International Karachi, Friday, October 22, 2010, Zul-Qa’dah 13, Price Rs12 Pages 12
President vows steps for masses welfare
Pak-US ministerial level talks begins today
See on Page 12
US Okays $40mn for agro-ventures
See on Page 12
We have our strategy against militancy: FO
See on Page 12
See on Page 12
Supreme court sends Article 175-A back to Parliament
Economic Indicators $17.10bn 13.77% $5.18bn $9.03bn $(3.85)bn $(545)mn $2.65bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $100.90mn -3.85% 4.10% $1,051 170.85mn
Forex Reserves (15-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Sep 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
SC orders legal reforms revision PM hails SC verdict, says it enhances Houses respect
Portfolio Investment SCRA(U.S $ in million)
66.26 17.03 11.11 2505
Yearly(Jul, 2010 up to 20-Oct-2010) Monthly(Oct, 2010 up to 20-Oct-2010) Daily (20-Oct-2010) Total Portfolio Invest (15 Oct-2010)
NCCPL
KARACHI: Governor Sindh Dr Ishratul Ebad Khan presiding over a meeting of PPP and MQM leaders at Governor House here on Thursday. -APP
(U.S $ in million)
FIPI (21-Oct-2010) Local Companies (21-Oct-2010) Banks / DFI (21-Oct-2010) Mutual Funds (21-Oct-2010) NBFC (21-Oct-2010) Local Investors (21-Oct-2010) Other Organization (21-Oct-2010)
0.36 -2.90 2.92 0.34 -0.11 -0.24 -0.37
Global Indices Index Close KSE 100 10,558.74 Nikkei 225 9,376.48 Hang Seng 23,649.48 Sensex 30 20,260.58 ADX 2,807.50 SSE COMP. 2,983.53 FTSE 100 5,775.35 *Dow Jones 11,192.96 *Last Updated 20:00 PST
Change 72.72 5.12 92.98 388.43 21.01 20.42 46.42 84.99
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.67 21.09 181.16 2.00 42.95 1.70 36.51 9.79 33.64
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.77% 13.08% 13.22% 13.50% 12.76% 12.99% 13.22% 13.61% 13.71% 13.62% 13.74% 13.80% 14.21% 14.33% 14.51%
20-Oct-2010 20-Oct-2010 20-Oct-2010 29-Sep-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010
Commodities *Crude Oil (brent)$/bbl 83.41 *Crude Oil (WTI)$/bbl 82.07 *Cotton $/lb 114.80 *Gold $/ozs 1,343.90 *Silver $/ozs 23.93 Malaysian Palm $ 958.30 GOLD (NCEL) PKR 37,217 KHI Cotton 40Kg PKR 8,091 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 83.90 Canadian $ 83.30 Danish Krone 14.90 Euro 118.80 Hong Kong $ 11.00 Japanese Yen 1.041 Saudi Riyal 22.83 Singapore $ 65.50 Swedish Korona 12.00 Swiss Franc 88.00 U.A.E Dirham 23.33 UK Pound 135.00 US $ 86.00
84.90 84.30 15.30 120.30 11.30 1.067 23.00 66.50 12.50 88.50 23.50 137.00 86.30
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
84.37 83.79 16.01 119.44 11.06 1.054 22.89 65.94 12.88 88.84 23.37 135.74 85.90
84.57 83.99 16.05 119.72 11.08 1.057 22.95 66.10 12.91 89.05 23.43 136.05 86.08
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
29°C 36°C 33°C 34°C 27°C 31°C
MIN
18°C 23°C 24°C 20°C 5°C 20°C
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FM says Pak favours trade over aid
US urged trade breaks like EU WASHINGTON: Foreign Minister Shah Mehmood Qureshi urged the United States to open its markets to Pakistani goods for supporting Pakistan's economic recovery and sustained development. "We need trade, not just aid," he told a distinguished gathering at Brookings Institute, a Washington-based think-tank, as US-Pakistan Strategic Dialogue enters its second day. "We do not seek dependency, we seek economic viability," the foreign minister said in a wide-ranging speech in which he also reaffirmed Pakistan's commitment to
fight extremism and terrorism. Stating that economic growth was its priority, the foreign minister said, "We need the Untied States to open up its markets to our products, like the European Union has resolved to do, so that our factories can create jobs for our people, and give young Pakistanis hope for their future. He also urged the United States to pass legislation for Reconstruction Opportunity Zones for Fata as also a Free Trade Agreement with Pakistan. Stating that US-Pakistan See # 7 Page 11
1Q services trade deficit falls 1.8pc Aamir Abidi KARACHI: Country's services trade deficit declined 1.8 per cent in first quarter of fiscal year 2011 over the same period of previous year. Trade gap in services stands at $705.73 million in JulySeptember 2010 against $718.53 million in the corresponding period of previous fiscal, according to State Bank of Pakistan (SBP). The main reason of decline in services deficit was higher service export proceed on
account of remittances received from international organisation to government, according to the TFD analyst. Services export increased 15.2 per cent to $965.36 million in 1QFY11 against $837.90 million in the identical period same period. The imports of services hiked 7.4 per cent to $1.67 billion in the said period against $1.55 billion in the same period of previous year. During the period, country has generated through services See # 8 Page 11
SBP directed to resend notices
Defaulters told to face top court ISLAMABAD: Supreme Court of Pakistan Thursday directed State Bank of Pakistan to repeat notices to the beneficiaries of written off bank loans, asking them to appear before the apex court on October 29.
A three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil ur Rehman Ramday resumed hearing of a suo moto case related to waiving off See # 9 Page 11
PPP, MQM shake hands on Khi peace Staff Reporter/ Agencies KARACHI: In the greater interest of peace, reconciliation policy would be followed. This was the crux of the meeting held between MQM and PPP here at Governor House Thursday. The meeting was attended by Home Minister Sindh Dr Zulfiqar Mirza, Interior Minister Rehman Malik. Governor Sindh Dr Ishrat-ul Ebad Khan was also present on the occasion. According to the media, during the meeting issues like deteriorating law and order and continuous killing spree in the city were discussed in length. Both coalition partners agreed to sort out political differences through dialogue. Earlier, Home Minister Mirza has said that no major operation was being conducted in Karachi but action would be taken against the culprits and peace-destroyers. Talking to media at Mardan House after holding a meeting with ANP Sindh President Shahi Sayed, he said that action will be taken against only those involved in criminal activities.
Hina acclaims US economic assistance ISLAMABAD: State Minister for finance Hina Rabbani Khar has said US is playing pivotal role in the economic stability of Pakistan. Hina Rabbani Khar said this while giving a briefing to media men at ministry of finance here Thursday. Seeking access to European markets for Pakistani products during the 3rd ministerial meeting of Friends of Democratic Pakistan held in Brussels was big achievement for Pakistan, she held. "We are distributing three billion dollars among the flood affectees from our own resources but 6 to 9 billion dollars are required for flood victims", she maintained. See # 6 Page 11
ISLAMABAD: Supreme Court of Pakistan Thursday ordered Parliament to review controversial procedure of appointing judges but stopped short of scrapping the constitutional amendment introduced this year. "We would like to refer to the parliament for reconsideration, the issue of appointment process of judges to the superior courts," said the judgement read out by Chief Justice Iftikhar Muhammad Chaudhry. Lawyers argue that appointing judges through a commission headed by the chief justice, but with nominations approved by lawmakers, infringes the independence of the judiciary. "To enable the Parliament to proceed and reexamine the matter in terms of the observations made above, these petitions are adjourned to a date in the last week of January 2011,"
said the order signed by 17member bench of apex court. But the ruling upheld the appointments of judges already made under the new procedure and fresh appointments likely to be made in the future. "In these circumstances and till such time these petitions are decided, Article 175-A has to be given judicial enforcement," it said. Experts said Thursday's ruling would ease tensions between the judiciary and the executive. "The court has accepted parliament's jurisdiction under the constitution and it has also conveyed its apprehensions (to parliament)," said prominent human rights activist Asma Jahangir. Retired Supreme Court judge Fakhruddin Ibrahim said: "I am happy that the Supreme Court in its judgement has conveyed that we do not want to indulge
in a conflict with the executive." Prime Minister Syed Yousuf Raza Gilani said Supreme Court's decision on the 18th Constitutional Amendment has further enhanced respect of the Parliament. Talking to media after visiting the Nadra headquarters, Gilani said the government in consultation with the Speaker of the National Assembly and Parliamentary Committee would proceed on the matter in line with the verdict of the Supreme Court. Gilani said being an "old parliamentarian" and former Speaker of the National Assembly he had earlier remarked that the decision would be "positive" and now everyone has seen it. "The respect of the Parliament has been further enhanced. The judiciary has See # 3 Page 11
Forex kitty swells to record $17.10bn
FO welcomes Obama’s Pak visit plan
Staff Reporter KARACHI: Pakistan's foreign exchange reserves rose to a record $17.10 billion in the week ending October 15, up from $16.97 billion the previous week, the State Bank of Pakistan (SBP) (SBP) said on Thursday. Reserves held by the State Bank rose to a record $13.26 billion from $13.15 billion, while those held by commercial banks also rose to $3.84 billion from $3.82 billion, said Syed Wasimuddin, chief spokesman of the SBP. "The rise is due to increase in remittances from overseas
Pakistanis and a narrowing trade deficit," said Wasimuddin. Pakistan's reserves were boosted last month after the IMF sent Pakistan $450 million and said that the money would go toward Pakistan's budget to help with additional spending for flood relief and immediate foreign exchange needs. This was separate from the $11 billion IMF bailout programme, agreed to in 2008. In May, Pakistan received $1.13 billion, the fifth tranche of the programme. Officials are due to meet next week to discuss the release of the sixth tranche.
Shaikh meets Fund officials for next tranche
IMF to give final
word next week WASHINGTON: A delegation of International Monetary Fund (IMF) will visit Pakistan next week to discuss economic reforms and release of due tranche of the $11.3 billion package, federal information and broadcasting minister Qamar Zaman Kaira said. The minister was briefing media persons after a meeting between Pakistani Finance Minister Dr Abdul Hafeez Shaikh, Minister for Water and Power Raja Pervaiz Ashraf,
Deputy Chairman Planning Commission and IMF Mission Chief for Pakistan Adnan Mazarei and his team. Kaira said the Senate and National Assembly, meeting on Nov 1, will take up legislation on economic and financial reforms. The information minister also disclosed that a meeting of Pakistan Development Forum will be held after a period of three years on Nov 14- 15 in See # 5 Page 11
WASHINGTON: US President Barack Obama will not visit Pakistan during his trip to Asia next month, but he is committed to a trip there in 2011, as well as welcoming Pakistani President Asif Ali Zardari to Washington, the White House said on Wednesday. Obama would be traveling to India, Indonesia, South Korea and Japan from next month. Managing the complex US relationship with Pakistan, including Islamabad's role in the US-led Afghanistan war, is one of Washington's most difficult foreign policy challenges. Despite a commitment of $7.5 billion in US aid over five years and substantial US aid after See # 4 Page 11
SECP starts probe into AMTEX shares ISLAMABAD: In view of the volatility in the share price of AMTEX Ltd during the last three months, the Securities and Exchange Commission of Pakistan (SECP) has initiated an investigation into trading of its shares. The SECP, in a statement issued here Thursday said that its investigation team was probing all aspects associated with trading, including the withdrawal of dividend by the company. -Agencies
Asia leads recovery amid risks: IMF JAKARTA: Asia is leading the global recovery but must beware of some risks like inflation and "excessively easy" domestic finance fuelled by foreign capital inflows, the International Monetary Fund said on Thursday. The Fund's latest economic outlook for the Asia-Pacific region said growth would moderate in 2011 in the advanced economies while remaining "particularly strong" in China, India and Indonesia. It also said "greater exchange rate appreciation" may be needed to shield countries from
hot money inflows. "Greater exchange rate flexibility offers an important buffer against the risk posed by large capital inflows," the report said. China's allegedly undervalued yuan has been the target of strong complaints from the United States and Europe, who say Beijing is unfairly gaining a trade advantage by cheapening its exports. Global currency wars are expected to be high on the agenda at a Group of 20 finance ministers' and central bankers' meeting in South
Korea this weekend. A draft communiqué issued ahead of the meeting promises a more "market-determined exchange-rate system", reflecting an often-used US expression meant to discourage countries from intervening in currency markets. The IMF called on Asia to boost investment in infrastructure to encourage private sector investment and underpin domestic demand, which would be a key to the region's long-term growth. It said exports would slow from the very high rates of
2009 and early 2010, helping to at least narrow some of the international trade gaps that have given rise to fears of protectionism and currency wars. Asia's current account surplus would shrink to about 3.0 per cent of regional GDP in 2010 and 2011, from about 5.0 per cent in 2007, making a "modest contribution to the narrowing of global imbalances," the IMF said. But it added: "The relatively limited reduction in projected surpluses over the medium term would contribute to global imbalances remaining ele-
vated." Asia's strong economic expansion and growing signs of inflation suggested the region had "reached the threshold to normalise policy stances across the region". "Many economies have started to take steps in this direction," it said, two days after Beijing announced its first interest rate rise in three years. Other Asian countries such as India, Singapore and Thailand have also increased the cost of borrowing recently to curb rising consumer prices. Chinese consumer prices
rose at their fastest pace in nearly two years in September, official data showed Thursday. Monetary tightening and other measures would also help reduce the risk of overheating as foreign capital, seeking better returns than currently available in Europe and the United States, pours into the region, the Fund said. "Continued capital inflows may also pose risks to financial stability if they are associated with excessively easy domestic financial conditions," the report said. -Agencies
2
Friday, October 22, 2010
FPCCI condemns Karachi killings Staff Reporter
KARACHI: Sindh Chief Minister Syed Qaim Ali Shah presiding over a meeting regarding house schemes for flood affected people at Chief Minister House.-APP
Dr Baig to inaugurate textile expo KARACHI: Federal Advisor on Textiles Dr Mirza Ikhtiar Baig will inaugurate 6th International Garment, Textile Machinery & Accessories Exhibition (IGATEX) at Lahore Expo Centre, said a handout issued here. There are more than 450 foreign companies from 33 countries participating in IGATEX this year. Dr Baig emphasised the importance of 3 Years EU Trade Concessions mainly for Pakistan textile products which will enhance our exports and would encourage new investments and industrialization in the country. Federal Advisor Textile informed that there is a good opportunity for the supplier of textile machinery to sell their machines to Pakistan.-PR
CFC preaches need for change Staff Reporter KARACHI: In a country where players often favour maintaining status quo, an entity called 'The Center for Change' (CFC) has been launched. talking at the launching ceremony chief executive of CFC Firasat Ali said, "A passion for change and a commitment to success are the two prominent features of an outstanding life". He added, "I am a strong believer that people who know the art of transforming fear and pain into power and
pleasure can achieve any thing and are masters of their destinies". Talking about the agenda Basheer Chowdry, Chairman CFC said, "The word change is often used and quoted for progress and growth but is seldom understood in its true perspective. In any evolutionary context it stands for efficiency, agility, and flexibility". Dilating the need for change he said, "The decay of civilisation starts with the decay of its individuals. Stagnated and stale institutions
cause the deterioration. The ruling elites in order to preserve and protect their vested interest resist change. Individuals are robbed of dynamic and progressive thought process and empowerment". Both Firasat and Basheer want Pakistanis to join this endeavor for empowering the masses. They strongly believe that Pakistan could become a strong regional player by overcoming most of its woes through good governance and empowering the masses.
PAIF greets new KCCI head
FRIDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:05 13:00 15:05 14:00 15:15 16:00 16:02 16:30 17:00 17:05 18:00 18:05 19:00 19:30 20:00 20:05 21:00 22:00 22:05 23:00 23:05
Programmes Pakistan Aaj Raat (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Islamabad Say (Rpt) News Siyasat Mana Hai (Rpt) News Power Lunch News Akhri Suada Karobari Dunya News Ghar Ka Kharch (Rpt) News Chai Time Headlines Mang Raha Hai Pakistan Headlines Islamabad Say Pakistan Aaj Raat Headlines Dosra Pehlu News Siyasat Mana Hai
KARACHI: Bilal Mustafa CEO, Bank of Khyber receiving 1st Global CEO Excellence Award in Banking Sector from Federal Minister for Petroleum & Natural Resources Naveed Qamar.-Photo by Imran Sharif
DHA honours eminent teachers, students KARACHI: DHA Education Directorate honoured the outstanding students and teachers of DHA educational institutions in a ceremony held here on Thursday. Director Education DHA, Brig (Retd) Iftikhar Arshad Khan was the chief guest of the function. Speaking on the occasion, he stressed upon the need of achieving highest standards of learning and teaching through knowledge based education.
FRIDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Awam Ki Awaz 23:00 News 23:30 24
Brig Iftikhar said that excellence in all fields of learning was essential to achieve success in life. He reiterated that knowledge is a potent force which empowers human beings and opens unlimited avenues and vistas of progress and prosperity in life. Brig Iftikhar urged the students to strive for excellence in learning and to go forth to serve the society with honour and distinction. The O and A level stu-
dents who received the awards for their distinguished performance included the star student Nimra Jawed of DHA Public School (O&A levels) for securing a World Ranking of Top Three for Sociology in the CIEO Level Exams, 2009 while Rehama Obaid of the same school was given an award for obtaining 12 As in the O Level Exams, 2010. Saad Ali Shah who secured 11 As in O Levels was also given an award.-APP
PQGTL now ACCA okayed employer Staff Correspondent
TV PROGRAMMES
KARACHI: Muhammad Mansha Churra, Acting President of the Federation of Pakistan Chambers of Commerce and Industry strongly condemned the recent incidence of target killing of the innocent citizens by unidentified armed men in various part of the city. He said this in view of the deteriorating law and order situation, which has made it virtually impossible for the business community to continue their operational activities smoothly causing devastating impact on the country's economy and export. The present prevailing disturbances in Karachi has also deprived thousands of daily wage earners from earning their livelihood. FPCCI, Acting President urged the government to ensure foolproof security in the business hub of the country, as it is the prime responsibility of the government to provide protection, safety and security in order to keep the industrial wheels running which would help normalise the situation. He also said that if the current situation prevails the national economy will continue to incur losses of Rs5 billion per day.
KARACHI: Pak-Qatar Family Takaful Ltd and Pak-Qatar General Takaful Ltd (PQGTL) have achieved the status of approved employer by ACCA Global in recognition of their existing inhouse training policies and active support to the continued professional development of their finance professionals. In this regard a ceremo-
ny was held at Pak-Qatar Takaful office today in which Taimur Beiram Khan, Business Development Manager presented the Approved Employer certificate to Kamran Saleem, CFO and Osama Javed Usmani, Head of HR Pak-Qatar Takaful Group. Pak-Qatar Takaful group is currently registered at silver level in the Trainee Development Stream with ACCA
Global. This partnership will help Pak-Qatar Family Takaful Ltd. and PakQatar General Takaful Ltd. in attracting quality human resource. It will further streamline the certification process of their audit and finance team. Pak-Qatar Takaful Group, comprising of both Family and General Operations is the fastest growing Takaful group in the region.
LAHORE: The LCCI President Ali Malik, Senior Vice President S Muhammad Arshad & Vice President Sohail Azhar with the Convener Standing Committe on Cottage Industry Ghulam Sarwar Malik and other members.-Staff Photo
LAHORE: Pakistan Industrial & Traders Associations Front (PIAF) Chairman Irfan Qaiser Sheikh has congratulated the newly elected President of Karachi Chamber of Commerce & Industry Muhammad Saeed Shafiq, Senior Vice President Talat Mehmood and Vice President Junaid Ismail Makda. In his message to the newly elected officebearers of Karachi Chamber of Commerce & Industry on Thursday, Irfan Qaiser Sheikh hoped that they would be able to help revive business activities that have nose-dived due to multiple challenges being faced by the country. He said that deteriorating law & order situation and daily killing of dozens of people in Karachi are putting a very negative impact on business atmosphere all over the country. He hoped that the KCCI newly elected leadership will definitely succeed in restoring the business activities in the larger city of the country by utilising their best abilities.-PR
Businessmen assured legislative representation KARACHI: Deputy Speaker Sindh Assembly Syeda Shehla Raza on Thursday assured Karachi Chamber of Commerce and Industry (KCCI) leadership to lobby for legislation guaranteeing maximum participation of the business community in the Provincial Assembly's business relating to economic issues. "Pakistan Peoples Party (PPP) Government believes in public-private partnership. We see private sector as the major player in revenue generation and development of the country," she said during his visit to Karachi Chamber of Commerce and Industry here. The Deputy Speaker was welcomed by Acting President KCCI Talat Mahmood , Vice President KCCI Junaid Makda , past president KCCI Anjum Nisar , senior KCCI leaders Shamim Ahmed Firpo, Shamsul Islam. Syed Shehla Raza said
PPP-led Government will utilise all available options to maintain peace and security in the city at the earliest possible. We would not hesitate to take any action against the antisocial elements who wanted to destroy peace and economy of Karachi which leaves multiple negative impact on the country's economy. She said her party has never supported any individual or mafia involved in any unlawful activities, nor would do it in future. "PPP has no association with People's Peace Committee. The word people's is not our property and it can be used by any one," she said adding her party would be playing impartial role in the interest of the public and the country. PPP Government is ready to react very efficiently to ensure security to life and property of people, she asserted. She assured the KCCI
leaders to extend all out support in the Assembly for new legislation to strengthen the business community's role/participation in making policies dealing with trade, industry and finance issues. On proposed flood tax, she said it would be discussed in detail in the Cabinet and the business community being an important stakeholder would be taken into confidence before the final decision. She also urged businessmen to increase their liaison with the Government and the concerned institutions to promote a team work under the theory of private -public partnership. Acting President KCCI Talat Mahmood, Vice President Junaid Makda , Anjum Nisar and other senior business leaders spoke of various problems/irritants facing trade and industry leading decline in production and the exports.-APP
Germany going all out to help victims Zahid Karani KARACHI: Germany is willing to extend all possible assistance and support to Pakistani people to help get back on their feet and rebuild their lives after the tremendous destruction of the recent floods. These views were expressed by Ute Koczy, leader of a six-member delegation of German parliamentarians currently visiting Pakistan on a fact-finding tour. Koczy, who is Member of Parliament representing the Greens Party in the Bundestag said they wanted to learn first hand about the destruction caused by the floods and shortlist and identify the
areas where Germany could be of assistance. Speaking to the media, at a dinner by Consul General of Germany Dr Christian Brecht, the German parliamentarians said their team's visit had been ordered by the Bundestag because the parliament wanted to apprise itself about the destruction, and what sort of assistance was needed in the flood devastated areas. Koczy said the basic infrastructure that needed to be rebuilt was the responsibility of the Pakistan government and they should get on with this task on top priority basis. She added that the elite and rich people of
Pakistan owed it to their poor brethren to share their sorrows and help them in their time of need. She pointed out that the Pakistani elite could do much more than all that they had done to date. The leader of the German parliamentary delegation said her team was astonished to learn about the extent of wealth the elite in this country possessed and that they had done so little to help their suffering countrymen in the flood devastated areas. The delegation which comprises four women and two men will also visit the coastal areas of Sindh to assess flood damage.
