International Karachi, Wednesday, February 23, 2011, Rabi-ul-Awwal 19, Price Rs12 Pages 12
Gaddafi clings to power, vows to ‘die a martyr’ See on Page 12 Economic Indicators Forex Reserves (12-Feb-11) Inflation CPI% (Jul 10-Jan 11) Exports (Jul 10-Jan 11) Imports (Jul 10-Jan 11) Trade Balance (Jul 10-Jan 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Jan 11) Foreign Invest (Jul 10-Jan 11) Revenue (Jul 10 Jan 11) Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Dec 10)
GDP Growth FY10E Per Capita Income FY10 Population
199.77 -0.98 3.83 2972
(U.S $ in million)
FIPI (22-Feb-2011) Local Companies (22-Feb-2011) Banks / DFI (22-Feb-2011) Mutual Funds (22-Feb-2011) NBFC (22-Feb-2011) Local Investors (22-Feb-2011) Other Organization (22-Feb-2011)
-3.16 -2.18 0.20 2.67 1.02 1.03 0.43
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,649.38 10,664.70 22,990.81 18,296.16 2,579.25 2,855.52 6,008.15 12,339.64
Change 315.30 192.83 494.61 142.15 41.04 76.73 6.65 51.61
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)
$.Price PKR/Shares 2.60 111.09 18.24 155.87 2.00 42.73 1.70 36.32 10.87 37.16
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
09-Feb-2011 09-Feb-2011 09-Feb-2011 29-Nov-2010 22-Feb-2011 22-Feb-2011 22-Feb-2011 22-Feb-2011 22-Feb-2011 22-Feb-2011 22-Feb-2011 22-Feb-2011 22-Feb-2011 22-Feb-2011 22-Feb-2011
13.53% 13.69% 13.86% 14.00% 13.23% 13.60% 13.76% 14.13% 14.25% 14.17% 14.22% 14.20% 14.54% 14.75% 14.97%
Commodities *Crude Oil (brent)$/bbl *Crude Oil (WTI)$/bbl *Cotton $/lb *Gold $/ozs *Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
106.43 91.65 187.93 1,400.20 32.78 1,209 38,667 12,860
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 85.00 Canadian $ 86.10 Danish Krone 15.50 Euro 115.50 Hong Kong $ 10.80 Japanese Yen 1.013 Saudi Riyal 22.68 Singapore $ 66.10 Swedish Korona 13.30 Swiss Franc 89.10 U.A.E Dirham 23.18 UK Pound 137.60 US $ 85.40
Sell (Rs)
86.00 87.10 16.00 116.80 11.25 1.038 22.88 67.10 13.90 90.10 23.43 139.00 85.70
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.31 85.98 15.39 114.72 10.90 1.026 22.64 66.33 13.10 87.63 23.11 136.33 85.46
85.51 86.19 15.42 114.99 10.92 1.028 22.69 66.48 13.13 87.84 23.17 136.65 85.64
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
18°C 28°C 22°C 22°C 13°C 19°C
MIN
5°C 14°C 9°C 9°C 1°C 7°C
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See on Page 12
Earthquake buries 65 in New Zealand
See on Page 12
Tokyo commits Rs20 billion for flood-hit areas
SCRA(U.S $ in million)
Total Portfolio Invest (12-Feb-2011)
ISE, Mufap join hands
Pakistan woos Japan for SEZs
Portfolio Investment
NCCPL
See on Page 12
Zardari says Japan a big market for Pakistani exports
$17.44bn 14.55% $13.23bn $22.55bn $(9.32)bn $(81)mn $6.12bn $1.18bn Rs 765bn $58.39bn Rs 5497.4bn $323.6mn -1.57% 4.10% $1,051 175.25mn
Yearly(Jul, 2010 up to 18-Feb-2011) Monthly(Feb, 2010 up to-18-Feb-2011) Daily (18-Feb -2011)
ECP approves electoral reforms’ proposals
TOKYO: President Asif Ali Zardari and Japanese Prime Minister Naoto Kan witnessing the signing of the $173mn loan agreement. -APP
SC orders cos to submit explanation
Army briefed on Rekodiq treaties ISLAMABAD: Supreme Court (SC) has been informed that defence institutions were given briefing while awarding Rekodiq project contract and no objection was raised by them on mining contract. A 3-member bench of SC presided over by the Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry took up the case for hearing Tuesday. "Court will review legal position of the contract that security and integrity of the country have been taken into consideration in the agreement or otherwise. While no clause for protection of defence and strategic areas has been incorporated in the contract", CJP remarked. Khalid Anwar counsel for Tethyan Copper Company (TCC) told the court army was
given briefing and no objection had come from its side. Although Chaghi was strategic area but twenty other companies were also working therein. On the other hand government of Balochistan had given contract after negotiations of three years, he told. Abdul Hafiz Pirzada counsel for BHP told the court government of Balochistan agreed on awarding contract after 3 years talks. But no company spends 3 to 4 billion rupees only for the purpose that it will explore and take minerals but it is sure that mining contract will also be awarded to it at every cost after extraction of minerals, he argued. The court was further informed that TCC had sent application to provincial See # 13 Page 11
LSM posts 2.96pc growth in Dec
Industries yield 1.5pc less in 1H Aamir Abidi KARACHI: Large Scale Manufacturing (LSM) - a key contributor to GDP (approx. 12 per cent weight in GDP) has witnessed a growth of 2.96 per cent during the month of December due to higher offtake from refineries, fertilizers and tractors, according to data from the Federal Bureau of Statistics (FBS). During the period, all three subsectors performed well as Provincial Bureau of Statistics reported 4.17 per cent surge in production, Oil Companies Advisory Committee (OCAC) showed a surge of 3.44 per cent in petroleum products offtake and Ministry of Industries reported an increase of 2.25
per cent in industrial manufacturing. On the other hand, Pakistan's industrial output cumulatively showed a decline of 1.57 per cent in the first half of the current fiscal year. Throughout the 1HFY11, only one subsectors performed well as Provincial Bureau of Statistics reported 2.48 per cent better production, while OCAC and Ministry of Industries showed drop in output by 8.27 per cent and 3.42 per cent respectively. Refineries production is expected to rise on the back of recent hike in international oil prices and the resultant improvement in refinery spreads on regional levels. See # 15 Page 11
Pakistan says court would decide case
‘Davis' CIA-link won't hurt trial’ LAHORE/ TOKYO: Government insisted Tuesday that the courts would decide the fate of an American detained on murder charges, even after it was revealed he was a CIA contractor whom Washington says enjoys diplomatic immunity. The case of 36-year-old Raymond Davis, a former US Special Forces officer, has strained the already-uneasy alliance between the United States and Pakistan, who are supposed to be united in the face of militants waging a war
in Afghanistan. United States, however, says Davis has diplomatic immunity and should be released immediately. Davis says he acted in self defense against what he said were armed robbers, and is currently being held in a Lahore jail where, despite tight security, some US officials fear for his life. "The President has already stated that the matter is in the court and we will wait for the court decision in this case," Farhatullah Babar, a See # 7 Page 11
Sharif says govt deeds disappointed KOT MITHAN: Chief Pakistan Muslim LeagueNawaz (PML-N) Nawaz Sharif has said that government's performance is disappointing we have been patient deadline of 45 days have passed but no satisfactory answer has been given yet. Addressing to flood victims of Kot Mithan here on Tuesday, Nawaz Sharif said that the government continued to give false statements but we never lost hope. He said that there are no corruption charges against him and Shahbaz Sharif. He said that if our government had been allowed to completed tenure then the situation of the country would have been better while those responsible of dissolving the Assembly should answer the nation. He said that he was sentenced 72 years imprisonment in case of Plane hijack. He further said that if dams were build in past then the flood would not have caused devastation in the country. He said that the development of our tenure could be seen still. He further said that era of adversity of flood victims is over while prosperity is ahead. Nawaz Sharif said that it is See # 14 Page 11
Davis goes on hunger strike in jail LAHORE: US Citizen Raymond Davis on Tuesday went on a hunger strike in Kot Lakhpat prison following his demands concerning food of its choice and removing cameras. Raymond Davis is being held on judicial remand in the Kot Lakhpat prison in the murder of two Pakistani nationals. According to media reports, US Citizen Raymond Davis went on a hunger strike in Kot Lakhpat prison after his legitimate demands according to him concerning food of its choice and removing cameras besides treating him like a gentlemen and not a prisoner were denied. Raymond Davis while presenting his demands to the Jail Administration said that until his demands are not fulfilled he would not eat anything and will continue on a hunger strike in this regard. On the other hand, Jail administration was of a clearcut stance that US Citizen Raymond Davis is a prisoner and not a VIP hence he will be treated like other prisoners. They added that Davis would See # 16 Page 11
TOKYO: President Asif Ali Zardari Tuesday invited Japanese investors and giant business houses to avail investment opportunities in special economic zones (SEZs) established in Pakistan exclusively for Japanese investors. The geostrategic location of Pakistan in the neighborhood of the mega markets of China, India, energy rich Central Asia, West Asia and the affluent Gulf region makes it as a hub for exports to these regions. The President said this during his interaction with the leading businessmen of Japan and Pakistan at a luncheon hosted by the Japan Pakistan Business Cooperation Committee at a local hotel in Tokyo. The President said that Pakistan and Japan have enjoyed decade of cordial, political and economic relations, and there is great potential existing in trade and economic sectors between our two
countries which is yet to be fully realised. The purpose of my visit, the President said is to seek the cooperation of the Japanese business community to explore the enormous possibilities of strengthening and expanding the business relations between the two countries. The President while commenting on massive challenges and setbacks to Pakistan economy in the past few years said the devastating earthquake in 2005, worst floods in our history last July and colossal impact of our role as the front-line state against terror, supplemented by global recession are all enough to flatten any economy of the world. The strength of Pakistan economy is evident from its continuous positive growth despite all these challenges, he said. "In 2008, we inherited a crisis-ridden economy. Despite its resilience the economy was
'BISP helps sustain human development'
Shaikh says Pak economy rolling ISLAMABAD: Finance Minister Abdul Hafiz Shaikh has said direction has been determined to set the national economy on right track. "Government is taking all possible steps to improve economy. Direction has been identified to shore up economy and set it on right track", Finance minister said this while talking on the occasion of launching of Human Development Report2010 by UN here at Planning Commission Tuesday. Shaikh said federal government has transferred around Rs300 billion to the provinces under National Finance Commission (NFC) for the welfare of poor and human development on sustainable basis.
Shaikh said Benazir Income Support Fund was a great achievement of the PPP-led government and internationally recognised scheme through which millions of poor were receiving support across the country. He said that the government is trying hard to mobilise the domestic resources in order to improve its economy without external help. He said that the fiscal deficit had crossed the level of 7 per cent and inflation had crossed 20 per cent, the highest-everfigure in the country's history and it happened because of the inherited economic problems that were shifted from the previous government and See # 10 Page 11
Vegoil import to remain at 1.93mn T this yr
No cut in vegoil import tax seen KUALA LUMPUR: Pakistan, the world's No 4 vegetable oil buyer, will not cut import duties on palm oil and soy oil despite escalating food costs as the government needs the revenues, a key industry official said Tuesday. Some Asian countries such as Taiwan and Bangladesh are mulling or have already cut food import duties or sales taxes to slow rising inflation that can stoke unrest. Despite Pakistan's inflation
staying at double digit levels for 2010 and early this year, it needs revenues from food imports to reduce its fiscal deficit under an IMF loan agreement said Ikram Chaudhry, secretary of the Pakistan Edible Oil Refiners Association. "Consumers will live on a hand-to-mouth basis and imports need to be planned carefully," Chaudhry told Reuters from Islamabad ahead See # 12 Page 11
under severe stress due to fiscal chaos and short-sightedness of the previous dictatorial regime. The present democratic government moved immediately to address the most immediate risks and entered into a macroeconomic stabilisation programme and reforms with IMF assistance." The President said that the fiscal year 2009-10 which was only the second year of our government, witnessed a growth of 4.1 per cent in GDP against 1.2 per cent in the previous year. He said that the major turned around was in manufacturing sector, where a negative growth of -3.7 per cent in 2008-09 turned into positive 5.2 per cent into 2009-10. The President apprised the businessmen that the GDP of Pakistan is expected to grow by 2.3 per cent this year despite the fact the unprecedented See # 9 Page 11
Gwadar blast kills 2 FC men GWADAR: At least two security men were killed and five others sustained injuries in a remote-controlled bomb blast at fish harbour road near Jannat Bazaar area in the port town of Gwadar in Balochistan. According to police, a convoy of Frontier Constabulary was on a routine patrol when a remotecontrolled bomb device planted by miscreants at a motorbike parked on roadside exploded, killing two security men on the spot and injuring five others. The injured and dead bodies were shifted to hospital. Police and other law enforcement agencies cordoned off the entire area after the blast and started search operation to nab the miscreants. -INP
PQA strike raises brows Shabbir Kazmi KARACHI: Four-day long disruption in handling export and import cargo ended Tuesday due to hectic efforts of the business community. However, attitude of Port Qasim Authority became a big question mark. The overall consensus of the business community was that further delay in clearance of shipment of perishable items could have turned millionaires penniless. Business leaders demand that such incidence should be avoided in future to enable them meet Pakistan's export target. The basic grudge of Saeed See # 11 Page 11
TODAY’S MATCH PAKISTAN VS KENYA HAMBANTOTA, SRI LANKA See details on page 10
English chasers best the Dutch England laboured to a thrilling six-wicket victory completed with eight balls to spare over the Netherlands in a Group B match to avert what would have been the first upset of the World Cup on Tuesday.
Paul Collingwood's (30) experience and Ravi Bopara's (30) improvisation came in handy as England survived some torrid times before completing the tricky chase in the penultimate over.
2 Wednesday, February 23, 2011
Economic reforms committee demanded Staff Correspondent LAHORE: The former LCCI Senior Vice President Abdul Basit has urged the government to immediately constitute economic reforms committee with representation from all the stakeholders including Chambers of Commerce, other trade bodies and political parties to urgently take up the challenges hampering the economic growth. In a statement issued here, the LCCI former Senior Vice President said that economic slowdown was not only causing unemployment but also creating law and order situation in the country and the government would have to evolve a well thought-out strategy to cope with the situation. He said that a number of industrialists had been shifted their industrial units to the other countries due to worst energy crisis, energy crisis, political instability, deteriorating law and order situation and economic meltdown while reportedly a large number of industrialists were also planning to shift their industrial operations to other countries because of unavailability of a conducive business atmosphere in Pakistan. He said that not only the developed world but several countries of the region are on the path of rapid growth while situation in the Pakistan is quite different. He said that in the year 2003, industrial growth rate was 2.49% that reached 13.10% in year 2005 but in the year 2010, negative growth rate was registered with -3-60%. Abdul Basit feared that the fiscal deficit could touch the staggering figure of Rs.1.2 trillion (about 8 percent of the GDP) if the situation remained the same for quite some time and resultantly the government would have to print billions of rupees that would trigger hyperinflation.
WEDNESDAY Time 9:00 9.15 10.00 10.05 11.00 11.05 12.00 12.15 13.00 13.05 14.00 15.00 15.30 16.00 16.15 17.00 17.05 18.00 18.05 19.00 19.05 20.00 20.05 21.00 22.00 23.00 23.05
Programmes News (13 - Min) Pehla Sauda (Live) News (05 - Min) Maang Raha Hai Pakistan (rpt) Headlines Ghar Ka Kharch (Live) News (13 - Min) Power Lunch (Live) News (05 - Min) Doosra Pehlu (rpt) News (01 - Hour) News & Akhri Sauda Sara Jahan (rpt) News ( 13 - Min) Karobari Duniya (Live) News (05 - Min) Ghar Ka Kharch (rpt) Headlines Chai Time (Live) Headlines Maang Raha Hai Pakistan (Live)
Headlines Doosra Pehlu (Live) Pakistan Aaj Raat (Live) News (01 - Hour) Headlines Cricket Lounge
TV PROGRAMMES WEDNESDAY Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:05 13:40 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:05 19:30 20:03 21:00 22:03 23:00 23:30
News News Subah Savere Maya ke Sath News Hal Kya Hai (Rpt) News Newsbeat (Rpt) World Cup Hangama Tonight With Jasmeen (Rpt) News News World Cup Hangama News Aap Ki Baat News Hal Kya Hai Crime Scene Newsbeat News Tonight With Jasmeen News 24
Experts tell seminar
Exploit Thar coal deposits to overcome energy crisis Staff Correspondent JAMSHORO: The second one- day national conference on "Coal of SindhEndeavors for Powering Pakistan" was held at the Centre For Pure and Applied Geology, University of Sindh Jamshoro in collaboration with Weatherford Oil Tools M.E Ltd and Pakistan Petroleum Limited (PPL). Prof. Dr. Sarfraz Hussain Solangi on behalf of the Centre for Pure and Applied Geology welcomed the guests and speakers of the conference. He Said that a coal research group has been established in the Centre with induction of an advance research lab with collaboration of Weatherford Oil Tool M.E Ltd and Pakistan Petroleum Limited (PPL). Prof. Dr. Nazir A. Mughal, Vice-Chancellor University of Sindh, Jamshoro inaugurated the conference. He said that academia and industries should come forward to discuss such important issues. Prof .Dr. M. Qasim Jan, Ex-Vice Chancellor of Quaide-e-Azam University Islamabad was the chief guest. Dr. Imran Ahmed Khan Director General Geological Survey of
Pakistan presented key note speech on Energy Security challenges of Pakistan. He talked about the increasing demand of local energy sources and importance of coal of Sindh with special reference to Thar Coal deposits. He said that the prevailing conditions of energy crisis of our country indicate that we must speedup the strategies for local energy resources for power generation and then local private sector is fast forwarding to the exploitation and exploration of Thar Coal deposits which is the 5th largest deposit of the world coal resources. He also expressed that 90% of the total coal deposits of Pakistan is lying in Sindh. Eijaz Ahmed Khan, Director General Sindh Coal Authority is actively engaged to facilitate the local and foreign investors for early exploitation of the indigenous coal deposits and their uses for power generation, this will certainly increase the development in the national level and the new jobs will also be created for placements of young graduates. Robert H. Gales, CEO Weatherford Oil Tools M.E Ltd presented the comparative analysis of US, Australia and Sindh Coal
deposits for their Coalbed Methane (CBM) and Under Ground Coal Gasification (UCG) potential and said that if the coal resources is developed the economic and social status of Pakistan will certainly be raised. Renowned researchers and scientists from all over Pakistan belonging to the oil, energy sector, Masood Abdali (Weatherford), Khalid Mansoor (Engro), Abdul Wahid and Dr. Abrar Ahmed (PPL), Dr. Abdul Salam Khan (Balochistan University Quetta), Dr. Viqar Hussain and others (Karachi University), Dr. Shamim Ahmed Sheikh (Bahria University Karachi), Dr. Saleem Raza Samoon ( Quaid Awam University Nawabshah) Prof. Dr. Asadullah Kazi Chancellor Isra University Hyderabad and other delegate ions from Thermal Power House Jamshoro, Oil and Gas Development Corporation, ENI, British Petroleum Pakistan, DRD, NIO and other organizations participated at the conference and presented their papers In the end a series of recommendations and resolutions were passed for the proper exploitation and exploration for coal deposits of Sindh to get
cheap and urgent power generation to get rid off from the current crucial crisis of power supply to the growing need of large cities for domestic and industrial purpose. The national conference recommended that the Thar coal is commercially useable and reserves are huge to sustain power projects for many decades to come. The Panelists and audience agreed that the open-pit coal mining for Thar coal is the need of hour to start modern and environmentfriendly extraction of coal to overcome the energy crisis. The experts were of the view that more companies will come with their investments when first successful open pit mine becomes operational. Therefore proactive government policies/incentives and private sector will has been termed as the key to accelerated mining and use of Thar coal. Finally Prof. Dr. Imdad Ali Brohi presented the vote of thanks to the guests from Pakistan and abroad and expressed the hope that the recommendations of the conference will gain due attention both from federal and provincial governments for early attention and implementation of national development.
