International Karachi, Wednesday, March 16, 2011, Rabi-us-Sani 10, Price Rs12 Pages 12
Iran tells Bahrain to avoid violence See on Page 12 Economic Indicators Forex Reserves (5-Mar-11) Inflation CPI% (Jul 10-Feb 11) Exports (Jul 10-Feb 11) Imports (Jul 10-Feb 11) Trade Balance (Jul 10-Feb 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Feb 11) Foreign Invest (Jul 10-Feb 11) Revenue (Jul 10 Jan 11) Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Jan 10) LSM Growth (Jan 11)
GDP Growth FY10E Per Capita Income FY10 Population
$17.37bn 14.33% $15.33bn $25.60bn $(10.27)bn $(81)mn $6.96bn $1.23bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn 0.83% 4.10% $1,051 175.45mn
Portfolio Investment SCRA(U.S $ in million)
190.28 -5.66 -5.36 2851
Yearly(Jul, 2010 up to 14-Mar-2011) Monthly(Mar, 2011 up to 14-Mar-2011) Daily (14-Mar-2011)
36.29 39.51
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)
09-Mar-2011 09-Mar-2011 09-Mar-2011 29-Nov-2010 15-Mar-2011 15-Mar-2011 15-Mar-2011 15-Mar-2011 15-Mar-2011 15-Mar-2011 15-Mar-2011 15-Mar-2011 15-Mar-2011 15-Mar-2011 15-Mar-2011
13.39% 13.69% 13.86% 14.00% 13.36% 13.53% 13.74% 14.13% 14.25% 14.06% 14.10% 14.09% 14.50% 14.75% 14.93%
Commodities *Crude Oil (brent)$/bbl 110.14 *Crude Oil (WTI)$/bbl 98.60 *Cotton $/lb 191.30 *Gold $/ozs 1,393.50 *Silver $/ozs 34.40 Malaysian Palm $ 1,097 GOLD (NCEL) PKR 39,198 KHI Cotton 40Kg PKR 13,611 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 83.90 Canadian $ 86.25 Danish Krone 15.70 Euro 118.00 Hong Kong $ 10.50 Japanese Yen 1.016 Saudi Riyal 22.65 Singapore $ 66.30 Swedish Korona 13.30 Swiss Franc 91.70 U.A.E Dirham 23.20 UK Pound 136.50 US $ 85.30
84.90 87.25 15.90 119.20 11.00 1.042 22.85 67.30 13.50 92.70 23.40 138.00 85.60
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
84.99 86.89 15.13 118.80 10.94 1.029 22.75 66.89 13.36 92.41 23.22 137.53 85.38
85.19 87.09 15.16 119.08 10.97 1.031 22.80 67.05 13.39 92.63 23.28 137.85 85.57
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See on Page 2
Bahrain declares state of emergency
See on Page 12
Radiation level rises after nuke plant fire
See on Page 12
Cbank chief says monitoring all banking aspects
Credit policies under SBP lens Urges banks to develop new products SME sector NPLs reach Rs96bn till Dec 2010
Staff Reporter/ Agencies
KARACHI: Governor State Bank of Pakistan, Shahid Total Portfolio Invest (5-Mar-2011) Kardar Tuesday said that the NCCPL central bank is monitoring all (U.S $ in million) FIPI (15-Mar-2011) -2.69 aspects that encompass credit Local Companies (15-Mar-2011) -0.99 policies of banks. He was addressing a one-day Banks / DFI (15-Mar-2011) 8.47 Mutual Funds (15-Mar-2011) -4.69 conference on 'SME Banking in NBFC (15-Mar-2011) 1.27 Pakistan, local trends and role Local Investors (15-Mar-2011) -0.79 of value added services' organOther Organization (15-Mar-2011) -0.59 ised at SBP in collaboration with the International Finance Global Indices Corporation (IFC). Index Close Change "It is our endeavor to promote KSE 100 11,829.24 216.14 Small and Medium Size Nikkei 225 8,605.15 1,015.34 Enterprises in the country," he Hang Seng 22,678.25 667.63 said. Sensex 30 18,167.64 271.84 Kardar said that measures ADX 2,614.71 14.70 were being taken by the Central SSE COMP. 2,896.26 41.37 FTSE 100 5,624.36 150.88 Bank to give more incentives to *Dow Jones 11,788.66 204.50 the common men to attract them for promotion of SMEs GDR update $.Price PKR/Shares which would prove to be the Symbols 111.00 backbone of the economy as MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 15.50 132.34 had been experienced other UBL (1 GDR= 4 Shares) 2.00 42.69 southern and eastern Asian LUCK (1 GDR= 4 Shares) 1.70 HUBC (1 GDR= 25 Shares) 11.57
Competiotion laws meant for discipline: CCP
states. He said that IFC was presently playing a key role in this regard, added 70 per cent of the cost has to be sustained by the applicants while rest of the 30 per cent will be shared by the creditors. SBP Governor said a number of schemes have been planned for the SMEs and will be introduced in near future through the banking channels. He said the central bank was taking steps to contain the rate of inflation in collaboration with the Government. About the written off loans, he said the SBP has proposed to Supreme Court to set up a commission which would look into all cases of bank loan defaulters. "We are working in coordination with the Supreme Court to look into the cases of loan defaults," he pointed out while talking to the media persons.
Court revokes former minister bail
Kazmi copped for corruption RAWALPINDI: Former minister for religious affairs Hamid Saeed Kazmi was arrested from premises of a court in Rawalpindi on Tuesday after the judge cancelled his bail plea in Hajj corruption case. On Tuesday, Special Judge Central (SJC) Sohail Nasir rejected interim bail plea of Kazmi, ordering Federal Investigation Agency (FIA) to arrest him at the court premises. The judge observed that there were serious corruption charges against Kazmi and was directly involved in Hajj corruption and his bank accounts and property also proved the corruption charges. After the court's decision, FIA arrested
the former minister from the courtroom and shifted him to the FIA headquarters in Islamabad. Kazmi will be presented before the court on Wednesday to obtain his physical remand. Kazmi had earlier told the court during the hearing that the case was filed against him on political basis, and that FIA despite its all-out efforts had failed to present solid evidences against him. The FIA authorities Tuesday presented detailed documental testimonies against Kazmi's including two domestic and a foreign asset accounts. The former minister insisted he was innocent in the case. He claimed that foreign currency See # 6 Page 11
He said that the money of the small depositors was in safe hands of the banks and cases of loan default mostly pertain to those were themselves stakeholders in the banking sector. The Non-Performing Loans (NPLs) of SME sector has registered an increase of over Rs5.1 billion to Rs96 billion by end of Dec 2010. Shahid H Kardar stressed upon the banks to develop new products to effectively meet the growing financing needs of the Small & Medium Enterprises (SME) sector in Pakistan. He observed that financial industry at present lacked relevant skills to evaluate SMEs on nontraditional parameters that was reflected in the lack of innovation in the financial products to address the financing needs of the sector. He said that the future of banking industry in Pakistan See # 5 Page 11
SC seeks report on prisoners killing
KARACHI: Taking notice of the killing of seven prisoners during police operation in District Jail Hyderabad the Sindh High Court (SHC) has sought a comprehensive report of the incident from District and Session Judge Hyderabad. Well informed sources said two days earlier, prisoners of the Central Jail, Hyderabad protested against the unavailability of water and frequent power outage. They spent whole night out of the barracks and on Tuesday morning they ascended at the roof tops of the barracks. Upon which the jail administration ordered the prisoners to the protest. But they did not follow the Net Foreign Investment reaches $1.23bn directives of the jail administration, upon which by taking an action against them the jail police shelled tear gas and baton charge in order to bring them down from the roof tops of barracks. As a result, 7 prisoners died and 40 injured, Staff Reporter lion, from $1.26 billion in the while SHO Market Police same period last year, central Station and other 6 policemen KARACHI: Net Foreign bank said. injured due to the stoning of Investment in Pakistan rose 27 However, with emerging prisoners. -Agencies per cent to $1.23 billion in the markets on the radar of fund first eight months of the managers, Pakistan has seen a 2010/11 fiscal year because of flow of foreign investment in a sharp rise in foreign portfolio the country's main stock investment, State Bank of exchange. Pakistan said Tuesday. Foreign portfolio investment Foreign investment was rose 182 per cent to $242.1 $969.5 million in the same million in the first eight period last year. months of 2010/11, compared ISLAMABAD: The Foreign Direct Investment with an outflow of $295.3 mil- Government has increased the fell 21.8 per cent in the July- lion in the same period last power tariff by 2 per cent February period to $989.6 milSee # 8 Page 11 effective from 1st April, 2011. A notification to this affect Three Ords issued, FED raised to 2.5pc was issued by the Ministry of Water and Power here Tuesday. It may be recalled that the government during recent talks with the IMF had agreed to increase the power tariffs in phases to bring an end to subISLAMABAD: Going by through Presidential sidy and reduce fiscal deficit International Monetary Fund's Ordinances. through tougher controls on latest diktat of immediate This would enable the gov- expenditure and additional actions, the government on ernment to qualify for release taxation measures to avoid a Tuesday slapped massive new of next tranche under the formal severing of relations taxes besides withdrawal of Stand-By Arrangement (SBA) with the lending agency. Sales Tax exemptions that too See # 14 Page 11 Agencies
SBP 8M stats say inflows up 27pc
Govt jacks up power tariff 2pc
15pc flood tax comes into effect
BISHKEK: Prime Minister Syed Yusuf Raza Gilani and his Kyrgyz counterpart signing joint declaration between Pakistan and Kyrgyzstan at Government House. -APP
Gilani meets Kyrgyz counterpart
Isb, Bishkek seal mily, trade deals 4-nation transit trade talks to be restarted BISHKEK: Pakistan and Kyrgyzstan signed an agreement on military training and a memorandum of understanding (MoU) on enhancing the volume of bilateral trade between them. Prime Minister Syed Yousuf Raza Gilani and Kyrgyz counterpart Almazbek Atambaev witnessed the signing ceremony held at the Government House as the representatives of Pakistan and Kyrgyzstan inked the documents. Both prime ministers signed a joint statement that announced establishment of Joint Business Council, declaration of Islamabad and the Kyrgyz capital Bishkek as sister cities, cooperation in intelligence-sharing, checking drugtrafficking in the region and exchange of parliamentary delegations. The agreement on defense training was signed by
Secretary Defense Lt Gen (Retd) Syed Athar Ali and his Kyrgyz counterpart, under which the Kyrgyz military personnel will get training in Pakistan's defense institutions. The MoU on trade was inked by President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Senator Ghulam Ali and Marat Sharshekeev, Head of Kyrgyz Commerce and Industry Chamber. Prime Minister Gilani said that Pakistan and Kyrgyzstan have a unique strategic position and both the countries would explore prospects in enhancing trade and economic ties. Furthermore, Pakistan and Kyrgyzstan Tuesday agreed on reviving the four nation transit trade pact and making it effective in a bid to strengthen regional economic See # 10 Page 11
MQM ends Sindh Assembly boycott
MQM, PPP renew political promises Staff Reporter KARACHI: Muttahida Qaumi Movement and Pakistan Peoples Party once again managed to save the coalition as President Asif Ali Zardari assured its biggest partner in Sindh and Federation resolution of grievances. During the meeting MQM has decided to end its boycott of Sindh Assembly and would return to the House in its next session. Later the joint statement was issued from Governor House Sindh. According to the sources, President Asif Ali Zardari telephoned MQM chief Altaf Hussain and took him into confidence over the ongoing dis-
cussions. Muttahida Qaumi Movement delegation met President Zardari at Governor House here on Tuesday evening. Governor Sindh Dr Ishrat-ul Ebad Khan and Interior Minister Rehman Malik also participated in the meeting. Talking to media, following the meeting Malik said that MQM and PPP would continue their alliance for peaceful environment of Karachi. Malik said that negotiations were held in a very cordial atmosphere and both parties have discussed mutual issues with every detail. Referring to reservations of MQM, he said that President had been apprised about these.
FY11 may end with $11bn remittances Special Correspondent ISLAMABAD: Pakistani expatriates in various foreign counties sent home remittances of over $7 billion during the eight month of the current fiscal year however, the figure is likely to reach $11 billion by the close of the year. According to the TFD research analyst this figure is more optimistic and we estimate around $10.2 billion. Director Bureau of Emigration, Rana Matloob
Ahmed said this at a seminar on "Socioeconomic development and Labour Migration" here on Tuesday. He said government is exporting around 400,000 laborers each year to the different countries of the world while during the last 38 years over 5.3 million laborers have been exported. According to the emigration statistics in 2005 to 2010 profession wise over 1.8 million labor exported including See # 9 Page 11
Davis maybe indicted today LAHORE: US citizen Raymond Davis will be indicted in double murder case by the court today (Wednesday), say media reports. The hearing of double murder case will take place in Kot Lakhpat Jail and additional sessions judge Yousuf Ojla will hear the case. As per legal experts the regular trial of Raymond Davis would start from next hearing. Earlier additional session judge had rejected the application seeking diplomatic immunity for Raymond Davis during the hearing on March, 3. Asad Manzoor Butt counsel for Faizan and Fahim family told the private TV channel case against Raymond Davis was very strong, as US embassy could not present evidence in support of Davis being employee of embassy. -Online
Factory output flat in 7M Staff Reporter KARACHI: Despite energy shortage, the production of Large Scale Manufacturing grew 1.03 per cent during the first seven months of the current year against the same period of last year. The overall Quantum Index Numbers (QIN) of LSM stood at 200.63 points during JulJanuary (2010-11) compared with 198.59 points in JulyJanuary (2000-10) last year, according to data of Federal Bureau of Statistics (FBS). The stats show industrial productivity of 100 items collected by Oil Companies Advisory Committee, Ministry of Industries and Production and provincial bureaus of statistics. See # 7 Page 11
Govt bans new appointments Monitoring Desk KARACHI: Federal Government Tuesday announced that no new appointment would be made in the public sector. According to the media, Federal Government on the recommendations of Finance Ministry has also imposed a ban on procurement of new furniture, new vehicles and new air-conditioners for the government offices. Furthermore, federal government has announced that 8 per cent sales tax on sugar would remain intact.
2 Wednesday, March 16, 2011
PIA employees stopped from 'Umrah'
ISLAMABAD: Ambassador of Republic of Korea Choong Joo Choi called on Federal Minister for Finance Dr Abdul Hafeez Sheikh.-Online
Elimination of narcotics
NA body unhappy over ministry's performance Staff Correspondent ISLAMABAD: National Assembly Standing Committee for Anti Narcotics has expressed dissatisfaction over the role of the ministry for elimination of narcotics from the country. A meeting ofl Standing Committee for Anti Narcotics, chaired by Chairman of the Committee Murtaza Javed Abbasi was held here on Tuesday at Parliament House. During the meeting the committee said that use of narcotics is in full swing in all over the country. The committee expressed concern over drug trafficking in jails through policemen. The committee said that dealing of narcotics is in full swing in all over the
Silkbank relaunches Visa Debit Card TFD Report KARACHI: Silkbank relaunched their new Visa Debit Card with an attractive and vibrant design offering a lifestyle of enhanced convenience to its customers. Addressing the relaunching ceremony, Azmat Tarin, President and CEO Silkbank said that the newly introduced card is acceptable at over 54,000 merchant outlets in Pakistan and millions globally. Customers can withdraw cash at over 1.6 million ATMs worldwide and over 4,000 ATMs nationwide. Visa Debit Card customers can also transfer funds between Silkbank and other 1-Link member banks offering the Inter Bank Transfer Facility. Silkbank has signed over 100 alliance partners nationwide, offering a host of special discounts to its Card members on dining, entertainment, travel and apparel.
country. The committee said that drug dealing is dangerous than terrorism. The committee has directed the police to take strict action against the responsible for drug dealing. Chairman Committee Murtaza Javed said that despite directions of the Standing Committee, the ministry has not yet presented any proposals regarding legislation in this regard. On this juncture IG Jail Khyber Pakhtoonkhwa Qudrat Ullah told that 8100 prisoners are detained in 23 jails of the province. He said that 2300 prisoners including 80 extremists are detained in jail having authorised capacity of 800 prisoners. He further said that model jails are being set up
in province . The committee also expressed displeasure over the fact that jails in Mansehra, Battagram and Abbottabad destroyed in earth quack of 2005, have not yet been reconstructed. The committee was told that the 410 prisoners are drug addicted in the jails. The meeting was attended by Malik Nawab Sher Waseer, Nawab Ali Wassan, Syed Amir Ali Shah, Liaq Muhammad Khan, Wasim Akhtar, Humair Hayat Khan, Sajid Hussain Turi, MNAs Abdul Sattar, MPA (Pakhthunkhwa Assembly) and Secretary Norcotics Control, Additional Chief Secretary KPK, IG Prisons, KPK along with some other officials of the ministry, ANF and some other allied agencies.
Differences to be settled through dialogue: Kaira ISLAMABAD: All the political differences will be settled amicably through the dialogue process, said Pakistan Peoples Party (PPP)Secretary Information Qamar Zaman Kaira. He said that dialogue was the only way to resolve issues amicably and the PPP leadership was following this course to ensure strong and stable political culture in the country. Kaira said sometimes differences emerge among the allies in a coalition govern-
ment set-up, but responsibility of the leadership of political parties is to calm down the situation. To a question he said, the leadership of both PPP and the Muttahida Qaumi Movement (MQM) have vision and wisdom to settle the differences through the dialogue process. Leadership of all political parties should sit together and start a dialogue process to work out a strategy to meet the challenges, he said.-APP
Staff Correspondent
Renewal of membership of ICCI till 31st I S L A M A B A D : Membership of ICCI would be renewed for Corporate and Associate Class up till March 31.This was informed in a meeting at Islamabad Chamber of Commerce & Industry (ICCI). Mahfooz Elahi, President ICCI said that ICCI has been passing information to members on different business leads and participation in international trade fairs and exhibition to promote Pakistan's trade with the countries on the globe. He added that information about trade inquires and exhibition was also available on the website of the chamber, which was updated on regular basis.-Online
KARACHI: Silkbank President Azmat Tarin re-launching the Visa Debit Card. Goharulayn Afzal, Group Head, Marketing & Strategic Planning and Haseeb Iqbal, Product Manager-Debit Card, are also seen in the picture.-Staff Photo
(PPMA) at PPMA office which was attended by Haroon Qasim, Amjad Ali Jawa, Asad Shuja-urRehman, Babar Choudhary, Dr. Shehla Javaid Ikram, Dr. A.Q.Khokhar, Dr. Khalid Choudhary, Hamid Raza, Shafique Abbasi and other members. He said at present there is no specific and clear-cut policy regarding pricing, registration of products for vitamins and toll manufacturing at Federal level. On repeated reminders by PPMA, no policy and regulations are formulated by government. In this regards as yet no document has so far been prepared by federal government. Therefore, provincial gov-
ernment would not be able to contribute for the betterment of pharmaceutical industry. While amalgamation of federal health department at provincial level, will result in trouble for policy making of pharmaceutical sector. Due to this, People would suffer the shortage of medicines and different prices of medicines by each provincial government which would be an additional burden on them in the presence of day-by-day increase of prices of commodities. They would also not be able to meet the raise in prices of medicines, due to non specific policy of price and drug registration at National level.-Online
Qutubuddin KARACHI: Ms Rahat Kaunain Hassan, Chairperson, Competition Commission of Pakistan, has said that Competition law is basically not a consumer protection law but it also protects consumers' rights. Addressing a seminar at the Federation House, Clifton on the occasion of World Consumers Rights Day organized by the Consumers Association Pakistan on Tuesday , she said the competition commission mainly deals with agreements, price
fixing , abuse of dominance, mergers, concentrations and cartels. The commission focuses on deceptive marketing practices by giving false and misleading information which ultimately protects consumers' rights. She said the Commission has also set up an office of the Fair Trading which is working against cartels as acting as referee. The commission, she said, imposes penalties on defaulters in the industrial sector after due enquiry but the Impact is not created in a day, yet the Commission has creat-
ed its impact. The commission, she said, is being taken seriously now by the industry and it is working with a philosophy of disciplining business and not scaring the businessmen. She said in a recent case, some traders were fined Rs.2 lacs for trade marks violation for unauthorisedly using the trade mark of a world famous car and motor cycle manufacturers on caps. Earlier, Chairman, Consumers Association of Pakistan, Kaukab Iqbal, in his welcome address said
SNGCL suffering loss due to pilferage in Punjab ISLAMABAD: Sui Northern Gas Company Limited is facing losses worth billions of rupees due to gas pilferage and illegal connections in Punjab. The losses incurred by the company have reached up to 11.7 percent According to sources, due to illegal gas connections in just four main cities of
Punjab namely Lahore Gujranwala, Multan and Faisalabad use more than 2.75 billion cubic feet of gas. According to sources, in Lahore alone 1.23 billion cubic feet of gas is being pilfered, as there are 101 illegal gas connections. While in Gujranwala 180 millions cubic feet gas was stolen through 3 illegal gas
connections and one billion cubic feet gas is being stolen in Faisalabad through illegal connections in 16 colonies as well as 160 million cubic feet was stolen in four colonies of Multan. No action has been taken by authorities against these illegal connections in different cities of the Province.-Online
KARACHI: Syed Faraz Anwer, Partner, A.F. Ferguson & Co., Ms. Lubna Farooq Malik, Director, Banking Surveillance Department, State Bank of Pakistan and others at the Southern Regional Committee of ICAP- organised seminar on "Risk Management and Basel II - Deriving Value beyond Compliance" at ICAP House, Clifton.-Staff Photo
‘OGDCL contributing for remote areas’
ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL) is taking solid steps for development and prosperity of the country's underprivileged areas in addition to its exploration and production responsibility. "We have kept the momentum up on both fronts-social and production, thus one can say the company is playing its due KARACHI: Target killers role in the country's develdisregarding the warning opment process being a given by Federal Interior state-run entity," the comMinister Rehman Malik killed two more persons in Karachi on Tuesday bringing the death toll to 11 in 24 hours. According to sources, 2 people were killed in different incidents of firing in city in the premises of Zaman Town Police stations.-Online ISLAMABAD: The Natural Science Linkage Programme (NSLP), a joint venture of Pakistan Science Foundation (PSF) and the United State Department of Agriculture, is helping farmers by fundTV PROGRAMMES ing projects of applied nature in agriculture and WEDNESDAY related sciences. Priority areas of the Time Programmes research under NSLP 7:00 News include collection, evalua8:00 News 9:05 Subah Savere Maya ke Sath tion and exchange of 11:00 News Germplas, Plant Genomics, 11:30 Aap Ki Baat (Rpt) Plant Biotechnology, stress 12:00 News Biology and Bio13:10 Newsbeat (Rpt) Informatics also. 14:10 Tonight With Jasmeen (Rpt) Besides this, the NSLP 15:00 News also funds application of 16:00 News Information Technology in 17:30 Samaa Metro 18:00 News agriculture, identification 18:30 Aap Ki Baat and control of animal and 19:00 News plant diseases, dry land 19:05 Hal Kya Hai sustainable agriculture pro19:30 Crime Scene duction systems, biotech20:03 Newsbeat nology/microbiology and 21:00 News agribusiness development. 22:03 Tonight With Jasmeen PSF spokesperson 23:00 News 23:30 24 Rehana Batool told APP on
2 more killed in city
PPMA opposes devolution of health ministry LAHORE: Vice Chairman Pakistan Pharmaceutical Manufacturers Association (PPMA) Khawaja Shahzeb Akram has said that Federal Health Department should not be transferred to the provinces. If it is necessary, Drug Regulatory Authority or Federal Regulatory Authority should be set-up at federal level so that registration, prices of products and license of new unit may be obtained at same place. According to a handout issued here on Tuesday, he was addressing the emergent meeting of officebearers of Pakistan Pharmaceutical Manufacturers Association
KARACHI: On immediate orders of PIA Marketing Department, PIA employees have been stopped from availing travel facility as per their entitlement to go to Jeddah for performing Umrah. The employees are anxious about the orders and fearing that they would bear the loss of millions of rupees which they submitted against visa fees. According to the rules, PIA employees are provided free international tickets and a large number of employees avail this facility to go to Jeddah for performing Umrah every year. PIA employees have obtained Umrah visas in a large number this year as well. The employees obtain Umrah visa after the Hajj season so the maximum space in PIA flights can be availed by the employees before revenue paying passengers start traveling to Jeddah for Umrah. The employees termed the recent embargo by Marketing Department on PIA employees travel for Umrah an attempt to create panic and deprive the employees of their legal right. The employees said that the Marketing Department raised no objection on free tickets availed for excursion in European and other countries but stopped PIA employees to perform a religious practice.-APP
Competition laws to discipline business, not to scare: Rahat
pany's official said. The source said the company adequately compensated and rewarded the people of those areas where hydrocarbon resources were explored, spending due share of its profits on their welfare. Responding to a question, the official said the company as the largest exploration and production company catering to the needs of the people of the entire country, while other companies engaged at few sites.-APP
NSLP helping farmers by funding projects Tuesday that 13 projects on prioritized areas, jointly evaluated by two Pakistani scientists and one US scientist, in various fields of agriculture sciences were being funded under NSLP. She said the proposed projects, submitted under the NSLP, are evaluated initially by two Pakistani and one U.S. Subject Expert in the relevant fields and then by the PSFNSLP Technical Committee which recommends the projects for approval on the basis of technical merit and relevance to the socio-economic needs of the country. Research grants are released on six-monthly basis, she said, adding the progress of research is monitored through evaluation of semi-annual and annual reports, on site monitoring of projects by NSLP Officers.-APP
that Consumers Protection Law should be enforced in Sindh also as has been done in the rest of three provinces and consumer courts should also be established in Sindh. The seminar was addressed among others by well known economist, Dr Shahid Hassan Siddiqui, Kalim A Siddiqui, President, BYCO Petroleum Pakistan , Senator Haseeb Khan, Khalid Tawab, Johar Ali Qandhari of KATI, Nasir Jawaid, EDO Health, CDGK, and engineer Farida Essa, General Secretary, CAP.
US envoy calls on CM Sindh KARACHI: The Consul General of the United States in Karachi, William J. Martin, called on Sindh Chief Minister, Syed Qaim Ali Shah, at the CM House here on Tuesday. He remained with the Chief Minister for some time and discussed matters of mutual interests. Development activities in the country, especially in the province of Sindh also came up for discussion. The chief Minister apprised the US Consul General of the Thar Coal energy project and the measures for the rehabilitation of the flood affectees as well as the reconstruction activities. Ms. Mary Elizabeth Madden and Ms. Mary Vargas of the US Consulate General in Karachi were also present on the occasion.-APP
3
Wednesday, March 16, 2011 Top Economic Events
Yen jumps on risk aversion after quake; FOMC ahead Risk off on radiation catastrophe fears in Japan NEW YORK: The yen jumped against higher-yielding currencies on Tuesday as investors sold riskier assets on fears of slowing Asian economic growth in the wake of the Japanese earthquake, tsunami and nuclear crisis. Safer currencies such as the Swiss franc and US dollar found support from hedge funds and Japanese retail investors while stocks and commodity prices fell sharply. While Japan's economy will suffer because of the recent catastrophe, other economies that were relying on accelerating global growth will suffer more. Safety is relative. The higher-yielding Australian dollar fell more than 2.0 per cent against the US dollar, while the New Zealand and Canadian dollars also tumbled.