KARACHI: The Consul General of the Federal Republic of Germany Dr Christian Brecht, hosted a dinner to meet the Visiting German parliamentarian delegation at his residence.-Staff Photo
Pak cos going to French food fair ISLAMABAD: A pavilion had been set up with participation of 18 Pakistani companies under the aegis of Trade Development Authority of Pakistan (TDAP) at SIAL, Global Food Marketplace, considered as number one industry meeting place. This fair is held every two years and its latest edition is organised in Villepinte near Paris from October 17-21. In SIAL exhibitors from more than a hundred countries participated including Turkey, Brazil, Mexico, Peru, India, China and Sri Lanka, said a press release received from Paris on Thursday. Pakistani participants of the Fair were mainly
exporters of rice and spices. Deputy Head of Pakistan Mission Rafiuzzaman Siddiqui visited the Fair and met individual Pakistani exhibitors. Press Counselor, Tahir Khushnood and Commercial Counselor Suriya Butt accompanied him. Commercial Section, Embassy of Pakistan, Paris provided full support and coordinated with the fair organisers TDAP and the French embassy in Pakistan to facilitate the Pakistani exhibitors said that they were receiving good, positive response from international buyers. -APP
KARACHI: Director Education DHA Brig (Retd) Iftikhar Arshad Khan Giving a certificate of distinction to a teacher at the ‘Day of Achivement’ ceremony held at the auditorium of Defence Authority College For Women Ph-VIII.-Staff Photo
ISLAMABAD: Iftikhar Ali Malik, Vice President and Iqbal Tabish, SG-SAARC CCI meet Consul General of USA at dinner hosted by Jahanzeb Khan at Abbot House. The others seen in the picture include Kosar Naqvi, Rashid Javed.-Staff Photo
3
Friday, October 22, 2010
Euro up slightly against dollar in choppy trade
Swiss franc eases versus euro, dollar
Interest rate differentials continue to favor euro NEW YORK: The euro was slightly higher against the dollar on Thursday in choppy trade as investors wrestled with uncertainty over the size and shape of expected US monetary easing. With unemployment hovering around 9.5 per cent, the Federal Reserve is widely expected to pump more money into the economy, likely through direct purchases of Treasury debt. Reflecting this, the spread between three-month interbank dollar and euro rates has steadily widened in the euro's favor, making it more attractive to global investors. But the size, shape and timing of the Fed's move has left investors guessing, and nearly two months of speculation has given them plenty of time to sell the dollar, pushing it to extreme levels against some major currencies. "There is a touch of appre-
hension in the market, and concerns are building about how hard the Fed's going to hit and what the market reaction will be," said C.J. Gavsie, managing director of FX sales at BMO
Capital Markets. "So we've got to be cautious about getting too bearish on the dollar." The euro rose as high as $1.4050 overnight but retreated in the New York session, with traders citing selling by Middle East accounts. It was lately up 0.1 per cent to $1.3973. The European Central Bank, in contrast to the Federal Reserve,
has talked about winding up some of its stimulus programs. Eurozone governments are preparing a tough slate of spending cuts and tax increases to get public finances in order. The Obama
administration says the time is not right for belt tightening as the US recovery is very fragile. Traders said Asian demand helped boost the single currency. Many Asian central banks have been investing their proceeds from intervention in their currency markets into euros. Against the yen, the dollar continued to hover near a 15-
Asian currencies
Rebound after China rate hike provides bargains BANGKOK: The Malaysian ringgit and Singapore dollar rose in choppy trade on Thursday, boosted by dealers scooping up cheapened Asian currencies after China's rate hike caused a shift out of riskier currencies a day earlier. However, the South Korean won slid with uncertainty remaining high about the pressure on developing economies to let their currencies appreciate at the G20 finance ministers meeting this weekend. The Malaysian ringgit rose almost a third of a per cent to 3.1130 per dollar, tracking a broad Asian rally. "The ringgit is tied to the euro and dollar offers
from exporters. But looking at the last two hours, the market is giving very little chance for the euro to come off rapidly." A Kuala Lumpur-based trader said. Short-term dollar/peso NDFs were bid down with the most liquid one-month dollar/peso NDFs falling to 43.41, some 12 points higher than the spot and implying a 0.26 per cent onemonth fall from the spot. The spot peso rose 0.34 per cent to 43.23 against the dollar after Geithner's comments. The won eased after Geithner's comments and on concerns of possible Korean regulations to curb foreign inflows. But the Finance
Sterling dented by weak UK data LONDON: Sterling hit a 6-1/2 month low against the euro on Thursday after weak UK retail sales data increased concerns that Bank of England policymakers may opt to inject more stimulus into a faltering economy. British retail sales unexpectedly fell for the second month in a row in September, lending weight to the view that the UK
economic recovery has peaked. The data dented the pound, which has come under selling pressure since BoE minutes on Wednesday showed one policymaker, Adam Posen, calling for a resumption of stimulus through quantitative easing. At 1502 GMT, the euro was up 0.8 per cent at 88.81 pence, having earlier touched a high of 89.07 pence, its strongest since March 31, though it struggled to sustain a move above 89. Falls versus the euro helped
push sterling's trade-weighted index down to 78.6, its weakest in nearly five months, while the pound fell 0.4 per cent against the dollar to $1.5775. CMC Markets analyst Michael Hewson said 88.95 pence was a key technical level, marking the 61.8 per cent retracement of the down move from just above 94 pence in October 2009 to just below
81 pence in June this year. Analysts and traders were concerned about growing evidence the UK economy was weakening even before the government embarks on an unprecedented drive to slash public spending in a bid to cut the country's debt burden. Data from the BoE on Thursday showed lending to UK firms rose in August for the first time since February, but mortgage approvals fell to their lowest since April 2009. Reuters
Ministry denied a newspaper reported the government decided to impose taxes on short-term debt. The won was quoted at 1,128.5 per dollar, down 0.1 per cent from its close. It had earlier strengthened to 1,120. The Thai baht rose nearly a quarter per cent early, tracking broad Asian rally as markets quickly discounted China's surprise rate rise. Dollar/baht was bid at 29.84 in afternoon against 29.90 late on Wednesday. The baht has gained 2.9 per cent in the past month and 11.6 per cent this year, making it the secondstrongest Asian currency after the yen. -Reuters
Taiwan $ up as USD struggles TAIPEI: The Taiwan dollar rose on Thursday as the US currency gave up initial broad gains sparked by reported comments from US Treasury Secretary Timothy Geithner. Despite a boost to the US dollar after Geithner said in an interview with the Wall Street Journal that major world currencies were roughly in alignment, dealers in Taipei said the unit struggled on the day. That allowed the Taiwan dollar's to end trade at T$30.869 per US dollar, up from its Wednesday close of T$30.93. "The Taiwan dollar was tracking the US dollar all day, and I can't see any other factor moving it," a dealer in Taipei said. China data showing a slowdown in economic growth to a still healthy level had little impact on markets following the country's surprise rate rise on Tuesday. The Taiwan currency rose this month to a two-year high against the US dollar. Other Asian currencies have risen strongly as well. Suspected intervention by Taiwan's central bank pared some of the local currency's gains. The authority regularly intervenes to control volatility. Investors are awaiting cues from Friday's G20 leadership meetings in South Korea. -Reuters
Australian & NZ dollars ease, buoyant China caps losses WELLINGTON/SYDNEY: The Australian and New Zealand dollars dipped on Thursday after the US dollar bounced on a round of shortcovering, but losses in the pair were limited by data showing China's economy was still charging ahead. The Australian dollar fell as far $0.9814 after US Treasury Secretary Timothy Geithner was quoted by the Wall Street Journal as saying some major currencies were "roughly in alignment". That sparked a round of short-covering in the US dollar as some took the comment to mean the ailing US currency may have found a floor against the euro and the yen. But the bounce in the US dollar receded into the background after a suite of China economic data showed the world's second-biggest economy was still growing impressively. By late trade, the Australian dollar was down at $0.9815. Support was seen at $0.9800, a break of which could fuel selling as stop-loss orders were lined below it. On the flip side, buy orders
seen above $0.9910, $0.9960 and $1. A strong Chinese economy bodes well for commodity currencies such as the Australian and New Zealand dollars as China is the biggest buyer of Australia's commodity exports. With China's voracious commodity demand driving Australia into a record trade boom, some analysts said the solid Chinese data argued for the hawkish Reserve Bank of Australia (RBA) to raise rates sooner rather than later. The market sees only a one-in-three chance of rates rising to 4.75 per cent at the RBA's November 2 policy meeting. The New Zealand dollar was also soft at $0.7492, down from opening levels about $0.7550, but still up from $0.7468 late on Wednesday. Solid support for the kiwi seen from Wednesday's low of $0.7426, with heavy resistance about $0.76. The Aussie pushed higher against the Kiwi to be at NZ$1.3098, still well within familiar ranges of the past month. -Reuters
year low and was last trading flat at 81.16. Sterling fell 0.5 per cent to $1.5753 as weak retail sales data stoked speculation that the Bank of England could engage in more monetary easing. Traders were far from convinced G20 ministers would solve once and for all their exchange rate disagreements at a weekend meeting. Some said there was reluctance to take extreme positions one way or the other. But Chris Turner, chief currency strategist at ING, said that if the G20 acknowledges that emerging Asia will have to reform their exchange rate systems and embrace flexibility, it would make a good start to address the global currency war. "Such an outcome should trigger more flows into the short dollar/Asia trade," he added. -Reuters
ZURICH: The Swiss franc eased against both the euro and the dollar on Thursday, with further losses against the greenback eyed, after the US Treasury Secretary said major currencies were roughly in alignment. "Dollar/Swiss looks to be supported by overnight comments from Geithner in the WSJ," Informa Global Markets analyst Tony Nyman said. US Treasury Secretary Timothy Geithner suggested that he sees no reason for the dollar to sink further against the euro and the yen, saying these major currencies are "roughly in alignment", the Wall Street Journal reported on Thursday. The franc was down 0.2 per cent against the euro compared to the New York close, trading at 1.3462 per euro at 0627 GMT. The franc fell 0.2 per cent against the dollar to 0.9638 per dollar. The franc touched an alltime high of 0.9461 per dollar on Sept. 14. -Reuters
Yuan ends higher after fixing error raises appreciation view SHANGHAI/HONG KONG: Spot yuan closed up against the dollar on Thursday after an incorrect fixing prompted some speculation that Beijing may be preparing for another revaluation in the Chinese currency. In just several minutes, the China Foreign Exchange Trade System (CFETS) revised the mid-point set by the People's Bank of China to 6.6695 to the dollar from the initial incorrect posting of 6.6495, which was a record high, before the market opened. But offshore dollar/yuan forwards rebounded to imply less yuan appreciation as investors avoided positioning aggressively on one side ahead of weekend meetings of G20 finance ministers in Gyeongju, South Korea. "The fuss surrounding the wrong mid-point underlined the nervousness of the market on how the PBOC will act on the currency front after the rate hike," said a dealer at a major Chinese commercial bank in Shenzhen. "But it appears that original market expectations -- a pause
of yuan appreciation for a few days -- is about right," he said. "Ironically, however, the wrong mid-point appears to have helped strengthen sentiment towards yuan appreciation." Trading was not affected by a suite of economic data officially posted on Thursday as the figures were broadly in line with forecasts, dealers said. The yuan closed at 6.6504 against the dollar, up from Wednesday's close of 6.6519 and far stronger than the official corrected yuan mid-point of 6.6695. The yuan has appreciated 2.64 per cent since the PBOC announced its depegging to the dollar on June 19, although its rise has still lagged far behind a nearly 10 per cent plunge in the US dollar index during the same period. Offshore, benchmark oneyear dollar/yuan non-deliverables NDFs rebounded to 6.4245 in late trade from an early low of 6.4000, with their implied yuan appreciation in a year's time dropping to 3.81 per cent from 4.21 per cent. Reuters
Indian rupee rises on stocks, outflow MUMBAI: The Indian rupee gained marginally on Thursday as bullishness due to share gains and weakness in the dollar was offset by concerns of foreigners repatriating funds after the country's largest initial share sale allocation. Coal India's initial public offering worth up to $3.5 billion was oversubscribed in the retail portion on Thursday, adding to its huge institutional demand and hinting at success for the Indian government's upcoming share sales. On Wednesday, the last day for bidding by institutions, the IPO was covered over 15 times. The partially convertible rupee closed at 44.30/31 per dollar, 0.1 per cent stronger than its previous close of 44.35/36. So far this year, foreigners have bought shares worth a record $23.8 billion, in addi-
tion to last year's $17.5 billion. One-month offshore nondeliverable forward contracts were quoted at 44.60, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.37, 44.3650 and 44.3675 respectively, with traded volume on the three exchanges at a low of $5.6 billion. -Reuters
Top Economic Events Time 13:00 16:00 16:00 17:30 17:30
Source EUR CAD CAD CAD CAD
Events German Ifo Business Climate Core CPI m/m CPI m/m Core Retail Sales m/m Retail Sales m/m
Source
Events
CNY CNY CNY CNY EUR EUR EUR EUR EUR EUR GBP CAD USD
CPI y/y GDP q/y Industrial Production y/y PPI y/y French Flash Manufacturing PMI French Flash Services PMI German Flash Manufacturing PMI German Flash Services PMI Flash Manufacturing PMI Flash Services PMI Retail Sales m/m Leading Index m/m Unemployment Claims
Forecast 106.5 0.3% 0.2% 0.5% -0.1%
Previous 106.8 0.1% -0.1% -0.4% -0.1%
Actual
Forecast
Previous
3.6% 9.6% 13.3% 4.3% 55.2 55.3 56.1 56.6 54.1 53.2 -0.2% -0.1% 452K
3.6% 9.5% 14.1% 4.1% 55.6 57.5 54.6 55.0 53.2 53.8 0.4% 0.2% 454K
3.5% 10.3% 13.9% 4.3% 56.0 58.2 55.1 54.9 53.7 54.1 -0.7% 0.6% 475K
Previous Day
Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold Silver
As per 22.00 PST Ask High 1.3949 1.4047 0.8875 0.8906 1.349 1.3532 113.37 113.92 0.9672 0.9679 1.0265 1.0274 1.5724 1.5845 127.82 129.19 1.0054 1.0099 1.4318 1.4322 84.03 84.61 1323.81 1348.38 23.20 24.04
Bid 1.3948 0.8871 1.3485 113.32 0.9669 1.026 1.5721 127.75 1.0047 1.4310 83.97 1323.14 23.16
Low 1.3871 0.8777 1.3395 112.85 0.9612 1.0169 1.571 127.55 1.0042 1.4244 83.87 1319.95 23.12
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 21/10/2010 A USD GBP CAD EUR JPY O/N 0.22688 0.55250 1.03000 0.76000 SN 0.09438 1WK 0.25150 0.55500 1.05583 0.74125 0.10688 2WK 0.25169 0.56125 1.07500 0.74938 0.11438 1MO 0.25625 0.56875 1.11333 0.77500 0.12625 2MO 0.27109 0.62563 1.15667 0.82875 0.15438 3MO 0.28844 0.73663 1.21667 0.96250 0.19813 4MO 0.34219 0.82209 1.27167 1.01688 0.28313 5MO 0.40281 0.92563 1.33000 1.10125 0.34125 6MO 0.45250 1.02750 1.39917 1.20188 0.40125 7MO 0.50344 1.10225 1.46250 1.24625 0.46125 8MO 0.55150 1.18444 1.54500 1.29000 0.50500 9MO 0.60063 1.26500 1.61250 1.34281 0.55500 10MO 0.65388 1.33938 1.67750 1.38813 0.58375 11MO 0.70688 1.40688 1.76083 1.43250 0.61313 12MO 0.76538 1.47319 1.83083 1.48094 0.64188
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada European Central Bank Federal Reserve Swiss National Bank Bank of England The Reserve Bank of Australia Bank of Japan
Dec 07 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 n/a n/a n/a
Sep 08 2010 May 07 2009 Dec 16 2008 Mar 12 2009 Mar 05 2009 May 04 2010 Oct 05 2010
Current Interest Rate 1% 1% 0.25% 0.25% 0.50% 4.50% 0%
Division of National Bank of Pakistan (NBP) KARACHI, October 21,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
86.05 136.05 119.72 83.99 89.05 84.57 12.91 1.06 14.70 66.10 16.05 22.95 11.08 12.94 305.14 27.62 64.58 23.63 23.43 0.08 2.88
85.85 135.74 119.44 83.79 88.84 84.37 12.88 1.06 14.67 65.94 16.01 22.89 11.06 12.91 304.43 27.55 64.43 23.58 23.37 0.08 2.88
85.66 135.43 119.16 83.57 88.61 84.15 12.85 1.05 14.63 65.77 15.97 22.83 11.03 12.88 303.63 27.48 64.26 23.52 23.31 0.08 2.87
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 21, 2010
CMKA
BMA
INVSR
GSL
ICSL
12.00 12.20 12.30 12.40 12.65 12.80 12.95 13.05 13.20 13.40 13.60 13.70 13.75 13.75 13.75 13.75 13.65 13.78 14.20 14.35
11.75 12.15 12.30 12.35 12.67 12.75 12.90 13.00 13.15 13.40 13.60 13.70 13.75 13.75 13.75 13.70 13.70 13.77 14.25 14.50
12.00 12.20 12.30 12.40 12.65 12.75 12.95 13.05 13.15 13.35 13.60 13.70 13.75 13.78 13.78 13.75 13.65 13.80 14.20 14.30
11.85 12.05 12.25 12.35 12.69 12.90 13.01 13.10 13.22 13.45 13.65 13.68 13.70 13.75 13.76 13.77 13.60 13.90 14.15 14.20
12.00 12.15 12.25 12.35 12.70 12.80 13.00 13.10 13.20 13.35 13.60 13.73 13.75 13.75 13.75 13.75 13.70 13.80 14.20 14.30
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 11.85 12.05 12.25 12.40 12.65 12.75 13.00 13.05 13.20 13.35 13.68 13.70 13.74 13.75 13.75 13.70 13.73 13.75 14.25 14.35
11.91 12.13 12.28 12.38 12.67 12.79 12.97 13.06 13.19 13.38 13.62 13.70 13.74 13.76 13.76 13.74 13.67 13.80 14.21 14.33
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
-0.11 0.93 0.93 0.50 0.36 -0.12
-0.39 0.92 0.18 0.42 0.84 0.52
0.31 0.67 0.73 0.69 0.88 0.46
0.05 0.97 0.96 0.62 0.84 0.51
-0.44 0.78 0.67 0.10 0.49 -0.19
USD/CAD USD/CHF
0.31 0.93 0.91 0.42 0.25 -0.17
-0.23 -0.80 -0.80 -0.52 0.07 0.22
-0.20 -0.95 -0.88 -0.19 -0.29 -0.08
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)21/10/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 11.75
12.25
11.85
12.35
12.15
12.65
12.75
13.00
12.90
13.15
13.10
13.60
13.25
13.75
13.35
13.85
JSBL
ABPL
ASK
11.80
12.30
11.90
12.40
12.30
12.80
12.80
13.05
13.10
13.35
13.20
13.70
13.30
13.80
13.50
14.00
ASPK 11.80
12.30
11.90
12.40
12.20
12.70
12.60
12.85
12.80
13.05
13.05
13.55
13.15
13.65
13.25
13.75
CIPK
12.00
12.50
12.20
12.70
12.40
12.90
12.75
13.00
13.00
13.25
13.10
13.60
13.25
13.75
13.40
13.90
DB P K 11.85
12.35
11.95
12.45
12.10
12.60
12.70
12.95
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK
13.90
11.80
12.30
11.90
12.40
12.15
12.65
12.60
12.85
13.00
13.25
13.10
13.60
13.15
13.65
13.40
FLAH 12.00
12.50
12.10
12.60
12.30
12.80
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
HBPK 11.75
12.25
11.90
12.40
12.20
12.70
12.75
13.00
13.00
13.25
13.10
13.60
13.20
13.70
13.35
13.85
HKBP 12.00
12.50
12.10
12.60
12.20
12.70
12.75
13.00
12.90
13.15
13.10
13.60
13.20
13.70
13.30
13.80
N I PK 12.00
12.50
12.30
12.80
12.65
13.15
12.85
13.10
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
HMBP 11.80
12.30
11.90
12.40
12.40
12.90
12.80
13.05
13.00
13.25
13.15
13.65
13.20
13.70
13.30
13.80
SAMB 12.00
12.50
12.10
12.60
12.35
12.85
12.85
13.10
13.00
13.25
13.15
13.65
13.25
13.75
13.35
13.85
MCBK 11.90
12.40
12.10
12.60
12.40
12.90
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.40
13.90
NBPK 11.90
12.40
12.00
12.50
12.20
12.70
12.70
12.95
12.80
13.05
13.10
13.60
13.20
13.70
13.30
13.80
SCPK
11.90
12.40
12.10
12.60
12.20
12.70
12.70
12.95
12.95
13.20
13.10
13.60
13.15
13.65
13.35
13.85
UBPL 12.00
12.50
12.00
12.50
12.25
12.75
12.65
12.90
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
AVE
12.40
12.01
12.51
12.26
12.76
12.74
12.99
12.97
13.22
13.11
13.61
13.21
13.71
13.34
13.84
11.90
4 Friday, October 22, 2010
The Financial Daily International Vol 4, Issue 78
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi
Accelerating GDP Growth Years of operation of energy companies in the public sector, heavy reliance on government funding and lack of good governance have made most of the entities 'white elephants'. On top this appointment of 'party activists' often lacking professional qualification and required expertise have plunged these entities deeper into the problems. Pakistan has an enviable oil and gas discovery history. Though,
Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Calming Karachi There is a growing feeling among the masses that killers prevail over the law enforcing agencies in Karachi. Despite tall claims of federal and provincial interior ministers and presence of rangers enjoying additional powers, over a dozen people were killed on Wednesday which was declared a mourning day. The deceased did include political activists but most of them were citizens who were out there earning bread and had nothing to do with the politics. Newer terms are being coined to describe the killers but failure of the government to round up the culprits and give them capital punishment raises many questions. Listening to the politicians appearing on television channels makes it evident that there are groups which want to make Karachi their hostage. Till recently, there were ethnic concentrations but now trespassing has caused real problems. In these localities there are ample firearms, barricades have been erected and even the personnel of law enforcing agencies are hesitant to enter. One wonders if police has failed, rangers are shy what will happen if military undertakes an operation? Will it lead to civil war? There is also a big question, are these criminals using residents of the areas as human shields? The criminals know that Karachi is the lifeline of Pakistan and disrupting the city would paralyse the country. The outlaws have created some chokepoints and also enjoy the power to completely shut down the city within minutes. Indiscriminate killing, carnage in the most outrageous manner and terrorising at large puts citizens under house arrest. Withdrawal of public transport does not allow people to reach their workplaces. This is despite the fact that transporters pay billions of rupees bhatta to police as well as to those political parties that claim majority in different localities. Citizens are also beginning to understand that the war to get control over the city is part of the strategy to weaken Pakistan financially. Owners of industrial and commercials units are paying bhatta to political activist, no job could be get done in government offices without bribe, water could only be got through expensive tanker service, land grabbers are minting money, drug barons are making children addicts, which ultimately become a toy in their hands and do any thing for dope from car snatching to arson and from kidnapping for ransom to targeted killing. Many Pakistanis have heard about 'supari' or placing an order to kill someone by the underworld people in India, but this system is being managed very well by various groups in Pakistan, including the banned religious outfits, which do this religiously because by killing they could earn a place in heaven. It may not be wrong to say that the presence of certain mindset within the law enforcing agencies also creates bias against certain groups and their operations become 'groupocentric'. The demand for military action in Karachi is also aimed at distracting attention of armed forces from borders and also to malign them by saying 'army is killing its own people'. Army has been maligned in Balochistan and northern areas only because certain groups want to create a rift between people and armed forces to initiate a civil war in the country. We shall not let it happen.
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.
Shabbir Kazmi
M
any experts are of the view that Pakistan's GDP growth can be doubled simply by overcoming energy shortage. The first step for achieving the target is to make the energy sector players vibrant, efficient and financially strong. Ensuring uninterrupted supply of energy products at affordable cost is the key to success. Experts also say taking about history, which can't changed the ground reality. However, a new chapter could be written by following an elaborate and comprehensive plan. At present energy sector of Pakistan comprises of exploration and production companies; refineries; oil marketing companies; gas marketing companies; power generation, transmission and distribution companies. However, if one looks at the balance sheets and annual accounts of the listed companies, some common contentious issues mar the performance of the entire sector. Poor cash flow and non-availability of funds for BMR and expansion not only enhance cost of doing business but also push the companies deeper into problems. Despite rich in fossil reserves (oil, gas and coal) the country remains heavily dependent on import of crude oil and finished products. LNG and gas import projects have been far behind the schedule. A cursory look at each of the subsectors indicates that they mainly suffer from 'self-inflicted' problems. It is true that government policies have not been very supportive, but can the corporate sector say it has been efficient?
“
and depriving its people of the modern day facilities. The situation forces exploration and production to undertake operations in other provinces. There are discoveries but of relatively of smaller sizes. Sindh and Punjab seem to be contributing lion's share in keeping the country self sufficient in the production of gas but Balochistan and KP just can't be ignored. Oil marketing sector is dominated by Pakistan State Oil but has become victim of inter corporate debt. Gas marketing companies, also the victim of circular debt have not been able to contain UFG losses. Inability to revamp transmission and distribution network has also become a bottleneck. Delay in import of gas through pipeline and as CNG forces the country to undertake extensive and intensive gas load shedding. This winter gas shortfall is estimated around 1,000mmcfd leading to extensive load shedding. The only regret is that the situation has one from bad to worse as compared to last year because supply failed to match demand. Gas load shedding would force the country to import more POL
A cursory look at each of the sub-sectors indicates that they mainly suffer from 'self-inflicted' problems. It is true that government policies have not been very supportive, but can the corporate sector say it has been efficient? Balochistan was the first to hit the headlines with the discovery of natural gas, over the years its share in country's oil and gas production is on the decline. The only cause is 'precarious law and order situation'. Constant con-
Oil marketing sector is dominated by Pakistan State Oil but has become victim of inter corporate debt. Gas marketing companies, also the victim of circular debt have not been able to contain UFG losses. Inability to revamp transmission and distribution network has also become a bottleneck. flict of tribal leaders with the state and emergence of militant groups seeking independent Balochistan does not bode well for exploration and production activities. There may be difference but ongoing rift is affecting economic development of the province
products, add to oil import bill of the country. Worst has been the performance of power generation and distribution companies. As against an installed generation capacity of around 20,000MW, actual generation has been
hovering around 15,000MW. The key reason cited for the dismal condition is 'inability of generation companies to operate power plants at optimum capacity due to liquidity crunch, not allowing purchase of gas and gas in required quantity. The prevailing condition is the outcome of following outrageous policies over the last three decades. This could best be understood by looking at KESC. In nineties it used to export electricity to Wapda but now faces a shortfall of up to 3,000MW. The subdued demand is because many of the industrial units have opted for self-generation. It was only after the privatization that some effort has been made to add new generation capacity. However, the process is moving at snail's speed because of failure in reducing transmission and distribution losses. The country has also failed in adding any mega dam after seventies. Mangla came online in mid sixties and Tarbela commenced operations in mid seventies. Ghazi-Brotha is a good and 'run of the river' type project. Pakistan also failed in exploiting its coal potential as well as nuclear generation option. It was only recently that China extended a helping hand for constructing coalbased as well as nuclear power plants. However, this support being looked at with suspension by the US as well as India. The US has also been opposing Iran-Pakistan-India gas pipeline. India has virtually taken an exit after entering into an agreement with the US for the supply of nuclear technology for the civilian use. While the US pressure is still on Pakistan to quit the gas pipeline project, it is not willing to offer Pakistan the option it offered to India. To achieve double digit GDP growth Pakistan will have to add 10,000MW power generation, enhance gas production by 2000mmcfd and execute gas pipeline and LNG terminal projects expeditiously. To achieve this Pakistan has to come up with an elaborate Energy Policy providing right incentive for ensuring adequate investment in each of the sub-sectors. If India can set a target of 10% GDP growth, come up with supporting policies, why can't Pakistan do the same?
When Currencies Cross Swords F
inance leaders are trying to reconcile their differences over deep imbalances in the global economy and reduce the risk of a currency war. Talks at the meeting of Group of 20 finance ministers and central bankers this week in South Korea and of their leaders in November should reveal the struggle among these diverse economies to find common ground on policies and currencies. Below are possible ways forward for addressing uneven global growth and currency tensions, evident in CHINA's export might and its yuan currency, and the declining dollar in face of slow growth and high debts of many rich economies. GIVE IMF AN ENHANCED ROLE AND REFORM IT PROBABILITY: High This is the route that countries agreed to try at their meetings in Washington earlier in October. A lot of work remains on details and to make any agreement work. The International Monetary Fund's 187-member countries have agreed that urgent action is needed to give the IMF a more assertive role in highlighting the economic policies of countries that could cause currency problems, and that toughened scrutiny of rich countries is a priority. Dominique Strauss-Kahn, the IMF's managing director, has proposed drawing up "spillover reports" on how the economic policies of the world's five largest economies -- the United States, CHINA, the euro zone, Japan and the United Kingdom -- affect each other. The reports would build on existing IMF powers, known as Article IV annual reviews, where the IMF examines the economic policies of all its 187 members and makes recommendations. But the IMF has struggled to get governments to heed its calls for tough reforms.
