International Karachi, Monday, December 13, 2010, Muharram-ul-Haram 6, Price Rs12 Pages 12
Sharmila spells security strategy for Sindh See on Page 2 Economic Indicators Forex Reserves (4-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Oct 10) Imports (Jul 10-Oct 10) Trade Balance (Jul 10-Oct 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10 - Nov 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Sep 10)
GDP Growth FY10E Per Capita Income FY10 Population
188.33 25.47 3.45 2632
NCCPL (U.S $ in million)
-0.48 3.24 -0.14 -0.37 -1.57 -0.67 -0.01
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Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
01-Dec-2010 01-Dec-2010 01-Dec-2010 29-Nov-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010 11-Dec-2010
13.16% 13.39% 13.67% 14.00% 13.21% 13.39% 13.61% 13.94% 14.10% 14.16% 14.24% 14.28% 14.54% 14.70% 14.88%
Commodities Crude Oil (brent)$/bbl 90.48 Crude Oil (WTI)$/bbl 87.79 Cotton $/lb 136.97 Gold $/ozs 1,384.90 Silver $/ozs 28.61 Malaysian Palm $ 1,156 GOLD (NCEL) PKR 38,314 KHI Cotton 40Kg PKR 9,752
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84.54 85.04 15.22 113.50 11.04 1.023 22.88 65.64 12.42 87.44 23.36 135.65 85.87
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See on Page 12
Resolution against Taseer for violating law
See on Page 12
Labourers face hardship, export-orders cancelled Textile Exporters call emergency meeting today
SCRA(U.S $ in million)
FIPI (10-Dec-2010) Local Companies (10-Dec-2010) Banks / DFI (10-Dec-2010) Mutual Funds (10-Dec-2010) NBFC (10-Dec-2010) Local Investors (10-Dec-2010) Other Organization (10-Dec-2010)
Ramadi car bomb kills 13, hurts dozen
Mega blow to industries
Portfolio Investment
Total Portfolio Invest (26 Nov-2010)
See on Page 12
No gas to Faisalabad mills on 4th consecutive day
$16.39bn 14.44% $7.17bn $12.25bn $(5.08)bn $(533)mn $4.43bn $569mn Rs 495bn $58.41bn Rs 5234.9bn $203.80mn -2.58% 4.10% $1,051 171.28mn
Yearly(Jul, 2010 up to 9-Dec-2010) Monthly(Nov, 2010 up to-9-Dec-2010) Daily (9-Dec-2010)
Loot in Punjab is on rise: Awan
KARACHI: Rangers standing high-alert in front of Imambargah Ali Raza at MA Jinnah Road as security beefed up during holy month of Muharram-ul Haram. APP
Down 4.7pc to 8mn tonne in 5M
Nov oil sales dip 1.5pc YoY Ahmed Siddique KARACHI: The sales of various petroleum products in November, dropped 1.5 per cent YoY as total volume of the POL products (ex non-energy) was recorded at 1.51 million tonnes against 1.53 million tonnes in same period last year, unveiled by the OCAC numbers. On the other hand, consumption of petroleum products fell 18.8 per cent MoM due to Eid holidays and higher volumetric sales witnessed in October 2010 (up by 33 per cent MoM in October). The total volume of the POL products (ex non-energy) was recorded 1.51 million tonnes in November 2010 against 1.86 million in October 2010. According to data, sales of furnace oil have decreased by
7.9 per cent YoY to 572k tonnes in November 2010 from 621k million tonnes recorded in identical period last year due to circular debt issue. Likewise, High Speed Diesel (HSD) showed a drop of 12.9 per cent with sales of 612 thousand tonnes against 703 thousand tonnes in November mainly due to lower agriculture activities. Kerosene sales also dipped 7.7 per cent to 12k tonnes compared with 13k tonnes in November 2010. However, Mogas consumption remained up during November as it surged 28.8 per cent to 188 thousand tonnes against 146 thousand tonnes in November 2009. However, oil sales dipped 4.7 per cent to 8.05 million tonnes in 5MFY11 against 8.45 million tonnes in 5MFY10.
Khi Stock Market during CY10
Rs3.5bn raised thru five IPOs Eight new open-end funds launched Ghulam Raza Rajani KARACHI: The Karachi Stock Exchange has witnessed 5 Initial Public Offerings (IPOs) worth Rs3.54 billion in the calendar year 2010 compared to 3 equity offerings worth Rs1.2 billion during same period last year. That's why; the cumulative value of 5 IPOs offered in CY10 was 195 per cent higher than identical period last year. Wateen Telecom was the largest IPO in size which oversubscribed by receiving a subscription amount of Rs2.01 billion against offered amount of Rs two billion. The stock is nearly 1 time oversubscribed. In terms of over subscription, Fatima Fertilizer Company Limited was highly oversubscribed security which oversubscribed by 1.12 times by
capturing the subscription amount of Rs754 million compared to offered amount of Rs675 million. In distinction, other popular IPOs during the outgoing year were of Safe Mix Concrete Products Limited, Amtex Limited and Wateen Telecom Limited which were oversubscribed by 1.02 times, 1 times and 1 times, respectively. Agritech limited was the worst IPO in terms of undersubscribed as company only manages to attract Rs115 million against offered amount of Rs500 million. On the other hand, 8 new open-end mutual funds launched in CY10 namely, NIT Income Fund, NIT Government Bond Fund, KASB Capital Protected Gold Fund, Alfalah GHP Cash Fund, See # 12 Page 11
Sharif to join Zardari, China PM at banquet ISLAMABAD: President Asif Ali Zardari on Sunday telephoned Pakistan Muslim League-Nawaz (PML-N) Quaid, Mian Nawaz Sharif and invited him to the banquet. Te banquet will be hosted by the President in honor of the Chinese Prime Minister during his visit to
Pakistan this week. Mian Nawaz Sharif accepted the invitation of the president. The President thanked the former prime minister for accepting the invitation to attend the banquet in honor of the Chinese Prime Minister. NNI
President, PM condole with Zuberi family
MA Zuberi passes away Staff Reporter/ Agencies KARACHI: The Editor-inChief and founder editor of Business Recorder MA Zuberi died here on Sunday. He was also the Pattern-in-Chief of Aaj News. He was 90. He was born in Merehra, UP, India on July 2, 1920.
FAISALABAD: Pakistani industries and businesses already suffering from several setbacks including rising interest rates, consistent power outages -- thus raising the production cost - dealt another blow Sunday as Faisalabad industrial area witnessed gas absence. Consistent closure of industries, not only hurting the industrial throughput big time, but also bring sufferings to daily-wagers. It was fourth straight day where gas remained suspended, it was learnt. According to the details, the ongoing weekly industrial gas break has kept Faisalabad's industries constantly closed on the fourth day while making the local industrialists deeply worried and depriving million of daily-wagers from their earnings. According to the gas load-
management plan, it was announced that a three-day weekly gas break will be observed in Faisalabad's industrial zone but after completion of three days' break in running week, yet gas supply has not been resumed on fourth day. All industries of Faisalabad are continuously closed for last four days and million of laborers have been afflicted by famine for not being able to earn their daily wages. After constant gas load-shedding of four days, the industrialists of Faisalabad have expressed deep worries while informing that they are compelled to bear million of rupees losses daily as their export orders are regularly being cancelled for not meeting the deadlines. The job deprived and famine afflicted daily wagers of Faisalabad have staged protest
Pak Travel Agents UK seeks commission
PIA sued for 2.7mn pounds He will be buried in the compound of Abdullah Shah Ghazi Mazar, Clifton Karachi. His Namaz-e-Janaza will be offered at Masjid Noor-ul-Islam, Zamzama Park, Clifton, after Zohar prayers on Monday 13 2010. Considered as the pioneer of economic and financial journalism in Pakistan, MA Zuberi was a former president and one of the founding members of Council of Pakistan Newspaper Editors (CPNE). He was a recipient of Sitarae-Imtiaz and many other awards. Meanwhile, Prime Minister Syed Yousuf Raza Gilani has expressed deep sorrow and See # 11 Page 11
Not all Pakhtuns Taliban: Musharraf LONDON: Former president Pervez Musharraf said Sunday that he had advised the international community to accept Taliban government but they did not heed to his advice. In his article in Wall Street Journal, he said, "Had the world conceded to my advice, circumstances would have been quite different". He said that the curriculum in religious schools must be changed to curb terrorism. Musharraf said that the triumph in the Afghan jihad was due to Pakistan's efforts but the West had taken advantage of that. He also said that the chain of terrorism in Pakistan is linked to India and Afghanistan. He also urged proper partaking of Pakhtuns in the Kabul See # 13 Page 11
ISLAMABAD: Association of Pakistan Travel Agents UK (APTA UK) has filed a claim suit against PIA with a court of law demanding payment of 2.68 million pounds plus interest as commission. According to APTA UK, PIA had appointed 43 members of APTA UK as General Sales Agents/ consolidators for its United Kingdom's ticket sales. In June 1994, PIA made a performance based protracted (oral) agreement with certain members of the claimant. "The agreement was, and still is, that the defendant would pay an additional sum
equivalent to 2 per cent as incentive/ commission of the total value of the defendant's ticket sales achieved by the claimant's members, severally, and the agreement has since been consumed until about June 2008," the suit documents filed with the High Court of Justice, Chancery Division London read. "This claim arises as a result of the defendant's failure to pay the aforesaid 2 per cent incentive/ commission to the claimant's members as from July 2008; although the defendant has been, and still is See # 6 Page 11
Hajj scam investigation report in SC today
SC role glorified in tackling graft ISLAMABAD: Interior Minister Abdul Rehman Malik has said that role of Supreme Court in curbing corruption is admirable and told that Federal Investigation Agency (FIA) has completed its report regarding Hajj scam, which is to be presented in Supreme Court on Monday (today). He was talking to media representatives while visiting the National Crises Management Cell (NCMC) here in Islamabad on Sunday. While commenting on inves-
tigations of Hajj scam, he ensured that culprits involved in corruption would have to pay the brunt. He further informed of huge explosives being recovered from the Khyber-Pakhtunkhwa by the police at security checkpoints. He said on the clues of a prospective terrorist many terrorists have been arrested. He said central government is in full coordination with provincial governments to ensure the law and security See # 9 Page 11
Washington upbeat on tax deal passage WASHINGTON: White House advisor David Axelrod said on Sunday he expected the House of Representatives will pass President Barack Obama's tax deal without significant changes. The Senate was expected this week to approve the deal Obama cut with Republicans but many Democrats in the House have complained that the president made too many
concessions. "We believe that when it comes back to the House that we will get a vote and it will prevail there," Axelrod said on CNN's "State of the Union." Obama's $856 billion tax deal, struck with the Republicans who will soon wield greater clout in Washington, extends all tax cuts passed under the See # 10 Page 11
against the constant gas load shedding of the local industries. Meanwhile, Sui gas authorities had announced gas outages to Faisalabad industrial units from Dec 09 to 11, but Sui Northern Gas on Sunday could not restore gas supply to Nawala Industrial Estate as a result all the major industrial units remained closed. In other areas, owing to low gas pressure, industrial machines could not be started. Chairman, Value-added Textile Forum, Khurram Mukhtar expressing his concern over gas load-shedding, stated that suspension of gas supply to industrial units on fourth consecutive day was sheer injustice, adding that this had badly affected around 0.2 million workers. He further said that closure of See # 14 Page 11
Shaikh Ahmed appointed as Dubai World chairman DUBAI: Dubai's ruler appointed a new board for Dubai World, the flagship conglomerate which struck a deal to restructure $25 billion (15 billion pounds) in debt earlier, appointing his uncle and key adviser as chairman on Sunday. The UAE's state news agency WAM said Sheikh Ahmed bin Saeed al-Maktoum -- who spearheaded Dubai's attempts to recover from last year's crippling debt crisis as head of the Supreme Fiscal Committee (SFC) -- was named to the top spot. Sheikh Ahmed is also chairman of Emirates Airline and a top adviser to ruler Sheikh Mohammed bin Rashid alMaktoum. Other SFC members were also named to a new board of directors, including Mohammed al-Shaibani and Ahmed Humaid al-Tayer. Dubai finance director Abdulrahman al-Saleh is also a See # 7 Page 11
Six foreign troops die in Afghan attack KANDAHAR: An insurgent attack in south Afghanistan killed at least six foreign troops and two Afghan soldiers on Sunday, officials said, days before Washington is due to complete a review of its war strategy. General Abdul Hameed, the commander of the Afghan army in the south, said a suicide car bomber staged the attack outside a U.S. base in Kandahar province, the heartland of Taliban insurgents. The NATO-led International Security Assistance Force (ISAF) said six troops had been killed in an insurgent attack in southern Afghanistan but declined to give any details or confirm if it was the same See # 8 Page 11
2 Saddar area:
nightmare for footers motorists KARACHI: Mushrooming growth of illegal encroachments, poor road engineering and tardy performance of traffic cops have made the busiest Empress Market area of Karachi a nightmare for both motorists and footers. At any time of the day, especially rush hours, hundreds of big and small vehicles could be seen stranded in crippling traffic jams, as almost whole of footpaths and two-third width of road from the New Preedy Street to Regal Chowk is encroached by vendors and pushcarts, doing business on roads and footpaths, forcing pedestrians to walk on road dogging vehicles, risking their life and limbs. The City District Government of Karachi (CDGK) last year had completed multi-million mega project of New Preedy Street on Corridor-III to ease the traffic congestion in Saddar area; however, the negligence of traffic police have almost ended the utility of this project and free-flow of traffic even from wrong side in and out of the New Preedy Street have created more problems than solving them. Crippling traffic jams from the mouth of New Preedy Street at Saddar Dawakhana to Naveed Clinic in Regal area, not only wastes precious time and fuel of citizens but also aggravates air and noise pollution in this densely congested residential-cumcommercial area. New Preedy Street was formally inaugurated by Sindh Governor Dr Ishratul-Ebad Khan and former City Nazim Syed Mustafa Kamal on August 14, 2009. This street is the part of 28-km-long Corridor-II running from Saddar to Toll Plaza at Superhighway, completed with a cost of Rs2600million. This corridor was said to be an alternate to Shara-eFaisal and MA Jinnah Road- the two big arteries in the heart of city. The New Preedy Street was a unique project because about 1,385 houses were affected due to it and owners of these houses were given alternate plots in Mahmoodabad area, besides payment of Rs50000 each as cash compensation. The cost of 2.5-km long New Preedy Street, with a width between 52 to 58 feet, was estimated at Rs 203 million. -Agencies
Monday, December 13, 2010
Sharmila spells security strategy for Sindh KARACHI: Advisor to Chief Minister Sindh on Information and Archives Sharmila Farooqui while elaborating Muharram security plan, said Sunday that Sindh police has devised fourstage counterterrorism strategy in order to check the wave of terrorism in the province during Muharram. In an exclusive interview to PPI, Sharmila said that as per the strategy, preparation of police force for impending war against terrorists has been made to create awareness among police officials, which may improve their knowledge of how terrorists' threat could manifest and how it could be prevented. This is to be achieved through preparation and circulation of material on threat perceptions, she said.
The advisor further informed that drawing and rehearsing of contingency plans have also been devised so as to give a befitting response to terrorists in case of any possible terrorist strike. The advisor said throughout checking of travelers from up country at various entry points would be made besides carrying out close monitoring of stores selling precursor chemical and acids. She also elaborated on other security measures during Muharram under which police meetings with Ulema/ organisers of processions and Majalis would be held to ensure strict observance of religious harmony and tolerance besides carrying out round-theclock surveillance of procession routes by mobile and foot patrolling and
intelligence parties. The police will also ensure strong coordination with other agencies (CID, SB, Rangers, and Intelligence Agencies etc) for effective and timely communication of intelligence. She said that orders have also been issued to conduct CCTV cameras and video recording monitoring for all major and sensitive processions, especially in cities like Karachi, Hyderabad, Sukkur, Mirpurkhas and Larkana. "Under the Moharram security plant, strict ban on pillion riding would be ensured and zero tolerance to be observed against display of arms while security will be boosted at all Mazars of saints like Qalandar Shahbaz, Shah Abdul Latif Bhittai, Abdullah Shah Ghazi and Qadam Gah Ali in
FPPCI appreciates MQM opposition
Traders dig in heels over RGST KARACHI: Federation of Pakistan Chamber of Commerce and Industry reiterated its stand to resist the implementation of reformed general sales tax (RGST) describing it as fatal below to the industry and the common man. FPCCI leadership paid tribute to MQM for opposing RGST and announced to maintain interaction with MQM leaders on economic issues of the country in the interest of the private sector and the country as whole. FPCCI in collaboration with International Daily Mail organised a seminar titled National Economic Challenges and Prudent Governance her at Federation House. MQM's Deputy Parliamentary Leader in National Assembly
Haider Abbas Rizvi, Chairman, Senate Standing Committee on Finance and Statistics, Senator Ahmed Ali, President FPCCI Sultan Ahmed Chawla, Chairman G-77 and former president FPCCI Tariq Sayeed, Advisor to Textile Ministry Dr. Mirza Ikhtiar Baig, Managing Director, Trade Development Authority of Pakistan, Tariq Iqbal Puri, Chairman, Transparency International (Pakistan Chapter) Adil Gilani, President, India-Pakistan Chamber of Commerce and Industry, SM Muneer, Editor, Daily International Mail spoke on this occasion. Except Managing Director TDAP, they collectively rejected the imposition of RGST. They
maintained that instead of putting burden on the common man the Government should bring new areas under tax net like agricultural, services s e c t o r s , shopkeepers/small traders earning good amounts over a year. RGST, they said, will ultimately shift to consumers; majority of whom are the poor and below poverty line. "Revenue above Rs 0.3 million be taxed across the board," asserted President FPCCI Sultan Ahmed Chawla. Senator Ahmed Ali and Haider Abbas Rizvi announced that come what may, Muttahida Qaumi Movement (MQM) would be strongly opposing the RGST. Agencies
CS presides over meeting
Nadra allots 74k Watan Cards yet KARACHI: Chief Secretary Sindh Ghulam Ali Shah Pasha and Provincial Minister Rehabilitation Haji Muzaffar Ali Shujra jointly presided over a meeting to review the task of issuance of Watan Cards to the flood affectees in Sindh Secretariat No 1, Karachi. In the meeting, database processing was discussed. It was decided in the meeting that the vacancies of Mukhtiarkars will be filled in accordance
with the rules and regulation, with a view to expedite the task of distribution of Watan Cards to the real affectees. It was emphasised that no negligence at the part of respective officers and staff would be excused, and strict disciplinary action will be taken against the deficiency. The Provincial Rehabilitation Minister asked the Nadra officials, and DCOs to maintain acute liaison for expeditious work to this effect.
In the meeting the issue of distribution of Watan Cards to the affectees was also discussed. The Nadra officials gave a presentation and pointed out, that 99,700 requests for Watan Cards are received, of those 74,484 have been processed. The meeting was also attended by the Secretary Home, Agriculture, and Finance Department. The AIG Police and other relevant officers were also present. -PPI
BISE Larkana
MONDAY Time Programmes 8:00 Amnay Samnay (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Agenda 360 (Sat Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Munafa Khor Hoshiyar (Rpt) 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:05 Tax Time 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Agenda 360 (Sun Rpt) 0:00 News
Exam form submission time table declared RATODERO: The Controller of Board of Intermediate and Secondary Education Larkana has announced that the Examination forms from eligible candidates of Science and General Groups for appearing in SSC part I and II (Class IX & X) annual exam 2011 will be accepted through HBL Branches. According to the schedule the examination forms without late fee will be accepted up to 30-12-2010. With a late fee of Rs200 the forms will be accepted from 01-012011 to 20-01-2011, with late fee of Rs400 from 22-01-2011 to 1002-2011, with late fee of Rs600 from 12-02-2011 to 26-02-2011 and with late fee of Rs.1000 the examination forms will also be accepted from 01-03-2011 to 14-03-2011. -PPI
Hyderabad. She also elaborated evacuation plan which mentions that in case of any eventuality like a bomb blast, following has already been planned, prepared and rehearsed for implementation: a proper evacuation plan listing namewise duties/ tasks like evacuation of public including dead and injured, protection of scene of crime etc while a post incidence investigation team will immediately respond at the scene and take charge of the investigation. She further informed that the medical superintendents of all government hospitals have already been requested to arrange first aid facilities, adequate blood supply and bound the paramedical staff and doctors to remain stand by from 1st to 10th Muharram.
The advisor said 2385 Shia processions with permit and 2311 without permit/tradition would be taken out in Karachi, Hyderabad and Sukkur regions, while 252 Sunni processions with permit and 87 without permit would be brought out in Karachi. CM advisor said that 8704 Shia Majalis and 262 Sunni Wa'az will be held in Karachi, Hyderabad and Sukkur Regions. She also informed about the total deployment of police during Muharram days that include. "Rangers will be deployed as per local requirement. All modalities with Rangers authorities have already been worked out. Army will remain as stand-by force and could be activated in extreme cases only," Sharmila concluded. -PPI
Seminar on media ethics
Leaks rings bell for mediamen Staff Reporter KARACHI: The startling disclosures by WikiLeaks have further underscored the importance of media ethics in the time when contemporary media is changing fast, said Patrick Butler, Vice President (Programs) of International Center for Journalists (ICFJ) Washington, talking to media at Vicky Zeitlin Media Library of Pakistan Press Foundation (PPF) here. He said it is important to decide who qualifies to be called a journalist, as besides formal print and electronic there are many other types of alternate media like social media, citizen-journalists, internet bloggers and websites, providing people a lot of information about diverse topics. He said the question of media ethics arises when there is a conflict of values. He said it is the responsibility of journalists to evaluate their information and see the pros and cons of publishing it or otherwise. Referring to the Society of Professional Journalists Code of Ethics, he said that public enlightenment is the forerunner of justice and the foundation of democracy. He said duty of the journalist is to further those ends by seeking truth and providing a fair and comprehensive account of events and issues. Conscientious journalists from all media and specialties strive to serve the public with thoroughness and honesty. Professional integrity is the cornerstone of a journalist's credibility. He suggested that the journalists should seek truth and report it. In this regard they should be honest, fair and courageous in gathering, reporting and interpreting information. They should test the accuracy of information from all sources and exercise care to avoid inadvertent error. They should avoid from deliberate distortion. He said a journalist should distinguish between advocacy and news reporting.
