International Karachi, Monday, December 20, 2010, Muharram-ul-Haram 13, Price Rs12 Pages 12
Tendulkar makes history, finishes 50th Test century See on Page 9
Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Sep 10)
GDP Growth FY10E Per Capita Income FY10 Population
$16.39bn 14.44% $7.17bn $12.25bn $(5.08)bn $(533)mn $4.43bn $746mn Rs 495bn $58.41bn Rs 5234.9bn $203.80mn -2.58% 4.10% $1,051 171.31mn
(U.S $ in million)
FIPI (15-Dec-2010) Local Companies (15-Dec-2010) Banks / DFI (15-Dec-2010) Mutual Funds (15-Dec-2010) NBFC (15-Dec-2010) Local Investors (15-Dec-2010) Other Organization (15-Dec-2010)
4.40 3.78 0.37 -2.20 -3.52 -2.61 -0.22
Global Indices Close 11,786.09 10,303.83 22,714.85 19,864.85 2,715.55 2,893.74 5,871.75 11,491.91
Change 113.45 7.46 46.07 217.08 0.53 4.40 9.37 7.34
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.42 21.50 184.28 2.00 42.86 1.70 36.43 10.79 36.99
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
01-Dec-2010 01-Dec-2010 01-Dec-2010 29-Nov-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010 15-Dec-2010
13.16% 13.39% 13.67% 14.00% 13.07% 13.40% 13.60% 13.95% 14.10% 14.16% 14.23% 14.26% 14.55% 14.73% 14.91%
Commodities Crude Oil (brent)$/bbl 91.67 Crude Oil (WTI)$/bbl 88.02 Cotton $/lb 150.12 Gold $/ozs 1,379.20 Silver $/ozs 29.13 Malaysian Palm $ 1,144 GOLD (NCEL) PKR 38,478 KHI Cotton 40Kg PKR 9,752
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 84.00 Canadian $ 84.00 Danish Krone 15.10 Euro 113.00 Hong Kong $ 11.00 Japanese Yen 1.010 Saudi Riyal 22.75 Singapore $ 64.30 Swedish Korona 12.10 Swiss Franc 86.75 U.A.E Dirham 23.25 UK Pound 133.00 US $ 85.55
Sell (Rs)
85.00 85.00 15.20 115.00 11.10 1.035 22.95 65.30 12.20 86.85 23.50 134.70 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
84.60 84.44 15.16 112.89 11.01 1.023 22.83 65.14 12.51 88.27 23.31 132.96 85.71
84.80 84.64 15.19 113.15 11.03 1.025 22.88 65.30 12.54 88.47 23.36 133.27 85.90
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
20°C 29°C 19°C 21°C 14°C 21°C
Snow in Europe hits flights, strands cars
See on Page 12
Special Correspondent/ Agencies
192.31 29.58 -3.48 2680
NCCPL
Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 Dow Jones
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Gilani thanks Jiabao, vows to enhance bilateral relations
SCRA(U.S $ in million)
Total Portfolio Invest (3 Dec-2010)
Afghan group supports TAPI
China salutes Pak sacrifices
Portfolio Investment Yearly(Jul, 2010 up to 14-Dec-2010) Monthly(Nov, 2010 up to-14-Dec-2010) Daily (14-Dec-2010)
See on Page 12
Chinese Prime Minister addresses Parliamentarians
Economic Indicators Forex Reserves (4-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Oct 10) Imports (Jul 10-Oct 10) Trade Balance (Jul 10-Oct 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10 - Nov 10) Foreign Invest (Jul 10-Nov 10) Revenue (Jul 10-Nov 10)
Musharraf says Gul wanted premiership
MIN
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ISLAMABAD: Chinese Prime Minister Wen Jiabao waves hand as his counterpart PM Gilani applauds in the Parliament House Islamabad. -APP
YoY: gas falls 5pc; oil slips 6pc
Nov oil, gas output deflates Amir Abidi KARACHI: Gas produced by E&P firms in Pakistan was lowest in the month of November 2010 which stood at 3.8 billion cubic feet per day (bcfd). This production is down 12 per cent compared to the peak level of 4.3 bcfd witnessed in March 2010 while it was also down 5 per cent when compared to similar month of last year, according to the provisional numbers released by Pakistan Petroleum
Information Service. Similarly, oil production in the month of November was 7month low at an average 63k barrels per day. This was also down 6 per cent and 4 per cent when compared with oil production figures during November 2009 and October 2010, respectively. On the other hand, average oil and gas production during 5MFY11 remained flat at 64k barrels per day (bpd) and 3.9bcfd, respectively. See # 9 Page 11
Cell-users reach 100.72 million
4M teledensity climbs to 64pc Ahmed Siddique KARACHI: According to the data released by Pakistan Telecommunication Authority (PTA), the total teledensity reached 64.2 per cent in 4MFY11, increased by 60bps compared to 63.8 per cent in 3MFY11. Once again cellular teledensity contribute around more than 94 per cent to move the overall teledensity. Cellular
teledensity surged 0.7 per cent MoM to 60.5 per cent till October 10 as compared to 60.1 per cent in September 2010. The total subscribers have now reached to 100.72 million up by 0.6 per cent MoM till October 2010 as compared to 100.13 million subscribers in September 10. During the month under review, China Mobile See # 10 Page 11
Gilani chairs high-level meet today
Talks to circle around gas cuts ISLAMABAD: Prime Minister Gilani has called a meeting today (Monday) to review the issue of gas loadshedding, especially the gas scarcity in Punjab, which is hurting the industrial output big time. According to media reports
Prime Minister Syed Yousuf Raza Gilani has summoned a high-level meeting to review the issue of gas load-shedding while Chief Minister Punjab Mian Shahbaz Sharif has been invited through a special invitation to attend the meeting. See # 11 Page 11
CRC finalises 19th amend draft ISLAMABAD: The constitutional reforms' committee has finalised the draft of the 19th amendment, also extending it approval. 24 members signed the approved-finalised-draft, which would be sent to National Assembly for approval today (Monday). The meeting of the Constitutional Reforms' Committee was held in Parliament House as presided over by its' chairman Raza Rabbani to discuss reservations/ objections of Supreme Court over appointment of judges according to the 18th amendment, demanding the issue to be reviewed in Parliament. After a detailed review of the relevant article, the 24 members signed the approved draft of 19th amendment. Talking to media after the meeting, chairman of the committee Senator Mian Raza Rabbani said that the finaliseddraft of 19th amendment would be submitted in Assembly secretariat, today (Monday). The bill would be debated both in NA and Senate, for its approval.-Online
NA sitting starts today ISLAMABAD: President Asif Ali Zardari has summoned the session of National Assembly today (Monday). According to official sources President Asif Ali Zardari has summoned the session of the National Assembly on Monday while Speaker National Assembly Dr Fehmida Mirza will preside over the session. During the session the process of legislation on several issues including increasing ratio of inflation, prevailing law and order situation in the country See # 8 Page 11
ISLAMABAD: Chinese Premier Wen Jiabao vowing to boost strategic cooperation with Pakistan has lauded and affirmed his rock-solid and everlasting relationship with Pakistan, and expressing his pride over China's neighboring ally and friend, lauded the struggle and hardships Pakistan had endured on its way to crisis and success. "It is our collective objective to strengthen strategic ties between our two countries," he told a joint session of parliament on Sunday. He expressed his intense happiness, and pride that he was addressing a Parliament in full session, and paid glowing tributes to all the well-wishers and friends who had always endeavored to enhance the over-strong Pakistan-China relationship. Expressing a déjà vu, he cited his earlier visit to Pakistan five tears ago, when he was given a
standing ovation by Pakistani masses, he said that he always felt at home in these lively moments. He lauded Pakistan's stand on certain issues pertaining to Chinese affairs, which included the Taiwanese controversy, and the 2008 Chinese earthquake, whence Pakistan had provided full assistance to its neighboring ally. He said that China had always stood thick and thin with its Pakistani friends on all of its issues, citing full and whole-hearted Chinese assistance during the 2005 earthquake that destroyed a major chunk of Azad Kashmir and its environs. He also pledged strategic support to Pakistan, which he declared was imminent and mandatory for both countries, besides strengthening already secure ties. The Chinese Premier lauded Pakistan's struggle against terrorism and stressed on global community to acknowledge Pakistan's sacrifices and rav-
MQM delegation meets Gilani
PM gags Mirza, pacifies MQM ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Sunday telephoned Interior Minister Sind, Dr Zulfiqar Mirza and discussed with him the prevailing tense situation between coalition partners, media reported. According to the media sources, Prime Minister Gilani conveyed Mirza the reservations expressed by MQM during its meeting with the premier. Sources further added that PM Gilani instructed Mirza not to issue any further statement which could hurt coalition, already weaken by the pull out
of JUI-F. PM Gilani also urged Mirza to follow the PPP reconciliation policy in the greater interest of the country. Earlier, a high-level delegation of MQM met Prime Minister Syed Yousuf Raza Gilani here at PM House on Sunday. The delegation headed by Dr Muhammad Farooq Sattar, Minister for Overseas Pakistanis included Babar Khan Ghauri, Minister for Ports and Shipping, Syed Haider Abbas Rizvi, MNA, See # 5 Page 11
KSE during Last Week
Offshorers snap up $23mn shares Ghulam Raza Rajani KARACHI: The buying momentum of offshore investors continued in the first three trading days of the last week in the local bourses and it attracted fresh net inflow of $22.56 million, as per National Clearing Company of Pakistan Limited (NCCPL) data. Furthermore, foreign investment hiked 90.3 per cent WoW
compared with $11.85 million witnessed in week ended on 10th December 2010. On the other hand, positive activities continued at local bourses, as KSE 100-Index closed by gaining 1.4 per cent or 165.93 points at 11,786.09. Weekly average volume witnessed 18.8 per cent decline to 148.20 million shares against 182.41 million shares traded See # 6 Page 11
ages it suffered in its war against terrorism. Assuring China's full support in war against terrorism, he stressed on researching the root causes of the evil, and to address them, in order to eradicate the menace from its folds. He informed that China had specifically permitted the ICP Bank to open its branches in Islamabad and Karachi, while steps were underway to start currency exchange as well. Among other economic cooperation, he cited full support to Pakistan and a Pakistan-China friendship year, in 2011, offering 500 scholarships for Pakistan in the coming three years, free cataract treatment for two years, and 100 Pakistani students for learning Chinese; assuring that China would continue the practice of providing welfare and training for Pakistani students, and acknowledged. Acknowledging the importance of Pakistan's stature in Muslim Ummah, he said that See # 12 Page 11
Al Qaeda wants to bring Pak down: Biden WASHINGTON: Al Qaeda is trying to "bring down" nucleararmed Pakistan, US Vice President Joe Biden warned Sunday, days after a war review tip-toed around Islamabad's role in fighting extremists. "Our overarching goal and our rationale for being there is to dismantle, ultimately defeat alQaida... to make sure that terrorists do not, in fact, bring down the Pakistani government, which is a nuclear power," Biden said. The vice-president, in an interview with NBC's "Meet the Press" program, repeated threads of a one-year report on the US military surge in Afghanistan that pointed to progress but warned that more time was needed. Unveiling the policy assessment, President Barack Obama urged Islamabad to do more to rein in extremists holed up along the Afghan border but also renewed US commitment to major aid programs for Pakistan. The report trod carefully on the uneasy US anti-terror ally following pointed criticisms of Islamabad's nuclear safety and other areas of policy revealed in the US cables published by WikiLeaks and other reports. Agencies
President Zardari writes back to PML-N leader
Sharif's help over reforms sought ISLAMABAD: President Asif Ali Zardari has once again extended hand of friendship to PML-N Quaid Mian Nawaz Sharif and invited him to nominate senior party representatives to "jointly take difficult decisions required to take our country forward". Spokesperson to the President Farhatullah Babar said that the invitation has been extended in a letter addressed to the former prime minister in
response to Nawaz Sharif's letter of November 10 in which he had raised some issues and voiced his concerns. The President had promptly acknowledged the letter and promised to send a detailed reply soon, he said. The formal reply was delivered to Mian Nawaz Sharif was delivered at his residence in Rai Wind, he said. The President in his letter also sought cooperation of the
PML-N in the RGST Bill 2010 reminding him that his party's nominee Ishaq Dar along with all the Senators of all major political parties had unanimously recommended the RGST law with some 15 amendments. "The Senate adopted those recommendations along with the Bill, and referred it to the National Assembly. We also hoped for your support in the National Assembly for the pas-
sage of this important reform measure", the letter said. A copy of the letter was also sent to the Prime Minister. Taking note of the PML-N Quaid's concern about the Ehtesab Bill the President recalled the history of how the proposed bill passed through successive stages of legislative process before the PML-N protested that their amendments had not been fully incorporated in it.
"In this backdrop", the President said, "The Chairperson of the Standing Committee has decided to reconsider the Bill and to deliberate upon the outstanding issues arising out of the dissenting note of the PML-N members", the President assured Mian Nawaz Sharif. Pointing out the need for the restructuring of the public sector enterprises (PSEs) for pursuing the economic reforms
agenda, President sought Nawaz Sharif support saying, "We will be grateful if your party facilitates the government in its restructuring plans for these entities, and extends support tour policy to promote public private partnership to protect Pakistan's national interests". Outlining the plans for restructuring of the PSEs thus, "A restructuring plan of See # 7 Page 11
2
Monday, December 20, 2010
Kaira praises Jiabao speech ISLAMABAD: Chief of Army Staff General Ashfaq Parvez Kayani, Chairman Joint Chiefs of Staff Committee (CJCSC), General Khalid Shameem Wayne, Air Chief Marshal Rao Qamar Suleman, Chief of Air Staff, Pakistan Air Force and Admiral Noman Bashir, Chief of Naval Staff listening the Chinese Premier Wen Jiabao address to the joint session of Parliament.-APP
Govt holds TCP strings: Pak Economy Watch ISLAMABAD: The Pakistan Economy Watch (PEW) Sunday said an independent authority should be established with ultimate intervention powers to tackle repeated food crises and frequent price hikes. Toothless departments have not served any purpose since decades, it said. Dr Murtaza Mughal,
president PEW said that the holding Trading Corporation of Pakistan (TCP) responsible for failures would only make sense after giving them autonomy. He said that TCP was presently acting as a logistic company and a trading arm of the government which cannot take critical decisions.
Reconciliation cure to issues: Raza Abidi
Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:10 The Reema Show (Rpt) 12:00 News 13:10 Faisla Aap Ka (Rpt) 14:10 Tafteesh (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
ISLAMABAD: Political Advisor to President, Senator Syed Faisal Raza Abidi on Sunday said the PPP government is pursuing reconciliation policy to repeal malignity and differences among the political parties and make the friendly environment in the country. In a brief telephonic interview with a private TV channel, he said reconciliation policy is only solution of all the problems being facing by the country. It also causes the development and prosperity of the country and its masses, he added. "A dream of reconciliation was seen by Shaheed Mohtarma Benazir Bhutto, but President Asif Ali Zardari is pursuing that dream for major interest of the country," he said. The Advisor said the PPP reconciliation policy would be seen more powerful in the future.-APP
MONDAY
8 million children die every year: WJO
TV PROGRAMMES MONDAY
Time Programmes 8:00 Amnay Samnay (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Agenda 360 (Sat Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Munafa Khor Hoshiyar (Rpt) 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Agenda 360 (Sun Rpt) 0:00 News
KARACHI: More than 8 million children under five die every year. Almost 90 per cent of all child deaths are attributable to just six conditions: neonatal causes, pneumonia, diarrhoea, malaria, measles, and HIV/AIDS. During 19601990, child mortality in developing regions was halved to one child in 10 dying before age five, says a WHO report. The aim is to further cut child mortality by two thirds by 2015. Reaching the MDG on reducing child mortality will require universal coverage with key effective, affordable interventions: care for newborns and their mothers; infant and young child feeding; vaccines; prevention and case management of diarrhoea, pneumonia and sepsis; malaria control; and prevention and care of HIV/AIDS. -APP
It should no more remain bound to follow specific directives of the ministries led by politicians who are driven by their own interests, he said. Dr Murtaza Mughal said that a new independent authority or empoweredTCP should have final say in assessment, policy planning and execution
aimed at market stabilisation. Such an organisation should have financial independence and authority to take punitive actions against those who hold back stocks; its chief should enjoy constitutional protection, he demanded. He said that the board of independent authority must comprise retired
judges and honest bureaucrats from all provinces, AJK and Gilgit-Baltistan. He said that a powerful mafia of profiteers frequently bought whole stock of commodities imported to reduce prices. The consignments should be off-loaded in small quantities at different cities to ensure mass benefit, he said.-Agencies
SECP registers 8 foreign firms ISLAMABAD: The Securities and Exchange Commission of Pakistan registered eight companies having foreign investment in November. According to a statement issued by the Commission three foreign companies have also been registered during the month. Among the 8 companies having foreign investment,
Chinese nationals invested in three companies. The remaining five companies have foreign investment by foreign nationals from Nigeria, South Korea, UK, Egypt, US, France, Brunei and Croatia. As for the sector-wise breakdown, five companies are from the trading sector and the remaining three are from finance and banking, power genera-
tion and lodging. Five companies were registered in Lahore, two in Islamabad and one in Karachi. Out of three foreign companies, two belong to South Korean construction sector, and one is from Hong Kong's furniture sector. Two foreign companies were registered in Lahore and one in Karachi. -APP
ISLAMABAD: Interior Minister Senator A Rehman Malik appreciating Pakistan Army, Police, Rangers, FC, Islamabad Administration and Law Enforcement Agencies for making foolproof security arrangement for the visit of Chinese PM at Ministry of Interior.-APP
I S L A M A B A D : Minister for Information and Broadcasting, Qamar Zaman Kaira said on Sunday said that Chinese premier Wen Jiabao's address to the joint session of the parliament was a reflection of warm relationship between two brotherly countries. Talking to APP, he said "the speech of the Chinese premier to the joint session of the parliament was the reflection of the emotion of the both nations." He said the people's representatives have given very warm welcome to Chinese premier adding the whole Pakistani nation have great respect for the people of China and its leadership. The Minister said the Chinese premier in his speech has wished for the prosperity, stability and development of the Pakistan. He said that he also
Govt to promote nurses: Sharmila KARACHI: Provincial Advisor to Chief Minister Sindh on Information Ms. Sharmila Faruqui has said that Sindh government is considering the promotion of the nurses to the higher grades and their protection at hospitals will be ensured. This she said while speaking as a chief guest at the Nurses Christmas Dinner 2010 at Christ the King Seminary last night. The advisor said that nursing was a noble profession and history shows that nurses had played a vital role in serving suffering humanity and their love, affection and care have saved the lives of countless injured and sick people. Sharmila expressed her dissatisfaction over working environment in private hospitals where good salary and job security were not provided to the nurses and some time angry protesters thrash them for nothing. She further said nurses were an essential and important part of the society and without them, the society was incomplete, so they all should pay them due respect because they belong to loftier profession of the earth. -PPI
USAID to assist development programme
Punjab $10mn uplift schemes kicked off LAHORE: The US and the Government of Punjab are launching a new long-term project that will improve the daily lives of Pakistani citizens by expanding access to clean water, quality education, good roads and upgraded health facilities. At a ceremony US Agency for International Development (USAID) Pakistan Mission Director Andrew Sisson and the Chief Minister of Punjab, Shahbaz Sharif, signed a statement of cooperation to kick off a $10 million (Rs857 million), five-year Municipal Service Delivery Program. USAID will provide technical
assistance and resources to allow the Government of Punjab to improve the delivery of municipal services to citizens in 11 districts throughout Southern Punjab. Many of these districts were severely affected by the recent floods and have been identified as among the most underserved in the province. "USAID's partnership with Punjab will help improve basic service delivery in a transparent way," Mr. Sisson said. "The program will help the government become more responsive to community priorities, and give people a chance to be a real part of the decision-making process."
The Chief Minister of Punjab spoke of the need to promote education and health care and thanked the United States for being a "good friend." He especially pointed out that the combination of indigenous resources combined with the visionary support of friends like the US is key to progress. The United States is committed to working with the people of Pakistan to build strong and stable institutions that will lead to more prosperous and secure Pakistan. The program is funded with money from the Kerry-Lugar-Berman Enhanced Partnership Act. -PPI
announced development projects and cooperation in different sectors. "The relationship between Pakistan and China is between the two nation and not confined to the two governments." Kaira said leader of the opposition has also welcomed the speech of Chinese Prime Minister. Kaira said all the political parties have always showed harmony, maturity on national issues. He hoped that the positive attitude of the political parties will remain same in the future and it would help country to move on the path of development and prosperity. He said $25 to $30 billion Chinese investment is expected in different sectors of the country. Pakistan and China inked 13 agreements and Memoranda of Understanding for
cooperation in economy, energy, banking, security and technology. He said China would give a grant of $ 229 million for flood affected road network and agriculture sector leading to provision of rice processors and latest technology of cold storage. "A total of 500 scholarships to the Pakistani students will be offered to enable them to learn Chinese language and study in advance science and technology sector. Besides, a total of 1,000 Cataracts operations would be undertaken by the Chinese surgeons," he added. The Minister said Pakistan-China strategic relations would be further strengthened with the current visit of Chinese Premier. He said the strategic relations between two friendly countries were aimed at peace and stability in the region. -APP
Town Local Government
Gulshan-e-Iqbal, Karachi No: T.O/I.S & S/G.I.T/847/2010
Karachi dated: 18-12-2010
TENDER NOTICE Sealed tenders are invited from all the interested Contractors / Firms / Parties for the following works: S.N Estimated 2% Earnest Tender o Name of Work Money Amount Cost 01 Repair / Maintenance of front and Rear differential and Blade and other work of Vehicle No.1038
02
Frukawa (Loader) for Sanitaion Department, Gulshan-e-Iqbal Town. Open Rate Complete Engine overhauling and Turbo Assembly and other works
2% Quoted Amount
Rs: 3,000/-
2% Quoted
Rs: 3,000/-
of Vehicle No. NL-01 Loader (liugong) of
03
Sanitation Department Open Rate Gulshan-e-Iqbal Town. Improvement of Infrastruction of Block“A”, Dhorajee Society, UC No.02, Gulshan-e-Iqbal Rs:10,64.848 + Open Rate Town
Amount
Rs: 21,297/2% Quoted Amount
Rs: 3,000/-
TERMS & CONDITIONS. 01) The Tender document are available for sale with effect from the first date of publication of this NIT in the press from the Office of 1) TOWN OFFICER (Infrastructure & Services) (2) TOWN OFFICER (FINANCE) Gulshan-e-Iqbal Town situated at main building of Gulshan-e-Iqbal Town near KDA Police Station Block-14, University Road Karachi from 9.00 AM to 2.00 PM on any working day on payment of non-refundable cost of tender through Pay Order from any Schedule Bank in favour of Gulshane-Iqbal Town and on Submission of a written application at the above Address. No tender will be sold on the Tender Opening Date. 02) 2% Earnest Money in shape of Pay Order as mentioned above should be enclosed along with Tender documents. The tenders in sealed cover mentioning the name of the work / Number of Work should be dropped in the Tender Box kept in the office of TENDER OPENING COMMITTEE, in the Committee Room, Gulshan-e-Iqbal Town Karachi by 2:00 P.M. on 06-01-2010. 03) Earnest Money equal to 2% of the Offer Amount of the work should be enclosed along with Tender in shape of Pay Order from any Schedule Bank in favour of GULSHAN-E-IQBAL TOWN. 04) The tender will be received on 06-01-2010 and will opened on the same day at 2:30 P.M by the TENDER OPENING COMMITTEE Room as mentioned above in the presence of contractors or their authorized representative. 05) In case of the Opening Date is declared as a public holiday by the Government, the next official working day shall be deemed to be the date for submission and opening of tenders at the same time. 06) Conditional tender will not be accepted. 07) Tender in unsealed covers will not be entertained. 08) The total bid as well as the rates in items must be filled both in FIGURE AND WORDS and in case of any correction is made by the Contractor himself, then each correction must be intiated by the Contractor. 09) The Pay Order of Earnest Money of First, Second and Third bidders will not be returned till finalization of the case. 10) Canvassing in connection with tenders is strictly prohibited and tendrs submitted by the Contractors who resort to canvassing will be liable for rejection. 11) The decision of the Tenders opening Committee will be final. can be seen on SPPRA’S website 12) TheTender www.pprasindh/gov.pk and website of Town Local Government, Gulshan-e-Iqbal www.tmagulshan.com. 13) The Authority of GULSHAN-E-IQBAL Karachi may ACCEPT or REJECT any or all tendrs subject to the Provision of Provision of SPPRA Rules 2010.
