International Karachi, Saturday, October 23, 2010, Zul-Qa’dah 14, Price Rs12 Pages 12
Afghan peace hinges on Pakistan: Gilani
Peshawar mosque blast kills two
See on Page 12
Lt Col, 5 troops killed in Hangu
See on Page 12
KESC told to draw inflows, improve
See on Page 12
See on Page 12
US has no ally in WoT stronger than Pakistan: Clinton
Economic Indicators $17.10bn 13.77% $5.18bn $9.03bn $(3.85)bn $(545)mn $2.65bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $100.90mn -3.85% 4.10% $1,051 170.86mn
Forex Reserves (15-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Sep 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
US announces $2bn mily aid Aid to Pakistan spanning over 5yrs subject to Congress OK
Portfolio Investment SCRA(U.S $ in million)
64.28 15.05 -1.98 2505
Yearly(Jul, 2010 up to 21-Oct-2010) Monthly(Oct, 2010 up to 21-Oct-2010) Daily (21-Oct-2010) Total Portfolio Invest (15 Oct-2010)
NCCPL (U.S $ in million)
FIPI (22-Oct-2010) Local Companies (22-Oct-2010) Banks / DFI (22-Oct-2010) Mutual Funds (22-Oct-2010) NBFC (22-Oct-2010) Local Investors (22-Oct-2010) Other Organization (22-Oct-2010)
1.03 3.20 -4.91 2.33 -0.94 -0.14 -0.56
Global Indices Index Close KSE 100 10,652.48 Nikkei 225 9,426.71 Hang Seng 23,517.54 Sensex 30 20,165.86 ADX 2,807.50 SSE COMP. 2,975.04 FTSE 100 5,744.49 *Dow Jones 11,128.44 *Last Updated 20:00 PST
Change 93.74 50.23 131.94 94.72 21.01 8.49 13.37 18.13
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)
$.Price PKR/Shares 2.60 111.61 19.10 163.97 2.00 42.93 1.70 36.49 9.96 34.20
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.77% 13.08% 13.22% 13.50% 12.70% 12.99% 13.21% 13.61% 13.71% 13.62% 13.75% 13.80% 14.22% 14.36% 14.52%
20-Oct-2010 20-Oct-2010 20-Oct-2010 29-Sep-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010
Commodities *Crude Oil (brent)$/bbl 82.22 *Crude Oil (WTI)$/bbl 80.68 *Cotton $/lb 119.71 *Gold $/ozs 1,323.30 *Silver $/ozs 23.11 Malaysian Palm $ 968.70 GOLD (NCEL) PKR 36,575 KHI Cotton 40Kg PKR 8,198 *Last Updated 20:00 PST Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 84.45 Canadian $ 84.50 Danish Krone 14.80 Euro 118.50 Hong Kong $ 11.00 Japanese Yen 1.041 Saudi Riyal 22.80 Singapore $ 65.26 Swedish Korona 12.00 Swiss Franc 87.90 U.A.E Dirham 23.10 UK Pound 136.25 US $ 85.95
84.65 85.00 15.20 119.00 11.30 1.067 23.10 65.50 12.50 88.40 23.45 136.50 86.20
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
84.12 83.66 16.03 119.53 11.05 1.057 22.88 65.90 12.86 88.59 23.36 134.92 85.85
84.32 83.86 16.06 119.81 11.08 1.059 22.93 66.05 12.89 88.79 23.41 135.24 86.03
Weather Forecast CITIES
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WASHINGTON: Secretary of State Clinton and Foreign Minister Shah Mehmood Qureshi speak at the State Department in Washington.-Reuters
SC takes up RPPs, power price hike issues
Nepra, Pepco chiefs, Gencos served notices ISLAMABAD: The Supreme Court Friday issued notices to power producing companies, National Electric Power Regulatory Authority (NEPRA), Pakistan Electric Power Company (PEPCO) and Water and Power Development Authority (WAPDA) over the issue of Rental Power Plants (RPPs) and power price hike. The respondents were directed to appear in person or to send their counsels on the next hearing to be held on October 26. The Chairman Nepra was served notice upon power tariff
hike while high authorities in Pepco/Wapda were issued notices to produce record of all the agreements with companies for setting up RPPs. A three-member bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil ur Rehman Ramday resumed hearing of a suo moto case. Syed Faisal Saleh Hayat, a sitting parliamentarian of Pakistan Muslim League-Q, appeared and concluded his arguments over the issue.
Govt to autotomize 4 power cos: Ashraf
US to afford Satpara, Gomal Zam dams WASHINGTON: The United States has agreed to finance under-construction Gomal Zam and Satpara dams pledging to encourage its private sector to invest in Pakistan, Minister for Water and Power Raja Pervaiz Asharf said Friday. The federal minister, who led the Pakistani side in discussion on cooperation in the energy sector under Pakistan-US strategic partnership, said the United States also approved financing for the rehabilitation of old power plants. Raja Ashraf told journalists
that Pakistan will spend money from its own resources on the construction of two small dams, Gomal Zam in South Waziristan and Satpara in the Northern Areas, and the United States will reimburse the cost of these two projects which is worth $60 million. "These short-term projects will help the country meet a shortfall of 450 megawatt," he stated. In the long-term perspective, he said, the US officials vowed to encourage the American private sector to invest in the See # 12 Page 11
CDC reduces service charges Staff Reporter KARACH: The Board of Directors of the Central Depository Company of Pakistan (CDC) Friday approved reduction in the transaction and trustee fees. According to details, the transaction charges have been slashed by 50 per cent and custody fee by 25 per cent. Khurram Schehzad, Head of Research at InvestCap said that it's a good step and will reduce the See # 16 Page 11
He said the RPPs was a total failure as a huge amount was paid to Karkey only, a power company, which had not started functioning yet. He said Rs23 billion had been given to eight RPPs alone which only generated 62 mega watt powers. He said during their tenure in government, two RPPs could not yield the desired results and were termed a failure. He claimed that a top government functionary had awarded contract to his kin. See # 11 Page 11
America must fully trust Pakistan: Musharraf CHICAGO: Former President Pervez Musharraf Friday reiterated that US must respect the sentiments of people and gov-
ernment of Pakistan to reduce trust deficit. During his address at the Chicago University, Former President Pervez Musharraf said that Pakistan is a frontline ally in war against terrorism and US knows this very well. Pakistan has paid a heavy price and lost more than it gained, he underlined. He said that US must realise that we must move forward to augment Pak-US relations, as it is better for both the countries.-Online
WASHINGTON: The US has announced a $2bn package of military and security aid to Pakistan on the final day of the latest Washington-Islamabad strategic talks. Secretary of State Hillary Clinton unveiled the five-year deal, which is subject to Congressional approval. Announcement of the military assistance, which would be delivered over five years from 2012 to 2016, came at the formal opening session of the third round of the US-Pakistan Strategic Dialogue, a series of bilateral meetings that began on Wednesday. In a joint press conference with Foreign Minister Shah Mehmood Qureshi US Secretary of State Hillary Rodham Clinton said that Pakistan is facing a number of challenges but America will help the country in these difficult times.
Clinton told the press conference that President Barack Obama's administration would ask the US Congress to approve the military assistance to complement the $7.5 billion in civilian projects it already has approved. She promised to expedite the process regarding military aid bill in the Congress, reminding that America had already signed an energy accord with Pakistan in July regarding various water and power projects. "More active cooperation and further projects are also on the anvil, in accordance with Pakistan-American Strategic dialogue", she said. "The United States has no stronger partner when it comes to counterterrorism efforts against the extremists who threaten us both than Pakistan," Clinton said. Clinton said Pakistani and US officials had "productive dis-
Gazprom may pipe TAPI plan TURKMENBASHI: Russia's gas monopoly Gazprom could take part in a project to build gas pipeline from Turkmenistan to Pakistan and India via Afghanistan, Russia's energy tsar Igor Sechin said Friday. Turkmenistan, holder of the world's fourth-largest natural gas reserves, is keen to revive plans to build the TAPI (Turkmenistan-AfghanistanPakistan-India) pipeline. The project has been stalled by war in Afghanistan. The long-delayed project would also further efforts by Turkmenistan, Central Asia's largest gas producer, to diversify its export routes and lessen dependence on its traditional
partner Russia. Gazprom, the main buyer of Turkmen natural gas until Turkmenistan launched a China-bound pipeline last December, could play a role, Russian Deputy Prime Minister Igor Sechin said. "The issue of Gazprom's participation in the TAPI gas pipeline was discussed during this visit," Sechin told reporters during Russian President Dmitry Medvedev's visit to Turkmenistan. "Gazprom may participate in this project in any capacity -builder, designer, participant, etc," Sechin said. Pakistan and India have expressed an interest in buying See # 6 Page 11
CCP takes aim at jute mills’ cartel ISLAMABAD: The Competition Commission of Pakistan (CCP) has issued showcause notices to 10 jute mills, all members of Pakistan Jute Mills Association (PJMA), for alleged cartelisation in supply of gunnysacks to various government departments including Pakistan Agriculture Storage & Supply Corporation Limited (PASSCO) in violation of Section 4 of the Competition Act, 2010.
According to a Commission statement, the jute mills that have been showcaused include Crescent Jute Products Ltd, Amin Fabrics Ltd, Indus Jute Mills Ltd, Habib Jute Mills Ltd, Thal Ltd, Sargodha Jute Mills Ltd, Suhail Jute Mills Ltd, White Pearl Jute Mills Ltd, Pioneer Jute Mills Ltd. and Madina Jute Mills Ltd. In order to detect cases of collusive tendering or bidding See # 8 Page 11
cussions" this week about eliminating extremist groups operating in Pakistan. Secretary of State said that America was closely working with Pakistan Army in rehabilitation of the flood affectees, and assured that America would go to any lengths to promote its friendship and mutual ties with Pakistan. Foreign Minister Shah Mehmood Qureshi said it was time to counter naysayers who argue that Islamabad's heart is not in the fight against the insurgents. "Prophets of doom are back in business, painting doomsday scenarios about our alliance," he said. "They are dead wrong." Qureshi urged Obama to press India for a solution to the disputed region of Kashmir, where the Muslim majority population has participated in violent protests in recent See # 5 Page 11
Khi covert operation launched, says Malik KARACHI: Interior Minister Rehman Malik claimed Friday that a secret operation has been launched here in the violence-hit city to cop the criminals. Addressing a joint press conference along with Sindh's Home Minister Dr Zulfiqar Ali Mirza, Malik said the government has broken the back of terrorists by launching successful operation in northwest parts of the country. "We shall restore peace in Karachi and other parts of the country. Strict action will be taken against those challenging the writ of the state," he said. See # 7 Page 11
SECP eats its own words in MD LSE appointment Staff Reporter KARACHI: According to informed sources Securities and Exchange Commission of Pakistan (SECP) has approved Aftab Chaudhry to be appointed as Managing Director of Lahore Stock Exchange (LSE). The point of concern for the investors' community is that he See # 9 Page 11
White House still to intimate Pakistan about decision
US to choke some mily aid over HR abuse WASHINGTON: The Obama administration will refuse to train or equip about a halfdozen Pakistani Army units that are allegedly believed to have killed unarmed prisoners and civilians during recent offensives against the Taliban. The cutoff of funds is an unusual rebuke to a wartime ally, and it illustrates the growing tensions with a country that is seen as a pivotal partner, and sometimes impediment, in a campaign to root out al Qaeda and other militant groups,
reported The New York Times. The White House has not told Pakistan government of the decision, even though senior Pakistani military and civilian leaders are here for a series of meetings, according to officials from both countries. The administration has briefed a few senior members of Congress, but it has not given them details about which Pakistani units will be affected by the suspension. One senior administration official said there was "a lot of concern
about not embarrassing" the Pakistani military, especially during a week in which officials are here for the third "Strategic Dialogue" in a year. The decision comes just as the two countries are trying to get beyond a sharp exchange after Nato helicopter gunships killed three Pakistani paramilitary troops, and Pakistan retaliated by shutting down a critical allied supply route into Afghanistan. President Obama met Wednesday in Washington
with Pakistan Army Chief, Gen Ashfaq Parvez Kayani, and other senior Pakistani officials before leaving on a campaign trip to the West Coast, but the White House provided only a vague description of their conversations. Most of the strategic dialogue is focused on a range of subjects, including counterterrorism, nuclear security, flood relief and trade. The officials who described the decision said it would affect some Pakistani Army and special operations troops
supported by the United States that have conducted offensives against Taliban fighters in the Swat Valley and South Waziristan in the past year, the officials said. But the process is not over: some additional Pakistani units may yet be denied American aid, officials say. The Leahy Amendment, a law that stretches back more than a decade, requires the United States to cut off aid to foreign military units that are found to have committed gross
violations of human rights. It has been applied in the past to Indonesia and Colombia, but never to a country of such strategic importance to the United States as Pakistan. "I told the White House that I have real concerns about the Pakistani military's actions, and I'm not going to close my eyes to it because of our national interests in Pakistan," Senator Patrick J Leahy, the author of the amendment, said Wednesday from his home in See # 10 Page 11
2
Saturday, October 23, 2010
PLGMEA assured release of duty drawbacks
Meezan Bank’s branch count rises to 204
Staff Reporter
Staff Reporter
KARACHI: Chairman Pakistan Leather Garments Manufacturers & Exporters Association (PLGMEA) Fawad Ijaz Khan held meetings with Customs officials for release of pending Duty Drawback Claims of PLGMEA members and revision of Duty Drawback Rates, it has been learnt. As per PLGMEA calculations it should be 4.62 per cent on Export of Leather Garments and 4.50 per cent for Leather hand bags, sources further said. PLGMEA had been pursuing the case for revision of Duty Drawback rates in consultation with the Association for the last four years but FBR had unilaterally slashed the Duty Drawback Rates. PLGMEA also contested that there should be single rate for all types of Leather Garments instead of four different rates notified by FBR. Abdul Rashid assured Chairman PLGMEA that he will look into the grievance of the Association and review the existing Duty Drawback Rates. He requested to be given names of companies for survey to determine the revised Duty Drawback rates.
