International Karachi, Friday, October 15, 2010, Zul-Qa’dah 6, Price Rs12 Pages 12
SHC disposes of treason Media reports spur SC to take late-night action 17-judge bench to look into plea against Musharraf See on Page 12
Qureshi, EU’s Ashton to chair FoDP meeting today
Economic Indicators $16.97bn 13.77% $5.18bn $9.03bn $(3.85)bn $(944)mn $1.72bn $267.10mn Rs 310bn $55.63bn Rs 4863bn $100.90mn 3.05% 4.10% $1,051 170.79mn
Forex Reserves (8-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Aug10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Jul 10)
GDP Growth FY10E Per Capita Income FY10 Population
FoDP to focus energy, rehab
Portfolio Investment SCRA(U.S $ in million)
48.60 -0.63 0.11 2461
Yearly(Jul, 2010 up to 13-Oct-2010) Monthly(Oct, 2010 up to 13-Oct-2010) Daily (13-Oct-2010) Total Portfolio Invest (8 Oct-2010)
NCCPL (U.S $ in million)
FIPI (14-Oct-2010) Local Companies (14-Oct-2010) Banks / DFI (14-Oct-2010) Mutual Funds (14-Oct-2010) NBFC (14-Oct-2010) Local Investors (14-Oct-2010) Other Organization (14-Oct-2010)
2.68 0.45 -2.56 -1.81 -0.08 1.93 -0.60
Global Indices Index Close KSE 100 10,409.02 Nikkei 225 9,583.51 Hang Seng 23,852.17 Sensex 30 20,497.64 ADX 2,758.67 SSE COMP. 2,879.64 FTSE 100 5,714.97 *Dow Jones 11,095.90 *Last Updated 20:00 PST
Change 19.05 180.00 394.48 190.24 14.14 18.28 32.38 0.18
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.63 18.50 158.86 2.00 42.94 1.70 36.49 9.74 33.45
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.83% 13.07% 13.22% 13.50% 12.71% 12.98% 13.19% 13.61% 13.71% 13.62% 13.74% 13.77% 14.27% 14.40% 14.58%
06-Oct-2010 06-Oct-2010 06-Oct-2010 29-Sep-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010
Commodities *Crude Oil (brent)$/bbl 84.38 *Crude Oil (WTI)$/bbl 82.99 *Cotton $/lb 114.87 *Gold $/ozs 1,374.30 *Silver $/ozs 24.24 Malaysian Palm $ 960.80 GOLD (NCEL) PKR 38,192 KHI Cotton 40Kg PKR 7,877 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 84.50 Canadian $ 84.70 Danish Krone 15.95 Euro 118.90 Hong Kong $ 11.10 Japanese Yen 1.036 Saudi Riyal 22.90 Singapore $ 65.30 Swedish Korona 12.80 Swiss Franc 89.35 U.A.E Dirham 23.35 UK Pound 136.10 US $ 86.00
85.00 85.20 16.65 119.10 11.40 1.062 23.10 65.50 13.20 90.35 23.50 136.60 86.30
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.50 85.77 16.19 120.75 11.06 1.050 22.88 66.29 13.06 90.07 23.36 137.09 85.87
85.70 85.97 16.23 121.03 11.08 1.052 22.93 66.44 13.09 90.28 23.41 137.41 86.05
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
33°C 36°C 36°C 36°C 31°C 33°C
MIN
16°C 25°C 21°C 20°C 10°C 18°C
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executive order voiding bid
BRUSSELS: US Secretary of State Hillary Clinton poses with European Parliament President Jerzy Buzek.-Reuters
Well-off Pakistanis not doing enough: Clinton
Pakistani rich told to dig into pockets BRUSSELS: US Secretary of State Hillary Clinton Thursday said Pakistan's wealthy needed to dig into their own pockets to match international efforts to aid the ravaged nation's long term recovery. "It's absolutely unacceptable for those with means in Pakistan not to be doing their fair share to help their own people while taxpayers in Europe, the United States and other contributing countries are all chipping in," Clinton said. "The most important step Pakistan can take is to pass meaningful reforms to expand its tax base," Clinton said in a public statement as she joined the European Union's foreign
policy Chief Catherine Ashton in pledging continued assistance. "The government must require that economically affluent and elite support the government and people of Pakistan," she added. The call came on the eve of a key meeting in Brussels on Friday co-hosted by Ashton and Foreign Minister Shah Mehmood Qureshi. The ministerial session of the "Friends of Democratic Pakistan" - grouping 26 nations and international bodies - will be looking at the impact of this summer's floods on Pakistan's long-term recovery efforts. See # 7 Page 11
US assured of NWA offence WASHINGTON: President Barack Obama's top military adviser said Pakistan's army has assured to go after militants in the North Waziristan Agency, an area harboring al Qaeda that has become "the epicenter of terrorism." Navy Admiral Mike Mullen, chairman of the Joint Chiefs of Staff, said his Pakistani counterpart, General Ashfaq Parvez Kayani has given assurances he will mount an offensive the US has long called for in North Waziristan. "He's committed to me to go into North Waziristan and to root out these terrorists as well," Mullen said in an interview on a foreign business television. "He clearly knows what our priorities are."
He said the goal was to defeat al Qaeda and ensure Afghanistan wouldn't again become a haven for the group as it had been before the US ousted the Taliban from power after the September 11, 2001, terror attacks. "That's how I approached my best military advice to the president," Mullen said. North Waziristan "is the epicenter of terrorism," Mullen said. "It's where al-Qaeda lives." "They've sacrificed, they've lost a lot of citizens and they are really concerned, urgently concerned, about the threat to their own country from terrorists," Mullen said. "Two years ago, that wasn't the case." See # 8 Page 11
NICL head sent on long leave ISLAMABAD: Chairman National Insurance Company Limited (NICL) Ayaz Khan Niazi was sent on long leave, after FIA registered case against him on charges of fraud on the directives of Supreme Court of Pakistan. The action was taken by Prime Minister Yousuf Raza Gilani on Thursday. Supreme Court on Tuesday directed the Commerce
Secretary to lodge a criminal complaint against the National Insurance Company Limited (NICL) chairman for allegedly procuring land on highly enhanced rates and causing a huge financial loss to the national exchequer. The court directed the FIA DG to register a criminal case and ensure whosoever had misappropriated the public money be brought to book.-NNI
Shahbaz calls PM, rues remarks ISLAMABAD: Chief Minister Punjab Mian Shahbaz Sharif Thursday made a telephone call to Prime Minister Syed Yousuf Raza Gilani and regretted the unsavory remarks uttered by some PML-N leaders about Zulfiqar Ali Bhutto. He also requested to convey this to the leadership of the Pakistan Peoples Party (PPP). It may be recalled that Prime Minister had expressed consternation over the remarks uttered by the leaders of Pakistan Muslim League-N (PML-N) about See # 11 Page 11
Army sought to keep tabs on by-polls KARACHI: The Sindh Government formally sent an application to the defence ministry seeking deployment of troops at PS-94 constituency to maintain peace on the eve of by-polls, sources said on Thursday. The seat fell vacant after the assassination of Raza Haider, a Muttahida Qaumi Movement backed member Sindh assembly, two months ago.
Govt wants troops deployment in PS-94 Sindh government's interior department asked the defence ministry to deploy army for three days to maintain law and order at the said constituency on a special request of Election Commission. The decision to the effect has been taken during a meeting of the Sindh interior ministry. Provincial election commissioner Sonu Khan Baloch said that members of both Awami National Party (ANP) and Muttahida Qaumi Movement (MQM) are vying for the said seat and that's why army has been asked to deploy its men to See # 9 Page 11
FX reserves dip a little to $16.97bn KARACHI: Pakistan's foreign exchange reserves fell to $16.97 billion in the week ending October 8, after reaching a record $16.99 billion in the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) were flat at $13.15 billion, while those held by commercial banks fell to $3.82 billion from $3.84 billion, said Syed Wasimuddin, chief spokesman of the SBP. Pakistan's reserves were boosted last month after the IMF sent Pakistan $450 million and said that the money would go toward Pakistan's budget to help See # 10 Page 11
No change in 2 off-days/wk work schedule ISLAMABAD: The government has not yet taken any decision to withdraw two holidays in a week and switch-over to six working days a week, an official of Interior ministry said. He said the decision was taken to save maximum power because the country was facing severe load-shedding and the two holidays was part of government's energy conservation programme. See # 12 Page 11
ISLAMABAD: Ministerial meeting of Friends of Democratic Pakistan (FoDP) will be held today (Friday) at Brussels, with Pakistan’s energy and rehabilitation plan at the top of the agenda. The formal approval for the agenda of the ministerial meeting has been given during officials meeting of FoDP held on Thursday. According to the diplomatic sources, the ministerial meeting of FoDP would be jointly presided by Foreign Minister Shah Mehmood Qureshi and European Union's foreign policy chief Catherine Ashton. During the meeting, implementation on ongoing projects related to security, development, economy and energy with countries included in FoDP would be reviewed.
Help us fight terror, FM tells EU BRUSSELS: Pakistani Foreign Minister Makhdoom Shah Mehmood Qureshi has urged the EU to keep aid flowing in order to help combat extremism in the aftermath of the floods disaster. Speaking at a hearing in the EU Parliament in Brussels on Thursday, the minister said: "If you want to help us fight extremism and terrorism one way of doing that is making Pakistan economically stable." "If you are dealing with extremism, you know, the long-term solution to extremism is education. You have to educate people. Because we've seen the areas which are See # 5 Page 11 The report by Asian Development Bank regarding energy situation would be reviewed in the meeting. Shah Mehmood Qureshi and other officials would brief the attendants of meeting about flood destruction, rehabilitation of the affectees and dire need of funds for reconstruction resulted by the floods while, report
UN nods $1.88bn rebuilding plans UNITED NATIONS: United Nations has approved a massive $1.88 billion rehabilitation plan for flood-devastated Pakistan, Ambassador Abdullah Hussain Haroon said on Thursday. The plan will cover 417 of the 471 projects submitted by the Pakistan government in the field of agriculture, community restoration, education, health and shelter, he told APP. Ambassador Haroon, who remained actively involved in the negotiations leading to the finalisation of plan, said the remaining 54 projects were
under consideration of experts at the United Nations Office for the Coordination of Humanitarian Affairs (OCHA). The projects will be funded from the contributions being made by member states in response to United Nations appeal for over 2 billion dollars to help Pakistan recover from deadly floods that have displaced millions of people. Ambassador Haroon said rehabilitation work in Azad Kashmir would cost 20 million dollars. So far, the UN appeal See # 6 Page 11
of international bank in this connection would also be reviewed. Through this platform, Pakistan would demand of the EU countries to provide facilities to makes easy access of Pakistan's products in their markets while friendly countries would be asked for aid. Online
Ebad convenes PPP-MQM joint meeting KARACHI: Governor Sindh Dr Ishrat-ul-Ebad Khan has convened a meeting today over strained relations between Pakistan Peoples Party and Muttahida Qaumi Movement. Governor Sindh has invited leaders of MQM and PPP to Governor House for holding the meeting to review law and order situation in Karachi besides trying to normalise relations that turned strained between the two parties following heated statements recently aired from both sides.-Agencies
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Friday, October 15, 2010
Textile expo from 22nd LAHORE: The 6th International Garment and Textile machinery exhibition, IGATEX Pakistan 2010 is all geared up to encompass its significance in the textile industry of Pakistan. Having developed into one of the largest and well established garment & textile machinery and accessories exhibition in south Asia, the 6th IGATEX Pakistan will take place at Lahore Expo Centre from 22~24 October 2010 organizing by CEMS Pakistan (Pvt) Ltd where more than 400 Companies from 25 Countries are participating from different regions of Asia, America, UK and Europe. Not only this, we are also looking ahead for more than 50,000 visitors during IGATEX 2010 Exhibition. CEMS Pakistan (Pvt) Ltd is one of the leading key players in the Meeting, Incentive, Convention and Exhibition (MICE) industry in Pakistan, CEMS Pakistan has vast knowledge and experience in organising and managing exhibitions, conferences and other special events for government agencies, associations and private enterprises, in the country.-PR
FRIDAY Time Programmes 8:00 Pakistan Aaj Raat (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 12:05 Islamabad Say (Rpt) 13:00 News 15:05 Siyasat Mana Hai (Rpt) 14:00 News 15:15 Power Lunch 16:00 News 16:02 Akhri Suada 16:30 Karobari Dunya 17:00 News 17:05 Ghar Ka Kharch (Rpt) 18:00 News 18:05 Chai Time 19:00 Headlines 19:30 Mang Raha Hai Pakistan 20:00 Headlines 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 Headlines 22:05 Dosra Pehlu 23:00 News 23:05 Siyasat Mana Hai
IG Sindh takes notice of ‘Bhatta’ mafia
KARACHI: Amer Khan, Etihad Airways Country Manager for Pakistan, Strings - Brand Ambassador for Etihad along with doctors during the medical check-up of a child at EIMHH camp.-Staff Photo
Etihad gives gifts to affected children Staff Correspondent KARACHI: Official brand ambassadors for Etihad Airways in Pakistan, pop-rock group Strings, distributed over 500 gift packs to displaced children living in the Sajawal relief camp, in collaboration with Emirates International Mobile Humanitarian Hospital for Children (EIMHH).
FRIDAY Time Programmes
7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Awam Ki Awaz 23:00 News 23:30 24
absolutely nothing. Choosing to sit idly by and watch their suffering is not an option," he further said. Etihad Airways Country Manager in Pakistan, Amer Khan, joined Strings and EIMHH in their visit to the displaced families residing in the Sajwal relief camp, distributing gift packs and assisting the medical staff of EIMHH tend to child patients.
KARACHI: Advisor to Chief Minister Sindh on Information Sharmila Farooqui said on Thursday that corruption and bribery in her department would never be tolerated and action would be taken against those involved in it. Presiding over the first introductory meeting of officials of Information Department here, she said media is the important source of contact between people and the government, adding the officials of information department should boost their relations with print and electronic media and remain in touch with them. Sharmila Farooqui said the power is the asset of people which demands that we should fulfill our responsibilities with truth, honesty and spirit. The advisor said the Information Department is
Consumer Khuhro picks apart rights bill soon PML-N leadership to become law KARACHI: Federal Minister for Science and Technology Muhammad Azam Swati on Thursday said the parliament is likely to pass a bill in next 90 days regarding quality control and standards with all goods and services for the protection of large population of consumers in the country. He said he had initiated work in the parliament. Senate Standing Committee on Science and Technology will complete its job within next 30 days. Afterwards, the document will be placed in the National Assembly and Senate for the approval to make it an act/law. The whole process will hopefully be completed within next 90 days. The minister was speaking at a seminar on standards and quality control on the eve of world standard day here at Federation House. The event was organized by Pakistan Standards and Quality Control Authority (PSQCA) in collaboration with Federation of Pakistan Chambers of Commerce and Industry, and various
NGOs working for the protection of consumers. Federal Secretary for Science and Technology Irfan Nadeem, Acting President FPCCI Muhammad Mansha Chhurra, Secretary General FPCCI Masood Alam Rizvi, former vice president FPCCI Engr MA Jabbar, PSQCA's Diector Engr Riyaz A Memon, Chairman Consumer Association of Pakistan Kaukab Iqbal, Chairman Helpline Trust (NGO) Hameed Maker, Huma Bukhari from Consumer Crime (NGO) were prominent among large number of participants representing different walks of life especially the business community. Swati said around 90 percent goods/services being sold are sub-standard which is very alarming for us. No country can progress and prosper unless quality control /standards are strictly implemented. He said his Ministry could not effectively check the violation of standards and quality control because of non-availability of proper laws. -APP
KARACHI: Pakistan Peoples Party(PPP) leader and Speaker Sindh Assembly, Nisar Khuhro has asked the PML(N) leader Mian Nawaz Sharif to direct his party members to desist from speaking ill against Bhutto. Addressing a press conference at Karachi Press Club (KPC) on Thursday, the speaker of the provincial assembly criticised the leadership of PML(N). He said that Bhutto family sacrificed their
KARACHI: WWF Pakistan and Dawood Public School (DPS) have signed an agreement to promote the awareness about environment and nature conversation amongst the school children. In this regard an agreement signing ceremony was held at Dawood Public School where Ali Hassan Habib, Director General of WWF Pakistan and CEO DPS, Sabrina Dawood signed the agreement. Under this Green School Certification programme agreement DPS would be accredited as a Green School by WWF after completing a full Green Year in which DPS students will undergo different set of environmental activities enabling them to change their mindset to a caring, eco friendly and responsible citizens. DPS would ensure that all the
students participate in the proposed activities to be eligible to get a Green School Certification by WWF Pakistan after completing the year. WWF Pakistan has recently launched a Green School Certification programme with the objective to engage the students and teachers of private and government schools in a structured Annual Awareness Programme to foster sense of individual
leaders for democracy in the larger interest of the nation adding the language used by league leaders Khawaja Saad Rafique, Pervaiz Rashid and Ahsan Iqbal were intolerable. He said the PML(N) leadership always showed their narrow mindedness and remained outside the country after reaching a 'secret deal' with Pervez Musharraf. "Bhutto family doesn't need any recognition but they prominently repre-
sented Pakistan in the international community," Khuhro said. He said that Nawaz Sharif and other PML(N) leaders should offer unconditional apology for their remarks against Bhutto family. Khuhro said that PML(N) has lost its popularity today and is confined to only one province as compared to the PPP which enjoys support of the masses at grass root level in all the provinces.-APP
KARACHI: Advisor to CM Sindh, Imtiaz Shaikh, Consul General of Switzerland Didier Boschung, President SBC, and MD SGS Farrukh Mazhar with other prominent guests at a dinner hosted by prominent builder and businessman Nouman Abid Lakhani.-Staff Photo
WWF, DPS gear up for green Pakistan Staff Reporter
TV PROGRAMMES
Faisal Kapadia, one of the Strings duo, said; "This was an important opportunity to bring a smile to children's faces and remind them that we care." "We were pleased to join Etihad and EIMHH on this special trip to showcase that everyone can do their part to help these families. Many of the affected people lived off the land, so they are now left with
KARACHI: The Inspector General of Police (IGP) Sindh, Sultan Salahuddin Babar Khattak, has directed that a strategy be devised against `Bhatta' mafia. A police statement issued here on Thursday said that the IGP took a serious notice of the reports published in the newspapers regarding extortion. The IGP directed the Capital City Police Officer (CCPO) to devise a strategy to get the people rid of the menace of every sort ofextortion. He also asked the RPO Sukkur and Hyderabad to hold open 'katcharies' and listen to the problems of the people so that redressal measures could be taken. The IGP said that the holding of the open katcharies would discourage criminal elements.-APP
Zero tolerance for corruption, says Sharmila
responsibility and accountability in future generation of Pakistan towards nature conservation. The Green School Programme will play an important role in ensuring the future sustainability of environmental resources of Pakistan by bringing a positive change in the attitude of Pakistan's young people and will help to promote a more mature environmentally conscious generation.
KARACHI: Ali Hassan Habib, Director General of WWF Pakistan and CEO DPS, Sabrina Dawood along with other officials at the Green School Certification programme signing ceremony.-Staff Reporter
Qatar royal family member meets President ISLAMABAD: President Asif Ali Zardari was called upon by Chairman Board of Director Pak-Qatar Family and General Takaful and member of the Supreme Council of the Royal Family of the State of Qatar, Sheikh Ali Bin Abdullah Thani Al-Thani at President House here. Sheikh Ali Bin Abdullah Thani Al-Thani has assured full support in rehabilitation process of over 21 million flood victims in Pakistan. Shaikh Ali Bin Abdullah Bin Thani Al-Thani assured President Zardari the active participation of Pak-Qatar Takaful Group as well as other Qatari business and philanthropic group in the process of rehabilitation at different flood-affected areas of the country. President Asif Ali Zardari appreciated the effort and support given by the group in a time of most disastrous flood of the history of Pakistan. He valued the material help and support
extended by the government and the people of Qatar and expressed his gratitude. As part of its corporate social responsibility, Pak Qatar Takaful has always been actively participating and contributing in different relief works in the country. The company has utilized its Charity Amount for the formation of nonFormal schools for floodhit children in collaboration with the Pak Army. Last year, the Chairman donated Rs10 million to the Government of Pakistan for the victims of Swat operations. The Qatari delegation comprised Sheikh Ali Bin Abdullah Bin Thani Al Thani, Chairman Pak Qatar Takaful Group, Sheikh Khalid Bin Thani Al Thani, Sayyar Al Maawdah, Ambassador of Qatar, Hamad Al Hanzab, Ex Ambassador of Qatar and Abdul Basset Al Sheeby, CEO Qatar International Islamic Bank.-Agencies
one of important departments, which plays vital role in establishing contacts among the government, the media and the people, however, there is need to further improve it and for this we would have to carry out hard work. "I need such officials which must be honest and hardworking, who could provide swift results. No negligence in this regard will be tolerated any more. It is my and your responsibility to include honesty and hardworking in our priorities, because the power given to us is the asset of people. The money of the department should not be wasted," Sharmila said. Sharmila informed officials that the government has performed exemplary relief work for the rehabilitation of people, adding the report of all departments in this regard
must reach people through media so that they could get information about the performance of the government. She said that the people should be informed about the right stand about Tori Embankment. The Secretary Information briefed the Information Advisor about different sections of the department and apprised her about their performance. The meeting was also attended among others by Secretary Information Syed Mumtaz Ali Shah, DG PR Syed Safdar Ali Shah, Director Press Information S M Iqbal, Director Administration Tariq Hussain Khero, Director Advertisement Mehnaz Hassan, Director Zainab Jehan and all deputy directors and information officials.Agencies
Technocrats talk DHA master plan KARACHI: A meeting of architectures, designers, town planners and engineers of the consortium of firms undertaking the master planning of DHA City Karachi, a new residential project on Super Highway, was held at DHA's Main Office here on Thursday. A DHA spokesman said that the meeting chaired by Administrator DHA, Brig Aamer Raza Qureshi, reviewed and discussed various options related to the basic planning parameters of the project focusing on development of comprehensive basic facilities as a prerequisite of all development strategies. The ongoing intricate master planning exercise of the project thus got a renewed impetus in the right direction and would
be carried out in accordance with the stipulated broad planning concepts. The DHA City Karachi is being developed astride Super Highway on an area of 11,640 acres of land which is almost one and a half size of present DHA. An area of approximately 6,000 acres will be developed in the first phase where around 30,000 residential and commercial plots of various sizes have already been allotted to the prospective residents. The initial master planning model is scheduled to be ready by April next year. Brig Aamer Raza stressed on the need to develop adequate water and energy resources which could support the population growth as the cardinal feature of the master planning model.-APP
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Friday, October 15, 2010
Greenback weakens to 2010 low against major rivals Aussie flirts with parity, dollar index hits 2010 low NEW YORK: The US dollar fell to a 2010 low against a basket of currencies on Thursday after Singapore let its currency strengthen, but analysts saw increasing chances of a dollar rebound with negative sentiment so high. The Australian dollar, which boasts the highest yield among major currencies, soared to its strongest level since the currency was floated in 1983 to US$0.9994, as investors dumped the US currency on expectations the Federal Reserve would again start printing money next month. Singapore's central bank widened the currency trading band in which it maintains the Singapore dollar, propelling the currency to a record high. Singapore is suffering from rising inflation and the move
was seen as a tightening of policy - the opposite of what the US Federal Reserve is expected to do. The Chinese yuan hit its highest closing level against the US dollar since July 2005.
"Singapore is often seen as a bellwether for the rest of the Asian currencies," said Firas Askari, head of FX trading at BMO Capital Markets in Toronto. "It opens the way for the region to have currency gains (against the US dollar)." The dollar index, which tumbled 1 per cent to its weakest since December at 76.259, is
on course for a test of trendline support at 75.95, with its November low of 74.17 then not far away. The 75.95 target is the trendline from two major lows in July 2008 and in
November 2009. The euro surged to a more than eight-month high of $1.4123 on trading platform EBS and faces near-term resistance at $1.4195, the Jan. 25 high. Traders said the euro still has room to go, with strong resistance not seen until $1.45. The pair was last at $1.4073, up 0.8 per cent.
The Aussie last traded at US$0.9951, up 0.5 per cent, with traders saying option barriers at $1.0000 were slowing the rally. It has gained about 11 per cent this year and is up more than 20 per cent from a low in May. The dollar also hit the latest in a succession of record lows against the Swiss franc and slid below parity with the Canadian dollar, a level not seen since April. The greenback fell to a 15-year low of 80.88 yen on EBS, despite wariness about Japanese intervention, and looked set to challenge its record low of 79.75 hit in April 1995. While traders think the Bank of Japan could intervene at any moment to keep the yen in check, some market participants speculated that Tokyo may prefer to avoid intervention ahead of G20 meetings. -Reuters
Swiss franc hits new high vs dlr ZURICH: The Swiss franc soared to a fresh all-time high against the dollar on Thursday, with the greenback broadly under pressure as investors expected the US central bank to weaken monetary policy further. "It's more of a dollar weakness rather than a strong franc that we're seeing," Sarasin currency strategist Ursina Kubli said. "The main cause is that the markets are anticipating that the Fed will go for a second 'round of quantitative easing, and that's surely weighing on the dollar," she said. The franc was up 0.8 per cent against the dollar compared to the New York close, trading at 0.9505 per dollar at 0715 GMT. On dealing system EBS the dollar hit a low of 0.9480. The franc dropped 0.3 per cent against the euro, trading at 1.3407 per euro. -Reuters
Yuan at fresh high as Singapore dlr, won lead Asian dollar slides globally Asian currencies
rally amid policy moves BANGKOK: Asia's major economies took policy action on Thursday as they struggled to deal with the impact of inflows of hot money, while central banks in the region intervened to halt a sustained rally of their currencies. Singapore's central bank surprised markets by widening for the fist time in 9 years the band in which it lets its dollar trade, propelling the currency to a record high and fanning widespread US dollar selling. South Korea's central bank kept interest rates on hold out of concern that higher rates would have sucked in more foreign capital, boosted the won, and undermined exports.