for Senate body criticises Sharmila promotion of mother Amin Fahim's attitude languages
ISLAMABAD: Senate's body on commerce Tuesday adjourned its meeting expressing anger on embarrassing attitude of Federal Minister for Trade and Commerce, Makhdoom Amin Fahim for not a attending a single committee meeting. Members of the Senate's Standing Committee on Commerce met here in par-
liament house where they said the meeting of the committee had to debate on bill related to Pakistan Institute of Fashion and Designing 2010, which the minister for trade and commerce himself tabled in the National Assembly. They further said after attending the NA session Tuesday, Amin Fahim went home without taking pain to
attend committee's meeting. Following the protest of members, Chairman Committee, Senator Ilyas Bilour said during the past two years' time, federal minister never attended a single meeting. Secretary Commerce who is accompanying President Asif Ali Zardari in his state visit to Japan, also couldn't attend the meeting.-Online
Mauritius keen to enhance trade ISLAMABAD: Secretary Foreign Affairs Mauritius A. P. Neewoor has said his country is eager to enhance trade relations with Pakistan which is a promising market. Speaking to business community at Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Capital Office, Neewoor said that the two countries need to capitalize existing PTA to pave way for a FTA in the near future. He said that many products of Pakistan match the standards of EU while remaining economical therefore they are looking forward for enhanced imports. Secretary General, Mauritius Chamber of Commerce and Industry Mahmood Cheero said that Asia is taking over west which has pushed Mauritius for enhanced relations with important Asian nations like
Pakistan. Chairman of the Mauritius-Pakistan Joint Business Council Shehzad Ahmed said that Mauritius is coming up as a financial and trade hub for emerging Africa therefore Pakistan should use it as a to make inroads in African markets. Africa is very rich in raw materials and many countries are trying to get benefit of it, he informed. Malik Sohail Hussain, President, FPCCI Standing Committee on Media and PR said that many among trading community is yet to know about Mauritius whose per capita income is eight times higher than that of Pakistanis. Local rice, pharmaceutical and textile, handicraft, home textiles and other exporters need to explore that market as Mauritius imports almost everything. He said Mauritius is
member of many regional organisations and they know how to conduct business in Arica. Therefore, government and business community need to explore the business potential there, said Malik Sohail. Mauritius is a free port where goods intended for reshipment can be received and stored without payment of duties, he said adding that there is need for enhanced awareness and cultural exchange. The meeting was also attended by Acting High Commissioner of Mauritius Deepak Prabhaka Gokulsing, Shahidur Rehman, former president RCCI Dr. Hassan Sarosh, President Women's Chamber Samina Fazil, Khan Abbas Khan, Tariq Mehmood and commerce ministry officials including Onsia Zafar and Maheen Khan.- NNI
Rising microentrepreneurs awarded for best performance ISLAMABAD: Pakistan Poverty Alleviation Fund (PPAF) Tuesday distributed awards among the rising successful microentrepreneurs from across the country for their best performance. "Because Dreams Never Sleep" was the theme of Citi-PPAF Microentrepreneurship Awards 2010 to honour those hardworking people who utilized loans for development of their families and thereby the community. Awards, in cash and kind, were presented in eight categories including two at national level for Best National Microentrepreneur Male, Best National Microentrepreneur Female and six at regional level for Best Regional Microentrepreneurs form Khyber Pakhtoonkhwa, Balochistan, Sindh, AJK, Punjab and one for Federal and GilgitBaltistan.-APP
KARACHI: Information Secretary Pakistan Peoples'Party Women Wing Sindh Sharmila Faruqui has emphasized the need to promote Sindhi and Urdu as mother languages simultaneously. "Urdu and Sindhi are major spoken languages in the province of Sindh and there is need to promote culture and values of the two simultaneously," she said in a statement issued on Tuesday in connection with World Mother Languages Day.-APP
Terrorist held in city KARACHI: Police on Tuesday arrested an alleged terrorist of a banned organization from Hassan Square area here. SSP Gulshan-e-Iqbal Naeem Sheikh said that the arrested terrorist Sajid Baloch was associated with Lashkar-e-Jhangwi. He allegedly confessed that he killed five including Nayyar Zaidi, Yawar Abbas and Arshad Chhotoo in target killings. His name was among the most wanted terrorists, police sources said.- NNI
Systems Ltd records good growth KARACHI: Systems Ltd, the pioneer and one of the largest software houses and IT enabled services provider in Pakistan ended yet another decade with strong growth and profitability figures. Speaking to employees at the company's annual dinner at local hotel, Ashraf Kapadia, the Managing Director of Systems Limited, said that the impressive growth and profitability is attributed to satisfied clients, greater employee commitment and stronger demand of its globally acclaimed products and services in the domestic and international market.-NNI
ISLAMABAD: Federal Minister for Finance Dr Abdul Hafeez Shaikh chairing the Anniversary of the Human Development Report and Commemoration of contribution of late Dr Mahboob-ul-Haq to the concept of Human Development on Tuesday.-APP
3
Wednesday, February 23, 2011 Top Economic Events
Dollar, Swiss franc gain as Libya tensions escalate
Time 4:50 13:15 14:30 14:30 15:00 18:30 20:00
Euro pares losses on hawkish ECB Mersch comments NEW YORK: The dollar and Swiss franc rose against most currencies on Tuesday, with gains seen accelerating, as geopolitical turmoil in Libya, the third largest oil producer in Africa, fueled a flight from risky assets. Big moves in the spot market pushed up implied volatility in major currencies, with euro one-week vols jumping to 12.5 per cent. The Swiss franc's one-month implied volatility also surged to a roughly twoweek high 11.20 per cent. The euro, on the other hand, recovered from losses after hawkish comments from European Central Bank officials, further increasing rate hike expectations that should enhance the appeal of euro-denominated assets. Risk aversion remained the dominant theme, however, after the defiance of Libyan leader Muammar Gaddafi in the
face of mounting public revolt stoked uncertainty and prompted a supply cut from one of the world's major oil exporters. "We have a broad sense of risk aversion that is undermining some of the higher-yielding currencies such as the Australian dollar amid the spreading turmoil in Libya," said Omer Esiner, chief market analyst, at Commonwealth Foreign Exchange in Washington. "The US dollar and the Swiss franc are certainly outperforming some of the risky currencies and the majors." In early New York trading, the US dollar rose 0.6 per cent against the Australian
dollar to US$1.0030. The dollar was up around 0.1 per cent at 77.742 against a currency basket, but it
was well below the day's high of 78.326. The Swiss franc was broadly firmer, with the euro down 0.8 per cent at 1.2842 francs, having earlier dropped as low as 1.2793 francs, its weakest since late January. The franc also rose against the US dollar, which fell 0.9 per cent to 0.9386 francs. The euro, which had earlier fallen as much as one per cent against the dollar,
Asian currencies
Middle East protests hit won, Taiwan dollar SINGAPORE: The South Korean won led a broad decline in emerging Asian currencies on Tuesday as fears of growing political unrest in the Middle East triggered a spike in oil prices and caused shortterm investors to shun riskier assets. For investors who were on the fence about emerging Asia's prospects given the inflation outlook, the impact of higher oil prices on net oil importing economies such as South Korea was reason enough to take profits and stand to the side. Asian currencies are expected to stay under pressure in the near term and regional central banks are unlikely to intervene to cap falls in their currencies
yet despite worries about inflation, analysts said. "They (Asian central banks) won't fight the market trend for the moment as it's more speculators getting out than real money," said Thio Chin Loo, a currency strategist with BNP Paribas in Singapore. Dollar/won rose to as high as 1,128.5, close to the year's high of 1,131.5, with local market players covering dollar short positions and building up fresh long positions. Foreign investors also turned to net sellers of Seoul stocks, prompting expectations for dollar demand linked to the sales. But the dollar/won failed to break above a range held so far this year as exporters such as shipbuilders sold the pair for
Sterling knocked by risk pullback LONDON: Sterling slipped against the dollar on Tuesday, as worries stemming from growing tension in North Africa and the Middle East prompted investors pare back positions in riskier assets. Factors influencing the pound on the day were largely external, but domestic event risk loomed with policy minutes from the February Bank of
England meeting on monetary policy due for release on Wednesday. The pound was lower against the yen and the Swiss franc, both of which are considered to be safer currencies by investors. Sterling lost 0.2 per cent on the day to $1.6185, having fallen to as low as $1.6131 in earlier trade. Traders said demand for the 1600 GMT London fix helped sterling trim some of its earlier losses. "The enthusiasm for the pound has waned a little bit amid the search for safe havens, or at least the avoid-
ance of risk currencies that do not offer upside on higher oil prices," said Daragh Maher, deputy head of global foreign exchange research, at Credit Agricole. Rising oil prices weighed on stocks and triggered profit-taking in currencies perceived as higher risk. The pound was also lagging the euro which received a
boost from hawkish comments from European Central Bank policymaker Yves Mersch. Mersch was quoted as saying he would not be surprised if the bank sharpened its language on inflation. The euro was up 0.3 per cent on the day at 84.55 pence, recovering from a brief show under 84.00 in the European morning. It pierced near-term resistance at 84.47 pence, the 200-day moving average, with technical analysts highlighting its next barrier as the 21-day moving average at 84.89. Reuters
settlements, especially around 1,128. Dollar/Taiwan dollar snapped a three-day losing streak as increasing violence in Libya drove Taiwan stocks nearly 2 per cent lower. Traders said Taiwan dollar also dropped in the non-deliverable forward (NDF) market as the greenback rose on risk aversion, further pushing down the spot rate. But US dollar offers by exporters at around T$29.50 has showed support to the fall of the Taiwan currency. Dollar/ringgit gained as short-term investors closed dollar-short positions amid market uncertainties. The pair found a resistance line around 3.0500 with market players took profits. -Reuters
Swiss franc jumps vs euro ZURICH: The Swiss franc chased the dollar higher against the euro on Tuesday as the escalating Libyan crisis and a deadly earthquake in New Zealand sent investors scuttling for safety in the Swissie and the greenback. The rising tensions in Libya have sparked a surge in oil prices, weighed on Asian shares and currencies and triggered profit-taking in currencies that have rallied recently such as the sterling and the euro, market players said. "The flight to quality is the main focus today due to the tensions in North Africa and the Middle East, and also to other factors like the earthquake in New Zealand," said Commerzbank foreign exchange strategist Ulrich Leuchtmann. "The market has been astonishingly reluctant to react to all this news in recent weeks, but with the worsening situation in Libya, a major oil exporter, it is something traders can't ignore anymore," he said. The franc was more than 1 per cent higher against the euro compared to the New York close, trading at 1.2795 francs per euro at 0818 GMT. The franc ticked slightly higher against the dollar at 0.9450 francs per dollar. -Reuters
NZD hit by quake news, Aussie dips in sympathy SYDNEY/WELLINGTON: The New Zealand dollar fell more than one full US cent on Tuesday after a strong earthquake hit the country's second biggest city Christchurch, prompting markets to price in a small chance of an interest rate cut. "With the NZ economy still in a fragile state, such a shock can only dent confidence further," said Khoon Goh, head of market economics and strategy at ANZ. Westpac Bank analysts said there was a chance the central bank would cut rates to boost confidence. Markets are now pricing in a 20 per cent chance of a 25 basis point cut and have slashed their rate hike expectations for the next 12 months by about half to just 28 basis points. The kiwi dollar slid to an eight-week low of $US0.7493, having earlier traded as high as $US0.7640. It was last down 1.9 per cent at $0.7494. Traders said the decline was so severe because the market had initially supported the kiwi on expectations that dairy processor Fonterra Cooperative Group Ltd, the country's largest company, would raise its forecast payout to farmers on
the back of strong global prices. While that eventuated, traders said the quake caught markets offguard, forcing many players to hastily unwind long positions. The kiwi also fell more than 1 per cent against the yen to 62.46, while the euro rose more than 1 per cent to $NZ1.8013. The market is also worried the earthquake could add stress to the government's already strained finances, giving credit-ratings agencies the excuse to downgrade New Zealand's ratings. S&P and Fitch have negative outlooks on New Zealand's sovereign ratings, but a S&P spokesman said it was still too early to assess the economic impact of the quake, while Fitch said the tremor would not, of itself, trigger a downgrade. In sympathy with the kiwi, the Aussie fell against the greenback, but strongly outperformed its New Zealand peer, rising to a near two-month high of $NZ1.3368, from as low as $NZ1.3163. Versus the greenback, the Aussie was down about 0.7 per cent on the day at $US1.0022. Reuters
Yuan slips on PBOC guidance, upside intact let the yuan appreciate." The central bank has guided the yuan to a slew of record highs versus the dollar since the start of this year, signalling the government has chosen to let the yuan appreciate to fight high inflation, which rose to 4.9 per cent in January against a year earlier from 4.6 per cent in December. Spot yuan closed at 6.5803 against the dollar, weaker than Monday's close of 6.5668 and having now risen 3.74 per cent since its depegging from the dollar in June 2010. Before trading began, the PBOC set the yuan's daily mid-point at 6.5772 versus the dollar, down from Monday's record high of 6.5705. The mid-point, from which the yuan can trade up or down a maximum 0.5 per cent in a given day, is used by the central bank to express the government's intentions for the currency. Benchmark one-year dollar/yuan non-deliverable forwards were bid at 6.4310 late on Tuesday versus 6.4120 at Monday's close. Their implied yuan appreciation in a year's time fell to 2.28 per cent from 2.58 per cent. -Reuters
Indian rupee falls on weak shares, dlr gains MUMBAI: The Indian rupee on Tuesday retreated from a seven-week high touched in the previous session, dragged by weak local shares and the dollar's strength overseas. The partially convertible rupee settled at 45.2600/2700 per dollar, 0.6 per cent down from its 44.985/995 close on Monday, its strongest since Jan. 4. "Most of the market was short dollars in the morning expecting further fall, but then equities fell and the euro weakened, so there was a lot of short-covering along with genuine buying," said Naveen Raghuvanshi, an associate vice president at Development Credit Bank. He expects the rupee to find support near 45.35 levels. The surge in global oil prices fuelled by the Middle East unrest might have added to the pressure on the rupee as domestic oil refiners scrambled to meet dollar demand, traders
Events Trade Balance PPI m/m MPC Meeting Minutes BBA Mortgage Approvals Industrial New Orders m/m Corporate Profits q/q Existing Home Sales
Forecast 0.70T 0.1% 3-0-6 29.0K -0.8% 5.27M
Previous 0.71T 0.3% 2-0-7 28.7K 2.1% -0.3% 5.28M
Actual
Forecast
Previous
1.96B 6.0 -5.3B 0.6% -0.2% 5.8 -2.4% 25 70.4
1.65B 5.8 -0.2B 0.7% 0.0% 4.6 -2.2% 18 65.1
Previous Day
cut its losses, however, after ECB policymaker Yves Mersch was quoted saying the central bank may have to adjust its language on inflation. These comments followed recent hawkish rhetoric from various ECB officials, including policymakers Juergen Stark and Lorenzo Bini Smaghi, which have highlighted the prospect of the ECB raising interest rates sooner than previously thought. The euro was flat at $1.3677, well above an earlier low of $1.3525, on electronic trading platform EBS. The New Zealand dollar tumbled to US$0.7455, its weakest since late December. It was last down 1.9 per cent at US$0.7495. Speculation that the economic damage caused by an earthquake which rocked the country's second biggest city may increase the chance of an interest rate cut. -Reuters
SHANGHAI: The yuan closed lower against the dollar on Tuesday after the People's Bank of China set a weaker fixing, down from the midpoint's recent record highs, signalling its desire for twoway trading, traders said. A rally in the dollar, driven by risk aversion due to the unfolding crisis in Libya, offered the Chinese central bank an opportunity to let the yuan pull back slightly after the currency hit record highs for three straight days, traders said. But the yuan's appreciation trend in the medium term will not be derailed, they said, as China will likely use a stronger currency to combat high inflation. Traders retained their forecasts for the yuan to appreciate 5 to 6 per cent this year. "The Middle East turmoil may boost the dollar's strength in the near term, permitting the PBOC an easy excuse to let the yuan pull back slightly," said a trader at a North American bank in Shanghai. "However, China is now faced with pressure of imported inflation, and the government is unlikely to stop all of a sudden its recent moves to
Source JPY CHF GBP GBP EUR CAD USD
said. The one-month onshore forward premiums were quoted at 22.25 points, a touch lower than its 22.75 close on Monday. The one-month offshore nondeliverable forward contracts were quoted at 45.43, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and the United Stock Exchange all closed at 45.2925, with the total traded volume on the three exchanges at about $7.66 billion. -Reuters
Source
Events
CHF EUR GBP CAD CAD EUR USD USD USD
Trade Balance GfK German Consumer Climate Public Sector Net Borrowing Core Retail Sales m/m Retail Sales m/m Belgium NBB Business Climate S&P/CS Composite-20 HPI y/y Richmond Manufacturing Index CB Consumer Confidence
1.26B 5.8 14.5B 0.9% 1.5% 4.5 -1.6% 18 64.8
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3685 1.3697 0.9416 0.9504 1.6169 1.6227 0.9842 0.9885 1.0034 1.0094 113.9000 114.1800 0.8466 0.8470 1.2883 1.2954 134.5300 135.4000 88.4500 88.5900 1401.0000 1410.6500
Bid 1.3682 0.9412 1.6165 0.9837 1.0031 113.8500 0.8463 1.2880 134.4700 88.3900 1400.4800
Low 1.3525 0.9381 1.6135 0.9824 0.9987 112.2300 0.8385 1.2794 133.6700 87.4800 1392.8500
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 22/02/2011 A USD GBP CAD EUR JPY O/N 0.22800 0.55625 0.97250 0.51500 SN 0.10313 1WK 0.25050 0.57563 1.00333 0.68500 0.11375 2WK 0.25600 0.58313 1.03750 0.75250 0.11563 1MO 0.26150 0.61250 1.08250 0.82563 0.12750 2MO 0.28550 0.68250 1.15000 0.91750 0.15438 3MO 0.31250 0.80300 1.20750 1.03875 0.19000 4MO 0.35300 0.88575 1.27667 1.12125 0.24313 5MO 0.41050 0.99188 1.34583 1.21125 0.30000 6MO 0.46500 1.10925 1.41000 1.30625 0.34625 7MO 0.51750 1.18963 1.49417 1.36250 0.39500 8MO 0.57125 1.27588 1.58133 1.42125 0.44438 9MO 0.62775 1.35838 1.65667 1.49000 0.49000 10MO 0.68025 1.43750 1.75250 1.54375 0.51563 11MO 0.73250 1.50713 1.84000 1.59875 0.54250 12MO 0.79275 1.57588 1.93000 1.66875 0.56875
Major Central Banks Overview Central Bank
Next Meeting
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Last Change
March 1, 2011 September 8, 2010 March 10, 2011 March 5, 2009 March 15, 2011 December 19, 2008 March 3, 2011 May 7, 2009 March 15, 2011 December 16, 2008 March 17, 2011 March 12, 2009 March 1, 2011 November 2, 2010
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, February 22,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.60 138.38 116.30 86.81 90.20 85.87 13.20 1.03 14.96 66.83 15.60 22.82 10.99 13.02 306.01 28.07 64.28 23.50 23.31 0.08 2.79
85.40 138.06 116.03 86.61 89.99 85.66 13.17 1.03 14.92 66.68 15.56 22.77 10.96 12.98 305.30 28.01 64.13 23.45 23.25 0.08 2.79
85.22 137.74 115.76 86.38 89.76 85.44 13.14 1.02 14.88 66.50 15.52 22.71 10.93 12.95 304.50 27.94 63.96 23.39 23.19 0.08 2.78
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for February 22, 2011
KASB
BMA
ELXIR
GSL
ICSL
0-7days
12.60
12.75
12.60
12.70
12.60
12.70
12.66
8-15dys 16-30dys 31-60dys
12.80 12.90 13.10
12.85 12.90 13.05
12.80 12.90 13.08
12.80 12.90 13.10
12.75 12.90 13.10
JSCM AvgRate 12.80 12.90 13.10
12.80 12.90 13.09
61-90dys 91-120dys 121-180dys 181-270dys 271-365dys
13.30 13.45 13.62 13.68 13.78
13.33 13.45 13.57 13.61 13.72
13.35 13.48 13.57 13.66 13.77
13.36 13.50 13.60 13.66 13.78
13.30 13.45 13.55 13.65 13.75
13.30 13.40 13.56 13.65 13.75
13.32 13.46 13.58 13.65 13.76
2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years 30--years
14.10 14.15 14.18 14.20 14.26 14.26 14.25 14.22 14.22 14.50 14.75 14.90
14.10 14.19 14.22 14.22 14.26 14.30 14.25 14.15 14.23 14.60 14.70 14.85
14.03 14.18 14.21 14.22 14.26 14.29 14.23 14.15 14.19 14.50 14.67 14.95
14.05 14.17 14.19 14.22 14.23 14.25 14.23 14.22 14.18 14.55 14.90 15.10
14.05 14.20 14.22 14.25 14.30 14.35 14.23 14.20 14.20 14.60 14.75 15.00
14.00 14.15 14.18 14.22 14.23 14.30 14.21 14.17 14.19 14.50 14.75 15.00
14.06 14.17 14.20 14.22 14.26 14.29 14.23 14.19 14.20 14.54 14.75 14.97
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
0.77 -0.03 -0.02 0.40 -0.11 -0.50
-0.93 0.31 0.73 0.70 0.80 0.94
0.33 -0.21 0.18 0.70 0.78 0.67
0.93 0.09 0.83 0.87 0.39 0.71
0.96 0.32 0.82 0.77 -0.19 0.37
USD/CAD USD/CHF
0.63 -0.51 0.11 0.42 -0.27 -0.44
-0.34 -0.34 -0.22 -0.25 -0.17 0.50
-0.95 0.17 -0.02 -0.33 0.32 0.34
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)22/02/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.20
12.70
12.40
12.90
12.60
13.10
13.35
13.60
13.60
13.85
13.70
14.20
13.80
14.30
14.00
14.50
JSBL
12.30
12.80
12.50
13.00
12.75
13.25
13.35
13.60
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
ASPK 12.35
12.85
12.60
13.10
12.70
13.20
13.30
13.55
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
CIPK
12.40
12.90
12.50
13.00
12.65
13.15
13.40
13.65
13.60
13.85
13.70
14.20
13.90
14.40
14.10
14.60
DBPK 12.20
12.70
12.40
12.90
12.60
13.10
13.20
13.45
13.40
13.65
13.50
14.00
13.60
14.10
13.80
14.30
FBPK 12.30
12.80
12.60
13.10
12.70
13.20
13.40
13.65
13.55
13.80
13.70
14.20
13.80
14.30
13.90
14.40
FLAH 12.40
12.90
12.60
13.10
12.75
13.25
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
HBPK 12.25
12.75
12.60
13.10
12.75
13.25
13.35
13.60
13.50
13.75
13.65
14.15
13.75
14.25
13.85
14.35
HKBP 12.00
12.50
12.65
13.15
12.80
13.30
13.35
13.60
13.50
13.75
13.60
14.10
13.75
14.25
13.85
14.35
NIPK
12.50
13.00
12.75
13.25
13.00
13.50
13.25
13.50
13.40
13.65
13.50
14.00
13.60
14.10
13.65
14.15
HMBP 12.30
12.80
12.70
13.20
12.80
13.30
13.40
13.65
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
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
MCBK 12.25
12.75
12.50
13.00
12.70
13.20
13.35
13.60
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.20
12.70
12.60
13.10
12.70
13.20
13.35
13.60
13.50
13.75
13.70
14.20
13.80
14.30
13.90
14.40
SCPK 12.25
12.75
12.50
13.00
12.70
13.20
13.30
13.55
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
UBPL 12.25
12.75
12.65
13.15
12.80
13.30
13.40
13.65
13.50
13.75
13.65
14.15
13.80
14.30
13.90
14.40
AVE
12.77
12.57
13.07
12.73
13.23
13.35
13.60
13.51
13.76
13.63
14.13
13.75
14.25
13.85
14.35
SAMB
12.27
4 Wednesday, February 23, 2011
Uneasy Calm:
The Financial Daily International Vol 4, Issue 189
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi
Where are we heading to?
Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Why should we trust Uncle Sam? The recent reports from the United States of America reveal a few interesting points which are: 1) Raymond Davis worked for the Central Intelligence agency; 2) he is part of a CIA operation tracking Islamic extremists in Pakistan; 3) US media withheld the information after President Barack Obama's administration said it would endanger Davis' safety. Now the details have been released as they realized they could no longer withhold it. Fearing his execution for spying against Pakistan Philip Crowley, State Department spokesman has warned Pakistan saying "We remain concerned about him and our message to Pakistan remains he should be released as soon as possible." All these points give credence to the details published in Pakistani media: 1) to begin with a point was made that Raymond entered Pakistan on diplomatic passport but the details provided were not correct; 2) he was termed a CIA agent who worked for the private security contractor Xe, formerly known as Blackwater and 3) his activities didn't fall under diplomatic activities. There are evidences he was involved in spying against Pakistan. All the points have been supported by media reports from the US. These details appearing in media say Raymond was attached to the CIA's Global Response Staff, whose duties include protecting case officers when they meet with sources. The New York Times on Monday reported that he was part of a CIA operation tracking Islamic extremists in eastern Pakistan such as Lashkar-e-Taiba, the virulently anti-Indian group involved in the bloody 2008 siege of Mumbai. The US has called for freeing Raymond arrested for killing two men and to ensure his safety in custody after revelations he worked for the CIA. The US officials still insist that he enjoys diplomatic immunity because Pakistan had accepted his status. One can very humbly ask didn't the US administration submit tempered documents? One has reasons to believe that often CIA agents travel and stay in other countries with disguised identities. These revelations have further complicated Raymond's case because any one spying against Pakistan can face up to death penalty. The worst part of the saga is that a CIA agent was given the status of a diplomat. This gives credence to what people at large are saying that hundreds of Raymonds are operating in Pakistan, who must be apprehended at the earliest before they cause any damage to the country. Fears have been expressed earlier that Raymond could prove a 'spoiler' in Pak-US relationship. The more details about the man are revealed the leaner the chances are of his release. Both the countries have never faced such a tricky situation. He release could only proliferate anti US sentiments among Pakistanis. Lately, Secretary of State, Hillary Rodham Clinton warned that by detaining Raymond, Pakistan was risking major instability at home and also to stop fomenting anti-American sentiment. Madam what you have to say now? Isn't the US administration responsible for fomenting anti sentiment or is Pakistan doing any thing wrong?
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.
A
ffairs of utmost national importance are being handled by the PPP government in a non-serious way. Be it Lahore's Raymond Davis case, affairs of PIA, Steel mills, railways or OGDC, everywhere action is being taken on ad- hoc basis just to avert clash with the judiciary and the people. There has been so much polarization in the institutions that they seem to be at the verge of collapse. Only the Supreme Court and the armed forces of Pakistan seem to be fighting the war for survival of Pakistan against all odds. Can you imagine a man who h a s b e e n MD of P I A , finds it difficult to travel in a PIA plane as a passenger n o w. Yes, I am talking about Capt. Eijaz Haroon who after couple of days of his resignation had to return to Karachi from Islamabad in a private airline as a revenue passenger. It happened at Islamabad when the pilot of a PIA plane refused to fly the former MD as a passenger on board. Fearing further the embarrassment, the ex-MD had no option but to take another flight for return home to Karachi of a private airlines. Controversial Capt. Eijaz Haroon's appointment as Director General of Civil
Aviation Authority as announced by the government also seem to be in doldrums as the PIA staff has refused to accept him even in that capacity. There appears to be an uneasy calm in the country and a situation of uncertainly prevails all over. The affairs of Karachi Electric Supply Company (KESC) constantly remain in limelight, one controversy after another. Last week, the utility cut off power supply to Rangers headquarters in Karachi for owing Rs. 54 millions in dues. KESC official maintain that they decided to cut off power supply to Rangers headquarter
“
Qutubuddin through high tension lines, the technical staff of rangers appeared and forced them to reconnect both the PMTs. We had no option but to reconnect the power supply to Ranges HQ, the KESC maintains. The matter of Rangers did not end here. The KESC staff managed to disconnect power supply to some offices of Rangers including its Sachal Rangers HQ on Super Highway, Rangers HQ at Dawood College, 33 Wing Saeedabad in Baldia town and Sachal Rangers Mehran Welfare Complex in North Nazimabad. On the other hand, the Rangers sources, however, claim that it was high handedness of KESC as they had cleared all their dues up to Dec 2010. Regarding payment for the
There has been so much polarization in the institutions that they seem to be at the verge of collapse. Only the Supreme Court and the armed forces of Pakistan seem to be fighting the war for survival of Pakistan against all odds. in Jinnah Courts on Dr. Ziauddin Ahmed Road after the paramilitary force ignored a number of notices demanding payment of dues. On Thursday last KESC teams with its vehicles reached the Rangers HQ to disconnect power supply. When Rangers personnel witnessed this activity they ordered the KESC staff to pack up and leave the scene. According to KESC version when their teams had managed to disconnect two pole mounted transformers (PMTs) supplying power to th Rangers HQ
current months, it says, it will made though a credit card. be made in due course in accorSiddiq Memon, Chairman of dance with scheduled budget Karachi Traders Action provided by the government. Committee (KTAC) says that They even denied that any of they want the banks to reduce the power utility's staff was commission to one percent to manhandled by Rangers. 1.5 percent depending on the On the other hand, KESC size of the transaction. sources claim that rangers had He says that the division to been paying small amounts remove credit card machines from time to time and have not has been taken unanimously by bothered to clear the major dues the representatives of major of Rs.54 million. markets and shopping malls of The KESC sources, however, the city. accuse the armed Rangers of The banks, on the other hand, assaulting their staff when they maintain that it was not feasible tried to disconnect the power for banks and other financial supply of Rangers HQ being a institutions to lower the rate on m a j o r defaulter. There appears to be an I think, the KESC should uneasy calm in the country at least realand a situation of ize now how it mishandles uncertainly prevails all over. the poor and below poverThe affairs of Karachi ty line citiElectric Supply Company zens by its u n i l a t e r a l (KESC) constantly remain in actions for limelight, one controversy s m a l l amounts runafter another. Last week, the ning into few hundred or utility cut off power supply thousands to Rangers headquarters in rupees and the poor vicKarachi for owing Rs. 54 tims have to millions in dues remedy. T h e Traders of Karachi have threat- commission or merchant disened to remove credit card count revenue as the rates being machines for their outlets in changed by the banks in protest against what they call Pakistan are in accordance with "High Commission Rates" international standard. Let's charged by the commercial hope that the problem is banks. resolved amicably otherwise They see it is no longer feasi- thousands or even more credit ble to pay up to three percent card holders will be facing commission on each transaction enormous difficulties.
CIRCULAR DEBT NEEDS IMMEDIATE ATTENTION Fahim Akhtar
T
he most pronounced often heard and familiar issue of circular debt engulfing our several domestic corporate organisations is not much intricate to understand. The issue looks simpler to comprehend but relatively difficult to resolve as it involves a chain and complex network pattern of clearing off debt especially from a few entities reporting inventory losses. Circular debt is related to power generation process going on using furnace oil in particular. To understand what circular debt is and how it can be resolved it is essential to see who all are stake holders and key players and how they affect the entire process. Oil marketing companies primarily PSO, power generation set ups mainly KAPCO and HUBCO, exploration companies and refineries are key players. PSO initiates expanses by importing furnace oil from abroad besides procuring from inland refineries and furnace is supplied to power generation companies using same for power generation process. The power generated is supplied to PEPCO and KESC which are engaged in distribution operation all
over the country. PSO also import and supply fuel to Pakistan Railways and PIA in addition to some chunk for Pakistan Steel. PSO always finds it extremely difficult to collect revenue
and fire is controlled for some time only. This is normal practice from some time but government has been ineffective in resolution of issue. Question arises why WAPDA / PEPCO and KESC do
“
Power theft by all type of consumers is to be curbed and eliminated in totality gradually. This is only possible by dealing all theft cases with iron hand without any discrimination. Some legislative process on fine penalties imposed in later and true sprit may yield some benefit.
from these companies to clear the debt for imports made from international market. This mainly occurs due to non payment by consumers to power distribution companies and bad account of PIA and railways. When situation becomes critically bad and PSO warns government for suspension of supplies to other players some funds are arranged
not clear debt. It is because of huge line losses and power theft. Besides this, PIA and Pakistan railways are posting continuous losses. Some of the measures expected to be productive will be (a) Power theft by all type of consumers is to be curbed and eliminated in totality gradually. This is only possible by dealing all theft cases with iron hand
without any discrimination. Some legislative process on fine penalties imposed in later and true sprit may yield some benefit. (b) Power thrift may be educated in more organized manner and implemented both at federal and provincial level. Saving energy especially in public and private office are required to be taken as official and citizenship responsibilities by all. (c) Futuristically, far sighted strategic planning may be carried out to produce power by utilizing inputs other than furnace oil which are cheaper also. (d) More clear, concise and deliberate efforts are required to be made by government to come out of circular debt. (e)Reforms in PIA, Pakistan railways and Pakistan steels are needed on priority to save them from heavy losses initially and turning these into profit earning organisations. Circular debt remains as a challenge for government and needs immediate focus by those who matters. Any more laxity to tackle issue half heatedly will make issue more complex and difficult to resolve. This may lead to default to some of the promising earning organizations of the country also.
