International Karachi, Wednesday, December 22, 2010, Muharram-ul-Haram 15, Price Rs12 Pages 12
Army to stay in Swat for now, says Kayani Economic Indicators Forex Reserves (4-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Oct 10) Imports (Jul 10-Oct 10) Trade Balance (Jul 10-Oct 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10 - Nov 10) Foreign Invest (Jul 10-Nov 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Sep 10)
GDP Growth FY10E Per Capita Income FY10 Population
195.67 32.95 9.79 2680
Special Correspondent/ Agencies
NCCPL (U.S $ in million)
2.01 2.47 -3.40 0.52 -0.58 -0.99 -0.03
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,825.06 10,370.53 22,993.86 20,060.32 2,698.46 2,904.11 5,952.00 11,521.31
Change 18.59 154.12 354.78 171.44 17.87 51.19 60.39 43.18
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)
$.Price PKR/Shares 2.60 111.33 21.50 184.13 2.00 42.82 1.70 36.40 10.97 37.58
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
15-Dec-2010 15-Dec-2010 15-Dec-2010 29-Nov-2010 21-Dec-2010 21-Dec-2010 21-Dec-2010 21-Dec-2010 21-Dec-2010 21-Dec-2010 21-Dec-2010 21-Dec-2010 21-Dec-2010 21-Dec-2010 21-Dec-2010
13.17% 13.39% 13.69% 14.00% 13.25% 13.41% 13.61% 13.95% 14.11% 14.15% 14.22% 14.25% 14.55% 14.72% 13.93%
Commodities *Crude Oil (brent)$/bbl 92.93 *Crude Oil (WTI)$/bbl 89.55 *Cotton $/lb 159.12 *Gold $/ozs 1,385.00 *Silver $/ozs 29.26 Malaysian Palm $ 1,150 GOLD (NCEL) PKR 38,289 KHI Cotton 40Kg PKR 9,967
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 84.50 Canadian $ 84.50 Danish Krone 15.20 Euro 112.50 Hong Kong $ 10.90 Japanese Yen 1.011 Saudi Riyal 22.80 Singapore $ 65.20 Swedish Korona 12.50 Swiss Franc 86.90 U.A.E Dirham 23.20 UK Pound 132.50 US $ 85.60
Sell (Rs)
85.50 85.50 15.30 113.50 11.00 1.037 23.00 65.50 12.70 87.10 23.30 133.50 85.90
ISLAMABAD: President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani exchanging views during meeting at Aiwan-e-Sadr on Tuesday. -Online
Imports-Exports Bill lands in NA ISLAMABAD: Imports and Exports (Control) (Amendment) Act, 2010 (Imports-Exports Bill) to further amend the imports and exports Control Act, 1950 was laid in the National Assembly on Tuesday. The bill was moved by Nisar Tanveer in the House. New subsection which is added in the bill says, "A product, which is a deficit product in Pakistan and imported at the cost of foreign exchange, will only be further exported to the third country at a cost equal or above the price being charged from consumers in Pakistan." According to the statement and objects of the bill, national
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.38 84.32 15.15 112.85 11.02 1.024 22.85 65.12 12.54 88.88 23.33 133.22 85.64
85.58 84.51 15.18 113.11 11.05 1.027 22.91 65.28 12.57 89.09 23.39 133.53 85.83
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exchequer has to bear undue burden of billion of rupees every year due to extending different waiver on export of various products to Afghanistan. Diesel is a deficit product in Pakistan and is imported at the cost of foreign exchange. It does not make economic sense to export a deficit commodity on cheaper rate. Petroleum products, which are exported to Afghanistan, are being sold back in the country after receiving waivers from the government. It is need of the hour to add above mentioned subsection in the act to safeguard foreign See # 6 Page 11
B’stan told to pay Qesco Rs10bn dues ISLAMABAD: Standing Committee on water and power has directed Balochistan government to shell out 40 per cent of its arrears to Quetta Electricity Supply Company (QESCO) immediately. Committee held its meeting on Tuesday chaired by Senator Lashkari Raisani to seek out briefing from Wapda on electricity supply in Balochistan. Qesco informed committee that Balochistan has to clear its arrears worth Rs10 billion, which includes Rs6 billion in subsidy grounds. Committee directed
Balochistan government to clear 40 per cent of the dues immediately, whereas committee will reconsider regarding the remaining dues in a month's time. In response, Chief Secretary Balochistan Ahmed Bux Lehri said that bills sent by Qesco are incorrect, whereas federal minister for water and power Raja Pervaiz Ashraf said it is the habit of provinces that after using six month's electricity, they blame invoices as incorrect. QESCO officials informed See # 13 Page 11
During 5MFY11
Repatriation of profit rises 3.3pc Ghulam Raza Rajani
Inter-Bank Currency Rates Symbols
See on Page 12
Judicial Commission to get 2 more judges CJ powers to name ad hoc judges to be reduced
SCRA(U.S $ in million)
FIPI (21-Dec-2010) Local Companies (21-Dec-2010) Banks / DFI (21-Dec-2010) Mutual Funds (21-Dec-2010) NBFC (21-Dec-2010) Local Investors (21-Dec-2010) Other Organization (21-Dec-2010)
India, Russia ink $30bn military pacts
19th Amend draft finalised
Portfolio Investment
Total Portfolio Invest (3 Dec-2010)
Pakistan successfully test-fires Hataf-V missile See on Page 12
Draft to be tabled in NA today, says Awan
$16.41bn 14.44% $8.88bn $15.37bn $(6.49)bn $(504)mn $4.43bn $746mn Rs 495bn $58.41bn Rs 5234.9bn $287.9mn -2.58% 4.10% $1,051 171.37mn
Yearly(Jul, 2010 up to 20-Dec-2010) Monthly(Nov, 2010 up to-20-Dec-2010) Daily (20-Dec-2010)
UN council, assembly evacuated due suspicious odour
KARACHI: Repatriation of profit by the foreign companies has increased 3.3 per cent in first five-month of the fiscal year 2011, according to the State Bank of Pakistan data on sector-wise repatriation of
profit. From July to November 2010, the repatriation of profit by foreign companies in Pakistan surged to $288 million against $279 million witnessed in the corresponding period last year. See # 14 Page 11
President, PM talk current affairs ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani called on President Asif Ali Zardari at Aiwan-e-Sadr on Tuesday. Overall situation in the country and recent visit of Chinese Premier Wen Jiabao to Pakistan were discussed during the meeting. The forthcoming visit of the President to Turkey also came under discussion. According to sources, both high-ups of the state expressed their sheer desire to chalk out differences of their dissident coalition partners. President opined that undemocratic forces will not be allowed to disrupt peace and derailed democracy at any cost. Government will take all parties on board thick and thin, he stressed. Government will take all decisions on basis of principles and full consultation with all party leaders, he pointed. -Online
Tehran trumpets $6.5 billion gas contracts TEHRAN: Iran has signed new contracts in the gas sector worth $6.5 billion; a senior official was quoted as saying on Tuesday, without giving precise details. In a statement designed to show Iran's gas sector was not hampered by international sanctions, Javad Oji, head of the National Iranian Gas Co See # 12 Page 11
ECO summit begins today ISLAMABAD: The Economic Cooperation Organization (ECO) summit is being held in Istanbul, Turkey today (Wednesday) while President Asif Ali Zardari would represent See # 11 Page 11
ISLAMABAD: Chairman Constitutional Reforms Committee (CRC), Senator Mian Raza Rabbani has presented draft of 19th constitutional amendment to the Speaker National Assembly (NA) which has been approved unanimously by the committee. 19th Amendment includes recommendation for enhancing judges' strength from 2 to 4 in Judicial Commission and withdrawal of powers from chief justice of Pakistan for the appointment of ad hoc judges. It has been laid down in the
new amendments that commission will send its recommendations to the president through prime minister in connection with induction of ad hoc judges. Parliamentary committee will hold its meetings closeddoor and it will be authorised to accept or reject the recommendations of Judicial Commission. In the event of dissolution of NA, Senate will be empowered to make such appointments. 3 out of 4 Senators of the committee will be able to reject or accept the recommendations regarding appointment of judges.
Delay in development work
OGDCL losses hit $2bn in 3yrs ISLAMABAD: Oil and Gas Development Company (OGDCL) has suffered the losses of over $2 billion during the three years due to delay in development work to generate the revenue. This was informed by the Managing Director of OGDCL in the meeting of Senate Standing Committee on Petroleum and Natural Resources held here on Tuesday. The meeting was held under the Chairmanship of Senator Sabir Ali Baloch. This big loss was inflicted due to the three litigation projects including Kunnar-Pasaki Deep, Tando Allah Yar, and Sinjhoro. Managing Director of OGDCL ensured the body that
majority of issues has been resolved including legal and internal with the local communities the projects would be started soon. He said that OGDCL drilling operations would start soon in the area of Uch and Zin in Balochistan and other linked areas of the province. However, locals are creating problems in KhyberPakhtunkhwa in Nashpa, Sheikhan and Jabbi areas which are being appropriately handled through the local administration and OGDCL's regional coordinators. He said that during the last five years 611 wells were drilled while OGDCL drilled 164 wells. The body also recommended that OGDCL See # 7 Page 11
China or Russia may operate PSM KARACHI: Government has started considering to handover the operations of the Pakistan Steels Mill to Chinese or Russian investors to further the privatisation policy. According to a private TV channel, a dispatch had been sent to Chief Executive of Pakistan Steel Mills mentioning that in a meeting with President Zardari and PM Gilani it has been decided to handover the administration to Chinese or Russian investors. Selling of 10 to 20 per cent shares is also included in the plan of privatisation.
Recommendations in this regard have also been sought from the current administration. It has also been learnt that Pakistan Steel Mills was included in the list of companies presented in the road show held in London on 10th December for the privatisation purposes. Currently, Pakistan Steel is working in loss and facing Rs48 billion deficit and also has to payback Rs50 billion in debt services. When Federal Minister for See # 9 Page 11
Congratulating the nation on presentation of constitutional committee report in NA, Prime Minister Syed Yousuf Raza Gilani said he had never seen any assembly as much powerful as the present assembly was. Nothing other than "Go Musharraf Go" was done in the past assembly. He went on to say that dictators made arbitrary amendments in consensus 1973 constitution but the sitting parliament repealed them through 18th amendment. Two consensus amendments were being adopted in one See # 8 Page 11
Shaikh says no rush on RGST ISLAMABAD: Federal Finance Minister Dr Hafeez Shaikh said Tuesday that government is in no hurry to get RGST passed from the National Assembly, added it would be approved only with consensus by taking all the political parties on board. Meanwhile it is learnt here that Government has officially asked 9-month time from the Fund in order to get RGST passed. According to the media, Hafeez Shaikh said that he soon would embark on mission to meet politicians in order to establish consensus on Reformed GST. International Monetary Fund's Review Board meeting due today (Wednesday) and it is expected that the issue of next tranche of Pakistan will be discussed. -Agencies
Toyota pays $32mn fine over recalls WASHINGTON: Toyota has agreed to pay 32.4 million dollars in fines over its handling of two auto recalls, bringing total penalties levied on the firm to 48.8 million this year, officials said. "Toyota will pay the maximum fines allowable under the law -- 16.375 million dollars in one case and 16.050 million in the other -- in response to the department's assertion that it failed to comply with the requirements of the National Traffic and Motor Vehicle See # 10 Page 11
After 9mths, Iraq finally gets government BAGHDAD: Iraqi lawmakers unanimously approved Tuesday a new government to be headed by incumbent Shiite Prime Minister Nuri al Maliki, ending nine months of political deadlock that threatened to stall economic development and suck the country back into sectarian violence. Lawmakers approved 29 ministers including al-Maliki to form the new government. The remainder of the 42member Cabinet is made up
of acting ministers who will replaced at a later date because of ongoing disputes between coalition partners. "The most difficult task in the world is forming a national unity government in a country where there is a diversity of ethnic, sectarian and political backgrounds," al-Maliki said speaking before the vote. The new Cabinet members were immediately sworn in following the nationally tele-
vised vote. Iraqis voted on March 7 but no one bloc won a majority in the 325-member parliament, leading to nine months of political jockeying to form the new government. Although al-Maliki's coalition came in a close second to a Sunni-backed coalition led by former Prime Minister Ayad Allawi, it was al-Maliki who was able to eventually patch together the necessary support needed to keep his
office. The new government includes members of all of Iraq's major political and sectarian factions, including Shiites, Sunnis and Kurds. Al-Maliki alluded to the challenges in putting together a unity government in such a fractured political system where until just recently political parties were waging their battles in the streets with guns instead of in the halls of parliament. -Agencies
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Wednesday, December 22, 2010
Tanners praise PM for restoring gas supply Staff Correspondent LAHORE: Khurshid Alam, Chairman, Pakistan Tanners Association in a press statement issued today expressed his gratitude to the Honorable Prime Minister of Pakistan, Yousuf Raza Gilani for issuance of directives for immediate restoration of frequent Gas Supply to Punjab Industrial Sector specially to Leather Industries in Punjab, which are severely suffering for the complete closure of Gas Supply in Punjab. Khurshid Alam, Chairman, Pakistan Tanners Association thanked specially to Chief Minister Punjab, Jenab
Shehbaz Sharif Sahib for his personal intervention into this vital matter of complete closure of gas supply in Punjab and fulfilled his commitment made with PTA's Delegation during a meeting held with him recently, as placed this issue with his strong recommendation to the Honorable Prime Minister of Pakistan in a high level meeting held yesterday, which was chaired by PM. The Chairman, Pakistan Tanners Association, Mr. Khurshid Alam on behalf of all country wide members, who are vigorously engaged in playing their viable role in strengthening the country's economy to the desired extent by
fetching precious foreign exchange thanked to the PM & CM, Punjab for their personal interest in resolving this significant matter and issued necessary directives to the all quarters concerned for immediate restoration of Gas Supply to Punjab. We are confident that the Gas Supply would be restored on emergent basis in compliance with the directives of Prime Minister of Pakistan to all Members of PTA situated within the jurisdiction of Punjab to avoid further loss of Leather Industry of Pakistan, which is already under heavy burden of losses not only for Leather Sector, but also for Textile Sector.-PPI
Ufone brings BlackBerry 9800 in Pak
SABAH unites skilled home workers
KARACHI: Ufone becomes first in Pakistan to introduce the much anticipated and latest BlackBerry Torch 9800 smartphone for its valuable customers, said a handout issued here on Tuesday. This is Ufone's 8th consecutive feat to be the first to launch the latest BlackBerry handsets in the country. The Torch 9800 is Pakistan's first slider plus QWERTY pad BlackBerry smartphone which is loaded with the new Version 6 BlackBerry operating system and a 5 mega pixel camera. The handset allows multi tab browsing, supports multiple video and audio formats and has integrated social networks & RSS feeds in one simple view. Unlike the previous 512 MB on board memory the 9800 smartphone comes with an 8 GB storage memory which is expandable to 32 GB. Ufone's exclusive and dynamic BlackBerry services are packed with a KARACHI: Samina Khan (Chairperson SABAH Pakistan addressing the home based women dedicated 24/7 helpline workers at the 1st Annual General Meeting.-Staff Photo service, the largest international roaming data netStaff Reporter (Joint Sec) Ministry of approximately 200 mem- according to the Fair Trade work, the largest applicaLabour and Manpower, bers who travelled from Act. tion portal offering a one KARACHI: SAARC Iqbal Zaidi (Director Khairpur, Quetta, Another key highlight stop shop and genuine Business Association for General) EOBI, along with Bahawalpur, Tharparkar, of the event was signing accessories.-PR Home based workers SABAH's board of direc- Manshera, Haripur, Sukkur of the MoU with Afaq (Sabah Pakistan) held its tors including Samina and Abbotabad. These Ahmed Tiwana - Chief first Annual General Khan (Chairperson) and home-based workers repre- Executive Officer, Meeting in Islamabad to Executive Director of sent the unique traditional Farmers Associate mark the organisation's Sungi Foundation. embroidery skills of their Pakistan and Samina success in bringing togethChief Operating Officer respective regions and Khan, Chairperson of er skilled home based Saad A Khan and The their commitment towards SABAH Pakistan. As per workers from across Executive Director of their own empowerment in the MoU, Farmers Pakistan for their econom- SABAH Pakistan Nuzhat partnership with SABAH Associate of Pakistan will ic and social empower- Tabassum shared the Pakistan. One of the pri- work in conjunction with progress report and audit- mary objectives of SABAH Pakistan to proKARACHI: Mobilink in ment, it has been learnt The meeting was attend- ed accounts of the organi- SABAH Pakistan is to vide free rural land to collaboration with Samsung Electronics, a ed by a wide section of the sation with its members utilise these skills and SABAH Pakistan for setglobal market leader and society including Hasan and guests present at the develop a product line for ting up production centres retail purposes in order to to help the home based award-winning innovator Wazir (Director SAARC)- AGM. of Foreign Out of the 382 members, provide regular income to workers in their commuin consumer electronics, Ministry semiconductors and Affairs, Mustafain Kazmi the AGM was attended by the home-based workers nities. telecommunications, today launched the Samsung Galaxy Tab, a compact tablet computer in Pakistan. Available through Mobilink sales and service centers in major Pakistani metropolitan cities, the LAHORE: The Lahore the business community. Chamber of Commerce Samsung Galaxy Tab Chamber of Commerce They hoped that Mr and Industry had for the KARACHI: UBL Fund comes with free GPRS for and Industry Tuesday Salman Siddique's last many years been call- Managers, Pakistan's lead3 months on the Mobilink while welcoming the appointment would defi- ing for broadening of tax ing Asset Management network as well as a comappointment of Salman nitely help simplify com- net instead of squeesing Company and a wholly plimentary leather book owned subsidiary of United Siddique as Chairman plex and complicated tax- the existing tax payers. cover. Federal Board of Revenue ation procedures that had They said that there Bank Limited (UBL) has The Tab supports Adobe has urged him to convene been creating troubles for was a dire need for announced adoption of the Flash 10.1 offering varying Investment a meeting of all the cham- the businessmen for the implementation of self Global multimedia content accessiStandards bers and the other trade last many years. assessment in letter and Performance bility to the user, DivX, bodies as there exists a lot The LCCI office-bear- spirit as the very idea had (GIPS) for its funds perMPEG-4, WMV and Xvid of confusion in the busi- ers invited the attention been tarnished due to formance reporting. (H.263, H.264). IT also feaPakistan is amongst the ness circles about the pro- of the newly appointed repeated changes at the tures a calendar, email and posed Reformed General Chairman towards the top level in the Federal 30 countries in the world to instant messaging applicaSales Tax. long standing LCCI Board of Revenue and it adopt GIPS, and UBL Fund tions. A launcher for e-readIn a statement issued demands regarding was being misused by the Managers is the first Asset ing applications starts Press Management Company in here, the LCCI President broadening of tax net, officers concerned. Display (an online newspaShahzad Ali Malik, implementation of selfThey also urged the Pakistan to implement per kiosk) when reading Senior Vice President assessment in true letter newly appointed FBR GIPS compliant reporting newspapers, Kobo (e-book Sheikh Mohammad and spirit and elimination Chief to look into the cor- standards. Developed by reader) when reading eArshad and Vice of corruption in the ruption that had played the CFA Institute headquarbooks, and Zinio (a pubPresident Sohail Azhar Federal Board of havoc with the whole tered in USA, GIPS are a lishing technology and said that Salman Revenue. institution that has all the set of ethical standards for services company) when Siddique was a seasoned Elaborating his points, abilities and the capabili- the calculation and presenreading magazines.-PR bureaucrat and enjoyed the LCCI office-bearers ties to turn the economy tation of investment performance.-APP excellent relations with said that the Lahore around.-NNI
Mobilink, Samsung launch galaxy tablet
KARACHI: Workers are busy in removing the containers which were placed for security concerns on Ashura.-Online
Dr Baig lauds governor SBP TV PROGRAMMES WEDNESDAY 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 Tonight With Jasmeen 23:00 News 23:30 24
WEDNESDAY Time Programmes 8:00 Chai Time (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Aap Ka Paisa (Rpt) 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Badalta Pakistan (Rpt) 0:00 News
KARACHI: Dr Mirza Ikhtiar Baig Federal Advisor on Textile thanked Governor State Bank Shahid Kartar to resume payments of duty drawbacks to the textile exporters with immediate effect including some of the payments which had been reversed on 30th June 2010 vide their EPD circular No 9 /EPP 1(51).DLTI-2010 dated 20th Dec 2010. The duty drawback was allowed under National Textile Policy 2009-14 vide notification No 3 TID/09-P-1 dated 1st Sept 2009 allowing 3 per cent to garments, 2 per cent to home textile and 1 per cent to fabric under government's Rs40 Billion pack-
age over 5 years. Dr Baig had taken up the matter with Ministry of Finance and Rs5 Billion has been reimbursed by the Ministry to State Bank for the payment of the duty drawback claims. Dr Baig had also recently taken up this matter with Governor SBP on his recent visit to Federation to expedite the payments of the refund claims and asking compliance report from the commercial banks with in 7 days of the payment of the said claims to exporter's accounts. Dr Baig advised exporters to file their claims to their respective banks and payment of the claims will be made on first come first serve basis.-PR
Minister visits textile city at PQ KARACHI: Rana Muhammad Farooq Saeed Khan, Federal Minister for Textile, Dr Waqar Masood, Secretary for Textile along with directors and management of Textile City visited Pakistan Textile City Limited head office at Port Qasim and were briefed about the pace of the project. During the site visit Federal Minister appreciated the pace of development work. Zaheer A Hussain, CEO of Pakistan Textile City briefed the delegation about the timeline of the project. Minister acknowledged the quality of road network and also appreciat-
ed the velocity of construction work at water works package including reservoir of 20 million gallon process water, 1.5 million gallon for potable water, 120,000 gallon for fire fighting, 120,000 gallon over head tank, pump rooms, etc. Rana Farooq stated that Textile City will be a benchmark industrial zone having world class infrastructure to the value-added textile sector. Once fully operational, it will help increase our exports significantly as more than 200 new units will be established in Textile City, spread over an area of 1250 acres.-NNI
KARACHI: Senior Journalist Arif Nizami called on Advisor to Sindh CM on information & Archives Sharmila Farooqi at her office.-APP
LCCI welcomes new FBR chief
Athlete named envoy of Turkish Airlines
ISLAMABAD: Turkish Airlines today announced that legendary basketball star Kobe Bryant has been named a global brand ambassador for the airline for the next two years. Turkish Airlines, said a handout issued here. A global advertising campaign featuring Bryant is planned for 2011. The first television advertisements with Bryant are slated to run in the US and the Middle East in the first quarter of 2011, after which it will be broadcast globally to more than 80 countries. In addition to the US, the campaign will focus on the Middle East and the Far East where the basketball player has a large fan base. The campaign also will include billboards, print and online components.-PR
UBL adopts GIPS for fund reporting
Sassui opens Benazir's photo expo H Y D E R A B A D : Provincial Culture Department is the only division of Sindh Government which despite fund cutbacks has carried on publication of books besides other cultural and literary programmes with no let-up. Sindh Culture Minister Sassui Palejo said this Monday night while talking to media after inaugurating a photo exhibition displaying pictures of Shaheed Mohtarma Benazir Bhutto, Shaheed Zulfikar Ali Bhutto and Begum Nusrat Bhutto at ISLAMABAD: Central Secretary of Minorities Wing Sindh Museum here. The exhibition, organBishop Nazeer Alam and MNA Kashmala Tariq cutised by Sindh Culture ting the cake of Christmas at Pakistan Muslim Department, showcases League House.-APP
KARACHI: Idrees Ahmed Textile Commissioner, Zaheer A Hussain CEO Pakistan Textile City, Dr Waqar Masood, Federal Secretary for Textile, Rana Farooq Saeed Khan, Federal Secretary for Textile, Col(Retd) Syed Asif Jamal, GM Technical Operations, Pakistan Textile City, Aun Ali Sayani, CFO & Company Secretary, Pakistan Textile City on the occasion of visit to Port Qasim.-Staff Photo
3,000 photographs of Bhutto family taken by Agha Feroze Akhtar. She said that Culture Department would continue to organise programmes of cultural and literary importance in spite of slashing of the department's budget. Sassui conveyed that it was a long-held demand of citizens of Hyderabad that a photo exhibition displaying the pictures of Shaheed Benazir Bhutto's childhood be held in their city. "It's a heart-rending experience to watch the pictures which encompass her childhood to the last days she spent in Pakistan as our beloved leader is no longer with us," she remarked.-APP
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Wednesday, December 22, 2010 Top Economic Events
Euro rebounds on China comments, gains seen fading China supports Europe's efforts to tackle debt problems NEW YORK: The euro rose on Tuesday after China urged that tough talk from European leaders on the debt crisis be backed up with action, but the gains were likely to be short-lived amid fears of more ratings downgrades. Analysts still expect the euro to gradually slide toward $1.30 in the coming days. A significant decline below that level appeared unlikely, they added, as liquidity thins and traders close out positions ahead of year-end. China's Vice Premier Wang Qishan said Beijing, which has invested an undisclosed portion of its $2.65 trillion reserves in the euro, had played its part to ease Europe's plight and held out hope that a turning point was near. The comments triggered a short-covering rally, which saw the euro push above $1.32 and
regain its 200-day moving average. But the euro pared gains after Moody's warned it may downgrade debt-ridden Portugal's A1 rating by one or two notches after a review that will take up to three months, reinforcing worries the debt crisis would persist well into 2011. "We're still bearish on the euro despite the Chinese comments," said John Doyle, foreign exchange strategist at Tempus Consulting in Washington. "The euro did retrace some of its recent losses, but very marginally." "There's a possibility that it pushes lower towards the $1.30 level,
probably no lower than that," he said. In early New York trading, the euro rose 0.3 per cent at $1.3159, extending a
rebound from Monday's trough of $1.3094, its lowest since Dec. 2. It earlier rose as high as $1.3202 on trading platform EBS. In a positive sign, the currency has managed to crawl back above its 200-day moving average, now at $1.3099, after breaking below it on Monday. But ana-
Asian currencies
Taiwan dollar up on stocks, euro rebound Won down on importers’ deals, dlr short-covering SEOUL: The Taiwan dollar and the Indian rupee rose against the dollar on Tuesday, leading gains in Asian currencies, on the back of firmer stock markets and as the euro rebounded. Asian currencies are expected to stay firm in 2011, but gains are likely to be capped, analysts and dealers said. "Investors will buy Asian assets...next year, but they will not chase them as aggressively as before," said Jeong Myyoung, a currency strategist at Samsung Futures in Seoul. "The euro-zone's issues are not easy to deal with at all. So they will prepare for possible macroeconomic crisis," Jeong added. The Taiwan dollar outper-
formed Asian peers jumping 2.4 per cent against the dollar amid higher stock prices. However, the central bank is expected to push down the Taiwan dollar later in the day, dealers said. Foreign investors also have bought a combined net 58.2 billion Taiwan dollar ($1.95 billion) during the first 17 days of December. The won fell 0.4 per cent against the dollar on importers' dollar demand for settlements after failing to break resistance around low-1,150 per dollar and as foreign investors turned to net sellers of local stocks. Investors remained cautious geopolitical tensions in the Korean peninsula, covering dol-
lar-short positions. "The won tried to strengthened past 1,150 on a firm euro, but strong importers' demand prompted investors to cover dollar-short positions," said a foreign bank dealer in Seoul. "We cannot rule out possibility of the North's further military actions yet and everybody doubt if the euro can extend gains," he added. Foreign investors swung to net sellers of Seoul stocks unloading a net 35.8 billion won ($31.02 million) worth of shares while the benchmark KOSPI ended up 0.83 per cent. They had purchased a combined net 1.39 trillion won during the previous six consecutive sessions. -Reuters
Swiss franc Stg falls on record off highs high public borrowing against euro
LONDON: Sterling hit a threemonth low against the dollar on Tuesday as data showed recordhigh UK public borrowing that called into question whether the government can meet its deficitcutting target. Also citing recent weaker UK economic data, analysts said investors were concerned that the recovery may falter in the first quarter, pushing down gov-
ernment revenues. Public sector net borrowing, which smoothes out some of the monthly volatility in government revenue and spending, came in at a record 22.774 billion pounds in November, up from 16.7 billion a year ago and well above forecasts for it to hold steady at around 17 billion. "Sterling slipped after the public sector finances data and there is no question that this was the catalyst for the current sell-off," said Steve Barrow, currency strategist at Standard Bank.