The South Korean won rose 1 per cent against the dollar on expectation of further US quantitative easing and after Singapore widened the trading band for its currency that prompted additional rises in Asian currencies. The Thai baht rose a quarter per cent, inching toward a fresh 13-year high in moderate trade in tandem with a broad Asian rally and prompting intervention by the Bank of Thailand. Dollar/baht was bid at 29.81 at 0542 GMT against 29.88 late on Wednesday. The baht has gained 3.3 per cent in the past month and 11.8 per cent this year, making it the second-strongest Asian
Sterling slips to 8-mth high versus weak dlr LONDON: Sterling jumped to an eight-month high against the dollar on Thursday as hefty selling pressure on the greenback was exacerbated by Singapore widening the trading band of the Singapore dollar. But the UK currency gave up some of those gains as it ran into selling by over-extended investors, including some real money accounts, traders said.
The pound also stayed close to a six-month low against the euro as concerns that the Bank of England could ease monetary policy further kept sterling vulnerable against currencies other than the dollar. "The Singapore move adds to the case for broad-based dollar weakness," said Geraldine Concagh, economist at AIB Group Treasury in Dublin. "But sterling has problems of its own due to speculation the Bank of England could also introduce further quantitative easing," she said.
By 1500 GMT, sterling was up at $1.6012, having risen more than 1 per cent to a high of $1.6067, its strongest since early February. The euro rose 0.14 per cent against the pound to 87.92 pence, close to a six-month high hit the previous day of 88.39 pence as concerns a fragile UK economy would prompt UK policymakers to inject
more stimulus weighed on the pound. Bank of England deputy governor for financial stability Paul Tucker told the Daily Mail newspaper on Thursday that the economy in Britain and globally was yet to find a "sure footing". The prospect of more policy easing was ignited when one policymaker, Adam Posen, recently advocated renewing quantitative easing in the UK. Earlier this week another policymaker, David Miles, also said that QE could be used. -Reuters
currency after the yen. The Malaysian ringgit gained a third of a per cent in early trade, taking its cue from a bullish Singapore dollar, which has risen 0.7 per cent against the dollar after the MAS tightened its monetary policy. The ringgit has gained 0.71 per cent in the past month and 11 per cent this year, the thirdstrongest Asian currency after the yen and baht. Dollar/ringgit NDFs were bid down across the curve with the six-month dollar/ringgit NDFs falling to 3.0980 from 3.1025 late on Wednesday and against 3.0815 spot, implying a 0.53 per cent six-month depreciation from the spot. -Reuters
Taiwan $ at 26-mth high; cbank muted TAIPEI: The Taiwan dollar gained on Thursday to a 26month high, extending nearly three weeks of sharp gains, following a surprise move in Singapore and quantitative easing hints from the United States. On Taiwan's main foreign exchange market the Taiwan unit ended at T$30.77 versus the US dollar, the highest closing level since Aug. 6, 2008. It closed on Wednesday at T$30.96. Taiwan's central bank, which seeks to help the island's powerful exporters, sold Taiwan dollars in late trade to pare gains but still allowed a degree of appreciation. Currency strategists say it will tolerate appreciation as long as price changes track movements in other Asian currencies. Any raft of hot money is seen prompting stronger action. Taiwan's central bank has issued verbal warnings on hot money, and it bought about $3.2 billion over two weeks from Sept. 27 as the currency began to surge, estimates from traders compiled by IFR Markets show. -Reuters
Australian dollar a whisker from parity against USD SYDNEY/WELLINGTON: The Australian dollar powered to new 28-year highs on Thursday to be within spitting distance from a milestone parity level, helped by a strong domestic economy and renewed weakness in the US dollar. The Australian dollar was strong at $0.9958 after breaking through stop-loss buy orders to surge as far as $0.9980, with option barriers at $1.000 providing resistance. "The Australian dollar has been the outperformer in 2010 largely due to its very strong local fundamentals, as well as its strong trade links to emerging Asia," Barclays said. The Australian dollar has shot up 66 per cent since hitting a low of $0.6007 in October 2008 during the peak of the global financial crisis. A solid domestic economy buoyed by strong Chinese and Indian demand for commodities, relatively high interest rates that could climb further, a weak US dollar and rising commodity prices have all helped the Aussie to be the
strongest of major currencies since the crisis. But Barclays argued the currency was still over-bought at present levels, even after accounting for expectations a record trade boom on surging commodity exports could buoy Australia's economy for years. "Indeed, the Australian dollar's fundamental value has shifted higher, it has not shifted to parity," Barclays said. The New Zealand dollar briefly dropped more than a quarter of a cent to a low of $0.7568 after a dismal set of retail sales data for August which reinforced bets rates would be on hold into 2011. But it later recovered to a high of $0.7645, the best since July 2008, before trading around $0.7619 after Singapore's central bank widened the trading band of its currency, allowing it to rise a little faster against an ailing US dollar. The Aussie also gained on the kiwi, holding at about NZ$1.307, but still below the six-month high of NZ$1.3176 struck in late September. -Reuters
SHANGHAI: Spot yuan on Thursday ended at its highest closing level against the dollar since its landmark revaluation in July 2005 as concerns over the impact of the global dollar slide on the yuan dominated the Chinese market. The People's Bank of China posted a set of data this week that showed the central bank and other Chinese institutions spent the most money in eight months to buy foreign exchange flowing into the country in September, a strong sign of rising capital inflows amid a weakening dollar and a rising yuan. Now, with political pressure lingering in the run-up to the US Congressional mid-term elections in early November and the G20 summit in Seoul in midNovember, the PBOC is likely to continue to allow the yuan to appreciate in the near term. But the central bank is likely to look for the first opportunity to allow the yuan to pull back in late November when political pressure eases, to carry out the two-way trading it has long desired to dampen speculation
of non-stop yuan appreciation. The yuan finished at 6.6508 against the dollar, near a postrevaluation intraday high of 6.6503 hit about five minutes before the close and up from Wednesday's finish of 6.6641. The PBOC earlier fixed the mid-point at a record high of 6.6582. The yuan has now appreciated 2.64 per cent since the PBOC announced its depegging to the dollar on June 19, although its rise has still lagged far behind a more than 10 per cent plunge in the US dollar index during the same period. Three-month dollar/yuan NDFs fell to a record low of 6.5495 bid in late trade, implying another 1.66 per cent in yuan appreciation in the next three months on top of a 3.53 per cent jump implied in the short-term NDFs since the depegging. One-year NDFs were bid at its highest level since July 2008 at 6.4200, implying 12month yuan appreciation of 3.71 per cent on top of a 4.44 per cent jump implied in the long-term NDFs since the depegging. -Reuters
India rupee hits 25-mth peak; cbank buys USD MUMBAI: The Indian rupee struggled to hold near 25-month highs on Thursday as dollar buying by the central bank and large demand from oil importers weighed, but broad dollar losses helped the local unit surge 0.9 per cent on day. India's central bank bought dollars around 44.10 rupees on Thursday, dealers said, in a move that helped brake a rise in the rupee and is believed by traders to have been its first such intervention this year. The Reserve Bank of India has been reluctant to intervene in currency markets but may be forced to as foreign investors are expected to pour in billions of dollars to buy shares in the country's largest IPO, which opens next week. The partially convertible rupee closed at 44.11/12 per dollar, off a high of 44.09, its highest since Sept. 1, 2008 and above its previous close of 44.51/52. Record foreign buying of domestic stocks has been the main driver for the rupee in recent weeks, and the inflow is
expected to rise when Coal India opens next week. Traders said they expect the central bank to protect the 44.10 level in the near-term, as a breach of that level could push the rupee higher towards 43.70 and then 43.50. One-month offshore nondeliverable forward contracts were quoted at 44.40, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange all closed at 44.28, with the total traded volume on the three exchanges at a low $8.2 billion. -Reuters
Top Economic Events Time 14:00 14:00 17:30 17:30 17:30 17:30 17:30 17:30 18:55 19:00 23:00
Source EUR EUR CAD USD USD USD USD USD USD USD USD
Events CPI y/y Core CPI y/y Manufacturing Sales m/m Core CPI m/m Core Retail Sales m/m Retail Sales m/m CPI m/m Empire State Manufacturing Index Prelim UoM Consumer Sentiment Business Inventories m/m Federal Budget Balance
Source
Events
NZD AUD CAD USD USD USD USD
Retail Sales m/m MI Inflation Expectations Trade Balance PPI m/m Trade Balance Unemployment Claims Core PPI m/m
Forecast 1.8% 1.0% 0.5% 0.1% 0.4% 0.5% 0.2% 7.1 68.8 0.5% -32.3B
Previous 1.8% 1.0% -0.9% 0.0% 0.6% 0.4% 0.3% 4.1 68.2 1.0% -90.5B
Actual
Forecast
Previous
0.0% 3.8% -1.3B 0.4% -46.3B 462K 0.1%
0.4%
Previous Day -0.5% 3.1% -2.5B 0.4% -42.6B 449k 0.1%
-2.2B 0.2% -43.5B 448K 0.1%
Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY 1373 Silver
As per 22.00 PST Ask High 1.4061 1.4122 0.8801 0.882 1.5236 1.5274 114.53 114.79 0.9533 0.9585 1.0051 1.0055 1.5987 1.6066 130.22 130.47 0.9928 0.9994 1.4127 1.4142 85.47 85.75 1373.53 1386.26 24.42 24.91
Bid 1.4059 0.8798 1.5228 114.5 0.9529 1.0047 1.5983 130.17 0.9924 1.4123 85.41 1372.78 24.39
Low 1.3957 0.8774 1.5168 114.03 0.9464 0.9982 1.5891 129.68 0.9895 1.4005 85.24 1370.13 23.94
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 14/10/2010 A USD GBP CAD EUR JPY O/N 0.22688 0.55000 1.05667 0.65875 SN 0.09500 1WK 0.25150 0.55500 1.07583 0.68875 0.10750 2WK 0.25169 0.56000 1.10333 0.69375 0.11500 1MO 0.25625 0.57125 1.13500 0.72438 0.12750 2MO 0.27297 0.62838 1.17917 0.77813 0.15563 3MO 0.28906 0.73913 1.24333 0.92500 0.20000 4MO 0.34344 0.82209 1.30333 0.98500 0.28688 5MO 0.40531 0.92500 1.36167 1.07500 0.34438 6MO 0.45375 1.02750 1.43083 1.18156 0.40625 7MO 0.50219 1.10350 1.49417 1.22375 0.46750 8MO 0.55038 1.18469 1.58250 1.26938 0.51438 9MO 0.60188 1.26625 1.64667 1.32125 0.56438 10MO 0.65500 1.34063 1.72250 1.36688 0.59313 11MO 0.70813 1.40813 1.80250 1.41563 0.62000 12MO 0.76650 1.47469 1.87000 1.46250 0.64938
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada European Central Bank Federal Reserve Swiss National Bank Bank of England The Reserve Bank of Australia Bank of Japan
Oct 19 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 n/a n/a n/a
Sep 08 2010 May 07 2009 Dec 16 2008 Mar 12 2009 Mar 05 2009 May 04 2010 Oct 05 2010
Current Interest Rate 1% 1% 0.25% 0.25% 0.50% 4.50% 0%
Division of National Bank of Pakistan (NBP) KARACHI, October 14,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
86.00 137.41 121.03 85.97 90.28 85.70 13.09 1.06 14.99 66.44 16.23 22.93 11.08 12.92 305.07 27.90 65.51 23.62 23.41 0.08 2.88
85.80 137.09 120.75 85.77 90.07 85.50 13.06 1.06 14.95 66.29 16.19 22.88 11.06 12.89 304.36 27.84 65.36 23.57 23.36 0.08 2.87
85.61 136.78 120.46 84.54 89.84 85.27 13.02 1.05 14.91 66.11 16.15 22.82 11.03 12.86 303.56 27.77 65.19 23.51 23.30 0.08 2.87
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 14, 2010
CMKA
BMA
INVSR
GSL
ICSL
11.75 12.00 12.28 12.45 12.65 12.80 12.95 13.05 13.15 13.45 13.60 13.80 13.75 13.90 13.95 13.75 13.70 13.75 14.30 14.45
11.80 12.10 12.12 12.35 12.59 12.75 12.90 13.05 13.15 13.40 13.60 13.70 13.75 13.75 13.80 13.65 13.65 13.75 14.33 14.50
11.60 11.80 12.00 12.30 12.55 12.72 12.95 13.05 13.15 13.30 13.65 13.70 13.75 13.71 13.69 13.62 13.65 13.75 14.30 14.45
11.75 12.00 12.25 12.45 12.62 12.90 13.00 13.10 13.26 13.40 13.60 13.65 13.70 13.75 13.76 13.77 13.60 13.85 14.15 14.20
1200 1210 1225 1260 1270 1280 1295 1310 1320 1335 1360 1373 1375 1375 1375 1375 1365 1375 14.20 14.30
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 11.80 12.00 12.35 12.45 12.60 12.75 12.95 13.05 13.20 13.35 13.65 13.70 13.75 13.72 13.70 13.62 13.65 13.75 14.35 14.50
1178 1200 1221 1243 1262 1279 1295 1307 1319 1338 1362 1371 1374 1376 1378 1369 1365 1377 14.27 14.40
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
0.34 0.98 0.78 0.43 0.37 -0.08
0.15 0.89 0.18 0.55 0.86 0.48
0.02 0.81 0.72 0.77 0.90 0.41
0.14 0.99 0.92 0.59 0.84 0.50
-0.34 0.89 0.48 0.01 0.50 -0.24
USD/CAD USD/CHF
-0.32 0.92 0.82 0.28 0.28 -0.15
0.61 -0.81 -0.65 -0.52 0.06 0.19
0.16 -0.97 -0.76 -0.06 -0.30 -0.11
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)14/10/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABPL 11.50
12.00
1175
12.25
12.25
12.75
12.75
13.00
12.95
13.20
1310
13.60
13.20
13.70
13.30
13.80
ABLN 11.65
12.15
1180
12.30
12.15
12.65
12.75
13.00
12.90
13.15
1310
13.60
13.25
13.75
13.35
13.85
JSBL
11.75
12.25
1190
12.40
12.25
12.75
12.80
13.05
13.20
13.45
1320
13.70
13.30
13.80
13.50
14.00
ASPK 11.40
11.90
1170
12.20
12.20
12.70
12.70
12.95
12.90
13.15
1310
13.60
13.20
13.70
13.30
13.80
CIPK
11.70
12.20
1200
12.50
12.30
12.80
12.70
12.95
12.90
13.15
1300
13.50
13.10
13.60
13.30
13.80
DBPK 11.50
12.00
1180
12.30
12.10
12.60
12.70
12.95
12.90
13.15
1315
13.65
13.25
13.75
13.35
13.85
FBPK
11.55
12.05
1165
12.15
12.00
12.50
12.60
12.85
13.00
13.25
1310
13.60
13.15
13.65
13.40
13.90
FLAH 11.60
12.10
1175
12.25
12.20
12.70
12.75
13.00
12.95
13.20
1310
13.60
13.20
13.70
13.30
13.80
HBPK 11.60
12.10
1180
12.30
12.20
12.70
12.75
13.00
13.00
13.25
1310
13.60
13.20
13.70
13.35
13.85
HKBP 11.60
12.10
1180
12.30
12.20
12.70
12.75
13.00
12.90
13.15
1310
13.60
13.20
13.70
13.30
13.80
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
HMBP 1165
12.15
11.85
12.35
12.40
12.90
12.85
13.10
13.15
13.40
1320
13.70
13.20
13.70
13.40
13.90
SAMB 11.75
13.85
NIPK
12.25
1190
12.40
12.30
12.80
12.75
13.00
13.00
13.25
1315
13.65
13.25
13.75
13.35
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
NBPK 11.60
12.10
11.80
12.30
12.20
12.70
12.75
13.00
12.80
13.05
1310
13.60
13.20
13.70
13.30
13.80 13.85
MCBK SCPK
11.40
11.90
1175
12.25
12.20
12.70
12.65
12.90
12.95
13.20
1310
13.60
13.15
13.65
13.35
UBPL 11.60
12.10
1180
12.30
12.20
12.70
12.65
12.90
12.95
13.20
1315
13.65
13.25
13.75
13.35
13.85
AVE
12.09
1179
12.29
12.21
12.71
12.73
12.98
12.94
13.19
1311
13.61
13.21
13.71
13.33
13.83
11.59
4 Friday, October 15, 2010
Piracy & Navying in the Indian Ocean
The Financial Daily International Vol 4, Issue 71
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Listen to what FoDP says A meeting of Friends of Democratic Pakistan (FoDP) is being held today (Friday) to understand what a friend in need requires from friends in deed. Pakistan may be suffering from various problems and structural inadequacies but all the friends have the consensus that good governance could help it overcome most of the woes. Be it load shedding of gas and electricity or containing budget deficit, most of the problems arise due to lack of supporting policies and vibrant regulatory mechanism coupled with structural weaknesses. FoDP, this time, has clearly indicated certain prerequisites to qualify for aid, assistance, soft-term loans, investments and even market access. The representatives of 23 countries, as well as officials from the World Bank and the Asian Development Bank are meeting in Brussels today to assess various options for long-term financial help Pakistan needs to recover from the flood devastation. The assessment will be forwarded to a meeting of donor countries to be held in Islamabad in November. While offering Pakistan support, and urging other countries to follow its lead with trade breaks and economic incentives, the EU has already asked Pakistan to reform its administration and broaden the tax base. The meeting provides Pakistan an opportunity to present a homegrown plan for reconstruction, including economic and institutional reforms. The European Union has already indicated withdrawal of duties on various items being imported from Pakistan subject to ratification. Some of the EU trade partners are likely to raise objection because they term these concessions 'discriminatory'. However, EU has already indicated this exceptional treatment is due to exceptional circumstances -Pakistan suffering from the worst devastation due to deluge. Besides, these facilities are time-bound and at the best enable Pakistan to enhance its exports to EU by about $3 billion during the 3-year programme. The FoDP are fully cognisant of the acute shortage of energy in Pakistan and have also expressed interest in making investment in the sector but link it to certain structural changes, improvised regulatory framework, overcoming inter corporate debt and rationalisation of electricity and gas tariffs. It would be novice Pakistani policy planners to blindly follow the recipe being proposed. It has been highlighted repeatedly that most of the woes facing energy sector are because of following imprudent policies be it inability to contain transmission and distribution loss of electricity distribution companies or diverting gas to power plants in an attempt to reduce power generation cost. So heeding FoDP advice may help.
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.
I
n the waters of the Indian Ocean, international warships keep watch against Somali pirates, but in the long run newly arrived navies from India, China, Russia and elsewhere may be as much rivals as allies. The US Navy estimates that on any given day as many as 30 to 40 warships are engaged in operations to keep shipping safe from young Somalis in skiffs with AK-47s and ladders. While US, NATO and European Union forces make up the majority, the last two years have seen a growing presence from China, Russia, India, Japan, South Korea and others. While piracy which has redrawn shipping routes and driven up insurance costs is seen the main driver, all are seen also wanting to stake a claim to increasingly important sea lanes. Certainly, the build-up says much about the way some powers are taking a more muscular role in world affairs. But none of the relatively new entrants yet comes close to challenging the regional military dominance of the US, which usually has at least one aircraft carrier in the area with enough firepower to sink almost all the other navies. These are still relatively smaller forces, said Christian la Miere, naval expert at London's International Institute for Strategic Studies. But if you're looking forward over the next few decades, there is no
doubt Asian navies will have a larger presence in the Indian Ocean relative to Western forces. The region is seen as becoming increasingly important. It accounts for 20 per cent of global sea trade and a much higher proportion of energy and container shipments. It is the key shipping route for oil supplies from the Gulf, Chinese and Asian exports to Europe, and A f r i c a n resources, potentially food as well as minerals. Western forces in the region may have their other agendas as well, from keeping tabs on potential Iranian weapons smuggling to monitoring extremists and militants in Somalia and Yemen, but for the emerging powers the key interest is seen as trade. The Indian Ocean is becoming a central sea lane, said Nicolas Gvosdev, national security studies professor at the US Naval War College. China does not trust leaving this vital link in the hands of the US Navy and wants to guarantee its access. CHATROOM COORDINATION China's task force, a permanent presence of three ships running convoys most days via Aden is its first in
the area since eunuch admiral Zheng He sailed in the 15th century. Beijing's modern naval commanders have suggested opening regional naval bases to support anti-piracy operations on top of other new
“
and patrol aircraft is described by analysts as the first of its kind since World War Two. Admirals point to the deployment as a promising example of international cooperation. While there is no one overall commander of international efforts, there is coordination through monthly meetings and a secure Internet chat room. Some complain some of the emerging navies are too closely focused on safeguarding only their own national shipping, and could be used more effectively if coordination was better. Most emerging nations concentrate on simply escorting their own national flag shipping, although India is particularly keen to stress it has escorted vessels of all nationalities. Certainly, while the warships have had some success disrupting attacks, the number of pirates is seen still rising. But overall, shippers say the naval build-up is good news. COMRADES IN ARMS This is about protection of the trade routes, said Peter Hinchcliffe, Secretary General of the International Chamber of Shipping. We absolutely welcome the
Most emerging nations concentrate on simply escorting their own national flag shipping, although India is particularly keen to stress it has escorted vessels of all nationalities. port projects in Pakistan, Sri Lanka and Myanmar.
Navies that were if not actually at war with each other then definitely rivals are working together and are comrades in arms. That will alarm India, which has long regarded the ocean as its backyard. Like most Asian powers, it is building its naval forces just as Western navies cut back. Russia's presence, usually a couple of ships, also marks an increase in naval deployment outside its immediate region. Japan's presence of ships
naval cooperation. Navies that were if not actually at war with each other then definitely rivals are working together and are comrades in arms. But some also see the rush of warships to the region, which largely began in 2008 after the hijacking of a Saudi oil tanker and a Ukrainian ship carrying battle tanks, as partly fuelled also by a worrying growing international rivalry. I don't think it necessarily has to be one or the other, said Naval War College's Gvosdev. It can be both. Meanwhile, cannier governments around the region may use the new focus on the Indian Ocean to their benefit. Chinese financial support was the key to Sri Lanka's victory in its three decade war with Tamil Tiger rebels after Western countries pulled back support over alleged human rights abuses. To the concern of New Delhi, Beijing has helped fund a port at Hambantota on the island's southern tip, although Sri Lanka has been keen to stress its civilian nature. For those already concerned by rising international tensions over currencies, commodities and cyber warfare, Indian Ocean rivalry could yet prove another potential flashpoint. I do not want to join the dots on this because I do not like the implications, said Michael Power, global strategist for South African Investec Asset Management.-Reuters
Afghanistan “Peace” under Mullah Rabbani Shumaila Raja
P
rime Minister Gilani has rightly warned that the Afghan peace talks to end the nine-year war would fail without Pakistan's participation, but more important is some quarters' concern over the headship of Afghan Peace Council given to controversial Tajik leader, Prof Burhanuddin Rabbani, a former president of Afghanistan's civil-war period interim government. Rabbani as president and as head of own faction used to demonstrate his Tajik bias against eastern Afghan Pashtuns, the Taliban and even Darri speaking populace. His family and his party leaders and he himself happened to the biggest beneficiary of Pakistan's hospitality during the Afghan jihad period. His stay in Peshawar, visits to Islamabad and Quetta are known to every one. But the man turn his back on his hosts when went back and the major amount of opposition, constant use of conspiracy tactics and continuous kind of criticism came from his side against Pakistan. Not only he but the Punjsher valley hero, Ahmed Shah Masood and other allies of Prof Burhanuddin came hard on the Pakistanis people, embassy officials and security personnel only in the love of their Indian handlers. An environment of mistrust was created against Pakistan and its people from where the Rabbani men soared to their current heights. An English daily has printed that there may still be many scruples inhibiting the Afghan Taliban to sit with Karzai government on the negotiating table, but such a possibility was never as real as now, or so it seems. The 68-member High Peace Council, headed by Rabbani, comprises men of all opinions and persuasions, to accomplish, in the words of Karzai, "all that takes to make a compromise". They include mujahideen leaders, tribal chiefs, retired military and civilian officers and former Communists. Although, the formation of this council was agreed to by the Afghan Grand Jirga in June, its first sitting was held last week - to aptly coincide with the date, nine years ago, when the US invaded Afghanistan. After nine years of war the Afghans need peace; that explains the timing of the first session of the council.
As expected, the Afghan Taliban did not accept the 'invitation' of the council; instead they made a claim to be the principal power with '75% control of Afghanistan'. But there is no reason why they should not be comfortable with the new initiative, as it largely meets their long-held position on joining any peace parleys. The council is not the same as the Karzai government, the Taliban have shunned all along. Also, the
tary doctrine that for talks to succeed, these should follow battlefield superiority. We don't know how history would vindicate the NATO engagements in Afghanistan, but as of now, these have brought the United States and European Union nothing but a large number of body bags and the ignominy of invading a foreign county. Since the invasion nine years ago, the Afghan conflict has cost foreign troops 2,014 deaths, including 26
“
The 68-member High Peace Council, headed by Rabbani, comprises men of all opinions and persuasions, to accomplish, in the words of Karzai, "all that takes to make a compromise.”