No One Killed Jessica "Who killed Jessica?" The header of this piece is actually the title of a Bollywood movie which is based on a murder of an innocent girl by spoiled brat of a rich and influential politician. All the hell went loose to prove that, no one killed Jessica despite being there of over three hundred witnesses. Here our spoiled brat is Raymond Davis and our Jessica is the poor and innocent widow of a victim who was killed in broad day light by the Cow boy from El Dorado. In the land of pures, our Jessica committed suicide after getting vibes that probably justice will not be done and cow boy will eventually go scoot free and will have a hero's welcome at the district of Columbia. There can be different scenarios which can
be associated in solving this issue; one can be the legal way the other is legal cum moral way. first scenario can unfold in which legal wizardry taking refuge in the labyrinth of procedures and administrative fiat as that of diplomatic immunity succeeds in getting Raymond Davis( or whatever is his name) deported. In USA he will be tried on the basis of first information report registered at Lahore, which clearly steer this episode towards self defense, a gentle man s acquittal and hero's well come. Pakistani youth will again be proved the heirs of Thugs and dacoits who used to loot the farangi traders, courtesy own spin doctors. The second scenario is little murky one; in this the cow boy will have a fair trial and
is sentenced. This will put the people and the government in economic dire straights, the commerce and trade will come crumbling down but the self respect will have an astronomical boast. This is less likely the first one is the most likely. The army even if seen taking sides will loose all the credibility and respect, prudently enough Army Chief has distanced him self from the issue. The people are charged with anti American sentiments due to different type of incursions into Pakistan sovereignty by uncle Sam, who repeatedly cite dolling of dollars as act of friendship, one should tell friends across Atlantic that none of these dollars reach to the poor people of Pakistan'. USA has excellent relations with Pakistani
administration and establishment but they have worst relations with people of Pakistan, few visas, full bright scholar ships, academic visits, are not the overtures which go beyond mere rhetoric. This time the case of Pakistani Jessica is in people's court, any one working against will simply have to face poetic justice. An advice to all those who are taking it just another homicide case, go sit with your family in cozy lounges and see the Bollywood movie, No One Killed Jessica, if even than nothing happens, go chill out and wait till bell tolls for you. One more thing do a candle vigil for the poor lady this might lit the inner obscure areas of our personalities. Sherzad Bano, Gujranwala
Colonel Gaddafi Flees! In 1998 Colonel Gaddafi wrote a book "Escape to Hell and Other stories". While authoring the book, he would not have even an iota of doubt that he would be trying to escape from his own country after 12 years. According to credible western intelligence reports, Muammar Gaddafi has fled Libya and is on his way to exile in Venezuela. The brutal killings of around 200 people intensified protests and forced the dictator to quit. The major upset is an eye opener for rest of despotic rulers who will definitely have to follow the suite very soon. IFTIKHAR SHAHEEN MIRZA, ISLAMABAD
5
Wednesday, February 23, 2011
South East Asian stocks
Markets tumble over oil price fears
European shares end lower as Libya tensions grow
US Stocks late-morning
KSE-100 Index Opening Closing Change % Change Turnover (mn)
St falls Global fall, Wall on Libya; economic local brawl hopes help kill KSE’s 315 points
11,964.68 11,649.38 315.30 2.64 101.53
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,576.00 3,478.96 97.04 2.71 6.43
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,904.69 2,824.40 80.29 2.76 0.09
Nawaz Ali
Major Gainers
Symbol
Close
Change
DAWH GADT ISIL MUREB NJLIC
237.34 76.39 81.81 95.00 44.50
11.30 3.25 2.72 2.00 1.90
Major Losers
Symbol
Close
Change
ULEVER 4,729.55 RMPL 2,443.61 COLG 825.32 BATA 589.70 INDU 251.26
-183.48 -76.98 -37.69 -31.03 -12.27
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA BOP FFBL DOL JSCL
15.40 6.65 39.97 6.55 9.73
9.09 6.70 6.58 4.99 3.89
Active Issues Plus Minus Unchanged
44 225 85
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)
6,123 626 1,020 1,317 90 3,143
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793
INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
29,078 28,293 5,596 5,885
HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) 8,779 Production (Jan 11) 1,511 Sales (Jan 11) 1,904
DEWAN FAROOQ MOTORS Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
186 113 0 23
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Feburay 4,11) 5,046,861 Advances (Feburay 4,11) 3,140,675 Investments (Feburay 4,11) 2,100,015 Spread (Feburay 4,11) 7.61%
OIL MARKETING CO (000 tons) MS (Jul 10 to Dec 10) MS (Dec 10) Kerosene (Jul 10 to Dec 10) Kerosene (Dec 10) JP (Jul 10 to Dec 10) JP (Dec 10) HSD (Jul 10 to Dec 10) HSD (Dec 10) LDO (Jul 10 to Dec 10)) LDO (Dec 10) Fuel Oil (Jul 10 to Dec 10) Fuel Oil (Dec 10) Others (Jul 10 to Dec 10) Others (Dec 10)
PRICES (Ex-Refinery) MS (1 Feb 11) MS (1 Jan 11) MS % Chg Kerosene (1 Feb 11) Kerosene (1 Jan 11) Kerosene % Chg JP-1 (1 Feb 11) JP-1 (1 Jan 11) JP-1 % Chg HSD (1 Feb 11) HSD (1 Jan 11) HSD % Chg LDO (1 Feb 11) LDO (1 Jan 11) LDO % Chg Fuel Oil (1 Feb 11) Fuel Oil (1 Jan 11)
1,122 188 81 15 727 138 3,426 634 32 6 4,331 690 6 2
Rs 51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947
KARACHI: A trader monitors an electronic board displaying the index at the Karachi Stock Exchange.-Reuters
Nikkei tumbles; ME unrest spurs selling TOKYO: Japan's Nikkei average tumbled on Tuesday, slipping from 9-1/2-month highs for its first decline in seven days in profit-taking triggered by turmoil in the Middle East that could have a medium-term effect on Japanese stocks. With the exceptions for some domestic-demand defensive shares, most sectors fell as investors pocketed profits across the board after the Nikkei's longest winning streak in over a year. "We may be headed for a correction, but it's not going to be a huge fall," said Hiroaki Osakabe, a fund manager at Chibagin Asset Management. "If the situation in the Middle East gets worse and overheated Wall Street markets move lower, the Nikkei may follow suit and fall towards its 25-day moving average (of 10,548.67)." But Osakabe said from then on the market would keep rising on hopes for a sustained global recovery and as
investors keep shifting funds from inflation-mired emerging markets into developed economies. Other analysts raised concern that while the impact of Middle East turmoil was limited to profit-taking on Tuesday, there could be other long-term repercussions later. "If oil prices keep rising, consumer sentiment could be dampened," said Chisato Haganuma, chief strategist at Mitsubishi UFJ Morgan Stanley Securities, adding that a continued rise in crude oil prices would likely lead to higher prices for consumer goods and could trigger inflation worries even in developed countries. US crude futures extended gains on Tuesday, with the March contract reaching $94.49 per barrel, the highest for any nearby month since October 2008, as concern grew that violence in Libya could lead to wider supply See # 8 Page 11
ANNOUNCEMENTS Company Period Indus Motor Company Half Year Abbott Laboratories 13 Months Hub Power Co.(Unconsolidated) Half Year Ferozsons (Lab) Half Year Sazgar Engineering Half Year Allied Rental Mod. Half Year AL-Noor Modaraba Half Year Arif Habib Investmen Half Year Atlas Fund of Funds Half Year Berger Paints Half Year Dawood Cap.Man XB Half Year Descon Chemical Half Year Dreamworld Half Year F. Dawood Mut.Fund Half Year Fateh Industries Half Year Fateh Sports Half Year Gadoon TextileXD Half Year Hafiz Textile Half Year Hub Power Co.(Consolidated) Half Year IBL HealthCare Ltd Half Year Ibrahim Fibres Ltd. Half Year KASB Modaraba Half Year NAMCO Bal Fund Half Year Rupali Polyester Ltd Half Year Siddiqsons Tin Plate Half Year Sitara Energy Half Year Sitara Peroxide Half Year Stand.Chart.Mod Half Year
Div/Bon/Right 50%(i)(D) 30%(F)(D) 25%(i)(D) 12.50%(i)(D) 10%(i)(D) -
PAT (Rs in mn) 907.76 1,176.94 2,842.83 185.39 41.49 134.71 18.02 105.80 91.43 -59.64 7.76 -11.58 2.97 84.73 -1.08 -10.58 1,190.23 1.25 2,799.44 25.31 2,146.73 22.56 108.03 183.38 8.43 31.30 64.14 44.67
EPS(Rs) 11.55 12.02 2.46 7.40 2.77 2.25 0.86 2.94 1.88 -3.28 0.52 -0.06 0.09 1.46 -0.54 -5.29 1.04 2.43 1.27 6.91 0.80 1.08 5.38 0.11 1.64 1.16 0.98
FTSE down on Mideast concerns; US data spurs rally LONDON: Britain's top share index closed lower on Tuesday as troubles in the Middle East clouded sentiment, but bumper consumer confidence figures from the U.S. spurred a late rally and boosted commodity stocks. The FTSE 100 closed down 18.04 points or 0.3 per cent lower at 5,996.76, having finished at a two-week closing low on Monday. "The 6,000-level will be a hard one to hold in the shortterm until the situation in the Middle East has a little bit more direction," Martin Dobson, head of trading at Westhouse Securities, said. Muammar Gaddafi vowed to die in Libya as a martyr in an angry television address on Tuesday, as rebel troops said eastern regions had broken free from his rule in a burgeoning revolt. "There is probably more risk on the downside but the FTSE might hold better because of the gold and oil price being stronger, with its commodity focus," Dobson said. The turmoil in the region and the threat of unrest spreading has hit stocks such International Consolidated Airlines and travel firm TUI Travel whose businesses are directly exposed to the subsequent price pressures. Both Brent and US crude oil rallied to 2-1/2 year highs on concerns the revolt in Libya could spread to other major oil producers in the Middle East and North Africa. Retailers were also weaker with Sainsbury down 1.5 per cent and Argos and Hombase owner Home Retail off 1.0 per cent, as commodity price pressures show no sign of easing. -Reuters
HK in worst 3-month fall; China mkt down HONG KONG/SHANGHAI: China and Hong Kong stocks slid on Tuesday as investors moved away from riskier assets amid worsening turmoil in the Middle East, with the Hang Seng index recording its biggest one-day per centage decline in three months. The benchmark Hang Seng Index closed down 2.11 per cent at 22,990.81 on a day shares fell throughout Asia. The China Enterprises Index of top locally listed mainland stocks dropped 2.37 per cent to 12,351.66. Shanghai recorded its biggest single-day decline in one month, shedding 2.62 per cent, with growing violence in Libya pushing oil prices higher and adding to concerns about inflation, dampening investor enthusiasm. "The jump in oil prices has
sparked worries about accelerating inflation, and the uncertainty in the Middle East has also hurt investor sentiment," said Wang Aochao, a senior analyst at UOB Kay Hian in Shanghai. Continued foreign fund outflows have made for a difficult year for Hong Kong equities so far, with the Hang Seng Index back below where it ended in 2010. Alibaba.com, the listed arm of China's largest e-commerce firm, fell by as much as 10 per cent after it said its chief executive officer and chief operating officer had resigned following an investigation into a spike in the number of fraudulent transactions on its website. About 23 per cent of Alibaba.com's trading volumes were short in nature, compared to 32 per cent with Internet
company Tencent and suggesting that there is more shorting opportunity in Alibaba.com, according to a dealer note seen by Reuters. Violence in Libya and other parts of the Middle East and North Africa pushed up Brent crude futures to the highest levels since 2008, pressuring airlines, carmakers and oil refineries. Chinese flag carrier Air China closed 7 per cent lower while Hong Kong's dominant carrier Cathay Pacific closed more than 5 per cent lower at around six-month lows. The benchmark Shanghai Composite Index closed at 2,855.5 points, falling below the psychologically important 2,900 level, where it hovered for the large part of last week, and wiping out a 1.1 per cent rally on Monday. -Reuters
KARACHI: A fall in global stocks over Libya unrest and tense local politicals plunged Karachi Stock Exchange (KSE) massively on Tuesday. Local bourse lost more than 300 points ending to close at its lowest level of two months due to selling mainly by the offshore investors. The benchmark KSE 100Index shed 315 points --2.64 per cent-- to close at 11,649 points, KSE 30-Index lost 342 points -2.97 per cent-- to close at 11,185 points and KSE All Share index fell by 212 points 2.56 per cent-- to close at 8,093 points. "Panic selling was witnessed across the board as global capital markets plunged on political unrest in Libya and anti-government demonstrations across the Middle East", said Ahsan Mehanti, Director Arif Habib Investments. After a positive opening, index moved in a limited range during the initial 15-20 minutes moving on both sides. However, soon after that immense selling pressure across the board came to pass which sent the index into the bear country.
Red numbers then kept on increasing as along with a decline in global capital markets, the current political situation in the country over the end of PML (N) deadline was also a major factor that hit the market. Therefore index at about 3:03 PST touched the lowest level of the day at 11,624 points (-ve 339) and finally closed thereabout. According to NCCPL data, the offshore investors did a net-selling of $3.15 million on Tuesday. On the local side, companies did a net-selling of $2.17 million while mutual funds and individual investors did a net-buying of $2.66 and $1.02 million respectively. Volumes witnessed some improvement as a total of about 101.5 million shares traded during the day which is 50.7 million shares more as compared to a turnover of 50.8 million shares a day earlier. Lotte Pakistan stood as the volume leader with 9.09 million shares followed by Bank of Punjab with 6.7 million shares and Fauji Fertiliser Bin Qasim with 6.58 million shares. Out of total 354 active issues 225 took hit and 44 hit gains while 85 issues hit nothing.
Indian shares fall; Reliance up on BP MUMBAI: he BSE Sensex shed 0.8 per cent on Tuesday in tandem with world markets as rising unrest in Libya triggered a flight to safety, but Reliance Industries rallied on a $7.2 billion deal with BP. Financials and automobiles were among the losers as surging oil prices sparked worries about accelerated inflation and upward pressure on interest rates. Both Brent and US crude oil
rallied to 2.5-year highs on concerns the revolt in Libya could spread to other major oil producers in the Middle East and North Africa. Energy major Reliance bucked the trend and climbed as much as 5.5 per cent after BP Plc agreed late on Monday to buy a 30-per cent stake in 23 oil and gas blocks owned by Reliance, in one of the See # 7 Page 11
NEW YORK: Wall Street stocks fell on Tuesday as a revolt spread in oil exporter Libya, but investors seemed willing to buy on price dips after US consumer confidence rose to its highest in three years. Oil prices hit a 2-1/2 year high on concerns the unrest could disrupt supplies from the Middle East crude oil futures jumped 5.3 per cent to over $94 per barrel. Higher oil prices lifted some energy shares but hit the wider market on concerns they would translate into higher costs. The Arca airline index fell 4.2 per cent, with Delta Air Lines Inc down 7 per cent to $10.70. The S&P energy sector was the only rising sector, gaining more than 1 per cent. Highlighting the optimism about the US recovery, which bulls have emphasized throughout the turmoil overseas, consumer confidence rose in February to a three-year high, prompting stocks to cut some of their earlier losses. "Just as we showed incredible resilience with Egypt, we continue to look inward and get excited about the recovery going on within our borders," said Jake Dollarhide, chief executive of Longbow Asset Management in Tulsa, Oklahoma. The Dow Jones industrial average dropped 71.29 points, or 0.58 per cent, to 12,319.96. The Standard & Poor's 500 Index fell 10.95 points, or 0.82 per cent, to 1,332.06. The Nasdaq Composite Index lost 33.33 points, or 1.18 per cent, to 2,800.62. Libyan leader Muammar Gaddafi used tanks, helicopters and warplanes to quell a growing revolt and scoffed at reports he was fleeing after four decades in power. The CBOE Volatility Index, Wall Street's so-called fear gauge, rose 13.3 per cent to 18.61. US consumer confidence rose in February to a three-year high on improved optimism about the economy and income prospects, according to a private sector report on Tuesday.-Reuters
Dhiyan
LUSTRE STILL AT LARGE Mohammad Imran, AVP Arif Habib Limited Following the uncertain political situation at home and Middle East, sentiments would remain negative, however we might see rebound at 11,400 points level. Investors should accumulate fundamentally strong stocks like POL, PPL, FFBL and FFC. Improvement in the political situation, amicable solution of Raymond Davis issue, announcement of the exact launch date of Margin Trading System (MTS) would spur the market but any downgrading by Moody's would be a major risk factor. We might see some buying at lower levels today.
Zia Shaafi, Senior Equity Dealer Pearl Securities We would see some rangebound activities in the market during the remaining days of the week with index moving between 12,100 and 11,600 points. However market has bottomed out and a fresh rally can be seen from next week which can take the index to new highs. The launch of Margin Trading System (MTS), payouts by banks and good March-ending corporate results would further boost the sentiments. Investors are therefore advised to fully utilise their cash and invest in bluechips. Market would lack luster today.
6
Wednesday, February 23, 2011
Market
Symbols
Volume
101,529,414
Value
3,998,957,031
Trades
57,102
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
44 225 85 354
All Share Index
11,649.38 11,983.11 11,624.58 i315.30
Current High Low Change
KSE 30 Index
8,093.92 8,318.69 8,078.75 i212.72
Current High Low Change
KMI 30 Index Current High Low Change
11,185.31 11,527.84 11,145.50 i342.53
18,867.36 19,464.59 18,843.82 i554.67
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,500.44 Turnover 5,231,427 P/E (x) 10.62 Company
KSE 100 Index
High Low 1,505.12 1,453.48 Total cos Defaulter cos P/BV (x) ROE (%) 3.45 32.54
PE
Open
High
Low
Attock PetroleumSPOT 691 6.61 Attock Refinery 853 4.43 BYCO Petroleum 3921 Mari Gas Company 735 16.05 National Refinery 800 5.44 Oil & Gas Development 43009 10.79 Pak Petroleum 11950 7.21 Pak Oilfields XD 2365 6.85 Pak Refinery Limited 350 P.S.O 1715 4.54 Shell Gas LPG 226 Shell Pakistan 685 10.36
371.01 114.54 9.33 120.46 270.08 164.89 200.10 306.82 97.22 272.33 29.00 205.51
373.95 114.83 9.40 120.50 270.01 165.20 200.90 308.25 97.50 273.40 28.99 208.00
362.50 108.82 8.97 118.00 260.00 158.80 196.10 296.21 92.36 266.00 27.71 202.00
Close Chg 365.88 108.83 9.00 118.42 262.20 159.53 197.28 297.23 92.36 268.03 28.00 202.09
-5.13 -5.71 -0.33 -2.04 -7.88 -5.36 -2.82 -9.59 -4.86 -4.30 -1.00 -3.42
Close Change 1,460.89 -39.55 Listed cap Market cap 65,194.15 mn 1,123,632.69 mn Payout (%) Div Yield (%) 55.94 5.27 Last 60 days High Low
Volume 94155 629614 678005 31453 49425 926078 1385195 1760087 25945 309911 1613 17951
401.00 146.90 12.49 141.65 335.00 185.00 229.80 341.50 122.22 317.79 39.89 222.00
315.80 108.82 8.97 117.00 251.99 158.80 196.10 264.00 81.23 266.00 27.71 194.00
% Change -2.64 5-Day High 1,524.60 5-Day Low 1,460.89
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B115.00 - 15.00 20B 50.00 -100.00 - 50.00 -
-
CHEMICALS
Open 718.72 Turnover 16,238 P/E (x) 5.25 Company
High Low 711.70 689.56 Total cos Defaulter cos P/BV (x) ROE (%) 1.34 25.53
Close 705.46 Listed cap 3,242.17 mn Payout (%) 11.08
Change -13.26 Market cap 12,052.08 mn Div Yield (%) 2.11
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
6.73 8.90
71.00 33.25
70.10 33.29
68.00 32.01
69.98 -1.02 32.03 -1.22
13562 2676
76.65 39.45
Pak Int Cont.Terminal PNSC
68.00 32.01
Company
Company
Paid up Cap(mn)
BOC (Pak)
High Low 1,633.84 1,565.14 Total cos Defaulter cos P/BV (x) ROE (%) 3.13 35.00
Close 1,574.17 Listed cap 52,251.88 mn Payout (%) 48.81
PE
Open
High
Low
Close Chg
Volume
250 12.64
92.89
95.99
90.75
92.00 -0.89
3843
Change -46.10 Market cap 343,461.46 mn Div Yield (%) 5.45
Last 60 days High Low
% Change -2.84 5-Day High 1,620.26 5-Day Low 1,574.17
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Paid up Cap(mn)
PE
High Low 1,216.16 1,155.84 Total cos Defaulter cos P/BV (x) ROE (%) 0.99 25.35
Close 1,160.94 Listed cap 6,768.53 mn Payout (%) 20.42
Open
High
Low
Close Chg
Volume
101 5.52 189.52 247 34.38 40.53 626 9.48 138.41 890 1.87 56 4.77 193.94 598 18.88 22.20 450 3.10 4.60 200 5.94 4.25 1428 - 10.69 786 10.88 263.53 823 9.75 63.94 150 4.01 22.92 117 1.30
191.00 40.90 136.50 1.90 194.85 22.20 4.60 4.25 11.40 267.00 65.20 23.30 1.90
184.30 38.51 136.50 1.65 184.25 21.64 4.12 3.75 10.05 250.36 61.13 22.05 1.90
184.75 -4.77 38.51 -2.02 136.50 -1.91 1.70 -0.17 194.78 0.84 21.90 -0.30 4.47 -0.13 3.80 -0.45 10.13 -0.56 251.26 -12.27 61.24 -2.70 22.20 -0.72 1.30 0.00
3102 20501 626 156811 3663 3658 19007 1000 13954 3533 22949 14603 101
Last 60 days High Low
Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering Transmission
205.00 43.26 143.80 2.89 217.44 26.74 5.36 5.49 12.87 309.73 75.00 24.00 2.45
157.24 15.00 101.85 1.40 160.00 21.00 4.12 3.75 10.05 248.00 61.13 18.80 1.30
103.94
81.02
15
-
-
-
7.08 203.38
203.90 197.00 197.88 -5.50
21729
213.30
153.00
135
25B
-
-
1203 13.29 226.04
237.34 237.34 237.34 11.30
2407
237.34
165.73
50 300B
-
-
Descon Chemical
1996
-
3.00
3.20
2.70
2.80 -0.20
107624
3.74
2.37
-
-
-
-
FOOD PRODUCERS
Descon Oxychem Ltd.
