales growth slowing and house prices falling fast, highlighting the opposing forces facing the Bank of England. Monetary Policy Committee member David Miles said the bank had to balance the need to bring down inflation against tightening policy too soon and killing the recovery, reinforcing expectations that policy will remain on hold for some time yet. The Office for National Statistics said on Tuesday consumer prices were flat on the month, leaving the annual rate of inflation at 3.1 per cent as expected, more than a percentage point above the BoE's 2 percent target. "The CPI data for Q3 as whole is broadly in line with the BoE's August Inflation Report forecast, so today's data in itself should not have any major impact on the Monetary Policy Committee's outlook," said Amit Kara, economist at UBS. Concerns about Britain's economic recovery have raised the possibility the central bank may have to pump more money into the economy to shore up growth after the US Federal Reserve signalled it may embark on another wave of quantitative easing.] Speaking in Dublin, Miles said more quantitative easing was
possible, pushing sterling lower, but analysts said the overall tone of his comments suggested he was not about to vote for either more easing or tightening. "Our inference is that he probably did not join Adam Posen in voting for more QE at the October MPC meeting and that it is far from clear that he would support a shift in the policy stance in November," said Simon Hayes, economist at Barclays Capital. A separate survey by the British Retail Consortium showed retail sales growth halved to 0.5 percent last month, led by a drop in big-ticket items as uncertainty ahead of the announcement of government spending cuts made consumers nervous. House prices in England and Wales suffered their sharpest fall last month since May 2009, according to the Royal Institution of Chartered Surveyors. The British Chambers of Commerce also warned that economic activity slowed sharply in the third quarter and reiterated its call for the BoE to inject more stimulus to protect the recovery from budget spending cuts. The ONS said there were significant upward and downward pressures on inflation in September. A drop in transport costs offset a record jump in clothing prices and higher food inflation.-Reuters
OPEC broad agreement help support economy VIENNA: There is a broad consensus oil prices around their current range have helped support economic recovery and promote industry investment, OPEC said on Tuesday two days before it meets to set output policy. OPEC, in a monthly report, left unchanged most forecasts for the oil market in 2011, including those for world oil demand growth and demand for its own oil. It also pointed to an increase in its members' compliance with their output targets. The Organization of the Petroleum Exporting Countries meets in Vienna on Thursday, when it is widely expected to leave policy unchanged, as it has since it agreed to a record output cut in December 2008. Oil has traded mostly between $70 and $85 a barrel in the past year -- falling into that range almost 95 per cent of the time according to OPEC's Monthly Oil Market Report. "There is now a broad consensus in the market that crude oil prices around the current range have been accommodative in promoting adequate investment while at the same time supporting the economic recovery," the report said. "However, the uncertain pace of global growth, as well as weak conditions in oil market fundamentals, could pressure prices."-Reuters
US consumer confidence rises in October NEW YORK: US consumer confidence rose 2.4 per cent in October from September, buoyed by stock market gains and optimism that next month's elections will result in changed policy that may boost job creation. Investor's Business Daily and TechnoMetrica Market Intelligence said their IBD/TIPP Economic Optimism Index rose to 46.4 in October from 45.3 in September. Readings above 50 indicate
optimism, while those below 50 point to pessimism. The index is now 0.2 points below its 12-month average of 46.6, and 2.0 points above the 44.4 level IBD reported in December 2007 when the recession began. "Our data clearly show that, while disappointed with federal policies, Americans are looking forward to change in 2011 that will result in material improvement in their finances and in the economy," said Terry Jones, associate editor of
Investor's Business Daily. "That could spell big trouble for incumbents on election night." Those surveyed were more upbeat about their household finances in the next six months. The gauge's personal financial outlook measure rose 0.6 per cent in the month to 53.1. The index's six-month economic outlook component improved 12.2 per cent to 49.6 and is now 17.5 points above its level in December 2007.Reuters