Taliban are being invited as 'a legitimate political group with sovereignty within their regional strongholds'. No doubt, the Taliban condition that they would not join negotiations unless the foreign troops leave Afghanistan remains unfulfilled. The fact that their territorial control gets recognition and legitimacy should be no less important to them. Some of the
during the last 12 days. If the United States had attacked Afghanistan to punish the Mullah Omar regime for the hospitality it had offered to al-Qaeda leadership, then the time and opportunity has come to secure their separation. And that would be possible by sparing the Afghan Taliban of the rigours of the 'surge', which in practice, means
No doubt, the Taliban condition that they would not join negotiations unless the foreign troops leave Afghanistan remains unfulfilled groundwork for the peace negotiations had been done already, as President Karzai has confirmed holding talks with the Taliban "for quite some time." So far these contacts were covert, although reports surfaced from time to time of the 'Saudis' involvement, mainly through Pakistan. The Saudis, on their part are said to be in contact on behalf of the Americans - even when the ISAF supreme commander in Afghanistan, Gen David Petraeus, insists these "overtures" were made by the Taliban to the Afghan government. But that doesn't mean that the US is averse to holding talks with the Taliban. Most likely, Washington is being held back by an outdated mili-
more deaths, both on the sides of the coalition forces and the Afghan people. While the Taliban are local, or at the best a regional issue, al-Qaeda is global phenomenon, its epicenter keeps shifting from time to time and place to place. The conflict in Afghanistan is nationalistic, or has come to be so, over the nine years of war. If and when conditions in Afghanistan come to harmonize with the national ethos, peace will return. Given that the creation of the Rabbani-headed peace council has a pronounced touch of pragmatism and has the desired potential to succeed, it should be encouraged and promoted by all who have stakes in an Afghanistan that is at peace with
itself and its neighbours. Meanwhile, former president Pervez Musharraf, who is fully aware of the intricacies of the war on terror, has called for a dialogue with Taliban, saying that he always favoured striking a deal or a negotiated settlement. He pointed out that this position had been vindicated now when everyone was talking of going into some political agreements with moderate Taliban. As leading media tycoon Zahid Malik comments, there is every reason to listen to the saner advice of the former president, as this is the only way out of the existing mess created by use of force by the US, which lead nowhere but caused more bloodshed and deepened the crisis. In fact, peace deals were inked during the tenure of Musharraf, which yielded positive results, but ultimately these had to be scrapped under intense pressure from the US, which showed opposition to such arrangements as these were not in line with its overall policy of keeping the pot boiling. But now the US itself is supporting both direct and indirect dialogues with Taliban and President Karzai has set up a formal "High Peace Council", led by Rabbani, to broker an end to the war with the Taliban. Pakistan has repeatedly assured Karzai that it would extend all the possible help in efforts, aimed at national reconciliation and welcome peace talks between the Afghan government and Taliban. It is, however, strange that Pakistan is greeting the process in the neighbouring country but itself is not initiating any move for peaceful resolution of the problem. This is despite the fact that in theory the government is pursuing 3D strategy dialogue, development and deterrence to address the issue of extremism and terrorism. However, both dialogue and development are missing and the focus is almost solely on use of force (deterrence), a policy that has not delivered peace in Afghanistan and is not likely to yield anything in Pakistan despite achievements in Swat, Malakand and South Waziristan. No one is asking the government to hold talks with hard core al-Qaeda or foreign militants but there is every reason to enter into dialogue with local Taliban as this would help deny sanctuaries and support to the real trouble-makers.
5
Friday, October 15, 2010
South East Asian stocks
EU shares slip on fresh banking sector concerns KSE-100 Index Opening Closing Change % Change Turnover (mn)
Oil giant shoulders KSE up to new high
10,389.97 10,409.02 19.05 0.18 115.33
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,235.27 3,243.40 8.13 0.25 4.83
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,655.81 2,658.51 2.70 0.10 0.29
Major Gainers
Symbol ULEVER SIEM MTL NESTLE UPFL
Close
Change
4,075.00 1,189.99 481.70 1,950.17 1,030.00
71.50 39.99 11.75 11.66 5.00
Major Losers
Symbol
Close
Change
WYETH LAKST COLG FZTM IDYM
842.99 349.99 732.00 336.52 224.36
-44.26 -18.35 -16.01 -14.65 -11.8
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA NPL JSCL NML WTL
9.34 13.32 9.58 50.18 2.87
19.40 6.75 6.19 4.45 3.94
Active Issues Plus Minus Unchanged
217 158 26
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
Mostly firmer; S’pore off 29-month high
Nawaz Ali KARACHI: Karachi Stock Exchange (KSE) Thursday ended up with marginal gains as investors preferred to book profits at higher levels, however the benchmark index managed to close near two and a half month high of 10,400 points. The benchmark KSE 100Index called it a day with a tad gain of 19 points to close at 10,409 points, KSE 30-Index increased by 7 points to close at 10,077 points, and KSE All Share Index grew by 14 points to close at 7,251 points.
"Attractive yields in alternative investments forced investors to book profit in the local equity market. Despite that, OGDC, the heavyweight stalwart of KSE 100-Index, pushed it above 10,400 points level earning it a two and a half month high," said Samar Iqbal, equity dealer at Topline Securities. It should be noted that apex index closed at 10,390 points on Aug 4, 2010 this year. The day began with a gain of 8 points. Positive numbers then started pouring in as investors took positions in main board and
$4bn “Engro Rupiya Certificate” launches
Engro TFC up for grabs Imran Sharif KARACHI: The Engro Corporation Limited Thursday launched Engro Rupiya Certificates savings option which offers an unprecedented rate of return at 14.5 per cent. This is the first Term Finance Certificate (TFC) to be launched by Engro Corp. This financial product offers profit payments twice in a year for a minimum amount of Rs25,000, invested for a period of 3 years. The product also offers investors the option to encash the certificates at any time, with the profit accumulated from the date of purchase to the date of encashment, the company analysts told newsmen in a briefing at a local hotel here. In order to ensure the widest
outreach and investors' convenience, Engro Corp has partnered with 15 institutions, including banks and other financial organisations, to facilitate investors in purchasing these certificates. Speaking at the launch ceremony, Ruhail Muhammed, CFO, Engro Corporation Limited highlighted, "The Engro Rupiya Certificate is a financial product in line with Engro's tradition of being pioneers in Pakistan's business arena, and aims to provide investors with an opportunity to be a part of Engro's vision and to save with a name investors can trust. We understand the needs of investors and the limitations that they face, and Engro Rupiya provides a reliable and efficient avenue of investment within Pakistan."
China up on banks; HK hits 28-mth high HONG KONG/SHANGHAI: Chinese shares rose on Thursday, with the Hong Kong index hitting a 28-month high, as emerging markets continue to attract strong inflows on the back of a weak dollar. Hong Kong's benchmark Hang Seng rose 1.7 per cent to 23,852.2 on particularly heavy volume. Turnover rose to HK$139 billion, well over twice the average daily volume seen in 2009. Chinese banks provided the biggest boost to the market, with renewed interest in the sector as investors chase laggards and relatively low valuations tempt those seeking value
in a market that has sharp made gains in the past six weeks. ICBC shares rose 5 per cent. ICBC currently trades at 9.8 times forward 12-month earnings, a 24 per cent discount to their 10-year median multiple, according to Thomson Reuters data. China Construction Bank Corp rose 3 per cent. Surging turnover pushed shares of Hong Kong Exchanges & Clearing up 5 per cent, to a 32-month high. But with the benchmark's relative strength index at its highest level since 1993, suggesting it is highly overbought, See # 13 Page 11
Nikkei rises 1.9pc as resource stocks jump TOKYO: Japan's Nikkei average rose 1.9 per cent on Thursday, its best daily performance in a month, buoyed by a jump in resource stocks as dollar weakness fuelled a climb in commodity prices. The market took in stride the yen's rise to a fresh 15-year high against the dollar, as some analysts said markets seemed to have already priced in quantitative easing by the US Federal Reserve early next month and the dollar's broad decline may soon run its course. Robust earnings results from US heavyweights such as JPMorgan Chase & Co and
Intel Corp bolstered investor confidence and helped to spur short-covering, analysts said, with some also citing large lots of Nikkei futures buying. "The yen's uptrend will likely continue, but market participants appear to be already beginning to factor in the possibility of a rebound in the dollar after the Fed launches quantitative easing as expected," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management Co. "The market also seems to have grown somewhat used to dollar/yen trading at 81 yen," he added. See # 14 Page 11
bluechip stocks mainly of the oil sector on expectations of good corporate results and higher international oil prices. Therefore about half an hour after the opening bells, index touched an intraday high of 10,475 points (+ive 85 points). Though market remained in the green territory almost throughout the session but as it was witnessing some continuous bullish activities since last few sessions therefore profit taking at higher levels reduced the gains. However continued buying in the oil giant OGDC kept on supporting the market and allowed
NIT unveils 1QFY11 results Shabbir Kazmi KARACHI: National Investment Trust (NIT) Thursday announced financial results of six funds under its management for the first quarter of the current financial year ended on 30th September 2010. The funds have posted healthy growth in net income and appreciation in unit value, the announcement said. AS per details, NI(U)T Fund has shown a healthy growth of 5.4 per cent in its net income (excluding unrealised gains) which increased to Rs2,183 million for the quarter under review from Rs2,071 million for the corresponding quarter of last fiscal. This translates into earning per unit of Rs1.85 earned by the Fund in 1QFY11 --three times higher than the quarterly average earning per unit of Rs0.61 earned by the Fund last year. Net income earned by NITState Enterprise Fund (NITSEF) during the quarter was Rs1,834 million against a net income of Rs966 million earned during the corresponding quarter of last year, showing an impressive growth of 89.7 per cent. This net income gave rise to per unit earnings of Rs6.18 during the quarter as compared to Rs4.70 during the corresponding quarter of FY10. NIT-Equity Market Opportunity Fund (NITEMOF) outperformed the benchmark KSE-100 index by a margin of 1.45 per cent. The NAV of the unit increased by 4.45 per cent from Rs98.33 (ex-dividend) at the end of June 2010 to Rs2.71 at the end of September 2010 as against an increase of 3 per cent in benchmark KSE-100 index during the same period. NI(U)T LOC Holders Fund's net income stood at Rs57 million during the quarter which translates into per unit earning of Rs0.41. The per unit NAV of NIT Government Bond Fund (NITGBF) increased from Rs9.99 (exdividend) end June, 2010 to Rs10.24 as on September 30, 2010, thus yielded an annualised total return of 10.04 per cent. The NAV of NIT Income Fund increased from Rs9.99 (ex-dividend) as on 30th June 2010 to Rs10.26 as on 30th September 2010, yielding an annualised total return of 10.89 per cent. The NIT claims it has made the required provision on account of Workers Welfare Fund in respect of all Funds under its management. In case of reversal of provisions, the profit/return of the Funds will improve further.
ANNOUNCEMENTS Company Premier Insurance Pak Gum & Chemicals Otsuka Pak
Period 3rd Qtr 3rd Qtr 1st Qtr
Div/Bon/Right 15%(i)(D)
PAT (Rs in mn) 83.929 -10.048 11.20
EPS(Rs) 1.39 -2.37 1.12
the index to close the session above 10,400 level. Ahsan Mehanti, Director Arif Habib Investments said, "foreign interest remained in oil & gas, banking sector scrips on strong valuations while rise in international oil prices to near $84, textile export market access to EU states coupled with bullish activity in global capital markets too played a catalytic role despite concerns over rising fiscal deficit, security concerns in the city, and circular debt issues in Pakistan Energy sector." Offshore investors continued buying as according to NCCPL
there was a net foreign buying of $2.67 million on Thursday. On the local side individual investors did a net buying of $1.92 million, while banks and mutual funds did a net selling of $2.55 million and $1.81 million respectively. Investor participation remained impressive throughout the session as 115.3 million shares traded in the overall market which is 34 million more as compared to a turnover of 81.3 million shares a day earlier. Out of total 401 active issues; 217 advanced and 158 declined while 26 issues remained unchanged.
Profit-taking clips India shares MUMBAI: Indian shares fell 0.9 per cent on Thursday as investors locked in profits after the main index climbed to a 33month high in early trade, but the undertone remained upbeat on sustained foreign buying. Outsourcers mostly rose with bluechip Infosys Technologies , the No.2 software services exporter, climbing to an alltime peak ahead of quarterly earnings due before the market opens on Friday. Engineering and construction conglomerate Larsen & Toubro, ICICI Bank, State Bank of India, HDFC Bank and Housing Development Finance Corp
shed ground after posting big gains this year. "Some profit booking was expected after such a run up, but there is no big concern in the market for now," said Neeraj Dewan, director of Quantum Securities. The 30share BSE index closed down 0.92 per cent, or 190.24 points, at 20,497.64 points, with 25 of its components losing ground. It had hit 20,854.55 early, just around 350 points from a record high of 21,206.77 reached on Jan. 10, 2008. Citigroup estimated companies, excluding oil firms, See # 15 Page 11
Weak banks weigh on FTSE LONDON: Britain's top share index closed lower on Thursday, dragged down by banks on worries about rights issues in the sector, while mobile phone heavyweight Vodafone rose following an upgrade from Nomura. The FTSE 100 ended down 20.14 points, or 0.4 per cent, at 5,727.21, after gaining 1.5 per cent on Wednesday to its highest closing level since late April.
Banks took the most points off the index, after Standard Chartered's announcement of a rights issue on Wednesday sparked worries that sector peers would follow suit. "There's a lot of concern amongst investors that a lot of the banks will have to raise additional capital to comply with Basel III (regulations)," Michael Hewson, markets analyst at CMC Markets, said. See # 16 Page 11
Wall St sags; foreclosure mess hits bank shares NEW YORK: Bank shares led the Dow and the S&P 500 lower on Thursday, reflecting investors' fears of how a nationwide probe into the mortgage industry's foreclosure practices might affect earnings. JPMorgan Chase & Co and Bank of America ranked as the two heaviest weights on the Dow, while Bank of America alone was the S&P 500's fifthbiggest percentage decliner. An S&P index of financial services shares slid 2.3 per cent. But the US dollar's slide limited stocks' losses. New claims for jobless benefits unexpectedly rose 13,000 in the latest week. Though this data was yet another reminder that the labor market remains weak, it reinforced the view that the Federal Reserve will pump more money into the sluggish economy in another round of quantitative easing. The KBW bank index tumbled 3.6 per cent on increasing worries that a joint investigation into home foreclosure procedures by attorneys general from all 50 US states would cause uncertainty and threaten the recovery of the fragile housing market. "Today is really about banks and the jobless claims on one hand, and the dollar on the other," said Jeffrey Friedman, senior market strategist at Lind-Waldock in Chicago. "The foreclosure issue will weigh on us until we see a bottoming in the housing market, and right now, we don't know what kind of financial obligations are possible for banks." Every component of the KBW bank index was in negative territory. Bank of America Corp lost 5.8 per cent to $12.52. JPMorgan Chase & Co slid 3.1 per cent to $38.62. The Dow Jones industrial average dropped 36.32 points, or 0.33 per cent, to 11,059.76. The Standard & Poor's 500 Index shed 6.89 points, or 0.58 per cent, to 1,171.21. The Nasdaq Composite Index slipped 10.06 points, or 0.41 per cent, to 2,431.17. The stock market benefited as the dollar fell to a 2010 low against a basket of major currencies after Singapore See # 17 Page 11
Dhiyan
SELL ON STRENGTH; SELECTIVE RALLY LIKELY Naeem Rafi, CEO Rafi Securities Market has completed its rally and now technically it is in the overbought zone, however we may see another rally if index manages to sustain 10,500 level for 2-3 sessions. Investors are therefore advised to adopt 'sell on strength' strategy, though intraday trading can be done especially in LUCK, DGKC, PPL, NML and FFBL. Good quarterly corporate results and heavy foreign buying would be the factors that will support the market. Market would see profit taking at 10,500 points level today.
Khurram Schehzad, Head of Research Invest Cap Market outlook is positive but selective stocks may rally. Though, fundamentals of the market have not improved much, but we may see some further positive activities if: 1) IMF stance turns out to be favourable, 2) donor agencies release foreign funds, 3) Margin Trading System (MTS) is launched, 4) liquidity is available, and 5) corporate results are good. The combined effect of these factors, if they come to pass, would boost the turnover. Invest in refineries, cements, textiles, automobiles, and powers. Our top picks include NRL, ATRL, HUBC, FFBL, LUCK, DGKC, POL, NML, and NCL. Market would be rangebound today with good volumes.
6
Friday, October 15, 2010
Market Volume
115,332,501
Value
3,890,071,469
Trades
61,916
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
217 158 26 401
All Share Index
10,409.02 10,476.32 10,388.78 h19.05
Current High Low Change
KSE 30 Index
7,251.74 7,295.94 7,237.62 h14.12
Current High Low Change
KMI 30 Index Current High Low Change
10,077.43 10,166.13 10,066.49 h7.99
16,465.40 16,562.59 16,428.20 h34.90
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,321.41 Turnover 8,372,459 P/E (x) 11.24 Company
KSE 100 Index
Symbols
PE
High Low 1,338.46 1,317.41 Total cos Defaulter cos P/BV (x) ROE (%) 4.16 37.01
Open
High
Low
Attock PetroleumSPOT 576 5.70 370.76 Attock Refinery 853 16.61 87.96 BYCO Petroleum 3921 - 10.58 Mari Gas Company 735 15.41 112.47 National RefinerySPOT 800 5.72 226.17 Oil & Gas Development XD 43009 10.35 149.51 Pak Petroleum 11950 5.81 185.61 Pak OilfieldsSPOT 2365 6.28 250.00 Pak Refinery Limited 350 - 69.90 P.S.O XD 1715 4.68 278.55 Shell Gas LPG 226 14.41 31.93 Shell Pakistan XD 685 9.96 194.94
374.20 91.94 10.93 115.98 230.84 151.20 189.40 251.24 73.39 280.99 32.50 196.50
368.55 88.32 10.63 112.50 225.85 149.70 184.90 246.90 72.05 275.50 31.50 194.00
Close Chg 370.49 91.33 10.82 113.72 229.54 150.02 185.34 247.41 73.39 276.53 31.98 194.23
-0.27 3.37 0.24 1.25 3.37 0.51 -0.27 -2.59 3.49 -2.02 0.05 -0.71
Close Change 1,321.87 0.46 Listed cap Market cap 65,194.15 mn 1,049,338.30 mn Payout (%) Div Yield (%) 68.56 6.10 Last 60 days High Low
Volume 234130 3350068 1971740 139769 209211 1525750 1059094 914545 77410 833402 9634 19446
374.20 92.65 12.96 138.45 230.84 153.00 214.10 251.24 79.50 289.45 39.80 244.00
% Change 0.03 5-Day High 1,321.87 5-Day Low 1,278.38
2009 Div BR (%) (%)
2010 Div BR (%) (%)
294.10 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 188.00 330 -
300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 675.18 Turnover 4,214 P/E (x) 5.44 Company
Paid up Cap(mn)
Pak Int Cont. Terminal XD 1092 PNSC XD 1321
High Low 684.44 669.21 Total cos Defaulter cos P/BV (x) ROE (%) 1.39 25.53
Close 672.41 Listed cap 3,242.17 mn Payout (%) 11.08
Change -2.77 Market cap 12,029.61 mn Div Yield (%) 2.04
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.67 5.18
62.84 38.01
64.00 38.00
62.10 38.00
62.50 -0.34 38.00 -0.01
2654 1560
87.86 41.00
60.86 34.50
Company
Paid up Cap(mn)