The US dollar was down 0.9 per cent at 80.91 yen on electronic trading platform EBS, not far from its record low of 79.75 struck in 1995. The dollar also fell to a record low against the Swiss franc of 0.9164 francs on EBS. The yen earlier trimmed some of its gains as a 100-basis-point drop versus the dollar spurred vague talk of yen-selling intervention by Japanese authorities. Traders later said there was no intervention, but they were wary Japan may act to stem a sharp yen rise, especially if the dollar were to fall below 80 yen.
"It seems fairly clear right now that neither the BoJ nor the government want to see currency instability and will undoubt-
edly be prepared to intervene to prevent significant declines in the dollar," said Michael Woolfolk, senior strategist at BNY Mellon in New York. "We think the line in the sand is at 80 yen. If we fall to there, they will come in." The yen had gained partly on expectations Japanese insurers and companies
S’pore dollar witnesses worst day in 3 months Indonesia cbank sells USD; SK intervention suspected check the slide in their currencies to contain inflation, dealers said. Bank Indonesia, which investors have expected to allow the rupiah's appreciation to stem rising prices, was spotted selling dollars between 8,785 and 8,790, dealers said. Foreign exchange authorities in South Korea where investors have been worried about inflation were suspected unloading dollars, dealers said. But exporters also chased it for settlements on dips providing support to the local currency. The Singapore dollar fell 0.7 per cent against the US Dollar, the biggest daily percentage fall since Dec. 15 when the local currency lost 1.2 per cent, according to Reuters calculation. The won suffered from dollar-short squeeze to weaken to
as soft as 1,138.0 per dollar, the weakest since Dec. 30 last year. But it cut some of losses as the foreign exchange authorities were suspected selling dollars on exporters' demand for settlements. The baht lost 0.6 per cent against the dollar, the largest daily percentage slide since Jan. 24. Some foreign banks sold the Thailand currencies, with interests in yen/baht cited. The rupiah may see a further correction as it has been overbought and investors may take profit from the recent strength in IDR, a Jakarta-based dealer said. It has a major support of 8,640, the low of May 2007 and another support of 8,685, the low of May 2006 and there seems to be no catalyst to trigger the pair's rebound yet. -Reuters
Sterling tumbles to 4-month low vs euro
Swiss franc jumps vs euro
SINGAPORE: The Singapore dollar suffered its biggest daily loss in three months against the US dollar on Tuesday as Japan's nuclear crisis deepened and investors dumped riskier assets from currencies to equities and commodities. The South Korean won hit a fresh 2-1/2 month low against the dollar as market players rushed to cover dollar-short positions to stop losses. Tokyo's warning on Tuesday that it was recording significantly higher radioactive levels around a quake-hit nuclear power plant after explosions at two reactors prompted global investors to dump riskier assets, including emerging Asian currencies. Still, some foreign exchange authorities such as Indonesia's central bank intervened to
LONDON: Sterling fell broadly on Tuesday, as fears of a nuclear crisis in Japan sparked a global pullback in riskier currencies and led investors to pare expectations of an early rate hike by the Bank of England. In contrast, investors' expectations that the European Central Bank will start raising rates as early as next month despite the earthquake in Japan sent the euro to a four-month
high against the pound. The euro rose more than 0.5 per cent on the day to 86.98 pence, its highest since Nov. 5, when it reached a peak of 87.78 pence. Analysts say the pair could test last October's high of 89.40 pence. "There has been a buildup of positions in sterling as money markets price in rate hikes, which is seen as a huge risk given what's happening in Japan," said HansGuenter Redeker, global head of FX strategy at BNP Paribas. "People are taking risk off and liquidity is reducing. Sterling is under selling pressure, and there has been a reversal of rate hike
expectations." The pound fell to $1.5978 before recovering to $1.6065, but was still trading 0.6 per cent lower on the day. Traders said there were decent corporate orders around $1.60. Apart from the bids from UK corporates, there was key technical support which checked sterling's fall. Technical support was seen around $1.5962, the 38.2 per cent
Fibonacci retracement of the pound's December-March rally. Sterling also hit a 2-1/2-month low against the safe-haven Swiss franc. The pound fell as low as 1.4735 francs, its weakest since January, before recovering to trade at 1.4766 francs. Sterling also fell to a twomonth low against the yen to 129.20 pence, before recovering to 130.04 yen. The yen has seen big gains as investors like hedge funds and macro names unwound leveraged positions on Tuesday. The pound's broad fall kept sterling index at its lowest in six weeks. -Reuters
ZURICH: The Swiss franc gained against the euro, boosted by investors seeking a safe haven for their money as a fire at a reactor damaged by the Japan quake stoked fears about the disaster's effects on the world economy. The franc has started to benefit this week from mounting risk aversion sparked by the earthquake and tsunami in Japan last Friday that killed thousands and caused widespread devastation. There was a possibility of risk aversion boosting the franc further, though the effect of the quake had been limited on global currencies so far considering the scale of the event, said Sarasin analyst Ursina Kubli. The franc was up 0.6 per cent against the euro compared to the New York close, trading at 1.285 per euro at 0823 GMT. The franc also pushed towards an all-time high against the dollar as markets expected the US Federal Reserve to keep its monetary policy loose at its rate meeting on Tuesday. The franc 0.2 per cent stronger against the dollar at 0.9225 per dollar. Markets are also eyeing the Swiss National Bank's quarterly monetary policy assessment on Thursday. The central bank is seen keeping rates on hold, but is expected to revise upwards its growth and inflation outlook thanks to Switzerland's robust economic performance. -Reuters
Aussie & NZ dollars sink; debt surges on safety flight SYDNEY: Australian bill futures surged across the board on Tuesday and the Australian dollar skidded the most in three months as investors rushed to the liquidity of short-term debt after Japan's nuclear crisis worsened. So far did futures rise that the market was now implying domestic interest rates could be cut in the next few months. That was a dramatic reversal from last week when at least one hike in the Reserve Bank of Australia's (RBA) 4.75 per cent cash rate discounted for this year. Traders said investors started to panic after Japan's prime minister warned that radioactive levels had become high around an earthquakestricken nuclear power plant following explosions at two reactors, adding that the risk of more radioactive leakage was rising. "It's just a nasty, nasty session and a massive unwind of risk," a trader said.
The Australian dollar was the worst performing currency on Tuesday, falling more than 1.5 per cent to a session low around $0.9925, a level last seen in January. It last traded at around $0.9949, with resistance seen at $1.0046 and support at $0.9884. "The downside is completely open-ended at the moment as headlines come through," said Roland Randall, a strategist at TD Securities in Singapore. He said until news the nuclear threat is contained, markets will react very negatively. The New Zealand dollar was also under pressure, shedding more than one per cent on the day to a six-month low of $0.7295. One indicator of market pricing by Credit Suisse implies a 59 per cent chance of a rate cut at the RBA's next policy meeting on April 5 and 9 basis points of easing over the next 12 months. -Reuters
will repatriate funds to help pay claims and reconstruction costs. Also tempered by risk aversion, the euro was down 0.2 per cent at $1.3963 on EBS and 0.9 per cent against the yen. However, losses may be limited due to expectations the European Central Bank could raise rates next month. The Australian dollar slid to a nineweek low of $0.9815 against the US dollar and a four-and-a-half-month low of 79.23 yen, according to Reuters data. Implied volatilities in dollar/yen were still higher, with the one-month around 13.7 per cent compared to 9.0 per cent before the earthquake hit. Volatilities were still low compared to levels above 30 per cent seen around the peak of the global financial crisis in 2008. -Reuters
Yuan ends down; inflation in focus SHANGHAI: The yuan ends down slightly against the dollar on Tuesday, even though the People's Bank of China set a stronger mid-point as investors bought the safehaven dollar amid a deepening nuclear crisis in Japan. Spot yuan finished down at 6.5727 versus the dollar, against Monday's close of 6.5698. The currency has risen 3.9 per cent since it was depegged in June 2010. Before trading began, the PBOC set the yuan's mid-point at 6.5679 versus the dollar, stronger than Monday's 6.5701. The dollar index rose around 0.4 per cent after dropping 0.6 per cent on Monday. "Generally speaking, the (spot) yuan hasn't changed too much today," said a dealer at a Chinese commercial bank in Shanghai. "We expect the dollar may still have room to rise in the near term, which may pull the yuan back slightly." But dealers said China still faces strong pressure from high commodity prices, which may push the Chinese government to rely on the currency to
help fight stubbornly high inflation. Chinese inflation topped expectations in February at 4.9 per cent and looks set to climb further in coming months. On Monday, Premier Wen Jiabao said in his annual press conference that China faces a tough task in finding a balance between growth and cooling inflation. He reiterated that controlling inflation was Beijing's top policy priority this year. Xia Bin, one of three academic members on the People's Bank of China's monetary policy committee, an advisory body, wrote in the latest edition of Caijing magazine that the possibility of a big one-off revaluation of the yuan in the coming decade should not be ruled out. Benchmark one-year dollar/yuan non-deliverable forwards (NDF) hit an intraday high of 6.4700, the highest level since Feb. 1, edging up from 6.4330 at Monday's close. Their implied yuan appreciation in a year's time fell to 1.5 per cent, from Monday's 2.1 per cent. -Reuters
Indian rupee falls over regional peers MUMBAI: The Indian rupee ended weaker on Tuesday as negative sentiment in the domestic equities market along with Asian peers dented confidence in the local unit. The partially convertible rupee ended at 45.2400/2500 per dollar against 45.06/07 per dollar on Monday. Intraday, the rupee had fallen to 45.38, its weakest since Feb. 25. "There was no major dollar buying (by oil firms) reported today. So, we can say that the correlation between the local equities and the dollar-rupee market is what is getting reflected in the market today," said Ashutosh Khajuria, treasurer at IDBI Bank. Indian shares fell 1.5 per cent on Tuesday, led by the country's top car maker Maruti Suzuki and in tandem with global markets, as a widening nuclear crisis in quake-hit Japan kept investors on edge. Asian currencies too were hit by risk aversion, with the Singapore dollar witnessing its biggest daily loss in three months against the greenback. This weakness in regional peers hurt the rupee as well.
The one-month onshore forward premium was at 31.00 points, lower than Monday's close of 30.75 points, and the three-month premium rose to 82.00 points from 81.25 points. The one-year premium was higher at 281.00 points compared with 280.00 points on Monday. The one-month offshore nondeliverable forward contracts were quoted at 45.60, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange all ended at 45.4100, with the total traded volume at about $10.04 billion. -Reuters
Time 5:30 14:30 15:00 15:00 17:30 17:30 17:30 17:30 17:30 19:30
Source AUD GBP EUR EUR USD USD USD USD USD USD
Source
Events
GBP EUR EUR EUR GBP USD USD USD USD
Events Housing Starts q/q Claimant Count Change CPI y/y Core CPI y/y Building Permits PPI m/m Core PPI m/m Current Account Housing Starts Crude Oil Inventories
Forecast -1.1% 1.2K 2.4% 1.1% 0.58M 0.7% 0.2% -111B 0.58M 1.8M
Previous -13.2% 2.4K 2.4% 1.1% 0.56M 0.8% 0.5% -127B 0.60M 2.5M
Actual
Forecast
Previous
DCLG HPI y/y 0.5% German ZEW Economic Sentiment 14.1 ZEW Economic Sentiment 31.0 Employment Change q/q 0.1% CB Leading Index m/m 0.4% Empire State Manufacturing Index 17.5 Import Prices m/m 1.4% TIC Long-Term Purchases 51.5B NAHB Housing Market Index 17
3.5% 16.2 34.5 0.2%
Previous Day 3.8% 15.7 29.5 0.0% 0.6% 15.4 1.3% 62.5B 16
16.2 0.9% 59.3B 17
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3959 1.4001 0.9178 0.9249 1.6052 1.6183 0.9854 0.9972 0.9896 1.0105 112.9800 114.6600 0.8699 0.8696 1.2817 1.2942 129.9200 132.5400 88.1700 88.7500 1400.1500 1429.0000
Bid 1.3957 0.9174 1.6048 0.9850 0.9892 112.9200 0.8696 1.2811 129.8600 88.1100 1399.3800
Low 1.3859 0.9165 1.5981 0.9738 0.9818 111.9900 0.8629 1.2738 129.2100 87.7200 1381.5100
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 15/03/2011 A USD GBP CAD EUR JPY O/N 0.21150 0.55688 0.96833 0.66875 SN 0.49125 1WK 0.24295 0.57750 1.00000 0.75750 0.20625 2WK 0.24595 0.58375 1.03667 0.79313 0.19625 1MO 0.25350 0.61313 1.07917 0.84750 0.15875 2MO 0.28350 0.68375 1.13750 0.97938 0.16750 3MO 0.30900 0.80563 1.20417 1.12000 0.20000 4MO 0.35050 0.88813 1.27167 1.21188 0.24688 5MO 0.40780 0.99313 1.33750 1.30938 0.30125 6MO 0.46000 1.10750 1.40000 1.43125 0.34750 7MO 0.51100 1.19125 1.48500 1.50563 0.39500 8MO 0.56125 1.27750 1.57333 1.57938 0.44438 9MO 0.60825 1.35750 1.65083 1.65625 0.49000 10MO 0.65900 1.43813 1.73917 1.72688 0.51688 11MO 0.71000 1.50688 1.82583 1.79500 0.54375 12MO 0.76850 1.57688 1.90500 1.86500 0.57125
Major Central Banks Overview Central Bank
Next Meeting
Bank of Canada Bank of England Bank of Japan Federal Reserve Swiss National Bank The Reserve Bank of Australia European Central Bank
Last Change
April 12, 2011 September 8, 2010 April 7, 2011 March 5, 2009 April 7, 2011 December 19, 2008 March 15, 2011 December 16, 2008 March 17, 2011 March 12, 2009 April 5, 2011 November 2, 2010 January 1, 2001 May 7, 2009
Current Interest Rate 1% 0.50% 0.10% 0.25% 0.25% 4.75% 1%
Division of National Bank of Pakistan (NBP) KARACHI, March 15,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.50 137.85 119.08 87.09 92.63 85.19 13.39 1.05 15.16 67.05 15.97 22.80 10.97 13.01 307.34 28.01 62.53 23.48 23.28 0.08 2.81
85.30 137.53 118.80 86.89 92.41 84.99 13.36 1.05 15.13 66.89 15.93 22.75 10.94 12.98 306.62 27.94 62.39 23.42 23.22 0.08 2.80
85.05 137.10 118.42 86.66 92.17 84.77 13.32 1.04 15.09 66.72 15.89 22.69 10.91 12.95 305.82 27.87 62.22 23.36 23.16 0.07 2.79
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for March 15, 2011
KASB
BMA
ELXIR
GSL
ICSL
13.10 13.10 13.10 13.20 13.28 13.45 13.50 13.70 13.75 14.00 14.04 14.10 14.10 14.14 14.15 14.13 14.10 14.10 14.50 14.75
13.00 13.03 13.08 13.14 13.24 13.35 13.53 13.64 13.75 14.00 14.05 14.10 14.11 14.16 14.16 14.05 14.05 14.10 14.50 14.75
13.10 13.05 13.00 13.18 13.25 13.40 13.50 13.65 13.75 14.00 14.05 14.05 14.08 14.16 14.18 14.12 14.10 14.10 14.60 14.75
13.00 12.95 13.00 13.10 13.20 13.30 13.50 13.65 13.75 13.90 14.08 14.09 14.09 14.12 14.15 14.12 14.10 14.09 14.50 14.80
13.00 13.00 13.00 13.18 13.25 13.40 13.55 13.68 13.78 13.95 14.07 14.18 14.12 14.20 14.11 14.20 14.00 14.07 14.50 14.75
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 13.05 13.00 13.00 13.10 13.27 13.45 13.55 13.65 13.75 13.95 14.07 14.10 14.11 14.17 14.12 14.08 14.07 14.10 14.40 14.70
13.04 13.02 13.03 13.15 13.25 13.39 13.52 13.66 13.76 13.97 14.06 14.10 14.10 14.16 14.15 14.12 14.07 14.09 14.50 14.75
Currencies Correlation EUR/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD
week month months months year years
-0.12 0.16 0.23 -0.06 -0.06 -0.57
0.58 0.13 0.80 0.66 0.74 0.94
-0.80 0.56 0.38 0.53 0.74 0.68
0.40 0.70 0.92 0.81 0.34 0.71
0.88 0.47 0.88 0.71 -0.13 0.38
USD/CAD USD/CHF
-0.60 -0.64 -0.31 -0.10 -0.19 -0.51
-0.69 -0.58 -0.63 0.00 -0.24 0.58
0.01 -0.39 -0.48 -0.09 0.25 0.39
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)15/03/2011 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
ABLN 12.80
13.30
12.80
13.30
12.80
13.30
13.35
13.60
13.60
13.85
13.70
14.20
13.80
14.30
14.00
14.50
JSBL
12.90
13.40
12.95
13.45
12.95
13.45
13.30
13.55
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
ASPK 12.85 CIPK
13.35
12.85
13.35
12.90
13.40
13.30
13.55
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
12.85
13.35
12.80
13.30
12.80
13.30
13.30
13.55
13.50
13.75
13.60
14.10
13.80
14.30
13.90
14.40
DBPK 12.75
13.25
12.70
13.20
12.75
13.25
13.25
13.50
13.35
13.60
13.40
13.90
13.55
14.05
13.65
14.15
FBPK 12.85
13.35
12.85
13.35
12.85
13.35
13.25
13.50
13.55
13.80
13.70
14.20
13.80
14.30
13.90
14.40
FLAH 12.90
13.40
12.90
13.40
12.85
13.35
13.30
13.55
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
HBPK 12.80
13.30
12.85
13.35
12.90
13.40
13.30
13.55
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
HKBP 12.80
13.30
12.85
13.35
12.85
13.35
13.25
13.50
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
NIPK
12.75
13.25
12.95
13.45
13.10
13.60
13.25
13.50
13.40
13.65
13.50
14.00
13.60
14.10
13.70
14.20
HMBP 12.80
13.30
12.85
13.35
12.90
13.40
13.30
13.55
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
SAMB 12.80
13.30
12.90
13.40
12.90
13.40
13.25
13.50
13.45
13.70
13.65
14.15
13.75
14.25
13.85
14.35
MCBK 12.90
13.40
12.90
13.40
12.80
13.30
13.25
13.50
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.80
13.30
12.80
13.30
12.80
13.30
13.25
13.50
13.45
13.70
13.70
14.20
13.70
14.20
13.90
14.40
SCPK 12.85
13.35
12.85
13.35
12.85
13.35
13.20
13.45
13.45
13.70
13.60
14.10
13.70
14.20
13.80
UBPL 12.85
13.35
12.85
13.35
12.85
13.35
13.30
13.55
13.50
13.75
13.65
14.15
13.80
14.30
13.90
14.40
AVE
13.33
12.86
13.36
12.86
13.36
13.28
13.53
13.49
13.74
13.63
14.13
13.75
14.25
13.86
14.36
12.83
14.30
4 Wednesday, March 16, 2011
The Financial Daily International Vol 4, Issue 129
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: 92-21-35311893-6 Fax: 92-21-35388428 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
Killers go scot free Since Thursday last nearly 40 people have been killed in various parts of the city. As usual the police has no clue of the killers and blame game continues. The deceased belong to different linguistic groups and sects making it easier to raise fingers on the opponents. Since federal interior minister was not in Pakistan, the involvement of foreign hands was not propagated this time. However, there is a growing realisation that if immediate corrective steps are not taken the situation might slip out of control. Various political parties have been demanding handing over control of the city to military. While this clearly indicates lack of confidence on police and rangers some sections are opposing the move. They say in case even if military fails to reign in the outlaws who else would be relied upon. In our view a dispassionate analyst hints towards a few root causes. Since the fingers are being raised on almost all the political parties, they have to find the solution at the earliest. One can very conveniently say that it is a tug of war among various groups for taking over control of the city. For decades various localities of the city have remained hostage to some groups but now the attempts are being made to take the entire city under control. As such residents of Karachi are fully aware of mafias that include land grabbers, drug paddlers, water tanker mafia, transporters and 'bhatta' collectors. The members of these groups speak different languages and belong to different sects but have a common objective of 'extorting maximum money from the residents'. These mafias have proliferated because of the patronisation by the political parties as well as the law enforcing agencies. Some cynics go to the extent of saying that various gangs are headed by the political activists and personnel of various agencies. One point has become very clear that restoring peace in Karachi is not possible without taking a few corrective steps. These include: 1) registration of all the aliens and issuing them computerised identity cards; 2) employing the locals (Karachiites) in police and rangers; 3) allowing movement of cars and motorcycles with Karachi number plates; 4) disallowing entry of vehicles having Middle Eastern and Afghan number plates into the city and 5) checking of vehicles and people moving after mid night. Many questions are being raised on the presence and performance of rangers in Karachi. Rangers occupy many schools and colleges of Karachi but have not been successful in containing crimes in the city. They are often called 'sitting ducks'. The common feeling is that despite enjoying enhanced powers rangers have failed in maintaining law and order in the city. There may not be any objection on handing over control of the city to military but this should be done only after police and rangers submit in writing that they have failed in restoring peace in the city.