Sterling fell to $1.5453, its lowest since mid-September, a notch below last week's low of $1.5454. By 1605 GMT, it was down 0.2 per cent at $1.5470. Losses accelerated as stop loss orders were triggered on the break below $1.5500. Sterling fell to its lowest in more than 25 years against the Australian dollar at A$1.5495. It also hit a multi-year low versus
the Swiss franc of 1.4813 francs, with traders citing system-related selling. The euro rose 0.3 per cent to 84.88 pence, moving above its 100-day moving average at 84.85 pence and putting the 200day average around 85.09 pence in sight. A close above here could help the euro gain further, possibly enabling it to re-test last week's one-month high at 85.53 pence. Trade-weighted sterling matched a 7-week low of 80.1.Reuters
ZURICH: The Swiss franc drifted lower against the euro in thin pre-Christmas trading on Tuesday after a Chinese vice premier's remarks supporting EU efforts to calm global markets led some traders to close short euro positions. Despite the decline the Swissie remained within a hair's breadth of its high against the euro of 1.2636 Swiss francs marked on trading platform EBS on Monday, its strongest since the euro's launch. "Volumes aren't very large, this is typical pre-Christmas trading, liquidity is less and less and so any large orders are going to move the market," said one trader. "If the euro-dollar pops up we may see the euro rise some against the Swiss franc as well. Support will now be in the 1.2620/1.2630 (Swiss francs to the euro) range, and resistance at 1.2730/1.2780," the trader said. The franc fell 0.3 per cent against the euro compared to the New York close, trading at 1.2695 per euro at 0759 GMT. The franc was 0.2 per cent higher against the dollar at 0.9628 per dollar. -Reuters
Aussie, NZD get commodity lift; RBA plays same tune WELLINGTON/SYDNEY: The Australian and New Zealand dollars nudged higher on their US counterpart on Tuesday, helped by higher commodity prices, while the Aussie held near record peaks on the euro. Good performances by regional equity markets in Shanghai, Hong Kong and Australia, boosted by a two-year high in Wall Street on Monday, helped the Aussie. Not to mention higher commodities prices which also lifted the high-yielding currency. The Aussie was up at $0.9960, from $0.9932 late in New York and a recent low of $0.9828. The next target for the Aussie is another tilt at parity, which was last achieved on Dec 14. Support was seen at $0.9910 and $0.9860. The Aussie was also strong at A$1.3220 per euro having touched a record peak of A$1.3176 on Monday. The euro did get a modest bounce after China's vice premier said China supported efforts by the EU to calm global markets in the wake of Europe's debt crisis. That was not really new but proved enough to trigger a short-covering rally in holiday-thin trade. The euro rose 0.3 per cent on the day to $1.3176,
pulling the Aussie higher on the US dollar. The Aussie showed little reaction to further confirmation that Australian interest rates were likely on hold for the near term. Minutes of the Reserve Bank of Australia's (RBA) December board meeting, released on Tuesday, showed the central bank felt a mildly restrictive policy was appropriate given very high terms of trade and an upbeat outlook for business investment. The NZ dollar was also firmer near one week high, holding around $0.7455 in late trade, after touching $0.7473, the best since Dec. 15. But traders were sceptical the kiwi could defend its gains as the three-year swap yield gap narrowed over 20 basis points this month. Near-term support for the kiwi is expected around $0.7340 and $0.7328. On the upside $0.7435, the low of Dec. 8 and previous support level, is seen as first line of resistance ahead of $0.7470/80. New Zealand data remained mixed, with migration gains for November little changed from the previous month while an employee confidence survey showed a lift in sentiment. A slew of recent weak data, including retail sales, has weighed. -Reuters
lysts said sentiment remained bearish on fears the debt crisis that has engulfed Greece and Ireland could put Portugal and Spain under more pressure early next year. The single currency fell to a fresh lifetime low of 1.2597 Swiss francs on EBS as euro-zone concerns enhanced the safehaven status of the franc. The dollar was down 0.1 per cent at 83.62 yen, with strong support seen around 82.80 yen, its low from last week. The Bank of Japan kept monetary policy steady on Tuesday, as expected. The Aussie dollar was up 0.4 per cent versus the US dollar at $0.9973, helped by an increase in risk appetite as stocks and oil prices advanced. The Reserve Bank of Australia confirmed it was in no hurry to raise rates. -Reuters
Yuan ends up vs dlr, range trade seen SHANGHAI: China's yuan ends up on Tuesday as the People's Bank of China set only a slightly higher midpoint in the wake of a fall in the dollar index, showing no signs it would let the Chinese currency strengthen much for now. The premium enjoyed by offshore yuan in Hong Kong against onshore yuan was only 10 pips. But the spread has narrowed from a peak of 1,790 pips hit in mid-October, as the offshore market meshed its view with the onshore market - that the yuan would remain stable in the near term. Dealers said spot yuan may move in a small range as the PBOC will likely let the dollar's performance guide the Chinese currency's movements and most traders had reached whole year targets for volume and profit in yuan trade for the year. "Overall, the central bank may not shift policy before the Lunar New Year," said a dealer at an Asian bank in Shanghai. "For now, just some clients' demands may have an impact
on the market." Spot yuan ended at 6.6589 versus the dollar, rising from Monday's close of 6.6745. It has risen 2.51 per cent since the PBOC announced a depegging in mid-June. Before trade began, the PBOC set the day's mid-point at 6.6597, which was slightly stronger than Monday's 6.6623. Dealers widely expect the yuan will remain stable for the rest of this year and will move in a narrow range of about 200 pips around 6.6500 in coming weeks. But they see the currency potentially appreciating 3 to 5 per cent next year on a combination of political pressure and China needing to consider its own economic situation, such as high imported inflation. Offshore, one-year NDFs were bid at 6.5280 late on Tuesday, down slightly from Monday's close of 6.5400. Their implied yuan appreciation in a year's time rose to 2.02 per cent from 1.83 per cent. -Reuters
India rupee surges on robust dollar inflows MUMBAI: The Indian rupee ended strong but off highs, on the back of robust dollar inflows, positive local shares and a weak dollar overseas. However, month-end dollar demand from state-run companies prevented a sharp rise in the Indian unit, dealers said. "There are huge external commercial borrowings, qualified institutional placement related dollar inflows. Exporters are covering their 312 month receivables," said J. Moses Harding, head of global markets at IndusInd Bank in Mumbai. The partially convertible rupee ended at 45.225/235 per dollar, off the day's high of 45.15, but 0.5 per cent stronger than Monday's close of 45.47/48. Harding expects the rupee to move in 45.0045.35 band for rest of 2010. Foreign funds had dumped a net $588.61 million worth of shares so far this month until Monday. Total net foreign fund inflows so far in 2010 stand at $28.4 billion, on top of the $17.5 billion invested last year.
Global dollar weakness also helped the rupee rise. The one-year forward dollar premium ended up at 241.50 basis points compared with Monday's 234 basis points as foreign investors were hedging their debt purchases by paying forward dollars. One-month offshore nondeliverable forward contracts closed at 45.44, weaker than the onshore spot rate. In currency futures, the most traded near-month dollarrupee contracts on the National Stock Exchange, MCX-SX and on United Stock exchange closed at 45.2950, 45.2950 and 45.2925, respectively, with the total traded volume on the three exchanges at a low $4.8 billion. -Reuters
Time 4:50 12:00 14:30 14:30 14:30 14:30 18:30 18:30 19:00 20:00 20:00
Source JPY EUR GBP GBP GBP GBP USD USD EUR USD USD
Events Trade Balance German Import Prices m/m Current Account MPC Meeting Minutes Final GDP q/q Revised Business Investment q/q Final GDP q/q Final GDP Price Index q/q Belgium NBB Business Climate Existing Home Sales HPI m/m
Source
Events
JPY EUR CHF GBP CAD CAD CAD
Overnight Call Rate GfK German Consumer Climate Trade Balance Public Sector Net Borrowing Core CPI m/m CPI m/m Core Retail Sales m/m
Forecast 0.63T 0.5% -8.1B 1-0-8 0.8% -0.1% 2.8% 2.3% 1.2 4.72M -0.1%
Previous 0.58T -0.2% -7.4B 1-0-8 0.8% -0.2% 2.5% 2.3% 0.8 4.43M -0.7%
Forecast
Previous
Previous Day Actual
<0.10% 5.4 1.93B 22.8B 0.0% 0.1% 0.9%
<0.10% <0.10% 5.8 5.5 1.98B 2.05B 16.8B 8.6B 0.2% 0.4% 0.3% 0.4% 0.8% 0.2%
Currency Rates Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3126 1.3197 0.9582 0.9560 1.5478 1.5564 1.0198 1.0204 0.9975 0.9993 109.8500 110.4800 0.8480 0.8517 1.2565 1.2710 129.5900 130.2900 87.4000 87.4000 0.9403 0.9494 1385.4300 1391.8500 29.3100 29.5400
Bid 1.3124 0.9577 1.5474 1.0195 0.9972 109.8200 0.8476 1.2561 129.5100 87.3400 0.9399 1384.6000 29.2100
Low 1.3113 0.9562 1.5453 1.0153 0.9922 109.8400 0.8449 1.2561 129.3000 86.7700 0.9393 1381.2500 29.0600
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 21/12/2010 A USD GBP CAD EUR JPY O/N 0.24125 0.55500 0.95167 0.34750 SN 0.09625 1WK 0.25375 0.56313 1.00000 0.52125 0.10475 2WK 0.25656 0.56813 1.04833 0.59500 0.11250 1MO 0.26063 0.58250 1.09667 0.72750 0.12875 2MO 0.28250 0.64000 1.15000 0.83750 0.15125 3MO 0.30281 0.75250 1.23000 0.94688 0.18688 4MO 0.34813 0.83375 1.30333 1.02250 0.24413 5MO 0.40313 0.94000 1.37000 1.10313 0.30375 6MO 0.45719 1.04688 1.44333 1.19375 0.34750 7MO 0.51075 1.12625 1.51167 1.24250 0.39875 8MO 0.56188 1.20938 1.58167 1.29375 0.44438 9MO 0.61594 1.29188 1.65000 1.34375 0.48750 10MO 0.66813 1.37063 1.72333 1.39375 0.51313 11MO 0.72406 1.43938 1.80833 1.43875 0.53750 12MO 0.78325 1.50563 1.89667 1.48000 0.56625
Major Central Banks Overview Central Bank Bank of England European Central Bank Swiss National Bank The Reserve Bank of Australia Bank of Canada Federal Reserve Bank of Japan
Next Meeting
Last Change
January 13, 2011 January 13, 2011 March 17, 2011 February 1, 2011 n/a n/a n/a
March 5, 2009 May 7, 2009 March 12, 2009 November 2, 2010 September 8, 2010 December 16, 2008 December 19, 2008
Current Interest Rate 0.50% 1% 0.25% 4.75% 1% 0.25% 0.10%
Division of National Bank of Pakistan (NBP) KARACHI, December 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
85.90 133.53 113.11 84.51 89.09 85.58 12.57 1.03 14.40 65.28 15.18 22.91 11.05 12.89 303.98 27.40 64.04 23.59 23.39 0.07 2.85
85.70 133.22 112.85 84.32 88.88 85.38 12.54 1.02 14.37 65.12 15.15 22.85 11.02 12.86 303.28 27.34 63.89 23.54 23.33 0.07 2.84
85.51 132.91 112.59 84.10 88.65 85.16 12.51 1.02 14.33 64.95 15.11 22.79 10.99 12.83 302.48 27.26 63.72 23.47 23.27 0.07 2.83
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 21, 2010
KASB
BMA
ELXIR
GSL
ICSL
12.75 12.85 12.90 12.95 13.15 13.30 13.35 13.50 13.65 13.94 14.05 14.12 14.15 14.18 14.22 14.20 14.20 14.25 14.55 14.65
12.85 12.75 12.95 13.03 13.17 13.32 13.38 13.45 13.66 14.00 14.15 14.18 14.22 14.35 14.35 14.05 14.05 14.25 14.55 14.60
12.85 12.80 12.90 13.10 13.18 13.25 13.33 13.49 13.63 13.95 14.19 14.23 14.25 14.30 14.34 14.10 14.06 14.25 14.55 14.70
12.70 12.75 12.90 12.95 13.16 13.22 13.35 13.52 13.65 13.90 14.22 14.25 14.26 14.27 14.30 14.25 14.15 14.28 14.60 14.90
12.80 12.85 12.90 13.05 13.15 13.20 13.30 13.45 13.65 13.90 14.15 14.20 14.25 14.30 14.35 14.00 14.20 14.22 14.55 14.75
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 12.70 12.85 12.85 13.05 13.15 13.25 13.35 13.50 13.65 13.90 14.15 14.18 14.20 14.25 14.30 14.15 14.10 14.23 14.50 14.70
12.78 12.81 12.90 13.02 13.16 13.26 13.34 13.49 13.65 13.93 14.15 14.19 14.22 14.28 14.31 14.13 14.13 14.25 14.55 14.72
Currencies Correlation EUR/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD
week month months months year years
0.78 0.32 0.12 0.49 -0.06 -0.26
0.46 0.64 0.61 0.63 0.88 0.89
-0.09 0.66 0.67 0.71 0.81 0.54
0.90 0.88 0.77 0.72 0.69 0.73
0.73 0.73 0.56 0.59 0.27 0.43
USD/CAD USD/CHF
0.76 0.65 0.18 0.57 -0.14 -0.22
-0.84 0.19 0.13 -0.57 0.00 0.30
-0.42 0.04 -0.47 -0.41 0.12 0.12
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)21/12/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
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 12.45
12.95
12.60
13.10
12.75
13.25
13.15
13.40
13.40
13.65
13.45
13.95
13.60
14.10
13.70
14.20
JSBL
12.50
13.00
12.70
13.20
12.85
13.35
13.15
13.40
13.40
13.65
13.45
13.95
13.70
14.20
14.00
14.50
ASPK 12.65
13.15
12.70
13.20
12.80
13.30
13.15
13.40
13.35
13.60
13.45
13.95
13.60
14.10
13.70
14.20
CIPK
12.60
13.10
12.75
13.25
12.85
13.35
13.15
13.40
13.40
13.65
13.55
14.05
13.65
14.15
13.75
14.25
DBPK 12.40
12.90
12.30
12.80
12.40
12.90
13.05
13.30
13.25
13.50
13.35
13.85
13.50
14.00
13.60
14.10
FBPK 12.35
12.85
12.65
13.15
12.70
13.20
13.25
13.50
13.45
13.70
13.55
14.05
13.70
14.20
13.85
14.35
FLAH 12.50
13.00
12.70
13.20
12.75
13.25
13.20
13.45
13.40
13.65
13.45
13.95
13.60
14.10
13.70
14.20
HBPK 12.30
12.80
12.50
13.00
12.75
13.25
13.15
13.40
13.35
13.60
13.45
13.95
13.60
14.10
13.70
14.20
HKBP 12.50
13.00
12.65
13.15
12.70
13.20
13.10
13.35
13.30
13.55
13.40
13.90
13.60
14.10
13.65
14.15
NIPK
12.35
12.85
12.75
13.25
13.10
13.60
13.35
13.60
13.60
13.85
13.65
14.15
13.70
14.20
13.75
14.25
HMBP 12.40
12.90
12.60
13.15
12.85
13.35
13.25
13.50
13.35
13.60
13.50
14.00
13.60
14.10
13.70
14.20
SAMB 12.60
13.10
12.75
13.25
12.80
13.30
13.30
13.55
13.45
13.70
13.45
13.95
13.65
14.15
13.75
14.25
MCBK 12.50
13.00
12.50
13.00
12.60
13.10
13.15
13.40
13.30
13.55
13.40
13.90
13.50
14.00
13.75
14.25
NBPK 12.30
12.80
12.50
13.00
12.70
13.20
13.10
13.35
13.25
13.50
13.40
13.90
13.60
14.10
13.70
14.20
SCPK 12.50
13.00
12.50
13.00
12.65
13.15
13.10
13.35
13.25
13.50
13.45
13.95
13.50
4.00
3.70
4.20
UBPL 12.60
13.10
12.70
13.20
12.65
13.15
13.15
13.40
13.30
13.55
13.45
13.95
13.60
14.10
13.70
14.20
AVE
12.97
12.64
13.14
12.75
13.25
13.16
13.41
13.36
13.61
13.45
13.95
13.61
14.11
13.72
14.22
ABPL
12.47
4 Wednesday, December 22, 2010
The Financial Daily International Vol 4, Issue 131
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Team-change wonâ&#x20AC;&#x2122;t bring fate-change Since the incumbent government has taken over, three finance ministers have been changed in quick succession namely Ishaq Dar, Syed Naveed Qamar, and Shaukat Tarin who was replaced with Dr Abdul Hafeez Shaikh, the sitting finance minister. Similarly, two governors of State Bank of Pakistan have been replaced that include Dr Shamshad Akhtar and Syed Saleem Raza whose successor happens to be Shahid Kardar, the governor currently in the office. But most remarkable is the appointment of Dr Waqar Masud, who was appointed finance secretary for the third time in 33 months. Salman Siddique can be termed the longestserving finance secretary in the present government who held the post for about 22 months. Changing people at key positions so frequently establishes only one point, this government has no financial agenda and abrupt changes show that something frantic is going on in these offices. However, time has proven that absence of any financial plan often pushes government to corners. Not only its coalition partners feel frustrated, multilateral lenders are also offended by it, getting the feeling that Pakistan government is least interested in putting the house in order. At times one also gets the feeling that new taxes are being imposed on the insistence of multilateral lenders to contain budget deficit. However, a little probe indicates that budget deficit in not due to any weakness in enhancing revenue collection but due to lavish spending, financial indiscipline, and bad governance. If the only motive of the government is to squeeze the taxpayers further then why should multilateral lenders bother to stop it from introducing new taxes? Let this point be very clear that the IMF is concerned about a widening gap between revenue collection and expenditures. The gap can be bridged simply by following either of the policies, enhancing revenue collection or containing expenditures. However, while curtailing expenditures only non-developmental expenses should be contained. Ironically, most of the governments in Pakistan, including the present one find it most convenient to curtail Public Sector Development Programme (PSDP) but never realise the fact that deteriorating infrastructure has become the stumbling block in accelerating GDP growth rate. Governing the country prudently, particularly financial issues seem to be on the lowest priority of the present regime. Enjoying blessings of the US administration the regime got $11 billion assistance approved from the International Monetary Fund (IMF). On RGST issue the government is facing the most humiliating treatment even at the hands of its coalition partners and its imposition may be deferred for nine months, at least. Frequent appointments of Secretary Finance and Chairman Federal Board of Revenue indicate high level of discomfort. It seems that the elected government considers finding a scapegoat easier than mending its ways.
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.
Hunger in the Third World Faryal Farooq Khan
H
unger is not just an urge to eat; hunger, as the word is used by food and health experts can be defined as the continuing deprivation in a person of the food needed to support a healthy life. Chronic shortage of food in a large number of under developed and developing countries in recent times has focused world attention primarily on the urgent need to increase agricultural production in order to provide more food for the Third World population to eliminate hunger. However, many experts believe that the famine condition in many of these countries is not the result of food shortage arising from natural calamities but the outcome of man-made disasters. The first reason for hunger is poverty. In First World countries, we talk about our quality of life or our standard of living. But in Third World countries, the focus shifts to the mere sustaining of life. A major problem in Third World countries is capital investment. There is very little money that can be spent on agricultural development or even basics like seed and farm tools. The second reason for hunger is population. Nearly every country has experienced a growth in population, but the greatest impact has been on the world's poorest countries because they have been experiencing exponential growth in their population. The third reason for world hunger is misplaced priorities. Those of us who live in an industrialized society place a high priority on comfort and convenience. Our standard of living places a significant strain on the world economy. There are also some publicized causes of world hunger which includes the tremendous amount of exploitation in the world, which has led to the problem
of hunger. Poverty at large scales resulted from exploitation and fraud. Hunger and poverty are often due to the very structure of governments, as some government policies prevent food and compassionate aid from reaching their people. It is difficult to say precisely how many people are suffering from hunger today. However, some sources estimate that 20 million people die each year of hunger-related causes. FAO estimates that at least 435 million people are seriously undernourished in the world today. Other estimates, which use poverty as an indicator, suggest that 800 million peo-
onds, equating to 16,000 poor and hungry children each day. Rising food prices may soon tip 100 million more hungry people to the edge of starvation. The prices of wheat, corn, rice, and soya have doubled or tripled in the past three years. In the Asian, African and Latin American countries, well over 500 million people are living in what the World Bank has called "absolute poverty". Every year 15 million children die of hunger. For the price of one missile, a school full of hungry children could eat lunch every day for 5 years. Throughout the 1990's more than 100 million chil-
â&#x20AC;&#x153;
According to a UNICEF report, nearly one in four people, and 1.3 billion --a majority of humanity-- live on less than a dollar per day, while the world's 358 billionaires have assets exceeding the combined annual incomes of countries with 45 per cent of the world's people
ple are threatened by hunger, either temporarily or in the long term. FAO estimates that roughly one-quarter of the people in developing countries with market economies suffer from some degree of under nourishment, though not necessarily acute. Almost three-quarters of the undernourished are to be found among the poverty-stricken multitudes of Asia and the Pacific. Africa has almost as high a proportion of undernourished people. According to some world resources one child dies of hunger-related causes every five sec-
dren died from illness and starvation. Those 100 million deaths could be prevented for the price of ten Stealth bombers, or what the world spends on its military in two days! The World Health Organization estimates that one-third of the world is well-fed, one-third is underfed one-third is starving. The Indian subcontinent has nearly half the world's hungry people. Africa and the rest of Asia together have approximately 40%, and the remaining hungry people are found in Latin America and other parts of the world.