1020
8.62
7.05
7.25
6.05
6.55 -0.50
4987939
9.25
6.05
-
-
-
-
Performance of SR Food Producers Index
-
2.76
2.81
2.50
2.57 -0.19
1266711
4.24
1.52
-
-
-
-
1954455 222.80
180.90
60
20B
-
-
273
Dewan Salman
3663
Engro Corporation Ltd
3277 11.56 217.24
Engro Polymer
6635
-
12.81
12.76
12.50
12.59 -0.22
761696
15.87
12.50
-
-
-
-
22000
-
11.66
11.69
11.25
11.32 -0.34
630332
12.64
9.16
-
-
-
-
3011977 157.90
25B
-
-
Fatima Fertilizer Fauji FertilizerXDXB
6785
Fauji Fert.Bin Qasim
111.00
130
9341
7.54
41.04
41.17
39.80
39.97 -1.07
6575932
43.99
33.80
52.5
-
-
-
Gatron Ind
384
2.91
47.79
45.48
45.41
45.42 -2.37
1111
52.00
39.00
20
-
-
-
Ghani Gases Ltd
725
9.09
12.55
12.42
11.82
12.00 -0.55
134327
13.07
11.00
-
-
-
-
298771
158.49
134.51
175
-
-
-
9087004
16.80
11.78
5
-
-
-
ICI Pakistan
1388
Lotte Pakistan Mandviwala
7.08 120.34
217.50 209.01 210.43 -6.81
8.35 149.73
121.40 114.50 115.09 -5.25
150.30 145.00 146.18 -3.55
15142
5.66
15.74
15.75
15.25
15.40 -0.34
74
-
1.15
1.25
1.08
1.10 -0.05
33206
2.45
1.01
-
-
-
-
1106
-
2.50
2.65
2.32
2.37 -0.13
2329063
3.17
1.45
-
-
-
-
Shaffi Chemical
120
-
2.05
1.81
1.81
1.81 -0.24
1500
3.10
1.81
-
-
-
-
Sitara Chem Ind
214
8.83 105.76
13300
139.40
101.00
25
5B
-
-
Sitara Peroxide
551
5.75
229113
14.54
12.70
-
-
-
-
Nimir Ind Chemical
13.85
105.95 101.50 104.77 -0.99 14.35
13.11
13.33 -0.52
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,029.44 Turnover 31,692 P/E (x) 5.18 Company
High Low 1,022.63 1,000.38 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 7.47
Close 1,005.73 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
9.43 6.45
16.00 40.92 36.70
15.65 41.75 36.75
15.40 39.00 36.00
15.40 -0.60 40.92 0.00 36.14 -0.56
25515 102 6075
Century Paper Pak Paper Product Security Paper
Change -23.71 Market cap 2,788.04 mn Div Yield (%) 4.88
Last 60 days High Low 19.69 48.90 47.70
14.95 39.00 36.00
% Change -2.30 5-Day High 1,055.94 5-Day Low 1,005.73
2010 Div BR (%) (%) 2533.33B 50 -
2011 Div BR (%) (%) -
Open 1,943.83 Turnover 207,159 P/E (x) 46.88 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar793 Colony Sugar Mills 990 Crescent Sugar 214 Dewan Sugar 365 Faran Sugar XD 217 Fecto Sugar 146 Habib Sugar 750 Habib-ADM Ltd 200 Ismail Ind 505 J D W Sugar 539 Mirza Sugar XD 141 National Foods 414 Noon Sugar 165 Pangrio Sugar XD 109 Quice Food 107 Sanghar Sugar XD 119 Shahtaj Sugar 120 Shakarganj Mills 695 Tandlianwala 1177 UniLever Pakistan 665 Wazir Ali 80
PE
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind XD Siddiqsons Tin
PE
Open
High
Low
565 2.93 675 555 8.51 1199 17.64 785 40.32
28.50 2.30 14.25 50.21 9.01
28.40 2.25 14.00 50.50 9.25
27.75 2.03 13.60 48.40 8.80
Close Chg 28.03 2.03 13.61 48.50 8.87
-0.47 -0.27 -0.64 -1.71 -0.14
Close 994.73 Listed cap 3,596.11 mn Payout (%) 30.91
Change -28.83 Market cap 9,403.48 mn Div Yield (%) 9.31
Last 60 days High Low
Volume 37380 72493 6550 38116 27414
31.00 3.29 16.51 62.20 10.70
24.01 2.03 13.60 46.50 8.51
% Change -2.82 5-Day High 1,023.56 5-Day Low 994.73
2010 Div BR (%) (%) 30 55 7.5
2011 Div BR (%) (%)
- 10.00 20B -
Open 1,043.37 Turnover 125,940 P/E (x) 1.91
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
1828
-
2.72
2.95
2.65
2.65 -0.07
Attock Cement
866
6.39
51.26
50.95
49.25
Balochistan Glass Ltd
858
-
3.00
2.94
2.30
Berger Paints
182
-
17.59
17.98
16.59
16.69 -0.90
Cherat Cement
956 41.67
10.00
10.00
9.51
10.00 0.00
Company Al-Abbas Cement
Dadabhoy Cement
982 13.15
Close 853.33 Listed cap 54,792.74 mn Payout (%) 19.04
Change -17.42 Market cap 61,984.12 mn Div Yield (%) 3.29
Last 60 days High Low
Volume
2010 Div BR (%) (%) - 100R
52056
3.98
2.65
50.49 -0.77
3900
65.45
48.60
50
-
-
-
2.39 -0.61
47075
4.24
1.46
-
-
-
-
25847
24.16
16.59
12710
12.40
9.51
-
-
-
-
1.72
1.90
1.70
1.71 -0.01
108
-
19.96
19.05
18.96
19.96 0.00
-
1.81
1.85
1.73
1.76 -0.05
231447
DG Khan Cement Ltd
3651 10.27
24.25
24.55
23.50
23.73 -0.52
2474741
Fauji Cement
6933
5.99
4.48
4.55
4.30
4.31 -0.17
350229
5.55
4.30
-
Fecto Cement
502
3.65
7.00
7.05
7.00
7.00 0.00
2325
8.00
6.95
-
1760
-
1.65
1.72
1.51
1.59 -0.06
63928
2.25
1.51
-
77
-
2.00
2.65
1.62
2.00 0.00
5004
3.40
1.29
-
Frontier Ceramics Haydery Const
32
Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement
0.52
0.60
0.52
0.52 0.00
-
2502
2.49
1.50
200
25.75
18.06
-
-
-
-
3.10
1.65
-
-
-
-
32.30
23.50
-
20R
-
20R
-
-
92R
-
-
-
-
-
-
-
-
-
2026
0.99
0.25
-
-
-
-
-
-
-
-
1288
-
6.02
6.01
5.11
5.88 -0.14
23271
7.44
5.11
-
-
-
-
13126
-
3.00
3.00
2.84
2.89 -0.11
1266022
3.88
2.84
-
-
-
-
3234
5.93
67.37
67.51
65.83
66.01 -1.36
1432935
78.44
65.83
40
-
-
-
5261
Safe Mix Concrete
-
-
- 122R
3891
Flying Cement Ltd
-
-
Dewan Cement
Dadex Eternit
2011 Div BR (%) (%)
1.13
2.44
2.65
2.38
2.42 -0.02
92398
3.30
2.20
-
-
-
-
2228
-
6.00
6.39
5.80
5.86 -0.14
12991
8.15
5.80
-
-
-
-
200
-
6.54
7.00
6.12
6.50 -0.04
8113
7.95
5.30
-
-
-
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 942.13 Turnover 125,195 P/E (x) 2.62 Company
Paid up Cap(mn)
Cherat PapersackSPOT ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
PE
Open
115 2.59 59.49 230 2.68 1067 4.76 52.39 389 4.03 47 16.18 30.14 844 - 121.25 300
7.75 127.44
High
High Low 947.41 915.26 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 43.91 Low
Close Chg
59.60 56.52 56.52 2.65 2.30 2.55 52.10 51.80 51.80 4.05 3.75 4.00 30.90 29.00 29.12 124.00 115.19 115.19
Close 920.89 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change -21.24 Market cap 35,453.79 mn Div Yield (%) 5.94
Last 60 days High Low
% Change -2.25 5-Day High 979.97 5-Day Low 920.89
2010 Div BR (%) (%)
2011 Div BR (%) (%)
-2.97 -0.13 -0.59 -0.03 -1.02 -6.06
36092 16501 9700 15500 4739 11537
83.23 3.30 56.45 4.19 33.80 143.00
56.52 1.83 45.30 2.43 17.10 103.52
20 25 32.5
25B 10B -
-
50R -
128.00 125.00 127.73 0.29
31116
144.50
106.50
100
-
-
-
Open
High
Low
Diamond Ind 90 Gauhar Engineering Ltd 22 Pak Elektron 1219 Tariq Glass Ind 231
3.21 2.04
10.00 0.60 13.27 18.03
10.85 0.75 13.25 17.90
9.30 0.75 12.62 17.03
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Close 1,474.83 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Change -25.41 Market cap 30,787.71 mn Div Yield (%) 17.48
Last 60 days High Low
2010 Div BR (%) (%)
% Change -1.69 5-Day High 1,544.20 5-Day Low 1,474.83 2011 Div BR (%) (%)
Ados Pak AL-Ghazi Tractor Bolan Casting
66 215 104
0.98 15.71 4.91 221.51 4.52 47.13
15.51 15.10 15.14 -0.57 221.50 216.50 218.26 -3.25 45.48 44.78 45.00 -2.13
2500 2281 2572
18.20 244.95 48.63
14.10 211.00 42.90
400 25
10B
-
-
Ghandhara Ind Millat Tractors XD
213 366
8.69 10.06 7.32 484.01
10.00 9.16 9.39 -0.67 484.00 475.00 475.32 -8.69
12015 22977
13.50 568.40
9.16 475.00
650
25B325.00
-
2010 Div BR (%) (%) 100 60 20 150 10 -
20B - 50.00 20B 10.00 -
Change -36.58 Market cap 283,556.28 mn Div Yield (%) 0.65
Last 60 days High Low
106 7.20 4.06 103 5.70 2.40 500 7.15 5.00 8359 5.59 1.82 15000 21.73 17.25 516 55.00 28.00 85391 36.50 21.35 300 12.95 11.50 3342 83.04 68.60 5176 92.50 68.00 63650 7.18 3.26 626 75.50 41.52 700 14.45 9.00 3100 6.99 3.10 4500 4.00 2.05 1200 15.01 11.20 4673 100.26 50.93 1220 7.88 4.10 6501 44.06 31.51 374 5158.68 3916.04 1500 8.95 6.26
2011 Div BR (%) (%) -
% Change -1.88 5-Day High 1,943.83 5-Day Low 1,820.83
2010 Div BR (%) (%)
2011 Div BR (%) (%)
25 25 25B 40 17.5 110R 7010B 12.5R 10 12 10 15 492 -
-
-
Close Chg 10.00 0.75 12.74 17.03
0.00 0.15 -0.53 -1.00
Close 1,013.03 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 152 8500 84207 33079
Change -30.34 Market cap 4,964.65 mn Div Yield (%) 3.28
21.84
Total Assets (Rs in mn)
MA (10-day)
13.70
Total Equity (Rs in mn)
11,336.15
MA (100-day)
14.65
Revenue (Rs in mn)
19,770.94
MA (200-day)
14.68
Interest Expense
1st Support
12.00
Profit after Taxation
180,865.41
0.00 1,200.16
11.64
EPS 09 (Rs)
1.970
1st Resistance
13.11
Book value / share (Rs)
18.61
2nd Resistance
13.86
PE 10 E (x)
3.13
Pivot
12.75
PBV (x)
0.67
FABL closed down -1.00 at 12.39. Volume was 116 per cent above average and Bollinger Bands were 16 per cent wider than normal. The company's profit after taxation stood at Rs1.807 billion which translates into an Earning Per Share of Rs2.97 for the nine months of current calendar year (9MCY10). FABL is currently 15.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of FABL (bearish). Trend forecasting oscillators are currently bearish on FABL. Momentum oscillator is currently indicating that FABL is currently in an oversold condition.
Gul Ahmed Textile Mills Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
29.50
Total Assets (Rs in mn)
MA (10-day)
29.50
Total Equity (Rs in mn)
MA (100-day)
26.27
Revenue (Rs in mn)
MA (200-day)
23.89
Interest Expense
944.60
1st Support
31.03
Profit after Taxation
477.53
2nd Support
30.13
EPS 10 (Rs)
7.523
1st Resistance
32.40
Book value / share (Rs)
56.65
2nd Resistance
32.87
PE 11 E (x)
14,599.69
4.59
Pivot
31.50
PBV (x)
0.56
3,595.77 19,688.79
GATM closed up 1.52 at 31.97. Volume was 3,039 per cent above average (trending) and Bollinger Bands were 14 per cent narrower than normal. The company's profit after taxation stood at Rs110.349 million which translates into an Earning Per Share of Rs1.74 for the 1st quarter of current fiscal year (1QFY11). GATM is currently 32.0 per cent above 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 very strong flows of volume into GATM (bullish). Trend forecasting oscillators are currently bearish on GATM.
Hira Textile Mills Limited
% Change -2.91 5-Day High 1,059.56 5-Day Low 1,013.03
Last 60 days High Low
2010 Div BR (%) (%)
15.84 1.65 15.88 24.00
17.5
7.55 0.45 12.62 16.00
10B -
2011 Div BR (%) (%) - 200R
PERSONAL GOODS Open 1,004.09 Turnover 10,284,951 P/E (x) 6.83 Company
Paid up Cap(mn)
Amtex Limited Artistic Denim Azgard Nine Bannu Woolen XD Bata (Pak) Brothers Textile Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Fibres Ltd D S Ind Ltd Dawood Lawrencepur Dewan Mushtaq Textile Din Textile Ellcot Spinning Fazal Cloth Fazal Textile Gadoon Textile XD Ghazi Fabrics Gul Ahmed Textile Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres Indus Dyeing J K Spinning Khalid Siraj Kohinoor Ind Kohinoor Textile Mehmood Textile Mohd Farooq Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Prosperity Ravi Textile Reliance Cotton Reliance Weaving Rupali Poly Sally Textile Samin Textile Sana Ind Saritow Spinning Service Ind Shadman Cot XD Shahzad Textile Thal Limited Treet Corp Tri-Star Poly Zil Limited
2594 840 4493 76 76 98 400 1150 316 2442 124 600 514 34 204 110 188 62 234 326 635 222 138 716 3105 181 184 107 303 1455 150 189 145 1614 3516 560 185 250 103 308 341 88 267 55 133 120 176 180 307 418 215 53
High Low 1,016.25 987.44 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 8.64
PE
Open
High
Low
Close Chg
7.77 5.54 0.48 5.12 0.35 26.25 3.52 0.70 54.94 0.14 0.64 0.51 1.12 3.82 0.75 1.11 4.59 0.93 0.70 3.43 2.79 1.10 3.35 0.70 2.13 5.34 4.41 1.18 0.72 0.69 3.72 0.20 5.00 3.12 0.33 7.00 2.84 0.42 5.72 8.14 5.28
3.65 20.60 10.45 14.10 620.73 0.35 0.80 2.70 863.01 2.36 15.06 1.53 45.99 4.30 29.60 21.43 62.89 419.00 73.14 6.00 30.45 8.00 0.59 3.67 49.95 288.72 7.24 0.67 1.42 5.08 56.50 0.71 0.40 26.65 62.30 13.15 14.00 1.05 40.00 10.21 41.48 4.67 6.00 41.10 1.51 210.16 16.02 6.11 117.14 53.60 0.87 82.91
3.65 20.85 10.54 13.55 635.00 0.40 1.00 2.75 870.00 2.87 15.00 1.69 48.29 4.65 30.00 22.50 59.75 439.95 76.79 7.00 31.97 7.99 0.85 3.80 49.00 296.00 7.20 0.77 1.47 5.00 58.90 1.15 0.57 26.70 62.38 13.50 15.00 1.20 41.00 10.70 41.94 4.59 6.35 43.00 2.10 215.00 15.60 7.00 118.99 54.20 0.79 84.75
3.40 19.60 9.71 13.55 589.70 0.40 1.00 2.42 825.00 2.25 14.10 1.42 45.01 4.00 29.74 22.50 59.75 400.00 71.20 5.50 30.60 7.50 0.55 3.65 47.46 274.29 6.60 0.51 1.25 4.55 56.00 0.60 0.37 25.50 59.88 12.71 15.00 1.06 41.00 9.85 40.00 4.10 5.82 40.10 1.37 204.00 15.60 6.99 115.00 50.99 0.77 78.77
3.42 -0.23 19.94 -0.66 9.83 -0.62 13.55 -0.55 589.70-31.03 0.35 0.00 0.80 0.00 2.45 -0.25 825.32-37.69 2.25 -0.11 15.06 0.00 1.46 -0.07 46.70 0.71 4.04 -0.26 30.00 0.40 22.50 1.07 59.75 -3.14 409.93 -9.07 76.39 3.25 6.80 0.80 31.97 1.52 7.70 -0.30 0.79 0.20 3.75 0.08 47.46 -2.49 286.71 -2.01 7.20 -0.04 0.51 -0.16 1.25 -0.17 4.69 -0.39 57.12 0.62 0.88 0.17 0.37 -0.03 25.61 -1.04 60.20 -2.10 13.05 -0.10 15.00 1.00 1.09 0.04 41.00 1.00 9.89 -0.32 40.02 -1.46 4.11 -0.56 6.00 0.00 41.10 0.00 2.00 0.49 204.37 -5.79 15.60 -0.42 7.00 0.89 115.31 -1.83 51.09 -2.51 0.87 0.00 78.87 -4.04
Close 993.66 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change -10.43 Market cap 131,111.46 mn Div Yield (%) 2.44
Last 60 days High Low
489974 4.98 1571 24.59 3666816 12.84 600 15.10 674 705.00 200 1.49 430 2.00 66999 3.76 1164 1020.00 1008 2.97 423 15.10 83374 2.10 139904 48.29 25215 8.90 208001 30.00 7500 23.08 500 76.24 165 454.50 36104 77.40 1000 7.00 185295 33.19 1330 8.50 9808 1.10 231561 4.47 5458 55.00 321 350.15 106 9.50 5498 1.25 4010 2.00 55362 5.95 774 70.30 1818 2.08 14133 0.90 1922927 28.04 2944395 71.89 20748 14.45 2000 15.50 23490 1.98 54774 43.30 1049 11.39 15370 42.70 2015 4.68 211 7.00 215 49.66 3501 2.89 3455 276.50 500 16.95 3119 7.05 5059 132.00 23868 63.30 140 1.45 10574 87.90
% Change -1.04 5-Day High 1,004.16 5-Day Low 993.66
2010 Div BR (%) (%)
3.40 30 19.60 20 9.20 12.60 20 580.00 280 0.15 0.80 5 2.42 825.00 2.06 10.30 10 1.42 35.00 5 2.90 25.10 20 10B 18.75 35 42.40 100SD 371.02 100 47.00 70 3.01 10 24.00 12.5 6.30 10 20B 0.31 3.31 10 37.01 20 188.01 50 4.05 20 5B 0.25 0.75 4.50 53.68 60 0.60 0.13 21.15 15 56.80 25 45R 6.36 13.05 30 0.65 33.99 20 8.50 25SD 35.00 40 3.61 10 5.06 - 100R 34.50 60 1.00 204.00 7.00 5.00 5 98.63 80 20B 50.99 0.33 47.50 35 -
2011 Div BR (%) (%) -
-
PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index
INDUSTRIAL ENGINEERING High Low 1,496.61 1,469.25 Total cos Defaulter cos P/BV (x) ROE (%) 2.86 38.02
Volume
% Change -3.47 5-Day High 1,250.02 5-Day Low 1,160.94
Performance of SR Personal Goods Index
Open 896.72 Turnover 238,329 P/E (x) 6.72
Performance of SR Industrial Engineering Index Open 1,500.24 Turnover 42,383 P/E (x) 7.52
Close Chg
High Low 1,044.88 1,004.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.20 10.64
PE
-
% Change -2.00 5-Day High 906.01 5-Day Low 853.33
Low
Paid up Cap(mn)
Company
Performance of SR Construction and Materials Index High Low 878.45 845.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.10
High
Close 1,907.24 Listed cap 11,335.33 mn Payout (%) 30.57
RSI (14-day)
HOUSEHOLD GOODS
CONSTRUCTION AND MATERIALS Open 870.75 Turnover 6,101,729 P/E (x) 5.78
-
Performance of SR Household Goods Index
-
INDUSTRIAL METALS AND MINING High Low 1,028.40 988.42 Total cos Defaulter cos P/BV (x) ROE (%) 1.10 33.10
Open
High Low 1,999.47 1,886.01 Total cos Defaulter cos P/BV (x) ROE (%) 14.21 30.30
0.91 5.51 6.00 4.60 5.51 0.00 7.50 3.00 2.66 2.62 3.00 0.00 0.66 6.24 6.50 6.50 6.50 0.26 3.26 3.15 3.11 3.11 -0.15 1.42 18.00 17.50 17.50 17.50 -0.50 36.01 37.81 34.56 34.61 -1.40 8.61 22.02 22.09 21.50 21.70 -0.32 7.42 12.17 12.00 12.00 12.17 0.00 36.52 79.09 83.04 79.98 81.81 2.72 1.27 71.02 72.99 70.25 71.54 0.52 4.23 4.99 3.26 3.58 -0.65 20.98 58.39 57.94 55.48 56.23 -2.16 1.13 11.20 11.18 10.50 10.57 -0.63 3.75 3.75 3.68 3.68 -0.07 6.82 3.35 3.10 3.00 3.00 -0.35 2.18 12.15 11.90 11.20 11.88 -0.27 4.39 64.01 67.21 60.81 65.56 1.55 0.33 4.76 4.79 4.31 4.62 -0.14 14.64 41.00 41.50 41.00 41.00 0.00 19.23 4913.03 5158.68 4668.00 4729.55 -183.48 6.91 6.50 6.26 6.26 -0.65
Performance of SR Industrial Metals and Mining Index Open 1,023.56 Turnover 182,004 P/E (x) 3.32
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
2nd Support
Change -41.70 Market cap 43,268.58 mn Div Yield (%) 5.21
Dawood Hercules
Clariant Pak
-
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,620.26 Turnover 30,714,091 P/E (x) 8.95
2011 Div BR (%) (%)
AUTOMOBILE AND PARTS Open 1,202.64 Turnover 263,508 P/E (x) 3.92
Faysal Bank Limited
% Change -1.84 5-Day High 740.24 5-Day Low 705.46
2010 Div BR (%) (%) 40 15
Alert ! Unusual Movements
Company
Paid up Cap(mn)
PE
Open
High
High Low 897.83 867.01 Total cos Defaulter cos P/BV (x) ROE (%) 1.50 22.31 Low
Close Chg
Close 876.71 Listed cap 3,904.20 mn Payout (%) 44.54
Volume
Change -20.01 Market cap 29,089.00 mn Div Yield (%) 6.63
Last 60 days High Low
% Change -2.23 5-Day High 896.72 5-Day Low 876.71
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Abbott (Lab) Ferozsons (Lab)
979 250
7.62 6.93
96.47 92.66
96.50 91.80
91.65 90.50
91.65 -4.82 91.80 -0.86
11396 1262
112.50 98.00
90.30 83.00
50 -
20B
-
-
GlaxoSmithKline Highnoon (Lab)
1707 165
12.65 7.30
72.13 26.90
72.00 26.50
70.05 26.00
70.34 -1.79 26.36 -0.54
6213 1700
89.98 30.48
70.05 24.94
-
-
-
-
9.99 174.00 69.00
7.16 116.00 58.50
100 30
-
-
-
IBL HealthCare Ltd Sanofi-Aventis Searle Pak
200 96 306
3.92 8.95 6.46 153.00 5.57 61.66
9.95 9.10 9.95 1.00 152.03 148.60 150.02 -2.98 62.68 60.50 61.95 0.29
142372 861 74522
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
45.00
Total Assets (Rs in mn)
3,356.84
MA (10-day)
3.77
Total Equity (Rs in mn)
1,312.24
MA (100-day)
4.02
Revenue (Rs in mn)
3,116.91
MA (200-day)
3.87
Interest Expense
263.53
1st Support
3.70
Profit after Taxation
248.83
2nd Support
3.60
EPS 10 (Rs)
3.478
1st Resistance
3.85
Book value / share (Rs)
18.34
2nd Resistance
3.90
PE 11 E (x)
0.70
Pivot
3.75
PBV (x)
0.20
HIRAT closed up 0.08 at 3.75. Volume was 77 per cent above average and Bollinger Bands were 28 per cent narrower than normal. The company's profit after taxation stood at Rs94.915 million which translates into an Earning Per Share of Rs1.33 for the 1st quarter of current fiscal year (1QFY11). HIRAT is currently 3.1 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 HIRAT at a relatively equal pace. Trend forecasting oscillators are currently bearish on HIRAT.
Sitara Energy Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
41.62
Total Assets (Rs in mn)
3,547.15
MA (10-day)
17.64
Total Equity (Rs in mn)
1,183.42
MA (100-day)
19.06
Revenue (Rs in mn)
3,875.48
MA (200-day)
20.49
Interest Expense
303.74
1st Support
16.80
Profit after Taxation
107.20
2nd Support
16.35
EPS 10 (Rs)
5.615
1st Resistance
18.00
Book value / share (Rs)
61.99
2nd Resistance
18.75
PE 11 E (x)
3.22
Pivot
17.55
PBV (x)
0.28
SEL closed down -0.83 at 17.27. Volume was 1,235 per cent above average (trending) and Bollinger Bands were 28 per cent narrower than normal. The company's profit after taxation stood at Rs25.571 million which translates into an Earning Per Share of Rs1.34 for the 1st quarter of current fiscal year (1QFY11). SEL is currently 16.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SEL (mildly bullish). Trend forecasting oscillators are currently bearish on SEL.