KARACHI: With the opening of its 204th branch, the Abul Hassan Isphahani Road Branch at Karachi, Meezan Bank now has the distinction of being among the 10 largest banks in Pakistan in terms of branch network. Meezan bank has achieved a milestone by successfully establishing a network of 204 branches spread over 54 cities across Pakistan within a short span of 8 years. The Bank's strategy to continue expanding its branch network is driven by its vision to "Establish Islamic Banking as Banking of First Choice" so as to enable it to reach each and every citizen of Pakistan. Meezan Bank offers a complete range of Islamic banking products and services, including free online banking for all Pak Rupee accounts at all its branches. The Bank's retail banking network is supported by 24/7 banking services that include over 165 ATMs, Internet Banking, VISA Debit card and a 24-hour Call Center. The Bank's VISA Debit card allows its customers to shop at more than 30 million merchants worldwide and withdraw funds from their accounts from more than 1.4 million ATM's worldwide.
FRIDAY Time 8:00 9:00
Programmes Chai Time (Rpt) Siyasat Mana Hai (Rpt) 10:00 Dilkash Pakistan 10:30 Sara jahan(Rpt) 11:00 Karobari Duniya (Rpt) 12:00 News 12:05 Islamabad Say (Rpt) 13:00 AM News 13:05 Siyasat Mana Hai (Rpt) 14:00 News 15:00 News 15:05 Doosra Pehlu (Rpt) 16:00 News 16:05 filmi Samaa(rpt) 16:30 Red Carpet (Rpt) 17:00 News 17:05 Agri Business 17:30 Pakistan This Week 18:00 News 18:05 Sara jahan(Rpt) 18:30 Dilkash Pakistan 19:00 News 19:30 Tijarti Dunia 20:00 News 20:05 Kamyab 21:00 News 21:05 Teesri nazar 22:00 News 22:05 Doosra Pehlu 22:30 Uff Tv
KARACHI: Meezan Bank inaugurated its 204th branch at Abul Hasan Isphani road, Picture shows Irfan Siddiqui, President & CEO Meezan Bank Ltd, Ariful Islam, COO Meezan Bank Ltd. along with other officials present at the occasion.-Staff Photo
Industries urged to save gas KARACHI: Sui Southern Gas Company Ltd (SSGC) has appealed to the industrial units in various industrial areas to voluntarily curtail gas consumption by 20 per cent from October 27 to November 4. A spokesperson of SSGC said here on Friday that the company will face curtailment of 204 mmcf of gas per day from Zamzama gas field due to annual turn around (ATA), being carried out by the operators at the field. SSGC spokesperson said that this ATA of the Zamzama Field will severely hamper the company's capacity to
serve industries located in Karachi at SITE, Korangi, Landhi, Federal B. Area, North Karachi, Bin Qasim and in Hyderabad. He said SSGC has requested SITE Association of Industry, Korangi Association of Trade and Industry, Landhi Association of Trade and Industry, F.B. Area Association of Trade and Industry, North Karachi Association of Trade and Industry) and Bin Qasim Association of Trade and Industry to cooperate with the utility. He said that SSGC has always provided an unin-
Qaim takes notice of Watan card frauds KARACHI: An important meeting convened by CM, Sindh Syed Qaim Ali Shah and attended by interior minister Rehman Malik, chairman NADRA (National Database Registration Authority), Arshad Ali Hakeem and other high ranking officials on Friday has taken strong notice of the fact that some nefarious elements were taking unfair advantage of gullible masses into surrendering their Watan Cards for Rs20, 000. The meeting has decided to take strict action against such elements, who manage to fleece masses over the false promise that they would be issued another card in return of their
money. It was also decided that the remaining amount of Rs80, 000 would also be disbursed to affectees over the very same Watan card, and those who had fallen prey to nefarious fraudsters, had been advised to inform NADRA or any branch of Habib Bank/United Bank, so that their registration should be rechecked in order to maintain vigil over fraudsters. Following the directives of President Asif Ali Zardari, the meeting has also decided to advise the family heads of rural areas or married males to have their NIC ready by NADRA in order to avail Watan Cards.-APP
KARACHI: Dr Zulfiqar A Bhutta, Dr Abdul Gaffar Billoo and Dr Imran Khan of Trust for Vaccines & Immunization can be seen at Typhoid Fever Awareness session along with collaborative partners’ representatives.-Staff Photo
TV PROGRAMMES SATURDAY Time Programmes 7:00 News 8:00 News 9:05 Best of Subah Savere 11:10 Mohaaz (F) 12:00 News 13:10 Newsbeat (Rpt) 14:10 Awam Ki Awaz 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Taxi News 20:05 The Anchor 21:00 News 22:05 Manzil 23:03 Faisla Aap Ka
FAISALABAD: Samsung Senior Manager Jae Lee with Samsung CE Service Manager Shaikh Abdul Hai, Orient Service Manger Inam Opening CE Customer Service Plaza in Faisalabad.-Staff Photo
KARACHI: Kaleem Siddiqui, President Petroleum Marketing Byco receiving 1st Global CEO Excellence Award from Federal Minister Naveed Qamar.-Photo by Imran Sharif
terrupted gas supply to all its customers. However, being a transmission and distribution company, SSGC is totally dependent on the quantities of gas it receives from the various gas fields. SSGC assured that once the ATA period ends, the company will resume uninterrupted gas supply to all customers including the industrial units. At the same time, the company assures its domestic and commercial customers that it will continue to provide them with uninterrupted, supply.-APP
SGS Pak MD reinstated KARACHI: In a recent meeting of the Swiss Business Council (SBC), Farukh Mazhar Managing Director, SGS Pakistan has been re-appointed as President, Swiss Business Council for the year 20102011, said a handout issued here. Mujtaba Rahim, Managing Director, Clariant Pakistan will be the Vice President, Yasmin Peermohammed, Country Manager, Swiss International will act as Secretary and Arshad Saeed, Managing Director, Syngenta Pakistan is elected as Treasurer.-PR
Delay in GST imposition concerns Sindh KARACHI: The Sindh Government has expressed its deep concern over delay in the imposition of General Sales Tax (GST) on services. According to a statement of CM House issued here on Friday, the meeting chaired by Sindh Chief Minister Syed Qaim Ali Shah, observed that the Federal Government was not taking the issue seriously and ignoring the rights of the provincial government. The delay in GST was also affecting the revenue generation and development activities of the province, it added. The meeting discussed various problems and proposals in this regard. The meeting was attended among others by CM's Advisor on Planning and Development Qaiser Bengali, Chief Secretary Sindh Ghulam Ali Pasha, Secretary Finance Siddique Memon, Secretary Planning Naheed Shah Durrani, Chairman Sindh Revenue Board Nazar Hussain and Member Sindh Revenue Board Mumtaz Shaikh.APP
AitkenStuart joins hand with OBS pharma Zahid Karani KARACHI: The OBS Pharma and AitkenStuart Groups formally announced their agreement to collaborate in business development in the areas of Pharmaceuticals, Chemicals, Consumer Goods, Personal Care and Business Networking Solutions, it has been learnt. The leadership of both companies signed an agreement in this regard with firm belief that the future for multinational corporations in Pakistan and other similar geographies will come through partnering
with like-minded local business houses with similar governance standards and business vision. Besides aggressively growing their current portfolios, both companies are in discussions with reputable MNCs for possible strategic alliances, which in addition to creating shareholder-value will result in enhanced employment opportunities for the local population. OBS is currently a key player in the Pakistan Pharmaceuticals Market with recent high-profile acquisitions of Organon and Merck under its belt.
Corporate report awards held M Imran Sharif KARACHI: The 10th Best Corporate Report Awards Ceremony for the session 2009 was held on Friday. Dr Ishrat Hussain, Dean of Institute of Business Administrator (IBA), was the chief guest at the occasion. Speaking on the ceremony Hassan A Bilgrami, President Institute of Chartered Accountants of Pakistan (ICMAP) said that Annual reports play an important role in the corporate world. It is common practice for shareholders, creditors, and analysts to
use annual reports as credible, confirmatory databases of information. This event is organised each year jointly by the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP). The objective of the award is to encourage and give recognition to excellence in annual corporate reports. It seeks to promote corporate accountability and transparency through the publication of timely, informative, factual and reader friendly annual reports.
Etihad gets readers choice award KARACHI: Etihad Airways was recently ranked number two in the 'Top Airlines Global' category in the 23rd annual Condé Nast Traveler Readers' Choice Travel Awards held in New York, said a handout issued here on Friday. Choice Travel Awards is one of the top international travel awards programs. These rankings are based on the annual survey of over 25,000 Condé Nast Traveler readers worldwide. Etihad won this recognition for its outstanding achievements as an airline, receiving the award second to Singapore Airlines and ahead of its Middle-Eastern competition. Peter Baumgartner, Etihad Airways' Chief Commercial Officer said; "We are delighted to be recognised by global travellers in this way. The award is testament to the commitment of our staff, whose continuous contributions to the airline ensures that the added value of our innovative products and services is recognised internationally. Our goal remains the same; to provide a seamless, comfortable end-to-end travel experience in the air and on the ground for all our passengers. Receiving this accolade confirms that our direction and strategy is the right one for us and for our customers.-PR
3 Saturday, October 23, 2010
Swiss franc edges lower ZURICH: The Swiss franc ticked lower on Friday as traders eyed the meeting of G20 leaders in South Korea for signs of agreement on exchange rate policies. The franc was some 0.3 per cent softer against the euro compared to the New York close, trading at 1.3508 francs per euro at 0710 GMT. The franc dipped 0.1 per cent against the dollar to 0.9685 per dollar. In a letter sent to G20 meeting in South Korea and seen by Reuters, US Treasury secretary Tim Geithner said G-20 countries should avoid exchange rate policies designed to achieve competitive advantage by either weakening their currency or preventing the appreciation of an undervalued currency. And Canadian finance minister Jim Flaherty said the G-20 meeting aims to draft an action plan to fix global imbalances this weekend. -Reuters
Dollar index heads for first weekly gain in five weeks Geithner urges G20 not to use FX for economic advantage NEW YORK: The dollar was on track on Friday to snap a five-week losing streak against major currencies as traders took profits ahead of any statement from a meeting of global finance ministers and the euro repeatedly ran into technical resistance above $1.40. Uncertainty over the outcome of a G20 meeting, where exchange rate policies were being discussed, prompted investors to moderate their dollar selling until the gathering in South Korea ends over the weekend. While traders would not rule out another lurch lower for the US currency, they said extreme bets against the greenback pointed to a correction. The dollar has lost some 7 per cent against a basket of major cur-
rencies during a five-week swoon. Though little changed against the euro and yen on Friday, the dollar index was up 0.7 per cent since Monday,
Over the medium term, the dollar still looks like it's fighting an uphill battle, traders said. The US Federal Reserve is expected to announce more monetary easing next month,
aiming for its first weekly gain since mid-September. "The dollar has fallen quite rapidly over the last month or so, and positions are somewhat extended, and we saw the tide turning a bit this week," said Nick Bennenbroek, currency strategist at Wells Fargo in New York.
likely through direct purchases of US Treasury debt, while euro-zone governments are planning to tighten fiscal and monetary policy, making the euro more attractive to inventors. But eventually growth differentials may shift in the dollar's favor if Fed policy perks up the
Yuan scores 1st wkly Won, Singapore dollar rise fall since early Sept BANGKOK: The South Korean won and the Singapore dollar rose on Friday after US Treasury Secretary Timothy Geithner urged G20 members to avoid a currency war, but there was little reaction in other Asian currencies. Geithner said in letter to a G20 finance ministers' meeting in South Korea that the group's members should refrain from currency policies aimed at gaining a competitive edge. The won shot up to 1,122.6 per dollar in afternoon trade after his remarks from 1,135.0 earlier. The Singapore dollar firmed to 1.2974 per dollar from 1.3009 in the morning and 1.3020 late on Thursday. The reaction in other Asian curren-
cies was more modest. The South Korean won rallied after Geithner urged G20 countries not to weaken or prevent appreciation of undervalued currencies. The remarks prompted investors to short the dollar. The Malaysian ringgit trimmed its losses in the afternoon, when the spot rate was quoted at 3.1055 per dollar, against 3.1095 in the morning and 3.1045 late on Thursday. "If there is no solid discussion from the G20 meeting, I think the market will continue to sell the dollar next week," a dealer in Kuala Lumpur said. The ringgit has appreciated 10.2 per cent against the dollar this year. The Thai baht eased
Stg slips, weighed by BoE QE view LONDON: Sterling slipped against the euro on Friday, closing in on a near sevenmonth low as the pound stayed on the back foot after Bank of England minutes earlier in the week suggested more quantitative easing may be in store. But losses were capped as investors anticipated the outcome of a Group of 20 finance
Wednesday which showed one policymaker, Adam Posen, calling for a resumption of stimulus through quantitative easing. In late London trade, the euro was up slightly on the day at 88.70 pence after climbing as high as 88.89 pence, boosted after a stronger-than-expected German IFO survey.