observed in the distribution of Watan Cards. He said the federal government, along with the provincial government were jointly working to rehabilitate the people affected by the floods and those displaced in the operations against extremists. He assured that the Federal Government will hand over the due share of Khyber Pakhtunkhwa without any delay. He also assured support of his government for the Benazir Bhutto Shaheed hospital, Hepatitis hospital etc. Chief Minister Khyber-Pakhtunkhwa Amir Haider Khan Hoti, Interior Minister Rehman Malik, Information Minister Qamar Zaman Kaira, in-charge BISP Farzana Raja and parliamentarians were present. Meanwhile talking to the media Prime Minister Gilani said reaching a peace settlement in neighboring Afghanistan will not be possible without Pakistan's help. Pakistan is crucial for US efforts to stabilise Afghanistan but it has been reluctant to hunt down Afghan militant factions which critics say it wants to use as leverage in any future set up in Afghanistan. "Nothing can be done without us because we are part of the solution, we are not part of the problem," Gilani told reporters in comments broadcast on Pakistani television networks. -Agencies
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Sources told that portfolio had been taken from Jamil Soomro on different grounds including lack of coordination with journalists, and non-inviting of working journalists for meeting with President. Soomro will however stay as advisor to Chief Minister Sindh. Notification about appointment of Sharmila Farooqui as Advisor to Chief Minister on information has been issued. -Online
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produce at its peak half a million tonnes of copper a year, about equal to the current total output of the London-listed company. The Balochistan government, which holds 25 per cent stakes in the project, is studying draft agreements and is due to make a decision by late December, Marcelo Awad, chief executive of Antofagasta Minerals, told Reuters on Tuesday. "I am confident that they will go ahead together with us on the project," Awad said in an interview during LME Week. "They have been very positive over the last couple of months, the central government and the provincial government, towards the project." -Reuters
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4.3 per cent to 965 mmcfd in 1QFY11 due to higher production from Manzalai field. On the other hand, Pakistan Oilfields limited (POL), oil and gas production significantly boosted by 88 per cent YoY to 18.54 kbpeod for 1QFY11 versus 9.87 kbpeod corresponding period last year. Oil production hiked by 23 per cent to 4.4 kbpd compared from 3.6 kbpd in the corresponding period last year. Furthermore, the gas production of the company surged 125 per cent to 81mmcfd during the period under review.
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rendered by tribal people in war on terror are appreciable, he held. Tribal notables assured their full cooperation to army chief in war against terrorism. -APP
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The report contains details about the controversial Swiss accounts, NAB cases and steps taken by acting NAB chairman Javed Zia on the directives of Supreme Court. Sources doubted the credibility of the new chairman, saying that he has no information about the money in the Swiss accounts. Chief Justice of Pakistan Iftikhar Muhammad Chaudhry had earlier directed NAB to submit a list of cases pending in foreign courts which had been withdrawn under the NRO. The Chief Justice had also directed NAB to trace over $60 million in the Swiss accounts case so that it could be brought back to the country. -Agencies
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textile manufacturers say, however, the EU concessions will be largely meaningless unless the country's main products -- bed linen and knitwear -- are on the list of duty-free items receiving tariff cuts. -Reuters
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companies that showed positive growth in their volumetric sales by 8.4 per cent, 13.1 per cent and 17.4 per cent, respectively. On the other hand, Dewan Farooq Motors witnessed 87 per cent decline in their sales volume. The production and sales of Pak Suzuki (PSMC) grew by 29 per cent and 8.4 per cent to 19,531 units and 17,820 units respectively in 1Q. Indus Motors (INDU) sales and production surged 13.1 per cent and 15.2 per cent to 11,792 units and 12,186 units respectively in the 1QFY11. Similarly, sales and production of Honda Car (HCAR) went up by 17.4 per cent and 37.7 per cent to 3,832 units and 3,967 units respectively. However, Dewan Farooq Motors (DFML) lost its way as it production and sales massively down by 60 per cent and 87 per cent to 186 units and 52 units respectively.