TV PROGRAMMES
HYDERABAD: Rangers standing alert on rooftop of the Qadam Gah Mola Ali avoid any untoward incident during holy month of Muharramul Harram.-APP
Health dept’s Rs5bn awash with floods KARACHI: Sindh Minister for Health Dr Sagheer Ahmed Sunday said that the health department had suffered a loss of Rs5 billion in its hospitals and health centers due to recent devastating floods in Sindh in which 106 health centers were completely destroyed and 54 damaged partially. This he said at a meeting with a delegation of UAE Hilal-e-Ahmer at his office. He said Sindh health department had made enormous medical treatment facilities for the flood affected people of Sindh at the camps and other sites that was why no disease could spread there. The minister said the
health department had provided health facilities to 2.5 million flood affected people during the months of August, September and November, while during this period over 2000 babies were also born at the relief camps of health department. The minister said medical teams of different countries performed their due role for treatment to flood affected people and provided latest technology for treatment. Dr Sagheer appreciated UAE Hilal-e-Ahmer team for helping the flood affected people in Sindh. Secretary Health Syed Hashim Raza Zaidi and Special Secretary Seema Najeeb were also present on this occasion. -PPI
Today, last date for KU admission KARACHI: The University of Karachi has asked those candidates whose names have appeared in the second admission list for BS Honours and BS Third Year and Masters Programme to complete admission formalities by December 13 up to 1:00 pm. This was announced by an official of the University of Karachi on Sunday. He further pointed out that the first admission as well as that of the claim forms has been canceled. However, those candidates whose names have appeared in the second admission list and who have not completed the admission formalities as yet, to do so on December 13 from nine am to one pm at the office of dean of the Faculty of Arts. -APP
MONDAY
KARACHI: Chief Guest Dr Sultan Mehamood, Principal Khyber Medical College inaugrating the Sports Week Gala at college premises. International Golfer Dr Fareeda Naseer and Directer Sports KMC Muhammad Ali are also present on the occasion. -APP
Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:10 The Reema Show (Rpt) 12:00 News 13:10 Faisla Aap Ka (Rpt) 14:10 Tafteesh (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
KARACHI: A group photo of Ahmed Shah Panel taking part in elections of Arts Council of Karachi. -Online
3 Monday, December 13, 2010
US dollar weekly outlook
Euro to drop as EU leaders meet; Fed meeting looms Euro could fall back to recent low beneath $1.30 Fed meeting also in focus; US data could boost dollar NEW YORK: The euro should extend losses against the dollar this week as a meeting of European Union leaders will likely heighten concerns about deepening divisions within the bloc over how to solve its debt crisis. The euro slipped toward $1.3150 on Friday and ended the week down 1.2 per cent versus the dollar. Charts suggest the euro could fall back to its December low of $1.2970, while positioning data showed more bearishness as speculators more than doubled bets against the currency in the latest week. EU heads of state and government meet on Dec. 16-17 to discuss the region's spreading debt crisis. Expectations of meaningful progress are low after Germany and France on Friday
Spec's cut bets vs dlr, add to euro shorts: CFTC NEW YORK: Currency speculators trimmed bets against the dollar for a fifth straight week and more than doubled bets against the euro, data from the Commodity Futures Trading Commission showed on Friday. The value of the dollar's net short position edged down to $8.42 billion in the week ended Dec. 7 from $8.55 billion the previous week, according to Reuters and CFTC calculations. Bets against the euro were more than doubled in the week, while speculators nearly tripled short sterling positions. But the impact on the overall dollar position was mitigated by a sharp rise in long Australian and Canadian dollar positions.-Reuters
Wheat dips nearly 2pc on USDA data CHICAGO: US wheat futures fell nearly 2 per cent on Friday, reversing gains posted in Asian and European trade, after the US government unexpectedly raised US ending stocks forecasts despite trade expectations for a decline. The government also raised by nearly 5.0 million tonnes its estimate for global wheat supplies, providing added weight on wheat futures prices. March wheat was down 0.39 per cent for the week, corn was up 0.39 per cent and January soy was down 2.2 per cent. It was the first weekly drop for CBOT wheat in three weeks. Corn futures ended nearly flat and soybean futures fell after the government report forecast supplies which exceeded analysts' estimates. CBOT March delivery wheat was down 13 cents per bushel at $7.75-1/2, March corn was unchanged at $5.74-1/4 and January soy was down 8-1/2 at $12.73. Wheat recently rose to its highest level in four months while corn and soybeans rallied to over two-year highs as investors bought each market, banking on dwindling supplies.-Reuters
rejected calls for an increase in the bloc's rescue fund and joint sovereign bonds. "Clearly, there's been much less consensus on the long term stability mechanism such as the euro bond proposal," said Aroop Chatterjee, currency strategist at Barclays Capital in New York. "We expect the euro/dollar to continue to be pressured lower until some solutions are put in place. "Our view is that the euro will make it out of this sovereign debt issue, but it's going to obviously require political will," he said. The euro last traded 0.1 per cent lower at $1.3227, after hitting a session low of $1.3178 on trading platform EBS. Support is at $1.3150, followed by its 200day moving average around $1.3115, traders said. Short positions on the euro jumped to 15,290 contracts from 7,248 contracts in the week ended Dec. 7, data from the Commodity Futures Trading Commission showed on Friday. Currency speculators trimmed bets against the dollar for a fifth straight week. Ireland's government will seek parliamentary approval for an 85-billion-euro IMF/EU rescue package this week, though there were concerns as the opposition Labour Party pledged to vote against it. Against the yen, the dollar rose 0.3 per cent to 83.94 and was up 1.6 per cent last week. The sharp rise in US Treasury yields over the past week has boosted the dollar versus the yen on the view that the Obama administration's proposed tax cut extension would spur economic growth. Higher bond yields tend to boost the greenback as they increase the return on dollardenominated assets. "We suspect the path of US yields will remain the key driver of the US currency's path in the near-
term," said Nick Bennenbroek, head of currency strategy at Wells Fargo in New York. In the United States, focus will be on the Federal Reserve's monetary policy meeting on Tuesday and investors expect no change to the central bank's $600 billion bond purchase program. The Fed will likely continue highlighting risks to the labor market in its post-meeting statement after data earlier this month showed employment barely grew in November. However, analysts don't expect a very downbeat Fed as other data such as consumer sentiment and jobless claims have been more positive. A wide range of data this week could shed more light on the US economy, with highlights including retail sales, consumer and producer prices, and housing starts. "We expect US data to continue to remain firm," said Barclays' Chatterjee. "US yields will likely go higher and risky assets will likely remain firm, so you probably would expect the dollar to do better against the lower yielding currencies such as the yen and euro." Some analysts say dollar/yen could play catch up as US yields rise further. Given current rate spreads at the 10-year sector of the curve, there is a growing consensus that dollar/yen spot should perhaps be trading closer to the 87-88 range. Dollar/yen is also the standout performer in the options market with apparently high demand for bullish structures. "The yen is simply overvalued," said Vasileios Gkionakis, macro strategist at Fulcrum Asset Management LLP in London. Fulcrum oversees about $900 million in assets. Gkionakis expects the dollar/yen to trade around 85 in the short term and said the fair value for dollar/yen is probably around 100-104. -Reuters
LONDON: The pound rose to its strongest level this month against the euro as a report showing house prices advanced added to signs the UK recovery is gathering pace while Europe struggles with its debt crisis. Sterling also climbed to its strongest level in more than two weeks against the dollar. House prices rose to the highest in more than two years in November, a report indicated. The Bank of England kept its benchmark interest rate steady and government data showed record imports in October. Government 10-year bonds headed for a weekly decline. "There's more gloom elsewhere," said Chris Furness, head of foreign exchange strategy in London at 4Cast Ltd., a research company that counts central banks among its clients. Sterling will probably advance to 81 pence per euro by June, he said. The pound gained 0.3 per cent to 83.72 pence per euro as of 4 p.m. in London, leaving it 1.5 per cent stronger last week. It earlier reached the strongest level since Dec. 1. It was up 0.1 per cent at $1.5793, after strengthening to $1.5862. The average price of a home in England and Wales climbed for a seventh month, gaining 0.2 per cent, research company Acadametrics Ltd. and LSL Property Services Plc said in an estimate released. UK producer prices increased for a second month in November, the Office for National Statistics said today in London. Sterling has gained 0.1 per cent in the past month, according to Bloomberg Correlation-Weighted Currency Indexes, which track a basket of 10 developed-country currencies. Since the end of 2009, Britain's currency has lost 3.7 per cent, compared with a 9.5 per cent decline by the euro. The Bank of England kept its main interest rate a record low 0.5 per cent and held its assetpurchase program unchanged at 200 billion pounds. -Agencies
Cocoa reels as Ivory Copper near Coast supply fears ease record high NEW YORK/LONDON: Cocoa crumbled on Friday in its biggest daily percentage loss in nearly five months, extending its losses as fears over supplies from top grower Ivory Coast eased despite a disputed election. Raw sugar reversed to settle higher and arabica coffee bounced to a strong settlement after a spurt of technical buying pushed the market higher. Both markets jumped in thin dealings. The political strife in Ivory Coast appeared to be working its way closer toward a solution and violence failed to materialize despite the contested election result, with prices moving further away from Tuesday's fourmonth highs. Benchmark March cocoa futures on ICE sank $123, or 4.1 per cent, to settle at $2,887 per tonne, the biggest daily percentage loss since July 19. Liffe March cocoa dropped 93 pounds, or 4.7 per cent, to close at 1,899 pounds per tonne, the biggest daily drop since July 16. Raw sugar futures climbed in choppy dealings on thin investor sales as the lack of fresh leads kept the market rangebound,
with earlier pressure from the firmer dollar which was boosted by US data that narrowed more than expected. ICE March raw sugar rose 0.42 cent to close at 29.13 cents per lb. "We suspect buy stops lie above 30 cents and sell stops below 27," said Nick Penney, a broker with Sucden Financial. "Until values reach either of these points, we suspect volume will continue to drift off as the holiday season approaches." Traders continued to wait for a final verdict by New Delhi on Indian sugar exports, which are believed to reach 500,000 tonnes in January. Liffe March white sugar reversed early gains and closed down $4.70 to finish at $722.50 per tonne. ICE arabica futures surged in investor buying, after automatic buy orders were triggered around $2.0575, basis March, in light volume earlier. ICE March arabicas surged 5.05 cents, or 2.5 per cent, to settle at $2.0960 per lb. Liffe March robusta coffee futures closed up $4 at $1,908 a tonne. -Reuters
US cotton gains as trade digests USDA data NEW YORK: US cotton futures closed higher on Friday on investor buying in moderate trade, with analysts saying a government crop report underlined tight supplies in the market. The benchmark March cotton contract on ICE Futures US rose 1.02 cents to finish at $1.3697 per lb, trading from $1.353 to $1.4095. On the week, the market gained 3.5 per cent. Trading volume hit about 27,336 lots, roughly a quarter below the 30-day average of 35,361 lots, Thomson Reuters preliminary data showed. Business has recently slowed. On Thursday, cotton volume reached a three-month low of 15,036 lots, exchange data
Sterling posts wkly gains on recovery optimism
showed. Cotton is still the best performer in the Reuters-Jefferies commodity index, up over 70 per cent in the year to date. The March contract climbed by the 5-cent daily limit ahead of the US Agriculture Department's monthly supply report but "slowly sold off" after the release of the data, said Lou Barbera, an analyst for brokerage VIP Commodities. The USDA estimate of 1.9 million 480-lb bales in US cotton ending stocks for 2010/11 emphasized the tight situation, traders said. But the global numbers took a bearish tone. The USDA raised global pro-
duction in 2010/11 to 115.53 million bales from 115.25 million, reduced world consumption to 116.25 million from 116.82 million and raised world ending stocks to 43.39 million against 42.20 million bales. With those numbers in, Barbera said market players "took a little profit" although the supply situation into the spring of 2011 remained "tight". Chinese cotton prices rose, with the May futures last done at 26,825 yuan per tonne, up 255 yuan. Going forward, market players will turn to prospective spring 2011 cotton plantings in countries such as the United States and China. -Reuters
after China, US data
NEW YORK/LONDON: Copper rose near record highs on Friday after strong Chinese import data and healthy US economic readings boosted the demand outlook amid tight supplies, but a rising dollar trimmed the red metal's gains. Investors voiced concern, however, that China could announce further monetary tightening to slow the country's rapid economic growth when it releases inflation reports on Saturday morning. Three-month copper on the London Metal Exchange finished at $8,980 a tonne from $8,940 at the close on Thursday. The metal used in power and construction rose after data showed US consumer sentiment increased more than expected in early December, bolstering the demand outlook. In a similar trajectory, New York copper for March delivery added 2.50 cents to end at $4.1120 per lb, after setting a new record for the fourth-position contract at $4.1430 a lb. The market also eyed the launch of physically backed base metal exchange-traded products (ETPs), which some believe could exacerbate price volatility and market tightness. Earlier, data showed China's imports of copper rose 28.5 per cent to 351,597 tonnes in November, after a slump in October. Among other metals, aluminum closed at $2,308 versus $2,338 a tonne. Steel-making ingredient nickel ended at $23,980 a tonne from $23,600, while battery material lead closed at $2,390 from $2,405 a tonne. Zinc finished at $2,274 from $2,300 a tonne, and tin at $25,800 a tonne from $25,895. Also bullish for metals, data earlier showed the US trade deficit narrowed much more than expected in October, potentially boosting estimates of US fourth-quarter economic growth. -Reuters
Asian currencies
Mostly logs gains for wk as Chinese data lifts outlook TAIPEI: The Taiwan dollar and Philippine peso led gains in Asian currencies last week as China's exports beat economists' estimates, boding well for the regional economic recovery and trade. The yuan rounded out its best week in a month after China's trade surplus swelled to $22.9 billion in November as exports and imports surged to records. Malaysia's ringgit rose for a second week, its best winning streak in two months, after reports showed overseas shipments and manufacturing grew more than analysts had predicted. "China's export surprise will mean strong demand for products made in the rest of Asia," said Julie Yu, a Taipei- based foreign-exchange trader at Taiwan Shin Kong Commercial Bank. "Economic growth in the region will continue to support
gains in Asian currencies." The peso rose 0.5 per cent to 43.675 per dollar last week. Taiwan's dollar appreciated 0.5 per cent to NT$30.585, the ringgit climbed 0.2 per cent 3.1345 and the yuan gained 0.12 per cent to 6.6556. Global funds bought a total of $1.3 billion more stocks than they sold in Indonesia, South Korea, Taiwan and Thailand last week, exchange data show. The International Monetary Fund predicts Asia's developing economies will expand 9.4 per cent in 2010, while advanced economies will grow 2.7 per cent. The ringgit traded near a twoweek high after the government reported on Dec. 9 that factory production rose 3 per cent in October from a year earlier, beating the median estimate of 2.1 per cent in a News survey.
Exports grew 1.3 per cent that month, compared with predictions for a 1.4 per cent decline, a report on Dec. 3 showed. The currency has appreciated 9.3 per cent this year, headed for its best annual performance since 1973. The yuan rose for a second week on speculation China's central bank will raise interest rates to temper inflation. Taiwan's dollar advanced for a second week after the government reported on Dec. 7 that exports increased a betterthan-forecast 21.8 per cent in November from a year earlier. Elsewhere, South Korea's won fell 0.4 per cent for the week to 1,143.60 per dollar and Indonesia's rupiah dropped 0.1 per cent to 9,018. India's rupee was little changed at 45.11 and the Thai baht traded at 30.08 from 30.05 a week earlier. -Agencies
Canadian $ rises but sheds 0.6pc in wk TORONTO: The Canadian currency eked out a small gain against the US dollar on Friday, trapped in the tightest trading range in several weeks and uninspired by firmer equity markets and data that showed the country's trade deficit shrank in October. The currency remained stuck in its recent narrow band, moving in just a 21-point range during the North American session. The range has compressed in each of the last three sessions and it was the most compact span since Nov. 29 when the currency traded in a 48-point range. The Canadian dollar finished at C$1.0094 to the greenback, or 99.07 US cents, up from Thursday's close at C$1.0105 to the US dollar, or 98.96 US cents. For the week, the Canadian dol-
lar fell 0.6 per cent. "The data this morning was fairly positive for Canada in the sense that exports are looking relatively strong. We have commodities very close to where they closed the day before and equities slightly stronger," said Camilla Sutton, chief currency strategist at Scotia Capital. "So not a lot of real movement out of Canada. We're just sticking around parity but unable to really break through. We need a material catalyst to push us through the C$0.9980 level on a sustainable basis." With no top tier domestic data expected next week, attention will look to the United States for a possible catalyst, notably the Federal Reserve's interest rate decision and November reads on retail sales and the consumer price index.
In economic news on Friday, higher exports helped cut Canada's October trade deficit to a smaller than expected C$1.71 billion from a revised C$2.31 billion in September, Statistics Canada reported. Meanwhile, Finance Minister Jim Flaherty told Reuters Insider on Friday that Canada needs to get used to upward pressure on its dollar. The currency's muted reaction to Friday's data was probably offset by the unexpectedly large contraction in the US trade deficit, analysts said. Toronto's main stock index advanced 0.55 per cent in a broad-based rally. Separately, data from the Commodity Futures Trading Commission showed speculators added to bets in favor of the Australian and Canadian dollars. -Reuters
Oil slips on China rate hike worry, gasoline slide China crude oil imports surge in Nov, supports oil NEW YORK: Oil prices fell on Friday in choppy trading, finishing with a weekly loss as concerns that China's moves to cool inflation will curb energy demand, while slumping gasoline futures hit crude futures which had risen on news of surging Chinese imports. For the third time in one month, China's central bank increased the amount of money lenders must keep on reserve, another move to rein in inflation. US crude for January delivery fell 58 cents to settle at $87.79 a barrel, having seesawed between $87.10 and an early $89.00 peak. Despite reaching a 26-month high of $90.76 on Tuesday, for the week US crude oil futures fell 1.57 per cent. Oil rose 6.48 per cent last week, its second straight weekly gain.
In the week to Tuesday, money managers raised net long crude oil positions on the New York Mercantile Exchange to a record, the Commodity Futures Trading Commission said. That move above $90 just topped the $70-$90 a barrel price range that Saudi Arabia and OPEC last month deemed acceptable to consumers and came as OPEC prepared to meet on Saturday, with oil ministers expected to retain existing supply targets. Total US crude trading volume was tepid, 518,771 lots, 22 per cent below the 30-day average. ICE Brent crude for January delivery fell 51 cents to settle at $90.48 a barrel, slipping 1.03 per cent for the week. China's crude oil imports jumped 22.1 per cent last month
from a year earlier to 5.09 million barrels per day, the fourthhighest monthly average on record. OPEC and the International Energy Agency had different demand outlooks for 2011 on Friday, as the IEA anticipated robust demand while producer group OPEC said supply was plentiful. The IEA, an adviser to 28 industrialized countries, in a monthly report lifted its 2011 oil demand growth forecast by 130,000 barrels per day to 1.32 million bpd. OPEC forecast 2011 global oil demand growth would increase to 1.18 million bpd, only 10,000 bpd more than predicted last month and making the case for no change in supply policy when oil ministers meet on Saturday in Quito.-Reuters
Gold drops as China tightens, down 2pc on week NEW YORK: Gold fell on Friday after China raised bank reserve requirements and investors took profits in bullion US data showing rising consumer confidence and a shrinking trade gap. For the week, bullion fell more than 2 per cent, its biggest weekly decline in nearly two months, as rising yields for US Treasuries prompted some investors to take profits in precious metals and allocate some funds to government debt. Suki Cooper, precious metals analyst at Barclays Capital, said profit-taking pressured gold but economic uncertainty kept longer-term investment demand stable across precious metals. HSBC and other bullion banks also said steep declines in prices triggered more gold buying in emerging markets. They pointed to high premiums
in India and China as evidence of strong physical demand. Spot gold slipped 0.1 per cent to $1,385.92 an ounce at 1910 GMT, sharply below a record high at $1,430.95 set on Tuesday. US February gold futures settled down $7.90 at $1,384.90. Spot silver dropped 0.2 per cent to $28.65 an ounce, retreating after a rally to $30.68 on Tuesday. COMEX gold and silver futures volume were both more than 40 per cent below their 30-day averages, preliminary Reuters data showed, as some trading desks and funds already have closed their books ahead of the year end. BNP Paribas analyst AnneLaure Tremblay said year-end book squaring was also aiding downside pressure in gold. "Investors who have performed well this year may be looking
to protect their gains rather at this stage," she said. Earlier, China's central bank said it was raising lenders' required reserves by 50 basis points, effective Dec. 20, its sixth official increase this year. Physical demand has limited declines in gold prices. "Tuesday-Thursday was our strongest three-day run of physical sales to India since late October, when gold was trading around $1,320," said UBS analyst Edel Tully. "Physical buying from India and other centers this week was likely one of the reasons more investor longs didn't liquidate, as strong physical demand is often a sign that a downtrend is about to bottom." In other metals, platinum eased 0.1 per cent at $1,673.99, while palladium slipped 0.5 per cent to $732. -Reuters
4 Saturday, December 11, 2010
Is it World Cyberwar I?
The Financial Daily International Vol 4, Issue 124
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
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Crude-bite, not very far Two factors have become evident that crude oil average price in 2011 will hover around $100 a barrel and oil producers are not willing to let the price go off on a tangent. They believe consumers can afford to pay this price, which is also necessary for attracting fresh investment in exploration and production as well as in upstream industries. Since 2008 per barrel crude oil prices have hit two extremes, on the higher side $147 and on the lower side $34. Prices had skyrocketed due to over-indulgence of hedge funds in all the commodities, including oil in 2008. With the burst of the bubble and emergence of financial crisis the world experienced doubledip inflation. As a result many countries including Pakistan had to approach the global lenders for bail out programmes. Therefore, the rise in crude oil prices once again should be a cause of concern for Pakistanis. Some of the experts say that since the dollar has depreciated against many currencies the $100 level is not really too high. They even hint towards $125 high. As the prices, commodities are also witnessing upward hike in crude oil price should not be much of a concern. Some of the Pakistani experts also say that as long as prices of wheat, cotton and rice also move in tandem, the bite will not be deep. However, when price crosses $120 Pakistan could face some serious problems. They make is very categorical that the severe impact will not be due to price hike but prevailing inefficiencies, mismanagement, and corruption in the energy sector. The added dampener will be the circular debt engulfing the entire energy chain. Fully cognisant of the fact that Pakistan is excessively dependent on fossil oil and gas production is falling short of demand the only prudent option is to optimise use of energy products. Along with this, efforts should also be made to curtail pilferages along with enhancing the use of alternate sources of energy i.e. coal, wind power and hydel power generation. Though, experts often say that energy shortage is the stumbling block in boosting Pakistan's economic growth little is being done to remove this. Reduction in transmission and distribution losses of electric utilities and UFG of gas distribution companies can help improve cash flow of these entities, help in resolving inter-corporate debt and above all bringing down electricity and gas tariffs in the country. One could only say with great regret that the entire nation suffers one of the contagious maladies called self-pity. Neither the government nor the stakeholders in trade, industry, and general public are serious in resolving the energy crises. On top of all, they consider pilfering electricity and gas their inherent right because tariffs are unaffordable. Situation begs action.
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.
hat started out as a small group of activists operating a clearing house for leaked secret documents, WikiLeaks looks like it is turning into an international grass roots movement that needs no central figure to fight a "data war" in the name of Internet freedom. It could be a long war, no matter whether Julian Assange, the founder of WikiLeaks, remains the world's most prominent anti-secrecy figure or not. S i n c e November 28, when WikiLeaks began releasing a quarter of a million classified US State Department cables from embassies around the world, there have been several attempts to drive the organisation off the Internet and cut its channels for receiving donations. A day after Assange was arrested in London, Internet activists struck back. While he was in prison, cut off from contact with his organisation, computer hackers attacked the websites of MasterCard, Visa, and PayPal which had stopped processing donations for WikiLeaks; Amazon.com, which had banished WikiLeaks from using its rented servers; a Swiss bank and the website of the Swedish prosecutor who had issued an arrest warrant for Assange on charges of sexual misconduct. "This movement is bigger than Assange," said a comment in one of the dozens of passionate Internet debates on Operation Payback, as the counter-attack was called. Peter LaVenia, a leader of the New York State Green Party, described WikiLeaks as "the most important thing to happen to the cause of democratic rule" since the student revolts
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of 1968 in the US and Europe. The mood and tone of proWikiLeak activists indeed evoke memories of the antiestablishment sentiment of 1968. Since 2007, when Assange, a 39-year-old ex-hacker, set up WikiLeaks, his organisation has been closely identified with him as the indispensable leader. He has described himself as "the heart and soul of
“
ties with WikiLeaks denied having caved to pressure from the US government, but that was not the perception abroad. In Geneva, the United Nations High Commissioner for Human Rights, Navi Pillay, expressed "concern about reports" of pressure on private companies to close down credit lines for WikiLeak donations. "If WikiLeaks has committed any recognisable illegal act, then this should be handled through the legal system," she said, "and not through pressure and intimidation including on third parties." Particularly not, she might have added, in a country whose Secretary of State, Hillary Clinton, had waxed lyrical in a speech in January about an Internet free of government interference and the need for American companies not to buckle to any form of censorship. "American companies need to make a principled stand. This needs to be part of our national brand." Nice words, well delivered. But the before-and-after WikiLeaks comparison of Clinton statements is stark. The leaks of the cables, many with brutally frank assessments of foreign leaders, were not just an attack on America's foreign policy interests but "an attack on the international community," she said. Clinton did not return to the subject of principled American companies or the national brand. President Barack Obama has stayed away from the WikiLeaks controversy entirely. But his attorney general, Eric Holder, is trying to put together a legal case that would allow Assange's extradition from Sweden to the United States. It's a hard case to make because officials have yet to answer convincingly the
It could be a long war, no matter whether Julian Assange, the founder of WikiLeaks, remains the world's most prominent anti-secrecy figure or not. this organisation, its founder, philosopher, spokesperson, original coder, organiser, financier and all the rest." But the last few days of "hacktivism" show that even without him, the genie he uncorked could not be stuffed back into the bottle. "This is cyber guerrilla warfare," said Charles Dodd, a consultant to US government agencies on cyber security. "They attack from the shadows and they have no fear of retaliation. There are no rules of engagement in this kind of emerging warfare." In the Kalashnikov-carrying kind of guerrilla war, one of the aims is to provoke the government into harsh reactions that generate sympathy for the cause and attract new followers. The American reaction to WikiLeaks' dump of embassy cables seems to have achieved just that. PRESSURE AND INTIMIDATION Politicians from both sides of the spectrum have portrayed him as an arch-villain. Rightwing pundits have called for his assassination. Mike Huckabee, a presidential contender in 2008, says he should be executed. The companies that cut off
Corporate cowardice
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ill Visa Europe prevent its clients from subscribing to the Guardian? Will Mastercard allege it can't handle payments to the New York Times because its behavior is "illegal?" That would be ridiculous. Yet the two credit card giants have been the latest to cut off Wikileaks for supposed unlawful behaviour in what looks like a pandering to US sensitivities. This is hardly taking a stand: they don't go against the two influential newspapers - or their equivalent in France, Spain and Germany - which published the contents of the 250,000-odd US diplomatic cables. It is corporate cowardice. Visa Europe, which split off from the US parent company before its 2008 initial public offering, and Mastercard follow the likes of PayPal, the eBay subsidiary, and Amazon, which also stopped servicing Wikileaks because of alleged breaches in their terms of service. This rush to please the US government which will enchant a few other western powers as well question why WikiLeaks' boss should be tried and not executives of the New York Times, the US newspaper that printed some of the most sensitive leaked correspondence. Getting Assange, an Australian, into an American court would also be a serious tactical mistake. It would turn him into a free speech martyr at a time disaffected former WikiLeaks staffers are preparing to launch a rival anti-secrecy site. Why? They left because of his high-handed management style and the organisation's lack of trans-
- is disturbing. In the absence of any legal decision - and even, so far, of any legal action - against the Wikileaks cables disclosure, the only possible explanation is that the companies thought the controversial website would be a convenient and relatively weak scapegoat that would allow them to stay on the safe side of the dispute. One can only wonder at the sudden shock felt by all these companies when they came to the view they were part of an illegal conspiracy to shake the world to its foundations. A Swiss bank even went so far as cutting off the account of the Wikileaks founder, presumably because he gave the wrong address. As everyone knows, giving an exact and precise address is what Swiss banks have always demanded from all their customers. Hackers are now having a field day wreaking havoc on the websites of the companies taking part in Wikileaks' boycott. This is the price these firms have to pay for forgetting a basic rule: in a market economy, don't rub customers the wrong way.-Reuters parency. The respected Stockholm newspaper Dagens Nyheter quoted one of the prospective founders of the new group as saying they wanted an organisation that was "democratically governed, rather than limited to one group or individual." That doesn't mean letting up on making official secrets public. "Our long-term goal is to build a strong, transparent platform to support whistleblowers, while at the same time encouraging others to start similar projects."-Reuters
The True Measure of China’s Growth C
hina's growth is real, but even the nation's leaders aren't sure how to measure it. The man expected to be China's next premier thinks GDP data is unreliable, and he prefers electricity usage as a measure of economic expansion, recent disclosures from WikiLeaks say. But as China transitions to a more services- and consumption-based economy, energy data will be a less useful indicator and leaders need to start looking elsewhere. It is true that Chinese data is often too imprecise to be relied upon. The government releases quarterly GDP with impressive speed - just three weeks after the quarter finishes. It takes US bean-coun-
ters eight weeks to do the same job. The Chinese GDP data look bare-boned. Sometimes Chinese data
Resources' estimate of percent looks closer to truth. The problem may garbage in, garbage out:
25 the be the
seeking alternatives. Premier Wen Jiabao has previously said he likes to use electricity usage. The WikiLeaks cables show that his likely successor, Li Keqiang, looks at rail cargo as well as electricity. Those measures might work to a certain extent in the Liaoning province, a big producer of steel and petrochemicals, where Li used to work. But they are less useful for the whole nation. The make-up of the Chinese economy is changing.
