International Karachi, Friday, February 18, 2011, Rabi-ul-Awwal 14, Price Rs12 Pages 12
APML to protest against Musharraf's warrants Economic Indicators Forex Reserves (12-Feb-11) Inflation CPI% (Jul 10-Jan 11) Exports (Jul 10-Jan 10) Imports (Jul 10-Jan 10) Trade Balance (Jul 10-Jan 10) Current A/C (Jul 10- Dec 10) Remittances (Jul 10 - Jan 11) Foreign Invest (Jul 10-Jan 10) Revenue (Jul 10 Jan 11) Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Nov 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.44bn 14.55% $13.23bn $22.55bn $(9.32)bn $26mn $6.12bn $1.18bn Rs 765bn $58.39bn Rs 5497.4bn $323.6mn -4.69% 4.10% $1,051 175.20mn
Bangladesh Glorified ICC World Cup 2011
198.23 -2.52 0.28 3093
NCCPL (U.S $ in million)
FIPI (17-Feb-2011) Local Companies (17-Feb-2011) Banks / DFI (17-Feb-2011) Mutual Funds (17-Feb-2011) NBFC (17-Feb-2011) Local Investors (17-Feb-2011) Other Organization (17-Feb-2011)
1.90 -5.38 1.69 -3.19 0.34 4.59 0.04
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,061.77 10,836.64 23,301.84 18,506.82 2,683.97 2,926.96 6,073.61 12,264.86
Change 16.51 28.35 144.87 205.92 31.94 3.07 11.66 23.31
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)
$.Price PKR/Shares 2.60 110.76 15.00 127.80 2.00 42.60 1.70 36.21 11.03 37.57
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
09-Feb-2011 09-Feb-2011 09-Feb-2011 29-Nov-2010 17-Feb-2011 17-Feb-2011 17-Feb-2011 17-Feb-2011 17-Feb-2011 17-Feb-2011 17-Feb-2011 17-Feb-2011 17-Feb-2011 17-Feb-2011 17-Feb-2011
13.53% 13.69% 13.86% 14.00% 13.24% 13.62% 13.76% 14.14% 14.26% 14.21% 14.25% 14.25% 14.61% 14.78% 14.97%
Commodities *Crude Oil (brent)$/bbl 103.66 *Crude Oil (WTI)$/bbl 85.11 *Cotton $/lb 201.93 *Gold $/ozs 1,381.40 *Silver $/ozs 30.88 Malaysian Palm $ 1,204 GOLD (NCEL) PKR 38,004 KHI Cotton 40Kg PKR 12,325
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 85.40 Canadian $ 86.40 Danish Krone 15.30 Euro 115.50 Hong Kong $ 10.80 Japanese Yen 1.006 Saudi Riyal 22.73 Singapore $ 66.45 Swedish Korona 13.10 Swiss Franc 88.00 U.A.E Dirham 23.23 UK Pound 137.30 US $ 85.65
Sell (Rs)
86.40 87.40 15.70 117.00 11.20 1.031 22.98 67.45 13.50 89.00 23.53 138.60 85.95
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
85.31 85.98 15.39 114.72 10.90 1.019 22.64 66.33 13.10 87.63 23.11 136.33 85.20
85.51 86.19 15.42 114.99 10.92 1.021 22.69 66.48 13.13 87.84 23.17 136.65 85.39
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
20°C 28°C 21°C 22°C 14°C 19°C
MIN
8°C 13°C 7°C 8°C -2°C 8°C
Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com
www.thefinancialdaily.com
See Page 12 See Page 12
Gilani chairs new fed cabinet’s first session
l Only "authorised ministers" to speak about Davis l Senator Kerry meets Gilani; talks current affairs
SCRA(U.S $ in million)
Total Portfolio Invest (5 Jan-2011)
See Page 12
Let court rule on Davis: PM
Portfolio Investment Yearly(Jul, 2010 up to 15-Feb-2011) Monthly(Feb, 2010 up to-15-Feb-2011) Daily (15-Feb-2011)
Eyes on int'l mkts: Qamar SC orders protection to ADG FIA Bahrain Army locks down Capital
DHAKA: Shahid Afridi arrives on a rickshaw at the opening ceremony of the ICC Cricket World Cup at the Bangabandhu National Stadium in Dhaka. -Reuters
Pakistan Business Council's presentation to President
Business bigwigs urged to run SOEs ISLAMABAD: While discussing the current economic situation, President Asif Ali Zardari said that it was a collective responsibility to work together, hand-in-hand, in order to overcome the challenges of the current economic situation and to put the economy back on track. The President urged the businessmen to form consortiums of the leading entrepreneurs to consider buying out and managing various state run enterprises (SOEs).
Government puts NLC on restructuring route ISLAMABAD: Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh chaired a meeting of the National Logistics Board during which he was given a detailed presentation for the restructuring of the National Logistics Cell (NLC). During the presentation it was proposed that industrial business units be made financially semi-autonomous and responsible for their profits and losses, the authority and responsibility of NLB, NLC and DG NLC be clearly described with reference to day-to-day working, financial level and decision-making. The presentation also described that NLC must articulate its functioning to ensure institutional decision-making and adherence to legal formalities and to focus on its primary objectives undertaking capacity building accordingly and should consolidate its core business of Freight Services and Engineering, along with the related fields. They said that the depleted transport fleet be improved to an appropriate level, and it should adhere to all relevant rules and codal formalities as per directives of GoP & P&D Division and should not venture in any business activity without due diligence and approval of competent authority. Moreover, the recommendations include that NLC to get the latest audit up till FY 07-08 complete through a renowned company and certificate to this effect be given at the earliest. The Federal Minister for Finance assured the Board that their recommendations in the context of restructuring and See # 24 Page 11
This he said during a presentation by Pakistan Business Council on agenda for economic reforms at Aiwan-eSadr here on Thursday. President Asif Ali Zardari invited the leading business houses of the country to convene a meeting of all political parties from their platform on the issue of economic reforms and the ways to put economy on solid footings and ensuring continuity of the policies. He also offered Presidency
as the venue of the roundtable meeting of political parties adding that he will participate in it as Co-Chairman of PPP along with leaders of other political parties and not preside over it as the President. If the important stakeholder don't step in now to assist the Government take remedial measures and address economic issues, the economic situation would adversely affect the business community most, the President warned. See # 18 Page 11
Summary ready to export 3mn tonnes
Govt to sell half its wheat stocks ISLAMABAD: Federal Ministry of Food and Agriculture has decided to send a summary to the ECC for export of three million tonnes of surplus wheat from the present stocks of six million tonnes. During a briefing to the new Minister for Food and Agriculture Mir Israrullah Zehri, he was told that international prices of wheat have gone up by 30 per cent and the country can earn substantial foreign exchange by exporting the surplus quantity of wheat while maintaining the reserve stocks of three million tonnes. The Minister directed for
preparation of the summary on priority basis so as to get approval of the ECC. The briefing said that with only one and a half month left in the arrival of new wheat crop, the country must export the surplus wheat of last year so as to create space for storage of new stocks. The export would not only help in building foreign exchange reserves and reducing the trade deficit but also help in retiring of State Bank debt owed by Passco. The meeting was told that the country is expected to harvest another bumper wheat See # 19 Page 11
1H domestic debt swells to Rs5.5tn Aamir Abidi KARACHI: Pakistan's outstanding stock of domestic debt and liabilities has soared by 12.3 per cent or Rs603 billion during the first half of current fiscal year (1HFY11), according to the State Bank of Pakistan (SBP). Domestic debt and liabilities recorded at a historical record level of Rs5.497 trillion during the period, from Rs4.89 trillion on June 30, 2010, due to a significant rise in budget
deficit. Similarly, domestic debt alone rose by Rs641 billion at Rs5.29 trillion in 1HFY11 as against Rs4.65 trillion in June 2010. The floating debt during the period under review rose by Rs460 billion to Rs2.67 trillion during the 1HFY11 comparing with Rs2.39 trillion in June 2010, while the unfunded debt increased by Rs66.8 billion to Rs1.52 trillion compared to Rs1.45 trillion. See # 20 Page 11
FX reserves at new high Staff Reporter KARACHI: Country's foreign exchange reserves rose to a record $17.44 billion in the week ending February 12, up from $17.31 billion the previ-
ous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan rose to $13.91 billion from $13.76 billion in the week ending Feb 12, See # 23 Page 11
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Thursday directed only "authorised ministers" to speak about the issue of detained US diplomat Raymond Davis, if required as the matter was sub judice. Addressing the first session of the newly formed Federal Cabinet here at the PM
Davis remand extented LAHORE: Lahore High Court Thursday adjourned till March 14 the hearing of a case regarding the diplomatic status of a US citizen Raymond Davis arrested for gunning down two men after the federal government sought more time to furnish a reply in this regard. Deputy Attorney General Naveed Inayat Malik, who represented the federal See # 16 Page 11
PSO cuts supplies as dues max out ISLAMABAD: The cashstarved Pakistan State Oil (PSO) cut off fuel supplies to power companies on Thursday for nonpayment of dues in a bid to avoid default as its overdraft touched Rs40 billion. The PSO has been supplying approximately 23,000MT furnace oil to the power companies on daily basis. "The last payment was received on January 7 from the power companies. We have received no further payments despite several rounds of meetings, which forced us to stop plug supplies to the companies, including Wapda, Kapco and Hubco," a PSO official said. "The PSO's total receivables have swelled to Rs158. 65 billion, including Rs47.22 billion from Wapda, Rs73.29 billion from Hubco and Rs28.86 billion from Kapco." If we don't get these dues we will not be able to pay Rs85 billion to the refineries or See # 21 Page 11
Shiv Sena threatens Pak for WC final NEW DELHI: Indian extremist party Shiv Sena has threatened Pakistani cricketers against playing in Mumbai should they reach the final of the ICC World Cup, 2011. Senior party leader, Manohar Joshi, issued a veiled threat to the men in green. "You all know Sena chief Bal Thackeray's views. If the Pakistan team reaches the final, whether to allow them to play, the Sena chief will decide," he said. The statement comes a few days after Pakistan's skipper See # 22 Page 11
US frustrated over delay ISLAMABAD: The United States is disappointed that the Government of Pakistan did not certify that Raymond Davis has diplomatic immunity, US Ambassador Cameron P Munter said. Reacting to Thursday hearings in Lahore about Raymond Davis case, he said that the US has made its position on this case clear. "Senator Kerry's visit to Pakistan manifested our intention to work with the Government of Pakistan to resolve this issue." Ambassador Munter said. See # 13 Page 11 Secretariat, Prime Minister Gilani welcomed the new members. "The entire nation will be watching our performance with hope and expectancy. I have always believed that holding of offices is a sacred trust which WASHINGTON: CIA direcshould be guarded at all costs." tor Leon Panetta has said that He said that the Cabinet had United States has a very combeen formed in consultation plicated relationship with with coalition partners and Pakistan and both the counenjoyed the confidence of the tries often have conflicting co-chairperson of Pakistan view points on various issues. Peoples Party (PPP). "I have to tell you that it is Prime Minister Gilani said very complicated and it does the Cabinet, though limited in involve oftentimes conflicting number, faced greater chalviewpoints of how we deal lenges. He also shared his with issues," Panetta told lawhopes and anxieties with the makers at a Congressional See # 14 Page 11 See # 15 Page 11
Ties with Pak not easy: CIA
Sector's profitability rises 37pc
Ureamakers earn Rs25.15bn last yr Ahmed Siddique KARACHI: Fertiliser sector showed a phenomenal growth of 37 per cent in their profitability, during the calendar year 2010. Cumulative earnings of listed companies four big giants i.e. FFC, Engro (Fertilizer and Eximp), FFBL & DAWH during the period rose by Rs6.7 billion to Rs25.15 billion compared with Rs18.42 billion recorded during the last year. Despite gas curtailment which resulted in lower offtake,
sector performed excellently well during the period on the back of high urea and DAP prices. FFBL was the leading performer by registering growth of 72 per cent followed by Engro (Fertilizer & Eximp) which grew 44 per cent. FFC registered a growth of 25 per cent and last in run was Dawood Hercules which grew 7 per cent after adjusting onetime impairment of 2009. Top line growth rose 21 per cent to Rs134 billion against See # 17 Page 11
2 Friday, February 18, 2011
To strengthen trade, ties
President to visit Japan from 21st Staff Correspondent
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing the cabinet meeting at PM Secretariat on Thursday.-APP
Anti measles campaign from today KARACHI: Sindh Minister for Health, Dr. Saghir Ahmed will inaugurate the Anti Measles Campaign in Karachi today with a target to reach two million children. The 9- day campaign scheduled to begin on Thursday in Karachi had to be postponed due to declaration of holiday in all city government institutions in the metropolis. City District Government Karachi's Administrator, Fazal ur Rehman had announced holiday on Thursday as a mark of respect to one the most senior and respected Karachiite and ex-chief minister of Sindh Yousuf Haroon who passed away in New York, a few days ago and was laid to rest in Karachi on Thursday. He was not only among leaders who strived for establishment of Pakistan but had also served as a mayor of Karachi before Indo-Pak independence.-APP
PPP is party of labourers: Sharmila TFD Report KARACHI Sharmila Fasruqui, Secretary Information, Pakistan Peoples Party Women Wing, has said that Pakistan peoples Party is the party of labourers and till the labour class exists in the world, the ideology of Pakistan Peoples Party will live. This she said while talking a delegation of Women workers here at her residence Thursday. She said that first time in the history of Pakistan Shaheed Zulfikar Ali Bhutto raised voice for the rights of the labourers, for the rights of women and for the deprived people of Pakistan and on this he was martyred. Ms. Sharmila Faruqui said that the present democracy was achieved after a hard and glorious struggle of PPP workers and leaders and we had sacrificed a lot and had faced troubles.
Corporate Security Conference 2011
'Threats can only be thwarted thru joint efforts' Staff Reporter KARACHI: Avoiding the present day crime threats and ensuring the security at personal, family and corporate level is only possible through joint efforts of citizens and law enforcement agencies. Trust based relations between citizens and police and heightened awareness of security options at individual level could help in decreasing the crime rates in society. These views were presented by experts at a corporate security conference organized by TPL Holdings Pakistan in Karachi Thursday. Experts discussed the security threats to corporate sector in details that include security of personnel against kidnapping and extortion, security of CEO's and senior management, security of plant and office locations, travel security of Personal and material, security of raw material and finished products, security of brand Logo's and security of
company's reputation. Speaking on the occasion Additional Inspector General Sindh police, Saud Mirza said that Sindh police is establishing a center of excellence at Saeedabad Police Training center in order to inculcate human rights and child rights values in police personnel. Police also needs to be trained for dealing with citizens in a polite manner thus to eradicate the mistrust and fear from citizen's and police relationships. He said that we are actively working on up gradation of Sindh Police that includes up gradation of Digital Forensic Capabilities by acquiring special software for retrieval of data from burnt/damaged mobile phones and SIM cards examination, chemical and explosive Identification equipments for identifying a particular bomber's/groups' signature, video forensic facility to process/enhance
PACRA's superior ratings for AHI Funds KARACHI: The Pakistan Credit Rating Agency (PACRA) has announced the Stability Ratings for three of Arif Habib Investments (AHI) Funds. According to a press release issued here on Thursday, the PACRA's Fund Stability ratings are widely regarded as the most unbiased assessment of a fund's capacity to deliver stable returns. The PACRA has improved the rating of
Pakistan Income Enhancement Fund (PIEF) to 'AA- (f)' from previous rating of 'A+ (f)'. Arif Habib Investments' MetroBank-Pakistan Sovereign Fund (MSF) is rated as 'AA (f)' and their flagship fund Pakistan Income Fund (PIF) as 'AA- (f)'. Ratings within these categories typically signify a very low exposure to risks and a very strong capacity to manage relative stability in returns.
LAHORE: From L to R, Ms. Saleema Hashmi (Chairperson, Faiz Trust Foundation), Tina Sani, I.A Rehman, Shahid Hosain Kazi (GM Strategic Planning and Global Marketing, Bank Alfalah), Hamid M. Mirza (Head of Marketing, Bank Alfalah) and Adeel Hashmi snapped at the Faiz Trust function.-Staff photo
TV PROGRAMMES FRIDAY Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:30 20:03 21:00 22:03 23:00 23:30
News News Subah Savere Maya ke Sath News Hal Kya Hai (Rpt) News Newsbeat (Rpt) Tonight With Jasmeen (Rpt) News News Samaa Metro News Aap Ki Baat News Crime Scene Newsbeat News Awam Ki Awaz News 24
and search video footages of major incidents, GSM Locator / Finder, up gradation of Truth Detection Facility by adding Voice Stress Analyzer etc. He informed that Sindh Police will soon be launching video surveillance system for Karachi. This most modern and state of the art surveillance system planned in 2008/9 and is now in process of completion which will be implemented in the current year. This project shall cover 164 sites in Karachi having around 900 plus mega pixel PTZ, fixed, ANPR cameras manning all exit/entry points of the city as well as sensitive/important parts of the city. The Sindh Government has allocated rupees 500 million for the project. It would help in creating a deterrence of terrorist acts and street crime, traffic monitoring, enhancement of VIP security and would improve overall public safety and security.
ICCI proposes businessmen conf ISLAMABAD: Mahfooz Elahi President of Islamabad Chamber of Commerce and Industry said that Pakistan is facing enormous challenges and Government should adopt a strategic approach to find solution of aggravating problems by engaging private sector in a dialogue process and holding a Businessmen Conference on the key issues. According to press release issued here on Thursday, Businessperson Council was formed almost couple of years ago by the government to get the input
of businessmen on different sectors to resolve problems but only a few meetings were held without any result, said Mahfooz Elahi President of Islamabad Chamber of Commerce & Industry while chairing a meeting of ICCI Economic Committee. President ICCI proposed that Prime Minister of Pakistan should call a Businessmen Conference inviting representatives of the business community from all provinces to discuss key issues and get proposals for overcoming these challenges.-Online
AHI, the management company of these funds is rated AM2 (Positive outlook) which is the best Asset Management Quality Rating in the entire industry, is a part of Arif Habib Group. As of 31st December 2010, AHI had over Rs. 13 billion assets under management. It is currently managing 11 open-end funds, 2 Pension Funds and 8 investment plans to meet the investment needs of its growing clientele.- NNI
Bank Alfalah partnership with Faiz Trust LAHORE: Bank Alfalah has announced a partnership with the Faiz Trust Foundation and has congratulated the Faiz Trust on ensuring that the legacy of legendary poet Faiz Ahmed Faiz lives on. It is their hard work that allows our new generations to be familiar with and appreciate their heritage.With this partnership, Bank Alfalah recently sponsored two evenings in Lahore, key highlights of which were tribute recitals of Faiz's works by Tina Sani and Shabana Azmi. Further to this, Faiz's renowned works were released on a special commemorative CD in this press conference.-PR
PIAF stresses financial discipline LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) on Thursday urged the government to use the opportunity of forthcoming budget to ensure financial discipline in the country. In a statement issued here, the PIAF Chairman Sohail Lashari said that owing to multiple internal and external challenges the things on economic front are fast slipping from the hands of concerned departments and the situation is creating a wrong impression about government's ability to manage affairs. He said that the government would have act fast to ensure a business friendly budget so that the business community could be able to play its for the economic well being of the country. He said that the austerity and the good governance should be the theme of the forthcoming budget. Elaborating the point, he said that austerity does not mean cut in Public sector development budget but it is the name of a mindset where all segments of the society should contribute.-Online
World Cup
Ufone prizes for Pak team high performers TFD Report LAHORE: Ufone will be offering cash prizes at the end of the Cricket World Cup 2011 to the player who hits the most fours and sixes put together, to the bowler who takes the maximum wickets and to the bowler who takes the maximum hat tricks. Each winner will get a cash prize of Rs.1 million for their outstanding performance. This was announced at an event held in Lahore which was attended by the team and management of the Pakistan Cricket Team. Cricket is the pulse of life for Pakistanis all over the world. With the World Cup right around the corner the country is abuzz the much awaited tournament. The passion is running high with every individual eagerly awaiting the success of the national team. Ufone one of the leading telecom companies in the country which has always been at the forefront to motivate the younger generation has taken yet another exciting step to help motivate Pakistan's young and talented Cricket Team. It is pertinent to mention that Ufone has consistently supported domestic teams off late. Akbar Khan Chief Marketing Officer Ufone speaking at the occasion said, "We stand by our nation and our highly talented cricket team and are sure that this gesture from Ufone is sure to build greater motivation and confidence within each of the players alongside increase the spirit of the team throughout the tournament". "We wish our team and the nation the very best", he added.
ISLAMABAD: President Asif Ali Zardari will pay a visit to Japan from 21-23 February at the invitation of His Excellency Naoto Kan, Prime Minister of Japan. This will be the President's second visit to Japan since assuming office. According to Foreign Office spokesman during his stay in Japan, the President will make a state call on His Majesty the Emperor of Japan. He will hold summit level talks with Prime Minister Naoto Kan. The President is also scheduled to meet with Japanese Cabinet members, Parliamentarians and leading Japanese businessmen. The visit will provide an opportunity to brief the Japanese leadership on our
views on key international and regional issues as well as discuss ways and means to further expand bilateral political and economic ties. The visit will also reiterate the importance that Pakistan attaches to its relations with Japan. President's meeting with the Japanese businessmen will help project Pakistan as a destination for Japanese investment, he said. Japan is an important country of the East Asia Pacific region as well as one of the major trading partners of Pakistan. Pakistan and Japan enjoy very close and friendly relations. Japan has played an important role in the socioeconomic development of Pakistan. Japan is a major development partner, and is extending assistance for development projects in
health, education and human resource development areas. Japan has actively participated in the Friends of Democratic Pakistan Forum, and hosted the FODP Ministerial and Donors Conference in Tokyo in April 2009. It pledged US$1 billion at the Donors Conference in Tokyo. It has also extended assistance for the internally dislocated persons affected in Swat and Malakand. Japan extended US$500 million assistance at the Pakistan Development Forum for the relief and rehabilitation of flood victims in Pakistan, a statement issued by the Foreign office said. The visit by the President would further strengthen the cordial relations between our two countries and open new avenues of cooperation.
RAWALPINDI: Liu Jain, Ambassador of China called on General Khalid Shameem Wynne, Chairman Joint Chiefs of Staff Committee at Joint Staff Headquarters.-APP
Citi's 50th anniversary golf tourney TFD Report KARACHI: As part of its 50 year celebrations, Citi organized a two day Golf Tournament for its clients, as well as for Karachi Golf Club members at the Karachi Golf Club. With a record number of players registering and 265 participants, the tournament was a huge success. The winners were announced as part of a prize ceremony attended by Arif Usmani, Citi Country Officer, Rear Admiral Sayyid Khawar Ali, SI(M), President Karachi Golf Club and Commander Karachi, Pervaiz Ansari, Club Captain and Captain Syed Khalid Ali Anwar, Karachi Golf Club Executive Officer. The tournament winner was Commander
Hassan Mazhar. Speaking at the ceremony, Captain Syed Khalid Ali Anwar from the KGC said, 'Citi's 50th Anniversary Golf Tournament was a phenomenal success. Both Citi's clients and our members will remember this event in the years to come. We congratulate Citi on marking 50 years in Pakistan and look forward to partnering with them in the future.' Arif Usmani, Citi Pakistan's Country Officer and Managing Director said, 'We are extremely pleased with the turn out for this tournament and appreciate KGC's support in making this such a success. We are also thankful to our clients for participating in this event and look forward to their continued patronage.'
ICAP golf tourney from tomorrow KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP), as part of its Golden Jubilee Celebrations, is hosting a two day Golf Tournament from Saturday at the Karachi Golf Club (KGC). Events for the guests of ICAP will be held on Saturday while the event for KGC members will be played on Sunday. After the end of play on Sunday there will be Prize Distribution Ceremony at the KGC at 5 pm followed by Hi-Tea. The Tournament is exclusively sponsored by United Bank Limited, UBL Funds Managers and UBL Insurers Limited.- NNI
KARACHI: Patron-in-Chief/Founder President of Bin Qasim Association of Trade and Industry, Mian Muhammed Ahmed distributing prizes to the employees of National Foods Limited on behalf of the company at the hajj ballot and Annual Prize Distribution ceremony. Abrar Hasan, Director, National Foods is also seen in the picture.-Staff Photo
HIT, LCCI explore cooperation areas Staff Correspondent LAHORE: The Managing Director, Heavy Industries Taxila (HIT), Brig Tariq Javed Rehan, has said that HIT is the backbone of Pakistan's engineering industry and it would continue to play its role to further strengthen the engineering industry in the larger interests of the country. The HIT Managing Director was speaking at the Lahore Chamber of Commerce and Industry on Thursday. LCCI Senior Vice President Sheikh Mohammad Arshad, Executive Committee Member Sheikh Mohammad Ayub and Chairman Skill Development Council Rehmatullah Javed also spoke on the occasion.
Sanofi-aventis to acquire Genzyme KARACHI: Sanofi-aventis (EURONEXT: SAN and NYSE: SNY) and Genzyme Corporation (NASDAQ: GENZ) have announced that they have entered into a definitive agreement under which sanofi-aventis is to acquire Genzyme for $74.00 per share in cash, or approximately $20.1 billion1. In addition to the cash payment, each Genzyme shareholder will receive one Contingent Value Right (CVR) for each share they own, entitling the holder to receive additional cash payments if specified milestones related to Lemtrada (alemtuzumab MS) are achieved over time or a milestone related to production volumes in 2011 for Cerezyme and Fabrazyme is achieved. The transaction has been unanimously approved by the Boards of Directors of both companies.-PR
3
Friday, February 18, 2011 Top Economic Events
Swiss franc reigns on safety, US dollar down broadly BNY Mellon Global Markets in New York, said inflation is not strictly an overseas phenomenon. "Today's slate of Fed speakers will have ample opportunity to comment on their views of emerging inflationary risks," he said. "Higher rate expectations will prove dollar positive only to the extent they rise faster than European rate expectations." The Federal Reserve has justified its decision to keep interest rates at record lows by pointing to high unemployment and excessively low inflation. The euro was last up 0.3 per cent at $1.3606 dollars.