Disclaimer:
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From Chernobyl to Fukushima Any Ukrainian over 35 can tell you where they were when they heard about the accident at the Chernobyl plant. "I remember calling my husband. There had been rumours for days about a nuclear accident. We had even hung blankets on the windows to stop radiation because we didn't know what to do," said Natalya, a 46-year-old financial analyst in Kiev, whose husband was a journalist in a daily newspaper. "He told me there had been a fire at the atomic plant in Chernobyl. That was for me the first confirmation that the reactor had collapsed," she said this week, seated at her desk in her central Kiev office. "We had no idea what to expect. It was awful." As Japan battles to prevent a meltdown at its earthquake-hit Fukushima Daini nuclear plant, the people of Ukraine are preparing to mark the 25th anniversary of the world's worst nuclear accident. The physical and financial legacies of that disaster are obvious: a 30-km uninhabited ring around the Chernobyl plant, billions of dollars spent cleaning the region and a major new effort to drum up 600 million euros ($840 million) in fresh funds that Kiev says is needed to build a more durable casement over the stricken reactor. Just as powerful are the scars that are less easily seen: fear and an abiding suspicion that despite the reassuring reports by authorities and scientific bodies people may still be dying from radiation after-effects. While debate about the health impact continues, there is little doubt people in Ukraine and neighboring Belarus carry a psychological burden. Repeated studies have found that "exposed populations had anxiety levels that were twice as high" as people unaffected by the accident, according to a 2006 United Nations report. Those exposed to radiation were also "3-4 times more likely to report multiple unexplained physical symptoms and subjective poor health than were unaffected control groups." There are, of course, crucial differences between Chernobyl and the disaster unfolding in Japan. The Chernobyl accident was the product of human error when a test was poorly executed, while the Japanese failure was triggered by an earthquake and tsunami. Chernobyl occurred in a secretive Soviet society which reformer Mikhail Gorbachev was only just opening up. The authorities embarked on an attempted cover-up and only partly admitted the truth three days later, denying themselves the chance of rapid international aid. Despite criticisms that Tokyo could be a lot more transparent, Japan's disaster has taken place in a relatively open society and international help has been quick to come. Most importantly, thick containment walls at the Fukushima Daini plant shield the reactor cores so that even if there was a meltdown of the nuclear fuel it's unlikely to lead to a major escape of dangerous radioactive clouds into the atmosphere. At Chernobyl, there was no containment structure. "When it blew, it blew everything straight out into the atmosphere," said Murray Jennex of San Diego State University. Despite those differences, though, the Chernobyl experience still contains lessons for Japan and other countries, says Volodymyr Holosha, the top Ukrainian Emergency Ministry official in charge of the area surrounding the Chernobyl
plant. "We were not ready for it -- neither technologically nor financially," Holosha told reporters in Kiev last month. "This is a priceless experience for other countries." EXPERIMENT GONE WRONG In the early hours of April 26, 1986, in the model Soviet town of Prypyat, a satellite of the much bigger Chernobyl, workers at a nuclear power plant demobilised the safety systems on the number four reactor, which had come on line only three years previously. It was a risky experiment to see whether the cooling system could still function using power generated from the reactor alone in the event of a failure in the auxiliary electricity supply. It could not. There was a massive power surge that blew off the reactor's heavy concrete and metal lid and sent smoldering nuclear material into the atmosphere. Dozens of plant staff died on the spot or immediately afterwards in hospital. Hundreds of thousands of rescue workers, including Soviet Army conscripts, were rushed to the site to put out the fires, decontaminate it and seal off the damaged reactor by building a concrete shell around it. At first, authorities denied there was a problem. When they finally admitted the truth more than a day later, many thousands of inhabitants simply picked up a few of their belongings and headed off - many of them to the capital Kiev 80 km (50 miles) to the south, never to return. Iryna Lobanova, 44, a civil servant, was due to get married in Prypyat on the day of the explosion but assumed all ceremonies would be canceled. "I thought that war had started," she told Reuters this week. "But the local authorities told us go on with all planned ceremonies." Nobody was allowed to leave the town until the official evacuation was announced on the Sunday" -- 36 hours later -- "following an order from Moscow," she said. Lobanova went ahead with her wedding -- and left the next day with her husband by train. A LEGACY OF BAD HEALTH The make-shift concrete shelter hastily thrown up in the months after the explosion is often referred to as a "sarcophagus", a funeral term made even more fitting by the fact that it houses the body of at least one plant worker who rescuers were unable to recover. The official short-term death toll from the accident was 31 but many more people died of radiation-related sicknesses such as cancer. The total death toll and long-term health effects remain a subject of intense debate even 25 years after the disaster. "(The disaster) brought suffering on millions of people," said the Emergency Ministry's Holosha. "About 600,000 people were involved in mitigating the consequences of the accident. About 300,000 of them were Ukrainians. Out of those, 100,000 are disabled now." A 2008 United Nations study cited a "dramatic increase in thyroid cancer incidence" in the Ukraine and just across the border in Belarus. Children seemed to be especially vulnerable because they drank milk with high levels of radioactive iodine. "One arrives at between 12,000 and 83,000 children born with congenital deformations in the region of Chernobyl, and around 30,000 to 207,000 genetically damaged children worldwide," German physicians' organization IPPNW said in a report in 2006. Those figures are far lower than health officials had predicted. Indeed, the UN
says that overall health effects were less severe than initially expected and that only a few thousand people had died as a result of the accident. But a 2009 book by a group of Russian and Belarussian scientists published by the New York Academy of Sciences argued that previous studies were misled by rigged Soviet statistics. "The official position of the Chernobyl Forum (a group of UN agencies) is that about 9,000 related deaths have occurred and some 200,000 people have illnesses caused by the catastrophe," authors Alexei Yablokov, Vasily Nesterenko and Alexei Nesterenko wrote in "Chernobyl: Consequences of the catastrophe for people and the Environment". "A more accurate number estimates nearly 400 million human beings have been exposed to Chernobyl's radioactive fallout and, for many generations, they and their descendants will suffer the devastating consequences." The authors argued that the global death toll by 2004 was closer to 1 million and said health effects included birth defects, pregnancy losses, accelerated aging, brain damage, heart, endocrine, kidney, gastrointestinal and lung diseases. "It is clear that tens of millions of people, not only in Belarus, Ukraine and Russia, but worldwide, will live under measurable chronic radioactive contamination for many decades," they wrote. SEALED-OFF ZONE The most severe contamination occurred within the so-called Exclusion Zone, a circular area around the power plant with a radius of 30 kilometers (19 miles) that has been deemed unsuitable for living and is closed to unsanctioned visitors. Several villages and a whole pine forest in the zone were bulldozed and buried shortly after the disaster. Other small settlements are overgrown with trees and bushes that have made the red and white brick houses barely visible. Prypyat, built to house Chernobyl power plant workers and their families and with a bright future ahead of it as a model Soviet 'atomgrad' town, had a pre-disaster population of about 50,000. Now it is a ghost town that greets its rare visitors with eerie silence. A shop building in the center is full of rubble and broken furniture -- remnants of years of looting which the government could not prevent and which spread hazardous substances across the country. A portrait of Soviet state founder Vladimir Lenin lies on the floor, covered by a thick layer of dust. FINANCIAL BURDEN The accident prompted former Socialist bloc nations to shut down reactors of the same design. But the Chernobyl plant itself kept running until 2000 when Ukraine agreed to shut it down after Kiev was promised European aid. The European Commission and international donors have since committed about 2 billion euros to projects aimed at cleaning up the area and securing the plant. Another 740 million euros remains to be raised: 600 million for the new casement and 140 million waste storage facilities. Holosha says Ukraine itself has spent much more. "Since Ukraine gained independence (after the collapse of the Soviet Union), $12 billion has been spent on dealing with the consequences (of the accident)," he said. "Most of the expenditures were linked to maintaining the exclusion zone and providing healthcare
and social assistance to those who had lived in the affected area." The key new project at the plant is the construction of the so-called New Safe Confinement -- a massive convex structure which will be assembled away from the damaged reactor and then slid into place over the existing sarcophagus. The original concrete tomb was built hastily, is supported in part by the damaged walls of the reactor building, and has already had to be reinforced. The new structure is designed to last 100 years and should allow the reactor to be dismantled without the risk of new contamination. The project requires 600 million euros ($840 million) in additional financing and is likely to miss the 2012 completion target by a few years due to problems such as radioactive debris encountered during excavation works. Ukraine hopes to raise most of the funds at an international donors conference set to take place in Kiev next month on the eve of the 25th anniversary of the grim event. Officials say Ukraine is likely to spend billions of euros on confinement upkeep costs before it finds a way to bury the reactor components, perhaps under layers of underground granite rocks. Even then the area around the plant will remain unsuitable for thousands of years. Asked how long before people can settle down and grow crops at the site, Chernobyl power plant director Ihor Gramotkin said: "At least 20,000 years." Yury Andreyev, shift chief at the plant's number two reactor on the night of the explosions and now head of a non-government body representing the interests of those who fought to control the disaster, sees no danger of the Japan drama taking on the seriousness of Chernobyl. "The scale of the destruction (in Japan), both nuclear and radiation, is 10,000 times lower that what happened to us in Chernobyl. About 30 tonnes of nuclear fuel were discharged (at Chernobyl). Here (in Japan) there was not the same discharge," he told journalists on Tuesday. POLITICAL FALLOUT Despite the scale of the Chernobyl disaster, both Ukraine and Belarus still rely heavily on nuclear energy, having no developed hydrocarbon resources. In the coming months, both plan to borrow billion of dollars from Russia to finance the construction of new reactors of Russian design. But that doesn't mean people have forgotten. Locals in Kiev, 80 km (50 miles) from Chernobyl, will still tell you that they heard no birdsong in the Spring of 1986 and that the leaves of the elegant chestnut trees that line the capital's boulevards turned yellow a month early. The disaster and the government's handling of it highlighted the shortcomings of the Soviet system with its unaccountable bureaucrats and entrenched culture of secrecy. Journalists subsequently uncovered evidence that the children of Communist apparatchiks had been evacuated well before others and some staff died at the plant because they had not been given orders to leave. Mikhail Gorbachev has since said he considered the disaster one of the main nails in the coffin of the Soviet Union which eventually collapsed in 1991. The nuclear disaster in Japan is unlikely to break the country's political system. But Tokyo should not underestimate the profound power of a nuclear meltdown -- physical and political.-Reuters
Pakistan Railways or white elephant? Iftikhar Ali Malik "A priest sees people at their best, a lawyer at their worst but a doctor sees them as they really are." Yes, to me Pakistan Railways is a sorry tale of mismanagement as if it was not the case, the situation would have not been so bad. If a person like Lalu Parasad Yadve can turn Indian Railways into a profitmaking institution then what's wrong with us. Pakistan Railways is one of the largest institutions of the country as it is the most important source of passengers and industrial goods movement across the country. It is estimated that annually 65 million or daily around 178,000 passengers travel while petroleum products, oil, wheat, coal, fertilizers, cement, sugar and thousands other items distributed through Pakistan Railways and despite all this, Pakistan Railways is facing the worst loss and in last three years it has eaten up Rs52 billion. The problems of Pakistan Railways are growing with every passing day due to lack of planning. Indian Railways is the 4th largest railway network after United States, Russia and China. A few years back, Indian Railways was on the verge of bankruptcy but today, it is the second largest profit making institution of India. In 2004, renowned Indian politician Lalu Parasad Yadav, took the charge of Railways Minister as a challenge as the situation was so pathetic that nobody was ready to accept the designation of the Railways Minister. Lalu Prasad Yadav is not very well educated but the excellence, he has shown while bringing the Indian Railway out of economic mire has no match in the South Asia. Yes, he deserve appreciation in highest terms as at present the Indian Railway is generating huge profit as compared to the year 1999-2000 when it was a total fiasco. In 1999-2000, Indian Railways Fund Balance was just Rs149 crore that was reached Rs12000 crore in the year 2005-06. In the short period of four years, Indian Railways has earned an unbelievable profit of $5.2 billion. Lalu Prasad Yadav had
not any magic lamp. It was sincerity, best planning, excellent reforms, good management and removal of corruption that brought the dream into the true. Innovation is one of the major reasons of Indian Railways development. Indian Railway Ministry had started rails reserved only for working women, best facilities for passengers had been ensured while Indian and multinational companies are using Indian Railways for their publicity. A Rail Tariff Regulatory Authority had been formed while Indian Railways had set an investment target of Rs350 billion during 2007-15. On the other side, sword of bankruptcy is hanging on the head of Pakistan Railways. If Lalu Parasad Yadav can initiate such result-oriented reforms then there is no second opinion about it that Pakistanis can do the same provided the government has the will. Both public and private sectors of Pakistan are on the same page that all the 22 Public Sector Enterprises (PSEs) that are eating up Rs3 billion annually should be restructured so that this money which is going into the drain at the moment could be utilized for the betterment of the country. First of all, government should take strict measures to make Pakistan Railways corruption-free as the menace of corruption is pushing this institution towards destruction. Here I would love to quote an incident narrated by one of my friends who happens to be a government official. According to him, he was at Karachi Railway Station for buying a ticket for Lahore but the window clerk informed him that all Lahore bound trains are packed to capacity for next twenty three days. But in the same tone, the window clerk informed him that he could arrange a ticket for him if he promises to cooperate. As long as this institution would not be purged of corruption, it is impossible to put it on the path of development therefore, Railway Ministry should take concrete measures in this regard. Rather I would suggest that a think tank comprising top notch economists and private sector representa-
tives and parliamentarians should immediately be formed to suggest and formulate a framework of turning institutions like Pakistan Railways profit generating entity. The proposed think tank should be tasked to prepare proposals including a methodology for right sizing of this institution that has grown out of proportions due to repeated political interference in the last many decades. The top ranking and experienced Railways officials should be asked to take appropriate deficit-control measures instead of the closing various rail routes. The factors behind this huge loss being faced by this institution should be identified without any further delay. Pakistan Railways should ensure the best services to its passengers that would attract the people for traveling through the rail. Railway Authorities should built public-private partnership for the improvement of railway infrastructure. It is dire need of the hour as recent past devastated flood has seriously damaged the railway infrastructure across the country. Pakistan Railways should introduce state-of-the-art wagons which will not only enhance the profit of Pakistan Railways but will also reduce the time of goods movement. When things started improve, Pakistan Railways should extend its network as only a few kilometers of track had been added since the very independence of the country. Like the Indian Railways, Pakistan Railways has the potential to become a great profitable organization but lack of planning and mismanagement are coming in the way. Pakistan Railways will have to work under a well-planned strategy otherwise it would keep falling with every passing day while the jobs of thousands people associated with PR would be at stake. A little attention could turn this white elephant into a profitable institution in true sense of the world. The writer is the Vice President of SAARC Chamber of Commerce & Industry and former President of Federation of Pakistan Chamber of Commerce & Industry.
5
Wednesday, March 16, 2011
South East Asian stocks
Japan concerns trigger selling
Europe shares fall sharply on Japan nuclear threat KSE-100 Index Opening Closing Change % Change Turnover (mn)
Japan-led worldfall de-gains Khi mkt
12,045.38 11,829.24 216.14 1.79 135.07
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,647.37 3,578.95 68.42 1.88 3.92
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,835.70 2,765.93 69.77 2.46 0.05
Nawaz Ali
Major Gainers
Symbol
Close
Change
ULEVER 4,924.31 NESTLE 3,450.34 IDYM 292.48 ILTM 200.50 CICL 88.13
73.56 47.84 12.96 9.50 4.17
Major Losers
Symbol UPFL BATA APL MTL POL
Close
Change
1,130.01 529.69 341.25 530.89 310.24
-20.99 -20.03 -13.55 -9.16 -8.89
Top 5 Volume Leaders
Symbol
Close Vol (mn)
DOL LOTPTA NCL NICL FFBL
9.19 15.78 28.29 3.09 38.57
13.91 8.87 8.42 8.20 7.33
Active Issues Plus Minus Unchanged
70 201 84
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)
6,123 626 1,020 1,317 90 3,143
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793
INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
29,078 28,293 5,596 5,885
HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) 8,779 Production (Jan 11) 1,511 Sales (Jan 11)
1,904
DEWAN FAROOQ MOTORS Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
186 113 0 23
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Feburay 4,11) 5,046,861 Advances (Feburay 4,11) 3,140,675 Investments (Feburay 4,11) 2,100,015 Spread (Feburay 4,11) 7.61%
OIL MARKETING CO (000 tons) MS (Jul 10 to Dec 10) MS (Dec 10) Kerosene (Jul 10 to Dec 10) Kerosene (Dec 10) JP (Jul 10 to Dec 10) JP (Dec 10) HSD (Jul 10 to Dec 10) HSD (Dec 10) LDO (Jul 10 to Dec 10)) LDO (Dec 10) Fuel Oil (Jul 10 to Dec 10) Fuel Oil (Dec 10) Others (Jul 10 to Dec 10) Others (Dec 10)
1,122 188 81 15 727 138 3,426 634 32 6 4,331 690 6 2
PRICES (Ex-Refinery)
Rs
MS (1 Feb 11) MS (1 Jan 11) MS % Chg Kerosene (1 Feb 11) Kerosene (1 Jan 11) Kerosene % Chg JP-1 (1 Feb 11) JP-1 (1 Jan 11) JP-1 % Chg HSD (1 Feb 11) HSD (1 Jan 11) HSD % Chg LDO (1 Feb 11) LDO (1 Jan 11) LDO % Chg Fuel Oil (1 Feb 11) Fuel Oil (1 Jan 11)
51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947
TOKYO: Pedestrians gaze at a share prices board in Tokyo.-Reuters
Biggest fall since Oct 2008
Radiation fears nuke Japan mkt TOKYO: Japan's Nikkei share average plunged 10.6 per cent on Tuesday, posting the worst two-day rout since 1987, as hedge funds bailed out after reports of rising radiation near Tokyo. Many mutual funds were left on the sidelines, leaving them poised to dump shares into any rebound. The yen tripped on talk of intervention by authorities trying to contain the economic impact from last week's devastating earthquake and tsunami, but then recovered. Government bond yields rose as investors sold debt to offset stock market losses. The scale and speed of the equity selloff forced domestic fund managers to sit on the sidelines as market volumes surged to a record for a second day running. "Even if we wanted to sell today there was very little we could do," said a manager at a Japanese fund, asking not to be named because he was not authorised to speak to the media. "We didn't sell and waited, sidelined because hedge funds were just dumping stocks in panic." At one point, the Nikkei had plunged 14 per cent after Prime Minister Naoto Kan said the risk of nuclear contamination was rising at the Fukushima
Daiichi complex on Japan's quake ravaged northeastern coast, 240 km (150 miles) north of Tokyo. The French embassy said low-level radiation could hit Tokyo within hours. Local reports of radiation rising in communities near Tokyo only stoked the sense of panic. In contrast to Monday's trading, when construction stocks rose in anticipation of revenue from rebuilding contracts, none of the 225 constituents of the benchmark Nikkei average gained on Tuesday. Shares of construction company Kajima Corp slid 13 per cent, a day after its shares surged. The broad TOPIX index of Japanese stocks has shed 16.3 per cent this week, the worst two-day losing streak since the global equity crash of October 1987. "All focus is on the nuclear crisis," said Hideyuki Ishiguro, a supervisor at Okasan Securities in Tokyo. "Foreign investors and domestic fund operators are pulling out from Japanese shares." The Nikkei share average dropped 10.6 per cent to 8,605.15, while the TOPIX share index lost 9.5 per cent to 766.73 -- both the worst singleday slides since the global selloff after the Lehman Brothers collapse in 2008.-Reuters
ANNOUNCEMENTS Company Ask.Gen.Insurance Mohd.Farooq
Period Yearly Half Yearly
Div/Bon/Right 10B -
PAT (Rs in mn) 47.42 -280.30
EPS(Rs) 2.33 -14.84
Seoul shares lose 2.4pc SEOUL: Seoul shares ended down 2.4 per cent on Tuesday, hit by worries about nuclear radiation leaks in Japan, but off an earlier loss of as much as 4.5 per cent as refining and alternative energy issues outperformed. The Korea Composite Stock Price Index (KOSPI) finished down 47.31 points at 1,923.92, managing to contain falls despite the Nikkei's 10.55 per cent drop. News Japan warned that radioactive levels had become "significantly" higher around a quake-stricken nuclear power plant on Tuesday after explosions at two reactors, sending the market to as low as 1,882.09 points. "The question now is how far the radioactive materials will spread. This concerns life and health, and has chilled market sentiment in Japan and regional neighbours," said Shinhan Investment Corp market analyst Lee Sun-yeb. "Shares were oversold as investors panicked. As long as the situation does not dramatically deteriorate, the market will bounce back." Foreign investors offloaded a net 233.1 billion won ($207.4 million) worth of stocks. Major blue chips lost ground. Samsung Electronics Co Ltd, the world's No.1 memory chip maker, fell 4.4 per cent. POSCO, the world's No.3 steelmaker, declined 3.5 per cent.-Reuters
HK, China mkts drop as Japan N-crisis heats up HONG KONG: Shares in Hong Kong and Shanghai tumbled on Tuesday as a crippled Japanese nuclear reactor exploded and sent low levels of radiation toward Tokyo, sparking heavy selling of riskier assets worldwide. The benchmark Hang Seng Index fell more than 4.5 per cent in morning trade before closing 2.9 per cent lower, with turnover on the exchange hitting its highest level in over four months. China's key stock index fell 1.4 per cent. Japanese stocks plunged 10.6 per cent, posting the worst two-day losing streak since 1987, as the country's nuclear crisis worsened. "It was a messy day. Lots of rumours flying around and as selling in Japan accelerated, that spilled over to other regions," said an equity derivatives trader in Hong Kong.
The Hang Seng found support in the afternoon R its 200-day moving average, currently at 22,314.5, after the morning's decline threatened to take out strong support at its December low around 22,400. While market players had preferred to wait and watch in the previous session, reflected in Monday's low trading volumes in Hong Kong, there was little interest in doing that on Tuesday. Volumes on index futures on the Hang Seng Index were nearly twice those seen on Monday, picking up as the Nikkei's losses rapidly accelerated as hedge funds led the worst two-day rout for Japanese shares since 1987. HSBC Holdings and China Mobile, the stocks with the heaviest weightings in the Hang Seng index, fell 2.4 per cent and 2.8 per cent, respec-
tively. SHANGHAI DOWN, PBOC MOPS UP CASH Stocks also fell in Shanghai as worries that the People's Bank of China would continue to drain funds from the financial system added to concerns about Japan. "Today is very, very terrible," said Cao Xuefeng, head of research at Huaxi Securities in Chengdu. "This market fall is related to the earthquake in Japan, but it's also because of monetary tightening policies." The financial sub-index fell 1.9 per cent, with Industrial and Commercial Bank of China Ltd , China's largest listed bank, down 0.5 per cent. China has started to revive open market operations after keeping them on hold for about four months, and could raise benchmark interest rates soon.-Reuters
KARACHI: Foreign bears tore open a hole of more than 200 points in the Karachi Stock Exchange (KSE) benchmark index on Tuesday after being panicked by an across the board fall in global stocks on fears Japan's nuclear radiation disaster might aggravate out of bounds. The benchmark KSE 100Index fell by 216 points -1.79 per cent-- to close at 11,829 points, 30-Index dropped 292 points --2.48 per cent-- to close at 11,477 points and KSE All Share Index was down by 141 points -1.69 per cent-- to close at 8,220 points. Santosh Kumar, analyst at Darson Securities said that foreign selling spurred by the unfolding nuclear disaster in Japan and Saudi troops' trespassing into unrest-crippled Bahrain hit the market really hard. It should be noted that the
global stock markets fell on fears of a potential nuclear radiation disaster in Japan and on the other side the international crude oil prices too went under $100 a barrel. Index was caught in a bearhug from the very beginning, though the start of the session was slightly positive. As the session moved ahead negative activities piled up. It was continued selling pressure across the board mainly the stocks belonging to oil, banking and fertiliser sectors that did the real damage. Therefore index breached the psychological barrier of 12,000 points and at about 12:14 PST touched its lowest level of the day at 11,768 points (-ve 276). Finally, the day ended with some pared losses due to support at lower levels. "Easeoff in the local political tension was ignored by the investors as they feared Japan tragedy could affect See # 12 Page 11
BSE Sensex gives up 1.5pc BANGALORE: Indian shares fell 1.5 per cent on Tuesday, led by the country's top car maker Maruti Suzuki and in tandem with global markets, as a widening nuclear crisis in quake-hit Japan kept investors on the edge. World stocks hit 2-½ month lows, oil fell and the yen surged on Tuesday, after reports of rising radiation near Tokyo triggered a 10-per cent fall in Japanese stocks, hurting risky assets across the board. "We are reacting to the bigger worry of regional uncertainty," said Gajendra Nagpal, CEO of
Unicon Financial. "Anyway, the sentiment was fairly fragile to start off. We have to derive comfort from the fact that we have not fallen as much as other global markets." Japan faced potential catastrophe on Tuesday after a quake-crippled nuclear power plant exploded and sent low levels of radiation floating towards Tokyo, prompting some people to flee the capital and others to stock up on essential supplies. "There is a lot of uncertainty," Arun Kejriwal, director at See # 13 Page 11
US stocks late-morning
Wall Street drops for 2nd day NEW YORK: US stocks fell 1 per cent on Tuesday as fears of a nuclear crisis in Japan fanned caution in equities and the market looked likely to extend its bearish trend. The Nasdaq briefly turned negative for the year in a second straight day of losses tied to worries about Japan. Analysts said a break below 1,257 on the S&P 500, the index's closing level for 2010, could signal deeper losses. "The near-term trend has turned bearish," said John Kosar, director of research at Asbury Research in Chicago. "If we break down through (1,257)... psychologically, that changes people's perspective on things." The S&P 500 is down 4.2 per cent since the start of the month after having rallied from early September. It is still up 21 per cent since September. But on Tuesday investors dumped stocks for the safety of government bonds and other assets. Prices of US Treasuries rose along with the Swiss franc. The CBOE VIX volatility index jumped 15 per cent after rising as much as 20 per cent. US shares seen as exposed to the Japan disaster as well as economically sensitive stocks fell sharply. Insurer American International Group Inc slid 2.8 per cent at $36.46, while aluminum producer Alcoa Inc lost 2.6 per cent at $15.70. General Electric Co dropped 3.7 per cent to $19.19 on concerns the nuclear crisis will cost the company tens of billions of dollars in lost sales and could have potential legal costs or even liability over its nuclear technology. GE has combined nuclear ventures with Japan's Hitachi Ltd. The Dow Jones industrial average was down 221.60 points, or 1.85 per cent, at 11,771.56. The Standard & Poor's 500 Index was down 24.44 points, or 1.89 per cent, at 1,271.95. The Nasdaq Composite Index was down 50.83 points, or 1.88 per cent, at 2,650.14. A Japanese nuclear power plant sent low levels of radiation toward Tokyo, prompting people to flee the capital.-Reuters
Dhiyan
MORNING DEPRESSION Salman Naqvi, Head of Sales Aba Ali Habib Securities Following the disaster in Japan, unrest in Gulf countries and political uncertainty on the local front market is expected to remain depressed where index can come down to 11,500 levels. Investors therefore should hold on to caution and wait where at dips they can utilize 30-40 per cent of their cash for investing in oil, fertiliser and selective stocks of the banking sector. Market might take a depressive opening today however support might arrive towards midday.
Syed Faran Rizvi, Technical Analyst Invisor Securities Market is likely to see a 50 per cent correction of the recent rally that moved the index from 11,077 to 12,218 points. Thusly, index, now, can come down to the 11,649 points. However this short-term correction will be healthy for the market. We recommend traders to buy near the support level of 11,649 points and invest in stocks of oil, banking, and fertiliser sectors. Political stability and approval of next tranche by IMF loan will trigger the market. It would be negative today.