It is true that Chinese data is often too imprecise to be relied upon. The government releases quarterly GDP with impressive speed - just three weeks after the quarter finishes. It takes US beancounters eight weeks to do the same job. The Chinese GDP data look bare-boned. don't even agree with each other. The statistics bureau found house prices grew only 1.5 percent in 2009. The Ministry of Land and
statistics bureau relies on surveys of developers rather than hard transaction data. It is reassuring to a degree that top Chinese leaders are
Industries contributed 46 percent to GDP in 2008, down from 58 percent in 2000. About 43 percent GDP came from services in 2008, versus 35 percent in 2000. China's efforts to be more energy efficient may also complicate matters. A wider range of consumption measures needs to be considered when assessing China's economic growth using ad-hoc observations. Car sales, for example, are already a big growth driver; there is good industry association data. The same goes for movie screenings or sales by leading e-commerce websites. But at least Li - an economist PhD - recognises the need for imagination.Reuters
What Next on Korean Peninsula? C
hina and North Korea have reached consensus on the crisis in Korean peninsula after "candid" talks between Beijing's envoy Dai Bingguo and the isolated North's leader Kim Jong-il this week, Xinhua news agency said. While no details of the meeting were revealed, analysts say that China likely sought to cool tensions between the North and South Korea so as to avoid a dangerous escalation. Tensions between the rival Koreas rose to their highest level in decades after the North bombarded a South Korean island last month killing four people and destroying homes. It also revealed major advances in its nuclear programme. What could happen next?
MORE DIPLOMACY? Beijing wants an emergency meeting of regional powers to talk about the situation, and it is likely that Dai and Kim Jong-il spoke of the need to cool tensions through dialogue. The two sides believe the six-way disarmament talks were the best forum to begin, analysts say, but it is unlikely that there will be an immediate return to dialogue. Washington, Tokyo and Seoul are uneasy about the proposal as they don't want to be seen to be rewarding Pyongyang for what they see as its reckless actions, by agreeing to hold talks. South Korea, the United States and Japan also say they want proof that Pyongyang is committed to denuclearise, adding the North's revelations about its advances in uranium enrichment programme under-
line it is far from serious. For now, the outlook for talks involving all sides is bleak. NORTH'S NEXT MOVES Most analysts say the North is unlikely to undertake another act of aggression in the near term now that it has succeeded in grabbing the attention of China and the United States. Besides, Dai delivered a message from Chinese President Hu Jintao to Kim Jong-il and it is unlikely the North Korea leader would escalate tensions further at this stage. The North typically carries out aggressive actions to push South Korea and the United States to the negotiating table where they expect to win concessions in return for promises of 'best' behaviour. At the same time, militaristic acts
serve to bolster Kim family rule as ailing leader Kim Jong-il grooms his youngest son, Kim Jong-un, into an iron ruler. The North could wait to see if its latest actions first yield results before making another aggressive move. It will also be wary of any response by the South, where the public is calling for tougher retaliation. Other actions could include shooting down loudspeakers placed at the border by the South to broadcast antiPyongyang propaganda, test firing artillery off the west coast, testing missiles or conducting a third nuclear test. SOUTH'S NEXT MOVES The South will conduct more military drills, both by itself and with the United States. It is likely Washington will send its aircraft carrier
back to the west coast sometime soon for a combined manoeuvre. Pyongyang regards military exercises by South Korea and the United States with genuine unease, fearing the manoeuvres could be a smokescreen for a real attack. Exercises near the contested Northern Limit Line (NLL) are particularly sensitive, and if a stray round lands in disputed waters it could spark a fight which could turn deadly. Pyongyang says the maritime border was created without its consent. The South could up the ante in anti-Pyongyang propaganda. It could resume broadcasting messages through speakers at the border, stopped six years ago, and send leaflets into the North denouncing its leadership.-Reuters
5
Monday, December 13, 2010
Indian shares seen rising 20pc by end-2011: Poll
Shanghai stocks to bottom before mid-2011 rebound: Poll
Weekly Review
Voluminous wk for KSE with gains, fresh highs
KSE-100 Index Opening Closing Change % Change Turnover (mn)
11,406.66 11,620.16 213.50 1.87 912.05
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,568.84 3,628.81 59.97 1.68 51.98
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,901.04 2,945.08 44.04 1.52 1.90
Nawaz Ali
Major Gainers
Symbol
Close
Change
NESTLE 2,466.81 RMPL 2,093.00 WYETH 1,100.00 COLG 899.98 IDYM 318.93
279.55 121.00 93.75 47.98 43.98
Major Losers
Symbol
Close
Change
ULEVER 4,045.11 UPFL 1,059.00 SRVI 247.03 FZTM 392.26 BATA 627.42
-59.89 -45.33 -25.69 -16.73 -16.29
Top 5 Volume Leaders
Symbol
Close Vol (mn)
DSFL LOTPTA NBP JSCL KESC
3.67 13.33 70.99 11.30 3.16
104.77 79.97 42.28 37.74 33.41
Active Issues Plus Minus Unchanged
242 170 17
Sector Updates FERTILISER
ABU DHABI: Traders sit under screens at the Emirates Securities Market.-Reuters
000 tonnes
Urea Offtake (Jan to Sep 10) 4,190 Urea Offtake (Sep 10) 324 Urea Price (Rs/50 kg) 851 DAP Offtake (Jan to Sep 09) 680 DAP Offtake (Sep 10) 226 DAP Price (Rs/50 kg) 2,628
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Oct 10) 26,842 Sales (July 10 to Oct 10) 25,279 Production (Octy 10) 7,311 Sales (Oct 10) 7,459
INDUS MOTOR CO Production (July 10 to Oct 10) 17,013 Sales (July 10 to Oct 10) 16,622 Production (Octy 10) 4,827 Sales (Oct 10) 4,830
HONDA ATLAS CAR Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)
5,481 5,172 1,514 1,340
DEWAN FAROOQ MOTORS Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)
186 70 0 18
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Nov 6,10) Advances (Nov 6,10) Investments (Nov 6,10) Spread (Sep 10)
4,729,932 3,011,868 1,897,426 7.57%
OIL MARKETING CO (000 tons) MS (Jul 10 to Oct 10) MS (Oct 10) Kerosene (Jul 10 to Oct 10) Kerosene (Oct 10) JP (Jul 10 to Oct 10) JP (Oct 10) HSD (Jul 10 to Oct 10) HSD (Oct 10) LDO (Jul 10 to Oct 10)) LDO (Oct 10) Fuel Oil (Jul 10 to Oct 10) Fuel Oil (Oct 10) Others (Jul 10 to Oct 10) Others (Oct 10)
PRICES (Ex-Refinery) MS (1 Nov 10) MS (1 Oct 10) MS % Chg Kerosene (1 Nov 10) Kerosene (1 Oct 10) Kerosene % Chg JP-1 (1 Nov 10) JP-1 (1 Oct 10) JP-1 % Chg HSD (1 Nov 10) HSD (1 Oct 10) HSD % Chg LDO (1 Nov 10) LDO (1 Oct 10) LDO % Chg Fuel Oil (1 Nov 10) Fuel Oil (1 Oct 10)
744 198 53 15 452 122 2,182 664 22 6 3,086 854 3 1
Rs 44.53 40.71 9.38% 51.25 47.31 8.33% 51.48 47.54 8.29% 54.24 50.38 7.66% 49.51 46.13 7.33% 42,046 39,276
Wall Street weekly outlook
Is Santa Claus rally almost done? NEW YORK: The December rally may be reaching its climax, with just two weeks to go before Santa Claus makes his midnight run. Dwindling volume, excess optimism, and history all point to a stock market that could be running out of steam. Investors appear to have grown complacent as the CBOE Volatility Index, or VIX, has fallen to levels not seen since April. Stocks have made new highs on almost a daily basis. The S&P 500 closed on Friday at its highest level since September 2008 and the Nasdaq scored its best finish since late December 2007, with many expecting gains to run through the end of the year. But Cleveland Rueckert, an analyst at Birinyi Associates in Stamford, Connecticut, believes the year-end rally may be largely done. "The majority of that gain may already have occurred," he said. "Most people are more likely to be closing out their books at the end of the month and looking for opportunities to open new positions at the start of the next month." Rueckert said that over the last 65 years, when the S&P 500 has rallied at year's end, the average gain has been 3.4 per cent between Thanksgiving and New Year's. So far, the index has risen 3.5 per cent since the start of the period. "A lot of stocks this year have had very big gains and it really wouldn't be surprising to see a lot of the managers close out positions and take some vacation time," he said. When trading resumes on Monday, that will start the last five-day trading week before Christmas. The following week will be cut short by the holiday. With Dec. 25th falling on Saturday this year, the US stock market will be closed on Friday, Dec. 24th, in observance of the Christmas holiday. Inflation data for November will dominate this week's economic calendar, with the US Producer Price Index due on Tuesday and the US Consumer Price Index set for Wednesday.
Some see signs of the bulls getting into the eggnog. The American Association of Individual Investors' latest sentiment survey shows bullish sentiment reached a four-week high. What's more, bullish sentiment has spent 14 weeks above its historical average -- its longest streak in six years. That is often seen as a contrarian indicator. Last week, the S&P 500 has broken through closely watched resistance levels and has climbed for six of the last eight days to close at fresh two-year highs. But gains have been accompanied by decreasing participation. Average volume during the last three days of the week was 7.76 billion, well below this year's daily average of 8.62 billion. "We are entering now the beginning of the seasonal pattern where volume really dries up," said Nicholas Colas, chief market strategist at the ConvergEx Group in New York. "It seems like it's starting a little sooner than usual. "I don't think we're at any risk of a meaningful sell-off into the end of the year, but I think the basic contours of what the economy looks like are pretty well set," he said. That sentiment was reflected in the VIX, also known as Wall Street's favorite barometer of investor fear. Although the VIX edged up on Friday, the index has fallen for six of the last nine sessions. It now stands at 17.61 after hitting its lowest since April. The 15-day moving average of the advance/decline ratio on the New York Stock Exchange, a measure of the proportion of advancing to falling stocks, has started to slip and currently stands at around 1.5. It peaked this year in July at about double that, according to Reuters data. In addition, the 3-day moving average of stocks making new 52-week highs has also turned lower after a spurt at the start of the month. It now stands at around 125, down from more than 250 at the start of the month. The breadth and ratios have not been "on board" this rally of late,
according to a report from McMillan Analysis Corp. Equityonly put-call ratios remain on "sell" signals, the analysts say. Chart-minded investors are bullish. The S&P 500 has closed well above 1,228, the 61.8 per cent Fibonacci retracement of the 2007-2009 bear market slide, a key technical level. "When a market surpasses a certain retracement level, then the probability increases of a rise to the next retracement level, which in this case would be a 76.4 per cent retracement and that's a ways up at 1,362," said Chris Burba, short-term market technician at Standard & Poor's. The 1,120 level, the top of a recent trading range, is seen as strong support. On Friday, the S&P 500 closed at 1,240.40 and was up 1.3 per cent for the week. The Dow Jones industrial average ended Friday's session at 11,410.32 and was up just 0.2 per cent for the week. The Nasdaq closed on Friday at 2,637.54; for the week, the Nasdaq was up 1.8 per cent. An agreement to extend the Bush-era tax cuts over the next two years has started to seem like less of a done deal. The agreement is expected to be approved by the US Senate on Tuesday, but could face a tougher road to passage in the House. If the legislation stalls, resulting in higher capital gains and dividend taxes at the start of next year, then US stock prices could fall. The Federal Reserve's policy-making body, the Federal Open Markets Committee, will convene on Tuesday for its last meeting of the year. The recent clutch of stronger economic data could spark a debate over how far to stretch the central bank's $600 billion stimulus plan, designed to keep interest rate low through bond purchases. "The hawkish members on the Fed may seize on this cluster of strong numbers and use them to support the argument against" quantitative easing, said Pierre Ellis, senior global economist at Decision Economics in New York. -Reuters
KARACHI: Bulls laid claim to Karachi Stock Exchange (KSE) last week which closed at 30month high after gaining near 1.9 per cent due to continued interest of foreign investors and buying on higher international oil prices and strong valuations. The benchmark KSE 100Index increased by 213 points 1.87 per cent-- to close at 11,620 points -its highest closing since July 2008. KSE 30-Index jumped by 190 points -1.74 per cent --to close at 11,184 points and KSE All Share Index rose by 147 points -1.85 per cent-- to close at 8,082 points. "Heavy foreign influx and rising international oil prices allowed the market to sustain bullish trend", said Ahsan Rasheed, Head of Research AMJ Growth. Anticipation of good December ending corporate results and forum in London stock exchange boosted buying, he added. According to NCCPL data foreign investors did a net-buying of $11.8 million last week that totaled a net-buying of $32.6 million so far in the month of December. Bulls were in majority during the major part of the week supported by continued influx of foreigners' mainly in oil and banking stocks and buying on higher international oil prices which crossed $90 per barrel. Therefore index at a moment touched the highest level of the week of 11,676 points. Further, buying on expectations of some better December
ending corporate results and representation of Pakistan Capital Market Forum at London Stock Exchange too boosted the buying. It should be noted that London Stock Exchange (LSE) is organising the Forum in conjunction with Nomura Dubai at LSE Headquarters, UK titled Pakistan Capital Markets & Privatisation Forum. The event will showcase the opportunities available to international investors in the Pakistan economy and is designed to both showcase a number of Pakistan based listed and public companies and connect them with a wide range of senior representatives from the international buyside investor and corporate advisor communities. Though market was particularly led by the bulls, but there was also some profit taking at certain occasions where market ended in the negative zone during two days mainly due to higher inflation numbers, uncertainties regarding the next IMF tranche and RGST approval which triggered the selling. Rabia Tariq, analyst at JS Global Capital said that inflation spiked to an 18-month high of 15.48% - spillover effect of the floods and rising energy prices. Volumes remained robust throughout the week touching highest level of about 8 months on the last trading day. Overall 912 million shares traded during the week which is 162 million shares more as compared to a turnover of 750 million shares a week earlier. See # 15 Page 11
Gulf stocks mkt
Tabreed, property stocks hit Dubai mkts DUBAI: District cooling firm Tabreed dropped, weighing on Dubai's index, as investors worried about dilution in value of the stock after the firm slashed its share capital by 80 per cent. Tabreed closed 5.1 per cent lower, dragging Dubai's index down by 1 per cent. The firm reduced its number of outstanding shares to 243.4 million from 1.2 billion, cancelling 970 million shares. Property stocks also declined, led by Arabtec which fell 2.9 per cent and Drake & Skull which dropped 3.2 per cent. "There is partial profit taking today as property stocks went up last week after the Qatar soccer World Cup announcement," said Mohamed Khaled, relationship manager at Prime Emirates. In Abu Dhabi, developer Aldar Properties fell 2.8 per cent and Sorouh Real Estate declined 2.3 per cent. The broader index added 0.2 per cent. Qatar Gas Transport Co (Nakilat) hit a seven month closing high, as Doha's bourse continued to rise on expectations of increased government spending after the Gulf state was chosen to host the football World Cup in 2022. Nakilat climbed 6.3 per cent to its highest close since May 4, lifting the index by 0.5 per cent. The bourse rose for the sixth session in seven. "Investors are expecting new projects to be announced for the World Cup arrangements," said Hani Girgis, assistant chief dealer at Dlala brokerage. Masraf Al Rayan gained 1.1 per cent. Kuwait's index lost 0.3 per cent, falling for a third day in a row. Saudi Arabia's index slipped, with petrochemical shares leading the drop after oil prices fell on Friday. Heavyweight Saudi Basic Industries and the petrochemical index dropped 0.7 per cent each. Volumes were also low as investors stayed on the sidelines ahead of the Saudi federal budget that its expected to be released soon. -Reuters
Dhiyan
GREEN-DAY AUGURED Iqbal Ismail, Chairman ACE Securities The bull-run in the equities market is expected to sustain with hopes the index may cross 12,000 points level by the end of December in a rally led by the oil stocks. Investors are therefore recommended to pile up oil as well as banking stocks where my top picks are OGDC, POL and MCB. Good December-ending corporate results and settlement of RGST issue would give market and a reasonable impetus. Market would be in the green zone today.
Tariq Hussain Khan, Head of Portfolio Management United Capital Securities We expect the bullish activities would continue further and index touch 12,20012,500 points in the next two weeks. This would be an upshot of hopes pinned on good corporate results, continued foreign buying, Pakistan Capital Market Forum success in London, and increased institutional activity due to year-end. Launch of Margin Trading System (MTS) would also further boost the market. However, before moving towards 12,000 level we would see a technical correction of about 200 points. Invest in oil, banking, fertiliser and textile sectors. Today, market may take a slight dip in the beginning, however it would then recover and may end positive.