If toughened review powers can be twinned with a giving a bigger voice to developing countries at the IMF, which traditionally is dominated by the West, the proposal may gain momentum. With debate over currencies and current account balances heating up, it is likely any say on IMF
relieve pressure on currencies. Countries have indicated that currencies will be a major theme at the meetings. One proposal is a limit on current account balances, although it also seems certain officials will baulk at any one-size-fitsall norm. Privately, officials from
Canada -- could invite CHINA to join them to work out their differences. The currencies of the G7 -U.S. dollar, yen, euro and Canadian dollar -- account for the bulk of the $3 trillion in daily trading volumes in global foreign exchange markets. Including CHINA in talks
“
Talks at the meeting of Group of 20 finance ministers and central bankers this week in South Korea and of their leaders in November should reveal the struggle among these diverse economies to find common ground on policies and currencies.
reform will be left to the G20 leaders at next month's summit in South Korea. For details, please see Similar approaches to build on the Article IV reviews have failed twice in the past. CHINA balks at calls for reform of its currency system. In the past it has even blocked publication of its IMF review. European countries have also ignored Fund suggestions that they undertake politically sensitive reforms, such as to their labor markets. Hence there is some skepticism why this time should be different. USE THE G20 TO THRASH OUT CURRENCY DIFFERENCES PROBABILITY: France will try it next year, big challenge. The Group of 20, representing the leading developed and emerging economies, last year became the main forum for discussing the global economy, overtaking the G7. G20 finance ministers and central bank governors meet in South Korea on Oct. 22-23 before a leaders summit in Seoul on Nov. 11-12. The G20 traditionally issues a communique which could lay out a common stance on how to redress global imbalances and
some rich countries grumble that the G20 is too unwieldy for detailed debate of complex issues and informal discussions with some of the G20's biggest members are more fruitful. But France, which assumes the G20 presidency in 2011, has said there is no obvious alternative to the G20 for discussing currencies. French President Nicolas Sarkozy wants to make review of the international monetary regime a centerpiece of his G20 presidency next year. Brazil has suggested the G20 should work on a "new Plaza Accord" -- the landmark 1985 pact under which five countries (United States, Japan, Britain, West Germany and France) engineered a dollar depreciation via currency market interventions and economic reforms. U.S, officials too seem to favour some norms on FX policy. But few expect such explicit prescriptions in a more complex world. G7 PLUS CHINA THRASH OUT THEIR DIFFERENCES PROBABILITY: Unlikely The economic powers of the 20th Century that make up the Group of Seven -- the United States, Japan, Germany, Britain, France, Italy and
with the G7 financial leaders on currencies would be essential because it is the world's biggest exporter and has amassed $2.45 trillion in foreign exchange reserves while keep the value of the yuan down. The head of the euro zone finance ministers, Jean-Claude Juncker, told Reuters on Friday that the G7 plus CHINA would be the "ideal forum" for discussing currencies. But the G7 is a waning forum and no longer issues formal communiques and CHINA would probably refuse to join a group whose other members are all likely to put it under pressure to revalue the yuan. A G7-plus-CHINA format would also probably be resented by other emerging economic heavyweights such as Brazil, Russia and India. An alternative would be G7 plus the BRICs but there has been little serious discussion of such a grouping recently. DO NOTHING PROBABILITY: Likely One possibility is that countries cannot agree on how to coordinate and instead pursue national policies, reversing the remarkable unity seen after the credit crisis exploded.
The backlash over the budget deficits is leading to fiscal retrenchment and retreat to national solutions, particularly in Europe. The risk is that taking fiscal policy off the table when monetary policy is near exhaustion and growth still fragile will feed uneven growth, heightening currency misalignments and spill over into currency and trade wars. CHINA's central bank governor Zhou Xiaochuan said on Friday that currency problems might fade away when the rich economies finally recover. A hands-off approach would suit CHINA which does not want to change its yuan policy. Developing economies in Latin America and Southeast Asia would either have to cope with further strengthening of their currencies, as investors pour money into their highyielding bonds, or attempt costly interventions and controls, risking an outbreak of trade protectionism and policy discord. USE A NEW RESERVE CURRENCY PROBABILITY: Highly unlikely in the short term. CHINA and Russia favor moving the global economy away from reliance on the U.S. dollar as the world's primary reserve currency. They have floated the idea of using Special Drawing Rights, a synthetic IMF unit made up of a basket of currencies. This would make countries less reliant on the value of the dollar, now used as the primary medium for world trade. In the meantime, CHINA is striking more bilateral agreements to trade in the yuan and bypassing the U.S. dollar. Shifts in world currencies take years if not decades, as seen with the decline of sterling before World War II and then the abandonment of the dollar peg from 1968 to 1972. French President Sarkozy wants to examine international monetary arrangements as part of his G20 presidency next year.-Reuters
5
Friday, October 22, 2010
South East Asian stocks
Upbeat earnings send EU stocks to 6-mth highs KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,486.02 10,558.74 72.72 0.69 153.83
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,267.43 3,285.27 17.84 0.55 7.91
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,670.32 2,675.69 5.37 0.20 0.28
Major Gainers
Symbol
Close
Change
RMPL 1,548.23 BATA 490.43 WYETH 801.00 MTL 461.97 LAKST 347.90
68.23 23.35 20.98 17.57 16.44
Major Losers
Symbol
Close
Change
UPFL 1,000.00 ULEVER 4,075.01 COLG 751.00 BHAT 192.00 PSO 262.78
-20 -14.97 -13.73 -10 -4.25
Top 5 Volume Leaders
Symbol
Close Vol (mn)
AMTEX LPCL JSCL LOTPTA TRG
7.03 3.43 10.11 10.19 4.30
19.61 11.48 10.58 10.37 7.88
Active Issues Plus Minus Unchanged
230 148 21
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
Most recover slightly; Manila outperforms
KSE at 5-1/2-month high on rich results, SC order to close at 7,350 points. This was the highest level of the index since May 6, 2010 when it closed at 10,553 points. Ahsan Mehanti, Director at Arif Habib Investments said that bullish sentiment prevailed as Supreme Court's delivered a positive verdict on 18th Amendment review case defusing conflict between judiciary and government. It should be noted that Supreme Court of Pakistan ordered Parliament to review controversial procedure of appointing judges but stopped
short of scrapping the constitutional amendment introduced this year. According to experts Thursday's ruling would ease tensions between the judiciary and the executive. After some negativity during the first few minutes index rebounded due to buying by the investors on expectations of good corporate results to be announced during the day. Positive activities, then, continued as investors reacted to the decision of the Supreme Court on 18th Amendment. Further, good results announcement by Lucky
India up near 2pc, remian best in Asia
PSO earning drops low
Nawaz Ali KARACHI: Apex court's decision on 18th Amendment cases and good corporate results allowed the bullish activities to sustain at the Karachi Stock Exchange (KSE) on Thursday which ended above 10,500 points at its highest level of five and a half months. The benchmark KSE 100Index gained 72 points to close at 10,558 points, KSE 30-Index increased by 78 points to close at 10,145 points and KSE All Share Index grew by 50 points
MUMBAI: Indian shares were the best performers in Asia on Thursday rallying nearly 2 per cent, as robust foreign demand for a $3.5 billion IPO by Coal India reaffirmed strong risk appetite. With the largest-ever Indian IPO closing after heavy bidding, traders expect investors to shift their focus to the secondary market in the run up to Diwali, the festival of lights in early November, that also marks the new year for the trading community. Energy major Reliance Industries topped the gainers, climbing 2.9 per cent in its best show in five weeks, after being a laggard for the year. Foreigners have been pouring money into emerging markets such as India in the hope of better returns than the slowdownhit developed world, and analysts expect the inflow to maintain momentum. "The superb response for Coal India and the fact that it sailed smoothly without causing much jitters in the market has led to expectations that there is enough appetite," said Ambareesh Baliga, vice-presi-
dent of Karvy Stock Broking. The four-day Coal India sale closes on Thursday. On Wednesday, the last day for institutional investors, the offering was covered nearly 12 times with most bids at the high end of 225 to 245 rupees per share range, translating into demand for roughly $40 billion. The 30-share BSE index rose 1.95 per cent, or 388.43 points, to 20,260.58 after a subdued run this week. Twenty-nine of its components advanced. The benchmark is up 16 per cent so far this year, thanks to foreign equity inflows of a record $23.6 billion in the period. In comparison, its peers such as Brazil's Bovespa and Russia's RTS index have gained 2.6 per cent and 9.5 per cent respectively, while China's Shanghai Composite Index has shed nearly 9 per cent. Financials climbed as investors bet another possible rate hike at the central bank's policy review on Nov. 2 was unlikely to dent demand for loans in the fastgrowing economy. See # 13 Page 11
HK shares rise; Shanghai slips HONG KONG/SHANGHAI: Hong Kong stocks recouped losses in a late rally to end higher on Thursday, led by banking and technology shares, but disappointing results from telecom giant China Mobile capped the benchmark's gains. Shanghai's benchmark stock index finished 0.7 per cent lower, with weaker turnover suggesting investors were growing cautious after recent gains. Banks provided the biggest boost to the Hong Kong market, continuing a trend seen in recent weeks as investors chased laggards in a rising market, drawn by attractive valuations. The Hang Seng index ended 0.4 per cent higher at 23,649.5 points on relatively light turnover after trading in the red for most of the day. Late buying in financials, resources and technology counters offset declines in telecom stocks following China Mobile's lacklustre third-quarter results on Wednesday.
"We are seeing some rotational buying. People are shifting from properties to banks and insurance companies," said William Lo, senior analyst at Ample Finance Group. Mainland banking shares listed in Hong Kong have staged a strong comeback since midSeptember as robust growth in lending, cheap valuations and a global stock market rally attracted a flood of institutional buying. China Construction Bank rose 1.8 per cent, the biggest positive impact on the Hang Seng. CCB is trading at a 20 per cent discount to its historical median forward 12-month price-to-earnings multiple of 12.3, Thomson Reuters Starmine data showed. Insurers China Life and Ping An rose 1.3 per cent and 3 per cent, respectively, extending the previous sessions gains on hopes that their investment income would benefit in an environment of rising interest rates. See # 14 Page 11
ANNOUNCEMENTS Company Cap.Assets Leasing Morafco Habib Insurance P.S.O. XD Habib Modaraba Lucky Cement XD Fauji Fert Bin Qasim Ghani Automobile Ghani Value Glass XD K.E.S.C. AL-Meezan Mutual XD Samba Bank Rafhan Maize Product
Period 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 3rd Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr
Div/Bon/Right 12.5%(iii)(D) -
PAT (Rs in mn) 3.479 -1.617 84.011 809.864 57.776 726.698 2,931.422 3.270 7.188 -1,782.491 41.849 -131.551 1,457.004
EPS(Rs) 0.32 -2.84 1.05 4.72 0.29 2.25 3.14 0.16 0.95 -0.09 0.30 -0.11 157.75
KARACHI: Pakistan State Oil (PSO) has posted a profit after tax worth Rs809.864 million for 1QFY11 against Rs1.9 billion during the corresponding period last year. The decrease in the earnings is a direct result of increased turnover tax and high financial charges that PSO had to bear due to non-payment of the power sector. According to financial results sent to Karachi Stock Exchange (KSE), during the period See # 15 Page 11
Result close to TFD expectation
Huge surge in FFBL net Ahmed Siddique KARACHI: Fauji Fertiliser Bin Qasim (FFBL) has posted robust financial result for the third quarter of CY10 garnished with interim dividend. According to a notice issued to Karachi Stock Exchange (KSE) FFBL's profit after taxation surged significantly by See # 16 Page 11
Close match with TFD expectation
LUCK profit down 34pc YoY Ghulam Raza Rajani KARACHI: Lucky Cement Limited (LUCK) posted net earnings of Rs 727 million (EPS: Rs 2.25) for the first quarter of fiscal year 2010-11, against Rs1.1 billion (EPS: Rs 3.41) in the same period last year, a decrease of 34 per cent YoY. The result borders on "The Financial Daily" expectation as we had predicted a PAT of Rs740 billion and diluted EPS of Rs2.29. The main reason of this dip was decline in cement dispatches due to devastating floods which hampered construction activities. See # 17 Page 11
KESC’s losses drop in 1Q KARACHI: Karachi Electric Supply Company’s (KESC) loss after tax dropped to Rs1.782 billion during the first quarter of fiscal year 2010-11. According to financial results of the company notice dispatched to Karachi Stock Exchange (KSE) here on Thursday, the loss before tax declined to Rs2.160 billion against a loss before tax of Rs5.615 billion in the same period last year. See # 18 Page 11
Cement and Fauji Fertiliser Bin Qasim intensified buying. "FFBL and Lucky Cement results were warmly welcomed whereas PSO saw heavy battering on its below expectation quarterly announcement", said Samar Iqbal, equity dealer at Topline Securities. Therefore index breached 10,600 levels and at about 12:47 PST touched an intra-day high of 10,603 points (+ive 117 points). It finally, ended with some reduced green numbers due to profit taking at higher levels. Activity of foreign investors
remained limited as according to NCCPL there was a net foreign buying of $0.36 million on Thursday. On the local side, banks did a net buying of $2.91 million while companies netsold equities worth $2.89 million. Volumes too witnessed a significant increase as 153.8 million shares traded in the overall market -- 49.9 million more as compared to a turnover of 103.9 million shares a day earlier. Out of total 399 active issues; 230 advanced and 148 declined while 21 issues remained unchanged.
Nikkei at 3-wk closing low as yen drums up TOKYO: Japan's Nikkei average inched down to its lowest close in three weeks on Thursday, erasing early gains after the yen regained strength against the dollar and Shanghai shares drifted down. The Nikkei had briefly risen in the morning as the yen slipped after US Treasury Secretary Tim Geithner said major currencies were roughly in alignment, but the effect was short-lived as the yen rebounded and dragged down Japanese shares. "Today's moves showed how nervous investors were about the yen's strength," said Yumi Nishimura, deputy general manager at Daiwa Securities Capital Markets. "Chinese economic data was roughly within expectations, and few people expect the country will have another rate hike soon, but Shanghai stocks are down and external factors are influencing Japanese stocks," Nishimura said. The benchmark Nikkei eased 5.12 points or 0.1 per cent to 9,376.48, its lowest close since Sept. 30. The broader Topix lost 0.4 per cent to 820.40. The Nikkei bounced more than 1 per cent to a session high of 9,479.25 at one point in the
morning session as the yen dropped on Geithner's comments. Geithner, in an interview published by the Wall Street Journal on Thursday, said major currencies were now roughly in alignment. The newspaper said the comments suggested he saw no need for the dollar to sink more than it already had against the euro and the yen. The Nikkei initially jumped as stock market participants thought the yen was being hammered down by currency intervention by Japanese authorities, though the movement appeared to be driven solely by Geithner's comments, traders said. Japanese shares then struggled as the yen started to regain strength, they said. The yen rose 0.1 per cent to 81.01 against the dollar, approaching a 15-year low of 80.84 yen hit in the previous session. The Japanese currency fell as far as 81.84 against the dollar after the comments by Geithner came out. "It's hard to explain why Japanese shares are underperforming so much against others, but one key reason is the yen," said Masaru Hamasaki, a See # 12 Page 11
FTSE hits 6-mth high LONDON: Leading shares surged to a six-month closing high on Thursday, led by miners, as investors were buoyed by strong earnings in the US and Europe, but TUI Travel fell after reporting accounting errors. Europe's largest Travel firm TUI slumped more than 11 per cent after it revealed its finance chief would quit and it restated 2009 accounts after stumbling across 117 million pounds in overstated bookings. The FTSE 100 closed up 28.93 points, or 0.5 per cent, at 5,757.86, after rising 0.4 per cent on Wednesday, and finishing at its highest level since April 20. The index has risen 10 per cent in about seven weeks since the beginning of September. Appetite for risk was in abundance as strong corporate earnings and solid data from China supported confidence the global economic recovery was sustainable. See # 10 Page 11
US stocks mid-day
Wall St up on strong corporate earnings NEW YORK: Strong corporate earnings kept Wall Street higher for a second day on Thursday, but the major US stock indexes trimmed earlier gains as the dollar started to gain ground. Blue chips McDonald's Corp and Travelers Cos Inc helped lift the Dow after reporting better-than-expected results, while eBay Inc, Netflix Inc and Amazon.com buoyed both the consumer sector and the Nasdaq Composite. The euro, which rose against the dollar earlier, briefly lost gains in midday trade. The euro and the popularly traded S&P E-mini futures contract have tracked each other closely in the last month. In the last 22 sessions, they have had a positive correlation coefficient of 0.89, implying a very strong relationship between the two. "If you're going to trade the US equity market, you have to have a very strong opinion on See # 11 Page 11
Dhiyan
CORRECTION SEEN, POSITIVITY TOO Mohsin Adhi, Director Alfa Adhi Securities Bulls are likely to stay at the exchange where index can touch 10,800 points in the near future. Investors are recommended to take short-term positions in oil and energy sector stocks. Improvement in the law and order situation and reduction in political uncertainty would help boost investor sentiments while good corporate results would also support the market. We might see some correction in the market today.
Khurram Schehzad, Head of Research Invest Cap Result-based rally would continue in the market in the coming days. Investors are advised to avail the trading opportunities available in the market where they can take positions in refinery, E&P (except OGDC), cement sectors and in FFBL and PTCL. The planned road shows by the government in Europe if proved successful would draw inflow for the market. On the other hand foreign inflows through 'coalition support fund' and IMF, settlement of NRO issues, peace and calm, interest rates status quo, and launch of Margin Trading System (MTS) would also be the factors that can support the market. Positive activities would be continued today.
6
Friday, October 22, 2010
Market 153,830,850
Value
4,193,392,925
Trades
71,493
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
230 148 21 399
All Share Index
10,558.74 10,604.30 10,470.23 h72.72
Current High Low Change
KSE 30 Index
7,380.98 7,380.98 7,292.88 h50.51
Current High Low Change
KMI 30 Index Current High Low Change
10,145.10 10,194.94 10,056.04 h78.50
16,598.51 16,703.14 16,517.91 h71.08
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,331.47 Turnover 7,838,901 P/E (x) 11.21 Company
KSE 100 Index
Symbols
Volume
PE
Open
Attock PetroleumXDXB 691 4.52 289.41 Attock Refinery 853 17.65 94.22 BYCO Petroleum 3921 - 10.85 Mari Gas Company 735 17.07 122.14 National Refinery XD 800 5.25 208.14 Oil & Gas Development XD 43009 10.51 152.28 Pak Petroleum 11950 7.60 185.53 Pak Oilfields XD 2365 6.00 234.14 Pak Refinery Limited 350 - 79.21 PSO XD 1715 4.45 267.03 Shell Gas LPG 226 17.16 36.28 Shell Pakistan XD 685 9.94 193.11
High 297.90 97.90 11.25 127.97 211.49 153.25 188.65 238.35 79.90 269.50 38.09 195.50
High Low 1,347.22 1,322.82 Total cos Defaulter cos P/BV (x) ROE (%) 4.15 37.01 Low 290.00 93.60 10.75 122.50 208.12 150.92 185.65 233.80 76.11 262.00 38.09 193.05
Close Chg 293.86 4.45 97.09 2.87 10.87 0.02 125.94 3.80 210.98 2.84 152.35 0.07 186.78 1.25 236.42 2.28 76.87 -2.34 262.78 -4.25 38.09 1.81 193.92 0.81
Close Change 1,334.82 3.34 Listed cap Market cap 65,194.15 mn 1,055,257.36 mn Payout (%) Div Yield (%) 68.56 6.12 Last 60 days High Low
Volume 830536 2915987 1935876 199546 114586 349334 1071601 1515495 66640 761328 1365 12483
374.20 97.90 12.90 138.45 230.84 154.05 214.10 251.24 85.90 289.45 39.80 244.00
2009 Div BR (%) (%)
287.99 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 188.00 330 -
% Change 0.25 5-Day High 1,335.07 5-Day Low 1,327.22 2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 718.06 Turnover 36,778 P/E (x) 5.80 Company
Paid up Cap(mn)
Pak Int Cont.Terminal XD 1092 PNSC XD 1321
PE 8.72 5.31
Open 67.67 39.00
High 71.05 39.35
High Low 746.62 728.51 Total cos Defaulter cos P/BV (x) ROE (%) 1.48 25.53 Low 69.00 38.95
Close Chg 71.05 3.38 38.95 -0.05
Close 744.95 Listed cap 3,242.17 mn Payout (%) 11.08