George Davis, senior currency strategist at RBC Capital Markets in Toronto, said a short-term resistance comes in at $1.3615. "That's the most relevant level on the
topside and if we close above it, the euro has the potential to extend toward $1.3745," he said. "On the downside, $1.3484 is trend line support, and at a minimum, we would have to take that out to cause an acceleration." The dollar fell against the yen for a second straight day and was last at 83.26 yen,
Asian currencies
Rupiah climbs to 3-1/2yr high, more gains seen SINGAPORE: The Indonesian rupiah rose to its highest against the dollar in more than 3-1/2 years on Thursday, with market players expecting more gains on growing confidence that the central bank would succeed in containing inflation. Traders said the dollar dipped below support at its November low near 8,880 rupiah and fell as low as 8,875, the dollar's lowest level since June 2007. "We think the Indonesian story is pretty strong after the BI (Bank Indonesia) raised interest rates and also said that they are now favouring a stronger currency. So that was really the key gamechanger," said Thomas Harr, head of Asian FX strategy for Standard Chartered in Singapore. "In Southeast Asia, we think it's
the strongest currency story now together with the Singapore dollar," Harr said, adding that Standard Chartered's forecast was for the dollar to fall to 8,500 versus the rupiah by year-end. The rupiah's gains on Thursday were tempered by dollar-buying intervention by Indonesia's central bank, which was seen likely to continue to cushion the dollar's decline. The next next downside target for the dollar was likely to be 8,850 with firmer support coming in at 8,800, the trader added. Indonesia's central bank surprised many market players by raising its benchmark interest rate by 25 basis points to 6.75 per cent earlier this month after inflation hit a 21-month high of 7 per cent in January, and economists
Stg rises on robust data; BoE sentence LONDON: Sterling rose on Thursday, shaking off the previous day's losses, helped by robust economic data and comments from the Bank of England's Andrew Sentance, who made reference to a rising pound offsetting inflation. British factory orders improved more than expected in February and firms expected to put up prices at their fastest pace in 2-
1/2 years, the CBI's monthly industrial trends survey showed on Thursday. The Confederation of British Industry survey's total order book balance rose to -8 this month from -16 in January, well above expectations of a reading of -14. "Today's price action has been driven by the market looking at the CBI data and thinking the real economy is doing relatively well, which could mean more MPC members moving into the hawkish camp," said Ray Farris, currency strategist at Credit Suisse. Sterling traded with gains of around 0.5 per cent versus the dollar at $1.6170. It was probing
near-term resistance at Wednesday's high of $1.6185. The pound had fallen back around two US cents from that high on Wednesday as the Bank of England's inflation report downgraded the 2011 growth forecast and Governor Mervyn King took a less hawkish tone than the market had been anticipating. Sentance has been calling for a rate hike since June 2010
and said the central bank's latest economic forecasts underestimate upside risks to inflation, and interest rates need to rise faster than markets expect to bring it back to target. One of the advantages of raising interest rates now would be a rise in the value of the pound, Sentance said. This would help offset the rising cost of imported commodities, which have helped drive inflation to double the BoE's two per cent target. The euro traded down around 0.3 per cent against the pound at 84.10 pence, not far from a fourweek low hit earlier in the week of 83.56. -Reuters
expect another 75 basis points of hikes this year. That move was followed by comments by Indonesia's central bank deputy governor Budi Mulya last week, saying he saw the rupiah strengthening to above 8,900 to the dollar in coming months. The dollar had been trading right above 8,900 to the rupiah on the day Mulya made those comments. The dollar edged lower against the Thai baht. Dollar buying intervention by the central bank helped temper the dollar's decline, traders said. Both foreign and local names were cited as dollar sellers. The US dollar dipped against the Singapore dollar despite lower than expected Singapore gross domestic product (GDP) data. -Reuters
Swiss franc holds gains ZURICH: The Swiss franc clung to recent gains on Thursday as worries about rising tensions in the Middle East supported the traditional safe haven currency. "There are few signs of potential official franc selling intervention ahead," said Informa Global Market analyst Tony Nyman, pointing to the Swiss government's comment that it was firms' responsibility to deal with currency volatility. A major break lower at this stage was unlikely, he said. "But maybe the 1.2900 area is possible by the end of the week if Mideast tensions worsen and that has a big market impact." The franc was up 0.1 per cent against the euro compared to the New York close, trading at 1.30 per euro at 0752 GMT. The franc was around 0.2 per cent firmer against the dollar at 0.9576 per dollar. Analysts at Credit Suisse said that SNB chief Hildebrand's comments also supported the franc. Hildebrand said the franc was dampening rising inflationary pressures and that there were no miracle solutions to its gains as the government announced steps such as more funding for the tourism industry to help firms cope with the strong currency. -Reuters
Commodities underpin Aussie & NZ dollars SYDNEY/WELLINGTON: The Australian and New Zealand dollars held up on Thursday, helped by high commodity prices and the usual talk of buying by Asian central banks recycling US dollars amassed in intervention. The Reserve Bank of Australia (RBA) reiterated its upbeat outlook for the domestic economy, predicting a strong bounce back from flood damage done this quarter. RBA Assistant Governor Philip Lowe also argued that high commodity prices were here to stay given demand from industrialisation in China and India. Late Thursday, the Australian currency held at $1.0033, up from Wednesday's low of $0.9959 as persistent bids catching many in the market short. Key support was put at $0.9923, its 100day moving average, with resistance at $1.0058. It was near a nine-month highs on the yen around 83.84 as investors are attracted to Australia's high yields. This level is major resistance and a sustained break higher would be bull-
ish technically for a run to 86.00. The NZ dollar unchanged at $0.7551, after holding a razor-thin range between $0.7540 and $0.7560. The kiwi seems well hemmed in by the support at Wednesday's two-month low of $0.75 and resistance just below $0.76 The kiwi is struggling to make headway despite a weaker greenback as a poor domestic economic outlook reinforces that interest rate rises are still some way off, leaving the kiwi rangebound. "The kiwi is still looking for a potential move into the $0.74 territory, but genuine demand is supporting the currency for now," said Alex Sinton, senior dealer at ANZ Bank. Data on Thursday underscored the patchy nature of the economy, with producer prices weak suggesting little inflation pressure, while manufacturing activity was a seven-month high in January. In contrast consumer confidence fell sharply in February as households were nervous about the economic outlook. -Reuters
down 0.5 per cent. Spain and France sold a combined 11.87 billion euros of debt at auctions which analysts said fared well, with a longer-dated Spanish bond notably attracting good bids as it looked cheap on the Spanish curve. The Spanish auction helped pull the euro off a session low versus the dollar, though the fragility of the euro-zone banking sector was highlighted by a jump in emergency overnight borrowing at the European Central Bank. "The Spanish government sold the debt, but there are concerns about the increased overnight borrowing at the ECB," said Gavin Friend at nabCapital. Expectations that spot prices will not move too far in one direction or the other pushed euro/dollar implied volatility to 10.7 per cent its lowest level since September. -Reuters
Yuan ends up after touching record high SHANGHAI: The yuan closed up against the dollar on Thursday, touching a record trading high intraday, after the People's Bank of China set a record high mid-point in a clear sign that the government is willing to let the Chinese currency appreciate at least in the near term. But the yuan's performance in trading lagged the rise in the central bank's fixing. Traders said market cash flows capped the currency's advance as bank clients bought dollars whenever the yuan strengthened to 6.5850 or stronger. While the yuan is showing increasing signs of steady appreciation to the dollar, its value versus a trade-weighted basket remains at a standstill, the latest data issued by the Bank for International Settlements (BIS) showed. Spot yuan closed at 6.5871 to the dollar, up from Wednesday's close of 6.5885. It has now risen 3.65 per cent since its depegging from the dollar in June 2010. Intraday, it touched a record trading high of 6.5800 -- the same as the PBOC-fixed daily mid-point, compared with
Wednesday's PBOC fixing of 6.5855. Traders have long predicted the yuan will appreciate 5 to 6 per cent this year as China is expected to use the currency as part of its strategy to fight high consumer inflation, which hit 4.9 per cent in January. US Treasury Secretary Timothy Geithner said on Wednesday that China had reached the judgment internally that it needed to allow yuan to rise over time. However, the BIS data issued late on Wednesday showed that the yuan's nominal effective exchange rate (NEER) against a basket of trade-weighted currencies was almost unchanged at a reading of 113.60 in January from December's 113.78. Offshore, dollar/yuan offshore forwards rose slightly on Thursday to imply less yuan appreciation after US Federal Reserve officials raised their forecasts for economic growth. Benchmark one-year dollar/yuan non-deliverable forwards were bid at 6.4210 late on Thursday versus 6.4130 at Wednesday's close. Their implied yuan appreciation in a year's time fell to 2.48 per cent from 2.61 per cent. -Reuters
Indian rupee hits 1wk peak on shares rise MUMBAI: The Indian rupee climbed to its strongest level in a week on Thursday, tracking firm regional peers and a more than one per cent rise in domestic shares which calmed worries about sustained foreign fund withdrawls. The partially convertible rupee closed at 45.34/35 per dollar, 0.4 per cent above its 45.515/525 close on Tuesday. The unit rose as high as 45.33, its strongest since Feb. 9. The forex market was closed on Wednesday for a local holiday. "The rupee has gained, tracking the stock markets mainly, and some corporate selling was also seen," said Hari Chandramgathan, a senior foreign exchange dealer with Federal Bank, predicting the rupee will rise to 45.20 levels in the near-term. Foreign funds have sold shares worth $1.7 billion so far this year until Monday, after buying a record $29.3 billion last year. India's food inflation eased to a two-month low in early February on moderating prices of onions and other vegetables, amid expectations the
Source CNY EUR GBP GBP CAD CAD
Events CB Leading Index m/m German PPI m/m Retail Sales m/m Prelim Mortgage Approvals Core CPI m/m CPI m/m
Source
Events
EUR CHF GBP USD USD USD EUR USD USD USD
Current Account ZEW Economic Expectations CBI Industrial Order Expectations Core CPI m/m Unemployment Claims CPI m/m Consumer Confidence Philly Fed Manufacturing Index Mortgage Delinquencies CB Leading Index m/m
Forecast 0.6% 0.6% 46K 0.2% 0.3%
Previous 0.5% 0.7% -0.8% 43K -0.3% 0.0%
Actual
Forecast
Previous
-13.3B -17.2 -8 0.2% 410K 0.4% -10 35.9 8.22% 0.1%
-5.1B
Previous Day
US inflation, jobless claims data higher than expected NEW YORK: The Swiss franc rallied sharply against rival currencies on Thursday as Middle East tensions lifted its safe-haven appeal, but the euro gained after solid Spanish debt auction. Unrest in Yemen and Bahrain and concern about Iranian warships using the Suez Canal have fostered uncertainty among investors. The Swiss franc is traditionally sought as a safe-haven during times of geopolitical tensions. If events in the Middle East escalate safe haven flows should further buoy the Swiss franc. Against the Swiss franc, the euro was down 0.6 per cent at 1.2936 francs, while the dollar was down 0.8 per cent at 0.9520 francs. Meanwhile, US inflation and weekly claims for jobless benefits came in higher than expected. Michael Woolfolk, managing director at
Time 7:00 12:00 14:30 14:30 17:00 17:00
government may announce fresh measures to boost productivity for key staples in the upcoming budget. Traders said mild losses in the euro and dollar demand from oil firms limited further upside to the rupee. One-month offshore nondeliverable forward contracts were quoted at 45.59, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.3975, 45.40 and 45.3975 respectively. The total traded volume on the three exchanges was slightly lower $5.8 billion. Usual volume is around $6-$7 billion. -Reuters
-10.5B -18.4 -16 0.1% 385K 0.5% -11 19.3 9.13% 0.8%
-11 0.1% 401K 0.3% -11 20.8 0.3%
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3581 1.3607 0.9519 0.9600 1.6147 1.6147 0.9838 0.9857 1.0060 1.0075 113.1800 113.6500 0.8417 0.8442 1.2929 1.3028 134.4900 134.9200 87.5700 87.6900 1381.3800 1382.8000
Bid 1.3577 0.9515 1.6143 0.9835 1.0056 113.1300 0.8413 1.2925 134.4400 87.5100 1380.6300
Low 1.3536 0.9510 1.6079 0.9816 1.0021 113.0600 0.8401 1.2904 134.3700 87.0700 1374.0500
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 17/02/2011 A USD GBP CAD EUR JPY O/N 0.23100 0.55625 0.96050 0.60375 SN 0.10438 1WK 0.25100 0.57563 1.00200 0.75000 0.11250 2WK 0.25600 0.58313 1.03717 0.78250 0.11563 1MO 0.26300 0.61063 1.08200 0.83500 0.12750 2MO 0.28850 0.68125 1.15000 0.92063 0.15313 3MO 0.31350 0.80150 1.20867 1.03750 0.19000 4MO 0.35350 0.88400 1.27783 1.11125 0.24313 5MO 0.41000 0.98963 1.34367 1.19750 0.30000 6MO 0.46550 1.10650 1.40950 1.29000 0.34625 7MO 0.51800 1.18563 1.49200 1.34875 0.39500 8MO 0.57175 1.27313 1.57917 1.40625 0.44313 9MO 0.63025 1.35563 1.65617 1.47125 0.48875 10MO 0.68425 1.43438 1.75250 1.52625 0.51563 11MO 0.73550 1.50438 1.83750 1.58125 0.54250 12MO 0.79575 1.57313 1.92833 1.65000 0.56875
Major Central Banks Overview Central Bank
Next Meeting
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Last Change
March 1, 2011 September 8, 2010 March 10, 2011 March 5, 2009 March 15, 2011 December 19, 2008 March 3, 2011 May 7, 2009 March 15, 2011 December 16, 2008 March 17, 2011 March 12, 2009 March 1, 2011 November 2, 2010
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, February 17,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.35 137.47 115.97 86.71 89.03 85.65 13.32 1.02 14.91 66.78 15.55 22.76 10.96 12.96 305.37 28.04 64.42 23.44 23.24 0.08 2.79
85.15 137.15 115.70 86.51 88.82 85.45 13.29 1.02 14.88 66.63 15.52 22.71 10.93 12.93 304.65 27.97 64.27 23.38 23.18 0.08 2.78
84.97 136.84 115.43 86.28 88.58 85.23 13.25 1.02 14.84 66.45 15.48 22.65 10.90 12.90 303.85 27.90 64.10 23.32 23.12 0.08 2.77
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for February 17, 2011
KASB
BMA
ELXIR
GSL
ICSL
0-7days
13.00
12.95
13.05
13.00
13.10
13.00
13.02
8-15dys
13.00
12.90
12.95
12.90
12.95
JSCM AvgRate 12.90
12.93
16-30dys
13.05
13.00
13.00
13.00
13.00
12.95
13.00
31-60dys
13.10
13.10
13.15
13.10
13.28
13.05
13.13
61-90dys
13.42
13.30
13.36
13.37
13.31
13.34
13.35
91-120dys
13.50
13.45
13.48
13.50
13.45
13.40
13.46
121-180dys
13.62
13.57
13.58
13.60
13.50
13.57
13.57
181-270dys
13.68
13.63
13.67
13.66
13.60
13.65
13.65
271-365dys
13.78
13.75
13.78
13.78
13.70
13.75
13.76
2-- years
14.12
14.10
14.03
14.05
14.05
14.00
14.06
3-- years
14.15
14.18
14.21
14.17
14.18
14.15
14.17
4-- years
14.19
14.23
14.22
14.19
14.22
14.18
14.21
5-- years
14.19
14.22
14.23
14.22
14.18
14.22
14.21
6-- years
14.21
14.28
14.28
14.23
14.30
14.23
14.26
7-- years
14.22
14.30
14.30
14.25
14.35
14.30
14.29
8-- years
14.22
14.25
14.24
14.23
14.23
14.15
14.22
9-- years
14.20
14.15
14.16
14.22
14.20
14.17
14.18
10--years
14.20
14.19
14.20
14.18
14.18
14.18
14.19
15--years
14.50
14.55
14.50
14.55
14.60
14.70
14.57
20--years
14.75
14.70
14.67
14.90
14.75
14.85
14.77
30--years
14.90
14.85
14.88
15.10
15.00
15.00
14.96
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
0.64 -0.35 0.28 0.58 0.19 -0.33
0.63 -0.27 0.06 0.51 0.60 0.68
0.21 0.49 0.34 0.74 0.78 0.67
0.91 0.73 0.55 0.90 0.66 0.56
0.09 -0.46 0.03 0.49 -0.04 -0.05
USD/CAD USD/CHF
0.92 0.25 0.35 0.52 -0.01 -0.32
0.67 0.72 0.14 -0.30 -0.24 0.42
-0.57 -0.72 -0.42 -0.59 -0.01 0.20
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)17/02/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.60
13.10
12.65
13.15
12.75
13.25
13.35
13.60
13.60
13.85
13.70
14.20
13.80
14.30
14.00
14.50
JSBL
13.00
13.50
12.95
13.45
12.90
13.40
13.40
13.65
13.60
13.85
13.75
14.25
13.85
14.35
13.95
14.45
ASPK 12.80
13.30
12.85
13.35
12.90
13.40
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
CIPK
12.90
13.40
12.80
13.30
12.80
13.30
13.40
13.65
13.50
13.75
13.70
14.20
13.80
14.30
14.00
14.50
DBPK 12.75
13.25
12.70
13.20
12.75
13.25
13.30
13.55
13.40
13.65
13.50
14.00
13.60
14.10
13.80
14.30
FBPK 12.80
13.30
12.80
13.30
12.80
13.30
13.45
13.70
13.55
13.80
13.70
14.20
13.80
14.30
13.90
14.40
FLAH 12.85
13.35
12.85
13.35
12.85
13.35
13.40
13.65
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
HBPK 12.80
13.30
12.80
13.30
12.85
13.35
13.40
13.65
13.55
13.80
13.65
14.15
13.75
14.25
13.85
14.35
HKBP 12.85
13.35
12.85
13.35
12.80
13.30
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
NIPK
12.65
13.15
12.85
13.35
13.10
13.60
13.30
13.55
13.40
13.65
13.50
14.00
13.60
14.10
13.70
14.20
HMBP 12.90
13.40
12.90
13.40
12.85
13.35
13.40
13.65
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
SAMB 12.75
13.25
12.75
13.25
12.90
13.40
13.35
13.60
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
MCBK 12.80
13.30
12.80
13.30
12.75
13.25
13.35
13.60
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.85
13.35
12.80
13.30
12.90
13.40
13.40
13.65
13.50
13.75
13.70
14.20
13.80
14.30
13.90
14.40
SCPK 12.80
13.30
12.80
13.30
12.75
13.25
13.30
13.55
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
UBPL 12.90
13.40
12.85
13.35
12.90
13.40
13.40
13.65
13.50
13.75
13.65
14.15
13.80
14.30
13.90
14.40
AVE
13.32
12.82
13.32
12.84
13.34
13.38
13.63
13.51
13.76
13.64
14.14
13.76
14.26
13.86
14.36
12.82
4 Friday, February 18, 2011
Taxing Agriculture Income
The Financial Daily International Vol 4, Issue 185
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Innocence or ignorance The hectic visit of Senator John Kerry, Chairman of the US Senate Foreign Relations Committee seemed more focused on release of Raymond Davis and less on resolving financial woes of Pakistan. According to the cynics the constant reminding of the US assistance was also aimed at emphasizing that Pakistan can't survive without foreign aid and the country also could not afford to offend the biggest donor. Senator Kerry along with a delegation called on Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh and discussed matters of mutual interests with special reference to economic relations between the two countries. Hafeez's major complaint was that the US is not making timely payment under Coalition Support Fund Agreement. He also pointed out the delays in release of funds approved through Kerry-Lugar Bill as Pakistan has received only US$300 million up till now, whereas the country still needs Rs130 billion for the rehabilitation of people affected by floods. Since Pakistan faces some problems and release of funds by International Monetary Fund has been suspended finance mister also talked about the achievements made so far to seek the US help in getting the remaining tranches released. While Senator Kerry's marathon meetings with ex-foreign minister, prime minister, president, chief of staff and leader of PML-N were focused on finding ways for the release of Raymond, interaction with the finance minister was to gauge how much money Pakistan needs to overcome it economic woes. It seems that by linking the two factors Senator Kerry was trying to estimate the cost of release of Raymond. We have repeatedly pointed out that Pakistan's budget deficit should be reduced by containing extravaganzas rather than imposing new taxes and/or asking for more of financial assistance. This act of balancing is certainly difficult but in no way funds should be solicited by compromising sovereignty of the country. Over the last four decades Pakistan has paid a huge cost of fighting a proxy war in Afghanistan. The war has not only severely impacted country's economy but resulted in influx of weapons and militants into Pakistan. The time has come to decide for how long Pakistan will have to be part of this zero sum game. During this period military rulers as well as democratic government have remained engaged in Afghanistan. While India has attained the status of savior in Afghanistan, Pakistan's image has been tarnished by holding it responsible for cross border terrorism and providing safe heavens to the militants. Though, the US often term Pakistan frontline alley in war against terror, it is supporting Indian candidature for the permanent seat in UN Security Council. India has been provided nuclear technology for civilian use but Pakistan has not been reciprocated. The time has come to assert Pakistan's importance in restoring peace in Afghanistan, which can't be achieved without involving Pakistan after the withdrawal of Nato forces.
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.