ministers meeting, while some in the market believed that recent selling pressure on the UK currency had run its course for the moment. Weak UK retail sales data on Thursday had knocked the pound through 89 pence per euro, as it leant weight to the view that Britain's economic recovery is faltering, just after the government outlined details of painful budget cuts this week. The data followed the release of Bank of England minutes on
At the same time, 89.00 pence was also seen as a resistance level as that was where a trendline, drawn through the 2008 high of 98.05 pence and 94.13 pence hit in October 2009, lay on Friday. The pound slipped a touch to $1.5690, hovering near a onemonth low of $1.5650 hit on Wednesday. It is poised to end the week 1.7 per cent lower, as the dollar has risen on short covering following hefty losses suffered in the past month. Reuters
to around 29.88 per dollar in sluggish trade while the market watched for statements coming out of the G20 meeting. "We don't expect any meaningful results from the G20 meeting in terms of changing the bearish dollar outlook. It is basically a US-China conflict. After expected pledges against market intervention, most members of the group will probably return to steering their currencies in favour of their economies," a dealer at a Thai bank said. Dollar/baht was bid at 29.87 at 0700 GMT against 29.83 late on Thursday. The baht has gained 11.6 per cent this year, making it the second-strongest Asian currency after the yen. -Reuters
Taiwan $ down on suspected cbank selling TAIPEI: Suspected central bank selling pushed the Taiwan dollar lower on Friday, reversing gains earlier in the day as G20 finance ministers sought to defuse growing global currency tensions. The Taiwan dollar ended at T$30.91 per US dollar, compared with its Thursday close of T$30.869. It had edged up earlier in the session after US Treasury Secretary Timothy Geithner urged G20 members not to weaken their currencies or keep them undervalued. But many leaders at the meeting in South Korea dismissed a flurry of US proposals, raising questions about whether the meeting would yield any substantive agreement and pushing the US dollar down broadly in midday trade. "This week Geithner said that he believes in a 'strong dollar,'" Morgan Stanley wrote in a note. "It is unlikely that the markets are going to take him at his word just yet," Morgan Stanley said. -Reuters
SHANGHAI/HONG KONG: Spot yuan closed down against the dollar on Friday, recording its first weekly fall since early September, after the People's Bank of China fixed a weaker mid-point in a clear signal that Beijing wants a temporary pause in the yuan's recent appreciation. Offshore dollar/yuan forwards rebounded sharply to imply less yuan appreciation as investors took profits ahead of weekend meetings of G20 finance ministers in Gyeongju, South Korea. The Chinese central bank needs to ward off expectations of yuan appreciation after it unexpectedly raised official deposit and lending rates on Tuesday, a move that is likely to invite capital inflows at a time when the United States is considering taking further quantitative easing steps. With 10 weeks to go till the end of this year, equity and
bond flows into emerging markets have already exceeded the total in 2009, fund tracker EPFR Global said in a note. China has been one of the hottest destinations for global fund flows as its economic growth has far outperformed major global counterparts. The yuan closed at 6.6590 against the dollar on Friday, down from Thursday's close of 6.6504, after the PBOC set a weaker mid-point of 6.6759 from Thursday's 6.6695. The Chinese currency lost 0.27 per cent this week, the first weekly decline since the week ending Sept. 5. Offshore, benchmark oneyear dollar/yuan non-deliverable NDFs rebounded to 6.4680 from Thursday's 6.4260, with their implied yuan appreciation in a year's time dropping sharply to 3.21 per cent from 3.79 per cent. Reuters
Indian rupee snaps 7-wk rally on outflow concerns MUMBAI: The Indian rupee on Friday snapped a sevenweek rally and posted its biggest daily loss in a monthand-a-half as traders positioned for dollar outflows post the country's largest initial public offer allocation. However, most of the foreign funds are likely to have hedged a significant part of their positions, which could reduce the quantum of outflows, traders said. Coal India's $3.5 billion IPO, the country's largest, was more than 15 times subscribed on its final day, giving the government power to price the issue towards the top of its range and building momentum for other state offers. The partially convertible rupee closed at 44.59/60 per dollar, 0.65 per cent below Thursday's close of 44.30/31. This is the rupee's biggest oneday fall since the week of Sept. 7, when it had dropped 0.66 per cent on the day. Some analysts expect foreign funds to stay invested in the Indian markets ahead of other
Events
AUD EUR EUR CAD CAD CAD CAD EUR
Import Prices q/q German Ifo Business Climate Italian Retail Sales m/m Core CPI m/m CPI m/m Core Retail Sales m/m Retail Sales m/m Belgium NBB Business Climate
Actual
Forecast
0.7% 107.6 0.0% 0.2% 0.2% 0.4% 0.5% -2.8
0.0% 106.5 0.0% 0.3% 0.2% 0.5% -0.1% -3.5
Previous
2.0% 106.8 0.1% 0.1% -0.1% -0.2% 0.1% -3.4
Currency Rates
economy in early 2011, just as euro-zone governments begin to slash spending and raise taxes to get public spending in order. Though the euro is up some 10 per cent against the dollar since September, it has failed to hold ground for long on several occasions above $1.40. On Friday it was little changed at $1.3915, off a session peak of $1.3973. The dollar was up 0.1 per cent at 81.44 yen, not far from a 15-year low. Still, some analysts said there's room for more euro gains in the short term, particularly if leaders from the Group of 20 rich and emerging nations fail to make any headway on currency disagreements at a meeting South Korea. -Reuters
Asian currencies
after Geithner’s remarks
Previous Day Source
large share sales in coming months which would also reduce the total outflows post the Coal India allocation. One-month offshore nondeliverable forward contracts were quoted at 44.92, weaker than the onshore spot rate. In the currency futures market, the most-traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 44.6075, 44.62 and 44.62 respectively, with traded volume on the three exchanges at a low $6.9 billion. -Reuters
Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY AUD-USD EUR-CAD CHF-JPY Gold
As per 22.00 PST Ask 1.3923 0.8883 1.3634 113.44 0.9788 1.0269 1.5679 127.75 0.9801 1.4299 83.22 1322.84
Bid 1.3921 0.8871 1.363 113.39 0.9783 1.0264 1.5673 127.69 0.9796 1.4291 83.16 1322.11
High 1.3973 0.8888 1.3635 113.54 0.9795 1.03 1.5747 127.89 0.9853 1.4321 84.12 1327.93
Low 1.3860 0.885 1.364 112.62 0.9661 1.0226 1.5652 127.12 0.9760 1.4265 83.10 1315.91
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 22/10/2010 A USD GBP CAD EUR JPY O/N 0.22563 0.55250 1.03000 0.77000 SN 0.09438 1WK 0.25150 0.55500 1.05417 0.75750 0.10688 2WK 0.25169 0.56125 1.07333 0.76750 0.11438 1MO 0.25625 0.56875 1.11000 0.78875 0.12750 2MO 0.27109 0.62563 1.15667 0.84625 0.15500 3MO 0.28844 0.73725 1.21500 0.96875 0.19813 4MO 0.34219 0.82272 1.27333 1.03000 0.28313 5MO 0.40281 0.92563 1.32917 1.11625 0.34125 6MO 0.45250 1.02750 1.40000 1.21063 0.40125 7MO 0.50219 1.10225 1.46167 1.25625 0.46125 8MO 0.55025 1.18444 1.54500 1.30000 0.50625 9MO 0.60063 1.26500 1.61333 1.35250 0.55625 10MO 0.65388 1.33938 1.67833 1.39563 0.58375 11MO 0.70688 1.40688 1.76000 1.44313 0.61313 12MO 0.76538 1.47319 1.83333 1.49031 0.64188
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada European Central Bank Federal Reserve Swiss National Bank Bank of England The Reserve Bank of Australia Bank of Japan
Dec 07 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 n/a n/a n/a
Sep 08 2010 May 07 2009 Dec 16 2008 Mar 12 2009 Mar 05 2009 May 04 2010 Oct 05 2010
Current Interest Rate 1% 1% 0.25% 0.25% 0.50% 4.50% 0%
Division of National Bank of Pakistan (NBP) KARACHI, October 22,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
86.00 135.24 119.81 83.86 88.79 84.32 12.89 1.06 14.69 66.05 16.06 22.93 11.08 12.92 305.61 27.65 64.35 23.64 23.41 0.08 2.88
85.80 134.92 119.53 83.66 88.59 84.12 12.86 1.06 14.66 65.90 16.03 22.88 11.05 12.89 304.90 27.59 34.20 23.58 23.36 0.08 2.87
85.61 134.62 119.25 83.44 88.35 83.90 12.83 1.05 14.62 65.72 15.98 22.82 11.02 12.85 304.10 27.52 64.03 23.52 23.30 0.08 2.86
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 22, 2010
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years 30--years
CMKA 11.95 12.10 12.30 12.40 12.65 12.80 13.00 13.05 13.20 13.40 13.60 13.70 13.75 13.75 13.75 13.75 13.70 13.80 14.20 14.35 14.50
BMA 12.00 12.10 12.30 12.35 12.65 12.75 12.95 13.00 13.15 13.40 13.60 13.70 13.75 13.75 13.75 13.73 13.73 13.77 14.25 14.50 14.60
INVSR 11.80 12.00 12.20 12.35 12.60 12.70 12.90 13.00 13.10 13.35 13.60 13.70 13.75 13.78 13.78 13.75 13.65 13.80 14.20 14.30 14.50
GSL 11.90 12.05 12.25 12.35 12.69 12.80 12.99 13.10 13.22 13.40 13.65 13.68 13.74 13.75 13.76 13.77 13.65 13.85 14.20 14.35 14.50
ICSL 12.00 12.15 12.25 12.35 12.65 12.75 13.00 13.10 13.20 13.40 13.60 13.73 13.75 13.75 13.75 13.75 13.70 13.80 14.20 14.30 14.50
JSCM AvgRate 11.90 11.93 12.10 12.08 12.30 12.27 12.40 12.37 12.65 12.65 12.75 12.76 13.00 12.97 13.05 13.05 13.20 13.18 13.35 13.38 13.68 13.62 13.70 13.70 13.74 13.75 13.75 13.76 13.75 13.76 13.70 13.74 13.73 13.69 13.75 13.80 14.25 14.22 14.35 14.36 14.50 14.52
Currencies Correlation EUR/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY GBP/USD NZD/USD
week month months months year years
0.96 0.96 0.92 0.93 0.51 0.38
0.68 0.91 0.34 -0.24 0.74 0.48
-0.16 0.96 0.96 0.63 0.84 0.51
0.97 0.58 0.81 0.39 0.88 0.77
0.93 0.86 0.85 0.84 0.88 0.75
0.96 0.95 0.91 0.89 0.54 0.40
USD/CAD USD/CHF -0.98 -0.83 -0.85 -0.65 0.24 -0.26
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)22/10/2010
Australian & NZ dollars firm in choppy trade; G20 eyed WELLINGTON/SYDNEY: The Australian dollar rose against a broadly softer greenback on Friday, bolstered by stop-loss buying as G20 finance ministers met, although players doubt the meeting will solve questions of currency depreciations. The Aussie rose to a high of $0.9839 from $0.9783 late in New York, marking a still slim 56-point trading range on the day, compared with ranges well above 100 points seen most of this week. "We've had quite reasonable ranges during the week and a lot of the order books have been cleared out. People are sitting on their hands a bit unless something punchy comes out of the G20 this weekend," said Philip Burke, a chief currency trader at JPMorgan. A late burst higher in the Aussie came as the dollar eased after US Treasury Secretary Timothy Geithner said in a letter to G20 finance chiefs that nations with undervalued currencies should neither try to weaken them or stand in the way of gains.
Earlier in the week, the Aussie dollar dropped to $0.9663 from $0.9961 after China's first rate hike in nearly three years on Tuesday spooked investors and raised fears that tighter policy there will hurt demand for Australian commodities. Data on Friday showing Australia's export prices surged for a second straight quarter was also positive for the currency, although there was little reaction to the figure. "The Aussie obviously has great fundamentals and it's a fairly well known story. The market today barely blinked when we got more demonstration of that," said Grant Turley, an analyst at ANZ. Meanwhile, the New Zealand dollar was up near a third of a cent on the day at $0.7492. Solid support for the kiwi remained at Wednesday's low of $0.7426, with resistance starting at $0.7500. The Aussie crawled higher against the Kiwi to be at NZ$1.31, still well within familiar ranges of the past month. -Reuters
1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 11.75
12.25
11.85
12.35
12.15
12.65
12.75
13.00
12.90
13.15
13.10
13.60
13.25
13.75
13.35
13.85
JSBL
11.70
12.20
12.00
12.50
12.30
12.80
12.80
13.05
13.10
13.35
13.20
13.70
13.30
13.80
13.50
14.00
ASPK 11.70
12.20
11.80
12.30
12.10
12.60
12.60
12.85
12.80
13.05
13.05
13.55
13.15
13.65
13.25
13.75
CIPK
ABPL
11.70
12.20
11.90
12.40
12.25
12.75
12.80
13.05
13.10
13.35
13.20
13.70
13.25
13.75
13.40
13.90
DBPK 11.55
12.05
11.75
12.25
12.10
12.60
12.70
12.95
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK
11.60
12.10
11.75
12.25
12.00
12.50
12.60
12.85
13.00
13.25
13.10
13.60
13.15
13.65
13.40
13.90
FLAH 11.75
12.25
11.90
12.40
12.20
12.70
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
HBPK 11.75
12.25
12.00
12.50
12.25
12.75
12.75
13.00
13.00
13.25
13.10
13.60
13.20
13.70
13.35
13.85
HKBP 11.85
12.35
12.00
12.50
12.20
12.70
12.75
13.00
12.90
13.15
13.10
13.60
13.20
13.70
13.30
13.80
N I PK 11.35
11.85
11.90
12.40
12.50
13.00
12.85
13.10
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
HMBP 11.70
12.20
11.90
12.40
12.40
12.90
12.80
13.05
13.00
13.25
13.15
13.65
13.20
13.70
13.30
13.80
SAMB 11.75
12.25
12.00
12.50
12.30
12.80
12.85
13.10
13.00
13.25
13.15
13.65
13.25
13.75
13.35
13.85
MCBK 11.55
12.05
12.00
12.50
12.40
12.90
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.40
13.90
NBPK 11.75
12.25
11.80
12.30
12.10
12.60
12.70
12.95
12.80
13.05
13.10
13.60
13.20
13.70
13.30
13.80
SCPK
11.60
12.10
11.80
12.30
12.15
12.65
12.65
12.90
12.95
13.20
13.10
13.60
13.15
13.65
13.35
13.85
UBPL 11.60
12.10
11.80
12.30
12.10
12.60
12.60
12.85
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
AVE
12.19
11.89
12.39
12.20
12.70
12.74
12.99
12.96
13.21
13.11
13.61
13.21
13.71
13.34
13.84
11.69
-0.97 -0.98 -0.82 -0.84 -0.63 -0.63
4 Saturday, October 23, 2010
Economic decisions not knowledge-based
The Financial Daily International Vol 4, Issue 79
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Shabbir Kazmi
T Saving energy in supply decline Energy supply in the country seems to be falling short of demand. Since supply can not be increase for the time being energy conservation can help in containing outages. Unless consumers make concerted efforts to minimize the wastages and also make concerted efforts to conserve energy and optimize utilization of energy products the incidence of outages will not be possible However, the mindset of managements of gas distribution companies and electric utilities seems polls apart. The behavior of electric utilities and banks appears contrary. According to defunct Pakistan Electric Power Company issues a notice almost on daily basis and expects the consumers to adjust their plans. The stated shortfall on Thursday rose to around 3,000MW against earlier shortfall of 2,000MW putting the economic activities at halt both on commercial and domestic fronts. Reportedly power generation remained 12,106MW against a consumption of 14,998MW, creating a shortfall of 2,892MW. Meanwhile, power generation through hydel stood at 5,157MW, followed by 1,801MW thermal, 5,086MW IPPs and 62M of RPPs. Supply to KESC remained 700MW against 770MW a day earlier. While no explanation was provided for the rising shortfall, one could only attribute it to running of thermal power plants at lower capacities, in an attempt to save fuel cost. As against this the attitude of the management of Sui Southern Gas Company (SSGC) looks more professional. Supply of gas from one of its major gas fields, Zamzama is scheduled to close for annual turnaround for 9 days. SSGC gets 204mmcfd gas from this field and supplies have to be curtailed. Though, no official notice of gas curtailment has been issued, a lot will depend how the consumers respond to the call. While no notice of closure of CNG stations has been issued, SSGC has requested members of major trade associations representing industries mostly located in Karachi to voluntarily curtail gas consumption up to 20 per cent. The associations approached are 1) SITE Association of Industry 2) Korangi Association of Trade &Industry, 3) Landhi Association of Trade and Industry, 4) F. B. Area Association of Trade and Industry, 5) North Karachi Association of Trade and Industry and 6) Bin Qasim Association of Trade and Industry. It may also be recalled that lately whenever any gas field is closed SSGC requests it consumers to conserve gas and the practice has helped in containing load shedding of gas. Therefore, other utilities, particularly the Karachi Electric Supply Company (KESC) should also take the consumers in confidence for effective load management.