6
Monday, December 13, 2010
Market 912,048,968
Value
28,020,653,895
Trades
404,819
Paid up Cap(mn)
Advanced Declined Unchanged Total
242 170 17 429
Current High Low Change
PE
Open
High
High Low 1,523.25 1,470.32 Total cos Defaulter cos P/BV (x) ROE (%) 3.61 32.54 Low
Close Chg
Close Change % Change 1,504.14 27.24 1.84 Listed cap Market cap 200-Day High 65,194.15 mn 1,174,384.67 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.04 Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
691
5.64 323.69
330.00 321.75 325.56
1.87
1342025 374.20
287.99
250
-
300
20
6.70 123.50
125.30 115.25 119.61 -3.89
14479138 137.20
78.51
-
-
-
-
Mari Gas Company
735 16.19 119.25
122.60 119.00 119.51
280880
128.90
106.00 32.17 100B
31
-
National Refinery
800
3.89 266.00
Oil & Gas DevelopmentSPOT 43009 11.37 166.08
0.26
270.50 259.01 262.24 -3.76
818102
275.40
189.08
125
-
200
-
170.99 166.00 168.12
2.04
3031975 170.99
142.05
82.5
-
55
-
11950
8.46 202.37
211.80 201.50 208.15
5.78
6369074 214.10
168.70
130
20B
90
20B
2365
6.88 275.19
293.80 272.20 291.51 16.32
14325330 293.80
230.05
180
-
255
-
106.34
337846
106.34
52.60
-
-
-
-
2675070 292.15
256.01
50
-
80
-
350
P.S.O
1715
-
92.47
4.81 286.59
Shell Gas LPG
226
Shell Pakistan
685 10.18 197.74
-
36.78
91.70 102.30
9.83
289.10 282.51 284.27 -2.32 37.89
34.86
36.00 -0.78
201.00 197.00 198.50
0.76
15052
40.28
28.05
-
-
-
-
121575
204.40
182.05
330
-
40
-
Open High Low 1,293.61 1,330.67 1,290.49 Turnover Total cos Defaulter cos 233,769,834 P/E (x) P/BV (x) ROE (%) 8.24 2.88 35.00 Paid up Cap(mn)
Agritech Limited
3924
Bawany Air
PE 8.59
68 78.75
Open
High
Low 22.54
Close Chg
24.15
23.70 0.33
99849
25.00
-
-
-
-
8.01
9.45 0.65
6025
13.99
7.73
-
-
5
10R
44.25
49.30 4.18
5781
51.01
31.64
40
-
45
-
86.74
83.50
84.83 -0.31
7641
87.99
67.30
90
-
15
-
36007
164.89
149.72
125
-
-
-
40512
185.00
163.51
40
10B
40
-
104773279 4.24
1.28
-
-
-
-
15
-
15
-
250 11.65
85.14
273
5.95 158.60
162.00 155.00 155.62 -2.98
Dawood Hercules XD
1203
7.15 172.46
175.95 172.00 172.42 -0.04
Dewan Salman
3663
-
94
-
2.23 11.00
3277 10.22 187.96
Fauji Fertilizer
6785
-
10.18
8.45 113.94
Fauji Fert.Bin QasimSPOT 9341
6.91
ICI Pakistan
7.80 138.09
1388
Lotte Pakistan
35.27
4.24
2.23
3.67 1.44
10.90
10.20
10.90 -0.10
13.79
9.15
8700240 189.59
171.00
9.86 -0.32
14252682 11.74
9.21
116.90 113.84 116.61 2.67
7378321 116.90
189.59 185.20 186.05 -1.91 10.23 36.92
9.21 35.50
36.63 1.36
140.25 136.50 138.50 0.41
15142
4.76
12.83
13.54
12.56
13.33 0.50
74
-
1.70
1.98
1.31
1.78 0.08
Mandviwala Nimir Ind Chemical
1106
-
1.55
Shaffi Chemical
120
-
2.44
Sitara Chem Ind
214 10.22 130.00
Sitara Peroxide
551 14.64
Wah-Noble
90
6.73
1.95
1.50
1.85 0.30
2.97
2.06
2.83 0.39
129.75 121.00 124.67 -5.33
16710
20.26
2010 Div BR (%) (%)
51.01
Clariant Pak
22000
2009 Div BR (%) (%)
10.50
BOC (Pak)
Fatima Fertilizer
Last 60 days High Low
Volume
8.80
5.36
Engro Corp. Ltd XD
Change % Change 25.78 1.99 Market cap 200-Day High 291,558.91 mn Div Yield (%) 200-Day Low 5.92 -
23.37
200
Dynea Pak
Close 1,319.39 Listed cap 52,251.88 mn Payout (%) 48.81
45.12
Biafo Ind
40
-
-
-
-
-
104.21 131.5
10B
95
-
16709834 36.92 900893
6010B 40R
26.59
40
-
17.5
-
140.25
116.00
80
-
55
-
79967979 13.54
8.17
5
-
-
-
180377
0.80
-
-
-
-
2.75
4195532
-
-
3.40
1.80
-
-
-
-
139.40
1.95
101.00
75
-
25
5B
48371 5341
1.16
-
-
13.28
13.94
13.20
13.47 0.19
803832
14.69
7.67
-
-
-
-
33.20
36.69
33.41
35.00 1.80
27200
46.25
32.00
50
-
50
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,103.63 Turnover 208,539 P/E (x) 5.92 Company
High Low 1,193.53 1,105.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47
Close 1,172.76 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.75 7.01
16.49 41.58 40.76
17.15 46.97 46.00
16.00 43.00 41.00
16.20 -0.29 45.49 3.91 45.45 4.69
51842 62364 94333
Century Paper Pak Paper Product Security Paper
Company
Change % Change 69.13 6.26 Market cap 200-Day High 3,250.54 mn Div Yield (%) 200-Day Low 4.27 -
Last 60 days High Low 21.80 62.85 46.00
15.28 38.61 38.00
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Paid up Cap(mn)
Pak Int Cont. Terminal PNSC
1092 1321
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind
PE
Open
High
Low
565 3.94 675 555 9.21 1199 10.68
24.98 2.92 14.56 50.66
26.23 3.29 15.00 52.85
24.01 2.80 14.25 50.00
Close Chg 25.23 3.02 14.74 51.26
0.25 0.10 0.18 0.60
Close 980.60 Listed cap 3,596.11 mn Payout (%) 30.91
Change % Change 7.89 0.81 Market cap 200-Day High 9,497.21 mn Div Yield (%) 200-Day Low 9.94 -
Last 60 days High Low
Volume 304446 284579 37737 353169
26.23 3.39 16.75 54.00
2009 Div BR (%) (%)
23.75 1.65 12.25 44.00
-
30B -
2010 Div BR (%) (%) 30 40
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.33 37.92
71.51 34.99
76.65 35.69
71.05 33.60
73.31 1.80 34.89 -0.10
1129933 71157
77.77 41.00
Open 1,179.26 Turnover 24,038,897 P/E (x) 4.27 Paid up Cap(mn)
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission
PE
Company
Paid up Cap(mn)
PE
Open
High
Low
Close 1,017.66 Listed cap 54,792.74 mn Payout (%) 19.04
Close Chg
Volume
Last 60 days High Low
170810 422547 103704 107905
4.00 69.86 2.50 20.45
2.80 57.60 1.01 14.01
50 -
20B -
0.15 0.30 0.37 0.53
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints
1828 866 858 182
6.63 -
3.35 62.70 1.69 19.39
3.65 64.40 2.50 20.01
3.25 62.47 1.46 18.33
3.50 63.00 2.06 19.92
Cherat Cement Dadabhoy Cement Dewan Cement
956 26.02 982 15.00 3574 -
11.47 1.60 1.91
12.00 2.49 3.10
11.05 1.61 1.91
11.45 -0.02 1.95 0.35 2.79 0.88
67612 12.75 826907 2.49 24925651 3.10
9.51 1.30 1.30
-
-
-
-
DG Khan Cement Ltd Fauji Cement
3651 127.83 6933 14.82
31.05 4.94
32.10 5.04
30.23 4.84
30.68 -0.37 4.89 -0.05
26178942 32.10 2395941 5.50
23.40 4.52
-
20R -
-
20R -
Fecto Cement Flying Cement Ltd Gammon Pak
502 1760 283
3.65 -
7.35 1.80 1.53
7.40 2.19 2.45
7.00 1.72 1.48
7.00 -0.35 2.13 0.33 1.70 0.17
8.20 2.20 2.90
4.25 1.70 0.98
-
10B -
-
-
Gharibwal Cement Haydery Const Kohat Cement Lucky Cement Maple Leaf Cement
2319 32 1288 3234 5261
6.72 1.40
8.61 0.70 7.23 76.46 2.86
8.85 0.85 7.39 77.75 3.05
7.31 0.61 7.03 74.00 2.85
8.19 0.70 7.15 74.82 3.01
-0.42 0.00 -0.08 -1.64 0.15
87175 8.85 93132 1.39 161809 8.70 10308007 79.98 1188809 3.40
2.11 0.25 5.50 67.70 2.51
40 -
-
40 -
-
Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
2228 200 361 798 464.25
7.11 5.99 8.43 19.40
7.25 6.39 9.60 20.20
6.99 5.52 8.00 18.40
7.10 6.00 8.55 18.57
-0.01 0.01 0.12 -0.83
952333 39271 27384 13184
6.56 5.25 6.30 18.00
-
-
-
50R
25002 6810674 21556
8.58 9.47 11.00 22.24
- 100R 50 - 122R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 958.01 Turnover 1,104,098 P/E (x) 2.70 Company
Paid up Cap(mn)
Cherat Papersack
115
ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd
PE 2.78
Open 75.06
High 83.23
High Low 976.35 942.28 Total cos Defaulter cos P/BV (x) ROE (%) 1.19 43.91 Low 73.76
Close Chg 78.09 3.03
Close 949.78 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 673229
Change % Change -8.24 -0.86 Market cap 200-Day High 35,723.86 mn Div Yield (%) 200-Day Low 5.75 -
Last 60 days High Low 83.23
34.00
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 20
25B
230
-
2.44
2.58
2.17
2.48 0.04
144976
3.13
1.70
-
-
-
-
1067
4.32
48.34
51.45
46.98
47.00 -1.34
84739
61.99
45.75
30
10B
25
10B
389
-
2.95
6662
47 58.58
18.25
844 53.90 107.00
2.92
2.50
2.77 -0.18
-
-
-
-
23.43
19.25
23.43 5.18
26423
23.43
13.00
-
-
-
-
107.00 103.52 105.10 -1.90
85608
111.88
3.84
98.00
1.60
32.5
-
-
-
INDUSTRIAL ENGINEERING
Company
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors XB
PE
Open
66 1.03 15.00 215 5.25 216.43 104 - 44.00 214 0.78 213 10.56 10.91 132 7.96 70.00 366 6.46 495.39
High
High Low 1,572.78 1,535.28 Total cos Defaulter cos P/BV (x) ROE (%) 3.11 38.02 Low
Close Chg
16.85 15.00 15.96 0.96 221.00 216.00 219.00 2.57 45.90 43.00 44.00 0.00 1.94 0.21 1.85 1.07 11.90 10.85 11.40 0.49 70.80 66.47 66.47 -3.53 503.50 492.02 493.44 -1.95
Close 1,545.68 Listed cap 1,336.62 mn Payout (%) 131.49
Company
Paid up Cap(mn)
AL-Noor Sugar Bawany Sugar Chashma Sugar Clover Pakistan Crescent Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd J D WSugar Mehran Sugar Mirpurkhas SugarSPOT Mirza Sugar National Foods Nestle Pakistan Noon Pakistan Pangrio Sugar Premier Sugar Quice Food S S Oil Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shakarganj Mills
186 87 287 94 214 365 600 200 490 143 70 141 414 453 48 109 38 107 57 223 119 211 695
Volume
25724 21.48 10254 227.45 12606 51.99 3043666 1.94 178576 18.80 31149 88.00 312686 595.99
14.12 200.00 41.50 0.21 10.55 66.47 390.00
20B -
40 15
-
Low
Close Chg
Volume
Change % Change -29.98 -2.54 Market cap 200-Day High 41,658.78 mn Div Yield (%) 200-Day Low 4.78 -
Last 60 days High Low
48789 73.00 17708 187.90 7779 122.51 23622407 2.87 125871 6.09 153656 13.40 177094 282.45 87756 79.50 15153 27.58 29217 3.25
65.75 131.00 92.50 1.20 4.03 9.65 215.99 69.25 17.92 1.53
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 100 80 100 5 2
90 100 150 10 -
20B 30B 20B -
20B 20B -
PE
Open
High
5.28 50.01 53.00 2.55 4.91 1.05 13.00 13.90 12.21 67.38 77.14 11.75 5.73 6.25 2.69 4.61 6.97 33.93 34.99 11.51 12.50 12.95 2.90 86.65 89.89 3.45 67.31 68.49 5.42 63.35 66.70 0.65 6.10 7.18 16.21 43.26 44.35 27.10 2187.26 2512.04 3.33 23.50 25.83 0.94 6.06 6.99 9.08 50.97 52.25 2.07 2.99 0.29 3.35 3.59 2.90 3.90 0.99 13.29 13.99 17.13 13.15 13.50 6.32 7.88
High Low 1,656.39 1,560.57 Total cos Defaulter cos P/BV (x) ROE (%) 11.15 30.30 Low
Close Chg
49.25 51.99 2.51 4.91 12.25 13.04 67.21 74.72 5.00 6.23 2.54 4.61 33.30 33.82 12.15 12.43 83.50 86.60 57.10 58.39 62.21 65.00 6.01 6.37 42.61 43.44 2100.00 2466.81 21.88 23.30 5.60 6.44 45.63 49.50 2.06 2.27 3.25 3.35 2.90 3.01 13.10 13.79 11.45 11.82 5.90 6.46
1.98 2.36 0.04 7.34 0.50 1.92 -0.11 -0.07 -0.05 -8.92 1.65 0.27 0.18 279.55 -0.20 0.38 -1.47 0.20 0.00 0.11 0.50 -1.33 0.14
Close 1,637.72 Listed cap 11,335.33 mn Payout (%) 30.57
2010 Div BR (%) (%)
20 400 35 450
150 25 650
20B 25B
10B 25B
76.05
Total Assets (Rs in mn)
MA (10-day)
12.50
Total Equity (Rs in mn)
MA (100-day)
9.41 9.92
Revenue (Rs in mn)
18,976.36 7,536.40 38,552.26
Interest Expense
307.33
1st Support
13.06
Profit after Taxation
3,383.27
2nd Support
12.81
EPS 09 (Rs)
1st Resistance
13.55
Book value / share (Rs)
2nd Resistance
13.79
PE 10 E (x)
4.76
Pivot
13.30
PBV (x)
2.68
2.234 4.98
LOTPTA closed up 0.50 at 13.33. Volume was 85 per cent above average and Bollinger Bands were 13 per cent wider than normal. The company's profit after taxation stood at Rs3.186 billion which translates into an Earning Per Share of Rs2.10 for the nine months of current calendar year (9MCY10). LOTPTA is currently 35.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into LOTPTA (bullish). Trend forecasting oscillators are currently bullish on LOTPTA. Momentum oscillator is currently indicating that LOTPTA is currently in an overbought condition.
Karachi Electric Supply Corp Ltd
Volume
Change % Change 43.79 2.75 Market cap 200-Day High 224,277.92 mn Div Yield (%) 200-Day Low 0.83 -
Last 60 days High Low
9920 53.00 147729 4.91 39118 15.47 6819 77.14 52484 6.65 2301603 4.61 238989 36.00 24599 16.98 7785 89.89 78234 68.49 18369 67.00 595174 7.18 15370 57.00 8426 2512.04 5666 27.30 136530 6.99 15816 53.81 31500 3.40 39000 3.89 37000 3.90 32584 14.25 47414 13.50 207139 7.88
39.25 0.85 8.50 33.50 5.00 1.11 27.00 11.90 63.50 48.50 53.64 4.20 39.01 1785.00 17.51 4.00 32.50 1.60 3.00 2.11 13.00 9.75 3.21
2009 Div BR (%) (%) 40 35 40 40 35 25 600 30 10 15 -
25B 30B 10B 25B 10B -
2010 Div BR (%) (%) 15 40 0 12.5R 35 20B 15 20B 10 12 450 12 10 -
HOUSEHOLD GOODS Open 1,084.12 Turnover 844,344 P/E (x) 2.61 Company
High Low 1,096.16 1,068.77 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 10.64
Close 1,084.95 Listed cap 3,763.71 mn Payout (%) 6.27
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
1174 231
3.39 2.36
13.66 16.12
13.85 19.69
13.25 16.00
13.45 -0.21 19.69 3.57
465121 374050
Pak Elektron Tariq Glass Ind
RSI (14-day)
88.01
Total Assets (Rs in mn)
MA (10-day)
2.50
Total Equity (Rs in mn)
MA (100-day)
2.19
Revenue (Rs in mn)
MA (200-day)
2.45
Interest Expense
1st Support
2.86
Loss after Taxation
2nd Support
2.55
EPS 10 (Rs)
1st Resistance
3.36
Book value / share (Rs)
2nd Resistance
3.55
PE 11 E (x)
Pivot
3.05
PBV (x)
12.82 15.00
2009 Div BR (%) (%) -
10B -
17.5
Company
Paid up Cap(mn)
Amtex Limited XD Artistic Denim Azam Textile Azgard Nine Bannu Woolen XD Bata (Pak) Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Fibres Ltd Crescent Jute D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Farooque Spin. Dewan Khalid Textile Dewan Mushtaq Textile Din Textile Ellcot Spinning Gadoon Textile XD Gulistan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile J K Spinning Janana D Mal Jubilee Spinning Khalid Siraj Kohat Textile Kohinoor Ind Kohinoor Spinning Kohinoor Textile Leather Up Mian Textile Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Premium Textile Prosperity Ravi Textile Redco Textile Reliance Weaving Rupali Poly Saif Textile Samin Textile Sana Ind Sargodha Spinning Saritow Spinning Service Ind Shahpur Textile Sunrays Textile Tata Textile Thal Limited Treet Corp Yousuf Weaving
2415 840 133 4493 76 76 400 1150 316 2442 124 238 600 80 514 600 57 34 204 110 234 146 716 3105 100 99 180 184 43 325 107 208 303 1300 1455 60 221 145 187 1596 3516 560 174 62 185 250 213 308 341 264 134 55 312 133 120 140 69 173 307 418 400
PE 9.89 6.09 0.36 0.46 5.20 0.48 33.78 4.06 0.52 48.96 4.13 0.21 0.18 0.57 0.61 0.58 1.24 0.75 3.00 0.54 3.43 1.10 0.25 0.77 0.36 3.76 2.38 0.82 1.79 5.06 3.19 0.77 0.46 1.07 0.62 4.71 0.37 5.15 3.31 0.45 0.38 8.46 0.89 0.61 0.34 4.56 8.92 0.55
Open 4.62 20.60 2.65 11.38 12.78 643.71 1.15 3.14 852.00 2.45 12.99 0.80 1.93 2.63 38.52 5.11 2.45 4.25 26.49 20.50 47.99 6.51 4.00 38.00 1.01 4.15 3.05 5.85 14.40 2.97 0.75 1.30 1.61 0.97 5.53 1.75 0.62 0.39 17.00 22.93 62.38 7.12 10.43 29.00 14.50 1.34 0.70 8.61 35.37 4.50 5.75 38.00 2.15 2.68 272.72 0.50 36.70 33.90 102.97 59.10 1.50
High 4.80 22.00 2.85 11.54 13.48 665.69 1.80 3.55 925.00 2.64 13.99 1.00 2.08 2.75 41.62 5.20 3.75 6.00 27.50 21.50 53.36 7.38 4.47 40.77 2.70 6.58 3.90 9.50 15.45 3.97 1.25 1.50 1.90 1.24 5.80 2.60 0.70 0.59 17.00 23.18 62.78 9.45 11.10 28.89 15.50 1.98 1.45 9.59 38.10 5.95 6.39 43.58 2.38 2.69 276.50 0.64 39.84 35.55 107.99 60.00 1.90
Low 4.31 20.30 2.00 9.94 12.60 610.00 1.10 3.10 850.00 2.32 11.26 0.41 1.80 2.00 37.60 5.10 2.20 4.25 25.51 19.61 49.00 5.53 3.91 38.00 0.99 3.63 2.70 5.02 14.65 2.95 0.55 1.30 1.42 0.97 5.10 1.70 0.55 0.14 16.00 21.15 58.42 6.85 10.00 27.50 13.35 1.35 0.68 8.53 35.30 4.20 5.51 39.00 2.10 1.61 236.10 0.29 36.00 32.11 102.80 54.50 1.05
Close Chg 4.35 -0.27 21.93 1.33 2.60 -0.05 10.11 -1.27 13.02 0.24 627.42-16.29 1.10 -0.05 3.21 0.07 899.98 47.98 2.60 0.15 11.26 -1.73 0.83 0.03 1.93 0.00 2.75 0.12 41.62 3.10 5.12 0.01 2.75 0.30 6.00 1.75 26.65 0.16 20.17 -0.33 53.34 5.35 6.50 -0.01 4.00 0.00 38.13 0.13 2.27 1.26 6.37 2.22 3.16 0.11 7.20 1.35 15.45 1.05 2.99 0.02 0.89 0.14 1.45 0.15 1.77 0.16 1.00 0.03 5.26 -0.27 2.00 0.25 0.69 0.07 0.42 0.03 16.00 -1.00 21.61 -1.32 58.90 -3.48 9.45 2.33 10.50 0.07 28.89 -0.11 14.02 -0.48 1.76 0.42 0.90 0.20 8.94 0.33 37.50 2.13 4.56 0.06 6.18 0.43 43.58 5.58 2.32 0.17 2.30 -0.38 247.03-25.69 0.64 0.14 39.83 3.13 34.79 0.89 106.62 3.65 56.04 -3.06 1.57 0.07
Close 984.09 Listed cap 47,070.70 mn Payout (%) 16.68
Change % Change 3.15 0.32 Market cap 200-Day High 129,647.34 mn Div Yield (%) 200-Day Low 2.36 -
Last 60 days High Low
1562400 18.33 17719 24.05 46219 3.45 19143826 12.32 18359 14.50 17719 747.48 50376 2.59 321191 3.95 29523 930.00 95267 3.33 5020 18.35 214165 1.49 492284 2.37 5503 4.50 78556 44.50 7000 8.00 31552 3.75 19466 6.88 12890 30.90 21128 25.45 73243 53.36 8199 8.86 856319 4.88 256495 40.77 272274 2.70 1866257 6.58 195696 5.35 126927 9.65 6210 20.50 240451 3.97 33854 1.25 11000 1.50 696619 1.94 14980 2.00 66707 6.30 6561 3.00 6004 0.98 103693 0.95 17006 17.50 6869863 25.14 31810977 63.18 1953731 9.45 7519 11.25 7202 31.03 28055 20.50 2091844 2.30 8000 1.45 92269 12.00 8065 38.10 21804 6.85 61306 8.69 37265 43.58 24827 2.50 88363 2.99 279597 276.50 23501 1.90 9528 39.84 7871 35.55 525549 112.80 332497 60.50 140393 2.00
4.31 18.50 1.45 9.71 8.60 436.00 0.56 3.00 640.01 2.26 8.41 0.16 1.44 1.75 36.10 2.05 0.26 1.60 20.80 17.21 34.65 5.01 3.35 34.05 0.30 2.02 2.60 4.05 9.95 1.99 0.25 0.46 1.01 0.16 4.51 1.10 0.01 0.14 12.80 15.66 45.81 5.16 7.00 25.71 12.51 1.29 0.61 8.01 31.25 2.01 5.02 27.50 0.50 1.10 169.00 0.18 30.03 15.00 86.50 37.25 0.86
2009 Div BR (%) (%) 20 120 115 7.5 20 12.5 7.5 20 40 35 200 10 20 -
2010 Div BR (%) (%)
30 20 7.5 20 5 15B 10 5 20 10B 35 70 10B 10 10 20 10 20 5B 5 - 20SD 50R 15 25 45R 10B 10 10B 50 30 - 25SD 40 - 100R 60 5 25 20B 80 20B -
Performance of SR Pharma and Bio Tech Index Open 906.07 Turnover 225,344 P/E (x) 7.24 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) Searle Pak
Paid up Cap(mn) 979 250 1707 165 306
PE
Open
8.76 100.04 6.35 84.01 13.69 75.02 7.26 26.37 5.53 61.25
High 101.99 85.00 77.50 26.70 62.00
High Low 925.74 898.63 Total cos Defaulter cos P/BV (x) ROE (%) 1.61 22.31 Low
Close Chg
99.05 100.00 -0.04 83.50 84.01 0.00 74.00 76.10 1.08 25.62 26.20 -0.17 61.25 61.50 0.25
Close 916.28 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 15875 7037 47435 110429 24271
(0.740) (0.02) (128.89)
Fundamental Highlights As on Jun 30, 2009
82.00 82.20 65.00 22.60 58.00
RSI (14-day)
79.40
Total Assets (Rs in mn)
21,596.72
MA (10-day)
2.19
Total Equity (Rs in mn)
4,222.04
MA (100-day)
1.67
Revenue (Rs in mn)
5,682.57
MA (200-day)
2.09
Interest Expense
1st Support
2.60
Loss after Taxation
2nd Support
2.45
EPS 09 (Rs)
1st Resistance
3.00
Book value / share (Rs)
2nd Resistance
3.25
PE 10 E (x)
Pivot
2.85
PBV (x)
463.19 (163.21) (0.457) 11.81 0.24
DCL closed up 0.88 at 2.79. Volume was 1,023 per cent above average (trending) and Bollinger Bands were 321 per cent wider than normal. The company's loss after taxation stood at Rs173.394 million which translates into a Loss Per Share of Rs0.46 for the 1st quarter of current fiscal year (1QFY11). DCL is currently 33.5 per cent above 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 DCL (bullish). Trend forecasting oscillators are currently bullish on DCL. Momentum oscillator is currently indicating that DCL is currently in an overbought condition.
Azgard Nine Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
38.46
Total Assets (Rs in mn)
38,525.22
MA (10-day)
10.83
Total Equity (Rs in mn)
18,469.71
MA (100-day)
10.77
Revenue (Rs in mn)
11,737.86
MA (200-day)
12.44
Interest Expense
2,424.42
1st Support
9.96
Profit after Taxation
60.53
2nd Support
9.81
EPS 09 (Rs)
0.003 37.85
1st Resistance
10.30
Book value / share (Rs)
2nd Resistance
10.49
PE 10 E (x)
Pivot
10.15
PBV (x)
0.27
ANL closed down -1.27 at 10.11. Volume was 18 per cent below average and Bollinger Bands were 26 per cent narrower than normal. The company's loss after taxation stood at Rs488.179 million which translates into a Loss Per Share of Rs1.12 for the nine months of current calendar year (9MCY10). ANL is currently 18.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of ANL at a relatively equal pace. Trend forecasting oscillators are currently bearish on ANL.
Change % Change 10.21 1.13 Market cap 200-Day High 30,531.17 mn Div Yield (%) 200-Day Low 6.16 -
Last 60 days High Low 104.00 117.00 77.50 26.98 64.50
(14,641.22)
KESC closed up 0.82 at 3.16. Volume was 2,783 per cent above average (trending) and Bollinger Bands were 268 per cent wider than normal. The company's loss after taxation stood at Rs1.728 billion which translates into a Loss Per Share of Rs0.09 for the 1st quarter of current fiscal year (1QFY11). KESC is currently 28.9 per cent above 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 KESC (bullish). Trend forecasting oscillators are currently bullish on KESC. Momentum oscillator is currently indicating that KESC is currently in an overbought condition.
