International Karachi, Saturday, October 16, 2010, Zul-Qa’dah 7, Price Rs12 Pages 12
President approves purchase of 40 new planes for PIA
Drone kills most wanted TTP operative in NWA All set for bye-polls in PS-94
See on Page 12 See on Page 12
Tehran makes up mind for N-talks
See on Page 12
See on Page 12
FoDP urges more export facilities for Pakistan
Economic Indicators $16.97bn 13.77% $5.18bn $9.03bn $(3.85)bn $(944)mn $1.72bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $100.90mn 3.05% 4.10% $1,051 170.80mn
Forex Reserves (8-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Aug10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Jul 10)
GDP Growth FY10E Per Capita Income FY10 Population
Weak economy asks trade tonic Reforms in the pipeline, Afghans to be assisted, Qureshi tells the world
Portfolio Investment SCRA(U.S $ in million)
48.35 -0.87 -0.25 2461
Yearly(Jul, 2010 up to 14-Oct-2010) Monthly(Oct, 2010 up to 14-Oct-2010) Daily (14-Oct-2010) Total Portfolio Invest (8 Oct-2010)
NCCPL (U.S $ in million)
FIPI (15-Oct-2010) Local Companies (15-Oct-2010) Banks / DFI (15-Oct-2010) Mutual Funds (15-Oct-2010) NBFC (15-Oct-2010) Local Investors (15-Oct-2010) Other Organization (15-Oct-2010)
2.88 -1.30 -0.56 -0.26 -0.21 -0.63 0.07
Global Indices Index Close KSE 100 10,431.84 Nikkei 225 9,500.25 Hang Seng 23,757.63 Sensex 30 20,125.05 ADX 2,758.67 SSE COMP. 2,971.16 FTSE 100 5,703.37 *Dow Jones 11,033.76 *Last Updated 20:00 PST
Change 22.82 83.26 94.54 372.59 14.14 91.52 23.84 60.81
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.71 21.09 181.23 2.00 42.97 1.70 36.52 9.75 33.51
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.83% 13.07% 13.22% 13.50% 12.72% 12.99% 13.20% 13.61% 13.71% 13.63% 13.74% 13.78% 14.24% 14.34% 14.53%
06-Oct-2010 06-Oct-2010 06-Oct-2010 29-Sep-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010
Commodities *Crude Oil (brent)$/bbl 83.38 *Crude Oil (WTI)$/bbl 82.17 *Cotton $/lb 112.49 *Gold $/ozs 1,374.40 *Silver $/ozs 24.41 Malaysian Palm $ 960.80 GOLD (NCEL) PKR 38,252 KHI Cotton 40Kg PKR 7,984 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 84.40 Canadian $ 84.70 Danish Krone 15.85 Euro 119.00 Hong Kong $ 11.00 Japanese Yen 1.042 Saudi Riyal 22.90 Singapore $ 65.30 Swedish Korona 12.80 Swiss Franc 89.25 U.A.E Dirham 23.25 UK Pound 135.00 US $ 85.95
84.70 85.10 16.55 119.50 11.30 1.068 23.15 65.50 13.20 90.25 23.40 136.00 86.25
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.13 85.44 16.16 120.52 11.06 1.055 22.89 66.13 13.04 89.85 23.37 137.36 85.93
85.33 85.64 16.20 120.80 11.09 1.057 22.95 66.28 13.07 90.06 23.43 137.68 86.11
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
33°C 34°C 35°C 36°C 31°C 33°C
MIN
17°C 25°C 22°C 20°C 10°C 20°C
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BRUSSELS: FM Shah Mehmood Qureshi and EU High Representative Ashton hold a joint news conference after the “Friends of Democratic Pakistan” meeting in Brussels.-Reuters
Rule of law, supremacy of Constitution to be maintained: CJ
Bid to oust judges, will be treason: SC PM to address nation on Sunday; govt stands for law order : Awan ISLAMABAD: The Supreme Court (SC) in its short order in the case regarding reports of a bid to withdraw judges' restoration notification stated that the government has failed to satisfy the Court and any attempt to remove the judges would be tantamount to treason, media said Friday. The court said that the executive order of March 16, 2009, restoring the sacked judges has lost its effectiveness after July 31, 2009 verdict and heads of all constitutional organs must
Executives unwish govt-judges face-off ISLAMABAD: President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani Friday met at the Presidency to discuss future course of action after the hearing of case connected to reports of an attempt to annul notification that restored the judges. Chief of the Army Staff Gen Ashfaq See # 11 Page 11 abide by the judgement. The order also restrains all the heads of constitutional organs of the country including
Infrastructure rehab to take 2-3 years: ADB BRUSSELS: Reconstruction of Pakistan's basic infrastructure after floods is likely to take 2-3 years and international donors should offer to finance most of it in November, the head of the Asian Development Bank (ADB) said. The ADB and the World Bank earlier said that the costs of overcoming damage from the worst natural disaster in country's history were estimated at about $9.7 billion. ADB President Haruhiko
Kuroda told Reuters in an interview that his institution was ready to provide $2 billion and the World Bank $1 billion while a donors' conference in November was expected to provide much of the remaining funds. "We are sure that with international support, the floodaffected provinces will be quickly reconstructed. We would aim at reconstruction in two to three years, basic infrastructure should be See # 13 Page 11
1200MW in next 4 months: minister
Power sector deficit reaches Rs240mn/yr ISLAMABAD: Federal Minister for Water and Power Raja Pervaiz Ashraf Friday said that the government has to face a deficit of Rs240 billion annually in the power sector. He expressed these views while addressing the appointment letter distribution ceremony at Wapda Staff College.
He said despite unfavorable condition we managed to bring 1700MW into the system and 1200MW would be inducted in in next four months. He said that work on Diamer Bhasha dam would start from next month, adding, the country has the capacity to produce 19,000MW of electricity. See # 14 Page 11
the president from restoring it. The court also noted that the media reports were not false See # 12 Page 11
5 troops martyred in Wana area WANA: Five security personnel were martyred and two others sustained severe injuries after militants attacked a security checkpost in South Waziristan. According to security sources, militants attacked Talab checkpost in Sararoga area and gunned down the troops. The security forces cordoned off the area following the attack and started a search operation. Some militants were also killed in clash with the Army elsewhere, said reports.Online
ANP Chief calls on President ISLAMABAD: President Awami National Party (ANP) Asfandyar Wali Khan on Friday night called on President Asif Ali Zardari here at the Aiwan-e-Sadr. Current political situation, coalition matters and measures taken for the rehabilitation and reconstruction of flood affected people came under discussion during the meeting. -APP
BRUSSELS: The Friends of Democratic Pakistan (FoDP) Friday in a meeting held in Brussels noted that better trade opportunities will facilitate Pakistan’s economic recovery. Hosted by the European Union High Representative for Foreign Affairs & Security Policy, Catherine Ashton, the Ministerial Meeting was cochaired by Foreign Minister Makhdoom Shah Mehmood Qureshi. The meeting was attended by foreign ministers and senior representatives of 20 countries and four multilateral institutions. The Foreign Minister of Pakistan conveyed his appreciation and gratitude to the EU High Representative for organising the FoDP Ministerial and
enabling such high level attendance which was a clear expression of international support for Pakistan. Qureshi thanked the FoDP members for their participation, as well as their support for Pakistan's development and prosperity and conveyed deep gratitude for their generous flood relief assistance. Earlier, the foreign minister pledged to continue on the road to reform and offered to facilitate Afghan-Taliban talks to bolster regional peace 26 countries and key global institutions. Reconciliation was "an Afghan initiative", said Qureshi on arriving for the conference, but a peaceful Afghanistan was in his country's interests. "They have to own it, they have to lead it. We are there to help, we are there to facilitate," he said. Qureshi told reporters "there are more reforms in the pipeline."
Offshorers head over heels into E&Ps
$412mn flows into stocks in 2010YTD Ghulam Raza Rajani KARACHI: Even at a time when uncertainty looms large over economic front --aftermath of ferocious floods-- foreigners are bent on investing in local stocks to analysts’ amazement. Not just that, they have also been net-buyers for the last 16 months in a row. According to State Bank of Pakistan (SBP) stats outlanders purchased shares worth $965 million and sold $553 million, thus net-buying $412 million stocks in 2010YTD. Data further revealed foreigners were holding shares valuing $2.5 billion as on October 10, 2010. Although the current
holding is 8 per cent of the market cap, but in relation to free float it is at 30 per cent. Interestingly, out of total foreign holding of $2.5 billion, it is estimated that more than 45 per cent is invested only in 2 stocks i.e. OGDC and PPL --having a combined weight of 33 per cent in benchmark KSE 100-Index. Experts point out that it shows foreigners are keen on oil and gas sector owing to growing energy demand and sector’s natural hedge against currency devaluation. On the other hand this concentration of funds in only few stocks can also be dangerous, they warned. One of Topline Securities See # 8 Page 11
Foreign investment suffers tumble in 1Q KARACHI: Net foreign investment in Pakistan fell 28.5 per cent to $455.1 million in the first three months of the fiscal year 2010-11, compared with $636.1 million in the same period last year, the central bank said on Friday. Out of the total foreign investment, foreign direct investment fell 9.5 per cent in July and September to $387.4 million, from $427.9 million in the same period last year, the State Bank of Pakistan (SBP) said.
Foreign portfolio investment fell 67.5 per cent to $67.7 million in the first quarter ending Sept. 30, compared with $208.2 million in the same period last year. A shaky security situation, with a Taliban insurgency in the country's northwest, coupled with chronic power shortages, has put off investors, analysts say. An International Monetary Fund (IMF) emergency loan package agreed in November See # 9 Page 11
Talking on the occasion EU's Ashton, the host of the FoDP meeting said, "A safe secure and stable Pakistan is manifestly in the interests of the EU, the United States and the international community as a whole" Qureshi's pre-meeting statements show how keen the government is to establish peace in the region and introduce reforms in Pakistan. Coming back to the meeting, it was also acknowledged by the Friends that socio-economic challenges had been compounded by the devastation caused by the floods for Pakistan. Friends also appreciated the EU decision to seek a Pakistanspecific WTO waiver. The meeting welcomed the Arab Republic of Egypt as a new member of the FoDP. The FoDP members appreciated the steps taken by the government in constituting the National Oversight Disaster Management Council See # 7 Page 11
Pak traders in angst as India halts cotton deals ISLAMABAD: Pakistan cotton dealers facing record domestic prices are concerned about deals for nearly one million bales after India stopped registering cotton exports. Pakistani traders say any cancellation of Indian contracts or even delays in shipments would spell trouble for the textile industry, which accounts for about 60 per cent of the country's total exports. Textile firms in the world's third-largest cotton consumer have looked to neighbouring India, the world's second largest producer, after massive flood damage to the domestic crop caused an estimated shortfall of about 4 million bales. Traders had booked about 1 million bales for delivery from November to January from India, industry officials say. But India this week stopped registering cotton exports applications equal to the stipulated quota of 5.5 million bales, according to a statement on the Indian Textile Commissioner's Web site. "This has given an excuse to some Indian exporters who say they could not get themselves registered as they were expecting the registration process to go on for a month," said Naseem Usman, chairman of the Karachi-based Cotton Brokers Forum. See # 15 Page 11
PM says Balochistan uplift top priority
B’stan promised full PSDP funds ISLAMABAD: Despite difficult economic situation especially in the wake of devastating floods, the government would not cut the public sector development (PSDP) funds for Balochistan, Prime Minister Syed Yousuf Raza Gilani said Friday. He said that the government was committed to the development of Balochistan so that its resources could be optimally utilised for the benefit of people living there and also for the overall development of the country. The PM expressed these views in a
high level meeting with a Balochistan delegation led by Chief Minister Nawab Muhammad Aslam Raeesani. The meeting to review the situation of the overall development activities and the pace of ongoing projects in Balochistan was held at the PM House. The Prime Minister said that the equitable distribution of funds including foreign assistance for reconstruction and rehabilitation was to be ensured after damage need assessment (DNA) in consultation with all stakeholders.
He added that coordinated efforts of the federal and provincial governments would certainly lead to building better Pakistan. The Prime Minister informed the meeting that to improve communication system and building roads in Balochistan the federal government has released Rs1.5 billion to National Highway Authority. Commenting on the strategic location of Balochistan especially the Gwadar port, he said that development of communication network to link the province with other parts of
the country could serve the purpose of making it a hub for economic activities which would in turn ensure better quality of life of its residents. He assured Chief Minister Balochistan of federal government's continuous assistance for different uplift projects in Balochistan. The Prime Minister also assured the CM that he would ask the federal minister for water and power to work out a reasonable solution for providing relief to Balochistan farmers in their tube-well electricity bills.
The Prime Minister, in the meeting, ordered faster provision of National Identity Cards (NICs) to people especially in the flood-hit areas of Balochistan so that difficulties could be mitigated without any hindrance. He also issued directions to expedite work on the improvement and restoration of canals to provide farmers with reasonable time for coming season’s harvests . The meeting was informed that under the Aghaz-e-Haqooq-eBalochistan initiative 4900 people See # 10 Page 11
2
Saturday, October 16, 2010
Driver killed in attack on Nato oil-tanker
KARACHI: Adviser to CM for Information Sharmila Farooqi, Fatima Surriya Bajia and Council General of Japan Masaharu Sato cutting the ribbon to inaugurate the photographic exhibition by Jahangir Khan titled Contemporary Japan Caught by Lens during his training at Asahi Newspaper at Japan Culture Centre.-APP
KCCI to patron fire safety seminar KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has assured full support and participation in the holding of a conference on "Fire Safety" to be held on October 28. According to an announcement here Friday, this assurance was given by KCCI president Saeed Shafique in a meeting with the organisers of the conference at his office. Naeem Qureshi chairman Organising committee, Tooba Zarif Project Director & Faraz Kalam from 'I own Karachi' CDGK, Talat Mehmood Sr V President & VP Junaid Makda was also present on the occasion. KCCI president also underlined the need for improving arrangements to save life and property from fire in residential and commercial areas. He hoped that the conference will help in achieving the objectives. The organisers informed KCCI that the conference is jointly organized by City District Government Karachi, Fire Protection Association of Pakistan & leading National & International fire and safety experts will speak on various related important topics during the conference. Fire and safety machinery and equipment will also be on displayed on this occasion.-PR
TV PROGRAMMES SATURDAY Time Programmes
7:00 News 8:00 News 9:05 Best of Subah Savere 11:10 Mohaaz (F) 12:00 News 13:10 Newsbeat (Rpt) 14:10 Awam Ki Awaz 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Taxi News 20:05 The Anchor 21:00 News 22:05 Manzil 23:03 Faisla Aap Ka
Oman’s envoy calls on President
QUETTA: The driver of a container carrying supplies for Nato forces was killed while a cleaner sustained bullet injuries in an attack by armed men here on RCD highway near Kalat on Friday. According to Naib Tehsildar Levis Force Kalat, Mohammad Ramazan, two containers carrying logistics for ISAF forces stationed in Afghanistan were on way from Karachi when gunmen opened indiscriminate fire on them in Sailabi Pul area of Mangochar. Resultantly, the driver of a container identified as Atta Mohammad and cleaner Sher Mohammad sustained bullet wounds. Later, Atta Mohammad succumbed to his injuries near Mastung while the injured were shifted to Quetta for medical treatment. Four armed assailants riding on a motorbike intercepted the containers, sprinkled them with patrol said the eye witness, adding the gunmen opened indiscriminate firing and fled when the driver and cleaners offered resistance. It is 44th such attack in Balochistan on vehicles carrying logistics for UN led allied forces in Afghanistan. Levis force is investigating into the matter.-APP
of bilateral trade keeping in view the geographical proximity of the two countries. He said that the Omani investment is welcome in energy, telecom, agro-based industries, education and health sectors. The President said that keeping in view the shared cultural values, there was a need to further promote cultural linkages and cooperation especially in the education sector. The encouragement of cooperation between the universities of the two countries and providing new vistas of opportunities to intelligentsia and professionals would go a long way not only to further cement bilateral relations but also to take maximum advantage of the intellectual potential, the President LAHORE: Zong observed.-INP announced an initiative for protection of metropolitan environment in Lahore, as a Corporate Social Responsibility project. In this regard ZONG signed a MoU with the Solid Waste Management & Lahore Waste Management ISLAMABAD: A youth useful discussions with and construction. The delegation also met Company - a part of Solid delegation of Islamabad them for developing busiWaste Management - City Chamber of Commerce & ness linkages and encour- with the management, one Government Industry headed by Shaban aged them for doing of the leading steel indus- District Khalid, Chairman of ICCI investment ventures in tries in Poland and dis- Lahore, for creating awareYouth Committee is visit- Pakistan. One of the cussed the possibilities for ness amongst citizens for ing Poland for meetings objectives of the delega- doing business in steel environmental protection, with public sector investwith chambers of com- tion was also to develop sector. The delegation is also ment in cleanliness of merce, business enterprises strong networking with and to visit industrial sites the Polish youth for carrying out a study about Lahore city through Solid for looking at the possibili- exchange of business the business environment Waste Management & a in Poland and on return professionally managed ties for developing busi- ideas and information. The delegation was would present a compre- company. ness ties with the Polish According to a statement focusing the sectors of hensive report to Polish companies. During the visit, delega- steel, energy, hotel indus- embassy for further collab- issued here, as part of the tion has met with impor- try, food and beverages, oration is the sectors of MoU, Zong will design and execute a public awareness tant enterprises and held pharmaceuticals, printing common interest.-Online campaign focusing on cleanliness of surroundings within the Lahore city while encouraging public to dispose off their litter in a proper way. During the signing ceremony, officials from the City District Government Lahore, Zong and other dignitaries were also present. Zong will provide mobile phone connections to Solid Waste Management - City District Government Lahore workers & Lahore Waste Management KARACHI: Group photo of S M Munir, Malik Khuda Bux, Zafar Iqbal and Dr Qaiser Waheed at the occasion of Souvenir launching by Lions Club.-Staff Photo Company that will have dedicated numbers for citizens to call in and register their complaints. Moreover this would be a generation shift from simple wireless to cellular subscription, making the staff more accessible and hence effective.-PR
ISLAMABAD: Foreign Secretary of Oman Sheikh Ahmed Bin Yousuf AlHarthy called on President Asif Ali Zardari at Aiwane-Sadr today. Ambassador of Oman Mohammad Al-Lawati and other senior officials were accompanying the Foreign Secretary. From Pak side M Salman Faruqui, Secretary General to the President, Foreign Secretary Salman Bashir and Spokesperson to the President Farhatullah Babar were also present during the meeting. Pak-Oman bilateral relations and mattes concerning economic cooperation, trade, commerce and investment were discussed during the meeting. The President thanked the Omani Government and the people for their
generous assistance during the recent devastating floods. The President also congratulated on 40th anniversary of "Blessed Renaissance". Appreciating visionary leadership of Sultan Qaboos, the President remarked that Oman has witnessed tremendous progress and development under his able leadership. Discussing trade and commerce, the President said that there was a need for having connectivity projects between the two countries and also to implement and utilise Joint Working Group that was formed for promoting trade, agriculture, Fisheries & livestock and investment. The President said that there was a huge potential
Staff Correspondent KARACHI: Advisor to Chief Minister Sindh on Information, Sharmila Farooqui has expressed her determination to advocate for inclusion of disability issues in information and media policies & program, as well as the provision of appropriate time and space for disability concerned and the prohibition of the depiction of negative and inaccurate images of persons with disabilities in performance especially comedies, films and cartoons. She was talking to media men at an awareness walk held in connection with the world white cane day held at Mazar-e-Quaid. The special walk was arranged by School for the blind, deaf and dumb, Karachi. Government has setup a number of projects for the preservation and cure of blindness as well as for the education, vocational training and rehabilitation of the blind and visually
impaired people so as to make them useful and productive members of the society, said Sharmila. Sharmila urged upon print and electronic media to ensure regular and accurate coverage to generate public awareness and attitude concerning people with blindness and other disabilities "A variety of talk shows must focus healthy and positive approval towards psycho social rehabilitation of disabled", she observed. She said that Department of Education and Social Welfare, in collaboration with various NGOs and other related agencies are working aggressively to develop functional literacy and education material in different formats and dialects to include illustrations and references that support the inclusion of disabled in mainstream community life "Education influential groups such as teachers, healthcare social/health workers, volunteers should
come forward and assist government to encourage and facilitate students with disabilities to receive ,mainstream education and enjoy quality life, she added. She also emphasized upon efforts by Labour department in promoting employment of people with disabilities by way of awareness activities on a regular basis to enhance the understanding of employers and public about the working capabilities of disabled persons. Sharmila stressed upon promoting all cultural and sports activities as a part of public awareness campaigns to highlight the abilities and aspirations of persons with disabilities, both at national and provincial levels. "Government is committed to make every possible effort to implement existing 2 per cent job quota reserved for the disabled persons so that they may play their part in national development", she maintained.
Zong to work for waste mgmt
ICCI youth group visits Poland
Jotun launches new paint product
KARACHI: MCB Bank Ltd & Engro Corporation Ltd signed an agreement appointing MCB Bank as distributor of Engro Rupiya Certificate issue of Rs4 billion. Muhtashim Ashai Group Head Wholesale Banking and Ruhail Mohammed CFO Engro Corporation signing the agreement on behalf of their respective organisations.-Staff Photo
Sharmila stands for disabled’s rights
KARACHI: Jotun paints recently came up with a new product range called 'Lady Effects' which will showcase lot of trendy techniques for the consumers and also will have the possibility to use your imaginative colors in your surroundings, said a press release issued here.-PR
KARACHI: University students from Sindh and Balochistan posing for a group photo after participating in training Youth capacities for rule of law and good governance organised by CCEP.-Online
MCB joins hand with Engro Rupiya KARACHI: MCB Bank Limited & Engro Corporation signed an agreement appointing MCB as a distributor for Engro's Rupiya Certificates (ERC) issue of Rs4 billion. This initiative was spearheaded by the Bank's Investment Services Department that is involved in the distribution of various mutual funds and investment schemes and has grown over the last year to become Pakistan's largest mutual fund distributor to retail customers in terms of sales volume. Under this agreement MCB Bank will offer the Engro Rupiya
Certificate to retail savers by offering an alternate investment option to conventional saving products & schemes. According to the details, ERC will be available for subscription from October 15for 3 months and will mature 3 years after the closing date of subscription. The issuing amount is inclusive of Green Shoe Option of Rs2 billion. The limit for minimum investment is Rs25,000 for the subscription period of 3 months. The profit will be distributed on semi-annual basis at a fixed rate of 14.50 per cent per annum.-PR
Microfinance forum next month KARACHI: Shamrock Conferences International announced that the 4th Pakistan Micro-finance Conference 2010 will be held on November 10 at the Islamabad Club. The theme of the conference will be "Designing a Roadmap for L a r g e - S c a l e Transformation". This forum has repeatedly attracted prominent delegates representing prestigious Pakistani & foreign Microfinance institutions, including; experts, regulators, government officials, stakeholders and media. The day-long conference will include; four interactive sessions where eminent speakers and practitioners from the government, Microfinance Institutions, NGOs, financial sector, academia, and international bodies will give an insight and make recommendations on the present-day scenario of this sector.-PR
BASF donates 0.7mn euros for affectees KARACHI: The leading German chemical company BASF and its employees in more than 20 countries have together donated about 0.7 million euros for flood victims in Pakistan. "I was impressed by willingness of BASF employees to make donations. Through their contributions some of the misery can be relieved by helping to supply the people in Pakistan with essential goods," said Dr. Jürgen
Hambrecht, Chairman Board of Executive Directors of BASF. Aid money will be distributed among UN organizations on the ground in affected areas of Pakistan and Red Cross. Employee and company donations from Germany go to CERF, United Nations Central Emergency Response Fund. CERF uses money to support projects run by UN organizations in Pakistan. World Health Organization uses
money to provide basic medical care or UNHABITAT for providing potable water. In immediate aftermath of flooding, BASF Group companies in Pakistan and local employees provided local assistance. An internal aid committee prepared relief packages containing food, medicines, emergency goods, organized aid distribution points near BASF sites in Karachi, Lahore, Faisalabad & Sialkot.-PPI
3 Saturday, October 16, 2010
Swiss franc inches off all-time high ZURICH: The Swiss franc inched off the previous session's all-time high against the dollar on Friday ahead of a speech by the Federal Reserve chairman Ben Bernanke which could shed light on US monetary easing measures. The franc was down 0.1 per cent against the dollar at 0.9539 per dollar at 0643 GMT. "Despite near term risk, we expect the dollar to remain under downward pressure ahead of the expected Fed QE (quantitative easing) and also if US earnings continue to surprise positively," said Credit Suisse analysts in a research note. The franc fell 0.1 per cent against the euro compared to the New York close, trading at 1.3431 per euro. -Reuters
US dollar rises against euro; Aussie hits parity Fed Chairman Bernanke sees case for more policy easing NEW YORK: The US dollar rose from a more than an 8month low versus the euro on Friday as traders said its recent declines were overdone, but a sustained rebound seemed unlikely given expectations of further monetary easing. The Australian dollar earlier surged above parity versus the US currency for the first time since flotation in 1983 after Federal Reserve Chairman Ben Bernanke said there was cause for further policy easing given low inflation and high unemployment. Bernanke said policymakers were still weighing how aggressive they should be. Analysts said the dollar is
likely to stay on the defensive until the central bank's meeting on Nov. 2-3. They said the downside may be limited as much of the impact from addi-
priced into the dollar valuation," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange Inc in Washington.