BOOK CLOSURES Company
From
To
Fauji Fertilizer (Tfc) Nib Bank Attock Petroleum (Tfc) Searle Pakistan Cherat Papersack Kohinoor Energy Pakistan State Oil Pakistan Petroleum Pakistan Petroleum (Pref) Central Insurance # Colgate - Palmolive # Picic Growth Fund Picic Invt. Fund Picic Energy Fund Shabbir Tiles & Ceramics # Pioneer Cement Tariq Glass Bank Al-Habib Husein Industries # Crescent Steel Allied Bank Ltd. Tri-Pack Films Fauji Fertilizer Bin Qasim
23-Feb 23-Feb 24-Feb 24-Feb 01-Mar 02-Mar 03-Mar 03-Mar 03-Mar 03-Mar 04-Mar 05-Mar 05-Mar 05-Mar 06-Mar 06-Mar 07-Mar 07-Mar 07-Mar 09-Mar 10-Mar 10-Mar 15-Mar
01-Mar 05-Mar 04-Mar 09-Mar 11-Mar 08-Mar 09-Mar 09-Mar 09-Mar 10-Mar 10-Mar 12-Mar 12-Mar 12-Mar 12-Mar 12-Mar 13-Mar 17-Mar 12-Mar 15-Mar 16-Mar 18-Mar 21-Mar
D/B/R
Spot AGM/Date
35(F) 25(B) 14-Feb 115(I) 15-Feb 50(R) 10(I) 50(I) 50(I) 23-Feb 30(I) 12.50(I) 7.5(I) 10(I) 35.23Pref(R) 200(R) 25-Feb 20(F) 20(B) 10(I) 01-Mar 20(F) 10(B) 100(F) 35(F) -
01-Mar 10-Mar 10-Mar 12-Mar 17-Mar 12-Mar 16-Mar 18-Mar 21-Mar
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co. Lakson Tobacco Pak Tobacco Shifa Int.Hospitals Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies
Open 3.09 93 246.68 105 31.11 20.29 2.72 39.8 2.96 22.58
High 3.09 95.9 250 103.9 31.45 21 2.85 39.05 3 22.75
Low Close 2.85 91.5 234.35 99.75 31.2 19.28 2.51 38 2.75 21.46
2.87 95 247.46 100.03 31.21 19.31 2.69 38.05 2.78 21.46
Change -0.22 2 0.78 -4.97 0.1 -0.98 -0.03 -1.75 -0.18 -1.12
Vol 1044484 5649 299 574 500 754 367503 1990 902500 513244
7
Wednesday, February 23, 2011 Ask Gen Insurance
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,113.30 Turnover 2,138,012 P/E (x) 5.91 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,124.13 1,075.87 Total cos Defaulter cos P/BV (x) ROE (%) 0.76 12.84
PE
Open
High
Low
Close Chg
78 4.44 37740 12.45 3000 0.57 8606 6175 -
72.00 19.00 2.03 2.52 3.28
74.80 19.15 2.05 2.59 3.47
68.60 18.40 1.90 2.41 3.05
72.00 18.67 1.93 2.42 3.18
0.00 -0.33 -0.10 -0.10 -0.10
Close 1,091.68 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 302 1204404 207362 725944 339821
Change -21.62 Market cap 75,650.27 mn Div Yield (%) 10.58
% Change -1.94 5-Day High 1,113.30 5-Day Low 1,086.81
Last 60 days High Low
2010 Div BR (%) (%)
82.99 20.65 2.67 3.45 4.65
80 17.5 1 -
68.60 17.70 1.90 2.41 3.05
2011 Div BR (%) (%)
-
-
-
204
6.12
PE
Open
High
Low
Genertech 198 Hub Power 11572 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 Kohinoor Power 126 Kot Addu Power 8803 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 Sitara Energy Ltd 191 Southern Electric 1367 Tri-star Power XD 150
6.83 7.54 2.44 5.47 3.27 2.32 5.27 -
0.71 38.14 1.45 2.70 17.15 4.50 44.01 15.65 16.40 18.10 1.92 0.82
0.75 38.19 1.58 2.90 17.96 4.10 44.00 15.80 16.40 18.30 1.91 0.80
0.68 37.05 1.25 2.61 17.15 4.00 42.30 14.75 15.80 17.10 1.66 0.75
Close 1,277.50 Listed cap 95,369.29 mn Payout (%) 104.13
Change -32.77 Market cap 105,026.66 mn Div Yield (%) 7.47
Close Chg
Volume
Last 60 days High Low
0.70 37.27 1.39 2.63 17.35 4.00 42.59 14.91 15.87 17.27 1.71 0.75
5800 1346808 72205 2364377 2503 11300 1493429 1565589 1796172 241302 778452 14600
1.18 41.20 2.15 3.55 22.85 5.39 45.85 18.01 18.70 19.35 2.80 1.49
-0.01 -0.87 -0.06 -0.07 0.20 -0.50 -1.42 -0.74 -0.53 -0.83 -0.21 -0.07
Sui North Gas Sui South Gas
High Low 1,573.34 1,495.68 Total cos Defaulter cos P/BV (x) ROE (%) 1.11 11.41
0.65 36.00 1.25 2.16 17.15 3.85 39.31 13.32 14.25 16.50 1.66 0.70
Close 1,495.68 Listed cap 12,202.80 mn Payout (%) 66.79
2010 Div BR (%) (%) 50 15 50 20 -
2011 Div BR (%) (%)
- 25.00 7.8R - 10.00 - 30.00 -
-
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
7.01 3.56
24.77 24.88
24.75 24.88
23.54 23.64
23.54 -1.23 23.64 -1.24
191370 160290
29.39 27.90
23.54 19.95
% Change -4.97 5-Day High 1,627.07 5-Day Low 1,495.68
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index
Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.20 67.46 Askari Bank 6427 6.68 15.03 Bank Alfalah 13492 12.67 10.31 Bank AL-Habib 7322 7.25 36.45 Bank Of Khyber 5004 5.35 4.10 Bank Of Punjab 5288 7.65 BankIslami Pak 5280 855.00 3.60 Faysal Bank 7327 4.00 13.39 Habib Bank Ltd 10019 7.45 121.73 Habib Metropolitan Bank 8732 7.43 25.00 JS Bank Ltd 8150 2.62 KASB Bank Ltd 9509 1.59 MCB Bank Ltd 7602 9.40 212.31 Meezan Bank 6983 7.54 18.15 Mybank Ltd 5304 2.32 National Bank 13455 6.15 73.26 NIB Bank 40437 2.55 Samba Bank 14335 1.85 Silkbank Ltd 26716 2.46 Soneri Bank 6023 6.40 Stand Chart Bank 38716 10.43 7.42 Summit Bank Ltd 7251 3.37 United Bank Ltd 12242 7.04 61.07
High
High Low Close 1,105.92 1,064.34 1,073.81 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.08 13.94 40.49 Low
Close Chg
67.50 65.51 65.70 -1.76 14.35 14.03 14.03 -1.00 10.30 9.80 9.88 -0.43 36.60 35.55 35.66 -0.79 4.23 3.96 4.01 -0.09 7.69 6.65 6.65 -1.00 3.79 3.36 3.42 -0.18 13.50 12.39 12.39 -1.00 122.75 118.51 119.25 -2.48 24.50 24.11 24.30 -0.70 2.65 2.50 2.57 -0.05 1.64 1.51 1.55 -0.04 213.50 206.00 208.74 -3.57 18.24 17.80 17.80 -0.35 2.69 2.25 2.25 -0.07 73.15 70.10 70.41 -2.85 2.60 2.50 2.51 -0.04 1.87 1.70 1.71 -0.14 2.48 2.30 2.31 -0.15 6.34 6.05 6.09 -0.31 7.20 6.70 6.78 -0.64 3.58 3.20 3.30 -0.07 61.05 59.25 59.91 -1.16
Volume
Change -30.11 Market cap 652,218.39 mn Div Yield (%) 5.23
Last 60 days High Low
145060 74.00 1283317 19.25 1172588 11.99 317100 39.49 16893 4.70 6703233 10.38 121903 4.50 600749 16.47 309012 128.97 9679 29.28 841701 2.92 169933 2.80 972662 250.48 203635 20.30 115841 3.40 2285670 80.61 722646 3.35 54930 2.17 3034450 3.05 65123 8.48 54617 9.04 303571 4.63 2567798 70.65
59.12 14.03 9.50 33.10 3.65 6.65 3.00 12.39 102.55 23.50 2.30 1.49 203.29 15.10 2.00 65.31 2.50 1.70 2.30 6.05 6.61 2.77 58.00
% Change -2.73 5-Day High 1,125.41 5-Day Low 1,073.81
2010 Div BR (%) (%)
2011 Div BR (%) (%)
40 10B - 10B 20 20B - 20B 65 10B - 66R 85 10B - 15B -63.46R 50 -
-
-
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 752.40 Turnover 1,027,556 P/E (x) 12.04 Paid up Cap(mn)
Company Adamjee Insurance
10.00
-
25R
-
4102
40.00
34.52
-
-
-
-
4257
83.00
57.80
10
10B
-
-
Century Insurance
457
5.99
10.59
10.38
9.59
9.59 -1.00
9832
11.99
9.50
-
-
-
-
Crescent Star Insurance
121
-
3.42
4.35
4.30
3.42 0.00
101
6.30
3.11
-
-
-
-
EFU General Insurance
-
1250
-
37.83
37.90
36.43
36.56 -1.27
43595
47.90
36.43
-
-
-
Habib Insurance
400
3.10
13.40
13.02
13.00
13.00 -0.40
1100
15.50
12.00
-
-
-
-
IGI Insurance
718
8.43
99.79
100.00
96.00
98.16 -1.63
13294
102.44
81.10
30
55B
-
-
New Jub Insurance
791 15.68
58.91
58.98
56.00
58.17 -0.74
1855
61.80
56.00
-
-
-
-
3000 39.85
16.47
16.55
15.47
15.54 -0.93
677584
19.40
15.47
-
-
-
-
Pak Reinsurance PICIC Ins Ltd
350 60.79
8.73
8625
10.75
6.01
-
-
UP TO 100 VOLUME
-
36.84 -1.13 71.68 -2.34
8.60
8.10
8.51 -0.22
Premier Insurance
303
5.79
10.85
10.90
10.21
10.72 -0.13
16108
12.93
9.65
-
-
-
-
Shaheen Insurance
200
-
9.79
10.65
9.85
9.79 0.00
250
14.20
9.41
-
-
-
25R
Silver Star Insurance
253
3.98
6.50
6.46
-
6.10
6.40 -0.10
5500
8.20
6.01
-
-
-
-
Symbols SAIF CHAS BUXL ADAMS SCLL NESTLE FECM GRAYS RMPL UBDL MSCL PCAL ARPAK SHEZ MQTM FPRM SRSM IDSM LIBM MODAM PECO NOPK CJPL DSML IDRT GWLC HINO ESBL ICCT FASM PAKMI DWTM HMIM COTT INKL BTL HUSS MRNS SIEM EMCO FCONM NPSM MOON ICL YOUW FIBLM WYETH LEUL DCM HUSI LATM SIBL ALICO UVIC AZAMT BCML GUTM SALT TATM AGL DWAE BAPL CLOV PSEL
-
LIFE INSURANCE Open 713.88 Turnover 86,486 P/E (x) 5.30 Paid up Cap(mn)
High Low 755.99 718.91 Total cos Defaulter cos P/BV (x) ROE (%) 0.63 5.20
Close 728.23 Listed cap 11,111.34 mn Payout (%) 79.54
Change -24.18 Market cap 45,979.00 mn Div Yield (%) 6.61
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 22.87
82.11
82.85
78.01
78.91 -3.20
238852
96.40
78.01
% Change -3.21 5-Day High 766.06 5-Day Low 728.23
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
High Low 729.63 685.69 Total cos Defaulter cos P/BV (x) ROE (%) 3.04 3.85
Close 703.01 Listed cap 2,290.72 mn Payout (%) 355.53
Change -10.87 Market cap 8,345.06 mn Div Yield (%) 4.51
% Change -1.52 5-Day High 745.45 5-Day Low 703.01
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
EFU Life Assurance
850 31.01
57.07
58.20
54.22
54.58 -2.49
12118
86.95
54.22
-
-
-
-
New Jub Life Insurance
627 29.87
42.60
44.73
42.10
44.50 1.90
74367
49.31
39.05
-
-
-
-
Company
2010 Div BR (%) (%)
2011 Div BR (%) (%)
FINANCIAL SERVICES Performance of SR Financial Services Index Open 378.29 Turnover 4,803,496 P/E (x) 11.57 Paid up Cap(mn)
Company
Change -78.30 Market cap 32,759.14 mn Div Yield (%) 6.89
Paid up Cap(mn)
Open 1,103.92 Turnover 21,768,540 P/E (x) 7.74
12.75
36.11 71.60
GAS WATER AND MULTIUTILITIES
Company
2500
36.99 77.72
% Change -2.50 5-Day High 1,310.27 5-Day Low 1,277.50
Performance of SR Gas Water and Multiutilities Index Open 1,573.98 Turnover 351,660 P/E (x) 9.70
10.10 -0.16
37.97 74.02
Performance of SR Life Insurance Index
High Low 1,319.02 1,269.07 Total cos Defaulter cos P/BV (x) ROE (%) 1.30 9.35
Paid up Cap(mn)
10.10
5.86 8.15
ELECTRICITY
Company
10.11
369 279
Performance of SR Electricity Index Open 1,310.27 Turnover 9,692,537 P/E (x) 13.93
10.26
Atlas Insurance Central Insurance XB
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Equities First National Equity Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Trust Brokerage
High Low 383.46 351.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.24 0.91
PE
Open
High
Low
225 1.32 360 3.49 450 11.48 3750 4.03 250 575 215 2121 9.32 600 5.16 2849 3166 626 0.54 7633 508 500 6.67 1000 1000 821 4.44 775 452 100 -
0.52 21.37 23.68 22.88 1.67 4.85 2.75 2.12 6.88 0.55 3.34 1.62 10.42 3.60 26.03 6.01 4.34 6.01 1.90 0.69 3.89
0.59 21.00 23.51 22.88 1.90 5.00 3.25 2.49 7.69 0.60 3.26 1.74 10.49 3.65 26.00 6.04 4.70 6.05 1.95 0.63 2.89
0.50 20.31 22.50 21.74 1.70 4.95 2.25 2.05 6.22 0.51 3.10 1.50 9.50 3.20 24.73 5.75 4.35 5.95 1.62 0.55 2.89
Close Chg 0.58 20.50 22.50 21.91 1.70 4.95 3.25 2.05 6.40 0.56 3.11 1.52 9.73 3.23 24.82 5.86 4.42 6.04 1.67 0.69 3.89
0.06 -0.87 -1.18 -0.97 0.03 0.10 0.50 -0.07 -0.48 0.01 -0.23 -0.10 -0.69 -0.37 -1.21 -0.15 0.08 0.03 -0.23 0.00 0.00
Close 358.62 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 45004 79095 64027 1782548 2507 501 1978 2557 7001 9160 59585 17185 3889216 259368 2862 79157 31629 72751 179433 124 200
Change -19.67 Market cap 16,877.62 mn Div Yield (%) 3.82
% Change -5.20 5-Day High 395.17 5-Day Low 358.62
Last 60 days High Low
2010 Div BR (%) (%)
0.95 24.85 28.00 30.20 2.75 9.00 3.25 3.90 8.98 1.09 3.95 2.14 13.40 4.49 31.50 7.40 5.43 7.29 2.50 0.97 4.40
30 11.5 10 -
0.33 16.80 22.50 21.74 1.28 4.10 0.18 2.05 6.22 0.46 2.95 1.05 9.50 3.20 24.73 5.75 3.80 5.81 1.62 0.41 1.42
2011 Div BR (%) (%)
20B 20B 10B -
-
-
Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba B R R Guardian Mod. Crescent St Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Stand Chart Modaraba Tri-Star 1st Modaraba Tri-Star Mutual U D L Modaraba UNICAP Modaraba
PE
Open
High
Low
264 8.19 1375 3.93 210 1.92 780 2.95 200 1.58 524 11.06 300 7.40 581 0.75 760 1.46 397 3.44 1008 6.03 3180 2.02 1186 1.20 283 1.80 1200 2.47 1000 3.15 2835 3.96 2841 3.29 872 2.02 454 4.86 212 50 2.75 264 1.76 136 24.00
1.33 10.00 3.00 1.35 0.69 1.92 3.00 2.08 3.30 7.67 7.10 5.45 5.43 2.55 8.64 7.90 13.54 6.47 1.04 9.61 0.85 1.29 6.40 0.25
1.90 10.00 3.40 1.30 0.75 1.92 3.00 2.49 3.28 7.67 7.15 5.45 5.48 2.88 8.59 7.90 13.65 6.51 1.10 9.90 1.08 1.75 6.38 0.48
1.30 9.65 3.30 1.26 0.60 1.77 2.95 2.02 3.15 6.84 7.00 5.21 5.00 2.88 8.35 7.60 13.20 6.01 1.00 9.50 0.71 0.84 6.14 0.20
Close 1,383.05 Listed cap 29,771.58 mn Payout (%) 104.74
Change -35.17 Market cap 18,536.97 mn Div Yield (%) 8.85
% Change -2.48 5-Day High 1,453.45 5-Day Low 1,383.05
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
1.31 9.74 3.30 1.30 0.63 1.77 2.96 2.20 3.18 7.01 7.00 5.25 5.01 2.88 8.59 7.62 13.22 6.05 1.05 9.52 0.85 0.99 6.18 0.48
737 191471 501 26648 6068 3017 500 125212 131231 2900 82164 107412 85007 500 137490 117098 86028 129087 33922 5421 473 5691 3900 12000
2.34 11.50 3.50 2.79 0.87 2.98 5.44 2.57 3.89 9.00 7.30 6.17 6.61 3.50 10.24 8.83 16.49 7.95 1.20 10.63 2.25 2.00 6.55 0.95
18.5 5 0 1.2 17 11 21 5 10 2.8 15.5 10 20 10 3 17 12.5 -
-0.02 -0.26 0.30 -0.05 -0.06 -0.15 -0.04 0.12 -0.12 -0.66 -0.10 -0.20 -0.42 0.33 -0.05 -0.28 -0.32 -0.42 0.01 -0.09 0.00 -0.30 -0.22 0.23
1.16 6.50 2.51 1.26 0.16 1.30 2.55 1.61 2.80 6.40 6.50 4.09 3.76 1.26 5.82 5.40 9.45 4.50 0.81 8.51 0.67 0.60 5.50 0.06
2011 Div BR (%) (%)
- 5.00 - 10.00 - 12.50 - 7.50 -
Open
NBP-FEB 73.35 FFBL-FEB 41.10 ANL-FEB 10.50 NML-FEB 62.60 ANL-MAR 10.56 BOP-MAR 7.77 ENGRO-FEB 217.76 POL-FEBB 307.29 NBP-MAR 73.99 DGKC-FEB 24.33 DGKC-MAR 23.86 POL-MAR 308.53 BOP-FEB 7.66 FFC-FEBB 120.70 MCB-FEB 212.93 PSO-FEB 272.90 NML-MAR 62.85 ENGRO-MAR 181.88 FFBL-MAR 38.28 MCB-MAR 193.90 FFC-MAR 121.13 LUCK-FEB 67.47 OGDC-FEB 164.56 PPL-FEB 200.15 OGDC-MAR 163.68 UBL-FEB 61.26 AICL-FEB 82.50 UBL-MAR 61.95 PPL-MAR 196.60 NCL-FEB 26.64 AICL-MAR 82.80 NETSOL-FEB 23.00 NCL-MAR 26.48 LUCK-MAR 67.95 PTC-MAR 19.30 PSO-MAR 270.00 HUBC-MAR 38.75
EQUITY INVESTMENT INSTRUMENTS High Low 1,429.49 1,374.25 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 2.21
5.85 9.00 9.85 14.50 2.27 3502.80 3.03 47.82 2520.59 28.92 12.85 54.00 11.97 167.47 7.85 9.00 3.23 8.96 67.00 1.32 136.38 26.99 0.90 3.00 3.68 6.88 128.00 2.39 1.49 35.01 0.90 8.99 0.95 1.37 9.00 60.90 11.43 55.75 1000.09 2.36 1.21 25.00 16.50 24.00 1.45 1.62 1065.00 2.21 1.54 5.51 8.99 2.98 16.60 2.24 2.02 11.13 18.35 70.01 40.07 23.83 1.09 7.09 56.41 159.88
High 5.70 9.00 10.00 14.06 2.70 3550.00 3.00 47.06 2638.00 30.36 13.79 53.05 10.97 174.00 8.80 8.21 3.70 9.00 67.10 1.49 130.05 25.65 1.15 2.01 3.60 6.74 128.00 2.45 1.64 36.65 1.05 9.98 0.87 1.36 9.00 60.00 12.35 52.97 991.00 2.80 1.99 24.00 16.99 25.10 1.47 2.39 1070.00 2.00 1.65 5.40 7.99 3.00 15.61 2.35 2.47 11.90 17.44 73.20 42.00 24.25 1.35 7.75 57.00 151.89
Low
Close
5.70 9.00 10.00 14.06 2.11 3465.00 3.00 47.06 2436.00 27.48 11.85 53.05 10.97 160.16 8.80 8.21 3.30 7.96 67.10 1.31 129.57 25.65 0.75 2.01 3.11 6.00 122.00 2.00 1.15 36.00 1.05 9.98 0.87 1.36 9.00 60.00 12.35 52.97 990.00 2.80 1.99 24.00 16.99 25.10 1.10 1.60 1011.76 2.00 1.49 5.40 7.99 3.00 15.61 2.35 2.47 11.90 17.44 73.20 42.00 24.25 1.35 7.75 57.00 151.89
5.85 9.00 9.85 14.50 2.27 3500.31 3.03 47.82 2443.61 28.92 12.85 54.00 11.97 167.47 7.85 9.00 3.23 8.96 67.00 1.32 136.38 26.99 0.90 3.00 3.68 6.88 128.00 2.39 1.49 35.01 0.90 8.99 0.95 1.37 9.00 60.90 11.43 55.75 1000.09 2.36 1.21 25.00 16.50 24.00 1.45 1.62 1065.00 2.21 1.54 5.51 8.99 2.98 16.60 2.24 2.02 11.13 18.35 70.01 40.07 23.83 1.09 7.09 56.41 159.88
Change
Vol
0.00 0.00 0.00 0.00 0.00 -2.49 0.00 0.00 -76.98 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 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 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100 100 100 99 92 80 68 68 67 53 51 50 50 46 44 42 41 33 30 26 25 22 20 16 12 12 12 11 11 11 10 10 10 10 10 10 10 10 10 10 5 5 5 5 4 3 3 3 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Performance of SR Equity Investment Instruments Index Open 1,418.22 Turnover 1,294,632 P/E (x) 18.39
Open
-
High 73.00 41.01 10.38 62.20 10.41 7.51 217.30 308.30 74.00 24.50 24.30 308.00 7.51 119.98 212.00 273.00 62.79 180.01 38.40 194.00 120.30 67.00 163.00 200.00 160.05 60.70 81.50 61.61 195.50 26.25 81.60 21.86 26.49 67.00 18.75 270.98 37.55
Low
Close
70.20 39.80 9.70 60.00 9.81 6.77 209.50 296.50 70.97 23.50 23.50 297.50 6.66 114.67 206.25 267.00 60.45 176.00 37.10 186.99 115.25 65.80 158.50 196.51 156.50 59.50 78.38 59.51 193.50 25.51 79.01 21.85 25.60 66.65 18.75 264.50 37.55
70.49 40.03 9.86 60.46 9.91 6.77 210.65 297.73 71.09 23.79 23.70 298.59 6.66 114.97 209.00 268.15 60.72 176.00 37.26 189.07 115.68 66.18 158.89 197.31 157.61 59.92 78.38 60.13 194.90 25.86 79.03 21.85 25.74 66.75 18.75 265.97 37.55
Change -2.86 -1.07 -0.64 -2.14 -0.65 -1.00 -7.11 -9.56 -2.90 -0.54 -0.16 -9.94 -1.00 -5.73 -3.93 -4.75 -2.13 -5.88 -1.02 -4.83 -5.45 -1.29 -5.67 -2.84 -6.07 -1.34 -4.12 -1.82 -1.70 -0.78 -3.77 -1.15 -0.74 -1.20 -0.55 -4.03 -1.20
Vol 727000 721500 590000 530000 528500 498000 493000 465000 378000 262000 255000 253500 249500 248500 245500 221500 149000 138500 119000 107500 101500 101000 88000 68500 68000 53500 41500 36000 33500 30500 23000 23000 22500 20000 17500 16000 10000
ZERO VOLUME Symbols
Open
High
Low
Close
Change
Vol
MUCL
12.74
12.59
12.59
12.59
-0.15
0.00
SUTM
34.50
34.51
34.51
34.51
0.01
0.00
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
28.88
Support 1
11,521.60
MA (5-day)
11,959.05
Support 2
11,393.85
MA (10-day)
12,053.24
Resistance 1
11,880.15
11,434.67
Resistance 2
12,110.90
MA (100-day)
39
10,661.64
Pivot
normal. As far as resistance level is concern, the market will see major 1st Index will continue to find its 1st support level at 11,521.60 and 2nd sup-
Brokerage House
Hold
*Invest Cap
145
Neutral
AKD Securities Ltd
139.5
Positive
TFD Research
TFD Research
44.25
Positive
TFD Research
Technical Outlook Leverage Position Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,067.73 ** NOI Rs (mn) 77.61 Mean 40.50
* 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)
21.69 147.94 123.77 115.40
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Brokerage House
Fair Value
*Invest Cap
74
Rs Recommendations
Rs Recommendations
77
Buy
71.45
466.49 53,688.03 60.56 117.83
78.6
Positive
* 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)
Trend forecasting oscillators are currently bearish on FFBL.
is currently indicating that FFC is currently in an oversold condition.
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 10,583.16 78.26 61.19
* Target price for Jun-11 & **Net Open Interest in future market
Brokerage House
Hold
*Invest Cap
Fair Value
Rs Recommendations
NML is currently 13.4 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of NML (mildly bearish). Trend forecasting oscillators are currently bearish on NML.
Engro Corporation
National Bank of Pakistan
Brokerage House
Brokerage House
Fair Value
Rs Recommendations
36
Buy
*Invest Cap
52.4
Sell
*Invest Cap
Fair Value 210
Rs Recommendations Hold
AKD Securities Ltd
65.06
Neutral
AKD Securities Ltd
38.14
Buy
AKD Securities Ltd
75.5
Neutral
AKD Securities Ltd
229.9
Accumulate
TFD Research
78.44
Positive
TFD Research
36.55
Positive
TFD Research
92.3
Positive
TFD Research
245.4
Positive
Technical Outlook
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
26.78 63.47 61.25 58.03
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
306.04 18,335.15 119.00 60.32
* 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)
18.59 26.49 28.36 26.73
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Technical Outlook
Technical Outlook 200.80 4,765.09 53.23 24.01
* 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)
27.78 74.44 70.59 68.33
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.50 22,425.43 156.50 71.73
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
46.87 215.28 192.83 186.93
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
147.48 31,034.55 191.37 213.55
* Target price for Jun-11 & **Net Open Interest in future market
UBL closed down -1.16 at 59.91. Volume was 86 per cent above average DGKC closed down -0.52 at 23.73. Volume was 50 per cent below average NBP closed down -2.85 at 70.41. Volume was 47 per cent below average ENGRO closed down -6.81 at 210.43. Volume was 12 per cent below aver(consolidating) and Bollinger Bands were 107 per cent wider than normal. and Bollinger Bands were 25 per cent wider than normal. age and Bollinger Bands were 19 per cent narrower than normal. UBL is currently 3.2 per cent above its 200-day moving average and is dis- DGKC is currently 11.2 per cent below its 200-day moving average and is NBP is currently 3.0 per cent above its 200-day moving average and is dis- ENGRO is currently 12.6 per cent above its 200-day moving average and playing a downward trend. Volatility is relatively normal as compared to the displaying a downward trend. Volatility is extremely high when compared playing a downward trend. Volatility is extremely high when compared to is displaying an upward trend. Volatility is high as compared to the average average volatility over the last 10 trading sessions. Volume indicators to the average volatility over the last 10 trading sessions. Volume indica- the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modreflect moderate flows of volume out of UBL (mildly bearish). Trend fore- tors reflect moderate flows of volume out of DGKC (mildly bearish). Trend reflect volume flowing into and out of NBP at a relatively equal pace. Trend casting oscillators are currently bearish on UBL. Momentum oscillator is forecasting oscillators are currently bearish on DGKC. Momentum oscilla- forecasting oscillators are currently bearish on NBP. Momentum oscillator erate flows of volume into ENGRO (mildly bullish). Trend forecasting osciland Bollinger Bands were 53 per cent wider than normal.
currently indicating that UBL is currently in an oversold condition.
tor is currently indicating that DGKC is currently in an oversold condition.
is currently indicating that NBP is currently in an oversold condition.
Time
23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb 23-Feb
10:30 12:30 11:00 11:00 3:00 10:00 11:00 10:30 11:00 12:00 11:30 3:00 3:30 4:00 3:30 10:30 11:30 10:00 11:30 11:30
lators are currently bullish on ENGRO.
TECHNICAL LEVELS Company
Leverage Position
34.01 63.54 59.12 53.06
Date
Ghani Automobile Ind Ltd Ghani Value Glass Ltd Fazal Cloth Mills Ltd Maple Leaf Cement Factory Ltd Kohinoor Textile Mills Ltd Khalid Siraj Textile Mills Ltd Atlas Engineering Ltd Shezan International Ltd Glamour Textile Mills Ltd Soneri Bank Ltd Agriauto Industries Ltd Globe Textile Mills Ltd. National Foods Ltd Globe Textile Mills Ltd. Standard Chartered Leasing Ltd Ghandhara Nissan Ltd Wazir Ali Industries Ltd New Jubilee Life Insurance Ltd B.R.R. Guardian Modaraba Crescent Standard Modaraba
Accumulate
FFBL closed down -1.07 at 39.97. Volume was 14 per cent above average FFC closed down -5.25 at 115.09. Volume was 67 per cent above average NML closed down -2.10 at 60.20. Volume was 37 per cent below average and Bollinger Bands were 63 per cent narrower than normal. and Bollinger Bands were 125 per cent wider than normal. and Bollinger Bands were 6 per cent narrower than normal.
Dera Ghazi Khan Cement Co Ltd
United Bank Ltd
Fair Value
Technical Outlook
Technical Outlook
port level at 11,393.85. KSE 100 INDEX is currently 9.3 per cent above its 200-day moving average FFBL is currently 26.5 per cent above its 200-day moving average and is FFC is currently 0.3 per cent below its 200-day moving average and is disand is displaying a downward trend. Volatility is extremely high when com- displaying a downward trend. Volatility is extremely low when compared to playing a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators pared to the average volatility over the last 10 trading sessions. Volume indithe average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFC at a relatively equal pace. Trend cators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bearish on INDEX. Momentum oscil- reflect volume flowing into and out of FFBL at a relatively equal pace. forecasting oscillators are currently bearish on FFC. Momentum oscillator lator is currently indicating that INDEX is currently in an oversold condition.