Volume 28605 8173
Change 26.89 Market cap 13,161.95 mn Div Yield (%) 1.91
Last 60 days High Low 87.86 41.00
60.05 34.50
Company
Paid up Cap(mn)
Bawany AirXDXR Biafo Ind XD BOC (Pak) Clariant Pak Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Dynea Pak XD Engro Corporation Ltd Engro Polymer Fatima Fertilizer Fauji Fertilizer Fauji Fert. Bin Qasim Ghani Gases Ltd ICI Pakistan Ittehad Chemical XD Leiner Gelatine Lotte Pakistan Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind XDXB Sitara Peroxide Wah-Noble XD
PE
Open
High
Low
68 1.34 10.64 200 4.21 37.90 250 9.67 75.99 273 5.60 160.65 1203 7.78 167.41 1996 2.25 1020 4.04 3663 1.61 94 4.50 11.05 3277 9.03 175.13 6635 - 13.64 22000 9.85 6785 7.40 108.41 9341 5.76 30.46 725 9.33 12.53 1388 7.60 126.58 360 6.28 25.31 75 - 17.24 15142 3.54 10.36 74 1.73 1106 73.50 1.45 120 1.89 2.50 214 9.02 110.32 551 - 10.43 90 4.44 37.35
10.65 38.75 77.00 163.00 169.99 2.40 4.16 1.70 12.05 177.75 13.90 10.11 109.69 30.88 12.65 129.49 26.49 18.24 10.49 1.88 1.52 2.70 115.00 10.65 38.38
10.50 38.75 75.01 159.00 167.50 2.16 3.92 1.50 10.21 174.80 13.55 9.72 108.50 30.40 11.61 127.00 26.49 18.24 10.15 1.38 1.45 2.50 104.81 10.00 37.00
Close Chg 10.50 38.75 76.01 159.01 168.62 2.23 4.02 1.53 12.05 176.10 13.75 9.96 108.72 30.52 12.32 127.48 26.49 18.24 10.19 1.53 1.47 2.51 110.06 10.11 37.47
-0.14 0.85 0.02 -1.64 1.21 -0.02 -0.02 -0.08 1.00 0.97 0.11 0.11 0.31 0.06 -0.21 0.90 1.18 1.00 -0.17 -0.20 0.02 0.01 -0.26 -0.32 0.12
Close 1,190.78 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 200 300 1779 14809 2240 4099 100887 536652 2240 1238992 289137 3766421 772743 5593924 267130 1091514 212 198 10370201 67761 181319 5829 70167 203373 1601
Change 2.97 Market cap 267,415.37 mn Div Yield (%) 6.53
16.78 40.89 82.50 174.00 185.88 2.98 5.20 2.21 13.00 194.59 15.20 12.46 113.39 30.88 13.85 129.49 34.16 18.25 10.49 3.24 1.74 3.80 128.01 11.09 48.00
2009 Div BR (%) (%)
% Change 0.25 5-Day High 1,190.78 5-Day Low 1,179.27 2010 Div BR (%) (%)
9.72 5 31.64 40 45 66.90 90 15 154.27 125 155.38 40 10B 20 1.78 3.20 1.28 10.21 15 15 165.60 6010B 40R 20 10.32 - 27.5R 9.02 102.96 131.5 10B 75 26.59 40 - 17.5 7.41 109.50 80 55 21.00 15 5 6.20 12 6.75 5 1.06 1.16 2.00 104.81 75 25 7.67 37.00 50 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,131.68 Turnover 115,725 P/E (x) 5.81 Company
Paid up Cap(mn)
Century Paper 707 Pak Paper ProductXDXB 50
PE 4.47
Open 18.00 42.00
High 18.64 43.95
High Low 1,151.38 1,119.98 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 7.47 Low 17.50 42.65
Close Chg 17.52 -0.48 42.92 0.92
Close 1,120.95 Listed cap 1,186.83 mn Payout (%) 25.28
Last 60 days High Low
Volume 114941 783
Change -10.73 Market cap 3,106.72 mn Div Yield (%) 4.35
22.70 62.85
17.31 38.61
% Change -0.95 5-Day High 1,149.29 5-Day Low 1,120.95
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 -
25 33.33B
Open 1,097.00 Turnover 347,403 P/E (x) 4.02
High Low 1,120.89 1,088.29 Total cos Defaulter cos P/BV (x) ROE (%) 1.02 25.35
Paid up Cap(mn)
PE
Open
High
Low
Agriautos Ind XD 144 Atlas Battery 101 Atlas Honda 626 Dewan Motors 890 Exide (PAK) 56 General Tyre XD 598 Ghandhara Nissan 450 Ghani Automobile Ind 200 Honda Atlas Cars 1428 Indus Motors 786 Pak Suzuki 823 Sazgar EngineeringXDXB 150 Transmission 117
4.86 5.76 8.13 4.29 6.59 7.05 5.25 9.28 5.21 1.98
67.96 152.01 111.13 1.52 147.69 22.90 4.27 5.25 11.50 229.57 73.85 20.00 1.99
69.00 153.40 116.68 1.55 150.00 24.04 4.48 5.00 12.50 232.65 76.00 20.50 2.25
66.00 152.00 113.50 1.45 145.81 23.00 4.36 4.51 10.80 229.21 73.21 19.75 1.80
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin XD
PE
565 3.41 675 555 5.54 1199 4.57 785 17.65
Open 25.10 2.71 13.00 47.00 8.48
High 25.47 2.90 13.23 47.47 8.65
Low 24.80 2.65 12.90 46.75 8.40
Close Chg 25.15 2.84 12.90 46.90 8.65
0.05 0.13 -0.10 -0.10 0.17
Close 932.26 Listed cap 3,596.11 mn Payout (%) 30.91
Change 2.82 Market cap 8,900.50 mn Div Yield (%) 10.58
Last 60 days High Low
Volume 1305 228011 8552 158859 426
31.73 3.17 16.75 70.71 10.80
23.75 1.65 12.25 45.60 8.00
2009 Div BR (%) (%) 10
30B -
% Change 0.30 5-Day High 938.25 5-Day Low 918.71
Open 1,497.02 Turnover 132,172 P/E (x) 32.36 Company Adam Sugar AL-Noor Sugar Colony Sugar Mills Dewan Sugar Habib Sugar Habib-ADM Ltd XD Ismail Ind XD J D W Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods XD Noon PakistanSPOT Noon Sugar Pangrio Sugar Premier Sugar Punjab OilSPOT Quice Food Rafhan Maize S S Oil Shahmurad Sugar Shakarganj Mills Tandlianwala Wazir Ali
Paid up Cap(mn) 58 186 990 365 600 200 505 490 143 70 141 414 48 165 109 38 38 107 92 57 211 695 1177 80
Close Chg
Close 1,103.98 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 6.98 Market cap 40,573.34 mn Div Yield (%) 5.08
Last 60 days High Low
PE
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement XD Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Javedan Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement XD Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
PE
High Low 995.88 959.93 Total cos Defaulter cos P/BV (x) ROE (%) 0.49 7.10
Open
High
Low
1828 3.15 866 5.05 63.88 858 1.79 182 - 15.50 956 - 10.65 982 12.23 1.51 948 1.75 3574 1.49 3651 38.21 27.06 350 2.95 6933 12.68 5.02 502 5.26 1760 1.97 2319 3.14 32 0.84 581 - 60.00 1288 5.90 13126 3.01 3234 6.49 71.26 5261 2.85 2228 8.25 200 6.05 361 8.15 7982179.00 21.41
3.30 64.99 1.90 16.50 10.60 1.60 2.75 1.63 27.63 2.95 5.19 5.65 2.02 3.50 0.90 59.94 6.20 3.55 72.29 3.03 8.30 6.87 8.02 21.98
3.10 63.00 1.70 15.50 10.00 1.31 1.70 1.45 27.05 2.95 4.99 5.10 1.92 3.07 0.70 57.00 5.99 2.95 71.25 2.85 8.20 6.11 8.01 20.34
Close 986.21 Listed cap 54,792.74 mn Payout (%) 19.04
Close Chg
Volume
Last 60 days High Low
3.18 63.38 1.70 16.50 10.50 1.59 2.00 1.59 27.51 2.95 5.07 5.10 1.97 3.45 0.71 59.94 6.20 3.43 72.19 2.97 8.22 6.30 8.02 21.79
22895 41059 500 18978 11212 13331 501942 186860 5590771 400 648857 1400 90990 3136 9223 1100 105662 11475736 1004147 408377 19601 1515 608 10501
4.20 71.90 2.05 20.00 12.50 2.74 3.90 2.20 28.74 5.15 5.50 7.50 2.30 7.50 2.00 66.10 6.80 3.55 74.00 3.60 8.58 9.47 11.60 21.98
0.03 -0.50 -0.09 1.00 -0.15 0.08 0.25 0.10 0.45 0.00 0.05 -0.16 0.00 0.31 -0.13 -0.06 0.30 0.42 0.93 0.12 -0.03 0.25 -0.13 0.38
2.80 60.30 1.01 14.01 8.90 1.30 1.02 1.30 23.02 2.11 4.50 4.25 1.74 2.11 0.25 56.05 5.50 2.60 62.60 2.51 6.80 5.50 7.56 17.74
% Change 1.41 5-Day High 986.21 5-Day Low 950.17
2009 Div BR (%) (%)
2010 Div BR (%) (%)
50 20B - 20R - 10B - 200R 40 -
- 100R 50 - 122R - 20R 40 - 50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 889.63 Turnover 56,423 P/E (x) 2.56 Company
Paid up Cap(mn)
PE
Open
Cherat PapersackXDXB 115 3.79 37.83 ECOPACK Ltd 230 2.24 Ghani GlassXDXB 1067 4.41 46.69 MACPAC Films 389 2.90 Merit Pack 47 - 16.48 Packages Ltd 844 16.32 107.58 Tri-Pack Films 300 7.57 104.00
High
High Low 902.87 886.16 Total cos Defaulter cos P/BV (x) ROE (%) 1.13 43.91 Low
Close Chg
39.72 39.72 39.72 2.49 2.30 2.35 48.19 46.75 47.94 3.24 2.50 2.50 16.80 16.05 16.06 108.89 107.10 107.69 103.80 103.00 103.80
1.89 0.11 1.25 -0.40 -0.42 0.11 -0.20
Close 897.47 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 8910 5396 15468 7608 2675 14607 1700
Change 7.85 Market cap 33,232.63 mn Div Yield (%) 6.06
Last 60 days High Low 51.05 2.86 61.99 4.50 20.70 125.00 105.00
34.00 1.70 45.75 1.60 11.81 98.00 91.00
2009 Div BR (%) (%) 30 32.5 100
10B -
% Change 0.88 5-Day High 900.23 5-Day Low 885.49 2010 Div BR (%) (%) 20 25 -
25B 10B -
INDUSTRIAL ENGINEERING
Company Pak Elektron Singer Pak Tariq Glass Ind
Paid up Cap(mn)
Company
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Bolan CastingXDXB Dewan Auto Engineering Ghandhara Ind Hinopak Motor KSB Pumps Millat TractorsXDXB Pak EngineeringSPOT
PE
66 3.15 215 4.86 104 5.54 214 213 2.17 124 132 9.43 366 5.92 57 14.30
Open 15.97 202.04 45.90 0.45 14.45 123.00 76.58 444.40 300.00
High 15.50 205.00 48.00 0.55 14.60 119.00 78.80 465.00 300.00
High Low 1,487.31 1,430.15 Total cos Defaulter cos P/BV (x) ROE (%) 2.95 38.02 Low 15.30 201.80 45.00 0.46 13.75 117.00 78.70 444.00 296.00
Close Chg 15.42 203.10 47.96 0.54 13.77 119.00 78.70 461.97 299.38
-0.55 1.06 2.06 0.09 -0.68 -4.00 2.12 17.57 -0.62
Close 1,478.27 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 2500 6442 23222 7500 11880 126 1000 221830 164
22.69 227.45 51.99 1.00 19.50 149.39 91.00 597.90 324.80
78.39 206.95 125.90 2.09 156.00 27.50 6.30 5.70 13.50 287.00 89.99 27.85 3.25
63.01 131.00 92.00 1.16 121.10 21.71 4.03 3.55 9.65 212.29 69.25 19.50 1.53
2010 Div BR (%) (%)
40 100 80 50 100 5 2
90 100 60 20 150 10 -
20B 30B 20B -
20B 20B -
Low
Close Chg 0.50 0.69 -0.16 0.10 -0.36 -0.10 1.86 0.06 1.22 -2.91 0.00 -0.04 0.01 -0.03 -0.98 -0.45 0.00 0.00 68.23 0.00 0.17 0.40 -0.50 0.00
Close 1,495.96 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -1.06 Market cap 191,724.72 mn Div Yield (%) 0.94
Last 60 days High Low
1000 14.03 10.50 2500 46.89 39.25 352 4.49 2.40 2500 2.90 1.11 56155 32.25 24.73 2118 16.98 11.90 1013 77.70 53.64 4700 72.20 60.10 12391 57.50 48.50 950 65.00 54.50 1907 5.70 3.55 840 65.29 39.01 1476 33.06 18.95 21671 12.93 10.00 1500 7.00 4.00 168 43.60 32.50 500 38.95 32.80 6000 3.40 1.60 1277 1599.00 1229.00 1000 3.50 2.51 1000 11.90 7.40 9320 5.64 3.02 185 35.50 22.45 1459 8.74 4.75
% Change -0.07 5-Day High 1,497.02 5-Day Low 1,477.71
2009 Div BR (%) (%)
14.62 20 200.26 400 35.25 0.36 11.29 108.11 17.15 74.00 35 390.00 450 284.95 125
20B 25B -
High Low 1,149.63 1,132.01 Total cos Defaulter cos P/BV (x) ROE (%) 0.26 10.64
Close 1,137.44 Listed cap 3,763.71 mn Payout (%) 6.27
Open
High
Low
Close Chg
Volume
1174 2.93 341 16.26 231 2.82
13.65 18.00 17.30
13.88 18.88 17.45
13.55 17.20 17.15
13.69 0.04 17.24 -0.76 17.29 -0.01
94452 1474 13933
Total Equity (Rs in mn)
MA (100-day)
4.06
Revenue (Rs in mn)
1,975.78 308.79 2,389.31
MA (200-day)
4.04
Interest Expense
230.23
1st Support
5.20
Loss after Taxation
(22.89)
2nd Support
4.83
EPS 09 (Rs)
(2.370)
1st Resistance
5.72
Book value / share (Rs)
2nd Resistance
5.87
PE 10 E (x)
1.16
Pivot
5.35
PBV (x)
0.17
31.97
ISTM closed up 1.00 at 5.50. Volume was 4,775 per cent above average (trending) and Bollinger Bands were 54 per cent narrower than normal. The company's profit after taxation stood at Rs45.884 million which translates into an Earning Per Share of Rs4.75 for the year ended FY10. ISTM is currently 22.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into ISTM (bullish). Trend forecasting oscillators are currently bullish on ISTM.
Lafarge Pakistan Cement Ltd
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
2009 Div BR (%) (%)
2010 Div BR (%) (%)
MA (100-day)
2.92
Revenue (Rs in mn)
10 40 35 40 15 40 35 25 50 30 15 900 15 -
40 17.5 110R 0 12.5R 25 10B 12 12 15 28R 600 -
MA (200-day)
3.29
Interest Expense
1st Support
3.05
Loss after Taxation
2nd Support
2.70
EPS 09 (Rs)
1st Resistance
3.65
Book value / share (Rs)
2nd Resistance
3.90
PE 10 E (x)
Pivot
3.30
PBV (x)
25B 30B 10B 25B 10B 10B 25B -
Change -0.28 Market cap 5,652.85 mn Div Yield (%) 2.52
70.54
Total Assets (Rs in mn)
19,704.24
MA (10-day)
2.97
Total Equity (Rs in mn)
9,763.73 8,129.96 1,230.81 (1,278.96) (0.974) 7.44 0.46
LPCL closed up 0.42 at 3.43. Volume was 1,375 per cent above average (trending) and Bollinger Bands were 15 per cent wider than normal. The company's loss after taxation stood at Rs703.072 million which translates into a Loss Per Share of Rs0.54 for the half year of current calendar year (1HCY10). LPCL is currently 4.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into LPCL (bullish). Trend forecasting oscillators are currently bullish on LPCL. Momentum oscillator is currently indicating that LPCL is currently in an overbought condition.
TRG Pakistan Limited
Last 60 days High Low 15.95 24.14 19.12
12.17 17.04 14.50
2009 Div BR (%) (%) -
10B 10B -
% Change -0.02 5-Day High 1,143.09 5-Day Low 1,136.75 2010 Div BR (%) (%) 17.5
10B -
PERSONAL GOODS Performance of SR Personal Goods Index Open 915.32 Turnover 29,303,897 P/E (x) 6.25 Paid up Cap(mn)
PE
Open
Ali Asghar Textile 222 1.00 AL-Qadir TextileSPOT 76 0.91 3.31 Amtex Limited XD 2415 1.88 7.71 Artistic Denim XD 840 5.03 19.89 Azam Textile 133 0.55 2.95 Azgard Nine 4493 264.50 10.27 Bannu WoolenSPOT 76 1.13 13.30 Bata (Pak) 76 4.84 467.08 Brothers Textile 98 0.68 Chenab Limited 1150 3.22 Colony Mills Ltd 2442 2.70 2.75 Crescent Textile XD 492 2.84 18.89 D S Ind Ltd 600 1.67 Data Textile 99 0.50 Dawood Lawrencepur 514 9.41 37.48 Dewan Farooque Spin. 600 2.70 3.01 Fazal Textile XD 62 3.63 349.90 Gadoon TextileSPOT 234 1.22 46.29 Ghani Value Glass XD 75 7.33 27.50 Gul Ahmed TextileSPOT 635 3.19 24.61 Gulistan Spinning 146 1.32 6.50 Gulshan SpinningSPOT 185 1.69 9.41 Hajra Textile 138 0.68 Hira Textile Mills Ltd. 716 1.24 4.27 Ibrahim Fibres XD 3105 3.28 34.80 ICC Textile 100 0.60 Idrees TextileSPOT 180 2.29 4.01 Int Knitwear XD 32 5.40 9.39 Ishaq TextileSPOT 97 1.16 4.50 Khalid Siraj 107 0.60 Kohat Textile 208 1.89 1.30 Kohinoor Ind 303 1.51 Kohinoor Spinning XD 1300 0.88 1.00 Kohinoor Textile 1455 2.85 5.20 Maqbool TextileSPOT 168 2.16 10.60 Masood TextileSPOT 600 1.03 19.99 Mehmood Textile XD 150 1.43 57.97 Mukhtar Textile 145 0.49 N P SpinningSPOT 147 3.84 22.69 Nagina Cotton 187 1.11 13.75 Nishat (Chunian) 1586 2.51 19.47 Nishat MillsSPOT 3516 6.20 52.04 Pak Synthetic 560 6.10 6.39 Paramount Spin. SPOT 158 1.39 9.30 Prosperity XD 185 1.90 13.90 Quality Textile XD 160 1.26 8.50 Ravi Textile 250 4.51 1.80 Reliance WeavingSPOT 308 0.86 11.10 Rupali Poly XD 341 5.37 31.78 Saif Textile 264 1.33 3.75 Salfi Textile XD 33 0.12 25.86 Sally Textile 88 0.33 5.18 Samin Textile XR 134 7.30 Sana Ind XD 55 4.48 30.50 Sapphire Textile XD 201 1.86 93.50 Sargoda SpinningSPOT 312 0.61 2.23 Saritow Spinning 133 0.61 2.27 Service Ind 120 5.68 210.05 Shahtaj Textile XD 97 - 16.83 Suraj CottonSPOT 180 1.28 36.49 Tata Textile XD 173 0.20 20.40 Thal LimitedXDXB 307 3.80 87.96 Treet Corp 418 9.29 42.91 Tri-Star Poly 215 0.91 Yousuf Weaving 400 6.00 1.15 Zephyr Textile Ltd 594 3.05 Zil Limited XD 53 3.12 44.46
High
High Low 930.18 916.79 Total cos Defaulter cos P/BV (x) ROE (%) 0.54 8.64 Low
Close Chg
1.00 0.75 0.75 -0.25 3.99 3.50 3.50 0.19 7.40 6.71 7.03 -0.68 20.79 20.00 20.00 0.11 3.02 2.65 3.00 0.05 10.84 10.30 10.58 0.31 14.00 12.90 13.03 -0.27 490.43 469.95 490.43 23.35 0.40 0.33 0.39 -0.29 3.27 3.11 3.26 0.04 3.00 2.70 2.92 0.17 19.89 17.89 19.87 0.98 1.75 1.52 1.70 0.03 0.40 0.32 0.32 -0.18 39.35 38.99 39.35 1.87 3.40 3.40 3.40 0.39 367.39 340.00 365.95 16.05 46.40 45.02 45.40 -0.89 28.00 26.70 27.86 0.36 25.40 23.80 24.00 -0.61 6.40 6.00 6.00 -0.50 9.75 9.20 9.30 -0.11 0.31 0.30 0.31 -0.37 4.49 4.23 4.32 0.05 35.49 34.98 35.49 0.69 0.98 0.70 0.81 0.21 4.14 3.86 4.00 -0.01 10.39 8.39 10.20 0.81 5.50 4.98 5.50 1.00 0.79 0.36 0.73 0.13 1.49 1.49 1.49 0.19 1.50 1.36 1.46 -0.05 1.47 0.90 0.97 -0.03 5.50 5.30 5.45 0.25 11.55 11.00 11.43 0.83 20.50 19.40 20.04 0.05 55.10 55.10 55.10 -2.87 0.59 0.41 0.41 -0.08 21.90 21.56 21.56 -1.13 14.70 12.80 14.70 0.95 19.90 19.55 19.78 0.31 52.99 52.10 52.73 0.69 6.30 5.61 5.61 -0.78 9.55 9.12 9.55 0.25 14.00 13.00 13.08 -0.82 7.51 7.51 7.51 -0.99 1.85 1.75 1.76 -0.04 11.50 11.00 11.20 0.10 32.75 31.75 32.75 0.97 3.90 3.55 3.90 0.15 27.15 27.00 27.15 1.29 5.30 4.72 5.09 -0.09 7.93 6.30 6.30 -1.00 31.00 30.00 30.00 -0.50 94.06 94.06 94.06 0.56 2.35 2.10 2.34 0.11 2.20 1.80 2.20 -0.07 220.55 217.00 220.55 10.50 17.75 16.00 16.79 -0.04 36.25 35.85 35.89 -0.60 21.42 19.38 20.25 -0.15 92.00 88.65 88.99 1.03 45.05 43.50 45.05 2.14 0.80 0.80 0.80 -0.11 1.15 1.02 1.02 -0.13 3.05 3.00 3.05 0.00 46.68 46.00 46.68 2.22
Close 925.38 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 10.06 Market cap 115,932.56 mn Div Yield (%) 2.67
Last 60 days High Low
3800 2.21 200 8.40 19610949 20.45 6558 24.05 14002 3.23 3071443 12.90 14079 14.00 7309 560.00 1125 1.50 32494 4.79 149053 4.65 1400 27.00 132844 2.49 1000 0.96 4311 50.35 499 4.00 170 378.00 82859 48.30 4068 38.64 231 25.40 5342 8.13 1175 9.75 3000 0.99 247016 4.85 3100 39.00 14613 1.58 55016 5.35 10645 10.90 220134 5.50 1625 1.99 300 1.95 7959 1.99 56207 2.00 5526 6.30 5643 11.55 986 23.25 209 74.50 103 0.99 210 24.66 3315 17.50 1453269 19.90 3381683 53.14 6729 7.90 729 10.17 5598 21.47 1000 11.00 92437 4.69 33310 12.00 1268 36.75 142 5.44 5740 27.75 27728 6.20 33715 8.69 450 38.40 193 124.80 15202 2.50 1110 2.99 24411 225.99 6962 21.90 12498 37.50 62225 21.42 158754 114.99 175696 49.49 2209 1.36 3501 1.90 2000 4.99 14510 46.68
0.70 2.50 6.71 17.55 1.35 8.55 7.50 436.00 0.10 2.93 2.23 17.89 1.44 0.02 37.08 2.05 303.00 33.80 26.70 19.99 5.00 5.31 0.13 2.52 34.05 0.30 2.56 7.00 3.90 0.10 0.46 1.01 0.56 4.00 3.25 18.51 55.10 0.25 16.00 12.00 14.64 40.81 5.16 6.00 13.00 7.51 1.38 6.91 31.35 2.01 20.25 2.74 5.02 27.50 90.00 0.31 1.01 176.00 14.75 29.50 14.00 88.65 37.20 0.26 0.73 1.50 33.00
2009 Div BR (%) (%)
% Change 1.10 5-Day High 925.38 5-Day Low 914.43 2010 Div BR (%) (%)
10 30 20 20 7.5 20 120 15 5 15 - 100 70 8 400R 25 5 - 12.5 - 10B 10 - 10B 10 20B 10 20 10 6 8 5 - 22.5 15 15 100R 4050.2257B 60 20 - 20SD - 50R 15 20 25 45R 12.5 - 10B 10 10B 20 30 15 - 25SD 40 40 25 10 - 100R 35 60 50 5 200 20 45 15 50 25 20 20B 80 20B 4 40 10B 35 -
Performance of SR Pharma and Bio Tech Index
% Change 3.10 5-Day High 1,529.04 5-Day Low 1,433.87
Open 853.50 Turnover 49,286 P/E (x) 6.64
2010 Div BR (%) (%)
Company
150 25 650 100
Abbott (Lab) Ferozsons (Lab) XB GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka PakSPOT Sanofi-Aventis Searle Pak XD Wyeth Pak
10B 25B -
4.80
RSI (14-day)
PHARMA AND BIO TECH
Change 44.41 Market cap 30,803.90 mn Div Yield (%) 16.92
Last 60 days High Low
High
High Low 1,502.61 1,474.04 Total cos Defaulter cos P/BV (x) ROE (%) 9.80 30.30
PE
Performance of SR Industrial Engineering Index Open 1,433.87 Turnover 274,664 P/E (x) 7.77
Open
Open 1,137.72 Turnover 109,876 P/E (x) 2.49
Company
Change 13.69 Market cap 71,000.84 mn Div Yield (%) 2.76
7787 9548 4517 109501 1551 2704 11097 2855 127371 28344 35395 3836 2895
2009 Div BR (%) (%)
MA (10-day)
HOUSEHOLD GOODS
CONSTRUCTION AND MATERIALS Open 972.52 Turnover 20,167,315 P/E (x) 6.90
-1.45 0.79 5.55 -0.02 2.05 1.14 0.09 -0.74 0.75 0.24 0.83 0.05 -0.01
% Change 0.64 5-Day High 1,103.98 5-Day Low 1,081.24
Total Assets (Rs in mn)
Performance of SR Household Goods Index
20B -
Performance of SR Construction and Materials Index
66.51 152.80 116.68 1.50 149.74 24.04 4.36 4.51 12.25 229.81 74.68 20.05 1.98
0.69 12.50 13.00 13.00 13.00 4.27 41.31 42.00 42.00 42.00 3.89 3.80 3.70 3.73 1.75 1.85 1.50 1.85 6.11 30.00 30.00 29.56 29.64 11.25 12.25 12.50 12.01 12.15 12.75 73.11 75.00 70.00 74.97 2.41 71.93 72.00 71.00 71.99 3.19 55.70 57.50 54.25 56.92 5.99 59.91 58.00 57.00 57.00 0.30 4.80 5.30 4.55 4.80 19.60 41.00 41.50 40.00 40.96 11.16 23.99 24.99 22.85 24.00 - 12.50 12.50 12.00 12.47 0.41 5.99 5.50 4.99 5.01 6.88 37.95 38.99 37.50 37.50 2.80 36.81 36.81 36.81 36.81 2.50 2.50 2.50 2.50 2.45 1480.00 1554.00 1500.00 1548.23 1.30 3.00 3.00 3.00 3.00 16.55 11.25 11.44 11.25 11.42 5.10 5.64 5.04 5.50 272.73 30.50 31.50 29.90 30.00 5.20 5.20 4.80 5.20
2010 Div BR (%) (%) 30 40 7.5
-
61.10
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING High Low 943.04 921.38 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 33.10
40 15
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 929.44 Turnover 397,153 P/E (x) 2.92
20B -
2010 Div BR (%) (%)
AUTOMOBILE AND PARTS
Company
High Low 1,204.91 1,184.99 Total cos Defaulter cos P/BV (x) ROE (%) 2.62 35.00
30
Ishaq Textile Mills Limited
% Change 3.75 5-Day High 744.95 5-Day Low 667.24
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,187.81 Turnover 20,813,271 P/E (x) 7.47
2009 Div BR (%) (%)
Alert ! Unusual Movements
Paid up Cap(mn) 979 250 1707 165 200 100 96 306 142
PE
Open
8.06 91.11 5.77 88.03 12.96 70.80 6.58 24.48 18.16 7.91 7.14 30.97 10.90 133.01 5.27 61.01 92.17 780.02
High
High Low 867.41 849.21 Total cos Defaulter cos P/BV (x) ROE (%) 1.48 22.31 Low
Close Chg
92.00 89.88 92.00 0.89 90.00 87.78 88.00 -0.03 72.00 70.75 71.80 1.00 24.60 24.01 24.22 -0.26 8.74 7.90 8.17 0.26 32.00 31.40 32.00 1.03 139.50 135.50 136.96 3.95 61.50 61.00 61.50 0.49 801.00 761.00 801.00 20.98
Close 863.27 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 5989 2155 4044 1903 23516 501 658 9003 1517
Change 9.77 Market cap 28,687.93 mn Div Yield (%) 6.71
Last 60 days High Low 96.40 124.00 83.15 25.79 8.74 33.75 139.50 64.19 1042.00
77.00 85.60 65.00 22.10 6.10 27.50 115.90 53.36 761.00
2009 Div BR (%) (%) 120 10 50 25 15 70 15 -
20B 15B -
% Change 1.14 5-Day High 863.27 5-Day Low 843.96 2010 Div BR (%) (%) 20 30 -
20B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
60.80
Total Assets (Rs in mn)
2,549.61
MA (10-day)
4.13
Total Equity (Rs in mn)
2,509.06
MA (100-day)
4.07
Revenue (Rs in mn)
MA (200-day)
4.05
Interest Expense
1st Support
4.05
Profit after Taxation
2nd Support
3.81
EPS 09 (Rs)
1st Resistance
4.49
Book value / share (Rs)
2nd Resistance
4.69
PE 10 E (x)
Pivot
4.25
PBV (x)
28.92 0.10 766.33 1.988 6.51 0.66
TRG closed up 0.26 at 4.30. Volume was 254 per cent above average (trending) and Bollinger Bands were 53 per cent narrower than normal. The company's loss after taxation stood at Rs511.212 million which translates into a Loss Per Share of Rs1.56 for the nine months of fiscal year (9MFY10). TRG is currently 6.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into TRG (mildly bullish). Trend forecasting oscillators are currently bullish on TRG.
Silkbank Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
54.21
Total Assets (Rs in mn)
MA (10-day)
2.87
Total Equity (Rs in mn)
MA (100-day)
2.82
Revenue (Rs in mn)
68,664.34 196.91 5,913.32
MA (200-day)
3.26
Interest Expense
1st Support
2.74
Loss after Taxation
2nd Support
2.64
EPS 09 (Rs)
5,855.52
1st Resistance
2.95
Book value / share (Rs)
2nd Resistance
3.06
PE 10 E (x)
13.14
Pivot
2.85
PBV (x)
13.21
(2,902.91) (3.224) 0.22
SILK closed up 0.14 at 2.89. Volume was 228 per cent above average (trending) and Bollinger Bands were 17 per cent narrower than normal. The company's profit after taxation stood at Rs208.072 million which translates into an Earning Per Share of Rs0.11 for the half year of current calendar year (1HCY10). SILK is currently 11.2 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 moderate flows of volume into SILK (mildly bullish). Trend forecasting oscillators are currently bearish on SILK.