Open
High
Low
Agritech Limited 3924 9.85 23.15 Bawany AirXDXR 68 1.35 10.41 BOC (Pak) 250 9.67 73.44 Clariant Pak 273 5.68 163.90 Dawood Hercules 1203 7.85 171.36 Descon Chemical 1996 2.22 Descon Oxychem Ltd. 1020 4.52 Dewan Salman 3663 1.40 Dynea Pak 94 4.41 11.60 Engro Corporation Ltd 3277 9.18 179.94 Engro Polymer 6635 - 14.60 Fatima Fertilizer 22000 - 10.58 Fauji Fertilizer 6785 7.36 108.30 Fauji Fert. Bin Qasim 9341 7.63 29.70 Ghani Gases Ltd 725 9.34 11.94 ICI Pakistan 1388 7.31 123.00 Ittehad Chemical XD 360 5.09 22.50 Lotte Pakistan 15142 3.24 8.88 Mandviwala 74 1.50 Nimir Ind Chemical 1106 69.50 1.42 Pak Gum 42 - 19.40 Shaffi Chemical 120 2.02 2.40 Sitara Chem Ind SPOT 204 5.40 121.39 Sitara Peroxide 551 8.49 United Distributors 92 - 10.10 Wah-Noble 90 5.07 42.21
PE
23.75 11.35 76.90 163.50 171.50 2.38 4.44 1.50 12.50 181.20 14.75 10.70 109.00 30.10 12.60 123.70 21.50 9.39 1.65 1.43 18.75 2.69 122.99 9.40 10.43 43.00
22.25 10.00 74.00 161.00 170.15 2.10 4.10 1.39 11.74 178.68 14.21 10.50 108.00 29.73 11.90 122.30 21.39 8.90 1.37 1.35 18.40 2.45 121.00 8.35 10.00 42.23
Close Chg 22.26 10.55 76.00 161.39 170.18 2.11 4.14 1.45 11.81 179.01 14.38 10.58 108.13 29.97 12.33 122.68 21.50 9.34 1.55 1.39 18.65 2.68 122.51 8.90 10.37 42.83
-0.89 0.14 2.56 -2.51 -1.18 -0.11 -0.38 0.05 0.21 -0.93 -0.22 0.00 -0.17 0.27 0.39 -0.32 -1.00 0.46 0.05 -0.03 -0.75 0.28 1.12 0.41 0.27 0.62
Close 1,183.71 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 1002 1009 1679 2292 849 56378 344105 204704 17683 924461 1695078 60798 686810 3003656 466492 111902 4000 19404876 21507 36005 515 7621 6448 469460 2857 4101
Change 0.40 Market cap 267,129.04 mn Div Yield (%) 6.65
27.50 16.78 82.50 174.00 185.88 3.15 5.45 2.21 13.60 194.59 15.20 12.46 113.39 30.65 13.85 128.30 37.80 9.39 3.24 1.77 27.93 3.80 128.01 11.09 17.88 48.00
% Change 0.03 5-Day High 1,183.71 5-Day Low 1,163.54
2009 Div BR (%) (%)
2010 Div BR (%) (%)
21.15 9.72 66.90 90 154.27 125 155.38 40 10B 1.78 3.20 1.28 10.85 15 165.60 6010B 40R 9.57 - 27.5R 9.02 102.96 131.5 10B 26.59 40 7.41 109.50 80 21.00 15 6.75 5 1.06 1.16 17.03 10 2.00 110.03 75 7.67 9.22 10 10B 41.00 50 -
5 15 20 15 20 75 5 55 5 25 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,156.42 Turnover 26,777 P/E (x) 6.03 Company
High Low 1,163.95 1,152.21 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,159.89 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
4.73
19.12 40.00
19.40 40.00
19.00 40.00
19.30 0.18 40.00 0.00
19201 7550
Century Paper Security Paper
Change 3.47 Market cap 3,212.99 mn Div Yield (%) 4.19
Last 60 days High Low 22.70 50.40
17.31 38.10
2009 Div BR (%) (%) - 425R 50 -
% Change 0.30 5-Day High 1,159.89 5-Day Low 1,145.45
Open 1,075.29 Turnover 586,651 P/E (x) 3.72 Paid up Cap(mn)
PE
Agriautos Ind Atlas Battery Atlas Honda
Open
Dewan Motors 890 Ghandhara Nissan 450 Honda Atlas Cars 1428 Indus Motors 786 Pak Suzuki 823 Sazgar EngineeringSPOT 125
Company
Paid up Cap(mn)
Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons TinSPOT
PE
675 555 5.51 1199 4.57 785 19.39
Open 2.15 12.88 46.05 9.75
High 2.40 12.90 47.00 9.70
Low 2.00 12.80 46.35 9.50
Close Chg 2.03 12.84 46.90 9.50
-0.12 -0.04 0.85 -0.25
Close 922.68 Listed cap 3,596.11 mn Payout (%) 30.91
Last 60 days High Low
Volume 84426 11002 12027 1958
3.17 16.75 70.71 10.80
1.65 12.25 45.93 8.20
2009 Div BR (%) (%) 10
30B -
% Change 0.16 5-Day High 958.31 5-Day Low 918.29
High
High Low 1,104.37 1,069.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.94 25.35 Low
Close Chg
Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Noor Sugar 186 Clover Pakistan XD 94 Dewan Sugar 365 Habib Sugar 600 Habib-ADM Ltd XD 200 Ismail Ind XD 505 J D W Sugar 490 Mehran Sugar 143 Mithchells Fruit 50 National Foods XD 414 Noon Sugar 165 Pangrio Sugar 109 Premier Sugar 38 Sakrand Sugar 223 Sanghar Sugar 119 Shahmurad Sugar 211 Shak(RCPf)8.5 Perc 346 Shakarganj Mills 695 Tandlianwala 1177
Close 1,089.13 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
1.77 3.10 0.76 1.49 0.06 0.14 0.26 2.13 0.78 0.46
Change 13.84 Market cap 39,239.61 mn Div Yield (%) 5.49
Last 60 days High Low
156287 78.39 13873 209.00 596 127.99 309 33.47 142825 2.24 35338 6.48 72700 13.61 106742 287.00 22206 89.99 35762 27.85
High Low 1,493.64 1,459.72 Total cos Defaulter cos P/BV (x) ROE (%) 9.67 30.30
PE
Open
High
Low
11.65 0.66 4.25 30.91 6.39 3.55 12.48 2.39 2.96 7.51 19.45 0.48 6.78 1.02 16.10 276.36
7.06 12.25 41.80 47.10 1.41 30.91 12.80 73.39 69.10 52.96 64.99 40.68 12.10 5.44 36.15 3.25 13.90 11.36 4.49 4.64 29.00
7.00 12.50 41.80 49.45 1.42 31.88 13.10 74.00 71.75 53.95 68.18 41.80 12.40 6.00 37.89 3.23 14.25 11.11 3.81 4.70 30.45
6.06 12.50 41.80 46.50 1.41 30.75 12.56 70.08 69.51 50.50 61.81 40.01 12.10 5.50 36.51 3.23 13.50 11.11 3.80 4.50 30.40
63.01 131.00 92.00 28.25 1.16 4.03 9.65 212.29 69.25 24.05
Close Chg 6.06 12.50 41.80 49.45 1.42 31.00 12.63 73.41 71.29 52.77 61.81 40.66 12.22 5.90 36.96 3.23 14.25 11.11 3.80 4.70 30.40
-1.00 0.25 0.00 2.35 0.01 0.09 -0.17 0.02 2.19 -0.19 -3.18 -0.02 0.12 0.46 0.81 -0.02 0.35 -0.25 -0.69 0.06 1.40
Close 1,488.12 Listed cap 11,335.33 mn Payout (%) 30.57
Company
Paid up Cap(mn)
Attock CementSPOT Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dadex Eternit Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Flying Cement Ltd Gammon Pak Gharibwal Cement Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky CementSPOT Maple Leaf Cement Pioneer Cement Shabbir Tiles Thatta Cement
PE
High Low 963.81 943.49 Total cos Defaulter cos P/BV (x) ROE (%) 0.50 7.10
Open
High
Low
866 5.17 65.00 858 1.77 182 - 15.00 14 5.59 10.93 956 - 11.05 982 12.31 1.60 108 - 25.00 948 1.70 3574 1.67 3651 35.94 25.72 350 3.00 6933 12.40 5.00 1760 1.91 283 1.51 2319 3.57 145 9.01 6.78 1288 5.95 13126 3.02 3234 6.56 73.37 5261 2.93 2228 8.17 361 8.98 7982027.00 19.29
65.50 1.80 15.69 11.87 11.10 1.69 26.20 2.00 1.73 26.00 3.30 5.10 2.00 2.27 3.69 7.75 6.00 3.14 74.00 2.96 8.30 8.21 20.29
64.60 1.41 14.81 10.00 10.60 1.60 26.00 1.40 1.65 25.70 2.51 4.95 1.90 1.40 3.30 7.75 5.90 2.96 72.62 2.85 8.10 8.16 18.30
Close 952.23 Listed cap 54,792.74 mn Payout (%) 19.04
Close Chg
Volume
Last 60 days High Low
64.88 1.80 15.20 10.00 11.10 1.60 26.00 1.88 1.66 25.88 2.87 4.96 1.94 2.14 3.49 7.75 5.95 3.01 73.01 2.90 8.19 8.21 20.27
21030 772 13285 528 3001 23800 2022 12854 26915 3768114 5825 429909 70226 3002 641 339 807420 662278 1070493 112596 168912 982 25921
71.90 2.05 20.00 14.94 12.50 2.74 32.90 3.90 2.20 28.74 5.15 5.50 2.37 3.59 7.50 7.75 6.95 3.34 74.00 3.80 8.47 12.23 21.80
-0.12 0.03 0.20 -0.93 0.05 0.00 1.00 0.18 -0.01 0.16 -0.13 -0.04 0.03 0.63 -0.08 0.97 0.00 -0.01 -0.36 -0.03 0.02 -0.77 0.98
62.00 1.01 14.01 10.00 8.90 1.30 22.10 1.02 1.30 23.02 2.11 4.50 1.74 0.98 2.11 4.01 5.50 2.60 62.60 2.51 6.80 7.56 17.74
2009 Div BR (%) (%) 50 40 -
20B 20R -
% Change -0.18 5-Day High 953.98 5-Day Low 918.47 2010 Div BR (%) (%) 50 - 122R - 20R 40 - 50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 881.90 Turnover 233,727 P/E (x) 2.59 Company
Paid up Cap(mn)
PE
Open
Cherat PapersackXDXB 115 3.31 34.24 ECOPACK Ltd 230 2.49 Ghani GlassXDXB 1067 5.15 51.00 MACPAC Films 389 2.70 Merit Pack 47 - 16.19 Packages Ltd 844 15.77 102.58 Syed Match 3 - 13.00 Tri-Pack Films 300 8.35 103.01
High
High Low 901.95 890.22 Total cos Defaulter cos P/BV (x) ROE (%) 1.14 43.91 Low
Close Chg
34.90 34.00 34.74 2.64 2.30 2.44 50.90 50.00 50.30 3.50 2.50 2.53 16.00 15.45 16.00 105.00 103.00 104.06 12.00 12.00 12.00 104.90 103.90 104.05
0.50 -0.05 -0.70 -0.17 -0.19 1.48 -1.00 1.04
Close 895.16 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 49027 57589 32863 1402 864 43396 500 48076
Change 13.26 Market cap 33,466.15 mn Div Yield (%) 6.01
Last 60 days High Low 51.05 2.89 61.99 4.69 20.70 125.96 15.00 105.00
34.00 1.70 50.00 2.21 11.81 98.00 12.00 91.00
2009 Div BR (%) (%) 30 32.5 100
10B -
% Change 1.50 5-Day High 895.16 5-Day Low 881.25 2010 Div BR (%) (%) 20 25 -
25B 10B -
Open 1,114.40 Turnover 68,266 P/E (x) 2.81 Paid up Cap(mn)
Volume 12500 500 551 1692 1501 37094 4306 888 6167 4752 201 2430 517 2892 502 1000 3610 125 433 3582 6150
Diamond Ind Pak Elektron Singer Pak Tariq Glass Ind
High Low 1,117.72 1,102.13 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 10.64
PE
Open
High
Low
90 21.28 1174 2.93 341 17.12 231 2.79
14.20 13.75 19.15 17.44
14.35 13.97 18.21 17.60
13.20 13.66 18.15 16.60
Company
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Bolan CastingXDXB Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat TractorsXDXB
66 215 104 214 213 132 366
PE
Open
3.19 16.62 5.06 216.28 5.29 44.22 0.45 2.12 12.67 8.86 75.13 6.17 469.95
High
Low
Close Chg
16.00 15.62 15.62 217.99 213.00 213.00 46.30 44.00 45.85 0.60 0.59 0.60 13.60 12.90 13.49 74.95 74.00 74.00 485.40 471.85 481.70
-1.00 -3.28 1.63 0.15 0.82 -1.13 11.75
8575 10756 12101 8500 71535 915 282087
Last 60 days High Low 11.70 14.75 47.35 50.00 2.90 32.25 16.98 76.90 71.75 58.74 76.00 65.29 14.35 7.00 43.60 3.50 14.90 11.90 9.42 5.00 35.50
1.12 10.50 39.25 33.33 1.11 23.80 12.20 53.64 60.10 48.50 55.00 39.15 10.00 4.00 32.50 2.12 11.50 7.40 2.50 3.02 22.45
2009 Div BR (%) (%) 10 40 35 40 15 40 35 20 50 30 10 15 -
25B 30B 25B 10B -
% Change 1.00 5-Day High 1,488.12 5-Day Low 1,464.26 2010 Div BR (%) (%) 15 40 17.5 110R 0 12.5R 25 10B 12 -
Open 916.75 Turnover 9,422,560 P/E (x) 6.35 Paid up Cap(mn)
(Colony) Thal Amtex Limited XD Artistic DenimSPOT Azam Textile Azgard Nine Babri Cotton Bannu Woolen Bata (Pak) Chenab Limited Colgate Palm Colony Mills Ltd Crescent Textile D S Ind Ltd Dawood Lawrencepur Din TextileXDXB Ellcot SpinningSPOT Fazal Cloth Gadoon Textile Ghani Value Glass XD Ghazi FabricsSPOT Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing Ishaq Textile Kohinoor Ind Kohinoor Spinning Kohinoor Textile Leather Up Maqbool Textile Masood Textile Mehmood TextileSPOT Mukhtar Textile N P Spinning Nagina Cotton Nishat (Chunian) Nishat Mills Pak Leather Pak Synthetic Paramount Spinning Premium TextileSPOT ProsperitySPOT Quetta Textile Ravi Textile Reliance Weaving Rupali Poly Safa Textile Saif Textile Sally Textile Sapphire Fibre Saritow Spinning Service Ind Shahtaj Textile Shams Textile Suraj Cotton Tata Textile XD Thal Limited Treet Corp Yousuf Weaving Zephyr Textile Ltd Zil LimitedSPOT
Close Chg 14.26 13.71 18.15 17.16
0.06 -0.04 -1.00 -0.28
Close 1,108.77 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 123 54397 278 13457
Change -5.62 Market cap 5,496.96 mn Div Yield (%) 2.23
Last 60 days High Low 19.70 15.95 24.14 19.12
PE
High Low 927.08 910.38 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 8.64
9.20 12.17 17.04 14.45
Close 917.31 Listed cap 47,070.70 mn Payout (%) 16.68
Open
High
Low
Close Chg
Volume
56 1.75 2415 3.13 11.50 840 5.90 23.48 133 0.54 2.99 4493 260.75 10.30 29 0.40 15.20 76 1.16 12.90 76 4.44 450.12 1150 3.49 316 15.72 748.01 2442 2.73 2.80 492 3.21 21.50 600 1.68 514 9.68 40.00 204 1.13 21.01 110 1.81 21.47 188 1.91 44.75 234 1.23 46.21 75 6.34 27.71 326 1.26 4.54 635 2.97 22.45 146 1.32 5.63 185 1.58 8.70 716 1.26 4.39 3105 3.39 35.32 99 0.66 3.33 180 2.42 4.25 181 2.97 236.16 97 0.99 4.75 303 1.60 1300 1.23 1.28 1455 2.85 5.48 60 1.99 168 2.12 10.75 600 0.98 19.50 150 1.70 63.20 145 0.51 147 4.04 23.85 187 1.28 16.65 1586 2.32 18.25 3516 5.90 49.58 34 4.80 560 5.97 5.50 158 1.32 8.50 62 0.95 28.25 185 2.65 17.29 130 1.01 30.07 250 4.69 1.76 308 0.86 11.01 341 5.74 35.00 40 5.37 3.00 264 1.22 4.47 88 0.35 5.37 197 2.99 105.01 133 0.67 2.41 120 4.65 179.38 97 - 19.90 86 1.16 17.49 180 1.26 35.40 173 0.72 18.00 256 4.18 111.25 418 7.84 37.96 400 7.29 1.23 594 2.99 53 6.97 39.06
1.50 11.85 23.98 2.99 10.62 15.00 13.90 460.00 3.49 769.99 2.99 22.50 1.73 41.79 22.00 21.75 46.98 47.30 28.70 4.94 23.25 6.40 9.00 4.54 36.99 3.50 4.25 224.36 4.75 1.65 1.45 5.45 1.79 11.25 19.25 65.50 0.59 22.99 17.50 18.43 50.40 5.70 5.50 9.39 29.50 18.29 28.57 1.99 11.48 35.75 3.50 4.85 5.40 110.26 2.99 181.00 20.25 17.50 35.65 18.40 112.80 38.70 1.25 3.30 41.01
1.50 11.60 23.40 2.81 10.18 14.21 12.75 448.00 3.20 723.00 2.67 21.00 1.63 40.00 21.50 21.25 45.00 45.35 28.70 4.25 22.00 5.70 8.70 4.35 35.00 3.24 4.02 224.36 4.60 1.46 1.30 5.25 1.50 10.80 18.51 60.25 0.35 22.66 17.00 18.19 49.65 3.80 5.40 8.99 28.30 17.39 28.57 1.75 11.00 34.85 2.76 3.50 5.20 109.99 2.05 177.00 19.95 16.51 35.15 18.00 110.50 37.50 1.24 2.90 37.90
1.50 -0.25 11.71 0.21 23.49 0.01 2.99 0.00 10.43 0.13 14.21 -0.99 13.28 0.38 449.30 -0.82 3.20 -0.29 732.00-16.01 2.95 0.15 22.47 0.97 1.67 -0.01 40.47 0.47 22.00 0.99 21.30 -0.17 46.98 2.23 45.95 -0.26 28.70 0.99 4.34 -0.20 22.34 -0.11 6.00 0.37 8.71 0.01 4.39 0.00 36.65 1.33 3.39 0.06 4.24 -0.01 224.36-11.80 4.68 -0.07 1.51 -0.09 1.35 0.07 5.45 -0.03 1.79 -0.20 11.24 0.49 19.25 -0.25 65.48 2.28 0.53 0.02 22.66 -1.19 17.00 0.35 18.27 0.02 50.18 0.60 5.45 0.65 5.49 -0.01 9.02 0.52 29.50 1.25 18.29 1.00 28.57 -1.50 1.83 0.07 11.27 0.26 35.00 0.00 3.17 0.17 3.56 -0.91 5.40 0.03 110.00 4.99 2.43 0.02 180.54 1.16 20.25 0.35 17.50 0.01 35.28 -0.12 18.27 0.27 111.56 0.31 38.04 0.08 1.24 0.01 3.24 0.25 40.70 1.64
200 127156 16005 45930 2432696 10600 16027 404 43941 2712 1003 1100 90817 31735 502 1100 2500 10861 101 1010 943 10278 17124 63257 29030 25109 16228 140 319 79472 15074 10079 132 1358 150 207 111 110 6102 888226 4447645 120 26499 322 10308 6046 2900 458892 28435 1101 181 7536 18202 6010 8856 2597 21846 172 18500 7387 111135 129525 500 100300 7443
15.62 200.26 35.25 0.36 11.29 74.00 390.00
% Change 1.92 5-Day High 1,529.96 5-Day Low 1,443.98
2009 Div BR (%) (%)
2010 Div BR (%) (%)
20 400 35 450
150 25 650
20B 25B
10B 25B
Total Assets (Rs in mn)
8,624.89
5.89
Total Equity (Rs in mn)
2,271.55
MA (100-day)
6.30
Revenue (Rs in mn)
3,395.58
MA (200-day)
6.36
Interest Expense
1st Support
5.90
Profit after Taxation
27.09
2nd Support
5.85
EPS 09 (Rs)
0.210
1st Resistance
6.00
Book value / share (Rs)
17.64
2nd Resistance
6.05
PE 10 E (x)
Pivot
5.95
PBV (x)
549.90
0.34
KOHC closed unchanged at 5.95. Volume was 949 per cent above average (trending) and Bollinger Bands were 13 per cent narrower than normal. The company's loss after taxation stood at Rs327.777 million which translates into a Loss Per Share of Rs2.55 for the year ended FY10. KOHC is currently 6.4 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 moderate flows of volume out of KOHC (mildly bearish). Trend forecasting oscillators are currently bearish on KOHC.
Telecard Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
62.75
Total Assets (Rs in mn)
9,719.17
MA (10-day)
2.16
Total Equity (Rs in mn)
2,838.82
MA (100-day)
2.60
Revenue (Rs in mn)
3,791.47
MA (200-day)
2.92
Interest Expense
1st Support
2.25
Profit after Taxation
44.07
2nd Support
2.05
EPS 09 (Rs)
0.147
1st Resistance
2.60
Book value / share (Rs)
2nd Resistance
2.75
PE 10 E (x)
Pivot
2.40
PBV (x)
494.14
9.46 0.26
TELE closed up 0.24 at 2.44. Volume was 688 per cent above average (trending) and Bollinger Bands were 40 per cent narrower than normal. The company's loss after taxation stood at Rs311.564 million which translates into a Loss Per Share of Rs1.04 for the nine months of fiscal year (9MFY10). TELE is currently 16.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into TELE (mildly bullish). Trend forecasting oscillators are currently bullish on TELE.
Pioneer Cement Limited
2009 Div BR (%) (%) -
10B 10B -
% Change -0.50 5-Day High 1,114.40 5-Day Low 1,049.48 2010 Div BR (%) (%) 17.5
10B -
Change 0.57 Market cap 115,057.76 mn Div Yield (%) 2.63
Last 60 days High Low 2.00 20.45 24.00 3.23 13.40 18.75 13.90 560.00 4.98 770.00 5.00 27.70 2.49 51.99 30.90 25.45 46.98 48.30 38.64 5.00 23.25 8.13 9.24 4.85 41.00 4.79 5.35 269.50 4.99 2.00 1.84 6.30 2.50 11.25 23.25 74.50 0.99 24.66 17.50 19.49 53.14 5.70 7.90 10.17 30.90 21.47 52.29 4.69 12.00 36.75 4.00 5.44 6.20 110.26 2.99 225.99 21.50 18.00 37.50 19.70 114.99 49.49 1.90 4.99 44.00
0.80 11.00 17.55 1.35 8.55 9.50 7.50 436.00 2.93 600.00 2.23 19.51 1.44 37.08 20.80 20.15 39.23 33.80 28.70 1.11 19.99 5.00 5.31 2.52 34.05 2.02 2.56 199.70 2.86 1.01 0.56 4.00 1.35 3.25 18.51 59.00 0.25 14.65 12.00 14.64 40.81 1.45 5.16 6.00 24.90 15.75 28.57 1.38 6.91 31.35 2.76 2.01 2.74 91.50 1.01 176.00 14.75 15.00 29.50 12.75 97.00 37.20 0.73 1.50 33.00
2009 Div BR (%) (%)
% Change 0.06 5-Day High 918.63 5-Day Low 911.83 2010 Div BR (%) (%)
30 20 20 7.5 - 15B 20 120 115 15B 15 5 20 10B 7.5 35 70 8 400R 25 10 5 - 12.5 - 10B 10 - 10B 10 20B 10 20 10 15 8 5 - 22.5 15 15 100R 4050.2257B 60 20 - 20SD - 50R 15 20 25 45R 12.5 - 10B 10 10B 7.5 50 20 30 - 632R 20 - 25SD 40 40 10 15 200 20 45 20 15 50 25 20 20B 80 20B 40 10B 35 -
Performance of SR Pharma and Bio Tech Index
Change 28.78 Market cap 31,956.12 mn Div Yield (%) 17.44
Last 60 days High Low 22.69 227.45 51.99 0.98 19.75 91.00 597.90
20B 20B
PHARMA AND BIO TECH
Close 1,529.96 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
90 100 25 150 10
20B 30B 20B
Performance of SR Personal Goods Index
INDUSTRIAL ENGINEERING High Low 1,542.01 1,504.53 Total cos Defaulter cos P/BV (x) ROE (%) 2.87 38.02
40 100 80 15 100 5 -
PERSONAL GOODS
Performance of SR Industrial Engineering Index Open 1,501.18 Turnover 394,471 P/E (x) 7.54
2010 Div BR (%) (%)
46.99
MA (10-day)
HOUSEHOLD GOODS
Company
Change -1.74 Market cap 70,092.22 mn Div Yield (%) 2.72
2009 Div BR (%) (%)
Change 14.71 Market cap 190,891.85 mn Div Yield (%) 0.96
Performance of SR Construction and Materials Index Open 953.98 Turnover 7,230,987 P/E (x) 6.99
% Change 1.29 5-Day High 1,089.13 5-Day Low 1,058.91
RSI (14-day)
Performance of SR Household Goods Index
20B -
CONSTRUCTION AND MATERIALS
72.50 67.55 71.86 145.35 141.00 144.16 97.00 95.25 95.53 31.99 29.97 31.98 1.62 1.43 1.48 4.70 4.36 4.53 11.10 10.66 11.05 234.90 228.60 230.81 76.60 75.00 75.85 26.00 24.99 25.45
Open 1,473.41 Turnover 91,579 P/E (x) 31.91
2010 Div BR (%) (%) 40 7.5
-
FOOD PRODUCERS
Company
Change 1.44 Market cap 8,919.87 mn Div Yield (%) 12.79
40 15
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING High Low 929.53 917.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 33.10
5.25 70.09 5.44 141.06 6.65 94.77 5.10 30.49 1.42 4.39 - 10.79 5.27 228.68 9.42 75.07 6.61 24.99
-
Performance of SR Industrial Metals and Mining Index Open 921.23 Turnover 109,426 P/E (x) 2.42
144 101 626
Baluchistan Wheels Ltd.SPOT 133
2010 Div BR (%) (%) 50
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,194.87 1,178.08 Total cos Defaulter cos P/BV (x) ROE (%) 2.57 35.00
30
Kohat Cement Limited
% Change -0.41 5-Day High 693.86 5-Day Low 666.65
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,183.31 Turnover 27,419,114 P/E (x) 7.33
2009 Div BR (%) (%)
Alert ! Unusual Movements
Open 851.60 Turnover 69,155 P/E (x) 6.66 Company
Paid up Cap(mn)
Abbott (Lab) Ferozsons (Lab)SPOT GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Searle PakSPOT
979 208 1707 165 200 100 306
PE
Open
8.06 92.98 7.03 108.13 12.40 68.99 6.44 24.00 17.44 7.90 6.69 28.86 5.40 63.04
High
High Low 862.50 842.10 Total cos Defaulter cos P/BV (x) ROE (%) 1.49 22.31 Low
Close Chg
92.40 91.50 92.02 -0.96 113.00 107.00 107.16 -0.97 70.50 68.50 68.68 -0.31 24.00 23.50 23.71 -0.29 8.09 7.72 7.85 -0.05 30.00 29.95 29.95 1.09 64.10 63.00 63.02 -0.02
Close 844.59 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 3208 7715 17591 2473 6785 101 31169
Change -7.01 Market cap 28,097.23 mn Div Yield (%) 6.69
Last 60 days High Low 96.40 124.00 83.77 25.79 8.66 34.99 64.19
77.00 96.00 65.00 22.10 6.10 27.50 53.36
2009 Div BR (%) (%) 120 10 50 25 15 15
20B 15B
% Change -0.82 5-Day High 851.60 5-Day Low 833.87 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
57.41
Total Assets (Rs in mn)
10,347.73
MA (10-day)
7.90
Total Equity (Rs in mn)
2,400.54
MA (100-day)
7.30
Revenue (Rs in mn)
5,000.24
MA (200-day)
8.90
Interest Expense
1st Support
8.10
Profit after Taxation
36.11
2nd Support
8.00
EPS 09 (Rs)
451.47 0.181
1st Resistance
8.30
Book value / share (Rs)
12.03
2nd Resistance
8.40
PE 10 E (x)
Pivot
8.20
PBV (x)
0.68
PIOC closed up 0.02 at 8.19. Volume was 300 per cent above average (trending) and Bollinger Bands were 10 per cent narrower than normal. The company's loss after taxation stood at Rs590.925 million which translates into a Loss Per Share of Rs2.87 for the year ended FY10. PIOC is currently 7.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PIOC (mildly bullish). Trend forecasting oscillators are currently bullish on PIOC.
Pakistan Reinsurance Co Ltd
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
60.72
Total Assets (Rs in mn)
12,372.62
MA (10-day)
13.77
Total Equity (Rs in mn)
6,785.66
MA (100-day)
16.13
Revenue (Rs in mn)
2,170.95
MA (200-day)
20.71
Interest Expense
1st Support
14.20
Profit after Taxation
2nd Support
13.56
EPS 09 (Rs)
0.900
1st Resistance
15.19
Book value / share (Rs)
22.62
2nd Resistance
15.54
PE 10 E (x)
Pivot
14.55
PBV (x)
0.00 269.91
0.66
PAKRI closed up 0.94 at 14.86. Volume was 341 per cent above average (trending) and Bollinger Bands were 38 per cent narrower than normal. The company's loss after taxation stood at Rs86.639 million which translates into a Loss Per Share of Rs0.29 for the half year of current calendar year (1HCY10). PAKRI is currently 28.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PAKRI at a relatively equal pace. Trend forecasting oscillators are currently bullish on PAKRI.