Technical Analysis
Volume
6,823.64
10B -
PERSONAL GOODS High Low 995.06 963.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.61 8.64
(525.11) 70,508.12
2010 Div BR (%) (%)
Performance of SR Personal Goods Index Open 980.94 Turnover 71,542,644 P/E (x) 7.06
207,629.50
Dewan Cement Limited
Last 60 days High Low 15.43 19.69
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
Change % Change 0.83 0.08 Market cap 200-Day High 5,101.13 mn Div Yield (%) 200-Day Low 2.40 -
PHARMA AND BIO TECH
2009 Div BR (%) (%)
RSI (14-day)
MA (200-day)
Close 1,149.28 Listed cap 6,768.53 mn Payout (%) 20.42
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Household Goods Index
Change % Change -9.80 -0.63 Market cap 200-Day High 32,543.51 mn Div Yield (%) 200-Day Low 16.05 -
Last 60 days High Low
High
High Low 1,193.51 1,140.09 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 25.35
72.99 70.26 72.72 2.48 162.70 159.00 159.75 -0.93 111.50 107.00 108.64 1.64 2.87 1.51 2.48 0.96 4.95 4.48 4.55 -0.04 12.00 10.90 10.97 -0.83 263.98 250.00 252.83 -9.59 74.10 69.70 69.85 -3.85 20.70 19.00 19.06 -1.14 1.97 1.75 1.78 -0.42
Open 1,593.94 Turnover 4,135,462 P/E (x) 36.79
Performance of SR Industrial Engineering Index Open 1,555.48 Turnover 3,608,387 P/E (x) 8.19
30
2010 Div BR (%) (%)
FOOD PRODUCERS
20B
Change % Change -2.79 -0.27 Market cap 200-Day High 73,842.13 mn Div Yield (%) 200-Day Low 2.44 -
60.05 33.06
2009 Div BR (%) (%)
Performance of SR Food Producers Index
Performance of SR Construction and Materials Index High Low 1,044.54 1,002.57 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 7.10
Open
144 5.51 70.24 101 4.77 160.68 626 7.87 107.00 890 1.52 450 3.16 4.59 1428 - 11.80 786 5.77 262.42 823 11.12 73.70 150 3.56 20.20 117 2.20
CONSTRUCTION AND MATERIALS Open 1,020.45 Turnover 90,918,289 P/E (x) 7.81
Change % Change 14.01 1.91 Market cap 200-Day High 12,863.46 mn Div Yield (%) 200-Day Low 1.98 -
PE
Performance of SR Industrial Metals and Mining Index High Low 999.89 952.78 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 33.10
Close 746.07 Listed cap 3,242.17 mn Payout (%) 11.08
AUTOMOBILE AND PARTS
INDUSTRIAL METALS AND MINING Open 972.71 Turnover 991,661 P/E (x) 3.11
High Low 773.32 723.22 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 25.53
Lotte Pakistan PTA Ltd
Performance of SR Automobile and Parts Index
Company
CHEMICALS Performance of SR Chemicals Index
Company
Open 732.06 Turnover 1,201,090 P/E (x) 5.59
Alert ! Unusual Movements
11,184.53 11,266.70 10,988.42 h190.91
INDUSTRIAL TRANSPORTATION
853
Pak Refinery Limited
KSE 30 Index Current High Low Change
8,082.98 8,118.28 7,934.02 h147.01
Performance of SR Industrial Transportation Index
Attock Petroleum
Pak Oilfields
Current High Low Change
OIL AND GAS
Attock Refinery
Pak Petroleum
All Share Index
11,620.16 11,676.82 11,406.66 h213.50
Performance of SR Oil and Gas Index Open 1,476.90 Turnover 43,796,067 P/E (x) 11.09 Company
KSE 100 Index
Symbols
Volume
2009 Div BR (%) (%) 120 10 50 25 15
20B 15B
2010 Div BR (%) (%) 20 30
20B -
BOOK CLOSURES Company
From
To
Fauji Fertiliser Bin Qasim
14-Dec
20-Dec
12.50(iii)
6-Dec
-
Oil and Gas Development Co
14-Dec
21-Dec
D/B/R 15(i)
6-Dec
-
Mirpurkhas Sugar Mills
16-Dec
30-Dec
15.20(B)
-
30-Dec
Siemens Pakistan
20-Dec
29-Dec
600
8-Dec
29-Dec
JS Investment #
21-Dec
27-Dec
-
-
27-Dec
Asian Stocks Fund #
22-Dec
28-Dec
-
-
27-Dec
Safeway Mutual Fund #
22-Dec
28-Dec
-
-
27-Dec
Maple Leaf Cement #
22-Dec
29-Dec
-
-
Descon Chemicals #
24-Dec
30-Dec
-
-
30-Dec
BOC Pakistan #
11-Jan
17-Jan
-
-
17-Jan
INDICATIONS # Extraordinary General Meeting
Spot AGM/Date
29-Dec
7
Monday, December 13, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,158.93 Turnover 38,783,541 P/E (x) 6.18 Paid up Cap(mn)
Company
High Low 1,176.23 1,129.11 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
PE
Open
High
Low
Close Chg
Pak Datacom 78 4.93 Pakistan Telecomm Co A 37740 12.85 Telecard 3000 0.76 WorldCall Tele 8606 -
80.00 19.74 2.26 2.62
80.00 19.99 2.58 3.24
76.50 19.15 2.15 2.61
79.80 19.28 2.54 3.18
-0.20 -0.46 0.28 0.56
Close 1,155.20 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 6708 2107775 6165430 30503628
Change % Change -3.73 -0.32 Market cap 200-Day High 79,418.68 mn Div Yield (%) 200-Day Low 10.12 -
117.99 20.12 2.69 3.24
76.50 18.15 1.80 2.31
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Ask Gen Insurance Atlas Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Reliance Insurance Silver Star Insurance
204 6.67 369 5.93 457 6.68 1250 400 3.02 718 16.77 791 15.89 3000 40.97 350 303 5.76 252 4.06 253 4.27
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
Close 1,262.95 Listed cap 95,369.29 mn Payout (%) 104.13
Change % Change 21.16 1.70 Market cap 200-Day High 103,457.55 mn Div Yield (%) 200-Day Low 7.33 -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
198 11572 6.61 1560 7932 1695 10.56 126 2.76 8803 4.86 3673 3.43 3541 25.69 191 3.54 1367 150 -
0.81 36.41 1.84 2.34 18.87 4.79 39.69 14.99 15.77 18.51 2.18 1.07
1.12 36.68 1.99 3.24 19.84 5.30 40.50 15.80 16.70 19.35 2.50 1.25
0.78 36.00 1.61 2.30 19.00 4.01 39.51 14.55 15.63 18.15 2.09 0.82
1.04 0.23 36.08 -0.33 1.93 0.09 3.16 0.82 19.00 0.13 4.53 -0.26 39.98 0.29 15.62 0.63 15.93 0.16 18.98 0.47 2.47 0.29 1.20 0.13
339341 2910251 949804 33406011 24639 217733 3800081 22795501 24163897 19316 7628289 50523
1.45 37.00 2.25 3.24 26.50 6.10 42.95 15.80 16.70 23.49 2.90 1.75
0.60 32.75 1.20 1.94 17.95 4.01 38.35 10.05 10.00 17.98 2.05 0.65
2009 Div BR (%) (%) 33.5 45 64.5 20 3
31R -
2010 Div BR (%) (%)
Open 962.53 Turnover 54,218 P/E (x) 104.82 Paid up Cap(mn)
PE
American Life
500
EFU Life Assurance New Jub Life Insurance
627 30.20
Company
11.00 37.30 10.68 44.03 12.70 90.41 58.95 15.98 6.84 10.65 6.61 6.88
-0.45 -0.20 -0.65 -2.14 -0.20 -0.59 0.45 -0.45 -0.13 0.15 0.06 -0.12
21046 12522 19563 162916 69313 125861 5488 2265427 70350 44206 10418 41475
12.75 38.00 12.00 48.63 13.00 93.45 60.90 17.20 8.30 10.98 7.70 8.17
9.26 27.37 9.42 34.76 10.04 68.27 52.25 12.80 1.66 8.00 6.15 6.10
High Low 972.35 881.64 Total cos Defaulter cos P/BV (x) ROE (%) 4.03 3.85
Close 920.41 Listed cap 2,290.72 mn Payout (%) 355.53
Company Sui North Gas XD Sui South Gas
High Low 1,578.89 1,463.00 Total cos Defaulter cos P/BV (x) ROE (%) 1.09 11.41
Change % Change -75.02 -4.81 Market cap 200-Day High 31,854.00 mn Div Yield (%) 200-Day Low 7.02 -
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.04 3.06
27.32 21.89
27.85 22.15
26.60 19.99
27.01 -0.31 20.29 -1.60
1051622 2121941
34.75 30.70
26.60 19.99
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index Open High Low Close 1,089.29 1,145.55 1,091.69 1,132.47 Turnover Total cos Defaulter cos Listed cap 131,622,499 - 257,548.02 mn P/E (x) P/BV (x) ROE (%) Payout (%) 8.08 1.13 13.94 40.49 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.27 62.42 Askari Bank 6427 7.99 16.85 Atlas Bank 5001 1.64 Bank Alfalah 13492 13.94 10.02 Bank AL-Habib 7322 7.66 34.01 Bank Of Khyber 5004 6.00 4.27 Bank Of Punjab 5288 9.72 BankIslami Pak 5280 772.50 3.40 Faysal Bank XB 7309 4.80 14.66 Habib Bank Ltd 10019 7.34 113.42 Habib Metropolitan Bank 8732 7.84 25.01 JS Bank Ltd 6128 2.61 KASB Bank Ltd 9509 2.74 MCB Bank Ltd XD 7602 9.68 208.07 Meezan Bank 6983 8.48 15.76 Mybank Ltd 5304 2.40 National Bank 13455 6.20 68.49 NIB Bank 40437 2.95 Royal Bank Ltd 17180 4.98 Samba Bank 14335 1.80 Silkbank Ltd 26716 2.71 Soneri Bank 6023 7.24 Stand Chart Bank 38716 12.54 8.00 United Bank Ltd 12242 7.53 61.96
High
Low
Close Chg
65.25 61.60 64.49 2.07 17.20 16.50 16.77 -0.08 1.72 1.55 1.70 0.06 11.00 10.00 10.87 0.85 35.70 34.10 35.52 1.51 4.70 3.94 4.50 0.23 10.38 9.90 10.15 0.43 3.60 3.00 3.09 -0.31 15.15 14.50 14.87 0.21 118.99 112.13 117.44 4.02 25.74 24.02 25.65 0.64 2.75 2.50 2.58 -0.03 2.80 2.25 2.70 -0.04 223.50 209.00 218.29 10.22 16.50 15.70 16.03 0.27 2.60 2.30 2.43 0.03 71.80 68.30 70.99 2.50 3.09 2.88 3.03 0.08 5.00 4.21 4.41 -0.57 2.15 1.77 2.05 0.25 2.79 2.60 2.70 -0.01 7.44 7.00 7.35 0.11 8.39 7.85 8.15 0.15 64.90 62.01 64.04 2.08
Last 60 days High Low
Volume 1556884 3459638 463325 29994542 817727 405625 14590702 688807 1438515 2428703 2703955 530693 180215 6883011 837876 821666 42275487 6238892 367030 3072658 5340512 361758 121610 6039512
Change % Change 43.18 3.96 Market cap 200-Day High 687,285.72 mn Div Yield (%) 200-Day Low 5.01 -
65.25 17.20 2.55 11.00 35.70 4.70 10.59 3.88 17.10 118.99 26.74 3.00 2.90 223.50 16.50 2.69 71.80 3.18 8.10 2.65 3.08 8.00 8.80 64.90
50.00 14.23 1.50 7.66 29.71 2.50 7.89 2.70 13.01 92.55 18.02 2.00 2.16 182.61 14.05 1.81 62.15 2.46 3.91 1.51 2.50 5.01 6.00 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 760.08 Turnover 8,621,368 P/E (x) 12.52 Paid up Cap(mn)
Company Adamjee Insurance
High Low 777.99 744.11 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 5.20
Close 758.34 Listed cap 11,111.34 mn Payout (%) 79.54
Change % Change -1.74 -0.23 Market cap 200-Day High 47,025.42 mn Div Yield (%) 200-Day Low 6.35 -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 24.42
82.18
85.78
81.07
84.26 2.08
5764922
85.78
63.05
2009 Div BR (%) (%) 30
10B
2010 Div BR (%) (%) 10
-
UP TO 5000 VOLUME
25R 20B -
High
Low
Close Chg
Volume
Last 60 days High Low
6.52
17.11
19.50
16.03
19.50 2.39
5964
20.40
16.03
-
-
-
850 45.52
83.39
86.40
76.08
80.11 -3.28
22548
86.95
54.51
5513.33B
-
-
47.87
47.50
43.64
45.00 -2.87
17104
49.14
39.68
10
-
-
Symbols STML SALT KASBM SAPT SLYT DCM GTYR FZCM IDYM EXIDE ATEL JOPP NMBL ANSS MLCFPS SURC SANE SHDT SING CICL TSML PKGI STJT ZTL GLPL HINO ALQT GATM COTT DNCC PUNO SIBL GATI GSPM CSIL OTSU SCL ISIL DIIL ARUJ FRSM ILTM ADAMS FNEL UNIC MSOT FANM DWTM TRPOL TICL GAIL NONS GAEL TAJT SIEM ETNL RMPL BROT SHCM SGPL SHJS CPAL FRCL ALTN BCML MSCL QUET SGMLPS BELA BILF LPGL BWHL PECO PGCL MFFL MEHT PHDL WYETH FIBLM FASM ULEVER DATM GRAYS MFTM AASM KML HUSS BAFS ISTM UPFL LIBM TRIBL JVDC MQTM NSRM FZTM FECS ASFL CRTM ZAHT MUCL RCML HWQS SAPL SFL TOWL EMCO ICL SHNI DADX KCL PSEL BUXL ASHT GUTM SJTM SASML LATM DREL KOHS WAZIR PAKL BWCL AKGL HUSI AATM BHAT BTL GFIL HMIM ARPAK ESBL SLCL FIMM
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
Performance of SR Financial Services Index Open 441.03 Turnover 42,716,158 P/E (x) 9.20 Paid up Cap(mn)
High Low 446.98 398.22 Total cos Defaulter cos P/BV (x) ROE (%) 0.26 0.91
PE
Open
High
Low
AMZ Ventures Arif Habib Limited Dawood Equities Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Stand Chart Leasing
225 1.66 450 12.80 250 215 2121 15.88 600 661.00 2849 3166 626 0.67 7633 508 500 7.32 1000 27.33 821 4.62 775 452 978 6.23
0.58 26.48 2.00 1.61 2.65 7.90 0.65 3.50 1.90 13.18 4.18 30.17 7.03 6.50 2.32 0.57 2.60
0.80 26.80 2.49 2.50 2.89 7.60 0.81 3.60 2.04 13.39 4.34 30.00 7.05 6.98 2.40 0.81 3.00
0.52 24.90 1.81 0.82 2.43 6.50 0.55 3.40 1.81 10.80 3.85 26.50 6.31 6.10 2.15 0.52 2.40
Close Chg
Close 409.29 Listed cap 30,336.44 mn Payout (%) 99.56
Volume
Change % Change -31.74 -7.20 Market cap 200-Day High 28,067.33 mn Div Yield (%) 200-Day Low 3.41 -
Last 60 days High Low
2009 Div BR (%) (%)
0.73 25.08 1.90 1.21 2.54 6.61 0.70 3.59 1.87 11.30 3.97 27.22 6.56 6.28 2.29 0.81 2.99
0.15 -1.40 -0.10 -0.40 -0.11 -1.29 0.05 0.09 -0.03 -1.88 -0.21 -2.95 -0.47 -0.22 -0.03 0.24 0.39
509240 206223 48337 12920 155107 13556 391013 51342 222151 37742883 1034518 56236 1402833 9000 548946 60989 15382
0.95 34.00 2.70 2.90 2.90 9.00 1.00 4.80 2.84 14.05 5.38 40.00 7.59 7.29 2.70 0.86 3.00
15 25B - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 24.40 1.51 0.18 1.17 6.16 0.44 2.54 1.32 8.80 1.96 24.25 5.10 4.50 1.35 0.42 1.95
2010 Div BR (%) (%) 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,192.96 Turnover 41,491,110 P/E (x) 19.69
2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -
10 -
FINANCIAL SERVICES
Company
Close 1,485.21 Listed cap 12,202.80 mn Payout (%) 66.79
10B 8.7B 20B 15B 20B
Change % Change -42.13 -4.38 Market cap 200-Day High 10,765.67 mn Div Yield (%) 200-Day Low 3.39 -
Performance of SR Gas Water and Multiutilities Index Open 1,560.23 Turnover 3,173,563 P/E (x) 9.51
40 40 35 35 30 30 20 -
Open
50 - 7.8R 15 50 20 -
GAS WATER AND MULTIUTILITIES
10.00 37.00 10.60 43.90 12.25 86.10 56.60 15.91 6.01 10.10 6.50 6.57
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,276.45 1,236.44 Total cos Defaulter cos P/BV (x) ROE (%) 1.33 9.35
11.49 38.00 11.48 46.89 13.00 93.45 60.90 16.78 6.99 10.98 6.61 7.00
LIFE INSURANCE
-
ELECTRICITY Open 1,241.80 Turnover 96,306,512 P/E (x) 14.20
11.45 37.50 11.33 46.17 12.90 91.00 58.50 16.43 6.97 10.50 6.55 7.00
Company
Paid up Cap(mn)
1st Fid Leasing Allied Rental AL-Meezan Mutual F. Atlas Fund of Funds B F Modaraba B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund Mod Al-Mali NAMCO Balanced Fund Nat Bank Modaraba Pak Modaraba Pak Prem FundSPOT Paramount Modaraba PICIC Energy Fund XD PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba XD Stand Chart Modaraba Tri-Star 1st Modaraba Tri-Star Mutual Trust Modaraba U D L Modaraba
264 600 1375 525 75 780 65 200 113 524 300 581 760 397 1008 3180 1186 1200 184 1000 250 125 1698 59 1000 2835 2841 872 340 454 212 50 298 264
High Low 1,295.64 1,190.55 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 2.21
PE
Open
High
Low
10.00 3.08 6.48 1.79 2.53 3.84 3.36 1.73 3.73 10.19 11.10 0.66 2.22 2.21 5.64 58.38 16.00 6.72 12.90 6.23 6.39 4.65 12.51 6.68 2.03 7.70 7.09 2.09 4.41 4.83 3.37 1.63
1.36 15.20 6.90 4.20 3.89 1.71 1.46 0.70 2.87 1.59 5.10 2.03 3.02 6.83 6.61 4.39 4.48 6.30 1.03 3.25 6.49 1.15 8.79 8.50 6.29 10.99 5.23 0.90 1.70 8.85 1.30 1.40 1.50 5.79
1.70 15.10 8.59 4.50 3.90 2.15 1.77 0.79 3.00 1.85 4.44 2.20 3.25 7.00 6.90 4.96 4.69 7.10 1.50 4.00 7.74 1.15 9.05 8.90 7.18 12.01 6.33 0.95 1.60 9.30 1.74 2.00 1.75 5.79
1.35 14.50 6.99 3.90 2.89 1.55 1.16 0.16 2.80 1.50 3.75 1.95 3.00 6.40 6.53 4.40 4.25 6.00 1.00 3.55 5.52 0.93 8.76 8.50 6.10 10.52 5.25 0.81 1.30 8.51 1.25 0.90 1.51 5.51
Close 1,279.40 Listed cap 29,771.58 mn Payout (%) 104.74
Last 60 days High Low
Close Chg
Volume
1.60 14.55 7.78 4.45 3.84 1.69 1.48 0.69 2.98 1.63 4.44 2.08 3.11 6.63 6.54 4.67 4.48 6.99 1.29 3.99 6.90 0.93 9.01 8.55 6.97 12.01 6.24 0.92 1.32 9.00 1.70 1.74 1.75 5.75
14355 2.24 174900 17.00 1113591 8.59 10689170 4.50 10064 4.90 48569 2.37 8477 2.99 379290 1.10 301473 3.09 126746 2.37 54002 5.50 213515 2.24 1111488 3.88 127399 7.00 153146 6.90 13419645 4.96 1973464 4.73 448794 7.10 213648 2.18 70531 4.00 231406 8.00 5224 1.40 2761412 9.39 8634 9.45 328421 7.18 1896633 12.01 4785362 6.33 253054 1.20 43871 2.54 358352 10.70 21875 5.80 14272 2.87 5199 4.40 119644 6.99
0.24 -0.65 0.88 0.25 -0.05 -0.02 0.02 -0.01 0.11 0.04 -0.66 0.05 0.09 -0.20 -0.07 0.28 0.00 0.69 0.26 0.74 0.41 -0.22 0.22 0.05 0.68 1.02 1.01 0.02 -0.38 0.15 0.40 0.34 0.25 -0.04
Change % Change 86.45 7.25 Market cap 200-Day High 18,645.52 mn Div Yield (%) 200-Day Low 8.27 -
1.01 14.01 5.85 2.70 2.89 0.90 0.90 0.16 1.73 0.86 2.10 1.30 2.56 5.11 5.80 2.65 2.31 5.15 0.56 2.25 4.50 0.30 7.00 7.25 4.33 7.90 3.50 0.76 0.50 7.75 0.50 0.86 1.15 4.71
2009 Div BR (%) (%)
2010 Div BR (%) (%)
15 4.5 5 20 10 5 15 16.5 10
22.5 18.5 2.2 0 1.2 5 17 11 21 5 10 15.5 15 10 3 18.6 18 10 20 10 3 1 17 5 12.5
-
10B -
Open
High
22.50 55.04 1.90 103.95 3.82 1.55 22.22 48.98 274.95 191.20 15.00 8.05 1.50 6.25 4.28 35.05 2.32 14.09 18.80 60.10 34.00 6.90 17.67 3.70 62.50 139.01 4.05 24.88 0.91 2.50 41.29 2.90 41.30 7.55 4.01 34.00 91.78 72.96 11.19 4.10 20.50 131.20 16.60 8.98 6.40 18.75 3.07 0.00 0.60 70.03 4.29 14.25 0.45 0.39 1300.00 22.00 1972.00 0.58 9.90 1.00 95.60 2.47 2.18 10.10 10.73 7.50 43.04 3.55 1.25 1.92 18.91 33.15 291.54 20.70 71.00 57.00 33.00 1006.25 3.53 35.99 4105.00 0.64 54.11 1.00 24.61 3.17 11.00 61.84 6.49 1104.33 58.60 1.70 59.99 7.78 11.17 408.99 40.00 2.50 19.55 3.98 13.45 33.99 20.75 130.97 112.00 12.90 3.38 28.75 13.00 25.75 9.45 169.35 9.25 4.00 28.26 0.51 5.00 7.00 639.99 3.92 7.60 2.82 22.80 5.00 10.64 1.08 262.25 46.75 4.75 0.51 15.00 2.80 2.90 54.00
23.10 65.70 1.89 104.99 4.50 1.80 22.59 62.39 320.25 198.00 17.00 9.24 1.95 6.99 4.99 35.10 3.25 15.09 20.45 61.99 36.75 7.50 18.99 4.20 66.48 141.00 5.50 26.25 1.10 2.60 43.19 3.25 43.95 7.70 5.48 34.00 92.99 74.99 11.24 4.75 21.50 166.70 16.75 9.00 6.70 19.40 3.10 6.78 1.18 73.00 5.00 14.00 0.49 0.56 1330.00 21.50 2108.00 0.78 10.10 1.30 100.00 2.40 2.78 11.25 10.73 7.50 43.04 4.64 1.25 1.90 19.90 33.15 301.84 21.10 74.25 59.80 38.59 1100.00 3.45 36.75 4128.00 0.50 56.42 1.35 24.72 3.65 11.49 62.95 6.95 1100.99 58.60 1.76 60.00 7.90 13.17 419.00 48.03 4.85 19.50 4.87 14.40 35.00 22.78 132.99 123.25 12.00 3.50 29.09 14.00 25.75 9.45 169.35 9.25 4.99 28.26 1.51 6.02 8.00 639.99 4.70 8.49 3.60 22.80 5.50 10.30 1.08 260.00 47.98 4.75 0.97 16.00 2.90 2.90 54.00
Low
Close
21.38 54.62 1.31 102.99 3.80 1.31 21.60 51.24 274.95 172.12 15.00 7.30 1.15 5.20 4.00 34.10 2.98 13.09 18.80 58.51 34.00 6.10 17.35 3.80 61.05 133.00 5.05 24.25 0.81 2.45 39.14 2.58 39.00 7.00 3.26 32.40 84.15 68.60 7.81 4.10 20.15 137.76 15.72 8.01 5.12 18.06 2.80 4.80 0.60 66.36 4.21 13.99 0.45 0.39 1290.00 20.20 1876.00 0.25 8.10 0.98 91.00 1.20 1.35 10.00 9.00 5.61 38.81 3.64 1.25 1.15 15.91 30.31 275.00 20.05 71.00 55.00 32.51 1000.00 2.53 31.25 4002.99 0.21 50.51 1.10 23.00 2.20 10.49 57.00 6.00 1010.01 56.60 1.70 58.00 7.29 12.17 371.02 42.00 2.61 18.50 2.98 13.45 34.00 20.00 128.00 112.00 12.00 3.20 27.00 13.00 23.25 9.00 161.01 7.91 3.00 24.37 0.51 5.02 6.01 608.00 3.70 7.60 2.82 22.80 5.50 9.69 0.95 258.99 47.00 3.76 0.51 16.00 2.75 1.40 54.00
22.00 65.70 1.43 104.99 4.39 1.58 21.60 62.39 318.93 177.96 17.00 7.90 1.50 5.50 4.98 35.09 2.99 14.38 19.80 60.90 35.90 7.32 18.20 4.20 63.28 135.00 5.50 24.60 0.90 2.50 43.19 3.25 42.90 7.70 5.34 32.98 85.58 74.00 8.04 4.50 20.50 166.70 16.43 9.00 6.01 19.19 2.90 0.00 1.00 73.00 4.47 14.00 0.49 0.56 1299.25 20.95 2093.00 0.78 8.32 1.00 93.70 1.20 2.24 10.00 9.10 5.61 40.03 3.78 1.25 1.40 17.88 31.83 285.00 20.72 73.71 56.00 38.37 1100.00 3.45 33.50 4045.11 0.32 53.60 1.15 23.50 3.65 10.49 59.00 6.95 1059.00 56.60 1.76 59.00 7.75 13.17 392.26 48.03 4.85 19.50 2.98 14.40 34.00 21.70 132.99 123.25 12.00 3.50 29.09 14.00 23.25 9.00 167.35 7.91 4.99 24.37 1.51 6.02 6.51 639.99 3.70 8.49 3.60 22.80 5.50 9.69 0.95 260.00 47.00 3.78 0.95 16.00 2.75 1.40 54.00
Change
Vol
-0.50 10.66 -0.47 1.04 0.57 0.03 -0.62 13.41 43.98 -13.24 2.00 -0.15 0.00 -0.75 0.70 0.04 0.67 0.29 1.00 0.80 1.90 0.42 0.53 0.50 0.78 -4.01 1.45 -0.28 -0.01 0.00 1.90 0.35 1.60 0.15 1.33 -1.02 -6.20 1.04 -3.15 0.40 0.00 35.50 -0.17 0.02 -0.39 0.44 -0.17 0.00 0.40 2.97 0.18 -0.25 0.04 0.17 -0.75 -1.05 121.00 0.20 -1.58 0.00 -1.90 -1.27 0.06 -0.10 -1.63 -1.89 -3.01 0.23 0.00 -0.52 -1.03 -1.32 -6.54 0.02 2.71 -1.00 5.37 93.75 -0.08 -2.49 -59.89 -0.32 -0.51 0.15 -1.11 0.48 -0.51 -2.84 0.46 -45.33 -2.00 0.06 -0.99 -0.03 2.00 -16.73 8.03 2.35 -0.05 -1.00 0.95 0.01 0.95 2.02 11.25 -0.90 0.12 0.34 1.00 -2.50 -0.45 -2.00 -1.34 0.99 -3.89 1.00 1.02 -0.49 0.00 -0.22 0.89 0.78 0.00 0.50 -0.95 -0.13 -2.25 0.25 -0.97 0.44 1.00 -0.05 -1.50 0.00
4601 4550 4070 4001 3818 3753 3734 3709 3656 3646 3402 3252 3156 3000 2986 2927 2850 2850 2621 2478 2463 2363 2333 2200 2074 2073 2037 2013 2001 2000 2000 1992 1974 1840 1839 1813 1720 1576 1350 1300 1255 1222 1213 1213 1174 1125 1104 1052 1045 1008 1007 1000 1000 1000 800 785 782 707 640 600 593 587 537 526 510 506 503 501 500 489 454 435 402 391 385 355 330 328 276 255 214 205 199 198 191 188 157 133 121 111 110 100 95 52 50 44 33 33 23 22 20 20 17 17 13 10 9 7 7 5 5 5 4 4 4 4 3 3 3 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1
BOARD MEETINGS Company Fauji Fertiliser Bin Qasim Ltd
National Bank of Pakistan
KSE 100 INDEX
Bank Al-Falah Ltd
Nishat Mills Ltd
Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
79.18
Support 1
11,547.85
Fair Value
*Arif Habib Ltd
82.1
AKD Securities Ltd
Buy
AKD Securities Ltd
Neutral
TFD Research
92.3
Positive
TFD Research
11,538.05
Support 2
11,475.50
MA (10-day)
11,406.05
Resistance 1
11,684.65
MA (100-day)
10,372.34
Resistance 2
11,749.15
Technical Analysis
MA (200-day)
10,181.46
Pivot
11,612.35
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
per cent above average and Bollinger Bands were 22 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 11,684.65 and 2nd resistance level at 11,749.15, while
Technical Outlook 65.44 68.60 66.25 69.64 70.14 70.05
Brokerage House
Fair Value
*Arif Habib Ltd
42
Rs Recommendations
Leverage Position Free Float Shares (mn) 318.37 Free Float Rs (mn) 22,600.87 CFS Shares (mn) N/A CFS Rs (mn) N/A CFS Rate N/A ** NOI Rs (mn) 132.16
Buy
*Arif Habib Ltd
AKD Securities Ltd
43.29
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
Technical Analysis 59.52 30.24 26.62 26.89 31.05 31.17
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
Negative
TFD Research
32.06 29.1
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Sell
182.55 5,600.62 N/A N/A N/A 45.58
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
83.52 35.40 30.01 29.79 36.11 36.21
326.94 11,975.76 N/A N/A N/A 22.88
63.15
24.65
24.00
Arif Habib Limited
36.30
24.85
24.60
25.40
25.75
25.15
Adamjee Insurance
67.24
83.20
82.10
85.10
85.90
84.00
Askari Bank
63.88
16.60
16.40
17.00
17.20
16.80
Azgard Nine
38.46
9.95
9.80
10.30
10.50
10.15
Attock Petroleum
56.90
324.15
322.70
327.00 328.40 325.55
Rs Recommendations
Attock Refinery
52.52
117.55
115.50
120.85 122.05 118.75
Buy
Bank Al-Falah
75.83
10.40
9.90
11.15
11.50
BankIslami Pak
38.55
2.90
2.70
3.35
3.65
3.20
Bank.Of.Punjab
61.16
9.95
9.70
10.35
10.55
10.10
Dewan Cement
79.40
2.60
2.45
3.00
3.25
2.85
D.G.K.Cement
59.52
30.25
29.85
31.05
31.40
30.65
Dewan Salman
82.70
Dost Steels Ltd
TFD Research
14.01
Positive
13
Technical Outlook
Leverage Position 175.80 10,354.62 N/A N/A N/A 85.97
Technical Analysis
3.05 44.25
EFU Life Assurance
54.63
79.65
79.20
81.05
81.95
80.55
Engro Chemical
58.90
184.95
183.80
Faysal Bank
51.02
14.70
14.55
Fauji Cement
45.02
4.80
4.75
4.95
5.05
4.90
* Target price for Dec-10 & **Net Open Interest in future market
Fauji Fert Bin
83.52
36.25
35.90
36.95
37.30
36.60
BAFL closed up 0.85 at 10.87. Volume was 459 per cent above average (trending) and Bollinger Bands were 0.01 per cent narrower than normal. BAFL is currently 9.9 per cent above 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 moderate flows of volume into BAFL (mildly bullish). Trend forecasting oscillators are currently bullish on BAFL. Momentum oscillator is currently indicating that BAFL is currently in an overbought condition.