6
Wednesday, March 16, 2011
Market
KSE 100 Index
Symbols
Volume
135,072,224
Value
5,678,609,614
Trades
73,340
Advanced Declined Unchanged Total
Current High Low Change
70 201 84 356
All Share Index
11,829.24 12,058.00 11,768.31 i216.14
Current High Low Change
8,220.38 8,370.98 8,177.38 i141.00
OIL AND GAS
Company
Paid up Cap(mn)
PE
Current High Low Change
KMI 30 Index Current High Low Change
11,477.61 11,769.62 11,413.24 i292.01
19,712.53 20,060.36 19,500.66 i323.99
High Low 1,500.75 1,447.95 Total cos Defaulter cos P/BV (x) ROE (%) 3.34 32.54
Open
High
Low
Close Chg
Volume
353.90 119.30 9.35 111.20 285.60 154.25 210.90 319.40 101.96 281.75 26.50 206.00
338.50 115.00 8.92 109.10 277.25 148.00 205.25 307.50 98.00 273.19 25.75 201.00
341.25 -13.55 116.56 -1.91 8.99 -0.32 110.77 -0.39 279.00 -8.28 148.73 -4.95 207.20 -3.44 310.24 -8.89 99.15 -2.43 277.27 -4.20 25.86 -1.24 203.66 -2.02
251828 677225 751261 26605 72023 542265 728181 3578866 34813 452116 2555 11021
Last 60 days High Low 401.00 146.90 12.24 141.65 335.00 185.00 229.80 341.50 122.22 317.79 36.59 222.00
321.00 98.25 8.20 99.46 254.00 144.97 190.10 277.09 83.00 265.00 25.25 186.83
% Change -2.55 5-Day High 1,518.98 5-Day Low 1,459.52
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
2011 Div BR (%) (%)
20B115.00 - 23.43 - 15.00 20B 50.00 -100.00 - 50.00 -
-
CHEMICALS
Open 696.89 Turnover 1,884 P/E (x) 5.06 Company
High Low 683.86 673.15 Total cos Defaulter cos P/BV (x) ROE (%) 1.29 25.53
Close 681.39 Listed cap 3,242.17 mn Payout (%) 11.08
Change -15.50 Market cap 11,586.41 mn Div Yield (%) 2.19
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
6.54 8.35
69.63 30.65
68.00 30.65
67.00 30.00
68.00 -1.63 30.06 -0.59
473 1411
75.72 39.45
Pak Int Cont.Terminal PNSC
63.00 30.00
Paid up Cap(mn)
Bawany Air BOC (Pak) Clariant PakSPOT Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Dynea Pak Engro Corp. LtdSPOT Engro Polymer Fatima Fertilizer Fauji Fertilizer Fauji Fert.Bin Qasim XD Ghani Gases Ltd ICI Pakistan Ittehad ChemicalSPOT Lotte PakistanSPOT Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind Sitara Peroxide United Distributors
75 250 273 1203 1996 1020 3663 94 3277 6635 22000 8482 9341 725 1388 360 15142 1106 120 214 551 92
PE
Open
High
Low
7.55 9.17 7.03 15.81 12.09 5.54 12.62 8.04 7.28 9.55 9.38 6.09 5.80 30.90 8.85 7.64 -
8.00 89.12 199.50 288.05 3.07 8.96 2.80 11.00 236.54 12.42 12.57 133.28 39.86 11.03 162.27 27.76 15.93 3.01 2.29 104.63 16.73 14.02
8.35 93.40 200.00 294.00 3.18 9.60 2.82 10.30 236.55 12.45 12.84 133.84 39.85 11.16 167.00 28.49 15.90 3.34 2.50 104.95 17.73 14.90
7.75 89.05 196.00 280.05 2.86 8.58 2.60 10.30 226.50 12.09 12.05 127.50 38.03 10.80 158.10 27.50 15.46 2.95 2.15 103.50 17.10 13.08
Close Chg 8.00 89.34 196.33 282.38 2.99 9.19 2.63 10.30 229.71 12.19 12.26 130.61 38.57 10.89 164.11 27.64 15.78 3.09 2.46 104.92 17.73 14.18
0.00 0.22 -3.17 -5.67 -0.08 0.23 -0.17 -0.70 -6.83 -0.23 -0.31 -2.67 -1.29 -0.14 1.84 -0.12 -0.15 0.08 0.17 0.29 1.00 0.16
Close 1,738.99 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 4387 2915 33228 925002 931622 13914114 2187129 5000 3680142 450473 3771827 2493078 7327634 52280 773455 10660 8874403 8197919 35641 1695 2040123 564
Change -37.38 Market cap 372,587.85 mn Div Yield (%) 5.14
10.15 103.94 213.30 294.00 3.58 9.60 3.47 11.98 238.50 15.87 12.95 157.90 43.99 13.07 167.00 36.00 16.80 3.34 2.78 131.90 17.73 14.99
6.11 82.00 163.00 178.50 2.34 6.00 2.26 10.06 189.25 11.75 9.16 108.00 34.75 10.43 138.00 23.07 13.11 1.62 1.55 90.78 11.81 8.76
% Change -2.10 5-Day High 1,776.37 5-Day Low 1,738.99
2010 Div BR (%) (%) 5 10R 60 135 25B 50 300B 15 60 20B 130 25B 65.5 175 5 5 25 5B -
2011 Div BR (%) (%) 5 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,022.39 Turnover 12,593 P/E (x) 5.14 Company
High Low 1,023.80 999.82 Total cos Defaulter cos P/BV (x) ROE (%) 0.38 7.47
Close 1,007.56 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.61
15.00 37.99
15.10 38.00
14.75 37.00
15.00 0.00 37.00 -0.99
11040 1503
Century Paper Security Paper
Change -14.83 Market cap 2,779.40 mn Div Yield (%) 4.92
Last 60 days High Low 19.69 47.70
14.50 34.00
% Change -1.45 5-Day High 1,027.45 5-Day Low 1,007.56
2010 Div BR (%) (%) 50
-
Open 1,108.28 Turnover 236,022 P/E (x) 3.78 Paid up Cap(mn)
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors XD Pak Suzuki Transmission
High Low 1,113.95 1,090.45 Total cos Defaulter cos P/BV (x) ROE (%) 0.96 25.35
PE
Open
High
Low
144 4.64 101 5.08 626 9.43 890 56 4.48 598 4.52 450 1428 786 9.52 823 11.28 117 -
70.81 190.73 136.66 2.00 183.06 23.39 3.60 10.08 221.02 61.01 1.71
71.65 194.50 137.80 2.03 187.00 23.49 3.51 10.05 221.00 61.50 1.30
70.81 189.00 134.50 1.86 180.10 22.76 3.50 9.80 216.17 60.50 1.30
Company
Paid up Cap(mn)
Bawany Sugar 87 Crescent Sugar 214 Dewan Sugar 365 Fecto Sugar 146 Habib Sugar 750 Habib-ADM Ltd 200 Hussein Sugar 121 J D W Sugar 539 Mehran Sugar XD 157 Mirpurkhas Sugar 84 National Foods 414 Nestle PakistanSPOT 453 Noon Pakistan 48 Noon Sugar 165 Quice Food 107 S S Oil 57 Tandlianwala 1177 UniLever PakistanSPOT 665 Unilever Foods 62
PE
Close Chg
Company
Paid up Cap(mn)
Crescent Steel XD Dost Steels Ltd Huffaz Pipe XD International Ind
PE
565 2.77 675 555 428.33 1199 18.79
Metro Steel
310
-
Open
High
Low
Close Chg
27.00 2.15 13.12 50.77
26.50 2.18 12.85 51.98
26.25 2.02 12.79 50.00
26.50 2.07 12.85 51.68
-0.50 -0.08 -0.27 0.91
13.51
13.99
12.51
13.92 0.41
Close 1,028.89 Listed cap 3,596.11 mn Payout (%) 30.91
Change 3.61 Market cap 9,706.95 mn Div Yield (%) 9.20
Last 60 days High Low
Volume
2010 Div BR (%) (%)
2300 6179 2150 14178
31.00 2.98 16.51 62.20
25.00 1.80 12.56 45.81
30 55
1100
14.98
7.50
-
-
-
Open
High
Open 1,004.45 Turnover 73,133 P/E (x) 2.20 Company
Paid up Cap(mn)
Pak Elektron Singer Pak Tariq Glass Ind
Close 1,104.89 Listed cap 6,768.53 mn Payout (%) 20.42
0.00 0.66 -0.88 -0.05 -0.04 -0.60 -0.09 -0.08 -1.02 0.48 -0.41
Volume 6400 12595 2603 151664 802 1116 4077 8698 5339 24149 18500
High Low 2,033.53 1,923.94 Total cos Defaulter cos P/BV (x) ROE (%) 13.13 30.30
Change -3.39 Market cap 40,801.25 mn Div Yield (%) 5.40
Last 60 days High Low 82.63 205.00 143.80 2.60 217.44 26.74 5.36 12.87 309.73 74.80 2.20
66.45 164.00 118.74 1.50 170.11 21.00 3.05 9.52 216.17 60.00 1.30
Low
Close Chg
Close 1,985.07 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Last 60 days High Low
High Low 1,016.42 994.38 Total cos Defaulter cos P/BV (x) ROE (%) 0.23 10.64
Close 996.04 Listed cap 3,763.71 mn Payout (%) 6.27
Company
Paid up Cap(mn)
High Low 883.42 846.19 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.10
PE
Open
High
Low
Al-Abbas Cement 1828 Attock Cement 866 6.27 Berger Paints 182 Cherat Cement 956 40.58 Dandot Cement 948 Dewan Cement 3891 DG Khan Cmt.LtdSPOT 3651 10.49 EMCO Ind 350 Fauji Cement 6933 5.81 Fecto Cement 502 2.00 Flying Cement Ltd 1760 Frontier Ceramics 77 Gharibwal Cement 4003 Haydery Const 32 Kohat Cement 1288 Lafarge Pakistan Cmt. 13126 Lucky Cement 3234 6.01 Maple Leaf Cement 5261 Pioneer Cement 2271 Safe Mix Concrete 200 Thatta Cement 798 938.00
2.60 51.10 16.63 9.95 1.75 1.80 24.96 1.91 4.21 7.00 1.55 2.29 6.99 0.50 6.04 3.09 68.15 2.27 6.10 5.55 18.82
2.70 50.26 16.55 10.89 1.50 1.83 24.99 2.40 4.30 6.61 1.56 2.10 6.95 0.49 6.00 3.38 69.00 2.33 6.12 5.77 18.78
2.55 49.32 16.00 9.51 1.50 1.70 24.12 1.90 4.16 6.60 1.45 2.10 6.06 0.49 5.71 2.95 66.27 2.20 5.96 5.21 18.00
Close 860.92 Listed cap 54,792.74 mn Payout (%) 19.04
PE
Open
High
Low
Close Chg
Volume
13.28 19.14 13.84
13.45 19.89 13.63
13.01 19.84 13.35
13.14 -0.14 19.14 0.00 13.55 -0.29
69520 300 3313
Close Chg
Volume
Last 60 days High Low
2.65 49.50 16.02 9.74 1.50 1.81 24.23 1.91 4.18 6.60 1.49 2.29 6.21 0.49 5.82 3.33 66.88 2.29 5.97 5.21 18.76
215839 29368 6592 12860 500 90848 3162012 5030 75701 500 72605 320 2198 5000 6121 7223937 1248327 145528 18404 5516 5700
3.88 63.90 24.16 11.50 3.49 2.55 32.30 4.00 5.35 8.00 2.13 3.40 8.80 0.99 6.95 3.88 78.44 3.18 7.45 7.95 19.19
0.05 -1.60 -0.61 -0.21 -0.25 0.01 -0.73 0.00 -0.03 -0.40 -0.06 0.00 -0.78 -0.01 -0.22 0.24 -1.27 0.02 -0.13 -0.34 -0.06
2.15 48.50 14.72 8.00 1.25 1.50 21.20 1.70 3.97 6.30 1.30 0.71 4.70 0.25 5.11 2.65 59.55 1.92 5.17 5.21 16.20
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
2011 Div BR (%) (%) -
20R 92R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 927.59 Turnover 90,857 P/E (x) 2.58 Company
High Low 933.39 907.62 Total cos Defaulter cos P/BV (x) ROE (%) 1.13 43.91
Close 920.58 Listed cap 3,043.31 mn Payout (%) 15.55
Change -7.01 Market cap 34,557.10 mn Div Yield (%) 6.02
% Change -0.76 5-Day High 927.59 5-Day Low 920.58
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
115
2.41
52.35
52.90
50.15
52.58 0.23
10592
81.49
47.80
20
25B
230 1067
Cherat Papersack ECOPACK Ltd Ghani Glass
2010 Div BR (%) (%)
2011 Div BR (%) (%) -
50R
5.30
2.27 52.41
2.38 52.45
2.15 51.00
2.32 0.05 51.00 -1.41
11725 14008
3.20 56.45
2.03 48.10
25
10B
-
-
MACPAC Films Merit Pack
389 1.97 47 16.13
6.26 28.78
7.26 29.50
6.40 28.65
7.26 1.00 29.03 0.25
40511 7162
8.15 33.80
2.50 21.50
-
-
-
-
Packages Ltd Tri-Pack Films XD
844 300
5752 1100
143.00 144.80
105.02 114.00
32.5 100
-
-
-
- 115.01 7.73 129.94
116.00 110.50 114.50 -0.51 129.70 127.50 127.52 -2.42
INDUSTRIAL ENGINEERING
Open 992.27 Turnover 14,553,753 P/E (x) 6.53 Paid up Cap(mn)
High Low 998.36 979.07 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 8.64
Company
Close 1,621.92 Listed cap 1,336.62 mn Payout (%) 131.49
(Colony) Thal Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Bilal Fibres Blessed Tex Mills Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Textile D M Textile D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Din Textile Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Idrees Textile Indus Dyeing Island Textile Khalid Siraj Kohinoor Ind Kohinoor Spinning Kohinoor Textile Mian Textile Mohd Farooq Mukhtar Textile Nishat (Chunian) Nishat Mills Olympia Textile Pak Synthetic Paramount Spinning Prosperity Ravi Textile Redco Textile Reliance Cotton Reliance Weaving Rupali Poly Safa Textile Sally Textile Sargodha Spinning Saritow Spinning Service Ind Shahtaj Textile Thal Limited Treet Corp Yousuf Weaving Zahoor Cotton Zil Limited
56 2594 840 133 4493 33 76 76 141 64 400 1150 2442 492 31 600 80 514 57 34 204 110 234 635 146 222 138 716 180 181 5 107 303 1300 1455 221 189 145 1614 3516 108 560 174 185 250 213 103 308 341 40 88 312 133 120 97 307 418 400 99 53
PE
Open
High
Volume
66
7.39
10.04
10.00
9.75
9.75 -0.29
1410
18.20
9.65
-
-
-
-
100
-
5.00
5.00
5.00
5.00
1000
6.50
5.00
-
-
-
-
5858
244.95
205.00
400
AL-Ghazi Tractor XD
215
Dewan Auto Engineering 214 213
4.71 214.65
Low
Close Chg
0.00
214.00 205.00 209.51 -5.14
2010 Div BR (%) (%)
-
2011 Div BR (%) (%)
-
-
-
0.85
1.14
1.14
0.80 -0.05
5040
1.89
0.74
-
-
-
-
8.44
9.72
9.70
9.47
9.62 -0.10
11500
13.50
8.25
-
-
-
-
58.48
60.50
57.11
-
-
-
25B325.00
-
KSB Pumps
132
7.00
Millat Tractors
366
8.18 540.05
58.48
0.00
538.10 529.15 530.89 -9.16
118 31113
2010 Div BR (%) (%)
% Change 1.04 5-Day High 1,985.07 5-Day Low 1,943.24 2011 Div BR (%) (%)
25 25B 40 7010B 12.5R 35 20B 7.50 15 20B 12 750 12 492 710 -
-
67.50
54.05
-
568.40
466.27
650
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
48.07
Total Assets (Rs in mn)
MA (10-day)
2.55
Total Equity (Rs in mn)
MA (100-day)
3.07
Revenue (Rs in mn)
MA (200-day)
3.42
Interest Expense
1st Support
2.60
Loss after Taxation
2nd Support
2.50
EPS 10 (Rs)
1st Resistance
2.75
Book value / share (Rs)
2nd Resistance
2.80
PE 11 E (x)
Pivot
2.65
PBV (x)
5,302.60 996.82 2,198.44 417.19 (720.62) (3.941) 5.45 0.49
AACIL closed up 0.05 at 2.65. Volume was 669 per cent above average (trending) and Bollinger Bands were 7 per cent wider than normal. The company's loss after taxation stood at Rs477.881 million which translates into a Loss Per Share of Rs2.61 for the half year of current fiscal year (1HFY11). AACIL is currently 22.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into AACIL (mildly bullish). Trend forecasting oscillators are currently bearish on AACIL.
Sitara Peroxide Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
79.79
Total Assets (Rs in mn)
MA (10-day)
14.16
Total Equity (Rs in mn)
MA (100-day)
12.93
Revenue (Rs in mn)
MA (200-day)
11.05
Interest Expense
2,747.78
1st Support
17.27
Loss after Taxation
2nd Support
16.87
EPS 10 (Rs)
1st Resistance
17.90
Book value / share (Rs)
3.99
2nd Resistance
18.13
PE 11 E (x)
7.64
Pivot
17.50
PBV (x)
4.45
219.69 727.02 243.27 (179.15) (3.251)
SPL closed up 1.00 at 17.73. Volume was 557 per cent above average (trending) and Bollinger Bands were 153 per cent wider than normal. The company's profit after taxation stood at Rs64.138 million which translates into an Earning Per Share of Rs1.16 for the half year of current fiscal year (1HFY11). SPL is currently 56.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into SPL (bullish). Trend forecasting oscillators are currently bullish on SPL. Momentum oscillator is currently indicating that SPL is currently in an overbought condition.
Dewan Salman Fibre Limited
Last 60 days High Low
2010 Div BR (%) (%) 17.5
12.07 17.55 12.51
10B -
% Change -0.84 5-Day High 1,007.09 5-Day Low 994.87 2011 Div BR (%) (%) - 200R
Open
High
Low
Close Chg
Volume
7.19 0.42 0.18 0.46 4.60 0.72 0.75 0.52 2.13 2.81 25.15 0.22 0.15 0.77 0.59 0.82 3.02 0.33 0.38 0.97 2.34 2.52 0.21 0.23 0.48 7.78 4.35 5.58 2.94 0.66 1.16 3.65 0.81 0.68 3.98 3.95 0.22 0.96 0.36 6.44 1.39 5.22 5.70 0.58 4.77
1.20 2.90 19.81 2.55 9.10 14.58 16.45 549.72 0.95 59.05 1.17 2.64 2.45 16.27 4.00 1.55 2.10 46.72 2.00 4.50 31.76 24.81 84.33 43.00 8.30 10.60 0.59 4.96 4.20 279.52 191.00 1.12 1.50 1.10 4.33 0.55 1.00 0.40 29.03 63.96 1.01 18.85 13.51 14.99 1.08 0.65 41.49 13.50 43.27 5.50 6.19 3.85 1.90 191.86 22.00 107.12 47.42 1.20 0.37 67.00
1.20 2.88 20.00 2.60 9.25 14.50 16.40 555.00 1.23 58.01 1.97 2.85 2.50 15.80 3.76 1.64 1.30 49.05 1.99 4.50 30.23 26.05 84.84 44.50 8.30 10.49 0.74 5.00 4.49 293.49 200.55 1.30 1.50 1.20 4.75 0.65 1.00 0.46 29.15 64.00 1.01 19.40 13.40 14.76 1.08 0.62 40.03 13.10 43.00 4.50 6.10 4.65 1.98 191.88 22.00 107.49 47.20 1.30 0.40 65.30
1.20 2.74 19.80 2.55 8.81 14.50 16.00 524.00 0.95 58.00 1.00 2.65 2.30 15.28 3.76 1.50 1.30 48.19 1.99 4.17 30.22 26.05 80.84 42.00 8.00 10.20 0.55 4.80 4.01 267.05 200.50 1.10 1.50 1.01 3.60 0.64 0.86 0.40 27.61 62.50 1.00 17.85 12.51 14.76 0.40 0.62 40.00 13.10 42.00 4.50 5.80 3.14 1.75 187.00 21.25 105.00 46.25 1.24 0.40 65.00
1.20 0.00 2.81 -0.09 20.00 0.19 2.60 0.05 9.04 -0.06 14.50 -0.08 16.09 -0.36 529.69-20.03 0.95 0.00 58.00 -1.05 1.00 -0.17 2.70 0.06 2.43 -0.02 15.29 -0.98 4.00 0.00 1.53 -0.02 1.30 -0.80 49.05 2.33 2.00 0.00 4.37 -0.13 30.22 -1.54 26.05 1.24 83.00 -1.33 43.00 0.00 8.00 -0.30 10.49 -0.11 0.55 -0.04 4.81 -0.15 4.25 0.05 292.48 12.96 200.50 9.50 1.19 0.07 1.50 0.00 1.19 0.09 4.51 0.18 0.55 0.00 0.99 -0.01 0.40 0.00 28.29 -0.74 62.87 -1.09 1.00 -0.01 18.42 -0.43 13.40 -0.11 14.76 -0.23 1.00 -0.08 0.62 -0.03 40.00 -1.49 13.10 -0.40 42.81 -0.46 4.50 -1.00 5.85 -0.34 3.18 -0.67 1.80 -0.10 188.00 -3.86 22.00 0.00 105.29 -1.83 46.40 -1.02 1.24 0.04 0.40 0.03 65.30 -1.70
1000 228622 6006 1998 3731279 600 6418 265 502 1000 654 3000 19300 1011 200 56852 2231 145360 400 28002 550 3545 4740 415 10000 5110 9370 41999 22845 160 502 5298 10000 1988 5426 196 5032 24106 8416237 1554520 1950 48742 8000 1000 52003 500 1060 10000 2896 1905 13010 1131 3510 3442 3700 3555 15467 18001 3000 3700
Change 0.34 Market cap 132,633.36 mn Div Yield (%) 2.56
Last 60 days High Low 1.75 4.68 24.59 3.00 12.84 16.60 17.00 700.00 2.00 63.70 2.20 3.76 2.97 23.99 4.00 2.10 4.00 49.05 3.20 8.90 33.69 27.66 91.00 44.62 9.23 11.00 1.10 5.20 4.95 348.10 200.55 1.69 1.98 1.74 5.95 0.75 1.79 0.88 29.15 71.89 2.20 19.90 15.49 15.44 1.80 0.99 43.30 13.79 44.40 7.00 7.94 4.65 2.89 253.00 22.05 132.00 63.30 1.99 0.87 87.90
2010 Div BR (%) (%)
0.50 2.35 30 19.11 20 1.85 7.5 8.05 9.50 12.76 20 493.50 280 0.95 46.00 50 0.77 5 2.05 2.00 15.00 15 1.99 1.20 1.20 35.00 5 1.50 2.90 25.10 20 18.90 35 56.02 70 26.37 12.5 5.02 10 6.30 10 0.25 3.31 10 3.01 10 188.01 50 99.33 50 0.25 0.75 0.30 5 3.60 0.25 0.60 0.13 21.95 15 57.20 25 1.00 8.66 8.50 10 13.10 30 0.40 0.40 35.00 20 8.60 25SD 35.25 40 4.50 3.63 10 1.55 5 1.00 186.00 18.50 45 100.51 80 44.10 1.08 0.25 50.00 35
15B 15B 10B 20B 45R 10B 20B -
% Change 0.03 5-Day High 992.61 5-Day Low 986.41 2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index
% Change -1.57 5-Day High 1,650.47 5-Day Low 1,621.92
Last 60 days High Low
Ados Pak
-
PHARMA AND BIO TECH
Change -25.92 Market cap 32,305.45 mn Div Yield (%) 17.66
Paid up Cap(mn)
AL-Khair Gadoon
Ghandhara Ind
High Low 1,643.09 1,614.13 Total cos Defaulter cos P/BV (x) ROE (%) 2.83 38.02
2011 Div BR (%) (%)
20B - 50.00 -
15.88 24.09 24.00
Close 992.61 Listed cap 47,070.70 mn Payout (%) 16.68
PE
Performance of SR Industrial Engineering Index Open 1,647.84 Turnover 56,050 P/E (x) 7.45
% Change -0.31 5-Day High 1,118.16 5-Day Low 1,104.89
PERSONAL GOODS
-
% Change -1.47 5-Day High 873.72 5-Day Low 860.92
-
Performance of SR Personal Goods Index
Company
Change -12.81 Market cap 62,156.90 mn Div Yield (%) 3.02
90 100 60 20 150 5 -
Change -8.42 Market cap 4,808.91 mn Div Yield (%) 2.85
Performance of SR Construction and Materials Index Open 873.72 Turnover 12,327,516 P/E (x) 6.29
2010 Div BR (%) (%)
Change 20.40 Market cap 286,004.53 mn Div Yield (%) 0.71
457 6.50 3.51 1100 7.15 5.05 2500 4.20 2.52 338 55.00 28.00 53421 36.30 20.25 8700 12.85 10.85 1520 12.66 8.10 1101 92.50 68.00 683 60.65 50.12 105 55.00 44.13 502 75.50 52.01 236 3695.00 2312.94 1000 27.24 20.02 1041 13.70 9.00 14000 4.00 2.10 6500 4.75 2.50 3114 44.06 34.00 195 5158.68 4005.01 281 1398.09 1005.00
1219 3.31 341 21.51 231 1.79
-
CONSTRUCTION AND MATERIALS
-
HOUSEHOLD GOODS
2011 Div BR (%) (%)
- 10.00 - 15.00 20B -
2011 Div BR (%) (%)
Performance of SR Household Goods Index
-
% Change 0.35 5-Day High 1,040.31 5-Day Low 1,019.09
70.81 191.39 135.78 1.95 183.02 22.79 3.51 10.00 220.00 61.49 1.30
5.50 5.26 5.26 5.50 0.00 0.61 6.75 6.05 6.05 6.05 -0.70 3.20 3.15 3.15 3.15 -0.05 - 36.91 35.11 35.10 36.91 0.00 8.71 21.93 22.25 21.65 21.94 0.01 6.83 11.00 11.20 11.00 11.20 0.20 2.57 8.10 9.00 8.95 8.95 0.85 1.33 75.82 75.00 74.02 75.00 -0.82 1.68 52.67 52.00 51.20 51.41 -1.26 2.90 46.46 48.50 48.39 46.46 0.00 9.62 55.78 57.24 55.00 55.00 -0.78 38.05 3402.50 3549.99 3350.02 3450.34 47.84 6.04 22.06 22.00 22.00 22.00 -0.06 1.23 11.90 11.90 10.90 11.50 -0.40 6.84 3.10 3.05 3.00 3.01 -0.09 0.25 4.00 4.25 4.00 4.00 0.00 23.46 41.64 42.00 39.61 42.00 0.36 20.02 4850.75 5091.99 4700.40 4924.31 73.56 15.91 1151.00 1204.00 1130.00 1130.01 -20.99
INDUSTRIAL METALS AND MINING High Low 1,035.74 1,007.78 Total cos Defaulter cos P/BV (x) ROE (%) 1.11 33.10
-
FOOD PRODUCERS Open 1,964.67 Turnover 97,021 P/E (x) 43.35
Performance of SR Industrial Metals and Mining Index Open 1,025.28 Turnover 25,914 P/E (x) 3.36
40 15
Performance of SR Food Producers Index
2011 Div BR (%) (%) -
2010 Div BR (%) (%)
AUTOMOBILE AND PARTS
Company
High Low 1,785.78 1,706.52 Total cos Defaulter cos P/BV (x) ROE (%) 3.33 35.00
% Change -2.22 5-Day High 696.89 5-Day Low 681.08
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index
Company
Al-Abbas Cement Industries Limited
Performance of SR Industrial Transportation Index
Close Change 1,459.52 -38.25 Listed cap Market cap 65,194.15 mn 1,093,730.01 mn Payout (%) Div Yield (%) 55.94 5.45
Attock Petroleum 691 6.17 354.80 Attock Refinery 853 4.75 118.47 BYCO Petroleum 3921 9.31 Mari Gas CompanySPOT 735 7.69 111.16 National Refinery 800 5.79 287.28 Oil & Gas Development 43009 10.06 153.68 Pak Petroleum 11950 7.58 210.64 Pak Oilfields 2365 7.15 319.13 Pak Refinery Limited 350 - 101.58 P.S.O XD 1715 4.69 281.47 Shell Gas LPG 226 - 27.10 Shell Pakistan 685 10.44 205.68
Open 1,776.37 Turnover 51,009,859 P/E (x) 9.50
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,497.77 Turnover 6,377,498 P/E (x) 10.26
KSE 30 Index
Open 905.15 Turnover 537,196 P/E (x) 6.49 Company Abbott (Lab)SPOT Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 96 306
PE
Open
7.30 88.00 5.97 89.05 16.11 80.52 7.11 25.74 4.33 11.00 6.90 163.90 5.24 60.10
High
High Low 921.47 885.04 Total cos Defaulter cos P/BV (x) ROE (%) 1.45 22.31 Low
Close Chg
88.79 86.00 87.69 -0.31 89.99 87.10 88.38 -0.67 83.25 78.50 81.86 1.34 26.00 25.25 25.66 -0.08 10.60 10.02 11.00 0.00 161.05 155.71 160.31 -3.59 60.90 59.40 60.00 -0.10
Close 908.99 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 4848 664 118244 3329 412 758 408941
Change 3.84 Market cap 30,437.21 mn Div Yield (%) 6.87
Last 60 days High Low 112.50 98.00 89.98 30.48 11.00 174.00 69.00
78.59 84.00 68.00 24.50 7.16 134.00 58.50
2010 Div BR (%) (%) 50 40 100 30
% Change 0.42 5-Day High 908.99 5-Day Low 898.78 2011 Div BR (%) (%)
20B 12.50 15B -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
43.18
Total Assets (Rs in mn)
15,343.38
MA (10-day)
2.81
Total Equity (Rs in mn)
(7,218.97)
MA (100-day)
2.59
Revenue (Rs in mn)
MA (200-day)
2.10
Interest Expense
1st Support
2.58
Loss after Taxation
2nd Support
2.48
EPS 10 (Rs)
(4.176)
1st Resistance
2.80
Book value / share (Rs)
(19.71)
2nd Resistance
2.92
PE 11 E (x)
Pivot
2.70
PBV (x)
137.50 125.73 (1,529.67)
(0.13)
DSFL closed down -0.17 at 2.63. Volume was 27 per cent below average and Bollinger Bands were 29 per cent narrower than normal. The company's loss after taxation stood at Rs498.50 million which translates into a Loss Per Share of Rs1.36 for the half year of current fiscal year (1HFY11). DSFL is currently 25.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DSFL at a relatively equal pace. Trend forecasting oscillators are currently bullish on DSFL.
TRG Pakistan Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
51.34
Total Assets (Rs in mn)
MA (10-day)
3.22
Total Equity (Rs in mn)
MA (100-day)
3.59
Revenue (Rs in mn)
MA (200-day)
3.85
Interest Expense
1st Support
3.06
Loss after Taxation
2nd Support
2.89
EPS 10 (Rs)
1st Resistance
3.42
Book value / share (Rs)
2nd Resistance
3.61
PE 11 E (x)
Pivot
3.25
PBV (x)
1,072.73 1,015.70 0.72 0.07 (1,616.83) (4.195) 2.64 1.20
TRG closed down -0.03 at 3.16. Volume was 112 per cent above average and Bollinger Bands were 70 per cent wider than normal. The company's loss after taxation stood at Rs41.79 million which translates into a Loss Per Share of Rs0.12 for the half year of current fiscal year (1HFY11). TRG is currently 17.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of TRG at a relatively equal pace. Trend forecasting oscillators are currently bullish on TRG.
