International Karachi, Saturday, January 22, 2011, Safar-ul-Muzaffar 17, Price Rs12 Pages 12
Nisar urges PM to scrap Parliament lodges project
Foreign Debt (Sep 10) Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Nov 10)
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$17.28bn 14.61% $10.98bn $19.13bn $(8.15)bn $26mn $5.29bn $1.05bn Rs 638bn $58.41bn Rs 5348.6bn $287.9mn -4.69% 4.10% $1,051 174.93mn
SCRA(U.S $ in million)
193.57 -1.83 7.18 3057
Total Portfolio Invest (14 Jan-2010)
NCCPL (U.S $ in million)
FIPI (21-Jan-2011) Local Companies (21-Jan-2011) Banks / DFI (21-Jan-2011) Mutual Funds (21-Jan-2011) NBFC (21-Jan-2011) Local Investors (21-Jan-2011) Other Organization (21-Jan-2011)
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85.2 86.65 14.7 116.5 11 1.138 23 67.3 12.2 87 23.5 137.5 86.35
KARACHI: Dismissed employees of KESC holding a demonstration in front of Defence office.-APP
‘Public Sector Development Programme to stay intact’
Rs170bn PSDP schemes get nod ISLAMABAD: The Central Development Party (CDWP) here on Friday considered and approved 68 projects costing Rs170.4 billion including Foreign Aid component of Rs36 billion. The CDWP meeting was held here under the chair of Deputy Chairman Planning Commission, Dr Nadeem Ul Haque mainly to consider federal projects for Balochistan province. The meeting was attended by Chief Minister, provincial cabinet members and Chief Secretary of Balochistan on special invitation.
Gabol unquits after PM assurance ISLAMABAD: Nabeel Gabol, who tendered his resignation as State Minister for Ports and Shipping on Wednesday, withdrew his resignation after his meeting Prime Minister Yousuf Raza Gilani here on Friday. According to Media Reports, he called on the Prime Minister Gilani, who solemnly pledged to have his concerns addressed. During the course of meeting Gabol and Gilani discussed Karachi’s current plight.
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Iran sticks to its nukemindedness
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PM upbeat to best looming economic odds
Portfolio Investment Yearly(Jul, 2010 up to 20-Jan-2011) Monthly(Dec, 2010 up to-20-Jan-2011) Daily (20-Jan-2011)
See on Page 12
Japan extends $233mn soft loan
Govt committed to facilitate investors: Gilani
Economic Indicators Forex Reserves (15-Jan-11) Inflation CPI% (Jul 10-Dec 10) Exports (Jul 10-Dec 10) Imports (Jul 10-Dec 10) Trade Balance (Jul 10-Dec 10) Current A/C (Jul 10- Dec 10) Remittances (Jul 10 - Dec 10) Foreign Invest (Jul 10-Dec 10) Revenue (Jul 10 Dec 10)
Indo-Pak talks on US wishlist
Moreover, meeting was also attended by the representatives of federal sponsoring agencies, provincial governments, and special areas. The CDWP considered 68 projects costing Rs170.4 billion including Foreign Aid of Rs36 billion. Of 68 projects, 37 projects are in the infrastructure sector costing Rs107.9 billion, 28 in social sector costing Rs59.5 billion and 3 projects worth Rs2.9 billion. Thirty five projects costing Rs31.6 billion were approved for Balochistan only. These projects include estab-
lishment of two universities, expansion of Pat Feeder Canal, and construction of many small dams in Balcohistan. Speaking to media persons after the meeting, Balochistan Chief Minister Aslam Raisani said that approval of these projects was pending for the last two years. "There will be no cut in Public Sector Development Programme," he said. The CDWP also recommended 19 projects each costing over Rs1000 million with overall cost of Rs148.4 billion to Ecnec for consideration/approval. Agencies
Uplift of militancy-hit KP, Fata areas in focus
World Bank to credit $285mn ISLAMABAD: The World Bank approved a credit worth $250 million on Thursday to assist Pakistan's recovery efforts in the Khyber Pakhtunkhwa (KP) province and Federally Administered Tribal Areas (FATA). The Multi-Donor Trust Fund (MDTF) will co-finance the project through an additional grant of $35 million. This combined support comes at a critical juncture in order to assist the poor and vulnerable households to cope with income shock due to militancy crises in KP and Fata. Khyber Pakhtunkhwa and Fata Emergency Recovery Project is a fast-disbursing financing to assist the target households in recovery and
promotion of human development through safety net support grants. It will provide immediate relief to the affected population in the region and support the initiatives undertaken by the Government of Pakistan (GoP), the Government of KP (GoKP) and FATA in response to the militancy crisis. "KP and Fata face a huge challenge of rehabilitation of the households affected by the ongoing crisis," said Rachid Benmessaoud, World Bank Country Director for Pakistan. "The credit and grant is part of the World Bank and our development partners' strategy to maximize benefits to the poor and vulnerable households affected by these adversities to See # 4 Page 11
PAC committee kills local carmakers pleas Gabol however expressed his reservations over the Rangers operation in his constituency without consulting him. Prime Minister Gilani told him that his resignation has not been approved so far and he should resume his responsibilities as before, sooner than later, sources further said. Gabol took his resignation back after assurances from the prime minister. He is also reported to soon have a meeting with President Asif Ali Zardari during his stay in Islamabad. Media reports added that soon after Gabol's resignation on Wednesday, police rounded up his 11 guards from his residence in the port city of Karachi. He said his guards have been taken away by police in a commando-style raid.-Online
Used-cars import likelier than ever ISLAMABAD: Public Accounts Committee’s (PAC) Special Committee has rejected the objections of local vehicle manufactures advising commerce and trade ministries to prepare a summary on the import of used vehicles. According to details, the PAC panel meeting was held under the chair of Khawaja Muhammad Asif at Parliament House on Friday. The present situation of carmakers in the country and ban on import of used vehicles were reviewed during the meeting. The committee members
expressed reservations over the non-coordination of commerce, trade ministries with auto industry to bring the prices of locally manufactured vehicles under control. The committee advised the concerned ministries and automakers to formulate a strategy to reduce the prices of local four-wheelers. Secretary Trade Ministry, Zafar Mehmood told the committee that the ban on the import of the used vehicles was lifted previously but was reimposed after the local See # 5 Page 11
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Friday voiced optimism on overcoming looming challenges facing the economy and that too at the earliest. Talking to Makhdoom Amin Fahim, Minister of Commerce, at the PM House, Prime Minister said the export-led growth will help in employment generation and poverty alleviation. He added that import of Pakistani products by European countries was in line with the government's policy for enhanced trade with the world because "we believe in trade, not aid." The policy, he added, will also help the government ensure early rehabilitation of the flood-hit. Gilani observed that national economy was facing lots of challenges. Reiterating the policy of rec-
Announce emergency in Khi, plea in SC demands ISLAMABAD: A petition has been filed in the Supreme Court (SC) requesting to impose emergency in Karachi with the help of Army and civil administration to stop target killing and improve law and order situation. A petitioner, Tariq Asad Advocate filed a petition in the apex court here on Friday and made the Prime Minister, Interior Ministry, Interior Minister, Chief Secretary Sindh and the Home Secretary Sindh respondents. It requested the court to seek detailed report about the loss of precious lives from the respondents and Interior Minister Rehman Malik be called in the court to explain the involvement of third power in the Karachi target killing. The petitioner also requested the court to impose emergency with the help of army and civil administration in the mega city of Karachi in order to stop the ongoing violence. He further stated that the interior minister has failed to get a lead on the culprits thus far.-Online
President seeks report
KESC-govt deal struck to reinstate the “sacked” KARACHI: The Karachi Electric Supply Company (KESC) has agreed on conditional restoration of the sacked employees during a meeting at Governor House here on Friday. The KESC administration has tied the restoration of more than 4000 fired employees to the payment of dues the government institutions are sitting on. The administration said this in a meeting with Governor Dr Ishratul Ebad, MQM leader See # 6 Page 11
onciliation, Gilani said, “We will overcome these challenges.” He said the government was taking all the political parties on board to have consensus on unified economic agenda to provide relief to the common man. During their meeting, Gilani asked Fahim to take all the stakeholders on board for implementation of import policy initiatives. He observed that public private partnership should be the focus of the policy. Furthermore, Fahim apprised the Premier on the matters pertaining to his ministry. In another meeting with Saleem H Mandviwala, Chairman Board of Investment (BOI) and Hina Rabbani Khar, Minister of State for Finance, Prime Minister said the government is committed to provide all facilities to local and foreign
investors. The BOI chief and State Minister called on him at Prime Minister House here on Friday. Due to government’s business-friendly policies, a large number of investors is planning to invest in various sectors including energy, Gilani added. The Prime Minister asked BOI chief to focus on publicprivate partnership for optimal utilisation of potential and experience of the private sector. The BOI chief informed the Prime Minister of his meetings with the Pakistani expatriates and local business houses of Turkey during his recent visit to the brotherly country. He also told him about the upcoming "Economic Forum" to be held in Rome from 26-27 January and "Malaysia Conference" to be held in March this year.-Agencies
US Ambassador calls on Zardari
Clear CSF dues in time, US told Washington must fulfill its pledges: President ISLAMABAD: US Ambassador to Pakistan Cameron P Munter called on President Asif Ali Zardari at Aiwan-e-sadr here on Friday. During the meeting they talked about bilateral relations and issues related to strategic dialogue. Sources said that cooperation between the two countries in the war on terror and release of Coalition Support Fund arrears by the US to Pakistan also came under discussion. The President asked the Ambassador to ensure timely reimbursement of dues under CSF as Pakistan is facing a very difficult economic situation. He also appreciated US assistance for flood affectees and energy projects and hoped that the energy projects would be completed on schedule to enable Pakistan to overcome the deepening crisis. Pak-US bilateral relations and issues related to strategic dia-
logue were discussed during the meeting besides war on terror and President's visit to the US. According to sources, President informed Cameron Munter about his meetings with US President Barack Obama and other US officials in Washington and stressed that the next phase of Pak-US strategic dialogue should start soon. President said Pakistan is passing through a tough phase and the pledges made by US should be fulfilled in time. He said that war on terror has taken its toll on Pakistan’s economy and the US should come forward to take its key ally out of economic crisis. Sources quoted Munter as saying that US is well aware of the problems facing Pakistan and it would not leave it in the lurch, adding the last phase of PakUS strategic dialogue in US was a complete success and the next phase would start soon.Agencies
Pumping of 40 MMSCFD gas, 1600 bopd stops
MOL off Maramzai as ambushers kill 6 ISLAMABAD: Two Pakistani subcontractors working for Hungarian oil group MOL were killed and two others kidnapped on the day before Friday near Maramzai well, a company spokesman said. "There was an ambush in which six people were killed," Johannes Vetter told Reuters, adding that the four others killed were military policemen. The incident will not disrupt MOL's activities in Pakistan and the company is cooperating with local authorities to prevent further attacks, he said. But immediately after the ambush MOL Pakistan suspended oil & gas production operations of at Maramzai well
demanding of the government to provide safe and secure working conditions. According to official spokesman the MOL convoy was ambushed on way back to Central Processing Facility (CPF) from Maramzai site around 4:30pm in the evening on Thursday in which six persons including four FC guards, one contractor driver and one local labourer were killed. The suspension of operation would halt production of 40 MMSCFD gas and 1600 barrels of oil per day. MOL has also withdrawn all personnel from the site forthwith in order to avoid any further human loss, See # 3 Page 11
2
Saturday, January 22, 2011
TDAP eyes Japanese market Staff Reporter KARACHI: The Trade Development Authority of Pakistan (TDAP) is very keen to see Pakistani business expand in all directions. This was stated by CEO (TDAP) Tariq Iqbal Puri while speaking to members of the Pakistan Japan business forum (PJBF). The TDAP chief said Japan was an important trading and economic partner for Pakistan and Islamabad attached great importance to the close business and economic relations with Japan. He said what one saw in Pakistan today in terms of industry was mostly due to Japan and the help it had extended to Pakistan's businessmen and industry. The TDAP CEO said
that Prime Minister Gilani had declared 2011 as export year and TDAP would encourage Pakistani entrepreneurs to explore new markets and new sectors. The TDAP he added would ensure that it provided all possible assistance and was in the process of setting up a web portal. This web portal he added would a state of the art affair catering to the needs of the businessmen. Referring to Japan, the TDAP chief said a Pakistani business delegation was leaving later this week for Japan to explore opportunities. The TDAP chief suggested that Japanese investors should think of bringing technical and commercial professional training that has international accreditation, cer-
tification and also quality certification. This will help enhance the HR skills of Pakistani labour and help create employment. He concluded by appreciating the services of Pakistan Japan business forum to enhance business relations and said that PJBF could always count on TDAP assistance in resolving any issues that it encountered. Earlier, in his welcome address Chairman PJBF, Abdul Kader Jaffer said Pakistani businessmen were very reselect despite the many problems faced by them. He said he would like to urge the government t to have a look at interest rates which were the highest in the region and thus hampering the growth of the economy.
Flood Commission meeting today Staff Correspondent ISLAMABAD: The second meeting of Flood Commission constituted under the Supreme Court orders passed in Constitutional Petition No.62/2010 filed by MNA Marvi Memon, will be held today in the office of Secretary, Cabinet Division, Government of Pakistan, Islamabad. In the previous meeting, it was decided that the four ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to MNA Irrigation Secretaries of the Sardar Nabeel Ahmed Khan Gabool at PM House.-APP Provincial Governments will brief the members of 4500 employees sacked the Commission about the issues relating to the breach of 'Bunds' during the period of high floods in the months of July and August 2010. It was also decided by the Commission that the Chairman NDMA and Chairman Federal Flood Qutubuddin darity with the sacked was no question of dia- sacked employees. Commission (FFC) will Meanwhile, the Advisor employees. Fozia Wahab logue or reinstatement of also brief the Commission. KARACHI: Karachi while addressing the the sacked employees and to Chief Minister Sindh on Sharmila Electricity Supply protesting workers said: instead they lodged a case Information Company (KESC) closed "Your protest has shaken against the striking work- Faruqui has termed the terdown its administrative the echlons of powers and ers for damaging the mination of 4000 employoffices Friday as protest of President Zardari has KESC head office and ees from the KESC a conworkers against the sack- taken notice of the situa- property. spiracy against the demoThe Chief Minister cratic government and the ing of 4500 colleagues and tion. You stand reinstated siege of the utility's head from today." An ANP dele- Sindh Syed Qaim Ali Shah people of Karachi and said office in Defence contin- gation and several labour also spoke to the that the sacking of 4000 ued for the second day. and trade union leaders Managing Director KESC employees means that KESC authorities said also visited and agitating Tabish Gohar and con- KESC has compelled 20000 people into starvaemployees and assured veyed him the government that they had to shut their TFD Report offices to ensure security then their sympathy and desire to reinstate the tion and the families of the KARACHI: Adnan of their workers while the support and announced sacked employees. A 4000 employees have been Ahmed Yousif, President workers accused the man- that the sit-in would con- meeting of the KESC MD, forced to agitate. This she said while MQM leaders along with and Chief Executive of the agement of not facing the tinue till their restoration. Meanwhile, several four - member committee addressing the agitating Al Baraka Banking Group, real issues. An MQM rally compris- workers fell ill due to of the Sindh government sacked employees of is on a 2 day visit to Pakistan. During his stay in ing hundreds of people severe cold conditions was also convened at The KESC at KESC head Karachi he will chair the joined the protesting work- they had to face during the Governor House to sort office Friday. She said the Sindh Government was second board meeting of Al ers of the KESC in their sit-in last night and some out the issue. Meanwhile, operations providing jobs to the peoBaraka Bank (Pakistan) sit-in in front of the com- of them were even taken to Limited and will call upon pany's head office at Gizri. hospital for medical treat- in several areas of the city ple on merit and KESC were suspended due to clo- was sacking the people Peoples Party's ment. the Governor, State Bank of Information Though the PPP govern- sure of the KESC offices that was against the maniPakistan, to exchange Secretary views on Pakistan's dynam- Fauzia Wahab, PM's advi- ment at Federal and and people faced difficul- festo of the Pakistan ties. The KESC adminis- Peoples Party it wanted to sor on Textile Dr Mirza provincial level assured ic Islamic banking industry. unemployment Al Baraka Bank Ikhtiar Baig and Provincial full support to the sacked tration accused the Federal reduce (Pakistan) Limited came Minister for Energy Shazia employees, the manage- and provincial government from the society while into being as a result of the Marri and several other ment of KESC appeared and the law enforcing KESC was creating joblessness and ultimately it adamant and refused to agencies of not providing leaders of PPP visited the merger between the Pakistan branches of Al besieged KESC head talk to the striking work- them security cover and would create law and order Baraka Islamic Bank, office and expressed soli- ers. They maintained there taking action against the situation. Bahrain, and Emirates Global Islamic Bank Limited. It is the second largest Islamic bank in Pakistan with total assets exceeding Rs60 billion and a countrywide network of 89 branches. Al Baraka Bank (Pakistan) Limited is part KARACHI: USAID of the Al Baraka Banking and Engro He also supported the Pakistan Group, Bahrain, which is a KARACHI: Federal Tax complaints from taxpayers Foundation are to organize public limited company Ombudsman office helped were received at average demand of Engr. Jabbar for a micro grants ceremony as tax-payers to get Rupees during last 10 years and in initiating Bill of Tax-payers listed on the Bahrain and part of the 'Khushaal NASDAQ-Dubai stock seven billion refunds from the year 2010, 1446 com- Rights from FTO to protect Livestock' rehabilitation exchanges with over Federal Board of Revenue plaints were received. Of them from any undue pres- program at Larkana on Jan (FBR) last year. these 1200 complaints have sure from tax collectors or US$15 billion of assets, Hence, 1,94,000 cases been resolved and hopeful- possible financial loss on 27. equity of more than US$1.8 billion and a network of were dealt with by FTO ly the remaining would be this account. Jabbar also urged on cremore than 400 branches in where the complaints were cleared by end of this not filed. month. The complaints ating awareness among the 13 countries. Over last 9 years, Rs 220 filed earlier were already tax- payers and the collecmillion tax refunds at aver- cleared. He announced to tors on different sections of age were given through this constitute a steering com- the law regarding disputes office, said Federal Tax mittee at his office with resolution. The Federal Tax Ombudsman Dr. Shoaib business leaders from dif- Ombudsman pointed out Ahmed Saddle during a ferent chambers of the that in 1987 the tax- GDP meeting with members of country as a part of it. If ratio was 13.8 percent, Karachi Chamber of KCCI desired, he added, a which has dropped to 8.8 Commerce and Industry separate committee can percent. At 13.8% ratio, we (KCCI) at the Chamber on also be formed to deal with would have been collecting Staff Reporter The rehabilitation proRs 800 billion extra tax KARACHI: A meeting of the Thursday. He was wel- their tax issues. Dr. Shoiab Saddle agreed every year. This would gram is part of USAID Standing Committee of comed by President KCCI Pakistani's livelihood assisNational Assembly on Textile Muhammad Shafiq Saeed, to the proposal by Engr. have saved the country tance project for the flood Industry was held under the Senior Vice President Talat M.A. Jabbar, the former from taking a loan from SITE any foreign institution, he affected areas of Larkana chairmanship of Haji Mahmood, Vice President Chairman and Dadu, and has been KCCI Junaid Esmail Association of Industry and added. The survival and Muhammad Akram Ansari developed in collaboration MNA at the Pakistan Textile Makda, former president former vice president progress of a country with Engro Foundation, City Head Office at Port KCCI Haroon Farooki, for- FPCCI that tax judicial sys- depends on ratio of tax colChairman SITE tem be separated from the lection and way of its Engro Foods and the Qasim. The meeting was also mer Mennonite Economic Association of Industry executive at FBR. " Yes, spending. We would have attended by Rana Muhammad FBR should work only as to increase tax revenue and Development Authority Farooq Saeed Khan, Federal Engr. M.A. Jabbar. The Federal Tax laws implementing cut some un-necessary (MEDA). Minister for Textile Industry The project, worth USD expenses, he said.- APP and Zaheer A. Hussain, CEO Ombudsman said 1450 agency," he remarked. 0.91 million (PKR 77.35 Pakistan Textile City. The million), targets 15,000 committee was briefed about households and over the company and the ongoing 100,000 animals over a 6 development of the project. month period ending May Federal Minister Rana Farooq 2011 and aims to restore stated that Textile City will be a productivity of farm anibench-mark industrial zone mals to pre flood levels. with World Class The initiative will proInfrastructure required by vide health and nutritional Pakistan's value-added sector. supplements such as minOnce functional, over 200 eral mixtures, multicut units could be accommodated grass seeds (jowar), oat at Textile City giving a major seeds, as well as fertilizers boost to the country's export and vaccinations for foot earnings and creating 80,000 and mouth diseases, in direct jobs. The CEO of the order to restore the health Pakistan Textile City Ltd. and productivity of flood while briefing the standing affected livestock. committee on the agenda The project is to be stated that the Pakistan implemented by Engro Textile City is an unlisted pub- KARACHI: FPCCI Vice President Khalid Tawab and Sardar Yasin Malik preFoundation, in collaboralic limited company incorposenting sheild to Indo-Pak Chamber President S M Muneer. Mian Zahid tion with the agri services rated in May, 2004. under the department at Engro Hussain, Senator Abdul Haseeb Khan, Shahid Jawed Qurashi, Johar Ali companies' ordinance 1984. Foods. -PR Kandhari and Farhan Ur Rehman are also Seen in the Picture. Staff Photo
Siege of KESC HO continues for second day
Chairman Al Baraka Bank lands in Pakistan
KARACHI: The Chairman Pakistan - Japan Business Forum Abdul Kader Jaffer, hosted a dinner in honour of the CEO of TDAP Tariq Iqbal Puri, at his residence. Picture shows diplomats from Japan, Switzerland, and Majyid Aziz, Abdul Razzak, Happy Minwala, and Farrukh Mazhar with other guests. Staff Photo
Indus Hospital takes lead in TB diagnosis KARACHI: In an effort to highlight the need for rapid and effective diagnosis of tuberculosis in Pakistan, a seminar was organised at the Indus Hospital where GeneXpert, a revolutionary break-through technology that has been recently deployed for early detection of TB was formally unveiled Friday. Attended by health-care experts and media representatives, the seminar was addressed by Dr. Zafar Zaidi, Director Medical Services, Indus Hospital and Dr. Altaf Ahmed, Clinical Microbiologist, Director Laboratory Services, Indus Hospital and President of the Infectious Diseases Society of Pakistan. Highlighting the rising threat of tuberculosis (TB) in Pakistan, Dr. Altaf revealed that despite having the 6th highest TB burden globally and an estimated 250,000 new cases every year, tuberculosis in Pakistan is still diagnosed with outdated tools such as direct sputum microscopy and chest radiographs. - PR
Govt failed to bring peace in country: Mushahid KARACHI: PML-Q General Secretary Mushahid Hussain Syed has said that PPP government has failed to establish law and order in the country whereas media and judiciary have strengthened democracy. Talking to media at Karachi airport here on Friday, he said PPP government is just active in beating opponents and has failed to establish peace in the country. He said that Federal ministers were busy in chanting slogan against each others. He added that PML-Q delegation is visiting Karachi for improving the existing situation in the city and in this connection delegation would meet
with different political leaders and traders. He blamed that government is active in corruption and beating opponents whereas federal Interior Minister and Provincial Interior Minister are busy in fighting with each other and no one knows about rangers operation in Karachi. He claimed that PML-Q is the only political party of Pakistan who has no concern with chair and we are independent party and have right to show their concerns openly. He thanks to media for playing its vital role, where government showed weakness, he further said media and judiciary play its vital role to strengthen democracy in the country.-Online
Self- employed persons to get EOBI coverage KARACHI: The Prime Minister of Pakistan while announcing Labour Policy, 2010 had allowed the coverage of self employed persons under the EOB scheme. The EOBI has implicated the directives of Prime Minister. The self employed persons may get themselves covered under the scheme by depositing contribution of Rs.420/ every month till the age of 60 years in case of male and 55 years in case of female at the nearest branch of National Bank of Pakistan.-PR
KARACHI: Acting Italian Consul General Roberto Franceschinis, Giuliana Grandi, Heidi Geary and Almas Jafri present a cheque to ‘Family Educational Service Foundation,’ a volunteer organisation run by Maria Paola. Staff Photo
KARACHI: Engro Food team at distribution debut of Omore Ice cream in Karachi. - Staff Photo
FTO helped taxpayers get Rs7bn refunds last yr: Dr Saddle
NA standing committee visits Textile City
USAID, Engro micro grants event on 27th
3 Saturday, January 22, 2011
Euro hits 2-month high, but strength seen tenuous
Previous Day
German IFO, expectations of euro-zone safety fund help NEW YORK: The euro jumped to a twomonth high against the US dollar on Friday, driven by Asian sovereign demand and improving confidence in the eurozone, but its two-week-long rally could prove fleeting as it nears key technical resistance. Expectations of a strengthened eurozone rescue fund and a strong German Ifo business confidence report supported the euro, along with a more hawkish outlook from the European Central Bank recently, but debt concerns still weighed. The euro, which outperformed the dollar in eight of the past 10 sessions, hit a twomonth high of $1.3569 on trading platform EBS, boosted by a stronger-than-expected German Ifo survey. It broke past option barriers at $1.3550, though it eased a bit and was last at
$1.3543, up 0.5 per cent on the day. The euro's rally helped to knock the dollar index down 0.5 per cent to 78.418, not far from a twomonth low of 78.303 hit on We d n e s d a y. Against the yen, the dollar also lost 0.3 per cent to 82.70 yen. Jason Polit, a certified financial analyst at Charles Schwab Private Client in Phoenix, said the strength of the euro has been based on confidence rather than tangible resolutions to the euro-zone's debt crisis, leaving the euro vulnerable. "The situation in Europe is still largely unresolved," he said. "Some sort of bailout
for one or more of the peripheral economies will likely occur eventually and that will put downward pressure the euro."