tional Fed easing has been priced in and bearish sentiment on the dollar has reached extreme levels. "A lot of the QE (quantitative easing) story is already
"The market is poised to take some profits ahead of the weekend after a very large move lower in the dollar." The euro fell as low as $1.3985 on trading platform
Asian currencies
Singapore dollar dips; consolidation before Bernanke currency hit a record high after the country widened the trading band for the first time since just after the 9/11 attacks on the United States, underlining the depth of its concern about financial markets. "Those who oversold the dollar yesterday are buying back today to square (positions) for the weekend. But the market is overall quiet as we go between 1.2960 and 1.2990 today," said a Singapore-based dealer. The baht was steady with a slightly softer tone in early trade while its Asian peers eased on profit-taking after recent heady gains. "The baht is being confined to a narrow 29.83-85 range by light central bank intervention," a dealer at a Thai bank said. "The market is waiting to see whether the Bank of Thailand
will do anything to check capital inflows. For the policy rate review next Wednesday, the growing noise from the business sector against a rate hike means it is now 50:50 on whether the BOT will raise rates or hold." Thailand's central bank chief, Prasarn Trairatvorakul, said on Friday the Bank of Thailand would exercise caution in adopting any additional measures in dealing with the baht's fast appreciation to avoid market disruption. The won erased most of its earlier losses to end flat against the dollar as exporters chased it for settlements, prompting investors to clear dollar-long positions. Some dealers suspected foreign exchange authorities of buying dollars to check the won's strength. -Reuters
Stg near 8-mth high; corporate demand seen
Taiwan dlr eases on cbank selling
SEOUL: The Singapore dollar edged down against the dollar on Friday as investors covered dollar-short positions and dealers spotted Thai central bank intervention. Asian currencies overall showed some consolidation with the South Korean won erasing most of its earlier losses before a speech by US Federal Reserve Chairman Ben Bernanke later in the day. Bernanke's comments are unlikely to change expectations of further easing by the Fed to help fuel the world's top economy, which have helped lift Asian currencies. The Singapore dollar fell slightly against the US dollar as investors covered US dollarshort positions in thin trading before the weekend. On Thursday, the Singapore
Previous Day
LONDON: Sterling rose to an eight-month high against an ailing dollar on Friday as US Federal Reserve Chairman Ben Bernanke said low inflation suggested the case for further action on the economy. That confirmed market expectations the US central bank was leaning toward increasing asset purchases at its next meeting on Nov. 2-3,
we are able to stay above yesterday's intraday pullback low at $1.5970, momentum should be sustained for a move towards 1.6250," said Michael Hewson, analyst at CMC Markets. Against the euro, the pound was underpinned by corporate demand related to dividend payments over the European morning, traders said. The euro fell 0.5 per cent to
although Bernanke offered no details on the Fed's next steps. But the pound failed to sustain gains as the prospect of further easing had already been factored in. "The market was quite long going into Bernanke," one London-based trader said, and a lack of specifics on potential easing measures prompted traders to pare gains. The pound rose to $1.6108, its highest since Jan. 29, as the dollar index traded at a year-to-date low of 76.144. By 1504 GMT, the pound stood at $1.6022, up 0.1 per cent on the day. "While
87.48 pence. Further downside for euro/sterling was likely to be limited, however. "The euro has been very wellbid generally and I wouldn't expect much downside, though in the bigger picture it's been approaching a range-top and is starting to look expensive," said Gavin Friend, currency strategist at nabCapital. The pound slipped to a six-month low on Wednesday at 88.39 pence per euro as weak UK data added to speculation that the Bank of England would need to pursue another round of quantitative easing. -Reuters
TAIPEI: The Taiwan dollar eased on Friday following suspected central bank intervention to limit sharp gains amid global exchange rate turbulence seen coming to a head at the G20 leadership meetings. Suspected selling by Taiwan's central bank pushed the Taiwan dollar to T$30.793 against the US currency, compared with its Thursday closing price of T$30.77. Over the week the Taiwan dollar has climbed steadily on the prospect of quantitative easing in the United States, reaching its highest level since a wave of euphoria over new China-Taiwan economic ties in mid-2008. "Taiwan doesn't have a role in the G20 or other public forums, but it's a recipient of the environment around them," a regional currency strategist said. The Taiwan dollar has risen a quick 2.62 per cent since quantitative easing began to bolster Asian markets on Sept. 27 and nearly 1 per cent over the past week alone. The authority bought about $3.2 billion over two weeks from Sept. 27 as the currency began to surge, estimates from traders compiled by IFR Markets show.-Reuters
Aussie up for 8th week; parity bets still on SYDNEY/WELLINGTON: The Australian dollar looked set to rise for the eighth straight week on Friday, and investors were confident its rally could last even though it was struggling to hit the landmark parity level. In late trade, the Australian dollar traded at $0.9913, a good way under a 28-year high of $0.9994 hit offshore, but still up 0.15 per cent for the week. That meant it had been rising every week since the week of August 22, its longest winning streak since June 2009. It is up 11 per cent since the start of the year, the second topperformer among major currencies after the yen. While option barriers at $1.000 had prevented it from hitting parity against the US dollar on Thursday, many traders believed the barriers merely postponed the inevitable. Australia's 4.5 per cent interest rates, the highest in the developed world, its commodity-driven economic growth, a weak US dollar and its boost to commodity prices should combine to
lift the currency higher. Like the Aussie, the NZ dollar gave way to profit-taking. It slipped to $0.7575, after hitting a two-year high of $0.7645 in offshore trade. It was up 0.2 per cent for the week, its fourth consecutive week of gains. "The kiwi is looking a little soft and tired. It's much like the Aussie and the euro," said ANZNational senior dealer Alex Sinton. "It has run an awful long way and needs to correct back from some of those moves." Despite a series of disappointing data, the kiwi has risen around eight per cent since September, thanks to a global sell-down on the US currency. Traders said profit-taking was likely to test kiwi's support around $0.7550, while resistance was expected at the $0.7645 level. The Aussie/kiwi was steady around NZ$1.308, after hitting a near six-month high of NZ$1.3176 in late September as no rate hike is expected in NZ for some more months. -Reuters
EBS and last traded at $1.4011, down 0.5 per cent on the day. The euro had earlier climbed as high as $1.4161, the strongest level since Jan. 26. Declines in some major US stock indexes also hit investors risk appetite and provided some safe-haven demand for the dollar, analysts said. Investors awaited a report from the US Treasury Department later on Friday on the currency practices of other countries. The US administration faces a tough call on whether to label China a currency manipulator, a move that could throw a wrench in Sino-US relations. Reuters
Yuan rises ahead of US currency report SHANGHAI: Spot yuan ended at its highest closing level against the dollar since its landmark revaluation in July 2005 on Friday ahead of the publication of a report by the US Treasury Department on trade partners' currency practices. The People's Bank of China fixed a record high mid-point as the Obama administration is due to say on Friday whether it believes China manipulates its currency to create an unfair trade advantage, a decision that could sour ties between the world's two biggest economies. The Treasury Department is required by law to issue twiceyearly reports on the currency practices of the major US trading partners by Oct. 15 and April 15 each year. Dealers trading on the Chinese market see little chance for the US administration to label China a currency manipulator. Speaking hours before the US report, China's Ministry of Commerce said the United States should not make the yuan a scapegoat for its own domestic
problems. Ministry spokesman Yao Jian said if the yuan appreciated 3 per cent, it will put great pressure on Chinese exporters. The yuan ended at 6.6412 against the dollar, near an intraday post-revaluation high of 6.6404 hit about 10 minutes before the market closed and up from Thursday's finish of 6.6508. Before trading started, the PBOC fixed the mid-point, or its reference rate from which the yuan can rise or fall 0.5 per cent in a day, at a record high of 6.6497 from Thursday's 6.6582. Three-month dollar/yuan NDFs fell to a record low of 6.5490 bid on Friday, implying the yuan will rise another 1.54 per cent in the next three months, on top of a 3.54 per cent jump implied in the shortterm NDFs since the depegging. One-year NDFs were bid at the highest level since July 2008 at 6.4187 on Friday, implying 12-month yuan appreciation of 3.60 per cent on top of a 4.46 per cent jump implied in the long-term NDFs since the depegging. -Reuters
Indian rupee hits 25-½ mth high on inflows MUMBAI: The Indian rupee strengthened to its highest level in 25-½ months on Friday, rising for the seventh straight week as record portfolio inflows continued to pour into local shares amid a broadly weak dollar globally. However, dollar demand from importers including oil refiners and other corporates pulled the rupee off its high. Some traders suspected the central bank too may have bought dollars via state-run banks for a second day to stem the rupee's sharp rally, but that could not be confirmed. The partially convertible rupee closed at 44.10/11 per dollar, after rising to 43.95, its highest since Aug. 29, 2008, and little changed from 44.11/12 per dollar at the close on Thursday. On the week, the rupee gained 0.7 per cent in its seventh successive weekly rise. For the year to date, the rupee is up 5.5 per cent on record $23.2 billion foreign fund inflows into shares.
The Reserve Bank of India will intervene in the forex market if inflows turn lumpy and volatile, its governor reiterated on Friday. One-month offshore non-deliverable forward contracts were quoted at 44.45, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.21, 44.2150 and 44.1950 respectively, with the total traded volume on the three exchanges at about $6.4 billion. -Reuters
Source
Events
EUR EUR CAD USD USD USD USD USD USD USD USD
CPI y/y Core CPI y/y Manufacturing Sales m/m Core CPI m/m Core Retail Sales m/m Retail Sales m/m CPI m/m Empire State Manufacturing Index Prelim UoM Consumer Sentiment Business Inventories m/m Federal Budget Balance
Actual
Forecast
Previous
1.8% 1.0% 2.0% 0.0% 0.4% 0.6% 0.1% 15.7 67.9 0.6%
1.8% 1.0% 0.5% 0.1% 0.4% 0.5% 0.2% 7.1 68.8 0.5% -32.3B
1.8% 1.0% -1.1% 0.0% 1.0% 0.7% 0.3% 4.1 68.2 1.1% -90.5B
Currency Rates Name EUR-USD EUR-GBP USD-CHF GBP-USD GBP-JPY AUD-USD CHF-JPY Gold Silver
As per 22.00 PST Ask 1.4020 0.875 0.9565 1.6028 130.29 0.9906 85.03 1371.48 24.37
Bid 1.4017 0.8747 0.9561 1.6025 130.23 0.9903 84.97 1370.60 24.34
High 1.4158 0.8798 0.9593 1.6106 130.69 1.0000 85.51 1384.75 24.83
Low 1.3974 0.873 0.9487 1.5975 130.03 0.9864 84.87 1361.88 24.08
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 15/10/2010 A USD GBP CAD EUR JPY O/N 0.22688 0.55000 1.05167 0.66500 SN 0.09500 1WK 0.25150 0.55500 1.07667 0.69250 0.10750 2WK 0.25169 0.56000 1.10333 0.69875 0.11500 1MO 0.25625 0.57125 1.13583 0.72813 0.12750 2MO 0.27297 0.62775 1.17917 0.78438 0.15500 3MO 0.28906 0.73975 1.24417 0.92938 0.19875 4MO 0.34219 0.82147 1.30333 0.98813 0.28500 5MO 0.40281 0.92438 1.36167 1.07625 0.34313 6MO 0.45250 1.02625 1.43000 1.18281 0.40313 7MO 0.50344 1.10225 1.49500 1.22750 0.46375 8MO 0.55163 1.18444 1.58500 1.27188 0.51063 9MO 0.60188 1.26500 1.64667 1.32375 0.56063 10MO 0.65513 1.33938 1.72167 1.37000 0.58938 11MO 0.70813 1.40688 1.80333 1.41781 0.61625 12MO 0.76663 1.47444 1.87500 1.46688 0.64563
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada European Central Bank Federal Reserve Swiss National Bank Bank of England The Reserve Bank of Australia Bank of Japan
Oct 19 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 n/a n/a n/a
Sep 08 2010 May 07 2009 Dec 16 2008 Mar 12 2009 Mar 05 2009 May 04 2010 Oct 05 2010
Current Interest Rate 1% 1% 0.25% 0.25% 0.50% 4.50% 0%
Division of National Bank of Pakistan (NBP) KARACHI, October 15,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
86.05 137.68 120.80 85.64 90.06 85.33 13.07 1.06 14.94 66.28 16.20 22.95 11.09 12.95 305.63 27.88 65.18 23.67 23.43 0.08 2.88
85.85 137.36 120.52 85.44 89.85 85.13 13.04 1.05 14.91 66.13 16.16 22.89 11.06 12.92 304.92 27.81 65.03 23.61 23.37 0.08 2.88
85.66 137.05 120.23 85.22 89.61 84.91 13.01 1.05 14.87 65.96 16.12 22.83 11.04 12.88 304.12 27.74 64.86 23.55 23.31 0.08 2.87
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 15, 2010
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 30--years
CMKA 12.05 12.15 12.25 12.45 12.05 12.80 12.95 13.05 13.20 13.40 13.60 13.70 13.70 13.75 13.75 13.70 13.65 13.75 14.25 14.40 14.60
BMA 12.00 12.20 12.20 12.33 12.58 12.75 12.90 13.05 13.15 13.40 13.60 13.70 13.75 13.75 13.80 13.62 13.62 13.75 14.33 14.50 14.60
INVSR 11.90 12.00 12.15 12.30 12.55 12.75 12.95 13.05 13.15 13.38 13.68 13.70 13.75 13.78 13.78 13.75 13.65 13.80 14.25 14.30 14.50
GSL 11.90 12.10 12.25 12.35 12.70 12.90 13.00 13.10 13.26 13.40 13.60 13.65 13.70 13.75 13.76 13.77 13.60 13.85 14.15 14.20 14.45
ICSL 12.00 12.10 12.25 12.60 12.60 12.80 12.95 13.10 13.20 13.35 13.60 13.73 13.75 13.75 13.75 13.75 13.65 13.75 14.20 14.30 14.50
JSCM AvgRate 11.95 11.97 12.05 12.10 12.25 12.23 12.40 12.41 12.65 12.52 12.75 12.79 12.95 12.95 13.05 13.07 13.20 13.19 13.35 13.38 13.68 13.63 13.70 13.70 13.78 13.74 13.80 13.76 13.80 13.77 13.75 13.72 13.65 13.64 13.80 13.78 14.25 14.24 14.35 14.34 14.50 14.53
Currencies Correlation EUR/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY GBP/USD NZD/USD
week month months months year years
0.76 0.98 0.87 0.91 0.52 0.38
0.65 0.91 0.31 -0.12 0.77 0.50
0.40 0.99 0.92 0.59 0.84 0.50
0.76 0.85 0.81 0.47 0.90 0.77
0.51 0.94 0.79 0.82 0.89 0.73
0.68 0.92 0.88 0.84 0.57 0.40
USD/CAD USD/CHF -0.57 -0.81 -0.81 -0.64 0.24 -0.26
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)15/10/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABP L 11.80
12.30
11.90
12.40
12.25
12.75
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
ABLN 11.75
12.25
11.85
12.35
12.20
12.70
12.75
13.00
12.90
13.15
13.10
13.60
13.25
13.75
13.35
13.85
JSBL
12.20
12.70
12.25
12.75
12.30
12.80
12.80
13.05
13.10
13.35
13.20
13.70
13.30
13.80
13.50
14.00
ASPK 11.90
12.40
12.00
12.50
12.20
12.70
12.65
12.90
12.90
13.15
13.10
13.60
13.20
13.70
13.30
13.80
CIPK
12.00
12.50
12.10
12.60
12.30
12.80
12.70
12.95
12.90
13.15
13.00
13.50
13.10
13.60
13.20
13.70
DBPK 11.60
12.10
11.85
12.35
12.10
12.60
12.70
12.95
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK
11.80
12.30
11.90
12.40
12.00
12.50
12.60
12.85
13.00
13.25
13.10
13.60
13.15
13.65
13.40
13.90
FLAH 11.90
12.40
11.90
12.40
12.20
12.70
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
HBPK 11.80
12.30
11.90
12.40
12.20
12.70
12.75
13.00
13.00
13.25
13.10
13.60
13.20
13.70
13.35
13.85
HKBP 12.00
12.50
12.10
12.60
12.20
12.70
12.75
13.00
12.90
13.15
13.10
13.60
13.20
13.70
13.30
13.80
N I PK 11.85
12.35
12.20
12.70
12.65
13.15
12.85
13.10
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
HMBP
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
SAMB 11.75
12.25
11.90
12.40
12.25
12.75
12.80
13.05
13.00
13.25
13.15
13.65
13.25
13.75
13.35
13.85
MCBK 11.70
12.20
12.00
12.50
12.40
12.90
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.40
13.90
NBPK 12.00
12.50
12.00
12.50
12.20
12.70
12.75
13.00
12.80
13.05
13.10
13.60
13.20
13.70
13.30
13.80
SCPK
12.40
11.95
12.45
12.20
12.70
12.70
12.95
12.95
13.20
13.10
13.60
13.15
13.65
13.35
13.85
11.90
UBPL 11.80
12.30
11.80
12.30
12.20
12.70
12.65
12.90
12.95
13.20
13.15
13.65
13.25
13.75
13.35
13.85
AVE
12.35
11.96
12.46
12.22
12.72
12.74
12.99
12.95
13.20
13.11
13.61
13.21
13.71
13.33
13.83
11.85
-0.37 -0.97 -0.77 -0.79 -0.64 -0.63
4 Saturday, October 16, 2010
Boosting exports the only solution
The Financial Daily International Vol 4, Issue 72
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Gas supply plan needs to be revisited Reportedly the government has prepared a gas management plan for the winter to ensure maximum gas to power plants. Under the proposed plan priority would be given to the power sector to contain the rising electricity tariff. The logic behind this proposal is that cost of electricity generation by burning gas is about 70 per cent less than the cost incurred by furnace oil based generation. The policy decision has been taken in principle not to reduce gas supply to the power sector and gas distribution companies directed to enter into direct sale agreements with power generation companies. Fertilizer factories will be run on furnace oil, but supplies of feedstock will continue. According to the proposed gas load management plan two-day gas load shedding for general industrial sector and one day closure of CNG station closure in a week will be introduced to manage the huge gas shortfall. There will be no gas load shedding for domestic consumers. The decision has become necessary because the country faces a short fall of 1,000mmcfd. According to Ministry for Petroleum and Natural Resources gas production will be 4,000mmcfd while demand would exceed 5,000mmcfd. The reasons for increase in demand are stated to be increase in demand of 200mmcfd by power plants and 100mmcfd by fertilizer industries. The immediate response from the industrial sector has been rather spiky and demanded immediate withdrawal of any such move. The entrepreneurs have a very clear view that since last winter hardly any thing has been done to overcome the gas shortfall, which has increased despite slower economic activities. They also question the credibility of the increase in gas demand. The experts are also of the view that last year's shortfall was the outcome of gross mismanagement, which has become even worse this year. Neither the litigation regarding some of the mega gas fields have been resolved to ensure commencement of production nor have the gas marketing companies shown any significant reduction in UFG. Had the two problems been resolved over the year, the country would have surplus gas. It has been repeatedly pointed out in the pages that burning gas in power plants is the worst option but the decision makers completely fail to understand. Closing CNG stations also adds not only to the miseries of commuters but also added to oil import bill. Experts had also objected to commitment of gas for rental power plants and some of the new IPPs. Any effort to curtail gas supply to industries and closure of CNG stations would not only plunge the country deeper into recession but also erode competitiveness of the local manufacturers. To achieve higher GDP growth uninterrupted supply of energy products at affordable prices has to be ensured.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
L
ately, remittances have helped Pakistan bridging current account deficit. However, it is becoming evident that withShabbir Kazmi out boosting exports containing current account deficit will become increasingly difficult. Exports can only be enhanced by introducing supporting policies as well as removing the impediments restricting flow of made in Pakistan goods to global buyers. Many of the experts have been demanding greater access to the US and the EU markets but unless Pakistani products are offered at competitive prices, quality standards are improved and shipment deadlines are adhered to achieving greater access would be of no consequence. Bulk of Pakistan's exports comprises of textiles and clothing and its tradi-
tional competitors are China, India and Bangladesh. China and India beat many exporting countries on the basis of rock bottom price and superior quality and Bangladesh due to preferential treatment. Pakistan has graduated from GSP and still not qualified for GSP Plus regime, which puts it at odd. Over the years Pakistan has lost comparative advantage because many other countries, which do not produce cotton have snatched Pakistan's share simply by buying raw cotton, yarn and unprocessed cloth and converting these into higher value added products. Lately, the effort to contain export of yarn was resisted by the spinners who failed to understand that hike of yarn prices due to emerging shortage was eroding competitiveness of the local manufacturers of textiles and clothing. Two of the reasons for value-added products manufacturers for not achieving competitive advantage are lower
productivity and higher wastages. Lower productivity is because of deploying less efficient workers on the assembly line. It is not because workers do not wish to work but due to absence of training. One of the benchmarks is 'stitches per second' and the variance is up to 1:3, meaning output of quality worker is three times the output of an average worker. Wastages are mainly due to absence of computer aided cutting system. Deployment of latest technology helps in containing wastage of fabric. With the persistent hike in cotton prices, minimizing wastages added to profit. This could be best understood by understanding the equation, without this system 65 per cent fabric is wasted and using the technology improve use of fabric up to 65 per cent. Persistent hike in electricity tariff and extended hours of load shedding has proved most detrimental for the manu-
facturers of made-ups and garments. Millions of man-hours are wasted every month simply because of outages, frequent switching over from mains to standby generating system and vise versa. The collective loss is enormous emancipating from lost man-hours, loss of concentration and additional cost of redoing. Worst victim of load shedding are weaving and processing units. Since weaving and processing is still concentrated in unorganized sector, most of the units do not have stand by electricity generation facilities and even if they have it supports only the critical sections. Boosting export of textiles is not possible simply by achieving greater market access. It has to be supported by regaining the lost competitive advantage. The recipe includes curbing export of cotton and yarn, improving productivity through uninterrupted supply of electricity and gas at affordable cost and reducing interest rates.
Globally, flash crash is no flash in the pan Jonathan Spicer
T
he 20-minute "flash crash" will reverberate for quite some time to
come. For years, America's stock markets were the envy of the world, the model for modern trading -- fast, stable, efficient and for the most part transparent. But after the Dow Jones industrial average plunged nearly 700 points on May 6 before sharply rebounding, that perception changed, possibly for good. "On May 6, I recall this beautiful flash crash that was experienced by many of you," French Finance Minister Christine Lagarde sardonically told those gathered at a World Federation of Exchanges conference in Paris this week. "Well, we certainly don't want that to happen, and neither do we want somebody to press the wrong key and as a result encourage a nice algorithm to precipitate it." The close examination of market structure in the wake of that stomach-churning freefall surprised even the most grizzled investors. They learned that a lone trader using computerised trading codes can submit tens of thousands of orders in a single second. As a result, many of the technological advances that are the hallmarks of modern stock markets are now viewed with at least a little suspicion. "In the last 20 years came computers, electronic exchanges, dark pools, flash orders, multiple exchanges, alternative trading venues, sponsored access, OTC derivatives, high-frequency traders, MiFID in Europe, NMS in the US," Thomas Peterffy, founder of Interactive Brokers Group and a revered trading industry veteran, told the conference. "And what we've got today is a complete mess." The flash crash has altered the heated debate over how to reconstruct the European Union's interconnected marketplace. And in Asia and Latin America, the aftermath is threatening to hamstring needed upgrades to trading systems, several industry executives and regulators told Reuters. In a nutshell, the crash put the world's most sophisticated trading firms, hedge funds and brokers on the defensive, and it strengthened the hands of some traditional investors and even politicians who had agitated for better safeguards in the complicated marketplace. The fallout has just begun. Regulators, playing a bigger role, will at the very least shine a brighter spotlight on today's high-speed marketplace. At the most, they could try to put the brakes on trading advances that are now commonplace. DENTED CONFIDENCE The Dow was down 1,000 points when it touched bottom on May 6. Based on the Wilshire 5000 total market index .W5000, the broadest measure of US equities, that
represented a brief paper loss of about $1 trillion from the day's open. The incident muzzled exchange operators who previously rarely missed an opportu-
The fallout has just begun nity to remind the world that public markets were relatively unscathed as the 2007-2009 financial crisis unfolded in private over-the-counter markets. "I think we were sort of feeling very confident about that, and the flash crash has to some extent dented that confidence," Jane Diplock, executive committee chairman at the International Organisation of Securities Commissions (IOSCO), said in an interview. "While the flash crash, fortunately, did not bring about systemic collapse, what it did was it showed us how important it is to understand what's happening in markets." Earlier this month, the US Securities and Exchange Commission and the US Commodity Futures Trading Commission issued a report that said a single, computerexecuted sale worth $4.1 billion by a money manager helped trigger the flash crash. The 104-page report concluded that the liquidity crisis that day was exacerbated by highfrequency traders quickly offsetting their positions between futures and stocks, and by the overall crush of sell-at-anyprice orders. Exchanges globally have seized on the role that "market fragmentation" played in dispersing and sapping that liquidity -- that is, the availability of bids and offers. Stocks trade on 50 some venues in the United States, where the market is more fragmented than in Europe. "There is a balance between
tion and a call to better coordinate," said Dominique Cerutti, deputy CEO of NYSE Euronext. "It's a real life, sad example that bad things can happen if you don't take care." The SEC opened the door to alternative trading venues in 1999, and made them an integral part of the national order routing system with so-called Regulation NMS in 2005 -- two big decisions to spur competition that shaped today's marketplace. The EU took similar steps with its 2007 markets in financial instruments directive, or MiFID, while these low-cost high-tech venues have also cropped up in Canada, Japan and elsewhere. The European Commission's sweeping review of MiFID, which began before the US crash, has zeroed in on "trans-
rithms to submit rapid-fire bids and offers, making short-term markets and earning tiny profits on price imbalances. Having effectively replaced the trading floor specialists of years past -- and often based in offices nowhere near Wall Street or the City of London -these operations remained quite profitable through the volatile market drop two years ago this month. HFT is now involved in an estimated 60 percent of US stock trading, and 40 percent of that in Europe. The battle lines are now being drawn. In a July draft report, British EU lawmaker Kay Swinburne called for a full examination of HFT's costs and benefits, as well as "stress tests" to determine how exchanges would handle a European version of
“
The flash crash has altered the heated debate over how to reconstruct the European Union's interconnected marketplace. And in Asia and Latin America, the aftermath is threatening to hamstring needed upgrades to trading systems, several industry executives and regulators told Reuters.
parency" in markets. It could as early as this year propose tighter rules for both the alternative venues that publicly display prices, and for the so-called dark pools that keep prices anonymous -- venues that are typically owned by the world's biggest banks including Credit Suisse Group AG and JPMorgan Chase & Co. BATTLE LINES Whatever the flash crash's
the flash crash. Top European Commission member Michel Barnier went a step further on Tuesday, declaring that HFT needs new governing rules given the inherent risks it poses. "I think a number of us are coming to the view that this high-frequency trading has negative social value, and that it's not information discovery," Nobel Prize winning economist Joseph Stiglitz, a member of the joint CFTCSEC advisory panel studying the flash crash's implications, said on September 30. "They're playing games. They're trying to extract information from informed traders, people who are doing the research," Stiglitz added at a reception hosted by Thomson Reuters in New York. SEC Chairman Mary Schapiro has said HFT strategies need a closer examination, and the agency is considering saddling such traders with market-making obligations and privileges so that they provide liquidity when it is most needed. Such a move would put US markets at sharp odds with Europe, which has done away with market makers.