BOOK CLOSURES Company
From
To
Indus Dye & Manufac Co # Fauji Cement # Al-Noor Sugar Mills # Indus Motor Habib Bank United Bank (Unconsolidated) Al-Ghazi Tractors Engro Corp (Consolidated) Nishat Mills (Unconsolidated) # Clarient Pakistan Hub Power (Unconsolidated) Janana Textile Mills # Bannu Woollen Mills # Lotte Pakistan Mari Gas Abbott Laboratories Pak Mybank Ltd American Life Insurance # Meezan Bank Rafhan Maize Prod D.G Khan Cement (Consolidated) Crescent Jute Products # Bank Alfalah
16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 16-Mar 17-Mar 17-Mar 18-Mar 18-Mar 18-Mar 18-Mar 18-Mar 19-Mar 19-Mar 19-Mar 19-Mar 19-Mar 21-Mar 21-Mar 21-Mar 22-Mar
22-Mar 22-Mar 26-Mar 25-Mar 29-Mar 29-Mar 24-Mar 31-Mar 31-Mar 25-Mar 25-Mar 25-Mar 25-Mar 24-Mar 25-Mar 28-Mar 23-Mar 25-Mar 28-Mar 29-Mar 28-Mar 27-Mar 28-Mar
D/B/R
Spot AGM/Date
50(I) 08-Mar 40(F) 08-Mar 250(F) 08-Mar 20(F),20(B) 09-Mar 135.25(B) 10-Mar 25(I) 10-Mar 5 10-Mar 23.43(I) 30(F) 11-Mar 15(B) 11-Mar 550(F) 11-Mar 20(R) 11-Mar -
24-Mar 22-Mar 25-Mar 29-Mar 29-Mar 24-Mar 31-Mar 31-Mar 25-Mar 26-Mar 26-Mar 24-Mar 29-Mar 25-Mar 25-Mar 28-Mar 29-Mar 24-Mar 28-Mar
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co. Pak Tobacco Shifa Int.Hospitals Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 3.19 98.77 102.28 32.25 19.75 2.71 41.56 2.78 22.64 1.85
High 3.44 98.49 104.75 32.5 20.44 2.97 40.91 2.94 22.81 1.85
Low Close 3.08 95.55 100.01 30.64 20.44 2.75 39.49 2.69 21.9 1.05
3.16 96 102.64 30.67 20.44 2.93 39.89 2.72 22.08 1.16
Change -0.03 -2.77 0.36 -1.58 0.69 0.22 -1.67 -0.06 -0.56 -0.69
Vol 4716371 620 306 650 2000 311036 1318 315650 453804 2001
7
Wednesday, March 16, 2011 Ask Gen Insurance
FIXED LINE TELECOMMUNICATION
Atlas Insurance
Performance of SR Fixed Line Telecommunication Index Open 1,041.97 Turnover 819,522 P/E (x) 5.61 Paid up Cap(mn)
Company
Pak DatacomSPOT Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,046.85 1,020.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.72 12.84
PE
Open
High
Low
Close Chg
78 4.97 37740 11.71 3000 1.29 8606 6175 -
47.04 17.81 2.05 2.42 3.00
47.10 17.85 2.04 2.53 3.08
45.50 17.48 1.94 2.33 2.83
45.75 17.56 1.96 2.37 2.88
-1.29 -0.25 -0.09 -0.05 -0.12
Close 1,025.67 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 4085 504918 200906 109613 307729
255
% Change -1.56 5-Day High 1,054.92 5-Day Low 1,025.67
Last 60 days High Low
2010 Div BR (%) (%)
82.39 20.65 2.48 3.27 4.65
80 17.5 1 -
45.50 17.25 1.60 2.15 2.80
369
2011 Div BR (%) (%)
- 15.00 -
-
6.03
11.00 39.89
Company
PE
Genertech 198 Hub PowerSPOT 11572 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 Kohinoor Power 126 Kot Addu Power XD 8803 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 Sitara Energy Ltd 191 Southern Electric 1367
7.32 7.33 2.97 5.24 3.08 2.43 5.41 -
Open 0.67 39.72 1.44 2.70 16.87 3.47 41.05 14.55 15.70 18.18 1.79
0.70 40.00 1.47 2.78 17.00 3.80 41.30 15.55 16.70 18.18 1.89
Low 0.70 39.20 1.30 2.60 16.86 3.80 40.41 14.30 15.45 17.21 1.70
Close Chg 0.70 39.94 1.42 2.67 16.86 3.80 40.82 15.35 16.62 17.75 1.74
0.03 0.22 -0.02 -0.03 -0.01 0.33 -0.23 0.80 0.92 -0.43 -0.05
Paid up Cap(mn)
Company
6000 728313 33852 200103 2500 14982 501843 5475686 3151277 22900 158082
Change 8.25 Market cap 106,670.96 mn Div Yield (%) 7.43
Last 60 days High Low 1.17 41.20 2.00 3.55 22.85 5.38 45.85 18.01 18.70 19.25 2.40
0.56 35.90 1.25 2.31 16.00 3.30 39.80 14.05 14.85 16.40 1.41
Close 1,420.76 Listed cap 12,202.80 mn Payout (%) 66.79
2010 Div BR (%) (%)
2011 Div BR (%) (%)
50 - 25.00 - 7.8R 15 - 10.00 50 - 30.00 20 -
-
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
20.28 25.54
20.30 25.25
19.90 24.67
20.00 -0.28 24.87 -0.67
72377 196908
29.39 27.90
19.71 20.02
% Change -2.07 5-Day High 1,486.72 5-Day Low 1,420.76
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index
Company
PE
Open
Allied Bank Ltd. XDXB 8603 5.50 58.53 Askari Bank 6427 6.57 13.94 Bank Alfalah 13492 6.96 9.17 Bank AL-HabibXDXB 8786 5.49 27.52 Bank Of Khyber 5004 3.75 4.20 Bank Of Punjab 5288 7.13 BankIslami Pak 5280 39.33 3.51 Faysal Bank 7327 4.17 13.31 Habib Bank LtdXDXB 11021 6.69 110.45 Habib Metropolitan Bank 8732 7.05 23.75 JS Bank Ltd 8150 2.61 KASB Bank Ltd 9509 1.55 MCB Bank LtdSPOT 7602 9.89 225.77 Meezan BankSPOT 6983 8.06 18.83 Mybank Ltd 5304 2.12 National Bank 13455 6.82 79.26 NIB Bank 40437 2.14 Samba Bank 14335 1.80 Silkbank Ltd 26716 2.25 Soneri Bank 6023 30.00 6.16 Stand Chart Bank 38716 9.57 9.12 Summit Bank Ltd 7251 3.05 United Bank Ltd XD 12242 6.80 60.19
High
High Low Close 1,143.45 1,102.58 1,111.84 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.08 13.94 40.49 Low
Close Chg
59.00 58.10 58.30 -0.23 14.01 13.60 13.80 -0.14 9.50 9.07 9.40 0.23 27.58 26.95 27.03 -0.49 4.37 4.15 4.24 0.04 7.18 6.88 6.92 -0.21 3.54 3.41 3.54 0.03 13.40 12.85 12.94 -0.37 111.40 106.75 107.08 -3.37 23.80 22.86 23.04 -0.71 2.77 2.50 2.70 0.09 1.57 1.47 1.48 -0.07 226.50 218.52 219.61 -6.16 19.50 18.55 19.01 0.18 2.20 2.05 2.05 -0.07 79.35 77.41 78.05 -1.21 2.18 2.05 2.10 -0.04 1.80 1.71 1.75 -0.05 2.28 2.15 2.15 -0.10 6.49 6.06 6.30 0.14 9.15 8.86 9.09 -0.03 3.08 2.93 2.98 -0.07 60.11 57.51 57.90 -2.29
Volume
Change -24.98 Market cap 669,676.61 mn Div Yield (%) 5.25
Last 60 days High Low
49009 74.00 125900 19.25 1326845 11.99 174846 39.49 46135 4.65 1373211 10.23 29672 4.50 161502 16.47 270640 131.00 380348 29.28 184005 3.16 91905 2.75 590052 250.48 36408 20.30 16789 3.40 5074099 81.78 1092828 3.35 230265 2.12 359171 3.05 44330 8.48 83123 9.90 49201 4.63 1131543 70.65
57.99 12.55 8.75 26.95 3.75 6.40 3.06 10.69 106.75 22.50 2.30 1.40 195.55 15.30 2.00 66.01 1.90 1.50 2.06 5.00 6.28 2.85 56.89
% Change -2.20 5-Day High 1,148.86 5-Day Low 1,111.84
2010 Div BR (%) (%)
2011 Div BR (%) (%)
40 10B - 10B 20 20B - 20B 65 10B - 20B - 66R 85 10B - 15B 75 25B -154.79R -63.46R 6 50 -
-
-
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 765.30 Turnover 1,222,051 P/E (x) 12.68 Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 22.76
Open 79.87
High 79.99
High Low 766.60 744.40 Total cos Defaulter cos P/BV (x) ROE (%) 0.66 5.20 Low 78.00
Close Chg 78.52 -1.35
35.47
-
20B
60.00
10
10B
-
UP TO 100 VOLUME
-
-
-
Symbols
10.17
10.15
9.65
9.97 -0.20
5926
11.99
8.90
-
-
-
-
ADAMS
36.50
35.50
35.63 -0.96
18402
45.40
32.25
-
-
-
-
Habib Insurance
400
3.11
13.13
13.20
12.50
13.07 -0.06
2482
15.50
11.72
-
-
-
-
IGI Insurance
718
8.36
99.94
98.10
97.01
97.36 -2.58
2322
102.44
88.11
30
55B
-
35
25B
New Jub Insurance
791 11.24
Pak Reinsurance PICIC Ins Ltd
83.96
88.15
84.61
88.13 4.17
8679
88.15
222
-
-
Close 753.11 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 165462
Change -12.19 Market cap 47,691.11 mn Div Yield (%) 6.27
Last 60 days High Low 96.40
71.55
% Change -1.59 5-Day High 770.45 5-Day Low 753.11
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
Open
High
Low
Close
14.25
14.49
14.49
14.25
Change
Vol
0.00
100
BUXL
9.00
8.02
8.02
9.00
0.00
100
GLPL
54.99
52.32
52.25
54.99
0.00
100
SNAI
41.00
40.50
40.50
41.00
0.00
100
-
FECM
2.75
3.05
3.05
2.75
0.00
78
63.96
63.89
62.00
63.96 0.00
64.00
56.00
-
SAZEW
23.10
22.80
22.00
23.10
0.00
77
3000 45.38
18.19
18.38
17.45
17.70 -0.49
891636
19.40
13.80
-
-
-
-
PPP
37.77
37.00
37.00
37.77
0.00
50
350 81.93
12.08
11.95
11.08
11.47 -0.61
8051
13.00
6.30
-
-
-
-
QUET
50.45
47.95
47.95
50.45
0.00
50
303
11.46
11.45
11.06
11.13 -0.33
12.93
10.10
-
SALT
-
-
FPRM
Shaheen Insurance
200
-
9.82
9.50
8.85
9.16 -0.66
971
14.20
8.85
-
-
-
25R
SGML
5.25
5.00
5.00
5.25
0.00
30
Silver Star Insurance
253
4.07
6.88
6.56
6.55
6.56 -0.32
4032
8.20
6.01
-
-
-
-
FRSM
18.92
19.49
19.49
18.92
0.00
29
United Insurance XB
400
2.47
7.25
7.87
6.75
7.53 0.28
15229
7.90
5.50
-
-
-
-
IBFL
47.06
48.25
44.82
47.06
0.00
24
BGL
2.13
2.58
2.15
2.13
0.00
Premier Insurance Reliance Insurance XB
6.02
252
4.60
6.90
7.50
7.50
Open 743.03 Turnover 10,831 P/E (x) 5.37
% Change 0.62 5-Day High 1,346.04 5-Day Low 1,334.16
Change -29.98 Market cap 31,847.24 mn Div Yield (%) 7.21
5491 11.76 8390 3.75
Paid up Cap(mn)
42.90
-10B 25R
7.50 0.60
1195 90000
7.50
-
6.20
-
-
-
-
Performance of SR Life Insurance Index
Close 1,346.04 Listed cap 95,369.29 mn Payout (%) 104.13
Volume
High Low 1,442.29 1,411.28 Total cos Defaulter cos P/BV (x) ROE (%) 1.06 11.41
Open 1,136.82 Turnover 12,872,626 P/E (x) 7.72
4159
9.51
36.59
Paid up Cap(mn)
Company EFU Life Assurance
PE
850 32.95
Open 59.23
New Jub Life InsuranceSPOT62719.63 45.98
High Low 737.66 720.52 Total cos Defaulter cos P/BV (x) ROE (%) 3.17 3.85
High
Low
Close Chg
Close 733.00 Listed cap 2,290.72 mn Payout (%) 355.53
Change -10.03 Market cap 8,661.23 mn Div Yield (%) 4.31
Last 60 days High Low
Volume
% Change -1.35 5-Day High 748.94 5-Day Low 733.00
2010 Div BR (%) (%)
2011 Div BR (%) (%)
PE
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Equities
225 1.23 360 4.00 450 17.56 3750 4.65 250 536.67 First Credit & Invest Bank Ltd 650 IGI Investment Bank 2121 9.09 Invest and Fin Sec 600 4.88 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.80 Jah Siddiq Co 7633 JOV and CO 508 787.50 JS Global Cap 500 6.97 JS Investment 1000 KASB Securities 1000 Orix Leasing 821 3.97 Pervez Ahmed Sec 775 4.08 Sec Inv Bank 514 11.56 Stand Chart Leasing 978 3.31 Trust Inv Bank 586 0.53
Open 0.61 23.80 22.08 24.03 1.63 3.25 2.04 6.04 0.55 3.10 1.66 9.14 3.30 25.25 5.42 4.52 6.01 2.09 3.30 2.65 1.98
1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba B R R Guardian Mod. Crescent St Modaraba Equity Modaraba Golden Arrow Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali Nat Bank Modaraba PICIC Energy Fund XD PICIC Growth Fund XD PICIC Inv Fund XD Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba Trust Modaraba U D L ModarabaSPOT
264 1375 4.03 210 1.89 780 1.85 200 1.32 524 1.06 760 1.47 1008 6.46 3180 2.22 1186 1.24 283 1.86 1200 2.56 184 11.50 250 6.31 1000 2.93 2835 3.74 2841 2.83 872 2.10 340 454 4.96 298 2.38 264 2.48
Open 1.60 10.10 3.30 1.70 0.57 1.75 3.25 7.47 6.04 5.03 3.00 9.00 1.19 6.25 7.35 12.48 5.23 1.00 1.33 9.95 2.20 6.36
78.09
78.05
82.13
0.00
20
15.00
15.00
16.00
0.00
20
65.56
62.55
62.55
65.56
0.00
20
TSBL
5.00
5.90
5.00
5.00
0.00
COLG
817.17
808.99
777.10
808.99
-8.18
10.35
8.75
9.36
0.00
18
10.55
10.70
10.69
10.55
0.00
15
SAIF
8.25
8.24
8.00
8.25
0.00
15
TICL
59.20
60.10
60.10
59.20
0.00
15
FDMF
2.00
2.15
1.83
2.00
0.00
MWMP
1.02
1.13
0.91
1.02
0.00
11
49.01
49.01
50.91
0.00
10
409.93
389.44
389.44
409.93
0.00
10
6.11
5.50
5.50
6.11
0.00
10
0.00
10
46.00
44.80
45.94 -0.04
6330
49.31
39.05
15
-
-
-
SHCM
13.90
12.90
12.90
13.90
SIEM
975.00
980.00
980.00
975.00
High 0.67 23.95 22.00 24.35 1.62 3.26 2.10 6.49 0.58 3.10 1.93 9.29 3.44 25.70 5.60 4.60 6.35 2.14 3.00 2.64 1.90
Low 0.52 23.50 21.10 23.11 1.60 3.26 2.00 6.05 0.46 3.03 1.52 8.85 3.10 24.27 5.40 4.45 5.61 1.94 2.61 2.45 1.90
Close Chg 0.59 23.50 21.42 23.80 1.61 3.26 2.00 6.05 0.50 3.10 1.52 8.94 3.15 24.27 5.44 4.50 5.72 1.96 2.89 2.45 1.90
-0.02 -0.30 -0.66 -0.23 -0.02 0.01 -0.04 0.01 -0.05 0.00 -0.14 -0.20 -0.15 -0.98 0.02 -0.02 -0.29 -0.13 -0.41 -0.20 -0.08
Volume 138727 30251 36179 5599629 1000 1050 17783 501 15345 3177 1006 1714788 66228 2002 74402 9134 5907 106163 7986 6893 2000
0.95 24.86 28.00 30.20 2.75 4.00 3.90 8.98 1.09 3.95 2.00 12.80 4.49 31.50 7.40 5.43 7.09 2.50 4.99 3.00 2.00
0.33 16.80 18.31 18.75 1.06 2.15 1.90 5.65 0.31 2.90 1.05 8.01 2.58 20.80 5.10 3.75 5.25 1.21 2.26 1.67 0.61
30 11.5 10 -
20B 20B 10B -
-
-
High Low 1,454.01 1,423.71 Total cos Defaulter cos P/BV (x) ROE (%) 0.40 2.21
High 1.70 10.00 3.25 1.74 0.58 1.74 3.30 7.49 5.89 5.15 2.98 8.90 1.47 5.32 7.10 12.65 5.43 1.09 1.40 9.72 2.01 7.07
Low 1.60 9.90 3.25 1.60 0.51 1.74 3.20 7.47 5.70 5.00 2.98 8.89 1.15 5.25 7.01 12.20 5.11 0.90 1.40 9.71 2.00 6.90
Close Chg 1.60 10.00 3.25 1.70 0.58 1.74 3.20 7.49 5.77 5.15 2.98 8.90 1.15 5.30 7.10 12.49 5.21 1.09 1.40 9.72 2.00 6.90
0.00 -0.10 -0.05 0.00 0.01 -0.01 -0.05 0.02 -0.27 0.12 -0.02 -0.10 -0.04 -0.95 -0.25 0.01 -0.02 0.09 0.07 -0.23 -0.20 0.54
Close 1,438.32 Listed cap 29,771.58 mn Payout (%) 104.74
Last 60 days High Low
Volume 2505 44092 500 1162 1061 1000 16020 2010 3477968 51372 3500 16500 512 500500 6000 547165 24414 2667 5000 1847 1401 10790
2.34 11.50 3.50 2.79 0.87 2.98 3.89 7.50 6.43 6.61 3.50 10.24 2.50 7.58 8.83 16.49 7.95 1.20 2.00 10.63 2.49 7.25
1.16 7.81 2.76 1.12 0.40 1.30 2.92 6.60 4.61 4.20 1.26 7.10 1.15 4.85 6.21 12.11 5.10 0.90 0.85 9.00 1.16 5.60
9.30
9.30
9.06
0.00
7
10.00
9.90
9.90
10.00
0.00
6
PGCL
17.42
18.37
18.37
17.42
0.00
5
SANSM
12.29
12.25
12.25
12.29
0.00
5
SASML
8.00
8.25
8.25
8.00
0.00
5
STCL
7.54
7.00
7.00
7.54
0.00
5
CJPL
1.00
1.05
0.82
1.00
0.00
4
255.14
255.00
242.40
255.14
0.00
4
SJTM
0.50
1.00
1.00
0.50
0.00
4
ARUJ
4.60
4.99
4.99
4.60
0.00
2
FNEL
4.95
4.00
4.00
4.95
0.00
2
NAGC
16.20
17.00
17.00
16.20
0.00
2
PAKMI
0.85
1.05
1.05
0.85
0.00
2
152.47
156.40
155.12
152.47
0.00
2
5.83
6.40
5.05
5.83
0.00
2
AGL
22.36
21.26
21.26
22.36
0.00
1
ALICO
15.02
ATEL
SHEZ SMTM
14.02
14.02
15.02
0.00
1
36.53
38.35
38.35
36.53
0.00
1
CSUML
3.57
2.80
2.80
3.57
0.00
1
DCM
1.30
1.50
1.50
1.30
0.00
1
GAIL
4.32
4.45
4.45
4.32
0.00
1
ICCT
1.07
1.39
1.39
1.07
0.00
1
JVDC
59.70
56.75
56.75
59.70
0.00
1
NATM
19.96
18.96
18.96
19.96
0.00
1
PECO
139.85
139.99
139.99
139.85
0.00
1
PMRS
39.50
37.53
37.53
39.50
0.00
1
PNGRS
4.08
5.08
5.08
4.08
0.00
1
SMBLR
0.01
0.01
0.01
0.01
0.00
1
SPLC
0.94
0.78
0.78
0.94
0.00
1
TSMF
1.49
1.37
1.37
1.49
0.00
ZAHT
5.00
5.80
5.80
5.00
0.00
18.5 5 0 1.2 17 21 5 10 2.8 15.5 10 10 20 10 3 1 17 5 12.5
Open
POL-MAR
320.29
FFBL-MAR
40.03
ENGRO-MAR 196.59
Low
320.00
308.81
Close
Change
Vol
311.41
-8.88 1288500
39.75
38.06
38.67
-1.36 1198000
196.50
188.40
191.36
-5.23 1177500
58.25
56.85
57.31
-0.97 1033000
FFC-MAR
133.64
132.99
128.01
130.77
ANL-MAR
9.18
9.30
8.90
9.06
-2.87
550500
-0.12
357000
NML-MAR
64.25
64.00
62.75
63.22
-1.03
307000
MCB-MAR
203.96
203.50
197.60
198.25
-5.71
PSO-MAR
281.98
280.30
274.99
277.96
-4.02
143000
DGKC-MAR
-
High
58.28
NBP-MARB
2011 Div BR (%) (%)
- 5.00 - 10.00 - 12.50 - 7.50 - 7.50
1 1
FUTURE CONTRACTS
% Change -1.07 5-Day High 1,463.47 5-Day Low 1,438.32
2010 Div BR (%) (%)
7
9.06
DIIL
Symbols
Change -15.51 Market cap 18,553.16 mn Div Yield (%) 9.09
0.00
STPL
LAKST
2011 Div BR (%) (%)
11
50.91
FZTM LATM
2010 Div BR (%) (%)
18
9.36
JOPP
-
Last 60 days High Low
20
IDSM
-
% Change -2.10 5-Day High 354.08 5-Day Low 339.62
20
82.13 16.00
SHJS
-
Change -7.29 Market cap 16,231.15 mn Div Yield (%) 3.98
31
ISIL
-
Close 339.62 Listed cap 30,336.44 mn Payout (%) 99.56
50
0.00
NSRM
51.31
High Low 351.88 335.05 Total cos Defaulter cos P/BV (x) ROE (%) 0.23 0.91
0.00
9.38
79.80
Open 1,453.83 Turnover 4,718,109 P/E (x) 17.91 PE
65.88
4500
Performance of SR Equity Investment Instruments Index
Company
9.01
57.99 -1.24
EQUITY INVESTMENT INSTRUMENTS
Paid up Cap(mn)
66.05
9.01
57.50
Open 346.91 Turnover 2,239,496 P/E (x) 11.47 Company
66.05
9.38
58.95
FINANCIAL SERVICES
Paid up Cap(mn)
65.88
BCL
Performance of SR Financial Services Index
Performance of SR Gas Water and Multiutilities Index
Sui North Gas Sui South Gas
12.00
-
GAS WATER AND MULTIUTILITIES Open 1,450.73 Turnover 269,285 P/E (x) 9.26
39.59 -0.30
3283
LIFE INSURANCE
High Low 1,354.54 1,317.88 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 9.35
High
39.39
11.40 0.40
6.23
279 10.01
ELECTRICITY
Paid up Cap(mn)
40.20
11.00
457
Century Insurance EFU General Insurance
Performance of SR Electricity Index Open 1,337.79 Turnover 10,295,538 P/E (x) 14.01
11.80
1250
Central Insurance XB
Change -16.30 Market cap 71,036.04 mn Div Yield (%) 11.15
4.89
190000
24.36
24.14
23.47
23.67
-0.69
139000
PPL-MAR
210.52
212.00
204.15
206.82
-3.70
136500
NCL-MAR
28.89
29.15
27.80
28.40
-0.49
115000
OGDC-MAR 153.25
152.00
148.00
148.61
-4.64
89000
LUCK-MAR
68.05
67.75
66.70
67.08
-0.97
78000
AICL-MAR
80.24
79.20
76.59
78.85
-1.39
40500
UBL-MARB
61.10
59.51
58.05
58.28
-2.82
33500
BOP-MAR PTC-MAR
7.22
7.10
6.95
6.96
-0.26
18500
17.92
17.90
17.66
17.72
-0.20
2000
NETSOL-MAR 22.89
22.26
22.26
22.26
-0.63
ABL-CMARW258.67
0.00
0.00
58.41
-0.26
ABL-CMAY
60.62
0.00
0.00
60.35
-0.27
0.00
AICL-CAPR
81.66
0.00
0.00
80.24
-1.42
0.00
AICL-CMAR
80.33
0.00
0.00
78.93
-1.40
0.00
AICL-CMARW280.06 AICL-CMAY
0.00
0.00
78.67
500 0.00
-1.39
0.00
82.72
0.00
0.00
81.28
-1.44
0.00
AKBL-CAPR 14.25
0.00
0.00
14.10
-0.15
0.00
AKBL-CMAR 14.02
0.00
0.00
13.87
-0.15
0.00
ZERO VOLUME Symbols
Open
High
Low
Close
MFFL
68.79
69.00
69.00
69.00
0.21
0.00
MOON
15.96
15.93
15.93
15.93
-0.03
0.00
SHDT
14.00
13.94
13.94
13.94
Change
-0.06
Vol
0.00
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Engro Corporation
National Bank of Pakistan
Company
Date
Atlas Honda Limited
16-Mar
Time 11:00
Pak Tobacco Comp Ltd
16-Mar
2:00
Century Insur Comp Ltd
18-Mar
10:30
Security Investment
18-Mar
4:30
The Universal Insurance Co Limited
19-Mar
Pak Gum & Chem Ltd
21-Mar
11:00
Pak International Airlines
26-Mar
10:00
11:30
TECHNICAL LEVELS Company
RSI 1st 2nd (14-day) Support 48.02 2.55 2.50 30.03 57.95 57.55 32.09 49.10 48.75 Arif Habib Corp 55.71 23.15 22.50 Arif Habib Limited 45.14 21.00 20.60 Adamjee Insurance 40.70 77.70 76.85 Askari Bank 35.36 13.60 13.40 Azgard Nine 41.92 8.80 8.60 Attock Petroleum 38.31 335.20 329.15 Attock Refinery 48.43 114.60 112.65 Bank Al-Falah 38.04 9.15 8.90 BankIslami Pak 48.34 3.45 3.35 Bank.Of.Punjab 36.42 6.80 6.70 Dewan Cement 46.21 1.75 1.65 D.G.K.Cement 39.89 23.90 23.60 Dewan Salman 43.28 2.55 2.45 Dost Steels Ltd 41.07 2.00 1.95 EFU General Insurance 41.77 35.25 34.90 EFU Life Assurance 45.39 57.35 56.70 Engro Corp 59.61 225.30 220.85 Faysal Bank 45.49 12.70 12.50 Fauji Cement 37.25 4.10 4.05 Fauji Fert Bin 36.75 37.80 37.00 Fauji Fertilizer 48.21 127.45 124.30 Habib Bank Ltd 28.42 105.40 103.75 Hub Power 59.73 39.40 38.90 ICI Pakistan 66.36 159.15 154.15 Indus Motors 19.33 217.10 214.25 J.O.V.and CO 41.62 3.00 2.90 Japan Power 43.96 1.35 1.25 JS Bank Ltd 46.46 2.55 2.40 Jah Siddiq Co 44.21 8.75 8.60 Kot Addu Power 36.56 40.40 39.95 K.E.S.C 48.43 2.60 2.50 Lotte Pakistan 52.71 15.50 15.25 Lucky Cement 47.13 65.75 64.65 MCB Bank Ltd 50.12 216.60 213.55 Maple Leaf Cement 44.53 2.20 2.15 National Bank 56.09 77.20 76.35 Nishat (Chunian) 63.51 27.55 26.80 Netsol Technologies 44.79 21.70 21.35 NIB Bank 32.15 2.05 2.00 Al-Abbas Cement
Allied Bank Limited Attock Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
45.68
Support 1
11,712.35
MA (5-day)
12,034.76
Support 2
11,595.50
MA (10-day)
11,954.96
Resistance 1
12,002.05
Fair Value
229.9
Neutral
TFD Research
245.4
Neutral
Technical Outlook
12,174.85
Technical Analysis
11,885.20
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Free Float Shares (mn) 326.94 Free Float Rs (mn) 12,610.02 ** NOI Rs (mn) 50.03 Mean 39.08
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
56.17 78.73 72.35 68.84
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
224
318.50 24,858.76 147.37 78.52
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
59.66 228.27 199.66 188.99
and Bollinger Bands were 122 per cent wider than normal.
average and Bollinger Bands were 122 per cent wider than normal.