TOWN OFFICER (I.S&S) T.L. Govt. GULSHAN-E-IQBAL Use dust- bins adn keep the enviroment clean CDGK/ADVT/TMA-1092/10
www.tmagulshan.com 99055-9 GIT/813/2010
3 Monday, December 20, 2010
US dollar weekly outlook
Markets still euro-focused; further losses seen Risk reversals still skewed toward euro puts Near-term euro support is at 200-day moving average NEW YORK: The euro is likely to struggle anew in the upcoming week as markets remain fearful about sovereign debt issues in the peripheral euro-zone economies, and investors are well-advised to be short the currency going into 2011. A five-notch downgrade of Ireland by Moody's and budget warnings by the International Monetary Fund on Friday weighed on the currency and will continue to cloud the euro's near-term outlook. An agreement by European Union leaders to set up a permanent mechanism from mid2013 did nothing to assuage those fears. Investors were hoping for more aggressive solutions to address the region's fiscal crisis, such as increasing
Specs boost USD short positions NEW YORK: Currency speculators increased their bets against the US dollar in the latest week, data from the Commodity Futures Trading Commission showed on Friday. The value of the dollar's net short position rose to $9.46 billion in the week ending Dec. 14, from $8.42 billion the previous week, according to Reuters and CFTC calculations. The biggest change in positioning was in the yen, with investors slashing their net long contracts by almost half to 12,735. "We think this was the right move, as dollar/yen has not kept up with the rise in US Treasury yields, so we think the currency pair has quite a bit of upside potential still," TD Securities in a research notes. Euro short bets, meanwhile, declined a bit.-Reuters
Wheat, corn log gains for week WINNIPEG: US corn futures rose on Friday and notched a weekly gain of 6.5 per cent, their biggest in two months, as a private forecaster cut next year's acreage outlook. Soybeans and wheat also climbed after Informa Economics released new US acreage and production estimates. Chicago Board of Trade corn for March delivery rose 9 cents, or 1.5 per cent, on Friday to $5.96-1/2 a bushel. Wheat futures rose on support from weather problems in the US Plains and Australia and a technical rebound from selloffs this week, traders said. CBOT March wheat futures shook off earlier weakness to rise 7 cents, or 0.9 per cent, to $7.56-3/4 a bushel, in line with the higher-protein wheats traded in Minneapolis and Kansas City. The contract recorded a weekly gain of 2.9 per cent. CBOT soybeans for January delivery rose 9-3/4 cents, or 0.8 per cent, to $12.98-3/4 a bushel, posting a weekly gain of 2 per cent.-Reuters
the European Financial Stability Facility or issuing joint European sovereign bonds. "There are plenty of potential catalysts for the euro to go lower. And we might see the euro hit $1.26 over the next two weeks or so," said James Dailey, chief investment officer and senior portfolio manager at TEAM Asset Strategy Fund in Harrisburg, Pennsylvania. Dailey's firm manages assets of around $180 million. Should the euro fall to $1.26, Dailey said he is looking to cover his portfolio's short positions. On Friday, the euro slid to a two-week low at $1.3133 and was last at $1.3181, 0.4 per cent lower on the day. On the week, the euro-zone currency was down 0.2 per cent, although for December, it is up 1.5 per cent. On the charts, immediate support for euro/dollar lies at $1.3104, the 200-day moving average. Below that level, $1.2970, the Dec. 1 low, looms. In the options market, risk reversals, a measure of currency sentiment, remained skewed toward euro puts, or bets for a currency depreciation. On Friday, the one-month 25-delta risk reversals were at -2.375 vols, unchanged from the previous session. To be fair, the option market's view on the euro has improved over recent sessions, although risk reversals on the euro are still way below the levels seen in mid-October, when sentiment on the currency was its most positive. BEARISH EURO CALL FROM CITIFX CitiFX, meanwhile, has put out another bearish call on the euro, adding a 15 per cent short position in its overlay portfolio and cutting dollar shorts to 5
per cent from 15 per cent. Steven Englander, global head of FX strategy at Citi, calls this a "significant change" in the bank's positioning. Over the medium-term, Englander believes the eurozone will be able to resolve its issues, but he says the next month may be a "bit rough." "The lack of liquidity as yearend approaches and the difficulties in coming up with comprehensive solutions on sovereign debt make us prefer euro shorts to longs for the time being," Englander said. In the United States, there is a slew of data due this week, all of which is expected to show the world's largest economy is growing, albeit at a modest pace. Two economic indicators for November, durable goods orders and personal income/consumption, will help guide forecasts for fourth-quarter growth, with more positive news likely on the consumer side. CIBC World Markets has recently upgraded its fourthquarter US growth forecast to 3 per cent, with the downbeat November non-farm payrolls data looking increasingly like an outlier amid other positive signals. These reports should keep a bid on the dollar and continue to push US 10-year yields higher. TEAM Strategy's Dailey thinks the back-up in bond yields is a reflection of the acceleration of US growth, all supportive of the dollar. But he says US Treasuries could rally this week as investors seek to "de-risk" their portfolios, but by 2011, yields could rise once again. He forecasts 10-year yields to rise to between 4 per cent and 4.5 per cent by end2011. -Reuters
LONDON: Sterling fell to a three-month low against the dollar on Friday after Lloyds Banking Group warned of further provisions on Irish assets, heightening concerns about UK exposure to Ireland's debt crisis. The announcement exacerbated selling pressure on the pound, already under pressure as a very weak UK consumer confidence survey added to worries that the government's planned public spending cuts could hit the UK economy hard. Sterling fell more than 1 per cent against the dollar to $1.5454, its weakest since midSeptember, before recovering slightly to $1.5488. Traders said the pound accelerated losses as stop loss orders were triggered on the break of $1.5485, the low hit in late November. It could now fall towards its 200-day moving average, currently at $1.5386. Sterling also fell against the euro, particularly as a record high reading in a German business sentiment survey contrasted with recent weak UK data. The euro was up 0.3 per cent at 84.94 pence, though it was off an earlier high of 85.53 pence, its strongest in nearly a month and above its 200-day moving average at around 85.15 pence. Moves were exaggerated due to thin trading conditions, however, while analysts said short covering in the euro against the pound ahead of the Christmas holiday also helped the euro. The pound's broad losses pushed its trade-weighted index down as low as 80.1, its weakest since early November. The Bank of England's semiannual Financial Stability Report showed Britain's banks remained vulnerable to increased European sovereign debt turmoil and potential bubbles in emerging market assets and junk bonds.-Reuters
Arabica soars to 13-1/2 Copper up as mkt eyes year top; sugar up 2011 demand
NEW YORK/LONDON: Arabica coffee futures bounded higher on Friday to close at a 131/2-year high, and raw sugar closed up nearly 5 per cent as it approached a 30-year top, as fund buying poured into these markets. Cocoa futures closed lower on hedging pressure from Ghana, the world's second biggest grower, while the market shrugged off the political crisis in top producer Ivory Coast after building in a small risk premium. Arabica coffee futures easily flew higher as producer selling was light and fund buying drove prices up sharply after automatic buy orders were triggered above $2.20, basis March. ICE March arabicas soared 8.75 cents, or 4 per cent, to finish at $2.2530 per lb, the strongest settlement since June 1997. Total volume was about 24 per cent below the 30-day average as many players had already squared up their positions before the end of the year. On a weekly basis, this pushed second-position March up 7.5 per cent on the week, the biggest weekly percentage gain since mid-June, which was when the
market first began its sustained rally. Liffe March robusta coffee settled up $39 at $1,986 a tonne, lifted by spillover support in the arabica market. Fund buying and producer short-covering against a backdrop of tight supplies propelled raw sugar futures to close up nearly 5 per cent, climbing nearly 2 cents to the session peak at 32.97 cents, basis March. This brought the spot contract very close the last month's 30year top at 33.39 cents per lb. ICE March raw sugar surged 1.50 cents, or 4.8 per cent, to close at 32.50 cents per lb, the strongest settlement since Nov. 10. On a spot basis, it closed the week up 11.6 per cent, the highest weekly gain since early October. Liffe March white sugar closed up $23.40 at $790.70 per tonne. ICE benchmark March cocoa futures fell $52, or 1.7 per cent, to settle at $2,951 per tonne, finishing the week up 2.2 per cent and within sight of a four-month peak of $3,140 touched on Dec. 7. London second-month cocoa settled down 18 pounds at 1,996 pounds per tonne. -Reuters
US cotton nears record as demand fears rule NEW YORK: US cotton futures rose nearly 3 per cent to settle at a one-month peak and near record highs on Friday as speculators plowed into the market on the notion it had run out of new supply in the near-term. "Basically, the projection is that there's very little cotton, if any, to be delivered into the March contract," said Mike Stevens, an independent cotton analyst in Mandeville, Louisiana. "It's not a new story, but one that is driving this market until we find a way to ration or reduce the demand." But some think cotton could
Sterling plunges as Lloyds lets out warning
actually fall in the coming week, ending a three-week runup, if investors decide to take profit ahead of Friday's preChristmas holiday. "Next week is a short week ... longs may decide to cash in," said Sharon Johnson, senior cotton analyst at commodity brokers Penson Futures in Atlanta, Georgia. The key March cotton contract on ICE Futures US settled up 4.0 cents, or 2.7 per cent, at $1.5012 per lb. That took the market to its highest level since Nov. 10, when it hit a record peak of $1.5195. Cotton has been the best per-
forming commodity in the Reuters-Jefferies commodity index, up over 80 per cent year to date. For this week, March cotton was up 10 per cent, extending its 22 per cent gain from two previous weeks. If supply fears continue, cotton could rally to a new record above $1.60 a lb with some intermittent profit-taking, independent analyst Stevens said. "I'm shooting darts in the dark here, but this is very possible," he said. "You're talking about a market that's doubled in price over the last six months. -Reuters
boost NEW YORK/LONDON: Copper closed up on Friday, notching its third consecutive week of gains, as short-term technical momentum and bullish demand prospects from China in the new year kept prices buoyant near all-time record peaks. Copper bulls were unfazed by a broad-based drop in global equity markets and a rallying dollar, and instead focused on a positive stream of economic data that suggested improved demand conditions in the year ahead. London Metal Exchange (LME) benchmark copper ended up $79 at $9,070 a tonne, nearly $200 away from its all-time record peak at $9,267.50 hit on Dec. 14. COMEX copper for March delivery climbed 4.30 cents, or 1 per cent, to settle at $4.1590 per lb. On Tuesday, it hit its own alltime high at $4.2290. Copper has rallied more than 50 per cent since early June, with much of the rise in recent weeks tied to speculation that China will return to the global copper market early next year after a period of destocking. Stocks of copper in LME warehouses rose for the fifth day in a row. Latest data showed a small increase of 600 tonnes, to 361,400 tonnes. That is little more than seven days of global consumption, however. Inventories in warehouses monitored by the Shanghai Futures Exchange rose 10 per cent on the week. Overall, global stocks estimated at above 1.2 million tonnes account for more than three weeks of global consumption. Also on the radar are the physical base metal exchange traded products listed in London by ETF Securities. Latest data from ETF Securities showed that the amount of copper held to back a physical copper exchange traded product jumped by about 570 tonnes to 595.2 tonnes as of Dec. 16, from Dec.14. -Reuters
Asian currencies
Mostly fall for 2nd week as US economic data improves BANKOK: Asian currencies had a second weekly loss as the highest US Treasury yields in seven months and improving economic data out of the world's largest economy damped sentiment toward emerging-market assets. "The rising US yields means Asia's higher-yielding assets become less attractive, weighing on regional currencies," said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co. in Tokyo. "We have seen some good US economic data boosting demand for the dollar as well." The Philippine peso weakened 1.2 per cent to 44.23 per dollar, South Korea's won slid 0.8 per cent to 1,152.58 and the Singapore dollar lost 0.4 per cent to S$1.3125. The peso had its worst week since the five-day period ended Nov. 12 on speculation overseas
investors are paring bets the currency will rise as the central bank regulates the availability of dollars. Governor Amando Tetangco said on Nov. 9 policy makers will curb excess volatility in the spot market after the peso surged to a two-year high five days earlier. The currency has dropped 2 per cent since his statement. The monetary authority typically sells dollars to banks through currency swaps to control the supply of pesos in the financial system. "There were a lot of foreign players who shorted the dollar and are now unwinding positions as the year comes to an end," said Antonio Espedido, treasurer at China Banking Corp. in Manila. "The central bank is controlling the supply of dollars and that is why you have this pressure on the peso." The won completed a second consecutive weekly loss after
Yonhap Infomax reported that South Korea may impose a bank levy on lenders' short- and longterm overseas debt. The government may unveil details of the plan on Dec. 19, Deputy Finance Minister Shin Je Yoon said. Singapore's dollar dropped for a second straight week as exports grew at the slowest pace in a year in November. Non-oil domestic exports climbed 10 per cent from a year earlier, after a 34.5 per cent gain in October, the trade promotion agency said. Elsewhere lasts week, the Indian rupee dropped 0.7 per cent to 45.355 per dollar and Thailand's baht declined 0.2 per cent to 30.13. Indonesia's rupiah slipped 0.1 per cent to 9,035, China's yuan was little changed at 6.6560 per dollar and Malaysia's ringgit was steady at 3.1350. Taiwan's dollar added 0.3 per cent to NT$30.51. -Agencies
Canada dollar slips on eurozone woes TORONTO: The Canadian dollar ended lower against the US currency for a second straight session on Friday as investors trained their focus on the troubles in the euro-zone, which spurred a flight to safety to the US dollar. Canada's currency fell as low as C$1.0147 to the US dollar, or 98.55 US cents, its lowest point since Dec. 2, as the euro came under pressure after Moody's Investors Service slashed Ireland's credit rating by five notches. The credit rating agency also warned that further downgrades could follow if Ireland is unable to stabilize its debt situation.
The Canadian dollar finished at C$1.0128 to the US dollar, or 98.74 US cents, down sharply from its Thursday's finish of C$1.0059 to the US dollar, or 99.41 US cents. For the week, it is down 0.33 per cent. Looking ahead, next Tuesday's Canadian consumer price index report for November will likely be the highlight of the week, while October figures for retail sales and monthly GDP will also be considered. If the forecasts are correct, the CPI report will prove that the surprising jump in October's annual inflation rate to 2.4 per cent was just a blip
and therefore not a concern for the Bank of Canada. "I think a lot of people are looking to see if that increase was substantiated or not," said David Tulk, senior macro strategist at TD Securities, who is looking for inflation to return below the Bank of Canada's 2.0 per cent target. Inflation had been lower than expected for much of the year, so markets are looking for reassurance that the trend won't suddenly be reversed. Such a reassurance would leave the central bank in a comfortable position to hold its key interest rate unchanged at 1 per cent for at least the first quarter of 2011. -Rueters
Oil higher as growth hopes offset euro woes Ireland downgrade lifts dollar, limits crude rise NEW YORK: Oil prices rose on Friday in seesaw trading and posted a weekly gain as supportive US economic data and gasoline futures combined to offset the dollar's strength amid renewed concerns about eurozone debt problems. Optimism that the US economy is gathering steam was bolstered by news that the Conference Board's measure of leading economic indicators rose 1.1 per cent in November, the biggest rise since March and the fifth straight monthly gain. In a separate report, the Economic Cycle Research Institute said its gauge of future growth rose to its highest level since May. Refinery snags and expectations for holiday driving demand boosted US gasoline futures, supporting crude futures even as
heating oil futures ended the day slightly lower. Heating oil still managed a gain for the week. US crude for January delivery rose 32 cents to settle at $88.02 a barrel, bouncing off an $87.01 low but stalling when it reached an intraday peak of $88.52. For the week, crude gained 23 cents, or 0.26 per cent, ahead of the January contract's expiration on Monday and after posting a 1.57 per cent loss the previous week. Prices reached a 26-month high of $90.76 on Dec. 7. "After the market's rally above $90 it's trying to consolidate below, waiting for a cue as to whether we're going to see a year-end sell-off or whether more economic optimism is going to push crude higher," said Gene McGillian, analyst, Tradition Energy in Stamford, Connecticut.
Money managers increased their net long crude oil futures positions to a record high in the week to Tuesday, according to a weekly report from the Commodity Futures Trading Commission released late on Friday. But technicals indicated crude could be set to slip to $85.41 over the next week, based on its wave pattern and a Fibonacci retracement analysis. ICE Brent crude for February, in front-month position after January contract's expiration on Thursday, rose 7 cents to settle at $91.67 a barrel, also in choppy trading. February Brent crude's premium over US February crude was at $3.07, down from Thursday's $3.58 premium comparing January contracts which was a seven-month high for the spread. -Reuters
Gold firms as EU debt fears drive safety play NEW YORK/LONDON: Gold prices turned higher late Friday, moving back to the top of the session range, as some investors returned to the yellow metal as a safe-haven play when the euro fell in response to Moody's downgrade of Ireland's credit rating. "You're seeing some flight to quality as the euro sells off in reaction to the downgrade of Ireland and all the other contagion issues," said Frank McGhee, head precious metals trader at Integrated Brokerage Services LLC in Chicago. Spot gold was bid at $1,376.80 an ounce by 2053 GMT, against $1,370.46 late in New York on Thursday. US gold futures for February delivery were also up, gaining $8.20 to $1,379.20 per ounce. Gold has been fluctuating with the dollar/euro exchange
rate and with investors contrasting needs to own safe assets as Europe faces the threat of debt contagion and to take profits from gold as stronger economic data lessens the need to guard against risk. Earlier, gold slipped below $1,370 an ounce as the dollar moved higher versus the euro, and as US leading economic indicators jumped in November. Signs the US economy is gathering steam as the year draws to a close boosted optimism about prospects for the coming year, according to two separate economic research firms. Gold sold off after the news, dipping below the 50-day moving average for the second straight session. But later it moved back above the medium-term measure, keeping prices within their higher
plateau in a wide 3-month range around peak levels. Though the precious metal has been moving closely in line with fluctuations in the eurodollar exchange rate as the financial markets wind down for Christmas, many analysts remain bullish as they look ahead to 2011. Investor demand for goldbacked exchange-traded funds remained light, with holdings of the world's largest, New York's SPDR Gold Trust, falling to a two-month low of 1,283.757 tonnes on Thursday. Among other precious metals, silver rose to $29.14 an ounce in late trade, against $28.87 on Thursday. Platinum was higher at $1,699.50 an ounce versus $1,694.49 and palladium pushed up to $739.22 versus $736.50 an ounce. -Reuters
4 Monday, December 20, 2010
The Financial Daily International
Decisive Action Must Go on in Fata
Vol 4, Issue 129
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
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China, a friend V in the deed
Tarique Khan Javed President, Overseas Pakistani Investors Forum
While many developed countries are willing to provide aid and soft-term loans to Pakistan they rarely follow any medium or long-term economic cooperation plan. Contrary to this China has a history spread over decades of assisting Pakistan in completing some of the most difficult projects like Karakoram Highway and Gwadar port. Signing of MoUs and agreements for undertaking projects over $30 billion to be completed over the five years would further consolidate the relationship. China had agreed to provide assistance for 36 projects in Pakistan to be completed under a five-year development plan, the most important being a gigawatt nuclear power plant as part of Pakistan's plan to add 8,000MW electricity generation capacity by 2025 to overcome its lingering energy shortfall. Pakistan's immediate concern is reconstruction of infrastructure damaged by the recent floods. China agreed to provide $400 million as soft-loan for infrastructure rebuilding in the affected areas. One of the symbols of China Pakistan friendship is Karakoram Highway, the mainroad to the Chinese border through the Himalayas. Hundreds of Chinese workers sacrificed their lives during its constriction during seventies. To further strengthen this route, plan includes constriction of a railway link, development of an energy corridor, and establishment of transit/trade corridor by using the legendary highway as an alternate trade route. China has already prepared a feasibility report of laying a railway track in the difficult terrain of Karakoram linking both the states through Khunjarab Pass. Chinese feasibility report covered the railway track up to Havelian, a town near Islamabad. China has already become one of the top five import sources of Pakistan. Major imports include machinery, chemicals, garments/other textile products, stationery, construction materials like tiles, sanitary, crockery etc. Over 120 Chinese companies have invested in oil, gas, IT/telecom, power generation, engineering, automobiles, infrastructure, and mining sectors of Pakistan. The companies included ZTE, Huawei Technologies, China National Machinery Imp/Exp Corporation, Metallurgical Construction Corporation of China, China International Water and Electric Corporation, China Mobile, China Petroleum, Sino Hydro, TBEA, Dong Fang, China Roads and Bridge Corporation, China Harbour Engineering, Haier etc. There are clear possibilities of active Sino-Pak co-operation in the sectors like oil and gas, mining, financial sector, infrastructure, power (coal, hydel, gas based) IT and telecom, chemicals, fertilisers, glass, polymers, textile manufacture (value added), engineering goods, textile machinery, assembling of hybrid automobiles, electronics, automotives, fisheries, agricultural implements, agricultural and agro-based industry, food/fruit processing/packaging, livestock/dairy farming, and pesticides. Some of the quarters have expressed their apprehensions on growing Chinese-Indian economic relationship. They tend to forget that China and India are world's fastest growing economies and just can't turn their backs on each other that too when they share the borders. Pakistan has to prove it is a more dependable trading partner and a preferred destination for Investment. Friendship grows when interests are common. Long Live Pak-China Friendship.
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.
ery encouraging news is coming from Fata front. South Waziristan has been cleared. Action in Kurram, Orakzai, Mohmand is continuing with good success rate. Now only 16 per cent of KP is not under control including North Waziristan. However, a light at the end of the tunnel is now visible. Decisive action must continue to bring 100 per cent area under government control without any delay. Currently, leads on all terrorist attack point to North Waziristan. Therefore US pressure or no pressure, it is in our national interest to commit 40,000 troops in North Waziristan and clear the area once for all. This is a matter of life and death for Pakistan because any further attack from this area on Western or Indian target can push us into War and may cost us a lot. Wooly-minded leaders like Imran Khan of TIP and Munawar Hassan of JI continue to appose current military operations in Fata calling such action as detrimental for Pakistan. I believe that of all the wars fought by our Army this one is most useful. Its success will result in opening a new chapter of peace and prosperity in Pakistan, in general and in the so far neglected Fata, in particular. The enormous sacrifices being given by Pakistan army in the current operation are heart breaking! The cost is very high as the well funded foreign terrorists are equipped with latest technology, and money seems to be no constraint for them. Huge amount of money seems to be coming to them
from Middle East, India and Russia. The terrorists have advantage of occupying all high grounds and thus it is very easy for them to kill large number of our soldiers, when they approach to capture these strategic positions. A FORBIDDEN LAND A NO GO AREA Can we afford to leave these strategic heights and come back so that the terrorists can retake it or we should stay put, this time, all over Fata? Can we allow our territory to become a playground of arm dealers, drug barons and international terrorist, as has been the case for the last 62 years, on the ground that capturing Fata region is impossible? If capturing Fata is impossible how Gilgit, Chitral, and Northern Balochistan were captured and pacified. What is so special about this central belt which is not prevailing in the north and south of the same border? Are the people of some super race or the mountains higher and more difficult to penetrate? Both these possible reasons are not true. In fact the topography of Chitral, Gilgit and Northern Balochistan are far more difficult than that of central belt which is a relatively low lying barren region with few high spots. As far as the people are concerned they are mainly the same Pathan race with some variation in Chitral and Gilgit. A MYTH OF THE PAST BROKEN BY SANDEMAN Around 1866 when Robert Sandeman started to enter the forbidden Marri and Bugti areas in hot pursuit of raiders, people like Merewether of Sindh, worried endlessly. The prevailing impression and wisdom was that the Baloch tribesmen were extraordinary fighters and the terrain most difficult to penetrate and hold. All dire predictions came to nothing when Sandeman comfortably established the Quetta cantonment in 1877 and gradually Balochistan, as we know it today came into being. We owe the current shape of Pakistan to Sandeman's bold and unconventional behavior. PAST RELUCTANCE
AND ITS RESULTS In my opinion the lack of attention by Punjab Government under British rule and subsequent Pakistan Governments is the reason why Fata was not incorporated in Pakistan. Pakistan in fact withdrew its army from bases left by Britishers and added to the power of lawless class in the region. Since 1947, the lawless elements have been exploiting the common man of the area with an impunity they never knew in British time. They are ready to do any thing for money. They got new clients the Arab, Chechen, Uzbek terrorists when Soviet Union invaded Afghanistan. These elements came to fight the invaders, however for the powerful warlords in Fata they become lucrative tenants and providers of well paying jobs for their supporters. With their major source of income drugs/arms smuggling, kidnapping, and extortion any moral consideration never constrained them. Therefore, it can be understood easily that their religion is money and for that they would not mind letting Indians or Russians come and live amongst them, as long as they pay good premium rent, for their otherwise commercially unrentable properties. They have no issue in taking up jobs involving killing own brothers, as long as the salary is high. Our innocent soldiers are facing such ruthless elements in Fata. These elements are particularly notorious in the Khyber, Kurram, Orakzai, and Bajour Agencies near Peshawar, Bunnu and Kohat, thus these cities are shaking with regular attacks. These elements are enraged and surprised at the daring of our soldiers who have entered their most secret and well defended hideouts. Our Air Force and US drones have done a great job in this respect. These need to be intensified to reduce casualties of our soldiers. FATA SHOULD BE ABSORBED INTO PAKISTAN To respect the scarifies of our soldiers and to protect
the interests of the common people of Fata, the whole area should be permanently incorporated into Pakistan ignoring the calls of people like Imran Khan and Munawar Hassan. Their argument is based on a history of halfhearted attempts of the past to incorporate these areas into mainstream. They have not studied in detail the finer points of how the process of incorporation of Chitral, Gilgit and Northern Balochistan differed from the methods followed by British Punjab. If same resolve, clarity of purpose and financial resources were available, Fata could also have been incorporated long time ago. However, Punjab Government considering the cost never followed the Sandemanian system, as followed elsewhere. Common people of Fata have suffered immensely in the hands warlords, foreign terrorists and in recent times as collateral damage of our armed forces and US drone attacks. They deserve better. Everyone, I know from that area desires to be treated as a proper Pakistani. They wish to vote, they wish to escape collective punishment, they wish to see proper legal system with land registry system establish so that their property could become sellable and of greater value. They wish to see schools, colleges and training centers open in their area. They wish to see cinemas, internet cafes, gaming parlours in their areas as in rest of the country. As the world acknowledges, poverty is the root cause of terrorism in Pakistan and this fact is most relevant for Fata. West is ready to invest in the region to create jobs and ease poverty. However, no real progress can be made in this regard if infrastructure for the abovementioned necessities is not created. The foremost among them is the establishment of several cantonments all over Fata, followed by FC bases, police and local levy force on the line of security arrangement in Northern Balochistan. Moreover, civil courts and land registry in big population centers will create a good market for property, leading to
development of hotels, shopping malls, small factories etc. Substantial investment is expected to come to this area in the shape of facilities like hospital, diagnostic centers, branded schools, and other educational facilities. ROLE OF OVERSEAS PAKISTANIS Poverty in the Fata area is appalling since ever. The first cause of poverty is the generally poor land quality and the second is the lawlessness. This has not allowed capital formation and jobs' creation. As a result the people of this area have always been forced to find jobs elsewhere leaving the families behind. They live in constant anxiety worrying about their families as well as missing them big time. A very large percentage of these have found jobs in the Middle East. This desperate lot also known as Overseas Fata Pakistanis (OFP) have, over the years, accumulated considerable wealth, which could have been used to create jobs near their homes if normal laws were applicable in their area. However, given the lawlessness the same wealth is invested in settled areas while poverty persists in Fata. Besides the money which was brought by OFP into Pakistan up to now, it is estimated that those still living abroad have additional $100 billion. A large part of this money will flow into Fata once the area is absorbed by Pakistan. One reason for this is that with the settlement and pacification of Fata, all kinds of illegal activity and violence will reduce substantially all over Pakistan. This will lead to return of Overseas Pakistanis in large numbers generally and the Fata based particularly. An overseas Pakistani in general is very uncomfortable with the social structure of the West and this is particularly true for the people from Fata. Thus given a chance of peaceful existence in their own country they will prefer to return. They will not only bring with them their wealth but also their connections and latest technology and help make Pakistan a Leading Economic Power.