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Wednesday, October 13, 2010
President promises to pursue SC orders PPP asks ‘N’ to move to court against reservations ISLAMABAD: Chairman Joint Chiefs of Staff Committee General Khalid Shamim Wyne called on President Asif Ali Zardari at Aiwan-e-Sadr. -Online
NA body to dig into PTDC hotels sell-off ISLAMABAD: The National Assembly Standing Committee on Tourism expressed concerns Tuesday over the privatisation of PTDC hotels in spite of earning profits, and decided to constitute a subcommittee to probe into the factual position in this regard. The subcommittee consisted of Shahzada Moenuddin as convener and Dr Maseeh Kumar Malani and Bushra Rehman as members. This was decided during a meeting of the NA Standing Committee on Tourism held at the Parliament House under the chairmanship of Muhammad Usman advocate. Earlier, Managing Director of the Pakistan Tourism Development Corporation (PTDC) Sareer Muhammad
FM reaches Brussels
FoDP meeting set for 15th BRUSSELS: Foreign Minister Shah Mehmood Qureshi accompanied by a high-level delegation reached Brussels on a two-day visit to attend the third ministerial meeting of Friends of Democratic Pakistan (FoDP) to be held on Oct 15. According to Pakistan’s Embassy in Brussels, the meeting will be co-chaired by Foreign Minister Qureshi and European Union High Representative Baroness Catherine Ashton. The ministerial meeting, among other things, will review the post-flood situation and early recovery, rehabilitation and reconstruction requirements based on the Damaged Needs Assessment being jointly prepared by the World Bank and the Asian Development Bank. The ministerial meeting will also deliberate on energy sector reforms, Malakand Development Strategy, institutional capacity building and Pakistan’s efforts towards economic stabilisation. The Friends of Democratic Pakistan (FoDP) is a global forum and a platform which was established in September 2008 in New York on the sidelines of the United Nations General Assembly session. It aims to extend support to the Democratic Government of Pakistan and its efforts to consolidate democracy in Pakistan and support social and economic development in the country. European Commission, Denmark, Iran, Japan, The Netherlands, Norway, Republic of Korea, Saudi Arabia, Spain and Sweden currently are also member states of FoDP whereas Egypt is attending the meeting for the first time. The international financial See # 4 Page 11
Khan told the meeting that Faletti's (Lahore), Deans Hotel (Peshawar) and Cecil Hotel (Murree) were privatised in 1998. The committee showed concerns over violation of the terms and conditions regarding retaining of the hotels to promote the industry as well as sale proceeds of certain hotels. However, contrary to this, the hotels were converted into residential apartments or business relating to construction industry by their owners. The committee also decided to constitute a subcommittee comprising Muhammad Usman advocate as its convener and Dr Talat Mahesar, Maseeh Kumar Malani, Shahzada Moenuddin as its members to visit Chitral to
look into the issues relating to the purchase of 18-kanal land by the PTDC there for the construction of a hotel. Meanwhile, the committee recommended sanctioning of Rs20 million by the government to make the PTDC sustainable. The PTDC MD said the corporation started operations in 1997 and it had built more motels in far-flung tourist destinations to promote tourism industry. It was told the PTDC sustained financial position and was never a burden on the government exchequer. However, after 9/11, 2005 earthquake and law & order situation in Malakand, it suffered losses owing to decline in tourists. -APP
Opec sees rising oil demand in days to come VIENNA: The Organisation of Petroleum-Exporting Countries (OPEC) revised upwards on Tuesday its world oil demand growth estimate for 2010 to 1.3 per cent, but held steady its forecast for next year. "Despite some turbulence and setbacks, the global economic recovery continues to provide support for oil consumption," the cartel wrote in its October monthly bulletin. The cartel said it was pencilling in world oil demand growth of 1.13 million barrels per day (bpd) or 1.34 per cent to 85.59 million bpd for the whole of 2010, "driven by the stronger-than-expected, stimulus-led economic
growth in the first half of the year." In 2011, oil demand would then increase by a further 1.05 million bpd or 1.2 per cent to 86.64 million bpd, unchanged from the previous forecast, Opec predicted. Opec ministers were beginning to arrive in the Austrian capital for a regular meeting later this week to decide whether to change output levels. All indications suggest there will be no change. And Qatar's energy minister Abdullah bin Hamad alAttiyah, speaking to reporters in Doha, said oil prices were currently "comfortable" and that Opec will most likely maintain output levels. -APP
Farzana says BISP a masses’ program too
More BISP-like schemes assured CHARSADDA: Chairperson Benazir Income Support Programme (BISP) Farzana Raja has said that BISP is a people's program, not of any particular political party, added more BISP-like schemes would be initiated soon. Addressing the opening ceremony of "Waseela-e-Haq and Elimination of Poverty in Country" program here Tuesday she stated that people of the country are benefiting from this program. She said that vocational training consisting of more than sixty courses will be provided to the three million people and Prime Minister would look after this program directly. She further said that govern-