Traders said major Asian sovereign accounts were also active in driving the euro higher, while the focus was on a key technical level at $1.3576, the 50 per cent retracement of the euro's fall from November to January. The euro rose to five-week highs around 112.24 yen, making a technical break
Asian currencies
Fears of inflation weaken rupee, baht Massive regional sell-off seen unlikely investors are unlikely to move the money to other regions as the outlook for the Asia economy is brighter than developed markets, analysts and dealers said. The baht slid against the dollar as foreign investors sold Thai stocks and some local gold importers bought dollars. Currency players also covered dollar short-positions. "The only one market where foreigners still keep buying stock is Taiwan. Maybe they try to adjust their portfolio," said a Bangkok-based dealer, adding the baht has a room to weaken to as soft as 30.70. The Indonesian rupiah fell as foreign investors keep selling the country's stocks and bonds. The central bank was spotted
selling dollars to check the rupiah's decline, dealers said. "The rupiah is still facing pressure in the rupiah assets, although the BI is trying to hold on the spot," said a US bank dealer in Jakarta, adding the central bank was seen at 9,075 earlier and then again at 9,080. The won ended local trade lower on foreign investors' continuous sales in stocks and bonds. Foreigners have dumped a net 5 trillion won worth of Marchdelivery three-year treasury futures since the start of this year as of 0525 GMT on Friday, versus their net buying of 1.36 trillion won for the whole of 2010, according to the Korea Exchange. -Reuters
Sterling firms, shrugs off poor retail sales
Swiss franc lower vs euro
SINGAPORE: The Indian rupee and the Thai baht led a broad fall in Asian currencies on Friday as foreign investors sold domestic assets on persistent concerns that authorities are falling behind accelerating inflation. Investors are expected to continue to stay away from stocks and bonds in countries that are especially vulnerable to greater price pressures, which will put pressure on their currencies. Tim Condon, head of research at ING Financial Markets in Singapore, said he thought investors were in general reducing exposure to emerging markets and probably buying risky assets in developed markets. Still, Asia is unlikely to suffer from a region-wide sell-off and
LONDON: Sterling firmed against the dollar on Friday, shrugging off poor UK retail sales data as it tracked gains in the euro against the US currency and remained supported by expectations for higher UK interest rates. Official data showed retail sales fell 0.8 per cent during December, much more sharply than the 0.3 per cent fall forecast in a Reuters poll.
were expected to be bad and can be erratic," said Richard Wiltshire, FX broker at ETX Capital. "We have settled in to a $1.5850 to $1.6050 range and although there are some whippy moves intraday there is still the underlying bull trend that has been in play since the start of the year, when we were at levels around $1.5400". Sterling was up 0.6 per cent at
The data highlighted the fragility of the UK economic recovery, just as the government's harsh austerity measures take effect. It had been expected, however, that December's cold weather would hit retail sales, and this dimmed the negative impact on sterling, analysts said. Traders also said an earlier euro/sterling sell order by a European bank helped temper the pound's losses. "We have seen sterling adopt a more bid tone of late, primarily due to inflation news and rate hike expectations. Retail sales disappointed massively but they
$1.5998, well above a low of $1.5867 after the retail sales data and helped as the euro rose to a two-month high against the US currency. The pound hit an eight-week high of $1.6060 earlier this week. Beyond that its next target is the Nov. 16 high of $1.6095, followed by the Nov. 4 high of $1.6300. The pound dipped against the euro, which rose 0.2 per cent to 84.87 pence after earlier rallying around 0.5 per cent to 85.30 pence, its strongest since Jan. 5, supported by breaks above its 55and 200-day moving averages in the 84.60-84.70 region. -Reuters
ZURICH: The Swiss franc hit a fresh one-month low against the euro on Friday after Swiss National Bank members said the threat of deflation is largely over and scotched ideas the SNB could raise interest rates any time soon. The decline added to the franc's large losses against the euro during Thursday's session, although it recouped some ground against the dollar after the previous day's slide. "We have heard corporate and Chinese buyers were behind yesterday's big move based on short covering ahead of the speeches of SNB members Danthine and Hildebrand," said Unicredit forex strategist Roberto Mialich. The franc was slightly lower against the euro compared to the New York close, trading at 1.303 francs per euro at 0829 GMT having touched a high of 1.3055 francs per euro earlier in the session. The franc climbed 0.4 per cent against the dollar at 0.9629 francs per dollar. "There are few fundamentals underlying the unwinding of long franc positions. There have been no dramatic changes in the SNBs position, so the move (against the euro) is probably more driven by technicals," Mialich said. -Reuters
Australian, NZ dollars off lows in choppy session WELLINGTON/SYDNEY: The Australian dollar erased most of its losses against the greenback on Friday in a dramatic mid-session turnaround after a two-per cent rally in Shanghai stocks took the sting out of worries about more tightening by China. The kiwi also pared losses, but struggled to make any headway after an unexpected drop in a measure of core retail sales bolstered views the Reserve Bank of New Zealand will be in no hurry to lift interest rates. The Aussie last stood at $0.9856, little changed on the day. It fell as low as $0.9839, before a spike took it to a session high of $0.9892. "The Aussie is already fading, so it looks like the short-term market wants to continue selling it," said Grant Turley, strategist at ANZ. "The move lower probably has a bit further to go before you encounter the usual medium-term dip buyers and exporters, which have been fairly quiet today." Immediate resistance for the Aussie is seen at
$0.9896, the 50 per cent retracement of the November to December rally, while support looms at around $0.9800, the Jan 12 low. Meanwhile, the market barely took notice of data showing a steep fall in Australia's export prices as a high local dollar depressed earnings for commodities. The report highlighted still strong terms of trade for the year, a boon for the economy worth tens of billions of dollars. The Aussie was also choppy against the yen, rising to a session high of 82.10 yen from a low of 81.72, before relinquishing all the gains to last stand at 81.75. But the euro outperformed, rising to near twomonth highs at A$1.3693. Against the kiwi, the Aussie reached its best level in a week, touching NZ$1.3076 as it continued to recover from a slide to a six-week low of NZ$1.2812 on Jan. 14. The New Zealand dollar limped off 3-week lows of $0.7525 to last trade at $0.7545, but held below $0.7580 seen late in New York on Thursday. -Reuters
above a closely watched Japanese indicator, the Ichimoku cloud, in the 112 yen area. A daily close above the cloud would give the euro potential to rally further. Despite sharp currency moves, implied volatilities, which may reflect the market's overall sentiment, remained subdued on Friday. Front-end euro/dollar volatility on Friday stayed pinned on the 12 per cent handle, trading at 12.10, a touch softer from Thursday. The euro has gained more than 1 per cent against the dollar since the start of year, driven by growing expectations that euro-zone policymakers will arrive at a more durable solution to the peripheral debt crisis and a hawkish ECB which last week warned about price pressures. Still, doubts remained whether the euro could hold gains.-Reuters
Yuan edges up, fixing off record high SHANGHAI: China's yuan edged higher against the US currency on Friday, helped by a drop in the dollar index and shrugging off a weaker midpoint fixing. The yuan in the spot market closed at 6.5833 per dollar, down slightly from Thursday's 6.5854. Before trade began, China's central bank set the daily mid-point at 6.5886, a touch weaker than Thursday's record high off 6.5883. The yuan has risen 3.69 since its mid-June depegging. "The mid-point fell back. We have little interest in going long on the yuan," said a dealer at a European bank in Shanghai, adding that he was awaiting the outcome of Chinese President Hu Jintao's visit to the United States. US Vice President Joe Biden told Reuters on Thursday that China understands a stronger yuan is in its best interest although President Hu made no specific commitment to let the currency rise more rapidly. Dealers said investors were
increasingly cautious about betting on yuan appreciation as they had over-estimated the pace of rises last year. Benchmark offshore oneyear forwards now implied yuan appreciation of 2.1 per cent in a year's time, down from around 2.9 per cent at the beginning of the year, despite signs of robust economic growth. China's Q4 GDP surprised on the upside on Thursday. But some dealers said it could not rule out the possibility that China would use the exchange rate as a last tool to fight imported inflation. The Chinese central bank had let the yuan rise more than 450 pips or 0.68 per cent last week, before President Hu's US trip. One-year dollar/yuan NDFs were bid at 6.4550, down slightly from Thursday's close of 6.4720. Their implied yuan appreciation in a year's time rose slightly to 2.07 per cent from Thursday's 1.80 per cent. -Reuters
Indian rupee retreats from 7-week lows MUMBAI: The Indian rupee bounced off seven week lows on Friday, cheered by gains in the euro versus the dollar, but choppy domestic shares continued to raise worries about sustained foreign fund withdrawals. The partially convertible rupee closed at 45.6150/6250 per dollar, off the day's low of 45.77, its weakest since Dec. 1, but still 0.2 per cent below 45.53/54 at close on Thursday. The rupee dropped 0.5 per cent on the week. "The euro's rise helped the rupee retreat from 7-week lows today but heard some corporates were buying dollars," said A. Ajith Kumar, a senior foreign exchange dealer with Federal Bank. Traders said a choppy domestic share market raised concerns about sustained foreign fund withdrawals, which could pressure the rupee downwards. So far in 2011 until Thursday foreign funds were net sellers of over $900 million worth of shares pushing the rupee down
2 per cent. Last year, investments had reached a record $29.3 billion helping the rupee rise 4.1 per cent. One-month offshore nondeliverable forward contracts were quoted at 45.92, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.6725, 45.6850 and 45.68, respectively, with the total traded volume on the three exchanges at an average $6.8 billion. -Reuters
Source
Events
NZD NZD NZD AUD JPY EUR GBP GBP CAD
Business NZ Manufacturing Index Retail Sales m/m Core Retail Sales m/m Import Prices q/q All Industries Activity m/m German Ifo Business Climate Retail Sales m/m Prelim Mortgage Approvals Core Retail Sales m/m
Actual
Forecast
53.1 1.5% -0.2% -3.8% -0.1% 110.3 -0.8% 40K 1.0%
1.3% 0.6% 0.9% 0.2% 110.0 -0.2% 49K 0.6%
Previous
52.7 -2.4% -1.6% 0.8% -0.3% 109.8 0.4% 48K 0.9%
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3562 1.3575 0.9593 0.9685 1.5963 1.5999 0.9929 0.9985 0.9898 0.9917 112.1900 112.3000 0.8496 0.8529 1.3007 1.3065 132.0700 132.3100 86.2500 86.2700 1341.0800 1350.1000
Bid 1.3560 0.9588 1.5958 0.9925 0.9895 112.1500 0.8493 1.3002 132.0100 86.1900 1340.5000
Low 1.3450 0.9583 1.5868 0.9910 0.9844 111.6500 0.8464 1.2978 131.5200 85.6600 1338.0000
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 21/01/2011 A USD GBP CAD EUR JPY O/N 0.23688 0.55813 0.95500 0.75750 SN 0.09500 1WK 0.25375 0.57063 1.00167 0.71900 0.10350 2WK 0.25656 0.57438 1.03583 0.71750 0.11063 1MO 0.26000 0.59813 1.09167 0.74125 0.12188 2MO 0.28313 0.65875 1.14833 0.83563 0.15000 3MO 0.30313 0.77563 1.23667 0.96188 0.18875 4MO 0.34500 0.85750 1.30083 1.03313 0.24313 5MO 0.40125 0.96313 1.35500 1.11813 0.30000 6MO 0.45469 1.07688 1.43167 1.20813 0.34750 7MO 0.50813 1.15725 1.49917 1.25938 0.39625 8MO 0.56000 1.24313 1.57417 1.31250 0.44313 9MO 0.61594 1.32500 1.64250 1.36688 0.48750 10MO 0.66781 1.40313 1.72833 1.41250 0.51438 11MO 0.72156 1.47313 1.81000 1.46188 0.54125 12MO 0.78063 1.54125 1.90333 1.51125 0.56750
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England Bank of Japan Federal Reserve Swiss National Bank The Reserve Bank of Australia European Central Bank
1-Mar-2011 10-Feb-2011 25-Jan-2011 26-Jan-2011 17-Mar-2011 1-Feb-2011 n/a
8-Sep-2010 5-Mar-2009 19-Dec-2008 16-Dec-2008 12-Mar-2009 2-Nov-2010 7-May-2009
Current Interest Rate 1% 0.50% 0.10% 0.25% 0.25% 4.75% 1%
Division of National Bank of Pakistan (NBP) KARACHI, January 21,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.90 136.87 116.01 86.25 88.94 84.86 12.93 1.04 14.67 66.75 15.57 22.91 11.03 13.04 306.22 28.05 65.01 23.59 23.39 0.08 2.80
85.70 136.55 115.74 86.05 88.73 84.66 12.90 1.03 14.63 66.59 15.53 22.85 11.01 13.01 305.50 27.98 64.86 23.53 23.33 0.08 2.80
85.51 136.24 115.47 85.83 88.50 84.44 12.86 1.03 14.59 66.42 15.49 22.79 10.98 12.98 304.70 27.91 64.69 23.47 23.27 0.08 2.79
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for January 21, 2011
KASB 0-7days 12.95 8-15dys 13.00 16-30dys 13.00 31-60dys 13.04 61-90dys 13.36 91-120dys 13.42 121-180dys 13.45 181-270dys 13.65 271-365dys 13.80 2-- years 14.12 3-- years 14.22 4-- years 14.22 5-- years 14.25 6-- years 14.25 7-- years 14.25 8-- years 14.25 9-- years 14.26 10--years 14.27 15--years 14.60 20--years 14.80 30--years 14.90
BMA 13.00 12.90 12.90 13.05 13.25 13.45 13.55 13.55 13.72 14.00 14.20 14.22 14.20 14.35 14.35 14.25 14.16 14.26 14.60 14.75 14.85
ELXIR 13.00 12.90 13.00 13.09 13.40 13.46 13.50 13.56 13.72 14.00 14.22 14.23 14.22 14.34 14.35 14.25 14.17 14.28 14.55 14.75 15.00
GSL 12.85 12.90 13.00 13.25 13.40 13.45 13.55 13.65 13.77 14.00 14.23 14.24 14.25 14.28 14.30 14.30 14.15 14.25 14.65 14.90 15.10
ICSL 12.90 12.85 13.00 13.15 13.40 13.35 13.40 13.55 13.70 14.05 14.25 14.22 14.20 14.30 14.35 14.26 14.20 14.26 14.55 14.75 15.00
JSCM AvgRate 12.95 12.94 12.90 12.91 12.90 12.97 14.10 13.28 13.40 13.37 13.45 13.43 13.50 13.49 13.60 13.59 13.75 13.74 14.00 14.03 14.20 14.22 14.22 14.23 14.24 14.23 14.30 14.30 14.35 14.33 14.30 14.27 14.16 14.18 14.25 14.26 14.70 14.61 14.90 14.81 15.00 14.98
Currencies Correlation EUR/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY GBP/USD NZD/USD
week month months months year years
0.09 0.39 0.10 0.67 0.60 0.24
0.95 0.51 0.85 0.43 0.24 0.53
0.69 0.54 0.83 0.93 0.70 0.50
0.88 0.71 0.85 0.76 0.53 0.73
0.77 0.55 0.79 0.81 0.74 0.80
0.51 0.62 0.53 0.71 0.48 0.29
USD/CAD USD/CHF 0.81 -0.21 0.35 -0.49 -0.31 -0.14
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)21/01/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.60
13.10
12.60
13.10
12.75
13.25
13.35
13.60
13.50
13.75
13.60
14.10
13.65
14.15
13.70
14.20
JSBL
12.90
13.40
12.95
13.45
13.00
13.50
13.40
13.65
13.60
13.85
13.65
14.15
13.85
14.35
13.90
14.40
ASPK 12.80
13.30
12.85
13.35
12.90
13.40
13.35
13.60
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
CIPK
12.75
13.25
12.75
13.25
12.85
13.35
13.45
13.70
13.65
13.90
13.75
14.25
13.90
14.40
14.10
14.60
DBPK 12.60
13.10
12.65
13.15
12.70
13.20
13.20
13.45
13.40
13.65
13.50
14.00
13.55
14.05
13.60
14.10
FBPK 12.75
13.25
12.80
13.30
12.80
13.30
13.40
13.65
13.55
13.80
13.65
14.15
13.80
14.30
13.90
14.40
FLAH 12.85
13.35
12.85
13.35
12.85
13.35
13.35
13.60
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
HBPK 12.80
13.30
12.85
13.35
12.85
13.35
13.35
13.60
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
HKBP 12.80
13.30
12.85
13.35
12.85
13.35
13.35
13.60
13.45
13.70
13.55
14.05
13.65
14.15
13.75
14.25
NIPK
13.00
13.50
13.00
13.50
13.25
13.75
13.50
13.75
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
HMBP 12.80
13.30
12.80
13.30
12.90
13.40
13.35
13.60
13.50
13.75
13.55
14.05
13.60
14.10
13.70
14.20
SAMB 12.75
13.25
12.85
13.35
13.00
13.50
13.45
13.70
13.60
13.85
13.60
14.10
13.75
14.25
13.85
14.35
MCBK 12.80
13.30
12.75
13.25
12.75
13.25
13.25
13.50
13.40
13.65
13.50
14.00
13.60
14.10
13.75
14.25
NBPK 12.80
13.30
12.80
13.30
12.80
13.30
13.30
13.55
13.40
13.65
13.50
14.00
13.65
14.15
13.75
14.25
SCPK 12.70
13.20
12.75
13.25
12.75
13.25
13.35
13.60
13.45
13.70
13.55
14.05
13.70
14.20
13.80
14.30
UBPL 12.80
13.30
12.75
13.25
12.80
13.30
13.40
13.65
13.55
13.80
13.60
14.10
13.70
14.20
13.80
14.30
AVE
13.29
12.81
13.31
12.84
13.34
13.37
13.62
13.51
13.76
13.59
14.09
13.70
14.20
13.80
14.30
12.79
-0.90 -0.54 0.14 -0.61 -0.56 -0.44
4 Saturday, January 22, 2011
Strategise to Stay Ahead!
The Financial Daily International Vol 4, Issue 159
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388427 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Improving Pakistan’s C/A status Lately, Pakistan's current account status has improved considerably and the country also has reasonably sufficient foreign exchange reserves. However, a lot remains to be done to further improve the inflow of foreign exchange into the country to pay off the International Monetary Fund. Now Pakistan can very politely say to the fund that it no longer needs the remaining tranches of standby facility. Country's current account became surplus by $26 million at the end of the first half of current fiscal year as against a deficit of $2.57 billion at end December last year. This has happened after nearly seven years as Pakistan enjoyed such a position last at December 31, 2003. This became possible mainly due to reduction in trade deficit, service deficit, income deficit and payments received for providing logistic support to Nato and on top of every thing higher workers remittance. While maintaining the surplus will not be an easy task, the full deficit is still expected at $1.4 billion for FY11 as compared a deficit of $3.95 billion for FY10. According to the experts Pakistan's substantial foreign exchange reserves could prove too small if oil prices continue to hover above $100/barrel and reliance on thermal power plants remains high. The other major imports which could erode forex reserves faster include growing import of edible oil, sugar and fertilizer. Country is being forced to import these three commodities mainly due to following bad policies resulting in supply constraints and not because of any substantial increase in consumption. The positive point has been exports growing at much faster pace than imports. However, some experts are getting scary on declining imports, which they consider a sign of economic slowdown. Many of the industries are operating at below optimum capacity utilization, also responsible for the hike in cost of production. However, they term load shedding of electricity and gas the severest blow to the economy. Not only that the manufacturing units will not be able to produce exportable but the country will be forced to import various products to meet the local demand. Increasing unemployment, due to intermittent closure of manufacturing units and double digit inflation is further deteriorating the already low sayings to GDP ratio but also pushing more and more people below the poverty line. The government has introduced various schemes to supplement the income of people living below subsistence level but continuing these schemes will not be possible for a very long period. The country needs funds for balancing and modernization of existing plans and creating new production facilities. As long as local investors remain shy, policy planners should not expect any substantial inflow of foreign direct investment. Law and order condition is an issue but the real stumbling block is an acute shortage of electricity and gas and on top of these are unaffordable tariffs.
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.
Babar Javed
F
or those of you working in the strategic function of your respective companies, you are well aware of the growing debate over finding the best fit supply chain strategy to make your business flow more efficiently, a challenge especially in this downturn economy. A key factor of success for nearly all companies is the unrelenting focus on optimising supply chain economics; a key element heightening this mentality is the overwhelming surge in fuel costs. Corporations can expect to see noteworthy shifts in the balance that once was in their supply chain, especially if they import, export and manufacture goods. MRO (maintenance, repair and organisation) materials consumed by companies (directly or indirectly) are affected, including their stakeholders in the form of retailers (IMT and LMT). What this forces corporations to do is start looking for ways to optimize key supply chain functions after reevaluating and confronting their basic assumptions concerning the function of supply chain management. The balance found between working and fixed capital as well as cycle times and inventory holds
will transfer with changes made to the supply chain strategy. In order to deal with the new and dynamic economic balances, the corporation will have to start harmonising an integrated plan through dynamic supply chain which is critical to unlocking the value in the strategies implemented across the organisational framework. SOURCING To confirm the impact of high fuel costs on the purchase of all commodities, the firm should use a total landed cost analysis. Low cost nations represent areas of significant discounts and the increasing expenditure of moving goods from these locations. When supply chain activities become more attractive when they are close to market demand, which makes room for two fold sourcing strategies to come into play; the attractiveness is only fueled by rising transportation costs. If each plant aims at serving demand in close proximity, they must produce a larger variety of goods. FULFILLMENT I would recommend that companies begin by revisiting their distribution centres in light of rising fuel prices; factors to keep in mind are layout, reach, design, quantity and scope. While some may conclude that the need is moving towards having elaborate and spa-
cious distribution centres close to prime markets will serve them well (a view I disagree with), arguing that this move allows for higher inventories, smarter cross docking, break bulk and block-stack capabilities. It is my opinion that investing in large elaborate spaces when the fuel source becomes costlier is unwise, and I recommend industrialists to outsource this function towards distribution services the way Nike does. TRANSPORTATION The most popular approach currently being implemented to counter rising fuel costs is employing a new transportation paradigm with emphasis towards fewer empty miles, higher quantities per shipment and fewer shipments over short distances. I suppose they're going for more slower (but economical) choices like rail and water, and edging away from the popular air and road routes of transport. The big fan of outsourcing that I am, I usually recommend taking bringing in Third Party Logistics Providers (3PLs) to keep costs down and replace private fleets. NETWORKING In an attempt to minimise working and fixed capital employed in plants and warehouses, companies have focused efforts towards managing their networks, just to house
facilities near the customer hub. By developing scenario's (which helps in crisis management situations and improvising the best drill to tackle them), gathering inputs, remodelling flow paths and rebalancing priorities regularly, they can anticipate the trade off between working and fixed capital. CONCLUSION Control of market supply of fuel compounded with the increasing global demand for it has taken the price of the energy source to record levels; when the ingredients price rises, so does the cost of the final product and margins set by industrialists will aim to cover them with a progressive pricing strategy. What they do to make sense of the costs in terms of questionable practices truly increases the size of the world's carbon footprint. Tree hugging professionals like me, hope these new strategies will end up benefitting the environment and reduce this footprint when tried and tested best practices are replaced with unconventional (guerrilla) tactics. In a way, these rising fuel prices were the source for us to start thinking about saving the planet and thus the bigger picture. Writer works as Creative Strategist for Shell and Unilever at Helium (Pvt) Ltd.
Freedom & fear for Tunisian Media A
t their union headquarters in central Tunis, journalists long used to rigid censorship meet to ponder the meaning of an era of freedom they never saw coming. "People are joyous but the feeling is mixed with concern," says Zouheir Taba, a journalist at Hurriya, a paper owned by the RCD party that dominated the North African country for decades until a popular revolt ousted the president last week. "There's a big fear that journalists will be the exception to the revolution and the new republic will behave the same as before towards the media," Taba says as journalists wander in and out of the union's offices in a small colonial-era villa. Just down the street can be heard the chants of hundreds of protesters against the RCD's presence in Tunisia's interim government -formed after president Zine Abidine Ben Ali fled the country last week. When Ben Ali left, as thousands surged through the streets of the capital in protest, journalists sensed that control mechanisms that had created a culture of fear over the past 23 years were finally coming undone. Print journalists realised they were free to write what they want. On state television, a movement that had been denounced for weeks for violence and rioting was by Sunday a "revolution". The channel changed its name from Channel 7 -- in memory of the date in November 1987 when Ben Ali took power -- to Tunisian TV, and began running endless talk shows where opposition figures, rights activists and intellectuals who had never been on air before celebrated the end of dictatorship. The army was praised as the sav-
iour of the nation for cracking down on militias linked to Ben Ali and soon official terminology shifted to calling the uprising "the people's revolution for freedom and dignity". However, journalists note that the network of senior editors, managers and censors established by Ben Ali to control the media remains in place so the changes could yet be reversed. CENSOR SACKED The RCD's Hurriya suddenly stopped publishing the day after Ben Ali left, Taba said. "We prepared the edition for Saturday but the next day it wasn't printed and we don't know whose decision it was," he said. "In that last edition we were with the revolution. We said the will of the people had been realised." At Assabah newspaper, which Ben Ali's son-in-law Sakher Materi bought in 2008, columnist Saleh Attia says journalists removed regime figures and reconfigured the editorial line. "In the first two days we were completely shocked. We were elated but worried that Ben Ali could return," he said. "Journalists feared they would be punished for anything they said if he came back." By Sunday an interim president had been announced and media felt more confident. Assabah told its inhouse censor, appointed by Materi himself, that his services were no longer needed. The tabloid press has been having a field day. Papers have carried daily reports of the scandals of Tunisia's former first lady Leila Trabelsi, a hate figure for many over her extensive influence and lavish lifestyle.