Lessons He Taught‌ N
o man is a hero to his valet. That caution seems truer today than ever. Indeed, in the age of WikiLeaks, the stubborn indelibility of e-mail, and a democratized, 24/7 cybermedia that are avid to feed what turns out to be our insatiable appetite for details of the private behavior of public figures, you could take that proverb further and say all of us now know what the valet did, and that's why there aren't any heroes any more. And yet Richard Holbrooke, who died so tragically and so abruptly this week, was a great man even in this WikiLeaks age. As I have been reading the public and private tributes to him, and talking about him with his many, many other friends, I have realized that he turned the old aphorism on its head: Described by the US President as "a giant" and remembered in a front-page obituary in The New York Times Holbrooke was even more beloved and admired by those closer to him. If he had had a valet, I suspect he would have mourned and respected Holbrooke the most of all. If I hadn't known him, I'm sure that assertion would have surprised me because, as you can divine even from the glowing public tributes, he was no pussycat and he wasn't Mother Teresa either. He was a bully, and not only when negotiating with Bosnian and Afghan warlords, but also in his dealings with less exotic (though in the view of some people, equally noxious) creatures such as journalists. In a beautiful appreciation of him this week, veteran diplomatic writer Carla Anne
Robbins captured this quality with her recollection of Holbrooke as "one of the most unapologetic spinners" she had ever known. He had a powerful sense of his own importance and a the-
leadership in business, as in public life, he offers a powerful counterexample. As a tribute to a man I am honored to have called my friend, I'd like to suggest three lessons in leader-
“
He was a bully, and not only when negotiating with Bosnian and Afghan warlords, but also in his dealings with less exotic (though in the view of some people, equally noxious) creatures such as journalists
atrical view of the world-with himself, of course, usually cast in a central role. In today's pasteurized and homogenized professional world, we are suspicious of the larger-than-life character he so easily inhabited. If he had been sent to a "leadership coach" or to a PR adviser, I am sure he would have been urged to tone it down, to be less intense, less aggressive, less vivid. That is not just a suspicion. Barack Obama was unstinting in his posthumous praise, but before Holbrooke's aorta tore, his lion-sized approach to life was creating strains with the "no drama Obama" White House: He didn't get a seat on Air Force One on the President's last two trips to Afghanistan, and struggled to make his voice heard in Obama's inner circle. But Holbrooke's unapologetic pugnacity was central to his effectiveness in the world. In this age of milquetoast
ship from one of the most accomplished statesmen, and finest men, of our time: Believe in what you do, and do what you believe: The day after Holbrooke's death, another mutual friend called me for help with a beloved project he has long yearned to do, but delayed. One of Holbrooke's great strengths was his determination to commit his life to big problems he cared about deeply. Time and again, he threw himself back into what Teddy Roosevelt described as the arena. That is why what would have been intolerable arm-twisting and selfpromotion in someone else was part of his charm and effectiveness-he deployed those big guns in the service of big causes and ones to which he was totally dedicated. Kick up and kiss down: Appeasing the boss, then coming home and kicking the dog is how most of us live our
lives, even if we aren't proud to admit it. Holbrooke did the opposite. His bellicosity with some of the scariest guys in the world is legend. But he could be disarmingly humble, even about things that mattered to him a lot, in private. A small but telling example: He and his old friend Leslie Gelb debated Afghan policy at a lunch I attended not too long ago. Gelb, a fierce critic of the administration, spoke more convincingly than Holbrooke-a fact he instantly and gracefully conceded. Be a hero to your valet: Few people lived a more public life, or one more dedicated to the big issues of our times, than Holbrooke. Yet he always found time to care about the relatively trivial problems of his friends: He was indefatigable when he pitched a story, but the times he sought me out the most energetically were when he thought I needed his help as a person. No one mattered more to him than Kati Marton, his brilliant, beautiful and wise wife. And I have rarely seen a more compelling example of uxoriousness than Richard flacking for Kati when one of her books was published. Afghan President Hamid Karzai had it easy compared to an editor being harangued about the virtues of Kati's latest (and usually award-winning) book. The ultimate lesson is authenticity. He really was a giant: He had a giant's voice, a giant's impact and a giant's heart. Whether you were his valet or his president, those things added up to a heroic impact because they fit together so well.-Reuters
5
Monday, December 20, 2010
Asian stocks gain as China refrains from raising rates
Abu Dhabi may buy Dubai's 20pc stake in London stock exchange: report
Weekly Review
Short week gets long gains for Khi bourse
KSE-100 Index Opening Closing Change % Change Turnover (mn)
11,620.16 11,786.09 165.93 1.43 444.62
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,628.81 3,637.28 8.47 0.23 23.28
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,945.08 2,965.95 20.87 0.71 1.01
Major Gainers
Symbol
Nawaz Ali
Close
Change
ULEVER 4,455.10 BATA 685.48 RMPL 2,149.64 IDYM 348.75 NESTLE 2,489.75
409.99 58.06 56.64 29.82 22.94
Major Losers
Symbol
Close
Change
SIEM PECO COLG MIRKS UPFL
1,270.04 261.25 880.00 54.50 1,050.00
-29.21 -23.75 -19.98 -10.50 -9.00
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA NICL JSCL DSFL BAFL
13.17 2.11 11.59 3.12 10.55
34.95 30.96 22.07 18.80 16.46
Active Issues Plus Minus Unchanged
216 181 20
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Sep 10) 4,190 Urea Offtake (Sep 10) 324 Urea Price (Rs/50 kg) 851 DAP Offtake (Jan to Sep 09) 680 DAP Offtake (Sep 10) 226 DAP Price (Rs/50 kg) 2,628
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Oct 10) 26,842 Sales (July 10 to Oct 10) 25,279 Production (Octy 10) 7,311 Sales (Oct 10) 7,459
INDUS MOTOR CO Production (July 10 to Oct 10) 17,013 Sales (July 10 to Oct 10) 16,622 Production (Octy 10) 4,827 Sales (Oct 10) 4,830
HONDA ATLAS CAR Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)
5,481 5,172 1,514 1,340
DEWAN FAROOQ MOTORS Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Oct 10) Sales (Oct 10)
186 70 0 18
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Nov 6,10) Advances (Nov 6,10) Investments (Nov 6,10) Spread (Sep 10)
4,729,932 3,011,868 1,897,426 7.57%
OIL MARKETING CO (000 tons) MS (Jul 10 to Oct 10) MS (Oct 10) Kerosene (Jul 10 to Oct 10) Kerosene (Oct 10) JP (Jul 10 to Oct 10) JP (Oct 10) HSD (Jul 10 to Oct 10) HSD (Oct 10) LDO (Jul 10 to Oct 10)) LDO (Oct 10) Fuel Oil (Jul 10 to Oct 10) Fuel Oil (Oct 10) Others (Jul 10 to Oct 10) Others (Oct 10)
PRICES (Ex-Refinery) MS (1 Nov 10) MS (1 Oct 10) MS % Chg Kerosene (1 Nov 10) Kerosene (1 Oct 10) Kerosene % Chg JP-1 (1 Nov 10) JP-1 (1 Oct 10) JP-1 % Chg HSD (1 Nov 10) HSD (1 Oct 10) HSD % Chg LDO (1 Nov 10) LDO (1 Oct 10) LDO % Chg Fuel Oil (1 Nov 10) Fuel Oil (1 Oct 10)
744 198 53 15 452 122 2,182 664 22 6 3,086 854 3 1
Rs 44.53 40.71 9.38% 51.25 47.31 8.33% 51.48 47.54 8.29% 54.24 50.38 7.66% 49.51 46.13 7.33% 42,046 39,276
FRANKFURT: Traders are pictured at their desks in front of the DAX board at the stock exchange.-Reuters
Wall Street weekly outlook
Investors placing bets on year 2011 NEW YORK: Investors will be taking advantage this week of the some of the last remaining trading days of the year to place their bets on what will be the winners of 2011. One of the defining characteristics of 2010 has been the strong correlation across asset classes. Movements in the dollar or in bonds had just as much impact on equities as more fundamental factors, such as corporate outlooks. The tight relationships came as investors focused on the same factors -- further stimulus from the Federal Reserve, sovereign debt worries in the eurozone and the strength of the economic recovery. The macro focus has meant investors made the same trades rather than differentiating individual sectors and industries. "No matter how much work you put in trying to pick winners and losers, the profit available from doing so was way below normal," said Charlie Blood, director of financial markets strategy at Brown Brothers Harriman in New York. Analysts expect that correlation to ease in the coming year, allowing sectors to see more divergence and affording investors more chances to outperform the market. "It's structurally just unsustainable to have that kind of (correlation) because it doesn't allow for diversification," said Nicholas Colas, chief market strategist at the ConvergEx Group in New York. "I do think it has to reverse - it's just not a healthy part of the capital market," he said. Even as investors reposition themselves, the broad market is likely to drift until year-end with this week shortened by
the Christmas holiday. Indeed, Wall Street's fear gauge, the CBOE Volatility index, or VIX, on Friday fell to its lowest level since April. Investors will also take in a round of economic data this week, including the final reading of gross domestic product for the third quarter, new and existing home sales for November and December consumer sentiment. Stocks that have been the best performers for the year are already seeing a pullback, suggesting investors are happy to lock in profits as they search for fresh opportunities. Salesforce.com, one of the best-performing stocks on the S&P 500 this year, has backed off last week, sliding 8.1 per cent. Even so, the stock is up 85 per cent for the year. Mid-cap Netflix, another investor favorite this year, has shed 12.6 per cent since the beginning of December, though that still leaves the stock up some 226 per cent this year. Similarly, small- and midcap indexes have outpaced blue chips with the S&P MidCap 400 index and S&P SmallCap 600 index both up more than 24 per cent in the year to date compared to the S&P 500's 11.6 per cent gain. But with valuations on smaller companies becoming stretched, investors are likely to shift into blue-chip names next year, said Bob Gorman, chief portfolio strategist at TD Wealth Management in Toronto. "The extent of the valuation gap would suggest to us you probably start to see that rotation into bigger companies with more consistent sales,
earnings and dividend growth and that are selling at lower multiples," said Gorman. Investors will also continue to put their faith in technology shares next year on the expectation they will benefit from corporate and consumer spending as well as strong balance sheets. The sector's sensitivity to the economy made for a lackluster performance for the sector overall this year with the S&P tech sector gaining 8.7 per cent, though some of the year's best gainers were in the tech space. Financials are starting to look favorable to some, particularly with the possibility the large banks could resume paying dividends next year, but others view the uncertainties of financial reform as too much of a headwind. Colas said he likes financials as a contrarian play, noting: "They don't seem to go down very much when the bad news strikes and that's usually a sign that it's an OK contrarian investment." Others are betting the less flashy industrials sector will hold onto its leadership position next year after gaining 22.8 per cent so far in 2010. "They haven't attracted the hot money like emerging markets have or like the trendy consumer stocks or cloud computing have," said Derek Hernquist, chief investment officer of Integrative Capital in Charlotte, North Carolina. "When I see those major broad groups are attracting the smooth, steady money flows that they are, it seems like it would point to a healthier economy," which is not fully priced in yet, said Hernquist. -Reuters
KARACHI: Foreign buying in oil and banking stocks took Karachi Stock Exchange (KSE) on a high-ride last week which ended above 11,700 points level --29-month high after gaining more than 1.4 per cent in a three-day week. The benchmark KSE 100Index increased by 165 points 1.43 per cent-- to close at 11,786 points - its highest close since July 2008. KSE 30-Index gained 129 points -1.16 per cent-- and KSE All Share Index grew by 109 points -1.35 per cent-- to close at 11,314 and 8,192 points respectively. "The bullish trend continued at the bourse as increased activity was witnessed in oil & gas and banking sectors", said Rabia Tariq, analyst at JS Global Capital. Though market closed on a negative note on the first day of the week with a loss of 23 points as investors opted to book profits ahead of a long weekend. Further, selling broke out in oil stocks in the wake of a rejected OGDC-PPL co-bid by British Petroleum. Downward rating revision of five banks also led to off-loading of banking stocks which ultimately closed negative. Index at a moment during intraday trading touched the lowest level of 11,577 points during the week. However, heavy buying by
the foreign investors then kept the market under bullish regime, therefore the index gained 75 and 113 points on Tuesday and Wednesday respectively and at a moment during the week it touched the highest level of 11,817 points despite tension on the political front. According to NCCPL data, foreign investors did a net-buying of around $22.6 million during the three-day-last-week. A highest single day net-buying of $19.5 since Sep 1, 2009 was also witnessed in the week including a $20 million transaction of Unilever. According to an analyst at JS Global Capital oil stocks rallied on news of BP assets' sale price. Further, the Abu Dhabi Group's (ABG) consideration of offloading its strategic stake in UBL helped generate interest in the scrip as well. Moreover, market completely ignored the tension on the political front where JUI (F) quit the coalition government after a federal minister of the party was sacked by the prime minister. Volumes however stayed on the lower side as the local investors preferred to stay on the sidelines ahead of Moharram holidays. It should be noted that stock exchange and banks were closed on Thursday and Friday due to Ashura. About 444.6 million shares exchange hands with an See # 3 Page 11
ANNOUNCEMENTS Company Adil Textile
Period Yearly
Div/Bon/Right PAT (Rs in mn) -23.69
EPS(Rs) -3.07
Gulf stocks mkt
Dubai shares surge on DIC debt deal DUBAI: Dubai's shares rose for a second day as Dubai International Capital LLC, an investment company owned by the emirate's ruler, reached an agreement with creditors to restructure about $2.5 billion. Abu Dhabi's benchmark gained. Arabtec Holding Co., the biggest construction company in the United Arab Emirates, advanced the most since Dec. 7 and Dubai Islamic Bank PJSC, the biggest Shariah-compliant lender in the country, gained the most since Dec. 1. Dubai's DFM General Index increased as much as 0.9 per cent, before closing 0.1 per cent higher at 1,641.15 at 2 p.m. in the emirate. Abu Dhabi's index increased 0.3 per cent, the most in more than a week. "Positive development over the weekend with the DIC restructuring" pushed stocks higher, said Akram Annous, MENA strategist at Al Mal Capital PSC in Dubai. ''It's another resolution of an outstanding issue tied to debt restructuring which needs to be dealt with for the economy to mend.'' Borse Dubai Ltd., the company that controls Dubai's two stock exchanges, sold shares in Nasdaq OMX Group Inc. to help pay $1.1 billion of a $2.45 billion term-loan. It raised $497 million from the sale of 22.78 million shares to Nasdaq OMX and $175 million from the sale of 8 million Nasdaq OMX shares to Nomura Holdings Inc, the Dubai government's media office said in an e-mailed statement Dec. 16. Separately, Abu Dhabi offered $1.5 billion to buy the 20 per cent stake in London Stock Exchange Group Plc owned by Borse Dubai, the Sunday Times reported, without saying where it got the information. The three stock exchanges in the UAE may merge as part of the deal, the report said. Arabtec jumped 2.6 per cent to 2 dirhams. Dubai Islamic gained 1.9 per cent to 2.17 dirhams. See # 4 Page 11
Dhiyan
OMENS ARE GREEN Salman Naqvi, Head of Sales Aba Ali Habib Securities Bullish activities are likely to sustain due to continued foreign buying and expected increase in institutional activity at the year-end. Further, visit of Chinese prime minister and positive statement by PM Gilani regarding capital markets will boost the investor sentiments while political situation, as well, seems to be stable in the coming days. Therefore index is expected to touch 12,000 points level this week. Investors are recommended to go for oil & gas, banking and selected fertiliser stocks. Market would be bullish today.
Ahsan Rasheed, Director Research & Marketing AMJ Growth Market outlook is bullish as it will welcome the visit of Chinese premier bullishly. Index is likely to move between 11,677 and 11,953 and will soon cross 12,000 points level while it has a strong support at 11,408 points. Investors are advised to take positions in blue chip stocks of fertiliser, refinery, and power sectors. Closing of the year 2010 may attract more local & foreign investment which may result in new highs. A green day is probable.
6
Monday, December 20, 2010
Market Volume
444,617,233
Value
14,828,986,465
Trades
213,162
Paid up Cap(mn)
Advanced Declined Unchanged Total
216 181 20 417
Current High Low Change
All Share Index
11,786.09 11,817.92 11,577.41 h165.93
Current High Low Change
KSE 30 Index Current High Low Change
8,192.27 8,212.28 8,058.59 h109.29
OIL AND GAS
INDUSTRIAL TRANSPORTATION Performance of SR Industrial Transportation Index
PE
Open
High
High Low 1,535.82 1,490.21 Total cos Defaulter cos P/BV (x) ROE (%) 3.59 32.54 Low
Close Chg
Close Change % Change 1,525.21 21.07 1.40 Listed cap Market cap 200-Day High 65,194.15 mn 1,185,134.09 mn Payout (%) Div Yield (%) 200-Day Low 55.94 5.07 Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Open 746.07 Turnover 233,220 P/E (x) 5.55 Company
Paid up Cap(mn)
High Low 761.96 733.76 Total cos Defaulter cos P/BV (x) ROE (%) 1.42 25.53
PE
Open
High
Low
7.35 36.96
73.31 34.89
74.90 35.64
72.50 33.15
Close Chg
Close 743.87 Listed cap 3,242.17 mn Payout (%) 11.08
Volume
Last 60 days High Low
24717 208503
77.77 41.00
Attock Petroleum
691
5.66 325.56
328.48 324.02 326.47
0.91
444046
374.20
287.99
250
-
300
20
853
6.73 119.61
122.99 118.50 120.00
0.39
4597542 137.20
78.51
-
-
-
-
Mari Gas Company
735 16.25 119.51
121.00 119.00 119.93
0.42
139765
128.90
106.00 32.17 100B
31
-
AUTOMOBILE AND PARTS
National Refinery
800
265.40 254.65 263.19
0.95
790246
275.40
189.08
125
-
200
-
Performance of SR Automobile and Parts Index
3.90 262.24
Oil & Gas Development XD 43009 11.33 168.12
168.73 164.77 167.52 -0.60
2387783 170.99
142.05
82.5
-
55
-
Pak Petroleum
218.68 206.11 218.28 10.13
3725680 218.68
168.70
130
20B
90
20B
11950
Pak Oilfields Pak Refinery Limited P.S.O
8.88 208.15
2365
6.92 291.51
350
- 102.30
1715
4.84 284.27
Shell Gas LPG
226
-
36.00
Shell Pakistan
685 10.47 198.50
296.38 287.21 293.15
1.64
103.65 100.59 101.91 -0.39 288.50 283.01 285.97
7598354 296.38 212382
230.05
180
-
255
-
106.34
55.00
-
-
-
-
1.70
3230164 292.15
258.00
50
-
80
-
36.16
0.16
10216
40.28
29.05
-
-
-
-
204.70 198.50 204.16
5.66
122308
204.70
182.05
330
-
40
-
37.30
35.40
CHEMICALS Performance of SR Chemicals Index Open High Low 1,319.39 1,349.73 1,313.14 Turnover Total cos Defaulter cos 106,466,455 P/E (x) P/BV (x) ROE (%) 8.26 2.89 35.00 Company
Paid up Cap(mn)
PE
Open
3924
8.67
68 82.50
Agritech Limited Bawany Air Clariant Pak Dawood Hercules Dewan Salman
23.70
24.45
22.52
23.92 0.22
43333
24.89
20.26
-
-
-
-
9.45
10.00
8.45
9.90 0.45
16297
13.99
7.73
-
-
5
10R
6.04 155.62
159.75 155.26 158.02 2.40
41726
164.89
149.72
125
-
-
-
179.00 172.00 177.69 5.27
82500
185.00
163.51
40
10B
40
-
6785 384 1388
Lotte Pakistan
2010 Div BR (%) (%)
Close Chg
7.37 172.42
Fauji Fer. Bin Qasim XD 9341 Gatron Ind
Volume
2009 Div BR (%) (%)
Low
-
3.67
3277 10.67 186.05
ICI Pakistan
Last 60 days High Low
High
273
22000
Fauji Fertilizer
Change % Change 19.98 1.51 Market cap 200-Day High 294,129.75 mn Div Yield (%) 200-Day Low 5.91 -
1203 3663
Engro Corp. Ltd XD Fatima Fertilizer
Close 1,339.37 Listed cap 52,251.88 mn Payout (%) 48.81
-
9.86
8.56 116.61 6.60
36.63
2.36
42.90
7.79 138.50
3.92
2.99
3.12 -0.55
195.00 184.71 194.20 8.15 9.98
9.72
9.80 -0.06
118.88 115.95 118.09 1.48 35.64
34.60
35.00 -1.63
45.60
41.91
43.97 1.07
141.91 138.00 138.21 -0.29
4.24
1.28
8514738 195.00
18804506
171.00
1220091
11.74
3420801 118.88 4429051
36.92
5066
-
-
6010B 40R
9.21
-
-
104.21 131.5 26.59
-
-
-
-
10B
95
-
40
-
17.5
-
46.59
38.00
-
-
20
-
1015978 141.91
116.00
80
-
55
-
34949326 13.83
8.17
5
-
-
-
4.70
13.33
13.83
13.03
13.17 -0.16
74
-
1.78
2.45
1.55
2.19 0.41
974425
2.75
0.80
-
-
-
-
1106
-
1.85
2.74
2.00
2.11 0.26
30958028
2.74
1.30
-
-
-
-
Shaffi Chemical
120
-
2.83
3.10
2.52
2.70 -0.13
Sitara Chem Ind
214 10.05 124.67
Nimir Ind Chemical
Sitara Peroxide
551 14.83
Wah-Noble
90
6.68
125.00 121.50 122.57 -2.10
60159 8789
3.40
1.80
-
-
-
-
139.40
101.00
75
-
25
5B
Company
186 87
25 33.33B 50 -
PE
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind
PE
565 3.96 675 555 9.17 1199 10.68
Open 25.23 3.02 14.74 51.26
High 25.85 3.11 14.88 52.00
Low 24.50 2.82 14.33 50.60
Close Chg 25.32 2.86 14.67 51.26
0.09 -0.16 -0.07 0.00
Close 986.14 Listed cap 3,596.11 mn Payout (%) 30.91
51422 88608 15142 161602
26.23 3.39 16.75 53.99
Change % Change 5.55 0.57 Market cap 200-Day High 9,527.53 mn Div Yield (%) 200-Day Low 9.58 2009 Div BR (%) (%)
23.75 1.65 12.25 44.00
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement
PE
Open
High
Low
Close Chg
Close 1,027.82 Listed cap 54,792.74 mn Payout (%) 19.04
-
30B -
2010 Div BR (%) (%) 30 40
20B
Change % Change 10.16 1.00 Market cap 200-Day High 74,679.30 mn Div Yield (%) 200-Day Low 2.42 -
Last 60 days High Low
Volume
2009 Div BR (%) (%)
1828
-
3.50
3.75
3.45
3.54 0.04
79935
3.75
2.80
-
-
866
6.63
63.00
63.90
62.36
62.98 -0.02
165559
69.86
57.60
50
20B
2010 Div BR (%) (%) - 100R 50
-
Balochistan Glass Ltd
858
-
2.06
2.46
1.91
2.05 -0.01
19406
2.50
1.01
-
-
-
Berger Paints
182
-
19.92
20.60
19.01
20.45 0.53
103479
20.60
14.01
-
-
- 122R
14
Buxly Paints
-
7.91
10.91
8.85
10.91 3.00
7447
14.89
7.91
-
-
-
Cherat Cement
956 25.16
11.45
11.60
11.05
11.07 -0.38
24492
12.75
9.51
-
-
-
-
Dadabhoy Cement
982 14.69
1.95
2.15
1.81
1.91 -0.04
153432
2.49
1.30
-
-
-
-
Dandot Cement
948
-
Dewan Cement
3574
-
2.79
2.86
2.25
2.34 -0.45
4285399
3.10
1.30
-
-
-
-
3651 129.25
30.68
31.59
30.50
31.02 0.34
7409241
32.10
23.40
-
20R
-
20R
EMCO Ind Fecto Cement Flying Cement Ltd
350
2.60
2.40
2.60 0.10
20000
3.19
1.09
-
-
-
-
DG Khan Cement Ltd Fauji Cement
2.50
-
3.29
3.50
3.49
2.35
2.76 -0.74
12416
3.99
2.11
-
-
-
-
6933 15.58
4.89
5.55
4.83
5.14 0.25
12503614
5.55
4.52
-
-
-
-
-
10B
502
3.76
7.00
7.90
7.10
7.21 0.21
15500
8.20
4.25
-
-
1760
-
2.13
2.25
1.90
2.02 -0.11
1666924
2.25
1.70
-
-
-
-
Haydery Const
32
-
0.70
0.82
0.67
0.73 0.03
45979
1.39
0.25
-
-
-
-
Kohat Cement
1288
-
7.15
7.40
7.10
7.13 -0.02
112939
8.70
5.50
-
-
-
-
Lucky Cement
3234
6.86
74.82
77.20
74.51
76.39 1.57
3972333
79.98
67.70
40
-
40
-
Maple Leaf Cement
5261
1.40
Pioneer Cement
2228
-
7.10
7.65
6.85
6.94 -0.16
798 444.75
18.57
19.00
17.71
17.79 -0.78
Thatta Cement
3.01
3.30
3.00
3.02 0.01
2188336
3.30
1932576 6100
2.51
-
-
-
-
8.58
6.56
-
-
-
-
22.24
17.71
-
-
-
50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 949.78 Turnover 5,010,755 P/E (x) 2.78 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd
Paid up Cap(mn)
PE
Open
115 230
2.79 -
78.09 2.48
1067 4.59 47.00 389 2.77 47 61.43 23.43 844 60.39 105.10
High Low 1,018.94 939.26 Total cos Defaulter cos P/BV (x) ROE (%) 1.22 43.91
High
Low
Close Chg
80.43 3.18
76.50 2.50
78.30 0.21 2.66 0.18
50.50 45.30 49.89 4.05 2.85 3.29 25.90 24.54 24.57 117.77 105.00 117.77
2.89 0.52 1.14 12.67
Close 1,006.24 Listed cap 3,043.31 mn Payout (%) 15.55
Change % Change 56.46 5.94 Market cap 200-Day High 37,100.76 mn Div Yield (%) 200-Day Low 5.58 -
Volume
Last 60 days High Low
96051 2884402
83.23 3.18
34.00 1.70
-
-
20 -
25B -
85339 61.99 680283 4.05 92297 25.90 1085796 117.77
45.30 1.60 13.01 98.00
30 32.5
10B -
25 -
10B -
2009 Div BR (%) (%)
2010 Div BR (%) (%)
INDUSTRIAL ENGINEERING
Company Ados Pak AL-Ghazi Tractor
Paid up Cap(mn) 66 215
Dewan Auto Engineering 214
PE 1.04
Open 15.96
5.27 219.00
High 16.80
High Low 1,559.24 1,532.30 Total cos Defaulter cos P/BV (x) ROE (%) 3.15 38.02 Low 15.75
Close Chg 16.20
0.24
222.00 217.10 220.10
1.10
-
1.85
2.40
1.08
1.57 -0.28
213 10.31
11.40
11.56
11.10
11.14 -0.26
KSB Pumps
132
8.01
66.47
68.85
65.20
66.90
Millat Tractors XB
366
6.45 493.44
Ghandhara Ind
Close 1,540.33 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
49.49 5.25
-2.50 0.34
4.08
NICL closed up 0.26 at 2.11. Volume was 553 per cent above average (trending) and Bollinger Bands were 306 per cent wider than normal. The company's loss after taxation stood at Rs2.377 million which translates into a Loss Per Share of Rs0.01 for the 1st quarter of current fiscal year (1QFY11). NICL is currently 22.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NICL (mildly bullish). Trend forecasting oscillators are currently bullish on NICL.