ment is taking steps on priority basis for elimination of poverty from the country. She said that the 18th amendment and powers transfer to PM was the historical decision of the President Zardari. She said that President took the historical decisions for the betterment of Pakistan. Farzana said that if any person or party has quality to do well and do practical work then masses will support them. Chairperson BISP said Interior Minister Rehman Malik has issued the directives for supplying the National Identity Card to residents of Charsadda and NIC would be provided to them through mobile service soon. Online
KESC workers reinstatement
Apex Court stays SHC decision ISLAMABAD: The Supreme Court of Pakistan on Tuesday upheld Sindh High Court (SHC) verdict on reinstatement of 45 KESC employees, rejecting the Company's plea against verdict. The Sindh High Court in a petition had ordered Karachi Electric Supply Company (KESC) to reinstate 45 employees but the latter challenged the verdict and moved to the apex court against the decision. A three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil-ur Rehman Ramday resumed hearing of the petition. During the course of hearing counsel for KESC Abdul Hafeez Pirzada apprised the court on the matter and appealed the apex court to nullify verdict of Sindh High Court about the reinstatement of KESC employees. After hearing the arguments, the Chief Justice upheld the lower court verdict maintaining the reinstatement of the said employees and disposed of the petition. -APP
ISLAMABAD: President Asif Ali Zardari has made it clear that he respects judiciary, and vowed that he would follow all decisions of Supreme Court of Pakistan whatever they are. "Vital cases are underway in Supreme Court of Pakistan and we would adopt legal and constitutional ways in all cases", he said this while talking to Federal Minister for Law and Justice Dr Babar Awan here in the Presidency on Tuesday. Legal and constitutional issues, reservation of Opposition with regard to appointment of new Chairman National Accountability Bureau were discussed during the meeting in length, sources informed Online. Federal Minister for Law and Justice Dr Babar Awan also took President into confidence over his strategy regarding reopening of Swiss cases, NRO review cases and others which is being heard in Supreme Court, sources added. The President while rejecting the reservation of Opposition regarding appointment of Justice (Retd) Deedar Hussain as Chairman NAB said constitutional and legal ways were adopted in this respect. Meanwhile, A PPP-backed member National Assembly, Nawab Khan Wassan has advised the PML-N to move to the court if it has objection on appointment of Justice (R)
President, CJCS talk security situation ISLAMABAD: Chairman Joint Chiefs of Staff Committee (CJCS) General Khalid Shamim Wyne called on President Asif Ali Zardari on Tuesday and discussed matters related to security situation in the country. In a meeting held at the Aiwan-e-Sadr, the professional matters pertaining to the armed forces were also discussed. -APP Deedar Hussain Shah as Chairman National Accountability Bureau (NAB). Addressing a public meeting here after inaugurating the gas supply schemes for different villages, the MNA observed that the appointment of Chairman NAB was a prerogative of President Asif Ali Zardari, which he had used after consultation. Still, he said, if any party or individual had objection on this appointment, the doors of courts were open for that. He claimed that when former Prime Minister, Nawaz Sharif was in jail during Musharraf regime, he in writing, had praised Justice Deedar Hussain Shah and reposed full confidence in him. -Agencies
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Former NAB PG moves SC against his sacking ISLAMABAD: Former Prosecutor General (PG) National Accountability Bureau (NAB) Irfan Qadir filed a review petition against his sacking in the Supreme Court of Pakistan on Tuesday, according to media reports. A three-member bench of the apex court termed Irfan Qadir's appointment as PG NAB unlawful. Earlier, Registrar Office of the SC returned Qadir's petition after marking some objections on it. One objection stated that the review petition contained derogatory language, used against some judges. Irfan appealed that his petition be heard in an open court and not by Chief Justice Iftikhar Chaudhry, Justice Ramday and Justice Rabbani. Online
Onboard copter blast kills Nato-man KABUL: An explosion onboard a Nato helicopter killed one and wounded seven shortly after it landed at an outpost in eastern Afghanistan Tuesday, the Nato-led International Security Assistance Force (ISAF) said. Afghan security forces and ISAF troops were travelling on the Chinook helicopter, an ISAF spokesman said, but he declined to comment on the nationality of the person killed. The seven wounded were all ISAF troops, the spokesman said, and had been brought to an ISAF medical facility for treatment. An earlier ISAF statement had said two people were killed and 10 wounded. There were 26 people on board the helicopter at the time of the explosion, which happened at a small base near the Pakistani border. The cause of the blast was not immediately clear, ISAF said. -Reuters