Zahid Bukhari
I
t is a social evil, illegal, unlawful and even a criminal act, not to bring agriculture under income tax net. It is cruelty to the people of Pakistan, one of the reasons of below poverty level state of almost 45% people of Pakistan. It is also injustice to the industrialists, business community, and salaried people that a class of wealthy people having fat yearly income called feudal lords are left over to bear their share in Country's expenditure, while all other are made to pay taxes including income tax. It is because of the reason that feudal lords are the permanent feature in the corridors of power. This dirty, unsocial, unjust and criminal happening has been going on under the knowledge of all concerned including our justice avenues since the beginning that is 14th August 1947. Some time I feel that Pakistan was created for the benefits of feudal lords only and rest of the Pakistanis are to serve them. The feudal lords are supposed to be above the law enjoying humongous political clouts and paying no heed to shoulder there responsibilities in the service of the country. Our previous finance minister during the tenure of his ministership said more then once that he will tax the agriculture sector. Shaukat Tareen emphasised the importance of bringing agriculture into income tax net and said that it will be introduced in the next financial year. But perhaps he was not aware of the mighty power of feudal lords and was forced to resign. Agriculture is Pakistan's largest and main industry and more than 60% of our entire population stand connected and involved in it directly and indirectly. Although agriculture's share in national income exceeds 24%, revenue raised from the sector, has always been negligible, and it has been suggested and argued throughout by all, that the land revenue system must be replaced by agriculture income tax. Pakistan has a history of bringing agriculture into income tax net, under which all efforts of Pakistanis and pressure of international financial organization like IMF, World bank, failed, what a pity? A part from several com-
missions were setup, studies and write ups by individuals and press media viewed that the agriculture should be brought up into income tax net, over the many decades, but all in vain, nothing doing, before the might of feudal lords. The Government of General Pervez Musharraf has issued directive to all provincial governments to levy on agriculture income tax at a uniform rate w.e.f. 1.7.2001. Although basic exemption have been raised generously, it may be viewed as a good beginning provided enforced with a strong will. The decision was taken in a meeting of federal cabinet chaired by the executive which approved the recommendation of the implementation committee on agriculture income tax to harmonies provincial legislations on the subject. As recommendation by the committee the provinces will issue notifications making only owners of 50 acres or more to file a two-pages agriculture income tax return. Approval was also accorded to empower the provincial governments through their respective legislature, to grant remission of agriculture income tax in case of calamity or crop failure. Personal hearing has to be ensured before imposition of penalty. The cabinet also approved toning down of penalties for failure to furnish IT returns and for default in payment. Levying of tax on farm incomes has been an issue as old as the state of Pakistan, but an alliance of feudal lords, civil and military bureaucrats and agriculture technocrats has successfully kept these incomes out of the orbit of taxation for 63 years. A serious challenge to this alliance came in the eighties when Pakistan had to seek the assistance of the international monetary fund, which, in turn, laid down tax on farm incomes as one of its conditions for help. Despite being in dire need of IMF aid on several occasions and promises made by successive governments to enforce the levy, they avoided doing so, on one pretext or another, for over decade and a half. It has been a considered view of independent economists in the country and has been repeatedly vouched by IMF and World bank that "it is criminal to keep farm income out of tax net" but the powerful feudal lobby, which dominated the parliament, always successfully and tactfully defied all attempts by various governments in the past to bring this highly potential segment into normal tax net. Emphasizing the need to bring farm income under normal tax net, the donor agencies have pointed out more than once that exemption of this sector form normal income tax laws has promoted industrialists to buy vast lands to hide
their income. Now it is an established practice of all business houses to hide their income under the garb of agriculture. Large industries houses in the country had also bought agri-farms to hide their incomes. So, taxing the farm sector is also important to check tax evasion. It was expected from the government of General Pervez Musharraf, which is free from any such political compulsions and does not need the political support of the feudals, can deliver by implementing this measure repeatedly emphasized by the IMF and World Bank and economic managers of the country both within and outside the government. The present government has been commended by the donor agencies for earnestly trying to meet their conditionalities. It is reportedly again under the pressure of the IMF that the federal cabinet has now acted on the recommendation of an experts committee set up earlier to levy a tax on farm income at a uniform rate in all the four provinces from the next fiscal year, and issued a directive to this effect. One only hopes that this time the tax would not only be levied by fully realized. In my opinion this time too, the agriculture can not be brought under income tax net, as this government needs supports of feudal lords sitting in national and provincial assemblies and also in national and provincial cabinets. Internationally it is strictly observed that where income is, there is income tax, these go side by side and hand in hand. In neighboring country India, land reforms were introduced just after the partition and agriculture was also put into tax net. Why we failed to do so as such till now, is a question of great importance, which has remained under discussion and is still, going on among the learned citizenry which is very tiny and does not carry any importance before the powerful, wicked and extremely selfish feudal lords. Truly speaking the feudalistic order was pushed forward in this part which is now called Pakistan by Gora Sahib to strengthen their control over the undivided India. The Gora Sahib or company Bahadur also created the best canal irrigation system, the world over, here which is now Pakistan. The English men have gone from here long ago, more than six decades, but we very shamefully are still breathing in the feudalistic order which was introduced here by our masters. Recently there was news in the press that international community is pressing hard the government of Pakistan for taxing the rich, including the wealthy feudal lords and the large land holders. The US Secretary of state Hillary Clinton, two other members of the Obama cabinet
have urged Pakistan to tax the wealthy citizen if it still wants to receive financial assistance from America. Although Defense Secretary Robert Gates and Treasury Secretary Timothy Geithner endorsed the massage at US Global leadership coalition conference in Washington during last week of September 2010. It was Ms Clinton who emphasized this point on several occasions during high profile discussions. Ms Clinton said that Pakistan can not have a tax rate of 9% of GPD, when the land owners / feudal lords and all other elites do not pay any thing or so little that it is laughable and then when there is problem everybody expect United States and others to come in and help. Secretary Clinton further said that she told Pakistani government that they have a great rate of poverty stricken people, that US will quit working with us, if our government fails to tax the elite, Pakistan has been receiving such massages quite often. While international community is pressing Pakistan for taxing the rich and of course the feudal lords, the government, as it is learnt through press, have stopped its newly framed committee from exploring ways to tax agriculture income and further asked committee to only identify loopholes to be plugged to raise a few billion of rupees for debt servicing. Our finance minister Dr. Abdul Hafeez Shaikh has replaced a task force on taxation set up by former finance minister Shaukat Tareen with reform coordination group, with sub-group on income tax, customs, sales tax and federal excise with limited scope only, identifying loopholes in existing taxation system. Recently Dr. Abdul Hafeez Shaikh gave an assurance that strategies to formulate a comprehensive economic growth are under way to benefit the people of Pakistan. He did not mention of any thing about bringing the agriculture income into tax net. But when a press reporter asked about taxing the agriculture income, he sharply replied that it is provincial subject. While provincial governments are not very well aware of the subject, having no staff and not knowing how it will be collected and what modus of oprendi will be applied to meet this huge task. All this mean that the government of Pakistan has no intention to bring agriculture income into income tax, for the benefit of Pakistanis. Let us see how mush further time it takes that justice prevails in properly taxing the highly rich industrialist, business men and feudal lords who are playing their might at costs of the large majority of poverty stricken Pakistanis and at the risk of their own country Pakistan. Writer is a former Sr Vice President Habib Bank Limited
After Egypt, People Power Turns Tsunamic Mahmood Hussain
I
t began with the self-immolation of an unemployed college graduate in Tunisia. Now, new found people power in the Middle East and North Africa is spreading fast. Bolstered by the toppling of Hosni Mubarak in Egypt, popular uprising has now taken root in a part of the world where it has not been a part of the trajectory of change. On Tuesday, the birthday of the Prophet Mohammed (PBUH), parts of the Muslim world were on fire, the people clamoring for change. Fierce demonstrations erupted in Bahrain, where people have organized themselves through social media websites such as Facebook and Twitter, the same forums used by their Egyptian and Tunisian counterparts. Human rights activists said Bahrainis initially demanded reform, but some are now calling for the removal of the royal family. In Yemen, pro- and anti-government protesters clashed for a fifth day in the capital city of Sanaa. "This is against the Yemeni constitution, and people have the right to peacefully protest," said human rights activist Abdel Rahman Barman. And, as "We really are facing a tsunami in Arab politics," said Bruce Riedel, senior fellow for foreign policy at Brookings' Saban Center for Middle East Policy. "I don't think there is any country -- except the very small and very rich and oil-rich countries like Qatar and Abu Dhabi -- that is immune," Riedel said. "All of these countries have the potential for unrest in a way they've never had it before." Cairo's Tahrir Square slowly emptied, Tehran's Azadi
Square swelled with people. Both names mean freedom and despite a security crackdown, tens of thousands of demonstrators marched in the Iranian capital Monday last. Algeria, Jordan and Syria have also been a part of the domino effect. If only Mohammed Bouazizi, the 26year-old unemployed man who was beaten by police and then set himself on fire, had lived to see what he began. But Bouazizi died in January, a catalyst for the events that unfolded rapidly after his death. Tunisian dictator Zine El Abedine Ben Ali fell on January 14 and fled the country. Just days later, Egyptians began massing at Tahrir Square. After 18 short days, Mubarak was gone, as abruptly as he had risen to power three decades ago. "The yearning for change has been there for at least a decade, if not more, but it took the events in Tunisia and now Egypt to break the barrier of fear that people had," Riedel said. "Fear that the army would shoot them, fear that the army would crack down on them. What it did was it broke that barrier of fear." The region -- where people are divided between fabulously wealthy "haves" and desperately poor "have-nots," a region split between those who can and those who cannot participate in government -- sits like a tinderbox, ready to explode. "There's a common thread there," said David Pollock, senior fellow at the Washington Institute for Near East Policy. "Yes, they do want freedom in the sense of not national independence -- they have that -- but freedom from oppressive internal security, authoritarian political controls and the freedom to participate in a more
democratic government," he said. There are also economic concerns. "People are very upset, and in many cases I think with good reason, about poverty and unemployment," Pollock said. Aaron Miller, a Middle East expert at the Woodrow Wilson International Center for Scholars, said the divide between the "cans" and the "cannots" is, in some ways, more dangerous than the gap between rich and poor. These are no peasant revolts, Miller said. The people on the streets include huge numbers of under- and unemployed people, "sometimes affluent individuals who feel humiliated and powerless." "That's one of the driving psychological factors that powered Egypt's uprising," Miller said. There is also a vast generational gap that some governments may not be able to bridge, said Ken Gude, managing director for national security at the Center for American Progress. "Most of these entrenched regimes throughout the region are governed by an old elite establishment that has grown more and more out of touch with the younger generations of its population," Gude said. "Consequently, we're seeing -- perhaps sparked by what transpired in Egypt and Tunisia -- a stronger push among those younger generations for greater influence and a larger political voice in their country." The potential for uprisings exists in those places where all the gaps are widest, though it's impossible to predict whether other dictators or entrenched regimes will fall as they did in Tunisia and Egypt. Beyond the overarching commonalities, each nation faces specific challenges. Yemen must deal with regional and tribal rivalries.
Bahrain faces simmering tension between Sunnis, who form the ruling class, and Shiites, who form a slight majority. Pollock said Saudi Arabia, too, could possibly see unrest, but probably on a small scale. And in Syria, "people are just too scared, too intimidated" by Bashar al-Assad's iron hand. Algeria, he said, also bears watching because it shares many of Egypt's underlying issues of high numbers of young people, unemployment, corruption and a leadership that has been in power for a while. Other countries, like Morocco, have been "surprisingly quiet," Pollock said. In Morocco, the king has only been around for a decade, and Pollock said perhaps people are still willing to give him a chance. There have also been some "safety valves," such as a parliament. The United Arab Emirates, Pollock said, is a wealthy nation that can afford to take care of its citizens, if necessary, in pretty lavish style. And about 75% of the people are guest workers from other nations "who don't have any rights at all," Pollock said. And then there is Iran. It's no stranger to mass demonstrations -- the Islamic regime itself came to power through revolution. But the regime has already shown the world that it will not hesitate to suppress street demonstrations and the opposition there has not yet been able to coalesce around common goals, said Karim Sajadpour, a fellow at the Carnegie Endowment for International Peace. The other problem in Iran, Sajadpour said, is that the international media have been banned from covering the demonstrations. The world cannot see what is happening in Azadi Square as
they did in Tahrir Square. But Pollock predicted protests will continue in Iran. "We saw yesterday that despite the most severe kind of internal repression, you had thousands of demonstrators out on the streets, and that's the tip of the iceberg," Pollock said. "I think this probably foreshadows a long period of cat-and-mouse games continuing between the opposition and the regime at kind of a simmer." Pollock did not see another government's ouster on the horizon. "But it's important to note that after Tunisia it took a while, it took a few weeks for the protests to really start gathering steam in Egypt," he said. "Right now, we're just a few days after Mubarak was finally tossed out in Egypt. It's too soon to be very confident about where this might go next." It's hard to say what will happen next, but almost every observer agrees that this part of the world will never be the same. Miller, of the Woodrow Wilson center, quoted Dorothy in the "Wizard of Oz" to put events in perspective. "We're not in Kansas anymore," he said. The United States and its allies, he added, need to understand that. "This is a transformative event in Middle East politics," Miller said. Enough, perhaps, to change dark perceptions of a region mired in extremism and bloodshed. Two powerful messages are echoing through the region, he said. To al-Qaeda, the protesters have said: Change does not have to occur through an adherence to radical ideology or violence. And to autocrats and dictators: "You better start looking in the mirror and making changes or you're going to be looking in the rear view mirror," Miller said. Those "footsteps" you hear are "coming for you."
5
Friday, February 18, 2011
South East Asian stocks
European shares hover near 29-mth closing high KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,078.28 12,061.77 16.51 0.14 60.59
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,642.56 3,611.44 31.12 0.85 2.29
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,955.00 2,941.16 13.84 0.47 0.03
Major Gainers
Symbol
Close
Change
ULEVER 4,456.27 NESTLE 3,500.00 DAWH 205.03 BATA 629.92 SHEZ 168.88
212.20 20.37 8.04 4.67 3.91
Major Losers
Symbol RMPL UPFL NRL INDU PAKD
Close
Change
2,592.81 1,308.88 271.82 281.18 74.99
-135.14 -31.44 -5.29 -3.64 -3.51
Top 5 Volume Leaders
Symbol BOK ENGRO LOTPTA NML NCL
Close Vol (mn) 4.03 218.77 16.10 61.33 26.27
5.35 4.66 4.25 3.60 3.16
Active Issues Plus Minus Unchanged
93 179 106
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)
6,123 626 1,020 1,317 90 3,143
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793
INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
29,078 28,293 5,596 5,885
HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) 8,779 Production (Jan 11) 1,511 Sales (Jan 11) 1,904
DEWAN FAROOQ MOTORS Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
186 113 0 23
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Feburay 4,11) 5,046,861 Advances (Feburay 4,11) 3,140,675 Investments (Feburay 4,11) 2,100,015 Spread (Feburay 4,11) 7.61%
OIL MARKETING CO (000 tons) MS (Jul 10 to Dec 10) MS (Dec 10) Kerosene (Jul 10 to Dec 10) Kerosene (Dec 10) JP (Jul 10 to Dec 10) JP (Dec 10) HSD (Jul 10 to Dec 10) HSD (Dec 10) LDO (Jul 10 to Dec 10)) LDO (Dec 10) Fuel Oil (Jul 10 to Dec 10) Fuel Oil (Dec 10) Others (Jul 10 to Dec 10) Others (Dec 10)
PRICES (Ex-Refinery) MS (1 Feb 11) MS (1 Jan 11) MS % Chg Kerosene (1 Feb 11) Kerosene (1 Jan 11) Kerosene % Chg JP-1 (1 Feb 11) JP-1 (1 Jan 11) JP-1 % Chg HSD (1 Feb 11) HSD (1 Jan 11) HSD % Chg LDO (1 Feb 11) LDO (1 Jan 11) LDO % Chg Fuel Oil (1 Feb 11) Fuel Oil (1 Jan 11)
1,122 188 81 15 727 138 3,426 634 32 6 4,331 690 6 2
Rs 51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947
Players put no heart in trade at KSE Nawaz Ali KARACHI: Trade at the Karachi Stock Exchange (KSE) Thursday had no juice in it as investors remained cautious due to ongoing tensions over release of Raymond Davis issue. It ended with minor losses and volumes reduced to a 4month low The main index of the exchange i.e. KSE 100-Index closed 16 points down at 12,061 points while KSE 30Index lost 46 points and KSE All Share Index fell by 14 points to close at 11,642 and 8,369 points respectively. "Investors preferred to hold on to the sidelines owing to growing diplomatic tensions between Pakistan and US government over the release of American held by Pakistani authorities", said Murtaza Jafar, equity dealer at JS Global Capital. About 60.5 million shares traded in the overall market which is lowest in the last four months and were 36.5 million shares less as compared to a turnover of 97 million shares on Tuesday. After a holiday, market started the session with 20 plus points up the green column after which it showed some lackluster activities throughout the day moving between 12,140 points (+ve 62) and 12,023 points (-ve 55) with reduced investor participation.
Further, investors also waited for the confirmation regarding the launch of much awaited leverage product. The Lahore High Court has adjourned the hearing till March 14 into the diplomatic immunity of Raymond Davis, an American who killed two local men in Lahore on Jan 27. DG Khan Cement and ICI Pakistan were the major companies that announced their corporate results on Thursday. The result of DGKC was below expectations which invited selling in the scrip which closed at its lower circuit breaker. According to NCCPL data foreign investors net-bought shares worth $1.89 million, while on the local side, companies and mutual funds net-sold equities worth $5.37 million and $3.19 million respectively while individual investors and banks did a net buying of $4.59 and $1.69 million respectively. Bank of Khyber was the top traded stock with 5.35 million shares followed by Engro with 4.66 million and Lotte Pakistan with 4.25 million shares. Samar Iqbal, equity dealer at Topline Securities said that renewed buying interest was seen in Engro on the anticipation that its plant will start production early next week. Bears took a major lead over bulls in the active issues column where out of total 378 active ones 179 declined, See # 11 Page 11
Nikkei high on earnings, mergers TOKYO: Japan's Nikkei stock average rose for a fourth session on Thursday to a 9-1/2month high as solid earnings and global merger activity encouraged foreign investors to keep snapping up outperforming Japanese shares. Foreign investors began buying lagging Japan stocks late last year, and this year Nikkei has gained some 6 per cent, making it the best-performing Asian market so far in 2011. Asian stocks outside Japan are down around 2 per cent on the year to date, largely due to inflation worries and anticipated further interest rate hikes in countries like China.
"Japan doesn't have those risks at the moment," said Masanaga Kono, chief strategist at asset management firm Amundi Japan but he added that it was not as if investors are becoming overweight on Japan. "Those who were extremely underweight on Japan or people who didn't have Japan stocks are continuing to buy," he said. The Nikkei average finished up 0.3 per cent or 28.35 points at 10,836.64, the highest closing price in nine and a half months. It earlier rose as high as 10,891.60, which was the highest intraday level since an April 30 peak of 11,092.52. See # 12 Page 11
Mostly higher; inflows lift Bangkok and Jakarta US Stocks late-morning
Profit up by 18.8pc YoY
Wall St rises; indices near highs
ICI declares 120pc dividend
NEW YORK: US stocks edged up on Thursday as investors bought on early weakness, keeping indexes near multi-year highs, even as both inflation and weekly jobless claims rose more than expected. US core consumer prices rose at their quickest pace in more than a year in January as the Federal Reserve's monetary policy came into focus again with signs of inflation creeping into the global economy. Reports that Iran appeared intent on sending two warships through the Suez Canal also weighed on investors already nervous about growing civil unrest in the Middle East. "How the market shrugged off the Egypt unrest and the continued sporadic unrest throughout the Middle East ... confirm(s) that buyers are using any pause in the market as an opportunity to get in," said Henry (Hank) Smith, chief investment officer at Haverford Trust Co in Philadelphia. The Dow Jones industrial average was up 8.10 points, or 0.07 per cent, at 12,296.27. The Standard & Poor's 500 Index edged up 1.26 points, or 0.09 per cent, at 1,337.58. The Nasdaq Composite Index put on 2.47 points, or 0.09 per cent, at 2,828.03. On Wednesday, the S&P 500 rose to double its bear market low two years ago, boosted by earnings and M&A announcements. The index has risen more than 27 per cent since the end of August. The Philadelphia Federal Reserve said its Mid-Atlantic business activity index rose sharply in February, also helping to trim losses. Smith said most recent economic data has pointed to a reacceleration in the economy. Helping to support the Dow, manufacturer 3M rose 0.5 per cent at $92.80. Data storage equipment maker NetApp Inc forecast weaker-than-expected profit, blaming a components shortage. Its shares fell 7.8 per cent to $53.92. New US claims for unemployment benefits rose last week, partially reversing the prior week's hefty decline.Reuters
Lenovo; developers drop in Shanghai
HK shares rise on HSBC gains HONG KONG/SHANGHAI: Hong Kong shares rose on Thursday as gains in financials and energy companies helped lift the benchmark on the day on better volume, while shares in Lenovo rose after the company reported its best quarter in two years. The Hang Seng rose 0.6 per cent but remains in the middle of a consolidation pattern as investors remain wary of making big bets after a strong start to the year stalled midJanuary. In China, the Shanghai Composite was little changed, pausing after its nearly 5 per cent gain on the month, but property developers were on the back foot after Beijing set stricter rules to restrict specula-
tive home buying. "In short term, the index has little room to fall or rise," said Zhang Gang, an senior analyst at Central Securities in Shanghai. The property sub-index in Shanghai dropped 1.7 per cent after Beijing spelled out stricter rules to restrict purchases of multiple homes in China's capital, in a bid to rein in soaring property prices. China Vanke , the country largest developer by sales, fell 1.9 per cent, while Poly Real Estate Group Co , was down 2.6 per cent even though it said on Thursday its contracted sales rose 48.3 per cent in January. Inner Mongolia Baotou Steel Union was the biggest gainer
on the Shanghai market, jumped by its 10 per cent limit due to a rise in steel prices. Hong Kong's benchmark index rose as turnover came in above HK$70 billion for the first time in three days, an early sign that investors might be getting more optimistic on the market. Monetary tightening in China and an exodus of fund flows from regional markets to developed markets such as the US and Japan has dented a rally in Hong Kong that had seen the Hang Seng gain 5.4 per cent in the first three weeks of the year. It has fallen just under 5 per cent since its January high and remains locked within a consolidation "triangle" pattern forming on the charts.-Reuters
DGKC net falls 59pc to Rs192mn Ahmed Siddique
Highest dividend payout in the history of company KARACHI: Dera Ghazi Khan Ghulam Raza Rajani KARACHI: ICI Pakistan Limited (ICI) has posted a growth of 18.8 per cent in earning after taxation which reached Rs2.43 billion for the calendar year 2010 against Rs2.04 billion in 2009, translating into an earning per share (EPS) of Rs17.50 as compared to Rs14.73 in CY09. Board of Directors of ICI Pakistan Thursday recommended distribution of 120 per cent final dividend for shareholders, which is in addition to a dividend of 55 per cent in 1HCY10, totalling 175 per cent for whole year. This happens to be the highest per share dividend declared by the company --in terms of amount-- and on top of that it also yields to a 100 per
cent dividend payout for the year. According to details, the topline witnessed an increase by 23.6 per cent to Rs35.13 billion against Rs28.43 billion in CY09. Gross profit surged by 17.8 per cent to Rs6.68 billion against Rs5.67 billion witnessed in CY09. On the other hand the other operating income rose to Rs486 million versus Rs460 million in CY09. Furthermore, selling and distribution cost of increased by 13.9 per cent to Rs1.67 billion against Rs1.47 billion witnessed in CY09. Similarly, administrative and general expenses surged by 10.3 per cent to Rs1.3 billion compared to Rs1.18 billion in same period last year.
BSE Sensex up for 5th day MUMBAI: Indian shares climbed for a fifth consecutive session on Thursday, their longest winning run in five months, as investors picked bargains in a market that is still among the worst performers in emerging regions. Financials powered the main index up more than 1 per cent after food inflation eased to a two-month low in early February on moderating prices of onions and other vegetables. Analysts said the market was still not out of the woods, with foreign institutional investors (FIIs) turning net sellers this year following a spate of political corruption scandals and rising interest rates. Reliance Communications
fell as much as 2.8 per cent after Anil Ambani, who controls the No 2 mobile carrier, was questioned on Wednesday by federal police in a widening corruption investigation that has battered the government. The stock recovered later and ended up 0.3 per cent at Rs 99.95. "Lot of negative news are surrounding the group," said KK Mital, head of portfolio management services at Globe Capital. "The group needs good luck. But unfortunately it does not seem to be coming its way." JPMorgan on Wednesday slashed its target price on the stock by 49 per cent to 82 rupees, citing lower estimates See # 10 Page 11
ANNOUNCEMENTS Company Period Unilever Foods Ltd Yearly Bank AL-Habib Yearly ICI Pakistan Yearly Dawood Hercules Yearly Dawood Hercules(Consolidated) Yearly AL-Meezan Mutual Fund Half Yearly D.G.K.Cement(Consolidated) Half Yearly D.G.K.Cement Half Yearly Allawasaya Tex. Half Yearly Safa Textile Half Yearly Karam Ceramics Half Yearly JS Growth Fund Half Yearly JS Investments Ltd Half Yearly
Div/Bon/Right 360%(F)(D) 20%(B) 20%(F)(D) 120%(F)(D) 10%(F)(D) 300%(B) 5%(i)(D) 20%(R) -
PAT (Rs in mn) 437.463 3,602.161 2,428.826 2,148.530 3,247.983 170.155 210.111 192.136 23.145 2.266 3.303 406.101 -14.976
EPS(Rs) 71.04 4.92 17.50 17.86 26.99 1.24 0.58 0.53 28.93 0.57 0.23 1.30 -0.15
Cement Limited (DGKC) Thursday posted net earnings of Rs192 million (EPS: Rs0.53) for the first half of FY11, against Rs470 million (EPS: Rs 1.29) in same period last year. This shows a decrease of 59 per cent YoY. Furthermore, company also announced 20 per cent right shares at Rs20/share. Due to abovementioned factors, company share price hit a lower circuit breaker on Thursday -maximum intraday plunge by 5 per cent at Rs25.67 per share. Net sales surged by marginal 2.7 per cent on account of lower cement dispatches at Rs8.17 billion as against Rs7.96 billion during 1HFY10. Gross profit declined by 1.1 per cent to Rs1.69 billion versus See # 8 Page 11
FTSE flat as bank gains offset miner weakness LONDON: Britain's FTSE 100 share index closed slightly higher on Thursday, as strong gains from banks offset weaker miners and optimism on corporate earnings outweighed Middle East political concerns. Banks advanced by upbeat broker comment and hopes for further good earnings reports from the sector, and overall sentiment on equities remained fairly positive. The FTSE 100 closed 2.11 points higher at 6,087.38 after it added 0.8 per cent on Wednesday, and is close to its highest since June 2008. It has gained 3.8 per cent this month. Activity was fairly strong with volumes at over 125 per cent of the average for the last 90 trading days. Police in the Gulf island kingdom of Bahrain attacked demonstrators camped out in the capital on Thursday, killing three, in a move to stifle prodemocracy protests inspired by similar movements across the region. See # 9 Page 11
Dhiyan
COLOURLESS DAY WITH END RED Sajid Bhanji, VP Capital Markets Arif Habib Limited Market is likely to consolidate around current levels with low volumes as earnings season is about to end and there aren't any triggers in sight. However, commencement of Margin Trading System (MTS) and polite resolution of Davis case may invite positive activities. Investors are advised to keep an eye on dips and grab fertiliser stocks followed by oil and banking. We would witness profit-taking at higher levels today.
Mohsin Adhi, Director Alfa Adhi Securities Dull activities would continue in the market with low investor participation till the end of the current month. The amicable resolution of Davis issue would be the major a trigger and only it’s wake we can see a positive response of the launch of MTS. Investors are recommended to go for fertiliser and oil stocks at dips. Market would remain dull today and may end negative.