According to a UNICEF report, nearly one in four people, and 1.3 billion - a majority of humanity - live on less than a dollar per day, while the world's 358 billionaires have assets exceeding the combined annual incomes of countries with 45 per cent of the world's people. Half of all children under five years of age in South Asia and one third of those in sub-Saharan Africa are malnourished. The last Summit was called by the United Nations to examine why hunger persists despite the 1996 Plan of Action. Progress has lagged by at least 60 per cent behind the goals for the first five years, and today conditions are worsening in much of the world. Without a drastic reorientation of policies, it will be impossible to meet the 2015 goal, and hunger may actually increase. While official documents prepared for the meeting decry a "lack of will" and call for "more resources" to be directed at reducing hunger, the fact is that more fundamental changes are needed. We have a great challenge before us. Vital importance should not be only given to the traditional issues but in current scenario non-traditional issues are more significant and need serious attention. The eradication of hunger rests in poverty alleviation, as poverty leads to hunger. Continuous efforts, resources and energies should be deployed to relieve hunger through the technical measures. The political causes require political solutions as well. A realistic approach to the problems of large debts owed by many Third World countries and their consequent need to devote inordinate proportions of export earnings to repaying loans as the debt burden hinders the ability of governments to make necessary investments in the food and agricultural sector.
Bailing out Portugal and Spain
Stretching EU Resources to Limit P
ortugal was put on notice that its credit rating could be cut and fellow euro zone debtor Spain had to pay more to issue new debt on Tuesday, suggesting the currency bloc's crisis will rage unabated in 2011. China, the world's new economic powerhouse, urged European policymakers to demonstrate as a matter of urgency that they can contain and then rectify the euro zone's debt problems. Ratings agency Moody's said it may cut Portugal's rating by one or two notches within three months, citing weak growth prospects as the government seeks to cut its debt, and climbing borrowing costs, although it said its solvency was not in question. "The likely deterioration in debt affordability over the medium term and ongoing concerns about the economy's ability to withstand fiscal consolidation ... mean its outlook may no longer be consistent with an A1 rating," said Anthony Thomas, Moody's lead analyst for Portugal. The cost of insuring Portuguese sovereign debt against default rose in response and the euro slipped. Spain cleared its final debt sale of the year, but predictably had to pay a higher price and
analysts warned of tough times ahead in 2011. The yield on Spain's three month treasury-bill issue rose to 1.804 per cent from 1.743 per cent on November 23, while six-month paper cost 2.597 per cent, up from 2.111 per cent. "All in all it's a reasonable result in current conditions, if far from impressive. It's going to be testing times for Spain, Portugal and even Italy heading into 2011," said Orlando Green, analyst at Credit Agricole. A pre-Christmas market lull has taken some of the heat off peripheral euro zone debt but the crisis will surely flare up again in 2011 until or unless policymakers act decisively. Already this month, Moody's has put Spain and Greece on review for possible downgrades and cut Ireland's rating by a savage five notches; while Standard & Poor's said it may cut Belgium's debt rating next year. Analysts said markets were pricing in even more doom for the euro zone's weaker members than the ratings agencies. "Really the rating agencies are playing catch up with events and arguably they've
got a long way to go to get back up to speed they've been very much a lagging indicator throughout the crisis," said Chris Scicluna, deputy head of economic research at Daiwa Capital Markets. European Union leaders failed, at a summit last week, to agree any specific new
bility in Europe," said Rehn. The prospect that bond investors may have to take a hit on distressed euro zone debt was brought sharply back into focus after a group of subordinated creditors in stricken Anglo Irish Bank agreed to take an 80 per cent writedown on the value of their holding,
China, the world's new economic power house, urged European policymakers to demonstrate as a matter of urgency that they can contain and then rectify the euro zone's debt problems measures to stop contagion spreading from Greece and Ireland, which have received EU/IMF bailouts, to other high-deficit countries such as Portugal and Spain. But they did agree to create a permanent financial safety net from 2013 to handle future crises, which may require bond investors to share some of the pain. Olli Rehn, the EU's economic and monetary affairs commissioner, told Reuters Insider the debt crisis was akin to a "forest fire" which the EU was determined to contain. "We will do whatever it takes to safeguard the financial sta-
successfully concluding the nationalized lender's debt restructuring plan. CHINA CONCERNED China, which has invested an undisclosed portion of its $2.65 trillion reserves in the euro, said it backed steps taken by European authorities so far but made clear it would like to see the measures having more effect. "We are very concerned about whether the European debt crisis can be controlled," Chinese Commerce Minister Chen Deming said at a trade dialogue between China and the European Union. "We want to see if the EU is
able to control sovereign debt risks and whether consensus can be translated into real action to enable Europe to emerge from the financial crisis soon and in a good shape." The European Central Bank has been buying Portuguese and Irish government bonds to shore them up but not in the size analysts say is needed to give the markets pause for thought. Executive Board member Juergen Stark was quoted on Tuesday as saying the ECB's emergency asset purchase program would remain relatively modest, and based on the principle that all euro zone states are responsible for their own finances. "By no means will we reach the dimensions of other central banks (with bond buys)," Executive Board member Stark told the German daily Boersen-Zeitung. "We will also not change the current character of the program. A bailout of Portugal is widely expected but a similar rescue for Spain would stretch EU resources to the limit. Moody's said if Lisbon sought international help, it would ease short-term uncertainties, but would raise concerns about medium-term access to private market funding.-Reuters
Managing Bank Credit
China Exploring New Ways U
nder the proposed changes, the People's Bank of China (PBOC) may judge how much a bank can lend by looking at its capital adequacy ratio, liquidity conditions and provisions for bad loans. That means the PBOC may set different deposit reserve ratios for banks and adopt more frequent use of "window guidance," which is a direct order to bankers to rein in bank credit, the sources said. They said the PBOC could also step up its issuance of punitive central bank bills to banks that have breached their lending orders. If effected, these changes would be a shift away from the present onesize-fits-all policy where Chinese banks, whether big or small, are required to have a debt-to-deposit ratio of 75 per cent. "The central bank has held internal discussions, and has talked about it with bankers. But the plan is not finalized as there are still disagreements," one source close to the matter said.
After China unleashed an extraordinary surge in bank lending in 2009 to foster its economic growth following the global financial crisis, the PBOC has been trying to rein in lending and money growth this year to stop the economy over-heating.
loans in 2011, level with this year's target. Analysts said the changes, if effected, would give the world's secondbiggest economy and its banking sector more flexibility. Banks may, for instance, get guidance on how much to
â&#x20AC;&#x153;
After China unleashed an extraordinary surge in bank lending in 2009 to foster its economic growth following the global financial crisis, the PBOC has been trying to rein in lending and money growth this year to stop the economy over-heating
China has officially switched its monetary policy to "prudent" from its earlier "moderately loose" stance, in part due to rising price pressures. Beijing has yet to announce its annual loan target for next year, although state media said earlier this month that China would set a target for about 7.5 trillion yuan in new
lend on a monthly or quarterly basis, instead of the present annual target. "Instead of simply setting an annual loan target, which is a top-down approach, the new system will help better manage credit risks in banks," said Lian Ping, the chief economist at the Bank of Communications. Chinese banks of various sizes have
shown varying paces of lending growth, with smaller ones usually experiencing fastest credit growth despite having lesser deposits on hand. Analysts said the present overall annual loan target system does not take enough account of the variations in banks' liquidity and risk profiles, thus raising the risk of future bad loans. "The previous one-size-fits-all measure is no longer fit for the economic development, and a rigid loan target set at the beginning of a year cannot reflect the changes in the economy through the year," Lian said. Ye Yunyan, a banking analyst with Galaxy Securities in Beijing, said the use of differentiated deposit reserve ratios and selective issuance of punitive bank bills would also give Beijing more choices and tools in managing bank loans. Chinese banks had issued a total of 7.44 trillion yuan in net new loans by the end of November, putting themselves firmly on course to overshoot this year's credit target.-Reuters
5
Wednesday, December 22, 2010
Europe shares hit fresh 27-mth high as miners gain KSE-100 Index Opening Closing Change % Change Turnover (mn)
11,843.65 11,825.06 -18.59 -0.16 116.80
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,677.28 3,661.20 -16.08 -0.44 5.49
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,972.77 2,974.70 1.93 0.06 0.26
Major Gainers
Symbol
Close
Change
AGTL ILTM CPL SAPL ATBA
231.23 183.66 170.54 141.60 171.12
9.86 8.74 8.12 6.74 6.66
Major Losers
Symbol
Close
Change
RMPL 2,137.50 ULEVER 4,469.00 UPFL 1,028.10 IDYM 316.01 LAKST 305.00
-90.5 -79.51 -51.89 -15.31 -15
Top 5 Volume Leaders
Symbol
Close Vol (mn)
BAFL NBP LOTPTA NML FFBL
10.94 72.05 13.38 63.35 36.48
12.48 9.23 8.76 6.96 6.74
Active Issues Plus Minus Unchanged
154 230 23
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
South East Asian stocks
Fall amid Korean jitters; S'pore at 1-month low
KSE: Local profitbookers beat foreign buyers by 18 red points limited red numbers despite continued support by the offshore investors. According to NCCPL data, foreign investors did a net-buying of $2 million on Tuesday. On the local side, banks and individual investors did a netselling of $3.39 and $0.98 million respectively while companies did a net-buying of $2.47 million. See # 16 Page 11
Index lost 18 points to close at 11,825 points while KSE 30Index gained 5 points and KSE All Shares Index fell by 14 points to close at 11,393 points and 8,217 points respectively. "Local investors continued to book profit especially in oil stocks which lead to this flat close", said Samar Iqbal, equity dealer at Topline Securities. However, renewed buying interest was seen in textile
stocks on the back of higher cotton prices in the local and global markets, he added. Market started the day on a positive note and then showed some mixed activities throughout the day with index moving on both sides between 11,897 points (+ve 53) and 11,810 points (-ve 33) due to profitbooking mainly by the locals following some continued bullish activities since last few days
where market scaled a 30-month high on Monday. According to experts a correction is already due in the market. However, textile stocks mainly Nishat Mills and Lotte Pakistan remained in the limelight following rising international cotton prices to $1.75/lbs from $1.55/lbs during the last two weeks. Finally, index ended the session with some
Nikkei at 7-mth top, tracks China rally
Miners, banks drive FTSE to 30-month closing high
Indian shares hit 5-wk closing high
Nawaz Ali KARACHI: On Tuesday, even continued foreign buying couldn't keep Karachi Stock Exchange (KSE) from going red as it were mainly the local investors who by falling for profits dealt the most of the damage to the "gains" taking advantage of the bourse's "overboughtness". The benchmark KSE 100-
TOKYO: Japan's Nikkei average rose to its highest close in seven months on Tuesday in holiday-thinned trade, as a rebound in Chinese equities encouraged investors to pick up shares after a brief pull-back the day before. Investors shrugged off a slightly stronger yen against the dollar and aggressively added blue-chip exporters. Comments from a Chinese vice premier that China supports efforts by the EU to calm global markets in the wake of Europe's debt crisis lent further support, bolstering the euro-sensitive precision machinery sector. Canon Inc rose 1.6 per cent. Major electronics maker Sony Corp gained 2.7 per cent, camera maker Nikon Corp climbed 2.8 per cent and Mitsubishi Motors Corp added 2.5 per cent. Tuesday's jump was the biggest daily gain by the Nikkei in almost three weeks. He said traders' next target looms around 10,420.74, where futures and options contracts expiring in December settled earlier this month. The benchmark Nikkei gained 1.5 per cent or 154.12 points to 10,370.53, while the broader Topix rose 0.9 per cent to 906.21. Lower volume added to market volatility as foreign investors, who have been
net buyers of Japanese equities for the last six weeks and helped the Nikkei rally some 13 per cent since the beginning of November, were less active due to the approach of the year-end holidays. Only 1.6 bn shares changed hands on the Tokyo Stock Exchange's first section, well below last week's daily average of around 2.1 bn shares. But analysts said the Nikkei may be re-energised next week when foreign investors return from holiday. Bank of Japan kept monetary policy on hold on Tuesday and said it would steadily purchase various assets and provide longerterm funds through its 35 trillion yen (USD 417.8 bn) asset buying and market operation fund, to ensure that the effects of its monetary easing steps spread across the economy. Shares of Shinsei Bank surged 8.9 per cent in heavy trade after the bank said it would offload its stake in struggling consumer lender Aplus Financial to a subsidiary, in a move expected to lower the risk of the mid-size Japanese bank raising capital. Skymark Airlines jumped 5.8 per cent after its CEO said it would almost triple its fleet to as many as 50 aircraft over the next four years.-Reuters
LONDON: Miners and banks drove Britain's top share index to a 30-month closing high on Tuesday, as risk appetite rose due to easing tensions on the Korean peninsula and upbeat earnings from US software maker Adobe Systems. The FTSE 100 index ended up 60.19 points, or 1 per cent, at 5,951.80, its highest close since early June 2008, albeit in thin trade in the run-up to the Christmas holidays. Miners rose, with Anglo American and Xstrata the best sector performers, up 4.2 per cent and 3.5 per cent respectively, as copper hit record highs, fuelled by supply concerns. Gains in metals prices were also underpinned by import data showing continued strong demand from top consumer China, prompting more speculation on the global growth story. Rio Tinto climbed 2.6 per cent amid media reports that it is talking to Australia-listed coal miner Riversdale about a higher $3.8 billion takeover, ahead of a possible bidding war. Traders said investor nerves were soothed as the situation on the Korean peninsula failed to escalate. South Korea held live-fire drills on Yeonpyeong See # 17 Page 11
HK, Shanghai shares climb up HONG KONG/SHANGHAI: Hong Kong and Shanghai stocks rebounded on Tuesday as mainland property developers soared on signs urban prices would continue to rise and as coal producers rallied. The Hang Seng rose 1.6 per cent, rallying from a two month low on Monday although daily turnover on the Hong Kong stock exchange fell to the lowest in more than three months as investors were cautious ahead of the New Year. The index is up 5.1 per cent so far in 2010. More significant gains were undermined by almost a month of profit-taking that pushed the benchmark below a key chart support level. Shanghai's key index closed up 1.8 per cent, led by a rally in property issues after the Economic Information newspaper run by the official Xinhua news agency forecast urban hous-
ing prices may jump 20 per cent next year. A sub-index of property shares rose 5.4 per cent, its biggest single-day jump in seven months, as some funds positioned themselves for a rally in developers next year. Property shares have dropped more than 23 per cent this year hit by a slew of measures by Beijing to curb property prices. Market players said the report on urban housing prices spread in the afternoon after it was quoted by influential Chinese financial website, www.finance.eastmoney.com. Top property counters China Vanke , Poly Real Estate and Beijing Capital Development all rose by their 10 per cent daily limit. "You are seeing speculation sparked by the report published on the website," said senior analyst Qian Qimin at Shenyin and
Wanguo Securities. "But don't expect too much in the stock market's performance amid an overall liquidity crunch situation." China's benchmark shortterm rate moved up 52 basis points to its highest level in more than two-years on Tuesday as traders reported a shortage of funds in the banking system after a slew of tightening steps by the central bank. Coal issues also rose, led by China Shenhua, which said it planned to buy $1.3 billion in assets from its parent to increase coal reserves. Its shares in Hong Kong rose 3.7 per cent and in Shanghai they increased 6 per cent. Heavy rains have disrupted coal production in Australia and Indonesia and so tightened the global market, resulting in a 9.4 per cent rise in international seaborne spot prices for thermal coal, JP Morgan said in a note.-Reuters
MUMBAI: Indian shares rose for the third straight session and closed 0.9 per cent higher on Tuesday helped by firm world equities and investor optimism surrounding next year's prospects. Financials and metal producers were the top gainers, propelling the index to their highest close in five weeks. Lenders advanced as investors placed bets on promising loan demand prospects backed by strong economic growth in the world's secondfastest growing major economy after China. Top lender State Bank of India gained 1.5 per cent while leading private lenders ICICI Bank and HDFC Bank firmed 3.6 per cent and 1.9 per cent. The 30-share BSE index climbed 0.86 per cent or 171.44 points to 20,060.32, its highest close since Nov. 15, with twothirds of its components closing in the green. Foreign funds have invested a total of $28.4 billion in the Indian primary and secondary equities, driving the benchmark index nearly 15 per cent higher so far this year. However, their interest has been muted in the recent few sessions as the holiday season
nears in the western countries. Mital expects the Sensex to touch 25,000 points by end2011. Advancing shares outpaced declining ones in a ratio of 1.8:1, in a relatively better volume of 456 million shares. Metal makers rallied rose as base metals traded in the green in key world markets. London copper prices hit a record high, buoyed by supply concerns after Chile's Collahuasi mine halted shipments, while a weaker dollar and strength in the stock market also lent support. Non-ferrous metals producer Sterlite Industries and aluminium maker Hindalco firmed 4.6 per cent and 4.5 per cent. Tata Steel , the world's seventh-largest steelmaker, rose 1.7 per cent. Software firm Mahindra Satyam jumped 8.8 per cent on media reports that the company is planning to relist its shares on the New York Stock Exchange, dealers said. Leading outsourcers Tata Consultancy Services and Infosys Technologies shed 0.7 per cent and 0.6 per cent after hitting all-time highs in the previous session. See # 15 Page 11
US stocks late-morning
Merger action, earnings push Wall St higher NEW YORK: US stocks rose on Tuesday as solid earnings and a new flurry of merger action laid the foundation for a steady upward trend in the equities market that investors believe will continue. US stock indexes hit new highs after topping key technical resistance levels. The S&P 500 has rallied 6.1 per cent to two-year highs this month and was up around 22.5 per cent from closing lows this year. Analysts said equity markets were also lifted as fund managers reallocated cash to equities from fixed income and reduced cash positions. "The psychology has changed. With interest rates coming up, the bond market is telling you, you don't want to be in bonds if the economy may be improving next year. So a lot of that money is starting to move into the stock market," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. "This is your Santa Claus rally. Everybody is coming in, you are clicking on all eight cylinders here." The Dow Jones industrial average gained 40.31 points, or 0.35 per cent, to 11,518.44. The Standard & Poor's 500 Index rose 5.26 points, or 0.42 per cent, to 1,252.34. The Nasdaq Composite Index advanced 12.65 points, or 0.48 per cent, to 2,662.21. Adobe Systems Inc jumped 4.6 per cent to $30.53 after an upbeat forecast in contrast with a pessimistic outlook three months ago. US coal miner Massey Energy Co rose 1.3 per cent to $52.49 after the Wall Street Journal reported that rival Alpha Natural Resources Inc offered to buy it. Alpha Natural climbed nearly 3 per cent to $55.15. Further supporting rising stock indexes were recent technical signals indicating the See # 18 Page 11
Dhiyan
DHEDHI THINKS GREEN Aqeel Karim Dhedhi, Chairman AKD Group I think that market would continue bullish activities in the coming days. However, slight technical correction of 100-150 points couldn't be ruled out. Investors can invest in banking and fertiliser sectors stocks where my top picks are ENGRO, FFC and HBL. As far as triggers are concerned, approval of IMF tranche, the recently released improved economic numbers, clearance of circular debt, and the business conference in London stock exchange would boost market sentiments. Today would be a positive day.
Hamad Aslam, Head of Research BMA Capital Though correction is expected in the market but the recent rally is likely to continue till the index reaches 12,200 points which it would do on back of continuous foreign buying. Investors are advised to park money in those selective stocks which have a good growth potential and have not performed in the recent rally. Here our top picks are ENGRO, PSO and APL. Profit taking is likely to continue today.