One paper ran a front page photoshopped image of the former first couple stuffing electoral ballot boxes with dollar bills. Journalists say Ben Ali controlled the media through a network of allies and yes-men managed by his political advisor Abdelwahhab Abdallah. Abdallah has disappeared, his villa in an affluent suburb of Tunis burned and vandalised. "Abdelwahhab Abdallah made Tunisian media a barren desert where the only opinion that mattered was Ben Ali's. Their idea was that no voice should be heard but Ben Ali's," said Attia. Journalists were suspended for months on end or moved to other jobs within the state-owned media as punishment if they refused to toe the line. Journalists say free mobile SIM cards handed out by their union were a ruse to spy on them. UNCERTAIN FUTURE Despite the sudden freedom, Attia fears for the direction of the uprising. He says the country is open to agents provocateurs and interference from Arab states keen for the democratic experiment to fail, citing Libya and Saudi Arabia. Ben Ali is staying in Saudi Arabia, an absolute monarchy long fearful of reform movements in the Middle East that controls many pan-Arab television and newspaper outlets. "Tunisia could be a beacon for press in the Arab world," Attia said. "Now we need sensible writing. It can't reflect street rhetoric. We need to move towards building the future." Uncertainty prevails on all sides. The state television building remains under heavy guard. Inside, senior executives who once carried
out regime orders were nervous about their future, employees said. "The same officials who used to take orders on what would be on the news are still here. But they are working under pressure from the journalists who want more freedom here," says Salwa Rizgi, whose job is to follow social media and Internet. "We are confident nothing will change, we are determined." Rizgi admits she was a member of the 2 million members of the RCD but says she was forced out of the party because she took to wearing a Muslim hair-covering veil -- the party enforced Ben Ali's strict rules on secularism. "I was never a member," Habib Ben Said, a senior official in charge of programming, is quick to add -though he confesses he had been a "self-censor" himself. "Everything before was about instructions and censoring yourself. Now there is total openness," he said, pointing to an opposition figure, just returned from abroad, talking on-screen. In the past few days, TV producers have begun refusing to invite on air journalists seen as "court correspondents" who once had favoured access to Ben Ali and other senior figures. But journalists with bitter experiences of state media said they feared events were still being directed by unseen forces. "There is only freedom of press now because of public pressure," said Walid Braham, an editor of a state-owned magazine who was sacked for refusing to publish flattering pieces about the former ruler. "The chiefs are still there and it's up to the government to remove them."-Reuters
Nomadic Rulers Gypsies are always on the move. Their fundamental identity is that they cannot stay at one place for long time. To be more precise, when they get their interests served they move on. They have a penchant for travelling. Travelling lifestyle has long been either a necessary or a chosen way of life for a good number of people in many countries, involving either taking your home with you or rebuilding your home
elsewhere. Home is always home, whether it is something on wheels or some sort of tent or igloo. In some societies Nomads are or have been a majority, and in that case cannot be said to suffer any form of social exclusion. A majority may suffer poverty and political and social oppression, but only socially disadvantaged minorities can suffer social exclusion which basically is being excluded from obtain-
ing any of the socially significant things that the majority can obtain - which can include employment, educational, housing and other social opportunities. However, there have been societies where Nomads were traditionally the majority but then modernisation left them a minority and then they have become socially excluded. Governments, people and leaders can also be nomadic. Let us take the example of
Pakistan. Right from the beginning, in most cases, our rulers ran out of country to save their lives. Skindar Mirza's departure to Lebanon, Moeen Qureshi's bidding farewell to country in late eighties, Altaf Husain's permanent stay in London, Sharif's' opted exile (Saudi Arabia), Shoukat Aziz fleeing after sucking the economy, and then his mentor Pervez Musharraf moving to UK. Are not our Rulers nomads, as they move on to greener
pastures after grazing country's resources? Record of their properties abroad shows that the volume of money they amassed in Pakistan is beyond imagination of common man. No checks, no bars, no one can stop them. Most of these people live here in the garb of so-called democratic system, and when the system is at stake, they simply run away. IFTIKHAR SHAHEEN MIRZA, ISLAMABAD
5
Saturday, January 22, 2011
South East Asian stocks
European shares higher on Spain, GE KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,411.87 12,431.91 20.04 0.16 202.59
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,835.60 3,839.59 3.99 0.10 7.64
ISE-10 Index Opening Closing Change % Change Turnover (mn)
3,075.24 3,058.92 -16.32 -0.53 0.17
Major Gainers
Close
Change
RMPL 2,262.71 ULEVER 4,602.62 NRL 323.22 APL 391.44 SIEM 1,225.60
Symbol
44.73 13.62 12.58 11.95 9.60
Major Losers
Symbol
Close
Change
EXIDE BATA COLG POL PPL
191.00 640.00 992.70 327.56 217.35
-9.92 -7 -5.43 -4.93 -4.11
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LPCL LOTPTA ANL JSCL FFBL
3.44 14.71 11.87 12.22 42.27
36.16 22.43 20.79 12.83 12.08
Active Issues Plus Minus Unchanged
206 140 27
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
Drop more than 10pc off record highs
KSE dodges red zone with active participation Nawaz Ali KARACHI: The Karachi Stock Exchange on Friday closed with marginal gains after some intraday bullish activities. Gains were partly eroded on day end due to profit taking by the investors. The benchmark KSE-100 index closed at 12,431 levels with a gain of 20 points, KSE-30 index grew by 18 points to close at 12,134 and KSE allshare index rose by 16 points to close at 8,626 points. "After a correction of more than 2% in last 3 trading sessions, KSE-100 index showed an intraday gain of more than 150 points", said Samar Iqbal,
equity dealer at Topline Securities. However, early gains were eroded by late profit taking in oil sector on the back of rumors regarding exploratory well shut down amid security concerns, he added. Following some continuous negative closings since last three days, market opened the day with 27 points up. Positive number then gradually multiplied due to continued buying mainly in fertilizer, oil and banking stocks in anticipation of strong corporate results scheduled to be announced in the coming days. The index ended the first session with a gain of 112 points. Positive activities managed to sustain at the start of the second session with
Nikkei drops 1.6pc TOKYO: Japan's Nikkei fell 1.6 per cent on Friday to cap its biggest weekly loss in three months, as lower commodities prices weighed on energy-related stocks and spurred profit-taking after a recent rally. News the previous day that China's economy grew a robust 9.8 per cent in the fourth quarter, while inflation barely slowed, raised concern the government will tighten monetary policy to cool the economy, sending prices of oil, copper and gold sharply lower. Market players said the commodities sell-off was a perfect excuse to pocket profits, after the market had gained around 13 per cent since the start of November on a rally triggered by foreign funds aggressively adding laggard Tokyo stocks. "The market has been seriously overheated since December and 80 to 90 per cent of participants were waiting to take profits after the rally. This started on Thursday and sped up today," said Masayoshi Okamoto, head of dealing at Jujiya Securities. "Defensive shares that underperformed the recent rally like pharmaceuticals and the electric and gas sector are gaining today, showing a change of funds allocation in the market." One such defensive stock, Tokyo Electric Power, was among the biggest gainers on the Nikkei 225. The utility rose 1.4 per cent to 2,004 yen on volume exceeding three times last month's average. By contrast, the mining sector, badly hit by the drop in commodities prices, became the third-worst performing sub-index on Tokyo's main board with a 3.3 per cent fall. Sumitomo Metal Mining was the
worst performer on the Nikkei, losing 5.4 per cent to 1,368 yen. Technical factors showed a weakening of sentiment as the benchmark Nikkei broke through important technical support levels. It sank below the 10,420 level, where December futures and option prices settled, and then its 25-day moving average at 10,400. It ended the day down 1.6 per cent to 10,274.52, marking its biggest day fall in two months. The broader Topix index lost 1.8 percent. Volume was high, with around 2.7 billion shares changing hands on the Tokyo Stock Exchange's first section, above last week's average of 2.3 billion. "We are entering a correction here, but it's not something overly worrying, and the benchmark will probably pick up again and rise towards April," said Mitsuo Shimizu, deputy general manager at Cosmo Securities. Bucking the trend was NEC Corp. Japan's largest PC company rose 2.1 per cent to 244 yen after a newspaper report, later confirmed by Reuters, said it was in talks with China's Lenovo about a joint venture in personal computers. "Demand for PCs is weakening with the advent of smartphones and tablets," said Tomomi Yamashita, fund manager at Shinkin Asset Management. "As they seek a survival strategy, it 0is positive that they are looking to a growth area like Asia, rather than choosing a domestic partner." NEC was the secondbiggest gainer among the Nikkei 225 components and traded at 3.7 times its average volume last month.-Reuters
index touching an intraday high of 12,571 points (+ve 159 points). But as it was the last trading day of the week, some investors preferred to book profits wiping off all the intraday gains and index entered into the red zone. Selling was mainly in oil stocks as according to an expert, investors were up set due to rumors regarding shut down of a well on security concerns. However, losses didn't enter into double digits as index managed to recover and closed the week on a positive note. Foreign investors' participation remained limited with a net buying of $0.28 million as per the data of National Clearing Company of Pakistan (NCCPL). On the local side,
SECP revises investment policy for pension funds TFD Report ISLAMABAD: In view of recomposition of sectors by the Karachi Stock Exchange (KSE), the Security and Exchange Commission of Pakistan (SECP) has revised the investment limits for pension funds under the Voluntary Pension System. The re-composition led to over-exposure of pension funds' investments in some of the merged sectors. Therefore, revision in investment policy has been introduced to help pension funds diversify their portfolio by managing the concentration risk. The SECP believes that these measures would further encourage savings and promote pension funds to contribute to the growth of capital markets in Pakistan. In order to promote savings, the SECP had allowed launch of both conventional as well as Shariah compliant pension funds. A pension fund normally comprises of three sub-funds, i.e., equity, debt and money market fund. Over the past few years, Shariah compliant pension funds have gained popularity. However, there is a shortage of short-term Shariah compliant instruments. In order to meet the need for Shariah compliant money market sub-funds See # 1 Page 11
China, Hong Kong markets down under HONG KONG/SHANGHAI: Chinese shares bounced on Friday, driven by gains in the property sector, as some investors saw recent market weakness as overdone and sought bargains among index heavyweights. Despite the rally on the mainland, Hong Kong investors remained cautious amid broad weakness in other Asian markets and sent the benchmark index to its first weekly loss in five. The Hang Seng index, the top performing regional benchmark so far this year with gains of 3.7 per cent, ended the day 0.5 per cent lower with energy shares the top drags as oil headed to a 2 per cent weekly drop. The Shanghai Composite finished up 1.4 per cent. For the week, Shanghai fell 2.7 per cent and Hong Kong shed 1.7 per cent as investors worried that further policy tightening in China could curb its robust economic growth. "Recent market falls were really too exaggerated," said senior analyst Zhang Qi at Haitong Securities in Shanghai, pointing to the reasons behind Shanghai's rebound on Friday. "It shouldn't be a big surprise for the index to stabilise around the current level if only you look at the robust economic growth and corporate earnings." The benchmark appeared to have found support when it fell as low as 2,667.3 points on Friday and tried to bridge a gap between 2,655 and 2,677 points that had opened up in early
October. Nearly all 16 banks listed on the Shanghai and Shenzhen stock exchange outperformed the index on Friday, with ICBC, the world's largest lender by market capitalisation, rising 1.7 per cent. Six banks, including ICBC, are now among 10 Chinese shares which have the lowest 2010 forecast price earnings ratios out of China's around 2,100 listed companies, according to a local brokerage Everbright Securities. China's main property stock index ended up 3.8 per cent on Friday, with top listed developer Vanke rising 3 per cent. The index, which on three occasions so far this year has recorded moves of 5 per cent or more, is down 20 per cent from its 2010 high touched in April last year when the government started its crackdown on property speculation. HONG KONG CAUTIOUS The bounce on mainland markets failed to lift Hong Kong's Hang Seng index, which traded briefly in positive territory at mid-morning but slipped back into the red as energy shares pulled the market lower. China Unicom , the country's No. 2 mobile carrier, also outperformed, rising 2.3 per cent after it said its total mobile subscribers increased to 167.4 million in December which included 14.1 million 3G users.-Reuters
banks did a net buying of $2.2 million while individual investors did a net selling of $2.52 million. Volumes witnessed some improvement as 202.5 million shares exchanged hands during the day which were 18.9 million shares more as compared to a turnover of 183.6 million shares a day earlier. Lafarge Pakistan emerged the volume leader with a volume of 36.16 million shares followed by Lotte Pakistan with 22.43 million shares and Azgard Nine with 20.79 million shares. Out of total 373 active issues; 206 advanced and 140 declined while 27 issues remained unchanged.
Energy stocks power FTSE up ;RBS jumps LONDON: Energy stocks led Britain's top shares in a rebound on Friday after a sharp sell-off in the previous two sessions. The top FTSE 100 riser, however, was Royal Bank of Scotland, up 6.5 per cent on reports the part-nationalised bank could leave the government's asset protection scheme early. Fellow part-nationalised lender Lloyds Banking Group gained 0.8 per cent. In busy trade the FTSE 100 index ended up 28.34 points, or 0.5 per cent, at 5,896.25, having on Thursday reached its lowest closing level in five weeks. The index still closed more than 40 points below its high for the day, with volume at 145 per cent of the average of the last 90 trading days. Some of the shares that were hardest hit in the sell-off this week were the strongest gainers, such as Weir Group, which bounced 2.2 per cent. Search software firm Autonomy gained 3.9 per cent, helped by news of two licence deals for its Intelligent Data Operating Layer product. Energy shares provided the bulk of the gains for the blue-
chip index, with BG Group up 1.1 per cent and Royal Dutch Shell up 1.3 per cent, supported by new "buy" recommendations from Investec Securities. Miners also recovered following recent sharp falls after soaring growth data from China raised fears of further interest rate rises from the world's biggest consumer of raw materials. Xstrata and platinum miner Lonmin added 1 and 0.5 per cent, respectively. Among the fallers, luxury goods group Burberry shed 1.3 per cent, extending Thursday's falls on worries over the impact of any Chinese rate rise on its key Asian markets. On the domestic front, British retail sales suffered their worst December after a sharp fall in sales of food and fuel due to harsh weather and rising prices, the Office for National Statistics said. Solid figures from conglomerate General Electric helped US shares rise, but disappointing results from Bank of America kept the gains in check. Investors will now look to data next week for clues on the direction of the market. Reuters
US stocks late-morning
Wall St rises on positive sentiments NEW YORK: US stocks gained on Friday as General Electric Co's earnings bolstered views the recovery was gaining traction and helped set the market back on its up trend after two days of declines. But Google pared its earlier gain, briefly turning negative and then edging back up again a day after the world's No. 1 search engine reported earnings that beat Wall Street's expectations. Google's pullback weighed on the Nasdaq. Tempering some of the earnings optimism were results from Bank of America Corp, the latest bank to disappoint investors. Shares of General Electric Co, considered a bellwether for corporate America, rose 5.6 per cent to $19.46 and hit their highest level since April 30. The stock, the top positive on the Dow, also saw the biggest daily percentage jump since May 10. GE reported stronger-thanexpected earnings, helped by the recovery of its finance arm and a rise in revenue at its industrial units, including a sharp pickup in sales of locomotives. "That's just another sign of an improving economic situation, and improving corporate profits in America, as well as worldwide," said Bryant Evans, investment adivsor and portfolio manager at Cozad Asset Management, in Champaign, Illinois. Evans said stocks were also benefitting from the recent price declines, which have attracted more buyers. "There may be a certain kind of buying on the dips going on," he said. The S&P 500 is up 9 per cent since the start of December, but the index lost more than 1 percent over the past two days. Many technical and other analysts see the up trend continuing through the first half of the year. Google Inc shares also gained 0.1 per cent to $627.59, a day after the company reported better-than-expected net revenue for its fourth quarter. The company also had announced a shakeup in its executive suite. Earlier, Google rose to an intraday high of $641.73. See # 2 Page 11
Indian shares end week higher MUMBAI: Indian shares ended the week higher after two weeks of decline, but shed 0.2 per cent on Friday, weighed down by software majors after investors fretted over the exit of two senior personnel at Wipro. All eyes were now set on the central bank's quarterly review on Tuesday, in which it is expected to hike key interest rates by 25 basis points as it battles sticky inflation. Earlier in the day, India's No. 3 software services exporter replaced the chiefs of its key outsourcing business after reporting third-quarter profit growth that lagged its main rivals, sending its shares down the most in a year. " We believe Wipro could lag peers as the new CEO relooks at strategy and given possible churn in BU (business unit) heads," Bank of America Merrill Lynch said in a note, cutting its rating on the stock to "neutral" from "buy." Shares in Wipro fell 4.6 per cent, its biggest single-day fall in a year. "This is definitely a surprise for Wipro...resignations by
such key people could lead to losing out on some orders as the contacts move away with the employees," said R.K. Gupta, managing director of Taurus Mutual Fund, which holds Wipro stock. The 30-share BSE index closed 39.01 points lower at 19,007.53 points, with 18 of its components closing in the red. It gained 0.8 per cent this week. In the broader market, gainers beat losers in a ratio of 1.1 to 1, in relatively low volume of 280 million shares. The market's near-term outlook depends on the Reserve Bank of India's actions on Tuesday, said Rakesh Rawal, head of private wealth management at brokerage Anand Rathi. The main index is down 7.3 per cent year-to-date, with foreign funds pulling out around $717 million from Indian equities. Bearish sentiment towards India and Indonesia has clearly taken hold among clients globally, while there is a marked regional split in the view on China, BNP Paribas said in a
note. "There is a clear consensus that developing markets will outperform emerging markets in 2011, as well as a preference for large caps over small caps," BNP said in the note. Optimism on third-quarter results pushed leading lenders State Bank of India and ICICI Bank 2.5 per cent and 1.4 per cent higher, respectively. State Bank reports its quarterly earnings over the weekend, while ICICI is due to unveil its quarterly performance on Monday. A Reuters poll showed State Bank may say its quarterly net profit jumped 10 per cent from a year ago while ICICI may report a 23 per cent rise in its December quarter net profit. Energy giant Reliance Industries closed 1.7 per cent higher at 986.50 rupees ahead of its quarterly earnings, expected after market hours on Friday. A Reuters poll showed the company may report a 31.1 per cent rise in quarterly profit. The 50-share NSE index ended down 0.3 per cent at 5,696.50.-Reuters
6
Saturday, January 22, 2011
Market
KSE 100 Index
Symbols
Volume
202,586,120