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.
o be futuristic in approach one should have complete comprehension of past and present to workout the emerging trends. Countries termed developed have not achieved all this overnight. They defined national objectives, prepared supporting policies and then worked hard to attain the targets. However, the situation seems contrary in Pakistan. The successive governments are often blamed for the dismal development but can the individuals say they did enough but failed in achieving the desired targets. While good nations keep on raising the bars, most of our time is spent on rationalizing the failures. Pakistan suffers from some contentious issues that include, mounting budget deficit, widening trade gap and declining purchasing power of people. Bulk of Pakistan's annual budget is eaten up by debt servicing and least is spent on education, healthcare and infrastructure development. The outcome is more and more people being pushed below the poverty line; do not look at the rising per capita income by purchasing power of population at large. Over the last two decades the single largest factor affecting country's growth has been 'mounting energy deficit'. The problem become too much to bear because electricity and gas tariffs are on the rise so are the outages. In simplest words Pakistan's economic managers have failed in estimating the growing demand as well as coming up with right policies to facilitate
creation of new power plants and expedite oil and gas exploration activities. While electricity demand has been increasing at around 10per cent per annum there has been no corresponding increase in power generation. Every one blames rising prices of crude oil for the hike in electricity tariff, but even NEPRA seems least bothered about raising transmission and distribution (T&D) losses. It will not be wrong to say that the
“
teed, imposition of penalty reduced the profit. SSGC's had to pay about Rs3 billion penalties as its actual UFG was about 8per cent compared to the benchmark fixed at 5per cent. Why can't Nepra adopt a policy of fixing T&D loss benchmark and impose penalty for not meeting it? According to experts T&D losses of KESC should not be more than 5per cent, whereas its actual T&D losses exceed 40per cent. It may be true that regulatory authorities have failed in protecting the interest of consumers but the blame also goes to the consumers for not making any attempt to stop these authorities from making bad decisions. Every time before allowing tariff increase both the authorities conduct public hearing but the response from entities is lackluster. Many of the associations claiming to be the custodians of consumer rights/protection often appear in the hearing but play of rhetoric rather than hard facts. Utilities win mainly because government is still the biggest stake-
Over the last two decades the single largest factor affecting country's growth has been 'mounting energy deficit'. The problem become too much to bear because electricity and gas tariffs are on the rise so are the outages authority created to protect the interest of all the stakeholders, is patronizing inefficiencies of the electric utilities and penalizing those customers paying their bills. Tariffs are being raised to improve cash flow of
Agriculture has about 25per cent share in GDP and its contribution can be increased simply by achieving higher yield of major crops without bringing additional area under cultivation and simply through better crop management the electric utilities but Nepra always condone T&D losses, which mostly comprises of rampant electricity theft going on in connivance with the staff of utilities. One tends to rank Ogra higher compared to Nepra on one point, penalizing gas distribution companies for not meeting the UFG benchmark. Though, profit of gas marketing companies is guaran-
holder in Wapda, Pepco, SSGC, SNGPL, PSO, OGDC and PPL. Agriculture has about 25per cent share in GDP and its contribution can be increased simply by achieving higher yield of major crops without bringing additional area under cultivation and simply through better crop management. This includes using certified seeds, applying appropriate dosage of fer-
tilizer and water and spraying pesticides and insecticides at the right times. However, to do all this farmers must have the knowledge. This can be done best by agriculture research institutes, fertilizer manufacturing companies and pesticides and insecticides marketing companies. Pakistan has not been able to exploit the advantage of being among the top five cotton producing country. It is mainly because average cotton yield achieved in Pakistan is very low compared to global average. Cotton staple is damaged to a large extent because of using obsolete technologies in ginning factories. Spinning mills are still using outdated spindles and rotors. Weaving is done of power looms rather than using modern looms. Dying is not according to global standards. Productivity of workers in the garments and made up units is nearly one-third of the productivity of the workers in the neighboring countries. All these inadequacies are because of paying least attention on education, staring from primary to higher and professional education. Every year thousand of graduates are produced completely devoid of the skills needed. Many of the experts are jubilant of rising remittances but complete ignore the fact that this money is being sent by the unskilled or semi skilled workers rather than professionals. They talk about remittances getting close to US$10 billion but hardly look at Bangladesh which plans achieving US$30 billion target over the next five years. Though, some of the critics are talking about brain drain threat but forget that huge population is the biggest resource of Pakistan. Education and vocational training of masses will not only improve the quality of available man power but also help earning extra remittances and bringing down unemployment in the country. Government should allocate more on education and also ensure spending the budgeted amounts. Educated Pakistan is the solution for achieving progress.
Pakistan kept in the dark about Afghan peace contacts P
akistan is being kept out of efforts by the Afghan government and the United States to end nearly a decade of war with the Taliban, which could be a sign of Washington's mistrust of Islamabad's intentions. Nato and Afghan officials have confirmed preliminary contacts between President Hamid Karzai's government and the Taliban, whose leadership is based in Pakistan's northwestern frontier province and the Baluchistan capital of Quetta. Pakistan's sway over the insurgents makes it a key ally for Washington in its attempts to stabilise Afghanistan, but Islamabad's reluctance to crack down on what it sees as insurance in any Afghan settlement has also angered the United States. "We haven't been consulted or informed or asked to facilitate any talks. We are not in the loop," a senior Pakistani security official told Reuters on condition of anonymity. Other officials said they were aware of these contacts but they had not been taken into confidence about anything. The Obama administration is under pressure to show successes in Afghanistan ahead of a December strategy review and the planned start of a troop drawdown set to begin next July.
Analysts say Nato 's facilitation of the Afghan talks without involving Pakistan could be aimed at pressuring it into taking tougher action against the militants who fuel violence in Afghanistan from their Pakistani sanctuaries. "Perhaps this is another attempt by Nato to send a warning message to Pakistan that unless it adheres more to Nato 's line, Pakistan can be excluded from these talks," said A h m e d Rashid, a journalist and expert on Islamist militancy. The US forces have stepped up a military campaign in Afghanistan and also intensified missile strikes by pilotless drone aircraft and helicopter incursions on militants' safe havens on the Pakistani side of the border. Such a strike this month, in which two Pakistani soldiers were killed, infuriated Pakistan and led it to shut
down a supply route for Nato, while militants and gunmen attacked convoys along the second main route. Although Pakistan is officially an ally in Nato's campaign against militancy in Afghanistan, it has been accused of playing a dou-
“
had interactions with the insurgents that "may be seen as supporting terrorist groups rather than going after them". UNREALISTIC APPROACH Pakistani officials, meeting in Washington this week for a "strategic dialogue" where Afghanistan is likely to loom large, are adamant that peace in Afghanistan is not possible without Islamabad's help. "Nothing can be done without us because we are part of solution. We are not part of the problem," Prime Minister Yusuf Raza Gilani told reporters last week. Another security official was more blunt.
Nato and Afghan officials have confirmed preliminary contacts between President Hamid Karzai's government and the Taliban, whose leadership is based in Pakistan's northwestern frontier province and the Baluchistan capital of Quetta ble game by covertly supporting activists fighting there. The Pentagon this month expressed concern that
Although Pakistan is officially an ally in Nato's campaign against militancy in Afghanistan, it has been accused of playing a double game by covertly supporting activists fighting there. some elements of Pakistan's Inter-Services Intelligence (ISI) agency
"Without Pakistan or the ISI, it's not going to work. ... Let them try their
options," he told Reuters. Ahmed said Pakistan had a "lot of cards" to scuttle any efforts to end war in Afghanistan. "The most significant card is that all main Taliban leaders ... are living in Pakistan and Pakistanis can exert pressure on them." Pakistan could use these leaders and their factions as bargaining chips as efforts to stabilise Afghanistan gather pace and also check the growing influence of its arch-rival India in Afghanistan. But despite its dominant role in Afghanistan, there is a limit to Pakistan's influence over Taliban as well, analysts say. "The Taliban will take care of Pakistan's interests but not at the cost of their own interests. This is very clear because it will damage their credibility among Afghans," said Rahimullah Yusufzai, an expert on tribal and militant affairs. "ISI also knows this and it will not put too much pressure on the Taliban." Rashid said Pakistan's role was crucial in shaping up a final settlement to the Afghan problem, but it should also address concerns of the international community. "The Pakistan military should show more understanding of the interests of other regional countries in Afghanistan. I don't think it's happening right now."Reuters
5
Saturday, October 23, 2010
South East Asian stocks
European stocks slip eyeing G20 talks KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,558.74 10,652.48 93.74 0.89 160.34
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,285.27 3,321.49 36.22 1.10 8.07
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,675.69 2,700.87 25.18 0.94 0.17
Major Gainers
Symbol
Close
Change
COLG BATA MTL SRVI FZTM
782.45 514.95 482.98 231.57 376.88
31.45 24.52 21.01 11.02 10.93
Major Losers
Symbol
Close
Change
ULEVER 4,000.02 SHEL 188.49 LAKST 342.53 PSEL 150.00 SAPT 90.05
-74.99 -5.43 -5.37 -4.5 -4.01
Top 5 Volume Leaders
Symbol
Close Vol (mn)
NPL AMTEX LOTPTA JSCL LPCL
13.30 7.49 10.25 10.25 3.57
10.12 9.93 8.54 8.12 7.85
Active Issues Plus Minus Unchanged
239 125 20
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
Mostly higher as Manila sets all-time high
KSE’s top index touches intraday high of 10,708pts Nawaz Ali KARACHI: Buying by the foreign and local institutional investors took the benchmark index close to 6-months high. Buying euphoria at Karachi stock exchange was driven on the expectations of good corporate results, hopes of successful outcome of the Pak-US strategic dialogues and on easing political and security vulnerability. The benchmark KSE-100 index closed at 10,652 points after gaining 93 points. This was the highest level of the index since April 20 this year when index closed at 10,642 points. The KSE 30-index was up 104 points to close at 10,250 points and KSE all-share index
gained 64 points to close at 7,414 points. "Positive activity was witnessed in scrips across the board with rising volumes in Oil, banking and fertilizer scrips as investor await major earning announcements next week", said Ahsan Mehanti, Director Arif Habib Investments. Bullish sentiment can be linked to better understanding between Judiciary and executive post Supreme Court verdict on 18th Amendment. There was also some sort of consensus on restoration of peace in the city. The day started on a negative note but bears didn't stayed for long and index entered positive zone soon and stayed there rest of the day on continued buying
FTSE weaker ahead of G20 moot LONDON: Weakness in heavyweight miners pulled Britain's leading shares lower on Friday, with trading choppy and volumes light, as investors awaited news from a Group of 20 nations meeting in South Korea. At the close, the FTSE-100 was 16.49 points, or 0.3 per cent, lower at 5,741.37, retreating after hitting a sixmonth closing high in the previous session. Miners were among the worst blue chip performers on worries over whether financial leaders at the G-20 meeting will agree on countering currency imbalances, which have been lifting the dollar and depressing metal prices. "The market has really been held back by uncertainty ahead of the meeting with the whole business of QE2 (quantitative easing) in the background," said David Morrison, market strategist at GFT Global. "Ultimately we have to worry about currency movements, with the stock market inversely correlated to the dollar, being hostage to the miners and metal prices." BHP Billiton shed 0.5 per cent. The Canadian province of Saskatchewan, home to Potash Corp, said it opposed BHP's $39 billion bid to buy the fertilizer supplier, setting the stage for a politically charged final decision by the country's federal government. Vedanta was a top faller
among the blue chip miners, down 1.9 per cent as Merrill Lynch downgraded its rating for the Indian-focused firm to "neutral" from, "buy". Oil services firm Petrofac lost one per cent after BofA Merrill Lynch downgraded its recommendation to "neutral" from "buy" on valuation grounds. Reckitt Benckiser was the top FTSE-100 faller, down 4.6 per cent after the consumer products group said its chief financial officer Colin Day would leave the company in March 2011. U.S. blue chips were 0.2 per cent lower by LONDON's close with investors skittish ahead of the G-20 meeting outcome. ENERGY BOOST Energy issues provided the main underlying strength for blue chips on Friday as crude prices bounced higher, with Royal Dutch Shell adding 0.3 per cent. BG Group gained 0.8 per cent after Australia gave environmental approval to two coal-seam gas projects worth about $30 billion, led by BG and Santos. TUI Travel was the best FTSE-100 riser, rallying 3.2 per cent after shedding more than 11 per cent on Thursday when it revealed its finance chief would quit and restated its 2009 accounts as a result of what it said was a post-merger technical glitch. See # 1 Page 11
Office Furniture/Equipment for Sale Almost NEW office furniture including computer & office tables, revolving & fixed chairs, conference table & split A/C for sale.