In a nutshell, the crash put the world's most sophisticated trading firms, hedge funds and brokers on the defensive, and it strengthened the hands of some traditional investors and even politicians who had agitated for better safeguards in the complicated marketplace. market integrity and complexity, and the US market, lately, seems very complex to us," Rainer Riess, managing director of Deutsche Boerse's cash equities section, said in an interview. At the Paris conference, exchange executives repeatedly urged a crackdown on the alternative trading venues that have proliferated, driving down trading fees and eroding their market share over the last decade. "This incident on May 6 is a symptom of market fragmenta-
ultimate impact, it has the potential to revamp the way tens of trillions of dollars circulate through the world's stock markets. It could also spell significant changes to the business models of banks, brokers, exchanges, funds, and the increasingly dominant proprietary trading firms that all interact daily. The biggest battles in coming years will likely center on socalled high-frequency trading, or HFT, in which firms use computer codes called algo-
All this tough talk has spooked high-frequency traders and the exchanges that rely on their liquidity and volumes. They note that HFT was not blamed outright in the SEC-CFTC flash crash report, and argue that its short-term strategies have made trading cheaper and easier for all investors. Richard Balarkas, CEO of Instinet Europe, the Nomura Holdings Inc-owned agency brokerage and alternative venue operator, said winding back the clock is a mistake. "I don't think investors on the whole want to go back to a market where they all pay a tax, usually in the form of a wider spread, to a firm making monopoly profits that will in any case wave a white flag as soon as a stock has a liquidity shock," he said in an interview. "It's crystal clear why the flash crash happened: a lack of buyers, and unthinking selling. It was pure, simple supply and demand within a regulatory regime that the SEC had created." AFTERSHOCKS The soul searching in the United States and Europe has spawned some anxiety elsewhere. Exchanges in Asia and Latin America invested heavily in recent years to install electronic matching engines and order routing systems to attract the very kind of trading now under the microscope. Executives said that while there are lessons to be learned from the flash crash, there is a danger in overreacting. "It's unfortunate for places like India, that the confidence among the global regulators was shaken in exchanges in the developed countries," James Shapiro, head of market development at Bombay Stock Exchange .BO, said on the sidelines of the Paris conference. "India is basically now where it needs more deregulation to some degree. This has introduced an element of caution." Atsushi Saito, CEO of the Tokyo Stock Exchange, which launched a $140-million superfast "Arrowhead" stock trading system in January, told the conference: "We are carefully watching the report from the United States on this May 6 event... But we are very uncomfortable about the deionisation of high-frequency trading." When so-called MiFID II takes effect in 2012, it could set the tone for any possible crossborder marketplace in East Asia, where, as in Australia and Brazil, exchanges face the prospect of new competition and a race to ever-faster electronic trading in the near future. It is here that the most severe aftershocks of the US flash crash could hit, said Joseph Gawronski, president at New York-based institutional broker Rosenblatt Securities. "Certainly the incumbents don't want to see fragmentation," he said. "But at the same time they do want to see highfrequency trading come to increase their velocity. And that's a very fine line."-Reuters
5
Saturday, October 16, 2010
South East Asian stocks
EU shares close flat; US sentiment weakens
Singapore, Thai stocks up, others pull back
KSE-100 Index Opening Closing Change % Change Turnover (mn)
Top index sets sights on 10,500pts
10,409.02 10,431.84 22.82 0.22 112.61
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,243.40 3,244.41 1.01 0.03 5.20
Nawaz Ali
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,658.51 2,668.49 9.98 0.38 0.07
Major Gainers
Symbol
Close
Change
DREL COLG ATBA MARI SRVI
734.00 740.00 151.36 119.40 185.33
34.01 8.00 7.20 5.68 4.79
Major Losers
Symbol
Close
Change
ULEVER 4,007.50 FZTM 320.00 WYETH 830.06 IDYM 213.59 NESTLE 1,941.00
-67.5 -16.52 -12.93 -10.77 -9.17
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA PACE NCL NBF NML
9.62 2.99 19.11 2.55 50.86
24.19 13.51 7.03 7.01 5.51
Active Issues Plus Minus Unchanged
178 181 24
Sector Updates FERTILISER
CHINA: An investor walks past an electronic board showing stock information at a brokerage house in Hengyang, Hunan province.-Reuters
000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
Shanghai at 18-month top HONG KONG/SHANGHAI, Shanghai shares jumped 3.2 per cent, posting the biggest weekly gains since February 2009 as banks rallied, while Hong Kong's technically overbought benchmark eased from a 28month high. The Shanghai Composite ended the week at 2,971.2, its highest level in nearly six months. It is up more than 10 per cent since reopening last Friday after the Golden Week holiday. Momentum picked up after the benchmark convincingly broke a key resistance level at the index's 250-day moving average with Chinese banks pushing the index higher into the close. Shanghai's benchmark is still down 9.3 per cent this year, but is no longer Asia's worst performer after the latest rally pushed it ahead of Japan's Nikkei for year-to-date returns. Six of the ten most active stocks in Shanghai were banks, all higher as expectations of strong earnings on the back on lending growth finally enticed domestic investors to take sizeable long bets on the underperforming sector. ICBC, the world's most valuable bank by market value, jumped 6.6 per cent, its biggest daily gain in more than two years. "The most important reason for today's rally is that banking stocks are strong and if the dollar remains at a low level, blue chips will not drop," said Chen Yi, an analyst at Xiangcai Securities. "We still expect the market has good prospects." Bank of China rose 4.3 per cent while CITIC Securities soard 9.6 per cent. Analysts expect the 16 banks listed on the mainland's Shanghai and Shenzhen stock exchanges to post an average 30 per cent jump in their earn-
ings for the first nine months of 2010. China's central bank released data on Wednesday showing strong lending by Chinese banks in September, and foreign trade figures that showed the country's resilient import growth. HK EASES Hong Kong shares slipped from multi-month highs as investors took money off the table but trading activity remained elevated and rotation was seen into stocks that had lagged the rally. The Hang Seng Index fell 0.4 per cent to 23,747.4 with its relative strength index a measure of how overbought or oversold a security is slipping from a 17-year high. With the RSI at 80, the index is well above the threshold 70level, suggesting it remains overbought and that any negative news may spark some sharp falls. "But for the time being people are looking for excuses to buy rather than excuses to sell," said Ben Kwong, chief operating officer at KGI Asia in Hong Kong, adding investors were now going after stocks that had lagged the rally. Shares of Foxconn rose 7.2 per cent as investors aggressively chased laggards in a market that has rallied sharply in the past six weeks on the back of a rush of funds into Asia. Foxconn is one of only two Hang Seng constituents, along with Esprit Holdings, trading below its 200-day moving average. "It's like a treasure hunt," said Peter Lai, a strategist at DBS Vickers in Hong Kong. "The market is flooded with money and we are seeing a lot of rotation into underperformers." See # 6 Page 11
ANNOUNCEMENTS Company Latif Jute AL-Ghazi Tractors
Period Yearly 3rd Qtr
Div/Bon/Right -
PAT (Rs in mn) 1.140 1,344.133
EPS(Rs) 0.32 31.31
KARACHI: Positive activities continued at the Karachi Stock Exchange on the last trading day of the week. Buying was on the expectations of good quarterly corporate results and expectations of foreign pledges in FoDP meeting. However, index didn't witness any major gains due to profit booking by the local investors. The benchmark KSE 100index increased by 22 points to close at 10,431 points, KSE 30index was up 17 points to close at 10,094 points and KSE allshare index rose by 15 points to close at 7,267 points. "Positive activity was witnessed on institutional and foreign interest ahead of major earning announcements next week", said Ahsan Mehanti, Director Arif Habib Investments. He said that expectation are high regarding pledges to be made at international donors meeting in Brussels today for fighting terrorism and rebuilding after devastating floods in Pakistan and higher international oil prices close to $83 per barrel played a catalyst in registering positive activity at KSE. This was despite concerns of rising executive-judiciary conflict in NRO case hearings and
rising circular debt in the energy sector. Despite tension between government and judiciary market managed to take a positive start with a gain of 4 points. Thereafter, index made gains as investors took positions over expectations of good corporate results. Due to continued buying mainly in the oil stocks index at about 10:10 a.m. touched its highest level of the day of 10,473 points (+ve 64 points). Since it was the last trading day of the week some profit taking witnessed at higher levels which at a moment wiped off the index gains. However, continued support in the heavy weight OGDC, index managed to close the first session with a gain of 38 points. Positive activities continued during the second session also. However, day end selling didn't allow the index to end with any significant increase. "Last day squaring-up did offer resistance to the positive opening, the main board stocks faced off-loading mainly by the local corporate participants, activity by off-shore participants in the index heavy weight kept the numbers positive on the benchmark", said an equity dealer at a local brokerage house. See # 1 Page 11
FTSE slips as commodity stocks retreat
Indian shares fall to one-month low
LONDON: Commodity stocks fall, after disappointing results from General Electric and weak US data, pushed Britain's top shares lower at the close on Friday. The FTSE-100 ended down 23.84 points at 5,703.37. It closed 0.4 per cent lower on Thursday. Energy stocks were the biggest drag on the index, coming under pressured after crude price retreated slightly, with BP down one per cent while Cairn Energy lost 2.6 per cent. GE revenues came in below forecast, overshadowing a speech from Federal Reserve Chairman Ben Bernanke pointing to a fresh bout of money printing in the US. Analysts said that Bernanke's comments had little impact because they were no surprised. "The comments were fully expected and equity markets already risen sharply since (the second bout of quantitative easing) was flagged," said Jim Wood-Smith, head of Research at Williams de Broe. Also pressuring equities were US consumer sentiment unexpectedly dipping in early October to its weakest level since July, with buying plans on the decline, a survey released on Friday showed. See # 4 Page 11
MUMBAI: Indian shares shed 1.8 per cent on Friday and fell to their lowest close for the month, as investors opted to lock in profit ahead of state-run Coal India's up to $3.5 billion share sale, the country's largest ever, next week. It fell for the second straight week, but the benchmark index is still up 15.2 per cent year-todate on the back of robust $22.5 billion foreign fund inflows. IT bellwether Infosys Technologies led the losses and closed 3.4 per cent lower, after rising as much as 2 per cent to a record high of 3,249 rupees on forecast-beating September quarter earnings. The 30-share BSE index closed 1.82 per cent or 372.59 points
Summit Bank gives okay to merger with Atlas Bank Staff Reporter KARACHI: The Board of Directors of Summit Bank Ltd (SBL), formerly Arif Habib Bank Ltd has approved the draft scheme of amalgamation with Atlas Bank Ltd. According to a notice sent to Karachi Stock Exchange, SBL Board has also approved valuation and swap ratio for the issue of 0.45 share of SBL for one share Atlas Bank Ltd.
lower at 20,125.05, with just one of its components closing in the green. "The way the market was going up, it only seemed to be a one-way journey. Profit booking is expected at such levels," said Gajendra Nagpal, CEO of Unicon Financial. "Also, quite a few retail investors are lightening their positions for the Coal India IPO (initial public offering)." Outsourcers shed the most, even as Infosys raised its full-year guidance. "While the near-term demand momentum remains good, we believe that there is limited clarity on the CY11 tech spending and appreciating rupee remains a risk," brokerage Religare said in a note. See # 2 Page 11
Nikkei falls on profit-making TOKYO: Japan's Nikkei average fell 0.9 per cent on Friday, hurt by broad profit-taking after a rally the day before and as financial stocks tracked their Wall Street peers lower on worries about a widening foreclosure crisis in the US. Analysts said that market players were being particularly fickle at the moment, not adverse to taking on risk as they did on Thursday amid expectations that the Federal Reserve will ease and bring more liquidity to markets, but also very quick to unwind positions. "They know the Fed is considering easing policy because of worries about the US economic outlook, but at the same time, it's not surprising that those who have put money into global stocks and commodities move to unwind positions at any moment," said Tsuyoshi Segawa, an equity strategist at Mizuho Securities. Continued strength of yen hitting 15-year high on Thursday, put pressure on exporters and sent the Nikkei
0.9 per cent lower on the week. The benchmark is now down about 2 per cent from a high hit after the Bank of Japan announced bold easing measures last Tuesday. The benchmark Nikkei ended down 83.26 points to 9,500.25, while the broader Topix fell 1.3 per cent to 826.38. On Thursday, the Nikkei rose 1.9 per cent, its best daily performance in a month, buoyed by a jump in resource stocks as dollar weakness fuelled a climb in commodity prices. Traders said Thursday's gains were partly due to active buying by one European institution, which bought Nikkei futures possibly on behalf of overseas commodity trading advisers (CTAs) and hedge funds which were doing shortterm trades. Technical indicators showed the Nikkei has strong support at its 25-day moving average, now at 9,458, while its next upward targets are its recent peaks around 9,700, marked this month, and 9,800, hit in July. See # 5 Page 11
US stocks mid-day
Nasdaq up, banks mar Dow NEW YORK: A blowout quarter from Google lifted the Nasdaq almost one per cent on Friday, while Dow fell as concerns about the widening foreclosure crisis again hurting the banks. The S&P edged higher following the most heavily traded morning for the index in at least a month as investors digested mixed results from conglomerate GE and comments from Federal Reserve chairman Ben Bernanke that pointed to more monetary easing. Financials declined on concerns the foreclosure quagmire could not only affect banks' profit but spread to credit markets and the overall economy. "The real downside potential of this issue is unknowable. It could be a multibillion dollar problem," said Brian Battle, Vice President of trading at the Chicago-based Performance Trust Capital Partners. "This could end up being a problem with the financial system like we saw in 2008." The KBW Bank index dropped 2 per cent, falling for the third straight day. JP Morgan Chase & Co slid 3.1 per cent to $37.52, while Bank of America Corp hit a new 52week low of $11.74 before easing to $12.06, off 4.3 per cent. Trading volume on both Dow components eclipsed their 50-day averages. Google Inc boosted the Nasdaq, surging 10.6 per cent to $598.66 one day after net revenues surged 25 per cent in the third quarter, blowing past estimates. The AMEX Interactive Week Internet index gained 1.4 per cent. "Google is one of the companies that, no matter what, it can get things done," Battle said. "But investors need broad-based evidence that we're seeing growth. And we didn't get that from GE." The Dow Jones industrial average was down 41.44 points, or 0.37 per cent, at 11,053.13. The Standard & Poor's 500 Index was up 0.08 points, or 0.01 per cent, at 1,173.89. The Nasdaq Composite Index added 22.24 points, or 0.91 per cent, at 2,457.62. See # 3 Page 11
Amtex strips investors clean Staff Reporter KARACHI: Shareholders of Amtex Ltd, one of the largest vertically integrated textile units did not approve payment of Rs3 per share dividend in the Annual General Meeting. Shareholders decided to turn down approval of Board's decision surprisingly after share price was adjusted by Rs3, exdividend. According to the Chief Financial Officer of the Company, the major banks with whom Company had availed large limits objected to the payments of dividend without seeking their No Objection Certificate (NOC). As per the details provided in the notice issued the Company is under agreement with bank to seek the NOC before announcing any dividend payment. The nature of agreement is material for company's financial position and it cannot be reverted. The management had several meetings with the bank and tried to convince it to issue the NOC but all in vain.
6
Saturday, October 16, 2010
Market Volume
112,609,425
Value
3,319,880,205
Trades
52,998
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
178 181 24 383
10,431.84 10,473.46 10,402.71 h22.82
PE
High Low 1,333.67 1,314.20 Total cos Defaulter cos P/BV (x) ROE (%) 4.15 37.01
Attock PetroleumSPOT 576 5.61 370.49 Attock Refinery 853 16.52 91.33 BYCO Petroleum 3921 - 10.82 Mari Gas Company 735 16.18 113.72 National RefinerySPOT 800 5.64 229.54 Oil & Gas Development XD 43009 10.43 150.02 Pak Petroleum 11950 5.84 185.34 Pak OilfieldsSPOT 2365 6.32 247.41 Pak Refinery Limited 350 - 73.39 PSO XD 1715 4.62 276.53 Shell Gas LPG 226 14.13 31.98 Shell Pakistan XD 685 9.96 194.23
369.90 92.50 10.98 119.40 230.75 151.50 186.80 250.25 77.05 276.90 31.60 195.50
364.00 89.50 10.53 111.50 226.00 149.50 184.50 246.52 74.00 272.55 31.05 193.55
Close Chg 364.51 90.88 10.57 119.40 226.39 151.17 186.37 248.88 77.02 273.06 31.36 194.25
-5.98 -0.45 -0.25 5.68 -3.15 1.15 1.03 1.47 3.63 -3.47 -0.62 0.02
Close Change 1,327.22 5.34 Listed cap Market cap 65,194.15 mn 1,055,066.86 mn Payout (%) Div Yield (%) 68.56 6.11 Last 60 days High Low
Volume 210940 1640452 905164 336431 236879 877184 565153 792493 98631 649826 1855 10281
374.20 92.65 12.96 138.45 230.84 153.00 214.10 251.24 79.50 289.45 39.80 244.00
% Change 0.40 5-Day High 1,327.22 5-Day Low 1,296.56
2009 Div BR (%) (%)
2010 Div BR (%) (%)
295.10 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 188.00 330 -
300 31 200 55 90 255 80 40
20 20B -
Performance of SR Chemicals Index Open 1,183.71 Turnover 31,418,979 P/E (x) 7.34 PE
High Low 1,193.56 1,172.29 Total cos Defaulter cos P/BV (x) ROE (%) 2.57 35.00
Open
High
Low
BOC (Pak) 250 9.67 76.00 Clariant Pak 273 5.67 161.39 Dawood Hercules 1203 7.80 170.18 Descon Chemical 1996 2.11 Descon Oxychem Ltd. 1020 4.14 Dewan Salman 3663 1.45 Engro Corporation Ltd 3277 9.08 179.01 Engro Polymer 6635 - 14.38 Fatima Fertilizer 22000 - 10.58 Fauji Fertilizer 6785 7.36 108.13 Fauji Fert. Bin Qasim 9341 7.49 29.97 Ghani Gases Ltd 725 9.56 12.33 ICI Pakistan 1388 7.24 122.68 Ittehad Chemical XD 360 5.35 21.50 Leiner Gelatine 75 - 13.47 Lotte Pakistan 15142 3.34 9.34 Nimir Ind Chemical 1106 74.00 1.39 Shaffi Chemical 120 1.83 2.68 Sitara Chem Ind SPOT 204 5.36 122.51 Sitara Peroxide 551 8.90 United Distributors 92 - 10.37 Wah-NobleSPOT 90 5.09 42.83
76.74 163.00 171.50 2.45 4.29 1.53 180.25 14.45 10.80 108.75 30.08 12.84 123.47 22.57 14.46 9.72 1.57 2.90 122.50 9.65 10.87 43.50
74.75 161.00 169.00 2.22 4.01 1.41 176.61 13.91 10.17 107.75 29.03 12.00 121.00 22.57 12.57 9.35 1.35 2.27 120.00 8.85 10.03 42.80
Close Chg 76.00 161.01 169.01 2.23 4.06 1.46 177.14 14.00 10.61 108.15 29.43 12.62 121.50 22.57 14.45 9.62 1.48 2.43 121.40 9.37 10.04 43.00
0.00 -0.38 -1.17 0.12 -0.08 0.01 -1.87 -0.38 0.03 0.02 -0.54 0.29 -1.18 1.07 0.98 0.28 0.09 -0.25 -1.11 0.47 -0.33 0.17
Close 1,179.27 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 201 756 11162 66237 318804 271837 1055462 781326 121219 445622 2181024 888662 42668 200 303 24193854 622309 34491 8026 556539 106 5507
Change -4.44 Market cap 266,156.94 mn Div Yield (%) 6.65
82.50 174.00 185.88 2.98 5.20 2.21 194.59 15.20 12.46 113.39 30.65 13.85 128.30 37.80 19.50 9.72 1.77 3.80 128.01 11.09 17.88 48.00
% Change -0.38 5-Day High 1,183.71 5-Day Low 1,167.12
2009 Div BR (%) (%)
2010 Div BR (%) (%)
66.90 90 154.27 125 155.38 40 10B 1.78 3.20 1.28 165.60 6010B 40R 9.57 - 27.5R 9.02 102.96 131.5 10B 26.59 40 7.41 109.50 80 21.00 15 6.20 12 6.75 5 1.16 2.00 110.03 75 7.67 9.22 10 10B 41.00 50 -
15 20 20 75 5 55 5 25 50
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,159.89 Turnover 167,247 P/E (x) 5.94
Open 672.41 Turnover 18,352 P/E (x) 2.63 Company
High Low 1,161.33 1,138.07 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47
Close 1,149.29 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Century Paper 707 Pak Paper ProductXDXB 50
4.07
19.30 39.01
19.35 39.10
18.50 39.10
18.88 -0.42 39.10 0.09
164924 163
22.70 62.85
Security Paper
4.73
40.00
40.00
39.90
40.00 0.00
2160
50.40
Change -10.60 Market cap 3,183.75 mn Div Yield (%) 4.25
Last 60 days High Low
% Change -0.91 5-Day High 1,159.89 5-Day Low 1,145.45
2009 Div BR (%) (%)
2010 Div BR (%) (%)
17.31 38.61
- 425R 20 -
25 33.33B
38.10
50
50
-
Paid up Cap(mn)
Pak Int Cont.Terminal XD 1092
Open 922.68 Turnover 247,339 P/E (x) 2.91 PE
Open
High
High Low 932.60 908.12 Total cos Defaulter cos P/BV (x) ROE (%) 0.96 33.10 Low
Close Chg
Close 918.71 Listed cap 3,596.11 mn Payout (%) 30.91
Change -3.97 Market cap 8,822.68 mn Div Yield (%) 10.61
Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Crescent Steel Dost Steels Ltd Huffaz Pipe
565 675 555
3.38 5.40
24.80 2.03 12.84
25.00 2.44 12.90
24.90 2.14 12.50
24.97 0.17 2.27 0.24 12.59 -0.25
10001 200567 3561
31.73 3.17 16.75
23.75 1.65 12.25
-
30B
30 -
-
International Ind
1199
4.48
46.90
47.00
45.95
45.99 -0.91
33207
70.71
45.93
-
-
40
20B
Close Chg
Volume
Last 60 days High Low
7.74
62.50
65.00
62.00
63.05
18352
87.86
Company
Paid up Cap(mn)
Al-Abbas Cement Attock CementSPOT Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dadex Eternit Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Flying Cement Ltd Gharibwal Cement Haydery Const Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky CementSPOT Maple Leaf Cement Pioneer Cement Thatta Cement
PE
Open
High
Low
1828 866 5.05 182 14 5.59 956 982 12.00 108 3574 3651 35.69 350 6933 12.48 1760 2319 32 145 9.92 1288 13126 3234 6.58 5261 2228 7982122.00
3.34 64.88 15.20 10.00 11.10 1.60 26.00 1.66 25.88 2.87 4.96 1.94 3.49 0.85 7.75 5.95 3.01 73.01 2.90 8.19 20.27
3.50 65.50 15.38 10.00 11.19 1.70 27.25 1.99 25.95 3.50 5.01 2.00 3.69 0.89 8.75 5.99 3.05 74.00 2.90 8.30 21.27
3.01 63.00 14.53 10.00 10.55 1.51 24.77 1.51 25.27 2.50 4.76 1.81 3.49 0.70 8.49 5.90 2.91 72.93 2.80 7.95 19.40
Close 950.17 Listed cap 54,792.74 mn Payout (%) 19.04
Change -2.07 Market cap 69,877.95 mn Div Yield (%) 2.75
Close Chg
Volume
Last 60 days High Low
3.10 63.44 15.01 10.00 10.70 1.56 24.77 1.55 25.70 3.50 4.99 1.93 3.49 0.88 8.53 5.90 2.93 73.29 2.84 8.02 21.22
17388 73978 990 200 1505 3001 1543 50232 1629995 112 486209 54266 301 26482 2021 9149 583217 788127 115360 89500 5303
4.20 71.90 20.00 14.94 12.50 2.74 32.90 2.20 28.74 5.15 5.50 2.30 7.50 2.00 8.75 6.80 3.27 74.00 3.77 8.47 21.80
-0.24 -1.44 -0.19 0.00 -0.40 -0.04 -1.23 -0.11 -0.18 0.63 0.03 -0.01 0.00 0.03 0.78 -0.05 -0.08 0.28 -0.06 -0.17 0.95
2.80 62.00 14.01 10.00 8.90 1.30 22.10 1.30 23.02 2.11 4.50 1.74 2.11 0.25 4.01 5.50 2.60 62.60 2.51 6.80 17.74
% Change -0.22 5-Day High 953.98 5-Day Low 929.32
2009 Div BR (%) (%) 50 40 -
20B 20R -
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 895.16 Turnover 284,844 P/E (x) 1.59 Company
Paid up Cap(mn)
PE
Open
Cherat PapersackXDXB 115 3.30 34.74 ECOPACK Ltd 230 2.44 Ghani GlassXDXB 1067 5.12 50.30 Hashimi Can 16 6.50 MACPAC Films 389 2.53 Packages Ltd 844 16.11 104.06 Tri-Pack Films 300 8.32 104.05
High
High Low 911.46 891.76 Total cos Defaulter cos P/BV (x) ROE (%) 0.70 43.91 Low
Close Chg
34.99 34.64 34.65 2.55 2.21 2.29 51.44 50.00 50.05 6.60 6.60 6.60 2.93 1.60 2.51 107.89 104.00 106.31 105.00 103.00 103.71
-0.09 -0.15 -0.25 0.10 -0.02 2.25 -0.34
Close 900.23 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 3360 4006 11601 1000 216 257540 7121
Change 5.07 Market cap 33,560.33 mn Div Yield (%) 9.81
Last 60 days High Low 51.05 2.89 61.99 6.60 4.69 125.96 105.00
34.00 1.70 50.00 6.00 1.60 98.00 91.00
% Change 0.57 5-Day High 900.23 5-Day Low 881.25
2009 Div BR (%) (%) 30 32.5 100
10B -
2010 Div BR (%) (%) 20 25 -
25B 10B -
INDUSTRIAL ENGINEERING
Open 1,089.13 Turnover 85,016 P/E (x) 3.81 Paid up Cap(mn)
Agriautos IndSPOT 144 Atlas Battery 101 Atlas Honda 626 Dewan Motors 890 Exide (PAK) 56 Ghandhara Nissan 450 Ghani Automobile Ind 200 Honda Atlas Cars 1428 Indus Motors 786 Pak Suzuki 823 Sazgar EngineeringXDXB 150 Transmission 117
PE
Company
Paid up Cap(mn)
Ados Pak
66
PE
15.62
High 16.30
Low 14.62
Close Chg 15.50 -0.12
Close 1,529.04 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Change -0.92 Market cap 31,831.38 mn Div Yield (%) 17.50
Last 60 days High Low
2009 Div BR (%) (%)
5819
22.69
14.62
20
-
-
-
216.00 210.01 210.71 -2.29 46.85 44.65 45.30 -0.55 1.00 0.50 0.50 -0.10
16549 235 502
227.45 51.99 1.00
200.26 35.25 0.36
400 -
20B -
150 25 -
10B -
Ghandhara Ind Hinopak Motor Millat TractorsXDXB
2.08 13.49 - 122.50 6.16 481.70
13.70 12.75 13.20 -0.29 126.00 118.00 119.99 -2.51 488.50 478.20 480.90 -0.80
44606 203 167306
19.75 153.90 597.90
11.29 108.11 17.15 390.00 450
25B
650
25B
-
20B
2010 Div BR (%) (%) 40
-
High
High Low 1,098.95 1,069.82 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 25.35 Low
Close Chg
71.50 70.01 70.84 -1.02 151.36 145.00 151.36 7.20 99.99 96.00 96.02 0.49 1.50 1.40 1.46 -0.02 142.90 142.90 142.90 0.00 4.75 4.30 4.30 -0.23 4.95 4.00 4.20 -0.55 11.10 10.60 10.62 -0.43 232.20 228.25 229.25 -1.56 76.00 73.10 75.00 -0.85 20.98 19.50 19.77 -0.61 2.20 1.75 2.00 0.00
Close 1,081.24 Listed cap 6,768.53 mn Payout (%) 20.42
Volume 2758 22895 1037 14248 217 8510 503 12597 15110 1528 5107 504
Change -7.88 Market cap 38,993.67 mn Div Yield (%) 5.36
Last 60 days High Low 78.39 208.25 127.99 2.10 165.00 6.37 5.70 13.50 287.00 89.99 27.85 3.25
63.01 131.00 92.00 1.16 121.10 4.03 3.55 9.65 212.29 69.25 19.50 1.53
% Change -0.72 5-Day High 1,089.13 5-Day Low 1,058.91
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 100 80 50 100 5 2
90 100 60 150 10 -
20B 30B 20B -
20B 20B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
58.52
Total Assets (Rs in mn)
9,025.24
MA (10-day)
2.82
Total Equity (Rs in mn)
5,194.40
MA (100-day)
3.21
Revenue (Rs in mn)
1,261.81
MA (200-day)
4.42
Interest Expense
272.59
1st Support
2.63
Profit after Taxation
436.80
2nd Support
2.33
EPS 09 (Rs)
1.805
1st Resistance
3.20
Book value / share (Rs)
21.46
2nd Resistance
3.47
PE 10 E (x)
1.26
Pivot
2.90
PBV (x)
0.14
PACE closed up 0.25 at 2.99. Volume was 2,105 per cent above average (trending) and Bollinger Bands were 9 per cent narrower than normal. The company's profit after taxation stood at Rs633.164 million which translates into an Earning Per Share of Rs2.37 for the year ended FY10. PACE is currently 32.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into PACE (bullish). Trend forecasting oscillators are currently bullish on PACE.