Brokerage House
149
AKD Securities Ltd
44.44 41.08 35.30 31.60
Rs Recommendations
*Invest Cap
Accumulate
Technical Analysis
Fair Value
Hold
45.52
11,752.35
resistance level at 11,880.15 and 2nd resistance level at 12,110.90, while
Rs Recommendations
AKD Securities Ltd
RSI (14-day) MA (10-day) KSE 100 INDEX closed down -315.30 points at 11,649.38. Volume was 25 MA (100-day) per cent below average and Bollinger Bands were 14 per cent wider than MA (200-day) MA (200-day)
Fair Value
*Invest Cap
Nishat Mills Ltd
Fauji Fertiliser Co
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 33.20 2.55 2.45 32.88 65.00 64.25 22.39 49.50 48.55 27.43 21.50 21.05 29.11 22.15 21.85 28.34 77.00 75.10 22.25 13.95 13.80 38.53 9.50 9.20 46.00 360.95 356.00 29.16 106.85 104.80 27.57 9.70 9.50 34.25 3.25 3.10 15.36 6.30 5.95 34.71 1.70 1.65 19.24 23.30 22.90 35.11 2.45 2.30 25.06 1.95 1.90 30.74 36.00 35.50 16.15 53.15 51.70 47.17 207.10 203.80 22.46 12.00 11.65 26.23 4.25 4.15 45.10 39.45 38.95 22.09 112.60 110.10 39.18 117.60 115.95 43.31 36.80 36.35 48.19 144.00 141.85 20.87 245.40 239.55 30.04 3.05 2.90 31.99 1.25 1.10 49.48 2.50 2.40 44.21 9.35 8.90 48.59 41.90 41.25 40.70 2.50 2.40 48.26 15.20 14.95 31.04 65.40 64.75 34.48 205.30 201.90 26.95 2.30 2.20 28.38 69.30 68.15 54.89 25.20 24.75 38.22 21.05 20.60 30.55 2.50 2.45 52.54 2.25 2.10 34.46 59.25 58.30 26.84 157.15 154.80 42.86 2.70 2.60 33.33 1.55 1.40 53.07 2.50 2.35 30.27 5.65 5.45 30.78 292.85 288.50 28.63 195.30 193.30 31.66 59.85 58.45 29.32 264.90 261.75 46.16 18.35 18.00 37.49 200.05 198.05 29.64 23.15 22.75 47.10 12.85 12.35 46.88 23.20 22.80 31.91 1.85 1.80 30.97 2.80 2.70 27.28 59.10 58.25 36.57 2.35 2.30
1st 2nd Resistance 2.85 3.05 66.95 68.25 51.20 51.95 22.60 23.30 23.20 23.85 81.85 84.75 14.25 14.45 10.35 10.85 372.40 378.90 112.85 116.85 10.20 10.50 3.70 3.95 7.35 8.05 1.85 1.90 24.35 25.00 2.75 2.95 2.15 2.30 37.50 38.45 57.10 59.65 215.60 220.80 13.15 13.85 4.50 4.65 40.80 41.70 119.50 123.90 121.85 124.40 37.95 38.65 149.30 152.45 262.05 272.85 3.50 3.80 1.55 1.75 2.65 2.70 10.30 10.90 43.60 44.65 2.80 3.00 15.70 15.95 67.05 68.15 212.80 216.90 2.60 2.75 72.35 74.25 26.40 27.15 22.30 23.20 2.60 2.65 2.60 2.80 61.75 63.30 163.55 167.60 2.95 3.10 1.90 2.10 2.85 3.00 6.25 6.60 304.90 312.60 200.10 202.90 63.90 66.60 272.30 276.55 19.10 19.50 206.05 210.05 24.35 25.15 14.10 14.85 24.45 25.30 2.00 2.10 3.05 3.20 60.90 61.85 2.55 2.65
Pivot 2.75 66.25 50.25 22.20 22.85 79.90 14.15 10.05 367.45 110.85 10.00 3.50 7.00 1.80 23.95 2.65 2.10 36.95 55.65 212.30 12.75 4.40 40.30 117.00 120.15 37.50 147.15 256.20 3.35 1.40 2.55 9.90 42.95 2.70 15.45 66.45 209.40 2.50 71.20 25.95 21.90 2.55 2.45 60.80 161.20 2.85 1.75 2.70 6.00 300.55 198.10 62.50 269.15 18.75 204.05 23.95 13.60 24.05 1.95 2.95 60.05 2.45
8
Wednesday, February 23, 2011 CDGK to make school committees functional
CDGK seeking all schools audit record KARACHI: City District Government Karachi has decided to make the school management committees functional and to compile the record pertaining to audit reports of income and expenditures incurred on city government schools. All Assistant District Officers of Education Department have been directed to compile the records and audit report and submit it to DCO Karachi without delay, said an official announcement made here by CDGK. City Government is also reviewing the suggestion of merging of more than one school within a campus into a single school. These decisions were taken during a meeting held under the chairmanship of Provincial Minister for Information Technology Raza Haroon at Nawab Siddique Ali Khan English Medium School, Liaquatabad. The meeting was attended by MNA Dr Nadeem Ahsan, DCO Karachi Muhammad Hussain Syed. District Officer Education Khurram Arif, District Officer Coordination Rasheed Jamal and other officers. Earlier the Provincial Minister for IT inspected the
reconstruction of the school with provision of furniture and establishment of a laboratory and other facilities through funds amounting to Rs30 million provided by MNA Dr Nadeem Ahsan. The Provincial Minister on this occasion also visited the Shibli Girls and Boys Elementary School and praised the performance of school administration and teachers. MNA Dr Nadeem Ahsan while giving a briefing said that according to vision of MQM Chief Altaf Hussain, the school has been reconstructed with the MNA's fund to eliminate the double standard in education sector in our country and to provide a good standard school for lower and middle class children. He said that this school has been made a model school in Liaquatabad, other government schools should also be transformed on these lines. DCO Karachi on this occasion said that the city government desires to upgrade the schools under its control and it will take all possible steps to provide the basic facilities to these schools and to uplift the standard of education under the guidance of elected representatives.-APP
Educators call for consistent system ISLAMABAD: Federal Capital schools teachers held a rally for providing uniform education system for Islamabad Capital Territory (ICT). The rally was led by Federal Government Teachers Association Islamabad President Azhar Mehmood Awan and Heads Association of school President Farida Yasmeen. Teachers from more than 400 schools attended the rally which started from National Press Club Islamabad and culminated in front of the Parliament House. The participants were carrying placards and chanting slogans in favour of their demands. Speakers addressing the rally demanded uniform nomenclature of all institutions under Federal Directorate of Education (FDE) Islamabad. They said that they had been protesting for the last five days for pressing their demands. They also demanded for
equal services structure, administrative structure, administrative control and command authority, uniform syllabus, fees, funds, distribution of financial resources, transport, curricular and co-curricular activities and similar admission policy for all levels and for all institutions under FDE. They also demanded for the upgradation and redesignation of all cadres (BPS-9 to BPS16) as EST (BPS-16, the minimum designation and BPS for teachers in line with National Education Policy 2009. Upgradation and redesignation of all teachers of all cadres (BPS-16 as SST (BPS- 17) to provide them remedy for their sufferings and deep deprivation being on the same post and on the same grade for about 20 to 22 years, they demanded. They also demanded for residential ceiling, transport, regularisation of sacked teachers, increase in charge allowance to heads of institutions and telephone facility.-APP
NUST works a robotic arm ISLAMABAD: The Department of Mechatronics, College of Electrical and Mechanical Engineering, National University of Sciences and Technology (NUST) has designed and manufactured the Myo-Electric Prosthetic Upper Limb. The project conducted under Higher Education Commission's programme titled "National Research Programme for Universities", was awarded to Dr Akther Nawaz Malik, Department of Mechatronics, College of EME. The total cost of the project was Rs1.569473 million which was completed in one year, said a press release here. This below elbow prosthetic
limb uses brain signals from motor points as input to control the actuation of the hand grip and wrist rotation. This limb was tested on a patient from Armed Forces Institute of Rehabilitation Medicine (AFIRM) and allowed him to voluntarily control the motion of the prosthetic hand for doing complex tasks like picking up and releasing objects. It has a reasonable functional time of 10 hours. It provides adaptive grip whereby patient can grab objects of various shapes and sizes. Apart from these advantages, the estimated cost of this robotic hand is nominal as compared to the arms available in the international market.-APP
Teachers welcome package realisation ISLAMABAD: Teachers community in federal capital has welcomed the notification issued by Ministry of Finance to implement the teachers' package announced by Prime Minister Syed Yousuf Raza Gilani. The package was announced on November 8, 2010 and includes upgradation of teachers' scale, abolishment of evening shift and ensuring uniform educational opportunities in federal institutions. Talking to APP, Director Model Colleges, Federal Directorate of Education (FDE) Tariq Masood said that the ministry of finance has issued the notification for the implementation of the teachers package. It will be a sigh of relief for the teachers who have held many protests during the last few months, fearing that the devolution of the ministry will halt the implementation of the package, he said. Tariq Masood said that the all the commitments announced in the package will be fulfilled soon. This step will benefit those teachers who were serving from the last many years but were deprived of their due promotions, Shagufta a teacher from Islamabad Model College for Boys F-8/4 said. "I am happy as I have just completed my ten years of service and will promote from Grade 16 to 17," she said. Meanwhile, President Federal Government College Teachers Association (FGCTA) Zahida Shah said that the teachers are excited over the official notification for implementation of the long-awaited package which is meant to bring revolutionary improvements in the education system. Zahid Shah thanked the Prime Minister, Director General, FDE Shaheen Khan and Secretary Education Athar Tahir for fulfilling the demands of teachers according to their aspirations. Representative of Central Academic Staff Association of Model Colleges Mohammad Afzal Tariq congratulated the teachers over fulfillment of their longstanding demand and said that the credit goes to Shaheen Khan for initiating efforts for the welfare of teachers. According to the package, Trained Under Graduate Teachers (TUGTs) of grade 14 will be promoted as Trained Graduate Teachers (TGTs) to grade 16 on the basis of six years service. Trained Graduate Teachers (TGTs) of grade 16 will be promoted to grade 17 on the basis of 10 years service in the same grade. Teachers of grade 17 with five years of experience will be promoted to grade 18. Teachers of grade 18 will be promoted to grade 19 on the basis of seven years experience in case of direct appointment. Promotion from grade 19 to 20 will require five years experience and teachers of above grade 20 will not come under Time Scale Promotion Formula (TSPF).-APP
ICMAP moot today KARACHI:The Karachi Branch Council (KBC) under the aegis of the Institute of Cost and Management Accountants of Pakistan is (ICMAP) organising a seminar on "Role of Professionals as Leaders" on Wednesday (today), February 23, 2011 at ICMAP, Head Office, Karachi. Prominent reputable speakers Masoud Ali Khan, Fellow member of the Institute of Cost and Management Accountants of Pakistan and Mohammad Hanif Ajari, Vice President of Institute of Cost and Management Accountants of Pakistan will present technical papers during the course of seminar.-APP
SALU up to launch 5 evening BEd centres KHAIRPUR: A high level meeting of Shah Abdul University (SALU) Khairpur was held at the conference room, presided over by SALU Vice-Chancellor Prof Dr Nilofer Shaikh. The meeting decided to open five Bachelor of Education (BEd)
KARACHI: Students keenly viewing the stalls setup during an Project Day Exhibition at Nasra School Super Highway Campus.-Staff Reporter
B’stan set to have couple of varsities ISLAMABAD: The government is all set to establish two universities in the Balochistan to facilitate enrollment of about 4,000 students in higher education during next five to ten years. "One university would be established in Turbat with a total cost of Rs1555.391 million and another at Loralai with a cost of Rs1493.751 million," sources told APP adding the aim is to promote higher education in comparatively backward areas of the country. Giving break-up, the sources said that the objective of establishing these universities is to provide better opportunities of higher education to the students of Turbat, Loralai and the adjoining districts of Panjgur, Awaran, Gwadar, Barkhan, Kohlu, Musakhel, killa Saifullah, Zhob and Ziarat. "As a result of implementation of these projects, the enrolment of the students at graduation, masters, MPhil and PhD levels will increase considerably," the sources added. Initially nine programmes in eight departments have been proposed with total enrolment of 1500-2000 in each university in the next 5-10 years. The programmes include,
BBA, BCS, BEd, BCom, Master in Education,2-year master programme in local languages, two-year master programme in English language, 2-year master programme in Political Sciences and 2-year programme in Mathematics. The provincial government has already provided 1000 acres land for development of all proposed facilities at Turbat University and 500 acres for the Loralai University. The annual recurring expenditure for Turbat University has been estimated at Rs165.654 million where as annual income after completion has been calculated at Rs147.6 million. Similarly, the annual recurring expenditure and annual income after completion of the Loralai University have been estimated same as in the Turbat University. Period of completion for establishing both the universities have been fixed 48 months, the sources added. Giving further breakup of the expenditures for establishing Turbat University, the sources said that the total funding of the project include Rs1357.831 million local and Rs197.56 million foreign exchange com-
ponent. Similarly, the expenditure of Loralai University includes Rs1296.192 million local and Rs197.560 million foreign exchange component. The major expenditures include civil works including external development and consultancy for which Rs1020.726 million have been estimated for Turbat University and Rs976.59 million for Loralai University. Similarly, Rs253.354 million each have been estimated for the development of human resource development at both the universities. Rs37.585 million each for networking, computerisation and automation, Rs12.45 million each for office and teaching equipment, Rs27.633 million each for furniture and fixture, Rs30 million each for books and journals, Rs21.749 million each for faculty salaries during project execution, Rs8.877 each for administrative salary during project execution, Rs42.03 million each for transport and security system where as Rs26 million have been estimated as operational cost to initiate academic in rented or borrowed building till campus building completion.-APP
Inter board c’men body attests 10k certificates ISLAMABAD: Inter-Board Committee of Chairmen(IBCC) has attested 100,000 Secondary School Certificates (SSC), Higher Secondary School Certificates (HSSC) and Diplomas of applicants for further studies or work abroad during the year 2010. IBCC issued 20,000 educational qualification equivalence certificates of secondary and higher secondary school levels to the students from all over the world including Pakistan for further studies, the official source told APP. IBCC is the only organisation which authenticates certificates from class I-XII of those seeking further education or job abroad. About the major decisions regarding issuing equivalence, the official source informed that the Executive Committee of IBCC has agreed that letter grade A* in GCE O and A level would be considered equivalent to 90 marks and A to 85 marks. The grade A* has been introduced by CIE and Edexcel last year. On the analogy of approved revised formula for letter grades of British System of Education (A*=90), all IBCC formula for letter grades/scales for internal
and external exams of other systems have been revised for IBCC equivalence against qualification world over other than O/A Levels and is applicable on those applicants who passed their examination in session May 1, 2010. The Committee launched a project under "Links to Education" (Ed-Links) Programme and a comprehensive plan for strengthening selected examination boards for quality and credible examination and evaluation system was finalised accordingly. The IBCC Forum and the Ministry has agreed to a sustainable role of IBCC Islamabad as a Staff Development Centre (SDC) for capacity building of the staff and strengthening of examination and textbook boards of Pakistan. Besides, an Exam Management Information System (EMIS) and National Question Bank's establishment is in process which would cater for needs of all the Examination Boards. In view of problems of students from remote areas of the country seeking equivalence and attestation of their certificates, the IBCC has established its sub-offices in Lahore,
Karachi, Peshawar and Quetta. The students, parents and general public are now benefiting in terms of time and money. IBCC arranged 10th and 11th National Summer Camps (2009-10)for talented HSSC boy students which were aimed at national integration exposing talented students to national and international experiences and advancement shared through eminent scientists and professionals. The committee arranged Annual Inter-Boards Sports for the students from all over Pakistan. Inter Board Committee of Chairmen (IBCC) was established in 1972, through a Resolution by Government of Pakistan, Ministry of Education. IBCC Forum, at National level comprises Chairmen Examination, Text Book Boards, Directors Curriculum Bureaus and representatives of allied educational bodies. The IBCC is a unique organisation at National level with specialised assignment of ensuring curricular, Examination and Assessment standards, through coordinated approach with member organisations of the IBCC.-APP
centres under semester system in the evening shift, for academic session 2010-11. The step is aimed to promote education in the far-flung areas of upper Sindh. The meeting decided that centres for BEd courses will be opened in Government High School, Ghotki, Government Higher Secondary School, Kandhkot, Scientific Public School Shahdadkot, Government High School, Halani and Government High School Pacca Chang. These centres will cater to the educational needs of remote areas of Sukkur and Larkana region. The meeting was attended by all concerned.-APP
NTS carries out entry test for MPhil BAHAWALPUR: National Testing Service (NTS) has conducted entry test for admissions in MPhil programme in Islamia University Bahawalpur (IUB) at Main Auditorium, Baghdad-ulJadeed campus here. Spokesman of university Shahzad Ahmad told APP that 1200 candidates participated in test for admission in 21 departments for Spring Semester. Departments included Arabic, Botany, Chemistry, Economics, Education, English, Geography, History, Islamic Studies, Law, Business Administration, Management Sciences, Media Studies,Pakistan Studies, Persian, Physics, Political Science, Statistics and Urdu Iqbaliat. List of successful candidates would be displayed on university website www.iub.edu.pk on February 25.-APP
Call to services of contract headmasters LAHORE: The Punjab Headmasters Association (PHA) has appealed to the Punjab government to regularise the services of all male and female headmasters working on contract basis in the province. PHA President Rasheed Ahmed Bhatti, Secretary General Ch Azhar Ali, Patron-inchief Syed Riaz Hussain Shah and other office bearers including Dr Sagheer Alam, Shakil Ahmed Bhular, Tariq Anjum and Liaquet Bajwa in a press statement called upon Chief Minister Punjab Muhammad Shahbaz Sharif, Chief Secretary and Secretary Education to review the case of headmasters and regularise their services in order to remove a sense of deprivation among the contractual headmasters. They said that headmaster should be given BPS-18 while senior school teachers (SST) be awarded BPS-17 besides their charge allowance. They called upon the government that teachers be exempted from extra-academic duties, besides consulting the headmasters while evolving education policies in the province.-APP
9
Wednesday, February 23, 2011
European vegetable oil prices
HO CHI MINH - VIETNAM: Workers load coffee beans into trucks. Vietnamese robusta coffee have risen around 6 per cent in the past week to a new record high following gains in global market, prompting farmers to further hold back sales, traders said. -Reuters
Coffee, cocoa more than 30-yr high LONDON: Cocoa and arabica coffee futures rose to the highest levels in more than three decades on ICE on Tuesday, with cocoa driven by turmoil in top grower Ivory Coast and coffee by tight supplies of high quality beans. May cocoa futures on ICE stood $64 or 1.8 per cent higher at $3,563 a tonne at 1706 GMT after rising earlier to a 32-year peak for the second month of $3,608. Prices on Liffe also advanced with May up 48 pounds or 2.1 per cent at 2,334 pounds a tonne after hitting 2,355 pounds, the highest level for the second month since July 2010. Coffee prices, which have doubled since June 2010, rose to the highest levels in more than 30 years before the run-up stalled and the market fell back to little changed levels. May arabica futures stood 0.20 cents or 0.1 per cent lower at $2.7280 per lb. The contract earlier peaked at $2.7840 per lb, the highest level for the second month in more than 30 years. Robusta coffee futures on Liffe also rose with May peaking at $2,417 a tonne, the highest level for the second month since March 2008. Prices subsequently slipped back to $2,387 a tonne, unchanged on the day. Raw sugar prices were higher, boosted by the prospect of increased imports into the European Union. March raw sugar futures on ICE rose 0.06 cent or 0.2 per cent to 31.08 cents a lb while May whites on Liffe edged up $0.80 to $725.30 per tonne. -Reuters
Gold holds above $1,400/oz as Libyans revolt LONDON: Gold steadied above $1,400 an ounce on Tuesday as violence in North Africa fuelled interest in the metal as a haven from risk, though its rise was limited as some investors cashed in some of the previous session's gains. Libyan leader Muammar Gaddafi used tanks, helicopters
and warplanes to fight a growing revolt in the country, which follows uprisings that have toppled leaders in Tunisia and Egypt. Spot gold was bid at $1,406.07 an ounce at 1617 GMT, against $1,405.95 late in New York on Monday, having earlier fallen as low as $1,392.54. US gold futures for April delivery were up $18.00 from Friday's settlement to $1,406.60. "Bullion prices continue to draw support from ongoing unrest in the Middle East/North Africa region, also (from) a small dollar pullback this afternoon," said Andrey Kryuchenkov, an analyst at VTB Capital. "Safe-haven buying remains the key driver behind the recent rally as players seek to offset currency and sovereign risk," he added. "The uptrend is well
intact, with the market quickly nearing key resistance around January and all-time highs." Gold is still 2 per cent below December's record high of $1,430.95 an ounce, but dealers in Asia reported a pick-up in sales of scrap after the spot price's near-4 per cent rise over the prior six sessions.
Silver came under pressure in line with other industrial commodities, falling by as much as 4.3 per cent to a low of $32.39 an ounce, as investors closed positions following a three-day rally that lifted prices by nearly 4 per cent. It was later bid at $33.24 an ounce. The price hit its highest since early 1980 at $34.30 an ounce earlier on Tuesday, driven by limited supplies for near-term delivery and the prospect for rising demand as the wider economy recovers. The gold-silver ratio, which shows how many ounces of silver can buy one ounce of gold, rose to around 42 from Monday's 13year low near 41. Elsewhere palladium was down 2.5 per cent at $832.22, while platinum was down 1.4 per cent at $1,819.99. -Reuters
Copper down as Libya tensions stoke risk aversion LONDON: Base metals fell on Tuesday, with copper at a threeweek low as worries about unrest in North Africa and the Middle East knocked risk appetite and a higher dollar deterred non-US investors. Three-month copper on the London Metal Exchange fell to a session low of $9,575 a tonne, its lowest since late January, versus $9,810 a tonne at the close on Monday. It was last bid at $9,580 a tonne, retreating further from a record high of $10,190 hit on Feb. 15. Data on Tuesday showed US consumer confidence rose to a three-year high in February, but a drop in home prices for the sixth month in a row in December suggested the economy still faces significant hurdles. "It's nice that data in the US is continuing to look okay, but ultimately what really matters is demand from the developing countries, and there the story is one of increasing concerns about inflation," said Natixis analyst Nic Brown. "And if oil prices push up because of events in Libya, that will exacerbate inflationary pressures. That is the main story, and it's that that is pushing down on base metal prices," he said.
Investors are also fretting about demand in China, the world's biggest consumer of copper, which raised bank reserve requirements by 50 basis points on Friday as it tackles high infla-
Shanghai zinc shed 6pc Shanghai zinc fell as much as six per cent on Tuesday, its biggest daily drop in three years, leading a broad sell-off as unrest in Libya prompted a flight from equities and industrial metals. Shanghai's most-active zinc futures contract fell as much as 6.2 per cent to 19,150 yuan a tonne, after scoring a threemonth high of 20,560 yuan earlier in the day. It last posted such a daily loss in February 2008. It closed down 3.3 per cent at 19,740 yuan ($3,006). Shanghai's most-active copper futures contract fell 1.4 per cent at 73,580 yuan.
tion. Keeping up pressure on copper, stocks of the metal in LME warehouses last rose 275 tonnes
to 411,750 tonnes, their highest since August 2010. Investors have worried that a recent rise in stocks indicate falling demand, but copper prices still look underpinned by concerns about tightening in the market. The world copper market had a deficit of 400,000 tonnes in the January to November of 2010 compared with a surplus of 98,000 tonnes in the same period the previous year, an industry report showed on Monday. Aluminium closed at $2,528 a tonne from $2,580. Aluminium stocks rose a mere 25 tonnes. But, at 4,621,350 tonnes, inventories are just 19,400 tonnes off a record high of 4,640,750 tonnes hit on Jan. 20 2010. Zinc closed at $2,490 from $2,596 a tonne and battery material lead was last bid at $2,565 a tonne from $2,569/2,571. Tin was last bid at $31,600 from a last bid of $32,325 on Monday and nickel closed at $28,650 from $29,300 a tonne. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for February 21 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1255
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for February 21 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2350 2360 2330 2335 2290 2300 2290 2300
2531 2532 2565 2567 2625 2630 2665 2670
9829 9829.5 9814.5 9815 9675 9685 9295 9305
2657 2658 2663 2665 2615 2620 2573 2578
29025 29030 29050 29075 27965 28065 26615 26715
TIN
ZINC NASAAC
32350 2545 32400 2545.5 32350 2572 32375 2574 32040 2610 32090 2615 2598 2603
2505 2506 2530 2535 2570 2580 2625 2635
ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11 970.00-2.00, Mar11 973.002.00, Apr11 973.00-2.00, May11/Jul11 978.00-2.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1007.00-8.00, Aug11/Oct11 975.00-10.00, Nov11/Jan12 980.00-10.00, Feb12/Apr12 985.00-10.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1430.00-15.00, Jul11/Sep11 1430.00-15.00, Oct11/Dec11 1375.00-15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Mar11/Apr11 1537.50+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Feb11 1255.00-15.00, Mar11 1255.00-15.00, Apr11/Jun11 1245.00-15.00, Jul11/Sep11 1200.00-20.00. PALMOIL: RBD dlrs tonne cif Rotterdam Apr11/Jun11 1275.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Apr11/Jun11 1227.50-17.50, Jul11/Sep11 1170.00-20.00, Oct11/Dec11 1157.50-10.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Feb11/Mar11 2240.00-20.00, Mar11/Apr11 2220.00-30.00, Apr11/May11 2210.00-30.00, May11/Jun11 2190.00-40.00. Reuters
Indian sugar eases as govt delays exports decision MUMBAI: Indian spot sugar prices eased on Tuesday as the government has been delaying deciding on sugar exports amid higher local supplies, analysts and dealers said. A decision by India on whether to allow 500,000 tonnes of unrestricted sugar exports could take another three weeks as the government has decided to broaden consultations to key ministries, government sources said on Feb. 22. "The market had been expecting the government to allow sugar exports quickly, but a surge in food inflation has changed the scenario," said a dealer based at Vashi spot market near Mumbai. "Prices are unlikely recover unless the government gives some concession on the exports front." In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety eased by 0.26 per cent to 2,683 rupees ($59.2) per 100 kg. Sugar contract for March delivery on India's National Commodity and Derivatives Exchange (NCDEX) ended down 0.35 per cent at 2,808 rupees per 100 kg. India has made available 1.62 million tonnes of nonlevy sugar for February, including 300,000 tonnes unsold stocks of January. Reuters
Brent, US crude at 2-1/2-yr highs on Libya Concern that other big producers could suffer outages LONDON: Both Brent and US crude oil rallied to 2-1/2 year highs on Tuesday on concerns the revolt in Libya could spread to other major oil producers as companies suspended operations and ports were disrupted. At 1505 GMT, Brent crude oil futures for April delivery were up 71 cents to $106.45, after earlier touching $108.57 while US crude for April delivery was up $5.12 at $94.83. The jump in US crude is partly explained by the fact that electronic trading of the contract occurred on Monday, but there was no settlement close as the exchange in New York was closed for a holiday. Both oil contracts gave up some gains after comments from the Saudi Arabian oil minister that Saudi Arabia and other OPEC members were ready to meet any shortage from disruption caused by the spreading unrest. Libya produces around 1.6 million barrels of oil per day, and OPEC has spare capacity of up to 6 million barrels, so even if all exports were stopped this would not create a
supply shortage, said Carsten Fritsch, an analyst at Commerzbank. "It is more fears that this might spread to places like Algeria, Kuwait or the United Arab Emirates," he said. Libya is the third-largest oil producer in Africa, and has Africa's largest proven oil reserves at 44 billion barrels,
according to the US Energy Information Administration. Trading sources reported that operations at Libyan oil ports were disrupted by a lack of communications. "The assumption is that the ports are either already closed or are closing," said a trader with a company that buys Libyan oil. Repsol, the Spanish oil and gas company, said that it had suspended all operations in Libya, including stopping oil production from the El-Sharara field. This followed staff evacuations by other European oil and gas firms such as Shell while German company Wintershall has wound down production as
a precautionary measure. Iran has also stopped its oilrelated activities in Libya and will evacuate staff in the next 48 hours. US crude for March delivery, which expires on Tuesday, was up $5.31 at $91.51 after also earlier touching a two-and-ahalf-year high at $94.49. Analysts and investors have been growing increasingly concerned that tensions in Bahrain could spill over the border into Saudi Arabia. "It's like one of those Australian bushfires -once it takes hold, it's very difficult to put out," said Michael Hewson, an analyst at CMC Markets. "Until the situation in the Middle East settles down, you are going to have very wild price swings." Saudi Arabia is hosting the International Energy Forum in Riyadh today and attendees have been voicing their concern about rising oil prices. The talks aim to narrow the gap between producer and consumer nations, but the turmoil in Libya has overshadowed the event, forcing ministers to send messages of reassurance to the market. -Reuters
Palm oil up, but slow demand weighs KUALA LUMPUR: Malaysian palm oil rose 0.4 per cent on Tuesday with traders taking positions on Libyan unrest that boosted most commodity markets, but the upside was capped by concerns of slower demand. Palm oil futures treaded water after hitting a four-week low on Monday as traders looked for signs that the recent rally in prices may dampen demand. But if unrest continues in Libya, which is a key oil producer, US crude could rally further, pulling along prices of palm oil used as a feedstock in biofuels that competes with
petroleum diesel. "Investors are fed up with the high palm oil prices, which are now a $60 premium over soyoil. It could slow down overseas demand, especially if riots in the Middle East continue," said a trader in Kuala Lumpur. Usually, soyoil trades at a $100 premium to palm oil. The benchmark May 2011 palm oil futures on the Bursa Malaysia Derivatives Exchange rose 13 ringgit to 3,669 ringgit ($1,209) in choppy trade. Overall trade almost doubled to 29,573 lots at 25 tonnes each from the usual 15,000 lots. A Reuters technical analysis
on palm oil was upbeat, showing a bearish target at 3,570 ringgit per tonne has been aborted as the market failed to break through a strong support at 3,610 ringgit, a low touched on Jan. 18. Competing markets edged higher. US soyoil for March delivery rose 0.8 per cent on the first trading day after Monday's public holiday. The most active soyoil on China's Dalian Commodity Exchange up 0.9 per cent on higher crude oil prices although traders were watching for any government move on import tariffs. -Reuters
Tokyo rubber tumbles as Shanghai slides TOKYO: Key Tokyo rubber futures tumbled on Tuesday, pulled lower with a Shanghai market slide on concerns about demand from China, the world's top rubber consumer, while traders turned to physical prices for clues on the market's trend. The benchmark Tokyo Commodity Exchange rubber contract for July delivery settled down 18.2 yen or 3.5 per cent at 506.7 yen per kg, posting its biggest daily loss in about a month. The contract, which hit a record high of 535.7 yen last week, fell as much as 5.1 per cent to 498 yen, falling below 500 yen for the first time in
two weeks. Deliveries against the expiring February rubber futures contract edged down to 310 lots, or 1,550 tonnes, from January's 314 lots, TOCOM said on Tuesday. The newly listed August contract will be the benchmark when it starts trading on Wednesday. The most active Shanghai rubber futures for May delivery closed on Tuesday at 39,700 yuan ($6,040) per tonne, down about 2 per cent from Monday's close of 40,500 yuan. It fell as much as 2.8 per cent earlier in the day. Volume stood at 890,908 lots. The contract hit a record high of 43,500 yuan on Feb. 9.