Fauji Fertilizer
75.40
114.80
112.95
Habib Bank Ltd
76.10
Hub Power
58.14
35.90
35.75
ICI Pakistan
67.50
138.00
137.50
139.00 139.50 138.50
Indus Motors
49.11
250.30
247.75
255.10 257.35 252.55
Brokerage House
Buy
AKD Securities Ltd
Neutral
TFD Research
674.58 7,332.66 N/A N/A N/A N/A
111.80
15.00
15.15
14.85
117.70 118.75 115.85 119.60 121.80 116.80 36.30
36.55
36.15
J.O.V.and CO
50.44
3.85
3.70
4.15
4.30
4.00
Japan Power
65.55
1.85
1.75
2.00
2.10
1.90
JS Bank Ltd
45.07
2.50
2.45
2.65
2.70
2.55
Jah Siddiq Co
44.21
10.85
10.35
11.75
12.20
11.30
Kot Addu Power
52.64
39.90
39.80
40.05
40.10
39.95
K.E.S.C
88.01
2.85
2.55
3.35
3.55
3.05
Lotte Pakistan
76.05
13.10
12.80
13.55
13.80
13.30
Lucky Cement
50.74
74.45
74.05
75.20
75.55
74.80
MCB Bank Ltd
67.81
217.10
215.95
Maple Leaf Cement
57.22
2.90
2.75
3.10
3.15
2.95
National Bank
65.44
70.05
69.10
71.70
72.45
70.75
Nishat (Chunian)
45.13
21.15
20.75
22.05
22.45
21.60
Netsol Technologies
44.86
18.35
17.95
19.25
19.75
18.85
NIB Bank
59.36
2.95
2.85
3.10
3.15
Nimir Ind.Chemical
72.09
1.75
1.65
1.95
2.05
1.85
56.13
58.25
57.65
59.70
60.50
59.05
219.70 221.15 218.55
3.00
Rs Recommendations
93.9
Buy
Nishat Mills
105.2
Buy
Oil & Gas Dev. XD
71.52
167.45
166.75
72.75
Neutral
PACE (Pakistan) Ltd.
63.57
2.90
2.65
Pervez Ahmed Sec
55.56
2.20
2.15
2.35
2.40
2.30
P.I.A.C.(A)
63.96
2.35
2.25
2.50
2.55
2.40
Pioneer Cement
42.15
7.05
6.95
7.15
7.25
7.10
Pak Oilfields
73.97
287.30
283.10
294.55 297.60 290.35
Pak Petroleum
69.44
206.85
205.60
209.65 211.20 208.40
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
114.65
187.50 189.00 186.40
Fair Value
Technical Outlook 107.94 31,464.63 N/A N/A N/A 278.20
3.80
3.30 45.20
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Lucky Cement Ltd
Leverage Position
4.50
3.15 44.60
*Arif Habib Ltd
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
4.10
2.75 43.30
Buy
73.97 276.98 240.26 235.25 283.40 283.00
3.15
2.90 43.65
317.2 296.6
3.40
59.74
75.83 10.00 9.04 9.89 10.36 10.50
Rs Recommendations
281.35
Leverage Position
10.70
EFU General Insurance 45.94
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Fair Value
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
64.60
63.65
24.30
Accumulate
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
65.85
63.30
23.35
10.25
Pakistan Oilfields Ltd
34.7
65.15
62.70
23.65
*Arif Habib Ltd
NML closed down -3.48 at 58.90. Volume was 9 per cent below average and Bollinger Bands were 35 per cent wider than normal. NML is currently 15.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NML (mildly bullish). Trend forecasting oscillators are currently bullish on NML.
Brokerage House
63.35
62.85
40.01
AKD Securities Ltd
* Target price for Dec-10 & **Net Open Interest in future market
Rs Recommendations
63.90
50.64
Positive
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
1st 2nd Pivot Resistance 3.60 3.65 3.50
79.40
Buy
56.13 60.42 50.20 50.90 60.67 60.60
RSI 1st 2nd (14-day) Support 61.19 3.40 3.30
Arif Habib Corp
59.97
Technical Analysis
Fair Value
Fair Value
10:30
Attock Cement
Rs Recommendations
74.2
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Fauji Fertiliser Bin Qasim Ltd
Brokerage House
Brokerage House
Time
Allied Bank Limited
Fair Value
Technical Outlook
Index will continue to find its 1st support level at 11,547.85 and 2nd sup- * Target price for Dec-10 & **Net Open Interest in future market port level at 11,475.50. NBP closed up 2.50 at 70.99. Volume was 146 per cent above average KSE 100 INDEX is currently 14.2 per cent above its 200-day moving averand Bollinger Bands were 1 per cent narrower than normal. age and is displaying an upward trend. Volatility is low as compared to the NBP is currently 5.3 per cent above its 200-day moving average and is disaverage volatility over the last 10 trading sessions. Volume indicators playing an upward trend. Volatility is relatively normal as compared to the reflect moderate flows of volume into INDEX (mildly bullish). Trend fore- average volatility over the last 10 trading sessions. Volume indicators casting oscillators are currently bullish on INDEX. Momentum oscillator is reflect moderate flows of volume into NBP (mildly bullish). Trend forecastcurrently indicating that INDEX is currently in an overbought condition. ing oscillators are currently bullish on NBP.
Dera Ghazi Khan Cement Co Ltd
Brokerage House
61.96
MA (5-day)
KSE 100 INDEX closed up 213.50 points at 11,620.16. Volume was 100
Rs Recommendations
Date 23-Dec
TECHNICAL LEVELS
50.74 75.49 70.73 70.92 75.75 75.88
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
129.35 9,677.97 N/A N/A N/A 29.30
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
DGKC closed down -0.37 at 30.68. Volume was 70 per cent below average (consolidating) and Bollinger Bands were 21 per cent wider than normal. DGKC is currently 14.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DGKC (mildly bullish). Trend forecasting oscillators are currently bullish on DGKC.
FFBL closed up 1.36 at 36.63. Volume was 152 per cent above average (trending) and Bollinger Bands were 27 per cent wider than normal. FFBL is currently 23.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFBL (bullish). Trend forecasting oscillators are currently bullish on FFBL. Momentum oscillator is currently indicating that FFBL is currently in an overbought condition.
POL closed up 16.32 at 291.51. Volume was 121 per cent above average and Bollinger Bands were 82 per cent wider than normal. POL is currently 23.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into POL (mildly bullish). Trend forecasting oscillators are currently bullish on POL. Momentum oscillator is currently indicating that POL is currently in an overbought condition.
LUCK closed down -1.64 at 74.82. Volume was 66 per cent below average (consolidating) and Bollinger Bands were 16 per cent narrower than normal. LUCK is currently 5.5 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 LUCK at a relatively equal pace. Trend forecasting oscillators are currently bullish on LUCK.
Pak Suzuki
169.10 170.05 168.40 3.20
70.65
3.35
71.50
3.00
29.25
69.35
68.90
P.S.O. XD
54.73
283.40
282.50
P.T.C.L.A
49.10
19.15
19.05
70.20
Shell Pakistan
53.00
197.75
197.00
Sui North Gas
32.51
26.75
26.50
27.40
27.85
27.15
Sitara Peroxide
58.29
13.40
13.30
13.60
13.70
13.50
Sui South Gas
29.36
20.05
19.80
20.60
20.85
20.30
Telecard
64.68
2.45
2.35
2.60
2.70
TRG Pakistan
39.48
3.75
3.65
3.95
4.10
3.85
United Bank Ltd
76.18
63.70
63.35
64.45
64.85
64.10
WorldCall Tele
77.95
3.00
2.75
3.30
3.45
3.10
285.80 287.30 284.90 19.40
19.50
19.25
199.50 200.50 198.75
2.50
WaMu ends hearings on $10 bn deal to end bankruptcy 8
Monday, December 13, 2010
AIG plans early stake sale as US cuts share WASHINGTON: Mary Schapiro testifies before the Senate Insurance, and Investment Subcommittee hearing. -Reuters
Ameriprise sets its sights on rivals’ brokers NEW YORK: Ameriprise Financial Inc, a financial planning giant built on homegrown trainees, has its sights set on experienced brokers from Wall Street rivals. For most of its history, Ameriprise and its predecessors filled their ranks of financial planners by recruiting thousands of college graduates each year, training them as planners and setting them up in their own practices. The system had some advantages, but it also contributed to poor performance when many novices fell flat. Donald Froude, presidentof Ameriprise Financial Advisors and a veteran of the brokerage business, changed that practice when he arrived in 2008 from Legg Mason Inc. At the same time, Ameriprise pared back its training program. "If we want to look more like Merrill Lynch, Morgan Stanley or Wells Fargo, we needed to become a destination for advisers who don't want to run a franchise," Froude told Reuters. This year Ameriprise has lured about 300 brokers from other firms, he said, compared with just 40 trainees. Five years ago, the company hired 1,729 trainees but only recruited 61 experienced brokers. Recruiting peaked last year,
when 550 made the jump. Ameriprise hopes that its financial strength -- the company spent $2 billion on cash acquisitions in the wake of the 2008 crisis -- will also help lure more brokers. "The plan for 2011 is a continuation of the same plan we put in place in '09 and '10: we want more advisers and we want higher quality advisers," said Froude. "We want more clients and we want deeper relationships with them." Froude earlier in his career was chief executive of Quick & Reilly, the discount brokerage that over time became a more full-service broker. He also helped integrate Bank of America's various mutual fund assets into Columbia Asset Management. Ameriprise is unusual in wealth management, beyond its traditional reliance on choosing novices over recruiting. Client relationships are built around financial planning and include an emphasis on life insurance and annuities. The company also manages three kinds of advisers: 2,100 Ameriprise advisers employed by the company, 7,600 franchisees who are self-employed but who use the Ameriprise brand, and 2,000 independents who work through Securities America. Accounts generally have
between $100,000 and $5 million to invest, but the company traditionally has not been considered a serious rival. Yet the financial crisis created an opportunity, as struggles among the big banks drove record thousands of brokers to change jobs. Froude expects Wall Street advisers will be attracted to the comprehensive planning approach used at Ameriprise. "We're going after the experienced adviser who may be disenchanted with their (employers') leadership structure," he said. To be sure, most Wall Street firms are spending more time these days talking about "holistic" relationships: complementing investments with loans, retirement planning and otherwise deeper understanding of the client. This comprehensive approach has great appeal to investors, and it also happens to be more lucrative for advisers. Froude says clients who use the firm's financial planning services are twice as content, have twice as many assets at Ameriprise and generate twice the revenue. That's key as Ameriprise aims to deliver a 12 per cent profit margin and touts itself as more of an asset management firm. Reuters
Madoff trustee adds to UBS claim, sues London firm LONDON: The court-appointed trustee trying to recover money for investors defrauded by convicted swindler Bernard Madoff raised his claim against Swiss bank UBS to $2.5 billion. UBS rejected the claim. "The US trustee's allegations are completely unfounded and without merit," UBS spokeswoman Tatiana Togni said. The trustee, New York lawyer Irving Picard, also filed lawsuits against multibilliondollar US money manger Tremont Group Holdings and Madoff Securities International Ltd, Madoff's London branch, as the statute of limitations deadline nears on December 15 for such claims. Picard, trustee for the liquidation of Bernard L. Madoff
Investment Securities LLC, sued UBS last month for more than $2 billion, accusing it of collaborating in Madoff's epic global fraud. In the latest filing against the bank, he added $550 million to the total recovery sought in US Bankruptcy Court in New York. UBS spokeswoman Togni said, "UBS was not aware of any wrongdoing by Madoff. We will take all appropriate steps to demonstrate that the allegations are false and unfounded." In Picard's initial claim, UBS was accused of sponsoring foreign feeder funds that sent client money to the oncerespected money manager, lending the feeder funds "an aura of legitimacy" while
shielding itself from liability through secret side agreements. In recent weeks, Picard has also sued JPMorgan Chase & Co to recover $6.4 billion and HSBC, Europe's biggest bank, for $9 billion. Madoff is serving a 150-year prison sentence after pleading guilty in March 2009 to running a decades-long investment fraud of up to $65 billion. The complaint against Madoff's London branch seeks $80 million and names as defendants former MSIL directors: Madoff's brother Peter, Madoff's sons Mark and Andrew, Stephen Raven, Leon Flax, Christopher Dale, Philip Toop and Malcolm Stevenson. Raven was lead director. Reuters
US closes 2 more banks, bring year’s total to 151 WASHINGTON: US authorities shut down two banks, bringing the number of closures this year to 151, as smaller financial institutions continue to struggle with depressed real estate markets and a lack of job growth in the economy. The Federal Deposit Insurance Corp has said it expects bank closures to peak this year after 140 closures in 2009. The bulk of this year's closures have been smaller institutions, each with less than a billion dollars in assets, as large banks have recovered more quickly from the 20072009 financial crisis. The FDIC announced the following closures: Paramount Bank of Farmington Hills, Michigan. Had total assets of $252.7 million and $213.6 million in total deposits. Level One Bank will assume Paramount's deposits and branches and open as normal on Saturday. The Paramount failure will cost the FDIC's deposit insurance fund about $90.2 million. It was the fifth closure of an FDICinsured bank in Michigan this year. Earthstar Bank of Southampton, Pennsylvania. Had assets of $112.6 million and $104.5 million in total deposits. Polonia Bank will take over the deposits and branches and will open as normal on Saturday. -Reuters
Ping An may buy cosmetics firm Jahwa SHANGHAI: Ping An Insurance (Group) of ChinaLtd is in talks to acquire state-owned cosmetics maker ShanghaiJahwa in a deal worth as much as 6.58 billion yuan ($988 million), the China Business News reported, citing an unidentified source close to the Shanghai unit of the country's state asset watchdog. Jahwa shares were suspended from trading on Monday pending announcement of "important matters", fuelling speculation of a possible restructuring.-Reuters
WILMINGTON: American International Group Inc., the bailed-out insurer, aims to sell shares early next year as the government winds down its stake in the company. “We hope to be able to go to the market with a public offering of AIG this spring, but we have work to do to make that happen,” Mark Herr, a spokesman for the New York-based insurer, said in a statement. “We are working as diligently as we can to achieve this as quickly as possible, subject to market conditions.” The Treasury Department said in September it plans to convert its $49 billion preferred stake in the insurer into common shares and sell the securities. The company and Treasury may hold an offering for the stock in the first half of next year and raise more than $10 billion, Reuters reported, citing unidentified people. The Wall Street Journal said the US aims to dispose of more than $15 billion in shares, with the insurer selling at least $2 billion in new stock. The US is selling holdings in financial firms that taxpayers bailed out at the depths of the financial crisis. The Treasury this week divested its remaining stock in Citigroup Inc. for $10.5 billion. AIG slipped 94 cents, or 2.1 per cent, to $43.01 at 12:47 p.m. in New York Stock Exchange composite
trading. The insurer has advanced about 43 per cent this year. The US will hold about 92 per cent of the common shares after the conversion. Capital Markets Chief Executive Officer Robert Benmosche is seeking funds from private investors to replace US capital. The company sold $2 billion of bonds on Nov. 30 in its first offering since the 2008 bailout. “We are completely focused on finishing work on the plan to restructure AIG and put it in a stronger position to begin repaying taxpayers and return fully to the private sector,” said Mark Paustenbach, a Treasury spokesman. “We are making good progress on the recapitalization plan but it is premature to speculate about next steps.” AIG is focusing on global property-casualty coverage and US life insurance after selling more than $50 billion in assets to help repay its bailout. The $182.3 billion rescue includes a $60 billion Federal Reserve credit line, an investment of as much as $69.8 billion from Treasury, and up to $52.5 billion to buy mortgage-linked securities owned or backed by AIG. Hartford Financial Services Group Inc. and Lincoln National Corp., the other two US insurers bailed out by the Treasury, repaid their rescues this year. -Agencies
ING sells Philippine investment arm to BPI MANILA: ING Group has said it had agreed to sell its Philippine investment management unit to the Bank of the Philippine Islands (BPI) , the country's largest lender by market value, for an undisclosed amount. ING Group said it decided to separate its banking and insurance and investment management businesses and divest the latter before the end of 2013 as part of the agreement with the European Commission in October 2009. At the end of September
2010, ING's Philippine investment management unit had 78.4 billion pesos ($1.8 billion) worth of assets under management, while BPI's asset management and trust had 458 billion pesos. "ING will continue to be active in the Philippines through ING Bank...ING Bank will continue to focus on its strong franchise in financial markets, lending and syndications, structured finance and corporate finance," ING said. -Reuters
Insurers at KSE go weak last wk Staff Reporter KARACHI: Some negative activities were observed in the insurance stocks last week at the Karachi Stock Exchange (KSE) with around 8.7 million shares traded altogether in life and non-life insurance stocks. Adamjee Insurance stood as the volume leader with 5.7 million shares followed by Pak Reinsurance with 2.2 million
shares. EFU Life Assurance was the top loser of the week as it fell by Rs3.28 to close at Rs80.11 and New Jubilee Life Insurance decreased by Rs2.87 to close at Rs45 while American Life Insurance increased by Rs2.39 to close at Rs19.50 and Adamjee Insurance was up by Rs2.08 to close at Rs84.26 to be the major gainers of the week.