6
Friday, February 18, 2011
Market
Symbols
Volume
60,592,478
Value
3,086,284,621
Trades
44,266
Paid up Cap(mn)
Advanced Decline Unchanged Total
Current High Low Change
93 179 106 378
All Share Index
12,061.77 12,142.03 12,021.54 i16.51
Current High Low Change
KSE 30 Index
8,369.86 8,425.66 8,348.88 i14.34
Current High Low Change
KMI 30 Index Current High Low Change
11,642.85 11,736.45 11,624.60 i46.09
19,413.23 19,599.41 19,392.40 i98.31
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,524.60 Turnover 2,728,723 P/E (x) 11.07 Company
KSE 100 Index
PE
High Low 1,539.93 1,505.22 Total cos Defaulter cos P/BV (x) ROE (%) 3.60 32.54
Open
High
Low
Attock PetroleumSPOT 691 6.52 362.02 Attock Refinery 853 4.71 116.91 BYCO Petroleum 3921 9.49 Mari Gas Company 735 16.58 122.45 National Refinery 800 5.64 277.11 Oil & Gas Development 43009 11.36 167.85 Pak Petroleum 11950 7.39 205.40 Pak OilfieldsSPOT 2365 7.25 315.12 Pak Refinery Limited 350 - 102.69 P.S.O 1715 4.65 277.72 Shell Gas LPG 226 - 30.07 Shell Pakistan 685 10.66 210.49
364.39 117.80 9.95 127.50 278.89 170.44 206.55 316.60 103.00 278.90 29.94 210.00
358.00 115.10 9.45 121.05 271.00 166.31 201.00 313.01 98.80 274.00 29.05 206.01
Close Chg 360.91 115.74 9.69 122.39 271.82 167.95 202.05 314.56 99.18 274.77 29.10 207.93
-1.11 -1.17 0.20 -0.06 -5.29 0.10 -3.35 -0.56 -3.51 -2.95 -0.97 -2.56
Close Change 1,516.02 -8.59 Listed cap Market cap 65,194.15 mn 1,173,042.98 mn Payout (%) Div Yield (%) 55.94 5.05 Last 60 days High Low
Volume 38113 389769 1065738 105269 55180 511041 1036591 369320 56854 155826 2499 8261
401.00 146.90 12.49 141.65 335.00 185.00 229.80 341.50 122.22 317.79 39.89 222.00
315.00 112.02 9.25 117.00 251.99 161.27 197.70 263.62 81.13 268.00 29.05 194.00
% Change -0.56 5-Day High 1,547.38 5-Day Low 1,506.01
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B115.00 - 15.00 20B 50.00 -100.00 - 50.00 -
-
CHEMICALS
Open 740.24 Turnover 5,050 P/E (x) 5.51 Company
Paid up Cap(mn)
Pak Int Cont.Terminal PNSC
1092 1321
High Low 745.04 726.96 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 25.53
Close 728.30 Listed cap 3,242.17 mn Payout (%) 11.08
Change -11.94 Market cap 12,483.87 mn Div Yield (%) 2.01
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
6.92 36.55
73.30 34.00
73.90 34.00
72.00 33.31
72.00 -1.30 33.63 -0.37
2368 2682
76.65 39.45
68.00 32.36
Company
Company
Paid up Cap(mn)
High Low 1,620.99 1,594.90 Total cos Defaulter cos P/BV (x) ROE (%) 3.43 35.00
PE
Open
High
Low
BOC (Pak) 250 12.71 Clariant Pak 273 7.10 Dawood Hercules 1203 8.50 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3277 12.02 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji FertilizerSPOT 6785 9.40 Fauji Fert.Bin Qasim 9341 7.76 Ghani Gases Ltd 725 9.21 ICI Pakistan 1388 8.51 Ittehad Chemical 360 9.26 Leiner Gelatine 75 Lotte Pakistan 15142 5.92 Mandviwala 74 Nimir Ind Chemical 1106 Sitara Chem Ind 214 8.79 Sitara Peroxide 551 14.46
91.28 197.94 196.99 3.08 7.55 2.91 11.28 215.07 13.11 11.91 152.72 41.43 11.16 145.71 24.22 10.15 16.29 1.25 2.69 104.02 13.69
95.00 201.00 206.83 3.23 7.79 2.97 11.30 219.25 13.30 12.03 153.25 41.70 12.16 151.60 25.43 9.20 16.45 1.84 2.75 105.00 13.84
92.00 198.00 195.01 3.07 7.42 2.80 10.45 215.21 13.01 11.80 152.40 41.06 11.05 146.74 24.75 9.20 16.06 1.18 2.61 101.10 13.28
Close Chg 92.51 198.30 205.03 3.13 7.44 2.81 11.20 218.77 13.06 11.88 152.82 41.11 12.16 148.93 24.83 11.13 16.10 1.18 2.62 104.25 13.30
1.23 0.36 8.04 0.05 -0.11 -0.10 -0.08 3.70 -0.05 -0.03 0.10 -0.32 1.00 3.22 0.61 0.98 -0.19 -0.07 -0.07 0.23 -0.39
Close 1,610.02 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 1028 11941 133538 148633 122161 943124 31108 4661938 210384 420125 745123 2430446 223038 865260 1911 1002 4251488 27205 656459 9826 50621
Change 9.93 Market cap 353,247.68 mn Div Yield (%) 4.98
103.94 213.30 215.00 3.74 9.25 4.24 11.98 222.80 15.87 12.64 157.90 43.99 13.07 158.49 36.00 20.95 16.80 2.45 3.17 139.40 14.54
79.01 152.00 165.73 2.37 6.90 1.52 9.15 180.90 12.51 9.16 109.05 33.80 11.00 134.01 23.07 9.15 11.70 1.01 1.45 101.00 12.70
% Change 0.62 5-Day High 1,610.02 5-Day Low 1,568.42
2010 Div BR (%) (%) 15 135 40 15 60 130 52.5 175 5 5 25 -
25B 20B 25B 5B -
2011 Div BR (%) (%) -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,055.94 Turnover 24,074 P/E (x) 5.36 Company
High Low 1,067.89 1,034.69 Total cos Defaulter cos P/BV (x) ROE (%) 0.40 7.47
Close 1,050.30 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.79
16.25 38.00
16.15 38.79
15.90 37.26
16.03 -0.22 38.00 0.00
7005 17041
Century Paper Security Paper
Change -5.63 Market cap 2,911.21 mn Div Yield (%) 4.72
Last 60 days High Low 19.69 47.70
14.95 37.25
% Change -0.53 5-Day High 1,055.94 5-Day Low 1,041.85
2010 Div BR (%) (%) 50
-
2011 Div BR (%) (%) -
Paid up Cap(mn)
PE
Atlas Battery Atlas Honda Dewan Motors General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
Open
101 5.80 194.06 626 9.44 137.00 890 1.91 598 19.52 22.89 450 3.13 4.57 200 6.56 4.20 1428 - 10.71 786 6.42 284.82 823 10.15 64.50 150 4.34 23.27
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd International Ind XD Siddiqsons Tin
PE
565 2.97 675 1199 17.84 785 9.99
Open 28.51 2.43 49.29 9.00
High 28.88 2.55 49.68 9.33
Low 28.16 2.40 49.01 8.75
Close Chg 28.39 2.40 49.07 8.79
-0.12 -0.03 -0.22 -0.21
Close 1,009.10 Listed cap 3,596.11 mn Payout (%) 30.91
Change -6.15 Market cap 9,558.54 mn Div Yield (%) 9.59
High
High Low 1,251.58 1,232.77 Total cos Defaulter cos P/BV (x) ROE (%) 1.13 25.35 Low
Close Chg
Last 60 days High Low
Volume 18334 22655 14943 652
31.00 3.29 62.20 10.70
24.01 2.30 46.50 8.51
2010 Div BR (%) (%) 30 55 7.5
2011 Div BR (%) (%)
- 10.00 20B -
-
Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793
AL-Noor Sugar XD Bawany Sugar Colony Sugar Mills Dewan Sugar Habib Sugar Hussein Sugar J D W Sugar Kohinoor Sugar Mirpurkhas Sugar Mirza Sugar XD National Foods Nestle Pakistan Noon Pakistan Noon Sugar Pangrio Sugar XD Premier Sugar XD Quice Food Rafhan Maize Sakrand Sugar Shahtaj Sugar Shakarganj Mills Tandlianwala Thal Industries XD UniLever Pakistan
Close 1,239.18 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
PE
Change -10.84 Market cap 46,066.92 mn Div Yield (%) 4.59
Last 60 days High Low
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
1828
-
2.85
2.99
2.73
2.74 -0.11
866
6.39
Al-Abbas Cement Attock Cement
51.16
51.65
50.10
50.50 -0.66
Close 882.50 Listed cap 54,792.74 mn Payout (%) 19.04
Volume
3.98
1533
Change -23.50 Market cap 63,701.13 mn Div Yield (%) 3.26
2.73
65.45
48.60
Balochistan Glass Ltd
858
-
2.25
2.60
2.12
2.30 0.05
2741
4.24
1.10
Berger Paints
182
-
18.27
18.50
18.00
18.00 -0.27
7202
24.16
17.80
14
Buxly Paints
% Change -2.59 5-Day High 917.31 5-Day Low 882.50
2010 Div BR (%) (%) - 100R 50
-
-
2011 Div BR (%) (%) -
-
-
-
-
- 122R
-
-
-
10.10
10.00
9.70
9.85 -0.25
3390
15.50
7.91
-
-
-
-
Cherat Cement
956 41.71
10.01
10.30
9.80
10.01 0.00
111
12.59
9.55
-
-
-
-
Dadabhoy Cement
982 11.54
1.71
1.86
1.50
1.50 -0.21
6502
2.49
1.50
-
-
-
-
Dadex Eternit
108
19.96
20.60
19.08
19.96 0.00
141
25.75
18.06
-
-
-
-
-
Dewan Cement
3891
-
DG Khan Cement Ltd
3651 11.11
1.91
1.98
1.87
1.90 -0.01
3.10
1.65
-
-
-
-
27.02
27.18
25.67
25.67 -1.35
32.30
25.67
-
20R
-
20R
350
2.82
2.88
2.98
2.36
2.37 -0.51
6134
4.00
2.15
-
-
-
-
Fauji Cement
6933
6.29
4.56
4.65
4.47
4.53 -0.03
116102
5.55
4.40
-
-
-
92R
Flying Cement Ltd
1760
-
1.67
1.83
1.69
1.74 0.07
17211
2.25
1.60
-
-
-
-
77
-
2.00
2.09
2.00
2.01 0.01
9000
3.40
1.29
-
-
-
-
283
-
1.70
1.15
1.10
1.14 -0.56
2475
3.65
1.01
-
-
-
-
EMCO Ind
Frontier Ceramics Gammon Pak Kohat Cement Lafarge Pakistan Cmt.
12115 2074023
1288
-
6.11
6.10
6.10
6.10 -0.01
901
8.70
5.99
-
-
-
-
13126
-
3.13
3.10
3.05
3.06 -0.07
87210
3.88
2.95
-
-
-
-
Lucky Cement
3234
6.02
69.04
70.00
66.80
67.03 -2.01
277875
78.44
66.00
40
-
-
-
Maple Leaf Cement
5261
1.20
2.60
2.66
2.54
2.57 -0.03
118287
3.30
2.50
-
-
-
-
Pioneer Cement
2228
-
6.20
6.44
6.16
6.20 0.00
3235
8.15
6.05
-
-
-
-
200
-
6.80
7.00
6.50
6.53 -0.27
529
7.95
5.30
-
-
-
-
Shabbir Tiles
361
-
7.99
7.89
7.60
7.60 -0.39
1001
9.60
7.00
-
-
-
-
Thatta Cement
798 434.50
17.37
17.38
16.37
17.38 0.01
12360
20.20
16.37
-
50R
-
-
Safe Mix Concrete
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 970.36 Turnover 152,040 P/E (x) 2.76 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack
High Low 988.36 967.57 Total cos Defaulter cos P/BV (x) ROE (%) 1.21 43.91
Close 979.97 Listed cap 3,043.31 mn Payout (%) 15.55
Change 9.61 Market cap 37,139.17 mn Div Yield (%) 5.63
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
115
2.86
61.16
63.50
61.00
62.34 1.18
66851
83.23
2010 Div BR (%) (%) 25B
-
50R
-
2.69
2.75
2.52
2.64 -0.05
703
3.30
1.82
-
-
-
-
4.87
52.05
53.00
52.55
53.00 0.95
750
56.45
45.30
25
10B
-
-
389
-
3.98
4.00
3.95
3.95 -0.03
1500
4.14
2.43
-
-
-
-
47 16.48
31.05
31.85
29.50
29.67 -1.38
33.80
17.10
20
2011 Div BR (%) (%)
230
15135
57.39
% Change 0.99 5-Day High 999.03 5-Day Low 965.60
1067
-
-
-
-
Packages Ltd
844 65.33 124.74
129.98 124.95 127.40 2.66
38932
143.00
103.52
-
-
-
-
Tri-Pack Films
300
126.90 124.01 125.02 -1.63
28167
144.50
106.50
100
-
-
-
7.58 126.65
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
224.00 220.00 220.66 -1.77
3048
Change 7.00 Market cap 31,868.43 mn Div Yield (%) 17.62
Last 60 days High Low 244.95
20B 20B
-
-
High
Low
Close Chg
Close 1,861.80 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 199 32566 615 1809 36582 17363 431 10601 1000 415 700 1000 270 6902 4254 199 1021 13500 803 19500 1105 555 1500 5352 4851
Change 40.98 Market cap 281,230.17 mn Div Yield (%) 0.64
Last 60 days High Low 7.20 4.06 54.00 40.85 6.73 1.51 5.70 2.40 5.59 1.60 36.50 21.35 12.66 9.00 92.50 68.00 6.14 2.45 68.22 44.13 7.18 3.85 75.50 41.52 3598.99 1950.01 27.30 21.88 14.45 9.00 6.99 3.10 53.81 38.50 4.00 2.05 3016.00 1800.00 3.90 1.90 100.26 50.93 7.88 4.15 44.06 31.50 98.70 44.40 4818.00 3916.04
2010 Div BR (%) (%)
% Change 2.25 5-Day High 1,861.80 5-Day Low 1,783.06 2011 Div BR (%) (%)
50 25 25B 7010B 12.5R 15 20B 10 12 750 12 10 10 1150 15 492 -
-
-
Company
Paid up Cap(mn)
High Low 1,065.84 1,045.05 Total cos Defaulter cos P/BV (x) ROE (%) 0.32 10.64
PE
Open
High
Low
Gauhar Engineering Ltd 22 Hussain Industries 106 Pak Elektron 1219 3.39 Singer Pak 341 25.79 Tariq Glass Ind 231 2.23
0.60 5.62 13.44 22.59 19.42
0.60 6.50 13.50 22.99 19.40
0.60 5.51 13.31 22.99 18.61
Close Chg 0.60 5.51 13.46 22.95 18.67
0.00 -0.11 0.02 0.36 -0.75
Close 1,057.34 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 500 741 18850 611 17254
Change -2.22 Market cap 5,094.00 mn Div Yield (%) 2.11
207.50
% Change 0.46 5-Day High 1,565.59 5-Day Low 1,537.20
2010 Div BR (%) (%) 400
-
2011 Div BR (%) (%)
AL-Ghazi Tractor
215
4.96 222.43
-
-
Ghandhara Ind
213
9.95
10.75
11.00
10.15
10.75
0.00
18041
13.50
10.01
-
-
-
-
KSB Pumps
132
7.17
59.38
60.70
59.00
59.89
0.51
634
70.80
58.55
-
-
-
-
Millat Tractors XD
366
7.72 498.32
505.98 499.00 501.07
2.75
26647
568.40
485.00
650
25B325.00
-
Total Assets (Rs in mn)
38,810.57
4.08
Total Equity (Rs in mn)
5,962.30
MA (100-day)
3.87
Revenue (Rs in mn)
999.63
MA (200-day)
3.75
Interest Expense
2,390.39
1st Support
3.90
Loss after Taxation
(637.18)
2nd Support
3.70
EPS 09 (Rs)
1st Resistance
4.40
Book value / share (Rs)
(1.273) 11.92
2nd Resistance
4.70
PE 10 E (x)
5.40
Pivot
4.20
PBV (x)
0.34
BOK closed down -0.07 at 4.03. Volume was 3,544 per cent above average (trending) and Bollinger Bands were 57 per cent narrower than normal. The company's profit after taxation stood at Rs278.645 million which translates into an Earning Per Share of Rs0.56 for the nine months of current calendar year (9MCY10). BOK is currently 7.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into BOK (bullish). Trend forecasting oscillators are currently bullish on BOK.
KASB Bank Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
33.61
Total Assets (Rs in mn)
59,223.06
MA (10-day)
1.66
Total Equity (Rs in mn)
4,958.87
MA (100-day)
2.33
Revenue (Rs in mn)
5,061.63
MA (200-day)
2.72
Interest Expense
1st Support
1.47
Loss after Taxation
2nd Support
1.43
EPS 09 (Rs)
1st Resistance
1.64
Book value / share (Rs)
2nd Resistance
1.77
PE 10 E (x)
Pivot
1.60
PBV (x)
5,490.40 (4,227.75) (4.446) 5.22 0.30
KASBB closed down -0.11 at 1.58. Volume was 59 per cent above average and Bollinger Bands were 2 per cent narrower than normal. The company's loss after taxation stood at Rs1.571 billion which translates into a Loss Per Share of Rs2.20 for the nine months of current calendar year (9MCY10). KASBB is currently 42.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of KASBB (bearish). Trend forecasting oscillators are currently bearish on KASBB.
Pakistan Synthetics Limited
Last 60 days High Low
2010 Div BR (%) (%)
1.65 11.49 15.88 23.62 24.00
17.5
0.45 4.60 13.00 17.55 15.90
10B -
% Change -0.21 5-Day High 1,085.96 5-Day Low 1,051.72 2011 Div BR (%) (%) - 200R
PERSONAL GOODS Open 995.90 Turnover 11,524,637 P/E (x) 6.99 Company
Paid up Cap(mn)
(Colony) Thal AL-Qadir Textile Amtex Limited Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Brothers Textile Chakwal Spinning Chenab Limited Chenab Ltd Pref Colony Mills Ltd D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Mushtaq Textile Din Textile Ellcot Spinning Gadoon Textile XD Gulistan Spinning Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing Janana D Mal Kohinoor Ind Kohinoor Mills Kohinoor Spinning Kohinoor Textile Mohd Farooq Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Ravi Textile Reliance Weaving Rupali Poly Saif Textile Salfi Textile Samin Textile Sapphire Fibre Saritow Spinning Service Ind Shadman CotSPOT Shahtaj Textile Shahzad Textile Tata Textile Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving Zil Limited
56 76 2594 133 4493 33 76 98 400 1150 800 2442 600 80 514 34 204 110 234 146 222 138 716 3105 99 180 181 43 303 509 1300 1455 189 145 1614 3516 560 250 308 341 264 33 267 197 133 120 176 97 180 173 307 418 215 400 53
High Low 1,009.82 990.56 Total cos Defaulter cos P/BV (x) ROE (%) 0.60 8.64
PE
Open
High
Low
8.57 0.28 0.46 0.51 0.35 3.69 49.28 0.14 0.63 0.67 0.78 1.08 0.98 0.71 3.83 0.76 3.75 2.81 0.25 0.42 3.58 2.18 5.26 4.55 0.73 5.16 0.46 0.34 5.00 0.96 0.25 7.27 2.83 0.42 0.40 4.89 8.59 0.50 5.40
1.20 7.87 3.77 2.40 10.75 11.15 14.50 0.79 1.46 2.80 2.99 2.55 1.55 2.40 39.90 4.24 28.41 21.99 74.17 5.66 7.86 0.50 3.75 50.53 7.95 3.45 288.70 14.02 1.51 2.01 1.10 4.92 1.15 0.40 27.39 64.16 13.01 1.22 10.46 41.28 6.05 71.01 6.00 102.87 1.59 214.78 15.30 19.99 7.00 38.95 117.60 53.84 0.61 1.45 76.89
1.35 8.87 4.05 2.36 10.90 11.50 14.48 0.70 1.46 2.85 3.00 2.80 1.75 2.11 41.89 4.50 29.60 23.08 74.00 6.48 8.10 0.84 3.95 49.95 8.95 3.45 300.00 15.02 1.62 2.90 1.22 5.20 0.71 0.37 27.74 64.48 13.65 1.25 11.39 41.90 6.00 74.56 6.40 100.01 1.85 218.78 15.56 20.10 6.00 40.89 119.00 55.00 0.67 1.57 80.73
1.00 8.87 3.72 2.00 10.52 11.00 14.00 0.25 0.80 2.60 2.95 2.30 1.55 2.11 40.99 3.30 29.60 21.00 71.51 6.15 7.60 0.35 3.60 48.01 7.15 3.45 275.00 13.76 1.43 2.01 1.00 4.70 0.70 0.30 26.11 60.96 13.00 1.00 10.35 41.10 5.75 73.59 6.39 100.01 1.50 211.99 15.52 20.10 6.00 39.90 114.00 53.00 0.33 1.20 75.01
Close Chg 1.00 8.87 3.77 2.00 10.55 11.25 14.50 0.35 0.80 2.61 2.95 2.36 1.55 2.40 41.89 4.50 29.60 22.02 71.61 5.66 8.04 0.59 3.80 48.69 8.95 3.45 288.72 15.02 1.48 2.01 1.15 5.01 0.71 0.30 26.27 61.33 13.47 1.17 10.43 41.10 5.75 74.56 6.00 102.87 1.50 212.50 15.53 20.10 7.00 40.89 114.32 53.93 0.61 1.45 80.69
-0.20 1.00 0.00 -0.40 -0.20 0.10 0.00 -0.44 -0.66 -0.19 -0.04 -0.19 0.00 0.00 1.99 0.26 1.19 0.03 -2.56 0.00 0.18 0.09 0.05 -1.84 1.00 0.00 0.02 1.00 -0.03 0.00 0.05 0.09 -0.44 -0.10 -1.12 -2.83 0.46 -0.05 -0.03 -0.18 -0.30 3.55 0.00 0.00 -0.09 -2.28 0.23 0.11 0.00 1.94 -3.28 0.09 0.00 0.00 3.80
Close 997.80 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 4001 402 1001590 8501 1757262 601 106 757 1001 19865 1067868 2103 7032 300 38024 23341 2500 16106 3305 103 4057 28709 45506 16698 1013 1000 400 3312 13608 1174 1107 12219 768 3528 3159273 3604668 249762 196643 11197 501 1874 7300 300 110 7501 5559 700 5000 103 4913 11895 27388 103 301 141284
Change 1.90 Market cap 135,171.77 mn Div Yield (%) 2.39
Last 60 days High Low 1.50 9.00 5.28 3.00 12.84 14.85 15.10 1.49 2.00 3.76 3.99 2.97 2.10 4.38 47.00 8.90 29.94 23.08 77.40 8.86 8.50 1.10 4.47 55.00 9.99 3.90 350.15 18.00 2.00 3.80 1.74 5.95 2.08 0.90 28.04 71.89 14.45 1.98 11.39 42.70 6.85 74.74 7.00 131.50 2.89 276.50 16.95 20.29 7.05 42.50 132.00 63.30 1.49 2.00 80.73
2010 Div BR (%) (%)
0.61 4.05 10 3.65 30 1.32 7.5 9.20 8.10 - 15B 12.60 20 0.15 0.80 5 2.60 1.72 2.06 1.55 1.20 35.00 5 2.90 24.18 20 10B 18.75 35 47.00 70 5.02 10 6.30 10 20B 0.31 3.31 10 36.61 20 3.00 2.70 10 188.01 50 13.40 0.75 1.51 0.16 5 4.50 0.66 0.14 21.15 15 55.79 25 45R 6.21 0.65 8.50 25SD 35.00 40 3.90 44.50 25 5.06 - 100R 100.01 15 1.00 210.01 7.00 16.35 45 5.00 5 30.00 25 98.56 80 20B 52.35 0.33 1.00 44.50 35 -
% Change 0.19 5-Day High 997.80 5-Day Low 985.16 2011 Div BR (%) (%) -
-
PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index
Close 1,544.20 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Open
Open 1,059.56 Turnover 37,971 P/E (x) 2.97
Open 894.25 Turnover 26,658 P/E (x) 6.92
Performance of SR Industrial Engineering Index High Low 1,560.04 1,535.24 Total cos Defaulter cos P/BV (x) ROE (%) 2.84 38.02
100 20 150 10
46.21
MA (10-day)
HOUSEHOLD GOODS
INDUSTRIAL ENGINEERING Open 1,537.20 Turnover 48,451 P/E (x) 7.46
156.03 100.00 1.40 21.00 4.31 4.01 10.60 248.00 61.60 18.80
2011 Div BR (%) (%)
Performance of SR Personal Goods Index
Last 60 days High Low
24162
205.00 143.80 2.89 26.74 5.36 5.75 12.87 309.73 77.90 24.00
2010 Div BR (%) (%)
% Change -0.87 5-Day High 1,269.66 5-Day Low 1,239.18
RSI (14-day)
Performance of SR Household Goods Index
Performance of SR Construction and Materials Index High Low 916.48 877.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.10
4356 3031 92722 30400 5203 400 12511 1315 12186 1905
High Low 1,880.74 1,797.78 Total cos Defaulter cos P/BV (x) ROE (%) 14.41 30.30
0.91 5.51 6.30 5.55 5.51 0.00 1.18 45.03 47.24 42.78 47.24 2.21 5.49 5.50 5.50 5.50 0.01 8.25 3.43 3.50 2.70 3.30 -0.13 3.25 3.50 3.11 3.46 0.21 8.68 22.07 22.19 21.75 21.88 -0.19 3.28 11.43 11.25 10.43 11.43 0.00 1.25 71.63 72.50 70.50 70.54 -1.09 4.00 3.80 3.80 3.80 -0.20 3.16 50.49 51.00 48.00 50.49 0.00 4.07 4.00 3.85 3.96 -0.11 21.67 57.00 58.15 57.75 58.08 1.08 38.59 3479.63 3598.99 3453.00 3500.00 20.37 3.71 24.71 25.94 25.70 25.94 1.23 1.13 10.86 11.35 10.50 10.50 -0.36 4.47 3.72 3.72 4.47 0.00 - 43.94 41.80 41.75 42.44 -1.50 7.39 3.11 3.26 3.25 3.25 0.14 13.03 2727.95 2739.00 2591.56 2592.81 -135.14 2.16 2.10 1.90 1.90 -0.26 4.19 61.95 64.99 58.86 62.51 0.56 0.34 4.83 5.55 4.72 4.76 -0.07 15.00 42.30 42.50 42.00 42.00 -0.30 2.07 56.50 59.28 55.00 59.20 2.70 18.11 4244.07 4456.27 4210.01 4456.27 212.20
186 87 990 365 750 121 539 109 84 141 414 453 48 165 109 38 107 92 223 120 695 1177 150 665
CONSTRUCTION AND MATERIALS Open 906.01 Turnover 2,783,738 P/E (x) 5.84
195.99 192.00 194.03 -0.03 136.40 135.20 136.00 -1.00 2.05 1.84 1.87 -0.04 22.65 22.13 22.64 -0.25 4.59 4.45 4.50 -0.07 4.40 4.40 4.20 0.00 10.96 10.70 10.90 0.19 284.90 280.00 281.18 -3.64 64.50 63.50 63.74 -0.76 23.95 23.25 23.25 -0.02
Open 1,820.83 Turnover 163,743 P/E (x) 47.55
-
% Change -0.61 5-Day High 1,028.85 5-Day Low 1,002.21
-
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING High Low 1,028.73 1,005.97 Total cos Defaulter cos P/BV (x) ROE (%) 1.07 33.10
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 1,015.25 Turnover 56,592 P/E (x) 3.22
-
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,600.09 Turnover 15,377,813 P/E (x) 9.79
2011 Div BR (%) (%)
AUTOMOBILE AND PARTS Open 1,250.02 Turnover 164,161 P/E (x) 4.44
Bank of Khyber Limited
% Change -1.61 5-Day High 740.24 5-Day Low 719.80
2010 Div BR (%) (%) 40 15
Alert ! Unusual Movements
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 96 306
PE
Open
8.33 94.25 6.83 92.38 13.20 73.47 7.40 26.08 7.18 8.86 6.65 156.02 5.40 60.00
High
High Low 908.06 887.07 Total cos Defaulter cos P/BV (x) ROE (%) 1.54 22.31 Low
Close Chg
95.60 94.55 95.00 0.75 92.50 90.10 90.39 -1.99 73.90 73.00 73.39 -0.08 26.79 26.00 26.73 0.65 9.19 8.90 8.90 0.04 157.99 154.00 154.49 -1.53 62.75 59.90 60.00 0.00
Close 894.19 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 5299 2980 2426 8197 638 3106 4006
112.50 98.00 89.98 30.48 9.99 174.00 69.00
91.25 83.00 70.13 24.40 7.16 116.00 58.50
RSI (14-day)
67.11
Total Assets (Rs in mn)
MA (10-day)
13.23
Total Equity (Rs in mn)
MA (100-day)
8.36
MA (200-day)
1,323.87 880.58
Revenue (Rs in mn)
7.69
3,280.76
Interest Expense
7.03
1st Support
13.05
Profit after Taxation
51.82
2nd Support
12.70
EPS 10 (Rs)
0.925
1st Resistance
13.70
Book value / share (Rs)
15.71
2nd Resistance
14.00
PE 11 E (x)
4.55
Pivot
13.35
PBV (x)
0.86
PSYL closed up 0.46 at 13.47. Volume was 107 per cent above average and Bollinger Bands were 102 per cent wider than normal. The company's profit after taxation stood at Rs41.538 million which translates into an Earning Per Share of Rs0.74 for the 1st quarter of current fiscal year (1QFY11). PSYL is currently 71.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into PSYL (bullish). Trend forecasting oscillators are currently bullish on PSYL.