"Shanghai futures have been sluggish even when TOCOM was extending gains to record highs, and this widening gap has made TOCOM expensive relative to Chinese prices," said Kazuhiko Saito, chief commodities analyst at Fujitomi Co Ltd. "There were expectations that Chinese buyers would return after the Lunar New Year holidays, but demand did not pick up as strongly as previously thought, capping Shanghai prices," he said. Asian physical rubber prices stayed high, with the benchmark Thai RSS3 hovering around $6.5 per kg, traders said. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
22-Feb-2011 CRUDE100 22-Feb-2011 CRUDE100 22-Feb-2011 CRUDE100 22-Feb-2011 SILVER - SL500 22-Feb-2011 SILVER - SL500 22-Feb-2011 GOLD 01oz 22-Feb-2011 GOLD 01oz 22-Feb-2011 GOLD 01oz 22-Feb-2011 GOLD 100oz 22-Feb-2011 GOLD 100oz 22-Feb-2011 GOLD 100oz 22-Feb-2011 GOLD 22-Feb-2011 GOLD 22-Feb-2011 GOLD 22-Feb-2011 KILOGOLD 22-Feb-2011 KILOGOLD 22-Feb-2011 TOLAGOLD50 22-Feb-2011 TOLAGOLD100 22-Feb-2011 MINIGOLD 22-Feb-2011 MINIGOLD 22-Feb-2011 MINIGOLD 22-Feb-2011 MINIGOLD 22-Feb-2011 MINIGOLD 22-Feb-2011 TOLAGOLD 22-Feb-2011 TOLAGOLD 22-Feb-2011 TOLAGOLD 22-Feb-2011 TOLAGOLD 22-Feb-2011 TOLAGOLD 22-Feb-2011 IRRI6W 22-Feb-2011 RICEIRRI - 6 22-Feb-2011 RBD PALMOLEIN 22-Feb-2011 KIBOR3M 22-Feb-2011 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 MA11 AP11 MA11 AP11 MY11 MA11 AP11 JU11 MA11 AP11 MY11 MA11 AP11 MA11 MA11 MON TUE WED THU FRI MON TUE WED THU FRI 24FE11 FE11 FE11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
89.29 93.23 95.09 33.40 33.66 1401.00 1401.00 1402.00 1401.10 1402.90 1407.40 38607.00 38635.00 38602.00 38547.00 38635.00 44960.00 44960.00 39663.00 39609.00 39662.00 39636.00 39650.00 46250.00 46000.00 46250.00 46106.00 45583.00 3250.00 3286.00 5392.00 86.21 85.66
96.09 99.67 99.60 33.96 33.66 1411.00 1411.00 1411.60 1401.10 1410.50 1407.40 38670.00 38635.00 38602.00 38547.00 38781.00 44960.00 44960.00 39663.00 39670.00 39662.00 39636.00 39650.00 46450.00 46000.00 46412.00 46106.00 45583.00 3277.00 3300.00 5461.00 86.21 85.70
89.29 92.96 95.09 32.43 33.26 1393.30 1393.50 1394.50 1400.30 1394.90 1400.50 38429.00 38500.00 38580.00 38525.00 38536.00 44934.00 44934.00 39628.00 39609.00 39587.00 39601.00 39615.00 45558.00 45535.00 45510.00 45526.00 45542.00 3250.00 3286.00 5392.00 86.20 85.66
96.09 97.62 98.51 33.26 33.26 1400.30 1400.50 1401.20 1400.30 1400.50 1400.50 38552.00 38564.00 38580.00 38525.00 38536.00 44934.00 44934.00 39628.00 39670.00 39587.00 39601.00 39615.00 45558.00 45605.00 45510.00 45526.00 45542.00 3277.00 3300.00 5461.00 86.20 85.70
Traded Volume in lots 34 1,040 184 200 1 465 2,461 1,781 19 16 2 3 5 1 12 1 3 -
Previous Settlement Price 96.45 98.03 99.04 33.88 33.88 1405.70 1405.90 1406.60 1405.70 1405.90 1407.40 38667.00 38679.00 38695.00 38640.00 38651.00 45069.00 45069.00 39744.00 39786.00 39703.00 39717.00 39731.00 45693.00 45741.00 45646.00 45662.00 45677.00 3263.00 3286.00 5392.00 86.21 85.66
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 96.09 97.62 213 98.51 38 33.26 38 33.26 1 1400.30 546 1400.50 1,753 1401.20 1,040 1400.30 1400.50 8 1401.90 38552.00 6 38564.00 80 38580.00 38525.00 38536.00 1 44934.00 44934.00 39628.00 39670.00 39587.00 39601.00 39615.00 45558.00 53 45605.00 1 45510.00 13 45526.00 1 45542.00 4 3277.00 3 3300.00 5461.00 86.20 85.70 -
Shahid Afridi speaks during a news conference at Rajapaksa Cricket Stadium in Hambantota
10
Wednesday, February 23, 2011
I’ll recover full before WI game, claims Kallis NEW DELHI: South African batting mainstay Jacques Kallis is confident of regaining full fitness ahead of Thursday's match against West Indies and does not think there is any overwhelming pre-tournament favourite in this World Cup. The burly all-rounder skipped the recent one-day series against India with a side strain and the team management has been insisting that he would not be rushed into action. "It has been good," Kallis told reporters on Tuesday, when asked about his recovery. "So far everything is going according to plan. I have been bowling for about a week and it seems to be 100 percent (okay). "I am going to be 100 percent fit before the first game." The all-rounder also dismissed notions that home advantage and form made India the overwhelming favourite to win the tournament. "I don't think any team starts out as favourites at the moment. "A lot of people are talking about India but we know how hard it is to play under pressure at home. That probably negates the home advantage. "Ultimately, it boils down to how you play in the group stage and once you reach the quarter-finals ... anything can happen."-Reuters
Malaysia, Pak soccer squad named SELANGOR: The coaches of U21 football teams Pakistan and Malaysia - Tariq Lutfi, Ong Kim Swee- have announced their squads for Wednesday clash in London Olympics Football Qualifier at Shah Alam Stadium, Selangor State. Pakistan U21 Team including, Goal keepers: Yousof Ejaz Butt (Birkerod IF Skjold, Denmark), Amir Gul (NBP), Muhammad Omar (KESC) Defenders: Manzoor Ahmed (WAPDA), Alamgir Khan (Police), Ahsan Ullah (PEL), Obaid Majeed (KPT), Ansar Abbas (Army) Midfielders: Faisal Iqbal (NBP), Syed Arif Hussain (WAPDA), Muhammad Tauseef (WAPDA), Muhammad Adil (KRL), Mahmood Khan (KRL), Irfan Khan (Bradford Park Avenue Association Football Club, England) Strikers: Saddam Hussain (PIA), Fahad Ullah Khan (PTV), Jadeed Khan Pathan (WAPDA) CAP, Rizwan Asif (KRL) VC, Kalim Ullah ( KRL) Malaysian U21 Team including Goal Keepers Khairul Fahmi Che Mat (Kelantan), Mohd Izham Tarmizi Roslan (Harimau Muda A) Defenders: Mohamad Muslim Ahmad CAP, Mohd Affize Faisal Mamat, Mohd Faizal Muhamad, Mahalli Jasuli, Mohamad Fadhli Mohd Shas, Mohd Fandi Othman (Harimau Muda A) Midfielders: K. Gurusamy VC, Wan Zaharulnizam, Mohd Irfan Fazail, Robbat Gary Steven, S. Sivanesan, Wan Zack Haikal (Harimau Muda A), Mohamad Faizal Abu Bakar (Kedah) Strikers: Mohd Ferris Daniel Mat Nasir )Harimau Muda A), Ahmad Shakir Ali (Kedah), Ahmad Fakri Saarani (Negeri Sembilan) Stand byes: V. Kavi Chelvan, Muhammad Zamir Selamat, Nazirul Naim Che Hashim, A. Thamil Arasu, Wan Nor Wan Zakarian, Muhammad Nazmi Faiz, D. Saarvindran, Abdul Shukor Jusoh.-NNI
Afridi vows victory
NAGPUR: The Netherlands' Ryan ten Doeschate hits out watched by England's Matt Prior during their Group B Cricket World Cup match at the Vidarbha Cricket Association Stadium-Reuters
English chasers best the Dutch NAGPUR: England laboured to a thrilling six-wicket victory over the Netherlands in a Group B match to avert what could have been the first upset of the World Cup on Tuesday. The Netherlands batsmen, especially the South Africaborn Ryan ten Doeschate (119), thrived on England's shoddy bowling and sloppy fielding to power the team to 292-6, a target that seemed quite a test for their opponents' tweaked batting order. England's chase got off to a resounding start with Andrew Strauss (88) andKevin Pietersen (39) providing a rollicking 105-run stand before
they lost four wickets to find themselves in a spot of bother. Paul Collingwood's (30) experience and Ravi Bopara's (30) improvisation came in handy as England survived some torrid times before completing the tricky chase with eight balls to spare. Having stunned England in the 2009 Twenty20 World Cup, the Dutch upstarts seemed up to more mischief at the Vidarbha Cricket Association where they batted as if to salvage the reputation of the associate teams which, the game's governing body believes, have no business being in theWorld Cup. Ten Doeschate clobbered
three sixes and nine fours in his 110-ball knock and starred in three 50-plus partnerships to provide the cornerstone of the Netherlands's innings. He added 78 runs with Tom Cooper (47), 64 with Tom de Grooth (28) and 61 with skipper Peter Borren (35 not out) to set a stiff target for Strauss and his men. After Borren had opted to set a target rather than chasing one, openers Alexei Kervezee (16) and Wesley Barresi (29) looked quite at ease against the English pacers before change bowlers collaborated with stumper Matt Prior to remove both.-Reuters
Pakistan all fired-up to fry minnows today HAMBANTOTA: Keen to re-establish their reputation dented by the spot-fixing scandal, unpredictable Pakistan will look to launch their cricket World Cup campaign on a rousing note when they take on minnows on Wednesday (today). According to PTI, having suffered an embarrassing defeat at the hands of Ireland, which eventually resulted in their first round ouster the 2007 edition, Pakistan would be wary of taking their opponents lightly this time around. In fact, captain Shahid Afridi has already warned his team to take every opponent seriously. "There have been so many
upsets in the World Cup in the past, like the one against Ireland four years ago. So we have that in mind and we will be on our toes in every match, be it Kenya or Sri Lanka," said Afridi. Going into the match, Pakistan would take heart from their recent 3-2 ODI series victory over New Zealand in New Zealand just before the World Cup. And even though they had mixed fortunes in the their two warm-up games -- a win against Bangladesh and a defeat against England, Pakistan are well aware that if they play as a unit, they have enough firepower to go a long distance in the tournament.
Pakistan's batting consisting of the likes of Mohammad Hafeez, former captain Younis Khan, Misbah-ul-Haq, Akmal brothers -- Kamran and Umar, has the reputation of creating quite a flutter in the opposition camp. In the absence of their banned opener Salman Butt, Pakistan would be banking on Hafeez and Ahmed Shehzad in the opening slot, followed by the more experienced middleorder. Veteran Younis Khan is expected to bring in stability with all his experience of playing international cricket, followed by Test skipper and in-form Misbah and the two Akmals.-Agencies
Zimbabwe’s Butcher says has problem against pace AHMEDABAD: Zimbabwe's coach Alan Butcher says their fielding was much improved from the warm-up game against Ireland. For half the match, it almost looked like Zimbabwe would challenge Australia. Their spinners bowled well, their fielding was excellent and they kept the world champions to a gettable 262. Could it be that Zimbabwe, not a minnow but by no means a piranha, would end the 23-match World Cup winning streak of the biggest fish in the cricketing pond? Well, no, because Shaun Tait, Mitchell Johnson and Brett Lee were still to play their part. But what Zimbabwe showed was that they can compete with the strongest sides, and toppling a higher-ranked team or two is not out of the question over the next few weeks. On the sluggish pitches they will encounter, the spin of Ray Price, Prosper Utseya and Graeme Cremer will be key, but to really threaten, they must find runs from their top order. Brendan Taylor, Charles Coventry and Tatenda Taibu have the talent to give their side good starts, but the speed of Australia's bowlers was simply too much. Coventry slapped Lee over point for six but was jumpy in playing the shorter balls, and was caught when he top-edged an attempted pull, and Taylor was beaten by the sheer pace of an accurate Tait delivery. "I was really pleased with the way we bowled and fielded," Zimbabwe's coach Alan Butcher said after the 91-run loss. "We had a disaster against Ireland in the field [in the warm-up game] and we've worked very hard to put that right, because that's one of our strengths and we have to be good at that.-Reuters
HAMBANTOTA: Pakistan captain Shahid Afridi vowed Tuesday to win the World Cup for millions of weary fans back home who lost out on the showpiece when their country became a no-go zone. International cricket has been suspended in Pakistan ever since the terrorist attack on the Sri Lankan team bus in Lahore two years ago which left eight people dead and injured seven visiting players and their assistant coach. Pakistan was among the four co-hosts of the 2011 World Cup but the International Cricket Council was forced to move the matches in the wake of attacks. "Not playing in our country is on our minds," Afridi said, ahead of his team's first match against Kenya on Wednesday. "We feel for our nation, our people who are missing the World Cup. "I think this is the main thing for us, so definitely we will try our level best to win, which is very important for us, and if we do that I hope some cricket returns to our country sooner than later." Besides the suspension of international cricket, Pakistan has also been hit by the spotfixing scandal, which ended in lengthy bans on Salman Butt, Mohammad Asif and Mohammad Aamer, and other disciplinary problems. Afridi admitted it was hard to keep the team in the right frame of mind against a background of such problems. "It was difficult to keep the
team settled in the beginning when we had all those issues," said Afridi, himself banned for two matches on charges of ball-tampering during a oneday match in Australia in 2010. "We had to rebuild the team again but now a situation has come that our team is settled. We now have such a combination that people have hopes that this team can do something," said Afridi, who took over as captain in July last year. The Pakistan Cricket Board delayed in retaining him for the World Cup until he won his first one-day series in New Zealand earlier this month. "It's difficult to be the captain in India or Pakistan with all that's happening, you have to make sacrifices. But my effort is always that I do well as captain or as player," said Afridi, who made his ODI debut against Kenya in 1996. In only his second one-day match, he hit a world record 37-ball hundred - which still stands - against Sri Lanka in Nairobi. "I love Kenya and Kenyans," said Afridi, when asked about his team's opponents. "I don't think we will be relaxed when we face them and I would like to be playing at our full strength." That meant express paceman Shoaib Akhtar will share the new ball with Umar Gul or Abdul Razzaq, with Wahab Riaz as fourth seamer. Afridi and Mohammad Hafeez will lead the spin department.-APP
Christchurch earthquake vexes Kiwis CHRISTCHURCH: A New Zealand Cricket official has said that the immediate friends and family of those players from Christchurch are okay in the aftermath of a 6.3-magnitude quake that struck the city on Tuesday, with 65 people reported dead so far. "All immediate friends and family are [okay], but that doesn't detract from the fact that there have been fatalities," Ellery Tappin, the New Zealand media manager said. All the members of the Australian women's team, which was training out of Christchurch when the quake struck, have also emerged unscathed. Brendon McCullum, Hamish Bennett, coach John Wright
and several members of the support staff have links to the area. Some members of the team had taken to Twitter to express their concern for those back home. "Thoughts go out to the people of Chch today. Terrible thing to have happened again," New Zealand opener Martin Guptill wrote on the micro-blogging site. Meanwhile allrounder Scott Styris expressed his concern for the members of his squad who have families in Christchurch, "Watching CNN. Amazing scenes. Some worried boys here in India. Be safe." New Zealand are scheduled to play their second World Cup game against Australia in Nagpur on Friday.-Online
Greenshirts must get a leg up on Kenya: public ISLAMABAD: The cricket lovers from different cities of Pakistan have said that Pakistan should beat Kenya on February 23 with a big margin saying that in order to build up the momentum. Sana Khalid, an employee of telecom company, said that Pakistan should beat Kenya with a margin in order to build up the team confidence and should maintain their winning streak in the mega event. Bushra Ansari, a school teacher told APP that our team is one the best in the world and by beating Kenya in their fist match with a big margin can
make the team's tempo high. The fans also expressed confidence of Pakistan's chances to reach the semi-finals of the World Cup saying our team has the fire and aggression necessary to go all the way. Imran Khan, a student in National University of Science and Technology (NUST), Islamabad, told APP that Pakistan's chances of reaching till the semis in the World Cup is guaranteed only if they play like a unit without any grouping in the team. "I don't know why. It's just a gut feeling. Our team faced so much criticism for the trio -
Salman Butt, Muhammad Asif and Muhammad Aamer - and then the delay in naming the captain. I just think that this time our team will do something big in the mega event." Ayaz Akhbar, a student of Foundation University, Islamabad said,"Pakistan team is an unpredictable one. It just needs unity among them and then no one can stop Pakistan from winning the World Cup." Rameez Hussain, a student of Allama Iqbal Open University, Islamabad said, "I believe our team can go all the way to win the mega event. Our chances are as good as that
of India, Australia. "Even if Pakistan loses to Australia, New Zealand and Sri Lanka, Pakistan can reach quarterfinals beating the minnows. From there onwards, it's just three games and Pakistan team has the potential to win the three games in a row." Jamil Ismail, a student of Rawalpindi College of Commerce told APP that, "The team is going to be more controversial since the ICC verdict against the trio verdict has hurt its moral and the international media will have their eyes on them with each step they will take."
Junaid Akram, a student of Pakistan Institute of Modern Studies (PIMS), Rawalpindi said, "As Pakistanis we surely want our country to win and we will pray for that but apart from Pakistan, Australia is also a good team too". "They have won five out of six games against England. However one cannot rule out Sri Lanka and South Africa. From quarterfinals, it can be anybody's World Cup," he added. Waqas Hamad, a student of Army Medical College, Rawalpindi told APP that our team has all the guts to reach
the semi-finals if they just play like a team, united we stand divided in groups (in the team) we fall. A motor mechanic, Mia Ghani felt that our team will be out from the mega event before the semis. "Our team is mostly new and I don't think they have good chances in the World Cup." The people have given their best wishes for the Pakistan team and has also expressed delight over the `boom boom' Shahid Afridi retaining the captaincy for the World Cup squad saying that he has got all the potential to lead the team for the mega event.-APP
American consumer morale at 3-yr high, home prices slip low NEW YORK: US consumer confidence rose to a three-year high in February, but a drop in home prices for the sixth month in a row in December suggested the economy still faces significant hurdles. The Conference Board, an industry group, said its index of consumer attitudes rose to 70.4 in February from a revised 64.8 in January as consumers felt more optimistic about the economy and their income prospects. It was the highest level since February 2008 and better than the reading of 65 that analysts had expected. The expectations index rose to 95.1, its highest level since December 2006, from 87.3, while the present situation index advanced to 33.4 from 31.1. Consumers' assessment of the labor market improved modestly, but the overall view of employment conditions was mixed.