Value
7,117,005,071
Trades
86,366
Advanced Declined Unchanged Total
Current High Low Change
206 140 27 373
All Share Index
12,431.91 12,571.83 12,405.71 h20.04
Current High Low Change
8,626.16 8,720.34 8,607.73 h16.71
OIL AND GAS
Company
Paid up Cap(mn)
PE
Attock Petroleum 691 6.78 Attock Refinery 853 7.92 BYCO Petroleum 3921 Mari Gas Company 735 17.72 National Refinery 800 4.79 Oil & Gas Development 43009 11.62 Pak Petroleum 11950 8.84 Pak Oilfields 2365 7.73 Pak Refinery Limited 350 P.S.O 1715 5.15 Shell Gas LPG 226 Shell Pakistan 685 11.07
Open 379.49 137.76 10.95 130.06 310.64 172.32 221.46 332.49 116.40 301.26 32.66 215.39
High 398.45 142.99 11.18 133.35 325.00 173.50 222.80 334.75 122.22 306.75 34.25 220.00
High Low 1,623.99 1,587.39 Total cos Defaulter cos P/BV (x) ROE (%) 3.76 32.54 Low 381.02 138.60 10.92 130.05 308.00 171.01 216.10 326.79 112.10 300.52 32.50 215.50
Close Chg 391.44 141.31 11.02 130.74 323.22 171.71 217.35 327.56 118.87 304.43 32.61 215.81
11.95 3.55 0.07 0.68 12.58 -0.61 -4.11 -4.93 2.47 3.17 -0.05 0.42
Current High Low Change
KMI 30 Index Current High Low Change
12,134.02 12,312.27 12,115.84 h18.18
20,253.46 20,562.29 20,228.23 h8.93
Last 60 days High Low
Volume 1105134 2183979 657829 74373 371098 284554 1720309 1729885 417122 828911 2228 30979
398.89 146.90 12.49 141.65 333.89 185.00 229.80 341.50 122.22 317.79 40.28 222.00
292.01 97.50 10.49 117.00 210.00 151.00 184.00 236.85 74.51 262.70 32.00 182.05
% Change -0.44 5-Day High 1,639.46 5-Day Low 1,599.35
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B - 15.00 20B -
-
CHEMICALS
Company
Paid up Cap(mn)
PE
Open 765.59 Turnover 111,112 P/E (x) 5.81 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
PE 7.41 40.22
Open 74.90 37.00
High 74.90 37.23
High Low 766.55 752.38 Total cos Defaulter cos P/BV (x) ROE (%) 1.48 25.53 Low 73.51 36.50
Close Chg 74.13 -0.77 37.00 0.00
Close 759.43 Listed cap 3,242.17 mn Payout (%) 11.08
Volume 108283 2829
Change -6.15 Market cap 13,231.62 mn Div Yield (%) 1.91
Last 60 days High Low 77.77 39.45
67.25 32.36
High
Low
Agritech Limited 3924 8.79 23.11 BOC (Pak) 250 13.74 101.01 Clariant Pak 273 6.90 178.46 Dawood Hercules 1203 8.36 200.76 Descon Chemical 1996 2.98 Descon Oxychem Ltd. 1020 8.33 Dewan Salman 3663 3.03 Dynea Pak 94 - 11.24 Engro Corporation Ltd 3277 11.62 210.41 Engro Polymer 6635 - 14.45 Fatima Fertilizer 22000 - 12.27 Fauji Fertilizer 6785 11.06 148.57 Fauji Fert. Bin Qasim 9341 7.98 41.97 Gatron Ind 384 2.58 50.00 Ghani Gases Ltd 725 9.17 11.70 ICI Pakistan 1388 8.58 152.27 Lotte Pakistan 15142 5.25 15.25 Mandviwala 74 1.40 Nimir Ind Chemical 1106 1.79 Sitara Chem Ind 214 10.00 121.48 Sitara Peroxide 551 14.70 13.50 Wah-Noble 90 7.29 38.05
24.26 100.05 183.10 206.00 3.09 8.54 3.29 11.98 215.30 14.60 12.61 155.00 43.15 52.00 12.60 155.00 15.60 1.49 1.85 122.00 13.89 38.90
23.80 100.00 180.00 199.98 2.85 8.28 3.02 11.00 210.50 13.95 12.21 149.00 42.00 48.01 11.90 151.60 14.46 1.31 1.72 117.06 13.50 37.17
Close Chg 24.26 100.01 180.47 201.63 2.95 8.32 3.10 11.00 211.47 14.07 12.28 152.63 42.27 48.01 12.11 152.33 14.71 1.48 1.79 122.00 13.52 37.92
1.15 -1.00 2.01 0.87 -0.03 -0.01 0.07 -0.24 1.06 -0.38 0.01 4.06 0.30 -1.99 0.41 0.06 -0.54 0.08 0.00 0.52 0.02 -0.13
Close 1,590.04 Listed cap 52,251.88 mn Payout (%) 48.81
Change 19.65 Market cap 353,021.86 mn Div Yield (%) 5.02
Last 60 days High Low
Volume 73081 651 34391 50404 118304 127323 2011224 1001 2153552 938280 5092278 4547836 12081547 702 112878 99201 22431883 1541 399017 204 111210 15334
24.85 103.94 209.98 215.00 3.74 9.25 4.24 13.79 222.80 15.87 12.64 156.11 43.99 52.00 13.07 158.49 16.49 2.50 2.74 139.40 14.69 41.99
20.26 75.00 149.72 165.73 2.11 4.14 1.47 9.15 174.70 13.00 9.16 106.01 30.18 39.00 11.00 123.50 10.07 0.80 1.36 101.00 10.25 32.00
% Change 1.25 5-Day High 1,617.42 5-Day Low 1,570.40
2010 Div BR (%) (%) 15 40 15 40 95 17.5 20 55 25 50
5B -
2011 Div BR (%) (%) -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,184.71 Turnover 12,069 P/E (x) 6.06 Company
High Low 1,194.52 1,173.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,181.72 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.71
17.90 43.50
18.15 43.52
17.52 43.50
17.76 -0.14 43.50 0.00
10366 1700
Century Paper Security Paper
Change -2.99 Market cap 3,274.91 mn Div Yield (%) 4.17
Last 60 days High Low 19.69 47.70
15.28 38.00
% Change -0.25 5-Day High 1,212.77 5-Day Low 1,181.72
2010 Div BR (%) (%) 50
-
2011 Div BR (%) (%) -
Open 1,298.32 Turnover 376,234 P/E (x) 4.83 Paid up Cap(mn)
PE
Open
Agriautos Ind 144 5.98 77.00 Atlas Battery 101 5.85 191.91 Atlas Engineering Ltd 247 26.58 28.36 Atlas Honda 626 9.56 131.88 Baluchistan Wheels Ltd. 133 6.14 32.68 Dewan Motors 890 2.22 General Tyre 598 20.70 24.01 Ghandhara Nissan 450 3.30 4.74 Honda Atlas Cars 1428 - 12.19 Indus Motors 786 6.72 293.30 Pak Suzuki 823 10.97 69.28 Sazgar Engineering 150 4.31 22.50
Company
Paid up Cap(mn)
Crescent Steel
565
Dost Steels Ltd Huffaz Pipe International Ind
PE 4.46
Open 28.97 2.70
High 28.90
Low 28.50
Close Chg 28.56 -0.41 2.72 0.02
Close 1,085.12 Listed cap 3,596.11 mn Payout (%) 30.91
34305
30.60
17232
Change 1.45 Market cap 10,541.12 mn Div Yield (%) 8.47
24.00
3.39
High
High Low 1,329.12 1,291.17 Total cos Defaulter cos P/BV (x) ROE (%) 1.23 25.35 Low
Close Chg
% Change 0.13 5-Day High 1,110.62 5-Day Low 1,083.67
2010 Div BR (%) (%) 30
2.50
-
-
-
2011 Div BR (%) (%) -
-
675
-
2.89
2.61
555
9.46
14.97
15.30
14.95
15.13 0.16
9002
16.51
12.85
-
-
-
-
56.36
57.99
56.11
56.42 0.06
30745
62.20
44.00
40
20B
-
-
Metro Steel
310
-
10.50
11.50
11.50
11.50 1.00
1801
11.50
5.61
-
-
-
-
785 11.08
9.43
9.98
9.32
9.75 0.32
2530
10.70
8.19
7.5
-
-
-
Company
Paid up Cap(mn)
Adam Sugar XD 58 Ansari Sugar 244 Chashma Sugar XD 287 Crescent Sugar 214 Dewan Sugar 365 Faran Sugar XD 217 Habib SugarXDXB 750 Habib-ADM Ltd 200 Ismail Ind 505 J D W SugarXDXB 539 Mehran SugarXDXB 157 Mirza Sugar XD 141 Nestle Pakistan 453 Noon Sugar 165 Pangrio Sugar XD 109 Sakrand Sugar 223 Sanghar Sugar XD 119 Shahmurad Sugar XD 211 Shahtaj Sugar 120 Shakarganj Mills 695 Tandlianwala 1177 UniLever Pakistan 665
PE
Close 1,303.53 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 5.21 Market cap 47,608.03 mn Div Yield (%) 4.22
Last 60 days High Low
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles
PE
Open
High
Low
1828 866 6.33 858 182 956 25.00 982 13.92 948 3891 3651 124.21 350 3.23 6933 15.15 1760 77 2319 32 145 8.75 1288 13126 3234 6.50 5261 1.27 2228 200 361 -
3.20 60.50 2.75 21.35 11.00 1.84 2.17 2.09 29.60 3.00 4.96 1.86 1.61 6.02 0.67 6.80 6.26 3.51 74.27 2.71 6.88 6.90 8.00
3.35 61.50 2.96 21.69 11.01 1.93 2.49 2.29 30.30 3.19 5.12 1.94 2.50 6.95 0.99 7.00 6.26 3.63 75.20 2.80 6.97 6.99 8.50
3.01 59.20 2.70 21.25 11.00 1.81 2.20 2.06 29.45 2.65 4.96 1.82 1.41 6.12 0.25 7.00 6.21 3.32 71.90 2.69 6.80 6.06 7.50
Change -9.00 Market cap 69,104.04 mn Div Yield (%) 2.88
Close Chg
Volume
Last 60 days High Low
3.09 60.18 2.71 21.27 11.00 1.81 2.20 2.10 29.81 2.71 5.00 1.84 1.70 6.70 0.73 7.00 6.26 3.44 72.29 2.72 6.85 6.88 8.02
11309 21240 10251 7501 3649 4585 10000 284615 3751944 670 276333 159453 15192 20513 542547 300 6510 36158936 1963220 206237 10230 1191 1514
3.98 65.99 4.24 24.16 12.75 2.49 3.49 3.10 32.30 4.00 5.55 2.25 5.00 9.19 1.08 11.50 8.70 3.88 79.98 3.30 8.50 7.95 9.60
-0.11 -0.32 -0.04 -0.08 0.00 -0.03 0.03 0.01 0.21 -0.29 0.04 -0.02 0.09 0.68 0.06 0.20 0.00 -0.07 -1.98 0.01 -0.03 -0.02 0.02
2.80 57.60 1.10 15.00 10.25 1.50 1.50 1.43 26.60 2.27 4.72 1.60 1.18 2.70 0.25 6.80 5.80 2.79 70.75 2.66 6.52 5.25 6.30
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -
% Change -0.91 5-Day High 1,026.43 5-Day Low 974.96 2011 Div BR (%) (%) -
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,053.52 Turnover 156,529 P/E (x) 2.94 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Siemens Engineering Tri-Pack Films
PE
Open
High
High Low 1,071.88 1,043.35 Total cos Defaulter cos P/BV (x) ROE (%) 1.29 43.91 Low
Close Chg
115 2.61 75.02 75.50 72.80 73.33 230 2.68 2.98 2.58 2.60 1067 4.86 52.60 54.00 52.10 52.93 389 3.00 3.45 2.75 3.39 47 65.28 25.16 26.41 25.01 26.11 844 66.19 129.79 130.95 128.98 129.08 82 10.11 1216.00 1240.00 1200.00 1225.60 300 9.86 135.19 138.00 135.00 135.17
-1.69 -0.08 0.33 0.39 0.95 -0.71 9.60 -0.02
Close 1,054.60 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 27150 37619 6253 20001 6872 52880 220 5534
Company
Paid up Cap(mn)
Company
Paid up Cap(mn)
AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind Hinopak Motor Millat Tractors XB
PE
Open
215 5.61 230.57 104 - 45.33 214 1.20 213 11.57 12.61 124 - 133.75 366 6.97 528.23
High
Low
Close Chg
Change 1.08 Market cap 39,212.39 mn Div Yield (%) 5.29
Last 60 days High Low 83.23 41.70 3.30 1.82 56.45 45.30 4.05 2.20 27.90 16.51 136.74 101.00 1381.00 1128.00 141.90 100.00
236.00 231.00 234.04 3.47 45.00 45.00 45.00 -0.33 1.70 1.25 1.43 0.23 12.98 12.30 12.50 -0.11 138.00 128.51 130.59 -3.16 540.00 528.05 532.90 4.67
761 2109 28231 6715 403 56600
2010 Div BR (%) (%) 20 25 900 -
25B 10B -
Change 12.46 Market cap 33,764.27 mn Div Yield (%) 15.66
Last 60 days High Low 244.95 49.50 2.40 14.00 147.89 568.40
2010 Div BR (%) (%) 90 100 25 20 150 10
% Change 0.40 5-Day High 1,332.88 5-Day Low 1,298.32 2011 Div BR (%) (%)
20B 20B
-
-
High
Low
Close Chg -0.60 -0.01 0.60 0.60 -0.01 0.69 0.42 0.10 2.38 0.87 1.70 -0.10 3.59 0.48 -0.41 -0.07 0.11 -0.05 2.97 -0.06 0.49 13.62
Volume
Change 9.81 Market cap 250,509.99 mn Div Yield (%) 0.74
Last 60 days High Low
6200 20.50 12.51 1500 6.99 4.05 13436 15.47 8.50 100003 7.15 5.00 2108 5.59 1.50 2560 21.73 17.25 76601 36.50 22.00 500 13.00 11.69 1155 81.12 68.60 3392 92.50 69.50 307 68.49 52.60 7280 7.18 4.51 110 2979.50 1830.00 2006 14.84 9.00 2402 6.99 4.04 3500 3.90 2.11 2302 15.01 11.51 10193 13.50 9.00 171 100.26 56.01 2312 7.88 4.06 2300 42.52 29.00 212 4818.00 3876.00
2010 Div BR (%) (%)
% Change 0.55 5-Day High 1,785.10 5-Day Low 1,748.44 2011 Div BR (%) (%)
25 10 25 25 25B 40 17.5 110R 7010B 12.5R 35 20B 10 450 10 15 10 178 -
-
-
Pak Elektron Singer Pak Tariq Glass Ind
% Change 0.10 5-Day High 1,076.90 5-Day Low 1,053.52 2011 Div BR (%) (%) -
-
High Low 1,111.96 1,087.42 Total cos Defaulter cos P/BV (x) ROE (%) 0.32 10.64
Close 1,094.33 Listed cap 3,763.71 mn Payout (%) 6.27
Open
High
Low
Close Chg
Volume
1219 3.69 341 20.78 231 2.43
14.67 18.00 20.50
14.90 18.99 20.56
14.56 18.00 20.30
14.63 -0.04 18.49 0.49 20.30 -0.20
152691 649 5401
Change 1.64 Market cap 5,121.82 mn Div Yield (%) 2.11
MA (10-day)
2.61
Total Equity (Rs in mn)
517.97
MA (100-day)
2.71
Revenue (Rs in mn)
182.34
MA (200-day)
2.84
Interest Expense
1st Support
1.75
Loss after Taxation
(79.43)
2nd Support
1.40
EPS 10 (Rs)
(1.801)
1st Resistance
2.70
Book value / share (Rs)
1,825.02
2nd Resistance
3.30
PE 11 E (x)
Pivot
2.35
PBV (x)
0.27
11.75 0.17
ESBL closed down -0.45 at 2.04. Volume was 5,456 per cent above average (trending) and Bollinger Bands were 33 per cent wider than normal. The company's loss after taxation stood at Rs21.841 million which translates into a Loss Per Share of Rs0.50 for the 1st quarter of current fiscal year (1QFY11). ESBL is currently 32.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of ESBL (bearish). Trend forecasting oscillators are currently bearish on ESBL.
Lafarge Pakistan Cement Ltd
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
53.84
Total Assets (Rs in mn)
MA (10-day)
3.44
Total Equity (Rs in mn)
MA (100-day)
3.09
Revenue (Rs in mn)
19,704.24 9,763.73 8,129.96
MA (200-day)
3.17
Interest Expense
1st Support
3.27
Loss after Taxation
2nd Support
3.14
EPS 09 (Rs)
1st Resistance
3.58
Book value / share (Rs)
2nd Resistance
3.76
PE 10 E (x)
1,230.81
Pivot
3.45
PBV (x)
(1,278.96) (0.974) 7.44 0.46
LPCL closed down -0.07 at 3.44. Volume was 1,378 per cent above average (trending) and Bollinger Bands were 10 per cent wider than normal. The company's loss after taxation stood at Rs1.045 billion which translates into a Loss Per Share of Rs0.80 for the nine months of current calendar year (9MCY10). LPCL is currently 8.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of LPCL at a relatively equal pace. Trend forecasting oscillators are currently bullish on LPCL.
Eye Television Network Limited
Last 60 days High Low
2010 Div BR (%) (%)
15.88 20.79 22.50
17.5
12.90 16.51 15.90
10B -
% Change 0.15 5-Day High 1,159.84 5-Day Low 1,092.68 2011 Div BR (%) (%) -
-
PERSONAL GOODS Performance of SR Personal Goods Index Open 1,006.60 Turnover 29,214,777 P/E (x) 7.08 Company
Paid up Cap(mn)
Amtex Limited Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Ellcot Spinning Gadoon Textile XD Gulistan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Spinning Kohinoor Textile Masood Textile Mohd Farooq Moonlite (PAK) Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Leather Pak Synthetic Prosperity Quality Textile Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Salman Noman Sapphire Fibre Sargoda Spinning Service Ind Shadman Cot Shahpur Textile Shahzad Textile Suraj Cotton Taj Textile Tata Textile Thal Limited Treet Corp Zephyr Textile Ltd Zil Limited
2594 4493 33 76 76 64 1150 316 2442 238 600 80 514 110 234 146 716 3105 180 43 107 303 1300 1455 600 189 22 145 187 1596 3516 34 560 185 160 250 308 341 264 88 42 197 312 120 176 140 180 180 334 173 307 418 594 53
High Low 1,016.54 995.63 Total cos Defaulter cos P/BV (x) ROE (%) 0.61 8.64
PE
Open
High
Low
9.39 0.48 0.48 5.31 0.86 37.26 3.70 47.54 0.61 0.78 1.26 0.75 3.85 3.98 0.24 0.45 3.61 1.95 0.77 1.96 5.76 3.21 1.07 0.79 0.63 4.74 0.38 0.20 2.54 1.16 0.52 7.97 1.93 0.40 0.42 0.90 0.35 5.09 9.21 4.87 3.65
4.08 10.87 11.40 13.75 647.00 57.01 3.04 998.13 2.60 0.97 1.80 2.53 42.00 20.10 68.55 6.85 3.83 49.32 3.67 14.00 0.90 1.62 1.25 5.35 19.00 1.00 12.20 0.41 15.83 23.10 68.41 2.50 9.25 13.98 13.49 1.40 8.81 37.70 4.90 4.15 5.20 124.80 2.75 228.60 11.39 0.59 7.00 39.99 0.37 34.11 122.13 58.57 4.18 54.17
4.39 11.87 11.70 13.75 675.50 57.00 3.15 998.00 2.85 1.28 1.89 3.40 41.50 21.00 71.50 7.49 4.00 49.25 3.66 14.98 0.90 1.67 1.55 5.45 19.00 1.40 13.20 0.54 15.01 24.11 69.50 3.25 9.60 13.98 13.10 1.50 9.50 38.50 5.00 4.01 6.20 124.70 3.39 240.00 12.39 0.59 7.00 41.95 0.08 35.81 121.00 59.98 4.00 56.00
4.10 10.96 10.70 13.50 630.00 57.00 3.00 985.01 2.32 1.19 1.76 1.70 40.01 20.00 68.65 6.60 3.90 47.00 3.66 14.49 0.90 1.55 1.24 5.01 18.50 0.95 13.00 0.53 15.00 23.15 65.99 1.60 9.30 13.98 13.05 1.30 9.00 36.75 4.70 4.00 6.00 124.70 2.70 228.00 10.60 0.29 7.00 38.01 0.08 32.41 117.25 57.50 3.70 54.50
Close Chg 4.13 11.87 11.69 13.56 640.00 57.00 3.02 992.70 2.37 1.24 1.86 3.40 40.41 20.02 71.07 6.60 3.99 48.97 3.66 14.50 0.90 1.67 1.25 5.06 18.50 0.95 13.20 0.53 15.00 23.64 67.06 1.82 9.49 13.98 13.10 1.39 9.00 37.75 4.70 4.00 6.00 124.70 2.70 232.79 10.60 0.29 7.00 40.00 0.08 35.81 119.01 57.85 3.70 54.50
0.05 1.00 0.29 -0.19 -7.00 -0.01 -0.02 -5.43 -0.23 0.27 0.06 0.87 -1.59 -0.08 2.52 -0.25 0.16 -0.35 -0.01 0.50 0.00 0.05 0.00 -0.29 -0.50 -0.05 1.00 0.12 -0.83 0.54 -1.35 -0.68 0.24 0.00 -0.39 -0.01 0.19 0.05 -0.20 -0.15 0.80 -0.10 -0.05 4.19 -0.79 -0.30 0.00 0.01 -0.29 1.70 -3.12 -0.72 -0.48 0.33
Close 1,002.44 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change -4.16 Market cap 139,631.59 mn Div Yield (%) 2.36
Last 60 days High Low
541937 7.95 20792916 12.32 206 17.85 1446 14.84 318 747.48 200 63.20 73948 3.90 310 1020.00 5119 3.33 102 1.38 78221 2.37 3501 4.50 600 47.00 379 21.78 2003 71.50 609 8.86 31115 4.88 18303 50.00 1000 4.45 1388 19.24 500 1.25 6001 2.00 1013 1.81 14011 5.97 503 21.40 14403 2.08 400 13.20 170 0.95 2500 17.10 1952498 25.14 5304461 71.89 166 4.00 45153 10.50 500 15.50 1000 13.50 61005 1.98 4117 10.50 503 39.89 5005 6.85 28208 5.75 2540 6.35 15000 131.50 702 3.50 15495 276.50 700 12.90 4528 1.00 750 7.05 586 41.95 500 0.60 502 38.00 71994 132.00 58804 63.30 44588 4.90 1801 59.25
2010 Div BR (%) (%)
4.00 30 9.20 8.10 - 15B 10.82 20 514.95 45.25 50 2.94 743.33 2.16 0.16 1.62 1.70 36.10 5 17.51 35 38.30 70 5.01 10 3.31 10 34.99 20 2.60 10 13.25 0.28 1.10 0.16 5 4.82 18.01 15 100R 0.50 4.50 0.14 13.96 20SD 19.86 15 50.25 25 45R 1.55 5.80 12.51 30 7.51 15 1.26 8.01 25SD 31.25 40 3.57 3.57 10 2.01 5B 112.00 15 1.50 5 169.00 7.00 0.18 3.76 5 29.00 50 0.08 18.50 25 86.50 80 20B 44.28 3.00 42.30 35 -
% Change -0.41 5-Day High 1,017.93 5-Day Low 1,002.44 2011 Div BR (%) (%) -
-a
PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index
Close 1,553.81 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
65.75 151.50 15.00 96.00 30.00 1.20 21.00 4.12 10.90 228.00 66.75 17.92
Close 1,785.10 Listed cap 11,335.33 mn Payout (%) 30.57
PE
INDUSTRIAL ENGINEERING High Low 1,576.27 1,535.93 Total cos Defaulter cos P/BV (x) ROE (%) 3.19 38.02
Open
Open 1,092.68 Turnover 158,757 P/E (x) 2.97
Performance of SR Industrial Engineering Index Open 1,541.36 Turnover 94,856 P/E (x) 8.40
-
Total Assets (Rs in mn)
HOUSEHOLD GOODS
Performance of SR Construction and Materials Index
Company
450 82.63 2820 204.40 380 29.77 102 143.80 137842 36.72 135754 2.89 13202 26.74 16983 5.67 13706 13.40 30598 309.73 20882 77.90 3500 23.10
High Low 1,847.13 1,748.60 Total cos Defaulter cos P/BV (x) ROE (%) 12.48 30.30
0.96 16.10 16.00 15.50 15.50 0.24 5.01 5.00 5.00 5.00 1.01 9.40 10.00 9.30 10.00 6.40 7.00 5.40 7.00 3.71 4.00 2.72 3.70 3.49 16.71 17.50 17.25 17.40 5.25 22.95 23.45 22.90 23.37 11.25 12.05 12.15 12.15 12.15 35.43 76.99 79.79 76.00 79.37 2.52 70.12 71.92 69.50 70.99 3.42 56.20 58.00 56.40 57.90 4.99 5.70 4.51 4.89 31.41 2856.13 2979.50 2835.50 2859.72 - 11.37 11.95 10.70 11.85 5.03 5.49 4.04 4.62 1.32 2.81 2.74 2.30 2.74 1.08 12.09 12.45 11.51 12.20 6.37 9.80 10.70 9.00 9.75 - 67.99 71.38 64.61 70.96 5.51 6.25 5.02 5.45 379.55 41.26 42.00 40.10 41.75 21.49 4589.00 4818.00 4515.01 4602.62
CONSTRUCTION AND MATERIALS Close 974.96 Listed cap 54,792.74 mn Payout (%) 19.04
-
33.40
FOOD PRODUCERS
-
Siddiqsons Tin
High Low 1,003.27 965.25 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 7.10
79.00 77.00 79.00 2.00 197.00 191.50 195.70 3.79 29.77 29.77 29.77 1.41 135.00 129.03 131.97 0.09 32.68 32.68 32.68 0.00 2.39 2.01 2.20 -0.02 25.00 24.00 24.01 0.00 5.24 4.62 4.75 0.01 12.35 12.00 12.10 -0.09 301.00 293.02 294.36 1.06 70.49 68.80 68.88 -0.40 23.10 22.80 23.09 0.59
Open 1,775.29 Turnover 240,855 P/E (x) 41.20
-
1199 11.75
Open 983.96 Turnover 43,466,839 P/E (x) 6.61
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
Performance of SR Household Goods Index
Last 60 days High Low
Volume
40 15
2011 Div BR (%) (%)
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index High Low 1,109.60 1,075.40 Total cos Defaulter cos P/BV (x) ROE (%) 1.21 33.10
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
INDUSTRIAL METALS AND MINING Open 1,083.67 Turnover 95,615 P/E (x) 3.65
% Change -0.80 5-Day High 765.59 5-Day Low 717.01
AUTOMOBILE AND PARTS
Company
High Low 1,621.24 1,566.92 Total cos Defaulter cos P/BV (x) ROE (%) 3.40 35.00
Open
Escorts Investmen Bank Limited
Performance of SR Industrial Transportation Index
Close Change 1,599.35 -6.99 Listed cap Market cap 65,194.15 mn 1,226,504.99 mn Payout (%) Div Yield (%) 55.94 4.84
Performance of SR Chemicals Index Open 1,570.40 Turnover 45,157,045 P/E (x) 9.72
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,606.34 Turnover 8,748,572 P/E (x) 11.55
KSE 30 Index
200.00 42.90 0.21 10.55 114.01 465.00
2010 Div BR (%) (%) 150 25 650
10B 25B
Open 969.88 Turnover 119,707 P/E (x) 7.16
% Change 0.81 5-Day High 1,628.07 5-Day Low 1,541.36 2011 Div BR (%) (%) -
-
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 100 96 306
PE
Open
9.14 106.15 6.74 90.51 14.49 81.66 7.80 28.08 7.21 8.98 7.47 34.75 12.81 157.01 5.67 63.15
High
High Low 977.47 952.68 Total cos Defaulter cos P/BV (x) ROE (%) 1.60 22.31 Low
Close Chg
106.94 104.00 104.31 -1.84 91.00 89.10 89.24 -1.27 82.00 80.50 80.57 -1.09 28.50 28.00 28.16 0.08 9.10 8.41 8.94 -0.04 33.50 33.05 33.48 -1.27 164.60 150.00 161.05 4.04 64.05 61.55 63.01 -0.14
Close 959.79 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 15512 3148 6990 1800 7183 104 8442 76528
Change -10.08 Market cap 32,120.33 mn Div Yield (%) 6.22
Last 60 days High Low 112.50 94.90 89.98 30.48 9.36 35.70 164.60 69.00
92.50 82.20 69.00 23.50 7.16 30.50 116.00 59.00
2010 Div BR (%) (%) 20 30
20B -
% Change -1.04 5-Day High 985.84 5-Day Low 959.79 2011 Div BR (%) (%) 15 -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
37.38
Total Assets (Rs in mn)
MA (10-day)
21.86
Total Equity (Rs in mn)
MA (100-day)
21.68
Revenue (Rs in mn)
1,486.54
MA (200-day)
22.69
Interest Expense
1st Support
19.36
Profit after Taxation
2nd Support
18.52
EPS 10 (Rs)
4.113
1st Resistance
21.44
Book value / share (Rs)
16.68
2nd Resistance
22.68
PE 11 E (x)
4.51
Pivot
20.60
PBV (x)
1.21
833.86 1,284.27 28.12 205.64
ETNL closed down -0.58 at 20.22. Volume was 365 per cent above average (trending) and Bollinger Bands were 73 per cent wider than normal. The company's profit after taxation stood at Rs55.811 million which translates into an Earning Per Share of Rs1.12 for the 1st quarter of current fiscal year (1QFY11). ETNL is currently 12.2 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of ETNL (mildly bearish). Trend forecasting oscillators are currently bearish on ETNL.
Karachi Electric Supply Corp Ltd
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
59.84
Total Assets (Rs in mn)
MA (10-day)
3.05
Total Equity (Rs in mn)
MA (100-day)
2.38
Revenue (Rs in mn)
207,629.50 (525.11) 103,936.52
MA (200-day)
2.45
Interest Expense
1st Support
2.92
Loss after Taxation
6,823.64
2nd Support
2.75
EPS 10 (Rs)
1st Resistance
3.27
Book value / share (Rs)
2nd Resistance
3.45
PE 11 E (x)
Pivot
3.10
PBV (x)
(14,641.22) (0.684) (0.02) (126.85)
KESC closed up 0.13 at 3.11. Volume was 134 per cent above average and Bollinger Bands were 64 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 27.1 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 moderate flows of volume into KESC (mildly bullish). Trend forecasting oscillators are currently bullish on KESC.