Maple Leaf Cement Factory Ltd
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
37.91
Total Assets (Rs in mn)
MA (10-day)
2.61
Total Equity (Rs in mn)
MA (100-day)
2.85
Revenue (Rs in mn)
MA (200-day)
3.14
Interest Expense
1st Support
2.54
Loss after Taxation
2nd Support
2.48
EPS 10 (Rs)
1st Resistance
2.66
Book value / share (Rs)
2nd Resistance
2.72
PE 11 E (x)
Pivot
2.60
PBV (x)
26,094.94 4,134.21 13,630.51 2,059.48 (2,583.96) (6.941) 11.11 0.23
MLCF closed down -0.03 at 2.57. Volume was 45 per cent below average and Bollinger Bands were 44 per cent narrower than normal. The company's loss after taxation stood at Rs618.798 million which translates into a Loss Per Share of Rs1.49 for the 1st quarter of current fiscal year (1QFY11). MLCF is currently 18.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of MLCF (mildly bearish). Trend forecasting oscillators are currently bearish on MLCF.
BOOK CLOSURES Company
From
To
Ideal Energy # Olympia Spng & Weaving Mills # Millat Tractors Faysal Balanced Growth Fund Faysal Income & Growth Fund Faysal Savings Growth Fund Faysal Islamic Savings Fund Faysal Money Market Fund Shadman Cotton Mills Reliance Cotton Spng Mills # Mehran Sugar Mills Frontier Ceramics Gharibwal Cement Ansari Sugar Mills Tandlianwala Sugar Mills Zeal Pak Cement Descon Oxychem # Int. Industries # Pakistan Oilfields
18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 19-Feb 19-Feb 21-Feb 21-Feb 21-Feb 21-Feb 21-Feb 21-Feb 22-Feb
26-Feb 26-Feb 24-Feb 19-Feb 19-Feb 19-Feb 19-Feb 19-Feb 26-Feb 26-Feb 28-Feb 28-Feb 28-Feb 28-Feb 28-Feb 28-Feb 01-Mar
D/B/R 325(I) 5 7.5(I) 100(I)
Spot AGM/Date 09-Feb 10-Feb 10-Feb 11-Feb
26-Feb 26-Feb 26-Feb 26-Feb 28-Feb 28-Feb 28-Feb 28-Feb 28-Feb 28-Feb 24-Feb -
INDICATIONS
Change -0.06 Market cap 29,887.17 mn Div Yield (%) 6.44
Last 60 days High Low
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
2010 Div BR (%) (%) 20 100 30
20B -
% Change -0.01 5-Day High 910.63 5-Day Low 883.46 2011 Div BR (%) (%) -
-
# Extraordinary General Meeting
OTHER SECTORS Symbols Climax Eng. Johnson & Philips Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Grays of Cambridge Shifa Int.Hospitals Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 4.9 11.5 54 3.07 93.04 0.94 164.97 47.82 31.7 19.82 3.06 41.8 3.14 23.49 1.58
High 4.01 11.89 55 3.2 97 0.81 170.22 47 31.9 20.5 3.2 42 3.17 23.8 2
Low Close 4.01 11.5 55 3.07 95 0.8 163.9 47 31.1 18.82 2.95 41.1 3.04 23.05 1.56
4.01 11.5 54 3.1 95.2 0.81 168.88 47.82 31.11 18.9 2.96 41.66 3.05 23.19 1.58
Change -0.89 0 0 0.03 2.16 -0.13 3.91 0 -0.59 -0.92 -0.1 -0.14 -0.09 -0.3 0
Vol 500 215 150 246040 91901 1500 3746 451 2050 753 427322 510 126302 172805 396
7
Friday, February 18, 2011 Ask Gen Insurance
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,086.81 Turnover 626,235 P/E (x) 5.92 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
PE
78 4.63 37740 12.33 3000 0.61 8606 6175 -
Open
High Low 1,107.94 1,082.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.76 12.84
High
78.50 18.38 2.06 2.65 3.47
Low
77.50 18.75 2.12 2.69 3.49
74.58 18.38 2.02 2.55 3.40
Close Chg 74.99 18.49 2.04 2.55 3.43
-3.51 0.11 -0.02 -0.10 -0.04
Close 1,088.54 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 1460 460485 76584 87706 90337
Change 1.72 Market cap 75,293.64 mn Div Yield (%) 10.57
Last 60 days High Low 82.99 20.65 2.67 3.45 4.65
74.58 17.70 2.01 2.50 3.36
% Change 0.16 5-Day High 1,094.87 5-Day Low 1,062.26
2010 Div BR (%) (%) 80 17.5 1 -
2011 Div BR (%) (%)
-
-
-
204
6.67
Paid up Cap(mn)
Company
Altern Energy Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd S G Power Sitara Energy Ltd Southern Electric Tri-star Power XD
PE
3426 22.68 198 11572 6.89 1560 7932 1695 7.83 126 2.74 8803 5.18 3673 3.47 3541 2.37 178 191 3.30 1367 150 -
Open
High
10.00 0.72 37.75 1.58 2.75 18.15 4.50 41.99 15.88 16.65 1.10 18.04 2.03 0.91
10.39 0.80 38.00 1.62 2.85 18.40 4.74 42.88 16.10 16.79 0.80 18.28 2.01 0.85
Low 9.81 0.69 37.55 1.56 2.74 17.50 4.30 42.10 15.65 16.18 0.79 17.65 1.95 0.83
Close Chg 9.98 0.69 37.63 1.57 2.76 18.02 4.50 42.64 15.81 16.22 0.80 17.68 1.98 0.85
-0.02 -0.03 -0.12 -0.01 0.01 -0.13 0.00 0.65 -0.07 -0.43 -0.30 -0.36 -0.05 -0.06
Close 1,295.86 Listed cap 95,369.29 mn Payout (%) 104.13
Volume 14011 502 235490 17001 442274 1216 240 403961 699081 1220627 1197 5201 52786 15508
Change -1.33 Market cap 106,430.36 mn Div Yield (%) 7.13
Last 60 days High Low 11.45 1.18 41.20 2.15 3.55 22.85 5.39 45.85 18.01 18.70 2.10 19.35 2.80 1.49
9.00 0.65 35.80 1.50 2.16 17.25 3.85 39.31 13.32 14.25 0.43 16.50 1.90 0.70
% Change -0.10 5-Day High 1,306.88 5-Day Low 1,282.44
2010 Div BR (%) (%) 50 15 50 20 -
2011 Div BR (%) (%)
7.8R - 10.00 -
-
Performance of SR Gas Water and Multiutilities Index Open 1,627.07 Turnover 199,109 P/E (x) 10.27 Company Sui North Gas Sui South Gas
High Low 1,640.15 1,581.42 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 11.41
Close 1,603.17 Listed cap 12,202.80 mn Payout (%) 66.79
Change -23.90 Market cap 35,243.51 mn Div Yield (%) 6.51
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
7.38 3.88
25.36 25.97
25.69 26.05
24.64 25.25
24.81 -0.55 25.77 -0.20
30905 168204
29.39 27.90
24.15 19.95
% Change -1.47 5-Day High 1,648.83 5-Day Low 1,596.78
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,122.71 Turnover 13,535,058 P/E (x) 8.07 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.46 69.08 Askari Bank 6427 7.55 15.99 Bank Alfalah 13492 13.76 10.87 Bank AL-Habib 7322 7.53 35.32 Bank Of Khyber 5004 5.37 4.10 Bank Of Punjab 5288 7.98 BankIslami Pak 5280 897.50 3.65 Faysal Bank 7327 4.39 13.86 Habib Bank Ltd 10019 7.81 123.28 Habib Metropolitan Bank 8732 7.83 24.50 JS Bank Ltd 8150 2.88 KASB Bank Ltd 9509 1.69 MCB Bank Ltd 7602 9.68 213.99 Meezan Bank 6983 7.72 18.20 Mybank Ltd 5304 2.55 National Bank 13455 6.47 75.28 NIB Bank 40437 2.68 Samba Bank 14335 1.87 Silkbank Ltd 26716 2.41 Soneri Bank 6023 6.65 Stand Chart Bank 38716 11.54 7.46 Summit Bank Ltd 7251 3.43 United Bank Ltd 12242 7.46 64.45
High
High Low Close 1,140.35 1,109.70 1,125.41 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.13 13.94 40.49 Low
Close Chg
69.59 68.40 68.51 -0.57 16.09 15.80 15.85 -0.14 10.94 10.65 10.73 -0.14 37.08 35.45 37.05 1.73 4.50 4.00 4.03 -0.07 8.08 7.80 7.84 -0.14 3.78 3.37 3.59 -0.06 13.82 13.57 13.61 -0.25 125.80 122.36 124.96 1.68 25.69 23.52 25.60 1.10 2.92 2.80 2.90 0.02 1.73 1.56 1.58 -0.11 216.40 213.55 214.83 0.84 18.45 18.00 18.23 0.03 2.55 2.25 2.55 0.00 75.64 73.80 74.13 -1.15 2.70 2.63 2.64 -0.04 1.99 1.78 1.80 -0.07 2.45 2.35 2.36 -0.05 7.00 6.56 6.59 -0.06 7.50 7.08 7.50 0.04 3.68 3.37 3.42 -0.01 64.80 63.20 63.49 -0.96
Volume
Change 2.70 Market cap 684,968.87 mn Div Yield (%) 5.02
Last 60 days High Low
128527 74.00 173926 19.25 133807 11.99 2289449 39.49 5346833 4.70 1150612 10.59 78023 4.50 11922 16.47 178820 128.97 58769 29.28 489430 2.95 396929 2.80 433580 250.48 27437 20.30 4956 3.40 1350464 80.61 202427 3.35 51555 2.17 742323 3.05 58127 8.48 4027 9.04 63123 4.63 223115 70.65
59.00 15.60 9.50 33.00 3.65 7.80 3.00 13.50 102.55 22.00 2.30 1.49 203.29 14.90 1.90 65.31 2.54 1.70 2.30 6.55 7.00 2.77 58.00
% Change 0.24 5-Day High 1,133.53 5-Day Low 1,106.15
2010 Div BR (%) (%)
2011 Div BR (%) (%)
40 10B 20 20B - 20B - 66R 85 10B - 15B -63.46R 10 -
-
-
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 766.06 Turnover 288,220 P/E (x) 12.47 Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 24.31
Open 85.76
High 86.40
High Low 775.58 745.66 Total cos Defaulter cos P/BV (x) ROE (%) 0.65 5.20 Low 83.20
Close Chg 83.88 -1.88
Close 759.80 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 127026
Change -6.26 Market cap 47,415.24 mn Div Yield (%) 6.38
Last 60 days High Low 96.40
79.25
% Change -0.82 5-Day High 773.02 5-Day Low 757.01
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
11.01 0.00
419
12.75
10.00
-
25R
-
37.10
36.81
36.81 -0.60
2002
40.00
34.00
-
-
-
-
68.25
67.25
67.25 -0.10
1307
83.00
57.00
10
10B
-
-
Century Insurance
457
6.31
10.18
10.45
10.00
10.10 -0.08
3366
11.99
9.50
-
-
-
-
1250
-
38.57
38.60
37.51
38.01 -0.56
13526
47.90
37.50
-
-
-
-
400
3.14
13.32
13.40
12.32
13.19 -0.13
13600
15.50
11.99
-
-
-
718
8.68
97.57
102.44
96.00 101.09 3.52
32822
102.44
81.10
30
55B
EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance
-
Symbols BWHL FUDLM
Low
Close
35.49
35.49
35.59
Change
Vol
0.00
100
6.22
6.40
6.40
6.22
0.00
100
14.84
14.84
13.84
0.00
100
-
UDPL
14.25
14.00
14.00
14.25
0.00
100
-
PSEL
159.88
167.80
151.90
159.88
0.00
791 15.88
58.69
59.40
57.00
58.91 0.22
674
61.80
56.00
-
-
-
-
GATI
47.79
49.75
47.00
47.79
0.00
74
3000 43.10
17.08
17.40
16.73
16.81 -0.27
77676
19.40
15.70
-
-
-
-
FTSM
0.85
1.85
0.67
0.85
0.00
73
BATA
625.25
630.00
615.02
629.92
4.67
54
AABS
93.06
97.70
93.05
93.05
-0.01
50
HAL
12.60
12.15
12.15
12.60
0.00
50
0.00
48
350
-
8.99
9.00
8.40
8.99 0.00
1000
10.75
6.01
-
-
-
-
303
5.95
11.00
11.15
10.13
11.00 0.00
13603
12.93
9.65
-
-
-
-
United Insurance XB
400
2.00
7.00
6.11
6.11
6.11 -0.89
500
7.80
5.00
-
-
-
-
Universal Insurance
263
-
2.70
2.67
2.26
2.27 -0.43
697
4.00
1.68
-
-
-
-
DWAE
1.10
1.10
1.01
7.90
7.87
7.80
7.80
-0.10
LIFE INSURANCE
UPFL
1340.32
1398.09
1305.50
1308.88
-31.44
40
PAKT
106.55
109.84
104.50
106.55
0.00
33
Performance of SR Life Insurance Index
PRWM
14.00
14.50
13.66
14.00
0.00
32
0.00
31
Paid up Cap(mn)
PE
Open
High Low 741.26 722.92 Total cos Defaulter cos P/BV (x) ROE (%) 3.21 3.85
High
Low
Close Chg
Close 730.08 Listed cap 2,290.72 mn Payout (%) 355.53
Change -15.37 Market cap 8,615.87 mn Div Yield (%) 4.26
Last 60 days High Low
Volume
2010 Div BR (%) (%)
AGIL
67.83
67.30
67.30
67.83
COLG
900.33
900.00
860.00
900.33
0.00
41.34
42.95
40.60
41.34
0.00
28
7.57
8.43
8.43
7.57
0.00
25
0.00
25
0.90
1.08
0.75
0.90
0.00
23
PECO
136.38
138.00
130.05
136.38
0.00
22
2011 Div BR (%) (%)
SRSM
3.59
3.99
3.70
3.59
0.00
21
MSOT
18.79
19.70
17.91
18.79
0.00
16
SNAI
41.10
42.50
42.50
41.10
0.00
15
ADMM
20.06
20.50
20.25
20.06
0.00
14
AGL
23.31
24.00
23.50
23.31
0.00
12
DIIL
10.00
10.39
9.51
10.00
0.00
11
ADOS
16.05
16.00
16.00
16.05
0.00
10
BTL
60.90
62.95
62.95
60.90
0.00
10
BAFS
58.00
55.10
55.10
58.00
American Life
500
5.55
16.60
16.65
16.65
16.60 0.00
300
19.85
15.60
-
-
-
-
850 33.45
60.81
60.00
58.50
58.88 -1.93
7112
86.95
58.10
-
-
-
-
New Jub Life Insurance
627 28.85
43.00
43.00
41.80
42.99 -0.01
13423
49.31
39.05
-
-
-
-
PPP BAPL DNCC CJPL
FINANCIAL SERVICES Performance of SR Financial Services Index Open 395.17 Turnover 2,926,474 P/E (x) 11.67 PE
225 1.36 360 4.62 450 12.26 3750 4.35 150 1.38 250 441 575 215 2121 9.64 600 711.00 2849 3166 626 0.61 7633 508 500 7.25 1000 1000 821 4.51 775 452 514 12.80 363 100 -
Open 0.56 24.31 24.97 24.12 1.25 1.75 2.39 5.76 2.25 2.25 7.69 0.61 3.18 1.67 10.97 3.70 26.97 6.67 4.70 6.01 1.94 0.63 2.70 1.50 3.89
High Low 404.06 383.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.26 0.91
High 0.65 24.24 24.80 24.28 1.69 1.80 2.34 5.35 2.27 2.50 7.11 0.64 3.44 1.70 11.15 3.85 28.01 6.75 4.70 6.42 2.00 0.69 3.69 1.69 3.96
Low
Close Chg
0.57 23.10 23.86 23.62 1.49 1.67 2.00 4.81 2.27 2.11 7.04 0.55 3.18 1.70 10.66 3.60 25.76 6.35 4.45 6.00 1.85 0.56 3.12 1.69 3.00
0.60 23.48 24.02 23.69 1.54 1.75 2.39 5.76 2.27 2.12 7.11 0.56 3.26 1.70 10.69 3.68 26.97 6.35 4.57 6.14 1.88 0.58 3.20 1.69 3.89
0.04 -0.83 -0.95 -0.43 0.29 0.00 0.00 0.00 0.02 -0.13 -0.58 -0.05 0.08 0.03 -0.28 -0.02 0.00 -0.32 -0.13 0.13 -0.06 -0.05 0.50 0.19 0.00
Close 387.42 Listed cap 30,336.44 mn Payout (%) 99.56
Change -7.75 Market cap 18,157.64 mn Div Yield (%) 3.48
Last 60 days High Low
Volume 1106 71514 34308 1038084 1122 4200 126 297 611 13618 3000 22621 92157 1000 2341141 68476 178 83493 47082 15094 51362 741 61397 11630 195
0.95 24.85 28.00 30.20 2.14 2.75 3.80 10.49 3.00 3.90 8.98 1.09 3.95 2.14 14.05 4.55 32.00 7.59 5.43 7.29 2.50 0.97 4.99 2.90 4.40
0.33 16.80 23.25 23.35 1.15 1.28 1.55 4.10 0.18 2.11 6.22 0.46 2.95 1.05 10.05 3.20 25.00 6.20 3.80 5.70 1.80 0.41 2.00 1.01 1.42
2010 Div BR (%) (%) 30 11.5 10 -
40
% Change -2.06 5-Day High 745.45 5-Day Low 728.76
EFU Life Assurance
Paid up Cap(mn)
1.01
99
ISTM
Open 745.45 Turnover 20,837 P/E (x) 5.40
2.00
1.71
1.71
2.00
28
0.00
9
DATM
0.21
0.53
0.53
0.21
0.00
9
MSCL
12.85
13.39
13.18
12.85
0.00
8 6
% Change -1.96 5-Day High 395.92 5-Day Low 381.69
DFSM
4.20
4.45
3.30
4.20
0.00
GUTM
19.29
20.29
19.31
19.29
0.00
WYETH
1065.00
1095.00
1012.19
1065.00
0.00
6
BFMOD
3.33
3.33
3.33
3.33
0.00
5
16.93
16.03
16.03
16.93
0.00
5
0.00
5
2011 Div BR (%) (%)
SCLL
2.30
2.65
2.64
2.30
0.00
5
AASM
24.52
23.36
23.33
24.52
0.00
3
FIBLM
1.62
2.35
1.50
1.62
0.00
3
LATM
9.99
10.99
8.99
9.99
0.00
3 2
20B 20B 10B -
-
CRTM MODAM
-
1.31
1.50
1.50
1.31
6
EWLA
1.70
2.19
2.00
1.70
0.00
FZTM
419.00
437.00
405.01
419.00
0.00
2
HADC
0.64
0.67
0.55
0.64
0.00
2
INKL
9.00
10.00
10.00
9.00
0.00
2
PMI
1.00
1.09
1.09
1.00
0.00
2
SHCI
2.20
2.30
2.28
2.20
0.00
2
SIEM
1072.80
1065.00
1065.00
1072.80
0.00
ATEL
40.53
42.45
42.45
40.53
0.00
1
ATFF
5.90
5.49
5.49
5.90
0.00
1
BCL
46.15
47.00
47.00
46.15
2
0.00
1
CSIL
4.30
4.50
4.50
4.30
0.00
1
FASM
35.01
36.75
36.75
35.01
0.00
1
FECS
35.97
37.76
37.76
35.97
0.00
1
GATM
29.01
29.60
29.60
29.01
0.00
1
GVGL
23.50
22.35
22.35
23.50
0.00
1 1
JKSM
7.24
6.50
6.50
7.24
0.00
LAKST
246.68
258.00
258.00
246.68
0.00
1
MOON
17.39
16.39
16.39
17.39
0.00
1
PHDL
31.89
30.46
30.46
31.89
0.00
1 1
PPVC
2.00
3.00
3.00
2.00
0.00
PRET
30.30
31.60
31.60
30.30
0.00
1
RUBY
8.00
9.00
9.00
8.00
0.00
1
SANE
4.10
3.50
3.50
4.10
0.00
1
SHNI
10.41
10.13
10.13
10.41
0.00
EQUITY INVESTMENT INSTRUMENTS
SURC
37.65
38.74
38.74
37.65
0.00
1
TOWL
8.08
7.09
7.09
8.08
0.00
1
Performance of SR Equity Investment Instruments Index
TRSM
1.50
1.51
1.51
1.50
0.00
1
TSMF
1.29
1.39
1.39
1.29
0.00
1
Open 1,453.45 Turnover 2,129,610 P/E (x) 19.36 Company
High
35.59 13.84
PICIC Ins Ltd
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities Escorts Bank First National Equity Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Security Leasing Trust Brokerage
Open
SHDT
Premier Insurance
Company
UPTO 100 VOLUME
-
37.41 67.35
Company
GAS WATER AND MULTIUTILITIES
10.35
5.85 7.64
ELECTRICITY High Low 1,312.63 1,288.68 Total cos Defaulter cos P/BV (x) ROE (%) 1.37 9.35
10.35
369 279
Performance of SR Electricity Index Open 1,297.19 Turnover 3,109,095 P/E (x) 14.60
11.01
Atlas Insurance Central Insurance XB
Paid up Cap(mn)
1st Fid Leasing AL-Meezan Mutual F. B R R Guardian Mod. Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Pak Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Stand Chart Modaraba UNICAP Modaraba
PE
264 10.00 1375 4.13 780 3.16 200 1.43 113 3.79 524 11.56 581 0.69 760 2.39 397 2.58 1008 6.16 3180 2.21 1186 1.31 283 2.06 1200 2.59 125 4.70 1000 3.27 2835 4.02 2841 3.47 454 4.95 136 12.50
Open 1.65 11.00 1.44 0.58 2.50 1.98 2.05 3.34 7.70 7.05 5.90 5.60 2.40 9.35 0.95 8.04 13.73 6.75 10.14 0.40
High Low 1,462.38 1,416.88 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 2.21
High 1.74 11.00 1.40 0.59 3.04 2.11 2.25 3.46 7.75 7.15 5.80 5.77 2.80 9.47 1.10 8.10 13.80 6.74 10.63 0.25
Low
Close Chg
1.60 10.11 1.30 0.52 2.99 1.85 2.02 3.29 7.74 7.10 5.71 5.40 1.92 8.95 0.90 7.80 13.40 6.36 10.10 0.25
1.60 10.25 1.39 0.57 3.03 1.85 2.17 3.34 7.74 7.15 5.75 5.46 2.80 9.00 0.94 7.91 13.44 6.39 10.10 0.25
-0.05 -0.75 -0.05 -0.01 0.53 -0.13 0.12 0.00 0.04 0.10 -0.15 -0.14 0.40 -0.35 -0.01 -0.13 -0.29 -0.36 -0.04 -0.15
Close 1,428.83 Listed cap 29,771.58 mn Payout (%) 104.74
Change -24.61 Market cap 19,138.88 mn Div Yield (%) 8.41
Last 60 days High Low
Volume 837 1073342 7637 10459 2164 20856 1056 64437 2001 5505 314297 87613 2002 249047 600 179352 52198 45516 8500 2000
2.34 11.50 2.79 0.87 3.49 2.98 2.57 3.89 9.00 7.30 6.17 6.61 3.50 10.24 2.00 8.83 16.49 7.95 10.63 0.95
1.16 6.21 1.30 0.16 2.12 1.30 1.61 2.67 6.40 6.45 3.50 3.36 1.26 5.26 0.46 5.40 9.19 4.40 8.51 0.06
% Change -1.69 5-Day High 1,521.37 5-Day Low 1,428.83
2010 Div BR (%) (%) 18.5 0 1.2 5 17 11 21 5 10 2.8 15.5 3 10 20 10 17 -
FUTURE CONTRACTS Symbols
Open
ENGRO-FEB 216.00 NML-FEB DGKC-FEB
2011 Div BR (%) (%)
- 5.00 - 10.00 - 12.50 - 7.50 -
1
-
64.52 27.13
Low
Close
219.48
215.75
219.06
3.06 1251500
64.50
High
61.30
61.64
-2.88 1079500
27.10
25.78
Change
Vol
25.78
-1.35
389000
ANL-FEB
10.84
10.95
10.56
10.60
-0.24
351000
PPL-FEB
206.37
206.50
201.75
202.17
-4.20
231000
NBP-FEB
75.65
76.00
74.07
74.29
-1.36
218500
FFBL-FEB
41.66
41.80
41.20
41.27
-0.39
185000
MCB-FEB
214.88
216.52
213.85
215.43
0.55
161500
POL-FEBB
307.21
308.00
304.64
306.16
-1.05
PSO-FEB
278.94
278.50
274.80
275.73
-3.21
102500
NCL-FEB
27.44
27.30
26.25
26.35
-1.09
101500
LUCK-FEB
69.33
69.34
66.70
66.92
-2.41
90500
FFC-FEBB
140500
120.55
121.00
120.00
120.37
-0.18
BOP-FEB
8.00
8.02
7.85
7.92
-0.08
61500
AICL-FEB
85.95
86.50
83.80
84.23
-1.72
40000
PTC-FEB
18.50
19.50
18.01
18.72
0.22
38500
UBL-FEB
89000
64.73
64.50
63.20
63.69
-1.04
25500
168.41
168.45
166.11
167.11
-1.30
14500
NETSOL-FEB 23.50
23.75
23.20
23.26
-0.24
7500
OGDC-FEB
ZERO VOLUME Symbols
Open
High
Low
Close
Change
Vol
LEUL
1.20
1.23
1.23
1.23
0.03
0.00
MUCL
13.48
13.42
13.42
13.42
-0.06
0.00
SCL
90.00
89.50
89.50
89.50
-0.50
0.00
SYMC
13.50
14.00
14.00
14.00
0.50
0.00
BOARD MEETINGS
Engro Corporation
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
42.54
Support 1
12,008.20
MA (5-day)
12,043.39
Support 2
11,954.60
MA (10-day)
12,207.89
Resistance 1
12,128.70
11,375.34
Resistance 2
12,195.60
MA (100-day)
Fair Value
*Invest Cap
Rs Recommendations
210
10,640.46
Pivot
Brokerage House
Hold
*Invest Cap
229.9
Accumulate
AKD Securities Ltd
TFD Research
245.4
Positive
TFD Research
Technical Outlook Technical Analysis
Leverage Position
Technical Analysis
38.14
Buy
AKD Securities Ltd
75.5
Neutral
TFD Research
TFD Research
36.55
Positive
TFD Research
92.3
Positive
Brokerage House
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
40.53 75.91 70.31 68.37
175.80 10,781.81 84.59 62.73
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
318.50 23,610.25 140.99 74.71
* Target price for Jun-11 & **Net Open Interest in future market
Leverage Position
56.01 41.29 34.88 31.45
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
326.94 13,440.44 78.92 41.33
* Target price for Jun-11 & **Net Open Interest in future market
(consolidating) and Bollinger Bands were 60 per cent narrower than normal.
tral). Trend forecasting oscillators are currently bullish on FFBL.