Contact 0300-9275252 ANNOUNCEMENTS Company Period Rupali PolyesterXD 1st Qtr Shell Pakistan XD 3rd Qtr Packages Limited 3rd Qtr Stand.Chart.Leasing 1st Qtr P.N.S.C. XD(Consolidated)1st Qtr P.N.S.C. XD 1st Qtr Bal.Wheels Ltd.XD 1st Qtr Dreamworld 1st Qtr Nestle Pakistan Ltd. 3rd Qtr Imrooz Mod XD 1st Qtr Dawood Lawrencepur 3rd Qtr Dawood Lawrencepur 3rd Qtr Sitara Peroxide 1st Qtr Bawany AirXDXR 1st Qtr D.M.Textile 1st Qtr
Div/Bon/Right 250%(ii)(D) -
PAT (Rs in mn) 67.676 -11.513 123.049 12.209 351.557 30.134 17.812 1.206 3096.311 4.122 32.698 355.476 (CS) 12.836 0.235 -23.005
EPS(Rs) 1.99 -0.17 1.46 0.12 2.66 0.23 1.33 0.04 68.28 1.37 0.64 6.92 0.23 0.03 -7.54
by the local and foreign institutional investors over expectations of some good corporate results to be announced in the coming days. It should be noted that Oil & Gas Development Company, Engro Corporation, Fauji Fertilizer Company, United Bank Limited and Hub Power Company are the major companies that will announce quarterly results next week. The improved law and order situation in the city and eased tension between government and judiciary too attracted the investors' attention towards the market. On the other side, investors were anticipation success of the ongoing strategic dialogues between Pakistan and the United States.
HK, China shares slip on thin trade HONG KONG/SHANGHAI: Hong Kong and Shanghai shares slipped on Friday on lean volumes as investors locked in gains in financials ahead of bank earnings reports due next week. The Hang Seng index fell 0.6 per cent to 23,517.5 on the day, producing most of the week's one per cent decline that marked its first weekly drop since the end of August. Trade was HK$84 billion, an eighth lower than last week. Mainland banks had been a popular buy since midSeptember as investors picked up market laggards, encouraged by robust lending and low valuations. "The surprise rate hike sort of threw a wrench in the works," said Christian Keilland, Managing Director at BTIG in Hong Kong, referring to Chinnese central bank's surprise decision to raise interest rates on Wednesday for the first time since late 2007. China Construction Bank shares fell 1.6 per cent and were the biggest drag on the index, having provided the biggest boost on Thursday as investors rotated in and out of sectors. CCB shares have gained 10 per cent in October, outperforming the broader market by nearly two times. Bank of China fell 2 per cent, Agricultural Bank of China fell 1.2 per cent and ICBC was down 0.6 per cent. Known as the "Big Four" in China, they are scheduled to report third-quarter earnings next week. Bank of China is expected to post a sequential decline in profits while the others are seen producing flat to higher earnings. China Mobile fell 0.7 percent, the third straight daily decline surrounding disappointing earnings from the world's biggest mobile phone operator. Transport stocks, including automobiles and railway equipment makers, bucked the trend, helped by expectations that domestic demand in China is rising as the government tries to rebalance the economy. China Railway Construction rose 4.9 per cent to a 52-week high, breaking out of a 2-½ month trading range. Geely Auto rose 6 per cent. SHANGHAI LOWER, BANKS OFFSET COAL The Shanghai Composite Index closed down 0.3 per cent at 2,975.0, extending losses of 0.7 per cent from Thursday, weighed down by banks and property stocks. See # 2 Page 11
Therefore index managed to close the first session at 111 points up. "Anticipation of success in the ongoing strategic dialogue in US, mainly on the release of previously committed CSF amount, was indeed a trigger for the market", said an equity dealer at a local brokerage house. Bullish activities were further increased after the commencement of second session at about 2:51 PST index touched an intra-day high of 10,708 points (+ve 149 points). However, the last day phobia came into action as investors preferred to book profits at higher levels. This pushed the index a little low but still managed to close above 10,600
levels. Foreigners' interest improved as according to NCCPL data there was a net foreign buying of $1.02 million on Friday. On the local side; companies and mutual funds did a net buying of $3.19 and $2.32 million respectively while banks emerged net seller with $4.91 million. Investor participation remained impressive throughout the day as 160.3 million shares traded in the overall market which were 6.5 million shares more as compared to a turnover of 153.8 million shares exchanging hands on Thursday. Out of total 384 active issues; 239 advanced and 125 declined while 20 issues remaining unchanged.
Nikkei inches up eyeing G20 summit TOKYO: Japan's Nikkei rose 0.5 per cent on Friday in a rebound after two days of losses, but investors were wary of pushing the market higher before seeing the outcome of a Group of 20 meeting and with the yen hovering near a 15-year high on the dollar. But with the earnings season heading into full swing in Japan, investors snapped up shares of companies that had upbeat earnings prospects, such as Hitachi, helping provide support to the overall market. G-20 officials started their formal meetings on Friday with nations from the developing world and Japan dismissing the US proposals to set limits on current account balances in an effort to defuse tensions over currencies. "As more earnings start to come out, investors have enough trading factors for individual companies and that's become the main driver in the market," said Yoshikiyo Shimamine, chief economist at Dai-ichi Life Research Institute. "But Japanese stocks as a whole haven't found a clear direction ahead of a series of important events such as the G20 and the Federal Reserve's policy meeting. If these events end up driving the dollar to
become even weaker, that would be negative for stocks." In light trade, the benchmark Nikkei ended the day up 50.23 points at 9,426.71, after marking its lowest close in three weeks on Thursday. The index shed 0.8 per cent on the week, weighed down by a fall of nearly 2 per cent on Wednesday after China unexpectedly tightened credit. But the Nikkei managed to end the week above its 13week moving average, now at 9,383, which has served as support since September. Resistance looms at its 26week moving average, now at 9,630, which has held down the Nikkei for about five months. The broader Topix advanced 0.6 per cent to 824.88. The yen edged up to 81.12 against the dollar, still near a 15-year high of 80.84 hit on EBS on Wednesday. Trade was light on the Tokyo exchange's first section, with 1.49 billion shares changing hands, near its lowest volume since late September that it hit on Monday. Advancing stocks outnumbered decliners by more than 2 to 1. After the close, tire maker Bridgestone Corp said it is targeting an operating profit of 280 billion yen ($3.44 billion) See # 3 Page 11
US stocks mid-day
Nasdaq rises, S&P-500 flat New York: Technology shares edged higher on Friday as results from Baidu Inc and SanDisk bolstered the outlook for the sector, while the broad market was little changed. Keeping investors skittish was a Group of 20 nations meeting that sought a common path to manage global trade, currency and macroeconomic imbalances. SanDisk, a maker of flash memory, gained 1 per cent to $37.50 and Baidu, the Chinese Web search engine, rose 4.5 per cent to $107.07, a day after both companies posted results. Also among tech gainers were shares of online retailer Amazon.com Inc, which advanced 2 per cent to $168.19 after Wall Street analysts raised their price targets on the company, even as Amazon gave a disappointing forecast on Thursday. "A lot of (tech) companies have really restructured into really strong balance sheets and, I think, are in a prolonged period of either acquiring or developing new assets," said Subodh Kumar, chief investment strategist for Subodh Kumar & Associates in Toronto. The Dow Jones industrial average was down 33.76 points, or 0.30 per cent, at 11,112.81. The Standard & Poor's 500 Index was down 0.11 point, or 0.01 per cent, at 1,180.15. The Nasdaq Composite Index was up 10.21 points, or 0.42 per cent, at 2,469.88. Technology led gains in the recent rally, and the NASDAQ is up 17 per cent since the end of August compared with the S&P 500, which is up 12.6 per cent. Early reports from Technology companies have given a mostly rosy picture of the sector's future, including Google's much stronger-thanexpected earnings a week ago. Baidu late Thursday gave a robust outlook for its business. The S&P 500 sent a bullish signal as the index's 50-day moving average crossed above its 200-day moving average, known as a golden cross. That upward momentum indicator last occurred in June 2009, and the benchmark index rose more than 35 per cent in the following 10 months. The bullish signal can't be counted on always to signal an up market, according to Chris Burba, short-term market See # 4 Page 11
Indian shares snapped two-week losing streak MUMBAI: Indian shares snapped a two-week losing streak but closed Friday 0.5 per cent lower on weak world equities and as traders turned cautious on near-term outlook. Top outsourcer Tata Consultancy Services rose as much as 6.7 per cent to a record high of 1,049.90 rupees, after beating September-quarter earnings estimate, while rival Wipro shed as much as 5.4 per cent as it lagged forecast. The 30-share BSE index shed 0.47 per cent or 94.72 points to 20,165.86, with 22 of its components closing in the red. It rose 0.2 per cent on the week. "The market may be forming an intermediate top," said Sandip Sabharwal, CEO of portfolio management services at brokerage Prabhudas Lilladher, who did not rule out a small correction in near future. "More or less, we have seen decent results. But, they are largely turning to be a non-event for the broader market this time, considering the sharp run up
before the results." So far this year, foreign funds have invested a net $23.8 billion in Indian equities, driving the benchmark index up 15.5 per cent. Investors shovelled in another $5.8 billion into emerging market funds in the third week of October, with global emerging market equity funds seeing record inflows for the second time in three weeks, fund tracker EPFR said. India's benchmark index has outperformed MSCI's world equities index and its emerging markets index which have gained 5.4 per cent and 11.4 per cent respectively. "We continue to believe that we are entering another period of strong growth for tier 1 Indian IT companies," Credit Suisse said in a note. It raised its target price on TCS to 1,175 rupees from 940 rupees and maintained an "outperform" rating. TCS closed 5.7 per cent higher after the No. 1 Indian soft-
ware services company posted a near 30-per cent rise in quarterly profit and said it expected strong demand for outsourcing. Infosys Technologies gained 0.7 per cent. Wipro, the third-largest outsourcer, closed 4.5 per cent lower after it missed forecast with a 10-percent rise in second-quarter profit. Cigarette-to-hotel business ITC shed 1.8 per cent, after rising 3.7 per cent in the previous session. Top-listed biotech firm Biocon closed 0.3 per cent higher as its July-September net profit rose by a fifth from a year ago. Declining shares outnumbered advancing ones in the ratio of 1.2:1, on a heavy volume of 561 million shares. The 50-share NSE index dropped 0.6 per cent to 6,066.05 points. Elsewhere, the FTSEurofirst-300 was down 0.4 per cent by 1023 GMT, while the MSCI's measure of Asian markets other than Japan was barely changed. Reuters
6