Goldman unit wins auction for Paternoster CHICAGO: A unit of Goldman Sachs Group Inc has won the auction for UK-based Paternoster , the specialist pensions business, for an undisclosed sum. A majority of shareholders has agreed to sell their stake to Rothesay, a UK-based Goldman unit, subject to regulatory approval and other conditions, Paternoster said in a statement. Paternoster, set up by former Prudential Plc executive Mark Wood, had originally been expected to fetch up to 300 million pounds, The Financial Times reported. The final deal, however, was valued at less than that, the FT said. "The Board of Paternoster believes that this transaction would create an excellent combination to exploit the opportunities in the growing Bulk Annuity market and enhance the long term security of its policyholders," Paternoster said in a statement on its website. Paternoster was put up for sale by its original backers, including Deutsche Bank, several months ago. Earlier this year, Paternoster helped Deutsche Bank execute the largest-ever longevity insurance transaction when it helped BMW hedge its longevity risk for its UK operations pension scheme. The London-based company had assets of 3.3 billion euros (2.8 billion pounds) at the end of last year. -Reuters
Madoff trustee claim also targets RBS: ABN AMRO AMSTERDAM: Dutch bank ABN AMRO has said a $270 million (170 million pounds) claim filed against it by a trustee seeking to recoup money for victims of Bernard Madoff was related to operations now owned by British bank RBS . Irving Picard, the trustee for the liquidation of Bernard L. Madoff Investment Securities LLC, is seeking to recoup more than $1 billion from seven financial groups for victims of convicted US swindler Madoff. State-owned ABN AMRO was one of the seven groups named in the complaint, but spokesman Hans van Zon said a claim sent to ABN AMRO for $270 million relates to the company's wholesale banking business that was bought by RBS. "We are aware of this action and will vigorously defend our position. It would be inappropriate to comment further at this stage in the process," RBS spokeswoman Sarah Small said. ABN AMRO, however, is still facing a claim of $230 million, which it received via its unit Fortis Prime Fund Solutions, spokesman Van Zon said. He reiterated earlier comments that the bank would defend itself "vigorously. The seven firms earlier named in the claim are Citigroup's Citibank, Natixis SA, Fortis, ABN AMRO, Banco Bilbao Vizcaya Argentaria, Nomura and Merrill Lynch, now owned by Bank of America . The financial institutions received transfers of money from Bernard L. Madoff Investment Securities LLC (BLMIS) through numerous Madoff feeder funds when they either knew or should have known of Madoff's fraud, the trustee said. -Reuters
Benjamin Raich of Austria clears a gate during World Cup Giant Slalom skiing race
09
Monday, December 13, 2010
Sajjad storms into last-64 in World Snooker KARACHI: Dazzling Muhammad Sajjad stormed into the last-64 round of IBSF World Snooker Championship on Saturday when he came from 0-3 down to register an exciting 4-3 victory over Garry Gilliard of New Zealand at Faiha Sports City Hall in Damascus, Syria, according to information received here. 26-year-old Sajjad from Sargodha produced his best under pressure in international arena made a sluggish start before making a grand comeback to reach the knock-out stage. The Kiwi cueist Gilliard was at his best when pocketed the first three frames to put his Pakistani opponent under tremendous pressure in his last league round. But Asian number two Sajjad reaffirmed his class by snatching the next four frames at trot to claw his way from jaws of defeat to chalk out an amazing win. The sixth frame saw Sajjad at his brilliant best as he masterly potted the multicolored for a break of 123, his second century of the event. Sajjad, who lost in the last 32-round of last year's championship in Hyderabad emerge 23-63, 37-54, 28-63, 66-57, 109-02, 131-01, 80-42 winner. Sajjad ended runner-up in 7men pool 'A' with five wins and one loss to group lead Noppadol Sangnil of Thailand. Diminutive Sajjad, who enjoyed wonderful year abroad with Asian Games bronze medal in China, is looking in great nick to go beyond round of 32 this year. Pakistans' two other cuemen Imran Shehzad and Sohail Shehzad already qualified for the last 64 stage.-APP
BCCI to continue Modi's probing NEW DELHI: The BCCI on Saturday decided to retain the three-member panel probing charges of financial irregularities against former Indian Premier League (IPL) chairman, Lalit Modi. In its Special Governing Meeting (SGM), the Board decided to extend the term of the Disciplinary Committee comprising Arun Jaitley, Jyotiraditya Scindia & Chirayu Amin till the end of the inquiry on Modi. CNN-IBN was the first channel that came up with the news on Saturday that the SGM will extend the tenure of the Disciplinary Committee, probing the charges against the former IPL boss. It also reported that the SGM will also ratify proceedings of the committee of Jaitley, Scindia & Amin, which could be an obvious reaction to Modi's counsel challenging the tenability of the committee after the AGM. Modi's legal counsel, Mehmood Abdi, had challenged the legality of the committee last month since it was not re-constituted or re-nominated at the BCCI AGM in September. Modi's camp had time and again opposed the nomination of Amin and Jaitley citing bias.-Online
Ponting walks hard on smouldering Ashes SYDNEY: Ricky Ponting may be just one test defeat away from becoming the first Australian captain in 120 years to lose three Ashes series but he is not entertaining any retirement thoughts. Ponting, who turns 36 on Dec 19, has not been at the top of his form with the bat while his team trail England 1-0 in the five-match series with three tests remaining. "My absolute focus is on all the things within my control,
preparing the team and myself to perform at our very best in Perth, Melbourne and then Sydney over the next three tests," Ponting wrote in the Australian newspaper on Saturday. "I have not stopped for one moment to consider retirement. The question of my future as captain is ultimately a decision for Cricket Australia and categorically the future of Australian cricket must come first.
"I have every confidence in my ability to score runs and be the experienced batsman and leader that my teammates can rely on." "As captain, I am accountable for the performance of my team and I accept that our most recent results mean that I am being assessed more critically than at other times in my career as captain. "The team is my priority, not my own ego or the status that comes with being the captain of
the Australian cricket team." Ponting conceded England had dominated the series so far. "We've been ordinary, we've played poorly. I haven't played the way I would like to have played, especially in Adelaide, but I don't think I'm that far away. "I've got to keep trusting the way I prepare and play and keep working hard. If anything I might have worked a bit too hard on my batting over the last couple of weeks."-Reuters
Amir clouts his way to WBA win LAS VEGAS: WBA President Mendoza, trainer Roach, Khan and coach Alex Ariza celebrate Khan's victory over Maidana in Las Vegas. -Reuters
PCB-BCCI lock horns over ICC’s tour plan KARACHI: The Pakistan Cricket Board and the BCCI are at loggerheads over the ICC's new Future Tours Programmes as the PCB claims that the Indian board is reluctant to give definite time frames for upcoming series. Sources in the PCB aware of the discussions at the ICC chief executives meeting held recently in Dubai to discuss the 20122020 FTP confirmed that India had agreed to play against Pakistan in this period but has not given specific dates, reported PTI. "The PCB's biggest issue is that India has said it would play twice against Pakistan at neutral venues but has given no dates. Secondly they are not willing to give enough time to Pakistan to play a full series," one source said. "The time frame given by India means that Pakistan can-
not play a full series against it and secondly the Indian board has made it clear any matches against Pakistan would be dependent on clearance from their government," he said. The source disclosed that in the new FTP, India had suggested twice touring Pakistan for short series and host Pakistan twice. "The PCB is not happy with the situation because it wants a longer series meaning more matches against India and confirmed dates. On other hand, India has just said they would play Pakistan in the periods they are free of other commitments in the FTP." The source said PCB's biggest concern is that less number of matches against India mean loss of valuable finances. "The cancellation of two series against India means a loss of around USD 70 mil-
lion for the PCB which is a lot of money." Pakistan's next scheduled series against India is also in 2012. India has not played a bilateral series against Pakistan since 2007. The Indians were due to tour Pakistan in early 2009 for a full series but the plan was cancelled due to the 2008 Mumbai terror attacks. The source also disclosed that the PCB was unhappy that the ICC after earlier agreeing is now not willing to give Icon status to Indo-Pak series. "Allowing Icon status would have meant that where Pakistan played two series against a particular team in the FTP against India it would have played three because of its icon status," the source stated. The source said Pakistan was also not happy with other teams like Australia not giving a full series to Pakistan. -Online
LAS VEGAS: Amir Khan used a series of combinations to the head and powerful body shots to grind out a 12-round unanimous decision over Marcos Maidana in their WBA title fight. The 23-year-old Khan on Saturday survived the toughest test of his boxing career to successfully defend his 140-pound title. "I was hit by his best shots and I am still there," Khan said. "I know I made mistakes, but I worked hard and came back stronger than ever. "He's a strong fighter, and he hits hard. My chin was tested. I'm not taking anything away from him. He's a great champion. I proved today I've got a chin." Khan (24-1, 17 KOs) started quickly, knocking Maidana down late in the opening round but it proved to be the lone knockdown of the fight at the Mandalay Bay hotel and casino. The relentless Maidana (292) regrouped and by the 10th round he bloodied and buckled Khan's knees, almost sending the British champion to the canvas. Khan responded with a flurry of punches in the 11th and 12th rounds to take the fight on all three judges' scorecards. The Bolton fighter, who is based in California, finished the fight with blood flowing from his nose. Judges Jerry Roth and C.J. Ross scored the bout 114-111 for Khan, and Glenn Trowbridge favoured Khan 113-112.
Maidana was not happy with the judges' scores, saying he did enough to recover from the knockout and score points in the later rounds to earn the title. "I thought I won it," the Argentine fighter said. "I did enough in the final rounds but they gave him the decision." Maidana, who has a reputation as a dangerous and sometimes dirty fighter, had one point deducted by referee Joe Cortez in the fifth round after he tried to elbow Khan during a break in the action. The elbow missed and hit Cortez in the chest. The 27-year-old Maidana made Khan work every round for the victory as the two brawled in the centre of the ring with very few clinches or backpeddling from either fighter. Khan suffered his only loss in 2008 -- a shocking defeat as he was knocked out by Colombia's Breidis Prescott. Khan, the 2004 Olympic silver medalist, said he chose to fight Maidana because he wanted to show he was prepared to go up against the toughest in his weight class. "I made a mistake in my past now I am a different fighter thanks to (trainer) Freddie Roach," Khan said in the ring after the fight. Khan was fighting for just the second time in the United States. He stopped Paulie Malignaggi in the 11th round of a one-sided fight last May in New York. -Agencies
MacGill slams selecters SYDNEY: Stuart MacGill, the former Australian Test legspinner, has slammed the decision of his country's selectors to call up Michael Beer, a slow leftarmer who has played just five first-class games, for the third Ashes Test at Perth next week. "I am gobsmacked, shocked, I honestly cannot believe it," MacGill told Sydney's Daily Telegraph. "The team will have to change again after the next Test. Good on Michael Beer, good bloke and good player, but look at this as a job interview and show me his qualifications to get this job. He doesn't have any. He is not qualified for the job they have given him. Sending him out there next week, what are they trying to do?" MacGill, who played 44 Tests before his retirement in 2008, reserved particular criticism for comments made by Andrew Hilditch, the selection panel chairman.
Mobilink 4th Golf tourney held in Khi Staff Reporter KARACHI: Mobilink organised the 4th indigo Invitational Golf Tournament-2010 at the Karsaz Golf Club, Karachi. For the past three years, the 18-hole tournament has consistently attracted golfing enthusiasts from within the MobilinkIndigo customers. The basic goal of organizing the event is entertainment and fun while playing golf. Mobilink's Director Customer Care- Fareed Bajwa said; "It is a great pleasure to see the enthusiasm displayed by the golfers in Karachi, at the Indigo Golf Tournament. With your fervor and support over the years, this recreational event has turned into a popular sporting activity. By sponsoring healthy events, Mobilink aims to support exciting activities, which promote social harmony and foster a participative spirit in the community." More than 100 participants took part in the golfing tournament. The increasing number of participating golfers is surely a positive trend. The significant performers were presented high-valued gifts from Mobilink. Valuable prizes were given to the successful players in various categories. The Main Event win for "Best Player-Net" was rewarded to Arif Usmani who scored 65, the "Runner up-Net" was Abdullah with a score of 67 and the "Second "Runner up-Net" was Asim Hafeez who scored 68.
Coach upbeat despite poor Chelsea form LONDON: Chelsea manager Carlo Ancelotti said he was optimistic for his team and had the full support of owner Roman Abramovich despite a loss of form that has led captain John Terry to question the team's desire. The Premier League champions have won only two of their last eight games in all competitions and slipped to third in the league table after earlier looking like they would run away with the championship. They make the short trip across London to Tottenham Hotspur on Sunday, in the first of three consecutive games against fellow title contenders, needing to stop the rot. "A couple of weeks ago we were seven points clear, 20
goals ahead of most teams and now we are trailing behind," Terry was quoted by local newspapers on Friday as saying. "So we need to go on a good run and now would be the perfect time with Tottenham, Man Utd and Arsenal coming up. It would be ideal for us. "At times, you are going to have to just do a lot better than the opposition and, at the minute, we are not wanting it as much as them." Ancelotti, however, denied there was a lack of appetite, saying his team were motivated but just rather unhappy after picking up five points from the last 18. "This is normal and we have to do everything to move on quickly," he told a news conference.
"I'm not fearing for my job, I feel I have total support from my players, this is the most important thing, I feel I have total support from my club," the Italian said. "For this reason I do not fear. I am an optimist and I
think everything will be okay this season." 'TOTAL SUPPORT' He said he had spoken to Russian owner Abramovich after Wednesday's 1-0 defeat by Marseille in the Champions League and had
been reassured. "He gave me total support, he understood the problem of the team, he is doing the best to give everyone of us at the club, the players, myself and my staff, total support," he said. Chelsea have 30 points from 16 games and sit two points behind leaders Arsenal and one behind secondplaced Manchester United who have a game in hand. Manchester City are fourth on 29, while fifth-placed Spurs have 26. The champions' morale was hit by the unexpected departure of popular assistant coach Ray Wilkins last month and they have not been helped by the absence since August of midfield talisman Frank Lampard.
Lampard will not be available to face Spurs but Ancelotti said the England international should be back in time for the Dec. 19 match at home to Manchester United. "He trained well, he doesn't have a problem to train, everything is okay but... It is better to check on Thursday with a friendly game and after that play against Manchester United," the coach said. Terry found some comfort in the fact that no matter how tricky things were for Chelsea, other Premier League giants were suffering more. "The good thing is we are not like Liverpool. We are not out of it," he said. "We are still in with a very good chance."-Reuters
HAS OPEC BUILT ENOUGH CAPACITY DURING THE LEAN YRS? * OPEC, EXPERTS SEE GROUP'S SPARE CAPACITY AT 5-6 MLN BPD * 2MN BPD YR/YR DEMAND GROWTH NEEDED TO ABSORB SPARE CAP
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ith oil prices near $90 a barrel for the first time in two years, one of the biggest questions for analysts is has the Organisation of the Petroleum Exporting Countries assembled enough spare capacity to quench over-heated markets this time? At least five major banks including Goldman Sachs, Societe Generale and JP Morgan raised their mid or long-term oil price forecasts last week, betting on faster than expected oil demand growth slashing the world's buffer supplies within two to three years. The most bullish forecast came from Goldman Sachs, the largest investment bank in commodities. The bank's energy analysts warned that if their projections for global oil demand growth of over 2 million barrels per day (bpd) in both 2011 and 2012 prove correct, Opec spare capacity could quickly be exhausted. But even with oil at a 26month peak on the back of near record demand over the last quarter, the majority of industry analysts remain more sanguine about the supply outlook ahead of theproducer group's meeting in Quito, Ecuador, on Saturday. Exact data on Opec spare capacity remains a closely guarded secret within individual members, but the majority of industry analysts peg the current figure at between 5 and 6 million bpd. That compares with as little as 1.5 million bpd in 2008 when prices were spiralling towards $150 a barrel, before the global financial crisis
slashed demand and saw prices crash. "Overall, global demand is not growing fast enough to draw down spare capacity over the next 2-3 years," said Manouchehr Takin, Senior Petroleum upstream analyst at the Centre for Global Energy Studies (CGES) in London. Takin said Saudi Arabia alone, the world's largest crude oil exporter, is sitting on up to 5 million bpd of spare capacity. Its size and ability to substantially ramp up production lends it sway over the rest of Opec. Opec itself has stated the group holds more than 6 million bpd of capacity, and said in its annual world oil outlook report this level would be maintained until 2014. If that is to be the case, Saudi Arabia will cede some power to other members. The kingdom has no plans to expand capacity after ramping its production capabilities to 12.5 million bpd in 2009, Saudi-owned al-Hayat newspaper reported in October, citing high level sources. By contrast, Abu Dhabi's National Oil Company (ADNOC) plans to add 213,000 barrels per day (bpd) to its crude production by 2012, with a longer term target to increase output by about 400,000 bpd to 1.8 million bpd over the next 10 years. In Iraq, analysts polled by Reuters in October forecast production in the one Opec member currently exempt from output targets would hit 2.8 million bpd next year from around 2.5 million cur-
rently, before leaping to 4.6 million by 2015. Analysts at JBC Energy in Vienna, who advise several Opec members, estimated current UAE spare capacity at 500,000 bpd, with Kuwait sitting on 350,000 bpd. Peter Wells, analyst at UKbased Neftex Petroleum Consultants said while he saw Saudi Arabia's spare capacity as lower than some at 3.4 million, he calculated Nigeria, Algeria, Libya, Qatar and Iran all also had spare capacity between 150,000 and 300,000 bpd each. WHEN TO GET NERVOUS Analysts say that historically the market does not become nervous until spare capacity dips to 2 million bpd or below. Societe Generale said they see spare capacity dropping towards 2 million bpd between 2013 and 2015, though noted that next year it will remain "ample". Several on the industry side think even SocGen's more conservative view could be underestimating supplies. "In our base case scenario, we see Opec's spare capacity declining to a low of 4.7 million bpd in 2012 and 2013 before starting to move up again," analysts at JBC Energy said. "Increasing Iraqi production capacity and weakening global oildemand growth are the main factors behind this development," they added, saying Iraq spare capacity could hit 8 million bpd within 10 years. Stronger demand than most
are predicting would be required to drag spare capacity down before then. While demand grew by a rapid 2.5 million bpd this year, according to the International Energy Agency (IEA), most analysts see this as partly a rebound from declining demand during the economic crisis in
2008/2009. The IEA sees demand increasing by just over 1.3 million bpd in 2011, substantially below the rate this year. Opec sees demand growing by just under 1.2 million bpd. Demand growth at that pace will largely be met by countries outside the produc-
er group. Additionally increased Opec production of crudelike natural gas liquids (NGL) will effectively increase the supply of oil while not counting against Opec production targets. "There's a huge tranche of Opec NGL capacity coming onstream next year. That
could be as much as 700,000 bpd," said Greg Priddyat Eurasia Group. "Even if demand grows faster than currently expected and non-Opec supply surprises to the downside, you're still unlikely to see the call on Opec rise by more than 500,000 bpd next year." -Reuters
Climate talks: 18 years, too little action? "I was born in 1992. You have been negotiating all my life. You cannot tell us that you need more time," Christina Ora of the Solomon Islands complained to delegates at U.N. talks on fixing global warming. Her line from a brief, riveting speech to a 2009 climate summit inCopenhagen was emblazoned on activists' Tshirts at the latest U.N. talks in Mexico, expressing exasperation at small steps meant to slow floods, droughts, heat waves and rising sea levels. The two-week 190-nation conference in Cancun, a Caribbean resort, agreed on Saturday to step up action against climate change, including a goal of $100 billion a year to help the poor from 2020 and action to protect carbon-absorbing rain
forests. Almost all admit it fell woefully short of action needed. Cancununderscored that a treaty, as urged by Ora, is out of reach because of disparate economic interests among China, the United States, OPEC oil exporters and Pacific islands. "Signs that climate change is happening and with catastrophic consequences are there -- flooding in Pakistan, heat waves inRussia, China," Norwegian Environment Minister Erik Solheim said. "This is a huge step forward but of course not sufficient based on science," he said of the Cancun agreements that at least restore some faith in the United Nations after Copenhagen fell short of the widespread goal of reaching a treaty. The U.N. panel of climate
scientists in 2007 said greenhouse gas emissions would have to peak by 2015 to give a chance of limiting a rise in average temperatures to 2 degrees Celsius (3.6 F) above pre-industrial times -a ceiling agreed to in Cancun. But based on current projections, that will not happen. Existing government policies for combating global warming will lead to a rise in world temperatures of about 3.6 C (6.5 F) above preindustrial times, according to Niklas Hoehne, director of energy and climate policy at consultancy Ecofys. 'MATTER OF OUR SURVIVAL' Surging economic growth in emerging nations led by China and Indiaare helping to ease poverty but are driv-
ing up world emissions even as rich nations' economies flounder. Such changes do not sound like much, but the difference between an Ice Age and now is only about 5 degrees C (9 F). A new treaty has eluded the world since a U.N. Climate Convention was agreed to in Rio de Janeiro in 1992. The convention's 1997 Kyoto Protocol only binds about 40 rich nations to curb emissions during an initial period ending in 2012. Outside the conference hall, youth delegates wearing blue T-shirts with Ora's quote waved banners saying, "1.5 to stay alive." They say a temperature rise ceiling of 1.5 C (2.7 F) is needed to avoid the worst impacts. Even to some delegates, especially from vulnerable
African nations and lowlying islands at risk of sea level rise, the talks seem like rearranging the deck chairs on the Titanic. "This is a matter of our survival," said Colin Beck, who like Ora is from the Solomon Islands and a vice-chair of the Alliance of Small Island States. Average world temperatures have already risen about 0.8 degree C (1.4 F) since the Industrial Revolution and 2010 is set to be among the top three years on record, vying with 1998 and 2005, since records began in the 19th century. 'THINGS YOU CAN DO NOW' Despite the gloom, others say a response is happening away from the glacial U.N. talks, with investment shifts from coal, gas and oiltoward
renewable energies. China is investing heavily in projects ranging from solar power to high-speed rail links. "We've been trying to emphasize that the focus shouldn't solely be on the struggles with the treaty negotiations -- this word and that word -- because there are things you can do now," World BankPresident Robert Zoellick said. "Business is not sitting back and waiting for this process to come to a result. ... The world is moving ahead anyway," said Yvo de Boer,climate adviser at audit, tax and advisory group KPMG and a former U.N. climate chief. He listed concerns over climate, energy prices, energy security, materials scarcity, consumer preferences and a realisation that things had to
change with the world population set to reach 9 billion by 2050 from 6.8 billion now. The U.N. panel of climate scientists says it is at least 90 percent likely that human activities are the main cause of most of the global warming in the past half-century. Natural causes cannot be completely ruled out. Rajendra Pachauri, the head of the panel, warned delegates inCancun that one underestimated effect of climate change was that water expands as it warms, raising the oceans at the same time as more flows in from melting glaciers. The world is destined to experience a rise in sea levels of 0.4 to 1.4 metres (1-4 feet) simply because heat in the atmosphere will gradually reach ever greater ocean depths. -Reuters
More violent protests loom in UK as cuts bite T
he mounting intensity of protests against higher university fees suggests that more and more ordinary people may be angry enough about austerity cuts to take to Britain's streets in coming months. Thousands of students and others laid siege to London's government district on Thursday, producing scenes of fighting, vandalism, horseback police charges and bloodied police and protesters not seen in Britain for years. The chaos even affected the royal family, when a limousine carryingPrince Charles and his wife was attacked by protesters. The government aims to
almost triple tuition fees to up to 9,000 pounds ($14,260), shifting the burden of paying for higher education from state to student as part of severe spending cuts intended to tackle a record budget deficit. "If I were the government I would be very worried ... I think the protests are going to grow. This is a government with a bit over six months in office and it's confronting the most intense social protests for over 20 years," said Alex Callinicos, professor of European Studies at King's College London. Analysts have begun to recall how a hugely unpopular local tax was scrapped after mass riots in London during a
demonstration by 200,000 people in 1990, which also hastened Margaret Thatcher's fall from power. EFFECTS NOT YET FELT Student fees are not seen as bringing down the Conservative-Liberal Democrat coalition, which took office only in May, and polls indicate that the public support the austerity drive in principle. But the effects of the harshest cuts in a generation have only just begun to be felt. Hundreds of thousands of public sector workers will lose their jobs and millions of Britons will have to scrimp as unemployment, child and housing benefits are slashed or
capped. Sales tax on many goods will rise from next year, many public services will be cut, and the retirement age will rise. "In the abstract, everybody's in favour of everybody else saving money. But when it's your library, your hospital, that's when you get mobilised," said Patrick Dunleavy, professor of political science at the London School of Economics. Stoking public anger now is the fact that the Lib Dems have gone back on a pre-election pledge not to raise tuition fees. Some student leaders in London refused to condemn the violence, and many pro-
testers said it was the only way their cause would be noticed. The law raising tuition fees advanced in parliament on Thursday despite abstentions or 'No' votes from a number of government lawmakers. But it still has a number of stages to go before becoming law, and students say their protests are not over yet. "There are going to be a whole series of further actions, direct actions, further occupations, and I think in the new year we will see this rise tenfold," Clare Solomon, president of the University of London students' union, told reporters. COMMON CAUSE? Until recently, Britain's stu-
dents were seen as much less political, and militant, than those of earlier generations. But many have spoken of campaigning for wider social justice, and making common cause with the trade unions, who are planning a mass demonstration in March. Some union representatives have also been present at the student rallies. "There is a sense that people are beginning to feel that the coalition government has sold them a pup (deceived them), that the spendingcuts aren't the way forward and there is an alternative, and are beginning to protest about that," said Paul Nowak, head of organisation for the umbrella Trades
Union Congress. The prospect of peaceful protesters mingling with increasingly agitated youths is a challenge for police, who failed to prevent the attack on Prince Charles's car. Their preferred tactic is "kettling", in which groups of protesters are hemmed into a small area for hours at a time. Police say it limits the damage from violent protests, but students say it causes anger to boil over. "Once you've got a fear of violence, police adopt tactics to try and stop the violence, and that causes the violence," said Ivor Gaber, political journalism professor at City University London. -Reuters
Kabul plans national electronic ID cards
DALEA: Supporters of the separatist Southern Movement group march during a protest in the southern city.-Reuters
Sweden says Stockholm blasts were “terror crimes� STOCKHOLM: Swedish police investigating two blasts that rocked central Stockholm on Saturday night, killing one person and wounding two, said on Sunday they had good leads into what they said were "terror crimes." Before the explosions, the Swedish news agency TT received a threatening letter about Sweden's military presence in Afghanistanand caricatures of the Prophet Mohammad drawn several years ago by a Swedish cartoonist. A senior Swedish security police official told a news conference on Sunday the blasts were being treated as "terror crimes" and police had established good leads. Anders Thornberg, director of operations at the Security Police, said police could neither confirm that the man who died was a suicide bomber nor discuss his identity, as some family members had not yet been informed. "We are investigating this as terror crimes according to Swedish law ... we have not raised the security (threat) level," Thornberg said, adding that the police were stepping
up their presence in the capital. The drama began when a car burst into flames near a busy shopping street in the city centre, followed by explosions inside the car which police said were caused by gas canisters. The second explosion, about 300 metres (yards) away and 10 to 15 minutes later, killed one man and wounded two people. "Most worrying attempt at terrorist attack in crowded part of centralStockholm. Failed but could have been truly catastrophic," Foreign Minister Carl Bildt said in a message on Twitter, which was also shown on his blog. Police vans cordoned off several streets around the body and towed away the car. The rest of the city centre was calm, with people having a normal Saturday night out. Several hours after the blast, the man's body was still lying on the pavement, covered with a white sheet. Swedish newspapers all said the dead man had blown himself up.Dagens Nyheter quoted a man called Pascal, a trained medic, as saying "It looked as if the man had been carrying something that exploded in his
11 Egyptians protest parliamentary vote results
International & Continuation
Monday, December 13, 2010
stomach." "He had no injuries to the face or body in general and the shops around were not damaged." The Aftonbladet quoted a source as saying the man was carrying six pipebombs, of which only one exploded, and a rucksack full of nails and suspected explosive material. The paper quoted eyewitnesses as saying the man was shouting in what was apparently Arabic. TT said the email it received was also sent to the Security Policeand had sound files in Swedish and Arabic. "Our actions will speak for themselves, as long as you do not end your war against Islam and humiliation of the Prophet and your stupid support for the pig Vilks," TT quoted a man as saying in one recording. TT said the threat was linked to Sweden's contribution to the U.S.-led NATO force in Afghanistan, where it has 500 soldiers, mainly in the north. It also referred to caricatures of the Prophet Mohammad by the Swedish artist Lars Vilks, who depicted the Prophet with the body of a dog in a cartoon in 2007.-Reuters
KABUL: War-torn Afghanistan lacks basic national infrastructure, yet on Sunday the government unveiled plans for a $100 million electronic identification system with cards to be issued to all Afghans within five years. A chip in the wallet-size identification cards will hold a drivers' licence, vehicle registration, signature and voting registration and would aid fairer, more transparent and efficient future elections, the Ministry of Communications said. After three decades of conflict, Afghanistan is struggling to rebuild its economy and crumbling infrastructure such as roads, electricity and water access. A September parliamentary election was tainted by widespread allegations of fraud, including reports of fake voter identification cards and repeat voting. "We consider this a very important initiative for the development of Afghanistan," Minister for Communication and Information Technology Amirzai Sangeen told a news conference at which a $101.5 million contract for the project was signed with Afghan company Grand Technology Resources. "In our country the need for having proper identification is a very urgent matter," he said. "Giving ID cards to everyone is a process ... probably it is a three to five year process." The Ministry of Finance will fund the project from its development budget, as the government believes the system will help improve the country's security. Distributing ID cards in insurgent strongholds in the south and east of the country could prove difficult, however, as insurgents often intimidate or target Afghans seen to be cooperating with the government or foreign troops.Reuters
CAIRO: Hundreds of Egyptian activists and members of opposition groups protested on Sunday against what they said were violations during a parliamentary vote that handed the ruling party a huge victory last month. Opposition and independent monitors said the elections were fraught with ballot stuffing, voter intimidation and other abuses. Officials said the process was fair, all complaints were being checked, and any violations did not challenge the results. "Void, void, void," protesters chanted, referring to the parliament vote, during the demonstration by several hundred people in downtown Cairo.