Fauji Fertiliser Co
Rs Recommendations
244 248.5
Brokerage House
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
33.12 209.55 201.28 197.98
Fair Value
Rs Recommendations
Hold
*Invest Cap
149
Hold
Positive
AKD Securities Ltd
145
Neutral
139.5
Neutral
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
247.66 50,040.57 53.45 203.75
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
64.76 150.95 122.69 114.96
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
373.19 57,030.88 65.75 152.80
* Target price for Jun-11 & **Net Open Interest in future market
DGKC closed down -1.35 at 25.67. Volume was 59 per cent below average NBP closed down -1.15 at 74.13. Volume was 69 per cent below average PPL closed down -3.35 at 202.05. Volume was 11 per cent below average FFC closed up 0.10 at 152.82. Volume was 57 per cent below average (con(consolidating) and Bollinger Bands were 27 per cent wider than normal.
(consolidating) and Bollinger Bands were 21 per cent narrower than normal. and Bollinger Bands were 18 per cent narrower than normal.
DGKC is currently 4.2 per cent below its 200-day moving average and is dis-
NBP is currently 8.4 per cent above its 200-day moving average and is dis- PPL is currently 2.1 per cent above its 200-day moving average and is dis- FFC is currently 32.9 per cent above its 200-day moving average and is
playing 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 DGKC at a relatively equal pace. Trend fore-
solidating) and Bollinger Bands were 41 per cent narrower than normal.
playing a downward trend. Volatility is relatively normal as compared to the playing a downward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is extremely low when compared to average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators
casting oscillators are currently bearish on DGKC. Momentum oscillator is reflect volume flowing into and out of NBP at a relatively equal pace. Trend reflect moderate flows of volume out of PPL (mildly bearish). Trend fore- reflect volume flowing into and out of FFC at a relatively equal pace. Trend currently indicating that DGKC is currently in an oversold condition.
forecasting oscillators are currently bearish on NBP.
casting oscillators are currently bearish on PPL.
forecasting oscillators are currently bullish on FFC.
Date
Time
Baluchistan Wheels Ltd AKD Capital Ltd Habib Bank Ltd Ittehad Chemicals Ltd Dewan Farooque Spng Mills Ltd Dewan Khalid Textile Mills Ltd Dewan Mushtaq Textile Mills Ltd Dewan Textile Mills Ltd ABL Income Fund ABL Stock Fund ABL Cash Fund ABL Islamic Cash Fund Nishat Mills Ltd Biafo Industries Limited First Imrooz Modaraba Packages Limited Pakistan National Ship Corp Bawanyair Products Ltd Golden Arrow Stocks Fund Ltd Gatron Industries Ltd
18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 18-Feb 19-Feb
10:30 5:00 9:30 12:30 6:00 5:00 5:30 4:30 4:00 4:00 4:00 4:00 10:30 11:30 10:30 11:30 11:00 3:00 4:00 11:30
TECHNICAL LEVELS Company
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Neutral
TFD Research
Technical Outlook 200.80 5,154.65 42.84 26.39
44.25
Pakistan Petroleum Ltd
AKD Securities Ltd
Leverage Position
TFD Research
casting oscillators are currently bearish on NML.
*Invest Cap
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Positive
reflect moderate flows of volume out of NML (mildly bearish). Trend fore- reflect volume flowing into and out of FFBL at a relatively equal pace (neu-
Sell
24.79 28.03 28.36 26.78
Hold
the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators
Rs Recommendations
Technical Analysis
Accumulate
NML is currently 15.8 per cent above its 200-day moving average and is FFBL is currently 30.8 per cent above its 200-day moving average and is
52.4
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
45.52
and Bollinger Bands were 23 per cent narrower than normal.
Fair Value
Technical Outlook
AKD Securities Ltd
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
39
displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely low when compared to
National Bank of Pakistan
Brokerage House
Rs Recommendations
Accumulate
Leverage Position
34.24 65.05 58.67 52.97
Fair Value
*Invest Cap
* Target price for Jun-11 & **Net Open Interest in future market
*Invest Cap
Rs Recommendations
Brokerage House
Buy
NML closed down -2.83 at 61.33. Volume was 23 per cent below average FFBL closed down -0.32 at 41.11. Volume was 57 per cent below average
Buy
Fair Value
71.45 78.6
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
36
Brokerage House *Invest Cap
Rs Recommendations
Technical Outlook
12,075.10
Dera Ghazi Khan Cement Co Ltd
Fair Value 77
AKD Securities Ltd
RSI (14-day) 60.77 Free Float Shares (mn) 147.48 MA (10-day) 216.51 Free Float Rs (mn) 32,264.54 KSE 100 INDEX closed down -16.51 points at 12,061.77. Volume was MA (100-day) 191.56 ** NOI Rs (mn) 244.36 61 per cent below average (consolidating) and Bollinger Bands were MA (200-day) 186.68 Mean 217.08 13 per cent narrower than normal. As far as resistance level is con* Target price for Jun-11 & **Net Open Interest in future market cern, the market will see major 1st resistance level at 12,128.70 and ENGRO closed up 3.70 at 218.77. Volume was 113 per cent above aver2nd resistance level at 12,195.60, while Index will continue to find its age and Bollinger Bands were 16 per cent narrower than normal. 1st support level at 12,008.20 and 2nd support level at 11,954.60. KSE 100 INDEX is currently 13.4 per cent above its 200-day moving ENGRO is currently 17.2 per cent above its 200-day moving average and average and is displaying a downward trend. Volatility is high as is displaying an upward trend. Volatility is extremely low when compared to compared to the average volatility over the last 10 trading sessions. the average volatility over the last 10 trading sessions. Volume indicators Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently reflect moderate flows of volume into ENGRO (mildly bullish). Trend forecasting oscillators are currently bullish on ENGRO. bearish on INDEX. MA (200-day)
Fauji Fertiliser Bin Qasim Ltd
Nishat Mills Ltd
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 34.88 2.65 2.55 42.33 68.05 67.65 17.08 49.85 49.20 35.82 23.45 23.20 37.56 23.65 23.30 36.38 82.60 81.30 32.32 15.75 15.60 45.88 10.40 10.30 40.67 357.80 354.70 35.76 114.60 113.50 40.29 10.60 10.50 38.84 3.40 3.15 26.62 7.75 7.65 41.56 1.85 1.80 25.38 25.15 24.65 42.82 2.75 2.70 39.00 2.35 2.30 35.81 37.50 36.95 21.91 58.25 57.65 60.48 216.25 213.70 33.75 13.50 13.40 34.62 4.45 4.35 56.16 40.90 40.65 65.35 152.40 151.95 57.19 122.95 120.95 45.38 37.45 37.30 53.30 146.60 144.25 43.98 279.15 277.15 44.16 3.55 3.45 43.14 1.55 1.50 67.75 2.80 2.75 44.21 10.50 10.35 50.15 42.20 41.75 47.11 2.75 2.70 58.41 15.95 15.80 32.28 65.90 64.75 39.48 213.45 212.10 37.11 2.50 2.45 40.78 73.40 72.70 61.72 25.70 25.10 46.29 22.90 22.60 37.17 2.60 2.55 60.24 2.55 2.50 34.85 60.05 58.75 41.68 166.00 164.10 51.20 3.00 2.95 43.85 1.80 1.75 62.99 2.90 2.80 35.16 6.10 6.00 43.58 312.85 311.15 33.59 199.85 197.65 38.31 63.30 62.90 34.01 272.90 271.00 41.97 18.35 18.15 45.99 205.95 204.00 34.60 24.40 24.00 46.14 13.10 12.90 64.59 25.35 24.90 39.57 2.00 1.95 39.80 3.05 3.00 37.69 62.85 62.25 41.23 2.50 2.45
1st 2nd Resistance 2.90 3.10 69.25 70.00 51.40 52.30 24.10 24.50 24.60 25.15 85.80 87.70 16.00 16.20 10.80 11.05 364.20 367.50 117.30 118.90 10.90 11.05 3.80 4.00 8.00 8.20 1.95 2.05 26.65 27.70 2.90 3.05 2.50 2.60 38.55 39.15 59.75 60.65 220.25 221.80 13.75 13.90 4.65 4.75 41.50 41.95 153.25 153.65 126.40 127.80 37.90 38.20 151.45 153.95 284.05 286.95 3.80 3.95 1.65 1.70 2.95 3.00 11.00 11.30 43.00 43.30 2.85 2.90 16.35 16.60 69.10 71.15 216.30 217.80 2.65 2.70 75.25 76.35 27.30 28.35 23.65 24.10 2.70 2.75 2.70 2.80 63.55 65.80 170.15 172.35 3.15 3.20 1.95 2.05 3.15 3.30 6.40 6.55 316.45 318.30 205.40 208.75 64.30 64.90 277.80 280.80 18.70 18.90 209.95 211.95 25.45 26.10 13.65 14.05 26.15 26.50 2.10 2.15 3.15 3.25 64.45 65.45 2.65 2.75
Pivot 2.80 68.85 50.75 23.85 24.25 84.50 15.90 10.65 361.10 116.20 10.75 3.60 7.90 1.90 26.15 2.85 2.45 38.05 59.15 217.75 13.65 4.55 41.30 152.80 124.35 37.75 149.10 282.05 3.70 1.60 2.85 10.85 42.55 2.80 16.20 67.95 214.95 2.60 74.50 26.70 23.35 2.65 2.65 62.25 168.25 3.10 1.90 3.05 6.25 314.70 203.20 63.90 275.90 18.55 208.00 25.05 13.45 25.70 2.05 3.10 63.85 2.60
8
Friday, February 18, 2011
Islamic directive shocks Qatari banks
Kerala High Court bench gives nod to Islamic banking
Loan write-off cases in 16 public sector financial institutions
1300 loan-waiver cases on House panel table Shaikh says took tough decisions for economic reforms ISLAMABAD: Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh has said the State Bank of Pakistan (SBP) has provided a list of 1300 loan writeoff cases of 16 public sector financial institutions to Parliamentary Committee. He was talking to media after 9th meeting of Parliamentary Committees of Pakistan People's Party (PPP) and Pakistan Muslim League (PML-N) on economic reforms agenda. Senator Ishaq Dar led the PML-N side. Dr Shaikh said that the Committee has directed the bank to determine initially within three-weeks regarding such loan write-offs where political or other influence was used. The minister said that SBP has also been directed that after
BAHL offers bonus, dividend KARACHI: Bank Al-Habib Ltd has posted record profit after tax of Rs3.602 billion for the year ending December 31, 2010 and declared 20 per cent dividend and bonus each. According to financial results of the bank dispatched to Karachi Stock Exchange (KSE) here Monday, the pre-tax profit also surged to Rs5.656 billion as earning per share improved to Rs4.92 during the year under review over last year's Rs3.90.APP
China tells banks not to bank on credit raters BEIJING: Chinese banks should make lending and investment decisions based on their own judgment rather than rely on ratings provided by other agencies, the country's banking regulator said in guidelines published on Thursday. Chinese officials have been consistently critical of international rating agencies, saying they helped provoke the global financial crisis by giving top ratings to complex structured securities, many of which turned out to be junk. Under the new guidelines, banks must use their own ratings in deciding whether to extend credit for a client, the China Banking Regulatory Commission said in a statement on its website. "The rules aim to prevent banks from facing systemic risks that could stem from possible adjustments in external ratings," the CBRC said. It added that banks must rely on their own internally determined ratings as the barometer for making big investments, whether buying bonds or derivatives. The CBRC did not specify what constituted a big investment, saying that banks must decide for themselves. It added that banks could use external ratings for reference, but must draw on ratings from at least two agencies. The statement said that foreign banks must also comply with the new guidelines for their Chinabased operations.-Reuters
examining the relevant records and laws immediately commence the process of recovery of loans worth Rs96 billion. Hafeez Shaikh said that the meeting also decided to appoint the CEOs of State Owned Entities (SoE) with a transparent manner through search committees and advertisements and on merit so that true professionals having the ability to transform these organisations into profit oriented entities could come on board. He informed the media that government has already started the implementation of economic reforms agenda including the rightsizing of federal cabinet adding all points were discussed in detail during the meeting. Some points were finalised and the rest would be discussed and finalised in the days to come
with mutual understanding including the National Accountability Bill. Dr Shaikh said that government has taken tough decisions for economic reforms and development of the country. He said that today free and independent media were also a mode of accountability in the country. The minister said that Pakistan was a unique country where the opposition leader is the chairman of Public Accounts Committee. Senator Ishaq Dar talking to media on the occasion said that Pakistan Muslim League (PMLN) has given its view point on its 10-point agenda and asked the government to work on the implementation before due date. He said that the government has been asked to implement the price control mechanism in col-
laboration with the provincial governments and present its details in the next meeting of the committee. Senator Dar maintained that the meeting also discussed the closure of some industrial units in the provinces of Sindh and Khyber Pakthunkhwa (KPK) and asked the federal government to play its role as millions of families depended on these industries. He also informed that the meeting was assured that Ministry of Petroleum and Ministry of Industries and Production would play their role to facilitate these industries to become operational again. He said that next meeting would be held on February 22 which would take stock of the progress of the implementation of reforms agenda.
MBL PAT up 61pc in CY10 Staff Reporter KARACHI: The Board of Directors of Meezan Bank Limited (MBL) under the Chairmanship of H.E Shaikh Ebrahim Bin Khalifa Al-Khalifa, in its meeting held recently, approved the annual audited accounts of the Bank for the year ended December 31, 2010. The Board also declared 15 per cent bonus shares for its shareholders for 2010, thus raising the paidup capital of the Bank to Rs8 billion against the Rs7 billion minimum capital requirement of the State Bank of Pakistan (SBP). By doing so, the Bank will now meet SBP's mandatory minimum capital requirement one year ahead of schedule. Meezan Bank recorded 61 per cent growth in its after-tax profit for the year ended December 31,
2010. Profit after tax for 2010 was Rs1,650 million compared to Rs1,025 million in the previous year. Earnings per Share (EPS) for the year increased to Rs2.36 from Rs1.62 in the corresponding period last year. The Chairman, who is also a minister in the state of Bahrain, said that the Bank showed excellent performance on several other business parameters also. Deposits grew by 31 per cent, from Rs100 billion in December 2009 to Rs131 billion in December 2010. The growth in deposits is directly attributable to the aggressive branch expansion plan initiated since 2008 and an effective direct sales strategy. The Bank opened 21 new branches during 2010 and now operates with a network of 222 branches spread across 63 cities of Pakistan. Investments of
the Bank increased by 139 per cent from Rs23 billion in December 2009 to Rs55 billion in December 2010 - mainly due to investments in GoP Ijara Sukuk issued by the Government of Pakistan during the year. Meezan Bank offers a complete range of Islamic banking products and services including free online banking for all rupee accounts at all its branches. The Bank's retail banking network is supported by 24/7 banking services that include 170 ATMs, Internet Banking, VISA Debit card and a 24-hour Call Center. The Bank's VISA Debit card allows its customers to shop at more than 30 million merchants worldwide and withdraw funds from their accounts from more than 1.4 million ATM's worldwide.
SBP Scheme for Plant & Machinery export
Exporters to get 50pc more funds under LTFF Staff Reporter KARACHI: State Bank of Pakistan (SBP) has decided to increase the maximum financing limit to a single-export-oriented project under the Long Term Financing Facility (LTFF) Scheme for Plant & Machinery from Rs1000 million to Rs1500 million. In this regard, SMEFD circular letter No 04 issued to all banks/ DFIs. However, banks/ DFIs may continue to provide financing facilities as per their credit policies over and above the said maximum limit from their own sources subject to adherence of Prudential Regulations. State Bank of Pakistan through another circular letter (SMEFD Circular Letter No. 05 of February 14, 2011), has also decided that the banks/DFIs may entertain financing requests of New Project or Expansion/ BMR of existing projects on the basis of projected exports based on the following criteria: Minimum Export Target [viz. annual exports of $5million or 50 per cent of sales, whichever is lower] will be met within a maximum period of four (04) years, from the date of grant of refinance from SBP-BSC (Bank), in a phased manner. Furthermore, State Bank of Pakistan has revised/
improved the Credit Guarantee Scheme (CGS) for Small and Rural Enterprises. The Scheme has been revised/ improved in the light of the recommendations of the Technical Committee on Credit Guarantee represented by Sate Bank of Pakistan, UK's Department for International Development (UKAID) and the Pakistan Banks Association (PBA), says SMEFD Circular No 2 issued to all banks. The improvements in the schemes are expected to create desired momentum, thereby ensuring maximum utilisation of the facility and increasing market penetration. Under the scheme guarantee coverage has been reduced from 60 per cent to 40 per cent, interest rate cap has been removed. The bifurcation into two components (I & II) and the restricted scope of clusters have been removed. And legibility requirement for lending to farmers has been increased from Subsistence to Economic Landholding, and the loan size has been increased from Rs0.5 million to Rs2 million. The definition of Small Enterprises has been simplified, while the loan size has been increased from existing Rs5 million to Rs15 million.
LONDON, ENGLAND - FEBRUARY 15: The signage of a branch of Barclays bank in central London
Barclays Russian venture to be sold MOSCOW/LONDON: British bank Barclays will sell its Russian unit and focus on investment banking, saying it was unable to compete in local retail business. "In Russia, we've made a decision to focus our business on government entities, large corporates and multinationals, and to exit the retail business, where we were unable to compete," Bob Diamond, Barclays chief executive, said during a conference call. State-owned banks control around 65 per cent of Russia's top-100 banks' assets, according to Reuters estimates, with Sberbank accounting for almost 50 per cent of deposits in the banking system.
"The strongest opportunity for Barclays in Russia lies in expanding our investment banking business focusing on corporate clients, financial institutions and government entities," Bob Foresman, a president of Barclays Capital Russia, said in a statement. Barclays Bank, ranked Russia's 105 largest bank in terms of assets, bought domestic mid-sized Expobank for $745 million in 2008, just before the global financial crisis cut credit appetite and eaten in banks' profits. Barclays hopes to complete the sale by the end of 2011, a spokeswoman for its Russian division said. Spending more than 4 trillion roubles ($136.8 billion) to support the country's banking and financial sectors during the economic meltdown, Russia started to tighten rules in the system, with private-owned banks facing increasing competition from the state banks. Early on, Barclays bank said it will review its portfolio and cut costs to boost profitability as it grapples with tougher regulations which it said will lower its returns. The warning on returns came as the bank reported a forecastbeating 32 per cent rise in annual earnings, beating expectations thanks to a strong end to the year at investment bank Barclays Capital. Russia's investment banking sector will grow by up to 50 per cent this year, thanks to the state privatisation plans and flourishing merger and acquisition activity, Renaissance Capital's executive told Reuters in December.-Reuters
Shaikh asserts govt fueling up Islamic finance ISLAMABAD: Investment in Islamic banking industry has touched Rs424 billion till 2010 and the government is taking measures to encourage Islamic banking and finance in the country, Finance Minister, Dr Abdul Hafeez Shaikh, told a seminar here. "In the wake of recent global financial crisis and debt problem of the third world countries and the Eurozone, the Islamic banking and finance has established itself globally and is growing at a rapid pace," the federal minister said at the twoday international conference on Islamic Business and Finance. Islamic banking and finance have been growing at a rapid pace globally as Islamic principles proved their viability worldwide, he added. Riphah Centre of Islamic Business (RCIB), a constituent institute of Riphah International University had organised the conference to discuss the present state of Islamic business and finance. The federal minister said that the size of Islamic Banking is expected to reach $1.3 trillion worldwide in near future. Presently more than 1,100 institutions were offering Islamic finance service across the globe. Islamic banking was also very productive for the agriculture field, which could take benefit of it, however urged the banks to extend their role and reach the farming community. He highlighted the importance of modernising the overall
banking system of the country for the economic progress. He said that the Islamic banks, coupled with a number of dedicated Islamic academic, legal, regulatory and supervisory institutions could provide a solid platform for future growth and development of the Islamic finance industry. The federal minister called for the Islamic banking to enhance awareness about Islamic banking products and develop human resource by facilitating and arranging training workshops, short-term courses and particularly offering post graduate academic institutions. Speaking on the occasion, Vice Chancellor, Riphah International University, Dr Anis Ahmed highlighted various aspects of the Islamic banking. Senator Khursheed Ahmed said that there was a needed to evolve a new financial and economic system. He urged the participants of the conference to revisit the fundamentals and realise the importance of Islamic banking and finance.Agencies
Summit Bank Ltd shakes hands with Royal Rodale Club KARACHI: Summit Bank Limited (SBL) (Formerly Arif Habib Bank Limited) has entered into an agreement with M/s ABB Recreations (Pvt.) Limited; owners and operators of The Royal Rodale Club to offer its club membership to potential cust o m e r s through a convenient and affordable financing plan. The most exciting feature of this financing plan is "0 per cent markup" which will enable potential customers to get the club membership through staggered membership fee payment without any additional cost.
Anwar Lutfullah, SEVP/Group Head Consumer Banking, Summit Bank Limited and Asghar Rangoonwala, Chief Executive Officer, ABB Recreations (Pvt.) Limited signed the agreement on behalf of their respective organisations
in a simple but impressive ceremony held at The Royal Rodale Club. The ceremony was also attended by senior management from both the organisations. - NNI
9
Friday, February 18, 2011
North Sea oil near 2.5-yr high on Mideast tension Monthly oil price poll sees fall in Brent soon LONDON: North Sea Brent crude oil steadied around $104 per barrel on Thursday, near a two-and-a-half-year high, as unrest in the Middle East and Israel-Iran tension stoked fears of a disruption of oil flows. Bahrain police stormed a square in Manama, killing at least three people as protests in the Middle East and North Africa gathered pace, inspired by revolts in Tunisia and Egypt. Clashes were reported in tightly controlled oil producer Libya, sandwiched between Egypt and Tunisia, while at least 40 were wounded in Yemen in the seventh day of demonstrations against the president's 32-year rule. The dollar earlier hit a oneweek low against a basket of currencies on worries over rising Middle East tension. "All in all, the pace of change sweeping the region is truly mind-boggling, and we find it unlikely oil prices will settle any time soon as long as this kind of upheaval continues to spread," said Edward Meir, senior commodity analyst at brokers MF Global.