WorldCall Telecom Limited
Volume
Change % Change 89.82 5.48 Market cap 200-Day High 231,226.94 mn Div Yield (%) 200-Day Low 0.79 -
Last 60 days High Low
7888 43283
53.00 6.73
39.25 0.85
2009 Div BR (%) (%) 40 -
-
2010 Div BR (%) (%) -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
71.92
Total Assets (Rs in mn)
17,566.02
MA (10-day)
2.87
Total Equity (Rs in mn)
11,379.05
MA (100-day)
2.65
Revenue (Rs in mn)
MA (200-day)
3.34
Interest Expense
1st Support
3.03
Loss after Taxation
2nd Support
2.83
EPS 09 (Rs)
1st Resistance
3.35
Book value / share (Rs)
2nd Resistance
3.47
PE 10 E (x)
3.15
PBV (x)
8,408.28 523.03 (490.82) (0.570)
-
-
-
-
-
-
-
600
7.18
33.82
35.86
34.00
34.83
1.01
247383
36.00
27.31
35
25B
-
-
Pivot
200
11.44
12.43
12.80
12.36
12.36
-
-
3.70
5.20
3.11
5.19
1.49
11209
7.50
2.61
-
-
-
-
57.80 57.90 53.28 54.50 5.77 6.09 43.01 48.58 5.88 6.19 3.35 3.50 2.91 2.92 11.40 11.50 5.60 5.92 34.25 34.25 3916.04 4455.10
-0.49 -10.50 -0.28 5.14 -0.25 0.15 -0.09 -0.32 -0.54 -1.65 409.99
32741 17363 89747 27316 25626 15000 10000 18118 34968 5423 15708
68.49 68.22 7.18 56.80 6.99 3.89 3.90 13.50 7.88 36.75 4475.66
48.50 53.28 4.20 39.01 4.00 3.00 2.11 10.33 3.21 27.50 3775.00
35 25 15 458
30B 10B 25B -
35 15 10 12 10 178
20B 20B -
WTL closed up 0.01 at 3.19. Volume was 340 per cent above average (trending) and Bollinger Bands were 76 per cent wider than normal. The company's loss after taxation stood at Rs744.23 million which translates into a Loss Per Share of Rs0.86 for the nine months of current calendar year (9MCY10). WTL is currently 4.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into WTL (bullish). Trend forecasting oscillators are currently bullish on WTL. Momentum oscillator is currently indicating that WTL is currently in an overbought condition.
109
Mehran Sugar Mirpurkhas SugarXDXB Mirza Sugar National Foods Pangrio Sugar S S Oil Sakrand Sugar Shahmurad Sugar Shakarganj Mills Tandlianwala UniLever Pakistan
143 84 141 414 109 57 223 211 695 1177 665
3.42 58.39 60.00 4.55 65.00 68.22 0.62 6.37 6.45 18.13 43.44 49.74 0.90 6.44 6.80 0.30 3.35 3.50 3.01 3.20 16.67 11.82 12.02 6.46 7.05 311.36 35.90 35.90 20.80 4045.11 4475.66
-0.07
5400
16.98
11.90
40
-
40
13.22 0.24
Karachi Electric Supply Corp Ltd
HOUSEHOLD GOODS Open 1,084.95 Turnover 2,026,488 P/E (x) 2.74
Last 60 days High Low
High Low 1,109.61 1,074.22 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 10.64
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Gauhar Engineering Ltd 22 Pak Elektron 1174 Tariq Glass Ind 231
3.47 2.43
0.49 13.45 19.69
0.75 14.00 21.40
0.50 13.30 19.60
0.65 0.16 13.78 0.33 20.28 0.59
Company
Close 1,099.05 Listed cap 3,763.71 mn Payout (%) 6.27
Volume
Change % Change 14.09 1.30 Market cap 200-Day High 5,150.61 mn Div Yield (%) 200-Day Low 2.28 -
Last 60 days High Low
6000 0.75 520645 15.43 1493626 21.40
0.15 12.90 15.90
2009 Div BR (%) (%) -
10B -
2010 Div BR (%) (%) 17.5
10B -
PERSONAL GOODS Performance of SR Personal Goods Index Open 984.09 Turnover 33,613,296 P/E (x) 7.05 Company
Paid up Cap(mn)
AL-Qadir Textile Amtex Limited XD Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Brothers Textile Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Din Textile Ellcot Spinning Gadoon Textile XD Gul Ahmed Textile Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning J K Spinning Jubilee Spinning Khalid Siraj Khurshid Spinning Kohinoor Ind Kohinoor Textile Leather Up Masood Textile Mian Textile Mohd Farooq Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Prosperity Ravi Textile Saif Textile Sally Textile Samin Textile Sana Ind Saritow Spinning Service Ind Shahtaj Textile Suraj Cotton Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving Zephyr Textile Ltd
76 2415 840 133 4493 33 76 76 98 400 1150 2442 238 600 514 204 110 234 635 716 3105 100 99 184 325 107 132 303 1455 60 600 221 189 145 1596 3516 560 174 185 250 264 88 134 55 133 120 97 180 307 418 215 400 594
PE
Open
5.50 9.89 4.35 6.32 21.93 0.29 2.60 - 10.11 0.38 9.10 0.47 13.02 5.68 627.42 0.78 0.55 1.10 3.21 4.14 2.60 0.83 1.93 52.32 41.62 0.54 26.65 0.60 20.17 0.61 53.34 3.88 24.60 0.76 4.00 2.95 38.13 2.27 0.51 6.37 0.96 7.20 2.99 0.89 1.00 1.77 3.92 5.26 2.15 2.00 2.10 19.19 0.69 1.15 0.42 1.85 21.61 5.12 58.90 3.01 9.45 0.75 10.50 1.10 14.02 1.76 0.35 4.56 0.20 4.39 4.63 6.18 3.41 43.58 0.40 2.30 8.21 247.03 - 18.20 0.76 35.09 4.68 106.62 9.03 56.04 1.00 0.49 1.57 5.03 4.20
High
High Low 1,002.74 980.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.61 8.64 Low
Close Chg
7.00 5.61 6.10 0.60 4.64 4.25 4.35 0.00 23.02 21.75 22.76 0.83 2.79 1.32 2.07 -0.53 10.45 9.70 10.15 0.04 9.25 8.10 9.25 0.15 13.90 13.25 13.25 0.23 689.00 616.05 685.48 58.06 0.68 0.30 0.50 -0.28 1.48 1.10 1.25 0.15 3.33 3.08 3.17 -0.04 2.83 2.40 2.65 0.05 1.02 0.71 0.90 0.07 2.05 1.85 1.90 -0.03 44.47 40.50 44.47 2.85 26.00 25.15 25.15 -1.50 20.50 19.60 19.70 -0.47 56.85 54.00 55.93 2.59 26.99 24.81 26.99 2.39 4.34 4.00 4.05 0.05 39.00 37.50 37.55 -0.58 2.30 1.55 1.95 -0.32 7.29 5.10 6.05 -0.32 7.25 5.31 6.31 -0.89 4.80 2.51 4.50 1.51 0.88 0.55 0.70 -0.19 3.00 1.00 2.99 1.99 2.00 1.65 1.78 0.01 5.71 5.30 5.49 0.23 2.34 1.75 1.81 -0.19 20.14 18.76 19.89 0.70 0.60 0.50 0.59 -0.10 2.08 1.00 1.30 0.15 0.75 0.40 0.47 0.05 22.79 21.51 22.28 0.67 60.90 58.65 59.66 0.76 10.20 8.30 8.92 -0.53 10.50 10.30 10.30 -0.20 14.35 13.15 14.35 0.33 1.90 1.60 1.66 -0.10 5.50 4.00 4.37 -0.19 4.40 3.90 4.00 -0.39 6.78 5.11 5.55 -0.63 45.99 42.11 44.92 1.34 2.60 2.30 2.45 0.15 250.44 238.00 239.83 -7.20 19.40 17.50 18.61 0.41 35.00 33.00 33.92 -1.17 109.72 103.96 109.40 2.78 58.05 54.92 56.71 0.67 1.17 1.00 1.00 0.00 1.86 1.36 1.41 -0.16 4.25 3.60 3.82 -0.38
Close 998.53 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change % Change 14.44 1.47 Market cap 200-Day High 130,814.11 mn Div Yield (%) 200-Day Low 2.37 -
Last 60 days High Low
5768 7.75 1107522 18.30 57915 24.05 25057 3.45 12921655 12.32 6291 18.75 5072 14.50 8097 747.48 55010 1.10 12412 2.59 237734 3.95 49744 3.33 226051 1.49 209276 2.37 108444 44.50 11540 30.90 8581 25.45 125098 56.85 17085 26.99 250522 4.88 44203 40.77 25278 2.70 1514042 7.29 9092 9.50 8540 4.80 13133 1.25 29500 3.00 729355 2.00 10755 6.30 8505 3.00 7714 22.59 11605 0.98 10071 2.08 225925 0.95 4643610 25.14 8287795 63.18 711583 10.20 19914 11.25 7990 20.40 366138 2.30 59020 6.85 14409 6.20 397180 8.69 6364 45.99 37485 2.99 17337 276.50 9276 21.90 37491 37.50 552540 112.80 233687 60.50 7102 1.50 48351 2.00 7104 4.90
2.50 4.25 18.50 1.32 9.70 8.10 9.00 436.00 0.12 0.56 3.00 2.26 0.16 1.44 36.10 20.80 17.21 37.00 19.99 3.35 34.05 0.30 2.02 4.05 1.99 0.26 1.00 1.01 4.51 1.10 18.01 0.01 0.35 0.14 15.66 45.81 5.16 7.00 12.51 1.29 2.01 3.36 5.02 27.50 1.10 169.00 15.61 29.00 86.50 37.25 0.26 0.86 1.50
2009 Div BR (%) (%)
2010 Div BR (%) (%)
20 120 7.5 5 15 20 12.5 20 35 200 20 15 20 4 -
10 30 20 7.5 - 15B 20 5 5 20 10B 35 70 12.5 10 20 20 5B 15 100R 15 25 45R 10 10B 30 10 - 100R 60 45 50 80 20B -
50R 10B 20B -
Performance of SR Pharma and Bio Tech Index
Change % Change -5.35 -0.35 Market cap 200-Day High 32,436.39 mn Div Yield (%) 200-Day Low 15.85 2009 Div BR (%) (%)
21.48
14.12
20
5080
227.45
200.00
2.40
0.21
18.80
10.55
32230
Close 1,727.54 Listed cap 11,335.33 mn Payout (%) 30.57
PHARMA AND BIO TECH
10503 1947433
Close Chg
48.11 5.20
Performance of SR Industrial Engineering Index Open 1,545.68 Turnover 2,095,651 P/E (x) 8.30
Low
52.45 6.73
Performance of SR Construction and Materials Index High Low 1,051.33 1,003.27 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 7.10
High
51.99 4.91
CONSTRUCTION AND MATERIALS Open 1,017.66 Turnover 53,599,177 P/E (x) 7.86
PBV (x)
Performance of SR Household Goods Index
Last 60 days High Low
Volume
Open
High Low 1,745.77 1,594.41 Total cos Defaulter cos P/BV (x) ROE (%) 11.79 30.30
5.03 -
Performance of SR Industrial Metals and Mining Index High Low 996.95 968.70 Total cos Defaulter cos P/BV (x) ROE (%) 1.07 33.10
2.15
0.52
-
INDUSTRIAL METALS AND MINING Open 980.60 Turnover 294,113 P/E (x) 3.23
Pivot
(0.663)
8.50
Habib-ADM Ltd
- 425R 20 50 -
PE 10 E (x)
5.00 1.11
Kohinoor Sugar
15.28 38.61 38.00
Book value / share (Rs)
2.45
6.65 5.59
Habib Sugar
21.49 62.85 46.00
EPS 09 (Rs)
2.30
2nd Resistance
15.47
-
75673 6020 7703
1.85
1st Resistance
22803
50
16.30 0.10 45.78 0.29 45.75 0.30
2nd Support
88.00 (146.72)
6570 937945
-
16.23 44.02 44.75
Loss after Taxation
0.27 -0.74
50
16.70 46.95 46.00
20B 20B -
2.00
-0.72
32.00
16.20 45.49 45.45
90 100 60 150 10 -
20B 30B 20B -
1st Support
114.34 1,383.58
6.50 3.87
46.25
8.80 7.06
40 100 80 50 100 5 2
Interest Expense
12.32
7127
707 50 411
65.75 131.00 92.50 1.20 136.00 4.03 3.55 9.65 215.99 66.75 17.92 1.53
1.72
6.00 3.30
34.76 -0.24
2010 Div BR (%) (%)
73.00 185.00 122.51 2.87 198.07 5.75 5.75 13.40 282.45 77.90 27.58 3.25
MA (200-day)
1,674.73
12.10
34.75
2009 Div BR (%) (%)
7206 8343 11332 3276277 7734 46038 16603 88842 107119 64628 19411 62374
Revenue (Rs in mn)
6.50 5.59
36.68
Last 60 days High Low
-1.68 2.10 12.98 -0.28 9.64 0.15 -0.22 0.42 1.18 -1.74 0.69 0.07
2010 Div BR (%) (%)
Total Equity (Rs in mn)
1.48
13.50
35.00
Change % Change 7.53 0.64 Market cap 200-Day High 3,271.40 mn Div Yield (%) 200-Day Low 4.19 -
71.04 161.85 121.62 2.20 187.60 4.70 4.25 11.39 254.01 68.11 19.75 1.85
2009 Div BR (%) (%)
Total Assets (Rs in mn)
1.54
MA (100-day)
6.23 4.61
-
Volume
71.01 159.61 108.25 2.00 180.00 4.55 4.25 10.91 248.00 66.75 18.80 1.80
Last 60 days High Low
63.86
MA (10-day)
13.04
-
Close Chg
72.06 162.75 122.10 2.62 196.19 4.89 4.95 11.45 257.00 70.50 19.99 2.45
Change % Change 5.04 0.44 Market cap 200-Day High 42,490.66 mn Div Yield (%) 200-Day Low 4.90 -
RSI (14-day)
1.00
-
Low
72.72 159.75 108.64 2.48 177.96 4.55 4.47 10.97 252.83 69.85 19.06 1.78
Volume
-
12.26 -
-
High
144 5.38 101 4.83 626 8.81 890 56 4.43 450 3.26 200 6.64 1428 786 5.80 823 10.85 150 3.68 117 -
Close Chg
40 15
287
7.67
Open
Low
20B -
214 365
14.69
PE
High
Close 1,154.33 Listed cap 6,768.53 mn Payout (%) 20.42
30
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Chashma Sugar
945507
Paid up Cap(mn)
Open
Paid up Cap(mn)
AL-Noor Sugar Bawany Sugar
13.64 0.17
Close 1,180.29 Listed cap 1,186.83 mn Payout (%) 25.28
PE
Open 1,637.72 Turnover 1,656,142 P/E (x) 38.91
13.13
High Low 1,193.26 1,162.78 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
High Low 1,166.97 1,129.85 Total cos Defaulter cos P/BV (x) ROE (%) 1.06 25.35
60.05 33.06
2010 Div BR (%) (%)
FOOD PRODUCERS
13.80
Open 1,172.76 Turnover 89,396 P/E (x) 6.03
0.19 -0.89
2009 Div BR (%) (%)
Performance of SR Food Producers Index
13.47
FORESTRY AND PAPER
Century Paper Pak Paper Product Security Paper
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Exide (PAK) Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission
Crescent Sugar Dewan Sugar
Performance of SR Forestry & Paper Index
Company
Company
Paid up Cap(mn)
-
40
15142
Mandviwala
Open 1,149.28 Turnover 3,717,581 P/E (x) 4.17
73.50 34.00
Nimir Industrial Chemicals Ltd.
Change % Change -2.20 -0.30 Market cap 200-Day High 12,766.66 mn Div Yield (%) 200-Day Low 2.00 -
Attock Refinery
Pak Int Container Terminal 1092 PNSC 1321
Alert ! Unusual Movements
11,314.24 11,354.37 11,140.54 h129.71
Performance of SR Oil and Gas Index Open 1,504.14 Turnover 23,239,645 P/E (x) 11.03 Company
KSE 100 Index
Symbols
2010 Div BR (%) (%)
-
-
-
400
-
150
-
-
-
-
-
-
-
-
-
0.43
15964
88.00
65.20
35
-
-
-
496.49 492.00 493.23 -0.21
81445
595.99
390.00
450
25B
650
25B
Open 916.28 Turnover 219,252 P/E (x) 6.94 Company Abbott (Lab)
Paid up Cap(mn) 979
PE
Open
High
8.96 100.00
103.00
High Low 938.52 908.71 Total cos Defaulter cos P/BV (x) ROE (%) 1.55 22.31 Low
Close Chg
99.13 102.26
Close 931.08 Listed cap 3,904.20 mn Payout (%) 44.54
Volume
Change % Change 14.80 1.62 Market cap 200-Day High 31,113.48 mn Div Yield (%) 200-Day Low 6.42 -
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
2.26
37125
104.00
84.00
120
-
20
-
Ferozsons (Lab) GlaxoSmithKline
250 1707
6.34 14.13
84.01 76.10
85.49 79.50
83.50 75.06
84.00 -0.01 78.55 2.45
9873 39674
114.00 79.50
82.20 65.00
10 50
20B -
-
20B -
Highnoon (Lab) Searle Pak
165 306
7.28 5.49
26.20 61.50
26.55 62.00
26.25 61.00
26.28 0.08 61.00 -0.50
17012 90365
26.98 64.50
22.60 58.20
25 15
15B
30
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
65.83
Total Assets (Rs in mn)
MA (10-day)
2.68
Total Equity (Rs in mn)
MA (100-day)
2.21
Revenue (Rs in mn)
207,629.50
MA (200-day)
2.45
Interest Expense
1st Support
2.72
Loss after Taxation
2nd Support
2.64
EPS 10 (Rs)
(0.74)
1st Resistance
2.88
Book value / share (Rs)
(0.02)
2nd Resistance
2.96
PE 11 E (x)
Pivot
2.80
PBV (x)
(525.11) 70,508.12 6,823.64 (14,641.22)
(115.43)
KESC closed down -0.33 at 2.83. Volume was 32 per cent above average and Bollinger Bands were 300 per cent wider than normal. The company's loss after taxation stood at Rs1.782 billion which translates into a Loss Per Share of Rs0.09 for the 1st quarter of current fiscal year (1QFY11). KESC is currently 15.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into KESC (bullish). Trend forecasting oscillators are currently bullish on KESC.
Silkbank Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
51.87
Total Assets (Rs in mn)
MA (10-day)
2.72
Total Equity (Rs in mn)
MA (100-day)
2.74
Revenue (Rs in mn)
68,664.34 196.91 5,913.32
MA (200-day)
3.00
Interest Expense
1st Support
2.65
Loss after Taxation
2nd Support
2.60
EPS 09 (Rs)
5,855.52
1st Resistance
2.80
Book value / share (Rs)
2nd Resistance
2.90
PE 10 E (x)
Pivot
2.75
PBV (x)
(2,902.91) (3.224) 0.22 12.53
SILK closed up 0.04 at 2.74. Volume was 72 per cent below average (consolidating) and Bollinger Bands were 65 per cent narrower than normal. The company's loss after taxation stood at Rs700.335 million which translates into a Loss Per Share of Rs0.32 for the nine months of current calendar year (9MCY10). SILK is currently 8.7 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SILK at a relatively equal pace. Trend forecasting oscillators are currently bullish on SILK.