Southern Electric Power Co Ltd
FOOD PRODUCERS Open 1,488.12 Turnover 135,608 P/E (x) 30.62 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793
AL-Noor Sugar Ansari Sugar Chashma Sugar Colony Sugar Mills Crescent Sugar Faran Sugar Habib Sugar Habib-ADM Ltd XD Ismail Ind XD J D W Sugar Mehran Sugar Mirpurkhas Sugar Noon Pakistan Premier Sugar Sanghar Sugar Shahmurad Sugar Shakarganj Mills Tandlianwala Wazir Ali
PE 12.96 4.27 0.19 0.71 11.32 3.16 6.34 3.56 12.59 2.41 3.09 6.22 9.89 6.70 1.00 16.16 290.00 -
186 244 287 990 214 217 600 200 505 490 143 70 48 38 119 211 695 1177 80
Open 6.06 41.80 5.01 9.15 3.90 6.40 19.37 31.00 12.63 73.41 71.29 52.77 58.90 20.50 36.96 14.25 11.11 4.70 30.40 5.50
High 7.00 42.00 4.10 8.80 3.90 6.00 20.00 31.10 12.98 74.00 72.00 55.40 61.84 21.52 38.80 14.00 11.16 4.70 31.90 5.25
High Low 1,501.18 1,463.57 Total cos Defaulter cos P/BV (x) ROE (%) 9.28 30.30 Low 6.74 42.00 4.03 8.75 3.10 6.00 19.00 30.50 12.65 70.50 71.00 53.00 58.89 20.90 36.15 13.90 11.10 4.21 28.88 4.75
Close Chg 6.74 42.00 4.07 8.80 3.47 6.00 19.56 30.74 12.68 74.00 71.99 55.22 59.17 21.27 36.53 13.90 11.15 4.21 31.90 5.21
0.68 0.20 -0.94 -0.35 -0.43 -0.40 0.19 -0.26 0.05 0.59 0.70 2.45 0.27 0.77 -0.43 -0.35 0.04 -0.49 1.50 -0.29
Close 1,479.46 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 300 5000 1000 500 216 50000 13397 21522 339 205 2355 24009 3685 1470 3941 112 1673 3193 1063 1501
Change -8.66 Market cap 189,871.26 mn Div Yield (%) 1.00
Last 60 days High Low 11.70 47.35 6.00 11.40 4.49 7.80 23.50 32.25 16.98 76.90 72.00 58.74 68.13 33.06 43.60 14.90 11.90 5.00 35.50 8.74
1.12 39.25 3.80 8.00 2.40 5.50 15.90 24.60 12.20 53.64 60.10 48.50 55.24 18.95 32.50 11.50 7.40 3.02 22.45 4.75
2009 Div BR (%) (%) 40 17.5 35 40 15 40 35 25 30 10 15 -
25B 30B 10B 10B -
% Change -0.58 5-Day High 1,488.12 5-Day Low 1,473.35 2010 Div BR (%) (%) 40 17.5 110R 0 12.5R 25 10B 12 -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
55.81
Total Assets (Rs in mn)
9,248.54
MA (10-day)
2.19
Total Equity (Rs in mn)
2,028.39
MA (100-day)
2.86
Revenue (Rs in mn)
1,911.24
MA (200-day)
3.55
Interest Expense
766.96
1st Support
2.17
Profit after Taxation
146.76
2nd Support
1.88
EPS 09 (Rs)
1.074
1st Resistance
2.64
Book value / share (Rs)
14.84
2nd Resistance
2.82
PE 10 E (x)
6.38
Pivot
2.35
PBV (x)
0.17
SEPCO closed up 0.40 at 2.49. Volume was 834 per cent above average (trending) and Bollinger Bands were 5 per cent wider than normal. The company's profit after taxation stood at Rs52.682 million which translates into an Earning Per Share of Rs0.39 for the year ended FY10. SEPCO is currently 29.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SEPCO at a relatively equal pace. Trend forecasting oscillators are currently bearish on SEPCO.
Nishat (Chunian) Limited
HOUSEHOLD GOODS Performance of SR Household Goods Index Open 1,108.77 Turnover 132,963 P/E (x) 4.27 Company
Paid up Cap(mn)
AL-Abid SilkSPOT Hussain Industries Pak Elektron Singer Pak Tariq Glass Ind
High Low 1,152.85 1,127.44 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 10.64
PE
Open
High
Low
96 3.40 106 1174 2.89 341 16.79 231 2.77
33.70 9.99 13.71 18.15 17.16
35.00 10.89 13.90 17.80 18.15
32.02 10.79 13.50 17.30 16.75
Close Chg 35.00 10.79 13.52 17.80 17.03
1.30 0.80 -0.19 -0.35 -0.13
Close 1,136.75 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 202 502 99303 1500 31433
Change 27.98 Market cap 5,602.11 mn Div Yield (%) 1.47
Last 60 days High Low 35.00 11.25 15.95 24.14 19.12
26.60 7.11 12.17 17.04 14.45
2009 Div BR (%) (%) 7.5 -
10B 10B -
% Change 2.52 5-Day High 1,136.75 5-Day Low 1,082.74 2010 Div BR (%) (%) -20B 20R - 10B 17.5 -
PERSONAL GOODS Performance of SR Personal Goods Index Open 917.31 Turnover 15,309,671 P/E (x) 6.36 Company
Paid up Cap(mn)
Amtex Limited XD Artistic DenimSPOT Aruj Garments Azam Textile Azgard Nine Babri Cotton Bannu Woolen Bata (Pak) Brothers Textile Chenab Limited Colony Mills Ltd D S Ind Ltd Dawood Lawrencepur Din TextileXDXB Ellcot SpinningSPOT Fazal Cloth Gadoon Textile Ghazi FabricsSPOT Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim FibresSPOT Ideal Spinning Idrees Textile Int KnitwearSPOT Ishaq Textile J A Textile Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Textile Maqbool Textile Masood Textile Mehmood TextileSPOT Mian Textile N P Spinning Nagina CottonSPOT Nishat (Chunian) Nishat Mills Pak Synthetic Premium TextileSPOT ProsperitySPOT Quetta Textile Ravi Textile Reliance Weaving Rupali PolySPOT Saif Textile Sally Textile Salman Noman Sargoda Spinning Saritow Spinning Service Ind Shahpur Textile Shahtaj TextileSPOT Shahzad TextileSPOT Shield CorpSPOT Suraj Cotton Tata Textile XD Thal LimitedSPOT Treet Corp Yousuf Weaving Zephyr Textile Ltd Zil Limited XD
PE
Open
2415 2.86 11.71 840 5.74 23.49 62 7.89 4.33 133 0.56 2.99 4493 254.75 10.43 29 0.37 14.21 76 1.18 13.28 76 4.48 449.30 98 0.70 1150 3.20 2442 2.59 2.95 600 1.67 514 9.53 40.47 204 1.19 22.00 110 1.80 21.30 188 2.00 46.98 234 1.22 45.95 326 1.28 4.34 146 1.40 6.00 185 1.65 8.71 716 1.22 4.39 3105 3.53 36.65 99 0.66 3.39 180 2.43 4.24 32 5.40 9.90 97 1.04 4.68 126 3.95 107 0.71 303 1.51 509 1.90 1455 2.82 5.45 168 2.12 11.24 600 1.00 19.25 150 1.69 65.48 221 0.55 147 3.92 22.66 187 1.31 17.00 1586 2.42 18.27 3516 5.98 50.18 560 5.71 5.49 62 0.93 29.50 185 2.59 18.29 130 0.96 28.57 250 4.59 1.83 308 0.85 11.27 341 5.72 35.00 264 1.37 3.56 88 0.35 5.40 40 4.43 2.50 312 0.51 2.13 133 0.58 2.43 120 4.77 180.54 140 1.15 0.89 97 - 20.25 136 0.62 6.26 39 10.10 58.90 180 1.25 35.28 173 0.75 18.27 256 4.14 111.56 418 7.89 38.04 400 6.47 1.24 594 3.24 53 6.58 37.20
High
High Low 928.86 908.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 8.64 Low
Close Chg
11.84 10.71 10.71 -1.00 24.05 22.80 22.86 -0.63 4.50 4.50 4.50 0.17 3.10 2.75 3.09 0.10 10.70 10.10 10.19 -0.24 14.50 13.25 13.25 -0.96 14.00 13.25 13.60 0.32 465.00 450.00 454.05 4.75 0.89 0.89 0.89 0.19 3.39 3.23 3.26 0.06 3.20 2.66 2.80 -0.15 1.73 1.62 1.65 -0.02 40.73 39.00 39.85 -0.62 23.10 22.50 23.10 1.10 22.20 20.75 21.10 -0.20 49.30 49.00 49.20 2.22 46.40 45.50 45.51 -0.44 4.40 4.40 4.40 0.06 6.50 6.01 6.35 0.35 9.14 8.88 9.10 0.39 4.49 4.22 4.25 -0.14 38.40 35.25 38.16 1.51 3.49 3.40 3.40 0.01 4.25 4.25 4.25 0.01 10.20 10.20 10.20 0.30 4.98 4.94 4.94 0.26 3.00 3.00 3.00 -0.95 0.69 0.52 0.69 -0.02 1.64 1.41 1.42 -0.09 2.50 1.62 2.01 0.11 5.49 5.00 5.38 -0.07 11.49 10.66 11.25 0.01 20.00 18.80 19.50 0.25 68.00 62.50 64.98 -0.50 0.60 0.55 0.60 0.05 23.50 22.00 22.00 -0.66 17.50 16.50 17.45 0.45 19.27 18.30 19.11 0.84 51.12 50.00 50.86 0.68 5.25 5.25 5.25 -0.24 29.50 28.78 29.00 -0.50 19.25 17.70 17.85 -0.44 27.15 27.15 27.15 -1.42 1.97 1.76 1.79 -0.04 11.50 11.05 11.15 -0.12 34.91 34.90 34.90 -0.10 4.00 3.61 4.00 0.44 5.74 4.70 5.35 -0.05 2.26 2.26 2.26 -0.24 2.45 1.95 1.96 -0.17 2.68 2.10 2.10 -0.33 188.90 177.25 185.33 4.79 1.01 0.80 0.83 -0.06 20.79 20.15 20.77 0.52 6.50 6.49 6.49 0.23 60.00 56.00 57.36 -1.54 35.50 35.00 35.00 -0.28 19.00 18.40 18.97 0.70 111.85 110.10 110.51 -1.05 38.50 37.90 38.27 0.23 1.16 0.86 1.10 -0.14 3.25 3.00 3.25 0.01 39.00 36.00 38.42 1.22
Close 917.84 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 0.53 Market cap 115,684.12 mn Div Yield (%) 2.62
Last 60 days High Low
905609 20.45 6652 24.05 5200 6.70 57001 3.23 1092810 13.30 1800 18.75 2513 14.00 230 560.00 501 1.50 32282 4.98 3202 5.00 9398 2.49 12002 51.99 1902 30.90 15957 25.45 1500 49.30 6000 48.30 200 5.00 508 8.13 38357 9.24 51757 4.85 20506 39.99 941 4.79 1075 5.35 10000 10.90 708 4.99 1000 3.99 400 1.99 84303 2.00 21151 3.79 61390 6.30 3004 11.49 1500 23.25 615 74.50 803 1.20 111 24.66 1338 17.50 7034014 19.49 5513821 53.14 2000 7.90 634 30.90 3211 21.47 980 52.29 67730 4.69 11811 12.00 501 36.75 472 5.44 9505 6.20 1000 3.11 5975 2.50 1569 2.99 7293 225.99 20708 2.26 27077 21.50 137 9.48 437 60.00 1102 37.50 10000 19.70 33389 114.99 65508 49.49 8601 1.90 25500 4.99 1976 44.00
10.71 17.55 3.50 1.35 8.55 9.50 7.50 436.00 0.10 2.93 2.23 1.44 37.08 20.80 20.15 39.23 33.80 1.11 5.00 5.31 2.52 34.05 2.02 2.56 7.00 3.86 2.00 0.10 1.01 1.60 4.00 3.25 18.51 59.00 0.01 15.00 12.00 14.64 40.81 5.16 26.00 15.75 27.15 1.38 6.91 31.35 2.01 2.74 1.30 0.31 1.01 176.00 0.25 14.75 3.25 49.60 29.50 12.75 97.00 37.20 0.73 1.50 33.00
2009 Div BR (%) (%)
% Change 0.06 5-Day High 917.84 5-Day Low 911.83 2010 Div BR (%) (%)
30 20 20 7.5 - 15B 20 120 5 20 10B 7.5 35 70 10 - 10B 10 - 10B 10 20B 10 20 10 6 8 - 22.5 15 15 100R 4050.2257B 60 20 - 20SD - 50R 15 20 25 45R 12.5 7.5 50 20 30 - 632R 20 - 25SD 40 40 10 5B 5 200 20 45 5 - 30B 10 15 50 25 20 20B 80 20B 40 10B 35 -
PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index Open 844.59 Turnover 31,016 P/E (x) 6.17
2010 Div BR (%) (%)
5.05 213.00 5.23 45.85 0.60
60.86
PACE Pakistan Limited
Performance of SR Food Producers Index
% Change -0.06 5-Day High 1,529.96 5-Day Low 1,447.25
AL-Ghazi Tractor 215 Bolan CastingXDXB 104 Dewan Auto Engineering 214 213 124 366
3.16
Open
High Low 1,552.23 1,520.99 Total cos Defaulter cos P/BV (x) ROE (%) 2.86 38.02
Open
5.17 71.86 5.71 144.16 6.69 95.53 1.48 4.09 142.90 4.53 3.53 4.75 - 11.05 5.23 230.81 9.32 75.85 5.14 20.38 2.00 2.00
Performance of SR Industrial Engineering Index Open 1,529.96 Turnover 235,221 P/E (x) 7.51
0.55
2009 Div BR (%) (%)
Alert ! Unusual Movements
% Change 0.66 5-Day High 680.61 5-Day Low 666.65
AUTOMOBILE AND PARTS
CONSTRUCTION AND MATERIALS High Low 964.13 938.27 Total cos Defaulter cos P/BV (x) ROE (%) 0.49 7.10
Change 4.41 Market cap 12,091.26 mn Div Yield (%) 4.22
Low
Performance of SR Construction and Materials Index Open 952.23 Turnover 3,938,929 P/E (x) 6.92
Close 676.82 Listed cap 3,242.17 mn Payout (%) 11.08
High
-
% Change -0.43 5-Day High 935.75 5-Day Low 918.29
High Low 692.46 668.41 Total cos Defaulter cos P/BV (x) ROE (%) 0.67 25.53
Open
INDUSTRIAL METALS AND MINING
Company
16,465.69 16,538.07 16,428.30 h0.29
PE
Performance of SR Industrial Metals and Mining Index
Paid up Cap(mn)
Current High Low Change
10,094.80 10,135.47 10,059.43 h17.37
Performance of SR Automobile and Parts Index
Company
CHEMICALS
411
Current High Low Change
INDUSTRIAL TRANSPORTATION
Low
Company
7,267.31 7,294.31 7,247.44 h15.57
KMI 30 Index
Performance of SR Industrial Transportation Index
High
Paid up Cap(mn)
Current High Low Change
KSE 30 Index
OIL AND GAS
Open
Company
All Share Index
Performance of SR Oil and Gas Index Open 1,321.87 Turnover 5,420,125 P/E (x) 11.22 Company
KSE 100 Index
Symbols
Company Abbott (Lab) Ferozsons (Lab) XB GlaxoSmithKline IBL HealthCare Ltd Searle PakSPOT
Paid up Cap(mn) 979 250 1707 200 306
High Low 852.97 840.37 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 22.31
Close 843.96 Listed cap 3,904.20 mn Payout (%) 44.54
PE
Open
High
Low
Close Chg
Volume
7.97 5.77 12.54 17.78 5.41
92.02 89.30 68.68 7.85 63.02
91.50 93.44 69.49 8.40 63.85
90.50 86.95 69.15 8.00 63.01
90.90 -1.12 87.94 -1.36 69.49 0.81 8.00 0.15 63.11 0.09
2300 4390 101 14257 9892
Change -0.62 Market cap 28,072.30 mn Div Yield (%) 7.22
Last 60 days High Low 96.40 124.00 83.39 8.66 64.19
77.00 86.95 65.00 6.10 53.36
2009 Div BR (%) (%) 120 10 50 15
20B 15B
% Change -0.07 5-Day High 851.60 5-Day Low 841.22 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
69.63
Total Assets (Rs in mn)
12,016.81
MA (10-day)
18.07
Total Equity (Rs in mn)
3,102.47
MA (100-day)
16.84
Revenue (Rs in mn)
9,964.55 1,081.54
MA (200-day)
18.83
Interest Expense
1st Support
18.53
Profit after Taxation
2nd Support
17.93
EPS 09 (Rs)
1.249
1st Resistance
19.50
Book value / share (Rs)
37.51
103.34
2nd Resistance
19.87
PE 10 E (x)
2.42
Pivot
18.90
PBV (x)
0.51
NCL closed up 0.84 at 19.11. Volume was 432 per cent above average (trending) and Bollinger Bands were 31 per cent wider than normal. The company's profit after taxation stood at Rs931.473 million which translates into an Earning Per Share of Rs7.89 for the year ended FY10. NCL is currently 1.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NCL (mildly bullish). Trend forecasting oscillators are currently bullish on NCL.
Dewan Salman Fibre Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
52.28
Total Assets (Rs in mn)
16,668.04
MA (10-day)
1.40
Total Equity (Rs in mn)
(5,909.01)
MA (100-day)
1.62
Revenue (Rs in mn)
MA (200-day)
1.86
Interest Expense
1st Support
1.37
Loss after Taxation
2nd Support
1.33
EPS 09 (Rs)
1st Resistance
1.49
Book value / share (Rs)
2nd Resistance
1.57
PE 10 E (x)
Pivot
1.45
PBV (x)
4,169.62 2,050.22 (6,233.79) (17.017) (16.13) (0.09)
DSFL closed up 0.01 at 1.46. Volume was 41 per cent below average and Bollinger Bands were 53 per cent narrower than normal. The company's loss after taxation stood at Rs10.744 billion which translates into a Loss Per Share of Rs2.93 for the nine months of fiscal year (9MFY10). DSFL is currently 21.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of DSFL (mildly bearish). Trend forecasting oscillators are currently bullish on DSFL.