BOOK CLOSURES Company
From
Pangrio Sugar Mills 22-Jan Fecto Sugar Mills 22-Jan Thal Ind. Corp 22-Jan Baba Farid Sugar Mills 22-Jan Al-Noor Sugar Mills 22-Jan Shahmurad Sugar Mills 22-Jan Quetta Tex Mills # 22-Jan KASB Securities # 22-Jan D.M. Textile Mills # Adam Sugar Mills 23-Jan Faran Sugar Mills 23-Jan Sakrand Sugar Mills 24-Jan Bawany Sugar Mills 24-Jan Dewan Cement # 24-Jan Media Times 24-Jan Sugar Mills 24-Jan Dewan Farooque Spinning Mills # 24-Jan Bhanero Tex Mills # 24-Jan Colony Sugar Mills 24-Jan Dewan Sugar Mills 24-Jan Crescent Sugar Mills 24-Jan
To
D/B/R
31-Jan 29-Jan 28-Jan 29-Jan 02-Feb 02-Feb 29-Jan 28-Jan 31-Jan 30-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan
10 15 50 10 25 25 33.33(R) -
Spot AGM/Date 14-Jan 14-Jan 14-Jan 14-Jan 14-Jan 14-Jan 14-Jan -
31-Jan 29-Jan 28-Jan 29-Jan 28-Jan 28-Jan 29-Jan 28-Jan 31-Jan 29-Jan 27-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Johnson & Philips Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shezan International Pak Tobacco Shifa Int.Hospitals Eye Television P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies
Open 9.51 54.1 3.4 86.89 145.02 117.08 31.04 20.8 2.42 46.11 3.13 23.11
High 10.51 55.75 3.5 91.23 152.27 121.9 32.5 21.84 2.59 47.97 3.39 24.26
Low Close 10.31 54 3.3 88.23 145 119.5 31.09 19.76 2.39 43.81 3.06 22.84
10.51 55.49 3.34 91.22 152.26 120 31.09 20.22 2.4 45.21 3.18 24.26
Change 1 1.39 -0.06 4.33 7.24 2.92 0.05 -0.58 -0.02 -0.9 0.05 1.15
Vol 8774 11034 971517 6065 57383 2416 101 196390 112973 4076 2259965 746764
7
Saturday, January 22, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,147.94 Turnover 3,093,766 P/E (x) 6.25 Paid up Cap(mn)
Company
Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,174.79 1,145.49 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
PE
Open
High
Low
Close Chg
37740 12.99 3000 0.65 8606 6175 -
19.41 2.22 2.86 3.66
19.80 2.35 3.02 4.09
19.39 2.17 2.84 3.66
19.49 2.20 2.89 3.99
0.08 -0.02 0.03 0.33
Close 1,152.56 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 1243860 490387 1359516 541471
Change 4.62 Market cap 79,785.46 mn Div Yield (%) 10.01
% Change 0.40 5-Day High 1,198.06 5-Day Low 1,147.94
Last 60 days High Low
2010 Div BR (%) (%)
20.65 2.67 3.45 4.65
17.5 1 -
18.21 2.12 2.40 3.35
2011 Div BR (%) (%)
-
-
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Silver Star Insurance
204 6.58 369 6.20 279 9.38 457 7.04 1250 400 3.20 718 17.49 3000 47.05 250 2.00 350 303 6.38 253 4.47
Paid up Cap(mn)
Company
PE
Open
High
Low
Altern Energy 3426 24.98 Genertech 198 Hub Power 11572 7.01 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 10.75 Kohinoor Power 126 2.71 Kot Addu Power 8803 5.31 Nishat Chunian Power Ltd 3673 3.62 Nishat Power Ltd 3541 28.52 S G Power 178 Southern Electric 1367 Tri-star Power XD 150 -
10.98 0.84 38.24 1.73 2.98 19.03 4.40 43.11 16.51 17.75 0.80 2.19 0.84
11.00 0.95 38.80 1.83 3.28 20.03 4.59 44.15 16.98 18.00 1.70 2.30 0.98
10.00 0.76 37.90 1.70 2.93 19.20 4.30 43.07 16.41 17.60 0.61 2.15 0.85
Close 1,337.37 Listed cap 95,369.29 mn Payout (%) 104.13
Change 7.25 Market cap 110,298.10 mn Div Yield (%) 6.92
Close Chg
Volume
Last 60 days High Low
10.99 0.82 38.26 1.71 3.11 19.35 4.45 43.71 16.51 17.68 1.37 2.17 0.90
1601 1008 1852653 625173 4287089 75552 12620 518630 447425 1820900 112 195886 13005
11.45 1.18 41.20 2.25 3.55 25.25 5.39 45.85 18.01 18.70 1.70 2.80 1.75
0.01 -0.02 0.02 -0.02 0.13 0.32 0.05 0.60 0.00 -0.07 0.57 -0.02 0.06
9.00 0.73 33.15 1.50 2.07 17.95 4.01 39.00 12.20 13.10 0.50 2.05 0.75
% Change 0.54 5-Day High 1,407.79 5-Day Low 1,330.12
2010 Div BR (%) (%) 50 15 50 -
Open 845.07 Turnover 62,396 P/E (x) 5.79
-
-
GAS WATER AND MULTIUTILITIES Open 1,598.54 Turnover 1,287,841 P/E (x) 10.22 Company Sui North Gas Sui South Gas
High Low 1,659.42 1,594.98 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 11.41
Close 1,620.21 Listed cap 12,202.80 mn Payout (%) 66.79
Change 21.67 Market cap 34,556.94 mn Div Yield (%) 6.54
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.49 3.39
28.01 22.35
28.98 23.30
27.85 22.40
28.51 0.50 22.53 0.18
316330 971511
34.75 26.00
25.71 19.95
% Change 1.36 5-Day High 1,657.24 5-Day Low 1,579.80
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,195.37 Turnover 24,108,330 P/E (x) 8.54 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 7.05 69.45 Askari Bank 6427 8.86 18.19 Bank Alfalah 13492 15.05 11.17 Bank AL-Habib 7322 8.18 37.53 Bank Of Khyber 5004 5.28 4.05 Bank Of Punjab 5288 9.33 BankIslami Pak 5280 980.00 3.96 Faysal Bank 7309 4.98 15.43 Habib Bank Ltd 10019 7.73 123.03 Habib Metropolitan Bank 8732 8.24 27.09 JS Bank Ltd 8150 2.43 KASB Bank Ltd 9509 2.05 MCB Bank Ltd 7602 10.21 232.44 Meezan Bank 6983 10.05 19.27 Mybank Ltd 5304 3.03 National Bank 13455 6.71 76.24 NIB Bank 40437 2.94 Samba Bank 14335 2.02 Silkbank Ltd 26716 2.65 Soneri Bank 6023 7.29 Summit Bank Ltd 5000 4.04 United Bank Ltd 12242 8.12 68.07
High
High Low Close 1,223.27 1,186.68 1,200.15 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.19 13.94 40.49 Low
Close Chg
72.92 68.75 72.54 3.09 19.00 18.35 18.61 0.42 11.97 11.11 11.74 0.57 38.00 37.61 37.96 0.43 4.15 3.90 3.96 -0.09 9.70 9.33 9.37 0.04 4.12 3.82 3.92 -0.04 15.70 15.40 15.45 0.02 125.25 123.00 123.80 0.77 27.70 26.60 26.95 -0.14 2.50 2.41 2.50 0.07 2.14 1.99 2.01 -0.04 236.50 229.10 230.32 -2.12 19.00 18.81 19.00 -0.27 3.14 3.03 3.05 0.02 77.50 76.10 76.84 0.60 3.03 2.91 2.98 0.04 2.08 1.97 2.01 -0.01 2.74 2.62 2.64 -0.01 7.40 7.26 7.40 0.11 4.22 4.05 4.07 0.03 70.39 68.40 69.06 0.99
Volume
Change 4.77 Market cap 722,599.55 mn Div Yield (%) 4.74
Last 60 days High Low
1144428 74.00 2317270 19.25 6706746 11.97 143538 39.49 28516 4.70 4614293 10.59 138831 4.50 102578 17.10 73781 128.97 54597 29.28 77350 3.00 1179152 2.80 1206090 250.48 54567 20.30 143007 3.40 1638053 80.61 944285 3.35 58800 2.25 688133 3.05 10966 8.48 68676 4.63 2783309 70.65
54.82 14.96 9.11 31.50 2.76 8.34 3.00 14.01 100.05 19.59 2.34 1.95 199.00 14.50 1.90 63.53 2.59 1.51 2.50 6.24 2.70 53.30
% Change 0.40 5-Day High 1,241.92 5-Day Low 1,195.37
2010 Div BR (%) (%)
-
-
NON LIFE INSURANCE Open 799.37 Turnover 3,449,547 P/E (x) 11.82 Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 27.10
Open 91.33
High 94.75
High Low 823.94 799.07 Total cos Defaulter cos P/BV (x) ROE (%) 0.61 5.20 Low 92.00
Close Chg 93.48 2.15
Close 813.75 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 1722605
Change 14.38 Market cap 49,960.64 mn Div Yield (%) 6.73
Last 60 days High Low 96.35
66.50
% Change 1.80 5-Day High 826.44 5-Day Low 799.37
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
12.75 40.00 83.00 12.00 48.00 15.50 99.88 19.40 8.50 10.75 12.93 8.20
10.00 32.10 50.82 9.65 39.48 10.82 80.00 14.00 5.56 2.49 9.00 6.01
10 10 -
25R 10B 20B -
-
UP TO 100 VOLUME
-
High Low 854.35 830.53 Total cos Defaulter cos P/BV (x) ROE (%) 2.14 3.85
Close 839.42 Listed cap 2,290.72 mn Payout (%) 355.53
Change -5.64 Market cap 9,835.23 mn Div Yield (%) 6.41
Symbols ALNRS DFSM SALT SHNI UDPL FECTC DINT CWSM GRAYS ADMM NATF BAWS PGCL UNIC MDTL CLOV SCBPL PASM ARPAK KSBP MODAM AATM RMPL IDSM HUSI KASBM MIRKS APOT ARUJ BIFO EXIDE ICCT SHCI FIMM AWTX BAFS DMTM DCM LAKST AGSML BROT FECS GAIL HUSS MFFL SCLL SNAI FZTM PECO KML PAKD PPP PTEC CSIL CSUML DIIL FIBLM FPJM ICL MEHT YOUW AASM ALQT AZAMT BAPL FASM GATM GSPM IDYM LEUL LPGL MTIL NMBL PMRS PRET PSEL SJTM SMTM TRPOL
Last 60 days High Low
% Change -0.67 5-Day High 895.00 5-Day Low 839.42
PE
Open
High
Low
Close Chg
-
2.41
2.26
2.26
2.26 -0.15
3712
4.62
2.08
-
20R
-
-
EFU Life Assurance
850 39.84
70.75
72.00
69.00
70.12 -0.63
58684
86.95
62.75
-
-
-
-
Volume
2010 Div BR (%) (%)
2011 Div BR (%) (%)
FINANCIAL SERVICES Performance of SR Financial Services Index Open 410.54 Turnover 15,307,152 P/E (x) 11.89
High Low 440.74 404.56 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 0.91
Close 429.59 Listed cap 30,336.44 mn Payout (%) 99.56
Change 19.05 Market cap 19,865.92 mn Div Yield (%) 3.30
PE
Open
High
Low
Close Chg
225
1.48
0.64
0.69
0.52
0.65 0.01
Arif Habib Investments
360
4.02
19.40
20.40
19.81
20.40 1.00
327078
20.40
16.00
-
20B
-
-
Arif Habib Limited
450 13.60
26.51
27.19
26.42
26.66 0.15
39952
28.95
24.40
-
20B
-
-
Arif Habib Corp Dawood Equities
Last 60 days High Low
% Change 4.64 5-Day High 444.07 5-Day Low 410.54
Paid up Cap(mn)
Company
Volume 103
0.95
2010 Div BR (%) (%)
0.33
-
2011 Div BR (%) (%)
-
-
-
3750 250
4.97 -
27.01 2.06
28.04 2.16
26.70 2.00
27.02 0.01 2.02 -0.04
5158990 27683
30.20 2.75
22.80 1.28
30 -
-
-
-
441
-
2.49
2.95
2.00
2.04 -0.45
477966
3.80
2.00
-
-
-
-
First Credit & Invest Bank Ltd 650 12.50
3.00
3.00
3.00
3.00 0.00
1500
4.01
2.15
-
-
-
7.68 0.30 2.37 -0.06 0.15 0.00 0.05 0.03 0.82 -0.02 0.76 0.31 0.04 0.23 -0.02
128 21246
10.70 3.90 8.89 1.09 4.25 2.25 14.05 5.38 32.37 7.59 5.43 7.29 2.70
6.42 2.00
-
-
-
-
9479 651234 13464 25133 12829918 187051 6052 591266 7602 473 80654
6.16 0.50 2.95 1.05 9.54 2.21 25.75 5.80 3.86 5.08 1.68
11.5 10 -
10B -
-
-
0.73 -0.06 2.99 -0.16 2.00 0.01
365 260 10000
0.97 4.99 2.98
0.46 2.00 1.35
-
-
-
-
Escorts Bank
575 2121 14.81 600 795.00 2849 3166 626 0.64 7633 508 500 7.72 1000 29.42 1000 821 4.81 775 -
7.38 2.43
7.68 2.75
6.42 2.35
Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec
First National Equity IGI Investment Bank
7.80 0.63 3.25 1.75 11.40 3.97 27.97 6.75 4.70 6.31 2.05
8.49 0.80 3.38 1.84 12.40 4.10 29.00 7.28 4.90 6.54 2.13
7.55 0.50 3.10 1.70 11.36 3.75 28.25 6.80 4.72 6.17 2.01
Saudi Pak Leasing Sec Inv Bank Trust Inv Bank
452 514 11.96 586 3.13
0.79 3.15 1.99
0.95 4.10 2.00
0.67 2.61 1.88
7.95 0.63 3.30 1.78 12.22 3.95 28.73 7.06 4.74 6.54 2.03
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,391.80 Turnover 1,409,863 P/E (x) 18.88 Paid up Cap(mn)
Company 1st Fid Leasing
AL-Meezan Mutual F.
High Low 1,424.46 1,393.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 2.21
PE
Open
High
Low
Close Chg
264 10.94
1.50
1.80
1.75
1.75 0.25
1375
7.23
8.67
8.80
8.68
8.68 0.01
Close 1,408.18 Listed cap 29,771.58 mn Payout (%) 104.74
Change 16.38 Market cap 18,936.39 mn Div Yield (%) 8.62
Last 60 days High Low
Volume 4010
2.00
51837
9.15
% Change 1.18 5-Day High 1,418.25 5-Day Low 1,391.80
2010 Div BR (%) (%)
1.18
-
6.05
18.5
-
2011 Div BR (%) (%) -
-
Open 46.99 3.20 62.00 12.04 12.48 7.25 25.49 1.15 47.74 23.28 57.65 5.02 25.66 7.00 25.44 70.08 8.20 9.75 11.15 60.56 1.76 0.71 2217.98 7.40 5.90 1.82 49.32 4.50 4.90 46.25 200.92 1.44 2.31 62.50 89.00 60.40 7.50 1.75 294.00 6.50 0.40 30.16 4.60 10.95 78.99 2.64 45.69 399.33 149.99 2.68 79.01 44.01 2.34 3.87 3.32 10.12 2.13 1.41 26.56 64.03 1.60 30.50 7.02 2.57 8.34 35.01 29.20 7.21 199.95 1.78 13.48 0.42 1.69 41.42 29.25 174.99 0.57 5.35 0.52
High 49.00 3.50 64.90 12.04 13.30 7.01 25.40 1.74 49.50 23.50 56.04 5.02 26.65 6.76 24.17 72.00 8.37 9.50 10.50 62.00 2.09 1.20 2295.00 8.40 5.51 1.82 51.48 5.50 5.45 46.25 191.00 1.25 2.40 63.90 92.00 60.90 8.49 1.90 295.00 6.38 0.60 30.00 5.00 10.89 82.79 2.69 47.30 408.99 154.99 3.68 79.00 45.84 2.49 4.50 3.80 11.12 2.00 1.41 27.88 67.20 1.74 29.52 8.00 2.64 8.60 36.00 27.75 7.35 208.90 2.54 14.48 0.66 1.98 43.40 30.50 181.99 0.26 6.00 0.54
Low
Close
49.00 3.50 58.92 12.04 13.11 7.01 25.40 0.82 46.05 23.05 56.04 5.01 24.38 6.75 24.17 67.07 8.20 9.50 10.15 59.03 1.76 0.90 2113.00 7.20 5.50 1.82 47.50 5.50 5.45 46.25 191.00 1.25 2.40 63.90 92.00 60.50 8.45 1.50 282.00 6.38 0.60 30.00 4.25 10.89 82.79 2.69 47.30 401.00 142.91 2.05 79.00 43.01 2.34 3.80 3.50 11.12 1.46 1.41 25.26 67.20 1.69 29.52 8.00 2.64 8.60 36.00 27.75 7.35 208.90 2.54 14.48 0.66 1.98 43.40 30.50 181.99 0.17 6.00 0.54
49.00 3.50 62.00 12.04 13.22 7.01 25.40 1.46 47.01 23.05 56.04 5.02 26.65 6.76 24.17 67.57 8.22 9.50 10.15 59.86 1.81 1.06 2262.71 8.29 5.50 1.82 51.40 5.50 5.45 46.25 191.00 1.25 2.40 63.90 92.00 60.50 8.48 1.57 289.90 6.38 0.60 30.00 4.75 10.89 82.79 2.69 47.30 407.00 152.00 2.90 79.00 44.36 2.49 4.50 3.65 11.12 2.00 1.41 25.26 67.20 1.74 29.52 8.00 2.64 8.60 36.00 27.75 7.35 208.90 2.54 14.48 0.66 1.98 43.40 30.50 181.99 0.26 6.00 0.54
210
5.65
3.18
3.39
3.10
3.39 0.21
3010
3.80
2.16
5
-
-
-
525
2.02
4.50
5.00
4.78
5.00 0.50
854762
5.00
2.82
2.2
-
-
-
Symbols
Open
High
Low
Close
B R R Guardian Mod.
780
3.93
1.73
1.89
1.70
1.73 0.00
304
2.79
1.06
0
-
-
-
FFBL-JAN
42.07
43.18
42.20
42.36
69.65
66.25
Constellation Modaraba Crescent St Modaraba Equity Modaraba
Change
Vol
2.01 0.30 0.00 0.00 0.74 -0.24 -0.09 0.31 -0.73 -0.23 -1.61 0.00 0.99 -0.24 -1.27 -2.51 0.02 -0.25 -1.00 -0.70 0.05 0.35 44.73 0.89 -0.40 0.00 2.08 1.00 0.55 0.00 -9.92 -0.19 0.09 1.40 3.00 0.10 0.98 -0.18 -4.10 -0.12 0.20 -0.16 0.15 -0.06 3.80 0.05 1.61 7.67 2.01 0.22 -0.01 0.35 0.15 0.63 0.33 1.00 -0.13 0.00 -1.30 3.17 0.14 -0.98 0.98 0.07 0.26 0.99 -1.45 0.14 8.95 0.76 1.00 0.24 0.29 1.98 1.25 7.00 -0.31 0.65 0.02
100 100 100 100 100 90 66 63 63 61 55 52 52 51 50 39 39 38 34 33 32 30 17 14 13 12 12 10 10 10 10 10 10 8 7 7 7 6 6 5 5 5 5 5 5 5 5 4 4 3 3 3 3 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
AL-Noor Modaraba Atlas Fund of Funds
Change
Vol
0.29 1187500
65
3.41
1.50
1.99
1.13
1.50 0.00
507
1.99
0.93
-
-
-
-
NML-JAN
68.67
67.47
-1.20
919000
200
1.65
0.66
0.80
0.60
0.66 0.00
152944
1.10
0.16
1.2
-
-
-
ANL-JAN
10.94
11.94
11.08
11.94
1.00
889000
DGKC-JAN
29.74
30.34
29.60
29.86
0.12
653500
ENGRO-JAN 211.15
652000
524 12.75
2.01
2.45
2.01
2.04 0.03
15164
2.98
1.05
-
-
-
-
215.70
211.25
211.96
0.81
POL-JAN
333.56
335.30
327.00
328.29
-5.27
568500
760
2.44
3.50
3.50
3.36
3.42 -0.08
110660
3.60
2.56
17
-
-
-
FFC-JAN
149.00
155.00
150.35
152.68
3.68
513000
Habib Modaraba
1008
6.12
7.00
7.10
7.00
7.10 0.10
30993
7.10
5.97
21
-
-
-
PPL-JAN
221.43
222.80
217.00
218.29
-3.14
241500
JS Growth Fund
3180 72.50
5.75
5.90
5.76
5.80 0.05
47928
6.10
2.65
5
-
-
-
NBP-JAN
76.58
77.70
76.60
77.09
0.51
213000
JS Value Fund
1186 19.64
5.45
5.56
5.45
5.50 0.05
43502
5.56
2.31
10
-
-
-
PSO-JAN
302.62
307.05
301.60
304.81
2.19
206000
5.15
15.5
MCB-JAN
233.30
236.95
230.00
230.99
-2.31
201000
First Dawood Mutual F. Golden Arrow
Performance of SR Non Life Insurance Index
30117 665 327 11528 68636 64767 17800 1516303 2848 122 551 13125
455
2011 Div BR (%) (%)
20 - 20B - 66R 55 -63.46R 10 -
-0.10 0.00 0.50 0.25 0.27 -0.08 4.26 0.51 0.74 -0.10 -0.18 -0.30
Paid up Cap(mn)
AMZ Ventures
Performance of SR Gas Water and Multiutilities Index
10.85 39.00 82.50 11.26 41.62 13.42 94.28 18.35 8.45 9.60 11.80 7.20
East West Life
Company
2011 Div BR (%) (%)
7.8R -
10.75 39.00 78.00 10.51 41.40 12.70 90.50 17.85 8.19 9.60 11.80 7.10
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,360.64 1,317.56 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 9.35
10.89 39.70 83.00 11.47 42.25 13.75 94.52 18.74 8.45 9.60 12.36 7.20
LIFE INSURANCE
-
ELECTRICITY Open 1,330.12 Turnover 9,851,654 P/E (x) 15.05
10.95 39.00 82.00 11.01 41.35 13.50 90.02 17.84 7.71 9.70 11.98 7.50
Meezan Balanced Fund Pak Modaraba PICIC Energy Fund
581
0.69
1200
7.69
2.17
7.56
2.29
2.17
8.00
2.17 0.00
7.95
8.00 0.44
23207
2.39
10000
1.30
8.25
-
-
-
-
-
-
-
AICL-JAN
91.36
94.85
92.50
93.52
2.16
169000
125
5.50
1.10
1.40
1.10
1.10 0.00
1014
2.00
0.46
3
-
-
-
LUCK-JAN
74.76
75.30
72.01
72.64
-2.12
127500
1000
2.08
7.00
7.25
6.91
7.16 0.16
7100
7.80
5.25
10
-
-
-
BOP-JAN
9.37
9.75
8.40
9.47
0.10
105500 90000
PICIC Growth Fund
2835
9.12
14.18
14.32
14.10
14.22 0.04
34699
15.06
7.98
20
-
-
-
UBL-JAN
68.09
70.50
68.49
69.26
1.17
PICIC Inv Fund
2841
7.44
6.56
6.69
6.50
6.55 -0.01
10804
7.14
3.58
10
-
-
-
PTC-JAN
19.51
19.74
19.42
19.44
-0.07
60500
454
4.71
9.60
9.60
9.54
9.60 0.00
800
10.29
8.51
17
-
-
-
HUBC-JAN
38.65
40.25
38.00
39.13
0.48
30000
50
3.47
1.36
1.31
1.25
1.25 -0.11
1062
2.45
0.86
-
-
-
-
NCL-JAN
23.50
24.00
23.70
24.00
0.50
26000
171.57
173.00
171.15
171.60
0.03
22500
264
1.75
6.05
6.20
6.15
6.16 0.11
5500
6.25
4.71
12.5
-
-
-
24.39
23.80
24.21
0.98
Stand Chart Modaraba Tri-Star Mutual U D L Modaraba
OGDC-JAN
NETSOL-JAN 23.23
6500
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
Fair Value
*Arif Habib Ltd
37
AKD Securities Ltd
32.06
63.42
Support 1
12,367.80
MA (5-day)
12,552.30
Support 2
12,303.70
MA (10-day)
12,460.96
Resistance 1
12,533.95
MA (100-day)
10,930.87
Resistance 2
12,635.95
Technical Analysis
MA (200-day)
10,485.71
Pivot
12,469.80
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
KSE 100 INDEX closed up 20.04 points at 12,431.91. Volume was 90 per cent above average and Bollinger Bands were 37 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,533.95 and 2nd resistance level at 12,635.95, while Index will continue to find its 1st support level at 12,367.80 and 2nd support level at 12,303.70. KSE 100 INDEX is currently 18.6 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 moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
29.1
Rs Recommendations
Brokerage House
Rs Recommendations Hold
AKD Securities Ltd
AKD Securities Ltd
10.25
Accumulate
TFD Research
Negative
TFD Research
14.01
Positive
11.8
Leverage Position Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,819.69 ** NOI Rs (mn) 118.90 Mean 42.35
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
64.04 11.24 9.56 9.72
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
674.58 7,919.55 N/A 11.50
* Target price for Jun-11 & **Net Open Interest in future market
currently bullish on BAFL.
ing that FFBL is currently in an overbought condition.
Fair Value
Rs Recommendations
Fair Value
Rs Recommendations
59.97
Buy
74.2
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
54.18 69.00 54.97 52.15
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
* Target price for Jun-11 & **Net Open Interest in future market
and Bollinger Bands were 38 per cent wider than normal. NML is currently 28.6 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 moderate flows of volume into NML (mildly bullish). Trend forecast-
Askari Bank Ltd
Brokerage House
Fair Value
Rs Recommendations
Fair Value
Rs Recommendations
164.1
Buy
*Arif Habib Ltd
37
Buy
*Arif Habib Ltd
Hold
AKD Securities Ltd
14.75
Neutral
AKD Securities Ltd
122.1
Accumulate
AKD Securities Ltd
43.29
Buy
AKD Securities Ltd
56.82
Accumulate
TFD Research
23.67
Positive
Negative
TFD Research
36.85
Positive
TFD Research
78.44
Positive
TFD Research
114.33
Technical Outlook
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
78.99 143.67 114.33 111.75
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
373.19 56,959.97 89.49 151.30
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
46.65 30.47 27.73 26.89
72.5
Rs Recommendations
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 5,441.80 58.24 29.79
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
175.80 11,789.14 90.21 67.74
ing oscillators are currently bullish on NML.
Fair Value
62.57 68.34 58.76 57.56
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
306.04 21,135.46 20.81 68.98
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
65.05 18.20 15.92 16.19
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
321.37 5,980.73 N/A 18.54
* Target price for Jun-11 & **Net Open Interest in future market
FFC closed up 4.06 at 152.63. Volume was 244 per cent above average DGKC closed up 0.21 at 29.81. Volume was 30 per cent below average UBL closed up 0.99 at 69.06. Volume was 93 per cent above average and AKBL closed up 0.42 at 18.61. Volume was 179 per cent above average (trending) and Bollinger Bands were 310 per cent wider than normal.
and Bollinger Bands were 38 per cent narrower than normal.
Bollinger Bands were 15 per cent narrower than normal.
(trending) and Bollinger Bands were 53 per cent wider than normal.