BOOK CLOSURES Company
From
To
Buxly Paints First Habib Bank Mod. Ghani Automobile Ghani Value Glass Gillette Pakistan Haydari Construction IBL Health Care K.E.S.C Allied Rent Mod. Baluchistan Wheels D.G.K Cement Ferozsons Lab Kot Addu Power Pakistan Synthetic Sazgar Engg Works ZIL Limited 1st Credit Investment Bank First Credit & Investment Bank Mari Gas Company Berger Paints Pakistan P.T.C.L
15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 16-Oct 16-Oct 16-Oct 16-Oct 16-Oct 16-Oct 16-Oct 16-Oct 17-Oct 17-Oct 17-Oct 18-Oct 18-Oct
26-Oct 22-Oct 21-Oct 21-Oct 28-Oct 23-Oct 21-Oct 21-Oct 22-Oct 23-Oct 30-Oct 25-Oct 25-Oct 30-Oct 22-Oct 22-Oct 25-Oct 25-Oct 26-Oct 26-Oct 28-Oct
D/B/R 11 25 22.5 12.5 20(B) 27.50(F) 10,20(B) 35 -
Spot AGM/Date 07-Oct 07-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct -
25-Oct 25-Oct 21-Oct 21-Oct 29-Oct 23-Oct 21-Oct 21-Oct 22-Oct 23-Oct 30-Oct 21-Oct 25-Oct 30-Oct 22-Oct 22-Oct 25-Oct 25-Oct 26-Oct 26-Oct 28-Oct
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree BrewerySPOT Shezan International Grays of Cambridge Lakson Tobacco Shifa Int.Hosp.XD Media Times Ltd P.I.A.C.(A) AKD Capital Pace (Pak) Ltd. Netsol Technol. Pak Telephone
Open 51.25 4.17 92.49 96 50.26 368.34 28.55 56.75 2.14 57.61 2.85 18.2 1.5
High 53.81 4.27 97.11 94.8 52.77 362.99 28 57 2.24 60.49 2.92 19.1 1.9
Low Close 50 4.06 91.21 91.5 49.99 349.93 27.5 56.99 2.06 58.28 2.73 18.1 1.28
53.81 4.1 95.45 94.8 50 349.99 28 57 2.2 60.49 2.74 18.85 1.51
Change 2.56 -0.07 2.96 -1.2 -0.26 -18.35 -0.55 0.25 0.06 2.88 -0.11 0.65 0.01
Vol 1194 2786849 71519 722 3138 15001 812 205 12038 31005 681444 930423 1103
7
Friday, October 15, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,153.97 Turnover 8,891,311 P/E (x) 6.22 Paid up Cap(mn)
Company
Pak DatacomSPOT Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
78 37740 3000 8606 6175
PE
Open
5.01 9.28 -
96.75 19.53 2.20 2.83 3.92
High Low 1,169.96 1,139.62 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
High
Low
Close Chg
101.58 101.00 101.58 4.83 19.63 19.27 19.49 -0.04 2.55 2.20 2.44 0.24 2.94 2.75 2.87 0.04 3.99 3.86 3.98 0.06
Close 1,158.82 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 6909 1432075 3516574 3935753 32442
Change 4.84 Market cap 80,011.12 mn Div Yield (%) 10.06
120.61 20.22 3.08 3.30 6.13
91.00 17.32 1.80 2.30 3.60
% Change 0.42 5-Day High 1,158.82 5-Day Low 1,117.79
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 -
Central Insurance XB Century Insurance EFU General Ins. XB Habib Insurance IGI Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Shaheen Insurance Silver Star Insurance United Insurance XB Universal Insurance
279 5.12 457 6.25 1250 30.26 400 7.64 718 14.30 3000 350 59.00 303 4.74 200 253 1.81 400 1.26 210 -
Paid up Cap(mn)
Company
Hub Power Japan Power KESC Kot Addu PowerSPOT Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy LtdSPOT Southern Electric Tri-star Power XD
Close 1,160.95 Listed cap 95,369.29 mn Payout (%) 104.13
Change 5.06 Market cap 97,747.29 mn Div Yield (%) 8.63
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
11572 6.19 1560 7932 8803 7.11 3673 3541 95.14 191 3.83 1367 5.36 150 -
33.34 1.57 2.08 41.17 11.61 12.84 21.15 2.09 0.75
33.70 1.62 2.11 41.95 12.60 13.73 21.50 2.19 0.75
33.25 1.47 2.04 41.00 11.70 12.80 21.30 2.05 0.73
33.41 0.07 1.59 0.02 2.08 0.00 41.10 -0.07 12.54 0.93 13.32 0.48 21.50 0.35 2.09 0.00 0.75 0.00
2042830 30505 54584 2713098 2349655 6748875 4700 299202 5600
37.24 2.28 2.63 44.85 12.60 13.73 23.49 3.21 1.60
32.75 0.70 1.92 39.51 9.50 9.25 20.00 2.05 0.33
% Change 0.44 5-Day High 1,160.95 5-Day Low 1,143.86
2009 Div BR (%) (%) 33.5 64.5 20 3
31R -
Open 815.16 Turnover 122,132 P/E (x) 88.08
Open 1,693.88 Turnover 489,860 P/E (x) 12.32 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,708.27 1,652.22 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 11.41
Close 1,666.38 Listed cap 12,202.80 mn Payout (%) 66.79
Change -27.50 Market cap 36,951.23 mn Div Yield (%) 5.42
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 18.84 6712 4.40
32.35 29.44
32.79 29.60
31.40 28.80
32.03 -0.32 28.85 -0.59
292937 196923
33.40 30.70
25.00 16.00
% Change -1.62 5-Day High 1,708.96 5-Day Low 1,666.38
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 15
25B
BANKS Performance of SR Banks Index
Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.78 52.74 Askari Bank 6427 6.29 14.80 Atlas Bank 5001 2.24 Bank Alfalah 13492 12.13 9.18 Bank AL-Habib 7322 6.95 32.28 Bank Of Khyber 5004 3.15 3.10 Bank Of Punjab 5288 8.28 BankIslami Pak 5280 3.25 Faysal Bank 6091 3.20 13.81 Habib Bank Ltd 10019 6.45 100.70 Habib Metropolitan Bank 8732 5.83 19.63 JS Bank Ltd 6128 2.32 KASB Bank Ltd 9509 2.60 MCB Bank Ltd 7602 9.18 197.38 Meezan Bank 6983 7.73 15.43 Mybank Ltd 5304 2.30 National Bank 13455 5.44 64.64 NIB Bank 40437 3.00 Royal Bank Ltd 17180 5.90 Samba Bank 14335 1.89 Silkbank Ltd 26716 12.82 2.86 Soneri Bank 6023 6.11 Stand Chart Bank 38716 9.37 6.55 Summit Bank Ltd 5000 2.80 United Bank Ltd 12242 6.24 52.84
High
High Low Close 1,010.53 986.41 993.23 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.94 13.45 34.35 Low
Close Chg
53.74 52.65 53.48 0.74 15.35 14.67 15.21 0.41 2.34 2.15 2.26 0.02 9.30 9.06 9.10 -0.08 32.70 32.00 32.26 -0.02 3.55 3.10 3.15 0.05 8.45 8.05 8.20 -0.08 3.30 3.19 3.20 -0.05 14.10 13.80 13.88 0.07 101.87 99.85 100.18 -0.52 19.80 19.26 19.70 0.07 2.45 2.30 2.39 0.07 2.80 2.50 2.65 0.05 200.40 196.15 196.77 -0.61 15.95 15.07 15.92 0.49 2.53 2.25 2.30 0.00 65.30 64.50 64.77 0.13 3.11 2.85 2.90 -0.10 6.25 6.00 6.01 0.11 1.96 1.90 1.92 0.03 2.91 2.80 2.82 -0.04 6.40 6.15 6.25 0.14 6.90 6.55 6.56 0.01 2.80 2.67 2.75 -0.05 53.65 53.00 53.07 0.23
Volume
Change 0.06 Market cap 603,430.19 mn Div Yield (%) 4.90
Last 60 days High Low
99554 59.70 3682488 17.15 124678 2.84 692838 10.25 25595 34.00 6259 4.75 1240262 11.05 35517 3.87 245497 15.58 111229 109.10 47944 23.50 277372 3.00 760 3.70 1471191 214.99 250250 16.50 57516 3.14 1818947 73.89 1608229 3.50 12438 12.50 25700 2.90 792593 3.30 33252 7.90 15223 8.50 56271 3.95 702867 60.20
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.20 1.55 2.15 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change 0.01 5-Day High 993.23 5-Day Low 967.73
20 - 66R 55 -63.46R 10 -
Performance of SR Non Life Insurance Index
Paid up Cap(mn)
Company
Adamjee Insurance XD Atlas Insurance
PE
1237 12.94 369 4.54
Open 67.78 30.46
High 71.16 30.99
High Low 668.04 639.31 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 5.20 Low 67.80 29.12
Close Chg 71.16 3.38 30.75 0.29
Close 665.72 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 1500748 12231
Change 24.57 Market cap 42,250.72 mn Div Yield (%) 7.42
Last 60 days High Low 89.90 31.00
455
-
2.33
2.50
EFU Life Assurance XB
850 36.22
63.47
66.64
New Jub Life Insurance
627 52.50
42.45
42.00
42.00
63.05 27.10
2009 Div BR (%) (%) 30 40
10B 10B
% Change 3.83 5-Day High 665.72 5-Day Low 625.40 2010 Div BR (%) (%) 10 -
-
-0.50 0.45 1.81 0.00 2.96 0.94 0.20 -0.14 0.00 0.29 0.05 -0.13
305 7442 34109 3098 28838 1755090 43300 6451 500 1500 1090 11055
64.90 11.95 54.50 13.89 81.50 19.40 4.16 10.60 16.49 10.00 7.15 4.00
47.37 9.42 34.76 10.04 66.02 12.50 1.66 8.00 11.51 6.00 4.02 1.77
20 25B 40 8.7B 35 35 30 20 15B -14.28B - 20B - 16B -
10 10 -
UPTO 100 VOLUME
10B 20B -
Symbols RUBY MZSM WYETH SMCPL BFMOD SNAI CSIL AACIL KOHS ETNL FTSM PPP FECTC FRCL NESTLE GUTM HADC AWTX SAPL MSCL GAIL FNEL AASM SPLC RCML SAPT HUSS SIEM RMPL MTIL GLPL MLCFPS NBF FIBLM MODAM ULEVER FZTM GENP KOHP SCL PHDL SRSM SHCM PIAB PSEL POAF TSMF FCONM NMBL TRIBL BROT CWSM ILTM NATM KML FASM GATI CJPL CSUML SHJS JVDC PAKT HINO TREI LPGL UPFL AKGL
Open
High
Low
Close 822.57 Listed cap 2,290.72 mn Payout (%) 355.53
Change 7.40 Market cap 9,312.04 mn Div Yield (%) 4.04
Last 60 days High Low
% Change 0.91 5-Day High 825.69 5-Day Low 806.43
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Close Chg
Volume
2.49
2.50 0.17
101000
3.15
2.05
10R
-
20R
62.99
66.64 3.17
10830
84.99
51.25
5513.33B
-
-
42.00 -0.45
10302
46.00
34.50
10
-
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 363.96 Turnover 10,947,054 P/E (x) 0.45 Paid up Cap(mn)
High Low 373.06 358.29 Total cos Defaulter cos P/BV (x) ROE (%) 0.17 37.22
PE
Open
High
Low
225 360 7.74 450 6.49 3750 2.26 250 First Credit & Invest Bank Ltd 650 31.25 Grays Leasing 215 IGI Investment Bank 2121 Invest and Fin SecSPOT 600 2.76 Invest Bank 2849 Ist Cap Securities 2878 1.84 Ist Dawood Bank 626 0.30 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap XD 500 JS Investment 1000 13.29 KASB Securities 1000 Orix Leasing 821 4.22 Pervez Ahmed Sec 775 Stand Chart Leasing 978 5.50
0.57 15.80 25.79 23.16 1.81 4.40 2.07 1.87 8.15 0.66 4.46 1.84 9.57 2.46 25.36 5.99 3.70 5.64 1.71 2.25
0.59 16.80 26.48 23.49 2.09 4.50 1.99 2.04 8.88 0.64 4.60 1.95 9.81 2.52 26.62 6.15 3.99 5.64 1.82 2.44
0.55 15.90 25.51 22.71 1.80 3.75 1.70 1.90 7.86 0.60 4.15 1.77 9.51 2.35 24.50 5.85 3.75 5.25 1.65 2.25
AMZ Ventures Arif Habib Invest. XB Arif Habib Limited XB Arif Habib Securities Dawood Equities
Close Chg 0.56 16.57 26.03 22.91 1.81 3.75 1.78 1.91 7.92 0.64 4.46 1.80 9.58 2.39 25.65 5.98 3.75 5.36 1.71 2.42
-0.01 0.77 0.24 -0.25 0.00 -0.65 -0.29 0.04 -0.23 -0.02 0.00 -0.04 0.01 -0.07 0.29 -0.01 0.05 -0.28 0.00 0.17
Close 363.29 Listed cap 30,336.44 mn Payout (%) 4.60
Volume 2107 140129 86366 3468169 567 2051 270 8085 4357 13542 59785 9505 6187796 346049 83478 327584 2203 3206 192824 11010
Change -0.66 Market cap 25,991.03 mn Div Yield (%) 10.31
% Change -0.18 5-Day High 363.96 5-Day Low 349.95
Last 60 days High Low
2009 Div BR (%) (%)
1.10 20.99 48.39 35.55 3.36 4.50 4.00 2.43 9.00 1.16 5.40 2.84 15.47 6.00 42.00 8.65 5.49 5.95 2.73 3.49
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.62 20.90 1.55 2.00 0.32 1.17 6.90 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 1.50
2010 Div BR (%) (%) 20B 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Open 1,034.17 Turnover 3,104,267 P/E (x) 7.63 Paid up Cap(mn)
Company
High Low 1,056.43 1,021.48 Total cos Defaulter cos P/BV (x) ROE (%) 0.31 4.09
PE
Open
High
Low
1st Fid Leasing 264 Allied RentalSPOT 600 3.46 AL-Meezan Mutual F. XD 1375 2.47 B R R Guardian Mod. 780 Crescent St Modaraba 200 2.72 Elite Cap Modaraba 113 4.05 Equity Modaraba 524 First Capital Mutual F. 300 4.30 First Dawood Mutual F. 581 Golden Arrow 760 4.02 H B L Modaraba XD 397 5.12 Habib Modaraba 1008 4.51 Imrooz ModarabaSPOT 30 5.36 JS Growth Fund 3180 36.38 JS Value Fund 1186 KASB ModarabaSPOT 283 3.15 Meezan Bal. Fund XD 1200 2.68 Pak Modaraba 125 1.82 Pak Prem Fund 1698 3.81 Pak Strat Fund 3000 5.47 Paramount Mod. SPOT 59 7.99 PICIC Energy Fund 1000 2.93 PICIC Growth Fund 2835 2.26 PICIC Inv Fund XD 2841 1.87 Prud Modaraba 1st XD 872 2.63 Punjab Modaraba 340 Stand Chart Modaraba XD 454 4.99 U D L Modaraba 264 3.44 UNICAP Modaraba 136 -
1.05 16.00 6.27 1.10 0.70 2.52 1.14 3.79 1.65 3.69 5.44 5.95 51.50 3.13 2.95 1.70 5.50 1.00 8.03 7.16 8.70 5.30 8.34 3.58 0.98 1.34 8.51 6.59 0.13
1.39 16.00 6.40 1.14 0.79 2.78 1.20 4.00 1.69 3.70 6.00 6.00 51.00 3.05 3.20 1.95 5.55 1.30 8.15 7.22 9.45 5.50 8.50 3.72 1.00 1.20 8.98 6.99 0.50
1.10 16.00 6.31 1.06 0.61 2.50 1.05 3.75 1.40 3.63 5.75 5.92 48.93 2.90 2.61 1.51 5.55 0.30 7.92 6.96 8.95 5.35 8.17 3.64 0.89 1.20 8.11 6.61 0.15
Close 1,038.27 Listed cap 29,771.58 mn Payout (%) 104.19
Symbols
Change 4.10 Market cap 17,561.64 mn Div Yield (%) 24.01
Volume
Last 60 days High Low
2009 Div BR (%) (%)
1.38 16.00 6.40 1.06 0.68 2.63 1.20 4.00 1.68 3.70 5.79 6.00 51.00 2.91 2.85 1.89 5.55 1.00 8.00 7.00 8.95 5.50 8.21 3.71 1.00 1.20 8.79 6.61 0.15
1505 1000 10102 501 139893 129160 413071 61000 5507 32682 32900 38236 603 70002 265582 101494 5000 18103 471693 528297 692 188662 473216 32269 41316 3350 9752 26037 2500
2.24 17.00 7.25 2.43 0.90 3.44 1.50 4.00 2.09 3.88 6.80 7.49 69.95 4.39 3.98 2.00 7.49 1.40 9.86 8.10 9.45 6.49 10.55 5.00 1.20 2.00 10.99 6.99 0.50
15 4.5 5 20 63 10 15 16.5 10 -
1.01 12.50 5.85 0.90 0.16 1.65 0.76 0.99 1.36 2.32 4.80 5.56 43.00 2.70 2.31 0.52 5.30 0.25 7.00 6.01 6.55 4.00 7.60 3.50 0.70 0.57 7.75 5.00 0.05
5.99 4.70 887.25 6.90 4.14 29.90 4.85 3.31 4.00 22.80 2.20 39.68 5.00 2.99 1938.51 22.79 0.90 100.00 120.00 10.09 4.68 10.25 33.48 0.52 26.46 96.74 12.40 1150.00 1370.00 0.47 62.75 5.49 2.73 1.50 0.95 4003.50 351.17 0.80 5.20 56.27 48.07 2.00 12.00 10.74 150.00 12.00 1.90 1.89 0.90 1.33 0.32 1.68 94.80 15.60 2.01 33.69 38.98 0.85 3.85 62.45 60.00 114.05 119.00 2.10 12.48 1025.00 3.50
2010 Div BR (%) (%)
- 22.5 - 18.5 0 1.2 5 17 11 21 76 5 10 2.8 - 15.5 3 - 18.6 - 11.53 18 5 20 10 3 17 - 12.5 -
Open
DGKC-OCT 25.81 NML-OCT 47.50 MCB-OCT 197.31 PSO-OCT 279.12 ANL-OCT 10.38 PPL-OCT 185.92 NBP-OCT 64.77 OGDC-OCT 149.74 AICL-OCT 68.00 ENGRO-OCT 180.11 FFBL-OCT 29.70 POL-OCTB 234.24 LUCK-OCT 69.34 UBL-OCT 53.28 PTC-OCT 19.60 BOP-OCT 8.10 NETSOL-OCT 17.10 FFC-OCT 109.20 NCL-OCT 18.40 AICL-COCT 68.31 ABL-COCT 53.15
% Change 0.40 5-Day High 1,038.27 5-Day Low 1,025.10
Close Chg 0.33 0.00 0.13 -0.04 -0.02 0.11 0.06 0.21 0.03 0.01 0.35 0.05 -0.50 -0.22 -0.10 0.19 0.05 0.00 -0.03 -0.16 0.25 0.20 -0.13 0.13 0.02 -0.14 0.28 0.02 0.02
Open
High 5.74 4.98 861.00 6.89 4.35 30.50 4.70 3.35 3.90 22.85 3.10 39.89 5.70 3.90 1962.00 23.50 0.97 100.00 120.00 9.10 4.90 10.25 33.99 0.53 27.78 97.50 12.45 1189.99 1370.00 0.58 64.95 4.49 2.94 1.99 1.12 4075.00 349.50 0.85 5.20 58.90 50.47 2.25 13.00 11.49 154.00 12.50 1.99 1.97 1.14 1.96 0.70 1.49 90.11 14.60 1.90 33.89 40.92 1.09 3.95 65.00 60.00 114.50 122.99 2.00 13.47 1030.00 4.50
Low
Close
5.74 4.98 842.89 6.50 3.90 28.70 3.85 3.22 3.90 22.02 1.26 39.01 4.85 3.35 1916.01 23.25 0.63 95.00 120.00 9.10 4.50 10.25 33.70 0.53 27.78 92.10 12.45 1189.99 1370.00 0.55 64.84 4.49 2.60 1.99 1.00 3963.01 336.50 0.62 5.20 58.90 45.67 2.13 11.00 9.99 143.12 12.48 1.99 1.95 1.14 1.96 0.70 1.49 90.11 14.60 1.90 33.89 39.89 0.99 3.90 65.00 60.00 114.50 122.50 2.00 13.47 1030.00 4.50
5.74 4.98 842.99 6.53 4.30 29.02 4.02 3.34 3.90 22.02 1.71 39.01 5.20 3.35 1950.17 23.25 0.85 95.00 120.00 9.10 4.75 10.25 33.70 0.53 27.78 94.43 12.45 1189.99 1370.00 0.55 64.84 4.49 2.94 1.99 1.00 4075.00 336.52 0.74 5.20 58.90 50.47 2.13 12.00 10.74 154.00 12.48 1.99 1.95 1.14 1.96 0.70 1.49 90.11 14.60 1.90 33.89 39.89 0.99 3.90 65.00 60.00 114.50 122.50 2.00 13.47 1030.00 4.50
Change
Vol
-0.25 0.28 -44.26 -0.37 0.16 -0.88 -0.83 0.03 -0.10 -0.78 -0.49 -0.67 0.20 0.36 11.66 0.46 -0.05 -5.00 0.00 -0.99 0.07 0.00 0.22 0.01 1.32 -2.31 0.05 39.99 0.00 0.08 2.09 -1.00 0.21 0.49 0.05 71.50 -14.65 -0.06 0.00 2.63 2.40 0.13 0.00 0.00 4.00 0.48 0.09 0.06 0.24 0.63 0.38 -0.19 -4.69 -1.00 -0.11 0.20 0.91 0.14 0.05 2.55 0.00 0.45 3.50 -0.10 0.99 5.00 1.00
100 100 98 97 90 67 64 56 39 37 34 26 21 20 19 18 18 15 15 13 12 11 11 10 10 10 10 10 10 8 7 6 5 5 5 5 4 3 3 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
Performance of SR Equity Investment Instruments Index
2010 Div BR (%) (%)
NON LIFE INSURANCE Open 641.15 Turnover 3,405,821 P/E (x) 10.72
East West Life
Company
PE
Open 993.18 Turnover 13,378,200 P/E (x) 7.02
PE
50 - 7.8R 50 20 -
Performance of SR Gas Water and Multiutilities Index
49.50 11.13 38.13 11.00 80.91 14.86 2.36 8.76 13.35 7.29 5.05 2.97
High Low 822.57 807.21 Total cos Defaulter cos P/BV (x) ROE (%) 3.39 3.85
Paid up Cap(mn)
Company
2010 Div BR (%) (%)
GAS WATER AND MULTIUTILITIES
49.25 10.31 36.32 11.00 77.50 13.91 2.20 8.60 13.35 7.28 5.05 2.55
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,174.06 1,151.70 Total cos Defaulter cos P/BV (x) ROE (%) 1.13 9.35
50.80 11.23 38.13 11.50 81.50 14.90 2.45 8.94 13.35 7.29 5.06 3.00
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,155.89 Turnover 14,249,055 P/E (x) 12.07
50.00 10.68 36.32 11.00 77.95 13.92 2.16 8.90 13.35 7.00 5.00 3.10
-
High 26.15 48.13 200.50 280.98 10.60 188.80 65.50 150.80 71.40 181.00 30.70 234.95 70.10 54.40 19.57 8.20 18.10 108.50 18.00 0.00 0.00
Low
Close
25.73 47.50 196.55 276.31 10.21 185.50 64.85 149.25 67.80 179.20 29.83 231.00 69.40 53.26 19.40 8.20 17.80 108.00 18.00 0.00 0.00
25.91 47.95 197.20 277.34 10.59 185.86 64.96 149.84 71.40 179.62 30.20 232.29 69.40 53.26 19.57 8.20 17.90 108.50 18.00 71.62 53.82
Change 0.10 0.45 -0.11 -1.78 0.21 -0.06 0.19 0.10 3.40 -0.49 0.50 -1.95 0.06 -0.02 -0.03 0.10 0.80 -0.70 -0.40 3.31 0.67
Vol 478000 369500 348000 210000 185500 173500 165000 136000 128500 127500 96000 88500 72000 64000 12500 8500 8500 3000 2000 0.00 0.00
ZERO VOLUME Symbols
Open
AGIC
11.95
11.90
11.90
11.90
-0.05
0.00
ALICO
18.50
18.00
18.00
18.00
-0.50
0.00
ARPAK
10.00
11.00
11.00
11.00
1.00
DCM
1.20
1.21
1.21
1.21
0.01
0.00
DFSM
3.98
3.97
3.97
3.97
-0.01
0.00
DMTX
2.62
2.50
2.50
2.50
-0.12
0.00
DWTM
5.05
High
4.90
Low
Close
4.90
Change
4.90
Vol
0.00
-0.15
0.00
HACC
6.00
6.50
6.50
6.50
0.50
0.00
HWQS
22.00
21.00
21.00
21.00
-1.00
0.00
INKL
9.91
9.90
9.90
9.90
-0.01
0.00
-0.20
0.00
JOPP
9.70
9.50
9.50
9.50
LATM
7.35
7.50
7.50
7.50
0.15
MFTM
1.24
1.00
1.00
1.00
-0.24
0.00
NJICL
54.99
54.90
54.90
54.90
-0.09
0.00
SANE
2.54
2.50
2.50
2.50
-0.04
0.00
0.00
BOARD MEETINGS
Nishat Mills Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
72.54
Support 1
10,373.10
MA (5-day)
10,334.87
Support 2
10,337.15
MA (10-day)
10,200.77
Resistance 1
10,460.65
MA (100-day)
9,896.23
Resistance 2
10,512.25
AKD Securities Ltd
9,960.81
Pivot
normal. As far as resistance level is concern, the market will see major 1st Index will continue to find its 1st support level at 10,373.10 and 2nd support level at 10,337.15.
Brokerage House
AKD Securities Ltd
43.29
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
Buy Positive
Technical Outlook 175.80 8,821.64 32.37 49.95
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
60.52 24.67 25.00 27.34
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 4,724.38 35.30 25.82
ing oscillators are currently bullish on NML.
* Target price for Dec-10 & **Net Open Interest in future market
Brokerage House
Fair Value
AKD Securities Ltd TFD Research
Rs Recommendations
Brokerage House
Rs Recommendations
Brokerage House
*Arif Habib Ltd
48
Buy
*Arif Habib Ltd
48.7
Buy
AKD Securities Ltd
44
Buy
AKD Securities Ltd
Positive
TFD Research
Positive
TFD Research
Technical Analysis 46.00 41.17 41.75 43.54
Fair Value
Buy
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
44.9
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
176.05 7,235.68 N/A 41.31
* Target price for Dec-10 & **Net Open Interest in future market
Buy
32.06 29.1
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
45.02 33.17 33.96 33.73
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
326.94 9,798.35 3.30 29.88
* Target price for Dec-10 & **Net Open Interest in future market
FFBL is currently 3.8 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
Rs Recommendations
Brokerage House
810.01 27,062.37 N/A 33.43
* Target price for Dec-10 & **Net Open Interest in future market
Rs Recommendations
*Arif Habib Ltd
120
Sell
61.96
Neutral
AKD Securities Ltd
133
Reduce
92.3
Positive
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
Buy
78
54.38 63.88 65.35 72.38
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
126.33
Negative
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
318.37 20,620.63 51.39 64.80
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
66.49 147.46 142.04 133.40
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
630.05 94,520.23 223.71 150.11
* Target price for Dec-10 & **Net Open Interest in future market
KAPCO closed down -0.07 at 41.10. Volume was 917 per cent above aver- HUBC closed up 0.07 at 33.41. Volume was 19 per cent above average NBP closed up 0.13 at 64.77. Volume was 1 per cent above average and OGDC closed up 0.51 at 150.02. Volume was 49 per cent above average age (trending) and Bollinger Bands were 48 per cent narrower than normal. and Bollinger Bands were 72 per cent narrower than normal.
Bollinger Bands were 46 per cent narrower than normal.
and Bollinger Bands were 54 per cent narrower than normal.