BOOK CLOSURES Company
From
To
Allied Rent Mod. Baluchistan Wheels D.G.K Cement Ferozsons Lab Kot Addu Power Pakistan Synthetic Sazgar Engg Works ZIL Limited 1st Credit Investment Bank First Credit & Investment Bank Mari Gas Company Berger Paints Pakistan PTCL Sigma Leasing Corporation Ali Asghar Textile Mills Arpak International Artistic Dewan Mills Biafo Industries Central Forest Products Fauji Cement Co. Fecto Cement Huffaz Seamless Pipe Industries
16-Oct 16-Oct 16-Oct 16-Oct 16-Oct 16-Oct 16-Oct 16-Oct 17-Oct 17-Oct 17-Oct 18-Oct 18-Oct 18-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct
22-Oct 23-Oct 30-Oct 25-Oct 25-Oct 30-Oct 22-Oct 22-Oct 25-Oct 25-Oct 26-Oct 26-Oct 28-Oct 25-Oct 27-Oct 29-Oct 27-Oct 26-Oct 26-Oct 25-Oct 26-Oct 29-Oct
D/B/R 22.5 12.5 20(B) 27.50(F) 10,20(B) 35 20 25 -
Spot AGM/Date 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 08-Oct 11-Oct 11-Oct -
22-Oct 23-Oct 30-Oct 21-Oct 25-Oct 30-Oct 22-Oct 22-Oct 25-Oct 25-Oct 26-Oct 26-Oct 28-Oct 26-Oct 27-Oct 29-Oct 27-Oct 26-Oct 26-Oct 25-Oct 26-Oct 29-Oct
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
Pakistan Cables 53.81 TRG Pakistan Ltd. 4.1 Murree Brewery SPOT 95.45 Grays of Cambridge 50 Lakson Tobacco 349.99 Pak Tobacco 114.5 Eye Television 22.02 PIAC(A) 2.2 AKD Capital 60.49 Pace (Pak) Ltd. 2.74 Netsol Technol SPOT 18.85 Pak Telephone 1.51
High 56.5 4.26 99 50 367 120 22.97 2.25 63.51 3.17 19.15 1.98
Low Close 54.5 4 94 47.8 345 114 21.5 2.16 62.2 2.6 18.31 1.5
54.5 4.02 94.98 48 353.68 115.26 21.5 2.2 63.51 2.99 18.52 1.6
Change 0.69 -0.08 -0.47 -2 3.69 0.76 -0.52 0 3.02 0.25 -0.33 0.09
Vol
701 2458527 18725 483 6419 1153 796 36003 17327 13508973 405146 2505
7
Saturday, October 16, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,158.82 Turnover 3,475,330 P/E (x) 6.19 Paid up Cap(mn)
Company
Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
37740 3000 8606 6175
High Low 1,167.06 1,137.91 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
PE
Open
High
Low
Close Chg
9.19 -
19.49 2.44 2.87 3.98
19.50 2.63 2.98 4.00
19.15 2.45 2.77 3.91
19.29 2.47 2.82 3.97
-0.20 0.03 -0.05 -0.01
Close 1,148.39 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 467809 1620748 1386750 104279
Change -10.42 Market cap 79,235.09 mn Div Yield (%) 10.11
Last 60 days High Low 20.22 3.08 3.30 6.13
17.32 1.80 2.30 3.60
% Change -0.90 5-Day High 1,158.82 5-Day Low 1,130.75
2009 Div BR (%) (%) 15 -
-
2010 Div BR (%) (%) 17.5 -
-
Ask Gen Insurance Central Insurance XB Century Insurance Crescent Star Insurance EFU General Ins. XB Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Shaheen Insurance Silver Star Insurance Universal Insurance
204 6.78 279 5.18 457 6.15 121 1250 31.77 400 7.56 718 13.71 791 9.18 3000 250 1.37 350 59.50 303 4.84 200 253 1.77 210 -
11.90 49.50 11.13 4.02 38.13 11.00 80.91 54.90 14.86 6.69 2.36 8.76 13.35 7.29 2.97
High Low 1,180.27 1,157.18 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 9.35
Close 1,173.39 Listed cap 95,369.29 mn Payout (%) 104.13
Change 12.44 Market cap 96,671.57 mn Div Yield (%) 8.47
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
198 11572 6.21 1560 7932 1695 5.79 126 2.49 8803 6.81 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 95.36 Sitara Energy LtdSPOT 191 3.85 Southern Electric 1367 6.38 Tri-star Power XD 150 -
0.74 33.41 1.59 2.08 23.40 5.20 38.35 12.54 13.32 21.50 2.09 0.75
0.95 33.70 1.73 2.20 23.89 5.50 39.50 12.75 13.45 21.85 2.53 0.75
0.60 33.35 1.50 2.05 23.45 4.50 38.35 12.30 13.11 21.00 2.06 0.75
0.75 0.01 33.54 0.13 1.60 0.01 2.19 0.11 23.50 0.10 5.00 -0.20 39.35 1.00 12.49 -0.05 13.35 0.03 21.60 0.10 2.49 0.40 0.75 0.00
32234 600843 54522 217374 1001 64734 364486 387688 2285343 2803 1535130 6000
1.53 37.24 2.28 2.63 26.50 6.70 44.85 12.75 13.73 23.49 3.21 1.60
Company Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power XD
11.94 50.00 10.94 4.99 40.03 10.89 77.60 53.77 14.47 5.79 2.38 8.95 12.35 7.10 3.00
0.04 0.50 -0.19 0.97 1.90 -0.11 -3.31 -1.13 -0.39 -0.90 0.02 0.19 -1.00 -0.19 0.03
501 598 2100 106 14676 10119 1754 2339 1596733 255 14000 1085 500 6973 1000
11.95 64.90 11.99 7.90 54.50 13.89 81.50 62.50 19.26 8.20 4.16 10.60 16.49 10.00 4.00
8.45 47.37 9.42 3.38 34.76 10.04 66.02 52.21 12.50 5.06 1.66 8.00 11.51 6.00 1.77
20 25B 40 8.7B 35 35 30 20B 30 5 25B 20 15B -14.28B - 20B -
0.51 32.75 0.70 1.92 23.00 3.90 38.35 9.50 9.25 20.00 2.05 0.33
% Change 1.07 5-Day High 1,173.39 5-Day Low 1,149.39
2009 Div BR (%) (%) 33.5 45 64.5 20 3
31R -
2010 Div BR (%) (%) 50 - 7.8R 15 50 20 -
GAS WATER AND MULTIUTILITIES
Open 822.57 Turnover 19,988 P/E (x) 92.54 Paid up Cap(mn)
Company
EFU Life Assurance XB New Jub Life Insurance
High Low 857.44 837.15 Total cos Defaulter cos P/BV (x) ROE (%) 3.56 3.85
Close 851.23 Listed cap 2,290.72 mn Payout (%) 355.53
Change 28.67 Market cap 9,672.23 mn Div Yield (%) 3.84
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,706.18 1,655.42 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 11.41
Close 1,680.18 Listed cap 12,202.80 mn Payout (%) 66.79
Change 13.80 Market cap 37,203.22 mn Div Yield (%) 5.41
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 18.82 6712 4.47
32.03 28.85
32.50 29.70
31.60 28.78
32.00 -0.03 29.25 0.40
740082 359620
33.40 30.70
25.00 16.00
% Change 0.83 5-Day High 1,708.05 5-Day Low 1,666.38
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 15
25B
BANKS Performance of SR Banks Index
Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.78 53.48 Askari Bank 6427 6.19 15.21 Atlas Bank 5001 2.26 Bank Alfalah 13492 11.80 9.10 Bank AL-Habib 7322 6.95 32.26 Bank Of Khyber 5004 3.15 3.15 Bank Of Punjab 5288 8.20 BankIslami Pak 5280 3.20 Faysal Bank 6091 3.14 13.88 Habib Bank Ltd 10019 6.44 100.18 Habib Metropolitan Bank 8732 5.85 19.70 JS Bank Ltd 6128 2.39 KASB Bank Ltd 9509 2.65 MCB Bank Ltd 7602 9.33 196.77 Meezan Bank 6983 7.40 15.92 Mybank Ltd 5304 2.30 National Bank 13455 5.39 64.77 NIB Bank 40437 2.90 Royal Bank Ltd 17180 6.01 Samba Bank 14335 1.92 Silkbank Ltd 26716 12.86 2.82 Soneri Bank 6023 6.25 Stand Chart Bank 38716 9.30 6.56 Summit Bank Ltd 5000 2.75 United Bank Ltd 12242 6.24 53.07
High
High Low Close 1,009.09 983.11 996.01 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.94 13.45 34.35 Low
Close Chg
54.00 53.40 53.51 0.03 15.30 14.95 14.98 -0.23 2.20 2.05 2.17 -0.09 9.23 8.81 8.85 -0.25 32.90 31.75 32.25 -0.01 3.60 3.06 3.15 0.00 8.30 8.09 8.10 -0.10 3.30 3.20 3.24 0.04 14.14 13.55 13.62 -0.26 101.00 99.90 100.01 -0.17 19.80 19.50 19.77 0.07 2.40 2.30 2.38 -0.01 2.85 2.50 2.50 -0.15 200.90 195.71 200.08 3.31 15.25 15.07 15.25 -0.67 2.40 2.20 2.23 -0.07 65.25 64.10 64.21 -0.56 3.00 2.82 2.83 -0.07 6.20 6.02 6.14 0.13 1.98 1.75 1.96 0.04 2.90 2.78 2.83 0.01 6.38 6.15 6.25 0.00 6.79 6.50 6.51 -0.05 3.05 2.85 3.01 0.26 53.44 52.85 53.03 -0.04
Volume
Change 2.78 Market cap 603,637.80 mn Div Yield (%) 4.91
Last 60 days High Low
94977 59.70 759331 17.15 584888 2.84 1044712 10.25 102877 34.00 7757 4.75 344061 10.97 208964 3.87 14853 15.58 157724 109.10 23169 23.50 11205 2.92 3249 3.70 2544738 214.99 4524 16.45 153860 3.14 1623188 73.89 932674 3.50 3304 12.50 24198 2.90 485005 3.30 18500 7.75 716 8.50 148154 3.95 335816 60.20
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 2.42 5.20 1.55 2.15 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change 0.28 5-Day High 996.01 5-Day Low 978.25
850 38.03 627 54.04
66.64 42.00
69.97 43.75
69.97 42.05
69.97 3.33 43.23 1.23
8549 11438
84.99 46.00
51.25 34.50
20 - 66R 55 -63.46R 10 -
Performance of SR Non Life Insurance Index
Paid up Cap(mn)
Company
Adamjee Insurance XD
PE
1237 13.02
Open 71.16
High 72.79
High Low 680.64 661.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 5.20 Low 71.10
Close Chg 71.63 0.47
Close 666.15 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 1264827
Change 0.43 Market cap 42,088.82 mn Div Yield (%) 7.39
Last 60 days High Low 89.90
63.05
2009 Div BR (%) (%) 30
10B
% Change 0.06 5-Day High 666.15 5-Day Low 630.71 2010 Div BR (%) (%) 10
-
2010 Div BR (%) (%)
5513.33B 10 -
-
Open 363.29 Turnover 6,635,021 P/E (x) 0.44 Paid up Cap(mn)
High Low 369.18 352.91 Total cos Defaulter cos P/BV (x) ROE (%) 0.16 37.22
PE
Open
High
Low
225 360 7.71 450 6.47 3750 2.19 150 575 215 2121 600 2.84 2878 1.85 626 0.29 7633 508 500 1000 12.89 1000 775 452 -
0.56 16.57 26.03 22.91 1.21 10.25 1.78 1.91 7.92 4.46 1.80 9.58 2.39 25.65 5.98 3.75 1.71 0.53
0.74 16.75 26.97 23.04 1.30 10.50 2.72 2.06 8.49 4.80 1.90 9.65 2.46 25.96 5.97 4.19 1.80 0.54
0.46 16.06 25.61 22.10 1.11 9.25 1.00 2.00 8.05 4.40 1.71 9.25 2.25 25.13 5.75 3.76 1.66 0.53
Close Chg
Close 356.16 Listed cap 30,336.44 mn Payout (%) 4.60
Volume
Change -7.13 Market cap 25,504.06 mn Div Yield (%) 10.56
-
AMZ Ventures Arif Habib Invest. XB Arif Habib Limited XB Arif Habib Securities Dawood Cap Mangt. XB First National Equity Grays Leasing IGI Investment Bank Invest and Fin SecSPOT Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap XD JS Investment KASB Securities Pervez Ahmed Sec Saudi Pak Leasing
0.52 16.51 25.96 22.22 1.20 10.25 2.19 2.01 8.14 4.49 1.72 9.30 2.27 25.31 5.80 3.78 1.69 0.54
-0.04 -0.06 -0.07 -0.69 -0.01 0.00 0.41 0.10 0.22 0.03 -0.08 -0.28 -0.12 -0.34 -0.18 0.03 -0.02 0.01
174063 1450 44175 2173834 878 102 1498 26454 11305 110303 94760 3525503 173003 6448 125880 37875 126722 650
% Change -1.96 5-Day High 363.96 5-Day Low 354.29
Last 60 days High Low
2009 Div BR (%) (%)
1.10 20.99 47.70 34.99 2.69 11.75 4.00 2.43 9.00 5.40 2.84 15.47 5.95 42.00 8.52 5.49 2.73 1.70
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.62 20.90 0.50 6.86 0.32 1.17 6.90 2.54 1.17 8.80 1.96 24.25 5.10 3.20 1.35 0.40
2010 Div BR (%) (%) 20B 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,038.27 Turnover 8,198,133 P/E (x) 6.91 Paid up Cap(mn)
Company
PE
1st Fid Leasing 264 AL-Meezan Mutual Fund XD13752.41 Atlas Fund of Funds 525 2.08 B R R Guardian Modaraba780 Crescent St Modaraba 200 2.60 Equity Modaraba 524 First Dawood Mutual Fund581 Golden ArrowSPOT 760 3.97 H B L Modaraba XD 397 4.82 Habib Modaraba 1008 4.44 JS Growth Fund 3180 36.75 JS Value Fund 1186 Meezan Balanced Fund XD1200 2.66 Mod Al-Mali 184 NAMCO Balanced Fund 1000 2.55 Pak Modaraba 125 1.82 Pak Prem Fund 1698 3.82 Pak Strat Fund 3000 5.51 Paramount ModarabaSPOT 59 7.99 PICIC Energy Fund 1000 2.93 PICIC Growth Fund 2835 2.31 PICIC Inv Fund XD 2841 1.91 Prud Modaraba 1st XD 872 2.47 Punjab Modaraba 340 Trust ModarabaSPOT 298 3.48 U D L Modaraba 264 3.48
Open 1.38 6.40 3.43 1.06 0.68 1.20 1.68 3.70 5.79 6.00 2.91 2.85 5.55 1.00 2.94 1.00 8.00 7.00 8.95 5.50 8.21 3.71 1.00 1.20 2.98 6.61
High
High Low 1,051.42 1,017.86 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 4.09 Low
1.35 6.26 3.74 1.45 0.75 1.20 1.70 3.73 5.70 6.00 3.00 3.00 5.60 0.96 2.93 1.15 8.20 7.05 8.95 5.50 8.65 3.80 0.98 1.29 3.00 6.69
Close Chg
1.20 6.25 2.70 1.03 0.65 1.08 1.52 3.62 5.45 5.90 2.81 2.70 5.50 0.77 2.40 1.00 7.95 7.00 8.60 5.20 8.25 3.62 0.92 1.00 2.75 6.51
1.35 6.25 2.70 1.19 0.65 1.19 1.70 3.65 5.45 5.90 2.94 2.80 5.50 0.91 2.55 1.00 8.02 7.05 8.95 5.50 8.42 3.79 0.94 1.29 2.75 6.68
-0.03 -0.15 -0.73 0.13 -0.03 -0.01 0.02 -0.05 -0.34 -0.10 0.03 -0.05 -0.05 -0.09 -0.39 0.00 0.02 0.05 0.00 0.00 0.21 0.08 -0.06 0.09 -0.23 0.07
Close 1,033.70 Listed cap 29,771.58 mn Payout (%) 104.19
Change -4.57 Market cap 17,428.14 mn Div Yield (%) 26.53
Last 60 days High Low
Volume 215 3810 1002 504 2506 3507 371 72900 6349 20700 32145 181102 3005 241 7014193 31491 77760 7012 2001 53500 537821 113240 5967 10525 1062 15092
2.24 7.25 4.20 2.43 0.90 1.50 2.09 3.88 6.80 7.49 4.39 3.98 7.49 1.25 3.70 1.40 9.86 8.10 9.45 6.49 10.55 5.00 1.20 2.00 4.40 6.99
% Change -0.44 5-Day High 1,038.27 5-Day Low 1,027.49
2009 Div BR (%) (%)
1.01 5.85 2.53 0.90 0.16 0.76 1.36 2.32 4.80 5.56 2.70 2.31 5.30 0.56 2.25 0.25 7.00 6.01 6.55 4.00 7.60 3.50 0.70 0.57 1.00 5.00
5 20 10 5 15 10
8.01 1.96 0.69 12.45 842.99 224.36 10.55 1.55 22.34 12.00 23.25 6.41 8.21 1.79 6.53 101.58 732.00 22.47 64.84 94.43 154.00 0.64 14.26 5.45 1950.17 6.25 1.14 60.00 3.35 27.78 110.00 28.00 5.90 94.80 8.79 336.52 16.00 20.00 4.98 39.00 0.53 7.35 4075.00 1370.00 50.47 9.50 4.00 2.58 1.81 1.49 29.02 49.00 33.89 39.89 65.00 5.20 30.73 1.99 51.00 1.71 5.36 2.48 18.00 6.90 1.45 1.50 14.60 186.80 9.02 0.99 49.45 5.00 74.00 29.95 36.20 11.81 28.70 699.99
High 8.49 1.26 0.74 13.40 845.00 219.99 11.50 1.90 23.40 11.00 24.40 6.50 8.95 1.89 6.80 106.00 750.00 23.50 61.76 98.00 155.00 0.70 15.26 5.00 1960.00 6.70 1.14 60.00 4.00 29.16 115.50 29.00 5.80 95.96 8.85 345.00 17.00 20.00 4.94 40.95 0.64 8.00 4089.99 1370.00 47.95 9.70 4.04 2.56 1.99 1.98 29.75 51.25 34.95 41.80 68.00 5.78 32.00 1.99 48.65 2.70 5.25 2.74 18.00 7.38 1.49 2.50 13.60 189.00 9.88 1.10 51.90 5.00 77.70 29.26 38.00 11.84 28.70 734.00
Low
Close
8.49 1.24 0.74 13.40 830.00 213.20 10.21 1.22 22.50 11.00 22.20 6.50 8.21 1.89 6.10 98.65 740.00 22.98 61.63 97.50 146.78 0.67 13.95 4.45 1926.01 6.70 1.14 60.00 3.90 29.16 112.00 26.65 5.80 95.00 8.85 320.00 17.00 20.00 4.94 40.00 0.40 6.46 3950.01 1370.00 47.95 8.85 3.40 2.55 1.97 1.65 29.75 49.00 33.99 41.80 68.00 5.78 30.40 1.99 48.65 2.70 5.25 2.74 18.00 7.38 1.49 2.50 13.60 189.00 9.88 0.99 51.90 5.00 77.70 29.26 38.00 11.84 28.70 734.00
8.49 1.26 0.74 13.40 830.06 213.59 10.64 1.45 22.52 11.00 24.40 6.50 8.95 1.89 6.20 104.00 740.00 23.50 61.70 97.50 154.58 0.69 14.69 4.95 1941.00 6.70 1.14 60.00 3.90 29.16 112.00 28.16 5.80 95.00 8.85 320.00 17.00 20.00 4.94 40.95 0.46 7.99 4007.50 1370.00 47.95 9.50 4.04 2.56 1.99 1.98 29.75 51.25 34.95 41.80 68.00 5.78 30.40 1.99 48.65 2.70 5.25 2.74 18.00 7.38 1.49 2.50 13.60 189.00 9.88 0.99 51.90 5.00 77.70 29.26 38.00 11.84 28.70 734.00
Change
Vol
0.48 -0.70 0.05 0.95 -12.93 -10.77 0.09 -0.10 0.18 -1.00 1.15 0.09 0.74 0.10 -0.33 2.42 8.00 1.03 -3.14 3.07 0.58 0.05 0.43 -0.50 -9.17 0.45 0.00 0.00 0.55 1.38 2.00 0.16 -0.10 0.20 0.06 -16.52 1.00 0.00 -0.04 1.95 -0.07 0.64 -67.50 0.00 -2.52 0.00 0.04 -0.02 0.18 0.49 0.73 2.25 1.06 1.91 3.00 0.58 -0.33 0.00 -2.35 0.99 -0.11 0.26 0.00 0.48 0.04 1.00 -1.00 2.20 0.86 0.00 2.45 0.00 3.70 -0.69 1.80 0.03 0.00 34.01
100 100 100 90 75 70 59 57 51 50 49 46 28 26 23 23 22 21 20 18 17 14 13 12 12 11 10 10 10 9 9 9 6 6 5 5 5 5 5 4 3 3 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
2010 Div BR (%) (%)
- 18.5 2.2 0 1.2 17 11 21 5 10 - 15.5 15 3 - 18.6 - 11.53 18 5 20 10 3 5 - 12.5
Open
SFWF TRIBL TRPOL HUSS WYETH IDYM BAPL MWMP GATM SHCM GUTM PICTPS STCL LEUL SMCPL PAKD COLG CRTM GLPL SAPT PSEL ICIBL DIIL PAKL NESTLE JKSM NMBL JVDC FRCL RCML SFL SHFA PNGRS SHEZ SCM FZTM NAKI TOWL MZSM FECS MUKT SMTM ULEVER RMPL PHDL STPL CPMFI FANM DEL CWSM SNAI BTL FASM GATI SHJS FECTC BWHL TSMF FIMM FTSM OLPL ESBL ALICO RICL KOHTM LMSM NATM BHAT PASM CJPL BAFS SASML KSBP OTSU BIFO DYNO GVGL DREL
FINANCIAL SERVICES
2010 Div BR (%) (%)
NON LIFE INSURANCE Open 665.72 Turnover 2,917,567 P/E (x) 10.76
Symbols
Performance of SR Financial Services Index
Company
PE
Open 993.23 Turnover 9,484,300 P/E (x) 7.00
UPTO 100 VOLUME
10B 20B -
% Change 3.49 5-Day High 851.23 5-Day Low 806.43
2009 Div BR (%) (%)
Performance of SR Gas Water and Multiutilities Index Open 1,666.38 Turnover 1,099,702 P/E (x) 12.35
10 10 -
Performance of SR Life Insurance Index
Performance of SR Electricity Index
Paid up Cap(mn)
10.91 50.00 10.39 4.10 40.03 10.31 77.60 53.11 14.35 5.77 2.38 8.94 12.35 7.00 3.00
LIFE INSURANCE
ELECTRICITY Open 1,160.95 Turnover 5,487,424 P/E (x) 12.29
11.94 50.00 11.99 4.99 40.03 10.89 81.00 55.99 15.25 6.89 2.38 8.98 12.35 8.17 3.00
Symbols
-
Low
Close
OGDC-OCT 149.84
Open
150.60
150.00
150.21
0.37 548,000
MCB-OCT
197.20
200.90
High
196.00
200.17
Change
2.97 456,500
Vol
DGKC-OCT
25.91
-0.23 284,500
ENGRO-OCT 179.62
25.97
25.41
25.68
180.50
176.75
177.34
NML-OCT
47.95
48.90
47.90
48.68
0.73 219,000
NBP-OCT
64.96
65.35
64.26
64.45
-0.51 173,500
PSO-OCT
277.34
276.45
273.15
273.68
-3.66 154,000 0.46 107,500
-2.28 256,500
AICL-OCT
71.40
72.78
71.30
71.86
PPL-OCT
185.86
186.89
184.50
186.29
POL-OCTB
232.29
234.00
231.06
233.03
0.74
83,500
ANL-OCT
10.59
10.40
10.20
10.25
-0.34
60,000
LUCK-OCT
69.40
70.30
68.70
69.71
0.31
30,000
FFBL-OCT
30.20
29.75
29.25
29.55
-0.65
28,500
UBL-OCT
53.26
53.25
53.15
53.25
-0.01
18,000
PTC-OCT
19.57
19.30
19.26
19.30
-0.27
7,500
BOP-OCT
8.20
8.00
8.00
8.00
-0.20
1,000
AICL-COCT
71.62
0.00
0.00
72.06
0.44
0
ABL-COCT
53.82
0.00
0.00
53.83
0.01
AKBL-COCT 15.31
0.00
0.00
15.07
-0.24
0
ATRL-COCT
91.92
0.00
0.00
91.42
-0.50
0
0.43
85,000
0
ZERO VOLUME Symbols
Open
High
Low
Close
FCONM
1.95
1.87
1.87
1.87
-0.08
KASBM
1.89
1.85
1.85
1.85
Change -0.04
Vol
AZTM
0.41
0.50
0.50
0.50
0.09
0
NCLNCP
23.35
22.19
22.19
22.19
-1.16
0
PUNO
35.70
37.48
37.48
37.48
1.78
0
ARPAK
11.00
12.00
12.00
12.00
1.00
0
0 0
BOARD MEETINGS
Nishat Mills Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
73.39
Support 1
10,398.55
MA (5-day)
10,369.14
Support 2
10,365.25
MA (10-day)
10,239.71
Resistance 1
10,469.30
MA (100-day)
9,904.44
Resistance 2
10,506.75
AKD Securities Ltd
9,965.78
Pivot
normal. As far as resistance level is concern, the market will see major 1st Index will continue to find its 1st support level at 10,398.55 and 2nd support level at 10,365.25.