ADB reviews plans for efficient use freshwater supplies
ADB warns of looming Nato choppers water crisis in Asia violate Pak FC, Pak Army deny incursion
airspace again CHAMAN/ RAWALPINDI: The Nato helicopters again violated Pakistan airspace near Pak-Afghan border, Chaman here Tuesday while Frontier Corps and Pak Army has denied the incursion of Nato helicopters and said that it was mere a technical fault. As per details, two Nato helicopters flew well into 200 meters inside Pakistani airspace near Pak-Afghan border in Chaman. After flying in Pakistani airspace for several hours the Nato helicopters flew back to Afghanistan. When FC and Pak Army was contacted in this regard they denied the violation of Pak airspace by Nato helicopters and developed stance that it was not intentional violation but usually helicopters unintentionally See # 3 Page 11
CNG outlets observe wkly closedown LAHORE: All CNG stations in Lahore, Gujranwala and Multan remained closed on Tuesday due to the weekly 'gas holiday' announced by the government. Talking to APP on Tuesday, Chairman All Pakistan CNG Association Ghayas Paracha urged the government to take immediate steps to overcome gas shortage in the country and thus prevent public inconvenience. -APP
MANILA: Asia is facing a worsening water crisis that threatens to curtail food production while taking an increasingly heavy toll on the region's economies, the Asian Development Bank said Tuesday. Governments, industries and people around the region urgently need to stop wasting so much of the precious resource if they are to limit the shortage, ADB infrastructure advisor Arjun Thapan said. "The water footprint in our towns and cities, in our irrigation systems, our energy production systems and in industry in general, is extravagant," Thapan said at a water crisis conference hosted by the Manila-based lender.
"It needs to shrink and Asia needs to become acutely conscious of the scarcity value of its accessible fresh water, and the imperative of efficiency in managing it." In a report, the ADB faulted weak enforcement of laws for the degradation of Asian water quality, with between 80 and 89 per cent of all untreated wastewater leaching into fresh water in east and south Asia, respectively. "In short, Asia is witnessing a despoliation of its freshwater resources with disastrous consequences for ecological balance and environmental sustainability," the bank said. It also highlighted that while irrigated agriculture uses up 80 per cent of the region's fresh
water, there have been only very minimal moves to boost irrigation efficiency over the past two decades. At least nine billion dollars' worth of treated water was lost each year in Asia's cities, the ADB said. Climate change, rapid industrialisation, water pollution, dietary shifts and the drive to grow bio-fuels are also expected to deepen the water crisis, according to Thapan. On current trends, this would lead to a 40 per cent gap between water demand and supply in Asia by 2030. "The impact is going to be greatest on food production and investment in the energy sector," Thapan told a news conference. See # 1 Page 11
Hurriyat leaders urge residents to defy curfew
Curfew engulfs IHK SRINAGAR: Indian police on Tuesday sealed off residential areas and reimposed a roundthe-clock curfew in the Kashmir Valley to preempt the first anti-India rally since authorities announced concessions to end violent protests. A new protest with a wide following would have been interpreted as a setback for New Delhi's peace initiative launched three weeks ago and obliged the government to pursue other ways to deal with the unrest in the disputed region. The hardline separatist leader in majority-Muslim Kashmir called on residents to defy the curfew and go into the streets. Thousands of police and soldiers in riot gear patrolled
deserted streets and told residents through loudspeakers to stay indoors. "Authorities have decided to impose valley-wide strict curfew restrictions," a police statement said. "There are no reports of any untoward incident from anywhere so far." The recent wave of protests in Indian Kashmir subsided after New Delhi relaxed security in Srinagar, the summer capital, freed some 50 protesters, announced compensation for families of the dead and offered to talk to all political groups. But many Kashmiris dismiss the offer as inadequate and hardline separatists said they would press on with protests.
Opinion surveys show a large majority of Kashmiris favour independence from the region from both India and Pakistan. Over the past four months, the Kashmir valley has been in a siege-like state of strikes, protests and curfews. Shops have remained closed along with most schools, and daily activities are subject to severe disruption. Tuesday's rally had been called by Syed Ali Shah Geelani, a hardliner who has emerged as the leading figure in anti-Indian protests. "In this situation, we have only two options: either surrender before Indian bullying, or See # 2 Page 11
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