6
Wednesday, December 22, 2010
Market Volume
116,800,506
Value
5,064,313,649
Trades
66,796
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
154 230 23 407
All Share Index
11,825.06 11,897.42 11,808.26 i18.59
Current High Low Change
KSE 30 Index
8,217.66 8,269.87 8,208.73 i14.17
Current High Low Change
KMI 30 Index Current High Low Change
11,393.54 11,454.25 11,374.39 h5.41
18,760.65 18,806.30 18,676.43 h35.46
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,529.97 Turnover 8,335,619 P/E (x) 11.17 Company
KSE 100 Index
Symbols
PE
High Low 1,541.51 1,519.47 Total cos Defaulter cos P/BV (x) ROE (%) 3.63 32.54
Open
High
Low
691 5.64 327.07 853 6.82 121.41 3921 - 11.12 735 16.30 120.06 800 3.89 264.45 Oil & Gas Development XD 43009 11.33 168.25 Pak Petroleum 11950 8.88 216.49 Pak Oilfields 2365 6.91 293.33 Pak Refinery Limited 350 - 102.44 PSO 1715 4.94 292.69 Shell Gas LPG 226 - 36.70 Shell Pakistan 685 10.54 205.50
328.00 123.40 11.25 120.75 267.10 168.90 220.70 294.79 102.88 293.80 36.59 207.00
325.01 121.50 10.95 119.20 262.00 167.21 215.12 290.55 101.06 290.55 35.15 204.00
Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery
Close Chg 325.70 121.71 11.01 120.31 262.37 167.48 218.34 292.45 101.66 291.68 36.58 205.53
-1.37 0.30 -0.11 0.25 -2.08 -0.77 1.85 -0.88 -0.78 -1.01 -0.12 0.03
Close Change 1,527.66 -2.31 Listed cap Market cap 65,194.15 mn 1,185,934.38 mn Payout (%) Div Yield (%) 55.94 5.01 Last 60 days High Low
Volume 117721 2450922 568553 16767 64743 488400 2231029 1214937 44610 1677188 5436 23866
374.20 137.20 12.49 128.90 275.40 171.40 221.00 299.00 106.34 293.80 40.28 207.89
2009 Div BR (%) (%)
287.99 250 78.51 10.00 106.00 32.17 100B 189.08 125 142.05 82.5 168.70 130 20B 230.05 180 55.00 258.00 50 29.05 182.05 330 -
% Change -0.15 5-Day High 1,529.97 5-Day Low 1,496.16 2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 731.11 Turnover 384,125 P/E (x) 5.42 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 745.68 721.05 Total cos Defaulter cos P/BV (x) ROE (%) 1.38 25.53
Close 736.50 Listed cap 3,242.17 mn Payout (%) 11.08
Change 5.39 Market cap 12,666.24 mn Div Yield (%) 2.04
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.26 36.96
71.96 33.90
73.00 35.39
71.51 32.36
72.58 34.00
381965 2160
77.77 41.00
0.62 0.10
60.05 32.36
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 Bawany Air 68 BOC (Pak) 250 Clariant Pak 273 Dawood Hercules 1203 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corp. Ltd XD 3277 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 Fauji Fert. Bin Qasim XD 9341 Gatron Ind 384 Ghani Gases Ltd 725 ICI Pakistan 1388 Ittehad Chemical 360 Lotte Pakistan 15142 Mandviwala 74 Nimir Ind Chemical 1106 Shaffi Chemical 120 Sitara Chem Ind 214 Sitara Peroxide 551 Wah-Noble 90
8.67 76.67 12.32 6.52 7.47 10.66 8.56 6.88 2.40 8.73 7.90 12.03 4.78 10.17 14.88 6.85
24.54 9.25 85.45 162.42 180.77 3.13 7.95 3.22 10.85 196.04 14.27 9.54 117.74 34.97 44.74 11.57 141.85 31.00 13.23 2.07 2.06 2.64 123.99 13.60 35.26
24.64 9.20 89.72 170.54 182.90 3.26 8.10 3.33 10.85 196.88 14.45 9.80 118.48 36.70 44.80 11.73 142.70 32.25 13.52 2.22 2.27 2.72 124.95 13.76 35.68
23.40 8.64 84.75 163.00 179.25 3.04 7.65 3.10 10.50 193.50 14.20 9.60 117.65 34.94 43.00 11.50 140.00 32.25 13.25 1.92 2.10 2.50 121.51 13.50 35.23
Company
Close Chg 23.92 9.20 89.72 170.54 180.08 3.07 7.90 3.11 10.50 194.01 14.30 9.61 118.08 36.48 44.74 11.53 140.26 32.25 13.38 2.00 2.13 2.65 124.10 13.69 35.60
-0.62 -0.05 4.27 8.12 -0.69 -0.06 -0.05 -0.11 -0.35 -2.03 0.03 0.07 0.34 1.51 0.00 -0.04 -1.59 1.25 0.15 -0.07 0.07 0.01 0.11 0.09 0.34
Close 1,350.15 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 69997 6843 52477 54341 18453 90752 54809 1057464 1812 696075 527120 348577 508292 6735438 1209 6757 463430 500 8758037 113523 1574563 104 3596 462781 1904
Change 5.94 Market cap 296,419.17 mn Div Yield (%) 5.84
24.75 13.99 89.72 170.54 185.00 3.74 8.48 4.24 13.79 197.79 15.20 11.74 119.50 36.92 46.59 13.85 142.70 33.28 13.83 2.75 2.74 3.40 139.40 14.69 46.25
2009 Div BR (%) (%)
% Change 0.44 5-Day High 1,350.15 5-Day Low 1,324.10 2010 Div BR (%) (%)
20.26 7.73 5 72.00 90 15 149.72 125 163.51 40 10B 40 1.90 3.41 1.28 9.15 15 15 171.00 6010B 40R 40 11.61 - 27.5R 9.21 104.21 131.5 10B 95 26.59 40 - 17.5 38.00 20 9.80 116.00 80 55 21.00 15 5 8.17 5 0.80 1.30 1.80 101.00 75 25 7.67 32.00 50 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,178.84 Turnover 11,671 P/E (x) 5.93 Company
High Low 1,184.29 1,160.43 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47
Close 1,165.38 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.69 7.02
16.00 45.50 46.20
16.00 45.20 46.60
15.71 45.00 45.52
15.89 -0.11 45.20 -0.30 45.52 -0.68
10902 271 498
Century Paper Pak Paper Product Security Paper
Change -13.46 Market cap 3,230.06 mn Div Yield (%) 4.26
Last 60 days High Low 20.95 62.85 47.00
15.28 38.61 38.00
% Change -1.14 5-Day High 1,182.02 5-Day Low 1,165.38
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,165.19 Turnover 1,788,270 P/E (x) 4.25 Paid up Cap(mn)
PE
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission
Open
144 5.45 71.00 101 5.11 164.46 626 9.06 126.56 890 2.52 598 18.46 21.50 450 3.13 4.44 1428 - 11.76 786 5.82 254.99 823 11.00 68.96 150 3.79 19.79 117 2.09
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
565 3.94 675 555 9.09 1199 10.64 785 10.28
Open 25.12 2.87 14.37 51.47 9.25
High 25.50 2.90 14.78 51.90 9.10
Low 25.00 2.75 14.50 51.00 8.82
Close Chg 25.19 2.78 14.54 51.08 9.05
0.07 -0.09 0.17 -0.39 -0.20
Close 982.73 Listed cap 3,596.11 mn Payout (%) 30.91
Change -5.23 Market cap 9,503.06 mn Div Yield (%) 9.92
Last 60 days High Low
Volume 118912 55961 24882 27665 2887
26.23 3.39 16.75 53.99 10.80
23.75 1.65 12.25 44.00 8.00
2009 Div BR (%) (%) 10
30B -
% Change -0.53 5-Day High 987.95 5-Day Low 978.17 2010 Div BR (%) (%) 30 40 7.5
High
High Low 1,172.62 1,156.75 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 25.35 Low
Close Chg
Company
Paid up Cap(mn)
Adam Sugar 58 Chashma Sugar 287 Clover Pakistan 94 Crescent Sugar 214 Dewan Sugar 365 Habib Sugar 600 Habib-ADM Ltd 200 Mehran Sugar 143 Mirpurkhas SugarXDXB 84 Mirza Sugar 141 National Foods 414 Nestle Pakistan 453 Noon Sugar 165 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 S S Oil 57 Sanghar Sugar 119 Shahmurad Sugar 211 Shahtaj Sugar 120 Shakarganj Mills 695 Sind Abadgar 104
Close 1,167.37 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 2.19 Market cap 42,991.27 mn Div Yield (%) 4.81
Last 60 days High Low
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Gammon Pak Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 6.68 858 182 14 956 25.14 982 15.62 948 3574 3651 128.54 6933 15.79 502 3.76 1760 283 2319 32 1288 13126 3234 6.96 5261 1.40 541 3.65 2228 200 361 798 450.00
3.40 63.50 2.05 20.40 11.91 11.11 2.00 2.60 2.36 30.97 5.22 7.10 2.01 2.25 8.75 0.78 7.05 3.57 77.35 2.99 4.14 6.98 6.16 8.50 18.48
3.50 63.90 3.05 20.80 12.91 11.06 2.12 2.00 2.44 31.53 5.35 7.45 2.13 2.25 8.60 0.80 6.95 3.67 78.44 3.18 5.09 7.04 6.48 8.98 18.01
3.23 63.05 1.95 20.11 12.89 11.05 2.00 2.00 2.21 30.65 5.11 6.95 1.92 2.25 8.01 0.71 6.65 3.40 77.00 2.99 4.31 6.84 6.00 8.25 18.00
Close 1,034.23 Listed cap 54,792.74 mn Payout (%) 19.04
Change -3.61 Market cap 74,925.95 mn Div Yield (%) 2.38
PE
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
3.28 63.50 2.56 20.51 12.91 11.06 2.03 2.00 2.26 30.85 5.21 7.21 1.96 2.25 8.07 0.79 6.80 3.49 77.45 3.00 4.96 6.89 6.25 8.25 18.00
28403 124360 244838 17607 1312 244 8291 1950 678652 5310086 708451 30602 191852 2000 19600 509 82566 839707 1367787 110908 601 381702 111 6371 450100
3.98 69.45 3.05 21.45 14.89 12.75 2.49 3.19 3.10 32.10 5.55 8.20 2.25 2.48 9.19 1.39 8.70 3.79 79.98 3.30 8.89 8.58 8.35 10.98 22.24
50 40 9.75 -
-0.12 0.00 0.51 0.11 1.00 -0.05 0.03 -0.60 -0.10 -0.12 -0.01 0.11 -0.05 0.00 -0.68 0.01 -0.25 -0.08 0.10 0.01 0.82 -0.09 0.09 -0.25 -0.48
2.80 57.60 1.10 14.01 7.91 9.51 1.30 1.11 1.30 23.40 4.52 4.25 1.70 1.40 2.11 0.25 5.50 2.71 67.70 2.51 3.51 6.56 5.25 6.30 17.71
20B 20R 10B -
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,009.43 Turnover 283,807 P/E (x) 2.81 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
PE
Open
115 2.76 78.01 230 2.88 1067 4.58 49.98 389 3.40 47 55.63 23.35 844 60.61 119.50 300 8.68 115.01
High
Close Chg -0.51 -0.02 -0.17 -0.02 -1.10 -1.31 3.97
Close 1,009.32 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 13334 122431 12655 5106 3311 34762 92169
Change -0.11 Market cap 37,492.90 mn Div Yield (%) 5.53
Last 60 days High Low 83.23 3.30 61.99 4.05 25.90 123.40 119.90
34.00 1.70 45.30 1.60 13.01 98.00 97.00
2009 Div BR (%) (%) 30 32.5 100
10B -
% Change -0.01 5-Day High 1,009.43 5-Day Low 954.62 2010 Div BR (%) (%) 20 25 -
25B 10B -
73.00 172.68 128.90 2.89 25.24 5.70 13.40 282.45 77.90 27.58 3.25
65.75 131.00 92.50 1.20 21.00 4.03 9.65 215.99 66.75 17.92 1.53
High
Low
Close Chg -0.38 -0.05 -1.23 -0.48 -0.26 -0.60 -0.55 -0.28 0.00 0.04 2.55 1.65 -0.63 -0.05 -2.14 0.15 0.02 0.00 -0.38 -4.47 0.36 1.00
Close 1,722.55 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Last 60 days High Low
400 16.90 11.15 12009 15.47 8.50 249 77.19 38.74 5000 6.65 5.00 26101 5.59 1.11 128086 36.50 28.50 3000 16.98 11.90 3807 68.49 48.50 183 68.22 52.00 11929 7.18 4.20 5426 56.80 39.01 225 2550.00 1785.00 2000 14.84 11.00 952 6.99 4.00 466 53.81 32.50 500 3.40 2.02 2500 3.89 3.00 1117 14.25 13.00 3101 13.50 10.33 502 100.26 44.50 213 7.88 3.21 806 7.10 4.75
Open 1,104.80 Turnover 431,723 P/E (x) 2.50 Company
High Low 1,116.72 1,098.83 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 10.64
Paid up Cap(mn)
PE
Open
High
Low
115 90 106 1174 231
2.76 3.53 2.39
26.24 9.55 8.80 14.06 20.12
27.00 10.55 9.00 14.29 20.42
24.93 9.53 7.80 14.00 19.90
AL-Abid Silk Diamond Ind Hussain Industries Pak Elektron Tariq Glass Ind
Close Chg 25.63 10.51 7.82 14.01 20.01
-0.61 0.96 -0.98 -0.05 -0.11
Close 1,103.62 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 173 126 4766 354004 72654
Last 60 days High Low 35.00 19.39 11.49 15.09 21.40
23.00 7.55 7.80 12.90 15.90
PE
Open
66 1.11 17.20 215 5.54 221.37 214 1.70 213 10.32 11.07 132 7.92 67.00 366 6.48 495.01 57 684.67 251.66
High
Low
Close Chg
17.90 17.00 17.19 -0.01 232.43 220.60 231.23 9.86 1.89 1.50 1.60 -0.10 11.35 11.15 11.15 0.08 67.50 65.60 66.11 -0.89 498.75 495.00 495.35 0.34 259.00 239.08 246.48 -5.18
Volume 4506 39234 12066 5582 812 73012 115
Last 60 days High Low 20.90 232.43 2.40 18.80 87.15 595.99 324.80
14.12 200.00 0.21 10.55 65.20 390.00 239.08
2010 Div BR (%) (%)
20 400 35 450 125
150 650 100
25B -
25B -
20B 20B -
Total Assets (Rs in mn)
2,916.67
18.75
Total Equity (Rs in mn)
2,378.92
Revenue (Rs in mn)
1,081.40
MA (100-day)
19.87
MA (200-day)
24.13
Interest Expense
1st Support
18.48
Profit after Taxation
19.53
2nd Support
18.13
EPS 09 (Rs)
3.775
1st Resistance
19.25
Book value / share (Rs)
30.53
2nd Resistance
19.67
PE 10 E (x)
1.78
Pivot
18.90
PBV (x)
0.62
294.11
NETSOL closed up 0.11 at 18.80. Volume was 125 per cent above average and Bollinger Bands were 60 per cent narrower than normal. The company's profit after taxation stood at Rs194.76 million which translates into an Earning Per Share of Rs2.64 for the 1st quarter of current fiscal year (1QFY11). NETSOL is currently 22.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NETSOL at a relatively equal pace. Trend forecasting oscillators are currently bearish on NETSOL.
Crescent Jute Products Limited
% Change -1.12 5-Day High 1,742.14 5-Day Low 1,641.09
2009 Div BR (%) (%)
2010 Div BR (%) (%)
10 35 40 35 25 600 50 30 10 15 100 -
15 40 35 15 10 12 450 10 -
25B 30B 10B 25B 10B -
20B 20B -
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
53.07
Total Assets (Rs in mn)
1,287.92
MA (10-day)
0.85
Total Equity (Rs in mn)
(132.33)
MA (100-day)
0.90
Revenue (Rs in mn)
MA (200-day)
1.11
Interest Expense
1st Support
0.78
Loss after Taxation
(82.76)
2nd Support
0.70
EPS 10 (Rs)
(3.483)
1st Resistance
0.98
Book value / share (Rs)
2nd Resistance
1.10
PE 11 E (x)
Pivot
0.90
PBV (x)
566.00 39.18
(5.57) (0.16)
CJPL closed up 0.09 at 0.90. Volume was 737 per cent above average (trending) and Bollinger Bands were 22 per cent narrower than normal. The company's loss after taxation stood at Rs34.802 million which translates into a Loss Per Share of Rs1.46 for the 1st quarter of current fiscal year (1QFY11). CJPL is currently 24.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of CJPL at a relatively equal pace. Trend forecasting oscillators are currently bullish on CJPL.
Samin Textiles Limited
2009 Div BR (%) (%) 7.5 -
10B -
% Change -0.11 5-Day High 1,104.80 5-Day Low 1,088.37 2010 Div BR (%) (%) -20B 20R - 10B 17.5 -
Performance of SR Personal Goods Index Open 1,006.08 Turnover 17,971,023 P/E (x) 7.28 Company
Paid up Cap(mn)
Ali Asghar Textile Amtex Limited XD Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Brothers Textile Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute Crescent Textile D S Ind Ltd Dawood Lawrencepur Dewan Mushtaq Textile Din Textile Ellcot Spinning Fazal Cloth Gadoon Textile XD Gul Ahmed Textile Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile J K Spinning Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Textile Mian Textile Mohd Farooq Mukhtar Textile Nishat (Chunian) Nishat Mills Olympia Spinning Pak Synthetic Paramount Spinning Quetta Textile Ravi Textile Redco Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Samin Textile Sana Ind Sapphire Textile Sargoda Spinning Service Ind Shahpur Textile Shahzad Textile Suraj Cotton Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving Zephyr Textile Ltd Zil Limited
222 2415 840 133 4493 33 76 76 64 98 1150 316 2442 238 492 600 514 34 204 110 188 234 635 222 716 3105 100 99 180 184 43 107 303 509 1455 221 189 145 1596 3516 120 560 174 130 250 213 308 341 264 88 134 55 201 312 120 140 180 180 307 418 215 400 594 53
High Low 1,014.79 994.86 Total cos Defaulter cos P/BV (x) ROE (%) 0.63 8.64
PE
Open
High
Low
23.75 9.75 6.43 0.27 0.41 0.46 5.65 0.72 34.52 3.91 4.03 53.02 0.15 0.54 0.61 1.37 0.65 3.83 0.91 0.76 2.99 0.51 3.55 1.05 0.23 3.79 1.89 5.44 3.04 0.75 0.63 0.62 4.62 0.36 0.20 5.38 3.52 0.85 0.42 8.13 0.69 0.30 0.75 4.87 9.10 0.57 5.13 3.41
0.95 4.37 22.70 2.09 10.02 10.00 13.07 691.46 47.00 0.59 3.12 916.40 2.64 0.81 20.49 1.94 45.31 5.80 26.00 19.75 69.25 57.00 26.50 6.80 4.11 38.01 1.57 5.99 3.27 6.01 14.75 0.79 1.88 2.40 5.50 0.60 1.23 0.56 22.40 62.01 2.24 9.19 10.25 41.00 1.60 0.89 8.98 36.48 4.63 4.00 6.27 47.03 104.85 2.40 240.29 0.45 6.00 34.00 109.32 56.67 1.15 1.70 3.80 51.30
0.95 4.38 23.30 2.29 10.11 10.50 13.50 693.99 47.70 0.60 3.15 925.00 2.61 1.02 20.98 2.07 47.00 6.79 26.40 20.19 72.71 59.85 26.95 7.50 4.11 38.50 1.70 6.60 3.27 6.99 14.00 0.97 1.93 2.39 5.50 0.45 1.20 0.60 23.28 64.44 2.20 9.25 10.25 41.00 1.78 0.89 8.99 36.80 4.80 4.34 6.50 47.65 100.01 2.30 242.50 0.54 5.06 34.00 114.25 59.00 1.00 1.65 4.19 51.00
0.95 4.25 22.95 1.85 9.75 10.00 13.01 675.00 46.00 0.60 3.10 876.00 2.49 0.82 20.98 1.71 44.85 4.80 25.10 19.75 71.85 56.02 26.50 7.00 4.05 37.62 1.51 5.02 3.27 5.85 14.00 0.77 1.54 2.07 5.00 0.45 1.00 0.50 22.50 62.05 1.51 8.66 10.25 38.95 1.56 0.89 8.60 36.80 4.25 4.00 6.45 44.70 100.00 2.15 236.10 0.31 5.05 33.20 109.00 56.50 1.00 1.35 3.80 50.00
Open 944.14 Turnover 187,242 P/E (x) 7.54
% Change 0.00 5-Day High 1,543.36 5-Day Low 1,539.68
2009 Div BR (%) (%)
90 100 20 150 10 -
20B 30B 20B -
PERSONAL GOODS
Close Chg 0.95 4.29 23.13 1.97 9.79 10.00 13.02 681.53 47.70 0.60 3.14 919.62 2.50 0.90 20.98 2.00 45.07 4.80 25.13 20.19 72.71 59.85 26.65 7.50 4.05 38.02 1.53 6.02 3.27 6.89 14.00 0.77 1.74 2.35 5.31 0.45 1.20 0.50 22.78 63.35 1.51 9.00 10.25 38.95 1.60 0.89 8.89 36.80 4.45 4.00 6.46 46.36 100.00 2.18 237.36 0.50 5.05 33.51 113.96 57.15 1.00 1.65 3.90 51.00
0.00 -0.08 0.43 -0.12 -0.23 0.00 -0.05 -9.93 0.70 0.01 0.02 3.22 -0.14 0.09 0.49 0.06 -0.24 -1.00 -0.87 0.44 3.46 2.85 0.15 0.70 -0.06 0.01 -0.04 0.03 0.00 0.88 -0.75 -0.02 -0.14 -0.05 -0.19 -0.15 -0.03 -0.06 0.38 1.34 -0.73 -0.19 0.00 -2.05 0.00 0.00 -0.09 0.32 -0.18 0.00 0.19 -0.67 -4.85 -0.22 -2.93 0.05 -0.95 -0.49 4.64 0.48 -0.15 -0.05 0.10 -0.30
Close 1,004.15 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 5000 224374 16623 5531 6010481 1074 2751 409 500 350 64959 385 20599 111423 400 191392 121869 5911 7000 2047 5500 66745 1243 598 20532 46500 3150 34336 3000 508 1000 201 31441 268 91982 6000 5001 10001 3262335 6956794 540 35389 502 101 53571 500 2501 501 33480 3602 105000 119 186 4200 2837 9008 562 19350 205221 150765 200 1016 1002 400
Change -1.93 Market cap 132,888.06 mn Div Yield (%) 2.29
Last 60 days High Low 2.00 18.14 24.05 3.45 12.32 18.75 14.50 747.48 52.05 1.10 3.95 930.00 3.33 1.49 23.90 2.37 47.00 7.44 30.90 25.45 72.71 59.85 26.99 10.30 4.88 40.77 2.70 7.29 5.35 9.50 20.50 1.25 2.00 3.73 6.10 0.98 2.08 0.95 25.14 64.44 2.24 10.20 11.25 47.00 2.30 1.45 12.00 38.10 6.85 6.20 8.69 47.65 115.76 2.50 276.50 1.10 9.48 37.50 114.25 60.50 1.50 2.00 4.90 55.00
0.61 4.25 18.50 1.32 9.70 8.10 9.00 436.00 40.80 0.12 3.00 658.36 2.26 0.16 17.89 1.44 36.10 1.80 20.80 17.21 41.00 37.25 19.99 5.51 3.35 34.05 0.30 2.02 2.60 4.05 13.25 0.26 1.01 1.52 4.51 0.01 0.35 0.14 15.66 45.81 1.51 5.16 7.65 25.80 1.29 0.61 8.01 31.25 2.01 3.36 5.02 27.50 89.80 0.50 169.00 0.18 3.25 29.00 86.50 37.25 0.26 0.86 1.50 36.00
PHARMA AND BIO TECH
Change -0.05 Market cap 32,877.83 mn Div Yield (%) 15.86
40 100 80 100 5 2
Change -1.17 Market cap 5,151.05 mn Div Yield (%) 2.51
Performance of SR Pharma and Bio Tech Index
Close 1,540.71 Listed cap 1,336.62 mn Payout (%) 131.49
2010 Div BR (%) (%)
48.28
MA (10-day)
Performance of SR Household Goods Index
INDUSTRIAL ENGINEERING High Low 1,558.80 1,531.62 Total cos Defaulter cos P/BV (x) ROE (%) 3.15 38.02
2009 Div BR (%) (%)
Change -19.58 Market cap 229,643.79 mn Div Yield (%) 0.79
Performance of SR Industrial Engineering Index
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors XB Pak Engineering
Low
78.35 77.00 77.50 3.00 2.77 2.86 49.99 49.15 49.81 3.60 3.26 3.38 23.50 22.19 22.25 121.25 117.51 118.19 119.90 114.00 118.98
Open 1,540.76 Turnover 135,351 P/E (x) 8.29 Company
High Low 1,031.26 998.65 Total cos Defaulter cos P/BV (x) ROE (%) 1.23 43.91
Open
High Low 1,763.74 1,692.90 Total cos Defaulter cos P/BV (x) ROE (%) 11.67 30.30
0.86 16.50 16.45 16.00 16.12 1.00 12.39 12.35 12.00 12.34 11.57 72.04 70.81 70.80 70.81 11.32 6.48 6.00 6.00 6.00 3.72 3.83 3.40 3.46 7.23 35.66 35.95 35.00 35.06 11.31 12.77 12.23 12.20 12.22 3.47 59.00 59.45 56.75 58.72 4.42 53.00 54.45 52.01 53.00 0.61 5.95 5.99 5.80 5.99 19.98 51.00 53.55 52.56 53.55 26.90 2447.21 2474.99 2426.02 2448.86 - 13.90 13.30 13.25 13.27 0.88 6.10 6.38 5.91 6.05 8.58 48.90 51.34 46.46 46.76 2.30 2.45 2.45 2.45 0.30 3.50 3.60 3.45 3.52 0.99 13.80 13.80 13.40 13.80 16.26 11.60 11.50 11.00 11.22 - 90.15 92.99 85.65 85.68 5.87 6.70 5.90 6.23 6.10 7.10 6.00 7.10
20B -
% Change -0.35 5-Day High 1,037.84 5-Day Low 1,026.98
3239 50872 3262 1324103 1049 14805 365302 6657 10798 10689 651
% Change 0.19 5-Day High 1,167.37 5-Day Low 1,138.90
RSI (14-day)
HOUSEHOLD GOODS
Performance of SR Construction and Materials Index High Low 1,053.18 1,025.85 Total cos Defaulter cos P/BV (x) ROE (%) 0.57 7.10
72.00 71.45 71.91 0.91 172.68 164.00 171.12 6.66 128.90 125.00 125.00 -1.56 2.60 2.40 2.42 -0.10 21.43 21.40 21.41 -0.09 4.64 4.50 4.50 0.06 11.99 11.10 11.22 -0.54 255.00 253.00 254.97 -0.02 69.25 68.30 69.06 0.10 20.60 19.76 20.29 0.50 2.00 1.80 2.00 -0.09
Open 1,742.14 Turnover 209,045 P/E (x) 38.52
CONSTRUCTION AND MATERIALS Open 1,037.84 Turnover 10,608,553 P/E (x) 7.98
-
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING High Low 996.52 976.21 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 33.10
40 15
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 987.95 Turnover 230,307 P/E (x) 3.12
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,361.80 1,337.23 Total cos Defaulter cos P/BV (x) ROE (%) 2.93 35.00
30
NetSol Technologies Limited
% Change 0.74 5-Day High 743.87 5-Day Low 731.11
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,344.21 Turnover 21,169,527 P/E (x) 8.36
2009 Div BR (%) (%)
Alert ! Unusual Movements
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 100 96 306
PE
Open
9.38 102.50 6.47 84.09 15.20 80.51 7.48 26.60 6.27 8.00 7.48 32.99 11.26 134.86 5.46 61.33
High
High Low 980.87 946.66 Total cos Defaulter cos P/BV (x) ROE (%) 1.68 22.31 Low
Close Chg
107.50 102.99 107.07 4.57 87.00 84.00 85.61 1.52 84.53 81.54 84.53 4.02 27.50 26.50 27.00 0.40 8.34 7.71 7.77 -0.23 33.50 33.48 33.50 0.51 141.60 137.00 141.60 6.74 61.98 59.70 60.67 -0.66
Close 974.97 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 56637 16356 86145 4604 8747 654 971 13128
85.10 82.20 65.00 22.60 6.81 27.50 115.90 59.50
2010 Div BR (%) (%)
30 20 20 7.5 - 15B 20 120 7.5 50 115 15B 15 5 20 10B 7.5 35 -100SD 70 5 - 12.5 - 10B 10 20B 10 20 10 20 5B - 50R 15 20 25 45R 12.5 - 10B 10 10B - 632R 20 - 25SD 40 40 10 - 100R 35 60 50 5 200 5 15 50 20 20B 80 20B 4 40 10B 35 -
Change 30.84 Market cap 32,794.86 mn Div Yield (%) 5.91
Last 60 days High Low 107.50 113.00 84.53 27.50 9.00 35.00 141.60 64.50
2009 Div BR (%) (%)
% Change -0.19 5-Day High 1,006.08 5-Day Low 986.40
2009 Div BR (%) (%) 120 10 50 25 15 70 15
20B 15B
% Change 3.27 5-Day High 974.97 5-Day Low 915.64 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
53.21
Total Assets (Rs in mn)
MA (10-day)
6.02
Total Equity (Rs in mn)
MA (100-day)
6.42
Revenue (Rs in mn)
2,319.29 795.96 1,585.78
MA (200-day)
7.47
Interest Expense
134.37
1st Support
6.40
Loss after Taxation
(76.21)
2nd Support
6.40
EPS 09 (Rs)
(5.703)
1st Resistance
6.45
Book value / share (Rs)
2nd Resistance
6.50
PE 10 E (x)
5.38
Pivot
6.45
PBV (x)
0.11
59.56
SMTM closed up 0.19 at 6.46. Volume was 892 per cent above average (trending) and Bollinger Bands were 52 per cent narrower than normal. The company's profit after taxation stood at Rs4.036 million which translates into an Earning Per Share of Rs0.30 for the 1st quarter of current fiscal year (1QFY11). SMTM is currently 20.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SMTM at a relatively equal pace. Trend forecasting oscillators are currently bullish on SMTM.