Brent crude for April delivery fell 8 cents to $103.70 by 1508 GMT versus $103.78 on Wednesday, its highest close since September 2008. US crude for March delivery rose 13 cents to $85.12 a barrel. A Reuters poll of analysts and banks suggested on Thursday that Brent would drop later this year as the risk
premium from unrest in the Middle East ebbs. "The current price is unsustainable," said Carsten Fritsch, commodity analyst at Commerzbank in Frankfurt. "Tension in the Middle East should calm down at some point, whereas (North Sea) output should normalise," he said. The spread between Brent and US crude held just below $16 per barrel after hitting a record of $16.31 a barrel on Wednesday. The Credit Suisse global research team said political
tensions would continue to lift global oil prices. "However, we see risks for Brent prices to retrace below $100 if the geopolitical issues are resolved," they said. Tensions between Israel and Iran also kept pressure on markets. Iranian state TV said on Thursday that two Iranian warships were due to pass through the Suez Canal, the first such passage by the I s l a m i c Republic's navy since Iran's 1979 revolution. Israeli Foreign Minister Avigdor Lieberman said Iran's move through the canal en route to Syria would be a provocation. Suez Canal officials said on Thursday they had no notification so far that the Egyptian government would allow the two Iranian naval ships to cross the waterway. US crude pared earlier losses after US data showed prices had risen more than expected in the world's biggest oil consumer, though jobless claims also rose more than forecast.-Reuters
Cotton at limit new record as mills fix price NEW YORK: US cotton futures surged to their 7 cent upside limit, setting an alltime high, early on Wednesday and stayed there until the close as mills rushed to fix prices on cotton bought on-call before the upcoming delivery date for March futures. Because Monday is US President's Day, delivery notices for the March cotton contract will be issued on Friday afternoon for Tuesday delivery, forcing many mills who purchased cotton on call to fix prices by then, brokers said. Benchmark March cotton on ICE Futures US finished at $1.9702 cents a lb., up 7 cents,
or 3.68 per cent. May, July and October contracts all also ended at their 7 cent limits. Synthetic values, derived from moves on the options market, showed May futures got as high at $2.0193 per lb, easing to about $2.00 by the close, suggesting prices will keep rising. An ICE Futures spokesman said, cotton options nearly reached their 14 cent limit. Once cotton prices surpassed $1.70 a lb, the ICE exchange revised its maximum limit for futures price moves to 7 cents up or down. The move in options is limited to double the futures price limit. Late in the day, ICE Futures
raised cotton margins by 16.67 per cent for speculators to $8,400 and for hedgers to $6,000. Until last Friday, prices had never surpassed the $1.89 level reached during the US Civil War during the 1860s. Analysts said scarce supplies have been driving the current rally as demand heats up. Most US cotton has already been harvested and the pace of US cotton export sales continues to run hot. A survey by Reuters showed brokers estimate another round of healthy export sales at 275,000 running bales will be reported by the USDA on Thursday morning. -Reuters
Copper away from record, hits 3-week low LONDON: Copper stumbled to three-week lows on Thursday as inflation worries and the demand-stifling effect of prices near record highs kept sentiment in check. Three-month copper on the London Metal Exchange closed at $9,802 a tonne from $9,843 a tonne at Wednesday's close. Earlier it fell to $9,705, its lowest since Jan. 31. Most other metals also fell, with tin the biggest loser. Copper, used in power and construction, had touched a record high $10,190 a tonne on Tuesday. "We have seen record highs ... but you can clearly see that demand is cooling down a little on the current high prices. This is not just limited to copper but also for the other base metals as well," Commerzbank analyst Daniel Briesemann said. He also said some investors were closing their positions after the recent price gains. "We believe that the degree of correction is likely to be short lived as there is still a strong appetite for buying at lower levels," Metal Bulletin Research analyst Kamil Wlazly said. But metals-focused hedge fund Red Kite said the record highs in copper were unsustainable and that prices needed
to fall 20 per cent or so to attract top buyer China back into the market in a big way. "The price needs to come down to around $7,500 to $8,000 a tonne," said Scott
Shanghai copper drops 1.3pc Shanghai's most active copper contract dropped 1.3 per cent to 74,680 yuan. Prices were expected to fall to 73,850 yuan per tonne as a five-wave cycle has been completed with a correction on the way, said Reuters analyst Wang Tao. Hobart, a portfolio manager at HFZ Capital Management Ltd in Hong Kong, a unit of New York-based Red Kite. LME data showed that exchange open interest in copper and aluminium has risen over the past two days as prices have fallen, indicating new short positions have been established, suggesting traders see further downside to come. Copper inventories in London Metal Exchange ware-
houses, at 407,200 tonnes, were the highest since August last year. Aluminium stocks, at around 4.6 million tonnes, neared record highs of 4,640,750 tonnes hit in January 2010. The market has mostly shrugged off the more than 320,000 tonne rise since the start of this year. The metal used in transport and packaging ended at $2,513 from $2,504 a tonne at Wednesday's close while battery material lead finished at $2,585 a tonne from $2,595. Tin closed at $31,650 versus $32,500 a tonne, having dipped at $30,801. On Tuesday it hit a record high of $32,799 a tonne. Tin is up some 20 per cent so far this year after a surge of nearly 60 per cent last year on falling supplies from top exporter Indonesia and expectations of a large market deficit this year. Zinc finished at $2,514 from $2,486 a tonne, while nickel closed at $28,490 from $28,550 a tonne. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for February 16 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1255
January (3rd Wednesday)
1310
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for February 16 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2330 2340 2310 2320 2280 2290 2280 2290
2476 2476.5 2505 2506 2570 2575 2613 2618
9924.5 2618.5 9925 2619 9904.5 2617 9905 2619 9710 2560 9720 2565 9300 2515 9310 2520
28550 28555 28550 28575 27430 27530 26090 26190
TIN
ZINC NASAAC
32425 2477 32450 2477.5 32550 2508 32600 2510 32150 2538 32200 2543 2525 2530
2460 2470 2480 2490 2520 2530 2575 2585
European vegetable oil prices ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11 999.00+16.00, Mar11 1004.00+19.00, Apr11 1004.00+19.00, May11/Jul11 1014.00+14.00, Aug11/Oct11 1019.00+9.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1020.00+5.00, Aug11/Oct11 990.00+5.00, Nov11/Jan12 998.00+8.00, Feb12/Apr12 1003.00+8.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1435.00-10.00, Jul11/Sep11 1445.00-5.00, Oct11/Dec11 1385.00-5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Mar11/Apr11 1530.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Feb11 1285.00+5.00, Mar11 1285.00+5.00, Apr11/Jun11 1275.00+7.50, Jul11/Sep11 1240.00+2.50, Oct11/Dec11 1230.00. PALMOIL: RBD dlrs tonne cif Rotterdam Mar11 1347.50, Apr11/Jun11 1315.00. PALMOIL: RBD dlrs tonne fob Malaysia Mar11 1292.50+12.50, Apr11/Jun11 1260.00+10.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Mar11 1300.00+12.50, Apr11/Jun11 1267.50+10.00, Jul11/Sep11 1215.00+10.00, Oct11/Dec11 1202.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 2315.00, Feb11/Mar11 2290.00+10.00, Mar11/Apr11 2265.00+5.00, Apr11/May11 2225.00-25.00. Reuters
Indian sugar ends steady for 3rd day MUMBAI: Indian sugar prices were steady for a third straight day on Thursday as wedding season demand failed to bolster sentiment that has been hammered by higher non-levy quota for February, dealers said. India has made available 1.62 million tonnes of non-levy sugar for February, including 300,000 tonnes unsold stocks of January. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. "Demand is improving due to weeding season, but it is not enough to consume entire quota for February. It is much higher than demand," said a member of Bombay Sugar Merchants Association (BSMA). In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety edged up by 0.15 rupee to 2,673 rupees ($59) per 100 kg. Sugar contract for March delivery on India's National Commodity and Derivatives Exchange (NCDEX) closed 0.36 per cent down at 2,804 rupees per 100 kg. -Reuters
HARARE - ZIMBABWE: Communal tobacco farmers await buyers at Zimbabwe's Tobacco Sales Floor (TSF) in Harare. Reuters
Gold at 5-wk high as ME unrest rises
Cocoa eases from high; sugar falls
LONDON: Gold prices extended early gains to five-week highs on Thursday as flaring tensions in the Middle East region added to impetus from a retreat in the dollar and simmering concerns over rising inflation. Its strength buoyed silver prices, which rallied to within 10 cents of the 31-year high it hit earlier this year.
ning to have faith," said ANZ Bank analyst Peter Hillyard. "The mood of the market is that an inflation story, a war story, an Egypt story, a Bahrain story will all be bullish for gold, because the market is looking for those at the moment." The metal is also taking support from haven demand as unrest spread across the Middle
Gold is set for its strongest weekly performance since the start of the year as unrest in the region spread, boosting other perceived safe-haven assets like the Swiss franc, which rose 0.9 per cent on the day and US Treasuries. Spot gold rose to a five-week high at $1,384.30 an ounce and was bid at $1,383.20 an ounce at 1633 GMT, against $1,374.20 late in New York on Wednesday. US gold futures for April delivery rose $8.90 to $1,384.00. The metal has erased some of the decline it posted in January, its worst-performing month since Dec. 2009, as investor confidence in the metal's underlying strength improved. "The market is tending to be a little on the long side at these levels, because they are begin-
East after protests earlier in the year unseated leaders in Tunisia and Egypt. "Upheavals in Libya and Iranian warship threats in the Suez Canal shifted market sentiment and pushed gold upward," said Barclays Capital in a note. The World Gold Council said overall demand for gold is likely to remain firm this year, driven by buying from India and China, as it released a report showing consumption of the precious metal rose to a ten-year high in 2010. Silver rose 1.6 per cent to its highest since Jan. 3 at $31.13 an ounce, and was later at $31.10 an ounce against $30.63. Palladium was down 0.25 per cent as $835.88, and platinum rose 0.4 per cent to $1,834. -Reuters
LONDON: ICE cocoa eased from a fresh one-year high of $3,455 a tonne on Thursday, as more banks suspended operations in Ivory Coast, strangling cocoa trade. ICE May cocoa traded down $5 or 0.15 per cent at $3,416 a tonne at 1618 GMT, having earlier touched the one-year high of $3,455 per tonne. Liffe May cocoa was down 15 pounds or 0.7 per cent to 2,222 pounds per tonne in modest volume of 6,132 lots. ICE raw sugar futures fell in another highly volatile session, drifting further away from the Feb. 2, 30-year high. ICE March raw sugar were down 0.57 cent or 1.8 per cent to 31.20 cents a lb at 1622 GMT, below the Feb. 2, 30year high of 36.08 cents. London May white sugar was down $13.70 or 1.80 per cent at $735.00 per tonne in low volume of 1,405 lots. Dealers focused on the expiry of the ICE March raw sugar contract on Feb. 28. ICE arabica coffee futures probed near their 13-1/2-year peaks, supported by a lack of high-quality washed Colombian beans, roaster buying and investor interest, dealers said. ICE May arabicas traded up 3.4 cent or 1.30 per cent at $2.6500 per lb at 1635 GMT. Liffe May robusta coffee traded up $5 or 0.3 per cent at $2,288 per tonne in moderate volume of 7,288 lots. -Reuters
Palm drops on possible China tax move JAKARTA: Malaysian palm oil futures dropped to a fresh threeweek low Thursday as traders grew concerned that a possible cut in taxes for a range of imported goods by China may not benefit the vegetable oil. The benchmark May 2011 crude palm oil contract on Bursa Malaysia Derivatives tumbled more than 2 per cent to 3,665 ringgit ($1,204) a tonne, a level unseen since Jan. 27. "Palm oil traders have been looking for an excuse to take profit from the recent rally and China's possible tax move was
the trigger," said a trader with a foreign commodities brokerage. China's Ministry of Commerce has asked for opinions from other ministries about the idea of cutting import taxes on a range of goods, two sources familiar with the move told Reuters on Thursday. Malaysian and Singaporean traders dealing with China say Beijing may reduce import duties for soybean oil to 5 per cent from 9 per cent and cut soybean import taxes to 1 per cent from 3 per cent while keeping palm oil duties at 9 per cent.
Cutting soy import duties will set the stage for more orders of the oilseed and limit palm oil shipments to the world's largest food shopper. The most-active September 2011 soyoil on the Dalian Commodity Exchange eased to 10,490 yuan versus an open at 10,560 yuan. In related markets, the Chicago Board of Trade wheat for March delivery rose 0.81 per cent to $8.43-3/4 per bushel by 0326 GMT, edging back towards recent highs after a bout of fund selling saw prices drop this week. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
17-Feb-2011 CRUDE100 17-Feb-2011 CRUDE100 17-Feb-2011 CRUDE100 17-Feb-2011 SILVER - SL500 17-Feb-2011 SILVER - SL500 17-Feb-2011 GOLD 01oz 17-Feb-2011 GOLD 01oz 17-Feb-2011 GOLD 01oz 17-Feb-2011 GOLD 100oz 17-Feb-2011 GOLD 100oz 17-Feb-2011 GOLD 100oz 17-Feb-2011 GOLD 17-Feb-2011 GOLD 17-Feb-2011 GOLD 17-Feb-2011 KILOGOLD 17-Feb-2011 KILOGOLD 17-Feb-2011 TOLAGOLD50 17-Feb-2011 TOLAGOLD100 17-Feb-2011 MINIGOLD 17-Feb-2011 MINIGOLD 17-Feb-2011 MINIGOLD 17-Feb-2011 MINIGOLD 17-Feb-2011 MINIGOLD 17-Feb-2011 TOLAGOLD 17-Feb-2011 TOLAGOLD 17-Feb-2011 TOLAGOLD 17-Feb-2011 TOLAGOLD 17-Feb-2011 TOLAGOLD 17-Feb-2011 IRRI6W 17-Feb-2011 RICEIRRI - 6 17-Feb-2011 RBD PALMOLEIN 17-Feb-2011 KIBOR3M 17-Feb-2011 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 MA11 AP11 MA11 AP11 MY11 MA11 AP11 MY11 MA11 AP11 MY11 MA11 AP11 MA11 MA11 MON TUE WED THU FRI MON TUE WED THU FRI 17FE11 FE11 FE11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
84.65 87.90 91.18 30.78 30.76 1373.10 1373.00 1373.80 1372.90 1373.10 1374.10 37859.00 37878.00 38031.00 37831.00 37847.00 44125.00 44125.00 38912.00 38953.00 38967.00 38884.00 38898.00 45000.00 44996.00 45450.00 44689.00 45470.00 3226.00 3257.00 5579.00 86.21 85.61
85.86 88.64 91.18 30.95 30.76 1382.00 1382.50 1383.00 1380.00 1382.00 1380.40 38084.00 38095.00 38112.00 38056.00 38068.00 44388.00 44388.00 39128.00 39171.00 39185.00 39199.00 39113.00 45291.00 45400.00 45450.00 45055.00 45470.00 3275.00 3306.00 5579.00 86.22 85.64
84.37 87.15 90.77 30.30 30.75 1368.50 1369.00 1369.50 1372.90 1371.80 1374.10 37859.00 37800.00 38031.00 37831.00 37847.00 44125.00 44125.00 38912.00 38953.00 38967.00 38884.00 38898.00 44721.00 44768.00 44784.00 44689.00 44705.00 3226.00 3257.00 5452.00 86.21 85.61
85.12 87.96 90.77 30.74 30.75 1380.00 1380.40 1381.10 1380.00 1380.40 1380.40 38084.00 38095.00 38112.00 38056.00 38068.00 44388.00 44388.00 39128.00 39171.00 39185.00 39199.00 39113.00 44972.00 45022.00 45038.00 45055.00 44956.00 3275.00 3306.00 5452.00 86.22 85.64
Traded Volume in lots 584 127 155 966 2,546 2,028 33 10 21 5 2 2 -
Previous Settlement Price 85.11 88.03 91.25 30.68 30.69 1377.40 1377.80 1378.50 1377.40 1377.80 1378.50 38004.00 38015.00 38031.00 37976.00 37988.00 44295.00 44295.00 39046.00 39087.00 39101.00 39115.00 39032.00 44877.00 44925.00 44941.00 44957.00 44861.00 3226.00 3257.00 5579.00 86.21 85.61
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 85.12 350 87.96 82 90.77 3 30.74 46 30.75 1 1380.00 771 1380.40 1,474 1381.10 941 1380.00 1380.40 8 1381.10 38084.00 1 38095.00 81 38112.00 38056.00 38068.00 44388.00 44388.00 39128.00 39171.00 39185.00 39199.00 39113.00 44972.00 16 45022.00 6 45038.00 3 45055.00 44956.00 14 3275.00 3306.00 5452.00 86.22 85.64 -
Bryan Adams performs during opening ceremony of Cricket World Cup at Bangabandhu National Stadium in Dhaka
10
Friday, February 18, 2011
Cricket World Cup 2011 Begins
For Balls of Fire & Bats of Fury
T
he Cricket World Cup hits the subcontinent Saturday with an unabashedly biased format favouring marquee teams like India which seeks to salvage the country's reputation as a capable host of major sporting events.
game is followed with no less fervour. Within 24 hours of their cricket team's first-round ousting following a shock defeat by Ireland, coach Bob Woolmer was found dead in mysterious circumstances. The security excesses and over-
The game's governing body appears to have learnt their lesson from the soulless tournament in the Caribbean four years ago where India's early exit robbed the event of the attention of its largest and arguably most passionate support base. Worse awaited Pakistan, where the
priced tickets conspired to sap the event of its soul but the International Cricket Council (ICC) seems determined to right most of the wrongs and the first step was to tweak the format even if it meant bias. "We're trying to ensure we give every team the best opportunity of remaining in the competition and not losing out just because of one bad game ... so that the best do go through," ICC chief executive H a r o o n Lorgat told Reuters earhe opening lier this ceremony of the week. The 14 World Cup got under way teams are Thursday with now split two the captains of into the 14 competing round-robin teams paraded g r o u n d s through Dhaka's with the top h i s t o r i c four in each B a n g a b a n d h u progressing to the Stadium in next stage. As the c o l o u r f u l l y ICC says, one bad draped rickresult will not now shaws. Protected by a lead to a swift deparsheet of bullet- ture home. India and proof glass, B a n g l a d e s h Bangladesh start the February 19-April 2 prime minister Sheikh Hasina tournament in Dhaka watched as home Saturday with the skipper Shakib Al Hasan received a rapturous welcome from the opening ceremony packed arena as he arrived at the rear of the unusual parade. also in the The two-hour event, in which Ricky Ponting, captain of Bangladeshi capital defending champions Australia, led the sparkling three-wheeled Thursday. procession, saw 3,500 performers putting on a show reflecting AUGURS WELL Indian, Sri Lankan, and Bangladeshi culture. Cricket's revised Indian singer Sonu Nigam and Bangladesh-based Runa order also Laila as well as veteran Canadian rocker Bryan Adams were world augurs well for the the headline acts. "I hope that the games will be memorable and exciting," tournament in the subcontinent which said Sheikh Hasina. "It gives me great pleasure to declare the 2011 ICC Cricket has kept the game's coffers overflowing. World Cup open." Dhaka has been spruced up for the World Cup as it seeks to Australia no longer
Skippers ride cyclerickshaws
have that aura of invincibility that stemmed from their four World Cup titles, including the last three. Since Australia's 2007 victory in the West Indies, others have not only bridged the gap but some have clearly overtaken them, rendering the 10th World Cup as one of the most open since it launched in 1975. India are determined to gift batting great Sachin Tendulkar a perfect farewell gift, South Africa have had enough of being the perennial bridesmaids, Sri Lanka are eying an encore of their 1996 success as co-hosts, while England and Pakistan are also determined to lay their hands on the holy grail. For India, the tournament would be as much about flexing cricketing muscle as salvaging the country's reputation as an efficient host of major sports events. Last year's Commonwealth Games was intended to showcase India's growing financial might but it ended up being a $6 billion public relations disaster salvaged only after a late scramble by the government. BITTER MEMORIES Those bitter memories were revived last month when ICC stripped Eden Gardens in Kolkata, India's best known ground, of its only showpiece match -India v England -- because of a delay in construction. Sports historian Boria Majumdar believes India can redeem itself with a
T
take advantage of a prime opportunity to rebrand a country often known only for devastating floods and cyclones. The impoverished South Asian nation has spent more than $100 million to tidy up for the tournament it co-hosts with India and Sri Lanka, looking at the showpiece as the biggest event since independence in 1971. Beggars have been paid to stay off roads, hawkers have been evicted from overcrowded pavements and buildings given a new coat of paint. Efforts have even been made to reduce the infamous traffic jams in the bustling capital. Even though Bangladesh hosts just eight of the 49 matches at two venues, in Dhaka and the port city of Chittagong, the entire nation is in the grip of cricket fever. "The World Cup has given us a great opportunity to show the world, particularly the global press, that we are not only a country of floods, cyclones or natural disasters," said Ramendu Majumdar, a top branding expert. The 10th World Cup, which runs for six weeks, starts on Saturday when Bangladesh tackle favourites India.-APP
successful World Cup. "It's maybe the subcontinent's World Cup but let's have no illusion about who is running the show (India)," Majumdar told Reuters. "If they pull off a hiccup-free smooth tournament, it will be a redemption for India after the Commonwealth Games fiasco," said Majumdar, who coauthored "Sellotape Legacy: Delhi And The Commonwealth Games," a book on the troubled Games. For once, security will not, according to the ICC at least, be the vexed issue it was when the region last hosted the event 15 years ago. "It is a non-issue," Lorgat told Reuters earlier this week. In 1996, Australia and New Zealand forfeited preliminary matches rather than playing in Colombo barely a week after a massive blast had killed 80 people in the Sri Lankan capital. Bombs have frequently gone off in
Group A Squads
S
quads for teams in Group A at the Cricket World Cup in India, Sri Lanka and Bangladesh from Feb. 19 to April 2: AUSTRALIA: Ricky Ponting (captain), Shane Watson, Brad Haddin, Michael Clarke, David Hussey, Callum Ferguson, Cameron White, Tim Paine, Steven Smith, John Hastings, Mitchell Johnson, Brett Lee, Shaun Tait, Doug Bollinger, Jason Krejza. NEW ZEALAND: Daniel Vettori (captain), Hamish Bennett, James Franklin, Martin Guptill, Jamie How, Brendon McCullum, Nathan McCullum, Kyle Mills, Jacob Oram, Jesse Ryder, Tim Southee, Scott Styris, Ross Taylor, Kane Williamson, Luke Woodcock. PAKISTAN:
Shahid Afridi (captain), Misbah-ul-Haq, Mohammad Hafeez, Kamran Akmal, Younus Khan, Asad Shafiq, Umar Akmal, Abdul Razzaq, Abdur Rehman, Saeed Ajmal, Shoaib Akhtar, Umar Gul, Wahab Riaz, Ahmed Shehzad, Junaid Khan. SRI LANKA: Kumar Sangakkara (captain), Mahela Jayawardene, Tillakaratne Dilshan, Upul Tharanga, Thilan Samaraweera, Chamara Silva, Chamara Kapugedera, Angelo Mathews, Thisara Perera, Nuwan Kulasekara, Lasith Malinga, Dilhara Fernando, Muttiah Muralitharan, Ajantha Mendis, Rangana Herath. ZIMBABWE: Elton Chigumbura (captain), Regis Chakabva, Charles Coventry, Graeme Cremer, Craig Ervine,
Gregory Lamb, Shingirai Masakadza, Terry Duffin, Christopher Mpofu, Raymond Price, Tinashe Panyangara, Tatenda Taibu, Brendan Taylor, Prosper Utseya, Sean Williams. CANADA: Ashish Bagai (captain), Rizwan Cheema, Harvir Baidwan, Nitish Kumar, Hiral Patel, Tyson Gordon, Henry Osinde, John Davison, Ruvindu Gunasekera, Parth Desai, Karl Whatham, Khurram Chohan, Jimmy Hansra, Zubin Surkari, Balaji Rao. KENYA: Jimmy Kamande (captain), Seren Waters, Alex Obanda, David Obuya, Collins Obuya, Steve Tikolo, Tanmay Mishra, Rakep Patel, Maurice Ouma, Thomas Odoyo, Nehemiah Odhiambo, Elijah Otieno, Peter Ongondo, Shem Ngoche, James Ngoche.-Reuters
Pakistan, where the visiting Sri Lankan cricketers were attacked in 2009. Subsequently, the ICC shifted World Cup matches out of Pakistan, while Sri Lanka's three-decade civil war also ended in 2009 heralding relative peace in the region. "All indications and reports point towards an e a g e r l y a w a i t e d e v e n t , " Lorgat said in a statem e n t Wednesday. "Whether it is in Bangladesh, India or Sri Lanka the interest in the event is evident and we are grateful to the three hosts for their splendid efforts in preparing well for the tournament. "The World Cup promises to be a showpiece full of colour and passion and will be the pride and joy of each host nation." From a fan's point of view, the World Cup would be a coming together of contemporary cricket's most maverick batsmen and their trademark unorthodox shots -- be it Kevin Pietersen's 'Switch Hit', Tillakaratne Dilshan's 'Dilscoop' or Mahendra Singh Dhoni's 'Helicopter Shot'. It is also going to be the last
Tendulkar, Muttiah Muralitharan and Ricky Ponting, while the debut of the Decision Review System in the showpiece event also offers all 14 teams
World Cup for cricketing greats S a c h i n
additional protection against umpiring howlers. At least, that is ICC's hope.Reuters
International & Continuation
Friday, February 18, 2011
US core inflation fastest in more than a year WASHINGTON: US core consumer prices rose at the fastest pace in more than a year in January, indicating a long period of slowing inflation had run its course. The Labor Department said on Thursday its core Consumer Price Index, which excludes food and energy costs, increased 0.2 per cent-- the largest gain since October 2009. The index rose 0.1 per centin December. The increase, which was above economists' expectations for a 0.1 per centgain, was driven by rises in the cost of apparel, shelter and airline fares. Economists largely agreed inflation had bottomed but they said the turnaround in prices was unlikely to be so swift as to trouble policymakers at the Federal Reserve, who are still pumping money into the economy. "It is in line with our view that the disinflation process bottomed in the fourth quarter. We do not see pricing power being passed along yet," said Michael Gapen, a senior US economist at Barclays Capital in New York. The still soft inflation scenario was supported by a rise in applications for unemployment benefits last week, which suggested the labor market recovery would remain gradual, restricting wage growth. Data on Thursday showed that although the economic
recovery is gathering steam as the manufacturing sector maintains its strong expansion pace, growth is still not that robust. The Conference Board's measure of leading indicators rose 0.1 per centto 112.3 in January, following a 0.8 per centgain in December. US government debt prices rose and the dollar fell broadly. Stocks on Wall Street were lower. Overall CPI rose 0.4 per centafter increasing by the same margin in December. Food and energy accounted for over two-thirds of the rise in overall CPI. Economists had expected headline CPI to rise 0.3 per centlast month. The report came a day after the government reported core wholesale prices increased at their fastest pace in more than two years in January, raising concerns among some investors that inflation might be building up. Despite the slightly above expectations rise in January, the consumer inflation report tended to support the Fed's views that inflation remains too low. This is in stark contrast to other economies, where surging commodity prices have put central banks on the alert for inflation. The January consumer inflation report showed prices for new vehicles and used cars declining. In the 12 months to January, core inflation rose 1.0 per cent after rising 0.8
per centin December. That was the largest gain since March. Economists had expected a year-on-year rate of 0.9 percent. In a second report, the Labor Department said initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 410,000, partially reversing the prior week's hefty decline. Economists had forecast claims rising to 400,000. The claims data covers the survey period for part of the government's employment report for February. But the correlation between claims and nonfarm payrolls has weakened somewhat. Claims have been hovering above the 400,000 mark, a sustained breach of which is regarded by economists as signaling strong jobs growth. "When I put this with other data out there, it continues to reinforce the idea that things are slowly improving. Not as fast as a lot of people want, but we are improving," said TC Robillard, a senior research analyst at Signal Hill in Baltimore. Separately, the Philadelphia Federal Reserve Bank said its business activity index rose to 35.9 in February from 19.3 the month before. It was the highest reading since January 2004. Any reading above zero indicates expansion in the region's manufacturing.Reuters
Japan corp mood up, wary of commodity inflation TOKYO: Japanese manufacturing confidence rose for the second straight month in February and service sector mood turned positive for the first time since 2008, providing more evidence of an economic recovery, a Reuters poll showed. But a recent spike in commodity prices made manufacturers wary on the outlook for the next three months as they fret about the impact from rising costs on their profits, the monthly Reuters Tankan showed. The poll, which has a 95 per centcorrelation with the Bank of Japan's closely watched quarterly tankan survey, underlined the view that the economy will resume a moderate recovery this year after a slight contraction in the final quarter of 2010. "The improvement in sentiment suggests that Japan will escape from a lull in JanuaryMarch led by a recovery in exports and factory output, thanks to demand from China," said Yasuo Yamamoto, senior economist at Mizuho Research Institute. "But the risks are whether China's tightening to control inflation will slow its growth and the way corporations manage price hikes in resources, as these could squeeze their profits." The improvement in corporate sentiment comes as both the central bank and the government have raised their assessments of the economy, thanks to brisk demand from China which overtook Japan as the world's second biggest economy last year. The mood among non-manufacturers is seen improving in May, while manufacturing confidence is expected to worsen slightly, with companies blaming commodity inflation.-Reuters