BOOK CLOSURES Company
From
To
Mirpurkhas Sugar Mills
16-Dec
30-Dec
15,20(B)
8-Dec
ICC Textiles#
19-Dec
29-Dec
D/B/R -
-
Spot AGM/Date 29-Dec
Siemens Pakistan
20-Dec
29-Dec
600
8-Dec
29-Dec
Colony Sugar Mills#
21-Dec
27-Dec
-
-
27-Dec
JS Investment#
21-Dec
27-Dec
-
-
27-Dec
Asian Stocks Fund#
22-Dec
28-Dec
-
-
27-Dec
Safeway Mutual Fund#
22-Dec
28-Dec
-
-
27-Dec
Maple Leaf Cement#
22-Dec
29-Dec
-
-
29-Dec
Hala Enterprises#
23-Dec
29-Dec
-
-
29-Dec
Altern Energy#
23-Dec
30-Dec
-
-
30-Dec
Shaffi Chemicals#
23-Dec
30-Dec
-
-
30-Dec
Amtex Ltd#
24-Dec
31-Dec
-
-
31-Dec
Pakistan Reinsurance#
24-Dec
31-Dec
-
-
31-Dec
Descon Chemicals#
24-Dec
30-Dec
-
-
30-Dec
30-Dec
Nadeem Textile Mills
24-Dec
31-Dec
20
14-Dec
Byco Petroleum Pakistan
25-Dec
31-Dec
-
-
Mehran Sugar Mills
-
-
10(F), 10(B)-
-
Husein Industries
28-Dec
4-Jan
-
-
31-Dec
BOC Pakistan#
11-Jan
17-Jan
-
-
Pangrio Sugar Mills
22-Jan
31-Jan
10
-
31-Jan
Mirza Sugar Mills
22-Jan
31-Jan
10
-
31-Jan
INDICATIONS # Extraordinary General Meeting
31-Dec 31-Dec
17-Jan
7
Monday, December 20, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,155.20 Turnover 20,086,404 P/E (x) 6.19 Paid up Cap(mn)
Company
High Low 1,162.44 1,138.79 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
Close 1,151.55 Listed cap 50,077.79 mn Payout (%) 62.56
PE
Open
High
Low
Close Chg
Volume
Pakistan Telecomm Co A 37740 12.83 Telecard 3000 0.72 WorldCall Tele 8606 -
19.28 2.54 3.18
19.39 2.67 3.33
19.15 2.32 2.95
19.25 -0.03 2.41 -0.13 3.19 0.01
2678655 2917615 14486103
Change % Change -3.65 -0.32 Market cap 200-Day High 79,146.96 mn Div Yield (%) 200-Day Low 10.11 -
Last 60 days High Low 20.12 2.69 3.33
18.15 1.80 2.31
2009 Div BR (%) (%) 15 -
-
2010 Div BR (%) (%) 17.5 1 -
Ask Gen Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Reliance Insurance Silver Star Insurance
204 6.14 279 6.82 457 7.03 1250 400 3.11 718 16.51 3000 41.28 350 303 6.06 252 4.05 253 4.34
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
Open
High
Low
3426 20.61 198 11572 6.76 1560 7932 1695 10.92 126 2.90 8803 4.96 3673 3.44 3541 25.56 178 191 3.47 1367 150 -
10.00 1.04 36.08 1.93 3.16 19.00 4.53 39.98 15.62 15.93 1.00 18.98 2.47 1.20
9.11 1.18 37.25 2.10 3.29 19.70 4.90 40.95 15.95 16.30 1.43 18.85 2.80 1.49
9.00 0.90 36.15 1.85 2.72 19.00 4.45 39.92 15.45 15.79 0.70 18.41 2.36 1.09
Close 1,273.62 Listed cap 95,369.29 mn Payout (%) 104.13
Change % Change 10.66 0.84 Market cap 200-Day High 104,093.20 mn Div Yield (%) 200-Day Low 7.29 -
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
9.07 0.99 36.89 1.88 2.83 19.65 4.75 40.80 15.70 15.85 1.01 18.61 2.40 1.23
5002 566062 7274578 1246877 8186524 19999 159127 3016374 5436488 7553002 20525 10143 5056805 231331
11.88 1.45 37.25 2.25 3.29 26.50 6.10 42.68 15.95 16.70 1.69 23.49 2.90 1.75
33.5 45 64.5 20 3
-0.93 -0.05 0.81 -0.05 -0.33 0.65 0.22 0.82 0.08 -0.08 0.01 -0.37 -0.07 0.03
9.00 0.60 32.75 1.20 1.94 17.95 4.01 38.35 10.32 10.65 0.32 17.98 2.05 0.65
31R -
Open 920.41 Turnover 31,970 P/E (x) 10.65
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,485.21 Turnover 883,799 P/E (x) 9.50 Paid up Cap(mn)
Company Sui North Gas XD Sui South Gas
PE
5491 8390
8.10 3.04
Open
High
27.01 20.29
27.49 20.54
High Low 1,506.92 1,468.25 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 11.41 Low 26.90 19.95
Close Chg 27.20 0.19 20.19 -0.10
Close 1,485.36 Listed cap 12,202.80 mn Payout (%) 66.79
Change % Change 0.15 0.01 Market cap 200-Day High 31,874.43 mn Div Yield (%) 200-Day Low 7.03 -
Last 60 days High Low
Volume 687456 196343
34.75 30.70
26.60 19.95
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index Open 1,132.47 Turnover 65,175,825 P/E (x) 8.22 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.33 64.49 Askari Bank 6427 8.15 16.77 Atlas Bank 5001 1.70 Bank Alfalah 13492 13.53 10.87 Bank AL-Habib 7322 7.76 35.52 Bank Of Khyber 5004 5.59 4.50 Bank Of Punjab 5288 - 10.15 BankIslami Pak 5280 830.00 3.09 Faysal Bank XB 7309 4.78 14.87 Habib Bank Ltd 10019 7.47 117.44 Habib Metropolitan Bank 8732 7.96 25.65 JS Bank Ltd 8150 2.58 KASB Bank Ltd 9509 2.70 MCB Bank Ltd 7602 9.80 218.29 Meezan Bank 6983 8.59 16.03 Mybank Ltd 5304 2.43 National Bank 13455 6.18 70.99 Network Mic Bank 300 1.50 NIB Bank 40437 3.03 Royal Bank Ltd 17180 4.41 Samba Bank 14335 2.05 Silkbank Ltd 26716 2.70 Soneri Bank 6023 7.35 Stand Chart Bank 38716 12.58 8.15 United Bank Ltd 12242 7.65 64.04
High
High Low Close 1,158.35 1,119.98 1,143.77 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.15 13.94 40.49 Low
Close Chg
65.80 64.45 65.15 0.66 17.40 16.70 17.11 0.34 2.09 1.67 1.97 0.27 10.94 10.50 10.55 -0.32 36.00 35.26 36.00 0.48 4.68 4.17 4.19 -0.31 10.29 9.81 9.89 -0.26 3.40 3.01 3.32 0.23 14.98 14.65 14.82 -0.05 121.99 114.25 119.56 2.12 26.59 25.25 26.03 0.38 2.70 2.47 2.55 -0.03 2.75 2.55 2.70 0.00 222.10 216.00 221.01 2.72 16.70 15.91 16.24 0.21 2.74 2.07 2.50 0.07 72.24 70.16 70.76 -0.23 2.40 1.16 1.64 0.14 3.17 3.02 3.03 0.00 5.00 4.32 4.90 0.49 2.17 1.97 2.00 -0.05 2.89 2.70 2.74 0.04 8.30 7.00 7.90 0.55 8.59 7.75 8.18 0.03 67.39 64.10 65.11 1.07
517712 1674538 1687032 16463115 351282 160007 3423646 280940 128859 1718035 345471 1528793 82662 3328179 25295 739539 15179958 10305 6160335 206683 972799 5008895 1542157 63793 3575795
Change % Change 11.30 1.00 Market cap 200-Day High 695,576.91 mn Div Yield (%) 200-Day Low 4.92 -
Last 60 days High Low
Volume
65.80 17.40 2.55 11.00 36.00 4.70 10.59 3.88 17.10 121.99 26.74 3.00 2.90 223.50 16.70 2.74 72.24 2.40 3.18 8.10 2.65 3.08 8.30 8.80 67.39
50.00 14.23 1.50 7.66 30.01 2.50 8.00 2.74 13.01 92.55 18.02 2.03 2.16 182.61 14.05 1.81 62.15 0.62 2.46 3.91 1.51 2.50 5.01 6.00 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
20 - 20B - 66R 55 -63.46R 10 -
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance
High Low 783.98 752.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 5.20
Close 766.67 Listed cap 11,111.34 mn Payout (%) 79.54
Change % Change 8.34 1.10 Market cap 200-Day High 47,284.48 mn Div Yield (%) 200-Day Low 7.08 -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 25.19
84.26
89.45
84.05
86.92 2.66
5239151
89.45
63.05
2009 Div BR (%) (%) 30
10B
EFU Life Assurance
PE
Open
850 43.18
80.11
2010 Div BR (%) (%) 10
-
10.13 60.01 11.25 43.60 13.05 89.00 16.10 6.75 11.22 6.60 6.98
-0.87 -0.89 0.57 -0.43 0.35 -1.41 0.12 -0.09 0.57 -0.01 0.10
7700 5245 15149 142448 16310 23574 2176193 74240 23818 24000 16527
12.75 64.80 12.00 48.63 13.20 93.45 17.20 8.30 11.29 7.70 8.17
9.75 47.37 9.42 34.76 10.04 68.27 12.80 1.66 8.00 6.15 6.01
20 40 35 35 30 20 -
25B 8.7B 15B 20B
10 10 -
UP TO 5000 VOLUME
25R 10B 20B -
Symbols DATM PRET SIBL CLOV JDWS TSMF SING DMTM PAKD PTEC IDRT SKFL QUICE MUBT PKGI ICL SIEM STCL GSPM ESBL GRAYS DCM ATIL DYNO UNIC RUPL ANSS KHTC FPRM JOPP REWM SANSM BOC ISIL BPBL NONS MLCFPS BFMOD SRSM LAKST PECO SHCM PMRS DKTM GTYR CRTM FCONM NJICL DIIL HINO ADAMS KML COLG FZCM GLPL FNEL GWLC SCLL NAGC BTL GFIL KOHTM SUTM SMCPL BCL SLCL OTSU IDYM ETNL NESTLE JDMT DADX NOPK FRCL SHNI PGCL ILTM SANE HUSI LPGL ALICO DFSM QUAT MUBD PUNO SASML OLTM POAF SFL SALT MFFL KASBM WAZIR BWCL FRSM CSIL CPMFI GUTM TATM ATEL MQTM FANM FASM PSEL SAPL SZTM HUSS BILF GAMON AABS STML SCL ASFL FZTM RMPL SFWF BAFS TOWL AASM WYETH BHAT UPFL DSML KOSM ISTM SJTM BIFO JVDC GUSM SAPT AWTX FECS PHDL NJLIC
High Low 946.13 900.75 Total cos Defaulter cos P/BV (x) ROE (%) 2.30 3.85
Close 902.85 Listed cap 2,290.72 mn Payout (%) 355.53
Change % Change -17.55 -1.91 Market cap 200-Day High 10,401.42 mn Div Yield (%) 200-Day Low 5.96 -
High
Low
Close Chg
Volume
Last 60 days High Low
80.15
75.50
76.00 -4.11
28462
86.95
2009 Div BR (%) (%)
57.15
2010 Div BR (%) (%)
5513.33B
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 409.29 Turnover 28,923,023 P/E (x) 10.64
High Low 427.93 400.78 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 0.91
Close 416.43 Listed cap 30,336.44 mn Payout (%) 99.56
Change % Change 7.14 1.74 Market cap 200-Day High 28,468.86 mn Div Yield (%) 200-Day Low 3.25 -
Paid up Cap(mn)
PE
AMZ Ventures
225
1.70
0.73
0.95
0.60
0.75 0.02
786884
0.95
0.42
-
-
-
-
Arif Habib Limited
450 13.38
25.08
27.64
25.15
26.23 1.15
294103
34.00
24.40
15
25B
-
20B
Company
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
Dawood Equities
250
-
1.90
2.41
2.00
2.05 0.15
36266
2.69
1.51
-
-
-
-
Grays Leasing
215
-
1.21
1.89
1.10
1.25 0.04
5047
2.90
0.18
-
-
-
-
IGI Investment Bank
2121 16.63
-
-
6.61
7.75
6.65
7.23 0.62
35338
9.00
6.16
-
-
11.5
-
-
0.70
0.97
0.61
0.85 0.15
953079
1.00
0.44
-
-
-
-
3166
-
3.59
3.90
3.16
3.49 -0.10
508988
4.80
2.54
-
10B
-
10B
626
0.69
1.87
1.95
1.82
1.93 0.06
91216
2.84
1.32
-
-
-
-
Jah Siddiq Co
7633
-
11.30
12.04
10.88
11.59 0.29
14.05
8.80
-243.778B 10
-
JOV and CO
508
-
3.97
4.04
3.75
3.82 -0.15
509742
5.38
1.96
-
-
-
-
JS Global Cap
500
7.66
27.22
29.00
26.50
28.48 1.26
38722
40.00
24.25
150
-
-
-
Invest and Fin Sec
600 723.00
Invest Bank
2849
Ist Cap Securities Ist Dawood Bank
JS Investment
1000 27.71
2.54
2.84
2.55
2.66 0.12
2314293
22065444
2.90
1.17
-
-
6.56
6.95
6.40
6.65 0.09
626022
7.59
5.10
-
-
-
-
Orix Leasing
821
5.04
6.28
7.19
6.13
6.85 0.57
112787
7.29
4.50
-
-
-
-
Pervez Ahmed Sec
775
-
2.29
2.34
2.15
2.21 -0.08
268777
2.70
1.35
-231.08R
-
-
Saudi Pak Leasing
452
-
0.81
0.70
0.60
0.65 -0.16
22824
0.86
0.46
-
-
-
-
Trust Inv Bank
586
3.11
1.76
2.00
1.75
1.99 0.23
106499
2.98
1.24
-
-
-
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,279.40 Turnover 25,653,597 P/E (x) 19.58
2010 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 758.34 Turnover 7,775,435 P/E (x) 11.24
Paid up Cap(mn)
Company
2010 Div BR (%) (%) 50 - 7.8R 15 50 20 -
10.13 58.11 10.80 42.80 12.55 86.51 15.85 6.15 10.41 6.60 6.01
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,287.96 1,251.50 Total cos Defaulter cos P/BV (x) ROE (%) 1.34 9.35
10.62 63.75 11.45 44.98 13.20 91.00 16.80 7.00 11.29 6.61 7.88
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,262.95 Turnover 38,782,837 P/E (x) 14.29
11.00 60.90 10.68 44.03 12.70 90.41 15.98 6.84 10.65 6.61 6.88
Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. Atlas Fund of Funds 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 I B L Modaraba XD JS Growth Fund JS Value Fund Meezan Balanced Fund Mod Al-Mali Nat Bank Modaraba Pak Modaraba Pak Prem Fund PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba Tri-Star 1st Modaraba Trust Modaraba U D L Modaraba
264 1375 525 780 200 113 524 581 760 397 1008 202 3180 1186 1200 184 250 125 1698 1000 2835 2841 872 340 454 212 298 264
High Low 1,322.48 1,268.31 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 2.21
PE
Open
High
Low
10.00 6.70 1.65 3.84 1.53 3.63 10.63 0.67 2.29 2.40 5.78 18.36 63.50 15.68 6.95 12.50 5.74 4.95 12.51 1.93 7.72 7.16 2.16 4.60 3.42 1.64
1.60 7.78 4.45 1.69 0.69 2.98 1.63 2.08 3.11 6.63 6.54 3.45 4.67 4.48 6.99 1.29 6.90 0.93 9.01 6.97 12.01 6.24 0.92 1.32 9.00 1.70 1.75 5.75
1.70 8.05 4.39 1.96 0.79 3.00 1.80 2.28 3.25 7.75 6.75 2.90 5.15 4.56 7.30 1.40 6.90 1.10 9.04 7.15 12.60 6.50 1.04 2.38 9.40 1.70 1.80 5.79
1.40 7.60 4.01 1.40 0.55 2.90 1.60 1.95 3.09 6.71 6.66 1.82 4.63 4.15 6.35 1.15 6.20 0.95 8.90 6.52 11.90 6.15 0.95 1.23 8.62 1.35 1.75 5.71
Close 1,301.03 Listed cap 29,771.58 mn Payout (%) 104.74
Last 60 days High Low
Close Chg
Volume
1.60 8.04 4.10 1.69 0.61 2.90 1.70 2.12 3.20 7.20 6.70 2.02 5.08 4.39 7.23 1.25 6.20 0.99 9.01 6.65 12.04 6.30 0.95 1.31 9.39 1.35 1.78 5.79
113196 2.24 800736 8.59 10320686 4.50 55985 2.37 89577 1.10 165500 3.09 152514 2.37 296440 2.28 216604 3.88 509653 7.75 59045 6.90 28528 3.69 8648807 5.15 554447 4.73 82867 7.30 22140 2.18 5002 8.00 17365 1.40 1360875 9.05 129821 7.18 1159770 12.60 537331 6.50 158816 1.20 48924 2.54 32377 10.30 5973 5.80 8245 4.40 61107 6.99
0.00 0.26 -0.35 0.00 -0.08 -0.08 0.07 0.04 0.09 0.57 0.16 -1.43 0.41 -0.09 0.24 -0.04 -0.70 0.06 0.00 -0.32 0.03 0.06 0.03 -0.01 0.39 -0.35 0.03 0.04
Change % Change 21.63 1.69 Market cap 200-Day High 18,950.64 mn Div Yield (%) 200-Day Low 8.31 -
1.05 5.85 2.70 0.90 0.16 1.73 0.86 1.30 2.56 5.11 5.80 1.06 2.65 2.31 5.15 0.56 4.50 0.30 7.00 4.33 7.90 3.50 0.76 0.50 7.75 0.50 1.15 4.71
2009 Div BR (%) (%)
2010 Div BR (%) (%)
4.5 5 20 10 16.5 10
18.5 2.2 0 1.2 5 17 11 21 3 5 10 15.5 10 3 18.6 10 20 10 3 1 17 5 12.5
-
-
Open 0.32 28.89 3.25 74.72 86.60 1.74 19.80 6.00 79.80 2.00 3.16 1.20 2.27 1.00 7.32 29.09 1299.25 8.55 7.70 2.75 53.60 1.58 37.30 10.90 6.01 37.50 5.50 16.00 8.55 7.90 8.94 13.79 84.83 74.00 0.99 14.00 4.98 3.84 2.32 314.81 285.00 8.32 49.50 2.75 21.60 19.50 1.48 58.95 8.04 135.00 16.43 3.65 899.98 62.39 63.28 9.00 8.19 2.99 16.00 47.00 3.78 1.45 39.83 6.00 44.00 1.40 32.98 318.93 20.95 2466.81 15.45 23.25 23.30 2.24 14.00 20.72 166.70 2.99 9.69 17.88 19.50 5.12 13.24 2.00 43.19 6.02 2.00 8.50 123.25 65.70 73.71 1.43 8.49 22.80 20.50 5.34 4.44 24.37 34.79 17.00 7.75 2.90 33.50 167.35 132.99 7.00 10.49 1.40 1.70 94.90 22.00 85.58 4.85 392.26 2093.00 7.48 59.00 12.00 23.50 1100.00 260.00 1059.00 2.75 1.00 6.95 1.51 49.30 59.00 6.50 104.99 89.00 48.03 38.37 45.00
High 0.55 29.30 3.25 77.19 86.15 1.94 19.85 7.44 80.00 2.49 3.29 1.39 2.50 1.00 8.45 31.70 1353.73 8.99 7.80 2.74 55.50 1.55 38.69 10.95 6.68 37.45 5.50 17.90 8.74 8.89 8.95 13.90 85.40 73.49 0.99 13.95 4.98 3.74 2.46 335.00 295.00 8.00 51.50 2.50 22.65 21.50 1.59 60.00 9.70 135.00 16.75 2.98 930.00 68.50 62.00 8.75 8.25 2.99 16.75 47.99 4.00 1.45 39.83 6.18 44.00 2.00 33.50 350.15 22.00 2550.00 14.99 23.22 23.90 2.49 14.00 20.72 183.78 3.70 10.39 17.69 19.85 5.99 13.25 3.00 44.90 7.02 2.45 9.90 130.91 68.90 79.00 1.88 8.49 23.90 21.10 5.82 4.45 23.16 36.40 17.00 8.30 3.05 35.00 162.00 133.00 7.00 11.19 2.45 2.36 94.90 22.10 85.58 6.00 414.00 2167.90 8.25 61.95 12.00 25.70 1100.00 274.00 1099.00 2.35 1.28 7.00 1.50 53.50 59.99 7.25 104.99 89.00 52.50 41.09 47.20
Low
Close
0.32 29.30 2.75 71.10 83.02 1.10 18.80 5.02 79.10 2.00 2.92 1.20 2.21 0.70 6.60 30.00 1268.00 8.30 7.00 2.70 50.93 1.26 37.31 10.40 5.41 35.26 5.03 16.00 8.61 7.95 8.65 13.50 83.12 69.26 0.90 13.00 4.15 3.25 2.10 317.00 261.25 7.00 46.35 2.40 21.51 19.05 1.25 57.11 7.55 132.50 16.50 2.05 880.00 65.50 61.01 8.01 7.50 2.43 16.00 47.00 4.00 1.40 38.01 5.90 43.50 1.01 32.00 304.00 20.36 2312.02 14.00 21.54 23.01 1.71 12.25 18.72 168.50 3.00 8.45 15.69 18.50 4.50 13.05 2.00 43.19 5.02 2.00 9.50 123.25 62.42 72.40 1.40 8.00 22.80 19.60 4.02 3.65 23.16 33.50 17.00 7.80 3.00 33.50 160.00 126.00 6.00 10.19 1.40 1.56 94.00 21.50 85.58 4.50 390.00 1996.00 7.28 57.00 12.00 23.10 1085.00 259.00 1006.06 2.35 0.55 6.95 1.48 50.50 56.05 5.26 104.85 89.00 50.40 37.20 45.10
0.45 29.30 3.02 71.50 84.87 1.22 18.82 5.11 80.00 2.34 3.27 1.31 2.30 0.75 6.62 31.70 1270.04 8.65 7.20 2.70 51.38 1.50 37.36 10.60 6.03 36.49 5.03 17.90 8.61 7.95 8.95 13.85 84.99 71.75 0.90 13.52 4.23 3.70 2.40 326.25 261.25 7.00 47.52 2.50 21.51 19.50 1.43 59.46 9.70 134.50 16.57 2.50 880.00 68.50 61.02 8.72 8.25 2.45 16.70 47.00 4.00 1.40 38.01 6.17 43.90 2.00 32.07 348.75 20.40 2489.75 14.00 21.54 23.65 2.07 12.45 18.72 183.00 3.30 9.49 17.50 19.85 4.50 13.05 3.00 44.90 5.60 2.00 9.88 130.35 62.55 74.89 1.40 8.25 23.50 20.00 4.02 4.25 23.16 34.85 17.00 8.30 3.00 33.50 162.00 129.00 6.00 11.19 1.40 2.30 94.50 22.10 85.58 4.71 405.00 2149.64 7.28 58.90 12.00 25.01 1099.81 261.00 1050.00 2.35 1.10 7.00 1.48 53.50 58.90 6.16 104.85 89.00 51.95 40.95 45.10
Change
Vol
0.13 0.41 -0.23 -3.22 -1.73 -0.52 -0.98 -0.89 0.20 0.34 0.11 0.11 0.03 -0.25 -0.70 2.61 -29.21 0.10 -0.50 -0.05 -2.22 -0.08 0.06 -0.30 0.02 -1.01 -0.47 1.90 0.06 0.05 0.01 0.06 0.16 -2.25 -0.09 -0.48 -0.75 -0.14 0.08 11.44 -23.75 -1.32 -1.98 -0.25 -0.09 0.00 -0.05 0.51 1.66 -0.50 0.14 -1.15 -19.98 6.11 -2.26 -0.28 0.06 -0.54 0.70 0.00 0.22 -0.05 -1.82 0.17 -0.10 0.60 -0.91 29.82 -0.55 22.94 -1.45 -1.71 0.35 -0.17 -1.55 -2.00 16.30 0.31 -0.20 -0.38 0.35 -0.62 -0.19 1.00 1.71 -0.42 0.00 1.38 7.10 -3.15 1.18 -0.03 -0.24 0.70 -0.50 -1.32 -0.19 -1.21 0.06 0.00 0.55 0.10 0.00 -5.35 -3.99 -1.00 0.70 0.00 0.60 -0.40 0.10 0.00 -0.14 12.74 56.64 -0.20 -0.10 0.00 1.51 -0.19 1.00 -9.00 -0.40 0.10 0.05 -0.03 4.20 -0.10 -0.34 -0.14 0.00 3.92 2.58 0.10
4802 4700 4634 4606 4565 4454 4370 4153 4031 3502 3501 3500 3500 3499 3334 3299 3294 3177 3106 3076 3028 3002 2920 2803 2785 2506 2500 2500 2455 2100 2073 2068 2045 2011 2000 1900 1676 1647 1593 1565 1560 1500 1488 1488 1474 1352 1286 1276 1234 1214 1200 1179 1141 1101 1070 1069 1067 1044 1006 1002 1000 1000 900 750 723 718 650 614 604 603 600 582 576 574 558 533 532 526 509 508 502 501 501 500 500 500 500 500 447 432 417 356 300 299 251 207 203 202 201 200 200 200 199 150 148 125 113 103 102 100 100 100 88 85 75 75 61 60 44 38 33 29 21 21 20 20 12 11 11 11 10 8 6 6
BOARD MEETINGS
Bank Al-Falah Ltd
KSE 100 INDEX
Fauji Cement Co Ltd
National Bank of Pakistan
Company
Date
Gharibwal Cement Ltd
20-Dec
4:30
Nishat Mills Ltd
20-Dec
Time 11:00
Ecopack Limited
21-Dec
1:00
Habib Sugar Mills Ltd
22-Dec
12:00
Dewan Farooque Spinning Mills Ltd
22-Dec
4:00
Dewan Cement Ltd
22-Dec
Dewan Sugar Mills Ltd
22-Dec
4:30
International Industries Ltd
22-Dec
10:30
Askari Bank Ltd.