D.S. Industries Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
58.56
Total Assets (Rs in mn)
838.18
MA (10-day)
1.93
Total Equity (Rs in mn)
(298.62)
MA (100-day)
1.84
Revenue (Rs in mn)
MA (200-day)
2.28
Interest Expense
1st Support
1.83
Loss after Taxation
(984.14)
2nd Support
1.59
EPS 09 (Rs)
(16.402)
1st Resistance
2.19
Book value / share (Rs)
2nd Resistance
2.31
PE 10 E (x)
Pivot
1.95
PBV (x)
653.74 130.20
(4.98) (0.40)
DSIL closed up 0.06 at 2.00. Volume was 41 per cent above average and Bollinger Bands were 55 per cent narrower than normal. The company's loss after taxation stood at Rs31.558 million which translates into a Loss Per Share of Rs0.53 for the 1st quarter of current fiscal year (1QFY11). DSIL is currently 12.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of DSIL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DSIL.
BOOK CLOSURES Company
From
To
Asian Stocks Fund# Safeway Mutnal Fund# Maple Leaf Cement# Hala Enterprises# Altern Energy# Shaffi Chemicals# Amtex Ltd# Pakistan Reinsurance# Descon Chemicals# Nadeem Textile Mills Byco Petroleum Pakistan Mehran Sugar Mills Husein Industries BOC Pakistan# Pangrio Sugar Mills
22-Dec 22-Dec 22-Dec 23-Dec 23-Dec 23-Dec 24-Dec 24-Dec 24-Dec 24-Dec 25-Dec 28-Dec 11-Jan 22-Jan
28-Dec 28-Dec 29-Dec 29-Dec 30-Dec 30-Dec 31-Dec 31-Dec 30-Dec 31-Dec 31-Dec 4-Jan 17-Jan 31-Jan
D/B/R
Spot AGM/Date
20 14-Dec 10(F), 10(B)10 -
27-Dec 27-Dec 29-Dec 29-Dec 30-Dec 30-Dec 31-Dec 31-Dec 30-Dec 31-Dec 31-Dec 31-Dec 17-Jan 31-Jan
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd Murree Brewery Co Shakarganj Food Shezan International Grays of Cambridge Khyber Tobacco Lakson Tobacco Pak Tobacco Shifa Int.Hospitals PIAC (A) AKD Capital XD Pace (Pak) Ltd Netsol Technologies Pak Telephone
Open 55.4 3.73 89.61 1.45 113.72 52 17.15 320 113.9 28.53 2.4 48.58 3 18.69 2.15
High 57.2 3.8 90.06 1.45 114.9 52 18.15 330 118 29.95 2.46 49.99 3.08 19.32 2.4
Low Close 53.15 3.65 86.2 1.45 108.05 50.01 18.15 305 114 28.51 2.28 46.2 2.9 18.55 2
55 3.67 88.06 1.45 109.69 52 18.15 305 115.97 28.75 2.31 47.69 2.9 18.8 2
Change -0.4 -0.06 -1.55 0 -4.03 0 1 -15 2.07 0.22 -0.09 -0.89 -0.1 0.11 -0.15
Vol 1643 748396 4536 1000 274 752 500 445 1584 2751 66144 1240 356885 1079197 2001
7
Wednesday, December 22, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,152.23 Turnover 5,702,888 P/E (x) 6.18 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
PE
Open
78 4.88 37740 12.83 3000 0.69 8606 6175 -
High Low 1,158.55 1,137.62 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
High
80.00 19.26 2.39 3.21 3.80
Low
79.90 19.33 2.45 3.27 3.89
77.81 19.15 2.29 2.97 3.75
Close Chg 79.03 19.24 2.31 3.00 3.78
-0.97 -0.02 -0.08 -0.21 -0.02
Close 1,143.81 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 1023 1245478 389008 4067379 122764
Change -8.42 Market cap 78,840.19 mn Div Yield (%) 10.12
117.99 20.12 2.69 3.45 4.50
% Change -0.73 5-Day High 1,152.23 5-Day Low 1,143.81
2009 Div BR (%) (%)
76.50 18.15 1.80 2.31 3.35
70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Silver Star Insurance
204 6.48 369 5.97 279 6.82 457 6.78 1250 400 3.14 718 17.18 3000 41.26 250 1.65 350 303 6.03 253 4.36
10.16 38.10 60.01 11.05 43.36 13.47 89.19 16.35 7.40 7.00 11.30 7.00
-
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
PE
Open
High
Low
198 11572 6.87 1560 7932 1695 10.92 126 2.75 8803 4.93 3673 3.40 3541 25.61 191 3.54 1367 150 -
0.98 37.26 1.82 2.80 19.69 4.56 40.47 15.60 15.84 18.99 2.32 1.05
1.00 37.75 1.98 2.85 20.00 4.51 40.70 15.80 16.05 18.95 2.40 1.27
0.87 37.17 1.80 2.65 19.00 4.51 40.40 15.46 15.77 18.95 2.25 1.02
Close 1,283.40 Listed cap 95,369.29 mn Payout (%) 104.13
Change 4.71 Market cap 104,465.58 mn Div Yield (%) 7.29
Close Chg
Volume
Last 60 days High Low
0.93 37.51 1.80 2.67 19.65 4.51 40.55 15.50 15.88 18.95 2.27 1.06
6064 907726 75524 799185 27515 5500 68218 90104 1076526 500 153159 7051
1.45 38.10 2.25 3.29 26.50 5.70 42.60 16.00 16.70 23.49 2.85 1.75
-0.05 0.25 -0.02 -0.13 -0.04 -0.05 0.08 -0.10 0.04 -0.04 -0.05 0.01
0.60 32.75 1.20 1.94 17.95 4.01 38.35 10.32 10.80 17.98 2.05 0.65
% Change 0.37 5-Day High 1,283.40 5-Day Low 1,267.68
2009 Div BR (%) (%) 33.5 45 64.5 20 3
31R -
Open 915.76 Turnover 12,458 P/E (x) 11.57
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,506.34 Turnover 425,134 P/E (x) 9.64 Paid up Cap(mn)
Company Sui North Gas XD Sui South Gas
PE
5491 8390
8.00 3.13
Open
High
27.19 20.69
27.39 21.10
High Low 1,528.35 1,497.74 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 11.41 Low 26.80 20.70
Close Chg 26.87 -0.32 20.80 0.11
Close 1,503.60 Listed cap 12,202.80 mn Payout (%) 66.79
Change -2.74 Market cap 32,204.99 mn Div Yield (%) 6.93
Last 60 days High Low
Volume 140176 284958
34.75 30.70
% Change -0.18 5-Day High 1,506.34 5-Day Low 1,472.45
2009 Div BR (%) (%)
26.60 19.95
-
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index Open 1,156.03 Turnover 29,469,854 P/E (x) 8.30 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.34 65.39 Askari Bank 6427 8.40 17.61 Atlas Bank 5001 1.84 Bank Alfalah 13492 14.03 10.64 Bank AL-Habib 7322 7.69 35.84 Bank Of Khyber 5004 5.56 4.25 Bank Of Punjab 5288 9.92 BankIslami Pak 5280 825.00 3.25 Faysal Bank XB 7309 4.78 14.90 Habib Bank Ltd 10019 7.36 120.03 Habib Metropolitan Bank 8732 8.02 26.54 JS Bank Ltd 8150 2.56 KASB Bank Ltd 9509 2.75 MCB Bank Ltd 7602 9.93 225.31 Meezan Bank 6983 8.62 16.02 Mybank Ltd 5304 2.61 National Bank 13455 6.29 71.20 NIB Bank 40437 3.02 Royal Bank Ltd 17180 4.80 Samba Bank 14335 2.00 Silkbank Ltd 26716 2.79 Soneri Bank 6023 7.85 Stand Chart Bank 38716 12.00 8.00 Summit Bank Ltd 5000 3.76 United Bank Ltd 12242 7.71 65.50
High
High Low Close 1,172.81 1,145.81 1,153.29 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.16 13.94 40.49 Low
Close Chg
66.49 65.05 65.28 -0.11 18.10 17.60 17.65 0.04 1.94 1.75 1.80 -0.04 11.10 10.65 10.94 0.30 36.20 35.02 35.69 -0.15 4.48 4.11 4.17 -0.08 10.10 9.81 9.84 -0.08 3.40 3.25 3.30 0.05 15.15 14.80 14.82 -0.08 120.60 117.50 117.85 -2.18 27.00 26.00 26.22 -0.32 2.60 2.55 2.55 -0.01 2.75 2.65 2.65 -0.10 226.75 223.50 224.12 -1.19 16.49 16.11 16.30 0.28 2.70 2.55 2.61 0.00 73.20 71.35 72.05 0.85 3.07 2.91 2.92 -0.10 4.94 4.80 4.82 0.02 2.05 1.99 2.01 0.01 2.82 2.71 2.73 -0.06 8.00 7.70 7.86 0.01 7.98 7.75 7.80 -0.20 3.90 3.52 3.61 -0.15 66.75 65.52 65.63 0.13
Last 60 days High Low
Volume 141788 1254507 48388 12476688 375667 6315 789113 99227 527651 718651 63636 54176 28790 733593 31208 171070 9226150 687843 15508 267059 426418 186107 48799 161402 1091501
Change -2.74 Market cap 697,337.48 mn Div Yield (%) 4.88
66.49 18.10 2.55 11.10 36.40 4.70 10.59 3.88 17.10 121.99 27.00 3.00 2.90 226.80 16.70 2.95 73.20 3.18 8.10 2.65 3.08 8.30 8.80 3.90 67.39
50.00 14.23 1.50 7.66 30.51 2.50 8.00 2.74 13.01 92.55 18.02 2.25 2.16 182.61 14.05 1.81 62.15 2.46 3.91 1.51 2.50 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change -0.24 5-Day High 1,156.03 5-Day Low 1,131.50
20 - 20B - 66R 55 -63.46R 10 -
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance
High Low 791.94 770.80 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 5.20
Close 777.21 Listed cap 11,111.34 mn Payout (%) 79.54
Change -5.07 Market cap 47,829.61 mn Div Yield (%) 7.00
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 25.88
90.91
91.75
88.85
89.30 -1.61
1091041
91.75
2009 Div BR (%) (%)
63.05
30
10B
Company
PE
Open
% Change -0.65 5-Day High 782.28 5-Day Low 766.67 2010 Div BR (%) (%) 10
-
0.53 -0.57 0.02 -0.21 0.01 -0.27 3.42 -0.26 -0.40 -0.20 -0.15 0.02
601 1570 43500 10895 21431 5372 16301 269641 102 3105 1201 4000
12.75 38.69 64.80 12.00 48.63 13.65 93.45 17.20 8.45 8.30 11.70 8.17
9.75 27.37 47.37 9.42 34.76 10.04 68.27 12.80 5.06 1.66 8.00 6.01
40 20 40 35 35 30 5 20 -
10B 25B 8.7B 25B 15B 20B
10 10 -
UPTO 100 VOLUME
25R 10B 20B -
High Low 939.06 920.53 Total cos Defaulter cos P/BV (x) ROE (%) 3.87 3.85
Symbols
High
Low
Close Chg
Change 5.15 Market cap 10,424.72 mn Div Yield (%) 3.53
Last 60 days High Low
Volume
2009 Div BR (%) (%)
75.14
76.47
74.90
74.99 -0.15
7957
86.95
57.15
5513.33B
-
-
627 31.54
46.50
48.00
47.00
47.00 0.50
4501
49.14
39.68
10
-
-
-
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mngt. XB Dawood Equities Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Stand Chart Leasing Trust Inv Bank
PE
Open
High
Low
225 1.66 360 3.50 450 13.45 3750 4.38 150 1.60 250 215 2121 17.44 600 700.00 2849 3166 626 0.65 7633 508 500 7.42 1000 28.13 1000 821 5.00 775 452 978 5.73 586 2.67
0.76 17.96 26.35 23.84 1.48 2.00 1.25 2.80 7.14 0.81 3.52 1.85 11.56 4.10 28.00 6.60 4.41 6.80 2.34 0.80 2.60 2.00
0.95 18.29 26.70 24.20 1.79 2.09 2.24 2.90 7.49 0.96 3.95 1.89 11.87 4.30 28.88 7.15 4.50 6.80 2.50 0.65 2.75 1.71
0.72 17.80 26.25 23.76 1.40 1.85 0.76 2.60 6.65 0.70 3.50 1.82 11.43 4.01 26.91 6.50 4.22 6.80 2.30 0.64 2.27 1.71
Close Chg 0.73 17.80 26.36 23.83 1.79 1.98 1.10 2.79 7.00 0.86 3.57 1.82 11.57 4.03 27.60 6.75 4.39 6.80 2.36 0.64 2.75 1.71
-0.03 -0.16 0.01 -0.01 0.31 -0.02 -0.15 -0.01 -0.14 0.05 0.05 -0.03 0.01 -0.07 -0.40 0.15 -0.02 0.00 0.02 -0.16 0.15 -0.29
Close 417.55 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 18237 700 70845 1121233 607 63882 15978 38007 10831 16672 21034 22169 3551243 276013 8921 387752 16090 1000 432722 311 3082 200
10.80
10.80
0.60
100
27.83
27.83
27.83
-1.46
100
JDWS
85.80
85.79
85.79
85.79
-0.01
100
GAIL
4.15
4.40
4.11
4.40
0.25
100
IDYM
331.32
325.00
314.76
316.01
-15.31
58
NOPK
23.76
23.80
22.71
23.15
-0.61
55
TSMF
1.70
1.67
1.21
1.67
-0.03
Change 0.86 Market cap 28,493.80 mn Div Yield (%) 3.27
% Change 0.21 5-Day High 420.21 5-Day Low 405.26
Last 60 days High Low
2009 Div BR (%) (%)
0.95 19.98 34.00 27.02 2.14 2.69 2.90 2.90 9.00 0.97 4.80 2.84 14.05 5.38 38.45 7.59 4.75 7.29 2.70 0.90 3.00 2.98
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.40 20.90 1.00 1.51 0.18 1.17 6.16 0.44 2.54 1.32 8.80 1.96 24.25 5.10 3.32 4.50 1.35 0.46 1.95 1.24
20B 20B 10B -
3.90
2.34
2.99
0.00
47
2298.00
2116.60
2137.50
-90.50
43
SIEM
1255.44
1300.00
1255.00
1260.65
5.21
39
0.75
0.68
0.68
0.68
-0.07
30
4548.51
4610.00
4350.01
4469.00
-79.51
29
1.20
1.39
1.13
1.24
0.04
24
HINO
137.80
139.75
133.00
133.00
-4.80
FNEL
8.00
8.80
8.80
8.80
0.80
21
SHNI
12.45
12.99
12.99
12.99
0.54
20
UPFL
1079.99
1028.10
1028.00
1028.10
-51.89
20
SFWF
7.28
6.28
6.28
6.28
-1.00
10
KOSM
1.29
1.35
1.05
1.10
-0.19
6
AWTX
89.00
89.00
89.00
89.00
0.00
5
130.35
131.50
123.85
123.85
-6.50
5
2.30
2.48
2.35
2.35
0.05
High Low 1,332.23 1,286.99 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 2.21
Close 1,311.21 Listed cap 29,771.58 mn Payout (%) 104.74
Paid up Cap(mn)
1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba Asian Stocks Atlas Fund of Funds B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba I B L Modaraba XD JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali Pak Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Stand Chart Modaraba U D L Modaraba
264 1375 210 900 525 780 65 200 113 524 300 581 760 397 1008 202 3180 1186 283 1200 184 125 1000 2835 2841 872 454 264
PE
Open
High
Low
9.44 6.64 5.42 18.60 1.69 4.02 3.32 1.60 3.48 10.56 10.88 0.63 2.22 2.50 5.83 20.82 64.50 16.61 1.47 7.55 13.70 5.45 1.94 7.88 7.06 2.27 4.63 1.70
1.60 8.16 3.40 4.71 4.18 1.70 1.43 0.63 2.80 1.74 4.25 2.01 3.23 7.54 6.66 2.61 4.95 4.64 1.60 7.42 1.34 1.03 6.80 12.37 6.40 1.00 9.05 5.99
1.74 8.14 3.35 3.72 4.25 1.94 1.69 0.68 2.78 1.73 4.35 2.10 3.22 7.63 6.85 2.84 5.25 4.65 2.00 8.25 1.40 1.10 6.99 12.45 6.35 1.01 9.50 6.00
1.42 7.90 3.15 3.71 4.06 1.70 1.25 0.56 2.77 1.66 3.25 2.00 3.10 7.25 6.61 1.61 5.00 4.55 1.99 7.10 1.20 1.00 6.65 12.25 6.12 0.97 9.00 5.60
1.30
1.30
1.30
-0.63
4
0.37
0.38
0.38
0.38
0.01
4
RCML
34.00
35.00
35.00
35.00
1.00
4
EXIDE
185.72
189.99
183.11
183.11
-2.61
4
GUSM
6.40
7.24
5.80
6.35
-0.05
3
NBF
3.98
3.97
3.61
3.97
-0.01
2
3.90
4.88
3.91
3.91
0.01
FZTM
405.00
400.00
385.10
392.55
-12.45
2
NAGC
16.70
17.10
17.10
17.10
0.40
2
ALTN
9.07
10.07
10.07
10.07
1.00
2
BCL
43.30
43.10
43.00
43.10
-0.20
2
DADX
21.54
22.60
21.01
21.01
-0.53
2
WAZIR
8.25
8.45
8.45
8.45
0.20
2
GVGL
34.20
35.89
32.49
32.49
-1.71
2
FPJM
1.68
1.61
1.61
1.61
-0.07
1
NMBL
1.59
1.59
1.59
1.59
0.00
1
SIBL
3.25
3.25
3.25
3.25
0.00
ILTM MQTM
1
4.50
5.44
5.20
5.20
0.70
1
174.92
183.66
183.66
183.66
8.74
1
9.24
8.40
8.40
8.40
-0.84
1
SSML
2.00
2.69
2.34
2.34
0.34
1
PRWM
14.35
14.60
14.00
14.00
-0.35
1
STML
22.10
23.20
23.20
23.20
1.10
1
ZAHT
3.48
4.15
3.92
3.92
0.44
1
FRSM
19.06
19.95
19.95
19.95
0.89
1
FECS
51.95
53.89
53.89
53.89
1.94
1
ATEL
18.00
19.00
19.00
19.00
1.00
1
JOPP
7.55
7.55
7.55
7.55
0.00
1
ETNL
21.39
22.00
22.00
22.00
0.61
1
LPGL
18.50
19.25
17.50
17.50
-1.00
1
PGCL
17.77
17.01
17.01
17.01
-0.76
1
GLPL
60.13
62.00
62.00
62.00
1.87
1
DREL
% Change -0.36 5-Day High 1,315.99 5-Day Low 1,291.28
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
1.51 7.97 3.25 3.72 4.19 1.77 1.46 0.64 2.78 1.69 4.35 2.00 3.11 7.51 6.76 2.29 5.16 4.65 2.00 7.85 1.37 1.09 6.67 12.30 6.21 1.00 9.45 6.00
9300 42576 200 500 449 360605 1516 19604 567 10530 201 68003 87556 22386 16982 103 3627545 70001 3000 63002 1094 4053 3081 250346 24066 99944 11855 4420
2.24 8.59 3.80 6.00 4.50 2.37 2.99 1.10 3.09 2.37 5.50 2.28 3.88 7.75 6.90 3.69 5.25 4.73 2.23 8.25 2.18 1.40 7.18 12.60 6.50 1.10 10.25 6.99
4.5 5 20 10 16.5 10
18.5 5 8.2 2.2 0 1.2 5 17 11 21 3 5 10 2.8 15.5 3 10 20 10 3 17 12.5
1.05 5.85 2.10 2.50 2.70 0.90 0.90 0.16 1.73 0.86 2.10 1.30 2.56 5.11 5.80 1.06 2.65 2.31 1.11 5.15 0.56 0.30 4.50 7.90 3.50 0.76 7.75 4.71
2
669.00
0.00
PHDL
41.00
39.01
38.95
39.01
-1.99
1
PSEL
162.00
669.00
168.30
669.00
168.00
669.00
168.00
6.00
1
1
FUTURE CONTRACTS
Change -4.79 Market cap 19,164.29 mn Div Yield (%) 7.97
Close Chg -0.09 -0.19 -0.15 -0.99 0.01 0.07 0.03 0.01 -0.02 -0.05 0.10 -0.01 -0.12 -0.03 0.10 -0.32 0.21 0.01 0.40 0.43 0.03 0.06 -0.13 -0.07 -0.19 0.00 0.40 0.01
5
1.93
DATM
Symbols
Open
High
Low
Close
NML-DEC
62.17
64.34
62.10
63.45
1.28 1356000
NBP-DEC
71.49
73.30
71.57
72.36
0.87 1118500
-
35.00
36.75
35.00
36.56
294.18
295.20
291.49
293.48
-0.70
415500
31.05
31.60
30.80
30.97
-0.08
364000
217.10
220.50
216.00
218.96
1.86
293500
77.39
78.10
76.35
76.54
-0.85
210500
PSO-DEC
293.74
294.85
291.10
292.49
MCB-DEC
225.33
226.27
223.11
224.10
-1.23
162500
ANL-DEC
10.06
10.28
9.80
9.83
-0.23
162500
AICL-DEC
91.12
91.89
89.15
89.46
-1.66
138500
ENGRO-DEC 196.77
197.40
194.10
LUCK-DEC
1.56
Vol
POL-DEC DGKC-DEC
-
Change
FFBL-DEC
PPL-DEC
Company
22
BILF
Performance of SR Equity Investment Instruments Index Open 1,315.99 Turnover 4,803,652 P/E (x) 20.42
54
2.99 2228.00
DFSM
EQUITY INVESTMENT INSTRUMENTS
Vol
RMPL
CSIL
2010 Div BR (%) (%)
Change
EMCO
FRCL
Performance of SR Financial Services Index
Paid up Cap(mn)
Close
10.90
29.29
SFL
FINANCIAL SERVICES
Company
Low
10.20
PRET
CWSM
2010 Div BR (%) (%)
850 42.61
High Low 427.63 412.17 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 0.91
High
POAF
ULEVER
% Change 0.56 5-Day High 934.66 5-Day Low 902.85
New Jub Life Insurance
Open 416.68 Turnover 4,956,318 P/E (x) 10.41
Open
HAJT
Close 920.91 Listed cap 2,290.72 mn Payout (%) 355.53
EFU Life Assurance
2010 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 782.28 Turnover 1,468,782 P/E (x) 11.36
Paid up Cap(mn)
2010 Div BR (%) (%) 50 - 7.8R 15 50 20 -
10.69 37.53 60.03 10.84 43.37 13.20 92.61 16.09 7.00 6.80 11.15 7.02
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,297.44 1,272.79 Total cos Defaulter cos P/BV (x) ROE (%) 1.34 9.35
10.21 37.50 60.00 10.80 43.00 13.20 89.20 16.05 6.40 6.41 11.00 7.00
LIFE INSURANCE
ELECTRICITY Open 1,278.69 Turnover 3,217,074 P/E (x) 14.28
10.69 38.43 61.00 11.45 43.99 13.65 92.90 16.45 7.50 7.45 11.15 7.09
-1.25
807000
168500
194.85
-1.92
117500
BOP-DEC
10.10
10.20
9.95
9.95
-0.15
22500
UBL-DEC
66.00
66.25
66.00
66.04
0.04
8500
HUBC-DEC
37.50
37.75
37.75
37.75
0.25
8000
OGDC-DEC 169.69
167.70
166.50
167.60
-2.09
5000
ZERO VOLUME Symbols
Open
High
Low
Close
AABS
94.50
94.00
94.00
94.00
-0.50
6.99
6.85
6.85
6.85
-0.14
0.00
ALICO
19.75
19.65
19.65
19.65
-0.10
0.00
ALNRS
47.02
47.00
47.00
47.00
-0.02
0.00
15.99
-0.01
0.00
AGSML
ARPAK
16.00
15.99
15.99
Change
Vol 0.00
ARUJ
5.50
5.25
5.25
5.25
-0.25
0.00
BHAT
272.00
270.00
270.00
270.00
-2.00
0.00
BPBL
1.70
1.64
1.64
1.64
-0.06
0.00
BWCL
23.50
23.40
23.40
23.40
-0.10
0.00
FNBM
6.80
6.70
6.70
6.70
-0.10
GFIL
0.00
4.84
4.80
4.80
4.80
-0.04
0.00
GUTM
24.30
24.00
24.00
24.00
-0.30
0.00
HUSS
11.80
11.70
11.70
11.70
-0.10
0.00
HWQS
21.70
21.40
21.40
21.40
-0.30
0.00
JATM
2.98
2.90
2.90
2.90
-0.08
0.00
JUBS
5.50
4.50
4.50
4.50
-1.00
0.00
LEUL
2.40
2.35
2.35
2.35
-0.05
0.00
BOARD MEETINGS
Bank Alfalah Ltd
KSE 100 INDEX
Nishat Mills Ltd
National Bank of Pakistan
Company
Date
Time
Habib Sugar Mills Ltd Dewan Farooque Spinning Mills Ltd Dewan Cement Ltd Dewan Sugar Mills Ltd International Industries Ltd Askari Bank Ltd. Fauji Fertilizer Bin Qasim Ltd. Sindh Abadgarâ&#x20AC;&#x2122;s Sugar Mills Ltd Fauji Fertilizer Company Ltd
22-Dec 22-Dec 22-Dec 22-Dec 22-Dec 22-Dec 23-Dec 24-Dec 24-Dec
12:00 4:00 5:00 4:30 10:30 10:00 10:30 4:00 10:00
TECHNICAL LEVELS Company
RSI 1st 2nd (14-day) Support 47.81 3.20 3.05 Allied Bank Limited 80.46 64.75 64.15 Attock Cement 52.99 63.05 62.65 Arif Habib Corp 39.72 23.65 23.50 Arif Habib Limited 49.87 26.20 26.00 Adamjee Insurance 69.38 88.20 87.05 Askari Bank 72.27 17.45 17.30 Azgard Nine 36.20 9.65 9.50 Attock Petroleum 56.21 324.50 323.25 Attock Refinery 55.29 121.00 120.30 Bank Alfalah 69.04 10.70 10.45 BankIslami Pak 50.67 3.25 3.15 Bank Of Punjab 53.38 9.75 9.65 Dewan Cement 56.47 2.15 2.05 DGK Cement 59.41 30.50 30.15 Dewan Salman 63.86 3.05 2.95 Dost Steels Ltd 43.58 2.70 2.65 EFU General Insurance 43.75 42.90 42.45 EFU Life Assurance 40.93 74.45 73.90 Engro Chemical 68.15 192.70 191.40 Faysal Bank 50.27 14.70 14.55 Fauji Cement 58.04 5.10 5.00 Fauji Fert Bin 69.09 35.40 34.30 Fauji Fertilizer 72.92 117.65 117.25 Habib Bank Ltd 67.81 116.70 115.55 Hub Power 72.95 37.20 36.90 ICI Pakistan 64.94 139.30 138.30 Indus Motors 52.00 253.65 252.30 JOV and CO 52.37 3.90 3.80 Japan Power 53.61 1.75 1.70 JS Bank Ltd 44.14 2.50 2.45 Jah Siddiq Co 44.21 11.35 11.20 Kot Addu Power 59.51 40.40 40.25 KESC 57.20 2.60 2.50 Lotte Pakistan 69.66 13.25 13.10 Lucky Cement 60.37 76.80 76.20 MCB Bank Ltd 70.12 222.85 221.55 Maple Leaf Cement 52.21 2.95 2.85 National Bank 66.32 71.20 70.35 Nishat (Chunian) 55.43 22.40 22.05 Netsol Technologies 48.28 18.45 18.10 NIB Bank 49.84 2.85 2.80 Nimir Ind.Chemical 63.58 2.05 2.00 Nishat Mills 68.37 62.10 60.90 Oil & Gas Dev. XD 63.58 166.80 166.15 PACE (Pakistan) Ltd. 48.01 2.85 2.80 Pervez Ahmed Sec 58.48 2.30 2.20 PIAC(A) 51.25 2.25 2.15 Pioneer Cement 37.28 6.80 6.70 Pak Oilfields 71.07 290.40 288.35 Pak Petroleum 75.37 215.40 212.45 Pak Suzuki 35.63 68.50 67.90 PSO XD 63.65 290.20 288.75 PTCLA 48.31 19.15 19.05 Shell Pakistan 65.50 204.00 202.50 Sui North Gas 32.70 26.65 26.45 Sitara Peroxide 61.02 13.55 13.40 Sui South Gas 37.79 20.65 20.45 Telecard 48.32 2.25 2.20 TRG Pakistan 33.95 3.60 3.55 United Bank Ltd 73.43 65.20 64.75 WorldCall Tele 58.95 2.90 2.80 Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
80.97
Support 1
11,789.75
MA (5-day)
11,744.83
Support 2
11,754.40
MA (10-day)
11,641.44
Resistance 1
11,878.90
MA (100-day)
10,448.88
Resistance 2
11,932.75
10,236.14
Pivot
resistance level at 11,878.90 and 2nd resistance level at 11,932.75, while Index will continue to find its 1st support level at 11,789.75 and 2nd support level at 11,754.40.