CONTINUATION No #1
Continued from page 12
The representatives of various investment banks and the business groups made a detailed representation on this occasion and suggested solutions to the economic problems stating that the emerging markets have their inherited demands while Pakistan capital markets were currently well placed and operating on 35 per cent discount ratio in the region. The matter pertaining to issuing convertible/ exchangeable bonds of big trenches such as in Oil & Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and other entities were also discussed. The feedback will now be presented in a meeting of the subcommittee of the Cabinet Committee on Privatization on issuing equity-linked instruments in Public Sector Entities (PSEs), being held Friday (today). Earlier, Muhammad Ejaz Chaudhry welcomed the minister on behalf of the officers and staff of the Ministry and the Privatization Commission and assured him of full support in executing the instructions for speeding up the process. The representatives of Barclays Bank, Standard Chartered Bank, Citi Bank, AKD Securities, National Bank of Pakistan (NBP) Equity investments and others attended the meeting. -Agencies
No #6
Continued from page 12
While the US- and Kerry himself- insisted that his Pakistan trip was "to reaffirm US support for the strategic relationship between the two countries," but Pakistani officials said that his visit was primarily to do with Davis. "We recognise Senator Kerry as a friend and supporter of Pakistan. He is indeed here to help find a resolution to the Raymond Davis issue," said the high-ranking Pakistani official. -Agencies
No #7
Continued from page 12
Barbed wire and police cars with flashing blue lights encircled Pearl Square, the site of anti-government rallies since Monday. Police cleaned up flattened protest tents and trampled banners inside the square, littered with broken glass, tear gas canisters and debris. A body covered in a white sheet lay in a pool of blood on the side of a road about 20 yards (meters) from the landmark square. Demonstrators had been camping out for days around the square's 300-foot (90-meter) monument featuring a giant pearl, making it the nerve center of the first anti-government protests to reach the Arab Gulf since the uprisings in Tunisia and Egypt. The protesters' demands have two main objectives: force the ruling Sunni monarchy to give up its control over top government Continued from page 12 posts and all critical decisions, and address deep grievances held No #2 An International Monetary Fund (IMF) emergency loan pack- by the country's majority Shiites who claim they face systematic age agreed in November 2008 helped Pakistan avert a balance of discrimination and are effectively blocked from key roles in public service and the military. But among Bahrain's rulers, the payments crisis and shore up reserves. It received the fifth tranche of $1.13 billion of the IMF loan of prospect of a prolonged crisis raised fears of a potential flashpoint $11 billion and Pakistan and IMF authorities are scheduled to between Iran and its Arab rivals in the Gulf. Bahrain's ruling Sunni dynasty is closely allied to Saudi Arabia and the other Arab meet before June 30 to discuss the release of the sixth tranche. regimes in the Gulf. Shiite hard-liners in Iran have often expressed Continued from page 12 No #3 kinship and support for Bahrain's Shiite majority, which accounts He told accused were outside the country and the land was pur- for 70 per centof the island's 500,000 citizens. -Reuters chased in Dubai, therefore, efforts were being made through Continued from page 5 No #8 diplomatic channel to arrest them. The court directed the comRs1.71 billion due to lower volumetric sales and higher coal merce secretary to get audit of NICL conducted soon as this was an important matter besides presenting the report in this respect in prices. The main reason for decline in earning was a rise in sellthe court. SC directed Attorney General to take steps to ensure ing and distribution cost by 46.8 per cent to Rs769 million as security of additional DG FIA in the wake of life threats being against Rs524 million recorded in the corresponding period last faced by him so that he could investigate the case independently. year. In 2QFY11 alone, above expenses rose by a whopping 250 The hearing of the case has been adjourned for further one per cent YoY to Rs442 million versus Rs127 million witnessed in 2QFY10. Administrative expenses also went up by 22 per cent at month. -Online Rs99 million in 1HFY11. However, other charges went down by Continued from page 12 No #4 65 per cent to Rs49 million versus Rs140 million in 1HFY10. The matter is before the court which has also fixed a date for Similarly, finance cost increased by 6.3 per cent to Rs1,016 milhearing. Pakistan expects that its judicial processes will be lion compared to Rs956 million in 1HFY10. respected, Babar said. He emphasised the need for positive mesContinued from page 5 No #9 saging from both sides to help build trust and confidence between "The market is proving resilient to news in the Middle East the two countries. He stated that at the core of Pakistan-US relations has always been a shared belief in the common values of which usually would have caused things to wobble more," Keith Wade, chief economist and strategist at Schroders said. Banks freedom, liberty, democracy and the rule of law. He recalled that US had sided with Pakistan and his which continued their ascent from Tuesday when Barclays posted Government in struggle for restoration of democracy as a result of forecast-beating results. Royal Bank of Scotland and Lloyds which Pakistan now had a free-media, a vibrant Parliament and a Banking Group, set to unveil full-year results next week, rose 3.8 strong independent Judiciary. Prime Minister termed Senator John per cent and 3 per cent respectively. "The environment is very good, with low interest rates and big Kerry as a known friend of Senator John Kerry agreed with Prime Minister that positive messaging would help to develop under- margins," Wade said. Evolution Securities added RBS to its "core standing between the two countries and discourage those elements buy portfolio", saying it was a "clear beneficiary of potentially who desire to exploit the situation to the disadvantage of strategic better trading conditions in retail and investment banking in the UK", while Lloyds remained the broker's "Top Conviction Buy" relationship build to fight extremism and terrorism. -Agencies in the European banking sector. Miners weakened as copper stumContinued from page 12 No #5 bled to three-week lows with inflation worries and the demandAddressing Salman Raja, the Chief Justice told him that his stifling effect of prices near record highs keeping sentiment in objective had been achieved as he had saved mismanagement of check. BAE Systems was the biggest faller down 4.2 per cent, Rs25 billion as claimed by him. The Chief Justice further said that after the defence contractor said it expected sales to fall in 2011 secretary had taken a personal responsibility. as the impact of defence cuts in the UK and the United States "We must trust him and respect him as being a strict officer," he begin to hit home.Investec Securities placed its "buy" rating for added. He said if he felt any grievance after the new process, he the stock under review.-Reuters could approach the competent forum. The Secretary appearing in Continued from page 5 No #10 person apprised the bench that they would be arranging pre-built conference among manufacturers. The Chief Justice told him to for wireless and broadband segments and issues related to speclook into issue of about 300 dysfunctional locomotives rusting trum regulations. due to non-availability of parts. -Online The 30-share BSE index rose 1.13 per cent or 205.92 points to
11
18,506.82, its highest close in three weeks. Nineteen of its components closed in the green. The benchmark has risen nearly 6 per cent over five sessions, but is still down 9.7 per cent in 2011, as foreign funds pulled out $1.7 billion. "Food inflation coming off a bit has provided some relief," said RK Gupta, managing director of Taurus Mutual Fund, but added there was strong resistance for the broader 50-share Nifty index at around 5,600 points. The Nifty or NSE index closed up 1.2 per cent at 5,546.45 points. "If FIIs end up as net buyers for a couple of more sessions and if we are able to hold on above 5,600 level, the downside risk will be limited," Gupta said.-Reuters
No #11
Continued from page 5
93 advanced, and shares prices of 106 scrips remained unchanged.
No #12
Continued from page 5
The April high becomes the Nikkei's next target but analysts say that with the market nearing 11,000 after rapid gains, it will become more vulnerable to profit-taking and any further advances will be hard-won. The broader Topix index gained 0.7 per cent to 974.14. Japanese stocks are trading at 1.1 times current book value, below the average of global equity markets, which are trading at 2 times their current book values, data from Thomson Reuters StarMine showed. "Investors are unlikely to chase the market higher to the point where Japan's book value is in line with global market valuations, but they may buy till the Nikkei is around 12,000," Kono said. Boosting sentiment were earnings from Dell Inc that beat expectations and an offer by activist investor Nelson Peltz's Trian Group to acquire Family Dollar Stores Inc. Core blue-chip stocks outpaced advances in small and mid-size cap shares with printer and digital camera maker Canon Inc climbing 3.9 per cent and Sony Corp rising 1.8 per cent.-Reuters
No #13
Continued from page 1
"As the Senator said during his visit, we want to work together as two countries that have a common interest in the same goal and find a path forward."Echoing Senator Kerry, the Ambassador added, "I would also like to convey to the people of Pakistan our deepest sorrow for the loss of life that occurred in the tragic incident in Lahore. We all feel the pain and the anguish of families who have lost loved ones." -NNI
No #14
Continued from page 1
ministers before taking up the formal agenda. He hoped that the new cabinet would work with "energy, zeal and experience" and live up to the expectations of the masses. He expressed the hope that the Cabinet would leave no stone unturned in steering the country out of its difficulties. "We all are aware of the fact that the need to build a stable Pakistan has never been felt as strongly as it is being felt today." He said that the government since 2008 had spent much of its time and energy in introducing structural reforms required for the supremacy of Parliament. These included sustainable macro-economic stability, balanced foreign policy, strong defense, elimination of terrorism, distribution of the finances for the provinces and the Federal Government, helping the agriculture sector and giving due rights to the people of Balochistan. He said all these issues were progressing towards a logical conclusion and were being widely acclaimed. "The manner in which we have tackled these issues reflects the wisdom and maturity of the country's political leadership, Parliament and the Cabinet. These steps will draw the contours of our future history," Gilani said. He said that during the remaining tenure the government would focus its energies towards addressing issues that have direct bearing on the life of common man. These included expanding coverage of Benazir Income Support Programme, a viable mechanism for price control especially for food items that was being worked out in consultation with the provinces. He said that these also included improvement of law and order. Senator Kerry agreed with the Prime Minister that positive messaging would help to develop understanding between the two countries and discourage those elements who desire to exploit the situation to the disadvantage of strategic relationship build to fight extremism and terrorism. -Agencies
No #15
Continued from page 1
hearing of the United States Senate Select Committee on Intelligence. The relationship between Pakistan and the US is one of the most complicated relationships that I have seen in a long time, Panetta said in response to a question. "On the one hand, obviously we are involved in targeting the leadership of al Qaeda there in Fata. And we do get the cooperation of Pakistanis in that effort," Panetta said. "In addition to that we have gotten their cooperation on a military basis and that has been appreciated as well," he said. Simultaneously, Pakistan looks at issues related to its national interest and takes steps that further complicate the relationship and create tensions between the two states, Panetta said. "That happens a great deal. Our effort is to try to work through those. We are involved in obviously very important efforts to deal with an enemy that threatens this country and we're doing it in their nation, in the Fata and the tribal areas, it does require that we have to go out of our way to do everything possible to get their cooperation," he said. Panetta said another complicating issue was the fact that Pakistan was a nuclear power. "They have a number of nuclear sites throughout their country, and they have proceeded to keep up development of their nuclear weapons," he said. -Online
No #16
Continued from page 1
government at Thursday's hearing, told Lahore High Court Chief Justice Ejaz Ahmad Chaudhry that the Foreign Ministry needed more time to submit a response on the diplomatic status of US official Raymond Davis. Khwaja Haris, the Advocate General of the Punjab government, told the court that the federal government alone could determine whether Davis has diplomatic immunity. He argued that the Vienna Convention does not give blanket immunity to persons involved in heinous crimes. Davis had been charged for murder by police, he remarked. After hearing the arguments of the lawyers for the federal and provincial governments, Chief Justice Chaudhry said: "How can the court proceed further in the case till the Foreign Office tells us about his (Davis') diplomatic status?" The Chief Justice subsequently adjourned the matter till March 14. An application was also filed today by lawyer Azhar Siddique to make former Foreign Minister Shah Mehmood Qureshi party to the case as he has disclosed that the Foreign Office was of the opinion that Davis does not enjoy "blanket immunity". Deputy Attorney General Malik also informed the court that Davis' name had been included on the government's Exit Control List to bar him from leaving Pakistan. Davis was arrested in Lahore on January 27 after he shot and killed two Pakistani men who he said were trying to rob him.
No #17
Continued from page 1
Rs111 billion in CY09, mainly fuelled by high fertiliser prices. However, industry urea off take dropped 5.5 per cent YoY to 6.12 million tonnes recorded in CY10 against 6.47 million tonnes during the identical period of last year. Similarly, Di-ammonium phosphate (DAP) offtake remained weak in the outgoing year with the industry witnessed a decline of 22.1 per cent on YOY basis. DAP sales remained at 1.32 million tons compared to 1.69 million tons in CY09. Similarly, gross profit surged 25.5 per cent to Rs45.84 billion compared with Rs36.53 billion in CY09.
No #18
Continued from page 1
The President also said that ensuring continuity of economic policies and taking along all the political parties was necessary to ensure sustained economic growth. The President said that had the business community owned the energy policy of mid-90s and stood against their reversal when the PPP government was undemocratically removed from office, we would not have been facing the present energy crisis, he remarked. Talking about the ownership of policies, the President said that if Pakistan's business community took ownership of the economic policies and played a proactive role, no international agency would be able to dictate Pakistan in economic sphere.-NNI
No #19
Continued from page 1
crop this year despite floods mainly because of availability of irrigation water, timely rains and provision of fertilizer and seeds to the farmers in the flood affected areas. However the briefing was told that exact crop estimates would be available during the second week of March. It was suggested that Pakistan must take advantage of the higher wheat prices in the international market and go for maximum export of the commodity as there is shortage in international market due to floods in Australia and drought in China. It would be easy to enter into talks with China for the sale of wheat.-Agencies
No #20
Continued from page 1
Furthermore, permanent debt up by Rs115 billion in 1HFY11 to Rs910 billion during the period under review. Within the floating debt category, government borrowed Rs261 billion through MTBs for replenishment. Similarly, it further borrowed Rs199 billion through market treasury bills.
No #21
Continued from page 1
Rs 43 billion to the international suppliers and likely default in payments against letters of credit," the official said. The source said that the PSO had exhausted all its resources for financing future product supplies as it was not able to make timely payments to its suppliers due to nonpayment from the power companies.
No #22
Continued from page 1
Shahid Afridi said he desired a Pak-India final. Afridi said that it would be ideal for the World Cup, one-day format and for the game as it will attract billions in viewership around the world. This is not the first time the Shiv Sena has opposed the team's sporting activities in India. Last year, the hard-line group issued a warning to Bollywood actor Shahrukh Khan for supporting the selection of Pakistani players in the Indian Premier League (IPL) tournament. The final of the ICC World Cup 2011, will be held in the renovated Wankhede Stadium of Mumbai on April 2, 2011.-Agencies
No #23
Continued from page 1
while those held by commercial banks fell to $3.53 billion from $3.55 billion, said the SBP. "Foreign exchange reserves rose to a record because of a rise in remittances and increasing exports," said Syed Wasimuddin, chief spokesman for the central bank. Remittances by overseas Pakistanis were recorded at $6.12 billion during the first seven months of the fiscal year 2010/11, up 17.70 percent from the same period last year, according to data from the State Bank of Pakistan. Foreign exchange reserves were boosted last month by more than $633 million after the United States provided military and logistical support to fight Islamist militancy. In May, Pakistan received $1.13 billion -- the fifth tranche of an $11 billion International Monetary Fund bailout programme.
No #24
Continued from page 1
reorganization shall be undertaken in the best interests of the company and hoped that in the coming meetings we can further deliberate on this matter to reach on final decision in this regard. -Online
www.asharys.net
For Subscription
Manager Circulation Ahmad Omer
1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6
Italian Kitchens Karachi
Lahore
tel: 92(21)5860794-5
tel: 92(42)5694061-2
12
ISLAMABAD: President Asif Ali Zardari during presentation by Pakistan Business Council on agenda for economic reforms at Aiwan-e-Sadr.-APP
Senator John Kerry meets President Zardari
Pakistan terms ties with USA stainless Isb says Davis issue complex with several dimensions ISLAMABAD: President Asif Ali Zardari has told the US that Raymond Davis issue is a complex issue with several dimensions, all of which had to be taken into account for an amicable resolution and this issue must not be allowed to take bilateral relations between the two countries hostage. He expressed these views during his meeting with Senator John Forbes Kerry, chairman of US Senate Foreign Relations Committee who called on President Asif Ali Zardari at Aiwan-e-Sadr.
Senator Kerry was accompanied by US Ambassador Cameron P Munter and three other senior staffers. Pakistani side included Senator A Rehman Malik, Federal Minister for Interior, Senator Dr Zaheeruddin Babar Awan, Federal Minister for Law, Justice and Parliamentary Affairs, M Salman Faruqui, Secretary General to the President, Hina Rabbani Khar, Farahnaz Isphani, MNA, and other senior officials. Salman Bashir, Foreign Secretary, and Defence
Secretary Syed Athar Ali were also present during the meeting. Briefing the media about the meeting, spokesperson to the President Farhatullah Babar said that President Asif Ali Zardari during the meeting said that the Raymond Davis issue was not as simple as it was sometimes being portrayed. It is a complex issue with several dimensions all of which had to be taken into account for an amicable resolution. The President said that we wish an early and amicable res-
Reshuffle in FO on cards foreign office. Initially, after the ouster of Shah Mehmood Qureshi Abdul Basit would be replaced. Abdul Basit would be appointed as Additional Secretary Europe Affairs, Friends of Democratic Pakistan. Sources further told that a thorough probe would be made as to why the foreign office deviated from the foreign policy and adopted a different strategy on the Raymond Davis case and why an attempt was made to create differences on the sensitive bilateral relations between the US and Pakistan. Earlier, Tehmina Janjua was working as Director General Foreign Secretary Office and Strategic Planning. -Online
Granting Diplomatic Immunity
Govt mind made up to free Davis WASHINGTON: Pakistan has decided to grant diplomatic immunity to double murder-accused US official Raymond Davis, a high-ranking government official has said. The detained American's fate, however, will eventually be decided by a Pakistani court in Lahore, where he faces murder charges over the January 27 incident. "I have every hope the court will base its proceedings on our opinion. If he is immune from prosecution because we have recognised him as a diplomat, then a prosecution in Pakistan will be difficult," CBS News quoted the senior official, as saying on
olution of the issue. He said that the strategic partnership and the mutually cordial relations between the two countries should not be allowed to be sacrificed or compromised by predicating them on any single issue. The President also said that there was a need to proceed with caution and showing respect for sensitivities and sensibilities of all concerned. He said it was important for the two countries for the sake of mutual trust. See # 4 Page 11
SHAKIL NEWS AGENCY Cell # 0333-4400472
NICL case
Oil, Gas, Banking Transactions
SC orders protection to ADG FIA
Eyes on int'l mkts: Qamar
ISLAMABAD: Supreme Court (SC) has issued directives for providing full protection to Zafar Qureshi, Additional Director General (ADG) FIA head of the investigation team in NICL case. A 4-member bench of SC presided over by the Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry took up NICL case for hearing Thursday. During the course of hearing Additional DG FIA Zafar Qureshi told the court he was facing life threats from PMLQ chief Chaudhry Shujaat Hussain, Chaudhry Wajahat, Chaudhry Pervez Elahi, Mohsin Waraich and Monis Elahi and if he died an unnatural death then these persons would be responsible for his death. On inquiring from the CJP he told he had received threats indirectly and not directly. "I am informing the court in this respect", he added. Zafar Qureshi told the court he had recovered Rs 1.68 billion so far in NICL scandal. "A new account of Monis Elahi has also been detected which is operating in UK and Rs 140 million are lying in this account," he informed. Director FIA Moazzam Jah told the court 10 acres land was purchased at the cost of Rs 900 million while its value was about Rs600 million. This way corruption of Rs 300 million has been committed in this deal, he said. See # 3 Page 11
ISLAMABAD: Government is at a reasonable point to start focusing on domestic and international market transactions of oil and gas, banking and other sectors during the current fiscal year. This was said by Syed Naveed Qamar, Federal Minister for Privatization. According to press release issued here Thursday, Federal Minister said while chairing a meeting of various investment banks and business groups to review the Capital Market Transactions here that "We are at a reasonable point to start focusing on domestic and inter-
national market transactions of oil & gas, banking and other sectors during the current fiscal year". The minister said that markets have come back and the sizeable interest being expressed locally and internationally by the investment groups demanded to accelerate the pace of offerings through various modes. It was for the market to give feedback by indicating the appetite and to suggest the sequencing of the offerings, he added while revisiting the privatization process. See # 1 Page 11
7M inflows up 44pc to $1.18bn Staff Reporter KARACHI: Net foreign investment in Pakistan rose 44.3 per cent to $1.18 billion in the first seven months of the fiscal year 2010/11, because of an increase in foreign portfolio investment, the central bank said on Thursday. This compared with net foreign investment worth $818.9 million in the same period last year. Out of the total foreign investment, foreign direct investment fell 16 per cent in the July and January period to $947 million, from $1.13 billion in the same period last year, the State Bank of Pakistan
said. A shaky security situation, with an insurgency in the country's northwest, coupled with chronic power shortages, has put off investors to invest for a long term basis, analysts say. However, with emerging markets being on the radar of fund managers, Pakistan has seen a flow of foreign investment in the country's main stock exchange. Foreign portfolio investment rose 176 per cent to $234.8 million in the first seven months of the 2010/11 fiscal year compared with an outflow of $309.1 million in the same period last year. See # 2 Page 11
PR told to retender to purchase locomotives
Tehmina may be new spokesperson
ISLAMABAD: After the ouster of former foreign minister Shah Mehmood Qureshi, major reshuffling in the foreign office is on the cards and the next candidate for replacement is spokesman Abdul Basit. Sources told Online that it has been decided that Foreign Office spokesman Abdul Basit would be replaced by senior female diplomat Tehmina Janjua. Sources told that federal govt perplexed by the issuance of various statements by the Foreign Office on the Raymond Davis issue without taking the Center into confidence and thus leading to eventual embarrassment and making the issue more complex has decided to make major changes in the
RIAZ NEWS AGENCY Cell # 0333-5373137
Friday, February 18, 2011
the condition of anonymity. A second Pakistani official also confirmed that the government had decided to grant immunity to Davis. "I realise this is a very, very tough decision which is bound to provoke strong reaction on the streets of Pakistan," said the official, adding, "Opponents of the Pakistani government will denounce the grant of immunity as a sell-out of national honor." "Our leaders have decided Pakistan's relations with the US cannot be allowed to derail because of this episode," the official explained. See # 6 Page 11
ISLAMABAD: Secretary Ministry of Railways on Thursday assured the Supreme Court that it would re-float the tenders for various specifications in accordance with their requirements in a transparent manner under the direction of Lahore High Court after cancelling the earlier bidding. A four-judge bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali, Justice Ghulam Rabbani and Justice Khalil-ur Rehman Ramday, after assurance by secretary Shahid Hussain Raja disposed of the suo moto notice taken on an appeal of Haji Ghulam Dastagir about an alleged fraud of Rs40 billion in the proposed transaction by observing that no further action was called for. The bench rejected stance of Salman Akram Raja, counsel for petitioner, over alleged tailored corruption of Rs25 billion in specifications issue. Chief Justice told him that they were not technical people and he should trust statement of secretary submitted with the bench on February 15. Ali Raza, counsel for Railways, contended that the same counsel had appeared before the Lahore High Court on the similar issue for the petitioner Tong Feng, a Chinese company, and after respondent's response, the Lahore High Court had disposed of the plea on February 1. See # 5 Page 11
Bahrain Army locks down Capital MANAMA: Bahrain - Army patrols and tanks locked down the capital of this tiny Gulf kingdom after riot police swinging clubs and firing tear gas smashed into demonstrators, many of them sleeping, in a predawn assault Thursday that uprooted their protest camp demanding political change. Medical officials said four people were killed. Hours after the attack on Manama's main Pearl Square, the military announced on state TV that
it had "key parts" of the capital under its control and that gatherings were banned. The developments marked a major crackdown by the island nation's rulers to put an end to days of protests inspired by Egypt's revolt against Hosni Mubarak. Tiny Bahrain is a pillar of Washington's military framework in the region. It hosts the US Navy's 5th Fleet, which is a critical counterbalance to Iran's efforts to expand its
clout in the region. The capital Manama was effectively shut down Thursday. For the first time, tanks and military checkpoints were deployed in the streets and army patrols circulated. The Interior Ministry warned Bahrainis to stay off the streets. Banks and other key institutions did not open, and workers stayed home, unable or to afraid to pass through checkpoints to get to their jobs. See # 7 Page 11
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.