Saturday, October 23, 2010
Market
Symbols
Volume
160,344,624
Value
5,597,743,041
Trades
77,947
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
239 125 20 384
All Share Index
10,652.48 10,709.28 10,553.54 h93.74
Current High Low Change
KSE 30 Index
7,414.60 7,452.96 7,347.38 h64.54
Current High Low Change
KMI 30 Index Current High Low Change
10,250.08 10,287.76 10,135.46 h104.98
16,791.09 16,837.50 16,598.51 h192.58
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,334.82 Turnover 9,255,097 P/E (x) 11.26 Company
KSE 100 Index
PE
High Low 1,358.29 1,330.80 Total cos Defaulter cos P/BV (x) ROE (%) 4.17 37.01
Close Change 1,348.22 13.41 Listed cap Market cap 65,194.15 mn 1,063,796.67 mn Payout (%) Div Yield (%) 68.56 6.09
Open
High
Low
Close Chg
Volume
Attock PetroleumXDXB 691 4.55 293.86 Attock Refinery 853 18.10 97.09 BYCO Petroleum 3921 - 10.87 Mari Gas Company 735 17.07 125.94 National Refinery XD 800 5.23 210.98 Oil & Gas Development XD 43009 10.57 152.35 Pak Petroleum 11950 7.69 186.78 Pak Oilfields XD 2365 6.17 236.42 Pak Refinery Limited 350 - 76.87 PSO XD 1715 4.50 262.78 Shell Gas LPG 226 17.28 38.09 Shell Pakistan XD 685 9.67 193.92
299.66 100.49 11.43 128.00 212.40 154.25 190.48 244.30 77.80 267.50 39.99 197.00
295.00 97.70 10.75 125.26 210.00 151.50 187.00 236.85 76.00 262.70 36.19 185.00
296.07 2.21 99.54 2.45 11.25 0.38 125.94 0.00 210.18 -0.80 153.16 0.81 189.15 2.37 243.22 6.80 76.34 -0.53 266.00 3.22 38.37 0.28 188.49 -5.43
1053941 2176074 3896009 95270 81660 1247624 787209 3153259 22523 501631 27918 107988
Last 60 days High Low 374.20 100.49 12.87 138.45 230.84 154.25 214.10 251.24 85.90 289.45 39.99 244.00
2009 Div BR (%) (%)
287.99 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 185.00 330 -
% Change 1.00 5-Day High 1,348.22 5-Day Low 1,331.47 2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 744.95 Turnover 71,194 P/E (x) 5.69 Company
Paid up Cap(mn)
Pak Int Cont.Terminal XD 1092 PNSC XD 1321
High Low 773.54 717.72 Total cos Defaulter cos P/BV (x) ROE (%) 1.45 25.53
Close 723.99 Listed cap 3,242.17 mn Payout (%) 11.08
Change -20.96 Market cap 12,896.84 mn Div Yield (%) 1.95
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
8.40 42.37
71.05 38.95
74.60 38.98
68.15 38.00
68.42 -2.63 38.98 0.03
69143 2051
87.86 41.00
60.05 34.50
Company
Paid up Cap(mn)
Bawany AirXDXR Biafo Ind XD BOC (Pak) Clariant Pak Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Dynea Pak XD Engro Corporation Ltd Engro Polymer Fatima Fertilizer Fauji Fertilizer Fauji Fert. Bin Qasim Ghani Gases Ltd ICI Pakistan Leiner Gelatine Lotte Pakistan Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind XDXB Sitara Peroxide United Distributors Wah-Noble XD
68 200 250 273 1203 1996 1020 3663 94 3277 6635 22000 6785 9341 725 1388 75 15142 74 1106 120 214 551 92 90
PE
Open
High
Low
89.58 4.35 10.15 5.64 7.89 4.33 9.04 7.43 5.74 9.30 7.65 3.56 79.50 1.88 8.93 12.08 4.52
10.50 38.75 76.01 159.01 168.62 2.23 4.02 1.53 12.05 176.10 13.75 9.96 108.72 30.52 12.32 127.48 18.24 10.19 1.53 1.47 2.51 110.06 10.11 10.65 37.47
10.75 40.04 79.81 162.00 176.00 2.44 4.50 1.68 12.99 178.88 14.10 10.15 109.70 30.70 12.64 130.00 19.24 10.49 2.25 1.64 2.97 111.00 11.11 11.00 38.89
9.53 38.90 77.00 159.10 170.00 2.22 4.14 1.54 11.05 175.60 13.52 9.87 108.75 30.30 12.25 127.80 19.24 10.20 1.40 1.50 2.50 104.56 10.25 11.00 37.40
Close Chg 10.75 40.04 79.81 160.25 171.00 2.25 4.30 1.56 11.60 176.23 13.70 9.91 109.29 30.43 12.28 128.37 19.24 10.25 1.70 1.59 2.50 108.99 11.11 11.00 38.19
0.25 1.29 3.80 1.24 2.38 0.02 0.28 0.03 -0.45 0.13 -0.05 -0.05 0.57 -0.09 -0.04 0.89 1.00 0.06 0.17 0.12 -0.01 -1.07 1.00 0.35 0.72
Close 1,196.46 Listed cap 52,251.88 mn Payout (%) 48.81
Change 5.68 Market cap 268,364.11 mn Div Yield (%) 6.54
Last 60 days High Low
Volume 202 1005 70125 24025 10517 6600 419479 176540 2325 1511752 434183 1167897 439902 2032942 182034 434755 202 8538030 11884 391626 532 14857 188675 1000 858
16.78 40.89 82.50 174.00 185.88 2.98 5.20 2.21 13.00 191.80 15.20 12.46 113.00 30.88 13.85 130.00 19.24 10.49 3.24 1.74 3.80 128.01 11.11 17.88 48.00
2009 Div BR (%) (%)
% Change 0.48 5-Day High 1,196.46 5-Day Low 1,180.05 2010 Div BR (%) (%)
9.53 5 31.64 40 45 66.90 90 15 154.27 125 155.38 40 10B 20 1.78 3.20 1.28 10.21 15 15 165.60 6010B 40R 20 10.33 - 27.5R 9.02 102.96 131.5 10B 75 26.59 40 - 17.5 7.41 109.50 80 55 6.20 12 6.75 5 1.06 1.16 2.00 104.56 75 25 7.67 9.22 10 10B 37.00 50 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,120.95 Turnover 343,564 P/E (x) 5.79
High Low 1,158.43 1,112.08 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 7.47
Close 1,147.10 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Century Paper 707 Pak Paper ProductXDXB 50 Security Paper 411
4.49 4.73
17.52 42.92 40.00
18.52 43.15 40.77
17.80 42.25 39.00
18.52 1.00 43.15 0.23 40.01 0.01
328968 8104 6492
Company
Change 26.15 Market cap 3,178.97 mn Div Yield (%) 4.37
Last 60 days High Low 22.70 62.85 50.40
17.31 38.61 38.10
% Change 2.33 5-Day High 1,147.10 5-Day Low 1,120.95
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
INDUSTRIAL METALS AND MINING
Open 1,103.98 Turnover 449,473 P/E (x) 4.05
High Low 1,139.41 1,102.13 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 25.35
Paid up Cap(mn)
PE
Open
High
Low
Agriautos Ind XD 144 Atlas Battery 101 Atlas Honda 626 Baluchistan Wheels Ltd.XD 133 Dewan Motors 890 Exide (PAK) 56 General Tyre XD 598 Ghandhara Nissan 450 Ghani Automobile Ind 200 Honda Atlas Cars 1428 Indus Motors 786 Pak Suzuki 823 Sazgar EngineeringXDXB 150 Transmission 117
4.97 5.80 8.42 5.68 4.24 6.92 6.33 5.34 9.43 5.46 1.80
66.51 152.80 116.68 30.40 1.50 149.74 24.04 4.36 4.51 12.25 229.81 74.68 20.05 1.98
68.00 156.50 122.51 31.92 1.64 155.99 25.24 4.69 4.95 12.30 237.99 76.00 21.05 2.25
66.80 152.00 120.05 30.00 1.47 148.00 24.99 4.37 4.05 12.00 228.00 74.80 20.65 1.56
Close Chg
Close 1,123.44 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 19.46 Market cap 41,363.21 mn Div Yield (%) 5.04
Last 60 days High Low
68.00 153.69 120.97 30.20 1.48 148.00 25.24 4.53 4.05 12.17 233.78 75.90 21.04 1.80
1.49 0.89 4.29 -0.20 -0.02 -1.74 1.20 0.17 -0.46 -0.08 3.97 1.22 0.99 -0.18
2769 65850 6171 2144 99700 111 19547 55993 1108 36700 129281 22337 7258 504
78.39 206.95 125.90 33.15 2.09 156.00 27.50 6.30 5.70 13.50 287.00 89.99 27.85 3.25
63.01 131.00 92.00 28.25 1.16 121.10 21.71 4.03 3.55 9.65 212.29 69.25 19.50 1.53
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin XD
PE
565 3.40 675 555 5.52 1199 4.59 785 16.84
Open 25.15 2.84 12.90 46.90 8.65
High 25.50 3.39 13.00 47.80 8.70
High Low 950.81 923.50 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 33.10 Low 25.00 2.82 12.85 46.81 8.19
Close Chg 25.07 3.16 12.87 47.12 8.25
-0.08 0.32 -0.03 0.22 -0.40
Close 931.08 Listed cap 3,596.11 mn Payout (%) 30.91
Last 60 days High Low
Volume 131251 307210 6405 102201 28255
31.73 3.39 16.75 70.71 10.80
23.75 1.65 12.25 45.60 8.00
2009 Div BR (%) (%) 10
30B -
% Change -0.13 5-Day High 938.25 5-Day Low 929.44
Open 1,495.96 Turnover 102,937 P/E (x) 30.42 Company Baba Farid Chashma Sugar Colony Sugar Mills Habib Sugar Habib-ADM Ltd XD J D W Sugar Mehran Sugar Mirza Sugar National Foods XD Nestle Pakistan Noon Sugar Pangrio Sugar Premier Sugar Punjab Oil XD Quice Food Shakarganj Mills Tandlianwala Wazir Ali
Paid up Cap(mn) 95 287 990 600 200 490 143 141 414 453 165 109 38 38 107 695 1177 80
PE
Open
High
High Low 1,525.57 1,469.11 Total cos Defaulter cos P/BV (x) ROE (%) 9.22 30.30 Low
Close Chg
- 53.50 50.83 50.83 50.83 0.73 9.03 9.14 9.00 9.07 3.73 3.97 3.81 3.90 6.19 29.64 30.40 29.81 30.00 11.23 12.15 12.45 12.13 12.13 2.49 71.99 74.45 72.00 74.43 3.19 56.92 57.89 55.10 57.00 0.32 4.80 5.19 5.15 5.19 20.34 40.96 43.00 40.50 42.51 21.33 1934.05 1999.00 1920.01 1942.10 - 12.47 12.99 12.75 12.98 0.41 5.01 5.79 4.25 5.01 6.65 37.50 37.00 36.25 36.25 2.70 35.31 35.50 35.50 35.50 2.50 2.35 2.35 2.35 5.50 6.40 5.15 5.33 263.64 30.00 30.00 29.00 29.00 5.20 6.20 5.40 5.40
Open 1,137.44 Turnover 1,712,256 P/E (x) 2.74
Open 986.21 Turnover 18,738,940 P/E (x) 7.07 Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement XD Berger Paints Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement XD Maple Leaf Cement Mustehkam Cement Pioneer Cement Thatta Cement
High Low 1,008.57 978.25 Total cos Defaulter cos P/BV (x) ROE (%) 0.50 7.10
PE
Open
High
Low
1828 866 5.06 182 956 982 12.54 948 3574 3651 38.78 350 6933 12.73 502 1760 2319 32 1288 13126 3234 6.58 5261 417 2228 7982210.00
3.18 63.38 16.50 10.50 1.59 2.00 1.59 27.51 2.95 5.07 5.10 1.97 3.45 0.71 6.20 3.43 72.19 2.97 11.95 8.22 21.79
3.40 63.85 17.50 11.25 1.69 2.35 1.63 28.05 2.90 5.18 5.65 2.06 3.59 0.87 6.50 3.65 73.43 3.15 12.94 8.31 22.24
3.15 63.00 17.10 10.50 1.50 2.00 1.54 27.25 2.55 5.00 5.40 1.93 3.10 0.63 6.10 3.38 71.85 3.00 10.95 8.10 21.00
Close 997.78 Listed cap 54,792.74 mn Payout (%) 19.04
Change 11.57 Market cap 71,857.29 mn Div Yield (%) 2.69
Close Chg
Volume
Last 60 days High Low
3.30 63.51 17.50 11.18 1.63 2.00 1.58 27.92 2.88 5.09 5.65 2.02 3.59 0.68 6.39 3.57 73.26 3.09 10.95 8.11 22.10
27825 57328 14800 25444 21668 4000 110294 7642872 174 1210598 1201 28214 263 2169 46241 7845451 1213741 457521 7311 15789 5924
4.20 71.90 20.00 12.50 2.74 3.90 2.20 28.74 5.15 5.50 7.50 2.30 7.50 2.00 6.80 3.65 74.00 3.60 12.95 8.58 22.24
0.12 0.13 1.00 0.68 0.04 0.00 -0.01 0.41 -0.07 0.02 0.55 0.05 0.14 -0.03 0.19 0.14 1.07 0.12 -1.00 -0.11 0.31
2.80 60.30 14.01 8.90 1.30 1.02 1.30 23.02 2.11 4.50 4.25 1.74 2.11 0.25 5.50 2.60 62.60 2.51 10.95 6.80 17.74
% Change 1.17 5-Day High 997.78 5-Day Low 961.57
2009 Div BR (%) (%)
2010 Div BR (%) (%)
50 20B - 20R - 10B 40 - 177R -
- 100R 50 - 122R - 20R 40 - 50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 897.47 Turnover 164,067 P/E (x) 2.55 Company
Paid up Cap(mn)
PE
Open
High
High Low 913.46 883.24 Total cos Defaulter cos P/BV (x) ROE (%) 1.12 43.91 Low
Close Chg
Cherat PapersackXDXB 115 3.98 39.72 41.70 41.70 41.70 1.98 ECOPACK Ltd 230 2.35 2.46 2.30 2.36 0.01 Ghani GlassXDXB 1067 4.34 47.94 48.90 47.00 47.25 -0.69 MACPAC Films 389 2.50 2.90 2.25 2.63 0.13 Merit Pack 47 - 16.06 17.06 17.00 17.06 1.00 Packages Ltd 844 55.64 107.69 110.00 108.00 108.50 0.81 Siemens Engineering 82 10.55 1178.98 1190.00 1128.00 1183.48 4.50 Tri-Pack Films 300 7.66 103.80 105.39 104.00 104.99 1.19
Close 901.26 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 13238 33762 3191 3500 11367 87515 294 11200
AL-Abid SilkXBXR Pak Elektron Singer Pak Tariq Glass Ind
Paid up Cap(mn)
-2.67 0.04 0.17 0.36 -0.02 2.44 0.08 0.39 1.55 8.05 0.51 0.00 -1.25 0.19 -0.15 -0.17 -1.00 0.20
Close 1,482.95 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 3.78 Market cap 33,463.67 mn Div Yield (%) 6.10
Last 60 days High Low 51.05 34.00 2.86 1.70 61.99 45.75 4.50 1.60 20.70 11.81 123.00 98.00 1299.75 1040.01 105.39 91.00
% Change 0.42 5-Day High 901.26 5-Day Low 885.49
2009 Div BR (%) (%)
2010 Div BR (%) (%)
30 32.5 900 100
20 25 300 -
10B -
25B 10B -
INDUSTRIAL ENGINEERING
Open
High
Low
115 3.10 1174 3.08 341 16.18 231 2.78
33.65 13.69 17.24 17.29
33.00 14.58 18.23 17.50
31.97 13.64 16.51 17.00
Last 60 days High Low
Close Chg
Close 1,152.43 Listed cap 3,763.71 mn Payout (%) 6.27
Company
Paid up Cap(mn)
AL-Ghazi Tractor Bolan CastingXDXB Ghandhara Ind Hinopak Motor KSB Pumps Millat TractorsXDXB Pak Engineering XD
High Low 1,540.18 1,483.16 Total cos Defaulter cos P/BV (x) ROE (%) 3.02 38.02
PE
Open
High
Low
215 4.93 104 5.63 213 2.13 124 132 9.17 366 6.19 57 14.33
203.10 47.96 13.77 119.00 78.70 461.97 294.38
207.60 49.50 14.00 119.99 78.75 484.90 300.00