US stocks cut losses slightly after the data, but financial markets were otherwise unmoved by the morning's data as investors were focused on a revolt in Libya. "It's a positive number and that could offset some of the negative tone we've seen from outside the US borders," said Sean Incremona, economist at 4Cast Ltd in New York. Oil prices rose to a 2-1/2 year high on the political turmoil, highlighting a potential headwind for consumers if commodity prices continue to rise. Indeed, the Conference Board report showed consumers' expectations for inflation in the coming 12 months were at their highest since June 2009, rising to 5.6 per cent from 5.5 per cent the month before. "If these oil prices stay elevated with the ongoing difficulties in the Middle East, this number will start to sink back down again," said Joseph
Battipaglia, market strategist at Stifel Nicolaus, in Yardley, Pennsylvania, of the consumer confidence figure. Separately, data showed single-family home prices fell in December, bringing them closer to the low seen in 2009. The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.4 per cent in December from November on a seasonally adjusted basis, as expected. For the year, prices fell 2.4 per cent, slightly more than the 2.3 per cent decline analysts had forecast. While the composite held above its 2009 low, 11 cities hit their lowest levels since home prices peaked in 2006 and 2007, the report showed. Unadjusted for seasonal impact, home prices fell 1 per cent for the month, leaving them just 2.3 per cent above their April 2009 troughs, S&P said.-Reuters
German consumers set sights on wage rise BERLIN: German consumer morale is at its most optimistic for years, auguring well for a broad-based economic recovery, but the data also suggested workers are increasingly confident wages will rise in 2011, posing inflationary risks. The forward-looking GfK survey of about 2,000 Germans by market research group GfK said on Tuesday its sentiment indicator would climb in March to 6.0 -- its highest since October 2007 -from a revised 5.8 in
February. That beat expectations of a slight rise to 5.8 from an originally reported 5.7 in February. "Domestic economic activity and especially consumption play an increasingly important role and have become a second, stable pillar for the economy as a whole," GfK said in a statement. The data signalled German consumers now share export industries' optimism and are increasingly willing to spend
on expectations of wage hikes, a trend policymakers in the rest of the euro zone are likely to welcome, having previously grumbled that Germany's export-led growth might come at their expense. "Positive sentiment in the industrial sector and among service providers is being reflected in consumers' high expectations for the economy and incomes," said Ulrike Kastens at Sal. Oppenheim. "Anyone in work will benefit from rising salaries in the medium term."-Reuters
Weak autos drag down Canada Dec retail sales OTTAWA: Lower auto sales helped push Canadian retail sales down by 0.2 per cent in December, but November's strong growth was revised up by the same amount, Statistics Canada reported on Tuesday. The soggy numbers will weigh on the reading for December gross domestic product, due out at 8:30 a.m. EST (1330 GMT) Feb. 28, but analysts still expect annualized fourth-quarter growth at or above the Bank of Canada's 2.3 per cent forecast. "The only positives that are lining up for the month are coming through net trade and wholesale trade," Scotia Capital economists Derek Holt and Gorica Djeric said in a note to clients. Excluding auto sales, which were down 2.8 per cent from November, retail sales actually rose by 0.6 per cent, as expected by analysts. A Reuters survey of analysts had predicted no change for overall retail sales. In volume terms, used to calculate real GDP growth, December sales declined by 0.4 per cent, but November's figure was also revised up by 0.2 per centage points. All figures are adjusted for seasonal factors such as Christmas sales. Data for December has tentatively painted a picture in which growth in demand shifted to exports from domestic consumption, though retail sales had grown solidly for six straight months. Statscan revised November's gain to 1.5 per cent from 1.3 per cent. For 2010 as a whole, sales were up 5.1 per cent from 2009 and up 4.5 per cent after adjusting for price increases. Scotia Capital said it could not rule out a negative GDP reading for December, though some other analysts were more sanguine. -Reuters
CONTINUATION revenue to the government's functionaries and provide employContinued from page 12 No #1 ment to the masses. He said that country's economy is already on Hina further added that Pakistan is a responsible state and the downslide and if the situation persist Pakistan's sovereignty very well knows how to respect International laws. To a queswould be put at stake. He said that ruling parties are better to shun tion, she said country is facing challenges like terrorism and their confrontation if they want Pakistan's sovereignty. debilitating economy. "We need to strengthen our institutions so The Chairman, KATI, Johar Ali Qandhari has pointed out in his to strengthen country", she said. -Agencies welcome address that many industries in KIA are meeting their Continued from page 12 water demand through tanker service and the KATI had requested No #2 The revolt in OPEC member Libya has driven oil prices sharply KWSB to provide 50 tankers to the KIA but this demand is yet to higher, US crude futures rising close to 8 per cent to more than be met. Senator, Abdul Haseeb Khan, Former Chairman, KATI, $94 a barrel, a 2-1/2 year high. Shell said it was pulling out its Mian Zahid Husain and Chairman, Standing KATI, Niaz Ahmed also spoke on the occasion. expatriate staff from Libya temporarily because of the unrest. International Energy Agency (IEA) chief economist Fatih Continued from page 12 No #5 Birol said oil prices could rise higher if turmoil persisted in the He hoped that this industry will make notable growth in Middle East. The upheavals which deposed the presidents of future.Imtiaz Haider said that the ISE will pursue the HBL to get Tunisia and Egypt have shaken the Arab world and inspired its mutual funds listed at ISE so as to make these funds available protests across the Middle East and North Africa, threatening the for trading at ISE. He appreciated the efforts and contribution grip of long-entrenched autocratic leaders. While Human Rights made by Shahid Ghaffar in the capital market of the country. At Watch said at least 233 people had been killed in five days of the end, MD, ISE thanked Shahid Ghaffar for visiting ISE and violence in Libya, opposition groups put the figure much high- presented him a shield of the Exchange. -APP er. No independent verification was available and communicaContinued from page 12 No #6 tions from outside were difficult. In addition, Wapda have not yet arranged the letter of credit of Continued from page 12 No #3 Rs12.92 billion as required be the PPA. As a result of the outTroops were deployed to help people get out and to throw up a standing amounts from Wapda of Rs82 billion the company cursecurity cordon around the stricken area, and residents throughout rently owes Rs 76 billion to Pakistan Sate Oil for fuel supplied to the city were urged to stay home or with neighbors and conserve the power station This has also resulted in an irregular supply of water and food. The airport was closed, and Christchurch Hospital fuel which has affected plant operations. was briefly evacuated before reopening. Power and telephone Continued from page 5 No #7 lines were knocked out, and pipes burst, flooding the streets with biggest foreign direct investments in India to date. Analysts water. Some cars parked on the street were buried under rubble. Police said reports of fatalities included people in two buses that said the deal would help Reliance expand its deep sea exploration had been crushed by falling buildings. During hours of chaos in and development off India's east coast, and also give it financial the city, people dug through rubble with their hands to free people muscle to buy shale gas assets in the United States. "The deal with BP is a big positive for Reliance," said Rakesh trapped. Firefighters climbed extension ladders to pluck people stranded on roofs to safety. A crane lifted a team of rescuers on a Rawal, head of private wealth management at Anand Rathi Financial Services. "The capital that would come in from the JV platform to one group of survivors in a high-rise. Plumes of gray smoke drifted into the air at several points partner, would help it to ramp up its exploration and production around the city from fires burning in the rubble. Parker said res- plans and the money that comes in through the deal could fuel cue teams including sniffer dogs were fanning out across the city future acquisitions." Rawal said he holds Reliance for his clients and is looking to add more to the portfolio. and would work through the night. Reliance, which has the heaviest weight on the BSE index, closed Officials had established relief centers in schools and community halls, where food was being served to thousands of sheltering up 3 per cent at 985.05 rupees in its biggest one-day gain in two and people and donated blankets were being handed out. In at least a half months. A total of around 23.6 million Reliance shares were one park in the city, people - many of them tourists who had aban- traded on BSE and NSE, around 3.7 times the 30-day daily average doned their hotels - huddled in hastily pitched tents and under volume. The 30-share BSE index fell 0.77 per cent or 142.15 points plastic sheeting. The Red Cross was working to secure accommo- to 18,296.16, with 25 of its components closing in the red.-Reuters dation for them. -Reuters Continued from page 5
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He informed the industrialists that KWSB is supplying water from Dhabeji Pumping Station and Korangi Industrial Area (KIA) comes in end. He added that due to illegal connections and hydrants besides tail-end is facing water shortage. He said that KWSB is not in apposition to revamp or restructure its installations. He however, assured the KATI members to improve water supply to KIA. He pointed out that tanker Mafia and illegal connections in 'katchi abadis' is the major reason for disruption of water supply to the KIA especially Sector 7-A. He said that encroachments along the National Highway are increasing at a fast pace while too many farm houses also sprung up due to which water theft is increasing at alarming rate and would gradually hamper the water supply to Karachi. The Patron In-chief, KATI, S M Muneer said in his address that water supply to the industry is inevitable as without industrial growth country's economy in no way can survive as it generates
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International & Continuation
Wednesday, February 23, 2011
No #8
disruptions from the Opec member. In Libya, violence has escalated with protests sweeping the capital Tripoli and anti-government forces reportedly taking control of the city of Benghazi. Muammar Gaddafi appeared on state television on Tuesday signalling his defiance and saying he had not fled a revolt against his 41-year rule. The Nikkei ended down 1.8 per cent or 192.83 points at 10,664.70. It fell as low as 10,639.78, the lowest level in almost two weeks. The broader Topix fell 1.8 per cent to 956.70.-Reuters
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floods in 2010 damaged crops on millions of hectares, livestock, agro, agro-based industry infrastructure and disrupted manufacturing and trading activities. He said that Pakistan attracted more than $24 billion in foreign direct investment in the last ten years which included an inflow of $6.6 billion which was witnessed during the tenure of the present government. The major investment was made in telecom, Oil & Gas, finan-
Japan investor sentiment down for 1st time in 5mths TOKYO: Japanese retail investor sentiment on domestic stocks fell for the first time in five months in February as caution grew that a rally in Tokyo shares which started late last year could run out of steam, a Reuters survey showed. The key Nikkei average reached a 9-½ month high last week but concerns over inflation in emerging markets and wariness over Europe's debt problems have made retail investors slightly pessimistic about the outlook for Japanese shares. The Reuters sentiment index, calculated by subtracting the per centage of investors who say they are bearish from those who are bullish, fell 12 points to minus 4 in February. The index logged its first monthly fall in five months, having surged a total of 78 points until the previous month
from an 18-month low of minus 70 in September. "The short-term outlook is still strong, but in the long run, uncertainty about the situation in Europe remains," said an investor in his 40s. "Some say that inflation would be positive for stocks, but there are concerns about how growing inflation in emerging markets could trigger uncertainty," he said. The Reuters survey of 510 Japanese individual investors was conducted on Feb 7-10 when the key Nikkei average touched a nine-month peak. The Nikkei was also up about 1.5 per cent from the pervious survey about a month ago. Despite the fall in the index in February, there were many positive comments about the outlook backed by evidence of strong Japanese corporate earnings and an improved outlook for the US economy,
underscoring the uptrend in the stock market. Japanese shares performed well against key markets since the start of February until Monday, with the Topix index the best performer among 30 global markets, gaining 6.6 per cent, and the Nikkei average the third best performer, rising 5.6 per cent, Thomson Reuters data showed. The yen was little changed from the the previous survey in January at around 83 against the dollar. "We've seen unrest in Egypt and other places. But in general, there is limited risk in Japan, which should draw safehaven money into Japanese stocks," said an office worker in his 30s. Unrest in Libya spread to the capital Tripoli on Sunday after scores of protesters were killed in the second city Benghazi.Reuters
cial businesses and power sectors besides textiles, construction, chemicals, trade and transport, he said. "The exports witnessed a growth of 10 per cent in the fiscal year 2010 and are projecting a very healthy outlook for the current fiscal year. The foreign exchange reserves are well over $17 billion against $10.8 billion when we assumed power. We have effectively controlled the depreciation in the value of our currency which is now stable and trading at an appreciate level compared to 2008-9". The President informed the business houses that Karachi Stock Exchange index which serves as nerve for the state of our economy is trading well over 12000 points today as compared to 5500 in December 2008. The President said that the government was busy in bringing structural reforms for fiscal discipline, transparency, improved tax governance and widening the tax net and added that we are eliminating subsidies, containing the fiscal deficit and inflation. "We have embarked upon a massive drive against poverty by introducing Benazir Income Support Program to support millions of poverty y ridden households at their doorsteps and economic support to jobless youth", he said. He said that the government was committed to support the agriculture sector, patronage of industry and trade, human resource and skill development beside integrated energy program, public private partnership and also l continue with liberal and pro-investors policies. The President said that our government is pursuing a policy of political reconciliation with all the political forces of the country for the cause of national development which has helped resolve issues of national interest and bring landmark constitutional changes with consensus. The President said that a strong economy is the key for winning the war against terrorist and their outfits.-Agencies
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devastating floods of the last year. "In order to rebuild economy we had no choice but to move towards International Monetary Fund (IMF) for financial help. But now country's fiscal deficit is reducing and the successes seem to be appeared on the surface. The country is set on the right direction and the economic stresses are going to ease now," he added. Paying tributes to late Dr Mehboob-ul Haq, the founder of First Human Development Report, Dr Hafeez said that Dr Mehboob ul Haq was a great source of inspiration for millions of people around the world including him. He said that his Human Development Strategy was not only followed in Pakistan but many other countries also. United Nations Development Programme (UNDP) Administrator Helen Clark lauded the government's BISP programme which is helping millions of poor people. "I am delighted that despite tough economic situation, federal government is running BISP programme to help sustaining the Human Development in the country, she added." He said currently more than 140 developing countries had developed their own Human Development Reports inspired by Dr Mehboob-ul Haq's pioneer report. Federal Minister for Privatization Syed Naveed Qamar speaking on the occasion said government has taken bold steps for development of the people especially in the field of human capital development. He said that the country is witnessing improvement in health, education, population welfare and even labor management sectors. -Agencies
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Shafiq, President Karachi Chamber of Commerce & Industry was, "There was no realisation of the gravity of situation because numerous containers loaded with perishable items was stuck. Exporters could not bring them back or continue to maintain temperature of the refrigerated cargo." Ateeq-ur Rehman of KCCI said, "All of us including Government of Pakistan talk about image building of the country and capacity building of government functionaries but whenever a crisis arises every one seems helpless. On top of this lack of coordination among various stakeholders often complicate the issue. In this particular incidence PQA should have acted more prudently but port gates were closed which caused traffic jam up to Quaidabad." Rasheeduddin Rashid former Senior Vice President KCCI was of the view that many of the PQA terminals have mechanised handling facilities involving very little labor and there are few employment opportunities for unskilled workers. He said, "Some of the perishable shipments were destined to new markets and delay in handling had become a nightmare for the exporters. Not only the goodwill of exporters was at stake but Pakistan's image could have been hurt." Without being prejudice it can be said that PQA workers' demands to regularise dailywagers and give them better remuneration were not out of place. However, government will have to resolve issues like over-employment, indulgence of political parties in the affairs of PQA and above all improving capacity to handle such minor issue before they could halt port operations.
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of the Bursa Malaysia Palm Oil Conference in March. "Imports need to be bought on price dips." Combined with higher prices of vegetable oils, imports of mostly palm oil products from Malaysia as well as soy oil will stay flat at 1.93 million tonnes, he added. Revenues from vegetable oil imports brought in about Rs14.9 billion last year, Reuters' calculations on import data show. Pakistan's debt servicing bill was $5.5 billion last year. The IMF loaned Pakistan $11 billion in 2008 to rescue the South Asian economy. Meeting deficit targets through a broader tax base was set as a condition for the loan and future lending programs. The IMF and Pakistan agreed on a revised fiscal deficit target of 4.7 per cent of gross domestic product in 2010/2011 following the summer floods that damaged some wheat, sugar and cotton growing areas. The cottonseed crop arrivals are due this month but it was too early to assess the impact of the flood damage, Chaudhry said. "There might be a significant decline but it won't generate more imports than usual because prices are still so high. There was a big rise in imports last year but we are not going to see the same trend this year," Chaudhry. Last year, vegetable oil imports rose 7.9 per cent to 1.93 million tonnes, data from the Pakistan Edible Oil Refiners Association showed. Cottonseed output for the year to June 2010 rose 4.9 per cent to 3.2 million tonnes just before the floods hit new plantings. -Reuters
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government for obtaining license of lease. The court was informed on behalf of Balochistan government that contract would not be awarded to company till decision would be given by the court. The CJP inquired from Deputy Attorney General as to why the governor allowed relaxing the rules and regulations. Abdul Hafiz Pirzada told that the approval was given by provincial government rather than governor. The hearing has been adjourned till today. -Online
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good that the flood victims have rehabilitated. He said that today 150 flood victims have got shelter homes while further 117 homes are being built. He said that we have made Rajan Pur a model village. -Agencies
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On the other hand, heavyweight contributor to industrial production, textile sector is expected to take a hit in terms damage to domestic cotton output and high cotton prices.
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be provided food and accommodation like other prisoners languishing in Kot Lakhpat prison. SP Investigation Civil Lines captain (R) Malik Liaquat repeated his demand to the officials of US Consulate for handing over the car and driver. On this, the US officials said that they were in contact with the Federal Government but could not get any directives yet in this regard. - Agencies
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spokesman for President Asif Ali Zardari told Reuters during an official visit to Japan. "Regardless of whether he now turns out to be a CIA employee, the matter will be decided by the court." US sources in Washington closely following the case said on Monday Davis was a "protective officer" employed as a CIA contractor. Davis' duties were essentially as a bodyguard, to provide physical security to US Embassy and consular officers and visiting American dignitaries, US officials who declined to be identified told Reuters-Reuters
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'I am being made Farooq Leghari'
Qureshi stands strong against arm-twisting ISLAMABAD: Former foreign minister Shah Mehmood Qureshi blamed government for mishandling the Raymond Davis' case, and said that he should not be forced to tell about those responsible. "I had to face many allegations, including secret meeting with Chaudhry Nisar and Shahbaz Sharif behind closed doors, however I am ready for accountability" said Qureshi while speaking during a National Assembly session here on Tuesday. Former foreign minister said that he made it clear to the US authorities that Davis' fate would be decided by the Pakistani courts, and that he also asked Pakistani government to act in a reverential manner on Davis' issue. Former foreign minister said that he is being made Farooq Leghari without any reason, adding propaganda is being created against him, but he is a PPP loyalist and would always remain so. Speaking on a point of order Qureshi said that he wants to place some things on record. My conscious is clear. Lot of things have been said and
written about me and it is appropriate that I remove the misunderstandings and place true facts before the masses. He said that we struggle for democracy and today the 1973 Constitution has been restored. He said that he has been accused of violating discipline of the party, adding he has been warned not to become Farooq Leghari. What have I done wrong? I have always been a party loyalist. Qureshi said that he doesn't take dictation from anyone and had always followed the footsteps of Benazir Bhutto. He said that propaganda is being created against him. He said that those who talked of giving immunity to Raymond Davis he can tell their names. He said that Pervez Musharraf was a uniformed and authoritative president, he invited me to join him, Shaukat Aziz himself came to me to invite me in his party but I made it clear that Benazir Bhutto is my leader and couldn't take any step against her consent. He further said that Rao Sikandar Iqbal tried his best to
include me in his party after elections of 2001 but I refused. He said that it is sad that he sat on opposition seats for five years but now they are calling me worker of Establishment. He further said that people said that Shah Mehmood's statements are spoiling PakUS ties but difference of opinion is a right of everyone. He said that when I supported Kerry Lugar Bill then the people said that I am spy of US and now are holding me responsible for spoiling ties. He said that in Raymond Davis case I said that John Kerry is friend of Pakistan and I would tell him realty about the case. He said that Prime Minister Syed Yousuf Raza Gilani offered him ministry but he refused. He said that he would remain loyal with the party and he is not from those who spoil relations for pity things. He said that he would visit Garhi Khuda Bux on 27 February to share his feelings with Benazir Bhutto and pay tribute to Zulfiqar Ali Bhutto. -Agencies
Gaddafi defiant as unrest escalates TRIPOLI: Libyan leader Muammar Gaddafi vowed defiance in the face of a mounting revolt against his 41year rule on Tuesday, making a fleeting television appearance to scorn protesters and deny he had fled the country. Gaddafi's forces have cracked down fiercely on demonstrators, with fighting now spreading to the capital Tripoli after erupting in Libya's oil-producing east last week. As the fighting has intensified across the thinly populated nation stretching from the Mediterranean deep into the Sahara desert, cracks appeared among Gaddafi supporters, with some ambassadors resigning and calling for his removal. The justice minister quit in protest at the use of force and a group of army officers called on soldiers to "join the people," while two pilots flew their warplanes to nearby Malta. Tripoli, a Mediterranean
coastal city, appeared calm in the early hours of Tuesday. One resident said: "There is heavy rain at the moment, so people are at home. I am in the east of the city and have not heard clashes." Gaddafi appeared on television after days of seclusion to scoff at reports he had fled to Venezuela, ruled by his friend President Hugo Chavez. "I want to show that I'm in Tripoli and not in Venezuela. Do not believe the channels belonging to stray dogs," Gaddafi said, holding an umbrella and leaning out of a van apparently outside his residence in what amounted to a 22-second appearance. "I wanted to say something to the youths at Green Square (in Tripoli) and stay up late with them but it started raining. Thank God, it's a good thing," added Gaddafi, who has ruled Libya with a mixture of populism and tight control since taking power in a mili-
tary coup in 1969. World powers have condemned the use of force against protesters, with U.N. Secretary General Ban Kimoon accusing Libya of firing on civilians from warplanes and helicopters. "This must stop immediately," said Ban, adding he had spoken to Gaddafi and urged him to halt attacks on protesters. The Security Council was to hold a meeting on Libya at 9 a.m. EST (1400 GMT), diplomats said. Demonstrations have spread to Tripoli after several cities in the east -- including the second city Benghazi, where the protests had first erupted -appeared to fall to the opposition, according to residents. Libyan guards have withdrawn from their side of the border with Egypt and "people's committees" were now in control of the crossing, the Egyptian army said. See # 2 Page 11
Earthquake buries 65 in New Zealand CHRISTCHURCH: A powerful earthquake struck one of New Zealand's biggest cities Tuesday at the height of a busy workday, toppling tall buildings and churches, crushing buses and killing at least 65 people in one of the country's worst natural disasters. It was the second major quake to hit Christchurch, a city of 350,000, in five months, though Tuesday's 6.3-magnitude temblor caused far more destruction than a stronger September quake that struck before dawn on a weekend. More than 100 people, including as many as a dozen visiting Japanese students, were thought to be trapped in the rubble as darkness - and drizzling rain - fell Tuesday night. "It is just a scene of utter devastation," Prime Minister John Key said after rushing to the
city within hours of the quake. He said the death toll was 65, and may rise. "We may well be witnessing New Zealand's darkest day." The spire of the city's wellknown stone cathedral toppled into a central square, while multistory buildings collapsed in on themselves and streets were strewn with bricks and shattered concrete. Sidewalks and roads were cracked and split, while thousands of dazed, screaming and crying residents wandered through the streets as sirens and car alarms blared. Ambulance services were quickly overwhelmed, and groups of people helped victims clutching bleedings wounds, and others were carried to private vehicles in makeshift stretchers fashioned from rugs or bits of debris. Nathanael Boehm, a web
designer, said he was standing near a tram track when the quake struck just before 1 p.m., sending the eaves of buildings cascading onto the street below. "It was horrific. People were covered in rubble, covered in several tons of concrete," Boehm said, adding that he believed some of them had been crushed to death. Christchurch Mayor Bob Parker declared a state of emergency and ordered people to evacuate the city center. He said it was impossible to say how many people were trapped in the rubble, but that it was estimated to be more than 100. "The government is willing to throw everything it can in the rescue effort," Deputy Prime Minister Bill English said. "Time is going to be of essence." See # 3 Page 11
ISLAMABAD: Federal Minister for Privatization Syed Naveed Qamar addressing the 20th Anniversary of the Human Development Report and Commenoration of the contribution of late Dr Mahmoob ul Haq ot the concept of Human Development.-APP
Thar project
Committee goes over progress KARACHI: The Steering Committee of Thar Coal and Power Technical Assistance Project (TC& PTAP) discussed progress of Thar coal project. Chief Secretary Sindh Ghulam Ali Shah Pasha who presided over the meeting at his office here Tuesday, has advised the officials of "Thar Coal and Power Technical Assistance Project" to gear-up their strategic efforts to achieve the target in the larger national interest. Secretary Coal & Energy Development Department Aijaz Ali Khan gave a presentation on the TC & PTAP progress update, preparation of water master plan for Thar coal fields including hydro-geological water supply and waste water management studies/ scheme. He also gave a review the status of study being carried out by the Ministry of Water and Power, titled "Coal- a least cost option for power generation in Pakistan" under the auspices of World Bank. The committee also discussed on the scope of PMU (Primary Monitoring Unit) Thar Coal and Power Project. Khan said that the successful completion of projects will have a long lasting positive impact on country's economy. -APP
ECP starts consultation on reforms ISLAMABAD: The third round of two-day consultative meeting of the Election Commission with leaders of major political parties began here on Tuesday. Later briefing media about the progress made at the meeting, the Chief Election Commissioner Hamid Ali Mirza said that work on the computerised electoral rolls is in progress. He said door-to-door verification of the rolls will begin in June this year following the verification of the data by Nadra. After this exercise an error free final list will be prepared up to December this year which could be used for voting. He said the meeting also decided about the allotment of the symbols to the political parties and independents while some of the symbols would be deleted from the list. He said it was also decided that the major parties would be given permanent symbols who took part in the last two general elections. To check the authenticity of the educational degrees of the candidates, the Election Commission, Political Parties and people would work as a forum to check these documents before the commencement of the elections. But this matter would further be deliberated before going to a final decision. CEC said that political parties finance has been increased for the national assembly from 1.5 million rupees to 5 million and for the provincial assembly seat from one million to three million rupees. -APP
Govt in unison on Davis case: Hina ISLAMABAD: State Minister on Foreign Affairs Hina Rabbani Khar said there is no ambiguity in statements between the Interior Ministry and Foreign Ministry regarding the Raymond Davis issue. Taking to host of journalists after participating in a simple but dignified ceremony at a local hotel on Tuesday Hina Rabbani Khar said that we have no difference of opinion regarding Raymond Davis case, adding Prime Minister Gilani on the floor of the House in his policy statement again made it clear that Davis will not be released under any kind of pressure by the United States of America.
There is undoubtedly no difference whatsoever in statements given by the Interior Ministry and Foreign Ministry on Davis case, adding let courts do the talking, Hina Rabbani Khar argued. She said our government including President and Prime Minister has always sacrificed for the pride of nation and as far as Raymond Davis is concerned, courts will decide his future. Hina said that Interior Minister Rehman Malik gave no statement with regard to immunity of Davis he just said that Raymond has a diplomatic passport, and a visa was issued by Pakistan
after clearance by all intelligence agencies. She said that Pakistan has to abide by international laws and 1972 privilege act with respect to diplomats is applicable on Pakistan. Government concerning Davis case is in sheer consultations with the International Experts urging US has been told on a number of times to respect courts, she pointed. In response to a question she said that only due to one person Pak-US relations couldn't be affected. She said that series of strategic dialogue process would begin soon. See # 1 Page 11
Rs15bn for mega water plan sought
ISE, Mufap join hands
Staff Reporter KARACHI: Karachi Water and Sewerage Board (KWSB) is seeking Rs15 billion for the execution of bulk water supply project K-IV for 150 million MGD (million gallons per day) water supply to Karachi. The Managing Director, KWSB, Misbahuddin Farid while speaking at the luncheon meeting of Korangi Association of Trade and Industry (KATI) said that the quota of 1,200 cusecs from Indus source has exhausted and the city needs additional quota form Indus to meet Karachi's demand and the government needs to implement the project on priority otherwise Karachiites would be facing another crisis besides electricity and other utilities. MD KWSB, said that 150 MGD additional water supply through K-IV is being planned and this project would cost
Rs15 billion. He warned that if the additional quota from Indus source would not be issued at the earliest the city would be facing acute shortage of water. He informed that KWSB is facing severely short of funds as it needs Rs1 billion monthly to provide uninterrupted supply of water to the city while its actual recovery is almost half of the expense. Former Chairman, KATI, Mian Zahid Husain promised on behalf of industrialists to take up the matter of K-IV project and release of Rs15 billion with the federal government. Misbah said that KWSB would demand Rs2.5 billion from Karachi Building Control Authority as against arrears. He further mentioned that KWSB would be carrying out operation against illegal connections starting from Banaras Colony from Wednesday. See # 4 page 11
Hubco 1H profit reaches Rs2.84bn Ahmed Siddique KARACHI: Hub Power Company Limited (Hubco) has posted net earnings of Rs2.84 billion against Rs2.85 billion profits during the 1HFY10 that showed a marginal decline of 0.4 per cent. The earning per share of the Hubco remained at Rs2.46 as against Rs2.47 in 1HFY10. This increase in the bottom line is mainly because of currency devaluation, higher tariff and higher generation bonus due to higher electricity generation. Furthermore company announced interim cash dividend of Rs2.5 per share. Turnover for the period up by 6.6 per cent to Rs49.2 billion from Rs46.2 billion mainly due to company operated at an average load factor of 71 per cent and an average complex
availability (ACA) of 85 per cent. Electricity sold to Wapda was 3746 GWH. On the other hand, operating cost also increased by 6.1 per cent due to higher fuel prices. Gross profit increased by 12.4 per cent to Rs4.25 billion in 1HFY11 compared to Rs3.78 billion in 1HFY10. Other income is also declined by 55 per cent to Rs15.8 million compared to Rs35.2 million previously. Furthermore finance cost swelled by 55.3 per cent to 1.21 billion. WAPDA still continues to experience difficulties in meeting its obligation to Hubco under Power Purchase Agreement (PPA) and at present an amount of Rs 88 billion is outstanding against Wapda of this Rs 82 billion is classified overdue. See # 6 Page 11
ISLAMABAD: Islamabad Stock Exchange (ISE) and Mutual Funds Association of Pakistan (MUFAP) have agreed to increase their cooperation for mutual benefit of both the entities and their stakeholders. The retail investors are vital for market stability and there is still a dire need to work on investors' education to increase the base of retail investments. This was stated by Shahid Ghaffar, President MUFAP and CEO of the HBL Asset management while giving a corporate briefing on the company to the Members of the ISE. He said that the market crashes have affected the confidence of the investors to a great extent and the participation in the stock market from general public is lessening. No concrete effort has ever been made to restore the confidence of the investing public, says a statement of the ISE issued here. He said that public participation in mutual industry was quite on lower side. Shahid Ghaffar explained different avenues of cooperation and commercial relationship between HBL Asset management Limited and the ISE. He agreed to continue working relationship so as to facilitate ISE members for investment facilitation. Speaking on the occasion, Imtiaz Haider, Managing Director ISE, said that the ISE being the smallest Exchange was in endeavor to increase trading activity and attracting more listing on its board and for that purpose it decided to interact frequently and vigorously with other corporate entities to explore possibility of business cooperation. He said that Mutual Funds Association of Pakistan (MUFAP) and the mutual fund industry was playing its role for mobilizing the savings of the public and channeling into profitable avenues through different funds to cater the requirements of different segments. See # 5 Page 11
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