Brokerage House
Buy
*Arif Habib Ltd
AKD Securities Ltd
10.25
Accumulate
AKD Securities Ltd
TFD Research
14.01
Positive
TFD Research
Technical Outlook Technical Analysis
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
82.1
Buy
AKD Securities Ltd
61.96
Neutral
TFD Research
92.3
Positive
674.58 7,379.88 N/A 10.83
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
66.32 70.65 66.30 69.22
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Brokerage House
318.44 22,943.91 161.22 71.95
* Target price for Jun-11 & **Net Open Interest in future market
AKD Securities Ltd
Brokerage House
Fair Value
Rs Recommendations
34.7
Sell
*Arif Habib Ltd
42
Buy
*Arif Habib Ltd
235.3
Accumulate
AKD Securities Ltd
43.29
Buy
TFD Research
239.15
Negative
TFD Research
36.85
Positive
32.06 29.1
69.09 35.78 30.33 29.89
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Brokerage House
326.94 11,926.72 36.84 35.77
* Target price for Jun-11 & **Net Open Interest in future market
Positive
Technical Analysis 68.37 60.80 50.76 51.06
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 11,136.93 90.90 62.96
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
59.41 31.02 26.79 26.97
displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NML (mildly bullish). Trend forecasting oscillators are currently bullish on NML.
Pakistan State Oil Co Ltd
Fair Value
Rs Recommendations
Brokerage House
182.55 5,631.66 45.64 31.00
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
75.37 209.87 195.97 194.32
Fair Value
Rs Recommendations
Hold
*Arif Habib Ltd
365.4
Buy
Neutral
AKD Securities Ltd
276.6
Neutral
360.05
Positive
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
NML is currently 24.1 per cent above its 200-day moving average and is
TFD Research
Technical Outlook
Technical Outlook Technical Analysis
Buy
74.2
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Pakistan Petroleum Ltd
Rs Recommendations
TFD Research
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
ing oscillators are currently bullish on NBP.
Dera Ghazi Khan Cement Co Ltd
Fair Value
*Arif Habib Ltd
Rs Recommendations
59.97
BAFL closed up 0.30 at 10.94. Volume was 405 per cent above average NBP closed up 0.85 at 72.05. Volume was 186 per cent above average NML closed up 1.34 at 63.35. Volume was 77 per cent above average and (trending) and Bollinger Bands were 36 per cent wider than normal. (trending) and Bollinger Bands were 22 per cent wider than normal. Bollinger Bands were 3 per cent narrower than normal.
oscillators are currently bullish on BAFL.
Fauji Fertiliser Bin Qasim Ltd
Fair Value
Technical Outlook
KSE 100 INDEX is currently 15.6 per cent above its 200-day moving average BAFL is currently 11.0 per cent above its 200-day moving average and is NBP is currently 6.7 per cent above its 200-day moving average and is disand is displaying an upward trend. Volatility is relatively normal as compared displaying an upward trend. Volatility is extremely high when compared to playing an upward trend. Volatility is relatively normal as compared to the to the average volatility over the last 10 trading sessions. Volume indicators 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 INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently reflect very strong flows of volume into BAFL (bullish). Trend forecasting reflect moderate flows of volume into NBP (mildly bullish). Trend forecastindicating that INDEX is currently in an overbought condition.
Brokerage House
Fair Value
Technical Outlook
Leverage Position
69.04 10.54 9.11 9.85
11,843.60
normal. As far as resistance level is concern, the market will see major 1st
Rs Recommendations
13
RSI (14-day) MA (10-day) KSE 100 INDEX closed down -18.59 points at 11,825.06. Volume was 33 MA (100-day) per cent above average and Bollinger Bands were 26 per cent wider than MA (200-day) MA (200-day)
Fair Value
*Arif Habib Ltd
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
247.57 54,054.47 45.92 217.66
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
63.65 286.37 270.09 280.34
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
74.16 21,631.89 179.81 292.18
* Target price for Jun-11 & **Net Open Interest in future market
FFBL closed up 1.51 at 36.48. Volume was 255 per cent above average DGKC closed down -0.12 at 30.85. Volume was 32 per cent above aver- PPL closed up 1.85 at 218.34. Volume was 130 per cent above average PSO closed down -1.01 at 291.68. Volume was 127 per cent above aver(trending) and Bollinger Bands were 3 per cent narrower than normal.
age and Bollinger Bands were 24 per cent wider than normal.
and Bollinger Bands were 8 per cent narrower than normal.
PPL is currently 12.4 per cent above its 200-day moving average and is FFBL is currently 22.4 per cent above its 200-day moving average and is DGKC is currently 14.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators 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 PPL (bullish). Trend forecasting reflect very strong flows of volume into FFBL (bullish). Trend forecasting reflect moderate flows of volume into DGKC (mildly bullish). Trend fore- oscillators are currently bullish on PPL. Momentum oscillator is currently oscillators are currently bullish on FFBL.
casting oscillators are currently bullish on DGKC.
indicating that PPL is currently in an overbought condition.
age and Bollinger Bands were 60 per cent narrower than normal. PSO is currently 4.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PSO at a relatively equal pace. Trend forecasting oscillators are currently bullish on PSO.
1st 2nd Resistance 3.45 3.60 66.15 67.05 63.90 64.35 24.10 24.35 26.65 26.90 91.10 92.85 17.95 18.30 10.00 10.25 327.45 329.25 122.90 124.10 11.15 11.35 3.40 3.45 10.05 10.20 2.40 2.55 31.35 31.90 3.25 3.40 2.85 2.95 43.90 44.45 76.00 77.00 196.10 198.20 15.05 15.25 5.35 5.45 37.15 37.80 118.50 118.90 119.80 121.75 37.80 38.05 142.00 143.70 255.65 256.30 4.20 4.40 1.90 2.05 2.60 2.65 11.80 12.05 40.70 40.85 2.80 2.90 13.50 13.65 78.25 79.05 226.10 228.05 3.15 3.25 73.05 74.05 23.20 23.65 19.25 19.65 3.05 3.15 2.25 2.35 64.50 65.65 168.50 169.55 3.00 3.15 2.50 2.60 2.40 2.55 7.00 7.10 294.65 296.85 221.00 223.65 69.45 69.80 293.45 295.25 19.35 19.40 207.00 208.50 27.25 27.60 13.80 13.90 21.05 21.25 2.40 2.50 3.75 3.85 66.40 67.20 3.20 3.40
Pivot 3.35 65.60 63.50 23.95 26.45 89.95 17.80 9.90 326.25 122.20 10.90 3.30 9.90 2.30 31.00 3.20 2.80 43.45 75.45 194.80 14.90 5.20 36.05 118.05 118.65 37.50 141.00 254.30 4.10 1.85 2.55 11.60 40.55 2.70 13.40 77.65 224.80 3.05 72.20 22.85 18.90 2.95 2.15 63.30 167.85 2.95 2.40 2.35 6.90 292.60 218.05 68.85 292.00 19.25 205.50 27.00 13.65 20.85 2.35 3.70 65.95 3.10
8
Wednesday, December 22, 2010
SU to start MPhil in business admin HYDERABAD: The Board of Faculty of Commerce and Business Administration, University of Sindh has approved to launch MPhil in Business Administration, MBA Honours and MCom honours Degree Programmes from the academic session 2011. The proposal was approved by Board of Faculty of the Commerce and Business Administration in its 9th meeting here which was presided over by Prof Dr Anwar Ali Shah G Syed Dean of the Faculty of Commerce and Business Administration. The meeting was also attended by Prof Dr Khawaja Amjad Saeed former Pro Vice Chancellor, University of the Punjab, Prof Gul Zaman Kazi, Director of Institute of Business Administration Prof Khair Muhammad Zardari, Director Institute of Commerce Dr Noor Muhammad Jamali, Prof Manzoor Ahmed Shaikh, Prof Agha Riaz Hassan and other senior faculty members.
The meeting discussed the importance of the M.Phil Degree Programme in Business Administration and also MBA Honours and M Com Honours Programmes in the University and considering the need of research in Business Administration approved the proposal and decided to launch M Phil in Business Administration. The meeting also approved to start MBA Honours and M Com Honours Degree Programmes after completion of 4-year BBA Honours and 4year B Com Honours. The meeting also expressed deep sorrow on the sad demise of Prof Dr Muhammad Ayoob Shaikh former Director Institute of Commerce University of Sindh and former Director General College Education Sindh Dr Rafiq Ahmed Siddiqui and expressed sympathies with the bereaved families. The meeting paid tribute to the unforgettable services of Late Dr Muhammad Ayob Shaikh and Dr Rafiq Ahmed Siddiqui.-APP
Anti-drug-abuse awareness plan for students soon ISLAMABAD: The Ministry of Narcotics Control (MNC) is launching a comprehensive programme to educate students about drug abuse and the related issues across the country. This was stated by an official of Ministry of Narcotics Control (MNC) here on Tuesday. He said that drug-free schools in each city would be developed as models for other schools and colleges to emulate. He said that the Ministry of Interior in collaboration with provincial jail departments would develop special training and treatment programmes on drug abuse and drug related HIV/AIDS prevention and rehabilitation", he added. He said that Adyala Jail has been selected as first model for
drug free jails. He said that in our quest for drug-free Pakistan a drug free city will be established in each province as model for others to emulate. He added that the support of provincial governments will be solicited for these projects. He said that Lahore has been selected as first model drug free city for which a comprehensive plan has been evolved by the Ministry of Narcotics Control and the government of the Punjab. He said that the "Drug-Free" campaign will be pursued through mass education programmes involving parents, teachers, students, religious leaders, health professionals, community leaders and social workers.-APP
HEC catalogs all post 1947 PhDs ISLAMABAD: The Higher Education Commission (HEC) has compiled information of PhD degrees awarded by the Pakistani universities since 1947. According to a press release issued here on Tuesday , the PhD Country Directory (PCD), which is accessible through HEC website, provides information such as name of scholar, subject/discipline, title, year of award of degree, name of supervisor, institution as well as information of one paper publication, a mandatory requirement prior to
award of PhD degree awarded after 2009. It said that the PhD records since 1930 (25 PhD records produced before 1947 by University of the Punjab) have also been enlisted in the PCD. In October 2010, the total number of PhD degrees recorded in PCD reached up to 6560. It said that the ultimate objective of the effort was to compile collective research output of all the PhD scholars of the country and to facilitate researchers and other stakeholders.-NNI
Degrees go to 100 FJDC grads ISLAMABAD: Federal Directorate of Education (FDE) on Tuesday announced winter vacations in all its schools and colleges from December 25 to January 1 (Saturday). The schools and colleges will reopen on January 3, informed an official of FDE while talking to APP. Earlier, it was decided to curtail winter vacations due to pro- KARACHI:- President, Institute of Chartered Accountants of Pakistan Saqib Masood, with students longed summer vacations. But and guests at the Certificate Award Distribution Ceremony for students who recently passed the CA now it has been decided to close final examinations organised by ICAP here at a local hotel. - Staff Photo educational institutes for one week due to prevailing cold weather conditions. All educational institutes have conducted December Tests and result will be announced before vacations, the official said. Although, the students cannot plan trips to far off places but the vacations will give them an ISLAMABAD: The transport fleet from 88 to 131, opportunity to visit local recre- KARACHI: The University of International Islamic University new road network, infrastructure Karachi on Tuesday postponed Islamabad (IIUI) Tuesday issued development, and horticulture ational spots.-APP all the semester exams which its four-year report which high- development. were due on Tuesday and lighted its achievement under Highlighting its future proWednesday (today) till further the leadership of Dr Anwar gramme, it said that the universiHussain Siddiqui, President ty was going to start faculty of IIUI. medicine and hospital, grand The report said that number of mosque project was also in students has increased signifi- progress. cantly in the last four years. It said that the IIUI was trying Developments that IIUI under- to jump up in the HEC ranking. took during the last four years It said that to achieve the foolISLAMABAD: Federal orders. According to a notification, all include four new hostels, five proof security measurements Directorate of Education (FDE) on Tuesday announced winter papers scheduled for Tuesday academic blocks (two science better security and construction vacations in all its schools and and Wednesday have been post- blocks, one engineering block), of boundary wall is under disDawah Centre, hostel, girls can- cussion as well as new academic colleges from December 25 to poned. It said that new dates of the teen, shopping centre, girls gym- blocks, new hostels for boys and January 1 (Saturday). The schools and colleges will postponed exams would be nasium, students activities' cen- girls, new academic departments announced later. Meanwhile, the tre, an impressive administrative like civil engineering and chemreopen on January 3, informed students on Tuesday morning an official of FDE while talk- staged protest against delay in building, grand mosque's foun- istry teachers and employees dation-stone laying, new bank- housing was also included in the ing to APP. examination.-NNI ing facilities, ATMs, increase in future plans.-NNI Earlier, it was decided to curtail winter vacations due to prolonged summer vacations. But now it has been decided to close educational institutes for one week due to prevailing cold weather conditions. All educational institutes have conducted December Tests and result will be announced before vacations, the official said. Although, the students cannot plan trips to far off places but the vacations will give them an opportunity to visit local recreational spots.-APP
KU semester exams on Tue-Wed postponed
Winter holidays for Federal edu centres start from 25th
ICAP to award CA final passers today KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) is holding Certificate Award Ceremony on December 21, 2010 (today) at Pearl Continental Hotel here for students who recently passed the CA final examinations. According to a press release, President ICAP, Mr Saqib Masood, would inaugurate the ceremony. The guest speakers would be Sohail Wajahat, CEO Siemens (Pakistan) Ltd Tariq Wajid, CEO Sanofi-Aventis Pakistan Ltd, and Pervaiz Ghais CEO Indus Motors Company Ltd. The ceremony is expected to be attended by the ICAP council members, its past presidents, representatives of trade and industry, tax bar association, and other eminent professionals. The ceremony has been organised by the southern regional committee of ICAP.NNI
KARACHI:- Vice Chancellor Karachi University Prof Pirzada Qasim Raza Siddiqui, Justice (R) Fakhruddin G Ebrahim, Chief Executive Fatima Jinnah Dental College Dr S Babar Askary addressing at 14th convocation of FJDC held at country DHA.-Staff Photo
IIUI posts 4-yr growth
KUBS Alumni up to a student busing plan Staff Reporter KARACHI: Karachi University Business School's (KUBS) Alumni Association under the counseling of the Vice Chancellor KU Prof Dr Pirzada Qasim Raza Siddiqui has initiated a Student Transport Programme, said a handout issued here. The initiative was taken in order to provide transport facility to more than 24000 students of KU. According to the project details, private companies will provide buses to the university and in turn, they will be offered free branding of their products on the bus. This will not only facilitate the students by arranging transport facility to them but will also prove to be a bridge between the corporate sector and the University. Mehmood Arshad, the president of the alumni association informed that this project would set an exemplary partnership between the public and private sector. "The partnership between the University and the industry will turn out to be fruitful in many respects", he informed. Vice Chancellor, KU, appreciated the efforts of this alumni association and regarded it as a model for other KU alumni associations and forums. He shared that the University will soon take some administrative measures in collaboration with KUBS (Alumni) which will be beneficial for both, the students and the administration of KU.
9
Wednesday, December 22, 2010
Oil climbs on weather, tighter US fuel stocks US gasoline futures hit highest since early May LONDON: Oil prices rose for a third straight session on Tuesday, supported by cold weather, forecasts of a drop in inventories and expectation of stronger US gasoline demand. US crude was 12 cents higher at $89.49 at 1425 GMT, within sight of a high of $90.76 -- the strongest for more than two years -- hit earlier this month. Brent crude traded 5 cents higher at $92.79 a barrel. Traders said the market could be skittish in thin volumes ahead of end-of-year holidays. They also cited strong resistance at $90 a barrel and support at $88. "The oil market is currently focusing on cold weather and better-than-expected US economic data for now," said James Zhang at Standard Bank in a note. But he also said there was potential for concerns about the euro-zone to drive investors away from riskier assets, such as oil. "The euro-zone debt crisis continues to spook investors
periodically, with the yield of euro-zone peripheral government bonds moving up again in recent days," he said. Portugal was put on notice that its credit rating could be cut and Spain had to pay more to issue new debt. Freezing weather has driven
up heating fuel consumption in northern Europe and the United States, where heating demand was expected to be 4.6 per cent above normal this week, according to the US National Weather Service. Increased heating demand could be offset to an extent by reduced transport use as many are forced to stay at home, analysts said. But anticipation driving demand over Christmas and new year holidays would boost US consumption helped to
increase US gasoline futures to a session peak of $2.3895 a gallon, their highest since early May. Weekly oil inventory reports for the United States were expected to show gasoline stockpiles had risen, although crude oil and distillate stocks, which include heating oil, fell last week, according to a Reuters survey of analysts on Monday. US oil inventory data from the American Petroleum Institute is scheduled to be released later on Tuesday, with the government's report following on Wednesday. Harsh winter weather in China, the world's secondbiggest oil user after the United States, has also stoked demand. Kerosene imports for November hit an all-time high of 861,388 tonnes, up nearly 61 per cent a year ago, official customs data showed on Tuesday. -Reuters
PHNOM PENH - CAMBODIA: Cambodian farmers thresh their rice by using natural wind during rice harvest season at a rice paddy farm in Udong village, Kandal province, some 40 kilometers, or 25 miles, from Phnom Penh, Cambodia. -Agencies
US cotton limits up, nears record top NEW YORK: US cotton futures finished Monday the daily limit up at a one-month top on light fund and speculative buying, with the market poised to hit a new record high due to tight supplies, analysts said. The key March cotton contract on ICE Futures US increased 4.00 cents to close at $1.5412 per lb, within sight of the all-time record of $1.5723
hit on Nov. 10. Since trading around $1.10 on Nov. 23, cotton futures have increased almost 40 per cent as tight supplies and strong mill demand reignited the rally. The volume of business though was very light. Total volume traded was around 9,500 lots, over two-thirds below the 30-day average at 31,500 lots, Thomson Reuters preliminary data showed.