22-Dec
10:00
Fauji Fertilizer Bin Qasim Ltd.
23-Dec
10:30
Sindh Abadgar’s Sugar Mills Ltd
24-Dec
4:00
Fauji Fertilizer Company Ltd
24-Dec
10:00
5:00
TECHNICAL LEVELS
Technical Outlook Technical Analysis RSI (14-day)
Leverage Position
81.59
MA (5-day)
Brokerage House
Support 1
11,648.93
11,699.85
Support 2
Fair Value
*Arif Habib Ltd
10.25
Accumulate
AKD Securities Ltd
14.01
Positive
TFD Research
11,613.60
Technical Outlook
11,549.59
Resistance 1
11,845.10
10,416.82
Resistance 2
11,904.15
Technical Analysis
MA (200-day)
10,212.62
Pivot
11,758.90
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
mal. As far as resistance level is concern, the market will see major 1st resistance level at 11,845.10 and 2nd resistance level at 11,904.15, while
*Arif Habib Ltd
TFD Research
MA (100-day)
cent above average and Bollinger Bands were 27 per cent wider than nor-
63.19 10.34 9.08 9.86 10.65 10.72
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Brokerage House
AKD Securities Ltd TFD Research
Brokerage House
Fair Value
Rs Recommendations
176
Sell
AKD Securities Ltd
238.8
Buy
TFD Research
208.75
674.58 7,116.80 N/A N/A N/A N/A
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
72.26 187.39 179.45 184.49 189.70 189.86
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Positive
62.09 69.89 66.27 69.38 70.85 71.20
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
318.44 22,533.11 N/A N/A N/A 140.26
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Fair Value
Rs Recommendations
317.2
Buy
*Arif Habib Ltd
Positive
AKD Securities Ltd
296.6
Buy Neutral
Brokerage House
281.35
Brokerage House
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
72.31 283.47 242.04 236.12 289.79 291.80
Rs Recommendations Buy
AKD Securities Ltd
43.29
Buy
TFD Research
36.85
Positive
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Fair Value 42
Technical Outlook 175.80 10,488.22 N/A N/A N/A 86.89
381.31 1,959.93 N/A N/A N/A N/A
Dera Ghazi Khan Cement Co Ltd
*Arif Habib Ltd
Leverage Position
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
* Target price for Jun-11 & **Net Open Interest in future market
Buy
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Leverage Position
55.62 5.03 4.95 5.32 5.27 5.19
FCCL closed up 0.25 at 5.14. Volume was 50 per cent above average and Bollinger Bands were 19 per cent narrower than normal. FCCL is currently 3.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FCCL (bullish). Trend forecasting oscillators are currently bullish on FCCL.
Rs Recommendations
58.16 60.70 50.51 50.97 59.75 59.78
Rs Recommendations Positive
Technical Analysis
59.97 74.2
8.5
Technical Outlook
Leverage Position
Fair Value
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Neutral
92.3
Fair Value
* Target price for Jun-11 & **Net Open Interest in future market
TFD Research
147.48 28,640.92 N/A N/A N/A 85.75
61.96
Brokerage House TFD Research
NBP closed down -0.23 at 70.76. Volume was 92 per cent above average and Bollinger Bands were 16 per cent wider than normal. NBP is currently 4.8 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 moderate flows of volume into NBP (mildly bullish). Trend forecasting oscillators are currently bullish on NBP.
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Buy
Pakistan Oilfields Ltd
Neutral
Technical Outlook
Rs Recommendations
82.1
Technical Analysis
Nishat Mills Ltd
Engro Corporation
Fair Value
Technical Outlook
Leverage Position
Index will continue to find its 1st support level at 11,699.85 and 2nd sup- * Target price for Jun-11 & **Net Open Interest in future market port level at 11,613.60. BAFL closed down -0.32 at 10.55. Volume was 7 per cent above average KSE 100 INDEX is currently 15.5 per cent above its 200-day moving averand Bollinger Bands were 24 per cent wider than normal. age and is displaying an upward trend. Volatility is low as compared to the BAFL is currently 7.0 per cent above its 200-day moving average and is average volatility over the last 10 trading sessions. Volume indicators displaying an upward trend. Volatility is extremely high when compared to reflect moderate flows of volume into INDEX (mildly bullish). Trend fore- the average volatility over the last 10 trading sessions. Volume indicators casting oscillators are currently bullish on INDEX. Momentum oscillator is reflect very strong flows of volume into BAFL (bullish). Trend forecasting currently indicating that INDEX is currently in an overbought condition. oscillators are currently bullish on BAFL.
*Arif Habib Ltd
Brokerage House
Buy
AKD Securities Ltd
MA (10-day)
KSE 100 INDEX closed up 165.93 points at 11,786.09. Volume was 26 per
Rs Recommendations
13
107.94 31,643.23 N/A N/A N/A 252.59
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
61.00 30.99 26.72 26.93 31.05 31.05
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
182.55 5,662.69 N/A N/A N/A 43.28
* Target price for Jun-11 & **Net Open Interest in future market
* Target price for Jun-11 & **Net Open Interest in future market
* Target price for Jun-11 & **Net Open Interest in future market
* Target price for Jun-11 & **Net Open Interest in future market
ENGRO closed up 8.15 at 194.20. Volume was 381 per cent above average (trending) and Bollinger Bands were 1 per cent narrower than normal. ENGRO is currently 5.3 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 moderate flows of volume into ENGRO (mildly bullish). Trend forecasting oscillators are currently bullish on ENGRO. Momentum oscillator is currently indicating that ENGRO is currently in an overbought condition.
NML closed up 0.76 at 59.66. Volume was 39 per cent below average and Bollinger Bands were 17 per cent wider than normal. NML is currently 17.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NML (mildly bullish). Trend forecasting oscillators are currently bullish on NML.
POL closed up 1.64 at 293.15. Volume was 250 per cent above average (trending) and Bollinger Bands were 76 per cent wider than normal. POL is currently 24.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into POL (bullish). Trend forecasting oscillators are currently bullish on POL. Momentum oscillator is currently indicating that POL is currently in an overbought condition.
DGKC closed up 0.34 at 31.02. Volume was 41 per cent below average and Bollinger Bands were 27 per cent wider than normal. DGKC is currently 15.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into DGKC (bullish). Trend forecasting oscillators are currently bullish on DGKC.
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 59.40 3.45 3.35 81.20 64.65 64.15 50.52 62.75 62.55 40.24 23.65 23.40 48.79 25.90 25.55 69.26 86.35 85.75 66.20 16.95 16.80 40.73 10.00 9.80 57.66 324.15 321.85 52.61 118.35 116.75 63.19 10.45 10.30 51.67 3.10 2.85 54.83 9.75 9.65 59.90 2.25 2.20 61.00 30.55 30.10 65.59 2.95 2.80 48.13 2.85 2.80 44.93 43.40 43.25 43.35 75.35 74.65 72.26 190.55 186.85 50.40 14.70 14.55 55.62 5.10 5.00 59.01 34.65 34.35 74.40 116.40 114.70 75.41 117.05 114.55 67.36 36.65 36.45 63.50 137.45 136.75 50.91 249.00 244.00 45.77 3.70 3.60 58.57 1.85 1.80 44.05 2.50 2.45 44.21 11.35 11.15 65.85 40.35 39.95 65.83 2.75 2.65 67.27 13.00 12.85 56.70 75.60 74.85 68.74 219.65 218.25 53.46 3.00 2.95 62.09 70.40 70.00 51.24 21.65 21.05 40.58 18.30 18.15 57.42 3.00 2.95 63.86 2.00 1.85 58.16 58.80 57.95 65.35 166.10 164.70 54.38 2.95 2.90 50.72 2.10 2.05 56.58 2.30 2.20 38.04 6.80 6.70 72.31 288.65 284.15 78.26 211.40 204.55 29.65 67.20 66.30 57.24 283.80 281.65 48.58 19.15 19.05 63.42 200.90 197.60 34.92 26.90 26.65 60.47 13.25 12.85 30.39 20.05 19.85 55.12 2.35 2.25 37.25 3.70 3.60 71.96 64.60 64.05 71.92 3.00 2.80
1st 2nd Resistance 3.65 3.80 65.50 65.85 63.30 63.65 24.35 24.75 26.80 27.35 87.90 88.85 17.25 17.45 10.40 10.60 328.60 330.80 121.75 123.50 10.75 10.90 3.45 3.60 10.05 10.20 2.40 2.50 31.55 32.05 3.30 3.45 2.95 3.00 43.85 44.10 76.85 77.65 196.45 198.65 14.95 15.10 5.25 5.35 35.30 35.55 119.35 120.55 122.05 124.50 37.20 37.45 139.45 140.70 258.00 262.00 3.95 4.10 1.95 2.00 2.60 2.65 11.95 12.25 41.10 41.40 2.90 2.95 13.35 13.55 77.15 77.95 222.25 223.45 3.10 3.15 71.20 71.60 22.85 23.40 18.70 18.95 3.10 3.15 2.30 2.45 60.50 61.35 168.80 170.15 3.05 3.10 2.30 2.40 2.45 2.60 7.10 7.30 297.00 300.90 221.90 225.55 68.80 69.50 288.30 290.65 19.40 19.50 206.10 208.00 27.45 27.70 13.90 14.20 20.30 20.45 2.50 2.60 3.90 4.00 65.95 66.75 3.35 3.45
Pivot 3.55 65.00 63.10 24.05 26.45 87.30 17.15 10.20 326.30 120.15 10.60 3.25 9.95 2.35 31.10 3.15 2.90 43.70 76.15 192.75 14.85 5.20 34.95 117.65 119.50 36.95 138.75 253.00 3.85 1.90 2.55 11.70 40.65 2.80 13.20 76.40 220.85 3.05 70.80 22.25 18.55 3.05 2.15 59.65 167.40 3.00 2.25 2.40 7.00 292.50 215.05 67.90 286.15 19.25 202.80 27.20 13.50 20.15 2.40 3.80 65.40 3.15
Insurance companies join the Cancun climate talks 8
Monday, December 20, 2010
PC set to sell off 3 state-run insurers HONG KONG: AIA advertising on a building in the Central Business District in Hong Kong.-Reuters
Non-life insurers a haven in euro debt crisis LONDON: Insurance investors hoping to find shelter from Europe's sovereign debt crisis should take refuge in international non-life companies with little exposure to the weaker economies of the euro zone. Insurers invest large chunks of the premiums they receive from customers in government bonds, usually considered riskfree, but now some of these have been hit by the euro zone's debt woes. European insurers hold 1.2 trillion euros ($1,599 billion) of euro zone government bonds, some 17 per cent of their financial assets, according to the European Central Bank. "Whenever there's a crisis in a certain asset class the insurers will always get trashed because they are by definition massive asset managers with very geared portfolios," said Joy Ferneyhough, an analyst at stockbroker Execution Noble. Their shares have become a bellwether for investor nervousness about sovereign risk in the single currency area. The Stoxx 600 European insurance share index has recouped most of a 10 per cent drop in the run-up to Ireland's bailout last month, but concerns over sovereign creditworthiness will weigh on the sector until the crisis is over,
analysts say. They say companies with the smallest holdings of bonds issued by Portugal, Ireland, Greece or Spain -- currently at the center of default fears -- are generally those with no operational presence in those countries. This is because insurers typically hold a country's debt only to the extent that they do business there, using its bonds to provide financial backing against payouts to customers. So problematic sovereign debt is mostly concentrated among local insurers in the issuing countries, and makes up only a small part of the portfolios of big pan-European players. Holdings of risky sovereign debt as a proportion of tangible core equity ranges from zero in the case of Britain's RSA, Prudential and Legal & General to 48 per cent for Mapfre of Spain, reflecting its focus on its home market, according to analysts at Morgan Stanley. Non-life companies could also prove a safer bet than life insurers because they tend to hold short-dated government debt, seen as less risky than long-dated bonds, to underpin the typically short-term policies they write. "During periods of heightened concerns over sovereign debt we would favor the short-
tail, non-life names where the investment portfolios are lowrisk and invested in short-dated near-cash instruments," the Morgan Stanley analysts wrote. The Lloyd's of London insurance market, which covers complex, large-scale risks such as hurricanes, also holds virtually no debt from the weaker euro zone countries and offers a good "hideout" from the debt crisis, Execution Noble's Ferneyhough said. The ECB provided some reassurance to investors last week, saying insurers' overall exposure to peripheral eurozone debt appeared "manageable. The sector's shares, up 3.4 per cent this year against an 8 per cent rise in the wider market, have so far avoided the double-digit falls seen in early 2009 amid worries about a wave of recession-driven corporate bond defaults. Insurers say that as they usually hold bonds to maturity, losses on the value of their sovereign debt portfolios will remain largely unrealised, and they would take a hit only in the event of an actual default by an issuing government. "My conclusion is that it's not a general problem for the European industry. If it is a problem, it's very company specific," Swiss Re chief economist Thomas Hess told Reuters. -Reuters
US closes 6 more banks; 2010 failures tally at 157 WASHINGTON: Authorities closed six more banks on Friday, bringing the number of closures so far this year to 157 as the aftermath of the 20072009 financial crisis continued to take a toll. Smaller financial institutions, in particular, continue to feel the impact of the struggling housing market, weak economy and high unemployment. The bulk of this year's closures have been smaller institutions, each with less than $1 billion in assets. Large banks have recovered more quickly from the financial crisis. The Federal Deposit Insurance Corp (FDIC) has said it expects bank closures to peak this year after 140 closures in 2009. The FDIC announced the following closures on Friday:
Appalachian Community Bank of McCaysville, Georgia; had assets of $68.2 million. Peoples Bank of East Tennessee of Madisonville, Tennessee, to assume the deposits Chestatee State Bank of Dawsonville, Georgia; had assets of $244.4 million. Bank of the Ozarks of Little Rock, Arkansas, to assume the deposits. Bank of Miami, National Association of Coral Gables, Florida; had assets of $448.2 million. 1st United Bank of Boca Raton, Florida to assume the deposits. United Americas Bank, National Association, of Atlanta, Georgia; had assets of $193.8 million. State Bank and Trust Company of Macon, Georgia to assume the
deposits. Community National Bank of Lino Lakes, Minnesota; had assets of $31.6 million. Farmers & merchants Bank of Manchester, Iowa to assume deposits. First Southern Bank of Batesville; had assets of $191.8 million. Southern Bank of Poplar Bluff, Missouri to assume deposits. FDIC Chairman Sheila Bair has said that while the number of failures already exceeds the 2009 tally of 140, the total assets of this year's failures will probably be lower. On November 23 the FDIC released its latest quarterly report on the state of the banking industry. It showed that the industry overall continues to recover from the financial crisis but that large banks are doing better than smaller institutions. -Reuters
Restructuring underway to split up RMB assets JOHANNESBURG: South African investment firm RMB Holdings said it plans to list its insurance assets, as it restructures to separate them from its banking assets to give investors more flexibility. RMB, which holds stakes of some of South Africa's largest financial services firms, said in a statement on Wednesday it will spin off the insurance assets under the name of RMI Holding, giving shareholders one share in RMI for every RMB share. The move will also allow RMB's unit FirstRand, South Africa's second-largest banking group, to shed some of its insurance holdings, potentially making FirstRand a more attractive target for foreign investors. RMB said the changes would give investors more flexibility with investment choices. South Africa, the continent's largest economy, is increasingly seen as a gateway to the fastgrowing region. "I think they were concerned that with the group becoming more diverse the market would start to apply a conglomerate discount," said Johann Scholtz, an analyst at Afrifocus Securities. RMB will also buy a 45 per cent stake in insurance firm Outsurance for 3.75 billion rand ($549 million) from FirstRand. That will double RMB's stake in Outsurance to 90 per cent. Shares of RMB rose 3.9 per cent to 37.02 rand by 1450 GMT, while FirstRand gained 0.8 per cent to 18.80 rand. The Johannesburg Stock Exchange All Share Index was up 0.15 per cent. FirstRand, unlike rivals Standard Bank and Absa , does not have a major foreign shareholder, and market participants have long speculated it could be an eventual target of an overseas bank. "If foreigners buy a bank they want a bank, they don't want additional insurance assets in there," said Afrifocus' Scholtz. HSBC in October walked away from exclusive talks to buy up to a 70 per cent stake in Nedbank, another South African commercial bank. RMB will also sell a 5 per cent stake to black investment group Royal Bafokeng Holdings for 2.5 billion rand. -Reuters
ISLAMABAD: Privatisation Commission (PC) is all set to sell off three state-run insurance companies namely State Life Insurance Corporation, Pakistan Reinsurance Company, National Insurance Company. According to a statement PC is plans to proceed with equity Linked Instruments (Convertible Bonds) for State Owned Enterprises (SOEs) in international markets to tap private sector for funding turnaround efforts and to utilise the proceeds to fund future growth plans of these entities. The other entities on privatisation list are Pakistan Railways, Pakistan Steel Mills, PTDC Motels and Restaurants, Utility Stores Corporation and Stores, Printing Corporation of Pakistan, Services Hotel, Sindh Engineering and Republic motors Limited and the above-mentioned insurance companies. 100 per cent SOEs in the chemical, textile, nitrogen fertiliser, cement, rice, roti and light engineering sectors while 98 per cent units of automobile industry, 96 per cent ghee (Oil) mills and 100 per cent of phosphate fertiliser units have been privatised, the delegation was told. A visiting 8-member Australian parliamentary delegation led by the President of the Legislative Assembly of Australia (Chairperson State Senate) Amanda Fazio, currently on an official goodwill visit to Pakistan was given a briefing on the privatisation policy, programme, initiatives, available investment opportunities, and the process. The delegation was informed that Pakistan's privatisation programme being transparent and open is seen as the most successful in the South Asia, Central Asia and the Middle East regions by the leading investment houses and the investment groups as it yielded over $ 9 billion proceeds (Rs476 billion) through the privatisation of 167 transactions. The delegation was told that the purpose of undertaking the privatisation of SoEs is to reduce the participation of the government in commercial activities, to deregulate the economic and commercial functions, to help the economy move from state control to private one, switch from the
monopolistic to the competitive markets, financial repression to financial liberalisation and to turnaround the inefficient SOEs into efficient private enterprises. The PC has also 12 active transactions in the services, power, banking, industrial, infrastructure, production and manufacturing sectors, which include Pakistan Post, SME Bank Limited, Heavy Electrical Complex, Pakistan Machine Tool factory, Pakistan Mineral Development Corporation, National Power Construction Company, Morafco Industries (Machinery on 'as is where is basis' and six power supply and generation firms i.e. Islamabad Electrical Supply Company, Peshawar Electrical Supply Company, Quetta Electrical Supply Company, Hyderabad Electrical Supply Company, Faisalabad Electrical Supply Company and Jamshoro Power Company Limited. The delegation was informed that the present government’s privatisation policy emphasises on the sale of 26 per cent shares of the entities on the privatisation list with the management control for value addition, improving the efficiencies and enhancing the production and making them profitable before offering the turnaround entities to the potential and sound investors instead of just divesting the majority chunk. Banking industry had been privatised substantially due to which 80 per cent of the banking sector is under private ownership, Elucidating the salient features of the revolutionary project Benazir Employees Stock Option Scheme (BESOS) of the present government to empower the workers of the SOEs. The delegation was informed that twelve per cent GOP Shares of 77 SOEs valuing to the tune of Rs116.082 billion were being given to employees free of cost on the basis of length of service of employees. The briefing also focused Institutional Arrangements, TOR & Composition of Cabinet Committee on Privatisation (CCOP), functions of Privatisation Commission (PC), composition of PC Board and the detailed procedure of the process. -NNI
During the last week
Insurers at KSE move both ways Staff Reporter KARACHI: Some mixed activities were observed in the insurance stocks last week at the Karachi Stock Exchange (KSE) with around 8 million shares traded together in life and non-life insurance stocks. Adamjee Insurance stood as the volume leader with 5.2 million shares followed by Pakistan
Reinsurance with 2.1 million shares. Top gainers of the week include Adamjee Insurance which increased by Rs2.66 to close at Rs86.92 and Premier Insurance up by Rs0.57 to close at Rs11.22 while EFU Life Assurance fell by Rs4.11 to close at Rs76 and Shaheen Insurance lost Rs1.55 to close at Rs12.45 to be the major losers of the week.
Snow drives 10pc jump in insurance claims LONDON: Heavy snow across much of Britain has fuelled a sharp rise in motor insurance claims, roadside recovery group AA said on Friday. AA said it had received 10 per cent more claims than Thursday, the last snow-free day, with 21 per cent of them overall related to snow or ice, while in Scotland, the proportion of snow-related claims was 51 per cent. Insurers typically face sharply higher claims expenses during cold winters as policyholders seek to recoup the cost of repairing weather-related damage to homes and vehicles. Last winter, the coldest for 30 years, the industry paid 650 million pounds to settle weather-related claims, a spokesman for the Association of British Insurers said. Shares in leading general insurers Aviva, RSA, and Admiral were down by between 1.5 per cent and 0.1 per cent by 4:15 p.m. British time, while the Stoxx 600 Europe insurance index was 1 per cent lower. -Reuters
Lloyd's names Chaplin as new Asia Pacific chief SINGAPORE: Insurance market Lloyd’s has appointed claims boss Kent Chaplin as the new head of its Singaporebased Asia Pacific operations. Chaplin, who will start in the role in January 2011 and was previously head of claims, replaces Keith Stern, who has taken up the role of regional manager for the UK and Ireland. Chairman of the market's Claims Service Review Board, David Lang has been named as the new head of claims. Lloyd's director of international markets, Jose Ribeiro said: "I am delighted to wel-
come Kent to the team. His skills and industry experience will be an asset to our operations in Asia and key to our aspirations to build on Lloyd's presence in this important market." Chaplin added: "I am pleased to be given this exciting opportunity and very much look forward to working with the market to further develop the Lloyd's platform and extend our footprint in the region." Commenting on the appointment of Lang, Lloyd's director of performance management, Tom Bolt said: "It gives me great pleasure to welcome David to the team. I am sure that he will continue to build on the superb work that has been carried out by Kent Chaplin, the market and his team in developing and steering Lloyd's claims strategy to date." Lang added: "I eagerly anticipate working with Tom, the Lloyd's claims team and the market. The emphasis placed on claims in Lloyd's strategic plans demonstrates a continued commitment to delivering a pre-eminent service to clients." -Agencies
Bakheet Al Jasmi of UAE competes in the heats of the Men's 4 x 100m Medley Relay
09
Monday, December 20, 2010
Salman Butt prepares second reply to ICC LAHORE: The spot-fixing saga continues as Salman Butt's attorney prepares to send a fresh reply to the International Cricket Council (ICC), after the world body rejected his initial 40-page response to allegations against him. The former Test skipper had filed the initial reply to the ICC through his attorney Barrister Aitzaz Ahsan and Shahid Syed. Syed told Express News that the ICC's bias in the case was 'obvious'. He said the entire appeal has been decided by the ex-parte decision on a preliminary response without hearing Butt or his counsel. He said that Butt's preliminary response was sent on time and contained his objections to jurisdiction, composition and process of the tribunal in the language of the law, adding that it was the legal right of respondent. Syed also said that the reply was not made public because of ICC's confidentiality but "the truth will come out soon" when the response is made public. Syed added that he has strongly advised Butt to immediately appeal the ICC's decision before the Court of Arbitration for Sports. Spotfixing tainted fast bowlers Muhammad Aamir and Asif's lawyers have prepared their cases and submitted them to the ICC. Aamir's lawyer Shahid Kareem sent his case a day earlier on Thursday, while Barrister Allan Alexander Cameron, who is the brother of the British Prime Minister David Cameron, prepared Asif's case today.