BOOK CLOSURES Company
From
Ados Pakistan 22-Oct Agriauto Industries 22-Oct Al-Abid Silk Mills 22-Oct Alfalah GHP Alpha Fund 22-Oct Alfalah GHP Cash Fund 22-Oct Alfalah GHP Income Multiplier Fund Alfalah GHP Islamic Fund 22-Oct Alfalah GHP Value Fund 22-Oct Apollo Textile Mills 22-Oct Ashfaq Textile Mills 22-Oct Chakwal Spinning Mills 22-Oct Crescent Textile Mills 22-Oct Dynea Pakistan 22-Oct Ellahi Cotton Mills 22-Oct Emco Industries 22-Oct Fateh Industries 22-Oct First Equity Modaraba 22-Oct First NBP Mod 22-Oct Flying Cement Co 22-Oct
To
D/B/R
30-Oct 28-Oct 29-Oct 23-Oct 23-Oct 22-Oct 23-Oct 23-Oct 29-Oct 30-Oct 30-Oct 30-Oct 28-Oct 28-Oct 29-Oct 28-Oct 03-Nov 29-Oct 29-Oct
90 20B,20R 23-Oct 5 15 15 10 -
Spot AGM/Date 14-Oct 14-Oct 14-Oct 14-Oct 14-Oct 14-Oct -
30-Oct 28-Oct 29-Oct 30-Oct 30-Oct 30-Oct 28-Oct 28-Oct 29-Oct 28-Oct 30-Oct 29-Oct 30-Oct
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
Pakistan Cables 53.8 TRG Pakistan Ltd. 4.04 Murree BreweryXDXB 74.36 Shezan Internat SPOT 95 Grays of Cambr SPOT 48 Lakson Tobacco 331.46 Pak Tobacco 110 Shifa Int Hosp XD 28.1 Eye Television 22.01 PIAC(A) 2.14 AKD Capital 62.88 Pace (Pak) Ltd 3.08 Netsol Technol XD 17.44 Pak Telephone 1.89
High 54.99 4.45 75.9 95.5 50.28 348.03 112 29.5 22 2.24 65 3.22 18.2 1.99
Low Close 51.15 4.01 74 92.01 50.28 334 110.9 29 21.1 2.13 63.1 3.04 17.61 1.85
53.5 4.3 75.4 95.5 50.28 347.9 112 29.5 21.51 2.14 63.46 3.14 17.82 1.99
Change -0.3 0.26 1.04 0.5 2.28 16.44 2 1.4 -0.5 0 0.58 0.06 0.38 0.1
Vol 1983 7877733 6086 845 142 7559 10364 5317 2487 10670 3179 1907305 326902 3092
7
Friday, October 22, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,129.75 Turnover 2,272,388 P/E (x) 6.09 Paid up Cap(mn)
Company
Pak Datacom XD Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
78 37740 3000 8606 6175
High Low 1,149.20 1,118.89 Total cos Defaulter cos P/BV (x) ROE (%) 0.78 12.84
PE
Open
High
Low
Close Chg
4.68 9.09 1.08 -
95.53 19.00 2.50 2.70 3.77
97.75 19.25 2.60 2.85 3.95
93.00 18.85 2.43 2.66 3.70
95.01 19.08 2.51 2.77 3.86
-0.52 0.08 0.01 0.07 0.09
Close 1,135.80 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 2245 648351 677281 944511 112820
Change 6.05 Market cap 78,273.11 mn Div Yield (%) 10.28
120.61 20.22 3.08 3.30 6.13
91.00 17.32 1.80 2.30 3.60
% Change 0.54 5-Day High 1,148.39 5-Day Low 1,129.75
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Atlas Insurance Central Insurance XB Century Insurance Crescent Star Insurance EFU General Ins. XB Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance Premier Insurance Silver Star Insurance United Insurance XB
369 4.85 279 5.49 457 6.35 121 1250 37.19 400 2.56 718 14.14 791 9.63 3000 250 1.43 303 5.00 253 1.69 400 1.28
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor EnergySPOT Kohinoor Power Kot Addu Power XD Nishat Chunian Power Ltd Nishat Power Ltd S G Power Sitara Energy Ltd XD Southern Electric Tri-star Power XD
PE
Open
High
Low
198 11572 6.26 1560 7932 1695 5.85 126 2.24 8803 6.78 3673 3541 96.64 178 191 3.42 1367 6.15 150 -
0.99 33.72 1.60 2.10 23.23 4.70 39.07 12.20 13.37 1.00 18.70 2.45 0.93
0.99 34.08 1.60 2.17 24.00 4.61 39.40 12.39 13.80 0.98 19.50 2.49 0.90
0.80 33.70 1.50 2.09 23.69 4.50 39.05 12.10 13.05 0.97 18.90 2.35 0.90
Close 1,172.88 Listed cap 95,369.29 mn Payout (%) 104.13
Change 2.03 Market cap 96,573.42 mn Div Yield (%) 8.33
% Change 0.17 5-Day High 1,177.38 5-Day Low 1,170.85
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
0.82 33.79 1.60 2.10 23.74 4.50 39.18 12.25 13.53 0.97 19.20 2.40 0.90
5265 1765145 3038 956789 1500 12275 101831 2357503 4228654 2500 10278 139562 926
1.45 37.24 2.20 2.63 26.50 6.70 44.85 12.90 13.80 1.69 23.49 3.19 1.58
33.5 45 64.5 20 3
-0.17 0.07 0.00 0.00 0.51 -0.20 0.11 0.05 0.16 -0.03 0.50 -0.05 -0.03
0.51 32.75 0.70 1.92 22.75 3.90 38.35 9.50 9.25 0.23 18.70 2.05 0.33
31R -
Open 880.78 Turnover 44,169 P/E (x) 89.19
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,656.30 Turnover 504,089 P/E (x) 12.31 Paid up Cap(mn)
Company Sui North Gas Sui South GasSPOT
High Low 1,677.37 1,648.36 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 11.41
Close 1,654.11 Listed cap 12,202.80 mn Payout (%) 66.79
Change -2.19 Market cap 36,638.23 mn Div Yield (%) 5.43
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 18.57 6712 4.39
31.92 28.63
32.04 29.15
31.57 28.60
31.57 -0.35 28.76 0.13
64111 439978
33.40 30.70
25.00 16.00
% Change -0.13 5-Day High 1,680.18 5-Day Low 1,624.75
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 15
25B
BANKS Performance of SR Banks Index Open 996.53 Turnover 23,247,436 P/E (x) 7.09 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.36 54.98 Askari Bank 6427 6.42 15.31 Atlas Bank 5001 1.79 Bank Alfalah 13492 12.40 8.99 Bank AL-Habib 7322 6.89 31.56 Bank Of Khyber 5004 3.22 3.30 Bank Of Punjab 5288 8.17 BankIslami Pak 5280 3.04 Faysal Bank 6091 3.26 13.98 Habib Bank Ltd 10019 6.82 102.30 Habib Metropolitan Bank 8732 5.77 19.58 JS Bank Ltd 6128 2.34 KASB Bank Ltd 9509 2.39 MCB Bank Ltd 7602 9.41 198.27 Meezan Bank 6983 7.42 15.03 Mybank Ltd 5304 2.17 National Bank 13455 5.50 65.04 Network Mic Bank 300 1.00 NIB Bank 40437 2.87 Royal Bank Ltd 17180 6.67 Samba Bank 14335 1.93 Silkbank Ltd 26716 13.14 2.75 Soneri Bank 6023 6.50 Stand Chart Bank 38716 9.37 6.75 Summit Bank Ltd 5000 2.91 United Bank Ltd 12242 6.27 53.21
High
High Low Close 1,021.76 994.74 1,011.27 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.95 13.45 34.35 Low
Close Chg
55.20 54.50 55.13 0.15 15.90 15.30 15.54 0.23 1.90 1.82 1.87 0.08 9.47 9.03 9.30 0.31 32.20 31.44 31.98 0.42 3.33 3.20 3.22 -0.08 8.88 8.10 8.56 0.39 3.19 3.10 3.18 0.14 14.35 14.10 14.13 0.15 106.88 102.30 106.02 3.72 19.78 19.30 19.50 -0.08 2.40 2.32 2.40 0.06 2.60 2.40 2.41 0.02 202.55 198.60 201.85 3.58 15.30 14.71 15.28 0.25 2.60 2.15 2.19 0.02 66.08 64.90 65.50 0.46 1.00 0.80 0.88 -0.12 2.97 2.76 2.87 0.00 6.94 6.35 6.54 -0.13 2.65 1.99 2.03 0.10 2.96 2.75 2.89 0.14 6.70 6.50 6.57 0.07 6.80 6.50 6.56 -0.19 2.99 2.76 2.93 0.02 53.75 53.15 53.28 0.07
Volume
Change 14.74 Market cap 616,572.14 mn Div Yield (%) 4.84
Last 60 days High Low
62098 59.70 611605 17.15 46818 2.84 5554755 10.25 138450 34.00 42929 3.99 4344266 10.97 69362 3.87 44540 15.58 595200 109.10 163964 22.38 520072 2.90 15227 3.70 1231770 214.99 2666 15.95 21316 2.79 2483902 73.89 1232 2.25 949121 3.50 104487 12.50 136023 2.90 5569582 3.30 32143 7.00 22518 8.50 14500 3.90 483390 60.20
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 0.26 2.42 5.20 1.55 2.15 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change 1.48 5-Day High 1,011.27 5-Day Low 996.01
20 - 66R 55 -63.46R 10 -
NON LIFE INSURANCE
Paid up Cap(mn)
Company
Adamjee Insurance XD
PE
1237 13.38
Open 72.67
High 74.65
High Low 713.92 692.12 Total cos Defaulter cos P/BV (x) ROE (%) 0.60 5.20 Low 72.55
Close Chg 73.61 0.94
Close 701.71 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 928651
Change 6.21 Market cap 43,988.81 mn Div Yield (%) 6.87
Last 60 days High Low 89.90
63.05
2009 Div BR (%) (%) 30
10B
EFU Life Assurance XB
PE
Open
850 41.74
80.45
% Change 0.89 5-Day High 701.71 5-Day Low 666.15 2010 Div BR (%) (%) 10
-
32.91 52.99 11.30 4.00 46.86 10.75 80.05 56.45 15.22 6.06 9.25 6.80 5.10
0.05 1.09 0.06 0.25 0.54 -0.25 0.05 -0.05 0.24 -0.90 0.04 0.08 0.30
1866 500 450 415 94757 14760 517 1076 1215245 2502 901 24860 4800
34.40 64.90 11.99 7.90 54.50 13.89 84.00 60.00 18.89 8.20 10.30 10.00 6.90
27.10 47.37 9.42 3.50 34.76 10.04 66.02 52.21 12.50 5.06 8.00 6.00 4.02
40 20 40 35 35 30 30 5 20 -
10B 25B 8.7B 20B 25B 15B 20B 16B
10 10 -
UPTO 100 VOLUME
10B 20B -
Symbols
High Low 912.94 881.81 Total cos Defaulter cos P/BV (x) ROE (%) 3.43 3.85
Close 883.36 Listed cap 2,290.72 mn Payout (%) 355.53
Change 2.58 Market cap 10,250.98 mn Div Yield (%) 3.99
High
Low
Close Chg
Volume
Last 60 days High Low
82.99
76.43
76.80 -3.65
44168
82.99
% Change 0.29 5-Day High 883.36 5-Day Low 851.23
2009 Div BR (%) (%)
51.25
2010 Div BR (%) (%)
5513.33B
-
-
Performance of SR Financial Services Index Open 369.37 Turnover 15,366,867 P/E (x) 0.45 Paid up Cap(mn)
Company
High Low 383.55 363.30 Total cos Defaulter cos P/BV (x) ROE (%) 0.17 37.22
PE
Open
High
Low
225 360 7.73 450 6.84 3750 2.39 150 250 First Credit & Invest Bank Ltd 650 24.00 IGI Investment Bank 2121 12.50 Invest Bank 2849 Ist Cap SecuritiesSPOT 2878 1.78 Ist Dawood Bank 626 0.31 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap XD 500 JS Investment 1000 13.62 KASB Securities 1000 Orix Leasing 821 4.13 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 Stand Chart Leasing 978 5.23 Trust Inv Bank 586 -
0.60 16.24 26.55 23.04 1.45 1.93 3.17 2.04 0.62 4.44 1.90 9.92 2.28 26.35 6.09 4.00 5.43 1.72 0.57 2.25 1.30
0.74 16.95 27.75 24.19 1.43 1.94 3.00 2.12 0.74 4.49 1.93 10.35 2.35 26.55 6.33 4.12 5.50 1.85 0.63 2.47 2.00
0.53 16.44 26.50 23.00 1.30 1.71 2.50 1.50 0.56 4.27 1.72 9.90 2.20 25.11 5.99 3.95 5.02 1.75 0.59 2.25 1.26
AMZ Ventures Arif Habib Invest. XB Arif Habib Limited XB Arif Habib Securities Dawood Cap Mangt. XB Dawood Equities
Close Chg 0.60 16.55 27.43 24.19 1.43 1.73 2.88 2.00 0.68 4.32 1.85 10.11 2.29 25.65 6.13 4.10 5.25 1.80 0.63 2.30 1.57
0.00 0.31 0.88 1.15 -0.02 -0.20 -0.29 -0.04 0.06 -0.12 -0.05 0.19 0.01 -0.70 0.04 0.10 -0.18 0.08 0.06 0.05 0.27
Close 376.40 Listed cap 30,336.44 mn Payout (%) 4.60
Volume 84711 44556 113706 2738235 205 55902 18118 329897 47530 24607 34291 10584903 357959 63582 453765 27515 8677 378710 2050 15305 683
Change 7.03 Market cap 26,848.83 mn Div Yield (%) 10.20
% Change 1.90 5-Day High 376.40 5-Day Low 356.16
Last 60 days High Low
2009 Div BR (%) (%)
1.10 20.99 47.70 34.99 2.69 2.96 4.50 2.40 1.09 5.29 2.84 14.90 5.86 40.99 8.04 5.25 5.95 2.63 1.70 3.49 4.25
15 25B 30 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.62 20.90 0.50 1.55 2.00 1.17 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 0.40 1.50 1.24
2010 Div BR (%) (%) 20B 20B 10B -
EQUITY INVESTMENT INSTRUMENTS
Paid up Cap(mn)
Company
High Low 1,070.87 1,038.55 Total cos Defaulter cos P/BV (x) ROE (%) 0.26 4.09
PE
Open
High
Low
1st Fid Leasing 264 AL-Meezan Mutual F. XD 1375 5.18 AL-Noor Modaraba XD 210 4.00 Atlas Fund of Funds 525 2.25 B R R Guardian Mod. 780 2.70 Crescent St Mod. SPOT 200 1.83 Elite Cap Mod. SPOT 113 4.22 Equity Modaraba 524 First Capital Mutual F. 300 4.84 First Dawood Mutual F. 581 Golden Arrow XD 760 3.04 H B L Modaraba XD 397 4.52 Habib Modaraba 1008 5.16 JS Growth Fund 3180 37.50 JS Value Fund 1186 Mod Al-Mali 184 Pak ModarabaSPOT 125 1.85 Pak Prem Fund 1698 3.77 Pak Strat Fund 3000 5.52 Paramount Modaraba XD 59 6.89 PICIC Energy Fund 1000 1.58 PICIC Growth Fund 2835 5.14 PICIC Inv Fund XD 2841 4.20 Prud Modaraba 1st XD 872 2.63 Punjab Modaraba 340 6.81 Stand Chart Mod. XD 454 4.86 U D L ModarabaSPOT 264 3.39
1.43 6.38 2.15 3.75 1.15 0.78 2.55 1.10 4.45 1.72 2.89 5.27 5.95 2.92 2.75 0.61 0.97 8.00 7.03 8.00 5.48 7.96 3.59 1.00 1.40 9.00 6.64
1.44 6.38 2.25 3.36 1.20 0.83 2.74 1.19 4.55 1.68 2.99 5.50 6.00 3.05 2.94 0.91 1.07 8.05 7.24 7.73 5.55 8.18 3.70 1.03 1.50 8.80 6.55
1.40 6.15 2.10 2.92 1.00 0.55 2.74 1.05 4.50 1.51 2.70 5.11 5.95 2.95 2.63 0.61 1.00 7.88 7.03 7.70 5.36 7.90 3.52 0.90 1.42 8.50 6.25
Close Chg 1.40 6.22 2.12 2.92 1.19 0.73 2.74 1.06 4.50 1.68 2.80 5.11 5.98 3.00 2.82 0.81 1.02 7.92 7.06 7.72 5.43 8.02 3.70 1.00 1.43 8.56 6.50
-0.03 -0.16 -0.03 -0.83 0.04 -0.05 0.19 -0.04 0.05 -0.04 -0.09 -0.16 0.03 0.08 0.07 0.20 0.05 -0.08 0.03 -0.28 -0.05 0.06 0.11 0.00 0.03 -0.44 -0.14
Close 1,051.99 Listed cap 29,771.58 mn Payout (%) 104.19
Change -5.06 Market cap 17,299.30 mn Div Yield (%) 29.25
Volume
2009 Div BR (%) (%)
144 57450 9000 11010 3618956 17196 261 1929 31987 1005 99619 5010 14894 23273 219805 3877 20100 384190 9532 5500 9000 113215 33627 88721 58634 11745 9727
2.24 7.25 3.44 4.50 1.85 0.94 3.44 1.50 4.55 2.09 3.88 6.80 7.49 3.90 3.98 1.25 1.40 9.86 8.10 9.45 6.49 10.55 5.00 1.20 2.00 10.99 6.99
4.5 5 20 10 15 16.5 10
1.01 5.85 2.10 2.53 0.90 0.16 1.65 0.76 0.99 1.36 2.32 4.80 5.56 2.70 2.31 0.56 0.25 7.00 6.01 6.55 4.00 7.60 3.50 0.70 0.57 7.75 5.00
2010 Div BR (%) (%)
- 18.5 5 2.2 0 1.2 5 17 11 21 5 10 3 - 18.6 - 11.53 18 5 20 10 3 1 17 - 12.5
High 96.99 196.00 19.89 1179.00 44.60 2.99 751.00 0.69 1.89 4080.00 15.00 3.89 10.00 20.00 14.94 1946.99 64.64 23.50 45.04 11.90 32.00 13.90 1000.00 43.29 7.68 4.73 7.60 18.50 10.65 18.99 2.50 27.22 2.98 8.03 0.89 30.40 2.22 11.00 11.75 43.90 2.43 16.11 24.67 1.06 218.45 0.71 1.99 50.50 29.86 59.99 6.55 12.00 57.50 40.00 64.56 56.20
Low
Close
96.99 191.90 19.89 1160.00 42.01 1.67 740.00 0.65 1.00 4000.10 13.00 3.86 8.25 19.50 14.50 1915.01 63.90 22.25 45.04 11.90 32.00 13.90 1000.00 39.18 6.61 2.80 7.60 18.49 10.65 18.99 1.76 25.08 2.98 8.00 0.72 29.40 1.90 11.00 11.75 43.60 2.43 16.11 23.55 1.06 218.45 0.71 1.49 50.50 29.86 59.50 4.99 12.00 57.50 40.00 64.56 56.20
96.99 192.00 19.89 1178.98 42.01 2.99 751.00 0.65 1.25 4075.01 13.00 3.86 10.00 19.75 14.89 1934.05 64.63 22.25 45.04 11.90 32.00 13.90 1000.00 39.51 7.15 4.25 7.60 18.49 10.65 18.99 2.50 25.08 2.98 8.03 0.89 30.40 1.90 11.00 11.75 43.60 2.43 16.11 23.55 1.06 218.45 0.71 1.49 50.50 29.86 59.50 4.99 12.00 57.50 40.00 64.56 56.20
Change
Vol
0.99 -10.00 -1.04 10.98 -1.38 0.48 -13.73 0.18 0.10 -14.97 -1.00 0.96 1.00 -0.44 0.65 13.15 3.06 -0.90 2.14 -1.00 0.00 0.00 -20.00 -1.72 -0.45 0.50 0.10 0.74 -1.00 0.99 0.80 -0.85 -1.00 -0.97 0.07 -0.54 0.00 1.00 0.75 1.50 0.04 1.00 0.05 0.36 9.86 -0.09 0.01 0.00 1.42 2.22 -1.00 0.00 1.50 0.00 3.06 0.00
100 75 60 59 52 44 40 36 35 27 26 25 21 20 17 16 15 11 10 10 10 10 10 7 6 6 5 5 5 4 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Symbols
Open
High
Low
NML-OCT
50.07
51.00
50.01
50.78
0.71 1220000
DGKC-OCT
27.13
27.60
27.11
27.51
0.38
MCB-OCT
-
Close
Change
Vol
198.61
202.50
198.80
201.78
349000
3.17
266000
NBP-OCT
65.13
66.15
65.20
65.69
0.56
255000
PSO-OCT
267.54
269.70
262.55
263.09
-4.45
POL-OCTB
234.52
238.45
234.01
236.92
2.40
176000
LUCK-OCT
71.50
72.22
71.49
72.20
0.70
139000
ANL-OCT
10.33
10.85
10.35
10.62
0.29
124500
OGDC-OCT 152.50
221000
153.01
152.30
152.54
0.04
109000
AICL-OCT
72.81
74.70
72.90
73.66
0.85
97500
FFBL-OCT
30.65
30.85
30.40
30.50
-0.15
89000
186.01
188.50
185.90
187.08
1.07
ENGRO-OCT 175.62
178.25
175.65
176.30
0.68
73000
PPL-OCT
% Change -0.48 5-Day High 1,057.06 5-Day Low 1,033.70
Last 60 days High Low
96.00 202.00 20.93 1168.00 43.39 2.51 764.73 0.47 1.15 4089.98 14.00 2.90 9.00 20.19 14.24 1920.90 61.57 23.15 42.90 12.90 32.00 13.90 1020.00 41.23 7.60 3.75 7.50 17.75 11.65 18.00 1.70 25.93 3.98 9.00 0.82 30.94 1.90 10.00 11.00 42.10 2.39 15.11 23.50 0.70 208.59 0.80 1.48 50.50 28.44 57.28 5.99 12.00 56.00 40.00 61.50 56.20
FUTURE CONTRACTS
Performance of SR Equity Investment Instruments Index Open 1,057.06 Turnover 4,859,420 P/E (x) 6.26
Open
AABS BHAT GUTM SIEM GATI SIBL COLG MTIL CWSM ULEVER ARPAK FRCL JOPP FRSM DIIL NESTLE GLPL AGL FIMM SHCM SUTM SANSM UPFL PHDL RICL KOHS IFSL ELSM NATM STML KML DADX FTSM FNEL CJPL BWHL TSMF PGLC AGIC NJLIC PIL BCML DINT HMIM IDYM SHTM COTT BTL QUET LIBM MLCFPS IDEN MDTL SEPL MFFL SCL
FINANCIAL SERVICES
2010 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 695.50 Turnover 2,291,308 P/E (x) 11.57
Paid up Cap(mn)
Company
2010 Div BR (%) (%) 50 - 7.8R 15 50 20 -
32.50 50.10 10.60 4.00 46.60 10.60 80.00 55.06 14.92 6.06 9.00 6.10 4.75
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,178.05 1,169.69 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 9.35
34.40 53.75 11.50 4.00 48.63 11.20 80.90 56.50 15.45 6.95 9.25 7.25 5.10
LIFE INSURANCE
-
ELECTRICITY Open 1,170.85 Turnover 7,820,122 P/E (x) 12.50
32.86 51.90 11.24 3.75 46.32 11.00 80.00 56.50 14.98 6.96 9.21 6.72 4.80
88500
NCL-OCT
19.19
19.50
19.20
19.50
0.31
64000
UBL-OCT
53.48
53.75
53.40
53.45
-0.03
9000
PTC-OCT
19.10
19.25
19.21
19.22
0.12
4500
BOP-OCT
8.21
9.10
8.35
8.60
0.39
3000
HUBC-OCT
33.89
33.89
33.89
33.89
0.00
1000
AICL-COCT
73.00
0.00
0.00
73.85
0.85
0.00
ABL-COCT
55.23
0.00
0.00
55.31
0.08
0.00
AKBL-COCT 15.38
0.00
0.00
15.59
0.21
0.00
ATRL-COCT
94.65
0.00
0.00
97.40
2.75
0.00
ANL-COCT
10.32
0.00
0.00
10.61
0.29
0.00
FFC-COCT
108.91
0.00
0.00
109.07
0.16
0.00
HBL-COCT
102.77
0.00
0.00
106.36
3.59
0.00
ICI-COCT
127.16
0.00
0.00
127.89
0.73
0.00
KAPCO-COCT 39.25
0.00
0.00
39.31
0.06
0.00
NETSOL-COCT18.78
0.00
0.00
17.88
-0.90
0.00
ZERO VOLUME Symbols
Open
High
Low
Close
BAFS
53.95
53.50
53.50
53.50
-0.45
DKTM
1.08
1.25
1.25
1.25
0.17
0.00
FCONM
1.75
1.70
1.70
1.70
-0.05
0.00
GRYL
1.21
1.25
1.25
1.25
0.04
0.00
HUSI
9.90
9.90
Vol 0.00
9.90
-0.09
IDSM
3.48
3.44
3.44
3.44
-0.04
0.00
ILTM
87.06
89.00
89.00
89.00
1.94
0.00
JDMT
19.40
18.40
18.40
18.40
-1.00
0.00
JKSM
7.07
7.00
7.00
7.00
-0.07
0.00
JUBS
2.49
2.47
2.47
2.47
-0.02
0.00
MFTM
1.00
0.99
0.99
0.99
-0.01
NBF
3.03
2.99
2.99
2.99
-0.04
0.00
20.76
19.73
19.73
19.73
-1.03
0.00
PICTPS
9.50
10.50
10.50
10.50
1.00
0.00
RUBY
6.22
6.19
6.19
6.19
-0.03
0.00
SERF
0.21
0.30
0.30
0.30
0.09
0.00
TICL
69.65
69.00
69.00
69.00
-0.65
0.00
NCLNCP
9.99
Change
0.00
0.00
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
76.73
Support 1
10,484.55
MA (5-day)
10,485.18
Support 2
10,410.35
MA (10-day)
10,410.02
Resistance 1
10,618.60
MA (100-day)
9,948.56
Resistance 2
10,678.50
9,981.25
Pivot
AKD Securities Ltd
resistance level at 10,618.60 and 2nd resistance level at 10,678.50, while
32.06
TFD Research
29.1
Brokerage House
Technical Analysis
Brokerage House
43.29
Buy
AKD Securities Ltd
10.25
Accumulate
TFD Research
36.85
Positive
TFD Research
14.01
Positive
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
70.95 26.06 25.25 27.18
14
Buy
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 5,021.94 35.92 27.31
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
674.58 6,273.58 N/A 9.20
* Target price for Dec-10 & **Net Open Interest in future market
oscillators are currently bullish on INDEX. Momentum oscillator is currently
FFBL closed up 0.06 at 30.52. Volume was 223 per cent above average DGKC closed up 0.45 at 27.51. Volume was 94 per cent above average BAFL closed up 0.31 at 9.30. Volume was 226 per cent above average (trending) and Bollinger Bands were 55 per cent wider than normal. and Bollinger Bands were 12 per cent wider than normal. (trending) and Bollinger Bands were 56 per cent wider than normal. FFBL is currently 5.2 per cent above its 200-day moving average and is DGKC is currently 1.2 per cent above its 200-day moving average and is BAFL is currently 11.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to displaying an upward trend. Volatility is extremely low when compared to displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFBL (bullish). Trend forecasting reflect very strong flows of volume into DGKC (bullish). Trend forecasting the average volatility over the last 10 trading sessions. Volume indicators oscillators are currently bullish on FFBL. Momentum oscillator is currently oscillators are currently bullish on DGKC. Momentum oscillator is current- reflect very strong flows of volume into BAFL (bullish). Trend forecasting
indicating that INDEX is currently in an overbought condition.
indicating that FFBL is currently in an overbought condition.