205.00 46.00 13.40 114.01 75.00 465.00 298.00
Close Chg 205.67 48.75 13.54 118.00 76.56 482.98 300.00
2.57 0.79 -0.23 -1.00 -2.14 21.01 5.62
Close 1,531.96 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 21708 2808 44707 505 1200 362830 505
227.45 51.99 19.50 149.00 91.00 597.90 324.80
90 100 25 60 20 150 10 -
20B 30B 20B -
20B 20B -
2009 Div BR (%) (%) 35 40 40 35 600 50 30 15 -
25B 30B 25B 10B 25B -
% Change -0.87 5-Day High 1,497.02 5-Day Low 1,477.71 2010 Div BR (%) (%) 40 0 12.5R 25 10B 12 450 15 28R -
2009 Div BR (%) (%)
Paid up Cap(mn)
Volume
Last 60 days High Low
31.97 14.41 17.15 17.08
-1.68 0.72 -0.09 -0.21
210 1695716 3136 13193
35.00 15.95 24.14 19.12
26.60 12.17 16.51 14.50
Performance of SR Personal Goods Index
PE
Open
Amtex Limited XD 2415 2.00 7.03 Artistic Denim XD 840 4.90 20.00 Azam Textile 133 0.52 3.00 Azgard Nine 4493 284.25 10.58 Bannu Woolen XD 76 0.97 11.03 Bata (Pak) 76 5.09 490.43 Chakwal Spinning XD 400 0.93 1.25 Chenab Limited 1150 3.26 Colony Mills Ltd 2442 2.89 2.92 Crescent Jute 238 0.89 D S Ind Ltd 600 1.70 Dawood Lawrencepur 514 47.06 39.35 Dewan Farooque Spin. 600 2.54 3.40 Ellcot Spinning XD 110 1.65 18.49 Fazal Textile XD 62 3.73 365.95 Gadoon Textile XD 234 1.05 38.40 Ghani Value Glass XD 75 7.29 27.86 Ghazi Fabrics XD 326 0.76 3.20 Gillette Pakistan 192 50.27 64.63 Gul Ahmed Textile XD 635 3.16 22.75 Gulistan SpinningSPOT 146 1.41 6.00 Gulistan TextileSPOT 190 1.61 19.89 Gulshan SpinningSPOT 185 1.76 9.30 Hira Textile Mills LtdSPOT 716 1.38 4.32 Ibrahim Fibres XD 3105 3.39 35.49 Ideal Spinning 99 0.63 3.44 Idrees TextileSPOT 180 2.37 4.00 Ishaq Textile XD 97 1.05 4.70 Kohat Textile 208 1.71 1.49 Kohinoor Ind 303 1.46 Kohinoor Mills 509 2.50 Kohinoor Textile 1455 2.83 5.45 Masood TextileSPOT 600 1.08 20.04 Mian Textile 221 0.65 Mohd Farooq 189 0.99 Mukhtar Textile 145 0.41 Nishat (Chunian)SPOT 1586 2.63 19.78 Nishat Mills XD 3516 6.08 50.23 Pak Synthetic 560 6.67 5.61 Paramount Spin. SPOT 158 1.50 9.55 Prosperity XD 185 1.82 13.08 Ravi Textile 250 4.74 1.76 Rupali Poly XD 341 4.21 32.75 Saif Textile 264 1.34 3.90 Salfi Textile XD 33 0.13 27.15 Sally TextileSPOT 88 0.33 5.09 Samin Textile XR 134 6.30 Sana Ind XD 55 4.48 30.00 Sapphire Textile XD 201 1.78 94.06 Sargoda Spinning XD 312 0.47 1.84 Service Ind 120 5.96 220.55 Shadman Cot 176 1.99 11.90 Shahpur Textile 140 0.97 0.71 Shahtaj Textile XD 97 - 16.79 Suraj Cotton XD 180 1.07 30.89 Tata Textile XD 173 0.19 20.25 Thal LimitedXDXB 307 3.89 88.99 Treet Corp 418 9.75 45.05 Yousuf Weaving 400 6.47 1.02 ZahidJee Textile 341 1.75 3.25 Zephyr Textile Ltd 594 3.05 Zil Limited XD 53 3.13 46.68
High
High Low 941.28 924.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 8.64 Low
Close Chg
7.69 7.02 7.49 0.46 20.65 19.50 19.51 -0.49 2.98 2.75 2.86 -0.14 11.58 10.66 11.37 0.79 12.03 10.82 11.19 0.16 514.95 514.95 514.95 24.52 1.89 1.00 1.43 0.18 3.90 3.02 3.54 0.28 3.33 3.00 3.12 0.20 0.98 0.75 0.76 -0.13 1.82 1.66 1.71 0.01 40.00 39.99 40.00 0.65 3.60 3.15 3.20 -0.20 19.40 17.51 19.40 0.91 384.24 347.67 376.88 10.93 40.00 38.30 39.00 0.60 27.70 27.70 27.70 -0.16 2.60 2.55 2.60 -0.60 67.86 62.00 67.86 3.23 23.80 23.80 23.80 1.05 6.49 6.39 6.40 0.40 18.89 18.89 18.89 -1.00 9.80 9.30 9.70 0.40 4.88 4.30 4.79 0.47 37.24 34.99 36.68 1.19 3.50 2.85 3.25 -0.19 4.45 4.00 4.14 0.14 5.00 4.51 5.00 0.30 1.50 1.20 1.35 -0.14 1.60 1.50 1.57 0.11 2.75 1.52 2.70 0.20 5.50 5.25 5.40 -0.05 21.04 20.50 21.04 1.00 0.45 0.25 0.45 -0.20 1.00 1.00 1.00 0.01 0.90 0.40 0.49 0.08 20.78 19.86 20.78 1.00 52.00 50.75 51.71 1.48 6.20 5.80 6.14 0.53 10.50 9.55 10.25 0.70 13.24 12.51 12.52 -0.56 1.89 1.76 1.85 0.09 34.38 32.35 33.50 0.75 4.85 3.70 3.94 0.04 28.50 28.50 28.50 1.35 5.25 5.10 5.12 0.03 6.80 5.61 6.03 -0.27 30.75 29.50 30.00 0.00 90.05 90.00 90.05 -4.01 2.01 1.75 1.81 -0.03 231.57 222.00 231.57 11.02 12.90 10.90 10.95 -0.95 0.83 0.70 0.70 -0.01 17.70 16.00 16.41 -0.38 30.51 30.00 30.00 -0.89 20.50 19.24 19.67 -0.58 93.43 88.60 91.12 2.13 47.30 46.32 47.30 2.25 1.10 1.06 1.10 0.08 3.50 2.76 2.76 -0.49 3.40 3.05 3.40 0.35 48.75 46.01 46.76 0.08
Close 936.51 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 9930037 4106 8701 7076994 3204 26159 536 356157 908411 1362 257775 395 3000 155 443 613 690 368 15115 110 5310 502 12382 1090388 11200 12850 64502 218 5812 83126 2008 51050 600 7002 800 1563 6084296 4880903 25565 19319 9900 80939 5182 214 730 25502 8482 152 140 21635 7175 576 2920 708 1700 41811 236624 367729 1124 5306 1600 9144
7.5 -
10B 10B -
Change 11.12 Market cap 117,695.73 mn Div Yield (%) 2.72
Last 60 days High Low 20.45 24.05 3.23 12.81 14.00 560.00 2.59 4.79 4.50 1.90 2.49 50.35 4.00 25.45 384.24 48.30 38.64 5.00 73.00 25.40 8.13 24.84 9.80 4.88 39.00 4.79 5.35 5.50 1.95 1.99 3.79 6.30 23.25 1.20 1.82 0.99 20.78 53.14 7.90 10.50 21.47 4.69 36.75 5.44 28.50 6.20 8.69 38.40 124.80 2.50 231.57 15.00 2.18 21.90 37.50 21.42 114.99 49.49 1.90 4.00 4.99 48.75
2009 Div BR (%) (%)
200.26 400 36.10 11.29 108.11 17.15 74.00 35 390.00 450 284.95 125
20B 25B -
150 25 650 100
10B 25B -
Total Assets (Rs in mn)
16,941.26
3.34
Total Equity (Rs in mn)
2,493.88
MA (100-day)
3.58
Revenue (Rs in mn)
9,091.38
MA (200-day)
4.11
Interest Expense
1,487.71
1st Support
3.10
Loss after Taxation
(96.66)
2nd Support
2.62
EPS 09 (Rs)
(0.841)
1st Resistance
3.98
Book value / share (Rs)
2nd Resistance
4.38
PE 10 E (x)
Pivot
3.50
PBV (x)
21.69 0.16
CHBL closed up 0.28 at 3.54. Volume was 213 per cent above average (trending) and Bollinger Bands were 49 per cent narrower than normal. The company's loss after taxation stood at Rs695.821 million which translates into a Loss Per Share of Rs6.05 for the nine months of fiscal year (9MFY10). CHBL is currently 13.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into CHBL (mildly bullish). Trend forecasting oscillators are currently bearish on CHBL.
Crescent Steel & Allied Products Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
49.30
Total Assets (Rs in mn)
4,109.69
MA (10-day)
24.96
Total Equity (Rs in mn)
2,545.82
MA (100-day)
26.17
Revenue (Rs in mn)
3,310.87
MA (200-day)
27.08
Interest Expense
1st Support
24.90
Loss after Taxation
2nd Support
24.70
EPS 09 (Rs)
1st Resistance
25.40
Book value / share (Rs)
203.57 (239.75) (4.246) 45.09
2nd Resistance
25.70
PE 10 E (x)
3.40
Pivot
25.20
PBV (x)
0.56
CSAP closed down -0.08 at 25.07. Volume was 411 per cent above average (trending) and Bollinger Bands were 62 per cent narrower than normal. The company's profit after taxation stood at Rs416.547 million which translates into an Earning Per Share of Rs7.38 for the year ended FY10. CSAP is currently 7.5 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into CSAP (mildly bullish). Trend forecasting oscillators are currently bullish on CSAP.
Pakistan International Airline Corp Ltd
6.71 17.55 1.35 8.55 7.50 436.00 0.70 2.93 2.23 0.48 1.44 37.08 2.05 17.21 303.00 33.80 26.70 1.11 57.50 19.99 5.00 18.89 5.31 2.52 34.05 2.02 2.56 3.90 0.46 1.01 1.52 4.00 18.51 0.01 0.35 0.25 14.64 40.81 5.16 6.00 12.51 1.38 31.35 2.01 20.50 2.74 5.02 27.50 90.00 0.31 176.00 8.00 0.25 14.75 29.50 14.00 88.60 37.20 0.73 2.76 1.50 33.00
2010 Div BR (%) (%) -20B 20R - 10B 17.5 -
% Change 1.20 5-Day High 936.51 5-Day Low 914.43
2009 Div BR (%) (%)
2010 Div BR (%) (%)
20 120 7.5 15 8 400R 5 - 10B - 10B - 10B 15 - 50R 20 12.5 - 10B 20 40 35 200 20 15 20 20B 40 10B
30 20 7.5 20 5 5 35 100 70 25 10 12.5 10 10 10 20B 10 20 10 8 15 100R 15 25 45R 10 10B 30 40 25 10 - 100R 60 50 5 45 50 25 80 20B 35 -
Performance of SR Pharma and Bio Tech Index
% Change 3.63 5-Day High 1,531.96 5-Day Low 1,433.87 2010 Div BR (%) (%)
57.60
MA (10-day)
% Change 1.32 5-Day High 1,152.43 5-Day Low 1,137.44
PHARMA AND BIO TECH
Change 53.69 Market cap 31,656.00 mn Div Yield (%) 16.57
Last 60 days High Low
40 100 80 15 50 100 5 2
Change 14.99 Market cap 5,475.94 mn Div Yield (%) 2.29
PERSONAL GOODS
Performance of SR Industrial Engineering Index Open 1,478.27 Turnover 434,274 P/E (x) 7.93
2010 Div BR (%) (%)
Change -13.00 Market cap 191,181.33 mn Div Yield (%) 1.00
3313 55.79 46.50 1201 11.40 8.00 2902 4.49 2.40 52691 32.25 24.73 6911 16.98 11.90 8468 74.45 60.10 460 57.89 48.50 400 5.70 3.55 7913 65.29 39.01 267 2057.99 1641.00 485 12.99 10.00 2071 7.00 4.00 2308 43.60 32.50 500 38.95 32.80 4500 3.40 1.60 5941 6.40 3.02 2000 35.50 22.45 244 8.74 4.75
High Low 1,163.97 1,130.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 10.64
PE
Open 925.38 Turnover 31,783,399 P/E (x) 6.14 Company
Performance of SR Construction and Materials Index
2009 Div BR (%) (%)
RSI (14-day)
Performance of SR Household Goods Index
20B -
CONSTRUCTION AND MATERIALS
% Change 1.76 5-Day High 1,123.44 5-Day Low 1,089.05
HOUSEHOLD GOODS
2010 Div BR (%) (%) 30 40 7.5
-
FOOD PRODUCERS
Company
Change -1.18 Market cap 8,910.88 mn Div Yield (%) 10.59
40 15
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 932.26 Turnover 575,322 P/E (x) 2.92
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,209.20 1,189.51 Total cos Defaulter cos P/BV (x) ROE (%) 2.61 35.00
30
Chenab Limited
% Change -2.81 5-Day High 744.95 5-Day Low 667.24
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,190.78 Turnover 14,887,462 P/E (x) 7.46
2009 Div BR (%) (%)
Alert ! Unusual Movements
Open 863.27 Turnover 193,585 P/E (x) 6.33 Company Abbott (Lab) Ferozsons (Lab) XB GlaxoSmithKline IBL HealthCare Ltd Sanofi-Aventis Searle Pak XD
Paid up Cap(mn) 979 250 1707 200 96 306
PE
Open
8.25 92.00 6.59 88.00 13.18 71.80 18.07 8.17 10.72 136.96 5.25 61.50
High
High Low 890.22 857.02 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 22.31 Low
Close Chg
94.75 92.50 94.16 2.16 90.00 86.02 87.29 -0.71 75.00 71.10 73.00 1.20 8.90 7.50 8.13 -0.04 138.00 133.00 134.79 -2.17 63.00 61.01 61.21 -0.29
Close 872.20 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 9355 5031 43164 94119 454 41395
96.40 124.00 83.00 8.90 139.50 64.19
77.00 85.60 65.00 6.10 115.90 53.36
RSI (14-day)
55.20
Total Assets (Rs in mn)
160,013.18
MA (10-day)
2.18
Total Equity (Rs in mn)
(20,772.84)
MA (100-day)
2.45
Revenue (Rs in mn)
MA (200-day)
2.66
Interest Expense
1st Support
2.05
Loss after Taxation
2nd Support
1.93
EPS 09 (Rs)
1st Resistance
2.37
Book value / share (Rs)
2nd Resistance
2.57
PE 10 E (x)
Pivot
2.25
PBV (x)
94,563.77 9,243.77 (5,822.43) (2.720) (8.92) (0.25)
PIAA closed up 0.10 at 2.24. Volume was 38 per cent above average and Bollinger Bands were 59 per cent narrower than normal. The company's loss after taxation stood at Rs6.901 billion which translates into a Loss Per Share of Rs2.86 for the half year of current calendar year (1HCY10). PIAA is currently 15.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PIAA at a relatively equal pace. Trend forecasting oscillators are currently bullish on PIAA.
Azgard Nine Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
66.33
Total Assets (Rs in mn)
38,525.22
MA (10-day)
10.42
Total Equity (Rs in mn)
18,469.71
MA (100-day)
10.84
Revenue (Rs in mn)
11,737.86
MA (200-day)
14.07
Interest Expense
1st Support
10.82
Profit after Taxation
60.53
2nd Support
10.28
EPS 09 (Rs)
2,424.42 0.003
1st Resistance
11.74
Book value / share (Rs)
37.85
2nd Resistance
12.12
PE 10 E (x)
Pivot
11.20
PBV (x)
0.30
ANL closed up 0.79 at 11.37. Volume was 276 per cent above average (trending) and Bollinger Bands were 53 per cent narrower than normal. The company's loss after taxation stood at Rs173.754 million which translates into a Loss Per Share of Rs0.41 for the half year of current calendar year (1HCY10). ANL is currently 19.2 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ANL (mildly bullish). Trend forecasting oscillators are currently bullish on ANL.