Nat’l cricket’s team security manager quits ISLAMABAD: The Security Manager of Pakistan Cricket Team, Khawaja Najam Javed has resigned, media said Sunday. Talking to the media, he said that he had tendered his resignation with PCB Chairman Ejaz Bhatt on December 14. Pakistan Cricket Team has left for New Zealand without Javed, who was the security manager of the team in last two tours of Pakistan team to England and then United Arab Emirates (UAE).-NNI
Zidane, Ronaldo raise funds for Pak victims ATHENS: Zinedine Zidane and Ronaldo joined a star-studded squad for a United Nations charity match in Greece organised to raise funds to support flood-devastated Pakistan and earthquake hit Haiti. The World Cup-winning legends and UNDP ambassadors brought together an All Stars team who drew 2-2 against Greek giants Olympiakos in front of 30,000 fans in Athens, although players changed sides freely in a night of entertainment on Tuesday, according to details provided by the UN on Thursday. Ronaldo did not feature in the match due to injury, but Zidane joined a host of past and present stars for the eighth annual Match Against Poverty.
Portugal's Ricardo Sa Pinto scored twice for Zidane's men, who were coached by Radomir Antic and Hugo Sanchez. The hosts, who started with a team of fringe players and club legends before bringing on much of their current XI midway through the first half, came back in the second half through Kostas Mitroglou's double. Zidane, who was substituted to a standing ovation in the 70th minute, said: "It is important that we reach out in solidarity with those affected by extreme poverty". "We cannot allow the people of Haiti and Pakistan to suffer in silence. Through this match we hope to let the world know ence."It really inspires me to this great country still come we're in this together", Zidane see that despite the economic together in solidarity with the told a pre-match news confer- crisis in Greece the people of poor of the world", Ronaldo
Sachin shines on with 50th test ton
S
achin Tendulkar smashed a historic 50th Test ton as he steered an unbroken 170-run partnership with MS Dhoni to reduce India’s deficit to 37 on the fourth day of the first Test against South Africa on Sunday. Tendulkar (104) and Dhoni (89) denied the South Africans any success in the post-lunch session The duo, who added 117 runs from 28.1 overs, were not at any discomfort facing the South African bowlers as they scored at a brisk pace, raising hopes of saving the match though there is more than one day’s play left in the match. Tendulkar stood rock solid while Dhoni was even more aggressive than his senior partner at one stage. Dhoni gave Dale Steyn some special treatment by hitting the South African strike bowler for a flurry of fours, that too after the home side had taken the new ball. South Africa took the new
ball after 2.1 overs in the post-lunch session but Tendulkar and Dhoni were undeterred as they punished Morne Morkel with three fours in the same over — two of them coming from the Indian captain’s blade. Dhoni raced to his 20th Test fifty in quick time, from just 41 balls with the help of nine fours. Surprisingly, the Indian duo did not take much chance against left-arm spinner Paul Harris who was hit for just a four — by Dhoni. Earlier, India lost the wickets Rahul Dravid (43), VVS Laxman (8) and Suresh Raina (5) and nightwatchman Ishant Sharma (23) in the morning session and trailed by 207 runs as they reached 277 for six at lunch. Resuming at 190 for two, the visitors added just 87 runs from the 33.4 overs they faced in the morning session, which started half an hour before scheduled time to compensate for loss of time on the first day. -Agencies
Alam eyes NZ tour to ready for WC KARACHI: Pakistan team manager Intikhab Alam hopes a successful tour of New Zealand will put the squad in the perfect position to mount a serious World Cup challenge. "Although the pitches in New Zealand and the sub-continent, where we play the World Cup, are different, a six-match oneday series at the end of the tour will help us build a combination and overcome our shortcomings," Alam told . Pakistan, who departed Saturday, open the tour with the first of three Twenty20 internationals on December 26 before playing two Tests and six one-dayers, their last commitment before theFebruary 19April 2 World Cup. Bangladesh, India and Sri Lanka jointly host the mega event. Alam, a former coach and captain, said New Zealand will be low on morale but tough to beat at home. "It is true that NZ were blanked in BD (4-0) and in India (5-0) in the ODI and would be low on confidence, but they will be playing on home ground and would be tough to beat," -APP
added. I'm really impressed that the stadium is sold out tonight."The UNDP Director of Communications, Stephane Dujarric, stressed that sports can be a powerful tool for bringing a positive impact to millions of people. Through sport we can bring people together to focus on a common goal a world without poverty where everyone on the planet can live with dignity, he said. The owner of Olympiacos, Evangelos Marinakis, said his team will donate its share of the money raised to a group that helps children with special needs, as well as to homeless and disadvantaged communities.-APP
Australia name unchanged 12-man squad for fourth test PERTH: Australia named an unchanged 12-man squad for the fourth test in Melbourne following the team's dominant 267-run win over England in Perth on Sunday. Opening batsman Phillip Hughes has retained his place in the side following twin failures at the WACA ground, while untried spinner Michael Beer holds hopes of being selected for Melbourne after being the only man left out in Perth. Captain Ricky Ponting remains the sole injury concern after breaking his little finger in a catch attempt during the dismissal of England batsman Jonathan Trott on Saturday. Ponting rated himself a good chance to play in Melbourne despite admitting that the injury was 'sore and angry'. "Should the NSP (National Selection Panel) determine the need for a standby player for Ricky Ponting, this will be announced in due course," a team statement said.
No Dravid, Pathan in India WC squad MUMBAI: Veteran batsman Rahul Dravid and off-colour pacer Irfan Pathan failed to find a place in India's 30-strong list of probables announced on Saturday for next year's ODI cricket World Cup in the subcontinent. In a squad which didn't offer any major surprises, youngsters Cheteshwar Pujara and Ajinkya Rahane were included along with established stars such as Sachin Tendulkar and Virender Sehwag. The squad would be pruned to half by next month and chairman of selectors Kris Srikkanth said whatever be the final combination, it would do well at the quadrennial megaevent starting February 19 and to be played in India, Sri Lanka and Bangladesh. "As you know there are no big surprises. This is a probables team and everyone selects himself. There is one more month to go to select the final team and we will sit down and think calmly before finalising the team," Srikkanth told reporters after a meeting of the
selection panel. "I am confident that the team will do well in the World Cup. They have been doing well in one-day cricket. The World Cup is happening in the subcontinent and I am confident that the team will do well," he added. Apart from the omission of the 37-year-old Dravid, who has not played an ODI since September last year, and Pathan, on the sidelines since February 2009 in ODIs, there aren't any surprise selections. The batting list expectedly features Tendulkar, Sehwag, Gautam Gambhir, Yuvraj Singh, Rohit Sharma and Suresh Raina. The 22-year-old
Pujara along with Virat Kohli are among the youngsters picked at least in the preliminary squad. The bowling line-up is also on the expected lines with the pace attack led by Zaheer Khan featuring Ashish Nehra, S Sreesanth, Munaf Patel and Ishant Sharma. The spin department has the experienced Harbhajan Singh along with Amit Mishra, Piyush Chawla, Pragyan Ojha and R Ashwin. Apart from Mahendra Singh Dhoni, the probables list has three other wicketkeepers in Parthiv Patel, Wriddhiman Saha and Dinesh Karthik.-Agencies
If Caroline’s Queen, then Serena is the King PARIS: Denmark's Caroline Wozniacki ended the year the women's world number one, but the consensus is that Serena Williams is the best player on earth. The problem as ever with the American, who will turn 30 next year, is her level of commitment to the sport as she continues to dabble in everything from acting to fashion design to her charity work in Africa. Williams opened the year with a blast when she won the Australian Open for the fifth time by defeating comeback queen Justine Henin in a tough three-setter final. She then played just two tournaments before turning up in Paris in May for the French Open where, as top seed, she lost in the quarter-finals to Australia's Samantha Stosur, who went on to lose to Italy's Francesca Schiavone in the final. One again though charges that Williams was past her best were firmly quashed a few weeks later when she swept to her 13th Grand Slam title in imperious style at Wimbledon winning all seven games in straight sets including a lopsided final against Russia's Vera Zvonareva.
Oddly, that was the last game she played in 2010 as Williams sliced open the bottom of her foot while stamping on a broken glass in a Munich restaurant just days after her London triumph. That meant no US Open and no season-ending WTA
ing her withdrawal from Melbourne. "I am praying for a healthy recovery and I promise my Aussie fans and my fans around the world that I will be back better than ever as soon as I can be." In her absence, the ever-
Championship and she has even pulled out of January's Australian Open as she continues the healing process. What the rest of the year will hold in store for the American diva is impossible to discern although she has no doubt that she can win again. "This decision, though heavy on my heart, is the right one," Williams said when announc-
popular Kim Clijsters successfully defended the US Open title concluding with a 6-2, 6-1 demolition of Zvonareva which at 59 minutes was the fastest final since timing records were first kept. Prior to that, the Belgian had continued to push ahead with the thrilling comeback she launched in August 2009,
although she came up short in the first three Grand Slams of the year. There was more success for Clijsters at the WTA Tour Championships in Doha at the end of October where she defeated Wozniacki in the final, although the Dane was already assured of finishing the year top ranked after a win earlier in the tournament. The 20-year-old Dane is the youngest player to end the year as number one since Martina Hingis in 2000, but she has still to convince everyone that she is worthy of being the top ranking player. A model of consistency, fitness and regularity, Wozniacki has been panned for being one-dimensional and lacking imagination and she has been compared to Dinara Safina who was world number one for most of 2009 despite also never having won a major. The big Russian endured a torrid year in 2010 struggling with injuries and lack of confidence to the extent that she has slumped to 63rd in the rankings. If tennis legend Martina Navratilova is to be believed, the same fate will not befall Wozniacki.
"Wozniacki played great all year but not done that well in the Slams," she said. "But she was the best player day in, day out. She needs to win a Slam, she wants to win a Slam and most likely next year she'll win one." Other talking points in
says the 28-year-old "definitely has three great years at the highest level ahead of her." Sharapova has struggled to reproduce the form that brought her three Grand Slam titles following an operation on her right shoulder in October 2008.
women's tennis as the year ends were whether Henin and Maria Sharapova can once again compete at the top. Henin's comeback from retirement was derailed in June when she damaged ligaments in her right elbow in a fall while losing to Clijsters at Wimbledon. Her recovery has been slow, but trainer Carlos Rodriguez
But she has a new coach in the shape of Swede Thomas Hogstedt and a new determination to add to her Grand Slam total. Serena to return after April Serena Williams has announced she is unlikely to play again until April as the mystery surrounding her foot injury deepens. In July this year the former
world No 1 cut her foot on some broken glass in a Munich restaurant and has since undergone two rounds of surgery in a bid to get herself back on court. But this news is the latest blow to Williams' recovery and comes just weeks after she announced her withdrawal from defending her title at the Australian Open. Amid fears the injury could be a cover for a more serious problem, when asked about her progress, Williams said: "I hope to be out of the cast and back on court by the spring. "I looked at my foot and knew it shouldn't be like that. The big toe was drooping and it was obvious something wasn't right. I had a scan and the doctors decided I shouldn't play. "Pushing myself back into intensive training only caused further injury and damage. While I desperately want to get back, it is imperative for my health that I continue to work with my doctors to ensure my foot heals properly." An April return would put Williams' chances of appearing at the French Open in doubt but would allow her plenty of time to get back into the swing of things for Wimbledon.-Agencies
10
Analysis & Feature
Monday, December 20, 2010
THE GREAT WALL OF SUSPICION 0
Chinese Premier Wen Jiabao left New Delhi on Friday, vowing that India will never be a rival, but his rhetoric has done little to lift Indian unease over a long-running border dispute and China-Pakistan relations. Despite the effusive displays of warmth during Wen's visit neither side appears anywhere close to resolving differences over their disputed border, China's policy on Kashmir and its close security ties with India's arch-rival, Pakistan. "Because the relationship had entered into a rough phase, China probably calculated that the downward trend needed to be arrested and that explains the visit," said Kanwal Sibal, who was India's former foreign secretary from 2002-03. "But...he did not seem to come prepared with any concrete decisions or signals to arrest these problems." Wen's visit is the first by a Chinese premier in five years and he brought with him more than 300 business executives, many of whom signed deals with Indian firms worth more than $16 billion. Even as trade ties between the world's two fastest-growing major economies continue to flourish, with Wen setting an ambitious target of $100 billion by 2015, he gave few firm commitments on when and how India's ballooning trade deficit with China would be addressed. Wen said he would give Indian companies greater access to the I.T., pharmaceuticals and agricultural products sectors in China, in a bid to assuage Indian exporters, who have been frustrated with the slow pace at which they see China opening up its markets. "I don't think that's going to happen quickly," Sibal said. "China doesn't yield ground
quickly. Even with powerful players, China hasn't done much to satisfy their demands." "My fear is that while the trade volumes will increase, the trade deficit will also increase." India's trade deficit with China is by far the highest among its trade partners and could touch $25 billion this year, which would account for around a fifth of India's total expected annual deficit. India has sought to diversify its trade basket, but raw materials and other low-end commodities such as iron ore still make up about 60 per cent of its exports to China. At the start of his trip, Wen said he was looking forward to an early launch of negotiations for a free trade agreement, but no progress was made due to Indian worries that it might be a dumping ground for cheap manufactured goods from China. No other country has initiated more anti-dumping investigations against China at the World Trade Organisation than has India. GREAT WALL OF SUSPICION Many Indians were counting on the fact that Wen would acknowledge that: Kashmir was an integral part of India; that Pakistan-based militant groups were involved in the Mumbai attacks in 2008; and that he would offer a solution to the boundary dispute -- issues that have marred Sino-Indian relations. But he disappointed on all counts. "All Talk No Gain. Wen's visit fails to breach Great Wall of Suspicion," said a headline in India's Mail Today. "Peking ducks on core issues," said another. One of the immediate issues left hanging was a row over China's policy on
Kashmir, where the Indian side was hoping Wen would reiterate the country's longstanding policy of non-interference in the internal affairs of another country. But the joint statement made no mention of the disputed Himalayan region. In 2009, China began issuing stapled visas to residents of Indian administered Kashmir, angering Indian politicians who interpreted the move as a sign of Chinese interference to discredit Indian sovereignty over the disputed region. From the Chinese point of view, the joint statement did not make the usual mention of the "one China principle," referring to Taiwan, and "Tibet Autonomous Region as part of the territory of the People's Republic of China, issues close to Beijing's heart. One analyst saw the lack of reference to Tibet or Taiwan as New Delhi's response to Beijing for failing to endorse its sovereignty over Kashmir. "You cannot treat Kashmir as a separate part of India and expect us to go publicly to support 'One China," said Siddharth Varadarajan, strategic affairs editor of The Hindu. The biggest sticking point remained the unsettled border over which China and India fought a war in 1962. "To completely resolve this problem, it will not be an easy task," Wen said at a speech on Thursday. "We need enough patience and a fairly long period of time." The Asian giants still claim vast swathes of each other's territories along their 3,500 km (2,173 mile) Himalayan border which has never been demarcated. "If the border issue is not resolved, the national identity is not defined, which means that the normalisation of rela-
tions between India and China is not complete,"said Srikanth Kondapalli, the chairman of the Centre for East Asian Studies at Jawaharlal Nehru University. "That is the biggest source of mistrust. There is no road map, no progress." PAKISTAN Beijing's close military ties with Pakistan which New Delhi blames for aiding militant groups involved in acts of violence in the country are also a sore point. Unlike recent visitors French President Nicolas Sarkozy and US President Barack Obama, Wen did not mention the Mumbai attacks or acknowledge that Pakistan harboured the militants responsible for the attacks. While China is India's largest trade partner, it invests seven times more in Pakistan and is helping it build nuclear reactors, despite grave misgivings in the West. Wen arrived in Islamabad on Friday to further deepen ties. India also fears China wants to restrict its global reach by possibly opposing its bid for a permanent UN Security Council seat or encircling the Indian Ocean region with massive projects from Pakistan to Myanmar. China on Thursday reiterated its support for India's aspirations to play a greater role in the Security Council, but it stopped short of expressing full backing for India's bid for a permanent seat. A hotline between Wen and his counterpart Manmohan Singh was launched a few days ago, one of the few tangible gains in political ties. Both sides agreed on regular consultations on issues of importance. "Both sides recognise that the broader problem behind these specific problems is a
lack of mutual strategic trust," said Zhang Li, a professor who specialises in China-India relations at
Sichuan University in southwest China. "So I think the point is that before we can deal with those
specific problems, we have to first nurture broader trust, and that was the main point of this visit." -Reuters
Leaked cables shed light on Thai succession risks C
onfidential US Embassy cables released by WikiLeaks have shed unprecedented light on the biggest political risk faced by investors in Thailand -the prospect of a royal succession intensifying social conflict. Strict lese-majeste laws make it hard for investors to make informed predictions, but the issue of succession looms large at a time of deepening tension in Thailand following the worst political violence in its modern history over April and May. While 83-year-old King Bhumibol Adulyadej, the world's longest-serving monarch, commands supreme moral authority in Thailand, the leaked cables show doubts among key royal advisers about the suitability of his son and heir, 58-year-old Crown Prince Maha Vajiralongkorn. General Prem
Tinsulanonda, the head of the privy council and a former prime minister, Anand Panyarachun, another former prime minister, and privy councillor Siddhi Savetsila all expressed concern about the prince as the likely heir in private conversations, according to a leaked cable written by former US Ambassador to Thailand Eric John. "All three had quite negative comments about Crown Prince Vajiralongkorn," John wrote in a memo dated Jan. 25, 2010, and posted on the Guardian newspaper's website on Thursday. There has been no public comment by those quoted in the leaked cable on whether the comments attributed to them are genuine. "We're not in a position to comment on the authenticity and accuracy of these documents because they did not orig-
inate from us," said Foreign Ministry spokesman Thani Thongpakdihe. Although talk of the Thai monarchy's role and possible problems on the horizon are taboo and illegal, the topic is followed closely in Thailand's financial markets, which fell briefly last year on concerns over the King's health. Siddhi, an Air Chief Marshall, acknowledged that "succession would be a difficult transition time for Thailand", the US ambassador said in the memo. "While asserting that the Crown Prince will become King, both Siddhi and Anand implied the country would be better off if other arrangements could be made. Siddhi expressed preference for Princess Sirindhorn," John wrote. Princess Maha Chakri Sirindhorn is highly respected by Thais, while
there is widespread disapproval of the prince's lifestyle. "Anand suggested only the King would be in a position to change succession, and acknowledged a low likelihood of that happening." Analysts say privately that there could be a prolonged period of turmoil and even civil unrest if the succession does not go smoothly. "It's the big issue, there is no doubt about it, and it comes up often in private discussions with our clients but it is not something to be aired in public," said a Singaporebased regional analyst at an international investment bank, who asked not to be named because of the sensitivity of the subject. Another major bank said in a report that succession worries impose a political risk discount on Thai assets.
Thailand's financial markets are among the world's strongest this year. Stock prices are up more than 40 per cent and the Thai baht is trading at 13year highs, making Thailand among several emerging markets vulnerable to a correction. Prem, widely believed to have helped orchestrate a 2006 bloodless coup that ousted former Prime Minister Thaksin Shinawatra, said over lunch with John that the prince probably maintained "some sort of relationship" with Thaksin, a divisive figure reviled by Thailand's establishment. Thaksin, a telecommunications tycoon particularly popular among Thailand's poor, was convicted in absentia on corruption-related charges and lives abroad to avoid jail. He is a figurehead of the red-shirted anti-govern-
ment protest movement whose supporters clashed with authorities in April and May during nine weeks of protests in which at least 91 people were killed and more than 1,800 wounded. But Prem doubted the prince would come to Thaksin's support in the future. "He does not enjoy that sort of relationship," he was quoted as saying in the leaked January 2010 cable. Suggestions of ties between Thaksin and the prince are contentious. Thaksin's supporters have repeatedly clashed with the royalist military, now led by a general known to have the backing of Queen Sirikit. Thaksin and his allies have been accused of republicanism, which they deny. A separate US cable released this week quoted late former Prime Minister Samak Sundaravej as saying the Queen had encour-
aged the 2006 coup that toppled Thaksin and plunged Thailand into its current political crisis. As a constitutional monarchy, the palace is officially above politics, but Samak said the Queen was supporting street protests against his government, dominated by a pro-Thaksin party. Samak, premier for seven months in 2008, "showed disdain for Queen Sirikit, claiming that she had been responsible for the 2006 coup d'etat...", the US ambassador said. "Samak viewed himself as loyal to the King, but implied that the Queen's political agenda differened (sic) from her husband's," he added in the cable. In another cable, a palace insider told the US ambassador the "yellow shirt" protests against Samak's government and the occupation of his
offices had "irritated" the king, who explicitly told the army chief not to launch a coup. The November 2008 cable described the Queen's attendance at the Oct. 13, 2008, funeral of a yellow-shirt protester killed during a demonstration as a "significant blunder" that jeopardised the public's perception of palace neutrality. Such candour on the monarchy is a rarity in Thailand. Siddhi noted "that something as simple as excessive motorcade-related traffic jams caused by minor royals was an unnecessary but enduring irritant," the US ambassador wrote. The king was admitted to hospital on Sept. 19, 2009, and has been undergoing physical rehabilitation. Some palace insiders say he may be released soon, possibly on Sunday. -Reuters
Platinum, palladium flagged as stars of 2011 G
old is set to build on this year's hefty gains in 2011 as uncertainty over the stability of the global financial system boosts its safehaven allure, but other precious metals may offer investors a higher return. Autocatalyst metals platinum and palladium, which have both recorded a stellar year in 2010, could be set to outstrip gains in gold if the economic recovery gains traction, analysts say. But with concern lingering over the health of the euro zone, interest rates at record lows in many jurisdictions, and many major currencies still under pressure, gold, the bellwether of the precious metals complex, will continue to shine.
Gold has weakened its link to other commodities this year, managing to rise strongly in the first half while oil and copper slipped. This reflects its increasing value as a currency play. "I've never been a long term advocate of gold as an alternative to currencies, but it has now adopted that role," said JPMorgan Asset Management fund manager Ian Henderson. "So long as there is bad news about the euro (and) European sovereign debt, and so long as we are seeing the potential for the euro to break up, that is probably the driver of the gold price," he added. Henderson said he would be "quite surprised" not to see gold trading
above $1,600 an ounce next year. Its link to the dollar has also weakened. The dollar is expected to firm against the euro next year, but as this is likely to be a result of gold-friendly sovereign debt fears, it may not translate into lower gold prices. Any further drop in jewellery demand, which has been hit hard by rising prices, or rise in scrap sales could potentially weigh on the market. But jewellery buyers in key consuming countries like India have shown sign of becoming acclimatised to higher prices, while scrap flows remain relatively light. Gold will also be supported by historically low interest rates, especially in the United States.