KAPCO is currently 5.6 per cent below its 200-day moving average and is HUBC is currently 1.0 per cent below its 200-day moving average and is NBP is currently 2.1 per cent below its 200-day moving average and is dis- OGDC is currently 12.5 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to displaying a downward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is low as compared to the average the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modreflect volume flowing into and out of KAPCO at a relatively equal pace. reflect volume flowing into and out of HUBC at a relatively equal pace. reflect volume flowing into and out of NBP at a relatively equal pace. Trend erate flows of volume into OGDC (mildly bullish). Trend forecasting oscilTrend forecasting oscillators are currently bearish on KAPCO.
Trend forecasting oscillators are currently bearish on HUBC.
forecasting oscillators are currently bullish on NBP.
11:00 3:30 3:00 4:00 5:00 3:30 10:30 3:00 12:30 12:30 12:30 12:30 1:00 11:00 11:00 11:00 11:30 11:00 4:15 4:15
Company
Leverage Position
71.24 28.46 27.79 29.38
Time
15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 16-Oct 18-Oct 18-Oct 18-Oct 18-Oct 18-Oct 18-Oct 18-Oct 18-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct
TECHNICAL LEVELS
Neutral
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Date
Faysal Bank Ltd First Punjab Modaraba Latif Jute Mils Limited TeleCard Limited The Royal Bank of Scotland First Prudential Modaraba Allied Bank Limited IGI Investment Bank Ltd Pak Oman Advantage Fund Pak Oman Advantage Islamic Fund Pak Oman Advantage Islamic Income Fund Pak Oman Advantage Stock Fund Pakistan Tobacco Co Ltd Sanofi-Aventis Pakistan Limited Askari General Insurance Co Ltd B.R.R Guardian Modaraba Biafo Industries Limited Crescent Standard Modaraba Meezan Balanced Fund Meezan Capital Protected Fund
Accumulate
Oil & Gas Development Co Ltd
National Bank of Pakistan
53
46.05
Rs Recommendations
indicating that FFBL is currently in an overbought condition.
tors are currently bullish on DGKC.
Hub Power Co Ltd
Kot Addu Power Co Ltd
*Arif Habib Ltd
33
NML closed up 0.60 at 50.18. Volume was 94 per cent above average and DGKC closed up 0.16 at 25.88. Volume was 34 per cent above average FFBL closed up 0.27 at 29.97. Volume was 87 per cent above average and Bollinger Bands were 40 per cent narrower than normal. Bollinger Bands were 17 per cent wider than normal. and Bollinger Bands were 34 per cent narrower than normal.
KSE 100 INDEX is currently 4.6 per cent above its 200-day moving average NML is currently 4.5 per cent below its 200-day moving average and is dis- DGKC is currently 5.3 per cent below its 200-day moving average and is and is displaying an upward trend. Volatility is extremely low when compared playing an upward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is low as compared to the average to the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modreflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently reflect moderate flows of volume into NML (mildly bullish). Trend forecast- erate flows of volume into DGKC (mildly bullish). Trend forecasting oscillaindicating that INDEX is currently in an overbought condition.
Fair Value
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Brokerage House *Arif Habib Ltd
59.97
65.90 48.45 46.42 52.52
Rs Recommendations Buy
*Arif Habib Ltd
Technical Analysis
Fair Value
Fauji Fertiliser Bin Qasim Ltd
44
Buy
74.2
10,424.70
resistance level at 10,460.65 and 2nd resistance level at 10,512.25, while
Rs Recommendations
65
TFD Research
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 19.05 points at 10,409.02. Volume was 76 per MA (100-day) cent above average and Bollinger Bands were 16 per cent narrower than MA (200-day) MA (200-day)
Fair Value
*Arif Habib Ltd
Dera Ghazi Khan Cement Co Ltd
Company
lators are currently bullish on OGDC.
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Kot Addu Power K.E.S.C Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele Jah Siddiq Co
RSI 1st 2nd (14-day) Support 50.53 3.25 3.15 60.14 52.85 52.20 46.89 64.50 64.10 37.26 25.55 25.05 45.91 22.60 22.25 59.73 68.90 66.70 60.51 14.80 14.40 53.38 10.20 9.95 79.29 367.95 365.45 68.51 89.10 86.90 66.39 9.00 8.90 52.01 3.20 3.15 46.81 8.00 7.85 59.25 1.65 1.60 60.52 25.70 25.55 51.38 1.40 1.35 44.49 1.90 1.75 50.77 36.95 35.70 67.41 64.20 61.75 55.70 178.05 177.10 56.62 13.75 13.65 53.78 4.90 4.85 71.24 29.75 29.55 61.81 107.75 107.40 60.09 99.40 98.60 45.02 33.20 33.00 57.46 122.10 121.50 56.74 228.00 225.15 34.76 2.30 2.25 54.19 1.50 1.40 49.29 2.30 2.25 46.00 40.75 40.40 50.64 2.05 2.00 62.47 72.40 71.85 59.80 195.15 193.50 47.27 2.85 2.80 54.38 64.40 64.05 63.32 18.15 18.05 52.27 18.25 17.70 56.31 2.80 2.70 47.47 1.35 1.30 65.90 49.75 49.35 66.49 149.40 148.80 50.02 2.70 2.60 55.99 1.65 1.55 51.88 2.10 2.00 57.41 8.10 8.00 69.93 245.80 244.20 51.31 183.70 182.05 53.82 75.05 74.20 61.52 274.35 272.20 62.04 19.30 19.10 44.81 193.30 192.40 65.42 31.35 30.70 58.86 8.35 7.85 66.43 28.55 28.30 62.75 2.25 2.05 54.74 4.00 3.95 52.54 52.85 52.60 69.81 2.75 2.65 44.21 9.45 9.35
1st 2nd Resistance 3.40 3.45 53.95 54.40 65.40 65.90 26.50 27.00 23.35 23.80 72.30 73.40 15.50 15.75 10.65 10.85 373.60 376.75 92.75 94.15 9.25 9.40 3.30 3.35 8.40 8.65 1.75 1.80 26.00 26.15 1.50 1.55 2.30 2.55 38.75 39.35 67.85 69.05 180.60 182.15 14.05 14.25 5.05 5.15 30.15 30.30 108.75 109.40 101.40 102.65 33.65 33.90 123.50 124.30 234.30 237.75 2.50 2.60 1.65 1.70 2.45 2.55 41.70 42.30 2.15 2.20 73.80 74.60 199.40 202.00 2.95 3.00 65.20 65.65 18.40 18.55 19.25 19.70 3.05 3.20 1.45 1.50 50.50 50.85 150.90 151.80 2.85 3.00 1.80 1.90 2.30 2.35 8.30 8.40 250.15 252.85 188.20 191.05 76.65 77.40 279.85 283.15 19.65 19.80 195.80 197.40 32.75 33.45 9.40 9.95 29.35 29.90 2.60 2.75 4.20 4.35 53.50 53.90 2.95 3.05 9.75 9.95
Pivot 3.30 53.30 65.00 26.00 23.05 70.05 15.10 10.40 371.10 90.55 9.15 3.25 8.25 1.70 25.85 1.45 2.15 37.55 65.40 179.65 13.95 5.00 29.95 108.40 100.65 33.45 122.90 231.45 2.40 1.55 2.40 41.35 2.10 73.20 197.75 2.90 64.85 18.30 18.70 2.95 1.40 50.10 150.30 2.80 1.75 2.15 8.20 248.50 186.55 75.80 277.65 19.45 194.90 32.05 8.90 29.10 2.40 4.15 53.25 2.85 9.65
8
Friday, October 15, 2010
Doha Bank teams up with Allianz Takaful
Gulf banks call for more domestic Islamic bonds Big UK banks lay out business growth fund
LONDON: A sign hangs from the front of a Lloyds Bank in central London.-Reuters
SCB to raise $5.3bn in rights offer HONG KONG/LONDON: Asia-focused bank Standard Chartered launched a $5.3 billion rights issue to bolster its finances for new capital rules and provide the firepower to take advantage of growth opportunities, it said. The bank said it made record profits and income in the third quarter and for the first nine months of the year. Income in the third quarter rose faster than in the first-half and trading levels were almost back to levels of before the financial crisis, it said. Standard Chartered wants "to continue to seize opportunities across Asia, Africa and the Middle East," it said, adding that the new capital rules could have constrained its asset growth unless new cash was raised. "It's to safeguard the bank's ability to grow, to take advantage of the opportunities in our markets while also meeting the anticipated changes in the regulatory world," Chief Executive Peter Sands said on a conference call. He dismissed talk the cash will
be used for a big deal, such as in South Africa, which has been rumoured. "This is not a war chest for acquisitions," he told reporters. The offer -- the thirdbiggest rights issue this year after Deutsche Bank and UniCredit -- should be well supported by investors and sent a signal that Britain and some other countries may apply tougher capital rules than the new global standard, analysts said. "Clearly the message is that the UK regulator may be accelerating the Basel III implementation timetable," said Joseph Dickerson, analyst at Execution in London. Regulators, seeking to prevent a repeat of the global credit crisis, agreed last month to force banks to increase the amount of top-quality capital which they must hold in reserve. Standard Chartered, based in London but deriving over three quarter of its profits in Asia, follows Deutsche Bank in raising capital due to the new rules, after the flagship German
lender this month raised 10.2 billion euros ($14.2 billion), partly to lift capital. By 1400 GMT StanChart's London shares were down 1.6 per cent at 1,878 pence, valuing the bank at 39 billion pounds. Its Hong Kong-listed shares closed down 1.3 per cent at HK$227. StanChart said it would offer shareholders the right to buy one new share for every eight shares held at a price of 1,280p, a steep 33 per cent discount to Tuesday's close. The bank's core tier one capital ratio of 9 per cent at the end of June was comfortably above the new global minimum of 7 per cent. The rights issue will raise that level to about 11 per cent, although that would dip to 10 per cent after applying a higher risk weighting to its assets under the new Basel rules. "Basel regulations will be difficult for some Western banks and they want to jump ahead of the line in raising capital before some of the European banks do that," CLSA analyst Daniel Tabbush said.-Reuters
Provinces repay 1Q debt in full, federal govt fails to follow suit
Centre deep in SBP debt KARACHI: The provincial governments have returned the loans borrowed from the State Bank of Pakistan (SBP) at the end of first quarter of fiscal year, however, the federal government has failed to do so, media reported. According to statistics issued by the central bank, the federal
government's borrowings topped Rs200 billion on October 1st; however, the provincial governments returned their loans worth Rs53 billion borrowed during the current year. The government of Azad Jammu Kashmir is in debt worth Rs1.65 billion. The government has returned
Rs25 billion borrowed during July and September for the purchase of whole grains. It should be mentioned here that the government is bound under an agreement of International Monetary Fund (IMF) to bring its loan to zero level at the end of every quarter.-Agencies
LONDON: A taskforce of six major British banks has unveiled a 1.5 billion pounds business growth fund to kickstart funding to small businesses in the wake of a sharp downturn in business lending after the credit crisis. The fund will offer equity support to UK businesses with an average turnover from 10 to 100 million pounds and funding requirements of up to 10 million pounds, as part of 17 initiatives proposed on Wednesday by the British Bankers' Association and the industry. The banks involved are Barclays, HSBC, Lloyds, Royal Bank of Scotland, Santander and Standard Chartered. They will build up an investment portfolio capped at 1.5 billion pounds over a number of years, which will be managed by an independent board and chairman. "As banks we have an obligation to help the UK economy return to growth. The private sector will play a key role in the recovery and it's our job to help viable firms to be successful," said Barclays Chief Executive John Varley, who is also chairman of the taskforce. Other initiatives include a new appeals process for customers, publishing lending principles, a mentoring system and a Business Finance Round Table that will bring together banks and business groups. "This government has always insisted that banks need to increase lending to our essential small businesses, in order to support economic growth, while also restoring customer trust," Chancellor George Osborne and Business Secretary Vince Cable said in a joint statement. The taskforce was set up in July to assess the lack of lending to businesses and propose solutions, and more crucially, get lending to businesses moving again. Lending to businesses has fallen more sharply than recessions in the early 1980s or 1990s said the report. Net borrowing by UK businesses has contracted by around 6 per cent, but still stands at over 500 billion pounds, with 8 billion of new loans made every month, according to the report.-Reuters
Citibank nods BIPL bid for its housing finance wing Staff Reporter KARACHI: Citibank has accepted the offer of BankIslami Pakistan Ltd (BIPL) for acquiring its housing finance business (portfolio) in Pakistan. According to a communiquĂŠ sent to Karachi Stock Exchange here Monday, the Bank said the portfolio of housing finance business is worth Rs1.1 billion. The said acquisition structure is in accordance with Shariah guidelines provided by Shariah Advisor.
HBL earns double accolade Special Correspondent ISLAMABAD: On the occasion of the annual World Bank and International Monetary Fund (IMF) meetings currently underway in Washington DC, Global Finance presented banking awards to the top global banks at a ceremony attended by senior bank officials. Habib Bank Limited (HBL) was presented with 2 awards: Best Bank - Pakistan and Best Trade Finance Provider Pakistan. These awards were conferred on HBL in recognition of its achievements in product delivery and service quality in the markets where it operates, says a statement issued here. The awards were received by Sultan Ali Allana, ChairmanHBL, who was accompanied by Nauman Dar, Head of International Banking HBL and Faiq Sadiq, Country Manager HBL USA. On the occasion Allana said, "We are extremely proud of the awards that the bank has received today. We have shown a consistent performance since last year and hope to continue in this vein with focus on our businesses and technology driven additions to our services portfolio. We intend to maintain our leadership position in Pakistan and strengthen our businesses in key markets including the GCC, UK and South Asia." Global Finance this year has identified the best banks in 123 countries as well as the best banks globally in 11 key banking categories. The criteria used for select-
ing this year's winners, considered both objective and subjective factors. Objective criteria included growth in assets, profitability, geographic reach, strategic relationships, new business development and product innovation. Subjective criteria included the opinions of equity and credit-rating analysts, banking consultants and others in the industry, as well as corporate financial executives. Global Finance states that they "recognise these banks for their outstanding accomplishments. In trying times, the winning banks were all noteworthy in their dedication to satisfy their customers' needs." The HBL was the first commercial bank to be established in Pakistan in 1947. Over the years, HBL has grown its branch network and become the largest private sector bank with over 1,450 branches across the country and a customer base exceeding five million relationships. With a presence in 25 countries, subsidiaries in Hong Kong and the UK, affiliates in Nepal, Nigeria, Kenya and Kyrgyzstan and rep offices in Iran and China, HBL is also the largest domestic multinational. The bank is expanding its presence in principal international markets including the UK, UAE, South and Central Asia, Africa and the Far East. Each year Global Finance selects the best financial institutions around the world. These awards have become a recognised and trusted standard of excellence.
RBS Pak donates Rs12mn for relief Staff Reporter KARACHI: The Royal Bank of Scotland (RBS) Pakistan has donated over Rs12 million to The Citizens Foundation & Edhi Foundation for flood relief and rehabilitation efforts, said an official. The funds were collected through the "Flood Relief Support Drive" that was launched across RBS in Asia, inviting all employees to generously donate for supporting the flood stricken Pakistan. RBS supported the fund raising efforts by matching its employee donations, hence doubling the funds available for distribution, the official further added. "Flood waters have caused massive destruction, RBS recognises that the banks can play an important role in improving the standard of living in global communities and our "Flood Relief Support Drive" for Pakistan is part of our corporate social responsibility efforts and demonstrates our commitment to Asia and its sustainability, said Muhammad Aurangzeb, GBM Head for South East Asia and Chairman of the Board for RBS Pakistan.
Russia banks move up in Moody’s ranks
MOSCOW: Ratings agency Moody's said it had upgraded its rating for Russia's banking system from negative to stable after the system benefited from state help during the financial crisis. "The outlook change to stable for the Russian banking system is based on Moody's view that the fundamental credit conditions within that system have become more sustainable following the recent financial crisis," Moody's analyst Eugene Tarzimanov said in a statement. "We expect slow, but positive economic growth to continue in the near- to medium-term, which will improve the outlook for the banks' asset quality and profitability," he added. The statement said that "substantial state and central bank support was crucial in stabilising the banking system during the crisis." But it also noted that "the Russian banking system remains weak in a global confinancial crisis. The Basel Committee on text" due to, among other facBanking Supervision will meet tors, its vulnerability to external shocks. -APP in Seoul next Tuesday. Nations have been torn over how to tighten regulation of banks and other big financial firms blamed for causing the financial rout. Emerging economies have argued their fledgling financial institutions are not culpable in the recent crisis and cannot afford new restrictions, while ZURICH: Swiss bank UBS advanced countries have advo- Thursday said that a bonus cated the plan more strongly. culture which encouraged Mr Chin said FSB members risk-taking at all costs was were discussing how to define partly to blame for the global SIFIs, which would face financial crisis which nearly stricter rules than smaller firms bankrupted the country's with less global influence. biggest leader. They will also discuss In a report critical of its expanding communications own management, UBS between regulators in counsaid that its lack of a cohertries where big companies are ent growth strategy also headquartered and other nations where they have contributed to the problems which brought it close to branches, he said. 'The new rules on SIFI will failure. "The lack of systematic make great contributions to stabilising the global finan- planning of a growth stratecial system.... We have made gy for the merchant bank great efforts to make develop- contributed significantly to ing countries' voices reflected the heavy losses suffered by in the process,' he said.- the bank," the report said.Agencies Agencies
Global panel OKs tighter bank rules SEOUL: A global regulatory body has agreed a broad plan to tighten supervision of big financial institutions blamed for triggering the 2008-9 economic crises, a senior South Korean official said Thursday. The Financial Stability Board (FSB) has agreed on 'broad directions' for regulating so-called systematically important financial institutions (SIFI), Financial Services Commission chairman Chin Dong-Soo told a briefing. He said FSB members had made an informal agreement and 'conclusions will be reached' when the body holds a full meeting in Seoul next Wednesday. The FSB, which was created last year by the Group of 20, will report its recommendations to a G20 summit in Seoul on Nov 11-12, Mr Chin said. He said the summit will 'be remembered as a breakthrough event to lay out a new global financial order... including Basel III'. Top central bankers meeting in Switzerland in September agreed a set of new bank regulations, called Basel III, aimed at preventing a repeat of the
UBS slams bonus culture
9
Friday, October 15, 2010
Oil rises above $83 on dollar, stocks data EIA numbers show unexpected fall in crude inventories LONDON: Oil rose above $83 a barrel Thursday, drawing support from a slump in the dollar to 2010 lows and following news of a surprise drop in US stockpiles. US crude oil inventories fell unexpectedly last week while gasoline stockpiles fell more sharply than analysts had forecast, according to a government report released on Thursday. US crude for N o v e m b e r climbed 10 cents to $83.11 by 1541 GMT in a choppy session after earlier breaching $84 a barrel. Last week, it hit a peak of $84.43, the highest since May 4. ICE Brent fell 33 cents to $84.31. "It looked bullish....We've updated our outlook for oil prices. We see oil averaging $88 a barrel in 2011, and we think a key factor will be the inventory trend reversing itself, inventories relative to the five-year average declin-
Indian sugar steady; festive boost expected MUMBAI: India's spot sugar price remained steady on Thursday in the face of weak demand as millers held prices hoping festivals will lift demand in coming weeks, dealers said. "The market was expecting a rise in demand due to the festival. Millers were not very ready to lower prices," said Sandeep Kothari, a trader based in Vashi spot market near Mumbai. Demand for sugar usually goes up ahead of Diwali, the Hindu festival of lights, which falls in the first week of November. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety nudged down 0.08 per cent to 2,578 rupees ($58.44) per 100 kg. Fresh showers in India's key sugar producing states of Maharashtra and Karnataka are likely to delay cane crushing by a month, industry and government officials told Reuters last week. India, the world's biggest consumer of the sweetener, has made available 1. 75 million tonnes of non-levy sugar for October, lower than 1.85 million tonnes it had released a year ago, the government said in a statement. -Reuters
ing," said Mark Kellstrom, senior analyst at Strategic Energy Research & Capital. Crude stocks dropped by 416,000 barrels in the week to Oct. 8, partly because of the closure of the Houston Ship Channel, confirming the trend from the American Petroleum Institute data on Wednesday.
Other analysts emphasised the weak US currency. "Today's move higher is all about the dollar," said Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt. "Investors believe that a weak dollar is good for commodities, so they buy. It is a self-fulfilling prophesy." Christopher Bellew, broker at Bache Commodities, agreed: "I think that right now the oil price is so strong because
of the weak dollar and strong prices across all commodities as an asset class," Bellew said. Ministers from the Organization of the Petroleum Exporting Countries decided in Vienna to keep oil production unchanged, maintaining a supply policy that has served it well for nearly two years. OPEC is happy with oil prices as they are and wants to do nothing to disrupt the supply-demand balance in the market. Ecuador, which holds OPEC's rotating presidency, confirmed the cartel had settled on no change in output and said the group's next conference would be in Quito on Dec. 11. Earlier a delegate told Reuters the ministers had been "100 per cent" in agreement there was no need to change policy. Oil prices did not react to the widely-expected OPEC deal. -Reuters
Copper above 2-year high, dollar support LONDON: Copper touched its highest in more than two years on Thursday, underpinned by a softer dollar and expectations of renewed demand from emerging markets but it dipped as pausing equity markets helped temper gains. Benchmark copper eased back from a 27-month peak of $8,490 a tonne to close at $8,400 a tonne, versus Wednesday's close of $8,362 a tonne. "Metals track equities...and given the rally we've had over the last few weeks, it wouldn't be a surprise if metals paused for breath at the moment," Societe Generale analyst David Wilson said. "But I still think there is enough momentum to still see new highs." Copper has rallied by around 40 per cent since hitting a low in June and is only about $500 away from an all-time high of $8,940 a tonne struck in July 2008. Fundamentally the market remains tight for metals such as copper and tin with miners struggling to keep up with demand from developing markets in particular. Tin continues to print historic highs amid dwindling supply from the world's top exporter Indonesia due to heavy rains that have disrupted production and dwindling grades of ore.
The latest LME data showed that tin stocks held in LMEbonded warehouses rose by 135 tonnes net today, but they remain close to their lowest in almost one and a half years. Three month tin closed at
Shanghai copper rises Shanghai copper touched its highest since January at 63,820 yuan, while zinc hit its strongest since April, and lead and zinc prices in London also jumped to multi-month peaks. $26,950 per tonne, having printed a new high of $27,338.50 earlier. Energy-intensive metal aluminium hit its highest since April at $2,459 per tonne before closing at $2,410 per tonne versus $2,417 on Wednesday's close. Zinc, used in galvanising, closed at $2,415 per tonne, against a $2,410 close on Wednesday, having rallied to $2,444 also its highest in nearly six months earlier. Sister metal lead was untraded at the close but bid at $2,411 versus $2,435 per tonne at Wednesday's close. It printed its highest since January at $2,473 earlier. Nickel, used in stainless steel, closed at $24,305 per tonne against a $24,400 close on Wednesday. -Reuters
Gold hits record highs as USD wilts LONDON: Gold rallied to fresh record highs in Europe on Thursday as the dollar slid to its lowest this year versus a basket of major currencies, boosting interest in the metal as a haven from currency market volatility. Gold retreated as the dollar
index lifted from lows, but remains firmly underpinned, analysts said. Spot gold hit a high of $1,387.10 an ounce and was bid at $1,377.50 an ounce at 1435 GMT, against $1,370.90 late on Wednesday. US gold futures for December delivery were up $7.90 at $1,378.40, having peaked at $1,388.10 an ounce. Gold prices have risen more
than 25 per cent this year as the dollar has been battered by expectations that US policymakers will pursue an increasingly loose monetary policy involving quantitative easing to stimulate economic growth. Silver prices also rode higher
on gold's coat-tails, reaching a fresh 30-year high at $24.90 an ounce before easing back to $24.53 an ounce against $23.89.