The market may have also received a boost from higher Chinese cotton prices, with the May contract on the Zhengzhou Commodity Exchange last traded 520 yuan higher on the day at 28,360 yuan per tonne. Traders said the market's level of business would remain modest with the Christmas and New Year holidays looming. Reuters
Palm oil rises on weather concerns KUALA LUMPUR: Malaysian crude palm oil futures rose 1.2 per cent on Tuesday as traders grew more concerned over heavy rains curbing production in the world's second largest producer of the vegetable oil. The market expected December production to fall by 10 per cent to 1.31 million tonnes, the lowest in ten months as rains hit key oil palm growing areas in mainland Malaysia and Borneo island states of Sabah and Sarawak. Tight palm oil supplies have offset a recent slowdown in exports and adds to concerns of a global squeeze in vegetable oils with South America facing weaker soybean yields from scanty rains. "Palm oil could easily hit 4,000 ringgit early next year if the crazy weather continues,"
said a trader with a foreign commodities brokerage. Benchmark March 2011 crude palm oil futures on the Bursa Malaysia Derivatives settled up 43 ringgit at 3,561 Malaysian ringgit ($1,132). Traded volumes stood at 15,119 lots of 25 tonnes each from the usual 10,000 lots. Palm oil at its highest level today is just 10.6 per cent away from 4,000 ringgit level and further erratic weather may boost agricultural commodities. Higher palm oil prices have prompted the Indonesian government to raise its export tax for January to 20 per cent,
industry sources said, which may limit supplies available for international markets. US soyoil for January delivery slipped in Asian trade hours after rallying in the previous session as much needed rains in key soy producer Argentina fell short in some areas. The most active Sept. 11 soyoil on China's Dalian Commodity Exchange gained 0.9 per cent to 10,176 yuan. "China's soyoil might trade between 9,800 to 10,200 yuan until the end of this year," said an oil analyst with a Shanghaibased brokerage. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 20 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1260
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for December 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
2240 2250 2200 2210 2155 2165 2155 2165
2327 2327.5 2341 2342 2390 2395 2425 2430
9249 9250 9205 9206 8900 8910 8465 8475
2451 2452 2442 2447 2390 2395 2340 2345
24875 24880 24965 24970 24450 24550 23700 23800
TIN
26240 26245 26150 26200 25700 25750
ZINC NASAAC
2275 2240 2276 2240.5 2288 2265 2290 2275 2313 2290 2318 2300 2285 2345 2290 2355
ICE coffee jumps, cocoa firm LONDON: ICE arabica coffee futures prices surged to a 131/2-year peak on Tuesday, underpinned by tight supplies and a soft dollar, while cocoa held firm on concerns over supply risks from Ivory Coast after a disputed election. ICE raw sugar futures prices nudged up towards Monday's 30year high, supported by adverse weather in key producers, limited exports from India, and low stocks. ICE May arabicas were up 7.00 cent or 3.1 per cent at $2.3310 per lb at 1555 GMT, having earlier touched a 13-1/2year high of $2.3520 cents a lb, while Liffe March robusta coffee futures were up $16 or 0.8 per cent at $2,006 a tonne in modest volume of 4,234 lots. ICE cocoa futures rose as prices continued to receive support from a political impasse in top producer Ivory Coast after the disputed Nov. 28 election triggered concerns about potential disruptions to cocoa exports. Second-month cocoa futures on ICE were up $1 or 0.03 per cent to $2,977 per tonne in thin volume of 905 lots at 1545 GMT, within sight of the four-month peak of $3,140 hit earlier this month. London second-month cocoa was up 18 pounds or 0.9 per cent at 2,016 pounds per tonne in low turnover of 477 lots. Sugar prices are moving into a new price arena due to low stock levels and strong demand, and are in a bullish market environment as yearend approaches, merchant Czarnikow said on Tuesday. "With current volatility, it wouldn't be surprising to see New York (ICE) give back 200 or 300 points (2-3 cents/lb) of its gains and still look bullish technically," said Nick Penney of broker Sucden Financial. ICE March raw sugar was up 0.21 cent or 0.6 per cent at 33.17 cents a lb at 1547 GMT. Liffe March white sugar was up $6.50 or 0.8 per cent at $804.60 per tonne in low volume of 1,957 lots. -Reuters
Copper hits records on supply concerns LONDON: Copper set successive record highs on Tuesday as a force majeure in top producer Chile fanned supply concerns and attracted fresh fund buys while import data showed demand from top consumer China remained strong. Benchmark copper for three-month delivery on the London Metal Exchange traded at $9,354 at 1505 GMT, from $9,201 at the close on Monday. The red metal, used in power and construction, earlier pushed to a new record of $9,392 a tonne, having gained around 26 percent this year, compared with a 140 percent rise in 2009. "The small accident with Collahuasi... reinforces the outlook copper supplies are tightening. And the data from China overnight shows that the world's largest consumer is still a strong player," said Andrey Kryuchenkov of VTB Capital. "This is year end and people are squaring their books but it seems like there are fresh funds coming in." The world's No. 3 copper mine, Chile's Collahuasi, said on Monday it halted shipments of copper concentrate after a weekend accident shut its key sea port terminal, fuelling global supply worries. But smelter officials said
production at Chinese copper smelters is unlikely to be hit in the near term by the Collahuasi incident, as smelters hold more than enough concentrate stocks. "How significant the effect will be remains to be seen
Shanghai copper surges Shanghai's third-month copper gained nearly one per cent to close at 69,250 yuan ($10,375) a tonne. (but) it certainly has boosted sentiment, reminding the market of the steady dripfeed of problems...over the past few years, impacting production," said Standard Bank in a note. Falling ore grades, disruptions and project delays, mean that copper supply will, possibly starting this year, fall short of demand estimated at about 19 million tonnes this year. CHINA TRADE Worries about supply in the near term have kept copper into a $37.50 a tonne backwardation -- premium for cash material over the threemonth contract compared with a discount of $20 a tonne in late October. However, this backwardation has eased from $70 on Dec. 13 as stock dribbles into LME-bonded warehouses to cut costs of holding inventory over year end.-Reuters
Gold steadies; euro, haven bid support
Tokyo rubber hit record high on supply woes
LONDON: Gold prices steadied in Europe on Tuesday in holiday-thinned trade, but fresh strength in the euro and buoyant interest in the metal as a haven amid fears of further borrowing strains in the euro-zone lent firm support. Tensions ran high after ratings agency Moody's said it had put Portugal on review for a possible downgrade. This pulled gold from highs as it brought the euro under some pressure, though the single currency remained higher
Gold has risen by about a quarter so far this year, driven largely by concerns over euro-zone debt levels, which have allowed the metal to ride out hefty losses in the euro this year. Investor demand for gold has been firmer this month, with holdings of the world's largest gold exchange-traded fund, the SPDR Gold Trust, rising by just over 12 tonnes since the end of November. Jewellery consumption by major buyers in India and else-
TOKYO: Key Tokyo rubber futures settled 1.1 per cent higher on Tuesday after scaling a fresh lifetime high, while Shanghai futures hovered near a six-week high, as supply concerns after heavy rains in producing countries spurred fund buying. TOCOM's key rubber contract for May delivery surged to a lifetime high of 413.8 yen in regular day session trading before settling up 4.3 yen at 413.1 yen per kg. Deliveries against the December rubber futures contract on the Tokyo Commodity Exchange slipped from last month, to 150 lots or 750 tonnes, the exchange said on Tuesday. The nearby December contract expired on Tuesday at 405 yen per kg. The most active Shanghai May rubber futures closed at 37,685 yuan a tonne on Tuesday, up from Monday's close of 37,320 yuan. Trading volume was 1.17 million lots. -Reuters
on the day. Spot gold was bid at $1,385.80 an ounce at 1619 GMT, against $1,384.90 late in New York on Monday. US gold futures for February delivery were flat at $1,386.50. "On one hand, definitely the weaker dollar and stronger sentiment towards commodities are helping gold," said Commerzbank analyst Eugen Weinberg. "On the other hand, some may prefer to take profits just before the year end." "It's more about the technical picture," he added. "People are not very convinced about the performance short-term. The market consensus is that prices will go higher in the longer term. At the moment, the market is in a waiting stance."
where in Asia was soft, however. "People are waiting for Christmas and New Year," said one dealer in Singapore. "Towards the year-end, there are not many orders from jewellers." Among other precious metals, silver was bid at $29.22 an ounce against $29.33. Platinum was at $1,714.65 an ounce versus $1,692 and palladium at $746.83 versus $740. Switzerland, one of the leading clearers of platinum group metals in Europe, imported 3,772 kg of platinum and 1,765 kg of palladium in November, data from the Swiss Federal Customs office showed on Tuesday. China also released precious metals trade data on Tuesday. Reuters
European vegetable oil prices ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11/Apr11 1011.00, May11/Jul11 1015.00+8.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1065.00+5.00, May11/Jul11 1055.00+5.00, Aug11/Oct11 985.00+10.00, Nov11/Jan12 985.00+5.00. SUNOIL: EU dlrs tonne extank six ports option Jan11 1450.00+0.00, Feb11/Mar11 1440.00+0.00, Apr11/Jun11 1410.00+0.00, Jul11/Sep11 1420.00+0.00, Oct11/Dec11 1360.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1360.00+2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1225.00+15.00, Feb11/Mar11 1210.00+15.00, Apr11/Jun11 1185.00+12.50, Jul11/Sep11 1175.00. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11 1225.00, Mar11 1225.00. PALMOIL: RBD dlrs tonne fob Malaysia Feb11 1180.00+7.50, Mar11 1180.00+7.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Dec10/Jan11 1740.00, Jan11/Feb11 1725.00+20.00, Feb11/Mar11 1715.00+10.00, Mar11/Apr11 1710.00+5.00, Apr11/May11 1710.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters
India sugar ends steady MUMBAI: India's spot sugar price ended steady near its highest level in over 8-½ months on Tuesday as weak demand outweighed firmness in the overseas markets, dealers said. "Today demand was slightly weak, but sugar mills maintained higher prices in tenders," said a member of the Bombay Sugar Merchants Association (BSMA). In Kolhapur, a key market in topproducing Maharashtra state, the most traded S-variety eased by 0.13 per cent to 2,900 rupees ($64.1) per 100 kg. The country will allow unrestricted exports of 500,000 tonnes of sugar, the farm minister said on Dec. 15, helping global prices ease as the market expects more overseas sales as the country swings back to a surplus. -Reuters
BD tea prices fall DHAKA: The average price of Bangladeshi teas fell 2.0 per cent to 189.96 taka ($2.69) per kg at the weekly auction on Tuesday, brokers said. More than 1.61 million kg were sold at the sale, leaving 5.20 per cent of the offer to be carried back. Different grades were sold between 170 taka and 226 taka per kg in the auction. But in an exclusive sale some 100 kg of well made Pekoe Fannings realised the highest price of 246 taka per kg, followed by another 750 kg Red Dust selling at 230 taka per kg. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
21-Dec-2010 CRUDE100 21-Dec-2010 CRUDE100 21-Dec-2010 CRUDE100 21-Dec-2010 SILVER - SL500 21-Dec-2010 SILVER - SL500 21-Dec-2010 GOLD 01oz 21-Dec-2010 GOLD 01oz 21-Dec-2010 GOLD 01oz 21-Dec-2010 GOLD 100oz 21-Dec-2010 GOLD 100oz 21-Dec-2010 GOLD 100oz 21-Dec-2010 GOLD 21-Dec-2010 GOLD 21-Dec-2010 GOLD 21-Dec-2010 KILOGOLD 21-Dec-2010 KILOGOLD 21-Dec-2010 TOLAGOLD50 21-Dec-2010 TOLAGOLD100 21-Dec-2010 MINIGOLD 21-Dec-2010 MINIGOLD 21-Dec-2010 MINIGOLD 21-Dec-2010 MINIGOLD 21-Dec-2010 MINIGOLD 21-Dec-2010 TOLAGOLD 21-Dec-2010 TOLAGOLD 21-Dec-2010 TOLAGOLD 21-Dec-2010 TOLAGOLD 21-Dec-2010 TOLAGOLD 21-Dec-2010 IRRI6W 21-Dec-2010 RICEIRRI - 6 21-Dec-2010 RBD PALMOLEIN 21-Dec-2010 KIBOR3M 21-Dec-2010 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
FE11 MA11 AP11 JA11 MA11 JA11 FE11 MA11 JA11 FE11 MA11 JA11 FE11 MA11 JA11 FE11 JA11 JA11 MON TUE WED THU FRI MON TUE WED THU FRI 16DE10 JA11 JA11 10-Dec 11-Mar
US$ 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 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
89.07 89.00 90.50 29.22 29.22 1383.40 1385.00 1385.20 1384.00 1387.50 1385.50 38150.00 38121.00 38265.00 38212.00 38221.00 44569.00 44569.00 39326.00 39270.00 39284.00 39298.00 39312.00 45277.00 45200.00 45120.00 45163.00 45187.00 2402.00 3349.00 4940.00 86.53 85.44
89.70 90.11 90.70 29.50 29.55 1389.80 1390.30 1391.00 1386.40 1389.00 1386.90 38255.00 38325.00 38281.00 38228.00 38237.00 44588.00 44588.00 39328.00 39370.00 39286.00 39300.00 39314.00 45277.00 45254.00 45158.00 45250.00 45190.00 2402.00 3353.00 4989.00 86.53 86.12
87.80 89.00 90.50 28.91 28.87 1378.00 1376.60 1378.00 1384.00 1380.00 1385.50 38100.00 38121.00 38265.00 38212.00 38221.00 44569.00 44569.00 39326.00 39270.00 39284.00 39298.00 39312.00 45203.00 45138.00 45120.00 45160.00 45187.00 3319.00 3349.00 4940.00 86.53 85.44
89.34 90.11 90.70 29.32 29.33 1386.40 1386.90 1387.90 1386.40 1386.90 1386.90 38255.00 38265.00 38281.00 38228.00 38237.00 44588.00 44588.00 39328.00 39370.00 39286.00 39300.00 39314.00 45206.00 45254.00 45158.00 45174.00 45190.00 3322.00 3353.00 4989.00 86.53 86.12
Traded Volume in lots 409 1 79 118 419 1,135 1,394 17 2 10 5 1 2 4 -
Previous Settlement Price 89.59 90.38 90.50 29.35 29.36 1386.90 1387.50 1388.60 1386.90 1387.50 1388.60 38289.00 38298.00 38314.00 38261.00 38270.00 44627.00 44627.00 39362.00 39404.00 39320.00 39334.00 39348.00 45245.00 45294.00 45197.00 45213.00 45229.00 3319.00 3349.00 4940.00 86.53 86.11
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 89.34 145 90.11 2 90.70 29.32 16 29.33 31 1386.40 397 1386.90 1,234 1387.90 1,314 1386.40 1386.90 8 1387.90 38255.00 35 38265.00 6 38281.00 38228.00 38237.00 44588.00 44588.00 39328.00 39370.00 39286.00 39300.00 39314.00 45206.00 5 45254.00 1 45158.00 25 45174.00 2 45190.00 1 3322.00 3353.00 4989.00 86.53 86.12 -
Schild of Austria celebrates winning women’s Alpine Skiing WC slalom race in Courchevel
10
Wednesday, December 22, 2010
Tévez withdraws transfer request LONDON: Roberto Mancini has saluted Carlos Tévez's decision to stay at Manchester City following the striker's stand-off with the club. Tévez withdrew his transfer request and pledged his "absolute commitment" to the club following talks with the City hierarchy prior to last night's 2-1 defeat against Everton at Eastlands. The 26 year-old, who submitted a written transfer request two weeks ago, met with club officials including the chairman, Khaldoon al Mubarak, yesterday morning before confirming he was happy to abandon plans to leave, and remain a City player. Mancini discussed the matter with Tévez, who retained the club captaincy for the Everton game, on Friday and again over the weekend, and said: "Carlos is a world-class player whose contribution since he joined the club has been invaluable. "I am pleased that we are now able to focus on pure football matters and to look forward to Carlos continuing to play a significant role in the club's progress. It was important news. It is the only good news for this evening. It's good for the club and the squad and for him. "It's good that we don't have to talk about this anymore. It's important that the situation is cleared." Tévez's representative, Kia Joorabchian, was not present at the negotiations and City regard the successful resolution to the saga as a significant victory in their battle to diminish Joorabchian's influence.-Reuters
India beat Pakistan in SAAF semis
Players told to avoid talking match-fixing AUCKLAND: Pakistan cricket team vowed not to talkof the match-fixing and spot-fixing allegations as they arrived on the tour of New Zealand. The subject was clearly a frosty one for manager Intikhab Alam, coach Waqar Younis and captain Shahid Afridi as they looked to play down recent events and allegations swirling around some of their players. Alam says the players have been spoken to and they are well aware of their responsibilities, adding that they only wanted to look ahead and it was important for them to focus solely on playing cricket. Queries regarding the allegations, according to Alam, will not be responded to. UDRS snubbed The Umpire Decision Review System (UDRS) will not be used on the tour, it was announced. A lack of commitment from the International Cricket Council (ICC) has put the future of UDRS in doubt. Originally designed for broadcasting, graphics pro-
vided by New Zealand Company Animation Research are now an important piece of system that often decides the fate of batsmen. New Zealand installed former Test captain John Wright as Black Caps head coach, handing him the formidable task of lifting the team's woeful form ahead of next year's World Cup. Outgoing coach Mark Greatbatch paid the price for the Black Caps' run of 11 successive One-Day International (ODI) defeats, with New Zealand Cricket (NZC) hoping Wright can emulate his success in charge of India from 2000-2005. New Zealand also appointed a three-man independent selection panel, relieving captain Daniel Vettori of selection duties amid fears his dual roles within the team had become too much of a burden. NZC Chief Executive Justin Vaughan said the changes followed a comprehensive review after the Black Caps returned from India this month, where they were thrashed 5-0 by the host
SA star Kallis escapes in car accident JOHANNESBURG: South Africa star batsman Jacques Kallis crashed his car into a gate in the early hours of Tuesday but escaped unharmed, a team spokesman told AFP, denying that alcohol was involved. Kallis, who scored his first Test double century in a victory over India that finished Monday, will not miss any Proteas practice or matches as a result of the accident in Cape Town, said team spokesman Michael Owen-Smith.
"Alcohol was not an issue in (the crash)," said OwenSmith. "The (local) police didn't feel there was a need for any breathalyser or any kind of blood test and so that's the end of the matter." Owen-Smith said the accident happened around 12:30 am (2230 GMT on Monday), but local media reports said it took place around 2:00 am. Local police were not immediately available for comment.-APP
Monitoring Desk
KARACHI: Pakistan were given a nightmare exit at the first SAFF Women's Championship as India thrashed them 8-0 in the semi-final at Cox's Bazar, Bangladesh. Seven goals came in the first half, featuring a hattrick by Bala Devi, a brace from Gayatri and a goal each from Sasmita Malick and Amoolaya. Manpreet Kaur joined the scoring spree in the 88th minute to add to Pakistan's woes. Pakistan had earlier secured a 2-1 win against Maldives and a 3-0 victory against Afghanistan before losing to Nepal 12-0 in the Group B matches. "I'm proud of my team because the players are under-16 and this was the first international tournament for many of them," Pakistan coach Tariq Lutfi told a local daily. "They defeated mature teams before playing with India, so there's nothing disappointing about it. In fact we've been so impressive that India, Afghanistan, Bangladesh and Nepal have shown interest in coming to Pakistan to play matches."
KARACHI: On the opening ceremony of HEC Inter University Football Championship in the NED University, Chief Guest Pro Vice Chancellor Prof Muzaffar Mehmood, S M Imran, Ubaid Qureshi, Sohail Zafar, Coach Shafqat are present with the team of Zone G Dow University Health & Science.-Staff Photo
nation in the ODI series. That followed a 4-0 ODI drubbing in Bangladesh, the supposed minnows' first clean-sweep against a major team, which New Zealand media described as a new low for cricket in the country. Vaughan said the changes "should make a real difference" but Wright will have less than two months to turn around the national side's fortunes before the World Cup that starts next year on February 19. Wright, 56, a former opening batsman for New Zealand, is credited with laying the foundations for India's current success during his time with the subcontinental powerhouse. Vaughan said Wright would begin his new role immediately, preparing for a home series against Pakistan which begins with a Twenty20 match in Auckland on December 26. Vaughan said Greatbatch would remain as the batting coach and the selection panel head, which also includes former Test players Lance Cairns and Glenn Turner.-Agencies
Tendulkar heads to top ICC spot DUBAI: Prolific Indian batsman Sachin Tendulkar has closed in on Kumar Sangakkara at the top of the ICC test rankings and can overtake the Sri Lankan captain with a good showing in the remaining two tests against South Africa. Second placed Tendulkar hit his 50th test century in Centurion and while it was not enough to avert India's embarrassing innings and 25run defeat against South Africa, the batsman moved to within two rating points of Sangakkara in the latest ICC rankings released on Tuesday. Jacques Kallis' maiden double century in the Centurion test helped him to replace India's Virender Sehwag in third place, also strengthening his position as the leading all-rounder in test cricket with a huge 78 ratings points advantage over New Zealand skipper Daniel Vettori. The biggest mover on the batting list was Australia's Mike Hussey, who moved up eight places to sixth after a century in the crushing third Ashes test victory over England.-Reuters
PESHAWAR: Combined Military Police (CMP) and Agricultural Public School, KhyberPukhtunkhwa players busy in rehersals at Qayyum Sports, Complex for upcoming National Games.-APP
Usman Khawaja likely to replace Ponting SYDNEY: Australia have named Usman Khawaja as a standby player in their squad for the fourth Ashes Test as captain Ricky Ponting races to recover from a fractured finger. Ponting suffered the injury when he parried a catch from second slip to wicketkeeper Brad Haddin to dismiss England's Jonathan Trott late on day three of the third Test in Perth. National selection panel chairman Andrew Hilditch said: ''While the NSP are confident Ricky Ponting will be available for the Boxing Day
Test, through an abundance of caution we have named Usman Khawaja as the standby player. ''Usman richly deserves this opportunity following his excellent form at domestic level last season and continuing on this season.'' The uncapped Khawaja has been in outstanding form in this season's Sheffield Shield, leading the run-scoring charts with 598 at an average of 74.75. And the Pakistan-born lefthander insists he is ready if called upon by his adopted country to replace Ponting. "I've said this before, I think I
was ready when I was six years old," he said. "I think everyone's ready to play for Australia." Former national team opener Justin Langer, though, shares Hilditch's confidence that captain Ponting will be out on the field when the action gets under way at the MCG. "I would be amazed if Ricky doesn't play in this test, he is that tough physically and mentally," Langer said. "At one-all, Boxing Day test, a chance to win the Ashes, he will definitely be there."Agencies
Great year for Nadal LONDON: A year that began with doubts over Rafael Nadal's body and continued with worries over Roger Federer's head ended with both men at the peak of their powers and promising some juicy new chapters of their rivalry in 2011. The sight of the two greatest players of their generation jousting on opposite sides of the net at London's O2 Arena as the men's season came to a spectacular conclusion was a heart-warming one for fans the world over. A paltry four meetings between the Spaniard and the Swiss in the past two years has left tennis followers feeling slightly short-changed but as the Australian Open looms
both are eager to square off for the major prizes. With Serbia's Novak Djokovic, fresh from leading his country to a first Davis Cup title against France, British shot-maker Andy Murray and Sweden's Robin Soderling posing genuine threats, the men's game heads into the new year in rude health. Shame then that the women's game is in a state of flux. Serena Williams won the 2010 Australian Open and then claimed a 13th grand slam title at Wimbledon before treading on broken glass in a Munich restaurant in July. She has not played since and the Tour needs her back.
Williams had been the dominant personality on the WTA Tour and her absence has left a vacuum that the new generation of baseline belters are not yet ready to fill. Denmark's 20-year-old Caroline Wozniacki ended the year as world number one almost by default. All eyes will be on her to win her maiden grand slam title in Australia where a still-struggling Williams will not be defending her crown. Vera Zvonareva reached the Wimbledon and US Open finals but the Russian world number two could walk through most city centres without attracting a second glance.-Reuters
Pakistan denied again of IPL NEW DELHI: Pakistan's cricketers will continue to miss out on the Indian Premier League bonanza after none of them were included in the auction for next year's money-spinning event, organisers said on Tuesday. No Pakistani featured in a list of 416 players whose services will be auctioned in Bangalore on January 89 for the fourth edition of the Twenty20 tournament, which is to be held in April and May. Pakistani cricketers took part in the inaugural IPL in 2008, but were forced out of the 2009 edition due to security concerns in the wake of the Mumbai attacks, and were then ignored for the 2010 tournament.
An IPL official said the Pakistan Cricket Board had not forwarded any names for the January auction. "The rules stipulate that a player must apply through his home board if he wanted to be put up for the auction. No names were received from Pakistan," the official said. Some top stars from other countries opted out. The Australian trio of captain Ricky Ponting, his deputy Michael Clarke and fast bowler Mitchell Johnson chose to give the event a miss. Other notable absentees include former Australian stars Matthew Hayden and Glenn
McGrath. The former England allrounder Andrew Flintoff, who signed for $1.55 million with the Chennai
Super Kings in 2009, has retired.