FFC is currently 36.5 per cent above its 200-day moving average and is DGKC is currently 10.8 per cent above its 200-day moving average and is UBL is currently 20.0 per cent above its 200-day moving average and is AKBL is currently 14.9 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 FFC (bullish). Trend forecasting oscillators are
Invest Capital Investment Husein Industries Limited Invest Capital Investment Bank Ltd Siemens (Pakistan) Engineering Co Shaheen Insurance Company Ltd. Hinopak Motors Limited Pakistan Petroleum Ltd Meezan Islamic Fund Meezan Islamic Income Fund Meezan Capital Protected Fund-1 Meezan Balanced Fund Sindh Abadgar's Sugar Mills Mirpurkhas Sugar Mills Ltd Kohinoor Sugar Mills Ltd WorldCall Telecom Limited Mitchell's Fruit Farms Ltd. International Industries Limited Atlas Honda Limited Fauji Fertilizer Bin Qasim Ltd National Refinery Ltd
22-Jan 22-Jan 22-Jan 23-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 25-Jan 25-Jan 25-Jan 25-Jan 25-Jan 25-Jan 25-Jan 27-Jan
11:00 3:00 11:00 3:30 12:00 10:00 2:00 2:00 2:00 2:00 4:00 3:00 11:30 13:00 2:30 10:30 11:30 10:30 12:30
TECHNICAL LEVELS
Leverage Position
*Arif Habib Ltd
Brokerage House
Time
Company
NML closed down -1.35 at 67.06. Volume was 12 per cent above average
United Bank Ltd
Date
Positive
Technical Outlook
Technical Outlook
FFBL closed up 0.30 at 42.27. Volume was 160 per cent above average BAFL closed up 0.57 at 11.74. Volume was 106 per cent above average (trending) and Bollinger Bands were 143 per cent wider than normal. and Bollinger Bands were 14 per cent narrower than normal. FFBL is currently 38.1 per cent above its 200-day moving average and is BAFL is currently 20.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect modvolatility over the last 10 trading sessions. Volume indicators reflect very erate flows of volume into FFBL (mildly bullish). Trend forecasting oscillators are currently bullish on FFBL. Momentum oscillator is currently indicat- strong flows of volume into BAFL (bullish). Trend forecasting oscillators are
Brokerage House
Brokerage House
*Arif Habib Ltd
Accumulate
Technical Outlook 72.80 40.62 32.53 30.63
Fair Value
Sell
Dera Ghazi Khan Cement Co Ltd
Fauji Fertiliser Co
Brokerage House
TFD Research
Nishat Mills Ltd
Bank Al-Falah Ltd
Company
displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod- volatility over the last 10 trading sessions. Volume indicators reflect mod-
currently bullish on FFC. Momentum oscillator is currently indicating that reflect moderate flows of volume into DGKC (mildly bullish). Trend fore- erate flows of volume into UBL (mildly bullish). Trend forecasting oscillators erate flows of volume into AKBL (mildly bullish). Trend forecasting oscillators are currently bullish on AKBL. are currently bullish on UBL. casting oscillators are currently bearish on DGKC. FFC is currently in an overbought condition.
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 43.45 2.95 2.80 63.15 69.90 67.25 33.49 59.10 58.00 54.20 26.45 25.90 51.61 26.35 26.00 63.66 92.05 90.65 65.05 18.30 18.00 67.51 11.25 10.65 79.65 382.15 372.85 64.26 138.95 136.60 64.04 11.25 10.75 55.80 3.80 3.65 44.73 9.25 9.10 46.97 2.00 1.90 46.65 29.40 29.00 52.76 3.00 2.85 51.75 2.60 2.45 40.81 41.25 40.90 38.09 68.75 67.35 61.89 209.55 207.60 54.50 15.35 15.20 47.39 4.95 4.85 72.80 41.80 41.30 78.99 149.40 146.20 56.31 122.80 121.75 51.01 37.85 37.40 59.78 150.95 149.60 71.93 291.25 288.15 47.79 3.75 3.60 48.77 1.65 1.60 46.58 2.40 2.35 44.21 11.60 10.95 58.26 43.15 42.55 59.84 2.95 2.75 54.61 14.25 13.80 37.35 71.05 69.85 51.23 227.45 224.55 38.70 2.70 2.65 56.94 76.10 75.40 54.42 23.15 22.65 69.64 23.30 22.35 49.83 2.90 2.85 41.51 1.75 1.65 54.18 65.55 64.00 50.77 170.65 169.60 59.69 3.05 2.90 45.06 2.00 1.95 49.80 2.35 2.25 43.92 6.75 6.70 65.04 324.65 321.75 48.54 214.70 212.05 39.38 68.30 67.70 59.46 301.05 297.65 50.01 19.30 19.15 65.94 214.20 212.60 57.11 27.90 27.30 51.36 13.40 13.25 55.73 22.20 21.85 45.89 2.15 2.05 38.82 3.25 3.20 62.57 68.15 67.30 54.08 2.80 2.75
1st
2nd
Resistance 3.30 3.50 74.05 75.55 61.40 62.60 27.80 28.60 27.10 27.55 94.80 96.15 18.95 19.30 12.20 12.50 399.60 407.75 143.35 145.35 12.10 12.45 4.10 4.25 9.60 9.85 2.25 2.40 30.25 30.70 3.25 3.40 2.85 3.00 42.10 42.60 71.75 73.35 214.35 217.20 15.65 15.80 5.10 5.20 42.95 43.60 155.40 158.20 125.05 126.25 38.75 39.20 154.35 156.40 299.25 304.10 4.10 4.30 1.80 1.90 2.50 2.55 12.60 13.05 44.20 44.70 3.30 3.45 15.40 16.05 74.35 76.45 234.85 239.35 2.80 2.85 77.50 78.20 24.10 24.60 24.75 25.20 3.05 3.10 1.85 1.90 69.05 71.05 173.15 174.55 3.35 3.55 2.10 2.20 2.55 2.65 6.95 7.05 332.60 337.65 221.40 225.45 70.00 71.10 307.30 310.15 19.75 19.95 218.70 221.60 29.05 29.60 13.80 14.05 23.10 23.65 2.30 2.40 3.45 3.60 70.15 71.25 3.00 3.10
Pivot 3.15 71.40 60.30 27.25 26.75 93.40 18.65 11.55 390.30 140.95 11.60 3.95 9.45 2.15 29.85 3.15 2.75 41.75 70.35 212.40 15.50 5.05 42.45 152.20 124.00 38.30 153.00 296.15 3.95 1.75 2.45 12.00 43.65 3.10 14.90 73.15 231.95 2.75 76.80 23.65 23.80 2.95 1.80 67.50 172.05 3.20 2.05 2.45 6.85 329.70 218.75 69.40 303.90 19.55 217.10 28.45 13.65 22.75 2.25 3.40 69.30 2.90
8
Saturday, January 21, 2011
Abhishek educates Italians on dhoti-etiquette
A
fter the dhoti-clad look in his last period film " Khelein Hum Jee Jaan Sey", Bollywood's star actor Abhishek Bachchan has become quite a pro in tying one and displayed his expertise to Italians on a trip to Florence. "When Abhishek was in Florence, people requested him to show how to wear a dhoti (the wraparound waist-wear). So he actually showed them," a source close to the unit said. "He also went on to say that MUMBAI: Aamir Khan with his wife director Kiran Rao unveil womens English magazine he loves wearing Indian wear a lot and as and when he gets the Femina issue featuring the couple in Mumbai.-Reuters opportunity to wear he doesn't miss it," the source added. Abhishek, son of Bollywood icon Amitabh Bachchan, and who is married to another star and former Miss World, Aishwarya Rai, travelled to Florence to be a part of Florentine label Ferragamo's 'Shoes for a Star' project, becoming the first Indian actor ith his latest home was a casteist reference. was merely a place where the to receive the made-to-order production Dhobi "In many places, people of profession of washing clothes Tramezza shoes from Ghat releasing certain castes are looked down is carried out. worldwide tomorrow, actor- upon. We wondered how our Aamir said, "We never Ferragamo. filmmaker Aamir Khan has community has been portrayed realise that an issue which apologised to Rajak (washer- in the film. When we saw it, we looks ordinary to us may cause men) community if he had realised that the film was not immense pain to someone unintentionally hurt their senti- about the community but the else." ments with the title. famous Dhobi Ghat place in Film's writer-director Kiran Addressing a press confer- Mumbai," Khatri said. Rao said she was unaware of ence, Aamir said people living However, the Mahasangh the importance a caste has outin large cities do not under- officials first insisted that the side big cities. "The Censor n 2010, Karan Johar was the stand the negative aspect of title should be changed. Aamir Board had also asked us about only film maker to have caste system in the hinterland. had agreed saying that he the title but they understood enjoyed a 100% strike rate "I believe in valuing other would do it even though he that it did not refer to any caste with three releases and each of people's emotions, but not at would suffer financially. but a place," Kiran said. them being a success. While the cost of compromising my "We did not want him to sufShe said she conceived the My Name Is Khan turned out creativity," he added. fer loss because of us. He title first, before writing the to be a landmark film for his Aamir said members of the understood our feelings and script. "It was a metaphor for production house and is Akhil Bharatiya Dhobi that was important. So we Mumbai where people of all Bollywood's biggest global Mahasangh met him recently decided not to pursue the languages, economic status, success till date, I Hat Luv and voiced their resentment demand for title change," regions live together and are Storys was a clean hit as well. over the title. Khatri said. changed and renewed after Meanwhile We Are Family too "Initially, I thought they Krishan Kumar Kanojia, staying here," she added. managed to become a moderate wanted to trouble me on the president of the Akhil "We live in a complex coun- success hence ensuring that the eve of my film's release. But, Bharatiya Dhobi Samaj, try where the caste system disappointment of Karan later I realised that their views Mumbai, said the film is exists and certain communities Johar's last film in 2009, were genuine. I told them that I respectful to the community are subjected to terrible condi- Kurbaan, was well forgotten. would not have chosen the title and the lead character is pre- tions. Most of us are disconMonths to come though will if they had approached me a sented well. nected with what goes on the be even more action packed. year earlier," he said. To a question if the heartlands," she added. "My endeavour is to expand Amit Khatri, General secre- Mahasangh will demand Aamir said Dhobi Ghat will my production base," admits tary of the Mahasangh's youth change in the name of Dhobi release with 350 screens in Karan, "Next three years would cell who was also present at the Ghat, a landmark heritage India and 170 screens over- be crucial and I want to assess press conference said 'Dhobi' place in Mumbai, Khatri said it seas. how it all goes to pave the way for future. I have to see whether I can handle multiple things at one time or not.
Aamir apologises for Dhobi Ghat title
W
There is a lot on my plate: Karan Johar
I
Toy Story 3 wins Golden Tomato Award
T
oy Story 3 has received the Golden Tomato Award for the bestreviewed film of the year. The award is presented annually by the website RottenTomatoes.com, which compiles reviews from critics to measure the percentage of favorable critiques. Editor-in-chief Matt Atchity
says Pixar's animated tale about toys searching for meaning when their owner grows up and heads off to college collected positive reviews from 99 percent of critics, making it the bestreviewed film in wide release of 2010. "Toy Story 3" beat out "The Social Network," which got a
positive-review score of 97 percent and took the Tomato in the drama category. Other Golden Tomato winners announced Tuesday include the rebooted Western "True Grit," the Banksy documentary "Exit Through the Gift Shop" and "Last Train Home," a documentary about Chinese migrant workers.
Smoking Ajay
Big B no threatens to walk longer IIFA off TV set brand emissary D
A
fter a decade working together, the International Indian Film Academy (IIFA) and its brand ambassador Amitabh Bachchan have parted ways with the Bollywood superstar saying his services were no longer required. The Bachchan brand name had been associated with the IIFA Awards, often touted as India's version of the Oscars, since their inception in 2000. The annual awards are held in a different country each year -- a sign of Bollywood's efforts to broaden its global appeal. The 2011 edition is to be held in Toronto. "Not coming to Toronto IIFA…IIFA says my services are not required," Bachchan, 68, said on his Twitter account on Monday in response to a fan's query.
Media reports suggested that relations had been strained after Bachchan's no-show at the 2010 awards in Colombo in the wake of protests by Tamil groups in India. At the time, the actor had cited prior commitments for his absence at the IIFA Awards. Wizcraft International, which organises the IIFA Awards, issued a statement on Monday saying they had done away with the concept of brand ambassador. "Due to unexplained reasons, after announcing the event as brand ambassador, Mr Bachchan couldn't participate in the IIFA Weekend Sri Lanka last year. "Following this, IIFA aborted the concept of a brand ambassador," Sabbas Joseph of Wizcraft said in the statement.
Hookup with John still on, says Bips
I
n the social networking site, Bipasha Basu has strongly denied splitting up with long time beau, John Abraham. She in a loud and clear voice declared that everything is fine between them and they are very much together. "Hi all! Speculation is a part of r business! I knw d warmth n love tht i get frm u al!Everything is fine wth John n me:). Thank u! (sic)," Bipasha posted on micro-blogging site Twitter. The actress never likes to talk about her love life in public and she dislikes rumors about her and John. "I hope ppl realise tht evryones life n relationships cn b treated wth a lil dignity here n nt GOSSIP!Al of us r real human beings after al!? (sic)," she wrote.
Meryl Streep drops in on UK parliament Well, Bips declaration has put the rumor on rest.
'Peepli Live' out of Oscar race
P
eepli Live", India's official entry for the Oscars this year, is out of the race. The Aamir Khan-produced film is not in the list of nine movies selected for the next next round of voting in the Foreign Language Film category for the 83rd Academy Awards. Directed by journalistturned-director Anusha Rizvi, the satirical comedy wowed audiences to become one of 2010's top five grossers. However, it seems the film couldn't impress the Academy bosses. This year, 65 countries, including first-time entrants Ethiopia and Greenland, had LONDON: Hrithik Roshan, submitted films for consideraright, unveils his new waxwork tion in the Foreign Language Film category. Foreign figure of himself at Madame Tussauds in London. -Reuters Language Film nominations
espite being told to not smoke on the sets of a television show, a stubborn Ajay Devgn refused to put out his cigarette and threatened to leave... Take a deep breath and read on. That Ajay Devgn is a chain smoker is known. But we had not known him to defy rules because of his addiction, until last afternoon. Devgn defied the 'No Smoking' rule on the sets of the dance reality show Jhalak Dikhhla Jaa 4. The story goes that Devgn was on the sets to promote Madhur Bhandarkar's forthcoming rom-com Dil Toh Baccha Hai Ji, which stars him. His co-star Emraan Hashmi had also accompanied him and both actors were in their respective vanity vans. As soon as Devgn entered the sets of the show, he lit up a cigarette. On noticing this, a production guy soon ran up to Ajay and said, "Sir, aap cigarette bujha dijiye. Yahan par smoke karna mana hai'. But the words only got Devgn livid. Instead of stubbing the cigarette, Ajay's angry retort was, "If you want me to put it out, I shall walk out. Do you want me here or no?" Ajay resumed smoking his cigarette. Left with no alternative but to deal with Ajay's obstinacy, the production guy left from there. Confirming the incident, an eyewitness said, "Yes, this did happen. Ajay was told not to smoke, since the set was a closed one. But neither the production house nor the broadcasters of Jhalak Dikhhla Jaa 4 could do anything to stop him from smoking."
for 2010 are again being determined in two phases, said a statement posted on the Oscar official website. The Phase one committee, consisting of several hundred Los Angeles-based members, screened the 66 eligible films between midOctober and Jan 13. The group's top six choices, augmented by three additional selections voted by the Academy's Foreign Language Film Award Executive Committee, constitute the shortlist. The shortlist will be winnowed down to the five nominees by specially invited committees in New York and Los Angeles. They will spend Friday, Jan 21, through Sunday, Jan 23, viewing three films each day and then casting their ballots.
H
ollywood actress Meryl Streep dropped in on parliament on Wednesday to watch Britain's top politicians do battle, studying for a role as the only woman to become the country's prime minister: Margaret Thatcher. The 61-year-old Oscar-winner will star in "The Iron Lady", a film that recalls the days leading up to the 1982 Falklands War -- a conflict in which Britain repelled an Argentine invasion of the remote, disputed territory in the south Atlantic Ocean. Success in the war helped improve Thatcher's popularity ratings after the early 1980s recession and contributed to her Conservative party's 1983 election victory. Streep, who has won acclaim for her part in films such as "The Deer Hunter", "Kramer Vs Kramer" and "Out Of Africa", witnessed Prime Minister's Questions -- a showcase event in parliament where current PM David Cameron gets a weekly grilling.
Bond heads to Dubai in new novel
‘Dil Toh Baccha Hai Ji was a welcome relief’ B
E
MUMBAI: Bollywood actors Mahie Gill, Vinay Pathak, and Mona Singh pose as they attend the promotional event for the launch of Hindi movie 'Utt Pataang'.- Reuters
mraan hashmi's last few films have been all intense, namely Crook: It's Good To Be Bad, Once Upon A Time In Mumbaai, Tum Mile, Raaz - The Mystery Continues and Jannat. One is tempted to ask him whether getting into a carefree zone of Dil Toh Baccha Hai Ji is a relief for him as well? "Of course yes, it was a welcome relief. Why just my last five movies; if you look at those 20 odd films that I have done ever since my debut in
Footpath, most of my films have been these intense, high voltage dramas", admits Emraan, "They all had scenes that needed a definite preparation before they were enacted. I had to work on my mood, get into the skin of the character, the works." It was a different scenario when it came to shooting for Dil Toh Baccha Hai Ji though. "It was all very refreshing to come into a space where the way all of us characters interacted with each other was akin
to a conversation happening between any three normal guys from the daily walk of life", says Emraan, "When they talk about women, there is no dialogue-baazi per se; it is just a conversation happening. It was all like coming home when on sets. I don't even know how four months just passed by while we were making this film." Hope audience too have such fantastic things to say about the film once it releases all over on 28th January 2011.
ritish super spy James Bond will head to the glitzy gulf emirate of Dubai, itself no stranger to real-life espionage and assassination, in a new book titled "Carte Blanche," local papers said Tuesday. "When I thought about the setting for the new book, I thought immediately about Dubai," the book's author, Jeffery Deaver, told reporters in Dubai on Monday, according to The National newspaper. "Not only is it an incredibly fun, wonderful and exhilarating place, but it retains at its heart an exotic core," said Deaver.
9
Saturday, January 22, 2011
Brent up on dollar slide; US curbed by supply rise Data showing rising stockpiles weighs on US oil NEW YORK: ICE Brent crude futures rose on Friday on lift from rising German and French business sentiment which boosted the euro to a two-month peak against the dollar while US oil stalled near $89 in choppy trading. German business morale jumped to its highest level in 20 years in January, surging past economists' forecasts, according to the Munich-based Ifo economic institute. While French data showed business confidence also rose. The euro rose to a two-month high versus the dollar, helped by Asian demand and the improved confidence in the euro-zone. US oil prices slipped as the rising oil stockpiles reported during the previous session curbed an earlier advance on the dollar's weakness. In London, ICE Brent crude for March rose 57 cents, or 0.59 per cent to $97.15 a barrel at 1705 GMT. US crude oil for March delivery fell 49 cents to $89.10 a barrel.
Tokyo, Shanghai rubber hits new highs TOKYO: Key Tokyo and Shanghai rubber futures hit record highs on Friday as speculators continued to bet on further market upside due to strong demand and supply tightness. The key Tokyo Commodity Exchange rubber contract for June delivery settled at 477.6 yen, up 11.9 yen or 2.6 per cent, after scaling a record high of 478.1 yen per kg. The market posted a weekly gain of about 4 per cent, easing slightly from the previous week's 5.3 per cent rise. Japanese traders have said TOCOM futures could even hit 500 yen in the next month as the wintering season begins in producing countries and reduces output. The most active Shanghai rubber futures contract for May delivery closed at 40,650 yuan ($6,173) per tonne, up from Thursday's close of 40,130 yuan. The contract hit a record high of 40,985 yuan per tonne earlier on Friday, helped by a strong outlook for rubber from China, the world's top consumer. Volume stood at 734,228 lots. -Reuters
Both the Brent and US crude contracts were on track to post weekly losses. The Brent contract pushed above $99 a barrel last Friday, as the Brent February crude contract expired. US crude prices had a sharp price retreat on Thursday, triggered by the inventory builds and concerns China may take
more measures to cool stubborn inflation, resulting in slower growth in demand for oil and other commodities. US crude oil inventories rose 2.62 million barrels last week, against a forecast that stockpiles would be lower, and refined products stocks increased more than expected, the US Energy Information Administration said on Thursday. But the dollar's weakness and the business sentiment data in the euro-zone were able to limit US oil's losses and did lift
prices earlier on Friday. "A combined move with the weaker dollar and improving business confidence in Germany is supporting oil. On Thursday we saw a very strong support point... We could see a test of the upper level, which is $99.20 for Brent," said Thorbjorn Bak Jensen, an analyst at A/S Global Risk Management Ltd. Despite the shifts to new front-month contract's this week, Brent futures have stayed at an unusually strong premium to US crude. Brent's premium to US benchmark West Texas Intermediate crude topped $8 a barrel intraday on Friday, just below last week's $8.24, which was the widest since February 2009. "The spread is starting to get rather stretched and when it does get rather stretched there is usually a sharp correction at some point," said Michael Hewson, a market analyst at CMC markets. -Reuters
Palm oil rises as export data supports JAKARTA: Malaysian palm oil futures rose to a near two-week high on Friday, as traders cited strong export data amid concern that supplies will struggle to keep pace with robust demand. The market was on course to post its first weekly gain for the year as traders shifted their focus to bullish fundamentals after booking profits from Jan. 5 onwards due to the stronger US dollar, some concerns of demand slowing and a technical correction. The benchmark April 2011 crude palm oil contract on Bursa Malaysia Derivatives rose 0.5 per cent to 3,748 ringgit a tonne at the close. It earlier peaked at 3,797 ringgit, the highest level since Jan. 10. Overall, traded volume stood at 11,930 lots of 25 tonnes each, compared with a total of 13,739 lots on Wednesday. Malaysian markets were closed on Thursday. Exports of Malaysian palm oil products for Jan 1-20 rose 0.1 per cent to 799,846 tonnes from 799,071 tonnes shipped during
Dec 1-20, cargo surveyor Societe Generale de Surveillance said on Friday. This followed data on Thursday that showed exports of Malaysian palm oil products for Jan 1-20 rose 9.74 per cent to 852,607 tonnes from 776,910 tonnes shipped during Dec 1-20. "Pretty positive," said one trader. "The export numbers came out nice -- good numbers. 800,000 tonnes would mean 1.2 or 1.25 million tonnes exports in the month --higher than people were expecting." The most-active Sept 2011 soyoil on the Dalian Commodity Exchange rose to 10,558 yuan versus an open at 10,488 yuan. "Fundamentally, the market is still bullish -- production is still low, exports are still good," said a palm oil dealer. "If the pace continues, we would expect to see a very low stock level at the end of the month." In Indonesia, sources said the world's top palm oil producer may increase palm oil export tax for February to 25 per cent from 20 per cent in January. -Reuters
Copper up on dollar, China tightening worries fade Copper up on dollar, China tightening worries fade LONDON: Copper climbed on Friday after the dollar fell and concerns abated that monetary tightening in top consumer China could heavily hamper demand. Three-month copper on the London Metals Exchange, recovering after falling more than 2 per cent the day before, closed at $9,441 a tonne at 1548 GMT, up from a close of $9,355 and some way off the record high $9,781 it hit on Wednesday. Higher-than-expected gross domestic product growth and inflation in China mean the government may have to tighten its monetary policy more aggressively than previously thought. Record prices in copper could cause demand destruction as industry switches to cheaper aluminium instead, said Standard Bank said in a research note. Aluminium stocks jumped by 64,000 tonnes to 4,550,325 tonnes the most recent data showed, and are up by more than six per cent so far this year alone.
Lead stocks last fell 175 tonnes to 264,175 tonnes, after touching their highest level since May 1995 on Wednesday. The backwardation on lead -- a
Shanghai copper falls Shanghai copper fell on Friday, catching up with the previous decline in the international market. Benchmark third-month copper futures contract fell 0.5 per cent to 71,230 yuan a tonne. premium for cash material over the three-month contract -- rocketed to $80 a tonne, its highest since October 2007. This compared with a backwardation of $31 earlier this week. There was a contango on lead of $0.5 in late December -- a discount for cash over three-month material.