Interest in gold-backed exchange-traded funds remained soft, however, with holdings of the world's largest, New York's SPDR Gold Trust, declining further on Wednesday. They have fallen some 19.5 tonnes since the end of September. However, other forms of gold investment and decent buying in the key Indian markets ahead of festivals there is keeping the metal well bid. Among other precious metals, palladium rallied to a fresh 9-year high at $603 an ounce, lifted by strength in gold, dollar weakness and an improving supply and demand picture. Palladium was at $600 against $590.45, while platinum was at $1,705 an ounce against $1,702.25. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 13 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1300
1160
October (3rd Wednesday)
1305
1135
November (3rd Wednesday)
1315
1145
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for October 13 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2221 2222 2220 2230 2175 2185 2175 2185
2388 2390 2424 2425 2420 2425 2463 2468
8398 2407.5 8400 2408 8409.5 2433 8410.5 2433.5 8195 2430 8205 2435 7795 2408 7805 2413
24105 24110 24205 24210 23450 23550 22350 22450
TIN
ZINC NASAAC
26700 2380.5 26800 2381 26750 2409 26800 2410 26075 2445 26125 2450 2425 2430
2310 2320 2330 2340 2340 2350 2390 2400
European vegetable oil prices ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Jan11 820.00+5.00, Feb11/Apr11 825.00+5.00, May11/Jul11 828.00+5.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 825.00+0.00, Feb11/Apr11 830.00+5.00, May11/Jul11 835.00+5.00, Aug11/Oct11 820.00+0.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1290.00+0.00, Apr11/Jun11 1280.00+5.00, Jul11/Sep11 1300.00+15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1337.50+12.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Oct10 1000.00+0.00, Nov10 995.00+0.00, Dec10 990.002.50, Jan11/Mar11 990.00+0.00. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1032.50, Jan11/Mar11 1030.00. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 985.00+0.00, Jan11/Mar11 982.50+2.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 995.00+0.00, Jan11/Mar11 992.50+2.50, Apr11/Jun11 995.00+0.00. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 975.00+0.00, Dec10 975.00+0.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1400.00-25.00, Nov10/Dec10 1400.00-15.00, Dec10/Jan11 1400.00-15.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2000.00+0.00. Reuters
Shanghai rubber strikes record; Tokyo moves up SINGAPORE: Tokyo rubber futures rallied to their highest in more than two years on Thursday on a firm Nikkei and oil prices, while Shanghai futures powered to another record on lingering supply concerns. Most active Tokyo Commodity Exchange rubber contract for March delivery rose as high as 342.4 yen a kg, its strongest since July 2008, and settled 3.5 yen higher at 338.7 yen. Volume was 8,750 lots. The physical market tracked futures prices higher, with tyre grade in Thailand, Indonesia and Malaysia traded at record levels in overnight deals. But dealers said TOCOM could undergo a correction as the relative strength index already showed 82. The most active March contract on Shanghai rubber futures, struck another record at 31,795 yuan a tonne due to a firm Chinese currency and fund buying driven by fears of falling domestic output in the growing province of Hainan. Tyre grade rubber was sold at record prices near $4 a kg as tight supply in Thailand, Indonesia and Malaysia prompted consumers to scramble for the commodity. -Reuters
AMMAN: Jordanian farmers display produce for sale during the third Jordanian Pomegranate Fair in Amman. -Reuters
Cocoa eases after 3Q grind data
NY cotton strengthens NEW YORK: Cotton futures December cotton contract finished Wednesday with jumped 1.29 cents, or 1.18 per healthy gains, driven higher by cent, to end at $1.1141 per lb. commercial traders who On Tuesday, the contract hit a bought December futures to 15-year top at $1.1238. cover short positions in order March contracts, by comparto roll them forward to March ison, settled 0.25 cent higher at contracts, analysts said. $1.0720 cents per lb. But, they added, issues with Volume for the December cotton quality that could contract was estimated at a impact supply was also work- modest 12,741 lots by 1925 ing to keep prices eleNY cotton mid-day vated. ICE Futures US key December cotton "Something unique contract climbed 4.00 cent daily limit to is going on with trade at $1.1487 per lb at 1454 GMT, up 3.6 December versus all per cent. The day's low was $1.109. the other months. Real world prices are probably clos- GMT. Overall volume was er to March, forward. But com- close to its 30-day average at mercials are buying back short about 20,000 lots, Thomson December positions and get- Reuters preliminary data ting into March," said Sharon showed. Johnson, senior cotton analyst Delta cotton is about 75 per at First Capitol Group in cent harvested, along with Atlanta. about one third of the Southeast She added that this pattern region crop. But a heatwave in had been going on for several August impacted some of the sessions, but accelerated this fiber's quality, making it thicker week. and therefore harder for the ICE Futures US key mills to spin. -Reuters
Palm oil climbs on weak $, supply woes KUALA LUMPUR: Asian vegetable oil markets hit their highest in more than two years on Thursday, with palm oil hovering near a key resistance level on a weaker US dollar and supply concerns. Malaysian palm oil futures ended half a per cent lower after going as high as 2,970 ringgit ($960.8), a level not seen since August. 1, 2008 and within striking distance of the key 3,000 ringgit resistance level. Indications of global demand for vegetable oils can be seen when cargo surveyors unveil Malaysia's October 115 palm oil export data on Friday. Vegetable oil contracts on China's Dalian Commodity Exchange also hit their highest
in more than two years on Thursday, underpinned by the US government trimming its soy crop forecasts last week. The most active May 2011 palm olein contract gained 1.3 per cent to 8,302 yuan ($1,246) after touching its highest since July 21, 2008 of 8,362 yuan early in the day. Soybean oil for May 2011 delivery almost one per cent 9,032 yuan ($1,356) after hitting an intraday high of 9,072 - level unseen since Sept. 1 2008. The recent price gains may have prompted China to announce on Wednesday a sale of 300,000 tonnes of rapeseed oil from its reserves next week. The government also lifted a six-month ban on Argentine soyoil shipments. -Reuters
LONDON: ICE cocoa futures were slightly lower on Thursday after a surprising drop in Europe's third-quarter cocoa grind, while sugar rose in choppy trade and arabica coffee firmed. Europe's third-quarter cocoa grind, a measure of demand, fell 4 per cent on the year to 331,182 tonnes, the Brussels-based European Cocoa Association said on Thursday. ICE March cocoa was down $4 or 0.2 per cent at $2,890 per tonne at 1510 GMT. Liffe second-month March cocoa was 15 pounds or 0.8 per cent lower at 1,919 pounds a tonne. The grim outlook for the global economy is expected to cap any cocoa demand growth. ICE raw sugar edged up towards this week's eight-month high of 28.04 cents a lb. Liffe December white sugar eased after touching an eightmonth peak on a softer dollar and by signs the Brazil crop might be smaller than initially expected. ICE March raw sugar futures traded up 0.16 cent or 0.6 per cent at 27.66 cents a lb. London December white sugar was down $0.10 or 0.01 per cent at $701.00 per tonne, having earlier touched an eight-month high basis front month of $709.20 per tonne. Analysts have reduced estimates for the centre-south crop, which accounts for about 90 per cent of Brazil's cane output. Brazil accounts for about half the world's sugar trade. ICE arabica prices extended recent gains, edging toward the 13-year high of $1.9895 hit last month, supported by tight supplies of high quality coffee. ICE March arabica coffee futures were up 0.75 cent or 0.4 per cent at $1.8830 a lb. Liffe January robusta coffee was up $3 or 0.2 per cent at $1,682 per tonne. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
Contract
Price
Date
Quotation
Open
High
Low
Close
Traded Volume
Previous
Current
Open Interest
in lots
Settlement
Settlement
in Lots
Price 83.52 84.22 84.93 24.36 24.37
33 36 30
14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500
NO10 DE10 JA11 NO10 DE10
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce
82.60 83.43 84.34 23.53 23.65
83.98 84.78 84.93 24.36 24.91
82.60 83.36 84.34 23.53 23.54
83.52 84.22 84.93 24.36 24.37
114 59 34
Price 83.75 84.40 85.07 24.29 24.30
14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010
GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz
NO10 DE10 JA11 NO10 DE10
US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce
1358.40 1359.20 1358.10 1358.40 1357.90
1386.10 1388.00 1388.50 1376.70 1387.50
1356.10 1357.00 1358.00 1358.40 1357.90
1376.70 1377.40 1378.30 1376.70 1377.40
662 3,715 1,885 50
1377.70 1378.40 1379.30 1377.70 1378.40
1376.70 1377.40 1378.30 1376.70 1377.40
591 763 884 6
14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010
GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold IRRI6W
JA11 OC10 NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 14OC10
US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per 100 kg
1360.10 37884.00 37674.00 37688.00 37888.00 43900.00 43900.00 38724.00 38763.00 38775.00 38699.00 38712.00 44499.00 2402.00
1377.40 38396.00 38151.00 38165.00 38408.00 44455.00 44455.00 39194.00 39233.00 39246.00 39259.00 39181.00 45046.00 2402.00
1360.10 37666.00 37674.00 37688.00 37638.00 43900.00 43900.00 38724.00 38763.00 38775.00 38699.00 38712.00 44499.00 3075.00
1377.40 38142.00 38151.00 38165.00 38114.00 44455.00 44455.00 39194.00 39233.00 39246.00 39259.00 39181.00 45046.00 3075.00
17 5 -
1379.30 38192.00 38200.00 38214.00 38164.00 44514.00 44514.00 39244.00 39283.00 39296.00 39309.00 39231.00 45105.00 3151.00
1378.30 38142.00 38151.00 38165.00 38114.00 44455.00 44455.00 39194.00 39233.00 39246.00 39259.00 39181.00 45046.00 3075.00
45 3 2 -
14-Oct-2010 14-Oct-2010 14-Oct-2010 14-Oct-2010
Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M
OC10 OC10 10-Dec 11-Mar
Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
3152.00 4403.00 86.67 86.17
3152.00 4403.00 86.72 86.17
3076.00 4401.00 86.67 85.64
3076.00 4401.00 86.72 85.64
-
3152.00 4403.00 86.67 85.66
3076.00 4401.00 86.72 85.64
-
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Nadal reacts after missing a shot during his match against Melzer at Shanghai Masters
10
Friday, October 15, 2010
Saina pitchforks India to 2nd spot at CWG NEW DELHI: Women shuttlers led by singles titlefavourite Saina Nehwal provided India with a golden double to pilot the country to a historic second-place finish in the Commonwealth Games that ended on Thursday. Saina rallied brilliantly from a first-game loss to put it across Mew Choo Wong of Malaysia 19-21, 23-21, 21-13 in the women's singles final after Jwala Guttaand Ashwini Ponnappa had captured the doubles crown. The men's hockey team crashed to a humiliating 0-8 defeat against world and defending champions Australia in the final, but the two-gold final flourish in badminton enabled India to rise to the second spot in the medals tally with 38 gold, 27 silver and 36 bronze medals. England, ahead of India going into the last day of the Games, finished in third place with a total haul of 37-59-46 while Australia ended up in the top position with a huge heist of 74-55-48. The push for the second spot on the concluding day was started by Jwala and Ashwini. The duo overwhelmed Singapore's Sari Shanti Mulia and Yao Lei in straight games to become India's first women's doubles pair to win a gold medal in badminton. The second-seeded Indian pair subdued their top-seeded rivals 21-16, 21-19 by combining attack and defense in the right mixture in front of the packed crowd at the Siri Fort complex. Then came Saina's crucial gold-winning effort that pushed the country ahead of England, in their bitter fight for the runner-up position in the Games.-Agencies
Mohsin, Waqar under PCB axe LAHORE: Pakistan Cricket Board has decided to issue show cause notice to chief selector Mohsin Hassan Khan and chief coach Waqar Younis for using abusive language against one another during the Standing Committee of Sports meeting. According to the media reports an inquiry is being held against both former Test Cricketers on the basis of PCB rule and regulation violation and disclosing the PCB internal secrets. PCB officials have directed to the legal department to prepare the show cause notice.-Online
Faysal Bank to donate more via T20 tourney LAHORE: The sponsors of ongoing T-20 cricket Cup, Faysal Bank has increased its Flood donation award for every six and four on the fourth day of the event here on Thursday. It may be noted that for the first three days Faysal Bank had donated Rs500 for every boundary and Rs1000 for every six, towards Flood Relief. "Now we have raised this amount to Rs1000 for every four hit and Rs2000 for every six and we are also considering raising this amount for the semi final and final. To date 378 fours and 106 sixes have been hit bringing the total amount donated by Faysal Bank to Rs377,500",said Syed Faizan, a representative of the sponsors.-APP
CWG closes on a high note NEW DELHI: Delhi put on a second flawless spectacle of song and dance on Thursday to close the Commonwealth Games on a high after at one stage threatening to become a national embarrassment to India. The $6 billion Games started in crisis and struggled through a first week of organisational blunders before finally getting into its stride to leave athletes happy and a host nation proud of its best ever showing in the sporting arena. Chief local organiser Suresh Kalmadi, who bore the brunt of public anger and was jeered at the closing ceremony as he had been at the opening, paid tribute to the spir-
it the city had shown in bringing the Games back from crisis. "A month ago questions were being asked about whether the Games would be held at all," he said. "We knew it was about India's ability to stand up and show the world what we are capable of and we can achieve in the face of adversity. We did just that." India's hope was that the Games would display its ability to put on a world class multi-sport gathering but chaotic preparations and a series of organisational blunders turned it into a public relations disaster. India is proud of being the "jugaadu" -- the Hindi word for "making do" -- nation, however,
NEW DELHI: Chief of India's ruling Congress party Gandhi, India's PM Singh, Singh's wife Gursharan Kaur, India's Vice President Ansari and Prince Edward attend Commonwealth Games closing ceremony.-Reuters
Lim out of Liverpool bid LONDON: Singapore businessman Peter Lim withdrew his 320 million pounds offer to buy Liverpool Football Club on Thursday. "It has become clear to me that the Board is intent on selling the club to New England Sports Ventures (NESV) to the exclusion of all other parties, regardless of the merits of their bids," Lim said in a statement. "In these circumstances, I am not able to proceed with my intention to acquire the club. A London High Court ruling on Wednesday gave the Liverpool board the right to proceed with a 300 million pounds sale of the club to NESV, who also own the Boston Red Sox baseball team. However, current owners George Gillett and Tom Hicks,
who lost the case, later gained a temporary restraining order on the sale in a Texas court. The takeover case returned to London's High Court on Thursday as the board seeks to overcome the restraining order. Lim, who made his fortune through stockbroking, said he had received no response to his offer. "I have tried to engage constructively with the board and Royal Bank of Scotland based on an offer, funded from my existing resources, providing greater value for Liverpool Football Club, more cash for players, full repayment of all bank debts and a long term personal commitment to build a better future for the Club and its supporters," he said.-Reuters
CWG Medals Table Rank
Country
Gold
Silver Bronze Total
1
Australia 74
55
48
177
2
India
38
27
36
101
3
England
37
59
46
142
4
Canada
26
17
32
75
5
S Africa
12
11
10
33
15
Pakistan
2
1
2
5
and the filthy athletes' village was quickly made fit for habitation, a collapsed footbridge was reconstructed by the army and security was effective. "The organisation of this Games has been characterised by many challenges and (they) have overcome those obstacles to deliver a truly outstanding event," Games Federation chief Michael Fennell told the 60,000 crowd at the Jawaharlal Nehru Stadium. Earlier, India's badminton queen Saina Nehwal clawed her way back from match point down to claim a 38th gold for the hosts and ensure second place on the medal table, their best ever finish. Australia topped the table for the sixth successive Games with 74 gold medals with England (37) just edged into third ahead of Canada (26). South Africa, Kenya and Malaysia won 12 golds. The centre of Indian capital was again locked down on Thursday with reports in the British media of a specific threat to the closing ceremony a reminder of security concerns which caused some athletes to stay away from Delhi. Rajan Bhagat, a spokesman for Delhi police, ruled out any new threat and said the 100,000 police and military who have been guarding Delhi and the various Games venues were not reinforced. "There is adequate security and there is no change in the levels of threat perception," he said. After marching bands and the
Djokovic, Murray march on in Shanghai SHANGHAI: World number two Novak Djokovic hammered home his intent of winning back-to-back titles with a 6-1 61 victory over France's Richard Gasquet to reach the last eight of the Shanghai Masters on Thursday. Britain's Andy Murray secured his place at the ATP season-ender in London next month with a routine 6-3 6-4 win over another Frenchman, Jeremy Chardy, following a recent dip in form. "I didn't get broken today. I served a lot into his forehand and varied the serve, which helped," said Murray, who lost in the quarter-finals of the China Open last week, The fourth seed will next meet France's Jo-Wilfred Tsonga, who celebrated wildly after beating German Florian Mayer 7-5 6-3. Serb Djokovic produced a scorching display against Gasquet that was likely to be watched closely by the other top seeds including Rafa Nadal and Roger Federer who play later. "I did really well from the start. I put pressure on him. I was aggressive and I knew I had to be," said the US Open champion who secured his 18th career title at the China Open on Monday.-Reuters
handover of the Games flag to the 2014 host city Glasgow, the David Dixon award for the Athlete of the Games went to Jamaica's Trecia Smith, who successfully defended her triple jump title. PASSIONATE FANS It was India's success in the sporting arena, however, that helped turn the event around with crowds flocking to venues that had been virtually empty at the beginning of the 12day event. "This is not the end but the beginning," Kalmadi, who is also President of the Indian Olympic Association, added. "For the athletes this was a life-changing experience. For India it was a new beginning in sports. For the world, it was what India can do." Nehwal showed what she could do when she beat Singapore's Mew Choo Wong in front of a delirious packed house at the Siri Fort complex. "The crowd was really important," Nehwal said. "I've never been match point down before so I was under pressure. I think it was the toughest match of my career." Kenya won both men's and women's gold in the marathon, which kicked off the final day, to complete its domination of the athletics with 11 golds. Few spectators braved the security barriers and morning heat but the city's wildlife was again out in force with police chasing stray dogs and using sticks to clear monkeys from the course.-Reuters
Bangladesh seals historical series win Shakib hits ton, takes 3 wkts BD grabs 3-0series victory DHAKA: Shakib Al Hasan put in a superb all-round performance Thursday as Bangladesh enjoyed one of their biggest days in one-day cricket, beating New Zealand by nine runs in the thrilling fourth match to gain an unbeatable 3-0 lead in the five-game series. Bangladesh had earlier clinched one-day series against minnows Zimbabwe and a depleted West Indies, but it
was their first series victory against a big team, thanks to skipper Shakib. Shakib, 23, was key to Bangladesh's victory before a sizeable crowd at the Shere Bangla National Stadium, hitting a 113-ball 106 for his fifth one-day hundred to help his side post 241. New Zealand were bowled out for 232 in the last over, with middle-order batsman
Kane Williamson posing a major threat to Bangladesh's total with a fighting 108 for his maiden one-day hundred. Williamson, 20, also became the youngest New Zealand player to hit a one-day hundred. He cracked two sixes and six fours in his 132-ball knock. Batting with a runner because of cramp in the later part of his innings, Williamson added 70 for the sixth wicket.-Reuters
Aussies crush India 8-0 in hockey debacle NEW DELHI: Their love for hockey surpassed all other concerns as a capacity 19,000 crowd braved searing heat and iron security to watch India take on Australia in the Commonwealth Games final on Thursday. They arrived with high hopes, but less than two hours later they were heading for the exits in droves as India collapsed to an 8-0 defeat to the world champions, their heaviest ever defeat in a major tournament. At the star, Prime Minister Manmohan Singh led the crowd
in cheering the home team even as temperatures touched an almost unbearable 40 degrees under the mid-day sun at the Major Dhyan Chand stadium. Flanked by India's famed Olympians Zafar Iqbal, Ajit Pal Singh and Ashok Kumar, the premier broke into a gentle smile every time the home team made an attacking move. Delhi Chief Minister Sheila Dikshit, who got much flak in the lead-up to the Games for the tardy progress of work at various stadiums, looked
relaxed as she chatted with former actress Nafisa Joseph. Sonia Gandhi, the matriarch of India's ruling elite, joined in the action in the second-half to a warm welcome from Singh and her other colleagues. Dressed in pastel-coloured shalwar-kameez, Sonia Gandhi was a picture of poise as she followed the proceedings out in the middle. But the crowd showed little restraint in their emotions, screaming their lungs out with relentless chants of 'India India'.-APP
Tendulkar towering new heights NEW DELHI: Unruffled composure over two decades, in the face of the world's most hostile attacks and the frenzied demands of a celebrityfixated society, confirms the true greatness of Sachin Tendulkar. For a man in his 38th year, Tendulkar's appetite for runs remains unsated and his unrelenting determination to keep wringing the utmost out of the gifts so lavishly bestowed on him at birth is phenomenal. So, too, is his ability to remain unaffected either on or off the field by the relentless glare of public adulation which makes a private life impossible in his native India.
No hint of scandal has touched the man who last weekend became the first person to pass 14,000 test runs in the second test against Australia and he remains the complete team player. "It is about what I want to do for my team," he said after scoring his sixth test doublehundred in 171 tests and his 11th century against the team who have dominated cricket during his career. "And I will not compromise on that." Tendulkar has shown unqualified commitment to his team and his sport since Pakistan's Waqar Younis bloodied his mouth with a short-pitched delivery in his
debut test in 1990 at the age of 16. Eight days later he became the youngest man to score a test half-century and 20 years on he holds the records for most test and one-day runs and the most test and one-day centuries, a scarcely believable 95 in total. BRADMAN ACCOLADE The ultimate accolade came from Don Bradman, whose test average of 99.94 dwarfs all his rivals before or since, including Tendulkar whose current mark is just under 57. Towards the end of his life Bradman, the first celebrity cricketer, whose run-scoring
feats for Australia in the depths of the 1930s depression bolstered an emerging nation's morale, called his wife into the room to watch Tendulkar on television. "I never saw myself play but I feel that this fellow is playing much the same as I used to play, and she looked at him on the television and said, yes, there is a similarity between the two," recalled Bradman, who was no more inclined to make unconsidered statements that he had been to play rash shots. "To me his compactness, his technique, his stroke production, it all seemed to gel as far as I was concerned.�-Reuters
Bangladesh inflation quickens as food prices rise
Weak US data points to further easing of Fed Trade gap widens as deficit with China hits record WASHINGTON: New US claims for jobless benefits unexpectedly rose last week, hardening the view the central bank will pump more money into the economy in hopes of boosting growth and lowering unemployment. At the same time, recordhigh imports from China helped push the US trade deficit wider in August, which could drag on US growth and increase international tensions over trade and currency policy. "We are basically plodding along at subpar growth. Overall, the whole data set is disappointing," said Omair Sharif, an economist with RBS Securities in Stamford, Connecticut. The weak economic data kept the pressure on President Obama's Democratic party, which looks likely to lose control of the US House of Representatives in Nov. 2 elections, a Reuters-Ipsos poll projected on Wednesday. US stocks were lower at midday, weighed down by the data and a drop in bank stocks on concerns over the impact of a state probe of foreclosure practices. The dollar hit a low for the year against a basket of major currencies on expectations the Federal Reserve will further ease monetary policy, but bond prices were little changed. Initial claims for state unemployment benefits rose to a higher-than-expected 462,000 in the latest week, the Labor Department said on Thursday. In a sign of modest improvement, the number of workers continuing to collect benefits after an initial week of aid dropped in the week ended Oct. 2 to the lowest level since November 2008. "Job growth is still weak and
layoffs will continue," said economist Christopher Low at FTN Financial in New York. EYES ON CHINA The US trade deficit for August jumped to a largerthan-expected $46.4 billion as the shortfall with China hit a record $28.0 billion, the Commerce Department said. The United States is pressuring Beijing to let its yuan currency appreciate faster, while many emerging economies have taken steps to weaken their currencies to offset the impact of the dollar's decline. The trade data "will fuel growing fears of a currency war," said economist Paul Dales at Capital Economics in Toronto. "Calls for action against China are only likely to get louder." The trade report is one of the last pieces of data US Treasury Department officials will examine before deciding whether to declare China a currency manipulator in a semi-annual report scheduled to be released on Friday. Higher imports means US consumer demand is picking up. But it also means the increased demand is being met by overseas rather than domestic production, putting a damper on US economic growth. Forecasting firm Macroeconomic Advisers said it cut its forecast for thirdquarter US GDP growth by four-tenths of a per centage point to 1.2 per cent on the back of the trade report. Another report on Thursday showed inflation at the wholesale level rose twice as quickly as expected last month. With little leverage to pass on costs to consumers, the data suggests business profits could suffer.
The Labor Department said US producer prices rose 0.4 per cent in September. The core index, which excludes volatile food and energy prices, rose just 0.1 per cent. A Reuters poll on Thursday showed economists' outlook had darkened significantly over the past month, and they unanimously agreed the Fed would embark on a fresh round of asset purchases to prop up the economy and keep the inflation rate from drifting lower, likely as soon as next month. Policymakers are not fully united about this plan, however. Richmond Federal Reserve Bank President Jeffrey Lacker, who is not a voter on the Fed's policy panel this year, said on Wednesday he would probably not support further easing because he is not very worried about subdued inflation. Fed Chairman Ben Bernanke is likely to give guidance on future policy on Friday when he is scheduled to give a speech on tools policymakers can use to try to spur growth in a low-inflation environment. The US economy slowed sharply in the second quarter, weighed down by a hefty trade gap and dwindling fiscal stimulus. The housing sector, which was at the center of the deepest recession since the Great Depression, continues to struggle. The number of US homes taken over by banks topped 100,000 for the first time in September, though foreclosures are expected to slow in coming months as lenders work through questionable paperwork, real estate data company RealtyTrac said on Thursday.-Reuters
DHAKA: Bangladesh's consumer price inflation picked up to 7.52 per cent in August from 7.26 per cent the previous month, the government reported on Thursday, on higher food prices. Inflation in the 2009/10 fiscal year that ended in June hit 7.31 per cent on the back of soaring food costs, above the government's target of 6.5 per cent. Food prices rose 9.64 per cent from August 2009, compared with 8.72 per cent year on year in July, the Bangladesh Bureau of Statistics said. Non-food inflation eased to 3.76 per cent in August from 4.87 per cent in July. "Inflation rose due to a spike in prices of rice, pulse, fish and spices," a senior bureau official said. Rising food prices are a major concern for the government as nearly 38 per cent of the country's more than 150 million people live on less than $1 a day and spend 70 per cent of their income on food. A senior central bank official said he hoped inflation would come down to 6.5 per cent in the second half of the current fiscal year. "We will review key policy rates if required," he said adding that all necessary steps were being taken to tame inflationary pressures. On Aug. 19, the central bank raised both the repo and reverse repo rate by 1 per centage point to 5.5 per cent and 3.5 per cent, respectively. The rates were cut by 2 per centage points in late 2009 to shield the economy from the fallout of the global financial crisis. The rate hikes followed an increase in bank reserve requirements in May. Rice and wheat prices soared 50 per cent over the past one year, forcing the government to resume sales of rice from stocks at a subsidised rate to hold down prices of the staple.-Reuters
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if any legal power conferred by National Accountability Efforts towards "a safe, secure and prosperous Pakistan" aim to Ordinance has edge over the existing constitutional dispensation help the country battle extremism, both Clinton and Ashton said. or modus operandi. The petitioner has raised question with regard -Reuters to several provisions of the constitution if any retired judge aged Continued from page 1 No #8 above 70 can assume the service of federation of Pakistan. Still, Mullen didn't give a time frame for a possible offensive in President was fully aware of the fact that he was making this appointment for tenure of 4 years. Can the president appoint for- North Waziristan. He said Kayani has primarily targeted groups that mer chief justice of Pakistan Afzal Zilla as chairman NAB under pose an internal threat, not those the US considers most dangerous. "He's got no government to build behind" the offensives, this law who had retired in the year 1993? The court was told that induction of Justice Deedar Hussain Mullen said. "So he's got his forces literally pinned down in Swat until the government can actually come in, provide the security, Shah was an eye opener, and helplessness of the constitution can the police." While military action by the US and its allies in be adjudged from it, he added. -Online Afghanistan and Pakistan has degraded al Qaeda, Osama bin Continued from page 12 No #2 Laden "is still running" the group, Mullen said. -Reuters about their respective ministries. Continued from page 1 No #9 Thy also presented details about the No of employees and their maintain peace. The troops are likely to be deployed at 70 to 80 future adjustment after the ministries are handed over to the polling stations notified as sensitive. provinces. -Online Meanwhile, the home department has finalised a security plan in Continued from page 12 No #3 order to maintain law and order during the polling process.According strengthening the national economy but also pave the way for to an official, some 3000 police personnel will be deployed in the socioeconomic uplift of the area. constituency from October 16 to October 18. -Agencies Wapda chairman, who had recently visited the Diamer Bhasha Continued from page 1 No #10 Dam site, said Dam would be the largest project in the country's with additional spending for flood relief and immediate foreign history. It would store 8.1 million-acre feet (MAF) of water and exchange needs. This was separate from the $11 billion IMF bailout generate 4500MW of low-cost electricity. In addition to providing water for agriculture, the project will programme, agreed in 2008. In May, Pakistan received $1.13 billion, the fifth tranche of the also contribute 18 billion units of electricity per annum to the programme. Officials are due to meet this month to discuss the national grid, he added. -APP release of the sixth tranche. -Reuters
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Three corpses recovered from a parked car in Malir Halt. The deceased were identified as Shahbaz, Sabir, and Ghalib Siddiqui whose dead bodies have been shifted to hospital for autopsy. Police said that the deceased were believed to be active workers of MQM. In another incident, unknown gunmen killed Zahid Gul by firing at Banaras Chowk in the limits of Pirabad police station. Meanwhile, two persons Ahmad Khan and Fazal Muhammad were gunned down by unidentified persons in Mian Wali Colony in the limits of Pak Colony and in Sikandar Abad, area in the jurisdiction of Boot Basin of the city.