Brokerage House
Fair Value
Rs Recommendations
AKD Securities Ltd
189.75
Neutral
*Arif Habib Ltd
59.97
Buy
TFD Research
218.18
Neutral
AKD Securities Ltd
74.2
Technical Outlook Technical Analysis
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) CFS Rs (mn)
175.80 8,941.18 33.02 50.54
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
64.44 194.60 193.57 204.15
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) CFS Rs (mn)
Dera Ghazi Khan Cement Co Ltd
Brokerage House
Fair Value
Rs Recommendations
ing oscillators are currently bullish on NML.
342.10 68,446.72 210.10 198.37
* Target price for Dec-10 & **Net Open Interest in future market
Brokerage House *Arif Habib Ltd
AKD Securities Ltd
43.29
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
58.34 24.83 25.03 27.30
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) CFS Rs (mn)
Fair Value
Rs Recommendations
78
182.55 4,691.53 31.85 25.70
* Target price for Dec-10 & **Net Open Interest in future market
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) CFS Rs (mn)
326.94 9,621.80 3.67 29.63
* Target price for Dec-10 & **Net Open Interest in future market
erate flows of volume into FFBL (mildly bullish). Trend forecasting oscillators are currently bullish on FFBL.
Engro Corporation
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
AKD Securities Ltd
76
Accumulate
*Arif Habib Ltd
61.96
Neutral
TFD Research
88
Positive
AKD Securities Ltd
92.3
Positive
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
FFBL is currently 1.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect mod-
Buy
TFD Research
50.18 63.96 65.33 72.32
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) CFS Rs (mn)
318.37 20,442.34 57.38 64.58
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
60.90 66.93 77.63 97.59
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) CFS Rs (mn)
Fair Value
Rs Recommendations
205
Buy
238.8
Buy
208.75
Positive
Technical Outlook
Technical Outlook 74.22 5,316.57 13.16 71.67
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
51.89 176.43 178.32 186.57
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) CFS Rs (mn)
131.09 23,222.12 112.99 178.25
* Target price for Dec-10 & **Net Open Interest in future market
DGKC closed down -0.18 at 25.70. Volume was 42 per cent below aver- NBP closed down -0.56 at 64.21. Volume was 9 per cent below average AICL closed up 0.47 at 71.63. Volume was 201 per cent above average ENGRO closed down -1.87 at 177.14. Volume was 7 per cent above average and Bollinger Bands were 31 per cent narrower than normal.
and Bollinger Bands were 53 per cent narrower than normal.
(trending) and Bollinger Bands were 30 per cent narrower than normal.
age and Bollinger Bands were 51 per cent narrower than normal.
DGKC is currently 5.8 per cent below its 200-day moving average and is NBP is currently 3.0 per cent below its 200-day moving average and is dis- AICL is currently 26.6 per cent below its 200-day moving average and is ENGRO is currently 3.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average playing an upward trend. Volatility is extremely low when compared to the displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect mod- average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DGKC (mildly bullish). Trend forecasting oscilla- reflect volume flowing into and out of NBP at a relatively equal pace. Trend reflect very strong flows of volume into AICL (bullish). Trend forecasting erate flows of volume into ENGRO (mildly bullish). Trend forecasting osciltors are currently bullish on DGKC.
forecasting oscillators are currently bullish on NBP.
oscillators are currently bullish on AICL.
3:30 10:30 3:00 12:30 12:30 12:30 12:30 1:00 11:00 11:00 11:00 11:30 11:00 4:15 4:15 4:15 4:15 10:30 11:30 11:30
Company
Leverage Position
62.98 28.69 27.81 29.39
Time
16-Oct 18-Oct 18-Oct 18-Oct 18-Oct 18-Oct 18-Oct 18-Oct 18-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct 19-Oct
TECHNICAL LEVELS
Neutral
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Date
First Prudential Modaraba Allied Bank Limited IGI Investment Bank Ltd Pak Oman Advantage Fund Pak Oman Advantage Islamic Fund Pak Oman Advantage Islamic Income Fund Pak Oman Advantage Stock Fund Pakistan Tobacco Co Ltd Sanofi-Aventis Pakistan Limited Askari General Insurance Co Ltd B.R.R Guardian Modaraba Biafo Industries Limited Crescent Standard Modaraba Meezan Balanced Fund Meezan Capital Protected Fund Meezan Islamic Fund Meezan Islamic Income Fund Pakistan Petroleum Ltd PICIC Growth Fund PICIC Investment Fund
Accumulate
29.1
Adamjee Insurance Co Ltd
Technical Outlook
Technical Outlook Technical Analysis
ing oscillators are currently bullish on MCB.
National Bank of Pakistan
Buy
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Buy
32.06
NML closed up 0.68 at 50.86. Volume was 137 per cent above average MCB closed up 3.31 at 200.08. Volume was 165 per cent above average FFBL closed down -0.54 at 29.43. Volume was 35 per cent above average and Bollinger Bands were 32 per cent narrower than normal. (trending) and Bollinger Bands were 21 per cent narrower than normal. and Bollinger Bands were 25 per cent wider than normal.
44
*Arif Habib Ltd
Rs Recommendations
33
Technical Outlook
Technical Outlook
Leverage Position
68.45 48.82 46.47 52.42
Fair Value
TFD Research
Positive
KSE 100 INDEX is currently 4.7 per cent above its 200-day moving average NML is currently 3.0 per cent below its 200-day moving average and is dis- MCB is currently 2.0 per cent below its 200-day moving average and is disand is displaying an upward trend. Volatility is extremely low when compared playing an upward trend. Volatility is extremely low when compared to the playing an upward trend. Volatility is extremely low when compared to the to the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is cur- reflect moderate flows of volume into NML (mildly bullish). Trend forecast- reflect moderate flows of volume into MCB (mildly bullish). Trend forecastrently indicating that INDEX is currently in an overbought condition.
Brokerage House
Buy
TFD Research
10,436.00
resistance level at 10,469.30 and 2nd resistance level at 10,506.75, while
Rs Recommendations
65
*Arif Habib Ltd
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 22.82 points at 10,431.84. Volume was 63 per MA (100-day) cent above average and Bollinger Bands were 7 per cent narrower than MA (200-day) MA (200-day)
Fair Value
Fauji Fertiliser Bin Qasim Ltd
MCB Bank Ltd
Company
lators are currently bullish on ENGRO.
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah BankIslami Pak Bank Of Punjab Dewan Cement DGK Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors JOV and CO Japan Power JS Bank Ltd Kot Addu Power KESC Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev XD PACE (Pakistan) Ltd. Pervez Ahmed Sec PIAC(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele Jah Siddiq Co
RSI 1st 2nd (14-day) Support 42.97 2.90 2.70 60.31 53.30 53.05 39.60 62.45 61.50 36.96 25.40 24.80 41.01 21.85 21.50 60.90 70.90 70.15 55.17 14.85 14.75 48.82 9.95 9.75 70.62 362.40 360.25 67.04 89.40 87.95 57.68 8.70 8.55 53.49 3.20 3.15 43.83 8.00 7.95 50.06 1.35 1.20 58.34 25.35 24.95 52.28 1.40 1.35 58.47 2.10 2.00 60.10 39.35 38.70 73.45 68.80 67.65 51.89 175.75 174.35 49.27 13.40 13.20 55.08 4.85 4.65 62.98 28.95 28.45 61.91 107.70 107.20 59.40 99.60 99.20 47.21 33.35 33.20 53.61 120.50 119.50 54.51 227.60 225.95 32.21 2.20 2.10 54.60 1.50 1.40 48.83 2.30 2.25 29.58 38.65 37.90 60.37 2.10 2.00 63.60 72.80 72.35 64.44 196.90 193.70 44.53 2.80 2.75 50.18 63.80 63.35 69.63 18.50 17.90 48.07 18.15 17.80 52.18 2.75 2.70 56.02 1.35 1.25 68.45 50.20 49.55 69.46 149.95 148.70 58.52 2.65 2.35 54.57 1.65 1.60 51.88 2.15 2.10 53.46 7.90 7.75 71.59 246.85 244.80 52.92 185.00 183.60 50.42 73.40 71.80 56.41 271.45 269.80 56.86 19.10 18.95 44.88 193.35 192.50 64.99 31.55 31.15 66.20 8.95 8.50 68.35 28.80 28.30 63.92 2.40 2.35 51.70 3.90 3.85 52.13 52.80 52.50 65.63 2.75 2.65 44.21 9.15 9.00
1st 2nd Resistance 3.40 3.70 53.90 54.25 64.95 66.50 26.75 27.55 22.80 23.40 72.60 73.55 15.20 15.45 10.55 10.95 368.30 372.05 92.40 93.95 9.10 9.40 3.30 3.35 8.25 8.35 1.85 2.15 26.00 26.30 1.55 1.60 2.40 2.60 41.35 42.70 72.30 74.65 179.40 181.65 14.00 14.35 5.10 5.15 30.00 30.55 108.70 109.20 100.70 101.40 33.70 33.90 123.00 124.45 231.55 233.85 2.40 2.55 1.70 1.85 2.40 2.45 39.80 40.20 2.25 2.30 73.90 74.50 202.10 204.10 2.90 2.95 64.95 65.65 19.50 19.85 19.00 19.50 2.95 3.05 1.60 1.70 51.30 51.80 151.95 152.70 3.25 3.50 1.80 1.85 2.25 2.30 8.25 8.45 250.60 252.30 187.30 188.20 76.30 77.60 275.80 278.50 19.45 19.65 195.30 196.40 32.45 32.95 9.75 10.10 29.70 30.15 2.60 2.70 4.20 4.35 53.35 53.70 2.95 3.05 9.55 9.80
Pivot 3.20 53.65 64.00 26.20 22.45 71.85 15.10 10.35 366.15 90.95 8.95 3.25 8.15 1.70 25.65 1.45 2.30 40.70 71.15 178.00 13.75 4.90 29.50 108.20 100.30 33.55 122.00 229.90 2.35 1.60 2.35 39.05 2.15 73.40 198.90 2.85 64.50 18.90 18.65 2.90 1.45 50.65 150.70 2.90 1.70 2.20 8.10 248.55 185.90 74.70 274.15 19.30 194.45 32.05 9.30 29.25 2.50 4.10 53.10 2.85 9.40
8
Saturday, October 16, 2010
Yash honoured with Kishore Award
P
restigious National Kishore Kumar Award, given by the Madhya Pradesh Government for the year 200910, was conferred on Yash Chopra, at an investiture ceremony held yesterday. This ceremony took place at the birthplace of the Late Kishore Kumar - Khandwa, MP - on his birth anniversary. Yash Chopra, a contemporary
MUMBAI: Indian Bollywood film actress and Tissot brand ambassador, Deepika Padukone launches the new model Tissot PRS-516 watch in Mumbai. -Reuters
John sentenced to 15-day jail for rash driving
A
ctor John Abraham was convicted for rash and negligent driving and injuring two people and sentenced to 15 days’ simple imprisonment on Thursday. The Bandra Metropolitan Magistrate’s court, however, granted him bail immediately. “John Abraham was convicted and was sentenced to 15 days’ imprisonment but was granted bail after he moved a bail application,” said Mangesh Pote, senior inspector of police, Khar police station. Pote said the court has not impounded or suspended Abraham’s licence. Neither John nor his lawyer was available for comment. The court also imposed a
fine of Rs1,500 on Abraham, Pote said, and given him a month to appeal against the decision in the sessions court. “There were five witnesses in the case including both the victims,” Pote said. The incident occurred on April 8, 2006. Abraham had hit a bicycle with his Yamaha Hayabusa at 11:15 pm on Carter Road in Bandra (West), injuring the two men riding the bicycle. Abraham had taken the victims, Shyam Kasbe, 22, and Tanmay Majhi, 19, employees of Judo Wine shop at Pali Naka, to the nearby Bhabha Hospital. The actor, who was also hurt, later got himself admitted to Lilavati Hospital. He
had hurt his ankle and his knee. The preliminary medical report from the hospital had said that Abraham had not consumed any alcohol. The police said Abraham was returning from the Gladrags show while the victims were returning home after closing the shop. The police had booked the actor under sections 279 (rash driving or riding on a public way) and 337 (causing hurt by act endangering life or personal safety of others) of the Indian Penal Code. One of the victims had initially alleged that Abraham had hit him on the way to the hospital, but later denied this claim.
MUMBAI: Bollywood actress Aishwarya presents a creation by Indian designer Manish Malhotra during India Couture Week in Mumbai. Reuters
legend in Hindi cinema, has played a seminal role in the Indian Film Industry. With this award, he added yet another prestigious accolade to his long list of achievements. State Cultural Minister Laxmikant Sharma presented him with the award, a traditional shawl and a cash prize. State Education Minister Ms Archana Tipnis and the State Tribal Welfare Minister, Vijay Shah, were also present at the occasion. "By agreeing to accept this award Yash Chopra has added to the reputation of MP as a state. He is one such great Director whose films have been socially relevant since more than 50 years", said Cultural Minister Laxmikant Sharma. Yash Chopra was overwhelmed at receiving this award and thanked the Madhya Pradesh government for the same. He fondly recalled his association with the Late Kishore Kumar while appreciating the great work done by the Madhya Pradesh government in Kishore Kumar's honour. The Kishore Kumar award, instituted by the Madhya Pradesh government in 1997, is given away for direction, acting, script writing and lyrics every year. Past recipients of the prestigious award have included Hrishikesh Mukherjee, Gulzar, Shyam Benegal and Amitabh Bachchan.
of Anil expected Winners ‘Chautay Ustaad’ accorded to join “M:I-4” warm welcome A I
ndian actor Anil Kapoor, last seen in "24" after his Hollywood breakthrough with "Slumdog Millionaire," is expected to join the growing cast of "Mission: Impossible IV." "I was approached for the project and I said yes," Kapoor told The Hollywood Reporter, but he didn't divulge details about the role that could be the 50-year-old actor's first appearance in a major Hollywood studio production. Kapoor is expected to close final negotiations soon for his appearance in the latest installment of the Tom Cruise-starring franchise. Kapoor was last seen in the final season of Fox's "24," in which he played president Omar Hassan, the leader of a Middle Eastern country. He also appeared in Danny Boyle's multiple Oscar winner "Slumdog Millionaire." One of India's most popular actors, with a career spanning more than two decades,
Kapoor will feature in upcoming Bollywood feature "No Problem." "Mission: Impossible IV" is directed by Brad Bird ("The Incredibles," "Ratatouille"). Already confirmed as one of the lead villains is Michael Nyqvist, last seen in the Swedish thriller "The Girl with the Dragon Tattoo" and its sequels. French actress Lea Seydoux will play the lead female villain. "Lost" star Josh Holloway is also joining the cast, along with franchise veterans Ving Rhames and Simon Pegg and new faces Jeremy Renner, Paula Patton and Vladimir Mashkov. "M:I-4" is produced by Cruise along with J J Abrams, who worked on the story with screenwriters Andre Nemec and Josh Appelbaum, who wrote the screenplay. The production is scouting locations in Vancouver, Prague and Dubai for a December 2011 release.
Arbaaz announces Dabangg sequel
T
he Dabangg DVD & VCD launch function organised by Reliance BIG Home Video turned out to be an exciting, interactive and lively event. The media turnout was well represented across TV, Press, Websites and Magazines. The evening started with the Dabangg's Starcast - Arbaaz Khan, Abhinav Kashyap , Sonakshi Sinha, Maliaka Arora Khan and Reliance BIG Home Video Chief Operating Officer - Sweta Agnihotri being welcomed on stage. Arbaaz announced that Dabangg 2 starring Salman Khan & Sonakshi will go on floors very soon. Sweta Agnihotri then took over and thanked Arbaaz, the entire Cast and the Landmark team for putting up such a great event together. The Home Video was then official launched by the starcast and a special capsule of the making was shown to the audience and the members of
the media. Abhinav then spoke about his experience on the film and about the script playing a very important part in the huge success of the film. He was very confident that the film would do well and thanked all the consumers in making this film a super success. Sonakshi speaking on the occasion thanked the public for their support in making the film a super-hit. When the press asked her to repeat her famous dialogue 'Thapad se dhar nahi lagta saab, pyar se lagta hai' she sportingly repeated the dialogue which was loved by the audience who wanted her to repeat it once more...
fter illuminating worldwide the name of their dear home land Pakistan, the winning attendees of Indo-Pak joint musical competition – Chautay Ustaad – have arrived here at Jinnah International airport late Thursday to be accorded the warmest welcome, Geo News reported. Three winners from Pakistan – young singers: Roahan Abbas, Farrukh and Ahsan – won first, second and third prizes respectively. The trio was accorded the warmest welcome ever at Jinnah International airport after their arrival on Thursday evening. Expressing their views upon reaching Pakistan, Rohan Abbas who belongs to Gujrat district of Punjab – also the first prizewinner – said: “I name my victory to whole nation”, adding that this victory belongs to Pakistan. Farrukh Ali Moon from Faisalabad – the second prizewinner – said: “It was the happiest and the most memorable moment in my life when I won second prize.” Also, Farrukh Moon – the most innocent young boy in the competition – gained the most attention from Bollywood stars and music giants due to his naughty behavior and childlike face expressions. Ahsan Ali – the third prizewinner – belongs to Pakistani metropolis city of Karachi. He said: “I am happy on my success.” Ahasn Ali once was defeated in the competition and also, he was left out from the series but on having majestic and matchless voice, the judges could not help including him into competition again.
MUMBAI: Bollywood actress Mallika Sherawat gestures during a press conference.
Decorating Home With Earth Tones
C
reate harmonious schemes based on the ancient tints of minerals, rock, and soil-- the colors of the earth are part of our natural environment and make a perfect background to everyday living. The restful tones of earth colors are derived from naturally occurring pigments in the ground -varying types of soil, minerals, and rock are part of the earth's structure and their colors vary in shade and intensity. These chestnut browns, terra cottas, and ocher yellows all belong in the same tonal range, however, and so have an in-built harmony which means they blend well together. Brown is central to the range, firstly as a pure color in its own right, and then as creator of an enormous diversity of subtle hues, tinged with shades of red, yellow, or green - brick red, burnt orange, mustard brown, and khaki all fit into the picture. Add to this all the delicate shades of beige and cream created by mixing in lime or chalk, and the shadowy tones of soot and charcoal, and the strength and use-
fulness of this color group become clear. These are hues that have formed the basic palette of life for every culture of the world, and were used for sophisticated Roman tempera murals, Aboriginal war paint, and Celtic pottery. In character, rooms that are decorated with earth tones have a gentle, welcoming feel and a sense of timelessness. These are colors that our eyes recognize as familiar friends, even though they are often because of their muddy, blended origin - very hard to define. They are as far from the pure,
clear primary colors as you can get, and have their origins rooted well back before synthetic dyeing processes made bright, dazzling colors generally available. For inspiration, look at old Afghan rugs glowing with soft ochers, rusty red, and pinky beige; take a trip to a local museum to soak up color ideas from primitive terra-cotta pots, ancient mineral glazes and glass; and plunder your library for books on African tribal decoration and Aboriginal finger paintings for rich contrasts in burnt
umber, earthy pink, and slate. Cool Earth Tones This is the range of tones achieved by mixing white, or pigments from the cool side of the spectrum such as blue and green, with the basic earth colors. Think of cool stone and slate floors, or the washed creams, gray, and pale sand of a seashore on a winter morning, to get the feel of the colors. They create a soothing but elegant ambience of natural beauty. Beige, putty, cream, and parchment all make perfect background settings, so the range of paints and papers that falls into this category is enormous. If you choose to paint rather than wallpaper, a number of translucent washes of different colors from this range will give a more natural finish than a flat latex; in earlier times these colors were full of natural impurities and so had interesting variations of shade and depth. You can either continue the same tones throughout the room, or use the walls as a canvas against which to set a richer series of colors.
9
Saturday, October 16, 2010
European vegetable oil prices
AHMEDABAD - INDIA: A jeweller weighs gold jewellery at a shop in Ahmedabad. -Agencies
Cocoa eases on weak Q3 grind data LONDON: Cocoa futures fell on Friday after grindings data from Europe and North America showed weak demand, while sugar and arabica coffee were also lower. North American cocoa grindings in the third quarter of 2010 rose 1.71 per cent from 2009, while European grindings were down 4 per cent on the year, data showed on Thursday. ICE March cocoa traded down $60 or 2 per cent at $2,848 per tonne, while Liffe March cocoa was 23 pounds lower at 1,903 pounds a tonne, at 1422 GMT. Sugar futures traded lower, with tight global supplies and a soft dollar limiting the downside move, as prices remained near 8month highs hit earlier this week. ICE benchmark March raw sugar futures traded down 0.76 cent at 27.18 cents a lb. London December white sugar was down $18.20 or 2.6 per cent at $693.50 per tonne. Arabica coffee was lower but tight supplies of high quality arabica beans kept prices near the 13-year high of $1.9865 hit last month. ICE March arabica coffee futures traded down 3.4 cent or 1.8 per cent at $1.8600 a lb. Liffe January robusta coffee was down $6 or 0.4 per cent at $1,676 per tonne. -Reuters
Tokyo rubber hits 2-year high SINGAPORE: Tokyo rubber futures surged to the strongest levels in more than two years on lingering production concerns in key countries and strong appetite for tyre grade supplies in Asia. The rally, also inspired by record high Shanghai rubber futures and the prospect of a 13per cent increase in global demand in 2010, pushed up physical prices in Southeast Asia, where tyre grade traded rubber at all time high this week. TOCOM's most active rubber contract, currently March, added 4.1 yen a kg at 342.8 on Friday after rising as high as 343 yen -its highest level since mid-2008. Tokyo futures trade volume have also dropped around half since reaching a peak around 21,000 lots in April even though TOCOM has extended its hours to boost liquidity. -Reuters
Palm oil hovers near 3,000 ringgit KUALA LUMPUR: Global vegetable oil markets hit fresh two-year highs on Friday with palm oil hovering near a key resistance level as markets continued to price in a possible supply shortfall and a weaker dollar. China's most active May soyoil contract which jumped 7 per cent in this week touched an intraday high of 9,132 yuan -- a level unseen since September 2008. "The US trimming its soy and corn production still shadows China's market," said an oil analyst with Shanghai-based local brokerage. "Soyoil prices might climb to 9,150 yuan with the additional effects from firmer US soy that increased on strong demand." The US soy complex gained in Asian hours, with soyoil futures revisiting the highest level in two years from the previous day and soy futures breaching a 14-month high on stronger crush demand and
robust imports from China. Malaysian palm oil futures ended 0.5 per cent higher at 2,930 ringgit, hovering below a more than two-year high hit the previous day and still within striking distance of the key 3,000 ringgit resistance level. "Palm oil is very likely to break 3,000 ringgit with all the supportive elements in global vegetable oil markets as Malaysia's market moves in tandem with soyoil markets," said a Malaysian trader with a foreign broker. But a Reuters technical analysis showed that palm oil is expected to retrace to 2,880 ringgit per tonne, as a bearish engulfing pattern is observed on its daily chart. Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance showed exports of Malaysian palm oil products fell as much as 9.6 per cent in the first half of this month. -Reuters
NY cotton ends at 15-yr high on weak dlr NEW YORK: US cotton hit a speculation amid tight stocks fresh 15-year high on Thursday and strong demand. The benchand could soon pierce the all- mark May 2011 cotton futures time high set in 1995 on buying closed at 24,480 yuan spurred by a rally in Chinese cot- ($3,674/tonne), up 3.7 per cent ton prices and the US dollar sink- from the previous close. The rally was matched by the ing to a 2010 low, analysts said. Cotton traded limit-up for the ICE Futures US cotton market. third time in four sesNY cotton mid-day sions, with prices ris- The key December US cotton contract hit ing over 50 per cent an all-time high of $1.198 per lb within minsince late July, making utes of opening on Friday in early Asian it the best-performing trade. But it could go no higher, trading down commodity in the CRB 2.82 cents at $1.1205 per lb at 1517 GMT. index so far this year. The key December cotton Under exchange rules, the contract increased the 4-cent daily limit in the US cotton daily limit to finish at $1.1487 market will increase to 5 cents per lb, up 3.6 per cent. on Friday. "This is a dollar and China Prices in the options ring rose rally," said Mike Stevens, an so much that options trading was independent cotton analyst in halted at 1716 GMT. In the Mandeville, Louisiana. options market, cotton was tradCotton prices in China rose ing at a synthetic price equal to the 4.0 per cent limit up on double the daily price limit of the Thursday as China tries to curb futures market, or up 8 cents at what it describes as excessive $1.1887 per lb. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 14 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1300
1165
October (3rd Wednesday)
1305
1140
November (3rd Wednesday)
1295
1145
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for October 14 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2224 2226 2215 2225 2175 2185 2175 2185
2401.5 2402 2433 2434 2440 2445 2470 2475
8411.5 2401 8412 2402 8415 2432 8415.5 2432.5 8190 2425 8200 2430 7770 2398 7780 2403
24350 24355 24495 24500 23800 23900 22700 22800
TIN
27550 27600 27325 27350 26625 26675
ZINC NASAAC
2398 2399 2427 2428 2463 2468 2442 2447
2300 2301 2330 2340 2340 2350 2390 2400
ROTTERDAM: The following were the Friday's Rotterdam vegetable oil prices at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Dec10 830.00, Jan11/Mar11 840.00, Apr11/Jun11 842.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 850.00+25.00, Feb11/Apr11 837.00+7.00, May11/Jul11 840.00+5.00, Aug11/Oct11 825.00+5.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1300.00+10.00, Apr11/Jun11 1290.00+10.00, Jul11/Sep11 1300.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1332.50-5.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Oct10 1005.00+5.00, Nov10 1002.50+7.50, Dec10 997.50+7.50, Jan11/Mar11 992.50+2.50, Apr11/Jun11 995.00. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1040.00, Jan11/Mar11 1035.00. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 992.50+7.50, Jan11/Mar11 987.50+5.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 1000.00+5.00, Jan11/Mar11 995.00+2.50, Apr11/Jun11 997.50+2.50. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 985.00+10.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Nov10 845.00-5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1415.00+15.00, Nov10/Dec10 1410.00+10.00, Dec10/Jan11 1410.00+10.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 2000.00+0.00. Reuters
Indian sugar remains steady for 2nd day MUMBAI: India's spot sugar price remained steady for a second straight day on Friday as millers were unwilling to cut prices despite weak demand, expecting an improvement in purchases in coming weeks due to festivals, dealers said. "Millers were firm about prices. They were not cutting prices despite poor demand from stockists," said a member of Bombay Sugar Merchants Association (BSMA). Demand for sugar usually goes up ahead of Diwali, the Hindu festival of lights, which falls in the first week of November. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety nudged down 0.12 per cent to 2,575 rupees ($58.38) per 100 kg. Fresh showers in India's key sugar producing states of Maharashtra and Karnataka are likely to delay cane crushing by a month, industry and government officials told Reuters last week. -Reuters
Oil falls towards $82 after Bernanke, US data OPEC says $75-$85 oil won't hurt global economy LONDON: Oil fell towards $82 a barrel in volatile trade on Friday as investors digested comments from US Federal Reserve Chairman that pointed to another round of monetary easing but lacked details. The dollar weakened following Bernanke's statement but later rallied as analysts said the comments on quantitative easing had already been priced in. "The market is still very jittery and everyone is trying to second guess the Fed," said Olivier Jakob, oil analyst at Petromatrix..."There is nothing really new in what he (Bernanke) said and the market was fully anticipating more quantitative easing already." US crude for November was down 44 cents to $82.25 a barrel by 1412 GMT, having jumped above $83 after Bernanke's comments. December ICE Brent
lost 83 cents to $83.37. Bernanke said in his speech that high unemployment and low inflation pointed to a need for a further easing of monetary policy, which may help to bolster the economy of the world's largest fuel consumer. He said a prolonged period of high unemployment could pose a risk to the recovery's sustain-
ability and said the low level of inflation meant the risk of a dangerous slide in prices was greater than desirable. Data on Friday showed US inflation unexpectedly slowed in September despite a pick-up in retail sales, keeping pressure on the Federal Reserve to act soon to lessen the risk of a
downward price spiral. Meanwhile, US consumer sentiment unexpectedly dipped in early October to its weakest level since July, with buying plans on the decline, a survey released Friday showed. On a brighter note, a gauge of manufacturing in New York State jumped in October, lifted by improvements in new orders and shipments, the New York F e d e r a l Reserve said in a report. OPEC's secretary general said on Friday oil prices of $75-$85 a barrel would not hold back the global economy, even as some members have called for higher prices to compensate for a weak US dollar. OPEC decided on Thursday to leave its oil output policy unchanged, as it has done since agreeing to a record output cut in December 2008. -Reuters
Copper up as Fed undermines dollar LONDON: Copper rose on Friday after Federal Reserve Chairman Ben Bernanke said further monetary policy easing in the United States was necessary to lift growth, while focus shifted to Chinese economic data due next week. Benchmark copper on the London Metal Exchange traded at $8,448 a tonne at 1537 GMT versus Thursday's close of $8,400. It touched a session high of $8,484, just below Thursday's peak of $8,490 a tonne, its highest since July 2008. The metal has rallied nearly 40 per cent since its June lows. All of the metals have risen this week with tin hitting a succession of record highs, fivemonth peaks for zinc and aluminium, while lead touched its highest since January. Bernanke
said high unemployment and low inflation point to a need for a further easing, but said policymakers were still weighing
Shanghai copper falls Shanghai copper fell on Friday, while its London counterpart heading for a fifth weekly rise, pulled by an undertow of tight supply and appetite for hard assets. Third-month Shanghai copper fell 0.25 per cent to 63,600 yuan, but with expiry just a couple of days away, the fourth month, January, saw more activity, trading just over 430,000 tonnes of metal, down 10 yuan at 63,890 yuan.