But ex-West Indian captain Brian Lara, 41, who was not part of the first three editions, has thrown his hat in the ring despite bowing out of international cricket in April 2007. Other first-timers include England's Stuart Broad, James Anderson, Graeme Swann, Michael Yardy and Luke Wright. The eight founder franchises will be joined by two new teams from Kochi and Pune for the auction. Twelve players who were retained by their franchises will not feature in the auction. Star batsman Sachin Tendulkar, Harbhajan Singh, West Indian Kieron Pollard and
Lasith Malinga of Sri Lanka were retained by the Mumbai Indians. Reigning champions Chennai Super Kings kept Indian captain Mahendra Singh Dhoni, Suresh Raina, Murali Vijay and South African all-rounder Albie Morkel. The Aussie duo of Shane Warne and Shane Watson were retained by Rajasthan Royals, while Delhi Daredevils kept Virender Sehwag and Bangalore Royal Challengers retained Virat Kohli. The tournament, due to run from April 8 to May 22, will be the first without the IPL's chief architect Lalit Modi, who was thrown out by the Indian board over accusations about his conduct.-Agencies
BOJ holds fire but warns of weak output TOKYO: The Bank of Japan kept monetary policy on hold on Tuesday, but noted weakening factory output and business sentiment in what markets saw as an assurance that it was aware of risks to growth that could require more easing. BOJ Governor Masaaki Shirakawa, apparently seeking to soothe jittery bond markets, said he would carefully examine how recent rises in Japanese yields could affect the economy, for example by causing losses on commercial banks' huge debt holdings. But he stressed that Japanese bond yields were not rising as much as US and European long-term rates and were merely taking cue from US Treasuries. "In Japan, long-term interest rates have not risen as rapidly as in developed countries in the West," Shirakawa told a news conference. Government bonds showed little reaction to Shirakawa's comments or the BOJ's widely anticipated decision to keep its rates at a range of zero to 0.1 per cent, like other major central banks maintaining abundant supply of funds to markets. With rising share prices and the yen's retreat from a 15-year high hit last month, analysts saw little reason for the BOJ to act again after easing policy just two months ago. At its
October meeting the central bank promised to keep interest rates effectively at zero until the end of deflation was in sight and set up a 5 trillion yen ($60 billion) fund to buy assets ranging from government bonds to corporate debt. BOJ policymakers have also said that increasing the size of the fund would be a clear option if the anticipated economic slowdown proved deeper than expected. Shirakawa stressed that the latest easing steps had been effective in pushing down longer-term money market rates, and stuck to his view that Japan's economy will resume a moderate recovery early next year after a brief lull. "The key is that he is looking at the (market) rate rise as a result of people believing the real economy will improve. So he doesn't regard the rise in long-term rates as having a negative influence, especially on Japan," said Hideo Kumano, chief economist at Dai-ichi Life Research Institute. WEAK OUTPUT, SENTIMENT The BOJ maintained its general view that the world's third largest economy was showing signs of moderate recovery, but toned down its language on output, saying it has declined slightly rather than was "moving sideways". The bank also warned that business sentiment has been "somewhat
Canada Nov inflation eases beyond expectations
weak", signalling that it saw its latest tankan survey as offering negative signals for the economy. Recent rises in Japanese long-term interest rates have created a headache for the BOJ, which aims to push down one- to twoyear yields with the new asset buying scheme. The 10-year Japanese government bond yield hit a seven-month high of 1.295 per cent earlier this month, tracking sharp gains in US bond yields after President Barack Obama's decision to extend tax cuts boosted both expectations for US economic growth and worries over a swelling US deficit. The benchmark yield was at 1.165 per cent on Tuesday, off that peak, but analysts say Tokyo's plan to issue a record amount of bonds to the market next fiscal year will keep yields under pressure. Japan's economy is expected to contract slightly in the final quarter of this year on slowing overseas growth and slumping factory output, after the September expiry of government incentives for purchases of low-emission cars. Analysts expect Japan's economic growth to pick up early next year with support from exports to fast-growing Asia, but only modestly, keeping the BOJ under pressure to maintain its easy monetary policy.Reuters
OTTAWA: Canada's annual inflation rate slowed more than expected in November from a two-year high in October, providing relief for the central bank as it seeks to keep interest rates low to support the stillfragile recovery. The consumer price index edged up 0.1 per cent in the month for an annual rate of 2 per cent, Statistics Canada said on Tuesday. That was down from 2.4 per cent annual inflation in the previous month and below the market forecast of 2.2 per cent, pushing the Canadian dollar to a session low. Statistic Canada attributed the year-over-year deceleration to energy, food and clothing prices. The core rate most closely watched by the Bank of Canada was unchanged in the month and rose 1.4 per cent on the year, compared with 1.8 per cent in October. The results supported the view that the central bank, which targets 2 per cent inflation, will hold rates steady into early 2011. "Essentially what this report does is reverses any concern that may have built up a month ago," said Doug Porter, deputy chief economist at BMO Capital Markets. "It was quite muted across the board and we saw broad-based pullbacks in both headline and core inflation," The bank kept interest rates on hold at 1 per cent this month for the second consecutive time after raising borrowing costs three times between June and September. The Canadian dollar fell to a session low after the report at C$1.0205 to the US dollar, or 97.99 US cents, from C$1.0190 to the US dollar, or 98.14 US cents, just prior to the data. Canadian government bond prices rose across the curve.Reuters
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aimed at testing the operational readiness of the Army Strategic Force. Ghauri ballistic missile is a liquid fuel missile which can carry both conventional and nuclear warheads over a distance of 1300-kms. According to ISPR, launch was witnessed by Prime Minister Gilani, Chairman Joint Chiefs of Staff Committee General Khalid Shamim Wyne, Director General Strategic Plans Division, Lieutenant General Khalid Ahmed Kidwai (Retired) and other senior military officers and scientists. -Agencies
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Counsel for accused took the ground that charges leveled against his client for taking bribery are wrong and they are not supported by any evidence. FIA told that Abdullah Khokhar was arrested from Lahore on Sunday and investigations were underway, therefore, physical remand of the accused be granted. -Online
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when I return. I have a great degree of support among them, particularly among the youth who will be my voters. I will create a culture where over 60 per cent of the people will exercise their right to vote, and they will vote for us," he said. To a question, Musharraf said he would not be supported by the military in his political career. However, he said there is respect for him in the rank and files of the armed forces. About his party's agenda, the former president said: "Our manifesto is to create a new strategy that will change the political culture in the country. Pakistan needs a new political culture and we will do that with the support of people." Referring to the current situation, he said Pakistan was facing instability due to "bad governance and there is lack of trust in the government. Musharraf said: "The government is more into politics than governance. The government is dysfunctional. I see Pakistan in trouble because of bad governance." He said the way out of the current political and economical crises in Pakistan was public welfare, development, poverty alleviation and generating more employment. -Online
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"We are not out of national politics", Fazlur Rehman said. Maulana Sherani will sustain the position of Islamic Ideology Council, he added. Maulana reiterated that JUI-F has no contacts with Federal Government, nor we are in the position to rejoin government. On the other hand while answering the journalists' queries, CM Balochistan Nawab Aslam Raisani was of the view he is not feeling dangers of collapsing his regime because he himself is a dangerous man. -Online
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Chairman of Centre for Promotion of India-China Cooperation, Dr Anura Ekanayake, Chairman of Ceylon Chamber of Commerce, Kosala Wickramanake, Vice President, Saarc CCI (Sri Lanka Chapter), Wu Rui, Director FPCCI office in China. The government officials from South Asian diplomatic missions in China also grace the occasion. -Online
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exchange and interest of Pakistani consumers. The Speaker sent the bill to the committee concerned. -APP
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should ensure the quota of Balochistan in the jobs and give the relaxed in the criteria. The body was also informed that over 8000 employees linked with the OGDCL while 2200 officers and 179 officers recently inducted in the different areas of the organisation. -APP
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International & Continuation
Wednesday, December 22, 2010
he added. Supreme Court also deserved for congratulations that it referred back its reservations to parliament and no one made it a question of prestige, he remarked. The way parliament had been given dignity by the judiciary, the parliament was giving dignity to judiciary, he remarked. "We want to see institutions go stronger rather than individuals. When the institutions will be strengthened individuals will automatically grow stronger", he stated. Despite it that storm was raging in the cup of tea of national politics the members of constitutional committee signed the consensus documents the very day, prime 11minister of China, the time tested friend of Pakistan addressed parliament, he maintained. Furthermore, minister for Law and Justice Dr Babar Awan said that government will table the draft of 19th Amendment in the National Assembly today (Wednesday). Talking to media outside the Parliament House he said, the ministry has prepared the 19th amendment, federal cabinet will approve it and it would be tabled in the National Assembly on Wednesday and will be approved during on going session. The special session of the Senate would also be called for the approval of 19th amendment and it will be approved from the both houses with consensus, he added. About the achievement of the PPP-led government he said the government improved the image of the Pakistan across the world. Policy of reconciliation was adopted by the government which is taking the country forward. The Minister said NFC award, 18th amendment, Aghaz-e-Haqooq-e-Balochistan and successful operation against terrorists are also achievements of the government.
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Privatisation, Senator Waqar Ahmed Khan was contacted in this regard, he told Online that privatisation of Pakistan Steel Mill shares will be commenced as per the international market standards. Purpose of privatisation is to increase the production as well as to create more employment opportunities, he added. As per the Federal Minister, Russian investors are interested to buy its shares therefore they will be take part in the process of privatisation. -Online
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Safety Act for reporting safety defects to the National Highway Traffic Safety Administration (NHTSA)," Transportation Secretary Ray LaHood said in a statement. The two penalties come on top of Toyota's record 16.4-million-dollar fine assessed in April to settle claims the automaker hid accelerator pedal defects blamed for dozens of deaths. Toyota issued a series of mass recalls of around 10 million vehicles worldwide in late 2009 and early 2010 that undermined the company's once stellar reputation and triggered US congressional investigations. "Safety is our top priority and we take our responsibility to protect consumers seriously, I am pleased that Toyota agreed to pay the maximum possible penalty and I expect Toyota to work cooperatively in the future to ensure consumers' safety." said LaHood. The 16.375-million-dollar fine was tied to an investigation completed Monday over Toyota's recall of nearly five million vehicles with accelerator pedals that can become entrapped by floor mats, the Department of Transportation said. "Automakers are required to report any safety defects to NHTSA swiftly, and we expect them to do so," said NHTSA Administrator David Strickland.-Reuters
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Pakistan in the summit. Asif Ali Zardari would also participate in trilateral meeting of the Pakistan, Afghanistan and Turkey. The Economic Cooperation Organisation was formed in 1985 aimed at providing a platform to discuss ways to improve development and promote trade, investment and establish joint markets like European Union.-NNI
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(NIGC) said several big pipeline and refinery deals had been year. Political leadership had demonstrated political maturity and all the politicians deserved for congratulations on this count, signed in recent weeks. "In the past week the contract on the con-
China frets about spreading EU debt woes BEIJING: China urged European policymakers to back their tough talk with action on Tuesday by showing they can contain the euro zone's festering debt problems. China, which has invested an undisclosed portion of its $2.65 trillion reserves in the euro, said it backed Europe's efforts so far to tackle the debt problems, but made clear it would like to see the measures having more effect. "We are very concerned about whether the European debt crisis can be controlled," Chinese Commerce Minister Chen Deming said during a dialogue between China and the European Union (EU), its biggest trade partner. "We want to see if the EU is able to control sovereign debt risks and whether consensus can be translated into real action to enable Europe to emerge from the financial crisis soon and in a good shape." Concerns that Europe's debt problems could engulf bigger economies such as Spain have weighed on global financial markets this year and taken a toll on the euro. The currency suffered yet another setback on Tuesday when credit agency Moody's warned it may cut Portugal's rating by one or two notches due to its weak growth prospects and steep borrowing costs. China's Vice Premier Wang Qishan said Beijing had played its part to ease Europe's plight and held out hope that a turning point was near. "The EU has taken active
measures to deal with the debt crisis, and we hope the measures can achieve some results as soon as possible," Wang said at the opening of the trade dialogue. But he said risks abounded, with global demand and the world economy still tepid, and financial markets mired in choppy trade and excess cash. STRONG RHETORIC For its part, Wang said China would pursue monetary prudence and active fiscal policies to ensure the world's second largest economy would sustain its solid growth. In part to protect its euro investments, China has repeatedly expressed its support for the common currency this year and vowed to buy bonds from Greece, whose fiscal meltdown in May set off the latest debt rout. Analysts said China's rhetoric on Europe's troubles was driven by both economic and political factors. Xu Biao, an analyst with China Merchants Bank, said on the one hand China was reluctant to see a struggling Europe propel commodity prices higher by following the Federal Reserve in unveiling a massive round of quantitative easing. On the other hand, Xu said China is well aware that as the owner of the world's largest foreign reserves, it wields power over the euro and the debt crisis has given it a new bargaining chip over other outstanding issues with the EU. "The more important China's support is, the more powerful China is," Xu said.
"When you have such a large foreign exchange reserve, you will use it as a tool to achieve your strategic goals." TRADE TENSIONS The annual trade talks between China and the EU highlighted a number of bilateral issues that need resolving, from trade and currency spats to intellectual property theft, all of which have raised tensions in recent months. China is concerned by what it sees as growing European protectionism and trade tariffs. The EU is worried, among other things, about Beijing's "indigenous innovation" policies to boost homegrown technology and about possible disruptions to supplies of rare earths used in many high-tech and clean energy products. China produces 97 per cent of the world's rare earths, a key ingredient for making auto parts and high-tech products. Advanced economies also worry that "indigenous innovation" could be used by China to shut out their products. "We have made the point strongly that this is a major concern to EU business and our Chinese colleagues reiterated that rare earth supplies will be sustained," the EU Trade Commissioner Karel De Gucht told a news conference after the meeting with Chinese officials. "We have discussed indigenous innovation, and agreed we will not treat products and services differently based on where patents are registered," he said.-Reuters
struction of two main Iranian pipelines taking Iranian gas to Europe and Pakistan was signed," Oji was quoted as saying by the semi-official Mehr news agency. He put the total value of the contract at $2.5 billion but did not say who the contract was with. "Recently, the agreement on the partnership of Saderat Bank in the construction of Bidboland gas refinery and Parsian refinery geared to the production of ethane at a value of $4 billion was signed," he said.-Agencies
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the committee that during the past seven years, they confronted with Rs247 million damages due to 194 terrorism encounters. Currently, Iran is providing 35MW electricity but we demanded to increase it up to 70MW, whereas separate dialogues are underway to provide 100MW for Gwadar, officials briefed.-Agencies
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During the period under review, profit repatriation on account of foreign direct investment (FDI) stood at $226 million which represents 78.6 per cent of total repartition while on foreign portfolio investment (FPI) it stood at $61.6 million (21.4 per cent of total repartition). Telecommunications sector remained the major contributor to this outflow in terms of dollar, as their companies sent $49.8 million against $44.9 million sent abroad by the sector in 4MFY10. Likewise, oil and gas exploration companies have transferred $48.3 million profit/ dividend in 5MFY11 - a surge of 135.6 per cent -- against $20.5 million transferred in the same preceding period. Furthermore, power sector witnessed repatriation of $47.2 million against $35.8 million in the identical period last year. Similarly, repatriation of profit by the financial business rose to $34.3 million compared with $9.9 million during the same period last year.
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The 50-share NSE index gained 0.9 per cent to 6,000.65 points. At 1036 GMT, FTSEurofirst 300 index of top European shares was up 0.7 per cent while the MSCI's measure of Asian markets other than Japan gained 1.1 per cent.-Reuters
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Volumes witnessed a minor increase as 116.8 million shares traded during the day which is 3.6 million shares more as compared to a turnover of 113.2 million shares a day earlier. Bank Al-Falah stood as the volume leader with 12.48 million shares followed by National Bank with 9.23 million shares and Lotte Pakistan with 8.76 million shares. Out of total 407 active issues; 230 declined and 154 advanced while 23 issues remained unchanged.
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island on Monday, raising fears of all-out war, but the North did not retaliate. "It's an all round risk-on day ... the main story is the diminishing tension on the Korean peninsula," Michael Hewson, market analyst at CMC Markets, said. Integrated oil stocks found favour as the crude price rose, supported by cold weather conditions, with Royal Dutch Shell climbing 1.6 per cent. Royal Bank of Scotland was the top FTSE 100 riser, up 4.5 per cent. Carnival was another strong gainer, up 3.7 per cent, on higher earnings and forecasts from the cruise operator. Traders said the general mood was brightened by solid results from Adobe Systems. Aggreko was the biggest FTSE 100 faller, off 2.9 per cent, after a price target cut by Credit Suisse and as investors booked profits in the temporary power supplier after a rise on Monday prompted by a contract win. BSkyB fell 0.7 per cent, reversing direction, after British Business Secretary Vince Cable said he has "declared war" on media magnate Rupert Murdoch, raising question marks over the likelihood of Murdoch's News Corp succeeding in taking full ownership of the pay-TV operator.-Reuters
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march upward could continue. The S&P 500, which has gained in each of the last three weeks, broke through the 61.8 per cent Fibonacci retracement of the 2007-2009 bear market slide earlier this month. Technicians say the next stop is the 76.4 per cent retracement at 1,362. The RSI provides a measure of higher closes to lower closes over a given trading period and is closely watched by traders. In other individual movers, Martek Biosciences Corp surged 35 per cent to $31.54 after Dutch group DSM , the world's largest vitamins maker, agreed to buy the maker of US baby food ingredients. Jabil Circuit Inc , the electronics manufacturer, advanced 10 per cent to $19.38 a day after it reported better-than-expected quarterly profit and forecast a robust second quarter. -Reuters
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ISAF denies news report of raids planning Probe ordered into Wapda scam ISLAMABAD: Interior Minister Rehman Malik Tuesday ordered Federal Investigation Agency (FIA) to take action against alleged corruption scandal in Water and Power Development Authority (WAPDA), Lahore. In a statement, the minister said that FIA pointed out corruption in Wapda and said that there were eight persons involved, a private TV channel reported. Malik ordered FIA to arrest the involved persons immediately. -Online NEW DELHI: Russian President Dmitry Medvedev shakes hands with Indian Prime Minister Manmohan Singh during a meeting in New Delhi here on Tuesday. -Reuters
Pak Army successfully test-fires Hataf-V missile
No-one can dare attack Pak: PM PM says nukes safe, no aggression against anyone ISLAMABAD: Congratulating on the launch of Ghauri Hataf V missile, Prime Minister Syed Yousuf Raza Gilani has said that Pakistan's nuclear weapons are safe, fully secure and under a multi-layered command and control system. He said that Pakistan was a responsible nation with an extremely reliable nuclear capability and Pakistan didn't harbour any aggressive designs against anyone. Addressing the launching ceremony of the missile, he said that such exercises were an annual training feature for all missile groups of Army Strategic Force Command. "The test amply demonstrates the credibility of our minimum deterrence strategy, which is the cornerstone of our security policy and ensures peace in the region", he
said. He said that it also sent the right signals internationally that Pakistan's defence capability was impregnable and should never be challenged. Gilani said that he would like to compliment the dedicated efforts of the scientists and engineers of KRL and NESCOM for producing and delivering the highly sophisticated and extremely accurate delivery systems which have strengthened Pakistan's security. PM said, "I can say on behalf of all Pakistanis that we are indeed highly appreciative of the motivated and patriotic work of our scientists and engineers." He said that he must also acknowledged the central role of SPD, which, as the Secretariat of the National Command Authority,
was the cementing and driving force behind all the work and therefore my compliments to the SPD for continuously striving to consolidate, strengthen and enhance the nation's strategic capabilities in all dimensions. He said that he further reassured on the very professionally satisfying occasion that the Pakistani nation and the government stand fully behind its armed forces and support its' nuclear and missile programme. Meanwhile, Pakistan successfully conducted the training launch of medium range ballistic missile Hataf-V (Ghauri). The launch was conducted by the Strategic Missile Group of the Army Strategic Force Command on the culmination of a field training exercise that was See # 1 Page 11
Pakistan Business Council UAE gives reception
Musharraf says waiting in wings ABU DHABI: Former president General (Retd) Pervez Musharraf has said that he will soon return home to begin his political career with the mobilisation of his newly launched All Pakistan Muslim League and take part in the next general elections. "I will go to Pakistan at the right
Russia-India pacts worry Pak ISLAMABAD: Foreign office spokesperson, Abdul Basit has said that the defence agreements between India and Russia would create instability in the region; however Pakistan is well aware of its defence. Talking to the state TV channel here Tuesday, Abdul Basit said that a new race of arms would be started with the defence agreements between Russia and India; however he said Pakistan is not oblivious to its protection. He further said that the UN reforms could be affected with the permanent seat of India in the United Nation. -Agencies
time and that will be before next election, whether it is midterm or quarter-term election." "We are in the process of organising our political party with the objective of winning the next election and forming a government that will bring a new political culture and good governance," the former
army chief told gatherings of UAEbased Pakistani businessmen here. Addressing Pakistan Business Council reception, Musharraf said he would return to the country with the mandate and support of the people. "I will have the legitimacy and political support of the people See # 3 Page 11
Fighter jets, nuclear energy
India, Russia ink $30bn mily deals NEW DELHI: Russia and India Tuesday signed a pact worth up to 30 billion dollars on the development of a fifth-generation fighter aircraft and agreed to pursue a deal to build two Russian nuclear reactors. The agreements surrounded talks in New Delhi between visiting Russian President Dmitry Medvedev and Indian Premier Manmohan Singh, during which both sides set a target of doubling bilateral trade to 20 billion dollars by 2015. Medvedev arrived in India on Tuesday, seeking to fend off growing international competition for
lucrative Indian defence contracts that were once monopolised by Moscow. His trip capped a flurry of top-level diplomatic activity that has seen the leaders of all five permanent members of the UN Security Council beat a trade-focused path to India's door over the past six months. British Prime Minister David Cameron was here in July, and US President Barack Obama, French President Nicolas Sarkozy and Chinese Premier Wen Jiabao have passed through over the last six weeks. -APP
Fazl stays with Bâ&#x20AC;&#x2122;stan Govt ISLAMABAD: Dialogues between Chief Minister Balochistan Nawab Aslam Raisani and JUI-F chief Maulana Fazlur Rehman ended fruitful as Maulana decided not to part ways from Balochistan government. As per the details, CM Raisani along with Federal Postal Minister Israrullah Zehri and Provincial Finance Minister Mir
Asim Kurd called on Fazlur Rehman at his residence here in Islamabad on Tuesday, where Maulana was accompanied by his other aides including Senator Azam Swati and Rehmatullah Kakar. Sources informed that CM Raisani conveyed another valuable message of President Asif Ali Zardari to Maulana and assured all
the reservations of JUI-F will be removed. While talking with media, Fazlur Rehman said we held discussions on national political situation during the meeting. He further said there is no question to get separated from Balochistan government as JUI-F has differences with central government. See # 4 Page 11
Atlas Bank amalgamated into Summit Bank KARACHI: The State Bank of Pakistan has accorded sanction to the scheme of amalgamation of Atlas Bank Ltd with and into Summit Bank Ltd (SBL), formerly Arif Habib Bank Ltd under Banking Company Ordinance 1962. SBP, in its sanction letter of December 15, 2010, has directed Summit Bank Ltd (SBL) to comply with conditions stated in its order while implement the scheme of amalgamation. According to the information reaching KSE on Tuesday, the central bank has asked SBL to meet any shortfall in minimum capital requirement (MCR) from its own resources as a consequence of this merger. Under the requirements, Suroor Investment Ltd, the consortium will inject fresh equity of at least Rs2.5 billion through right offer in SBL. In addition, SBL will at all times meet the MCR and capital adequacy ratio as prescribed by SBP from time to time. The depositors' fund will not be used on account of this transaction. It may be noted that the board of SBL has already approved valuation and swap ratio for the issuance of 0.45 share of SBL for one share Atlas Bank Ltd. -APP
US mulls raising raids inside Pak
WASHINGTON: Senior US military Commanders in Afghanistan are pushing for an expanded campaign of Special Operations' ground raids across the border into Pakistan's tribal areas, a risky strategy reflecting the growing frustration with Pakistan's efforts to root out militants. The proposal, described by US officials in Washington and Afghanistan, would escalate military activities inside Pakistan, where the movement of US forces has been prohibited because of fears of provoking a backlash, reported The New York Times. The plan has not yet been approved, but military and political leaders say a renewed sense of urgency has taken hold as the deadline approaches for the Obama administration to begin withdrawing its forces from Afghanistan. Even with the risks, military commanders say that using US Special Operations troops could bring an intelligence windfall if militants were captured, brought back into Afghanistan, and interrogated. The Americans are known to have made no more than a handful of forays across the border into Pakistan, in operations that have infuriated Pakistani officials. Now, US military officers appear confi-
dent that a shift in policy could allow for more routine incursions. America's clandestine war in Pakistan has for the most part been carried out by armed drones operated by the CIA. Also, in recent years, Afghan militias backed by the CIA have carried out a number of secret missions into Pakistan's tribal areas. On the other side, a senior official for the Nato-led forces in Afghanistan on Tuesday strongly denied a report in The New York Times that United States was considering expanding Special Forces raids into Pakistan. Analysts said Washington might be using the suggestion to coax Pakistan into tougher action against Taliban militants in areas bordering Afghanistan. But any serious move to expand ground raids would boost tension, perhaps intolerably, and could be considered a "red line" for Pakistani authorities. "There is absolutely no truth to reporting in the New York Times that US forces are planning to conduct ground operations into Pakistan," Rear Admiral Gregory Smith, Deputy Chief of Staff for Communication for the International Security Assistance Force(ISAF), said in a statement from Kabul. -Agencies
Saarc-CCI delegation meets Chinese DG Commerce
China set to up SAsian imports ISLAMABAD: "The Government of China is seriously considering imports from South Asian countries and is willing to make investments in mutually interested areas," it was stated by Xiong Qinghua, Director General of Department of Commerce, Yunnan province of China, during a dinner meeting arranged in honor of Saarc Chamber of Commerce and Industry (SAARC CCI) delegation in Kunming city of China. The dinner was also attended by representative of diplomatic mission of South Asian countries in Yunnan and Sichuan provinces. According to a handout, earlier Tariq Sayeed, immediate past president SaarcCCI gave a detailed presentation on trade relations between China and South Asia stating that South Asian countries were reluctant to promote trade with China because of the fact that they have been facing huge trade deficit with China. He suggested to the Government of
China to make investments in South Asian countries which will subsequently enhanced in flow of exports from South Asian countries to the Chinese market. He further stated that this would not only help meet domestic needs of South Asian countries but also create surpluses for exports to China and henceforth will bridge trade gap between China and South Asia. Macky Hashim newly appointed rotating President for China South Asian Business Forum gave brief presentation to the Xiong about the preparation of upcoming China South Asia Business Forum scheduled on June 05-07, 2010. The forum aims at promoting greater cooperation between China and South Asian region. The meeting was also attended by Iqbal Tabish Secretary General of Saarc-CCI and Business leaders from Saarc countries including Suraj Vaidya, Senior Vice President, FNCCI, M K Saharia, See # 5 Page 11
Culprits of Hajj graft exposed: Swati ISLAMABAD: Sacked minister Senator Azam Khan Swati has said that the culprits of Hajj corruption have been exposed. JUI-F never sought the ministry of religious affair. Upon reaching Islamabad airport from Geneva Tuesday Azam Khan Swati talking to the media said the whole nation is awake and he will never sit quite knowing about the corruption and he takes pride in raising his voice against corruption without caring for losing his office, he held. -Online
Hajj scam
Kazmiâ&#x20AC;&#x2122;s kin remanded ISLAMABAD: Senior civil Judge Islamabad, Kamran Basharat Mufti has given Abdullah Khokhar, brother in law of former minister Hamid Saeed Kazmi in FIA custody on 3-day physical remand. FIA produced accused Abdullah Khokhar in the court Tuesday taking the plea that he received Rs200,000 in advance from one Raja Tariq while Rs100,000 were transferred via online. Accused had received this amount at the residence of former minister for religious affairs Hamid Saeed Kazmi. See # 2 Page 11
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