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the founding Chairman of PPP Zulfiqar Ali Bhutto Shaheed. Prime Minister emphasised that the federal government believed in the policy of reconciliation and stability of the democratic system.He said that politicians must show due deference and respect to the leaders of their parties and should not indulge in character assassination of one another. -NNI
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He said the interior ministry issued a notice on April 26 this year announcing two weekly holidays. According to the notification, the new office timing for the government employees was from 8:00am to Continued from page 1 No #5 high on illiteracy and high on poverty - that is the catchment 4:00pm and Saturday and Sunday were declared as official holidays. The official said that the news of withdrawal of two weekly holiarea for the extremists for their recruitment. So this investment will have a very long-term impact on stabil- days was baseless as it was the cabinet decision and the ministry has not yet received any notification of withdrawal. -APP ising the situation vis-Ă -vis insurgency. So market access will be very useful and it will help the economy." Continued from page 5 No #13 Earlier, Foreign Minister Qureshi held meetings with the memsome traders are getting cautious. bers of Foreign Affairs Committee, Development Committee and "Traders were quite a bit more reluctant today in bidding up out Delegation for South Asia in the European Parliament here. of the money index calls, hinting that further upside from these During the meetings, Foreign Minister expressed profound grat- levels is limited for now," said a derivatives trader at a itude of the people and Government of Pakistan for the generous Singaporean bank. Still, with inflows into the region showing few humanitarian assistance provided by the EU countries for rescue signs of waning, momentum might ensure that stocks hold gains. and relief operations in the flood-affected areas. Societe Generale estimated, based on EPFR data as of October He further said that the solidarity displayed by the EU countries 6, that $6.1 billion dollars were funneled into emerging market and the people at this difficult hour would be long remembered by stock funds compared with a $6.5 billion outflow from the US the people of Pakistan, says a press release issued by the Embassy "Like it or not, loose monetary policy is here to stay and money of Pakistan in Brussels.-Agencies flow coming out of the US and into Asia is here to stay," said Pranay Gupta, chief investment officer for ING Investment Continued from page 1 No #6 has garnered 668 million dollars, just over 33 per cent funded. Management Asia Pacific, who oversees $85 billion in assets. SHANGHAI RISES, PARES GAINS The latest call for aid came last month, with the UN increasing China's key stock index closed up 0.6 per cent, its highest in its $460 million appeal to the 192 member states by 1.6 billion nearly six months, after paring some of its initial gains to close dollars - the largest in UN history. -APP
Canada exports for US grow, shrink trade deficit OTTAWA: Canadian exports to the flagging US market surged in August after two months of declines, helping to shrink the country's trade deficit and to soften fears that economic recovery may have stalled. A 2.7 per cent jump in shipments to the United States, which bought 74 per cent of Canada's exports in August, boosted Canada's trade surplus with its neighbor for the first time in eight months, Statistics Canada said on Thursday. Exports overall grew 3.1 per cent while imports slipped 0.5 per cent, narrowing the trade deficit to C$1.35 billion ($1.35 billion) from a revised C$2.55 billion in July, and beating the market forecast of a C$2.40 billion shortfall. The figures point to a resumption of economic growth in August after a slight downturn in July. But with the Canadian dollar flying high against the US dollar, analysts said the overall trend in trade remains weak and will continue to hold the economy back in the third quarter. As a result, the Bank of Canada will likely leave its benchmark interest rate untouched next week after raising borrowing costs three times between June and September. "With recent inflation reports generally surprising on the downside and the pace
of the US recovery slowing, the economic conditions are such that the Bank of Canada is likely to move onto the sidelines, holding the overnight rate unchanged at 1 per cent at next Tuesday's policy-setting meeting," said Paul Ferley, assistant chief economist at Royal Bank of Canada. RBC expects the central bank to resume tightening credit in March 2011. The market has priced in a 90.7 per cent chance the bank will hold rates steady next Tuesday, according to a Reuters calculation based on yields on overnight index swaps. The Canadian dollar had pushed through parity against the US dollar before the release of the trade report on Thursday after Singapore unexpectedly tightened policy by letting its currency strengthen, hitting the US dollar hard. It was the Canadian dollar's first move above parity since April. The currency then lost some of its gains but jumped again immediately after the trade numbers were published to $1.002. The Canadian dollar's ascent, combined with the crippled US economy, have contributed to a slowdown in Canada's crucial export sector. The August report was a rare sign of strength. -Reuters
SKorea holds rates, says FX risk to economy SEOUL: South Korea's central bank avoided raising rates on Thursday to help keep at bay the heavy inflows of investment causing the global currency tensions that have divided the emerging and developed world. Warnings from the central bank governor that volatile currency markets posed a risk to the economy prompted several analysts to push back their expectations on the timing of the next rate rise to next year. Hot money has been flooding into high-yielding markets due to ultra-low interest rates in countries such as the United States, prompting action from Asian and Latin American countries to cap rises in their currencies. Such steps have drawn criticisms from Western leaders who are worried that they could derail a fragile recovery. Japan on Wednesday questioned South Korea's leadership of a G20 forum next week because of Seoul's repeated intervention. "Bank of Korea is probably the most concerned about the strengthening won," said Park Tae-keun, a fixed-income analyst at Hanwha Securities. "With the upcoming G20 meeting, the government wants to avoid intervention measures, and this may be one of the reasons the central bank decided to keep the rate unchanged."-Reuters
below a key technical level. The Shanghai Composite Index ended at 2,879.6, extending its fifth consecutive daily rise to gain 8 per cent. "Not being able to stay above this resistance level is a confidence issue," said Ren Chengde, analyst at Galaxy Securities. "We have risen so much so fast so the whole market is a little nervous at this technical point which is normal." Volumes jumped, following a trend of increasing turnover across Asian markets, to an 11-month high of 263 billion yuan ($40 billion) from 227 billion yuan on Wednesday. Analysts said profit taking was to be expected in the days ahead after the index with 250-day moving average, now at 2,888 points, serving as resistance. Banks were among the biggest gainers as Huaxia Bank, up 1.3 per cent, forecast that its net profit for the first three quarters jumped more than 50 per cent. Analysts expect the 16 banks listed in the mainland's Shanghai and Shenzhen stock exchanges to post an average 30 per cent jump in their earnings in the first nine months. Also, China's central bank released data on Wednesday showing strong lending by Chinese banks in September, and foreign trade figures that showed the country's resilient import growth.-Reuters
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"Rather than intervention, what is supporting stock prices are expectations that the Bank of Japan may expand its easing policy going into the year-end, including asset purchases, pushed by further strength in the yen." The benchmark Nikkei ended up 180.00 points at 9,583.51. The 1.9 per cent rise was its biggest daily per centage gain since Sept. 15. The broader Topix rose 1.7 per cent to 836.95. In Asian currency trade, the dollar hit a fresh 15year low of 81.14 yen although caution remained that Japanese authorities could intervene the closer the greenback gets to its record low of 79.75 yen. DOUBLE-EDGED SWORD While dollar weakness has weighed heavily on stocks in recent weeks, fuelling worries about earnings and competitiveness in the key export sector, on Thursday it proved a double-edged sword by boosting global commodity prices and lifting resource shares. "Expectations of further easing by the United States have led to dollar weakness and thus to a rally in commodities. A so-called risk-taking money flow is emerging in the market," said Yumi Nishimura, deputy general manager at Daiwa Securities Capital Markets. "The market also welcomed US earnings that haven't been as poor as feared." On the charts, the Nikkei's next upward targets stand near recent peaks: the first around 9,700 marked this month, and then near 9,800 hit in July. Strong support lies at the 38.2 per cent retracement of its September-October rally and its 55-day moving average, both around 9,365. Resource-related stocks were powered higher by a bull run for commodities, with copper hitting a 27-month high and gold returning to record peaks.-Reuters
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in the index would post annual earnings growth of more than 40 per cent this year, with quarter-onquarter rise of 9 per cent. "India's 2QFY11 should be making headlines and hitting highs," it said in a note dated Oct. 7. Foreign funds have invested a record $21.8 billion in Indian equities so far this year, and helped the benchmark index rise 17.4 per cent. Infosys gained as much as 2.4 per cent to a record high of 3,228 rupees while smaller rival Wipro firmed as much as 3.6 per cent to 499.90 rupees, its highest in a decade. Brokerages expect Infosys will raise its outlook for dollar revenue growth to 21-24 per cent for this fiscal year from 19-21 per cent forecast in July. The banking sector index shed 1.1 per cent, but is still up 42.8 per cent in the year to date. State Bank of India dropped 1.3 per cent, while ICICI Bank and HDFC Bank declined 1.8 per cent and 0.9 per cent respectively. HDFC shed 1.1 per cent. Larsen & Toubro dropped 3.2 per cent, after rising 4 per cent in the previous session. Provisional data showed declining shares outnumbered advancing ones in a ratio of 1.6:1 on relatively heavy volume of 647 million shares. The 50-share NSE index closed 0.9 per cent lower at 6,177.35 points. MSCI's all-country world index firmed 0.7 per cent at 1013 GMT, while MSCI's emerging market benchmark was trading 0.9 per cent higher. -Reuters
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StanChart outperformed its peers, up 0.6 per cent and recovering after falls in the previous session, as Seymour Pierce lifted its rating on the stock to "outperform" from "hold". Elsewhere, African Barrick Gold led the blue-chip fallers, sliding 9.5 per cent after the miner cut its 2010 production target for the second time in three months after uncovering fuel theft at its Buzwagi mine. Sector peers were in demand as dollar weakness supported metals prices. Johnson Matthey was among the top blue-chip gainers, up 2.7 per cent, after RBS lifted its target price for the UK specialist chemicals firm to 2,000 pence from 1,800p while repeating its "buy" rating on the stock. Vodafone helped limit the FTSE 100's losses, up 1.6 per cent after Nomura upgraded its rating to "buy" from "neutral", citing positive earnings momentum. Other stocks perceived as being resilient in the face of economic hard times were weaker, however, as investors switched to more cyclical stocks. Imperial Tobacco was down 2 per cent and drugmaker GlaxoSmithKline eased 1.2 per cent. Chip designer ARM Holdings was up 1.5 per cent, lifted by strong results from Intel in the United States. Technical levels were also being closely watched, with the FTSE 100's next significant resistance at 5,795, a peak hit three times in April just after the previous peak at 5,835, CMC Markets's Hewson said.-Reuters
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expanded its currency trading band, driving the Singapore dollar to a record high. The prospect of additional Fed stimulus has created an inverse correlation between the dollar and stocks, with a drop in the greenback sparking a move into equities. After an 11.7 per cent rise in the benchmark S&P 500 since Sept. 1, short-term momentum indicators have begun to show overbought conditions. The rally has also brought out some broad bearish bets in the options market. Trading in index ETFs was above normal Wednesday, with about 3.88 million puts and 2.90 million calls changing hands across all products. Google Inc shares slipped 0.5 per cent to $540.47 and helped pressure the Nasdaq as investors await the release of Google's earnings after the closing bell. Traders in Google options looked they were pricing in a potential post-earnings move of just over 4 per cent in the stock's price, which is down from the average swing of 6 per cent over the past four quarters. But a bright spot was provided by Yahoo Inc, up 3.4 at $15.77 after a source said that several private equity firms had approached Internet and media companies, including News Corp and AOL Inc, to gauge their interest in buying the company. Safeway Inc rose 1 per cent to $21.54 after the grocery store operator reported adjusted third-quarter earnings that beat expectations. But shares of industrial distributor WW Grainger Inc shed 3.1 per cent to $121.40 after it forecast a moderation in its fourth-quarter organic revenue growth.-Reuters
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Lyari gang war elements involved in workers killings: Sattar
Paying price for land bill: MQM Target killing claims 6 more lives in Khi Staff Reporter/ Agencies
VIENNA: Opec President and Ecuador Oil & Mines Minister Pastor and Opec Secretary General Al Badri wait at the beginning of an oil ministers meeting in Vienna. Reuters
Nato facilitating Kabul-Taliban talk BRUSSELS: Nato-led forces in Afghanistan are facilitating contacts between senior Taliban officials and the Afghan government, including allowing them safe passage for talks in Kabul, a senior Natoofficial said on Wednesday. The disclosure reveals a greater Western role than previously acknowledged in Kabul's preliminary attempts to seek a political resolution to the 9-year-old war. The official, who spoke to reporters in Brussels on condition of anonymity, cautioned that contacts were in their very early stages and could not be described as negotiations. Nato allies including the United States have previously voiced their support for reconciliation efforts by President Hamid Karzai's government.
Bhasha Dam
Rs700mn issued for land acquisition ISLAMABAD: Government has released an amount of Rs700 million for the acquisition of land for the Diamer Bhasha Dam as the first installment. According to the sources of the ministry of water and power, the amount has been handed over to deputy commissioner Diamer so as to start the land acquisition process. The groundbreaking of Wapda offices and colonies is expected next month, sources added. Referring to the hydropower potential of Gilgit-Baltistan, sources maintained that development of these resources through projects like Diamer Bhasha Dam would not only play a pivotal role in See # 3 Page 11
The extent of any Western involvement in those contacts had been unclear. "We have indeed facilitated to various degrees the contacts between these senior Taliban members and the highest levels of the Afghan government," the official said. The official declined to offer specifics about the facilitating role of the Nato-led International Security Assistance Force, known as ISAF, in Afghanistan. But he noted the talks had taken place in Kabul, one of the more secure parts of Afghanistan and a risky location for top Taliban to approach without a nod from the Nato-led force. "It would be extremely difficult for a senior Taliban member to get to Kabul without being killed
or captured if ISAF were not witting. And ISAF is witting," the official said. Afghan and US officials say peace deal is still a distant possibility but it is one that is drawing increased attention ahead of US plans to start withdrawing its nearly 100,000 forces from Afghanistan next July. "The US supports his (Karzai's) efforts to reach out," the special US envoy to Afghanistan and Pakistan, Richard Holbrooke, told reporters in Paris. "I don't think it's likely to have an impact on this timeline, unless of course it proceeds at such a pace and faster than we would currently expect that it reduces the threat from the insurgency dramatically," he told a news briefing. Reuters
Pak Q4 palm oil imports may fall ISLAMABAD: Pakistan may buy up to 170,000 tonnes of palm oil a month in the October-December quarter, a leading industry official said on Thursday, as traders earn profits on current stocks in a bull-run global market. Global vegetable oil markets hit their highest in more than two years on Thursday, with palm oil set to breach the key 3,000 ringgit resistance level on the weaker US dollar and supply concerns. Pakistan made large palm oil purchases in September. Imports from Malaysia alone stood at 203,044 tonnes. "When the market is on a bull-run, everybody is making margins on the current stocks, so they are buying," Rasheed Janmohammad, vice chairman of the Pakistan Edible Oil Refiners Association, said. "Buying will not be as good as in September but I think it will remain between 150,000-
170,000 tonnes a month in the October-December quarter." Janmohammad expected overall buying for 2010 to be 10 per cent higher as compared to 2009, when Pakistan imported about 3 million tonnes of palm oil, attributing the rise to a possible change in the consumption pattern. Traders, however, fear rising palm oil prices may discourage consumers back home, where inflation is increasing following devastating floods that drove up food prices. Inflation accelerated to a 17-month high in September. Traders expect lower domestic output this year after massive damage to cotton crops by floods that killed 1,960 people. Apart from palm oil, Pakistan also bought 150,000 tonnes of oilseed in three cargoes for October-November shipment, with price ranging from $550 and $570 a tonne. Reuters
Plea against Musharraf disposed of KARACHI: Sindh High Court (SHC) on Thursday disposed of a petition seeking filing of a treason case against former president General (Retd) Pervez Musharraf, Sharifuddin Pirzada and Malik Qayyum. According to private television channels, a division bench comprising Chief Justice Sindh High Court Sarmad Jalal Usmani and Justice Abdul Hadi Khoso advised petitioner Maulvi Iqbal Haider to approach the Supreme Court in this respect. The petitioner Maulvi Haider Iqbal contended that General Musharraf violated the Constitution by imposing emergency on October 3, 2007, which is tantamount to committing treason. The petition added that Musharraf amended the Constitution after his volitions thereby distorting the country's most respected document. Maulvi Iqbal stated that Sharifuddin Pirzada and Malik Qayyum incited Musharraf to contravene the Constitution and hence a case should be filed against them under Article 6 of the Constitution.-NNI
Provinces to get 5 federal ministries by next mth end ISLAMABAD: Commission constituted for implementation of 18th amendment has decided to transfer 5 ministries to the provinces by the end of next month. Commission met here Thursday under its chairman Senator Raza Rabbani. Senator Ishaq Dar, Senator Afrasyab Khattak, Farooq Sattar, and others attended the meeting. Sources told the officials of ministry for youths, population and local government gave briefing to the participants See # 2 Page 11
ISLAMABAD/ KARACHI: Deputy Convener of Rabita Committee of Muttahida Qaumi Movement (MQM) Dr Farooq Sattar Thursday underlined that five party workers were killed as a punishment for moving Land Reforms Bill (LRB) in National Assembly. Addressing a press conference at the National Press Club here in Islamabad on Thursday, Parliamentary leader of MQM Farooq Sattar went on to say that innocent workers of the party are being victimised, as five workers and sympathisers were killed in a matter of just two days. It should be mentioned here that bodies of three MQM workers were found from Malir. He continued saying, 'We condemn the killings of
workers and well-wishers of Muttahida.' The criminals of Lyari gang-war are on the rampage terrorising in the city and the same elements are involved in abductions for ransom and bank robberies, Farooq stressed adding the lawenforcers are not taking action against these saboteurs. He added even a single culprit involved in killings of MQM workers was not nabbed, as they are operating under cover of some elements in government of Sindh. The MQM leader observed at least 200 workers including MPA Raza Hyder were killed since 2009 to date, adding anti-country elements want to sabotage the city, but MQM is putting up with it for the sake of peace, he pointed. While giving details of the heinous target killings in
Plot to kill PM foiled, 7 nabbed BAHAWALPUR: Head of the Tehreek-e-Taliban Punjab Abd-ur Raheem (Talha) -involved in planning suicide attacks -- has been arrested along with other six militants. These militants were also plotting to kill prime minister, foreign minister and senior police, army and government officials and were also involved in ISI office attack in Multan in which 12 people were killed. Regional Police Officer (RPO) Captain (R) Abid Qadri addressing a press conference along with District Police Officer (DPO) Baber Bakht said the plot was discovered during the interrogation of seven militants who were arrested late on Wednesday. He said that personnel of
Ahmedpur Sharqia Police Station ordered seven suspicious persons to stop during patrolling but they attacked on police party with hand grenades. However police managed to arrest all seven militants in retaliatory measure. RPO pointed out that all seven arrested militants including Abd-ur Raheem (Talha), Muhammad Afzal, Hafiz Saluman, Sajjad Ahmed, Muhammad Saleem, Billa and Mufti Munawwar Hussain belong to Tehreek-eTaliban Punjab. RPO further disclosed that they have made the plan of attacks on Prime Minister Syed Gilani, Foreign Minister Qureshi, Religious Minister Hamad Saeed Kazmi and many others. -Online
Afghan violence devours 10 Nato troops in 2 days KABUL: Four foreign troops from the Nato-led force were killed in two separate attacks in Afghanistan Thursday, Nato said, bringing the number of troops to 10 killed in the last two days. Violence in Afghanistan is at its highest levels since the overthrow of the Taliban in late 2001, with rising casualties on all sides of the conflict. More than 2,000 foreign troops have died since then, over half in the last two years. More than 35 foreign troops have died in Afghanistan this month alone. Three troops with the Natoled International Security Assistance Force (ISAF) were killed by a homemade bomb in
the west of the country, ISAF said, while another service member was killed in the east in an insurgent attack. ISAF did not give any further details on the attacks. The rise in troop deaths will weigh heavily on U.S. President Barack Obama and his administration ahead of a review of the war in Afghanistan in December. There are nearly 150,000 foreign troops in Afghanistan, including 100,000 Americans. Obama ordered an extra 30,000 US troops to Afghanistan in December to try and quell the violence but plans to start withdrawing forces from the middle of 2011. -Reuters
Karachi since January 2009, he said 200 hard working activists of MQM have been martyred in various incidents of terrorism. The list includes Member Haq-Parast Sindh Assembly Syed Raza Haider but one thing is utterly disappointing that the perpetrators behind the heinous killings are not unveiled after passing of numerous days, he held. In view to restore peace in Karachi we don't want to create any kind of chaos, he maintained. We will not allow handful of elements to destabilise peace in Karachi as it has suffered the most in recent years thus turned into a bloodbath, Sattar added. Meanwhile, the ongoing spate of target killing claimed six more lives including MQM and ANP activists in separate incident in Karachi. See # 4 Page 11
SC jurists hash out legal affairs ISLAMABAD: An informal meeting of Supreme Court judges was held Thursday in which consultation on NRO and 18th amendment cases was done. According to the court sources, the informal meeting chaired by Chief Justice Iftikhar Mohammad Chaudhry pondered upon important judicial affairs, important cases such as NRO and the 18th amendment. Sources told that CJ held extensive consultation on wrapping up the hearing of important cases at the earliest and implementation of judicial policy. Sources said that verdict on cases against the 18th amendment is expected anytime. It must be mentioned that the court had reserved its verdict after the hearing of the cases. According to Supreme Court Registrar the reports of written judgment against 18th amendment during the informal meeting are mere rumors and he can't comment on it. -Online
NAB head naming challenged in apex court ISLAMABAD: Appointment of Deedar Hussain Shah as chairman NAB has been challenged in Supreme Court (SC) through a constitutional petition filed by Shahid Orakzai. The petitioner has taken the plea that president while keeping aside 18th amendment has ruthlessly exercised the legal powers vested with the former president Gen (Retd) Pervez Musharraf. Therefore, it may be decided See # 1 Page 11
World Justice Project releases Rule of Law Index Report
Pak almost bottoms out in rights, justice ranking WASHINGTON: Sweden and Netherlands scored high, with the United States lagging its high-income peers in a new ranking of government effectiveness on Thursday called the 'Rule of Law Index, while Pakistan was near the bottom of nearly every index, and worst in fundamental rights, corruption and access to civil justice. The first report by the World Justice Project ranks governments in a variety of categories such as absence of corruption, clear and stable laws,
open government and access to the justice system. The aim of the project is to advance the rule of law around the world in a manner that transcends income and cultural factors. "Establishing the rule of law is fundamental to achieving communities of opportunity and equity, communities that offer sustainable economic development, accountable government, and respect for fundamental rights," the report said. "Without the rule of law,
medicines do not reach health facilities due to corruption; women in rural areas remain unaware of their rights; people are killed in criminal violence; and firms' costs increase because of expropriation risk. The rule of law is the cornerstone to improving public health, safeguarding participation, ensuring security, and fighting poverty." While the report, based on a three-year study, provides no single rank for the 35 countries examined, it showed Sweden at the top in five of the
nine categories: limited government powers, clear and well-publicised laws, absence of corruption, effective regulation, and open government. The Netherlands also scored high, ranking second in five categories and third in two others. Austria was the top country for "fundamental rights," and an effective criminal justice system while Singapore topped the list for "order and security" and access to civil justice. The United States did not
top any categories but was third in open government. Most of the rankings were near the bottom of the 11 highincome nations. According to the report, which was based on 35,000 questionnaires and numerous interviews, "the findings need to be interpreted in light of certain inherent limitations." "While the index is helpful to tracking the 'temperature' of the rule of law situation in the countries under study, it is not powerful enough to provide a full diagnosis or to dictate
concrete priorities for action. No single index can convey a full picture of a country's situation." Among the seven upper middle-income nations studied, Poland topped the list in five categories including fundamental rights and effective criminal justice, while South Africa was best in four categories including open government and effective regulation. In Asia-Pacific, Japan, Australia and Singapore scored well with the Philippines and Indonesia
dragged down by weak justice systems and corruption. Pakistan was near the bottom of nearly every index, and worst in fundamental rights, corruption and access to civil justice. Only two Middle East nations were in the study, Morocco and Jordan. Jordan ranked 12th in corruption absence, but stood worst in transparency. Morocco was near the bottom in terms of open government and below average most other categories. -Agencies
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