FFBL is currently 18.5 per cent above its 200-day moving average and is NBP is currently 13.4 per cent above its 200-day moving average and is ENGRO is currently 21.6 per cent above its 200-day moving average and displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is high as compared to the average is displaying an upward trend. Volatility is high as compared to the average the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect modreflect volume flowing into and out of FFBL at a relatively equal pace. flowing into and out of NBP at a relatively equal pace. Trend forecasting erate flows of volume into ENGRO (mildly bullish). Trend forecasting oscilTrend forecasting oscillators are currently bullish on FFBL.
oscillators are currently bullish on NBP.
Brokerage House
Fair Value
Rs Recommendations
lators are currently bullish on ENGRO.
Nishat Mills Ltd
Fauji Fertiliser Co
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Hold
*Arif Habib Ltd
37
Buy
*Arif Habib Ltd
131.3
Sell
AKD Securities Ltd
322.42
Neutral
AKD Securities Ltd
38.14
Buy
AKD Securities Ltd
120.7
Reduce
TFD Research
363.65
Positive
TFD Research
36.45
Positive
TFD Research
129.4
Neutral
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
46.89 318.03 293.08 259.57
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 33,488.23 258.97 314.07
* Target price for Jun-11 & **Net Open Interest in future market
147.48 33,877.99 142.12 232.33
FFBL closed down -1.29 at 38.57. Volume was 16 per cent above average NBP closed down -1.21 at 78.05. Volume was 12 per cent above average ENGRO closed down -6.83 at 229.71. Volume was 48 per cent above and Bollinger Bands were 30 per cent wider than normal.
Dera Ghazi Khan Cement Co Ltd
Leverage Position
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
* Target price for Jun-11 & **Net Open Interest in future market
TFD Research
Technical Analysis
Sell
Technical Outlook
Technical Outlook
Leverage Position
36.56 41.96 37.27 32.54
85
AKD Securities Ltd
339
Rs Recommendations
AKD Securities Ltd
Positive
Resistance 2
*Arif Habib Ltd
Fair Value
*Arif Habib Ltd
Reduce
92.3
Pivot
Rs Recommendations
Brokerage House
Hold
75.5
TFD Research
11,677.66
Fair Value
Rs Recommendations
AKD Securities Ltd
Positive
37
10,791.05
Pakistan Oilfields Ltd
Fair Value
*Arif Habib Ltd
Accumulate
44.25
MA (200-day)
Brokerage House
Brokerage House
Sell
45.52
TFD Research
MA (100-day)
KSE 100 INDEX closed down -216.14 points at 11,829.24. Volume was 22 per cent below average and Bollinger Bands were 24 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,002.05 and 2nd resistance level at 12,174.85, while Index will continue to find its 1st support level at 11,712.35 and 2nd support level at 11,595.50. KSE 100 INDEX is currently 9.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bullish on INDEX.
Rs Recommendations
AKD Securities Ltd
*Arif Habib Ltd
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
39.91 24.69 28.27 26.65
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
200.80 4,865.50 107.80 24.58
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
48.09 128.03 126.26 116.29
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
71.45
Rs Recommendations Accumulate
78.6
Positive
Technical Outlook
Technical Outlook
Leverage Position
Fair Value
466.49 60,927.91 68.27 131.31
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
46.83 64.11 61.32 53.89
175.80 11,052.54 68.72 63.33
* Target price for Jun-11 & **Net Open Interest in future market
POL closed down -8.89 at 310.24. Volume was 62 per cent above average DGKC closed down -0.73 at 24.23. Volume was 31 per cent below aver- FFC closed down -2.67 at 130.61. Volume was 15 per cent above average NML closed down -1.09 at 62.87. Volume was 65 per cent below average and Bollinger Bands were 20 per cent wider than normal.
age and Bollinger Bands were 8 per cent wider than normal.
and Bollinger Bands were 133 per cent wider than normal.
65.82
Nishat Mills
46.82
62.25
61.60
Oil & Gas Dev. XD
32.68
146.40
144.10
PACE (Pakistan) Ltd.
42.96
2.60
2.55
Pervez Ahmed Sec
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Nimir Ind.Chemical
(consolidating) and Bollinger Bands were 5 per cent narrower than normal.
50.90
2.90
1.90
2.75
1.80
1st 2nd Resistance 2.70 2.80 59.35 50.65 24.40 25.00 21.90 22.40 79.70 80.85 14.00 14.20 9.25 9.45 350.60 359.95 118.90 121.25 9.55 9.75 3.60 3.65 7.10 7.30 1.85 1.90 24.80 25.30 2.75 2.90 2.15 2.25 36.25 36.90 58.80 59.60 235.35 240.95 13.25 13.60 4.25 4.35 39.60 40.65 133.80 137.00 110.05 113.05 40.20 40.50 168.05 171.95 221.95 223.90 3.35 3.55 1.50 1.55 2.80 2.95 9.20 9.45 41.25 41.75 2.75 2.85 15.95 16.15 68.50 70.10 224.55 229.50 2.35 2.40 79.15 80.20 29.10 29.90 22.60 23.15 2.15 2.25
Pivot 2.65
58.85
58.45
50.05
49.70 23.75 21.50 78.85 13.80 9.05 344.55 116.95 9.30 3.50 7.00 1.80 24.45 2.70 2.10 35.90 58.15 230.90 13.05 4.20 38.80 130.65 108.40 39.70 163.05 219.05 3.25 1.40 2.65 9.05 40.85 2.70 15.70 67.40 221.55 2.25 78.25 28.35 22.25 2.10
3.30
3.50
3.15
63.75
64.60
63.10
152.65 156.60 150.35 2.85 2.10
3.05 2.20
2.80 2.00
P.I.A.C.(A)
60.97
2.80
2.65
3.00
3.10
2.90
Pioneer Cement
48.08
5.90
5.85
6.10
6.20
6.00
Pak Oilfields
46.91
305.35
300.50
317.25 324.30 312.40
Pak Petroleum
48.72
204.65
202.15
210.30 213.45 207.80
Pak Suzuki
42.11
60.80
60.15
P.S.O. XD
43.28
273.05
268.85
P.T.C.L.A
37.37
17.40
17.25
Shell Pakistan
46.98
201.10
198.55
61.80
62.15
61.15
281.60 285.95 277.40 17.80
18.00
17.65
206.10 208.55 203.55
Sui North Gas
27.85
19.85
19.65
20.25
20.45
20.05
POL is currently 19.5 per cent above its 200-day moving average and is DGKC is currently 9.1 per cent below its 200-day moving average and is FFC is currently 12.3 per cent above its 200-day moving average and is NML is currently 16.7 per cent above its 200-day moving average and is
Sitara Peroxide
79.88
17.30
16.90
17.95
18.15
17.50
displaying an upward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average
Sui South Gas
51.42
24.60
24.35
25.20
25.50
24.95
Telecard
44.05
1.95
1.90
2.05
2.10
TRG Pakistan
51.22
3.00
2.85
3.40
3.60
3.25
United Bank Ltd
33.27
56.90
55.90
59.50
61.10
58.50
WorldCall Tele
40.36
2.30
2.20
2.50
2.60
2.40
volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect mod- volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of POL at a relatively equal pace. Trend forecasting flowing into and out of DGKC at a relatively equal pace. Trend forecasting erate flows of volume into FFC (mildly bullish). Trend forecasting oscilla- flowing into and out of NML at a relatively equal pace. Trend forecasting oscillators are currently bullish on POL.
oscillators are currently bearish on DGKC.
tors are currently bearish on FFC.
oscillators are currently bullish on NML.
2.00
8
Wednesday, March 16, 2011
‘Edu Emergency Pak 2011’ Report Karachi board
Commuting, a nightmare for students ISLAMABAD: More than 400 educational institutions operating in federal capital are facing shortage of buses to provide appropriate transport facility to the students. Though, many institutions have their own pick and drop arrangements, but it is not sufficient to facilitate all. A large number of students coming from out of the city reach their respective schools and colleges through private transport, which has become virtually a nightmare for them. "The students often have to face misconduct by the private transporters who often prefer not to lift them for one or the other reason," said a student Irshad Ali who has been waiting for transport for half an hour. The students belonging to poor community even could not afford going to schools or colleges by private transport. Shahid Khan, a school student said due to financial problems, he couldn't pay full fare of the bus, while transporters were not allowing them student concession. Transporters always force them to mount on the bus-tops which is risky but their is no other option for them, he added.APP
Rs100bn/yr extra must to achieve edu MDGs
KARACHI: Dr Atta-ur-Rehman giving a trophy to a meritorious student on the eve of Annual Day and Prize Distribution Function held at Defence Authority College.-Staff Photo
Learners told to live curious
KARACHI: The Annual Prize Distribution Ceremony of Defence Authority Degree College was held at the College Auditorium here on Tuesday. A two-day Annual Science Exhibition was also organized on the occasion. Renowned scientist and former Chairman Higher Education Commission, Prof Dr Atta- urRehman was the chief guest on the occasion. Addressing the gathering Dr Atta-ur-Rehman said that it is encouraging that Pakistani youth has tremendous potential and talent to progress and advance in all walks of life. He BAHAWALPUR: Board of reiterated that it was important Intermediate and Secondary to channelise and optimise the Education (BISE) has announced potential of young generation that the exams of 9th class start's from March 21 in all the schools of the district. Controller examination said that the roll number slips have been issued to the candidates for the annual examination 2011, our correspondent reported on Tuesday. He said, "The students must bring their original slips during Higher the papers, otherwise we will not ISLAMABAD: Commission allow them to sit in the exam."- Education (HEC)scholar Dr Aneela APP Zameer Durrani has completed her Post-Doctorate research from University of Minnesota, Saint Paul, USA in the field of Biological and Medical Sciences. Dr Aneela Durrani completed research under HEC PostLAHORE: Bolan cultural soci- Doctoral Fellowship ety will arrange "Bolan Programme on the topic Educational Awards" on "Borrelia Burgdorferi and other Wednesday March 16 (today) at tick-borne pathogens in wild Alhamra Centre. and domesticated animals in Provincial education minister Minnesota with reference to Mujtaba Shuja-ur-Rahman human health concerns". would be the chief guest. Dr Durrani produced six Talking to APP here on research papers during her postTuesday, secretary general of doctorate research under the the host organisation Khaleeq supervision of Prof Dr Sagar M Ahmad said, "The aim of the Goyal. event is to encourage and She chose the field of public acknowledge solid contribution health and role of ticks in emerto education in the country." gence of diseases in humans A number of students, teach- and animals. She isolated new ers and social activists will be rickettsia species in ticks from awarded on the occasion.-APP wolves that was 98 per cent
9th class exams in Bahawalpur start from 21st
through extensive funding to education sector and provision of best possible learning and research facilities. He said that the best investment for the future of the nation was to invest for the intellectual and professional development of the youth. He lamented that Pakistan was investing merely 1.2% of the GDP on education compared to 25 to 30% of GDP being spent by Malaysia. He said Malaysia has advanced tremendously because it possesses educational prowess and educated work force. Dr Atta-ur-Rehman exhorted the students to have a questioning approach in life and not to accept or believe any dogma or established principles unless
they logically understand it. He asked the students to be curious and to have curiosity and urge for learning. He said that intellectually, by challenging the veracity and logic of things, they could create new knowledge and make wonderful innovations. Earlier the Principal of Defence Authority Degree College Imran Ansari said that the College was committed to providing high quality education and had a competent faculty and necessary physical infrastructure to fulfill its mission. In the end the Chief Guest gave away the prizes and certificates to nearly 150 students for their achievements in academic and co-curricular activities.-PR
HEC scholars bring home glory, honour
Bolan Education Awards today
similar to all other rickettsia species on BLAST analysis. She identified several other pathogens that were potentially contributing to precipitous decline in Minnesota moose population. Her results helped Department of Natural Resources Minnesota for framing the control measures of these pathogens to reduce moose mortality. On successful completion of her studies, Dr Durrani has returned to Pakistan and joined the University of Veterinary and Animal Sciences, Lahore as Associate Professor. Another HEC scholar Dr Najeebullah Khan has completed his Post-Doctorate research from the University Sains Malaysia, Pulau Penang, Malaysia in the field of Social Sciences. The topic of his research was "Decentralisation, Devolution and Gender Inequalities: A
Comparative Study of Pakistan and Malaysia", under the supervision of Dr Adnan Hussein. Dr Khan produced 10 research papers during his research. The field he selected for conducting his PostDoctorate research was gender inequalities in parliament, labour force participation, education and health. He found that despite constituting half of the world population, the representation of women in the national legislature is only 18 per cent and may be regarded as marginal. Representation of women in Senate, Ministerial and Bureaucratic level of Malaysia is better than Pakistan except National Assembly, which is due to the reservation of 60 seats for women in Pakistan. Labour force participation rate of female is 20 per cent in Pakistan whereas in Malaysia the participation rate of female is 46 per cent.-APP
ISLAMABAD: An additional amount of Rs100 billion is needed every year to reach the educational Millennium Development Goals (MDGs), a 50 per cent increment on today's expenditure, revealed a report 'Education Emergency Pakistan 2011'. The report recently launched by Pakistan Education Task Force stated that Pakistan is committed to spend at least 4 per cent of the GDP on education but the budget has fallen in the recent years from 2.5 per cent in 2006-07 and 2 per cent in 2009-2010. The report added, primary and secondary schools probably receive less than 68 per cent of government expenditure in education and less than 1.5 per cent of GDP is going to public schools that are on the frontline of Pakistan's education emergency. Full primary enrollment may not be achieved before mid century, if the country's moves pace of progress remains the same. With only 23 per cent enrollment at secondary school level, Pakistan is far away from fulfilling its constitutional duty to provide all children an education up to the age of 16. Today, around 25 million children are denied of the just right of acquiring secondary education, the report said. If the provinces will provide all children with their constitutional right to education at current rate of progress, Punjab will be able to achieve MDGs in the year 2041, Sindh in 2049, Khyber Pukhtunkhwa
2064 and Balochistan in 2100. According to Unesco, 30 per cent of Pakistan's population lives in extreme educational poverty, having received less than two years of education. Half of the population of Balochistan province suffers the most extreme educational deprivation. Education in women is one of the most important investments a society can make and fewer than half of the women have ever been to school and just 35 per cent of those living in the rural areas. The report said the failure to provide education is undoubtedly the most urgent selfinflicted disaster. National data do not exist for private schools but only 36 per cent of public schools are judged to be in a satisfactory condition. Over 30,000 schools need major repairs or are in dangerous condition while 21,045 schools have no buildings at all. Literacy levels of young people are low, with 31 per cent of men and 41 per cent of women aged 15 to 24 years are unable to read or write. According to the findings, only 35 per cent of school children aged 6 to 16 can read a story while 50 per cent cannot read a sentence. 'Year 2011' has been declared as an year of education but it seems that Pakistan will not be able to achieve MDGs and comply with Article 25 A which reminds of the state responsibility of ensuring access to free education.-APP
ICAP mooters focus Risk Mgmt, Basel II KARACHI: The Southern Regional Committee of ICAP organised a seminar on "Risk Management & Basel II Deriving Value beyond Compliance" here at ICAP House, Clifton. Syed Faraz Anwer, Partner, A F Ferguson and Co, speaker at the seminar in his presentation explained about the value of implementing best risk management practices, Basel II beyond compliance and how best it can be achieved. He further highlighted the importance of change oriented culture, optimising strategic planning, improving governance, emphasising on IT architec-
ture, enhancing data platforms & quality, market risk environment and so on. The seminar was very well attended and the presentation was appreciated by the audience who raised various questions to the speaker. The Session Chairperson in the seminar, Lubna Farooq Malik, Director, Banking Surveillance Department, State Bank of Pakistan in her speech shared her thoughts on the topic. Khalilullah Shaikh thanked the speaker and the Session Chairperson for sparing their time and also the audience for their active participation.-NNI
declares HSC supplementary exams results KARACHI: The Board of Intermediate Education Karachi (BIEK) on Tuesday announced the result of HSC Part II Supplementary Examination 2010 of Science Pre-Medical Group. According to statistics, a total of 1,010 male candidates appeared in the examination and 441 were declared successful with a passing percentage of 43.00. Of the 3,175 female candidates, 1,007 were declared successful and the passing percentage was 31.72. A BIEK statement said that the marks statements will be issued in two weeks from the respective institutions.-APP
Indonesia varsity delegates visit IIUI ISLAMABAD: An Indonesian delegation comprising six members headed by Professor Dr Anas Miftah Fauzi, Vice Rector of Bogor Agriculture University, Indonesia visited the International Islamic University, Islamabad (IIUI). The delegation was received by Professor Fateh Muhammad Malik, Rector IIUI, Dr Mumtaz Ahmad, President IIUI, Dr Asad Zaman, Director General International Institute of Islamic Economics (IIIE), Gulzar Ahmed Khwaja, Senior Director and faculty members of the IIUI. The delegation was represented by Dean Faculties of Economics and Management, Head Department of Agronomy and Horticulture and other professors of the Bogor Agricultural University, Indonesia. Prof Fateh Muhammad Malik, Rector IIUI and Dr Mumtaz Ahmad President IIUI briefed them about the university, its objectives and achievements in last 25 years of its existence. Dr Mumtaz Ahmad told the delegation that the university is imparting quality education in all the fields of life. Gulzar Ahmad Khwaja gave a presentation about the Islamic University to the members of the visiting delegation. Dr Anas Miftah Fauzi also gave a presentation about the programmes and other details of his Bogor University, Indonesia. The delegation visited the International Institute of Islamic Economics of the University for seeking collaboration in the fields of Shariah Economy as part of the academic programmes of their faculties of Economics and Management. Both parties shall deliberate on signing a Memorandum of Understanding (MoU).-APP
College Reforms in Sindh Abdul Qadir Government of Sindh is presently handling 260 Colleges in Sindh having an approximate enrollment of 290,000. The total budgetary outlay is around Rs5.5 billion and there is teaching staff of over 5500. Despite this outlay and investment of billions of rupees in the capital expenditure the state of college education is in considerably dismal shape. The enrollment level may be around 290,000 but on an average less than 30% children attend classes. Leaving aside some of the centrally located colleges, many colleges have very little activity on campus grounds.
A large number of teachers work in tuition centres and pay little attention to studies in college campuses. All this is reflected in the falling standards and overall educational attainments. The declining quality of workforce is impacting the quality of productivity in all fields with serious ramifications on the state of productivity and growth in the country. With a view to gradually attend to falling standards and in order to restore the confidence of the college teaching faculty the present Government of sindh has undertaken strong and important steps. For instance in the last two years over 2200 teaching faculty and staff's promo-
tions have been finalised carrying an overall financial impact of more that Rs50 million. These promotions could not have been undertaken without improving the organisational structure of the college administration where posts were created at the BS-18 and above to facilitate such mass scale promotions never been undertaken in last more than 4 decades.
In addition, this government examined the college portfolio and realised the need for additional faculty both for the newly established colleges as well as for some existing ones. It may be seen that over 3000 new recruitment have been finalised or are under process. Moreover, over 6000 BS-4 to 14 posts have also been filled in.
Given below are some college reforms in the offing other than the above-mentioned. a) Uniformity of pay scale of Urban and Rural teaching staff for encouraging the teaching staff to serve in remote and rural areas. b) Establishment of Book Bank on nominal charges of 5% instead of providing free textbooks to students & making these attendances bound for class XII. This will facili-
tate cost effectiveness and enable the colleges to build libraries. c) There are proposals for brining in Public Private Partnership for development for market oriented faculties in some select colleges for providing greater job opportunities to the students. d) Proposals for recruitment of lecturers in the colleges on district basis. e) Proposal has been floated
to provide transport facilities in some of the remote colleges for convenience of faculty and students. f) Allocation of funds for maintenance, repair, renovation, purchase of furniture, machinery, equipment etc for the colleges which have been affected by floods Conclusion It is in this background that it is totally incomprehensible as to why is the college faculty protesting and resorting to strikes when there is absolutely no justification and there are hardly any grounds that call for such conduct. They are all senior teaching staff and it is unbecoming of such level of government servants to resort to blackmailing tactics.