Index will continue to find its 1st support level at 10,484.55 and 2nd support level at 10,410.35. KSE 100 INDEX is currently 5.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting
Brokerage House
Fair Value
AKD Securities Ltd
Rs Recommendations
Brokerage House
65
Buy
*Arif Habib Ltd
59.97
Buy
AKD Securities Ltd
Positive
TFD Research
*Arif Habib Ltd
TFD Research
74.2
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
72.66 50.60 46.80 52.03
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
78
175.80 9,269.93 100.98 52.47
* Target price for Dec-10 & **Net Open Interest in future market
Pakistan Oilfields Ltd
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
48
Buy
*Arif Habib Ltd
61.96
Neutral
AKD Securities Ltd
44
Buy
AKD Securities Ltd
92.3
Positive
Positive
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
oscillators are currently bullish on BAFL.
Hub Power Co Ltd
TFD Research
Technical Outlook
Technical Outlook Technical Analysis
ly indicating that DGKC is currently in an overbought condition.
National Bank of Pakistan
Nishat Mills Ltd
57.35 64.79 65.45 72.03
318.37 20,853.04 69.26 65.38
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
50.87 33.53 34.02 33.77
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
261
Buy
296.6
Buy
281.35
Positive
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
44.9
Fair Value
810.01 27,370.17 0.03 33.82
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
49.06 241.95 226.69 231.51
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 25,518.40 57.95 235.68
* Target price for Dec-10 & **Net Open Interest in future market
NML closed up 0.69 at 52.73. Volume was 42 per cent above average and NBP closed up 0.46 at 65.50. Volume was 37 per cent above average and HUBC closed up 0.07 at 33.79. Volume was 11 per cent above average POL closed up 2.28 at 236.42. Volume was 40 per cent above average Bollinger Bands were 0.01 per cent wider than normal.
Bollinger Bands were 53 per cent narrower than normal. NML is currently 1.4 per cent above its 200-day moving average and is dis- NBP is currently 1.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the playing an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into NML (bullish). Trend forecasting oscillators are currently bullish on NML. Momentum oscillator is currently reflect volume flowing into and out of NBP at a relatively equal pace. Trend indicating that NML is currently in an overbought condition.
forecasting oscillators are currently bullish on NBP.
and Bollinger Bands were 58 per cent narrower than normal.
and Bollinger Bands were 17 per cent wider than normal.
HUBC is currently 0.01 per cent above its 200-day moving average and is POL is currently 2.1 per cent above its 200-day moving average and is disdisplaying an upward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is extremely high when compared to the the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into HUBC (mildly bullish). Trend fore- reflect moderate flows of volume into POL (mildly bullish). Trend forecastcasting oscillators are currently bullish on HUBC.
ing oscillators are currently bullish on POL.
Time
22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct 22-Oct
11:00 10:30 11:30 11:00 10:00 11:00 11:00 9:30 9:30 3:30 9:30 11:30 11:30 3:00 11:00 11:00 2:03 10:30 5:00 11:00
TECHNICAL LEVELS
Leverage Position
66.49 9.11 8.86 10.48
Date
Baluchistan Wheels Limited Dreamworld Ltd Fatima Fertiliser Company Limited Fazal Textile Mills Limited First Imrooz Modaraba JS Growth Fund JS Investments Limited JS Value Fund Limited Meezan Bank Limited Mybank Limited Nestle Pakistan Limited NIB Bank Limited Packages Ltd Pak Arab Fertiliser Limited Pakistan National Shipping Corporation Rupali Polyester Ltd Sazgar Engineering Works Ltd Shell Pakistan Limited Siddiqsons Tin Plate Limited Southern Electric Power Company Ltd
Company
Technical Outlook
Technical Outlook
* Target price for Dec-10 & **Net Open Interest in future market
Rs Recommendations
AKD Securities Ltd
Neutral
326.94 9,978.16 10.11 30.57
Fair Value
*Arif Habib Ltd
Accumulate
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations Buy
*Arif Habib Ltd
Leverage Position
70.98 29.62 27.99 29.47
Fair Value 44
Buy
Technical Outlook
10,544.40
mal. As far as resistance level is concern, the market will see major 1st
Rs Recommendations
33
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 72.72 points at 10,558.74. Volume was 99 per MA (100-day) cent above average and Bollinger Bands were 14 per cent wider than nor- MA (200-day) MA (200-day)
Fair Value
*Arif Habib Ltd
Bank Alfalah Ltd
Dera Ghazi Khan Cement Co Ltd
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah BankIslami Pak Bank Of Punjab Dewan Cement DGK Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors JOV and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind Chemical Nishat Mills Oil & Gas Dev XD PACE (Pakistan) Ltd. Pervez Ahmed Sec PIAC(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 46.72 3.10 3.00 68.87 54.70 54.25 43.23 62.60 61.80 48.07 26.70 26.00 56.68 23.40 22.60 63.63 72.55 71.50 64.18 15.25 15.00 55.78 10.30 10.05 30.88 289.95 286.00 75.91 94.50 91.90 66.49 9.05 8.85 51.25 3.15 3.05 58.52 8.15 7.75 53.47 1.50 1.40 70.95 27.15 26.80 53.86 1.45 1.40 73.26 2.70 2.55 77.88 46.10 45.35 72.38 74.50 72.20 49.92 174.70 173.25 59.72 14.05 13.95 58.54 4.95 4.90 70.98 30.30 30.10 64.63 108.25 107.80 73.11 103.25 100.50 50.87 33.65 33.50 67.10 126.50 125.50 54.82 228.45 227.10 35.77 2.20 2.15 54.46 1.50 1.45 49.92 2.30 2.25 44.21 9.90 9.65 30.01 39.00 38.85 50.72 2.05 2.00 55.75 71.55 70.85 65.24 199.45 197.05 52.04 2.85 2.75 57.35 64.90 64.30 72.57 19.60 19.40 40.10 17.55 17.30 53.30 2.75 2.65 54.66 1.45 1.40 72.66 52.25 51.70 70.60 151.10 149.85 62.92 3.05 2.95 61.12 1.75 1.70 47.58 2.10 2.05 55.47 8.20 8.15 49.06 234.05 231.65 53.65 185.40 184.05 49.63 73.25 71.85 43.28 260.00 257.25 51.83 18.85 18.65 44.89 192.80 191.70 55.75 31.40 31.25 69.00 9.85 9.60 62.87 28.55 28.30 63.14 2.40 2.35 60.80 4.05 3.80 54.83 53.05 52.80 59.53 2.65 2.55
1st 2nd Resistance 3.30 3.40 55.40 55.65 64.60 65.80 27.95 28.50 24.60 25.00 74.65 75.70 15.85 16.20 10.85 11.10 297.85 301.80 98.80 100.50 9.50 9.70 3.20 3.25 8.90 9.30 1.65 1.75 27.75 28.00 1.65 1.80 2.95 3.05 48.10 49.40 81.05 85.30 177.65 179.15 14.30 14.45 5.15 5.30 30.80 31.10 109.45 110.15 107.85 109.65 34.00 34.25 129.00 130.50 231.90 234.00 2.35 2.45 1.60 1.65 2.40 2.45 10.35 10.55 39.35 39.55 2.15 2.20 72.55 72.95 203.40 204.95 3.05 3.15 66.10 66.65 19.95 20.10 18.15 18.45 3.00 3.10 1.55 1.60 53.10 53.50 153.40 154.50 3.20 3.30 1.85 1.90 2.20 2.30 8.30 8.35 238.60 240.75 188.40 190.05 76.05 77.40 267.50 272.25 19.25 19.45 195.25 196.60 31.90 32.20 10.50 10.90 29.10 29.40 2.60 2.70 4.50 4.70 53.65 54.00 2.85 2.95
Pivot 3.20 54.95 63.80 27.25 23.80 73.60 15.60 10.55 293.90 96.20 9.25 3.15 8.50 1.55 27.40 1.60 2.80 47.35 78.75 176.20 14.20 5.10 30.60 108.95 105.05 33.85 128.00 230.55 2.30 1.55 2.35 10.10 39.20 2.10 71.90 201.00 2.95 65.50 19.75 17.90 2.85 1.50 52.60 152.15 3.15 1.80 2.15 8.25 236.20 187.05 74.65 264.75 19.05 194.15 31.75 10.25 28.85 2.50 4.25 53.40 2.75
8
Friday, October 22, 2010
Africa wants to attract islamic banking investors
HSBC to launch Islamic banking services in full scale 9M deposits increase 6.8pc; drop 1.2pc QoQ
Lenders’ deposits vault to Rs4.71tn Ahmed Siddique KARACHI: State Bank of Pakistan has released the combined balance sheet of all scheduled banks in the country as of October 1, 2010 which was the first weekend of the current month. According to the data, total deposits in the first nine months of CY10 (January to September), increased by 6.8 per cent to Rs4.71 trillion as compared to Rs4.42 trillion at the beginning of current year. However, in the third quarter of the calendar year (3QCY10) the deposits decreased by 1.2
per cent QoQ against a growth of 5.4 per cent in the previous quarter (April-June-10). In sharp contrast to the deposit performance, gross advances marginally went down by 1 per cent to Rs3.28 trillion on October 1, 2010 against Rs3.321 trillion at beginning of the calendar year. Similarly, provisioning grew by 18 per cent to Rs327 billion against Rs227.7 billion recorded at the beginning of the year 2010. That's why net advances fell 2.7 per cent to Rs2.96 trillion from Rs3.04 trillion during the period.
Banks directed to serve notices on defaulters
Loan-write-off beneficiaries’ UK may raise MCB to broadcast 2.5bn pounds lists reach SC via bank levy
KARACHI: Muhtashim Ashai, Group Head Wholesale Banking and Ruhail Mohammed, CFO Engro Corporation signing the agreement regarding Engro Rupiya TFC distribution.-Staff Photo
Engro Rupiya TFC KARACHI: MCB Bank Limited & Engro Corporation has signed an agreement appointing MCB as a distributor for Engro's Rupiya Certificates (ERC) issue of Rs4 billion, a statement issued here said. The statement said this initiative was spearheaded by the Bank's Investment Services Department that is involved in the distribution of various mutual funds and
investment schemes and has grown over the last year to become Pakistan's largest mutual fund distributor to retail customers in terms of sales volume. Moreover under this agreement MCB Bank will offer the Engro Rupiya Certificate to retail savers by offering an alternate investment option to conventional saving products & schemes. ERC has been made available
for subscription from October 15 for 3 months and will mature in 3 years after the closing date of subscription. The issuing amount is inclusive of Green Shoe Option of Rs2 billion. The limit for minimum investment is Rs25,000 for the subscription period of 3 months. The profit will be distributed on semi-annual basis at a fixed rate of 14.50 per cent per annum.-PR
Faysal Bank takes RBS Pakistan home KARACHI: Faysal Bank Limited has announced the takeover of controlling interest in the Pakistan operations of Royal Bank of Scotland Limited (RBS Pakistan) in a 41 million euros deal. Faysal Bank's commitment to Pakistan is reflected in the vision of its principal shareholder, Ithmaar Bank and its chairman Prince Amr Mohammed Al Faisal Al Saud. The acquisition will expand Faysal Bank's footprint to over 200 branches, which has combined business assets of over Rs260 billion, strengthening its balance sheet further and plac-
Credit Suisse Q3 profit at $630mn ZURICH: Swiss banking giant Credit Suisse Thursday said it made 609 million francs (452 million euros, $630 million) in the third quarter, down 74 per cent from a year ago. The quarter was characterized by "challenging conditions with low market volumes and subdued client activity" but all divisions returned profits, said the bank in its earnings statement. "Continued disciplined investments position Credit Suisse well for market recovery," it added.-Reuters
ing it amongst the top ten banks in Pakistan. In a statement to the media, Naved A Khan, President & CEO Faysal Bank Limited said, "The acquisition is a significant milestone in Faysal Bank's strategy to expand its presence and commitment to Pakistan, whilst offering a wider range of products across all business segments, with continued focus on improving customer experience. This expansion will result in positioning the bank as one of the key players in the financial sector, which is undergoing consolidation. The bank remains committed to all its stakehold-
ers, customer and employees, while continuing to fulfill its corporate responsibilities." Syed Naseem Ahmed, Chairman Faysal Bank Limited said: "This acquisition will significantly complement our ambitious growth plans. We will ensure that we optimise on the opportunities arising from this acquisition through providing the necessary support, investment and resources to the management of the bank." The merger of RBS Pakistan into Faysal Bank Limited is expected to be completed by January 2011 subject to all regulatory approvals.-PPI
LONDON: Britain said Thursday it expected to generate around 2.5 billion pounds ($4 billion) of annual revenues by 2012-13 via a permanent levy on banks' balance sheets. The figure was in line with a forecast made when the levy was announced in the budget in June. The government has now published draft legislation on a levy which will be phased in from Jan. 1, 2011 and is intended to encourage banks to move to less risky funding profiles following the credit crisis. "We have consulted on the design of the scheme so that it achieves two objectives: firstly, ensuring that banks make a fair contribution in respect of the potential risks they pose to the UK financial system and wider economy," Treasury minister Mark Hoban said in a statement. "Secondly, the final scheme design incentivises banks to make greater use of more stable financial sources, such as long term debt and equity, working with the grain of our wider reform programme," he added. Unveiling 80 billion pounds of spending cuts on Wednesday, finance minister George Osborne ratcheted up the rhetoric on banks, pledging to seek the "maximum sustainable" revenue from the financial sector. The British government said it would work with international partners to explore the merits of a Financial Activities Tax on profits and remuneration.-Reuters
ISLAMABAD: Counsel for State Bank of Pakistan Syed Iqbal Haider submitted with the Supreme Court of Pakistan the lists containing particulars of those who got their loans written off. Two separate lists were submitted with the threemember bench headed by Chief Justice of Pakistan Iftikhar Muhammad Chaudhry took up the issue of written off loans worth Rs256 billion. The first list contained top 50 beneficiaries including 29 mills --companies or industries not covered by Circular 29. It had names on it like Eurogulf Enterprises, Younus Habib, West Pakistan Tank Terminal, Mercury Garments Industries, Siraj Steel Ltd, Spinning Machinery Co, Saad Cement Ltd, Pakistan National Textile, Mehr Dastagir Spinning Mills, Mohib Textile Mills, Redco Textiles, Chaudhry Cables, Abdullah S Al Rajhiest, Quality Steel Works, Mekran Fisheries, Kohinoor Looms, Aziz Spinning, Farooq Habib Textile, Northern Polythene, Firdous Spinning Mills, Balochistan Foundry Ltd, Tawakkal Group of Industries, Mian Muhammad Sugar Mills, Punjab Cooperative Board for Liquidation, Pakpattan Dairies, Adamjee Industries
etc. The total amount of these entities' loans waived by various banks stands at Rs47.2 billion. The other list contained names of 17 business entities the loans of which were waived off under BPD-29 (Circular 29) of State Bank of Pakistan. The waived loans under this category stand at Rs15.6 billion. Under Circular 29, the banks were allowed to write off loans under two conditions i.e., revival of sick industries and recovery of bad loans due to security situation. During the previous proceedings, the SBP counsel told the court that between 1971 and 2009, an amount of Rs 256 billion had been written off by banks. The same bench also allowed a separate plea filed by Barrister Zafarullah to become a party to the case. The petitioner contended that banks were making profits at the cost of their customers. The interest rate upon loaning facility had jumped to over 12 per cent due to which foreign investors were not coming here, he added. On another plea about writing off Rs82 million loans, a notice was also issued to Indus Sugar Mills. -Agencies
Due to deteriorating quality of assets, where NPLs were at higher levels, banks preferred to grow their investment portfolio rather than lending to borrowers. This was evident from the fact that investment grew by a hefty 9.5 per cent to Rs1.81 trillion compared Rs1.65 trillion in CY09. IDR ratio surged to nearly 38.33 per cent from 37.4 per cent at CY09. Furthermore, overall balance sheet size of the sector improved by 3.7 per cent as total assets reached Rs6.3 trillion in 9MCY10 from Rs6.07 trillion at CY09.
Moot for more Islamic banking ISLAMABAD: There is a need for promoting Islamic banking in compliance with Islamic laws to accelerate trade/ business activities and for just distribution of wealth to bridge the gap between deprived and privileged class. This was the upshot of a seminar titled "Islamic Banking and Finance: Issues, Challenges and Way Forward" organised by State Bank of Pakistan (SBP) in collaboration with Meezan Bank, Habib Bank and Islamic International University (IIU) with an aim to provide an opportunity to the participants to understand issues involved in the Islamic Banking. Speaking on the occasion Saleem Ullah, Director Islamic Banking Department SBP said that the biggest challenge the Islamic Banking sector is facing is the lack of awareness about the this system. He said that people have many confusions and apprehensions in their mind. "The need is to organise a series of such seminars and campaigns so that people could clear their mind about the apprehensions regarding the Islamic banking", he said adding that the SBP is cooperating with other banks to promote Islamic banking in the country. He said that strategic plan for Islamic banking developed by SBP envisages a 12 per cent share in the overall assets of banking industry by the year 2012. He said presently six full fledged Islamic banks and all five big banks in the country are providing Islamic banking services. Ahmad Ali Siddique, head of product development department and Shariah compliance Meezan Bank said that the basic tenets and principles of Islamic banking are built upon the avoidance of Ribba, Gharar and prohibition of impermissible businesses as stated in Quran.-APP
9M Allied Bank profit up 16.7pc Aamir Abidi KARACHI: Allied Bank Limited (ABL) has announced its financial results for the period ended 9MCY10, said a notice issued to Karachi Stock Exchange (KSE). According to details, the profit for the period ended increased by 16.7 per cent to Rs5.85 billion (EPS: Rs7.48) as compared to Rs5.01 billion (EPS: Rs6.41) in the same period of last year. The QoQ profit soared by 21.1 per cent to Rs2.23 billion (EPS: Rs2.85) for 3QCY10 as compared to Rs 1.84 billion (EPS: Rs2.36) in
2QCY10. Interest income of the bank rose by 9.32 per cent to Rs33.25 billion for 9MCY10 against Rs30.42 billion in the same period last year. On the other side, interest expenses relaxed by 0.52 per cent to Rs16.7 billion compared to Rs16.79 billion in 9MCY09. The bank recorded Rs3.15 billion as non-performing loan against advances for 9MCY10 against Rs3.34 billion in 9MFY09, while operating expenditure increased by 17 per cent to Rs8.14 billion for the period under review.
LAHORE: Bilal mustafa managing director the bank of khyber (bok) formally inaugurating bok islamic banking branch at shah alam market in lahore. Bok groups heads are also present on the occasion.-Staff Photo
9
Friday, October 22, 2010
Oil falls on Chinese growth data, US crude stocks
European vegetable oil prices
Chinese economic growth slows slightly to 9.6pc in Q3
ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10 850.00, Dec10 844.00, Jan11 844.00, Feb11/Apr11 850.00+5.00, May11/Jul11 850.00+3.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 855.00, Feb11/Apr11 845.00+5.00, May11/Jul11 850.00+5.00, Aug11/Oct11 835.00+10.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1310.00+10.00, Apr11/Jun11 1300.00+10.00, Jul11/Sep11 1315.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1320.00-7.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Oct10 1022.50+2.50, Nov10 1010.00+0.00, Dec10 1010.00+2.50, Jan11/Mar11 1005.00+0.00. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1040.00, Jan11/Mar11 1035.00. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 995.007.50, Jan11/Mar11 990.007.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 1005.00-5.00, Jan11/Mar11 1000.00-5.00, Apr11/Jun11 1002.50-5.00. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 985.00+0.00, Dec10 985.00+0.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Sep10/Oct10 1430.00, Oct10/Nov10 1430.00+15.00, Nov10/Dec10 1430.00+15.00, Dec10/Jan11 1430.00+15.00, Jan11/Feb11 1430.00, Feb11/Mar11 1430.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1925.00+0.00. Reuters
LONDON: Oil slipped towards $82 per barrel on Thursday, consolidating after a slight slowing in Chinese economic growth and following another build in US crude oil stocks. Front-month US crude, now the December contract following November's expiry, was down 40 cents at $82.14 by 1345 GMT, after rising almost 3 per cent on Wednesday. ICE Brent lost 16 cents to $83.44. Oil posted its biggest daily percentage gain in more than a month on Wednesday, after slumping more than 4 per cent on Tuesday when China raised interest rates. Prices reached a five-month high of $84.43 on Oct. 7. China's economic growth slowed a little in the JulySeptember quarter, growing at 9.6 per cent year-on-year, down from 10.3 per cent in the second quarter. But Chinese growth was a touch stronger than expected
Asian rubber down on Chinese demand woes BANGKOK: Tokyo rubber futures ended lower on Thursday, retreating from an early gain of 1 per cent because of what some saw as disappointing Chinese economic data, which led to falls in Shanghai rubber futures and spurred selling on TOCOM, dealers said. The negative effect of a Chinese interest rate rise this week was also still being felt, they said. The benchmark rubber contract on the Tokyo Commodity Exchange for March delivery fell 0.7 yen to settle at 334.5 yen ($4.12) per kg, The most active Shanghai rubber futures for March delivery fell 360 yuan to end at 31,170 yuan ($4,686) per tonne. Trading volume was 1.29 million lots. "Poor Chinese economic data and fears about the rate rise effect still lingered and spurred selling on rubber again," one dealer said. China's annual gross domestic product growth slowed to 9.6 per cent in the third quarter from 10.3 per cent in the second. -Reuters
and was accompanied by supportive oil demand data from what is now the world's biggest energy consumer. China's implied oil demand rose 6.2 per cent from a year earlier in September to about 8.68 million barrels per day (bpd), Reuters calculations based on preliminary official figures showed on Thursday,
just short of a record-high 8.9 million bpd in June. The growth rate, which eased off the double-digit base seen during early 2010, came on top of a strong base in September 2009, when demand rose at the fastest pace in three years. China's domestic crude production jumped 9 per cent to a record 4.18 million bpd in September. US crude oil inventories rose last week by a smaller-thanexpected 667,000 barrels as
imports increased, a weekly report from the federal Energy Information Administration (EIA) showed on Wednesday. Distillate stocks were slightly bullish, falling more than expected, but gasoline inventories surprised analysts with a rise of 1.2 million barrels, weighing on the motor fuel market. Oil markets were largely unaffected by comments by US Treasury Secretary Ti m o t h y Geithner, who said in a speech in South Korea that major world currencies were "roughly in alignment". Oil found continuing support from expectations of US attempts to bolster the economy, probably through another round of quantitative easing. France's 12 oil refineries remained blocked on Thursday with fuel supplies from them still cut off, as workers continued strikes to protest against the reform of France's pension system, the CGT union said. -Reuters
US cotton limit-up on trade buying NEW YORK: US cotton In China, the Zhengzhou futures finished up by their Commodity Exchange's May daily limit on Wednesday as cotton futures last traded at modest trade buying coupled 24,390 yuan per tonne, up 305 with a slump in the dollar yuan from the previous close. helped the market rebound "I think you're going to set after the previous session's back some (tomorrow), but the sharp losses, analysts said. bullishness of cotton is still Cotton on ICE Futures NY cotton early-trade US galloped last Friday to its highest since the ICE December cotton futures American Civil War but rose 1.67 cents to $1.1593 per lb retreated rapidly on fund on volume of 11,312 lots. liquidation and profittaking, and prices sank 2.7 per here," said Lou Barbera, an cent on Tuesday after a analyst for brokerage VIP Chinese rate hike boosted the Commodities, adding that dollar. "mills are still buyers" in the ICE Futures US key market. December cotton contract rose Fundamentally, analysts said by its 4.00-cent daily limit to the cotton market continued to end at $1.1426 per lb on attract strong consumer Wednesday, posting a session demand from China, and suplow of $1.0942. ply and demand have driven The trading range came with- cotton ending stocks to their in Tuesday's $1.0925 to lowest since 1995. $1.1475 band. The market will be analyzing Volume traded in the cotton the US Agriculture market stood at 19,691 lots by Department's weekly export 1845 GMT, almost 10 per cent sales report due on Thursday to below the 30-day average at see whether demand remains 21,818 lots, preliminary strong despite the spike in valThomson Reuters data showed. ues. -Reuters
Copper weakens on recovering dollar LONDON: Copper fell on Thursday, reversing earlier gains, as a recovering dollar weighed and investors fretted about the size and shape of expected monetary easing in the United States, the world's largest economy. Benchmark copper for threemonth delivery on the London Metal Exchange closed at $8,307 a tonne from $8,340 at the close on Wednesday. "It's the dollar ... Everybody is convinced that there will be QE but it's the format and the actual size of it (that is uncertain)," analyst Andrey Kryuchenkov at VTB Capital said, referring to quantative easing. The dollar pared losses versus the euro and the US currency was up slightly against a basket of currencies. A stronger dollar makes dollar-priced metals pricier for European investors. Earlier data showed China's economic growth slowed in the third quarter but was a touch stronger than expected. Consumer inflation hit a 23month high of 3.6 per cent in
September but was in line with market expectations.