how aggressive they should be. Copper has benefited from a tightening market. That can be seen in falling stocks of copper in LME warehouses, down more than 30 per cent since February when they touched
around 555,000. Latest data showed LME stocks down 475 tonnes to 371,025 tonnes. However, copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 9.9 per cent from a week earlier, the exchange said on Friday. Tin traded at $26,750 versus $26,950 at the close on Thursday when it hit a record high of $27,338.50 a tonne. Aluminium traded down at $2,401 a tonne from $2,410. Zinc, used in galvanising, traded at $2,425 versus $2,415 per tonne, having earlier touched $2,451 a tonne, its highest since late April. Lead was traded $2,418.50 a tonne. It had been bid at $2,411 at Thursday's close. Nickel traded at $24,080 versus Thursday's close of $24,305 per tonne. -Reuters
Gold slips below $1,365 after Bernanke LONDON: Gold fell 1 per cent in volatile trade on Friday, having earlier jumped to within a few dollars of the previous day's record high, as the dollar rebounded from earlier losses amid concerns the unit's slide had been overdone. The dollar slipped versus the euro after Federal Reserve chair Ben Bernanke said there was a case for further monetary policy action, given low US inflation and high unemployment. However, it quickly recovered and rallied, knocking gold. Spot gold was bid at $1,369.30 an ounce at 1502 GMT against $1,376.75 late in New York on Thursday, having earlier slipped as low as $1,362.20. US gold
futures for December delivery fell $7.70 to $1,369.90. "(We are) building up to a profit-taking Friday -- probably healthy, given the recent run-up," said Saxo Bank senior manager Ole Hansen.
"The question is for how much longer the market is prepared to run just on the quantitative easing story. I think the market at these levels wants to see the facts before committing additional capital to the upside." Investment in gold exchangetraded funds picked up, with
holdings of the world's largest, New York's SPDR Gold Trust, edging higher on Thursday after falling by almost 20 tonnes in early October. In India, the world's biggest gold consumer, wholesale gold buying rose on Friday afternoon after the r u p e e strengthened to its highest level in 25 months, making the dollarquoted yellow metal cheaper for local buyers, dealers said. Among other precious metals, silver was at $24.28 an ounce against $24.61, platinum at $1,695.50 an ounce versus $1,704.15 and palladium at $590.50 versus $597.45. Reuters
National Commodity Exchange Ltd Trading Summary Date
15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010 15-Oct-2010
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M
Contract
Price
Date
Quotation
NO10 DE10 JA11 NO10 DE10 NO10 DE10 JA11 NO10 DE10 JA11 OC10 NO10 DE10 OC10 OC10 OC10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 2-Sep 21OC10 OC10 OC10 10-Dec 11-Mar
US$ 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 Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
Open
83.30 84.00 84.93 24.36 24.37 1375.70 1377.90 1378.50 1376.70 1376.50 1378.30 38140.00 38377.00 38165.00 38114.00 44455.00 44455.00 39194.00 39233.00 39246.00 39259.00 39181.00 45046.00 45186.00 2402.00 3076.00 4401.00 86.72 86.18
High
83.84 84.50 84.93 24.37 24.70 1385.00 1386.00 1387.30 1376.70 1385.00 1378.30 38348.00 38377.00 38165.00 38114.00 44455.00 44455.00 39194.00 39233.00 39246.00 39259.00 39181.00 45046.00 45186.00 2402.00 3133.00 4401.00 86.72 86.18
Low
82.35 83.00 83.78 24.36 24.20 1370.00 1370.00 1371.00 1371.20 1371.00 1371.70 37937.00 38090.00 38009.00 37959.00 44274.00 44274.00 39024.00 39063.00 39077.00 39090.00 39103.00 44849.00 44894.00 3075.00 3076.00 4400.00 86.70 85.67
Close
82.45 83.12 83.78 24.37 24.38 1371.20 1371.70 1372.60 1371.20 1371.70 1371.70 37986.00 37995.00 38009.00 37959.00 44274.00 44274.00 39024.00 39063.00 39077.00 39090.00 39103.00 44849.00 44894.00 3181.00 3133.00 4400.00 86.70 85.67
Traded Volume
Previous
Current
Open Interest
in lots
Settlement
Settlement
in Lots
166 89 30 423 2,459 1,580 27 8 3 1 -
Price 82.85 83.55 84.22 24.80 24.81 1380.50 1381.10 1382.00 1380.50 1381.10 1382.00 38252.00 38261.00 38275.00 38225.00 44584.00 44584.00 39293.00 39332.00 39345.00 39358.00 39371.00 45162.00 45207.00 3075.00 3076.00 4401.00 86.72 85.64
Price 82.45 83.12 83.78 24.37 24.38 1371.20 1371.70 1372.60 1371.20 1371.70 1372.60 37986.00 37995.00 38009.00 37959.00 44274.00 44274.00 39024.00 39063.00 39077.00 39090.00 39103.00 44849.00 44894.00 3181.00 3133.00 4400.00 86.70 85.67
31 30 38 656 702 1,044 10 47 1 3 2 1 -
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Lafeber of Nederland hits a shot during 2nd round of Portugal Masters golf tournament
10
Saturday, October 16, 2010
Anderson likely to play Ashes first test LONDON: England bowler James Anderson is expected to be fit for the first Ashes test against Australia on Nov. 25, despite cracking a rib in a training camp in Germany, the England and Wales Cricket Board (ECB) said on Friday. In a statement the ECB said Anderson, England's leading strike bowler, would fly to Australia with the test squad on Oct. 29. "It is anticipated that he will be fit and available for selection for the first test match against Australia in Brisbane," the statement said.-Reuters
CWG heroes arrive today ISLAMABAD: National contingent attending the Common Wealth Games (CWG) in India would return home today (Saturday). Both CWG gold medalist wrestlers Azhar Hussain and Muhammad Inam would be given a warm welcome. According to details the contingent would reach at Allama Iqbal airport Lahore in second phase and all arrangements have been finalized for a warm welcome of players, who won gold medal in CWGs for Pakistan. Director General of Pakistan Sports Board Syed Amer Hamza Gilani, President of Pakistan Wrestling Federation Syed Aqil Shah and officials of Pakistan Olympic Association would also be present at airport to welcome the national heroes. Pakistan obtained 17th position in CWG games by winning two gold medals, one silver and two bronzes. It is pertinent to mention that National wrestlers won two gold and a silver medal for country with their best performance in games.-Online
Imran urges revamp of Pak cricket KARACHI: Former Pakistan captain Imran Khan has called for an overhaul of the country's cricket set-up after the ICC warned the Pakistan Cricket Board (PCB) to improve its governance and enforce anticorruption measures. "For years now our players have been linked to corruption," the cricketer turned politician told the Geo News channel on Thursday after the International Cricket Council's warning. "When the spot fixing allegations first came out against our players in the News of the World newspaper, the PCB itself should have taken action against the players instead of waiting for the ICC to step in," Imran added. The ICC suspended Pakistan test captain Salman Butt and pace bowlers Mohammad Amir and Mohammad Asif after the Sunday newspaper claimed they had been bribed to do spot fixing during the fourth test against England at Lords in August. The three players have denied any wrongdoing. PCB chairman Ijaz Butt also had to withdraw allegations he made against the England team that they were involved in taking bribes to lose the third one-dayer at the Oval on Sept 17. "The ICC move to warn us and put us on notice is a shameful day for every Pakistani. It is a shame for Pakistan cricket and the reason is we don't have any cricket institution in Pakistan," Imran said.-APP
Lahore to meet Karachi in Faysal Bank T-20 final LAHORE: Karachi Dolphins will meet Lahore Lions today in the final of Faysal Bank T20 tournament after Karachi Dolphins defeated Rawalpindi Ramps by five wickets, sourtesy some blistering performance by Shahzaib Hassan. Earlier Lahore Lions, aided by a superb unbeaten half century from test batsman, Muhammad Yousaf, moved into the final of Faysal Bank national T-20 cup final, with a thumping 6 wicket win over Islamabad Leopards here on Friday at Gadaffi stadim. The home team chasing a modest winning target of 133, raced through the victory with 134 for 4 in 16.2 overs, before Islamabad captain Shoaib Akhtar won the toss and elected to bat on a placid wicket. Stylish batsman, Muhammad Yousaf starred in
Lahore's success with a unbeaten breezy 57 and extended maximum punishment to Islamabad bowlers towering two sixes and six hits through the fence, off 48 balls. Yousaf signaled Lahore success with a huge six at long on off Rao Iftikhar Man of the match, Yousaf led from the front and kept the side on right track with his run hunt, batting with sheer concentration, opining second top scorer. Ahmed Shahzad (44) to produce 103 runs for the third wicket before losing opener Nasir Jamshed (15) and Umar Akmal(0) who failed to rise to occasion and to the expectations of the crowd who was expecting a blistering knock from the young batsman. Ahmed stroked two sixes laced with four boundaries after facing 38 balls.-APP
Murray, Djokovic into Shanghai semis SHANGHAI: Britain's Andy Murray brushed aside burly Frenchman Jo-Wilfried Tsonga 6-2 6-2 to reach the Shanghai Masters semi-finals on Friday, while Serb Novak Djokovic also reached the last four. Fourth-seeded Murray looks to be returning to form after a recent illness, taking command early in the first set and was hardly troubled in the second as he advanced to last four in just 54 minutes. "He struggled a little bit on his serve and wasn't serving as big as usual, so I managed to get into a lot of the return games," said Murray. "I served well and didn't give him any chances on my serve. I was hitting the ball really cleanly from the back of the court, so it was a good start," he added.
The error-prone Tsonga was no match for the 23-year-old world number four, whose stinging backhand returns forced the 12th seed into submission. Murray will meet Juan Monaco in the last four after the Argentine battled to a 6-7 7-5 6-2 win over Austria's Juergen Melzer, the 13th seed who knocked out world number one Rafa Nadal on Thursaday. World number two Djokovic also eased into the semis by trouncing unseeded Guillermo Garcia-Lopez 6-2 6-3. The Serb broke the Spaniard's serve to take the first set with ease but had to work a little harder in the second to complete the victory. Roger Federer takes on Robin Soderling for the last semi-final spot.-Reuters
KARACHI: On the occasion of 5th Throw Ball Champion, Administrator Habib Girls School Almas Bana is presenting Shield to Chief Guest Commodore Muhammad Ishaq.-PR
SHANGHAI: Juan Monaco of Argentina serves against Jurgen Melzer of Austria at the Shanghai Masters tennis.-Reuters
Liverpool cleared for change of ownership LONDON: Liverpool headed for victory on Friday in a battle to shake off their unloved American owners and secure a takeover by the company behind Major League Baseball's Boston Red Sox. A Texas judge provided the breakthrough by lifting a restraining order that had prevented New England Sports Ventures (NESV) ousting the English Premier League club's co-owners Tom Hicks and George Gillett. Liverpool, the five-times European champions who are one of England's greatest clubs and possess a brand of global stature, still face a protracted legal battle in a saga that has overshadowed their troubled start to the season. Lawyers for Hicks and Gillett vowed to fight on "with all of their legal energies" in a claim for damages of $1.6 billion (997.1 million pounds) after a sale the owners slammed as "illegal" and "an extraordinary swindle." A statement also said that the pair had offered to pay outstanding debt to the Royal Bank of Scotland (RBS) but that attempt was rejected. A spokesman for the bank was not immediately available for comment. "This outcome not only devalues the Club but it also will result in long-term uncertainty for the fans, players and everyone who loves this sport because all legal recourses will be pursued," said their Texas lawyer Steve Stodghill in a statement. The pair had been granted the temporary restraining order on Wednesday, pouring cold water on euphoric fans who had been celebrating a High Court ruling that the owners could not block the sale by sacking board members.-Reuters
Ponting claims to be Mr Right for Australia Warne criticises Ponting's field placement SYDNEY: Ricky Ponting says he is still the man to lead Australia in next month's Ashes series with England amid calls for his sacking and questions over his tactics. Ponting arrived home late Thursday from a 2-0 Test series loss to India to be greeted by calls from former Test paceman Geoff Lawson for him to step aside as skipper. Ponting was also publicly criticised by former Test teammate Shane Warne for his field settings for spinner Nathan Hauritz's bowling during this week's second Test loss to India in Bangalore. Pressure has mounted on Ponting's leadership ahead of the five-Test home series against England after Australia lost three consecutive Tests for the first time since 1988. Asked by reporters if he was the right man to captain Australia this summer, Ponting
declared: "Absolutely, I've got no doubt about that at all." "It was disappointing over there (India) but that's the game of cricket. "I'm still learning about my own game and my captaincy and if the other players can learn a bit from that trip then it should hold us in good stead for the summer." Ponting said he always gave his absolute best when he played for his country. "I'm trying to do my best as captain to help some of these guys through some difficult times," he said. "That's all I can continue to do. I give my absolute best as always, ever since I've been the Australian captain, to be the best leader I can be and be the best player I can be and if I get criticised for that along the way then I can't do anything about that." Lawson has called for deputy Michael Clarke to lead Australia
against England at the Gabba from November 25. Lawson said Ponting, 35, had now lost five series as skipper, and relieving him of the captaincy would allow him to focus more on his batting. "I mean he's now lost five series, it may be time to say, 'Look mate, we've got Michael Clarke ready to go with a nice fresh young mind," Lawson told Friday's Daily Telegraph. "'He (Clarke) can be the captain and you focus on your batting and try to restore yourself to the level we know you're capable'." But Clarke has his own problems and scored just 35 runs from four innings in the Indian Test series. Ponting said he had told Warne directly of his feelings about his controversial remarks on Twitter. It was Hauritz, in fact, Ponting emphasised to reporters, who set his own fields.-APP
Oz athletes vandalise Commonwealth village NEW DELHI: Miffed with Australia's worst series defeat to India in the recently concluded cricket Test series at Bangalore, some Australian athletes destroyed electrical fittings and furniture in their tower in the Games Village. According to a newspaper report, the athletes shouted slogans against Indian ace batsman Sachin Tendulkar, who was named 'Man of the match' and ensured India's victory in the Bangalore match, and tossed a washing machine down from the eighth floor of their tower. According to Delhi police,
this hooliganism by Australian athletes started on Tuesday when Tendulkar scored a double century to force Australia out of the match. Irked by this match-winning performance, they first damaged electrical fittings and fixtures in their block. The report also says that Delhi Police, which received a complaint about this vandalism, has downplayed the incidents to prevent them from growing into a diplomatic embarrassment for Australia. Meanwhile, confirming these vandalism reports, Australia's Commonwealth Games boss Perry Cross white on Friday
denied involvement of any Australian athlete in the incident at the Games Village. According to 'Herald Sun', "Crosswhite confirmed that a washing machine was thrown off the eighth floor of an Australian residential tower in the athletes village." Cross white also revealed that an Australian athlete has been sent home from the Commonwealth Games in disgrace for late-night partying. There have been accusations of all-night drinking sessions among the some Australian athletes, with some leaving the village at night against team rules.-Online
Faysal Bank reviving cricket spirit Sabina Rizwan Khan
T
he heat is on. The animals are back in action. And the game everyone loves is on the high as Faysal Bank's T20 tournament continuous to roll with thrill and excitement in Lahore's Qaddafi Cricket Stadium where hundreds of spectators gather to cheer and support their favourite team. With politics at Pakistan cricket Board (PCB), nerve racking controversies at England's tour and overall cricket team's performance, brought in an impression that maybe cricket in Pakistan is on its most low. But the recent occurrence of T20 tournament has shown that the Pakistani people are still craving
to watch entertaining cricket. 13 county teams from 11 cities, with star captains each from Pakistani national team, exhibiting some fine first class cricket at its disposal. It is amazing to see that a massive count of families are turning up to see these matches. The event also showed a sign of unity as at the end of the day spectators were not supporting their cities or states but their favorite players. Some were happy to see Younis Khan in action after a long time. Whereas, others loved the great bowling of Shoaib Akhtar and Abdur Razzaq. Umar Akmal and Fawad Alam continued to dominate the ground area. The real influence of star power
showed when spectators were seen leaving for homes as soon as 'Lala' Afridi got out. Much to
ing batting, excellent fielding to smart wicket keeping, one can see young future of
This T20 tournament should have been held earlier by PCB to put a good audition for these young talented lads before the selection was finalised for South Africa tour everyone's expectations, Boom Boom Afridi also did not disappoint his fans either. His sixes touched the skies contributing to stack a highest team total of 243 runs so far in the history of T20 cricket. With great bowling to amaz-
Pakistan at its best. Some players that were once again ironically failed to make their places in the national team for the coming South Africa tour, has so far played some great cricket in this T20 tournament. Shahzaib Hasan's unbeaten
century made his team Karachi Dolphins reach into semi finals of the tournament. Sarfaraz Ahmed's excellent work with gloves and Khalid Lateef's astounding batting received appreciation. Good captaincy by Azeem Ghumman and Ahmed Shehzad's improvement with bat actually showed how talented the young blood is. Here rises an important question, how such immense talent got missed by our selectors that they still gave chance to many players that did nothing in previous matches. Secondly, this T20 tournament should have been held earlier to put a good audition for these young talented lads before the selection was finalised for South Africa tour.
Why not to give a chance to these emerging players so that their skills can be polished, not for now but for the upcoming ICC World Cup next year. Well, there will be some questions that will always remain unanswered. However, what is good that in amidst of so much despair, people have a chance to enjoy positive entrainment through. This T20 is a strong answer to all those queries, saying that international cricket events should not be held in Pakistan. If, with so many mismanagements, security lapses, tragedies and infrastructure issues, Common Wealth Games can be held in India, Pakistan presents a far better picture only if someone can see it.