9
Wednesday, March 16, 2011
Oil falls on Japan worry, pares loss on Mideast
European vegetable oil prices
Containment vessel at Japan reactor may be damaged: IAEA
ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 895.00-15.00, Apr11 895.0018.00, May11/Jul11 903.0015.00, Aug11/Oct11 910.0015.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 945.00-40.00, Aug11/Oct11 895.00-35.00, Nov11/Jan12 900.00-35.00, Feb12/Apr12 905.00-35.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1360.00-30.00, Jul11/Sep11 1360.00-35.00, Oct11/Dec11 1320.00-35.00. LINOIL: Any origin dlrs tonne extank Rotterdam Apr11/May11 1522.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Apr11/Jun11 1142.50-7.50, Jul11/Sep11 1125.00-5.00, Oct11/Dec11 1115.00. PALMOIL: RBD dlrs tonne cif Rotterdam May11/Jun11 1177.50, Jul11/Sep11 1145.00. PALMOIL: RBD dlrs tonne fob Malaysia May11/Jun11 1122.50-25.00, Jul11/Sep11 1090.00-17.50. PALM OLEIN: RBD dlrs tonne fob Malaysia May11/Jun11 1130.00-27.50, Jul11/Sep11 1097.50-20.00, Oct11/Dec11 1087.50-20.00. PALM STEARIN: Dlrs tonne fob Malaysia Apr11 1125.0015.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Mar11/Apr11 1850.00+0.00, Apr11/May11 1800.00-30.00, May11/Jun11 1780.00-20.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Mar11/Apr11 1950.00+0.00, Apr11/May11 1920.00, May11/Jun11 1890.00+70.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 2695.00+0.00. Reuters
NEW YORK: Oil prices fell on Tuesday as Japan's nuclear crisis following last week's earthquake sparked risk aversion, while unrest in Bahrain and Libya helped pull prices off lows. Japan faced a potential catastrophe after a nuclear power plant exploded and sent low levels of radiation floating towards Tokyo. The deep losses posted early were pared on reports of violent clashes in Bahrain, where Saudi Arabia sent troops on Monday, and fighting in Libya that saw further gains by forces loyal to Muammar Gaddafi's government against rebels. Brent crude futures for April delivery fell $2.96 to $110.71 a barrel at 1633 GMT, having dropped as low as $107.88, its lowest since Feb. 23. US crude futures for April delivery fell $2.17 to $99.02 a barrel, bouncing off a $96.71,
Tokyo rubber plunges on demand concerns BANGKOK: Tokyo rubber futures tumbled 12 per cent to a four-month low on Tuesday as the impact of Japan's largest-ever earthquake deepened concern about a weaker economy and demand for rubber, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery fell 31.1 yen to settle at 353.0 yen ($4.32) per kg. It fell as much as 12 per cent to an intraday low of 335.0 yen, the lowest since Nov. 4. The most active Shanghai rubber futures for May delivery fell 325 yuan to settle at 33,155 yuan ($5,046) per tonnes. TOCOM widened the trading band for rubber futures to 50 yen a kg on Monday after heavy losses following the earthquake. For rubber trading, a circuit breaker is triggered when prices swing more than 10 yen, suspending trading temporarily. The world's top rubber-producing countries, Thailand, Indonesia and Malaysia, are to hold an urgent meeting this week to seek ways to support prices, which have collapsed this month. -Reuters
the lowest price since $96.31 was hit on March 1. "It looks like the Japanese economy may be affected for a longer period than was thought last week," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. "And there was record length
and that made the market even more vulnerable to the downside." McGillian was referring to the record net-long positions in US crude as of last Tuesday reported by the US Commodities Futures Trading Commission on Friday. An explosion on Monday at the Fukushima Daiichi unit 2 in Japan "may have affected the integrity of its primary containment vessel," the UN's
International Atomic Energy Agency said. Oil demand from Japan, the world's third-largest user, is likely to decline in the short term as manufacturing and transport stall but could then rise as the country seeks to replace nuclear with oil-fired power generation during reconstruction. T h e International E n e r g y Agency (IEA) said global oil demand was likely to be lower than previously forecast in 2011 as a result of a price shock and trimmed its forecast by 10,000 barrels to 1.44 million barrels per day. Oil markets kept a close eye on developments in the Middle East where Bahrain declared martial law on Tuesday, a day after Saudi forces arrived in the Sunni-ruled kingdom following weeks of protests by the island's Shi'ite Muslim majority. -Reuters
Palm oil rebound on re-stocking JAKARTA: Malaysian palm oil futures turned positive late on Tuesday, after earlier falling to a near four-month low, as re-stocking demand continued and low prices tempted buyers, analysts said, reversing losses on worries over risks from Japan's nuclear crisis. The benchmark May 2011 crude palm oil contract on Bursa Malaysia Derivatives rose 1.5 per cent to 3,385 Malaysian ringgit ($1,114) a tonne, and hit a high at 3,420 ringgit. The contract earlier hit an intraday trough of 3,250 ringgit, its lowest level since Nov. 26. "It's a bit over-sold," said one palm oil analyst. "It is not really justified ... There is still some re-stocking going on in consuming countries." "There is probably another day of selling, then we should see some decent recovery," he added. "Now is not the time for prices to tumble below
3,000 (as) there is still a supply deficit and (increased) production won't kick off until April." Traded volume on the Malaysian benchmark stood at 18,601 lots of 25 tonnes each, compared with a twoand-a-half week high at 21,963 lots notched on Monday. ICDX's May CPO futures contract was at 9,920 rupiah per kg, compared to 9,470 rupiah per kg when it opened. Market volume was 1,648 lots of 10 tonnes each. Japan imports around 500,000 tonnes of palm oil each year. Global palm oil production was about 45 million tonnes in 2010. The port of Tokyo and other southern harbours were operating normally on Monday. In comparative vegetable oil markets, the most-active September 2011 soyoil on the Dalian Commodity Exchange traded at 9,940 yuan versus 8,898 yuan. -Reuters
Copper sinks to 3-month low LONDON: Copper fell to a three-month low on Tuesday, after a mounting emergency at a quake-stricken nuclear plant in Japan sparked a slide across financial markets in which investors abandoned investments perceived as risky. Fear of a nuclear catastrophe in Japan slammed world stock markets, shredding $1 trillion in equity valuations as investors poured money into government bonds. Oil prices dropped sharply as part of a move to risk aversion. Three-month copper on the London Metal Exchange closed at $9,118, down from $9,195 a tonne at the close on Monday. It earlier hit $8,950, the lowest since Dec. 16 2010. The metal, used in power and construction, has fallen more than $1,000 a tonne from the record $10,190 it hit last month. "The latest news about radiation leaks in Japan is very worrying and markets hate worries. They hate geopolitical worries, earthquakes, tsunami and now this is yet another level of uncertainty," said Credit Agricole analyst Robin Bhar. "Further losses are likely in
the next 24 hours because people are retreating from positions. It just all looks very grim at the moment." Tin was the worst performer, shedding about 7 per cent to a
Shanghai metals fall Shanghai's most active copper futures contract ended down 1 per cent at 68,630 yuan ($10,446), still off the three-month low of 68,250 yuan hit in the previous session., while aluminium dropped to a nine-month low of 15,640 yuan, before closing 1.3 per cent lower at 16,445 yuan. low of $27,800, and closed at $28,600. "Tin and copper appeared to have had by far the best fundamentals, and those metals that had the strongest fundamentals had the more elevated prices," said Natixis analyst Nic Brown. "While the overall outlook has not deteriorated, if
you detract from what was high expectations, there's quite a long way that those prices can fall." Worries about the political tensions in North Africa and the Middle East also eroded market sentiment. Aluminium was untraded at the close, but was last bid at $2,510 from $2,555 at the close on Monday. Inventories of aluminium rose to 4,624,925 tonnes, latest data shows, in sight of a record high of 4,640,750 tonnes hit on Jan. 20 2010. For the past week the metal used in packaging and manufacturing has widened to a contango -- a discount for cash material over the three-month contract -- of around $34 a tonne versus levels of about $20 in early February. Zinc, used in galvanizing, closed at $2,282 from $2,330 at Monday's close and battery material lead closed at $2,505 from $2,520. Nickel was $24,705 from $25,850. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for March 14 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1260
January (3rd Wednesday)
1310
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for March 14 2011
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
2375 2385 2355 2365 2345 2355 2345 2355
2499 2500 2536 2537 2613 2618 2670 2675
9205 2506 9205.5 2506.5 9234 2489.5 9235 2490 9215 2440 9225 2445 8955 2398 8965 2403
25995 26000 25960 25980 25170 25270 24270 24370
TIN
ZINC NASAAC
29790 2294.5 29795 2295 29750 2312 29775 2314 29625 2363 29675 2368 2363 2368
2481 2482 2510 2520 2565 2575 2620 2630
GAUHATI - INDIA: Laborers work at a rice warehouse in Gauhati, India. -Agencies
Softs tumble on Japan crisis LONDON: Sugar, cocoa and coffee futures tumbled on Tuesday under a wave of risk aversion prompted by Japan's deepening nuclear crisis. ICE raw sugar dropped more than 6 per cent, cocoa slid over 5 per cent and arabicas fell over 3 per cent from near multi-year peaks, dragged down by wider selling of commodities. ICE raw sugar slid below key support at 27.00 cents a lb, triggering further selling by investors, funds and producers. ICE raw sugar futures were down 1.52 cent or 5.5 per cent to 26.27 cents a lb at 1522 GMT, well below their 30-year peak of 36.08 cents a lb touched on Feb. 2, underpinned by tight supplies and low stocks. Liffe May raw sugar was down $27.90 or 4 per cent to $678.90 per tonne in reasonable volume of 7,177 lots. In the cocoa market, an extension to top producer Ivory Coast's export ban, combined with sanctions against the country and a crippled banking system are expected to underpin prices, dealers said. ICE May cocoa tumbled $150, or 4.4 per cent, to $3,239 a tonne at 1524 GMT, well below the 32-year peak hit earlier this month of $3,775 a tonne. Liffe May cocoa was down 68 pounds or 3.1 per cent to 2,116 pounds per tonne in reasonable turnover of 11,537 lots. Arabica coffee prices were caught up in the slide of commodity markets, with prices falling further from the 34-year high hit last week. ICE May arabicas were down 10.45 cent or 3.8 per cent to $2.6285 at 1526 GMT, while Liffe May robustas were down $50 or 2.1 per cent to $2,340 per tonne in moderate volume of 14,894 lots. -Reuters
BD tea falls further DHAKA: The average price of Bangladeshi teas fell 5.48 per cent to 84.78 taka ($1.18) per kg on poor quality at the last and final weekly auction of the outgoing season on Tuesday, brokers said. Some 27.42 per cent of the 1.28 million kg on offer remained unsold and were taken back to storage. Different grades were sold between 40 taka and 235 taka per kg at the auction. -Reuters
Gold slides as Japan crisis slams markets LONDON: Gold fell as much as 3 per cent on Tuesday and was on track for its biggest one-day loss since July as rising fears over Japan's nuclear crisis hit financial markets, prompting a flight to liquid assets like cash. Spot gold fell as low as $1,380.90 an ounce and was bid at $1,399.70 an ounce at 1507 GMT, against $1,426.65 late in New York on Monday. The metal
Analysts said part of the pressure on gold stemmed from investors cashing in on the metal's 8 per cent rise in the last month on the back of escalating violence in the Middle East to cover losses or margin calls on their equity holdings. "We argue that it's not unusual for gold to tumble during initial episodes of a severe broad asset sell-off," said UBS strategist
fixed at $1,400.50 at 1500 GMT. US gold futures for April delivery were down $24.60 an ounce to $1,400.30. "The markets were probably overly short on cash," said Commerzbank analyst Eugen Weinberg. "High risk aversion is prompting the taking off of any risk. Even if it doesn't seem logical to move away from gold in the current situation, risk aversion is telling many market participants that cash is king." But while gold may fall further if the current market unrest continues, he said, in the longer term weakness is unlikely to persist. "Given low interest rates and extremely low real interest rates, it might be a good buying environment for gold."
Edel Tully in a note. "Investors sometimes have little choice but to sell the yellow metal to cover margin calls and losses elsewhere." Other precious metals were also hammered, with silver tumbling more than 6 per cent to a low of $33.56 an ounce, before edging back to $34.66 an ounce against $35.85. Platinum prices shed 3.5 per cent, falling to their lowest since mid-December at $1,687.99 an ounce. They were later at $1,696.74 an ounce against $1,749.99. Palladium fell as much as 7.5 per cent to $684.50 an ounce, its fifth day of losses and its longest losing streak since early August. It was later at $698 against $740. -Reuters MUMBAI: India spot sugar prices were steady in the domestic market as lower demand balanced the lower supply from mills, dealers said. "We are expecting some announcement on sugar exports fell,' Keith Brown of Georgia- from the government by the end of this week, which could based Keith Brown and Co. The next bit of information push prices up," said Ashok which will provide direction for Jain, president Bombay Sugar cotton futures would be the Merchant Association. In Kolhapur, a key market in USDA's potential plantings data top producing Maharashtra on March 31. That is the first government state, the most traded S-variety survey of likely plantings for closed up by 0.22 per cent to major row crops like cotton, corn, 2,666.55 rupees ($59.2) per soybeans and wheat in 2011. 100 kg. Sugar contract for April Estimated volume traded Monday stood at about 16,000 delivery on India's National lots, about 50 per cent below the Commodity and Derivatives 30-day norm, Thomson Reuters Exchange (NCDEX) closed up by 0.21 per cent at 2,824 rupees preliminary data showed. Open interest in the market, an per 100 kg. Mills are also supplying less indicator of investment exposure in cotton, stood at 174,908 lots hoping for better prices after as of March 11, compared with the exports announcement. 175,025 lots in the previous ses- This is restricting a steep sion, data from ICE Futures US decline despite low demand, Jain said. -Reuters showed. -Reuters
Indian sugar flats
US cotton limits down on Japan worries NEW YORK: US cotton futures settled the daily limit down on Monday, falling for the fourth time in the past five sessions, as uncertainty related to Japan's nuclear crisis triggered a commodity sell-off. The key May cotton contract on ICE Futures US lost 7 cents to finish at $1.9794 per lb, trading from $1.9794 to $2.0683. Last week, the market lost 3.7 per cent, the first weekly loss for cotton futures in 9 weeks. Pent-up selling also weighed down on the cotton market, which ended higher on Friday in light volume despite Japan's news. 'There is a belief that the planting intention number coming out at the end of month may be higher than expected, which partly explained why cotton
National Commodity Exchange Ltd Trading Summary Date
Commodity
15-Mar-2011 CRUDE100 15-Mar-2011 CRUDE100 15-Mar-2011 CRUDE100 15-Mar-2011 SILVER - SL500 15-Mar-2011 SILVER - SL500 15-Mar-2011 GOLD 01oz 15-Mar-2011 GOLD 01oz 15-Mar-2011 GOLD 01oz 15-Mar-2011 GOLD 100oz 15-Mar-2011 GOLD 100oz 15-Mar-2011 GOLD 100oz 15-Mar-2011 GOLD 15-Mar-2011 GOLD 15-Mar-2011 GOLD 15-Mar-2011 KILOGOLD 15-Mar-2011 KILOGOLD 15-Mar-2011 TOLAGOLD50 15-Mar-2011 TOLAGOLD100 15-Mar-2011 MINIGOLD 15-Mar-2011 MINIGOLD 15-Mar-2011 MINIGOLD 15-Mar-2011 MINIGOLD 15-Mar-2011 MINIGOLD 15-Mar-2011 TOLAGOLD 15-Mar-2011 TOLAGOLD 15-Mar-2011 TOLAGOLD 15-Mar-2011 TOLAGOLD 15-Mar-2011 TOLAGOLD 15-Mar-2011 IRRI6W 15-Mar-2011 RICEIRRI - 6 15-Mar-2011 RBD PALMOLEIN 15-Mar-2011 KIBOR3M 15-Mar-2011 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 AP11 MY11 AP11 MY11 JU11 AP11 MY11 JU11 MA11 AP11 MY11 MA11 AP11 MA11 MA11 MON TUE WED THU FRI MON TUE WED THU FRI 17MA11 MA11 MA11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
99.59 100.94 101.36 36.18 35.90 1428.10 1429.00 1429.50 1426.00 1426.00 1430.00 39225.00 39300.00 39337.00 39240.00 39294.00 45819.00 45819.00 40419.00 40360.00 40375.00 40389.00 40404.00 47091.00 46673.00 46571.00 47097.00 47075.00 3314.00 3311.00 5172.00 86.39 85.89
101.67 102.71 101.36 36.24 36.25 1430.20 1431.00 1431.90 1429.80 1428.20 1430.00 39360.00 39350.00 39337.00 39283.00 39294.00 45819.00 45819.00 40419.00 40360.00 40375.00 40389.00 40404.00 47185.00 46706.00 46900.00 47099.00 47075.00 3330.00 3329.00 5250.00 86.41 85.90
96.79 98.25 99.01 34.26 34.28 1396.00 1396.30 1397.00 1396.90 1397.30 1415.30 38928.00 38954.00 38422.00 39240.00 38380.00 44753.00 44753.00 39478.00 39521.00 39435.00 39449.00 39464.00 45383.00 45433.00 45333.00 45350.00 45367.00 3314.00 3311.00 5172.00 86.39 85.89
97.42 98.41 99.01 34.29 34.30 1396.60 1397.30 1397.90 1396.60 1397.30 1397.30 38396.00 38407.00 38422.00 38369.00 38380.00 44753.00 44753.00 39478.00 39521.00 39435.00 39449.00 39464.00 45383.00 45433.00 45333.00 45350.00 45367.00 3330.00 3329.00 5250.00 86.41 85.90
Traded Volume in lots 590 274 363 46 1,786 3,801 2,105 22 8 12 8 1 12 19 30 7 10 -
Previous Settlement Price 100.38 101.34 101.92 35.82 35.83 1424.70 1425.40 1426.10 1424.70 1425.40 1426.10 39198.00 39209.00 39223.00 39170.00 39181.00 45687.00 45687.00 40290.00 40334.00 40246.00 40260.00 40275.00 46329.00 46380.00 46279.00 46295.00 46312.00 3314.00 3311.00 5172.00 86.39 85.89
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 97.42 79 98.41 18 99.01 34.29 45 34.30 10 1396.60 1,186 1397.30 1,876 1397.90 1,287 1396.60 10 1397.30 1397.90 5 38396.00 9 38407.00 96 38422.00 38369.00 1 38380.00 44753.00 44753.00 39478.00 39521.00 39435.00 39449.00 39464.00 45383.00 6 45433.00 19 45333.00 25 45350.00 14 45367.00 3330.00 3329.00 5250.00 86.41 85.90 -
Australia's defender Sasa Ognenovski (L) jumps for a header next to Iraq's midfielder Hawar Mulla Mohammed during their 2011 Asian Cup quarter-final football match.
10
Wednesday, March 16, 2011
Swann defiant despite ICC fine CHITTAGONG: Graeme Swann has apologised for his behaviour during England's two-wicket defeat against Bangladesh at Chittagong on Friday, but still believes the ICC was wrong to fine him 10% of his match fee, as he described the decision to play a day/night match in such dewheavy conditions as "ludicrous". On a low and spin-friendly surface, Swann's offbreaks were expected to be one of England's key weapons as they set about defending a belowpar total of 225. However, on a ground that was hosting its first day/night fixture, it soon became clear that the earlyevening dew would be a significant factor, with the wet conditions leading to three ballchanges in the course of Bangladesh's innings. "I was wrong to swear and lose my temper during England's defeat against Bangladesh and I apologised straightaway to umpire Daryl Harper," Swann wrote in his column in The Sun. "But I think it was ludicrous to play a day/night match in the World Cup that was so heavily influenced by the dew. The ball was so wet it was like trying to bowl with a bar of soap." -Reuters
ICC holds ODI for sports journos COLOMBO: International Cricket Council (ICC) announces to organise one day cricket event for sports journalists and media persons which are covering the ongoing cricket world cup 2011 in Sri Lanka. According to ICC media manager Brian Murgatroyd, the event will be held on Wednesday (today) at Nondescripts Cricket Club (NCC), Colombo where four teams including International Media, Sri Lankan Media, ESPN Star Sports and ICC Cricket World Cup local organising committee will take part in the one day event. He said that media cricket day event will provide some healthy activity for sports journalists and media persons, where International media team will represent foreign sports journalists including Pakistan, India, Australia and others. Brain told that the opening match will play between International Media and Sri Lankan media. "ESPN Star Sports and ICC Cricket World Cup local organising committee will compete in the second match while winners of both matches will fight in the final and losers of both matches will play for the third position match".-Reuters
KMDC defeat ZMU in T20 KARACHI: Karachi Medical & Dental College (KMDC) Cricket Team defeated Ziauddin Medical University (ZMU) Team by 44 runs and won their 1st round match of 9th AKU All Karachi Medical College T-20 Cricket Tournament yesterday at the AKU Sports Centre Cricket Ground. Man of the Match: Faizan Nihal of KMDC (22 runs off 16 balls and 1/13 wkts).
Ponting happy with Tait’s wayward brilliance
Duminy anchors SA into last eight KOLKATA: JP Duminy agonisingly missed out on his first World Cup hundred by a run but his sparkling effort propelled South Africa into the quarter-finals with a crushing 131-run win over Ireland on Tuesday. The 273-run target proved a bit too steep for the Irish as they never recovered from a couple of early jolts, and were ultimately shot out for a paltry 141. South Africa became the first team from Group B to reach the last eight. Speedster Morne Morkel and spinner Robin Peterson picked up three wickets apiece as South Africa made regular inroads to block Irish hopes of an upset. Duminy also chipped in with a wicket with his part-time off-spin but it was definitely not enough to compensate his missing a deserved hundred while unselfishly trying to gather more runs for his team. In the last over of the South African innings, the left-hander, on 99, skied the ball as Ireland's John Mooney ran back to complete a stunning catch to deny him the century. On a cloudy day at Eden Gardens, the Proteas were struggling on 117 for five before the left-handed duo of
Aussie skipper wants wickets from spinners COLOMBO: Ricky Ponting wants more from his spinners after they again failed to take a wicket during the 60-run win over Kenya in Bangalore on Sunday. Jason Krejza has not taken a wicket since Australia's first match of the World Cup, against Zimbabwe, while Steven Smith has managed only one for the tournament, on pitches that have generally provided some turn. Coming in to their title defence, Australia knew their pace attack was their strength, and were relying on Shaun Tait, Brett Lee and Mitchell Johnson to do the bulk of the damage. But after three victories and a washout, the pace bowlers have combined for 21 wickets at an average of 21.76, while Australia's slow bowlers have only four wickets at 74.75. Against Kenya, Krejza and Smith were easily chipped around for runs during the middle overs, and it was a familiar trend after Sri Lanka and New Zealand also had little trouble handling the spin. That could become an issue in the knockout stages of the tournament, especially if the Australians find themselves up against quality handlers of spin, like India.-Reuters
Duminy and World Cup debutant Colin Ingram steadied the ship with a 87-run partnership off 79 deliveries. Duminy (99 off 103 balls) then combined with Johan Botha and added 65 runs for the seventh wicket to take South Africa to a competitive 272 for seven. Ireland, who have impressed all in the World Cup with their dogged performance, picked up regular wickets with some smart bowling and electric ground fielding, after opting to bowl first. The run-outs of Graeme Smith (7) and Jacques Kallis (19) and the early dismissal of Hashim Amla (18) put the South African middle-order, without the injured AB de Villiers, under stern test. Wicketkeeper Morne van Wyk, who was promoted to number three, survived two dropped chances for a 41-ball 42 and took good advantage of the fielding restrictions to hit seven boundaries and one six. The Irish spinners -- George Dockrell and Paul Stirling -were the most impressive as they stifled South Africa, giving away just 82 runs between their 20 overs, while picking up two wickets. Reuters
CALCUTA: Ireland's John Mooney, right, bats as South Africa's wicket keeper Morne van Wyk, center, and captain Graeme Smith look on during a Cricket World Cup match between South Africa and Ireland.-Reuters
Canadian Davison to retire after Aussie game COLOMBO: John Davison, the Canada allrounder who in 2003 broke the record for the fastest World Cup century, has announced his retirement. Davison, 40, was born in Canada but has lived nearly all his life in Australia, and he will finish his career with Wednesday's match against the Australians, the first time he has had the chance to play against his home country. "It's pretty fitting that it is against Australia," Davison said on the eve of the match in Bangalore. "I've lived all my life there. I was never quite good enough to get a game for them. It will be a great experience to play against them. There's some guys in the team who I've had a fair bit to do with, playing against or coaching. So it would be nice to have a good showing against them."-Reuters
Eng in last chance saloon against WIndies NEW DELHI: Silencing Kieron Pollard will be winning half the battle when England, the architects of their own predicament, take on West Indies in Thursday's must-win World Cup Group B match in Chennai. The team that contributed much of the drama to bring alive the showpiece tournament are now staring at a premature exit, paying the price for showing the kind of spectacular inconsistency that Pakistan were notorious for in the past. Andrew Strauss's men flirted with danger, tying their match with India and falling victims of giant-killing acts by Ireland and Bangladesh to find that they are no more the masters of their destiny in the tournament. Even if they beat West Indies at the MA Chidambaram Stadium, the outcome of other Group B matches would determine whether England continue to enjoy the sub-continental hospitality or go home. At least they can give themselves a chance to qualify for the quarter-finals and eventual-
BANGALORE: India, March Australia captain Ricky Ponting is prepared to tolerate Shaun Tait's waywardness if the fast bowler keeps taking wickets at the World Cup. Tait, who now restricts himself to one-day matches after an injury-plagued career, has a 'slingshot' action which can be hard for batsmen to face. But he can also be way off target too. Tait's career was arguably encapsulated in champions Australia's group win over New Zealand in Nagpur where his first over-and-a-half cost 19 runs, including wides and noballs.-Reuters
ly win the elusive World Cup with a victory against a West Indies side that looks far from invincible. West Indies have won their last three matches to return to the race for a quarter-final slot but the reality is those victories were against the Netherlands, Bangladesh and Ireland. Darren Sammy and his team mates were comprehensively beaten in their only contest against a top-flight team, South Africa, who subsequently went down to England in a low-scoring thriller in Chennai. "We know we can beat anybody. We have proved that by beating South Africa and the way we played against India. It is a matter of getting both facets (bowling and batting) of the game together," said off-spinner Graeme Swann, who along with Strauss skipped Tuesday's practice with a stomach bug but is expected to play on Thursday. England will fancy their chances against a West Indies side that seems to rely too much on Pollard.-Reuters
Afridi rules out fears over playing in India KARACHI: Pakistan's captain Shahid Afridi said his team were happy to play their World Cup knockout stage matches in India despite earlier voicing concerns about security. "It does not matter to us where we play our quarterfinal. The biggest issue for us was to qualify for the knockout stage and we have done that now," Afridi said on a private TV channel. "We are ready to play our quarter-final at any venue now," the experienced allrounder said. The Pakistan skipper had kicked off a debate in Pakistan cricket circles earlier in the competition when he said that his team would like to avoid playing their knockout matches in India and preferred to remain in Sri Lanka. Afridi had reasoned that playing in India would bring more pressure on the players because
Sri Lankans, Irish to join Edinburgh tri-series LONDON: Ireland will have another chance to showcase their international credentials after being invited along with Sri Lanka to join hosts Scotland for a short triangular series in Edinburgh during July. The three matches will be staged on July 11, 12 and 13 at the Grange following Sri Lanka's Test and one-day tour of England which concludes with the final ODI at Old Trafford on July 9. Ireland caught the imagination of the cricket world when they chased down 329 to beat England in Bangalore at the World Cup and have put in other hard-fought displays against India and West Indies. The two matches against Sri Lanka and fellow Associates Scotland will give them another opportunity to show how they are developing at the top level.Reuters
of the tense relations between the two nuclear-armed nations. "That is a thing of the past. Right now we are just happy to make the quarter-final and if we remain in our confident mode then it does not matter where our quarter-final venue is," Afridi said after an apparent change of view. Pakistan's former captain, Imran Khan had criticised Afridi for publicly airing his views on not wanting to play in India. "If I had been in his place I would have announced we are ready to take on India in India because there is more pressure and expectations on the Indian team," Imran earlier told Reuters. India broke off bilateral cricket ties with Pakistan following the gun attacks on Mumbai in November 2008 and since then has also not invited Pakistani players to
play in the Indian Premier League. Pakistan's last cricket tour to India was in late 2007 although they have met in International Cricket Council (ICC) competitions on neutral grounds. India will host one quarterfinal, a semi-final and final of the World Cup. Afridi said his team had now come out of their bleak spot-fixing scandal period and was just focussing on the World Cup. "The off-the-field problems for us are over now and the mood is confident in the dressing room. We now just want to end our group with a win over Australia and we have the firepower to do that," he said. Pakistan was to have co-hosted the World Cup with India, Sri Lanka and Bangladesh but it was withdrawn following a gun attack on the touring Sri Lankan team bus in Lahore in 2009.-Reuters
GROUP A Teams
Mat Won Lost Tied N/R Pts Net RR
New Zealand
5
4
1
0
0
8
Pakistan
5
4
1
0
0
8
+0.729
Sri Lanka
5
3
1
0
1
7
+.2.705
+1.957
Australia
4
3
0
0
1
7
+1.645
Zinbabwe
5
1
4
0
0
2
-0.669
Canada
5
1
4
0
0
2
-2.046
Kenya
5
0
5
0
0
0
-3.005
GROUP B Teams
Mat Won Lost Tied N/R Pts Net RR
South Africa
5
4
1
0
0
8
+1.606
India
5
3
1
1
0
7
+0.768
West Indies
4
3
1
0
0
6
+2.206
Bangladesh
5
3
2
0
0
6
-0.765
England
5
2
2
1
0
5
+0.013
Ireland
5
1
4
0
0
2
-0.881
Netherlands
5
0
5
0
0
0
-2.386
RECORD BOARD Most Runs Players
Mat
Runs
HS
Ave
SR
Virender Sehwag(India)
5
327
175
65.40
125.28
Sachin Tendulkar(India)
5
324
120
64.80
100.30
AB de Villiers(SA)
4
318
134
106.00 111.18
Most Wickets Ave
Econ
Shahid Afridi(Pak)
5
16
5/16
10.06
3.50
Sulieman Benn(WI)
Players
Mat 4
WKts BBI 12
4/18
12.50
4.43
Zaheer Khan(India)
5
12
3/20
16.41
4.31
BOJ pumps more funds, mkt intervention unlikely now n Tokyo keeping markets on guard of FX intervention chance TOKYO: The Bank of Japan on Tuesday continued to flood the money market with cash while top policymakers sought to contain a sharp sell-off in Tokyo stocks with reminders they kept a close watch over market moves and assurances about the economy's overall health. Japanese shares plunged 10.55 percent, the largest fall since October 2008, as more explosions rocked a quakestricken nuclear plant, triggering a rise in radiation and prompting investors to dump riskier assets across Asia. The yen rose on Tuesday, sparking market speculation that the authorities might intervene to prevent the currency's strength from further damaging an economy reeling from a triple blow of Friday's 9.0 magnitude earthquake, a tsunami and an escalating nuclear crisis.
Canada boosts productivity but still lags US OTTAWA: Canadian businesses squeezed more out of their workers last year than in any year since 2005, but they remained less competitive than their U.S. counterparts as Canada's strong currency pushed up labor costs. Productivity -- a measure of how much is produced for each hour worked -- rose 0.5 percent in the fourth quarter of last year, beating the market forecast of a 0.2 percent gain and just slightly below the US 0.6pc gain. For the year as a whole, Canadian productivity increased 1.4pc but lagged the comparable U.S. rate of 3.8pc.