Shanghai copper holds flat Shanghai copper ended nearly flat after Chinese data showed stronger third-quarter growth than expected, following Beijing's surprise rate hike this week, and gains in the dollar weighed. The benchmark third-month futures contract on the Shanghai Futures Exchange closed up 40 yuan at 62,690 yuan a tonne, off one-week low of 61,900 yuan hit on Wednesday. Lead and zinc prices rose to new multi-month highs after the third-largest Chinese zinc producer Shenzhen Zhongjin Lingnan Nonfemet was, accord-
ing to a newspaper report, asked to suspend production at its Shaoguan smelter. Battery material lead closed at $2,485 a tonne versus $2,450, after earlier touching its highest level since mid-January at $2,514. Zinc hit $2,514.50 a tonne, its highest level since mid-April, but closed at $2,474 versus $2,440. Aluminium closed at $2,364 versus $2,362. LME stocks for the Metal, used in transport and packaging, fell 4,700 tonnes to 4.32 million tonnes -- down from record levels above 4.6 million hit in January. A large portion of those aluminium stocks are tied up in finance deals. Steel-making ingredient nickel closed at $23,550 from $23,945, while tin closed at $26,500 from $26,750. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 20 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1280
1175
October (3rd Wednesday)
1290
1180
November (3rd Wednesday)
1300
1190
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for October 20 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2170 2180 2190 2200 2155 2165 2155 2165
2323 2325 2356 2356.5 2360 2365 2403 2408
8246 2380.5 8250 2381 8271 2406 8272 2408 8115 2395 8125 2400 7765 2370 7775 2375
23450 23475 23475 23500 22925 23025 21950 22050
TIN
ZINC NASAAC
26400 2383 2260.5 26405 2383.5 2261 26400 2410 2300 26450 2414 2310 25850 2448 2355 25900 2453 2365 2428 2405 2433 2415
COJEDES - VENEZUELA: Farmers cast urea fertilizer in a rice plantation on the expropriated and now redistributed farm of El Charcote in the central state of Cojedes. El Charcote became a symbol of Chavez's socialist revolution when he sent soldiers to seize it in a 2005 push to break up major ranches and repopulate rural areas largely abandoned since Venezuela's oil industry took off in the 1920s. -Reuters
Arabica coffee sets 13-yr high, sugar firm LONDON: Fund buying helped push arabica coffee to break above $2.00 a lb to a 13-year high and robusta coffee hit a two-year high on Thursday, with both markets underpinned by supply concerns. ICE sugar and cocoa were higher in technical trading, dealers said. The coffee market's strong recent performance led to system fund buying while crop concerns in top robusta producer Vietnam and arabica exporter Colombia had also helped to fuel the run up, dealers said. ICE December arabica coffee futures traded up 4.85 cent or 2.5 per cent at $2.0160 a lb at 1527 GMT, after peaking at $2.0315 a lb earlier in the session. Dealers said there was a lack of origin selling on both markets so there was limited resistance against the rally. Liffe January robusta coffee was up $45 or 2.5 per cent at $1,886 per tonne after setting a two-year peak for the benchmark second month of $1,910. ICE raw sugar futures were firm, hitting a fresh ninemonth peak of 29.23 cents a lb before easing, supported by talk of Brazilian buy backs due to a domestic price rally in Brazil, dealers said. ICE March raw sugar futures traded up 0.37 cent or 1.3 per cent at 29.17 cents a lb. London December white sugar was down $1.40 or 0.2 per cent at $729.20 per tonne. Cocoa futures were higher, breaking above their recent range in technical trading, said dealers. ICE December cocoa up $51 or 1.8 per cent at $2,827 per tonne, while Liffe second-month March cocoa traded 47 pounds higher at 1,907 pounds a tonne. Reuters
Gold on course for 1st wkly fall in 12-wk LONDON: Gold was set for its first weekly decline in 12 weeks on Thursday after US jobs data lifted the dollar and further eroded investor demand for bullion, although several analysts said they viewed this as temporary. Gold is on course for a 1.9 per cent fall this week, which would mark its largest weekly drop since early July, while holdings of gold in the world's
and nine-month lows versus the euro and boosted gold, has not disappeared. "The long-term factors that have driven gold higher over the last 12 to 18 months are largely intact," said HSBC analyst James Steel. "Gold has been rallying in all currencies, which implies that it's not entirely a US dollar phenomenon." Reflecting the lower appetite
largest exchange-traded fund, the SPDR Gold Trust, fell for a fourth consecutive session, indicating lower investment appetite. Spot gold hit a high of $1,349.05 an ounce before slipping to $1,339.50 by 1513 GMT, versus $1,343.50 on Wednesday. US gold futures for December delivery were down $4.0 an ounce at $1,340.20. Yet analysts said the pervading investor concern over the global economy and the reliability of paper currencies, which has driven the dollar to 15-year lows against the yen
among investors for gold, SPDR said its holdings eased to 1,299.177 tonnes by Oct. 20 from 1,300.089 tonnes on Oct 19. The holdings hit a record at 1,320.436 tonnes on June 29. The gold price has fallen by nearly 2 per cent in dollar terms this week and is down by 1.8 per cent in euros, down 2 per cent in yen and down 1.2 per cent in Swiss francs. Silver fell to $23.81 an ounce, from $23.90. Platinum prices were last up 0.4 per cent at $1,685.49, while palladium drew strength from the rally in the base metal complex and rose 1.7 per cent to $594.35 an ounce. -Reuters
Malaysian palm surges above 3,000 ringgit KUALA LUMPUR: Dalian soyoil hit a 26-month high on Thursday and Malaysian palm oil rose above 3,000 ringgit as traders bet strong vegetable oil demand will continue to drive soybean crushing in China. A flurry of Chinese economic data issued earlier in the day showed the world's secondlargest economy was strong but far from overheating, signalling agriculture markets that imports will stay strong. The most active May 2011 soyoil contract on the Dalian Commodity Exchange jumped 2.8 per cent to settle at 9,192 yuan ($1,382) after going as high as 9,260 yuan ($1,392) a tonne -the highest for the fifth month since Aug. 26 2008. "There are lots of excuses to be
a bull in the vegetable oil market," said a regional vegetable oil trader in Malaysia. "Apart from China, the weaker dollar is making soybeans more attractive and investors are getting back into commodities in a big way again." China National Grain and Oils Information centre said on Thursday that the country will import 54 million tonnes of the oilseed in 2010/2011. Malaysia's palm oil eased to settle at 2,990 ringgit ($958.3) per tonne. Traded volume was heavy with 14,910 lots of 25 tonnes each compared to the usual 10,000 lots. US soyoil for Dec delivery rose 0.4 per cent in Asian hours after rising in the previous session on soybean's strength after China bought more cargoes of the oilseed. -Reuters
Indian sugar finishes steady MUMBAI: India's spot sugar remained steady for the fourth straight day on Thursday after millers, despite weak demand, refused to lower prices, as they hoped festival season to lift demand in coming weeks, analysts said. "Millers were not changing prices despite weak demand. It wouldn't be difficult for them to sell October quota as next month we have Diwali," said a member of the Bombay Sugar Merchants Association. Demand for sugar usually goes up ahead of Diwali, the Hindu festival of lights, which falls in the first week of November. India, the world's biggest consumer of the sweetener, has made available 1.75 million tonnes of sugar for sale in open market for October, lower than 1.85 million tonnes it had released a year ago, the government said in a statement. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety nudged 0.08 per cent lower to 2,598 rupees ($58.6) per 100 kg. -Reuters
National Commodity Exchange Ltd Trading Summary Date
21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010 21-Oct-2010
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold TT Gold TT Gold IRRI6W Rice IRRI RBD Palm Olein KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
NO10 DE10 JA11 NO10 DE10 NO10 DE10 JA11 NO10 DE10 JA11 NO10 DE10 JA11 NO10 NO10 NO10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 2-Sep 3-Sep 21OC10 NO10 NO10 10-Dec 11-Mar
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
80.93 81.48 81.30 23.73 23.75 1342.70 1343.00 1343.50 1341.70 1340.70 1343.20 36929.00 37178.00 37244.00 37141.00 43336.00 43321.00 38215.00 38253.00 38266.00 38189.00 38202.00 44015.00 43949.00 43964.00 2402.00 3229.00 4389.00 86.70 86.15
82.70 83.38 82.19 23.78 24.01 1347.90 1349.50 1350.20 1341.70 1346.40 1343.20 37290.00 37182.00 37244.00 37141.00 43336.00 43321.00 38215.00 38253.00 38266.00 38236.00 38202.00 44015.00 43949.00 43964.00 2402.00 3229.00 4438.00 86.71 86.15
80.16 81.33 81.30 23.73 23.56 1333.00 1334.50 1334.60 1340.10 1335.70 1340.80 36929.00 37095.00 37165.00 37110.00 43284.00 43284.00 38172.00 38210.00 38223.00 38189.00 38159.00 43855.00 43900.00 43914.00 3200.00 3228.00 4389.00 86.70 85.75
81.77 82.61 82.19 23.78 23.79 1340.10 1340.80 1341.60 1340.10 1340.80 1340.80 37137.00 37147.00 37165.00 37110.00 43284.00 43284.00 38172.00 38210.00 38223.00 38236.00 38159.00 43855.00 43900.00 43914.00 3200.00 3228.00 4438.00 86.71 85.75
Traded Volume in lots 259 32 68 428 1,812 1,750 31 51 3 2 -
Previous Settlement Price 82.06 82.80 83.39 23.84 23.85 1343.30 1344.00 1344.80 1343.30 1344.00 1344.80 37217.00 37226.00 37244.00 37189.00 43377.00 43377.00 38252.00 38290.00 38303.00 38315.00 38239.00 43948.00 43992.00 44007.00 3201.00 3229.00 4389.00 86.70 85.74
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 81.77 33 82.61 7 82.19 7 23.78 23.79 55 1340.10 596 1340.80 586 1341.60 1,088 1340.10 1340.80 9 1341.60 37137.00 37147.00 49 37165.00 37110.00 1 43284.00 43284.00 38172.00 38210.00 38223.00 38236.00 38159.00 43855.00 4 43900.00 43914.00 3200.00 3228.00 4438.00 86.71 85.75 -
FIFA president honoured with membership of the German soccer federation DFB in Essen
10
Friday, October 22, 2010
Teen throws Jankovic out of Kremlin Cup MOSCOW: Top seed Jelena Jankovic crashed out of the Kremlin Cup at the first hurdle in a 6-1, 6-2 thrashing by Kazakh teenager Zarina Diyas on Thursday. Serbia's former world number one, who had a bye in the first round, looked out of sorts from the start, committing numerous errors and winning only 43 percent of her first serves. She was beaten in less than an hour by the 268thranked Diyas. The Kazakh qualifier, who turned 17 three days ago, was as surprised as everyone by her lopsided victory. "I was very nervous before the match. She is a top player and I never played someone like her before," Diyas said. "But as the match progressed I started feeling more and more confident and my nerves were gone by the first set."-Reuters
BCCI told to compromise on Modi NEW DELHI: The Supreme Court on Thursday gave the Board of Control for Cricket in India and Lalit Modi six days to decide on the composition of the disciplinary committee probing alleged financial lapses by the former Indian Premier League commissioner. The BCCI and Modi would reverse back to the apex court Wednesday to inform if they have succeeded in hammering a compromise. If not, then the apex court would resume hearing on the matter. The BCCI on Wednesday told the Supreme Court that it was not possible to reconstitute its panel. The BCCI said this in response to a query by the apex court bench of Justice JM Panchal and Justice Gyan Sudha Misra in connection with Modi's plea. The board said it could not reconstitute the disciplinary committee inquiring into the charges against Modi at this "late" stage. Pointing out that the board had already diluted the composition of the committee after BCCI president Shashank Manohar withdrew from it, the court wondered why it could not reconstitute the panel by changing another member.-Agencies
Shuja-ud-Din to quit weight lifting ISLAMABAD: National weight lifter Shuja-ud-Din Malik has decided to quit from weight lifting due to the injustice on flag hoist issue during the inaugural ceremony of Common Wealth Games (CWG). According to details, National weight lifter was out of the contest in CWGs as he was unfit during the contest. He declared the responsible of the flag hoist issue to Chief de mission and Sports minister of Sindh Dr Muhammad Ali Shah. As per sources Shuja din Malik got dishearten and decided to leave the weight lifting after the recent statements of the Dr Mohammad Ali. Sources further said that he was unfit during the weight lifting and injured his fingers and he is not able to participate in any National and International competition.-Online
Waqar not consulted in team selection LAHORE: Pakistan cricket team's coach, Waqar Younis said he was not consulted in the selection of team which will play South Africa in United Arab Emirates later this month. "It is very important to seek the opinion of team's coach in the selection but I was not part or consulted in that important matter", he told reports at the conclusion of national cricket camp here on Thursday. "My job is to get one hundred percent from the given combination and I will concentrate on this aspect to inspire the players to put up a good show to fetch desired results in a challenging tour", he added. Former Pakistan captain looked confident when asked his team's prospects in the tour in which it will play five one-day internationals, two T-20 matches and two test matches at off shore venue. "No doubt it is going to be tough but as a coach I am optimistic regarding my teams showing in all versions of the game ",he said adding " I think there should not be any problem in win-
ning T-20 games and we have to work really hard in one day matches and in test matches ",said the former pace bowler. He welcomed the inclusion of former captain Younis Khan in the squad and termed him a batsman who is capable of delivering and giving his one percent. "It is a good addition in the team and Younis presence will boost our middle order and young players in the side will definitely learn from his vast experience". Waqar Younis said a lot of effort was made on improving fielding and fitness during the short duration camp. "Fielding is a long standing problem of our team and we have worked really hard on this important area and junior players have been told to lift the level of their fielding because they are in right age of learning". Praising pace bowler Shoaib Akhtar's bowling talent and potential at a age of 35, Waqar termed him a match winning bowler still capable of shattering the confidence of world's best batting.-APP
Afridi wanted Malik, not Younis opted to go for Younis Khan's inclusion in the team," the report said. KARACHI: Pakistan's crickInterestingly, Younis, who is et selectors ignored suggesa Test specialist, will now tions from the national team's have to prove his form and fitcaptain Shahid Afridi and ness in one-day games to be coach Waqar Younis by considered for next month's recalling former captain two-Test series against the Younis Khan for the one-day Proteas. International series against According to Mohsin Khan, South Africa in the United Pakistan's chief selector, Arab Emirates. Younis Khan has only been The captain and coach selected for the one-day series wanted all-rounder Shoaib (he has already retired from Malik in the team as a Twenty20 internationals) and replacement for injured might play in the Tests if he Mohammad Yousuf, but the tors did not agree with the proves his form before the selectors instead picked up Dubai. "Pakistan Cricket Board suggestions coming from the series. Younis Khan on Wednesday. The report said that Yousuf was ruled Afridi and Waqar out of the limitedwere of the view that overs series against Malik could have South Africa after been useful for he ruptured a musPakistan in the cle in his right leg. LAHORE: Younus Khan on Thursday said that he has returned to the national side Twenty20 and oneA report in The day games because of News said Thursday because he wanted to serve the country with his potential. Speaking to the media at the National Cricket Academy in Lahore, he said he had his utility as an allthat Afridi and opted to stay away from the team, but then realised that it needed his services. rounder. Waqar had instead He said that one has to let go of their ego and not dwell in the past adding that he However, the PCB asked for the incluwas fit and ready to perform. decided against sion of discarded Meanwhile, Pakistan cricket team coach Waqar Younis welcomed the reinstaterecalling Malik in the all-rounder Shoaib ment of Younus Khan in the team. Malik in the squad Waqar said that the team needed the expertise of senior players in the upcoming national team and have given him the for the two tour against South Africa. Twenty20 and five He was also hopeful that Muhammad Yousuf would be available for the Test command of a team O n e - d a y series. He added that the team is being trained for a tough tour and is hopeful the that will represent the country in Hong I n t e r n a t i o n a l s results will be positive.-Agencies Kong Sixes tournaagainst South Africa captain and the coach, and (PCB) and the national selecment to be played next month. to be played in Abu Dhabi and Monitoring Desk
I returned to serve the country: Younus
Can’t be ‘absolute best’ anymore: Ponting MELBOURNE: Australian captain Ricky Ponting says he can no longer be at his "absolute best" with the bat but that should hardly be a surprise or concern as even an icon like Sachin Tendulkar is not at his peak anymore. Responding to former Australian captain Mark Taylor's comments that his "best is behind him", Ponting said the assessment is correct but that does not mean he would become ineffective. "I think what Mark had to say was that he probably didn't think I could get any better from where I am at the
moment," Ponting was quoted as saying by 'The Daily Telegraph'. "It wasn't so much about saying that I'm past it. He just thought that it was going to be hard for me to get back to my absolute best again, and that's probably right. "I think there is a period in every batsman's life where they are playing at their absolute best. Even Sachin Tendulkar now, even though he's scored nine hundreds last year, was probably not at his absolute best, either," he added. "So what Mark said may be right, but by no means do I
think I can't play at the level I want to play at. And if I can't play at that level, I won't play the game anyway. I have said that for a long time," said the 35-year-old right-hander, who has been rested from Australia's ongoing ODI series against India. Ponting said he merely has to perform consistently to keep his place in the side. "So I have just got to be a good, consistent contributor in the No 3 role, and be the best captain and leader I can be for the next few months, and we will see what effect it has on the team," he said.-Agencies
India beat Australia, courtesy Kohli’s ton VISAKHAPATNAM: Virat Kohli hit 118 and Suresh Raina hammered an unbeaten 71 to inspire India to a brilliant fivewicket win over Australia in the second one-day international on Wednesday. It was the 21-year-old Kohli's third ODI century and he compiled 11 fours and one six as the home side reached a target of 290 with seven balls to spare. India lead the three-match series 1-0 after the first game in Kochi was washed out. Kohli mixed caution with
aggression in his 121-ball innings and shared a 137-run partnership with Yuvraj Singh (58) for the third wicket. After Kohli and captain Mahendra Singh Dhoni (nought) were removed in the same over by paceman John Hastings, Raina picked up the baton by racing to 71 not out in 47 balls. Earlier, skipper Michael Clarke (111 not out) and Mike Hussey (69) stitched together a 144-run stand for the third wicket to guide Australia to
289 for three in 50 overs. Cameron White also smashed an unbeaten 89 in 49 balls, containing six fours and six sixes, as the visitors plundered 84 runs from their last five overs. "Cameron White's innings was unbelievable, one of the best ODI innings I have seen. I thought 289 would be enough but India were too good today," said Clarke. The third and final game will be held in Margao on Sunday.Reuters
National Jr Squash c’ship starts tomorrow PESHAWAR: Malik Saad Memorial National Junior Squash Championship would start in PAF Hasham Khan Complex on Saturday. Almost 64 players would participate in championship across the country. Talking to the media men Secretary Khyber Pakhtoonkhwa Squash association Qamar Zaman said that Junior championship has been dedicated to the name martyr Saad. He further said that matches of under 15 and 17 will be played in the championship and 64 players are participating in the tournament. He told that the Qualifying rounds will be played on Friday (Today) and main rounds would be held from October 23-26.Online
United's ability to improve the squad to ensure they can still compete for major honours was behind his decision to end talks over a new contract. Reports suggest Rooney has also angered United by demanding wages of 150,000 pounds ($236,291) a week after tax and he could even be sold in the January transfer window. Given the spending power of Chelsea's billionaire owner Roman Abramovich, the Premier League champions
are one of the few clubs who could afford Rooney and Terry knows a swoop for his England team-mate would improve Carlo Ancelotti's squad. "Wayne is the best young player in the world. I am no different to any other player in saying that," Terry said. "You obviously have to respect Manchester United and Wayne, but who knows what's going to happen. "We've got a great squad of players and he would add to
Staff Reporter KARACHI: DHL awarded south Asia's fastest woman Naseem Hameed "Best Athlete of 2010" trophy to recognise and celebrate her success. Naseem Hameed recently paid visit to DHL's office and shared her experience of her journey towards becoming the 'Fastest Woman of South Asia'. The special event constitutes part of the DHL's ongoing endeavors to further improve its performance by inspiring and motivating its employees. The event was attended by senior management of DHL Pakistan, DHL employees and others from the corporate sector, including Qatar Airway's Cargo Manager Pakistan Wahid Khan, who presented an international air ticket of Qatar Airways to
Naseem Hameed in recognition of her achievements. Speaking on the occasion, Imran Shaikh, Managing Director, DHL Global Forwarding Pakistan said; "As a company that stands for speed, reliability and precision, DHL supports major sporting events and activities globally. As these are qualities also embodied and displayed by Ms. Hameed during the South Asian games, DHL is proud to have Hameed here and we hope her journey to success is taken as a benchmark for others to follow." Also speaking on the occasion, Hameed thanked DHL for commemorating her success and shared her experience and journey of struggle. She attributed her success to persistent hard work, commitment and dedication.
KARACHI: Imran Shaikh presenting DHL’s very first “Best Athlete of 2010” Trophy to Naseem Hameed to recognise and celebrate her success.-Staff Photo
Terry bent on Rooney for Chelsea LONDON: John Terry admits Wayne Rooney would be the ideal signing for Chelsea if the unsettled Manchester United striker is allowed to quit Old Trafford. Rooney sent shockwaves through the football world this week when he revealed he would not extend his stay at United beyond the end of his current contract, which expires at the end of next season. The 24-year-old claimed a lack of assurances over
DHL honours Naseem Hameed
that and strengthen the squad. He is the best player in the world for me." French striker Nicolas Anelka, a teammate of Terry's at Chelsea, agrees that his club should do everything to sign Rooney - even though he would be a direct rival for his place in the team. "If he wants to come to Chelsea he would be very welcome," Anelka said. "Would I buy him? Of course I would, he's a good player."Agencies
Samsung patrons Punjab Olympics Staff Correspondent LAHORE: Samsung is bringing a range of exciting sports activities at the Punjab Stadium-Lahore, from the 24th to 26th of October, 2010. This extravaganza of sports and athletics is titled as the "71st Samsung Punjab Olympics". The General Manager of Samsung Pakistan, Steve Han commented on the benefits
and enthusiasm of the Punjab Olympics by saying; "The youth of Pakistan have proved their competitive talents and excellence in numerous sports and athletics. By sponsoring the Punjab Olympics, Samsung aims to bring out the raw talent and enrich the performance of these youngsters for a higher level of sports and international athletics. It is delightful to see their passionate participation in this event.
UK retail sales fall as economy weakens
US jobless claims drop, monetary stimulus seen WASHINGTON: New US claims for jobless benefits fell more than expected last week, but not enough to suggest much improvement in the distressed labor market. Other data on Thursday showing a modest rise in a key gauge of future US economic activity last month and small growth in factory activity in the country's Mid-Atlantic region also hardened views of more monetary policy easing next month. "Both reports are in line with a sluggish recovery in the US economy. For the Federal Reserve, the lack of meaningful improvements leave expectations for additional stimulus intact," said Cathy Lien, a director of currency research at GFT in New York. Initial claims for state unemployment benefits fell 23,000 to a seasonally adjusted 452,000, the Labor Department said, but remaining perched above levels usually associated with a strong job market recovery. The drop unwound most a jump in the prior week that took claims to a revised 475,000. Economists had expected claims to fall to 455,000 from a previously report 462,000. Separately, the independent Conference Board's Leading Economic Index rose 0.3 per cent last month after a 0.1 per cent gain in August. The rise was in line with market expectations.