"This is not a council, it is a cabaret," they chanted. Protests increased in Egypt before the parliamentary vote and activists threaten more before the 2011 presidential race. But demonstrations rarely number more than a few hundred and are usually quickly quashed by security forces. The protesters on Sunday included members of opposition movements Enough and April 6, as well as Egypt's two biggest opposition groups in the outgoing parliament, the Muslim Brotherhood and the liberal Wafd party. Security forces surrounded them but allowed the protest to go ahead. The Muslim Brotherhood, which controlled a fifth of seats in the previous parlia-
ment, won only one this year. Just 14 of the 508 contested seats went to parties other than the NDP. The Brotherhood boycotted the second round of the vote after winning no seats in the first stage, and refused to acknowledge the seat it won in the run-off. Wafd also withdrew and refused to acknowledge the six seats it won after the second round. It called on successful candidates to choose between the party or parliament. Egypt's ruling National Democratic Party secured about 80 percent of seats, while analysts said many of the independent candidates who secured most of the remaining seats have links to the ruling party.-Reuters
Bangladesh police break up workers protests: one dead DHAKA: A man was killed and some 150 people were injured when police fired tear gas and rubber bullets to disperse wage protests by textile workers in the Bangladesh capital Dhakaand main port city of Chittagong on Sunday. Police said a male worker was killed and some 100 were injured inChittagong, some 300 km (190 miles) to the southeast of the capitalDhaka, while around 50 others were injured during the violence inDhaka. "We can so far confirm death of one male worker," police officerReza Al Masud
told reporters in Chittagong. Police earlier said around 4,000 workers attacked police and vandalized at least 20 vehicles, including setting fire to one, in the port city. Another 50 people were injured as garments workers clashed with police and smashed vehicles at Kuril in Dhaka. It took police several hours to bring the situation under control. The violence forced some 300 industrial units, mostly garment factories, to close down in the Chittagong Export Procession Zone. Factory officials and police
said they would be reopened as soon as possible. The government raised minimum monthly salaries for garment workers couple of months ago, but the protesters said they were not being paid accordingly. The new minimum wage was raised to 3,000 taka ($43), from 1,662 taka ($24) earlier, payable from December 1. Garments account for more than 80 percent of Bangladesh's annual exports worth of more than $16 billion, and have been a mainstay of the economy.Reuters
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will address the joint session of parliament on Dec 19. Later he will have interaction with Pakistani media. He will leave for China on the same day.-APP
in the region. -Online
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accepting invoices from the members. The amount of unpaid incentive /commission under the aforesaid agreement is a sum of UK pounds 2,689,500 plus interest for Continued from page 12 No #2 country's ego and warned to civil disobedient movement if they the period of default to be decided by the court," the document do not change their policies. He said that the inflation has made added. As of December 3, 2010, the total value of this claim is UK life of the employees' community miserable and added that 70 per Pound 2,689,500 plus 8 per cent annum interest, commencing from November 30, 2010, at the daily rate of UK Pound 589.48 cent masses income is only six thousand. He said that the corruption has become wealthy richer while the per day till the judgement or the settlement of the claim, the poor masses are paying for it, the prices are being hiked every claimant pleaded. -APP month and the flour, sugar, chicken and power have broken back of Continued from page 1 No #7 the masses. He said that only one lac and eighty thousands air-connew director. "The board's functions include approving plans to dition holders are paying power bills while there is .6 million ille- restructure (Dubai World) and its affiliates, as well as approving gal air-conditions which are exempted from bill and burden is being the draft annual budget and final accounts and adopting its adminput on the poor people. Imran Khan said that PPP and PML-N are istrative and financial systems and those of its subsidiaries, the misleading the people through aerial firing against each other, adoption of financing and borrowing from financial institutions adding there is no investment in the country due to the corruption. and providing them financial guarantees," said an official stateHe said that there is no law in the country and noted he spent eight ment carried by WAM. State-owned Dubai World won creditor days at jail but there was no any big thief or robber. -Online support from all its creditors in November for a $25 billion restructuring plan, one of the first major milestones in resolving Continued from page 12 No #3 the debt headache which has plagued the Gulf Arab emirate since the other said it was the controlled explosion of a bomb.Iraq has last year. In its debt deal, presented to creditors earlier this year been without a new government since an inconclusive election in and seen by Reuters, Dubai World had said there would be a new March, and the country's main factions argued for months before managing director and chief financial officer for the company, reaching a deal last month that includes all major parties. whose assets range from shipping to real estate. Sunday's Iraqi Prime Minister Nuri al-Maliki was formally charged on announcement made no reference to this. November 25 to put together a cabinet and had 30 days to deliver Observers were divided on Sunday about the ramifications of according to a constitutional deadline. -Reuters the move with some viewing it as a confidence boosting move Continued from page 12 while others fretted that it may signal more issues to come. "If No #4 Chief Minister also met with CEO of Burj Khalifa along with they put the heaviest hitters in Dubai on the board of the comparepresentatives from companies such as Emaar, Habib Bank and ny that was successfully restructured, I sense they realise that the Oman Insurance. They discussed the investment incentives DW story is certainly not over yet," said a financial industry offered by Pakistan particularly Punjab and the political will of source, asking not to be identified. Dubai World plans to sell its the government to prioritize UAE investment and trade interest in prized assets over a period of eight years to generate as much as Pakistan. Earlier, Chief Minister Punjab and Chairman of the $19.4 billion to pay off creditors, according to the restructuring Punjab Board of Investment and Trade (PBIT), Mohammad proposal document obtained by Reuters. It said in the document Shahbaz Sharif started the second day of his business visit to asset disposals over an eight-year period will help generate up to Dubai, UAE with a meeting with Haji Muhammad Rafiq Giga a maximum of $19.4 billion, while similar sales based on current prices would be worth a maximum of $10.4 billion. -Reuters who is the Chairman Giga Group of Companies. At an event organised by Habtoor Group, the Chief Minister Continued from page 1 No #8 Punjab said that the success that Habtoor Group has seen in UAE incident. The deaths come days before U.S. President Barack remains an inspiration for Pakistani companies. Meanwhile the 100-CEO delegation and chamber representatives from Punjab Obama is due to complete a review of his Afghanistan war stratehave visited the Dubai Chamber of Commerce, the Sharjah gy and underline the rising tide of violence. Violence is at its worst across Afghanistan since the Taliban were ousted in 2001, Chamber of Commerce and Economic Department of Dubai. Punjab Board of Investment and Trade have signed MOUs of with military and civilian casualties at record highs. In a further blow for Obama, his special representative for collaboration and exchanged ideas on how to jointly work to establish trade and investment projects in Punjab. The delegates have Pakistan and Afghanistan, veteran diplomat Richard Holbrooke, also met their counterparts in respective sectors to explore poten- was in critical condition on Saturday after surgery to repair a tear tial joint ventures. The Chief Minister Punjab is on a 3-day visit to in his aorta. The attack in the south had the highest toll in a single UAE accompanied by a 100-CEO delegation with top companies battlefield incident since a May suicide bomb near a military conrepresented from the sectors of agribusiness, livestock and dairy, voy in Kabul that also killed six. A border policeman shot dead six U.S. soldiers last month, but mines, minerals and energy and international business. -APP he was on a training exercise with the troops he killed, and already Continued from page 12 No #5 inside their security cordon when he opened fire. Hameed said the Tanvir Ashraf Kaira said that after completion of this gas proj- bomber had tried to enter the base but his vehicle detonated at a ect the complexion of the region would be changed and new chap- gate outside, wounding three Afghans and four foreign soldiers, in ters of relationship would be initiated between neighboring coun- addition to those killed. It was not clear whether the device had tries. Tanvir Ashraf Kaira has termed TAPI as a historic milestone gone off prematurely or whether the bomber had been killed by
guards, he added. Taliban spokesman Qari Mohammad Yousuf claimed responsibility for the attack on behalf of the Islamist group. "It was one of our suicide bombers, who used a minibus for this attack on the base," he told Reuters by telephone from an undisclosed location. Intensified fighting cost the lives of more than 690 foreign troops in 2010, around one third of the total 2,260 who have died in more than nine years of conflict. June was the bloodiest month ever for foreign forces in Afghanistan, with 103 deaths. The rise in troop deaths is a major challenge for Obama and his administration, who are under pressure to find an exit from an increasingly unpopular war. Holbrooke's illness comes just before the White House is due to roll out its assessment of the revised strategy for the troubled region that Obama unveiled a year ago, which included an extra 30,000 U.S. troops. Afghan President Hamid Karzai joined Obama and other officials in wishing Holbrooke a speedy recovery, saying on Sunday he was "greatly moved" when he learnt of his condition. "I don't think it is an immediate concern for the U.S. government because you have a strong group of senior representatives for the U.S. here in Kabul already," said Andrew Exum, a Fellow at the Centre for a New American Security.
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situation during the month of Muharram. Ulemas from all over the country have assured their full cooperation with government, he added. -Online
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Republican administration of President George W. Bush, even those for wealthier Americans. Democrats had hoped to allow tax rates to rise for the wealthiest 2 percent of U.S. households to avoid increasing the country's record-high debt level. House Democrats also are particularly angered that the deal did not toughen taxes on estates of the richest Americans as much as they wanted. In a caucus last week, they rejected the tax deal and chanted, "Just say no!" Despite the opposition in Obama's own party, Axelrod said he did not expect significant changes to the tax deal. "We can't change it in major ways and expect that it is going to pass. ... I expect that the framework that was agreed to will be largely what is voted on," he said. White House economic adviser Austan Goolsbee also predicted the package would pass.
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grief over the sad demise of MA Zuberi, Editor-in-Chief of the Daily Business Recorder and Patron- in-Chief of Aaj News. Prime Minister telephoned Wamiq Zuberi, Editor Business Recorder and son of the deceased, Sunday evening and condoled with him over the death of his father. He lauded the invaluable contribution of late MA Zuberi for the promotion of healthy journalism as well as the social services for the people which would be long remembered. The Prime Minister prayed to Almighty Allah to shower his countless blessings upon the departed soul and grant strength to the members of the bereaved family to bear this irreparable loss with equanimity. Furthermore, President Asif Ali Zardari expressed his deep grief and sorrow over the demise of M A Zuberi, patron in chief of AAJ News and founder and editor in chief of Business Recorder newspaper. The President paid tributes to the services of late MA Zuberi for promotion of media in the country. The President prayed to Allah Almighty to rest the departed soul in eternal peace and grant courage to the bereaved family to bear the loss with patience and courage.
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Faysal Islamic Savings Growth Fund, ABL Cash Fund, ABL Islamic Cash Fund, AH Dow Jones Safe Pakistan Titans 15 Index Fund.
No #13
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government to ensure a stable Afghanistan because historically, Pakhtuns have always ruled in Afghanistan. He further said that the US and the world are making a big mistake by recognising the Tajik minority in Afghanistan, adding that "Not all the Pakhtuns are Taliban". -NNI
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industries have also affected manufacturing of export products. He was of view that if the situation remains the same, all the industries would be shutdown.
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Average turnover stood at 182 million shares increasing by 32 million from an average volume of 150 million shares previous week. Dewan Salman was the top traded stock with 104.7 million shares mainly due to investor interest in Dewan group stocks on news of debt restructuring. Other volume leaders include Lotte Pakistan with 79.9 million shares and National Bank with 42.2 million shares. Out of total 429 active issues 242 advanced and 170 declined while 17 issues remained unchanged.
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Awan alleges Punjab govt plundering Urges Punjab to announce LB poll schedule LAHORE: Federal Law Minister "There is a need to improve Babar Awan has said that loot sale Punjab's governance." He asked the has begun in Punjab, adding that Punjab government to announce the Takht-e-Lahore (Lahore Throne) schedule for the local body election. has now ordered seizure of petrol Federal Law Minister said corruppumps of Lahore. tion was on the rise in the Punjab Addressing the party workers in and the educational institutions Lahore, he urged Nawaz Sharif not were on the sale in the province. to do politics in the name of Babar pointed out that when oppressed people. Nawaz Sharif said that there was Voicing opposition against a corruption in the country he is right RAMADI: Iraqi security forces inspect the scene of a car bomb attack in Ramadi, west of Baghdad. -Reuters Punjab government's plan to seal because the biggest province has Lahore's petrol pumps, he said that been mismanaged none other than the move will deprive poor people by his younger brother, Shahbaz of their livelihood. Sharif. "All petrol pumps were allowed to He was addressing the party workoperate under LDA law and that ers at Lahore. He was very critical Nawaz Sharif should also support of Sharif brothers' Raiwind Palace. the petrol pump owners," he said. He suggested to Nawaz to The Federal Law Minister said announce the date for holding of that his party condemns police high- local bodies elections. The minisFALLUJA: A suicide car bomber something like killing innocent peohandedness of students and teach- ter said his party was not followLAHORE: Pakistan Muslim ers. "Why doesn't Nawaz Sharif ing the policy of reconciliation killed 13 people and wounded ple?" dozens near government buildings in The sprawling desert province of League (N) has submitted a resolu- speak in support of teachers and stu- because we were scared of anyin Punjab Assembly dents?" he questioned. the mainly Sunni Iraqi city of Anbar was the heartland of a Sunni tion one. -Agencies Ramadi on Sunday, police and hospi- Islamist insurgency after the 2003 Secretariat against Governor PTI chief urges govt to mend ways tal sources said. US-led invasion. Its main cities, Punjab Salman Taseer for leaving The attack came as Iraqi political Ramadi and Falluja, witnessed some the country without notifying. The resolution has been submitted leaders moved toward forming a new of the fiercest fighting of the war. government and just days before one But local Sunni tribal chiefs turned by Member Provincial Assembly of the most religious days for Shi'ite. on al Qaeda, helping US forces bring (MPA) Dr Zammarrud Yasmeen Rana; in which it is mentioned that A police official and a hospital relative peace to the region. source said 13 people were killed and Last December, twin suicide blasts Governor Salman Taseer left country 41 wounded in the blast in western killed at least 24 and wounded more without informing and the seat of ISLAMABAD: PTI Chairman disclose their assets. Anbar province, once a stronghold of than 100 just outside the provincial governor left vacant. Addressing PTI workers at It has been requested from the pres- Imran Khan has announced to the al Qaeda Islamist militant group. government headquarters in Ramadi. Hikmet Khalaf, the deputy gover- The governor of Anbar province was ident to take notice, as this is a non- launch long march and civil disobe- Aabpara Chowk, Imran Khan said nor of Anbar, said the blast in central critically wounded in one of the constitutional act, which violates the dient movement if the rulers do not that during their visits, all the rulers changed their polices, adding that begging for loan and bow before the article 104 of the constitution. Ramadi, 100 km (60 miles) west of attacks, but survived. Governor Punjab, who is consid- he would pay his all money in bank US leaders and compromise over Baghdad, targeted a complex in A police source said a car bomb See # 2 Page 11 which the provincial council is exploded at the entrance to the office ered as constitutional head of the account in tax if all the politicians based. He put the toll at seven dead complex, which also houses the province, traveled to Karachi via and 25 wounded. police headquarters for the province flight PK 303 on December 5th and then flew to Colombo through inter"It (the explosion) was at a crowd- and other government buildings. ed crossroad. There were civilian A simultaneous explosion took national flight VL 189 the same vehicles passing and it is also the place nearby at a bus terminal, two evening. He returned back to Lahore entrance to the main government police sources said. One source said by the eve of December 8. Against this act, this has been offices," said Khalaf. it was a roadside bomb and one "They are criminals from al-Qaeda. policeman had been injured, while demanded from President Asif Ali Zardari to take strict notice as Salman Who else besides them would do See # 3 Page 11 Taseer committed a serious violation Nahyan, Shahbaz discuss bilateral ties of the constitution and it is mandatory for every parliamentarian to obey the constitution. -Online
Iraq car bomb
kills 13, hurts dozen
Resolution moved against Governor Taseer for violating law
Imran warns of disobedience call
Pakistan, UAE cement bonds
ISLAMABAD: Pakistan attaches great importance to its cordial and friendly ties with United Arab Emirates and desires to further cement the socioeconomic and trade relations between the two countries. This was stated by Chief Minister Punjab Mian Shahbaz Sharif during his meeting with Governor of Dubai International Financial Center (DIFC) Ahmed Humaid Al Tayer, said a press release received here. He thanked the UAE government and said that the UAE, and particularly Sheikh Nahyan Bin Mubarak Al Nahyan, has always shown support
for Pakistan and this support translates into concrete investments in Pakistan. The Governor of Dubai International Financial Center (DIFC) Ahmed Humaid Al Tayer welcomed the Punjab Chief Minister and assured continued support of the UAE government to Pakistan. Dr Naseeer Saidi, Chief Economist & Head of External Relations DIFC also gave presentation on DIFC. He also pointed out the areas where DIFC could support to Pakistan that could help in reviving the economy. See # 4 Page 11
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Wen Jiabao due on 17th ISLAMABAD: Chinese Prime Minister Wen Jiabao will arrive here on Dec 17 on a three-day official visit on the invitation of Prime Minister Syed Yousuf Raza Gilani. Prime Minister Gilani himself will receive Chinese Premier Wen Jiabao at the airport. Dozens of chief executives of companies and 250 business leaders will accompany the Chinese premier. The visit will be a unique opportunity for two countries to enhance their trade and commercial ties. Many commercial deals will be signed during the visit. Up to 20 billion dollars worth of projects with Chinese help have been completed in Pakistan. Work on projects of 14 billion dollars is continuing at present while projects of another 20 billion dollars will be signed between the two sides. A large media delegation will come with the Chinese Premier who will also have interaction with Pakistani media. There will be an official meeting between the two Prime Ministers that will be followed with ceremony of signing MoUs at Prime Minister House. A briefing for visiting dignitary will be held at office of National Disaster Management Authority at PM Secretariat. An unveiling of plaque ceremony will be held at Star-Crescent (ChaandTara) Chowk, followed by opening of paintings-pictures exhibition and Chinese premier will meet with common people of Pakistan. Chinese Premier will also hold meetings with opposition leaders and services chiefs. He will also meet with business executives of Pakistan on the same day. President Asif Ali Zardari will hold a banquet in honour of the visiting dignitary. The Chinese Prime Minister See # 1 Page 11
Kaira hopes TAPI brings prosperity LAHORE: Provincial Minister of Finance and Planning & Development, Tanvir Ashraf Kaira has said that TAPI (Turkmenistan, Afghanistan, Pakistan and India) gas pipeline project would bring prosperity and progress in region and this project would play a vital role to cope with the energy requirements of the country. Talking MPAs at his residence here on Sunday the Minister said that agreement on TAPI gas project in Ashkhabad was the historic one and this project would pave the new avenue of progress in the region he said that TAPI project would complete by 2013-14 and 3.2 billion metric feet gas would be obtained in which 1325 million metric feet gas would be provided to Pakistan which would be necessary for fulfillment of our energy requirements. See # 5 Page 11
RGST Bill
The Financial Daily expresses its heartfelt grief over the very sad demise of M A Zuberi and conveys its deep condolences to the bereaved family members
MQM has right to protest, says Mukthar GUJRAT: Federal Defence Minister, Chaudhry Ahmad Mukhtar has said that PML-N Quaid Mian Nawaz Sharif in which position interfering in the parliament as he is not an elected member of it. According to media reports Chaudhry Ahmad Mukhtar while speaking to media at Gujrat said that why Chief Minister Shahbaz Sharif voicing against RGST bill as he already has signed the bill. He further said that MQM Chief Altaf Hussain had the right of protest however the country could not afford such demonstrations. He said that there is no truth in the disclosures of Wikileaks. -Online
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