While the dollar spiked up at one point, Finance Minister Yoshihiko Noda declined to comment on whether Tokyo stepped into the market and traders later dismissed the dollar's rise as a result of a one-off trade. A senior government official also told Reuters speculation was behind sharp movements in the currency and stock markets. "We will continue to monitor the market," Noda told reporters. The comments signal that Tokyo is not ready to step into the market just yet, but wants to keep speculators on guard and prevent them from pushing up the yen. The central bank, for its part, eased its policy on Monday by doubling to 10 trillion yen a fund earmarked for purchases of assets such as government and corporate bonds in hopes
that together with money market cash injections will improve sentiment, since it lacks the authority to directly buy shares to prop up prices. Under the scheme, the central bank can buy exchangetraded funds, or trust funds investing in stocks, but the money set aside for such purchases is far too small to make a sizable impact on Japan's stock market. The BOJ on Tuesday offered to pump 8 trillion yen ($98 billion) into the banking system, continuing its huge fund injection aimed at easing market jitters in the face escalating nuclear crisis and fears of unprecedented damage from the earthquake. The auction, which follows a record 15 trillion yen the BOJ offered in same-day market operations on Monday, drew bids of 5.4 trillion yen. Reuters
NY manufacturing, employment rise NEW YORK: Manufacturing in New York state rose in March to a nine-month high, while prices paid also accelerated in another sign inflation is starting to build. The New York Federal Reserve on Tuesday said its "Empire State" general business conditions index rose to 17.50 from 15.43 in February, topping a Reuters forecast of 17.00. It was the highest level since June 2010. But the new orders and shipments indexes both declined, suggesting there was some underlying weakness. "Manufacturing is running strong right now, but we
may be turning the corner, given the moderation in Asia, especially China," said Yelena Shulyatyeva, US. economist at BNP Paribas in New York. "New orders have moderated quite a lot. It's sending a weaker signal about manufacturing than what the headline number suggests." The new orders index fell to 5.81 from 11.80, while shipments declined to 1.62 from 11.31. The prices paid index rose to 53.25, the highest level since August 2008, from 45.78. Prices received also rose as manufacturers passed along costs. Reuters
German investor morale hit by Japan, ECB rate sign MANNHEIM: Germany, German analyst and investor sentiment fell unexpectedly in March on worries over Japan's disaster and an expected rise in euro zone interest rates, a survey by the ZEW think tank showed on Tuesday. The ZEW's headline economic sentiment indicator fell to 14.1 from 15.7 in February, compared with the consensus forecast in a Reuters poll of economists for the reading to hold steady. The index had been climbing fast, reflecting Germany's faster-than-expected recovery from a deep recession in 2009. By the fourth quarter of 2010, the economy was growing 4 percent year-on-year. "The strong changed occurred after the ECB rate hike announcement," ZEW economist Michael Schroeder said. "But obviously there was some negative effect after (Japan's) earthquake." The monthly index was based on a survey of 270 analysts and investors and was conducted between from Feb. 28 and March 14, with responses at the beginning of the period more positive. European Central Bank President Jean-Claude Trichet stunned markets on March 3 by signalling an interest rate rise from a record low 1.0 percent was likely next month, much earlier than had been priced in. Nonetheless, a quarter-point rate rise, or even a number of them, is unlikely to derail Germany's strong recovery. "Investor sentiment might be starting to ease in response to the ECB's increasingly hawkish stance and global concerns," said Ben May at Capital Economics. "But this does nothing to alter our view that the near-term prospects for the German economy remain bright." -Reuters
EU adopts tougher rules against debt, imbalances BRUSSELS: European Union finance ministers agreed on Tuesday on tougher rules against excessive borrowing and macroeconomic imbalances, aimed to shore up market confidence and help end the sovereign debt crisis. The ministers backed European Commission proposals to sharpen the 27-nation's budget rules, the Stability and Growth Pact, by introducing financial sanctions for rulebreakers more swiftly and automatically. "The Council agreed a general approach on a package of measures aimed at strengthening economic governance in the EU - and more specifically in the euro area - as part of the EU's response to the challenges highlighted by recent turmoil on sovereign debt markets," conclusions of the meeting said. One of the main points sharpening the rules is to make sanctions for offenders more automatic and less dependent
on political horse-trading among EU finance ministers. The discretionary approach to sanctions in 2003 allowed France and Germany to block a stepping-up of EU disciplinary procedures against them for running excessive budget deficits for years and led to the loosening of the pact in 2005. After the Commission proposed last September to make sanctions almost automatic for those who break the rules, France and Germany managed to water down this proposal by introducing two stages into the process which would make it easier to stop the penalties from being applied. But euro zone leaders agreed on Saturday that a call by the Commission to penalise a country should, as a rule, be followed by finance ministers. If not, the ministers must explain themselves in writing. The ministerial agreement on Tuesday therefore returned to the original Commission proposal. "The Commission's
IEA warns of oil price shock on global economy
between Pakistan, China, Kyrgyzstan and Kazakhstan in 2004. Prime Minister Gilani said Pakistan would also host a meeting of experts from the four member countries. He said he discussed with his Kyrgyz counterpart ways to exploit the potential of cooperation in trade, infrastructure and communication. The two prime ministers termed their comprehensive dialogue encompassing a wide range of issues as "opening of a new chapter in bilateral relations". Almazbek welcomed Pakistan's intention to extend the scope of activities of Bishkek branch of National Bank of Pakistan including the provision of full services to public through soft lending. Earlier, talking to reporters before his departure on a two-day visit to Kyrgyzstan he said, terrorism, extremism, drugtrafficking and other crimes are common issues of the region and should be tackled through a joint strategy. He said that a highlevel delegation of FPCCI is also visiting Kyrgyzstan and more such interactions between the business communities of the two countries would strengthen trade and economic ties. Prime Minister said that both the countries would also sign an agreement to train personnel of the law enforcement agencies of the two countries. He said both the countries would also sign a joint declaration to significantly enhance level of cooperation between Pakistan and Kyrgyzstan in diverse fields. -Agencies
LONDON: Sustained high oil prices will damage world economic recovery, the International Energy Agency said on Tuesday, as it warned that OPEC's cushion of spare oil output to calm the market was at its lowest for four years. Oil demand could fall later this year if costly crude grinds the brake on economic activity, the energy advisor to the industrialised world said in its monthly report. "Empirically, past oil price shocks have shown a discernible effect on GDP. -Reuters
CONTINUATION No #1
Continued from page 12
of law. Asked to summarize Clinton's message, a US official said: "What happens next is as important as what came before. Transitions to democracy are difficult and they don't produce results overnight or end with the first successful election." -Reuters
No #2
Continued from page 12
21 or 22 March in which all pending matters will be methodically reviewed. No employee of any Ministry will be sacked until and unless contract employees' dispute is not settled, Rabbani concluded. -Online
No #3
11
International & Continuation
Wednesday, March 16, 2011
Continued from page 12
either producer-driven (capital and technology intensive products) or buyer-driven (design and marketing intensive for products like textiles and leather) have left industrial enterprises no choice but to become part of these chains, to be able to access markets. He said that Pakistani manufacturing units, even those small-sized, had also realized that they could not operate in isolation any more. 'However, to be accepted as a part of these production and trade networks, individual enterprises have to meet standards of the buyers with respect to price, quality and delivery schedules,' he added. He said that all this required substantial upgrading of technology and development in organizational structures and information systems as increasing presence of multinationals opened up opportunities for subcontracting and outsourcing, especially in the automobile and telecommunication sectors. 'The Chinese development experience demonstrates how each enterprise can grow at a faster pace by basing focus on its own competency and subcontracting other work, instead of following the Pakistani model of doing everything in-house through vertical integration of production structures within an organization,' he added. According to a presentation made on a one-day conference, NPLs increased from Rs91.6 billion at the end of December 2009 to Rs96.5 billion at the end of December 2010, constituting about 19.4 per cent of total NPLs of the banking industry. The quarterly increase recorded was 5.4 per cent as compared to rise of 4.4 per cent during the corresponding quarter of 2009. Of the total amount about 80.4 per cent is attributed to Working Capital finance, 16.4 per cent to Fixed Investment Finance, and the remaining 8.6 per cent to Trade Finance. Private Banks' share in total SME outstanding was 82.0 per cent, the highest among the categories of banks. This category of banks consists of 19 banks.
companies. Presenters included international bankers from Turkey and senior officials of the State Bank of Pakistan and IFC, and the Business Support Fund. IFC shared success stories from its small and medium-sized companies management programs-Business Edge and the SME Toolkit-which improve the business performance of small and medium enterprises and enable banks to grow such portfolios. Continued from page 1 No #6 To date, IFC's Bank Advisory Services has worked closely with account was held by his brother who is currently in abroad and uses the account to send money State Bank Pakistan and other financial institutions to promote for the study expenses of his children. smell and medium-sized companies banking in the county, trainFIA Additional Director (Legal) Khalid Butt presented the letter for appointing Hamid Faiz as a ing more than 120 bankers in risk management, and developed 10 specialized product booklets. The IFC is currently working with supervisor of buildings in Saudi Arabia. He said that red warrants were issued by the magistrate after several banks to help then strengthen their banking operations tar- getting all the proofs. Continued from page 1 geted at small and medium-sized enterprises. No #7 The official data for petroleum products compiled by OCAC showed a negative growth of 6.25 Continued from page 12 No #4 per cent, the Indices of ministry of Industries showed an increased of 0.69 per cent while the POBS possible sequence of dam breaks". indices grew 2.66 per cent during the period under review. The PAEC said that there was no cause of concern regarding the Meanwhile, the industrial production during January 2011 increased 0.83 percent compared with safe operation of the plants. Over the years, the plant safety has also December 2010. The over all growth during January was recorded at 225.98 points against 224.13 been assessed by experts from International Atomic Energy Agency points during December 2010. (IAEA) and World Association of Nuclear Operators (WANO). Any lessons learnt from the accidents in Japan will be impleContinued from page 1 No #8 mented at our plants as well, it added. -APP year. Continued from page 1 An International Monetary Fund (IMF) emergency loan package agreed to in November 2008 No #5 was critically dependant on the strength and performance of the helped Pakistan avert a balance of payments crisis and shore up reserves. It received the fifth tranche of $1.13 billion of the $11 billion loan in May 2010. Pakistan and IMF economy in which SME sector had attained a crucial role in terms authorities are scheduled to meet before June 30 to discuss the release of the sixth tranche. of its growth potential and greater employment opportunities. He said that SBP had been trying to develop financial instituContinued from page 1 No #9 tions to support SME sector growth. 'We issued specific 39,371 high qualified, 12,0857 highly-skilled, 76,6803 skilled, 21,148 semi-skilled and 886,0926 Prudential Regulations in 2003 to facilitate banks in financing un-skilled respectively. SMEs in effective and prudent manner and more recently Credit He said 96 per cent laborer was exported to the Gulf Cooperation Council (GCC) which constiGuarantee Schemes were launched and now the State Bank of tutes six counties and 4 per cent to other states. Pakistan is conducting cluster surveys on SMEs in collaboration During the 38 year over $98 billion remittances sent by the overseas Pakistanis. with IFC and LUMS,' he added. Director General of Pakistan Manpower Institute (PMI) Muhammad Azam said that government is 'The new communications technology has also brought new committed to eliminate the poverty, unemployment and other related issues which would be resolved areas, like services (computer software, consultancy), into the with the help of public. Due to the fruitful policies of the government, the ratio of remittances is framework. Earlier, services were not tradable across time and increasing with every passing day which would help further developing the economic situation. The government is fully aware of the situation and believes that unless the problems, such as space. Now, they can be exported via the internet and even stored electronically and used a long time after they have been produced. unemployment, illiteracy, poverty and low level of human resource development are effectively Now that services are tradable they can be included as a compo- addressed, the objective of a better tomorrow cannot be achieved. DG said overseas migration has been a significant avenue for employment, which is regulated prinent in the comparative advantage of developing countries, export of labor-intensive services (typing, programming, call centers, marily by market forces of supply and demand. Muhammad Azam said the existing policies need to be evaluated from time to time in the wake etc.),' he said and added: 'Computers can be used to automate low of global political and socioeconomic challenges. productivity tasks previously performed by office secretaries. The objective of the Seminar was to provide a forum to the participants to discuss the issues and The tradability of services across space, the reduced attraction measures relating to migration from different angles. of large markets and shrinking importance of economies of scale Continued from page 1 No #10 are all combining to provide developing countries the opportunicooperation. Prime Minister Syed Yousuf Raza Gilani and his Kyrgyz counterpart Almazbek ty to sell their labor-intensive services and manufactures.' Kardar observed that the existence of global commodity chains Atambaev at a joint stake-out following a round of formal talks, agreed to remove obstacles for smooth and effective functioning of 'Quadrilateral Traffic in Transit Agreement' (QTTA) signed
No #11
proposal for imposing a deposit or a fine would be considered adopted unless turned down by the Council via qualified majority," the ministers conclusions said. The elimination of the Franco-German change is likely to make it easier for finance ministers to reach an agreement on the reform with the European Parliament, which co-decides on the changes and has criticised the FrancoGerman ideas. Now euro zone countries are to face sanctions if they ignore the existing, but toothless, rule that governments should strive towards a budget close to balance or in surplus -- what is called the medium-term objective (MTO). To do that, countries that do not have budgets in balance cannot spend more every year than the medium-term rate of economic growth. "This is meant to ensure that revenue windfalls are not spent but instead allocated to debt reduction," the ministers said.
Continued from page 12
nuclear reactions, nuclear officials said. But they acknowledged that there could have been damage to the containers. They also confirmed that the walls of the storage pool building were damaged. Experts noted that much of the leaking radiation was apparently in steam from boiling water. It had not been emitted directly by fuel rods, which would be far more virulent, they said. Even the highest detected rates were not automatically harmful for brief periods, he said. Less clear were the results of the blast in Unit 2, near a suppression pool, which removes heat under a reactor vessel, said plant owner Tokyo Electric Power Co. The nuclear core was not damaged but the bottom of the surrounding container may have been, said Shigekazu Omukai, a spokesman for Japan's nuclear safety agency. "I worry a lot about fallout," said Yuta Tadano, a 20-year-old pump technician at the Fukushima plant, who said he was in the complex when the quake hit. Furthermore, a magnitude 6.0 earthquake shook eastern Japan on Tuesday. The quake could be felt in Tokyo where buildings swayed. -Agencies
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frontier and regional markets as well. Going forward local market will continue to follow the regional markets trend", said Samar Iqbal, equity dealer at Topline Securities. Investors also feared escalation in foreign selling which, on Tuesday, stood at $2.68 million. A total of about 135 million shares traded during Tuesday which is 58 million more than a turnover of 77 million shares a day earlier. Descon Oxychem was the volume leader with 13.91 million shares followed by Lotte Pakistan with 8.87 million shares and Nishat Chunian with 8.42 million shares. Out of total 355 active issues 201 took hits, 70 gained, and 84 held status quo.
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brokerage KRIS said. "There is a fear that Japanese funds may get withdrawn. If not withdrawn, then, fresh inflows could stop." Japan is India's sixth-largest investor and has invested more than $22 billion in foreign direct investment over the decade in the country, a note from Citigroup said. Citigroup added the earthquake in Japan was likely to have a fairly limited impact on India, as Japan accounts for just 2.1 per cent of total Indian exports and 2.3 per cent of its imports. The 30-share BSE index shed 271.84 points to close at 18,167.64, with all but two of its components in the red. It is down 11.4 per cent in 2011, as foreign funds have pulled out $1.8 billion from Indian stocks since the start of the year to March 11. Maruti, in which Japan's Suzuki Motor Corp owns a 54.2 per cent stake, fell on fears the rising yen would dent its profits, market participants said. Maruti shares shed 3.6 per cent to close at 1,214.50 rupees. Rising interest rates, higher commodity prices and high base effect were also pressurising the auto sector as a whole, dealers said. Leading lenders State Bank of India, ICICI Bank and HDFC Bank ended down 1.2-2.2 per cent on the day.-Reuters
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loan programme. According to the Ordinances President Asif Ali Zardari promulgated Tuesday evening, income tax payers are subjected to a onetime 15 per cent surcharge, the flood tax legislation on which is pending with the Parliament. A separate Ordinance has increased the rate of Federal Excise Duty (FED) by 1.5 per cent that would now be levied at the rate of 2.5 per cent as against one per cent previously. A third Ordinance has excluded tractors from the exemption on the Sales Tax under the Sixth Schedule of the Constitution. A senior government official explaining the Ordinance withdrawing sales tax exemption on tractors said that the government has started withdrawal of over 400 exemptions on the sales tax. The official told Online that revenue impacting exemptions are on the agricultural inputs as well as machinery and equipments. -Online
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Hillary reaches Cairo
RAWALPINDI: Former Federal Minister for Religious Affairs Hamid Saeed Kazmi is being escorted by the FIA personnel as he is arrested after his hearing at Special Judge Central Abdul Nasir's Court. -Online
Japan again hit by 6.0 magnitude quake
Radiation level rises after nuke plant fire 140,000 people told to seal themselves indoors OMA, Japan: Dangerous levels of radiation leaking from a crippled nuclear plant forced Japan to order 140,000 people to seal themselves indoors Tuesday after an explosion and a fire dramatically escalated the crisis spawned by a deadly tsunami. In a nationally televised statement, Prime Minister Naoto Kan said radiation had spread from the four stricken reactors of the Fukushima Daiichi nuclear plant along Japan's northeastern coast. The region was shattered by Friday's 9.0-magnitude earth-
Pak N-plants safe, says PAEC ISLAMABAD: The Pakistan Atomic Energy Commission (PAEC) said Tuesday that nuclear power plants located at Karachi and Chashma were functioning safely. The PAEC said in a statement that it was continuously monitoring the flow of events in nuclear plants in Japan in the wake of the recent earthquake and tsunami there. The PAEC said that Pakistan's nuclear plants are regulated by the Pakistan Nuclear Regulatory Authority (PNRA) which is an independent body. "There is also a Safety Division at the PAEC headquarters which provides safety oversight. Moreover, there are several built-in features in our nuclear plants to handle accidents" it added. "The Karachi Nuclear Power Plant (KANUPP) has already been assessed to be safe against the effects of earthquake and tsunami while the two Chashma Nuclear Power Plants safe against the earthquake and flooding due to the worst See # 4 Page 11
KP, Fata
SBP extends loan-waiver deadline Shiraz Ahmed KARACHI: The State Bank of Pakistan (SBP) has extended the deadline for submission of claims to loans waived in Malakand, Swat, Buner and Chitral Districts under the Prime Minister's Fiscal Relief Package to Rehabilitate Economic Life in KhyberPakhtunkhwa, Federally and Provincially Administered Tribal Areas by one month. According to a circular letter (IH& SMEFD Circular Letter No 08) issued Tuesday, the deadline for submission of claims in respect of above scheme has been extended from March 15, 2011 to April 15, 2011.
quake and the ensuing tsunami that is believed to have killed more than 10,000 people, plunged millions into misery and pummeled the world's third-largest economy. Japanese officials told the International Atomic Energy Agency that the reactor fire was in a fuel storage pond, an area where used nuclear fuel is kept cool, and that "radioactivity is being released directly into the atmosphere." Long after the fire was extinguished, a Japanese official said the pool might still be boiling, though the reported
levels of radiation had dropped dramatically by the end of the day. Late Tuesday, officials at the plant said they were considering asking for help from the US and Japanese militaries to spray water from helicopters into the pool. That reactor, Unit 4, had been shut down before the quake for maintenance. If the water boils, it could evaporate, exposing the rods. The fuel rods are encased in safety containers meant to prevent them from resuming See # 11 Page 11
More ministries-shift deferred
Provinces draw line on Federal workers ISLAMABAD: The meeting of the Parliamentary Commission on Implementation of the 18th amendment Tuesday concluded inconclusively as provinces refused to take on contract employees of five devolve ministries. The meeting of the Implementation Parliamentary Commission was held here under the chairmanship of Raza Rabbani. The meeting was attended by the respected chief secretaries of the four provinces in which they apprised the committee of their constraints and lacks of funds to accommodate contract employees of five ministries including Education, Social Welfare and Special Education, Livestock and Culture and Tourism. They demanded of the meeting to extend the deadline of June 30 for devolution of these five and other ministries because the provinces don't have enough resources to accommodate the employees
and the center must give them the budget of current year as well as for the next two years. However the commission members were of the view that an amendment in the constitution would be needed to extend the deadline given to the ministries and there is no need to do this and the devolution process must be completed by June 30 under any circumstances. Sources told that the devolution of the above five ministers would be completed by March and no pressure would be acceptable in this regard. Later during a quick chat with journalists, Raza Rabbani again made it clear that the entire procedure of devolution of Ministries to provinces will be completed in a stipulated time and unbiased manner. He said that the differences would be solved on priority basis so that no hitches are left. He further added that the next meeting of the Commission will be held on See # 2 Page 11
SMEs stated as progress-pullers Tanzel ur Rehman KARACHI: The International Finance Corporation (IFC), a member of the World Bank Group, is raising awareness in Pakistan's financial sector about the needs of small and medium-sized enterprises that help drive the country's economy and pull the people out of poverty. In partnership with the State Bank of Pakistan, IFC hosted a conference here Tuesday that brought together bankers involved in lending to small and medium-sized businesses, representatives of such businesses, and members of organisations devoted to supporting those firms. The participants discussed the challenges and opportunities of mid-scale commercial banking in the country.
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"Through this conference, the IFC is building awareness of both the financial and nonfinancial needs of small and medium-sized companies, highlighting opportunities and sharing best practices," said Kaiser Naseem, Head of IFC's Bank Advisor/ Services in the Middle East and North Africa. "Small and medium-sized companies are very important contributors to job creation, income generation and poverty alleviation, and therefore they need special focus and services", he added. The conference included workshops about the regulatory framework for such companies in Pakistan, global and regional banking trends, and how to leverage non-financial services to increase banking for small and medium-sized See # 3 Page 11
CAIRO: US Secretary of State Hillary Clinton Tuesday began visit to Egypt. This is the highest-level visit to Egypt by a US official since an uprising toppled President Hosni Mubarak, for decades a close ally of Washington. She is expected to urge the military rulers to whom Mubarak handed power on February 11 to lay the ground for a genuine transition to democracy and offer support to the Egyptians whose mass uprising swept him from office. One coalition of pro-democracy activists said it had turned down an invitation to meet Clinton in protest at US policy towards Egypt and the US position on the anti-Mubarak revolt. Mubarak crushed opposition during his three decades in power. Clinton will meet Field Marshal Mohamed Hussein Tantawi, head of the ruling Supreme Council of the Armed Forces, on Wednesday, Egyptian officials said. She will also see Foreign Minister Nabil Elaraby, who took office as part of a recent cabinet reshuffle that purged remnants of Mubarak's administration. In speeches in recent weeks, Clinton has stressed the difficulties of nurturing the institutions that support democracy, including robust political parties, a free media and the rule See # 1 Page 11
Bajwa named President of Abu Dhabi Group, Pak Staff Reporter KARACHI: Sheikh Nahyan Bin Mubarak Al Nahyan, Chairman of the Abu Dhabi Group has announced the appointment of Atif Bajwa as President of the Abu Dhabi Group, Pakistan. Bajwa will be responsible for overseeing the Group's diverse investments in Pakistan and for driving them for profitable growth and maximum return to the shareholders. He will also play a role in overseeing some of the Group's international assets. Atif Bajwa has over 28 years of international management experience and has worked in Europe, the US, the Far East, the Middle East and Pakistan. Having started his career in Citibank Karachi as a corporate banker in 1982, he handled different assignments with Citi in Pakistan, New York and Bahrain. He joined ABN AMRO Bank and was appointed Country Manager of Pakistan in 1995. In 1998, he moved to Singapore as the Consumer Banking Head for Asia Pacific and subsequently was assigned as an EVP at ABN AMRO's Head Office in Amsterdam. In mid 2001, he returned to Citibank as the Regional Head for Central and Eastern Europe. Bajwa's appointment is part of the Abu Dhabi Group's restructuring of its investments globally and in Pakistan.
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Tehran tells Manama to avoid violence
Bahrain declares state of emergency UN voice concern after Saudi, UAE send troops MANAMA: Bahrain declared martial law on Tuesday, looking to end weeks of protests by the island's Shi'ite Muslim majority, with Saudi troops on hand in the Sunni-ruled kingdom to help quell the unrest. The three-month state of emergency will hand considerable powers to Bahrain's security forces, which are dominated by the country's Sunni elite, stoking sectarian tensions in one of the Gulf's most politically volatile nations. In a sign of continued disturbances on the island, an opposition politician said a Bahraini man was killed in clashes with police in the Shi'ite Muslim area of Sitra and several others were wounded. Bahrain TV said the king had "authorised the commander of Bahrain's defense forces to take all necessary measures to protect the safety of the country and its citizens." It was not clear if a curfew would be imposed or whether
there would be any clampdown on media or public gathering. On Monday, more than 1,000 Saudi troops rolled into the kingdom in a long convoy of armoured vehicles at the request of Bahrain's Sunni rulers, flashing victory signs as they crossed the causeway that connects the two oil producers. The United Arab Emirates said it also would send 500 police. Analysts saw the troop movement into Bahrain, home to the US Navy's Fifth Fleet, as a mark of concern in Saudi Arabia that concessions by the country's monarchy could inspire the conservative Sunniruled kingdom's own Shi'ite minority. Over 60 percent of Bahrainis are Shi'ites who complain discrimination at the hands of the Sunni royal family. Calls for the overthrow of the monarchy have alarmed the Sunni minority, which
NAB head posting put off till EB nod ISLAMABAD: Government has decided not to appoint chairman NAB till the approval of Ehtesab Bill (EB) and formation of Ehtesab Commission (EC). Well placed sources told Online Tuesday a high-level consultative meeting was held in Aiwan-e-Sadr in the perspective of situation arising out of dismissal of NAB chairman Justice (Retd) Deedar Hussain Shah and appointment of new chairman. Prime Minister Syed Yousuf Raza Gilani attended the meeting specially before leaving for Kyrgyzstan. Law minister Babar Awan, governor Punjab Latif Khosa, presidential spokesman Farhatullah Babar, Syed Khurshid Shah and Senator Raza Rabbani also attended the meeting. 2 diverse opinions were
presented in the meeting with respect to appointment of chairman NAB. This was proposed in the first opinion that the decision about reappointment of Deedar Hussain Shah as chairman NAB be withdrawn. Sources told 4 names were considered against the appointment of chairman NAB. They included one retired judge of Supreme Court, retired judge of Sindh High court and two others. However presidency did not agree with it. Sources disclosed president Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani agreed over the proposal of the federal minister. No contact could be made with presidential spokesman Farhatullah Babar when Online tried to seek his opinion. -Online
fears that unrest could serve non-Arab Shi'ite power Iran. A Bahraini foreign ministry official called the remarks a "blatant interference in Bahrain's internal affairs," the state news agency BNA said, adding that Manama had recalled its ambassador to Iran for consultations. Bahrain has been gripped by its worst unrest since the 1990s after protesters took to the streets last month, inspired by uprisings that toppled the leaders of Egypt and Tunisia. Unlike those countries, where the mainly Sunni populations united against the regime, Bahrain is split along sectarian lines, raising the risk of a slide into civil conflict. Meanwhile, Iran called the arrival of Saudi troops in Bahrain unacceptable on Tuesday and urged the island kingdom to respond to prodemocracy demonstrators peacefully and without foreign intervention. -Reuters
Bahrain assures security to Pakistanis ISLAMABAD: The government is in contact with the Bahrain authorities, which have ensured provision of complete security to Pakistanis working there in different fields. "They have informed us that the security of every Pakistani is their responsibility and they will ensure it," Foreign Office Spokesperson told a private news channel Tuesday. Almost 65,000 Pakistanis are working in Bahrain and one of them has been killed in a violent attack in Capital Manama. The Spokesperson said that the Crown Prince of Bahrain has praised the services of all foreigners, who are working there for the last many years and contributing their role for the development of the country. The Crown Prince said it is our duty to ensure their protection. -APP
Police baton-charge teachers rally Raheel Amer KARACHI: Police have baton-charged protesting college teachers here on Tuesday. The teachers of the Sindh Professors and Lecturers Association (SPLA) were protesting for permanent jobs, appointments and other incentives when the police started baton-charging and shelling tear-gas on them. Police also arrested five teachers. According to the media, protesters were heading towards the Chief Minister House.
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