A third report showed the Philadelphia Federal Reserve Bank's business activity index rose to 1.0 in October from minus 0.7 in September. That was less than economists' expectations for a gain to 2.0. A reading above zero indicates expansion in the region's manufacturing. Stocks on Wall Street were higher on upbeat corporate earnings, including Caterpillar Inc, which lifted investors' spirits. Prices for US government debt hovered at lower levels, while expectations of further monetary stimulus weighed on the dollar. The Fed is widely expected to announce a second round of asset purchases, also known as quantitative easing, at its Nov. 2-3 meeting to keep interest rates low in an effort to combat high unemployment and boost demand. The US central Bank, which cut its overnight interest rate to near zero in December 2008, has already bought $1.7 trillion worth of Treasury and mortgage-related debt. LITTLE PROGRESS Last week's claims data covered the survey period for the government's October nonfarm payrolls report. "The gyrations in jobless claims have not been reliable predictors of nonfarm payrolls in recent months," said Julia Coronado, an economist at BNP Paribas in New York. "The strongest conclusion we would draw from this
report is that there do not appear to be significant changes in either direction in labor market conditions of late." The labor market has stumbled as the economy's recovery from the most painful recession 70 years fizzled, leaving the jobless rate at an uncomfortably high 9.6 per cent. Anxiety over high unemployment is expected to cost the Democratic Party control of the US House of Representative in Nov. 2 congressional elections, with rival Republicans also predicted to make big gains in Senate. The mid-term election is seen as a referendum on President Barack Obama's performance on the economy. Last week, the four-week average of new jobless claims, considered a better measure of underlying labor market trends, fell 4,250 to 458,000. Claims for jobless benefits have moved sideways for much of this year and continue to hold below a nine-month high touched in mid-August. The number of people still receiving benefits after an initial week of aid dropped 9,000 to 4.44 million in the week ended Oct. 9, the lowest level since the week ending June 26, from an upwardly revised 4.45 million the prior week. Analysts polled by Reuters had forecast so-called continuing claims edging up to 4.41 million from a previously reported 4.40 million.-Reuters
LONDON: British retail sales unexpectedly fell for the second month in a row in September, reinforcing evidence of an economic slowdown as consumers steel themselves for big government spending cuts and tax rises. The weaker than expected figures, capping the longest sustained fall since the turn of the year, pushed sterling lower against the dollar and euro a day after the government announced details of 81 billion pounds ($128 billion) of spending cuts. Britain's economy, which had bounced back strongly this year from an 18-month recession, is expected to slow as the government tackles a record budget deficit, raising the prospect that more stimulus from the Bank of England will be needed. A slight improvement in lending to British firms seen in August is not expected to last and the housing market is also weakening, with mortgage approvals by big UK lenders down in September for a fourth month in row. "People's confidence is being sapped by a double dip in the housing market and fears over jobs or a pay freeze," said Alan Clarke, an economist at BNP Paribas. "This contributes another baby step towards a second round of quantitative easing." Conservative finance minister George Osborne, dismissing fears on Thursday that his austerity drive is too harsh, repeated his government's mantra that monetary policy can take up the strain as deficit cuts bite.-Reuters
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About the on-going Pakistan-US Strategic Dialogue in Washington, the spokesman said today working groups on energy, health, law enforcement, counter-terrorism, economy and finance and women empowerment will meet. He said tomorrow, the two sides will have in-depth discussions on the post flood situation including Government of Pakistan's response and reconstruction and rehabilitation requirements of the country. He said US President Obama met with the Pakistan's delegation yesterday and reiterated that the US would continue making focused efforts to further strengthening broad-based Pakistan-US relations in mutual interests and on the basis of mutual respect. The spokesman said President Obama also informed the delegation that he was looking forward to visiting Pakistan sometime next year. About US demands for military operation in North Waziristan Agency, he said Pakistan has its own strategy to deal with militancy and terrorism and what it will do, will be in its national interests. The spokesman said Pakistan highly values the generous Saudi assistance to mitigate sufferings of the flood affected people. He said the Saudi Ambassador was himself instrumental in coordinating relief assistance and visited almost all flood hit areas. -Online
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Friday, October 22, 2010
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relations were "never so close", Qureshi said, "What we are trying to create is a long-term, mature and mutually beneficial partnership." In this regard, he cited the $7.5 billion Kerry-LugarBerman aimed at building bridges with the people of Pakistan. While stressing that Pakistan's policies were guided by its national interests, Qureshi made the following points: (1) There is no wavering in Pakistan's resolve to fight extremism and terrorism; (2) The global fight against terrorism has advanced thus far, essentially, on the basis of international cooperation. Actions are required that reinforce, and not undercut, such counter-terrorism cooperation. Pakistan's sovereignty is and will remain non-negotiable. (3) Pakistan has a vital stake in a peaceful and stable Afghanistan. Respect for Pakistan's legitimate concerns and solutions on the basis of common interests would be most durable. The foreign minister also strongly pleaded for justice for the Kashmiri people struggling for their freedom, and urged the United States in resolving the dispute.-Agencies
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export worth of $291.52 million on account of government services due to remittances received from international organisation, Continued from page 12 $313.67 million on account of transportation services, $75.44 milNo #2 The meeting also reviewed the progress on implementation of lion from travel, $48.13 million from communication services and decisions taken in previous meetings that includes launching of $45.7 million from computer & information services. On the flip side, Pakistanis paid $926.38 million for transportaspatial Database for Pakistan, digitalisation of the storage of land revenue maps, survey of Districts Larkana, Shaheed tion, $241.6 million for other business services, $178.3 million for travel, $39.64 million for communication services, $42.87 million Benazirabad and Karachi. The President advised the related government departments including Planning Commission, the for insurance services and $31.58 million for computer & inforGeological Survey of Pakistan and Suparco to pool their mation services. resources and work in close coordination to develop and impleContinued from page 1 No #9 ment an effective satellite monitoring system. Rs256 billion bank loans during the period from 1971 to 2009 Continued from page 1 No #3 under Banking Companies Ordinance. proved that they see us with respect," Gilani said. Counsel for the SBP Syed Iqbal Haider apprised the Court that Prime Minister said the Parliamentary Committee had worked State Bank had served notices to the beneficiaries of written off hard on the 18th amendment and now it would move forward in loans but due to shortage of time the respondents could not appear line with the decision of the Court to review it. before the Court. During the hearing, the Chief Justice suggested that Governor State Bank should call a meeting of the heads of all Continued from page 1 No #4 banks for preparing a strategy to recover the loans. Pakistan's devastating floods, Pakistanis remain skeptical of US Justice Khalil-ur Rehman Ramday remarked that country's intentions. Some commentators had said it would be an insult if economy would not collapse due to the recovery of loans. -APP Obama failed to visit Pakistan while touring the country's archContinued from page 5 rival and neighbor, India. No #10 On the other hand, Pakistan Wednesday praised US President Miners, supported as metal prices held near recent highs, added Barack Obama for saying he would visit the country next year, most gains to the FTSE, with Anglo American up 2.5 per cent after calling it a sign of commitment between the troubled war partners. releasing third-quarter earnings. "The giddying effects of the Foreign Minister Shah Mehmood Qureshi, speaking afterward expectation of forthcoming stimulus from the Federal Reserve, as at the Brookings Institution think-tank, called his meeting with well as good earnings figures ... are proving to be a heady cocktail Obama "very satisfying." for investors," said Michael Hewson, analyst at CMC Markets. "The fact that he has agreed to visit Pakistan next year, the fact Solid third-quarter results on both sides of the Atlantic lifted confithat he has decided to invite the president of Pakistan to the dence that equities would be resilient in the face of economic adverUnited States of America, that is the level of engagement that is sity. Beverage maker DIAGEO climbed 2.3 per cent after French taking place," Qureshi said. -Agencies peer Pernod Ricard posted a 10 per cent jump in underlying sales in the last quarter, helped by a pick-up in demand in the United States. Continued from page 1 No #5 "It underscores the idea that you can go to defensive stocks for Islamabad. Besides discussing development projects for Pakistan, the forum will focus on support for Pakistan reconstruc- growth. They are on undemanding ratings, and many are growing their dividends," said Andrew Bell, chief executive of investment tion and rehabilitation in flood zones. A report will be presented on reconstruction and rehabilitation trust Witan. British Airways, up 0.9 per cent, was buoyed by plans in the areas devastated by this summer's unprecedented strength from peers in the United States. Delta Air Lines, US Airways Group Inc and American Airlines parent AMR Corp all monsoon flooding, Minister Kaira added. -APP posted strong results. Despite TUI Travel's troubles, overall there was confidence in the sector, with InterContinental Hotels up 3.7 Continued from page 1 No #6 Federation and provinces had already deposited at the rate of 50 per cent after French peer Accor raised its 2010 profit goal on per cent out of their respective funds for reconstruction of flood Wednesday and posted third-quarter sales slightly above forecasts. Consumer goods firms Unilever Reckitt Benckiser and hit areas, she pointed out. Pakistan had no objection over any monitoring from donor countries, she said, adding reconstruction Associated British Foods rose 2.4-3.9 per cent, benefiting from however would be carried out through country's own institutions. strong third-quarter results from French food group Danone. BT Group was up 4.1 per cent after a court backed the firm's Donor countries should upgrade the prevailing system in Pakistan institutions to ensure transparency in utilisation of funds pension trustees in a dispute with the government over a state guarantee to cover liabilities if it goes bust. besides monitoring the reconstruction work. On the downside, GlaxoSmithKline shed 1.3 per cent as it said She went on to say that donor countries were providing assisearnings slipped 1 per cent in the third quarter, hit by the cost of tance through UN in connection with relief work. All the provinces had been taken on board politically and Watan writing off stocks of its controversial diabetes drug Avandia and increased generic competition for herpes drug Valtrex. It also raised Cards had been issued to them, she stated. -Online
China economy hums along, inflation under control BEIJING: China's growth ebbed in the third quarter while inflation edged higher, suggesting that the world's secondlargest economy was far from overheating and that an interest rate rise this week may be enough for now. Coming a day ahead of G20 finance ministers' meeting in South Korea where the United States and others are expected to push for a stronger Chinese currency, the data could in fact lead Beijing to put appreciation back in the slow lane to reflect the cooler economic conditions. "The window for large yuan gains is closing fast. Export growth is slowing and, assum-
ing the current trend is sustained, year-ago growth is on track to fall well below 10 per cent," said Ben Simpfendorfer, an economist with RBS in Hong Kong. The yuan has risen 2.36 per cent since the end of August, its quickest pace of appreciation since a revaluation in 2005. The data published on Thursday was broadly in line with forecasts, but was still something of a surprise after China's unexpected rate rise on Tuesday prompted speculation growth and inflation would be much stronger than expected. "Chinese officials are likely feeling quite pleased with the
way the data are playing out," said Brian Jackson, an economist with Royal Bank of Canada, in Hong Kong. "Policy measures put in place earlier this year appear to have helped steer the Chinese economy through a middle course between overheating and a serious downturn." Financial markets were largely unmoved by the data. Economic growth dipped to 9.6 per cent in the third quarter from a year earlier, down from 10.3 per cent in the second quarter, data from the National Bureau of Statistics showed. The consensus expectation was a 9.5 per cent pace.-Reuters
its dividend. Tullow Oil was off 2.1 per cent after it said an offshore well in Ghana failed to find Oil, prompting Oriel to downgrade the British-based explorer to "reduce" from "hold." Autonomy fell 2.9 per cent after Morgan Stanley initiated coverage on the stock with an "underweight" rating.-Reuters
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what the euro is going to do," said Marshall Gause, CEO and chief investment officer at asset management firm Geneva Funds Partners in Denver. This action helps explain why the markets can seemingly slough off the decline of Caterpillar, which is down even though it reported strong results. The stock is down 1.7 per cent at $78.54, but the industrial sector is not following suit. The S&P 500 industrial sector index was up 0.6 per cent. The Dow Jones industrial average gained 49.04 points, or 0.44 per cent, at 11,157.01. The Standard & Poor's 500 Index was up 4.41 points, or 0.37 per cent, at 1,182.58. The Nasdaq Composite Index rose 7.16 points, or 0.29 per cent, at 2,464.55. Calming fears after recent monetary tightening, data showed economic growth in China slowed in the third quarter, but was still at a healthy level. Online auctioneer eBay rose 8.9 per cent to $27.94. Netflix, the movie rental and streaming service, jumped 12.1 per cent to $171.69 after both reported upbeat results late Wednesday. Amazon advanced 3.3 per cent to $163.96 after it was upgraded to a "buy" rating by Bank of America Merrill. It is expected to post results after the closing bell. McDonald's gained 1.8 per cent to $78.81 after it beat expectations for quarterly profit and same-store sales growth in September. Travelers' shares gained 0.8 per cent to $55.10 after the largest publicly traded US property casualty insurer easily beat estimates as premiums rose in its personal insurance lines. On the downside, Bank of America fell 2.7 per cent to $11.43 as investors remained concerned over mortgage foreclosure issues. On the economic front, new claims for unemployment benefits fell more than expected last week. The Conference Board also said an index of future US economic activity posted a third successive increase in September, but at a pace so modest that it implied only lackluster growth ahead.-Reuters
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senior strategist at Toyota Asset Management. "Many are speculating that Japanese firms won't be able to come up with strong earnings outlooks due to the yen's strength," Hamasaki said. The Nikkei was also undermined as Shanghai shares edged down after Chinese data showed economic growth ebbing and inflation edging higher. China said its economic growth slowed in the third quarter but was a touch stronger than expected. Consumer inflation hit a 23-month high of 3.6 per cent in September but was in line with market expectations. Shanghai's key stock index dropped 0.8 per cent to 2,980.2 by late afternoon. Currency factors are expected to drive the Nikkei, with investors closely watching for talk on foreign exchange issues at a Group of 20 meeting starting on Friday "Underlying sentiment is pretty weak as the Nikkei failed to rise despite seeing a big rebound on Wall Street," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments. "Japanese stocks simply lack major buyers ... there are no buyers standing out now. That's the reason why the Nikkei comes under downward pressure very easily, especially as the market has been very thin lately," Ogawa said. Trade was moderate, with 1.78 billion shares changing hands on the Tokyo exchange's first section. Declining stocks outnumbered advancers by more than 2 to 1. Shares of Central Japan Railway Co (JR Tokai) tumbled to their lowest in nearly a year on Thursday, as investors worried the firm may need to issue shares to finance its 5 trillion yen ($61.6 billion) maglev train project. NTT Data Corp rose 1.5 per cent to 250,600 yen after the Nikkei business daily reported the IT services company will buy US firm Keane Inc for more than 100 billion yen ($1.2 billion) as it looks to make a major push into the world's biggest IT market.-Reuters
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Top lender State Bank of India rose 3.3 per cent, while rivals ICICI Bank and HDFC Bank firmed 1.5 per cent and 1.2 per cent respectively. Tata Consultancy Services, India's largest outsourcer that is expected to announce a 23 per cent rise in quarterly profit after market hours, gained 2 per cent. Its peers Infosys Technologies and Wipro rose 0.5 per cent and 1.5 per cent respectively. Bajaj Auto erased most of a 1.5 per cent early rise and ended up 0.3 per cent, after Bank of AmericaMerrill Lynch cut the No. 2 motorcycle maker to underperform from neutral. State-run Power Grid Corp firmed 1.3 per cent to 105.65 rupees after its chairman and managing director said late on Wednesday its follow-on public offer to raise up to $1.9 billion would hit the market on Nov. 9. According to provisional data, advancing shares outnumbered declining ones in the ratio of 1.9:1 in the broader market on moderate volume of 416 million shares. The 50-share NSE index rose 2 per cent to 6,101.50. Amongst the broader indexes, the MSCI's allcountry world index was up 0.2 per cent by 1018 GMT, while the more volatile MSCI's emerging markets index firmed 0.6 per cent.-Reuters
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China surprised markets early this week with its first interest rate rise in three years. Gains in financials were able to offset a broad weakness in telecoms which had pegged back the Hang Seng for most of the day. China Mobile, the world's largest mobile operator and a heavyweight on the index, reported results that pointed to a slowdown for sector, dragging its shares and those of its rivals lower. China Mobile shares fell 1.5 per cent, while rival China Unicom slipped 1.2 per cent. "Competition in the telecommunications industry is very keen and these companies have to spend a lot to lure new subscribers. They have to subsidise new cell phone users through free cellphones or lower fees," said Alfred Chan, chief dealer at Cheer Pearl Investments. SHANGHAI SLIPS The Shangai Composite ended lower at 2,983.5 points. Financial stocks, which have led a rally on the Shanghai bourses this month and carry heavy weightings on benchmark indexes, led the market lower, succumbing to profit-taking and worries over further monetary policy tightening.-Reuters
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under review, PSO's sales revenue touched over Rs201 billion as compared to Rs200 billion during the same period last year.-APP
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62.4 per cent to Rs2.93 billion against Rs1.8 billion in the corresponding period of the last year. This translates into an earning per share of Rs3.14 against Rs1.93 during the same period last year. The main reason of this boost was better DAP margin, lower financing cost and profit from Pakistan Maroc Phosphore (PMP), its subsidiary. The result was very close to "The Financial Daily" expectation as we had forecast a PAT of Rs2.95 billion (EPS: Rs3.16). Besides that company has also announced a third interim dividend of Rs1.25 per share i.e. 12.5 per cent. This is in addition to two already paid interim dividends (Rs1.8 per share). Furthermore its top line decreased by 17.8 per cent YoY to reach Rs 22.2 billion on the back of lower DAP and urea sales. Gross profit went up by 4.7 per cent to Rs 6.68 billion against Rs 6.38 billion recorded on same period last year. But its other income from treasury operation surged by Rs 663 million against Rs 612 million observed in the same period last year.
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Net sales of the company fell by 7.6 per cent on account of lower cement dispatches to Rs 5.58 billion as against Rs 6.0.4 billion during 1QFY10. Gross profit declined by 22.5 per cent to Rs1.73 billion against Rs 2.23 billion owing to lower volumetric sales. Administrative expenses remained on the up surging by 32.9 per cent to Rs 59 million compared with Rs 44 million during same period last year. Distribution cost saw a little increase of 1.2 per cent to Rs688 million as against Rs680 million recorded corresponding period last year. Furthermore, the other charges witnessed a hefty surge of 37.9 per cent to reach Rs59 million against Rs 95 million previously. However, the finance cost helped improve profitability as it decreased by 7.2 per cent to Rs144 million compared to Rs155 million previously.
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The loss per share has also declined to Rs 0.09 compared to Rs0.43 in the corresponding period last year.-APP
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‘We have our own strategy against militancy’
Fruitless talks with India unsought: FO ISLAMABAD: Minister of State for Finance, Hina Rabbani Khar addressing a press conference.-APP
GB CM, minister call on President
President vows masses’ welfare President chairs briefing on Satellite Imaging Project Special Correspondent/ Agencies ISLAMABAD: Chief Minister GilgitBaltistan Syed Mehdi Shah and Dr Firdous Ashiq Awan, Federal Minister for Population Welfare called on President Asif Ali Zardari at the Aiwane- Sadr on Thursday afternoon. According to Presidency Spokesman, measures taken for the rehabilitation and reconstruction of the flood affectees in Gilgit-Baltistan came under discussion during the meeting. Sources say that the meeting lasted for quite a while in which overall political scenario and issues linking to Population Welfare and rehabilitation and reconstruction in flood hit areas in Gilgit-Baltistan and other development issues were discussed in length. He assured Syed Mehdi Shah and Firdaus Ashiq Awan that government would take practical steps for the uplift of the people. Sources added that President assured Syed Mehdi Shah and Firdaus Ashiq Awan that all resources will be utilised to cater the needs of masses thick and thin. Furthermore, President Zardari asked the government to make full use of satellite imaging and Google mapping
system in all sectors of economy to accelerate the pace of development and strategic projects on the one hand and ensure greater transparency on the other. The President said this during a briefing given to him at the Aiwan-e-Sadr Thursday on the status of implementation of Satellite Imaging project. The briefing given by Senator Sughra Imam was also attended by M Salman Faruqui, Secretary General to the President, Malik Asif Hayat, secretary to the President, Ashraf M Hayat, secretary planning commission, Asif Bajwa, secretary statistics, Lt Gen(R) Shahid Niaz, Member Planning Commission, Spokesperson to the President Mr. Farhatullah Babar, Maj Gen Munawwar Ahmad Solehria, Surveyor General of Pakistan, Imran Iqbal, Member SUPARCO, Khizar Hayat Khan, Census Commissioner and other senior government officials. The President said that the use of latest technology for monitoring and evaluation would help keep a check on quality and progress of developmental projects and also counter corrupt practices because of greater transparency. See # 2 Page 11
Brake Fluid Leak
Toyota calls 1.5mn faulty autos back TOKYO: Toyota on Thursday announced a safety recall of about 1.5 million vehicles worldwide to fix a brake fluid leak that it warned can gradually diminish braking performance. The world's largest automaker, which was battered by a global safety crisis earlier this year, said it would voluntarily recall 740,000 cars in the United States and almost 600,000 in Japan to fix the problem. It was also recalling 50,000 autos in Europe, 60,000 in China, 30,000 in Australia and 50,000 in other Asian nations, said a Toyota spokesman in Japan. He said that no accidents had been linked to the defect. Toyota is recalling the cars to repair a flaw in which "a small amount of the brake fluid could slowly leak from the brake master cylinder", which would lead the brake warning lamp to illuminate, the company said. If at this point the brake fluid is not replaced, "the driver will begin to notice a spongy or soft brake pedal feel and braking performance may gradually decline", Toyota USA said in a statement.
The latest recall came as Toyota became more aggressive in catching possible defects as part of a campaign to improve its consumer image, said Tatsuya Mizuno, auto analyst at Mizuno Credit Advisory. "On the other hand, the series of recalls make us think that Toyota is (just another carmaker and) not far superior to the others as it was previously," he said. The cost of the latest recall should be small and is unlikely to affect Toyota's finances, Mizuno added. While in 11 of the models Toyota will fix defects in fuel pump wires and brake master cylinders, the total also includes more than 1,800 units of its Voxy and Noah models with a speedometer defect. It led to US congressional investigations and a record 16.4 million dollar fine to settle claims it hid accelerator pedal defects blamed for dozens of deaths. Since then Toyota has seen its US market share shrink by 1.4 points to 15.2 percent for the first nine months of this year. -Reuters
US okays $40mn for agro-ventures WASHINGTON: Minister for Food and Agriculture, Nazar Muhammad Gondal said Thursday that agricultural development projects worth around 40 million dollars have been approved under Pakistan-US Strategic Dialogue. The Minister, who is part of a highpowered delegation that attended Pakistan-US Strategic Dialogue in Washington, said that working group approved allocations for various agricultural projects, including 9 million dollars for wheat production and rust disease prevention, 9 million dollars for cotton production and disease prevention, 9 million dollars for prevention of food and disease in livestock and some
other programmes. He told a news channel that this was the third or fourth meeting with main focus on increasing wheat and cotton production and controlling their diseases in Pakistan. Nazar Gondal said the projects would also be financed under Kerry-Lugar Bill and USAID and their implementation is expected to start from next month. He said the meeting also discussed strengthening of Pakistan Agricultural Research Council (PARC) and utilisation of already allocated grants. Flood situation in Pakistan was also discussed in detail. -APP
Pak-US ministerial level talks begins today WASHINGTON: Following strategic dialogue between Pakistan and US, ministerial level talks will take place on Friday (today) wherein recommendations evolved by 13 working groups will be presented. Committees on agriculture, public diplomacy and defence have already held their meetings. Foreign minister Shah Mehmood Qureshi will represent Pakistan in ministerial level meeting taking place today. Defence Minister Ahmad Mukhtar, Minister for Agriculture, Nazar Muhammad Gondal and Minister for Water and Power Raja Parvez Ashraf will assist him. The US delegation will comprise US Secretary of state Hillary Clinton, Secretary Defence Robert Gates, Richard Holbrooke, US Chairman Joint Chiefs Mike Mullen, Chief of CIA Leon Panetta and National Security Advisor James Jones respectively. According to reliable sources, demand for US operation in North Waziristan will also be the key subject of dialogue. Chief of the Army Staff Gen Ashfaq Pervez Kayani and Admiral Mike Mullen would give important briefing to the conference in this respect. Matters related to nuclear drone technology, violations of Pakistan borders and Indian interference in Afghanistan would also feature in the conference. -Agencies
ISLAMABAD: Pakistan on Thursday again warned that nothing less than a sustained and result-oriented dialogue with India to resolve the longstanding disputes including Jammu and Kashmir can ensure peace and prosperity in the region. Replying to a question at the weekly briefing here, Foreign Office Spokesman Abdul Basit said," aspirations of the people of Jammu and Kashmir cannot be suppressed for ever and they will ultimately win their right of self-determination." He called upon the international community to use its good offices with India to help settle this longstanding dispute. The spokesman rejected claims of the Indian side that dialogue between the two countries in July this year
failed because of the non-cooperative attitude of Pakistan. He explained that it was India's attempt to underplay Jammu and Kashmir and other important and unavoidable issues that caused the impasse in the meeting. He also contradicted Indian claims that the two sides were about to sign an agreement and said the document which was being negotiated by the two sides contained a road-map for future engagement. However, India was not ready to give Pakistan a definite timeline on Jammu and Kashmir, Siachin and peace and security issues. The spokesman said, "It was not possible for Pakistan to agree to a document which does not contain clear a timeframe of discussions on these issues". To a question, the spokesman
acknowledged that Pakistan has proposed to India a visit by a judicial commission in order to move the whole trial process in Pakistan relating to Mumbai incident forward. The commission would most likely be a two-man entity and its scope, mandate and terms of reference are being worked out, he added. Asked to comment on Indian Air Chief's remarks about internal situation in Pakistan, the spokesman asserted that countries do have problems and difficulties but as for Pakistan's defence is concerned it is impregnable in every respect. He said, "Pakistan is fully alive to its security requirements and its armed forces are capable of responding to any aggression." See # 1 Page 11
Strikes taking serious toll on al Qaeda: CIA WASHINGTON: The stepped-up pace of CIA operations in Pakistan 'is taking a serious toll' on al Qaeda's operational abilities, the spy agency's director, Leon Panetta, has stated. "The basis for that increased pace is intelligence, weather and also just the threat streams we're getting on potential attacks in Europe," the Los Angeles Times quoted Panetta, as saying. The CIA is also going after the Haqqani network, a group of Pakistani militants that attacks US
forces in Afghanistan, he added. Although Panetta did not specifically mention 'drone strikes' in Pakistan because the US government does not officially acknowledge the program, there have been 89 strikes in the country so far this year, up from 53 in all of 2009, according to the New America Foundation, which counts them using Pakistani media and other reports. But CIA missile strikes are an open secret, and US officials privately describe the program as a vital tool in the fight against al Qaeda and allied
militants based in northwest Pakistan. The CIA has been able to increase the pace because of "additional capabilities," Panetta said, meaning "more hardware." "The president's been very supportive, obviously, of this operation," he stated, adding that the Pakistani intelligence service also "has been very cooperative." But it was unclear whether operations in Pakistan had thwarted a potential plot against Europe, said the CIA chief. -Online
SC admits Khawaja’s petition in RPPs issue ISLAMABAD: The Supreme Court of Pakistan on Thursday
admitted a petition filed by Khawaja Asif, member of National Assembly of Pakistan Muslim League (N), to become a party in the ongoing proceedings over rental power plants (RPPs) issue. A three-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry, seized with the matter accepted his plea and directed him to appear in Friday's proceedings. Syed Faisal Saleh Hayat, a PML-Q member, who had asked the apex court to take suo moto notice of the issue, is already appearing before the bench. -Agencies
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