But fundamentals for lead remain weak as excess supply dampens sentiment. Data on Friday continued to show a dominant position controlling 80 to 90 per cent of the stock warrants and cash contracts on London Metal Exchange (LME) lead. Lead was at $2,4425 a tonne at the close, versus Thursday's close at $2,437. Tin rose to touch a record of $27,750 on Friday as investors focused on supply deficit expectations and also helped by the dollar. The metal ended at $27,745 from $26,950. Stainless steel material nickel finished at $26,175 a tonne from $25,750, zinc at $2,318 a tonne from $2,330 and aluminium wound up at $2,420 from $2,408 a tonne. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for January 20 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1250
January (3rd Wednesday)
1310
1255
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for January 20 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2232 2233 2205 2210 2135 2145 2135 2145
2373 2373.5 2393 2394 2450 2455 2490 2495
9484 2529.5 9485 2530 9460 2480 9465 2481 9230 2415 9240 2420 8830 2360 8840 2365
25645 25650 25670 25675 24925 25025 24025 24125
TIN
27100 27200 26950 27000 26400 26450
ZINC NASAAC
2332 2334 2346 2347 2370 2375 2357 2362
2350 2355 2380 2390 2405 2415 2460 2470
European vegetable oil prices ROTTERDAM: The following were the Friday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jan11 1013.00+8.00, Feb11 1013.00+8.00, Mar11 1018.00+3.00, Apr11 1021.00+3.00, May11/Jul11 1026.00+3.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1075.00+0.00, May11/Jul11 060.00+0.00, Aug11/Oct11 1005.00+10.00, Nov11/Jan12 1010.00+10.00, Feb12/Apr12 1015.00+5.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1485.00+5.00, Apr11/Jun11 1470.00+5.00, Jul11/Sep11 1485.00+15.00, Oct11/Dec11 1385.00+5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1555.00+15.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Afloat 1282.50, Jan11 1277.50+12.50, Feb11 1277.50+12.50, Mar11 1280.00+15.00, Apr11/Jun11 1260.00+7.50, Jul11/Sep11 1230.00+0.00. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11 1315.00, Mar11 1307.50, Apr11/Jun11 1290.00. PALMOIL: RBD dlrs tonne fob Malaysia Feb11 1260.00, Mar11 1252.50+12.50, Apr11/Jun11 1235.00+12.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1270.00, Mar11 1262.50+12.50, Apr11/Jun11 1245.00+12.50, Jul11/Sep11 1212.50+5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Dec10/Jan11 2350.00+50.00, Jan11/Feb11 2275.00+75.00, Feb11/Mar11 2225.00+55.00, Mar11/Apr11 2190.00+30.00, Apr11/May11 2170.00. Reuters
Indian sugar extends fall on demand woes MUMBAI: Indian spot sugar prices continued their losing streak into sixth straight day on Friday on weak demand and higher supplies, while futures rose on hopes demand will improve at lower level, dealers said. "Supply pressure is still there. Mills are struggling to sell allocated quota for January," said at Bombay Sugar Merchants Association (BSMA). India has made available 1.7 million tonnes of non-levy sugar for January, higher than 1.5 million tonnes it had released for December, the government said in a statement last month. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety fell 0.77 per cent to 2,705 rupees ($59.3) per 100 kg. The mosttraded M-grade sugar contract for February delivery on India's National Commodity and Derivatives Exchange (NCDEX) ended up 1.69 per cent at 2,831 rupees per 100 kg. -Reuters
BERLIN - GERMANY: A worker separates circuit boards from discarded hard drives from old computers at the BRAL recycling company. -Agencies
Gold hits 2-mth low as haven appeal wanes LONDON: Gold touched a twomonth low in Europe on Friday, pressured by a firmer appetite for assets seen as higher risk on expectations the economic recovery is gaining traction, but a retreat in the dollar prevented a steeper drop. Spot gold was bid at $1,342.65 an ounce at 1508 GMT, against $1,345.40 late in New York on Thursday. US gold futures for February delivery fell $4.80 to $1,341.70. Spot prices hit a low of
euro-zone. Some fresh demand emerged in India, the world's biggest consumer of the precious metal, as prices hit their lowest since late November, according to dealers in Mumbai. "I may have booked for 200 kgs of gold from yesterday at $1,346-$1,349," said one. "Buyers all want to take maximum advantage of falling prices." Meanwhile silver prices extended losses to a fresh seven-
$1,337.50 an ounce as financial markets opened in New York, their weakest since Nov. 18, tracking losses in US gold futures. Traders cited a rise in margin requirements for precious metals futures. More broadly, analysts say outflows from products such as physically backed exchangetraded funds suggest investor appetite for gold is slackening after a run of firmer-thanexpected US economic data and as concerns over euro-zone sovereign debt levels recede. Gold's slide was limited on Friday by a retreat in the dollar to two-month lows versus the euro, with the single currency reaching its highest level since late November, helped by improving confidence in the
week low at $27.10 an ounce, pressured by a further outflow from the world's largest silverbacked exchange-traded fund, the iShares Silver Trust. Holdings of the trust fell by just over 10 tonnes on Thursday after recording their biggest oneday drop since late November in the previous session. It has seen outflows of more than 346 tonnes so far this year. Investment demand was a major driver in silver's more than 80 per cent price gains last year. Silver was bid at $27.32 an ounce against $27.48. Elsewhere, platinum was at $1,820.74 an ounce against $1,808.50, while palladium was at $805.72 versus $808.47. Reuters
Cocoa climbs on Ivorian concerns LONDON: ICE cocoa futures climbed to an 8-1/2-month high on Friday in heavy volume after talks failed to resolve a political standoff in Ivory Coast, deepening worries about possible supply disruptions from the world's top producer. The cocoa market's strength triggered system fund buying this week, one analyst said, leaving cocoa set to post its biggest oneweek gain since December. The total volume of cocoa trading on ICE hit 34,159 lots, the highest since Nov. 9, preliminary Thomson Reuters data showed. ICE May cocoa futures were $11 or 0.4 per cent higher at $3,198 per tonne at 1550 GMT, having earlier touched $3,240, the highest level for the second month contract since May 4. London's May cocoa futures rose 26 pounds or 1.2 per cent to 2,128 pounds a tonne , while the March contract was up 26 pounds at 2,154 pounds a tonne. In coffee, arabicas jumped close to last week's multiyear peak, buoyed by dollar weakness and the limited availability of high-quality Colombian beans. ICE May arabica coffee futures were up 7.6 cents or 3.3 per cent to $2.4125 per lb, while Liffe March robustas were up $32 or 1.5 per cent to $2,147 per tonne. In sugar, dealers said the market was also well-supported by a weak dollar as well as the possibility of an import duty cut in Russia, a leading importer of raw sugar. ICE March raw sugar was up 0.63 cent or 2 per cent at 31.94 cents a lb, well below the Dec. 29 30-year peak of 34.77 cents a lb, while Liffe March white sugar was up $18.40 or 2.4 per cent to $786.70 per tonne. -Reuters
US cotton surges despite weakness in commodities NEW YORK: US cotton futures, bucking a commoditywide selling spree, closed the daily limit up Thursday on suspected mill and options-related fund buying in the market, dealers said. The key March cotton contract on ICE Futures US climbed the 4.00 cents limit to settle at $1.5294 per lb, with the session low at $1.4802. It was the highest close for the spot contract in a month, Thomson Reuters data showed. Volume traded was around
19,500 lots, about 50 per cent below the 30-day norm, Thomson Reuters preliminary data showed. 'I think it's buying by multiple mills,' Lou Barbera, a floor broker with VIP Commodities in New York, said. 'I don't think they're domestic (mills).' Mike Stevens, an independent analyst in Mandeville, Louisiana, said the market was set up to go lower Thursday in line with the weakness in other commodity markets because of strong Chinese economic data which raised the prospect
of further tightening by Beijing. 'It had every reason to correct today,' he said. A large order in the cotton options market quickly reversed the direction of cotton futures, which then climbed the daily limit in a matter of minutes during the session, traders said. Analysts said the market will be waiting for further leads in the coming days, but the attention in the market should gradually turn toward spring plantings. -Reuters
National Commodity Exchange Ltd Trading Summary Date
21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011 21-Jan-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 FE11 FE11 MON TUE WED THU FRI MON TUE WED THU FRI 27JA11 FE11 FE11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
90.90 92.30 92.65 28.20 28.19 1358.90 1357.90 1359.90 1357.00 1357.80 1344.00 37479.00 37637.00 37655.00 37600.00 37609.00 43856.00 43856.00 38668.00 38708.00 38722.00 38736.00 38654.00 44814.00 44444.00 44680.00 44829.00 44418.00 3340.00 3372.00 5178.00 86.18 85.37
91.22 92.30 93.29 28.28 28.19 1358.90 1359.30 1359.90 1358.50 1357.80 1358.50 37627.00 37637.00 37655.00 37600.00 37609.00 43856.00 43856.00 38668.00 38708.00 38722.00 38736.00 38654.00 44814.00 44480.00 44680.00 44829.00 44418.00 3347.00 3372.00 5178.00 86.18 85.41
88.95 90.41 92.65 27.13 27.36 1341.60 1341.40 1342.20 1340.60 1345.50 1344.00 37120.00 37317.00 37335.00 37280.00 37290.00 43483.00 43483.00 38332.00 38374.00 38388.00 38402.00 38416.00 44042.00 44090.00 44106.00 44122.00 44138.00 3340.00 3371.00 5177.00 86.17 85.37
89.87 91.34 92.64 27.35 27.36 1344.70 1345.50 1346.30 1344.70 1345.50 1345.50 37308.00 37317.00 37335.00 37280.00 37290.00 43483.00 43483.00 38332.00 38374.00 38388.00 38402.00 38416.00 44042.00 44090.00 44106.00 44122.00 44138.00 3347.00 3371.00 5177.00 86.17 85.41
Traded Volume in lots 418 84 1 359 1,534 2,529 3,296 97 2 29 17 2 10 31 -
Previous Settlement Price 89.52 90.95 92.22 27.58 27.59 1346.40 1347.10 1347.80 1346.40 1347.10 1347.80 37317.00 37326.00 37344.00 37289.00 37299.00 43494.00 43494.00 38341.00 38381.00 38395.00 38408.00 38422.00 44052.00 44099.00 44114.00 44130.00 44145.00 3340.00 3372.00 5178.00 86.18 85.37
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 89.87 101 91.34 22 92.64 1 27.35 87 27.36 1344.70 1,321 1345.50 3,788 1346.30 2,904 1344.70 11 1345.50 1346.30 2 37308.00 35 37317.00 1 37335.00 37280.00 2 37290.00 43483.00 43483.00 38332.00 38374.00 38388.00 38402.00 38416.00 44042.00 13 44090.00 13 44106.00 10 44122.00 33 44138.00 3347.00 3371.00 5177.00 86.17 85.41 -
Kostelic of Croatia Svindal of Norway and Streitberger of Austria celebrate after men's super-G race at Alpine Skiing WC in Kitzbuehel
10
Saturday, January 22, 2011
'PCB yet to receive any call from Zulqarnain' KARACHI: Even as Zulqarnain Haider claimed that he had run out of cash, the Pakistan Cricket Board (PCB) said it has not received any call from the refugee wicketkeeper presently seeking asylum in London. An official source in the board told PTI that since the fact-finding committee of the board compiled its report, their had been no contact at all with Zulqarnain. "The last time he spoke to the board was when the committee was preparing its report, since then he has made no effort to contact us," the source said. Zulqarnain left the team hotel in Dubai in November during the one-day series against South Africa without informing the team management, claiming that he was threatened by a person who wanted him to fix matches. The wicketkeeper has been given temporary permit to remain in London while his application is being reviewed. On Wednesday Zulqarnain claimed that he had run out of cash and was waiting for the board to clear 16000 pounds due to him for representing the national team, and his contract retainers. "I have not received any money from the board and now, I am facing financial problems as I have stayed here and survived with the money I had brought from Dubai," he said. The fact-finding committee failed to reach a conclusion behind Zulqarnain's decision to flee to London, and blamed him for not taking the team officials into confidence, and also described him as mentally unstable.-APP
Federer storms into 4th round in Aus Monitoriung Desk MELBOURNE: Defending champion and second seed Roger Federer cruised into the fourth round of the Australian Open with a 6-3, 6-3, 6-1 win over Belgian's Xavier Malisse on Friday. The Swiss great in the process broke Swede Stefan Edberg's record for the most Open Era wins at the Australian Open with 57 since his 2000 tournament debut. "It's very nice to take the record but Edberg still stays my idol," Federer told the crowd on Rod Laver Arena. Federer is bidding to become the second man to win five Australian titles behind Roy Emerson's six. It was Federer's eighth win in nine encounters with the 45th-ranked Malisse and pitched him into a round of 16 encounter with unseeded Spaniard Tommy Robredo on Sunday. Federer broke Malisse's serve seven times and hit 36 winners with the same number of unforced errors. "I am happy to get past a tough match with Xav, who I played a long time ago in the juniors, he played great for the first couple of sets today," he said. Federer won his record 16th Grand Slam title at the Australian Open last year when he downed Britain's Andy Murray in straight sets. He is chasing his fifth Australian title after also winning in 2004, 2006 and 2007.
Marsh & Bollinger guide Aus to 2-0 lead HOBART: World Cup reject Shaun Marsh's second oneday international century and a fine all round performance from Doug Bollinger helped Australia to a 46-run victory over England in their second one-day international in Hobart on Friday. Australia's celebrations, however, were tempered with Nathan Hauritz appearing to dislocate his right shoulder and a groin injury to fast bowler Shaun Tait. Both were named in their 15-man World Cup squad earlier this week. Hauritz had been chasing a ball to the boundary at Bellerive Oval when he slid, rolled over and as he put his hand down to push up off the ground collapsed in considerable pain before he walked off and was taken to hospital for X-rays. Tait limped off shortly afterwards when he grimaced in his follow through on the fifth ball of his sixth over. Marsh (110), who was only playing in Hobart after Mike Hussey injured his hamstring, combined with
Cameron White (45) for a 100-run partnership that steadied Australia after they plunged to 33-4. He also combined for an Australian record ninthwicket partnership of 88 with Bollinger (30) that pushed the hosts past 200 and gave them a challenging total to defend after their batsmen had struggled with the pace of the pitch. England's run chase was always behind the required run rate after the early loss of Matt Prior for a duck and Bollinger's two wickets in two balls when he had Andrew Strauss trapped in front for 19 and then bowled Kevin Pietersen for a duck. Bollinger also captured two quick wickets in the tail to finish with figures of four for 28 from nine overs. Australia won the first match of the seven-game series by six wickets in Melbourne last Sunday after Shane Watson scored 161 not out to help them chase down the 295 needed for victory. The third game is in Sydney on Sunday.-Reuters
Iraq beat NK to encounter Aus in qarter-final DOHA: Reigning champions Iraq set up a quarter-final clash with Australia after beating North Korea 1-0 on Wednesday, condemning the Koreans to an early exit having failed to score in the entire tournament. The 2007 champions finished second in Group D, behind great rivals Iran, but they will be the underdogs to upset an Australian team out for revenge after Iraq defeated them 3-1 on the way to Asian Cup glory four years ago. Iraq have not hit the heights of last time round, but they did not need to be great to see off North Korea in front of just over 4,000 at Al-Rayyan Stadium, making for a low-key atmosphere for what was a high-stakes encounter. The holders made three changes from the side that laboured to a 1-0 victory over the United Arab Emirates and it was one of them, midfielder Kerrar Jasim, who fired the champions ahead on 22 minutes.
It turned out to be the winner. North Korea, cheered on by about 250 fans—all men wearing shirts and ties—came into the match knowing that they needed to win the game to go through instead of the holders. But rather than attack, they were content to play a patient waiting game. Their coach Jo Tong-Sop said they had abandoned the 5-3-2 formation they deployed at the World Cup to a theoretically more attacking 44-2. However there was no immediate sign it had made the Koreans—who coming into the game had yet to score a goal in the tournament—any more potent. Iraq were within inches of taking a lead with the first chance of the game shortly after the quarter hour mark when defender Samal Saeed headed down a corner for striker Mustafa Kareem, who was lurking in the six-yard box.-AFP
Inter-div boxing U-16 trials set for 24th LAHORE: Sports Board Punjab is organizing the Inter Divisional Youth U-16 Boxing Trials on January 24, 2011 at 09:00 AM in Punjab Stadium, Lahore. The Purpose of conducting the trials is to select the talented players for Sports Board Punjab Coaching/Training Camp. During the Camp, Punjab Boxing Team will be selected for participation in Inter Provincial Boxing Championship scheduled to be held in the 1st week of February, 2011 at Peshawar, KPK.-Online
Warne his covert rendezvous with Hurley MELBOURNE: Cricket legend Shane Warne has for the first time spoken - although briefly - about his relationship with Liz Hurley. The spin king confirmed he hooked up with the sexy Brit in LA last weekend, reports the Daily Telegraph. Warne has been trying to keep the reunion a secret after making a last-minute dash to the States to rendezvous with the glamorous star. But he was outed by an eagle-eyed reader who spotted Warne "smiling" on a Qantas flight from LA to Melbourne on Sunday night. When cornered at Crown Casino's Celebrity Challenge on Wednesday night, the former Australian Test player grinned: "Yeah, I know we've been busted".-Agencies
HOBART: Australian cricket players celebrate after winning the One Day International (ODI) cricket match against England at the Bellerive Oval.-Reuters
Indo-Pak tennis duo wins in Australian Open
Aisam strikes again
LAHORE: Pak-Indian tennis duo of Aisam-ul-Haq and Rohan Bopanna played a match of nerves before moving into the third round of Australian Open Grand Slam Tennis Championship on Friday. They beat the French pair of Arnaud Clement and Jeremy Chardy gave them a very tough time on court no. 6 of the Melbourne Park Tennis Complex before loosing to the IndoPak Express' in a three setter, said a message received here. Everything looked like a walk in the park for the AisamBopanna in the first set which they won by 6-3 score when ABU DHABI: Padraig they broke Clement's serve at Harrington was disqualified 4-3 up and easily served out from the HSBC Championship in Abu Dhabi Almost 24 hours after his ball moved on the 7th green when retrieving his marker, Harrison found himself hauled before the rules committee to be informed he was out. COLOMBO: Record-breaking The offence was not that the Sri Lankan spinner Muttiah ball had moved but that it was Muralitharan said Friday he not replaced. That incurs a would retire from international two-shot penalty. Harrington cricket after the 2011 World Cup. signed for a three on a hole "This World Cup will be my that should have been scored last outing," Muralitharan, 38, five. That was the offence for told reporters on the sidelines which he was kicked out, of a training session in signing for an incorrect Colombo. "I am retiring totally from score.-Reuters
Harrington disqualified from HSBC Championship
the set. Also for the most part of the second set Aisam and partner looked dominating and were pressurizing the French pair with sizzling winners but suddenly at 4-5, the French pair came up with a few great returns on Aisam's serve and broke his serve to secure the set with a 6-4 score. This suddenly changed the momentum of the match in favour of the French pair who capitalized on it and managed an early break of serve in the third. The match was going clearly in favour of the French with a score of 1-4 when Pak-Indian pair woke up and decided to raise to the occasion. Both their serves as well as returns
quality improved to an other level which French pair was unable to match. Aisam and partner went on to win next five games in a row with three on their own serve and two by securing serve breaks on Chardy and Clement's serves. The match lasted for about one hour and forty five minutes with Pak-Indian pair hitting 3 aces against zero by French. The Asian pair won 54 points while Europeans won 41 points. In the last 16 round AisamBopanna will be facing a strong pair of former world no. 1 doubles Player Nenad Zimonjic of Serbia and Michael Llodra of France.APP
Murali to quit after World Cup international cricket thereafter." The mega one-day event, co-hosted by India, Sri Lanka and Bangladesh, starts on February 19. Muralitharan, the world's leading wicket-taker in both Tests (800) and one-dayers (517), bowed out of Test matches in July last year after the opening match against
India in Galle. "My time is up. I have signed up to play for two years in the IPL (Indian Premier League). I am also looking at similar work in New Zealand and perhaps England," the off-spinner said. Muralitharan said that he was currently focusing on the World Cup, which ends on April 2.-APP
McCullum drops down the ODI order WELLINGTON: The New Zealand batsman has not been granted his wish of remaining as an opener and will instead revert to the role of innings finisher as New Zealand's one-day cricket World Cup preparations swing into gear with a six-match series against Pakistan, starting here tomorrow. New Zealand captain Daniel Vettori today revealed that McCullum would slide down to No 6 tomorrow, with Martin Guptill to open alongside Jesse Ryder, Ross Taylor to bat at No 3, Scott Styris at No 4 and James Franklin at No 5. New Zealand's 11-match losing streak has been the catalyst for the shakeup, with the selectors, new coach John
Wright and Vettori keen to experiment ahead of the subcontinent-hosted World Cup, which starts on February 20. McCullum has largely been a success as an opener with his fearless approach and, statistically, has forged one of New Zealand's most successful one-day opening partnerships with Jesse Ryder. But New Zealand feel they have lacked hitting power down the order and McCullum had a good track record in that department before he moved up to open. "I think it is (a tough call)," Vettori said of the McCullum situation. "He's been a success opening but the thing we have missed the most over the last year or so is that finishing
ability. When Jacob (Oram) was in his prime and Brendon was there as well, they won a number of games for us. "We think closing off games on the subcontinent with the small grounds and the flat wickets is important for us. "I don't think we'd rule out Brendon still opening, we'll just give him a go at No 6 and see where we get to." McCullum yesterday reiterated his preference to open with Ryder but said would do whatever was asked of him. "It (opening) is the harder of the two options but it gives me the greatest opportunity to have an impact on the game. You only get to play cricket for a certain period of time, so why wouldn't you want that? "I guess when things aren't
going right in other areas you try and shift your balance of power and shift some of your strategies around. "I'll give it everything I've got to make it successful, but I think our (McCullum and Ryder's) record together is great. We enjoy batting together and I think the opposition feel under pressure at times when Jesse and I are batting together." Ryder could also be trialled down the order during this series, given his ability to play spin bowling, which will be a feature of the World Cup. "I think that's still an option, the selectors have voiced that," Vettori said. Jacob Oram will bat at No 7, with Jamie How the 12th man.
Vettori said they were keen to get Oram, who returns from injury, as much time at the crease as possible, given he was a valuable asset when in form. The hosts carry their long losing streak into the series and must quickly put that behind them if they are to reassociate themselves with buzzwords such as momentum and confidence heading into the World Cup. For that reason, Vettori hoped there would not be regular tinkering during the series. "I think with the opening partnership of Guptill and Ryder, we need to give that a bit of an opportunity, so we may do that for two or three games."
Pakistan welcome back big hitting wicketkeeper-batsman Kamran Akmal after several months out of the fold because of spot-fixing suspicion. No case was brought against him. They are buoyed by a 1-0 test series win but captain Shahid Afridi felt New Zealand were a good one-day side, despite their struggles on the subcontinent last year. "McCullum, Vettori and Ross Taylor, they are good cricketers and they are matchwinners," he said. Pakistan have won 48 of 82 one-day internationals against New Zealand but their record in New Zealand does not read well, with 12 wins to New Zealand's 20 from 34 matches.-Online
International & Continuation
Saturday, January 22, 2011
German business sentiment strongest in 20 yrs BERLIN: German business morale rose to its highest level in 20 years in January, surging past economists' forecasts on the back of a manufacturing sector now fully recovered from the 2008 financial crisis. The Munich-based Ifo economic institute said on Friday its business climate index rose to 110.3 from 109.8 in December, the strongest since records started for reunified Germany at the start of 1991 and confounding expectations for a flat reading. Separately, statistics office data in France showed business confidence also rose strongly in the euro zone's second largest economy, boosted by a surge in manufacturing sentiment. "Manufacturers have made a significant leap forward and have now fully recovered from the crisis," Ifo economist Klaus Abberger said in an interview. The Ifo index is based on a monthly survey of some 7,000 firms and is one of Europe's most closely-watched releases by financial markets. The euro extended gains against the dollar to briefly hit a two-month high after the data. <EUR=>
"German business confidence surprised and continued its impressive performance of the last two years, increasing to a new record high," said Carsten Brzeski of ING. "The heaviest snowfalls in more than 40 years only weighed on companies' current assessments but not on their optimism." Ifo's index on current conditions inched lower to 112.8 from 112.9 last month, while its expectations reading on the outlook for the next six months rose to 107.8 from 106.8 in December. BULWARK REBOUNDS The upbeat Ifo reading topped off a run of bullish data that has shown the German economy benefiting from a rebound in emerging economies and bucking the trend of other rich nations, including much of the euro zone, who are still struggling. The ZEW survey earlier this week also showed German investors increasingly optimistic and the government has raised its 2011 growth forecast, predicting the recovery will broaden to include an upturn for
previously lacklustre domestic demand. Abberger said German manufacturers, who have been helped by the weaker euro, were upbeat about business opportunities abroad and had not as yet seen a downturn related to the bloc's sovereign debt crisis. Budget cutbacks and uncertainties over banking systems have already dampened growth in the countries most effected by the crisis. But German firms remain upbeat despite looming budget cutbacks that will take in the whole continent this year, with trade with emerging countries outside of the European Union picking up. Steelmaker ThyssenKrupp is on track to meet its goals for this year after posting a rise in quarterly profit, it said on Friday as demand for German capital goods remains robust. Of 30 bluechip DAX companies, 22 beat market forecasts in the quarter to end-September, while 15 hiked their outlooks and six kept them unchanged. The DAX index itself rose to its highest since May 2008 this week.-Reuters
Australia govt: 20pc coal exports lost to floods SYDNEY: Australia's devastating floods, which shut mines and damaged rail lines, could cut coal exports by around 15 million tonnes, or 20 percent this quarter, even as collieries show signs of recovery, the government's commodities forecasting agency said on Friday. Coal ports in hardest-hit Queensland state escaped severe damage, but are still operating well under capacity as a result of lower coal receivals, Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said. ABARES estimates flooding due to monsoon rains that started in November could lower coal export earnings by A$2.0 $2.5 billion ($1.97-billion-2.47 billion) during the quarter to
March 31. "Coal production at affected mines has been reduced because of a number of factors, including flooded pits and difficulties in removing the water, and a lack of access to mine sites because of flooded roads," it said. Australia was forecast to export 160 million tonnes of metallurgical coal and 158 million tonnes of thermal coal in fiscal 2011, according to ABARES. Cockatoo Coal and Aquila Resources on Friday partially resumed operations in hardest Queensland state as floodwaters continued to recede. But in the aftermath of one of Australia's worst natural disasters on record, mining companies say operations are still far from normal: Vital rail corri-
dors linking mines with export terminals are only slowing being reactivated and force majeure -- a legal let-out enabling miners to break sales contracts without penalty -remain in place across Queensland. COAL OPERATIONS Aquila, which mines 2.8 million tonnes a year of metallurgical and thermal coals from its Issac Plains mine in 50-50 partnership with Brazil's Vale warned it would still take some time to resume full operations. Cockatoo Coal said mining at its Baralaba operations would not start before February. The Baralaba mine suffered some of the worst damage during the flooding after a levy protecting the lode collapsed sending a torrent of water into the pit.-Reuters
NZ retail sales higher in Nov, rates on hold WELLINGTON: New Zealand retail sales posted a mixed showing in November, adding to signs of a stuttering recovery and backing views the central bank will hold interest rates steady well into the middle of the year to help the economy. Seasonally adjusted retail sales rose 1.5 percent on the previous month, official data showed on Friday, above of expectations for a 1.2 percent rise in a Reuters poll. Sales have been volatile recently, sliding 2.5 percent in October after a 1.7 percent increase in September, when consumers rushed to buy bigticket items to beat an Oct. 1 rise in sales tax. The data showed spending for vehicles, furniture and electronic goods rose while supermarket, food and beverage services sales fell. Excluding vehicle-related components, core retail sales disappointed with a 0.2 percent decline, under performing market expectations of a 0.5 percent rise. "The underlying trend in retail spending remains subdued," said ASB Bank economist Christina Leung. "This adds to the recent softness in activity data, and with inflation pressures contained for now there is little urgency for the RBNZ to resume the reduction of monetary policy stimulus," she added. Leung expected the Reserve Bank of New Zealand (RBNZ) to leave rates on hold until the September meeting. Investors concentrated on the soft core figures and knocked the New Zealand dollar down to around $0.7560, from $0.7590 before the data. Like the Australian dollar, the kiwi had fallen earlier on fears that further tightening in China will slow its economy and thus dent demand. China is a top trading partner for both Australia and New Zealand. Interest rate futures were flat while the swap yield curve steepened further. Front-end rates were down about 1 basis point and the longer-end up about five basis points, reaffirming the view of no rate rises before the middle of this year.-Reuters
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overall weighted average time to maturity for such sub-funds as well as time to maturity for each Shariah compliant government securities in portfolios of these funds has been substantially enhanced to enable them to improve both the credit quality and yield of their investments.