International & Continuation
Saturday, October 16, 2010
Bernanke sees case for more Federal Reserve easing BOSTON: US Federal Reserve Chairman Ben Bernanke said on Friday there was a case for further monetary easing given high unemployment and low inflation, but he offered no details on the central bank's next step. It was the most explicit signal yet from Bernanke that the US central bank is likely to ease as soon as its next meeting in November. He also suggested the Fed could indicate a willingness to hold interest rates low for longer than currently expected. "There would appear -- all else being equal -- to be a case for further action," Bernanke said at a conference sponsored by the Boston Federal Reserve Bank. Stocks edged higher and the dollar hit an eight month low against the euro as investors bet any further asset purchases would help the economy, but would require more money to be printed, debasing the greenback. Prices of longer-dated US Treasury securities fell in part because the speech led traders to believe the US central bank would try to create inflation. The dollar's sharp drop in recent weeks on expectations of further Fed easing has caused discomfort around the world, with emerging economies complaining the strength of their currencies could undercut their exports. US officials, however, argue the world stands to benefit from a healthier US economy. Bernanke said a prolonged
period of high unemployment could choke off the US recovery and that the low level of inflation meant the risk of deflation -- a dangerous downward slide in prices -- was greater than desirable. However, he said policymakers were still weighing how aggressive they should be if they decide to pursue a further round of asset buying, or quantitative easing, to push borrowing costs lower. "The only question left is the size and scope of QE," said Boris Schlossberg of GFT Forex in New York. STILL WEIGHING THE COSTS The Fed pushed overnight interest rates to zero in December 2008 and then bought $1.7 trillion in government and mortgage-linked bonds to offer more support for the economy. Policymakers have said further purchases of US Treasury debt would be the course they would most likely pursue to bolster the recovery, and most economists look for a new buying program on the magnitude of $500 billion. Bernanke said that while the central bank has the tools to ease financial conditions further, it still needed to proceed cautiously, adding that it was hard to calibrate the scope of purchases that might be necessary. "Nonconventional policies have costs and limitations that must be taken into account in judging whether and how aggressively they should be
used," he said. Financial markets expect the Fed to launch a new round of asset purchases at its next meeting on Nov. 2-3. The Fed's easy monetary policy, which pushed the dollar to a 10-month low against a broad basket of currencies on Friday, has drawn the ire of emerging market economies contending with a flood of capital as investors chase higher yields. Many countries, worried about potential asset bubbles as well as weak exports, have taken steps to temper the rise in their currencies, sparking fears of a series of competing devaluations. Even though the deep US recession ended in June 2009, unemployment still hovers at a lofty 9.6 per cent, and Bernanke noted that core inflation, as measured by the Fed's favorite gauge, has risen at just a 1.1 per cent annual rate this year. He emphasized that Fed officials would like to see inflation at about 2 per cent or a bit below. The government said on Friday that the core consumer price index, a more popular inflation gauge, had risen just 0.8 per cent over the 12 months through September, the smallest annual gain since 1961. At the Fed's last policy-setting meeting on Sept. 21, officials debated the possibility of introducing an explicit inflation target and other ways in which they could lift inflation expectations to spur economic activity.-Reuters
Canada August factory sales jump 2 pct OTTAWA: Canadian manufacturing sales rose in August at the fastest rate in over a year, Statistics Canada said on Friday in a report that suggested the sector is recovering despite having to contend with a strong currency and a shaky US market. Factory sales jumped 2 per cent due to bigger shipments of motor vehicles and petroleum and coal products, beating market expectations of a 0.4 per cent gain and putting in the most robust performance since June 2009. "This was undoubtedly a strong report for the manufacturing sector," said Francis Fong, economist at TD Economics. "In spite of the elevated Canadian dollar and tepid state of US demand, the sector continues to forge ahead in its recovery even continuing to build on its inventory stock for three consecutive months," Fong said. The Canadian dollar, which briefly pushed past parity with the US dollar on Thursday for the first time since April, touched a session high against the US dollar after the release of the domestic data and US inflation numbers. The currency hit C$1.0012 versus the greenback, or 99.88 US cents, before retreating again. Statscan revised its estimate of July sales to a 1.1 per cent decline from its earlier estimate of a 0.9 per cent drop. Factory sales in August were up 10.3 per cent from a year earlier but were still well below 2008's pre-recession peak. The data suggests the economy is on track to grow modestly in August following a slight contraction in July. But analysts still economic growth in the third quarter to come in at an uninspiring 1.5 per cent to 1.8 per cent range on an annual basis.-Reuters
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Foreigners' interest remained intact in the market. According to NCCPL there was a net foreign buying of $2.87 million on Friday while on the local side; companies and individual investors remained net seller with $1.3 million and $0.62 million respectively. Volumes witnessed a little decline with 112.6 million shares traded during the day which was 2.7 million shares lower as compared to a turnover of 115.3 million shares exchanging hands on Thursday. Though, market closed positive, most of the issues ended negative as out of total 383 active issues; prices of 181 declined, 178 advanced while 24 scrips remained unchanged.
tracts with the British Government. The shares had fallen earlier in the week after a review of Government spending by retail tycoon Philip Green found fixed-line telecoms were the "best example of where the government fails to leverage its scale". Elsewhere, aircraft engine maker Rolls-Royce rose 1.1 per cent after Goldman Sachs upgraded the firm to "buy" from "neutral". Mid cap Belgium-based gearbox maker Hansen Transmissions jumped 8.1 per cent after it received a 75 million euro offer for its industrial gearbox unit from Japan's Sumitomo Heavy Industries, and planned to focus solely on wind energy.-Reuters
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Nomura Holdings lost 6.2 per cent to 427 yen after a newspaper reported that Ashikaga Bank, a regional bank affiliated with "The stock (Infosys) was pricing in most near-term positives. It Nomura, will postpone re-listing on the Tokyo Stock Exchange had run up a lot on expectations and such a reaction is expected," because of sluggish stock market conditions. Analysts said that said Prakash Diwan, head of institutional business at Networth while US foreclosure worries were undermining sentiment on Friday, Japanese banks were unlikely to be directly affected and Stock Broking, adding he would not read much into the fall. While some market participants find Infosys shares attractive the impact should be limited. But, the market was relatively resilient despite the yen's and are placing their bets on growth outlook, others find the upside limited as the stock trades near record highs and worry strength, and analysts said markets seemed to have already priced in quantitative easing by the Fed and the dollar's broad decline about the strengthening of the rupee. The IT sector index dropped 3.3 per cent, but is still up 17.1 per may soon run its course. "The yen is strong, but it's not as if the Japanese currency is the only one that's gained against the dollar," cent so far this year. Sector leader Tata Consultancy Services said Hajime Nakajima, deputy general manager at Cosmo closed 3.5 per cent lower after rising as much as 2.5 per cent to an Securities. "There's the view in the market that dollar/yen may all-time high of 1,010 rupees. Rival Wipro dropped 3.6 per cent to rebound once the US Federal Reserve announces much expected 473.50 rupees. Financials declined as annual headline inflation in easing policy, and investors appear to be moving to factor that in." Asia's third-largest economy accelerated slightly in September, About 1.89 billion shares changed hands on the Tokyo reinforcing pressure on the central bank to raise rates at its exchange's first section, down from a five-month high of 2.88 bilNovember 2 policy review. Leading lender State Bank of India lion booked last Wednesday. Declining stocks outnumbered dropped 3 per cent, while rivals ICICI Bank and HDFC Bank shed advancers by more than 5 to 1.-Reuters 1.1 per cent and 1.5 per cent respectively.In the broader market, Continued from page 5 No #6 more than two shares fell for every share that gained on a moderFoxconn has fallen 32 per cent this year amid labour unrest at ate volume of 477 million shares. The 50-share NSE index declined 1.9 per cent to 6,062.65 points. MSCI world equity index its factories, wage pressures and faltering demand for mobile was down 0.2 per cent by 1032 GMT, while the more volatile phones and is by far the worst performer on the Hang Seng which has risen 8.6 per cent. The top drag on the index, were shares of emerging markets index declined 0.4 per cent.-Reuters heavyweight HSBC which slipped 1.3 per cent after reports that it Continued from page 5 No #3 was close to dropping its $8 billion bid for South Africa's The weakness in GE and financials erased initial gains that Nedbank. Also lower was footwear retailer Belle International came after Bernanke said high unemployment and low inflation which slumped 5.6 per cent. Its shares had a hit a record high earpointed to a need for further monetary easing. He said policymak- lier this month. Shares of Hong Kong Exchanges & Clearing Ltd ers were still deciding how aggressive to be. continued their advance, rising 0.9 per cent to a near three-year Markets have advanced in recent weeks, with the S&P 500 up high on the back of another day of high turnover in Hong Kong. 11.6 per cent since September 01. The expectation for further Turnover on the exchange touched HK$123.3 billion, the first accommodative policies from the Fed has helped feed the rally. time turnover clocked in at about HK$100 billion for three sucBoth Mattel Inc and Gannett Co Inc tumbled after their quarter- cessive days since February 2008.-Reuters ly revenues missed expectations. Mattel dropped 7.3 per cent to Continued from page 1 No #7 $22.24, while Gannett slumped 8.4 per cent to $12.90. (NODMC) and the government's commitment to ensure transCharles Schwab Corp rose 2 per cent to $14.37 after its quarterly profit topped estimates. On the economic front, consumer parency, accountability and effective utilisation of resources. Pakistan's energy needs were considered in the context of the prices edged up 0.1 per cent in September, while retail sales rose more than expected. Separately, an early reading on October con- Integrated Energy Sector Recovery Report and Plan. The meeting sumer sentiment unexpectedly weakened, according to a thanked the government of Pakistan and the Asian Development Bank for the excellent work carried out by the Energy Sector Task Force. The Thomson Reuters/University of Michigan survey.-Reuters meeting endorsed the report and underlined that implementation of its Continued from page 5 No #4 recommendations would help stabilise the energy sector in Pakistan. A technical indicator suggested that the index looked overIt was agreed that the success of Pakistan's experience in develbought, Wood-Smith said. "The 14-day relative strength index is oping a strong democratic system, the welfare and well-being of at around 70 which is fairly rare and a good short term indicator its people combating extremism and terrorism and Pakistan's ecothat an index is stretched." nomic prosperity and stability were critical for regional and globThe FTSE 100 is up around 9 per cent since the start of al peace and stability. The FODP members noted progress on the September. Miners which are sitting on sharp gains since the start Malakand Development Strategy and considered the Post-Crisis of September retreated. Xstrata and Kazakhmys both fell 2.3 per Needs Assessment (PCNA). They endorsed the PCNA and concent. firmed their commitment to support all its recommendations welOld Mutual registered the sharpest faller, down 4.8 per cent after coming the government of Pakistan's commitment to lead on HSBC ended talks to pay the insurer $8 billion for a majority urgent implementation of the report. stake in South African lender Nedbank. The meeting noted the intention of the Government of Pakistan Sector peers were also under pressure as Citigroup downgraded to hold the second Public-Private Partnership conference in the UK life insurance sector to "underweight" from "neutral" in a Islamabad sometime next year and expressed its full support for strategy note, with Standard Life and Legal and General, off 3.2 its success. It was agreed that more regular meetings among officials should be organised in Islamabad to review progress of and 1 per cent, respectively. BT Group was the star performer on the blue-chip index, up 2.9 FoDP activities. The meeting agreed that a work plan of activities per cent after telecom provider said it had managed to retain con- under the FoDP process will be useful. The FoDP members wel-
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comed the offer by Turkey to host a meeting of the FoDP Working Group on Institution-Capacity Building at a mutually agreed date in the near future. The next Ministerial Meeting of the FoDP will be held in the first half of 2011.-Agenceis
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analyst explained that offshore investors now hold 80-83 per cent of free float. He added, according to recent audited accounts, these investors who had had 300 million shares of OGDC, that is to say 48 per cent of free float as on June 2009, increased their holding to 496 million shares till June 2010. Moreover with $132 million net-buying in FY11 to date, it is expected they must be holding more than 500-520 million shares (80-83 per cent of free float) right now, he added. Similarly, during last one year foreigners also remained aggressive in country's second biggest energy explorer PPL. Offshorers, who owned 67 million shares (32 per cent of free float) last year held 89 million shares as at June 2010. However, after adjusting 20 per cent bonuses and foreign flows in FY11 to date, their holding might be around 110 million shares (45 per cent of the free float). Thus, foreigners now own 9 per cent of their total investment in PPL.
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2008 helped the country avert a balance of payments crisis and shore up reserves. It received the fifth tranche of $1.13 billion of the IMF loan of $11 billion in May and Pakistan and IMF authorities are going to meet this month to discuss the release of the sixth tranche. The IMF last month gave $451 million in emergency funding to help the country rebuild from devastating floods. This was separate from the $11 billion IMF programme.-Reuters
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have been provided employment in various government departments and process is continuing to fill all the remaining vacancies. The members of delegation included Senior Minister Maulana Abdul Wasay, Minister for Finance Mir Mohammad Asim Kurd, Minister for Youth Affairs Capt (Retd) Abul Khaliq, Minister for Revenue, Engr Zamark Khan, Minister for C&W, Mir Saidiq Ali Umrani, and Chief Secretary Balochistan.Federal Minister for Finance Dr Abdul Hafeez Sheikh, Deputy Chairman Planning Commission, Dr Ndeem ul Haq, Secretary Finance, and other senior official were also present in the meeting.-NNI
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Parvez Kayani was also present on the occasion. According to President House Sources, meeting was prescheduled. Presidency sources say that the meeting between the two heads of the state including Chief of the Army Staff lasted for quite a while.President and PM were stunned over the suo moto notice of reports regarding withdrawal of notification and denied any such move terming the reports as fabricated. They told the Army chief that government respects the judiciary and all its decisions are being implemented in letter and spirit, while they have no intentions to clash with the judiciary. They said that the government will satisfy the Supreme Court of their intentions of respecting judicial orders.-Online
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and asked the government to probe into the matter and submit the report on October 18, 2010. Later, the hearing was adjourned till October 18 with the instruction that a clear-cut policy statement must be submitted on the day. Chief Justice Iftikhar Muhammad Chaudhry during the course of hearing observed that he pledged to uphold the rule of law and supremacy of the Constitution in the country. Earlier, the government sought more time to reply to the Supreme Court's explanation regarding government's policy regarding notification of restoration of judges. On the other hand Law Minister Dr Babar Awan has held out a categorical assurance that the Government would not take any illegal or unconstitutional measure as it is committed to rule of law and the constitution. He was addressing a news conference here Friday along with Information Minister Qamar Zaman Kaira to explain the point of view of the Government about rumours relating to possible withdrawal of executive order reinstating the deposed judges. The Law Minister said that no less than the chief executive of the country himself has termed such reports as baseless and the Prime Minister would also address the nation on Sunday to explain the position further. He pointed out that a stay order on the issue already exists and the apex court has now issued another stay order. He explained that judicial verdicts do not need executive cover in any country.-Agencies
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reconstructed in two years," he said. Kuroda was in Brussels, the headquarters of the European Union, to attend a "Friends of Democratic Pakistan" conference, which was to feature many of the EU's 27 foreign ministers. "From now on, from the meeting on Friday, to the next meeting in November, the international community will consult with one another and come up with appropriate funding," he said. The floods, which began in late July, left more than 10 million people homeless and affected 20 million. It devastated an economy that was already fragile before one of the country's worst natural disasters. Kuroda said it was important for Pakistan to keep good ties with the International Monetary Fund and push ahead with reforms mandated by the Fund, so as to boost the government's fiscal position and be able to finance part of the reconstruction. "The IMF is the international institution which will provide the balance of payments support... I think good discussions between the IMF and the Pakistani government are crucial," he said. "Part of the reconstruction would be funded by the government itself. But the government's fiscal position is weak and it must be strengthened, but it may take years." He said he was confident that faced with such a big disaster the Pakistan would handle any international aid in transparent way.-Reuters
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He said after self sufficiency of distribution companies and revamping no worker would be sacked but distribution companies should reduce line losses by 10 per cent.-Online
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"Now some people are saying that we may get only 25 per cent of the total contracts booked or the shipments may be delayed." The uncertainty about the Indian deals sent cotton prices soaring in the domestic market. Usman said domestic prices hit a record high of 7,600 rupees (about $88) per maund (37.32 kg) on Friday. "Some Indian exporters are saying they want to deliver the orders but are facing difficulties from their government," said S.M. Imran, a senior textile official whose mill imports Indian cotton. He said it appeared Indian exporters were looking to escape their contracts and some Karachi-based traders said it was because of rising international cotton prices. US cotton climbed to a record high in early Asian trade on Friday, climbing to $1.198 per pound, buoyed by a rally in Chinese cotton prices and a wider weakening trend in the US dollar. "If we don't receive the cotton at this time, prices of cotton will go higher and that will create further problems," Imran said. Pakistan in April hoped to produce 14 million bales of cotton in the 2010/11 season, compared with about 12.7 million bales the previous season, when the country had to import about 2 million bales. Because of August's floods, government and industry officials now estimate output of about 11.6 million bales of 170 kg (374.8lb) each.-Reuters
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He says a greater variety of countries should be involved, the parties must say whether they seek friendship or hostility with Iran, and must express a view on Israel's alleged nuclear arsenal. Western officials are wary of what they see as Iranian efforts to dodge the main issue in talks, possibly buying time for advances in nuclear enrichment. There was no indication that Mottaki and Ashton would discuss the resumption of talks during his stay in Brussels but the Briton confirmed she had not received a formal response to her proposal to resume talks next month. "I've always said we want to see negotiations. We do believe a solution can be found and we'd like to get on with it," Ashton told reporters before the international talks on Pakistan. She said the major powers would press on with a twin-track approach of keeping pressure on Tehran while pursuing dialogue. "It's the dialogue that will resolve it," she said.-Reuters
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has been practicing law since 53 years. The petitioner maintained his earlier stance that the NAB Chairman's appointment had been made on political grounds. During the tenure of Nawaz Sharif and Benazir Bhutto, the appointment of police inspectors were made by taking Rs200,000-400,000 and the practice still continues, Jaffery said.-Online
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and Balakot."The recent floods have affected the pace of rehabilitation work in earthquake damaged areas, however, government is determined to complete all rebuilding plans to provide modern facilities to the public", he further said.Addressing the meeting MNA Marvi Memon said that every necessary step would be taken for public benefit."The immediate resolution of people's problems is my priority and I don't have any personal agenda", she maintained. She opined that government should address the rightful demands of citizens of affected areas who are suffering due the delay of reconstruction work.She hoped that the approved amount would be disbursed within a week to all affected ERRA contractors.The meeting was held as follow-up of commitments made by the government to fulfill the demands of AJK and KPK citizens who demonstrated last week in Islamabad about the delay of rehabilitation process.-Online
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He also talked about the coastal assets, both military and infrastructural, that were critical for the country's development and said securing them too was of primary importance. In this regard, he noted that India's peninsular projection into the Indian Ocean had provided a gateway for attacks and the country's subjugation in the past.Though the Army Chief did not name the Maoists, Singh said "internal dissent" and insurgencies in Jammu and Kashmir and the North East were the other threats that needed attention. He also cautioned about the challenges posed by nuclear proliferation in India's neighbourhood, but did not name any country in this regard. He said the armed forces' role in India was to contribute to and ensure its "independence, strategic role, autonomy and deterrence." -Online
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the plan would be adopted at the alliance's summit. "I think we should at the same time, give Russia the possibility to cooperate with us and share the fruits of this cooperation," he said. The Secretary General has proposed to expand Nato's existing missile defence system, which only covers deployed troops, to protect citizens of all member states by linking up anti-missile systems of member states. As for the new strategy, Fogh Rasmussen said the ministers' debate focused on: Reform is also a focus of Thursday's meeting. Fogh Rasmussen said the ministers had "a clear mandate for reform, and a clear idea of what reform will look like." NNI
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Zardari orders new wings for PIA ISLAMABAD: President Asif Ali Zardari Friday gave formal approval for immediate purchase of 40 latest and sophisticated aircraft to make Pakistan International Air Line (PIA) more profitable. Presidency sources told Online that President Zardari wants to pull PIA out of financial crises, hence he gave approval to purchase of 40 new aeroplanes.
All set for bye-polls in PS-94 KARACHI: All is set for the bye-election in Sindh Assembly's constituency PS-94 (Orangi Town, Karachi) on Oct 17, the Deputy Chief Election Commissioner (CEC), Sindh, Mohammed Najeeb said. The seat of provincial assembly fell vacant after the murder of MQM MPA Raza Haider. The late MPA was gunned down on August 2 last, along with his police guard, in the Jamia Masjid in Nazimabad. The Deputy CEC said that five candidates are contesting the by-election namely, Riaz Gul of ANP, Siafuddin Khalid (MQM), and three independent candidates Zeenat Yasmeen, Abdul Haq and Masood Alam. The polling will be conducted without any break from 8am to 5pm, he said and added that 86 polling stations have been established which will accommodate 287 polling booths. He said that District Returning Officer Tanvir Zaki and Returning Officer Nadeem Haider will supervise the polling.-APP
Altaf falls gravely ill, MQM leader denies news
President also directed Ministry of Defence to implement the approval forthwith. According to Presidency sources the President also said that he wants PIA to fly with its own wings like before, thus he would not terminate any government employee who was either appointed by the present or by the earlier government. Presidency sources also
added that the government has decided to bolster the production capability of Pakistan Steel Mills (PSM) seven fold and joint ventures under public private partnership would be started in this regard. Finally, the sources said, he added that a new agreement will be inked with Russia and will provide sufficient funds and investment to enhance PSM capability.-Online
BRUSSELS: Protesters asking to drop the Pakistan’s debt stand outside the “Friends of Democratic Pakistan” meeting at the EU Council.-Reuters
Interior minister vows complete rehab
Rs12bn to rebuild quake-razed areas ISLAMABAD: The Federal government has approved Rs12 billion for the execution of rebuilding plans in earthquake affected areas of Azad Jammu Kashmir (AJK) and KhyberPakhunkhwa (KPK). Interior Minister Rehman Malik announced this in a meeting which was held to review the ongoing development projects in earthquake-hit areas. The meeting was attended by Member National Assembly Marvi Memon, Additional Chief Secretary AJK Tariq Khan, Deputy Chairman Earthquake Reconstruction and Rehabilitation Authority (ERRA) Haroon Aslam, Director General State Earthquake Reconstruction and
Rehabilitation Agency (SERRA) Liaquat Ali and officials of Tahreek- e-Tameer Nau (TTN) Colonel Yaqoob, Raja Wasim, Asif Mustafai, and others. According to press release issued by Tahreek-e-Tameer-eNau (TTN) the minister informed the meeting that the government has approved an amount of Rs12 billion for the payment of arrears to the contractors working on the projects of rehabilitation in AJK and Khyber-Pakthunkhwa. He said that the government would complete all designed and approved schemes of City Development Projects in Muzafarabad, Bagh, Rawalakot See # 18 Page 11
Court reserves ruling on plea against NAB chief naming LAHORE: The Lahore High Court Friday reserved its verdict on the petition against Retired Supreme Court Justice Deedar Hussain Shah's appointment as Chairman of the National Accountability Bureau (NAB). According to media reports, the court has reserved the verdict to determine whether the case requires a hearing. The petitioner Javed Iqbal Jaffery claimed that he is more qualified than Deedar Hussain Shah for this post. Jaffery further said that he See # 17 Page 11
Tehran makes up mind for N-talks BRUSSELS: Iran welcomed on Friday a proposal to restart talks with six major powers on its nuclear programme next month and called for a date to be agreed for the first such meeting in a year. European Union foreign policy chief Catherine Ashton suggested Vienna on Thursday as the venue for three-day talks involving the United States, Germany, Russia, France, Britain and China. "As you are fully aware, recently I announced that October or November from our point of view is a good time to restart talks between Iran and
the 5+1 (major powers)," Iranian Foreign Minister Manouchehr Mottaki told reporters in Brussels. "It is good news that authorities here are following the matter. This is the way to coordinate some specific, fixed date for starting talks," he said before international talks on the economic development of Pakistan and fighting terrorism. The United States and its European allies fear Iran's civilian nuclear energy programme is a cover to develop the capability for producing nuclear weapons. Iran, a major oil producer, says it needs nuclear fuel-mak-
ing technology to generate electricity and denies it is developing atomic arms. Talks between Iran and the five permanent members of the U.N. Security Council and Germany stalled in October last year, leading to a toughening of international sanctions on Tehran. Ashton and Iranian chief nuclear negotiator Saeed Jalili have exchanged letters about resuming talks, but no date has been agreed for a meeting and Iranian President Mahmoud Ahmadinejad has set conditions for further talks. See # 16 Page 11
China, Pakistan, big security pains: India NEW DELHI: Describing Pakistan and China as "two major irritants" for India's security, Army chief Gen V K Singh Friday said the armed forces should ensure the country has a "substantial" conventional war capability to fight in a nuclear scenario. "We have two major irritants. One, there is a problem of governance in Pakistan where terror outfits receive support and where internal situation is not very good. And, therefore, it can have a fallout in terms of how these things impact India, reported PTI. "Till the time the terrorist infrastructure remains intact on the other side, we have something to worry," he said inaugurating a seminar on 'Indian Army: Emerging Roles and Tasks' here. He also referred to the threat posed by China which was rising both economically and militarily. "Although we have a very stable border, yet we have a border dispute. And, therefore, the intentions need to be looked at along with this additional capability that is coming out," he said. The Army chief said, "It impacts the way we will task our army and the role that we will give to it so that it can do the task that the nation wants. So, with
LONDON: Muttahida Qaumi Movement Chief Altaf Hussain has once again fallen ill and the doctors have advised him twomonth bed rest. According to close MQM sources, Altaf Hussain has not recovered from the grief and shock of killing of Dr Imran Farooq and due to this health is deteriorating. The doctors have advised him two months complete bed rest. In this regard when MQM deputy Parliamentary leader Haider Abbas Rizvi was contacted he said that he has no knowledge of Altaf Bhai being sick and he refuted BRUSSELS: Foreign and defence minsuch news.-Online isters from 28 Nato countries met here to discuss details of the alliance's new strategic concept, which aims to reshape the alliance in the next decade to meet emerging threats. Analysts believe Nato countries are trying through the new strategy to rejuvenate the 61-year-old organisation in the face of a changing world. U.S. Secretary of State Hillary MIRAMSHAH: Qari Clinton told a news conference the new Hussain, the most wanted strategic concept was to ensure "Nato man associated with banned evolves as the world evolves. Nato Tehreek-e-Taliban Pakistan, began as a regional alliance, but the has been killed by a US threats we now face are global and our drone strike in North perspectives must therefore be global as Waziristan, intelligence well." "To be a security alliance in the 21st sources confirmed Friday. Qari Hussain, who carried century, to remain relevant and effective, Nato must have the capacity to a headmoney of Rs50 million, was the main TTP oper- anticipate and protect against shifting ative who trained children to security challenges from terrorism to execute suicide attacks.- ballistic missiles, from cyber attacks to the proliferation of nuclear, chemical, Agencies
this, let's also see what are some of the threats that we face or the challenges that we have." He said, "Even though we have a stable border with China, we cannot take chances". He told the seminar organised by Centre for Land Warfare Studies (CLAWS), an Army-sponsored think tank, that an all-out conventional war with China was "not not certain", but skirmishes were "certainly possible." "We must have a substantial conventional-war-fighting-capability with the ability to fight in a nuclear scenario," he stressed. Noting that India had no "extra-territorial ambitions," the Army Chief said India needed to be watchful of China's intentions in building up its military infrastructure. Singh's remarks come close on the heels of Defence Minister A K Antony's stating that China was exhibiting "assertiveness" in its military posturing in the region and asked the armed forces to remain vigilant to counter any threat. Listing the future threats to India's national security, Singh said the island territories were vulnerable and these needed to be defended well. See # 19 Page 11
Nato questing a new strategy
US drone kills top TTP man in NWA
and biological weapons. Relying on the strategies of the past simply will not suffice," she told journalists. The new strategy, once adopted at the alliance's next summit in Lisbon, Portugal on Nov. 19-20, will become Nato 's third since the Cold War ended. The last two were adopted in 1991 as the Soviet Union was unravelling, and in 1999 before the Sept. 11 2001 terrorist attacks on the United States and the following war in Afghanistan. Clinton's remarks were echoed by Nato Secretary General Anders Fogh Rasmussen, who has stressed that Nato's core mission, to protect the 900 million citizens of Nato countries from attack, must never change - but it must be "modern defence, against modern threats." He told journalists that Nato ministers had reached broad agreement on the anti-missile shield covering all Nato members and he was "quite optimistic" See # 20 Page 11
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