Fifteen of 16 dealers polled by Reuters this month expected the Fed to leave interest rates at the zero to 0.25 per cent range through 2011. Low interest rates cut the opportunity cost of holding non interest-bearing precious metals, and have been a major support to prices of all four since the start of the financial crisis. Last year's winner in price terms, palladium, is set to extend its rally still further in 2011 as demand from emerging markets like China continues to grow, but platinum, which has lagged its sister metal's gains, is also in the spotlight. "We forecast that once again palladium will remain the best perform-
ing precious metal, but we also expect platinum will play catch-up from its lacklustre 2010 showing," said UBS analyst Edel Tully in an end-of-year report. Palladium is on track for a whopping 82 per cent price rise this year, outstripping platinum's 16 per cent rise and gold's 25 per cent climb. Only silver, up 72 per cent so far this year, has come close to matching its performance. Palladium's rise is even more impressive given that it also more than doubled in price in 2009. The metal has been supported in a rebound in demand from the palladium-hungry Chinese car market, and by talk of dwindling Russian stockpile sales. Chinese car sales, which
surpassed those of the United States to make China the world's biggest car market last year, are expected to keep rising in 2011, boosting palladium demand. UBS expects the metal to move into a deficit of some 231,000 ounces next year from a surplus of 18,000 ounces in 2010, and to widen that deficit to 563,000 ounces in 2012. SUPPLY CONCERNS Platinum has so far lacked such strong fundamental drivers. However, with concern increasingly mounting over the outlook for output from South Africa, which supplies four out of five ounces of the world's platinum, this could change. The stronger rand is a problem for South African
miners, as it raises their costs versus their revenue, which is usually in US dollars. The rand is seen maintaining its gains in 2011, despite moves to address its strength. "I wouldn't be surprised to see $2,500 platinum next year," said Threadneedle Asset Management fund manager David Donora. "Its production is challenged and is getting more expensive." But there is a note of caution on silver, another star performer this year. The metal has benefited both from its role as a cheaper proxy for gold and as an industrial metal in its own right, but it may be vulnerable to a correction. Investment in silver has been reflected in substantial gains in exchangetraded fund holdings this
year -- the largest silverbacked ETF, New York's iShares Silver Trust, has seen inflows of nearly 1,400 tonnes so far this year, a 15 per cent rise in total holdings. But its underlying fundamentals are less supportive than those of the platinum group metals, and its investor base may be more fickle that that of gold, analysts said. "Silver is the only precious metal where there is a steady increase in mine supply, particularly from Latin America," said HSBC analyst James Steel. "There are several giant mines that have finally gotten going, and they will contribute to supply. That isn't the same case with the PGMs or with gold." -Reuters
Sri Lanka lifts ban on UN war crime panel visit COLOMBO: Sri Lanka said on Sunday it would allow the United Nations to send a representative to a locally appointed war crimes panel, reversing an earlier ban on international involvement, but analysts said the move would do little to add credibility to the commission. The island nation had rejected a three-member UN panel by Ban Ki-moon to look into possible war crimes in the 25-year war and ruled out visas for members of the panel if they wanted to visit Sri Lanka for any investigations. But a statement by the foreign ministry said the government would now welcome UN involvement in the Lessons Learnt and Reconciliation Commission (LLRC), a local panel appointed by President Mahinda Rajapaksa to probe the end of the war and which has been criticized by human rights groups as lacking independence. "In the event of the panel of the Secretary-General wishing to present representations to the commission, the Ministry of External Affairs will make the arrangements that are necessary
to enable the panel to do so," the Ministry said in a statement. "This position has already been conveyed through diplomatic channels, to the United Nations in New York," the ministry added, without giving any details. Analysts described the government statement as a small, and ineffectual, concession to demands by Western governments and human rights groups for an international probe into the military's May 2009 crushing defeat of the Tamil Tiger separatists after a quarter-century of civil war. Sri Lanka's failure to set up an independent probe into the alleged war crimes has already cost the island nation $150 million worth trade concession from the European Union annually. Economists also said it is hampering foreign investment. "There is no point of UN panel coming here, if the it is only allowed to meet only the LLRC and not allowed to meet the civil society and people affected by the war and to travel around the country," said a political analyst asking not to be
named fearing repercussions. "The submissions the LLRC have got is mostly on reconciliation for the future and not what happened in the last day of the war. The UN panel is meant to see what happened in the last day of the war." Human rights groups, Tamil pressure groups overseas and some Western governments accuse the government of responsibility for what they say are thousands of civilian deaths or other atrocities that could constitute war crimes. Allegations of war crimes by the Sri Lankan military against Tamil rebels resurfaced after President Rajapaksa's recent visit to Britain, where a university cancelled his speech after protests by Tamil groups. US diplomatic cables, released by the WikiLeaks website, also put the alleged human rights abuses in the spotlight, revealing that the United States believes there is little prospect Sri Lanka will hold anyone accountable for the bloody end of the war because of the top government figures involved.Reuters
Belarus leader scoffs at opposition protests MINSK: Belarussian leader Alexander Lukashenko played down the impact of opposition protests planned against an election on Sunday that he seems certain to win. Opponents of Lukashenko, who has been in power in the ex-Soviet republic for 16 years, plan to march to the city's October Square on Sunday evening in protest at what they say is a heavily rigged vote. Asked by a journalist if he would cooperate with the opposition after the election, he said he would talk to the few of his opponents who were "normal" people, but he would "not have a dialogue with bandits and diversionists". He later added: "Don't worry, there will be nobody on the square." State security forces have warned they will crack down on any attempts "to whip up tension" during the election. But Lukashenko, who would like to secure European Union aid to boost the economy, wants to project this election as more democratic than previous ones and commentators expect authorities to take a softer line with protest rallies.Reuters
Foreign troop 2010 toll hits 700 in Afghanistan KABUL: Taliban insurgents launched attacks in Kabul and a major northern city on Sunday as the death toll for foreign troops in Afghanistan hit 700 in 2010, by far the deadliest year of the near decadelong war. Two militants wearing suicide vests attacked a bus carrying Afghan army officers in Kabul, killing five and wounding nine, said Kabul Deputy Police Chief Khalilullah Dastyar. The Taliban claimed responsibility for the assault, the first major attack in the Afghan capital since May, when six foreign troops were killed by a large suicide car bomb. Insurgents opened fire on a bus carrying the officers on the main road from Kabul to the eastern city of Jalalabad, the site of NATO and Afghan army bases and several similar attacks. One attacker blew himself up and the other was shot by police before he could detonate his explosives. Television pictures of a burnt-out bus underscored the ferocity of the attack. In the north, five Afghan sol-
diers and police were killed in an attack by three suicide bombers in the city of Kunduz, visited a day earlier by German Chancellor Angela Merkel. The Defence Ministry said four suicide bombers attacked an army training centre. Two blew themselves up at the entrance to the compound, but a gun battle raged all morning with two others who got inside, a Reuters witness said. Smoke and flames were visible from buildings in the area, and Afghan and foreign forces rushed to the site. Afghan President Hamid Karzai, in a statement, described the attacks as a "major and unforgiving crime...(by) Afghanistan's enemies opposing the strengthening of the Afghan security forces." The grim milestone for foreign troop deaths was reached after a member of the NATOled International Security Assistance Force (ISAF) was killed overnight by a roadside bomb in southern Afghanistan. ISAF gave no other details of the incident. A total of 521 foreign troops were killed in 2009, previously
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the worst year of the war, but operations against the Talibanled insurgency have intensified over the past 18 months. At least 2,270 foreign troops have been killed since 2001, according to figures kept by Reuters and monitoring website www.iCasualties.org, roughly two-thirds of them Americans. Afghan troops and police have suffered far higher casualties, but the government does not release exact figures. Civilian casualties are also at record levels this year. INSURGENCY SPREADING A war strategy review released by US President Barack Obama last week found NATO-led forces were making headway against the Taliban, but serious challenges remained. The Taliban are at their strongest since they were ousted from power in 2001 by USbacked forces for refusing to hand over al Qaeda militants, including Osama bin Laden. They have spread out of traditional heartlands in the south and east over the past two years, bringing violence into once peaceful areas of the
north and west. The International Committee of the Red Cross said last week in a rare public statement that worsening violence had made it harder for aid groups to reach those in need than at any time in the past three decades, marked by the battle against Soviet occupation and a civil war. The conflict has expanded at a time of mounting corruption and as countries which have dispatched troops to back Karzai are looking for ways to bring them home and cut spending on a war increasingly unpopular with voters. "The deteriorating security situation in the north and northwest raise deep political and economic concerns," Eurasia group Analyst Maria Kuusisto said in a note published on Friday. Insurgents are under pressure from intensified military campaigns in their strongholds, Kuusisto said. But rather than merely moving to easier fighting ground, they also seek to force NATO to spread troops more thinly across the country and put pressure on northern supply lines through Central Asia.-Reuters
Japan PM to meet DPJ's Ozawa, party rift threatened TOKYO: Japanese Prime Minister Naoto Kan was expected to meet rival Ichiro Ozawa on Monday as a rift in the ruling party over the scandal-plagued powerbroker threatens to widen, distracting politicians from tough policy challenges. Kan is pressing Ozawa, a veteran lawmaker with a reputation for making waves, to appear before a parliamentary ethics panel to answer questions about a funding scandal that has helped slash support for the government to just over 20 per cent. Ozawa faces indictment on suspicion of misreporting by his political funds body but denies wrongdoing. He has rejected a similar request by the ruling party's secretary general and prospects for resolving the feud at the talks appeared slim. The prime minister "wants to meet me and there's no reason to run away", Kyodo news agency quoted Ozawa as saying on Saturday. Kan, who took office in June as Japan's fifth premier in three years, has been trying to look decisive to avoid becoming the
latest of the nation's revolving door leaders. Another change at the top would spell more policy confusion as any new government sorts out its priorities on matters such social welfare and pension reform and struggles with a divided parliament where opposition help is needed to pass laws. A Jiji news agency survey last week showed support for Kan's government hovering at 21 per cent, while the ruling Democratic Party's voter rating was just 13.8 per cent, four points lower than that of the main opposition Liberal Democrats, ousted last year after five decades of almost non-stop rule. Kan faces a dilemma in how to handle Ozawa, who stepped down as Democratic Party of Japan (DPJ) leader in May 2009 but was widely credited with helping to engineer the election victory that swept the party to power that year for the first time. Should Ozawa, 64, keep refusing to appear before the ethics panel even if formally summoned, Kan will have to decide whether to try to expel
him. That could split the party. "The meeting will end in a standoff. Ozawa will refuse to testify. He will not voluntarily leave the DPJ so Kan will be forced to take the next step, which is a resolution advising him to resign. If he refuses to take the advice then Kan has to get the party to expel him," said Gerry Curtis, a Columbia University political science professor. Ozawa is also in a bind. Prosecutors are obliged to charge him over the funding scandal, probably early in the New Year, after a judicial panel of ordinary citizens ruled that he should be indicted. Many Ozawa backers might therefore be wary of following Ozawa out of the party, given his declining clout and opposition parties' likely reluctance to tie up with the unpopular lawmaker. Still, Ozawa's reputation as a political mastermind makes it hard to count him out. "I'm now a rank-and-filer, not in a central position of Japanese politics, but I hope I'll get into the core of it before long," Kyodo quoted him as telling his backers.-Reuters
Security Council to meet over Korea crisis YEONPYEONG: The UN Security Council will hold an emergency session on Sunday in bid to cool tensions on the Korean peninsula, as bad weather delayed Seoul's planned firing drill at a disputed border that has enraged Pyongyang. The stand-off between the two Koreas has raised international concerns that their spat could escalate and quickly spiral out control, with both sides saying they will use military means to defend what they say is their territory off the west coast. China and Russia have called on both Koreas to avoid actions that could inflame tensions on the divided peninsula. Washington has backed Seoul's push to go ahead with the planned live-fire drill on Yeonpyeong island, where four South Koreans were killed in an artillery attack last month. The drill, within eyesight of the North Korean mainland, is scheduled to take place sometime before Tuesday, but bad weather has so far prevented it from taking place. Underlining international concerns, the Security Council will seek a way out of the crisis -- described as "extremely precarious" and a "tinderbox" by US and Chinese officials --at an
emergency session in New York on Sunday at 11 a.m. (4 p.m. British time). "We believe that the Security Council must send a restraining signal to the Republic of Korea and DPRK (North) and help launch diplomatic activity with a view to resolving all issues of dispute between the two Korean sides by political and diplomatic means," Russia's envoy to the United Nations Vitaly Churkin said. The meeting may produce some kind of statement to help ease tensions. North Korea has called the artillery fire drill by the South a suicidal war move that would trigger a full-out conflict on peninsula and said it would strike back in self-defence. The South has said if it was attacked in the same manner as last month, it would hit back hard with air power and bombs. Analysts were sceptical the North would carry through with its threats to hit the South even harder than last month's bombardment if shells landed in its territory again. The North will likely respond by holding a live-fire drill on its side of the tensely guarded sea border, if the South went ahead with its exercise, analysts said.
Weather conditions worsened on the normally sleepy island, which has been largely deserted by residents after the November 23 attack. The South Korean government, which was widely criticised at home for its perceived weak response to the shelling of the island, remained determined to carry out the exercise despite calls to reconsider. "There is no plan to cancel the exercise. The factor we're looking at is the weather condition," a Defence Ministry official said on the condition of anonymity. South Korean marines plan to test artillery firing from the island targeting its territorial waters to its southwest, the same type of exercise that North Korea last month called an attack and prompted its shelling of the island. Concern mounted on the island among the few residents who remained, and anticipation was growing that the drill would take place on Monday. "I see they have to do what they have to do, but the people here want peace and quiet," Dan Choon-nam said, after a tearful church service. "We want things to be back to how they were."-Reuters
CONTINUATION the Prime Minister assured for appropriate measures to address Continued from page 12 No #1 the same both at the government and party level. largest bank in Pakistan by the Chinese premier was also a posEarlier the MQM delegation apprised the Prime Minister of itive development, he remarked. The decision of converting bilattheir reservations regarding the coalition government in Sindh.eral trade into local currency will not only improve the balance of APP payment but also help enhancing the trade volume between the two countries, he added. -APP Continued from page 1 No #6 week before last mainly due to investors preferred to stay on the Continued from page 12 No #2 that the consortium is struggling to recruit enough shareholders sidelines ahead of Moharram holidays. During the week, offshore investors opted for buying fresh position as foreigners bought to reach the 46 per cent threshold. This has prompted talk that Etisalat may buy directly shares shares worth $31.37 million and sold $8.81 million, resulting in from other shareholders or on the open market to reach the desired net buying of $22.56 million during the week. On the other hand, 46 per cent. A Kuwaiti court will this week rule on a lawsuit from biggest weekly selling were witnessed from NBFCs which sold a Zain shareholder unhappy with Etisalat's bid. The shareholder - $33.09 million of shares in the local bourse against the buying of - Al Fawares Holding -- which owns a 4.5 per cent stake in Zain $5.90 million, thus turning the net selling worth of $27.18 million. Furthermore, local individuals, mutual funds and other organitook legal action to halt the due diligence in the planned sale. In October, the Kuwait bourse vetoed a bid by Securities Group sation remained on the selling side with shares worth $3.98 milCo for about 5 per cent in telecom group Zain, a move that was lion, $2.22 million and $0.80 million respectively. FIPI 31.37 (8.81) 22.56 designed to protest against the Kharafi-led deal. -Reuters INDV 91.13 (95.11) (3.98) ORG 0.84 (1.64) (0.80) Continued from page 5 No #3 M-FUNDS 13.37 (15.59) (2.22) average daily volume of 148 million shares declining by around BANK 18.65 (17.18) 1.47 34 million shares from an average turnover of 182 million shares COMP 60.06 (49.91) 10.15 a week earlier. Lotte Pakistan stood as the volume leader with NBFC 5.90 (33.09) (27.18) 34.9 million shares followed by Nimir Ind. Chemical with 31 million shares and Jahangir Siddiqui & Co with 20.1 million shares. Continued from page 1 No #7 Out of total 417 active issues 216 advanced and 181 declined Pakistan Railways has also been approved and work initiated to while 20 issues remained unchanged. convert Pakistan Railways over a period of 3-4 years into a prof-
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Emaar Properties PJSC, the nation's biggest property developer, increased 0.6 per cent to 3.57 dirhams, the highest since Dec. 14. The company said Dec. 16 it has identified "better and viable" options than converting debt into equity in Amlak Finance PJSC. Oman's gauge rose 0.7 per cent. -Agencies
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Adil Siddiqui, Provincial Minister Sindh and Raza Haroon, Member Rabita Committee of MQM and Minister for IT Sindh. In response to the concerns expressed by the MQM delegation,
itable organization. Business plans are under preparation for all other loss making PSEs like Pakistan Steel Mills, Pakistan International Airlines, Trading Corporation of Pakistan and Utility Stores Corporation, with a time frame of 4-6 months for implementation", the President asked for the cooperation of the PML-N in pursuing the economic reforms agenda through the restructuring plan. Defending the policy of not giving indiscriminate subsidies the President said, "A subsidy can only lead to the fiscal indiscipline that Mr. Ishaq Dar referred to as Finance Minister, and will contribute to inflation indirectly by increasing the fiscal deficit".-Agencies
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would be made.Besides this, adjournment motions on several issues would also be presented during the session. -Online
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Thus, despite government's efforts to increase oil and gas production in Pakistan, local oil & gas production remained range-bound in last few years. Five years back average oil and gas production in the country was 65k barrels per day whereas average gas production was around 3.8bcfd, as per the research analyst of Topline Securities.
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outperformed the industry by adding its subscriber base 4.5 per cent MoM, and added 323k subscribers. Similarly, Telenor, Mobilink and Warid have added 285k, 10k and 2k new subscribers. However, Ufone recorded 49k MoM decline in October 2010. At the end of 4MFY11, Mobilink enjoying with a market share of 31.2 per cent, followed by Telenor and Ufone hold market share of 23.9 per cent and 20 per cent respectively. Warid and Zong having market share of 17 per cent and 7.7 per cent respectively. On the Wireless Local Loop (WLL) segment, total subscriber base has increased by 1.5 per cent MoM to reach at 2.82 million subscribers during the period.
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Federal Minister for Petroleum Syed Naveed Qamar, Secretary Petroleum Imtiaz Qazi, Managing Director (MD) OGDCL, Naeem Malik, MD Sui Northern Gas Faiz Ullah Abbasi and the representatives of the industrialists from Punjab would also attend the meeting.-Online
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both neighboring countries shared identical views over global issues, and stressed for evolving a joint strategy against militants. Quoting a popular adage, which impresses the fact that "a neighbor is better than a faraway relative", he hoped that the masses of both countries would maintain the everlasting friendship between two nations. Meanwhile, Prime Minister Syed Yousuf Raza Gilani has said Pakistan China friendship is higher than mountains, deeper than the ocean, stronger than steel and sweeter than honey. In his vote of thank at the joint session of Parliament after the address of the Chinese Premier Wen Jiabao, Gilani said, that all the political parties, the parliamentarians and the whole nation stands united in determination to take partnership and friendship between the two countries to even greater heights. The prime minister said that the visit of the Chinese premier marks the beginning of 60th anniversary of the establishment of diplomatic relations. He said that Pakistan would celebrate next year as friendship year with China. Prime Minister Gilani said that Pakistan and China enjoyed unique relationship and the sentiments of love and affection and deep affinity was rooted in the hearts and minds of the peoples of the two countries. "We consider China as the most reliable friend and share each other's joys and sorrows", he said.
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Monday, December 20, 2010
FM welcomes Jiabao's address ISLAMABAD: Foreign Minister Shah Mehmood Qureshi Sunday termed Chinese Premier Wen Jiabao's address to the parliament as historical one which reflects true spirit of strong-bonds between the two countries. Talking to APP, he said: "The address of the Chinese Prime to Parliament covered all aspects." He said address of the Chinese premier once again testifies warm relations of two brotherly countries, added the historic visit and agreements signed will definitely yield positive impact on the national economy. The announcement of opening the branches of China's See # 1 Page 11 Brussels: Airline travellers sleep at Zaventem international airport near Brussels. -Reuters
Businessmen welcome $35bn pacts with China
Jiabao’s visit raises hopes for Pak trade ISLAMABAD: The business community Sunday termed the Chinese's Premier, Wen Jiabao's Pakistan visit as successful, particularly in terms of enhancing economic and business ties between the two friendly countries. Pakistani businessmen attach great importance to the visit and the outcome of Pak-China Business Cooperation Summit, Vice President of Saarc Chamber of Commerce and Industry and former FPCCI President Iftikhar Ali Malik said. He said that as many as 110 trade bodies and 40 chambers participated in the forum to explore business and investment opportunities, adding that feasibilities regarding the investment and trade opportunities were made during the summit. He said that the summit would have long-drawn positive impact on the country's economy. He, however, stressed the need for utilising country's huge labour forces
by introducing it to Chinese markets besides attracting investments into the country by offering low labour wages. President FPCCI, Sultan Ahmed Chawla, said that people of Pakistan, particularly business community would never forget the cooperation extended by the Chinese businessmen for the economic development of the country. He said that the Pak-China business cooperation summit would be helpful for further enhancing trade ties adding that business communities of both the countries inked agreements worth $35 billion. Chawla termed the trade deals as remarkable achievement and expressed the hope that business and trade between the two countries will keep on increasing in future. Advisor to Prime Minister on Textile, Mirza Ikhtiar Baig said that Pakistan has great opportunity to become venue for Chinese invest-
ments. He said that China has already established markets, networks and brands and investments in Pakistan would give it another advantage of low productivity cost. Meanwhile, Chief Executive Officer (CEO) Trade Development Authority of Pakistan (TDAP) Tariq Puri while commenting on the summit said that trade between the two friendly countries would be enhanced up to $10 billion in next two years and $15 billion by 2015. He said the there was great scope for enhancing trade between the two friendly countries adding that the current business summit would definitely pave way for increasing it. He said that about 150 counterpart companies of different sectors of the two countries engaged in consultations in the forum, exploring opportunities and possibilities for future investments and exports. -APP
‘N’, PPP work hand in glove: 'Q' ISLAMABAD: Pakistan Muslim League (Q) President, Chaudhry Shujaat Hussain has claimed that Pakistan Muslim League-Nawaz (PML-N) chief, Nawaz Sharif would support the PPP to save its government in Center. Speaking to the media outside Parliament House here Sunday, PML-Q chief said Sharif would soon announce his help to steer the PPP-led government out of current crisis at a time when its' other own partners are quitting it. Hussain said his party would not be a part of any campaign aimed at destabilisation of the government and the country. NNI
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Gul dreamt of PM-ship: Musharra f DUBAI: Former president Pervez Musharraf has disclosed that General (Retd) Hameed Gul wanted to become the prime minister, and turned against him (Musharraf) when refused the opportunity. Replying to a question while talking to a private TV channel, the former president also reminisced that Chaudhry brothers were never against him; assuring that they had deviated off-course under political expediencies, but would be reverting back to his fold at an 'opportune moment.' He also stressed that it was Chaudhry brothers who had 'pressurised him' to end the cases against former slain PM and chairperson PPP, Benazir Bhutto and sign an NRO (National Reconciliation Ordinance) with her. The former president declared the chairman PTI (Pakistan Tehreek-eInsaf) as the best politician over character standing, and was only against him for being refused the promised seats in
2002 elections. Replying to a question, the former president of Pakistan denied that JUI (F) head Maulana Fazl-ur Rehman was ever against him, and was constantly in touch with him. -Online
Etisalat still eyes Zain's 46pc stake DUBAI: Abu Dhabi's Etisalat still wants to buy a 46 per cent stake in Kuwaiti rival Zain from a consortium headed by a major Zain shareholder, Etisalat said on Sunday. "The 46 per cent conditional deal is still on as agreed upon in the initial proposal," an Etisalat spokesman said in a statement. The Abu Dhabi-based telco struck a
$12 billion (7.7 billion pounds) deal with a group led by major shareholder Kharafi Group to buy the Zain stake. On Thursday, two sources told Reuters that Etisalat was now seeking to buy a 40-percent stake in the Kuwaiti telco after the consortium deal met opposition from other Zain shareholders. There has been market speculation See # 2 Page 11
Hizb-e-Islami pledges to guard gasline
Afghan group backs TAPI KABUL: An Afghan insurgent faction has voiced its backing for construction of a multi-billion dollar gas pipeline through Afghanistan and even pledged to provide security on a project stalled for over a decade by politics and violence. Turkmenistan, Afghanistan, Pakistan and India this month signed a preliminary agreement to push ahead with the "TAPI" pipeline, which is supported by Washington and would transport Turkmen gas over Afghan soil to consumers in India and Pakistan. Hizb-e-Islami, an insurgent force separate from the Taliban and led by former prime minister Gulbadin Hekmatyar, announced its full backing for the project and volunteered to
help protect it. "Hizb-e-Islami strongly supports this deal on the basis of which Turkmenistan's gas will be exported through Afghanistan to Pakistan and India," the statement said. The group does not control most of the proposed route, which runs through the Taliban heartland in southern Helmand and Kandahar provinces. The government says it would bury the pipeline up to two metres underground there to ensure security. But Hizb-e-Islami is active around western Herat, where the gas would begin its journey through Afghanistan and some former members have joined Taliban ranks in the south. The areas they are active
Snow hits Europe, postpones flights LONDON: Heavy snow disrupted European air travel over the weekend and stranded hundreds of drivers in their cars as far south as Italy as a white Christmas appeared increasingly likely for many places. Britain was hit by more blizzards that shut its biggest airports on the busiest weekend for travellers before Christmas and hit road and rail traffic. London Heathrow, the world's busiest international passenger airport, reopened Sunday after being closed for most of Saturday, but only a few flights took off. The situation was similar at London Gatwick where the runways had been closed for several hours the day before. Flights were also grounded at Stansted and Luton airports near London, at Birmingham airport in Britain's second city and Southampton airport. Eurostar, which operates highspeed passenger trains linking
London with Paris and Brussels, was operating with speed restrictions that added up to an hour on journey times. National rail routes and trunk roads were also affected. In Lancashire, northwest England, hundreds of people had to spend the night in their cars after an accident blocked the main north-south motorway. Temperatures dropped as low as minus 17 degrees Celsius (one degree Fahrenheit) north of Norwich in eastern England. Gatwick registered minus 11 Celsius (12 Fahrenheit). Sporting events were also hit, with several top flight football matches postponed, including Sunday's big English Premier League clash between title rivals Chelsea and Manchester United. Frankfurt airport, Germany's busiest, cancelled some 490 flights Sunday due to heavy snow. -Reuters
include Logar province, south of Kabul, where a Chinese firm is opening up a huge copper mine. There have been no significant attacks reported on that project, although the government says good security is the result of a special protection force it has established for the mine. The Taliban in the past have conducted attacks against aid workers and some construction projects. They had no immediate comment on the planned pipeline. Hizb-e-Islami added in its statement that its campaign against the foreign forces stationed in Afghanistan since the ouster of the Taliban government in 2001 will continue. -Reuters
Nisar terms Jiabao speech as historical ISLAMABAD: Opposition Leader in the National Assembly, Chaudhry Nisar Ali Khan, in his remarks at the joint session of the Parliament, said that the stirring speech of the Chinese premier in the House has set new dimensions and benchmarks for future of Pak-China relationship. Describing the Chinese premier address as historic, Chaudhry Nisar said "members of the parliamentarians from each nook and corner of the country have attended the session which reflects the love and esteem that our people accord to China." He said that Pakistan was mired in lot of controversies but there was no difference of opinion on the friendship with China. Our friendship with China transcends political parties, personalities, the government and the opposition, he said. Chaudhry Nisar said "we are passing through difficult times but efforts are being made to ward off the difficulties with the assistance of China." -NNI
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