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The Dow Jones industrial average was up 50.55 points, or 0.43 per cent, at 11,873.35. The Standard & Poor's 500 Index was up 5.42 points, or 0.42 per cent, at 1,285.68. The Nasdaq Composite Index was up 2.58 points, or 0.10 per cent, at 2,706.87. Bank of America shares fell 1.1 per cent to $14.38 after the largest US bank by assets reported a second straight quarterly loss, driven by a $2 billion write-down in its mortgage business. The results follow disappointing results earlier this week from Goldman Sachs and Wells Fargo. An index of bank shares, KBW Banks, was up 1.3 per cent, however.-Reuters
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Farooq Sattar, and CM Qaim Ali Shah's four-member committee.The meeting decided to restore sacked employees gradually and the decision in this regard will be announced in a press conference by KESC's CEO Tabish Gauhar and CM Sindh's designated committee. Earlier President Asif Ali Zardari on Friday had expressed his serious concern over the sacking of over 4000 employees and workers of the KESC. The President has sought a detailed report on the issue.
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being a Nato member that took part in the invasion of Afghanistan and still having troops there. But analysts say that al Qaeda, and in particular AQIM may now pose a growing threat to targets in France, not just French interests in Africa's Sahel. -Reuters
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was to divest Iran of enough LEU to delay it accumulating enough for a nuclear weapon while negotiations proceeded on a broader solution to the crisis. The idea was first tentatively agreed in October 2009 only for Iran to back out some weeks later. Since then, Iran's known Continued from page 1 No #3 the spokesman said. Janos Feher, Managing Director of the LEU stockpile has doubled and it has begun enriching uranium up to company in his condolence message to all company employees 20 percent fissile purity for conversion into reactor fuel. So for the powand bereaved families expressed his shock and profound grief ers, any future swap would have to go further, involving much more over this unfortunate development. "We all wish we could undo than the 1,200 kg of LEU agreed in 2009. Iran has indicated readiness what happened and bring those back who embraced martyrdom in to revive only the original deal. State Department spokesman Mark the line of duty." he said. The Managing Director said a strong Toner said on Thursday that the United States was willing to discuss an demand has been put forward to the federal and provincial gov- updated fuel swap, if it reflected the progress Tehran's has made on uranium enrichment since the proposal was first hatched.-Reuters ernment to provide safe and secure working conditions requesting Continued from page 12 the government to take all necessary measures for the timely No #9 release of abductees.-Agencies Russia will hold talks with the United States next month on longstanding plans for the sale of 21 Mi-17 helicopters for use in Continued from page 1 No #4 Afghanistan, Russian foreign ministry official Zamir Kabulov accelerate the recovery and in the medium term help in promot- said on the sidelines of the Kremlin meetings.-Reuters ing the human development." Continued from page 12 The project will be implemented by the Provincial No #10 Reconstruction, Rehabilitation, and Settlement Authority, GoKP, claimed that Indian border guards on Friday morning shot dead a in partnership with Fata Secretariat and other stakeholders. The suspected intruder trying to sneak into Indian territory from across the cash grants would assist the households to re-establish themselves international border in Jammu region of Jammu and Kashmir. Indian and prepare for the post crisis long term rehabilitation program Border Security Force (BSF) troopers noticed suspicious movement through covering basic consumption and any other short term in Pargwal sector along the international border, 40km northwest of basic needs. The MDTF contribution to this project will be a Jammu, at 4:15am. On being challenged, the intruders fired at the grant. The credit will be from the International Development BSF personnel manning the Rapura post in the area, IANS quoting Association (IDA), the World Bank's concessionary arm and will sources said Pakistani Rangers manning the border on the other side have 35 years to maturity with a 10-year grace period; it carries a also opened fire adding that the BSF retaliated. -Online service charge of 0.75 per cent.-Online
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industrialists met with the Prime Minister and brought him around. On this occasion, the representatives of the local industrialists pointed out that their delegation did not call on the Prime Minister. Federal Secretary of industrial production ministry Tariq Shafi informed the committee that there was a summary afoot in the ministry proposing an increase in the age of used vehicles from three years to at least five years henceforth.-Online
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have also handed over our 9 points to PML-Q leaders. The MQM leader said that Chaudhry Shujaat Hussain had expressed concern on the target killings in Karachi and voiced solidarity with the sacked employees of Karachi Electric Supply Company (KESC).Mushahid Hussain Sayed said his party will go and meet every party having roots at the level of masses. Refering to the de deweaponisation bill recently tabled by MQM in the National Assembly, he said in principle PML-Q had no objection to it.
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UK retailers suffer worst Dec on record: ONS LONDON: Harsh weather and higher inflation combined to give British retailers their worst December on record, data showed on Friday, reinforcing signs that UK growth slowed sharply in the last three months of 2010. Sterling fell to a day low on the data, which left the country's retail sector at a weak starting point ahead of a year in which consumer demand is likely to struggle in the face of a rise in sales tax and largescale public sector job cuts. "These are hugely disappointing figures," said Daiwa economist Hetal Mehta. "It appears that the belt-tightening started a little earlier than expected." The Office for National Statistics said December retail sales were flat on the year after 1.0 percent volume growth in November, the weakest change since January 2010 and the worst annual performance for any December since records began in 1988. Economists had forecast a 0.9 percent rise on the year. Overall retail sales fell 0.8 percent on the month after a 0.4 percent rise in November, again weaker than forecast. But stripping out the drop in fuel sales due to disrupted travel, the decline was less steep than economists had predicted. The mixed message on underlying consumer demand makes it hard for the Bank of England to assess domestic price pressures at a time when higher food and petrol costs have pushed headline inflation to an 8-month high of 3.7 percent, well above the bank's 2 percent target. "December's figures tell us relatively little about demand. It will take a couple of months of data to tell us where house-
holds are in the early 2011 environment," said Investec economist Philip Shaw. Some economists had expected consumers to bring forward planned spending on expensive goods to December to avoid a January rise in value-added tax, but there was little sign of this in the data. WEAK Q4 GDP Retail sales account for only around 5 percent of British economic activity, so December's poor data is unlikely to markedly shift economists' average forecast that UK GDP growth slowed to 0.4 percent in the fourth quarter from 0.7 percent in the third. But it increases the downside risk to that forecast and reinforced economists' views that consumers will keep a lid on spending in 2011. Unemployment is expected to rise due to public sector job cuts, while high inflation and slow wage growth are also likely to focus spending on essentials, they say. "Consumers will have less money in their pocket this year and it is very difficult to see how retail can escape unscathed from this. I do not expect retail sales to grow at all in 2011, with a fall still very possible," said Richard Hyman, a retail advisor at accountants Deloitte. A CBI survey last month had suggested that retail sales were rising at their fastest pace since 2002 in the first part of December, before the worst of the snow. Subsequent surveys and sales figures from individual retailers suggested this was not sustained in the final weeks before Christmas. Heavy snow made it hard for shoppers to visit out-of-town stores and for online retailers
to make last-minute deliveries, the ONS said, as well as reducing sales of petrol as drivers were cautious about venturing out. Sales at food stores dropped by 3.4 percent compared to December 2009, their biggest annual fall for any month since records began in January 2010. Anecdotal evidence suggested that consumers avoided big supermarkets in favour of smaller local specialist shops. Strong gains in sales of winter clothing -- and of electronics after the launch of Microsoft's Xbox Kinect video gaming accessory -- were insufficient to offset the weather-related factors, the ONS said. Prices rose sharply at food stores, clothes and petrol stations, mirroring the pattern shown in Tuesday's consumer price inflation data. Other retailers cut prices, despite a looming increase in sales tax that took effect in January. This pattern poses a dilemma for the BoE, as higher interest rates have no direct effect on oil and food prices predicated on international commodity prices. Instead, a rise in interest rates would primarily tame inflation by sapping consumer demand, encouraging other retailers to reduce prices further. Moreover, the broader economy is expected to weaken in the first half of 2011, due to the rise in VAT and cuts in public spending as the government seeks to reduce a large budget deficit. Separate data released by the BoE on Friday showed that net mortgage lending -- historically a driver of retail spending linked to property refurbishment -- dropped to a nine-year low.-Reuters
Thai c.bank keeps GDP f'cast; rates seen rising further BANGKOK: Thailand's central bank maintained its 2011 economic growth forecast on Friday and said interest rates would rise further because core inflation could exceed the top end of its target range this year. The central bank's comments reinforced analysts' expectations that the central bank would raise its benchmark rate again in March, and probably in April as well, after a quarterpoint rise to 2.25 percent this month to curb inflationary pressure. "If inflation continues to rise further, this will eventually be reflected in the cycle of rising interest rates," said Pimonwan Mahujchariyawong, an economist at Kasikorn Research Center. "We expect a 25 basis points hike in the next meeting in March. It should be raised to 2.75 percent in April." Bank of Thailand Assistant Governor Paiboon Kittisrikangwan told a news conference rates were still on a
rising trend. Although the central bank had left its economic growth forecast unchanged for this year, he said, it felt the economic outlook was better and saw lower external risks than at its previous review. It saw higher inflationary pressures steming from rising costs and demand, and "core inflation is more likely to exceed our target range than previously seen". The central bank said Southeast Asia's second-largest economy was expected to grow 3.0-5.0 percent in 2011, following a robust 8.0 percent estimated for 2010, when it rebounded from the global economic crisis. "Domestic demand is definitely a key driver for the economy this year," said Thanomsri Fongarunrung, an economist at Phatra Securities. The BOT kept its core inflation forecast at 2.0-3.0 percent for this year, which compares with its target range of 0.5-3.0 percent, which it uses to guide
monetary policy. But it cut its headline inflation forecast slightly to 2.5-4.5 percent from 3.0-5.0 percent, citing government subsidies. Consumer prices have risen across Asia as economies recover from the global slump. Thailand's is one of the more hawkish Asian central banks with four rate increases since July last year. The monetary policy committee's latest rise on Dec. 12 was unanimous with a 7-0 vote. It was the first time the central bank disclosed the breakdown and it said it would give a summary of the discussion next week to help markets assess the rate outlook. EXPORT GROWTH SLOWS The central bank's 2011 growth forecast compares with the 3.5-4.5 percent projected by the state planning agency and the consensus 4.5 percent in a Reuters quarterly poll, which was the lowest growth rate in Southeast Asia.-Reuters
Canadian retail sales show surprising strength OTTAWA: Canadian retail sales showed surprising resilience in November and posted their biggest gain in eight months, beating analysts' expectations and boosting optimism about the strength of the economy. Retail sales rose 1.3 percent and marked a sixth straight month of gains, Statistics Canada said on Friday. It was the biggest increase since March 2010. Markets had expected a 0.5 percent rise, according to the median forecast in a Reuters poll. The Canadian dollar firmed against the greenback after the data was released. The currency touched C$0.9941 to the U.S. dollar, up from around C$0.9966 to the U.S. dollar heading into the release. Analysts said that on a quiet
day for data, the report may have had a greater influence on markets than usual. Strong consumer spending and government stimulus measures have been the major drivers of Canada's recovery from recession while exports have sagged due to the weak U.S. economy. The Bank of Canada said this week it expects consumer spending to contribute less to growth this year and next, with exports and business investment taking up the baton. The November retail sales figure suggests that slowdown in consumer spending has not happened just yet. "It was a surprisingly robust report. Just as it looked like Canadian consumers were starting to wind down, they actually have picked it right back up
again," said Doug Porter, deputy chief economist at BMO Capital Markets in Toronto. Sales expanded across eight of the report's 11 subsectors with the auto industry leading the way up. Total sales volume gained 1.3 percent in November after being flat the month before. Derek Holt, economist at Scotia Capital, wrote in a note that the rise in volume implies flat prices on average, an important factor as volume gains flow straight through to growth in the economy. "Canadian consumers were out in full force to start the holiday shopping season and this will encourage an upward bias to November gross domestic product estimates as well as our fourth-quarter GDP call," Holt wrote.-Reuters
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Afghan conflict, Indian influence vex Islamabad
Indo-Pak parleys on US wishlist WASHINGTON: The United States has said it encourages greater dialogue between Pakistan and India and expects discussion on all issues including regional solution to the Afghan conflict with Pakistani and Afghan foreign ministers at a trilateral meeting next month. "We continue to do everything that we can to support a regional solution to the challenge of Afghanistan," Philip J Crowley, Assistant Secretary of State for Public Affairs said at Washington's Foreign Press Center. Crowley, responding to a question in the context of Pakistani-Indian tensions vis-avis Afghanistan, said the Obama administration has encouraged both IslamabadKabul and Islamabad-New Delhi dialogues. "We have encouraged Pakistan to develop its own stronger relationship and understanding with Afghanistan. And there have been an increase in dialogue between Pakistan and Afghanistan in recent months, and we continue to encourage that. And in turn, we continue to encourage greater dialogue between Pakistan and India," he stated. Continuing, Crowley said, "So we are doing all of those things. We have an important trilateral meeting coming up next month among the United States, Pakistan, and Afghanistan. And all of these
issues, I would expect, will be on the agenda." Meanwhile, focusing on the regional dimension of the Afghan conflict, The Christian Science Monitor reported Friday the resolution of the US war in Afghanistan is getting tangled up in one of the world's most stubborn rivalries between the South Asian powers, Pakistan and India. Reconciliation with Afghan Taliban insurgents has been a major subject of discussions in Afghanistan and Pakistan. "Pakistan cites India's influence in Afghanistan as one of its top concerns. And with Pakistan increasingly crucial to any military or diplomatic progress in the war, it's a concern that Washington has to manage," a New Delhi-datelined report in the newspaper said. According to the report, some current and retired Pakistani officials are hinting that as both the war and the peace efforts become more and more difficult, Washington and its Afghan allies might do more to reassure Islamabad that India won't play a major role in a future Afghan settlement. Quietly Washington has talked to the Afghan government about listening to Pakistan's concerns, experts say. The Afghan government appears to be taking further steps to ease Pakistan concerns about India, the
Monitor report noted. President Hamid Karzai last year removed his intelligence chief, a powerful Tajik who was seen as wary of Pakistan and more sympathetic to India. Karzai also sent former Afghan President Burhanuddin Rabbani as head of a High Peace Council to Pakistan earlier this month. Rabbani remains a powerful figure among the ethnic minority factions that resisted the Taliban in the 1990s, and though he has received Indian help in the past, he said the right things to put Pakistan at ease. "What Rabbani said today was quite meaningful: that no third country would be allowed to damage AfghanistanPakistan relations," said Abdul Basit, Pakistan's Foreign Ministry spokesman after meetings Jan 5 between Rabbani and Pakistani officials. "The Afghan government has assured us that they would never allow their soil to be used against Pakistan," added Basit. Ahead of next month's trilateral talks in Washington, Afghan Foreign Minister Zalmai Rassoul will visit Islamabad on January 25 for meetings with Pakistani leaders. The officials of two neighbouring countries will have consultations on issues of regional security and discuss the current Afghan situation.APP
Karzai courts Moscow with economic projects
Afghanistan looks to its erstwhile foe MOSCOW: Afghan President Hamid Karzai invited Russia on Friday to rebuild Soviet-era facilities in Afghanistan, courting a nation eager to expand its influence decades after the Soviet Union's costly war there. "We want to give a new start to vital projects that were begun very long ago," Karzai, on his second visit to Moscow in six months, said at a news conference with President Dmitry Medvedev after their talks in the Kremlin. The leaders issued a joint declaration in which Russia expressed its readiness to participate in "priority economic projects" in Afghanistan, some of them dating back to the Soviet era. The projects included the Salang Tunnel in the Hindu Kush mountains as well as hydroelectric power facilities in Kabul and Baglan
provinces, a customs terminal, and a university in the Afghan capital. Neither the declaration nor the leaders mentioned the cost or potential terms. Russia has said it would rebuild Soviet-era infrastructure in Afghanistan provided the international community underwrote the cost. The declaration expressed support for Russian involvement in a proposed gas pipeline from Turkmenistan to India via Afghanistan and Pakistan, subject to other countries' approval. Ex-Soviet Turkmenistan, eager to lessen reliance on long-dominant gas buyer Russia, has been cool toward Russian participation. Russia is seeking to increase its influence in Afghanistan, where Soviet forces fought a nearly decade-long 1980s war of occupation that contributed
to the Soviet Union's collapse. Karzai, whose country is eyeing the eventual withdrawal of US and Nato forces after their own decade-long war against the Taliban, said he wants to step up ties with Moscow. "Russia is a great power," Karzai said in a speech at Russia's Academy of Sciences. "And for us, Russia is ... a teacher." Moscow has ruled out sending troops to Afghanistan, where some 15,000 Soviet soldiers died fighting mujahideen insurgents before pulling out in 1989. With the Afghan government expected to take the lead in security nationwide by the end of 2014, Medvedev said Moscow would continue to help train and equip Afghan forces and provide transit routes for Nato. See # 9 Page 11
KARACHI: PML-Q Chief Chaudhry Shujaat Hussain talking to media after a meeting with MQM leadership during his visit to 90. APP
Big vow taken for MQM-â&#x20AC;&#x2122;Qâ&#x20AC;&#x2122; political JVs KARACHI: Pakistan Muslim League-Q and Muttahida Qaumi Movement Friday vowed to build a 'strategic relationship' with each other with a view to overcome current challenges facing the country on economic front and law and order. PML-Q President Chaudhry Shujaat Hussain and General Secretary Mushahid Hussain Sayed held a joint press conference with MQM leader Dr Farooq Sattar after visiting MQM Headquarters here. Dr Farooq Sattar on the occasion said that PML-Q leaders had assured MQM of extending all-out cooperation to the latter in Punjab and that MQM would reciprocate by supporting PML-Q in Sindh. "PML-Q is a real opposition party and Chaudhry Shujaat Hussain an actual opposition leader," he said. Sattar said PML-Q had shared with MQM its 5-point recommendations forwarded to the government, adding we See # 11 Page 11
India guns, shells part of Sialkot sector area SIALKOT: Indian border security forces opened unprovoked and indiscriminate fire at the Bajwat sector of Sialkot working boundary in the wee hours of Friday. Indian forces started firing and shelling at the Bajwat sector of Sialkot, targeting Pakistani check post of Bagh Shah Jamal at 4:15am on Friday. Panicked by shelling and gunfire, people rushed out of their houses. However, Punjab Rangers answered the Indian provocation in full and forced them retreat. There are no reports hitherto received regarding any casualties. Meanwhile Indian media See # 10 Page 11
India turns up the heat on its cotton exports NEW DELHI: India, the world's second top producer of cotton, stepped up pressure on sluggish exporters on Friday as the farm minister gave them more time to organise overseas sales and suggested export levels could rise. India, the world's secondbiggest producer, had permitted 5.5 million bales for exports from Oct. 1 but met a poor response because rains hit harvests. An initial deadline was extended until Feb. 25 for 1.7-1.9 million bales which went unshipped. Export deals have picked up pace due to an increase in arrivals in local markets but still short of meeting the quota. "The export window for India is open until March as the American cotton crop, which is in very good condition, will start coming to the market," Sharad Pawar told reporters. Decisions on exports are made by the trade ministry but Pawar's views are critical in shaping export policy. Increased exports also have a
knock-on effect on domestic prices, giving a double benefit to farmers. Overseas demand for Indian cotton has risen after bad weather hit crops in China and Pakistan, both leading consumers. At 1434 GMT, the New York cotton futures contract was up by 2.62 per cent at $1.569 per lb. Indian textile mill owners want more cotton available domestically rather than see Indian product used in competitors' materials. Pawar, whose portfolio makes him sensitive to farmers' concerns, said India could consider further exports as output increased. "We expect the cotton production to be slightly higher than the initial estimates. We will have to give a serious thought on further exports," he said. Pawar said India's cotton output in the current year from October may top 33.5 million bales as against 29.5 million bales in the previous year.Reuters
Japan extends $233mn soft loan ISLAMABAD: Japan has extended a soft loan of $233 million to Pakistan with a view to promote the economic stabilisation and development efforts in the South Asian country. The notes were signed and exchanged between Chihiro Atsumi, Ambassador of Japan to Pakistan and Mr Sibtain Fazal Halim, Secretary Economic Affairs Division, Government of Pakistan here on Friday. At the "Pakistan Development Forum" in November 2010, the Government of Japan pledged
$500 million worth of assistance, which aimed at rehabilitation and reconstruction of the areas affected by the floods. The soft loan combined two components. According to a press release, $174 million would be allocated for Khyber Pakhtunkhwa Emergency Rural Road Rehabilitation Project. It said that $59 million would be utilised to cover payment of essential items for flood disaster restoration such as food, fertilisers, seeds, construction material and construction machinery.-NNI
France will pay, threatens Bin Laden DUBAI: Al Qaeda leader Osama bin Laden said in an audio recording on Friday that the release of French hostages held in Niger depended on France's soldiers leaving Muslim lands. "President Nicolas Sarkozy's refusal to remove his forces from Afghanistan is nothing but a green light for killing the French hostages," a speaker, who sounded like the al Qaeda leader, said in an audio message broadcast on the pan Arab television station Al Jazeera. "But we will not do that at the time that he determines to try and finish off with the repercussions of his position, which will cost him dearly within France and outside of it," he said. This is the second tape that al Qaeda's leader, believed to be hiding in the mountainous border areas of Afghanistan and Pakistan, has released blasting French policy and linking the French presence in Afghanistan to the kidnapping of its nationals in Niger. Seven foreigners, including five French employees of Areva and Vinci, were kidnapped in Niger in September. Al Qaeda in the Islamic Maghrib (AQIM), the north African wing of the militant group claimed responsibility. AQIM also claimed responsibility last week for two Frenchmen found dead after a failed rescue attempt in Niger early January, but did not say how the men died. The Sept 16 kidnapping was an escalation in the hostilities between the militant group and France. AQIM killed 78-yearold Frenchman Michel Germaneu last July after French commandos took part in a failed raid to free him. France has eight hostages held across the world, five held by AQIM in Niger, two in Afghanistan held by the Taliban, and one in Somalia. Unlike Britain and Spain, France has never been attacked by al Qaeda at home, despite See # 7 Page 11
Iran sticks to its nukemindedness ISTANBUL: Iran gave no sign of making concessions to world powers bent on coaxing it to curb its nuclear program at talks on Friday, saying it would not discuss suspending sensitive uranium enrichment. Western leaders suspect Iran is working covertly to develop a nuclear weapon. Tehran says its atomic energy program is peaceful. The two days of talks in Istanbul are a follow-up to talks last month in Geneva, the first held in more than a year. Impatient with what some analysts have called Iran's zigzag diplomacy, the powers are looking for a clear sign from Tehran that it is ready to engage
in a way that helps engender trust, even if there is no substantive progress. Iran's National Security Council issued a statement, quoted by Iranian television, saying the first session of talks on Friday was held in a "positive atmosphere." Iran's nuclear negotiator Saeed Jalili is the council's secretary general. One of Jalili's aides in Istanbul drew a red line round its enrichment activities during the meeting. Uranium enriched to a low degree yields fuel for electricity or, if refined to a very high level, the fissile core of a nuclear bomb. "We will not allow any talks
linked to freezing or suspending Iran's enrichment activities to be discussed at the meeting in Istanbul," Massoud Zohrevand said. "So far this issue has not been discussed, has not been raised or mentioned by the other party," Zohrevand said. "Iran's nuclear rights cannot be discussed." European Union foreign policy chief Catherine Ashton heads the delegations representing six big powers -- Britain, China, France, Germany, Russia and the United States. "No one is expecting any big breakthrough, but Iran needs to show that it is interested in
engaging in a wider process," said one diplomat as the opening session began. Iran's nuclear standoff with the West has escalated in the past year, with the United Nations imposing new sanctions and Western states rejecting a revised proposal for Iran to swap some of its fuel abroad as too little, too late. "It is very important that Iran takes those negotiations seriously, that it is prepared to discuss its nuclear program in detail," Britain's Foreign Minister William Hague said during a news conference in New Zealand. "These negotiations are a test of
Iran's willingness to enter into, and to keep to its international obligations under the NonProliferation Treaty, and under successive resolutions of the UN Security Council," Hague said. Iran has ignored Security Council resolutions demanding it suspend enrichment, with trade and other benefits offered in return, and grant unfettered access for UN nuclear inspectors. The prospect of an Iranian atom bomb fans fears of a broader Middle East conflict should the United States or Israel opt to attack it, a mooted last-ditch option should diplomacy fail.
The first session of two hours on Friday morning ended with the two sides looking for common ground. "The first round is over and talks will continue today and tomorrow to find neutral points," the Iranian Student News Agency (ISNA) reported. The big powers were expected to dust off existing proposals to find a platform to move forward from. "The existing offer from 2008 to build trust is still on the table. Essentially we will reiterate that," the Western diplomat said. He was referring to a package of economic, political and other incentives offered to Tehran if
it agrees to mothball enrichment-related activities. That package, an enhanced version of one spurned by Iran in 2006, held out prospects for civil nuclear cooperation and trade in civil aircraft, agriculture, energy and high technology. In their search for an opening, the powers may go back to proposals for a nuclear fuel swap, whereby Iran would part with low-enriched uranium (LEU) in exchange for highly processed fuel to keep a Tehran reactor that makes medical isotopes running. The goal, for Western powers, See # 8 Page 11
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