BOOK CLOSURES Company
From
To
1st Capital Securities Corp 1st Fidelity Leasing Modaraba 1st National Equities 1st Pak Modaraba 1st UDL Modaraba Agritech Al-Khair Gadoon Al-Qadir Textile Mills Aruj Garment Accessories Ayesha Textile Mills Bhanero Textile Mills Blessed Textiles Bunnu Woollen Mills Crescent Fibres Data Agro Data Textile Dawood Equities Dewan Automotive Dewan Cement Dewan Farooque Motors
23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct
30-Oct 29-Oct 30-Oct 30-Oct 29-Oct 30-Oct 30-Nov 30-Oct 30-Oct 30-Oct 30-Oct 30-Oct 30-Oct 30-Oct 30-Oct 30-Oct 29-Oct 29-Oct 29-Oct 29-Oct
D/B/R 10B 3 12.5 10(i) 200 50SD 20 10 -
Spot AGM/Date 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct 15-Oct -
30-Oct 29-Oct 30-Oct 30-Oct 29-Oct 30-Oct 30-Oct 30-Oct 30-Oct 26-Oct 26-Oct 31-Oct 30-Oct 30-Oct 30-Oct 29-Oct 29-Oct 29-Oct 29-Oct
INDICATIONS
Change 8.93 Market cap 29,057.66 mn Div Yield (%) 7.04
Last 60 days High Low
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
2009 Div BR (%) (%) 120 10 50 70 15
20B 15B
% Change 1.03 5-Day High 872.20 5-Day Low 847.64 2010 Div BR (%) (%) 20 30
20B -
# Extraordinary General Meeting
OTHER SECTORS Symbols
Open
High
TRG Pakistan Ltd. Murree BreweryXDXB Shezan Internat XD Lakson Tobacco Pak Tobacco Shifa Int Hosp XD Eye Television PIAC (A) Pak Services AKD Capital Pace (Pak) Ltd Netsol Technol XD Pak Telephone
4.3 75.4 89.5 347.9 112 29.5 21.51 2.14 154.5 63.46 3.14 17.82 1.99
4.55 76 93.9 364 112 30.97 21.6 2.45 150 66.63 3.3 18.55 2
Low Close 4.3 74.2 93.45 340.26 111.5 30.5 21.6 2.13 146.9 61.2 3.11 17.8 1.57
4.35 74.4 93.85 342.53 111.5 30.89 21.6 2.24 150 62.01 3.2 18.35 1.89
Change 0.05 -1 4.35 -5.37 -0.5 1.39 0.09 0.1 -4.5 -1.45 0.06 0.53 -0.1
Vol 5368690 15748 2020 1527 500 863 425 193139 104 1047 2930722 833863 408
7 Saturday, October 23, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,135.80 Turnover 3,889,355 P/E (x) 6.18 Paid up Cap(mn)
Company
Pak Datacom XD Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
78 37740 3000 8606 6175
High Low 1,167.25 1,138.39 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
PE
Open
High
Low
Close Chg
4.58 9.20 1.09 -
95.01 19.08 2.51 2.77 3.86
95.50 19.59 2.63 2.87 3.95
93.00 19.15 2.50 2.76 3.83
93.00 19.31 2.53 2.80 3.86
-2.01 0.23 0.02 0.03 0.00
Close 1,148.30 Listed cap 50,077.79 mn Payout (%) 62.56
Change 12.50 Market cap 79,157.19 mn Div Yield (%) 10.12
Last 60 days High Low
Volume 1659 2791477 504702 591517 47866
120.61 20.22 3.08 3.25 6.13
% Change 1.10 5-Day High 1,148.30 5-Day Low 1,129.75
2009 Div BR (%) (%)
91.00 17.32 1.80 2.30 3.60
70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Atlas Insurance Central Insurance XB Century Insurance EFU General Ins. XB Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Silver Star Insurance United Insurance XB
369 4.99 279 5.27 457 6.31 1250 36.67 400 2.61 718 14.31 791 9.71 3000 250 1.43 350 67.50 303 5.00 252 4.53 253 1.74 400 1.51
-
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC Kot Addu Power XD Nishat Chunian Power Ltd Nishat Power Ltd Southern Electric Tri-star Power XD
Close 1,186.84 Listed cap 95,369.29 mn Payout (%) 104.13
Change 13.96 Market cap 97,535.92 mn Div Yield (%) 8.30
% Change 1.19 5-Day High 1,186.84 5-Day Low 1,170.85
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
198 11572 6.33 1560 7932 8803 6.81 3673 3541 95.00 1367 5.74 150 -
0.82 33.79 1.60 2.10 39.18 12.25 13.53 2.40 0.90
1.10 34.37 1.70 2.27 39.50 12.60 13.74 2.50 1.00
0.80 33.71 1.50 2.15 39.00 12.22 13.11 2.15 0.85
0.93 0.11 34.19 0.40 1.59 -0.01 2.25 0.15 39.34 0.16 12.35 0.10 13.30 -0.23 2.24 -0.16 0.90 0.00
70639 7185324 69506 1113724 157280 1486708 10124788 884813 1001
1.45 37.24 2.20 2.63 44.85 12.90 13.80 3.19 1.58
33.5 64.5 3
0.51 32.75 0.70 1.92 38.35 9.50 9.25 2.05 0.33
2010 Div BR (%) (%)
31R -
Open 883.36 Turnover 33,004 P/E (x) 85.43 Paid up Cap(mn)
33.80 50.91 11.24 46.21 10.95 81.00 56.92 15.75 6.07 2.70 9.25 6.61 7.01 6.02
0.89 -2.08 -0.06 -0.65 0.20 0.95 0.47 0.53 0.01 0.27 0.00 -0.54 0.21 0.92
3310 505 15930 46047 2688 689 116 2241030 5942 67974 2561 3273 4790 10100
34.40 64.90 11.99 54.50 13.89 84.00 59.99 18.69 8.20 4.16 10.30 7.70 10.00 6.54
27.10 47.37 9.42 34.76 10.04 66.02 52.21 12.50 5.06 1.66 8.00 6.02 6.00 4.02
40 20 40 35 35 30 30 5 20 -
High Low 897.71 843.48 Total cos Defaulter cos P/BV (x) ROE (%) 3.29 3.85
Close 887.16 Listed cap 2,290.72 mn Payout (%) 355.53
Change 3.79 Market cap 10,354.63 mn Div Yield (%) 4.16
Paid up Cap(mn)
Company Sui North Gas Sui South GasXDXB
High Low 1,710.25 1,665.94 Total cos Defaulter cos P/BV (x) ROE (%) 1.24 11.41
Change 48.97 Market cap 36,613.52 mn Div Yield (%) 6.17
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 18.64 8390 3.50
31.57 21.81
32.00 22.90
31.55 22.10
31.69 0.12 22.90 1.09
136690 202870
33.40 30.70
% Change 2.96 5-Day High 1,703.08 5-Day Low 1,624.75
2009 Div BR (%) (%)
25.00 16.00
-
2010 Div BR (%) (%)
-
15
25B
BANKS Performance of SR Banks Index Open 1,011.27 Turnover 21,391,813 P/E (x) 7.18 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.40 55.13 Askari Bank 6427 6.46 15.54 Atlas Bank 5001 1.87 Bank Alfalah 13492 12.43 9.30 Bank AL-Habib 7322 6.94 31.98 Bank Of Khyber 5004 3.35 3.22 Bank Of Punjab 5288 8.56 BankIslami Pak 5280 3.18 Faysal Bank 6091 3.31 14.13 Habib Bank Ltd 10019 6.72 106.02 Habib Metropolitan Bank 8732 6.06 19.50 JS Bank Ltd 6128 2.40 KASB Bank Ltd 9509 2.41 MCB Bank Ltd 7602 9.51 201.85 Meezan Bank 6983 7.48 15.28 Mybank Ltd 5304 2.19 National Bank 13455 5.68 65.50 Network Mic Bank 300 0.88 NIB Bank 40437 2.87 Royal Bank Ltd 17180 6.54 Samba Bank 14335 2.03 Silkbank Ltd 26716 13.18 2.89 Soneri Bank 6023 6.57 Stand Chart Bank 38716 9.44 6.56 Summit Bank Ltd 5000 2.93 United Bank Ltd 12242 6.40 53.28
High Low Close 1,037.89 1,008.16 1,023.90 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.97 13.45 34.35
High
Low
Close Chg
55.89 55.00 55.53 0.40 15.88 15.53 15.64 0.10 2.16 1.80 1.97 0.10 9.55 9.25 9.32 0.02 32.65 32.00 32.19 0.21 3.44 3.22 3.35 0.13 8.80 8.51 8.65 0.09 3.25 3.10 3.17 -0.01 14.55 14.26 14.36 0.23 107.15 104.00 104.38 -1.64 20.50 19.59 20.48 0.98 2.49 2.36 2.40 0.00 2.54 2.40 2.50 0.09 205.90 202.00 203.95 2.10 15.70 14.96 15.40 0.12 2.40 2.18 2.20 0.01 67.99 65.21 67.69 2.19 1.00 1.00 1.00 0.12 2.98 2.87 2.90 0.03 6.89 6.30 6.42 -0.12 2.25 1.96 2.03 0.00 3.00 2.85 2.90 0.01 6.89 6.24 6.41 -0.16 6.88 6.52 6.61 0.05 3.05 2.91 2.97 0.04 54.85 53.30 54.43 1.15
Change 12.64 Market cap 622,819.82 mn Div Yield (%) 4.78
Last 60 days High Low
Volume
207795 59.70 737881 17.12 483572 2.84 2175185 10.25 676677 33.75 6962 3.99 1480434 10.94 116228 3.69 104307 15.58 140636 109.10 175542 22.38 131340 2.90 26003 3.70 1781242 214.99 32044 15.95 150043 2.79 7829726 73.89 4500 2.25 811592 3.45 87592 12.50 351757 2.90 2413823 3.30 54372 6.99 3462 8.50 103664 3.90 1409098 60.20
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 0.26 2.42 5.20 1.55 2.15 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
% Change 1.25 5-Day High 1,023.90 5-Day Low 996.53
20 - 66R 55 -63.46R 10 -
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 701.71 Turnover 3,460,919 P/E (x) 11.72 Paid up Cap(mn)
Company
Adamjee Insurance XD
PE
1237 13.55
Open 73.61
High Low 722.38 696.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.61 5.20
High 75.69
Low 73.75
Close Chg 74.52 0.91
Close 708.18 Listed cap 11,111.34 mn Payout (%) 79.54
Change 6.47 Market cap 44,325.44 mn Div Yield (%) 6.79
Last 60 days High Low
Volume 1055862
89.50
2009 Div BR (%) (%)
63.05
30
% Change 0.92 5-Day High 708.18 5-Day Low 674.05 2010 Div BR (%) (%)
10B
10
-
Symbols
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
EFU Life Assurance XB
850 42.46
76.80
80.50
73.50
78.13 1.33
21879
82.99
51.25
5513.33B
-
-
New Jub Life Insurance
627 54.31
43.60
43.50
41.42
43.45 -0.15
11125
45.20
34.50
10
2010 Div BR (%) (%) -
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 376.40 Turnover 15,764,997 P/E (x) 0.46 Paid up Cap(mn)
High Low 393.16 373.88 Total cos Defaulter cos P/BV (x) ROE (%) 0.17 37.22
PE
Open
High
Low
225 360 7.94 450 6.95 3750 2.46 40 4.69 150 441 First Credit & Invest Bank Ltd 650 22.92 IGI Investment Bank 2121 12.50 Invest and Fin Sec XD 600 2.67 Invest Bank 2849 Ist Cap Securities XB 3166 1.56 Ist Dawood Bank 626 0.32 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap XD 500 JS Investment 1000 13.80 KASB Securities 1000 Orix Leasing 821 4.35 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 Sec Inv Bank 514 Stand Chart Leasing 978 5.17
0.60 16.55 27.43 24.19 13.00 1.43 2.65 2.88 2.00 7.60 0.68 3.93 1.85 10.11 2.29 25.65 6.13 4.10 5.25 1.80 0.63 2.99 2.30
0.70 17.26 28.49 25.39 13.00 1.44 3.35 3.25 2.14 7.68 0.74 4.25 2.25 10.43 2.55 26.93 6.30 4.30 5.60 1.95 0.68 3.55 2.49
0.52 16.59 27.50 24.45 13.00 1.22 2.01 2.75 2.00 7.67 0.63 3.65 1.73 10.12 2.21 25.90 6.00 3.91 5.25 1.70 0.60 2.50 2.25
Close Chg
Close 382.58 Listed cap 30,336.44 mn Payout (%) 4.60
Volume
Change 6.18 Market cap 27,374.41 mn Div Yield (%) 9.96
AMZ Ventures Arif Habib Invest. XB Arif Habib Limited XB Arif Habib Securities Arpak Int Dawood Cap Mangt. XB Escorts Bank
0.59 16.99 27.85 24.97 13.00 1.41 2.55 2.75 2.00 7.67 0.68 3.80 1.94 10.25 2.42 26.93 6.21 4.00 5.53 1.73 0.60 2.50 2.48
-0.01 0.44 0.42 0.78 0.00 -0.02 -0.10 -0.13 0.00 0.07 0.00 -0.13 0.09 0.14 0.13 1.28 0.08 -0.10 0.28 -0.07 -0.03 -0.49 0.18
295738 128990 198924 4566643 475 582 5054 4902 6727 1501 4422 97703 196397 8122711 1149291 48016 481055 1863 81046 273875 83200 184 20569
% Change 1.64 5-Day High 382.58 5-Day Low 365.43
Last 60 days High Low
2009 Div BR (%) (%)
1.10 20.99 45.80 34.99 19.37 2.69 3.35 4.50 2.39 9.00 1.09 5.29 2.84 14.60 5.84 40.99 7.93 5.25 5.95 2.57 1.70 3.80 3.00
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.62 20.90 4.00 0.50 1.85 2.00 1.17 6.70 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 0.40 1.65 1.50
2010 Div BR (%) (%) 20B 20B 10B -
Performance of SR Equity Investment Instruments Index
Paid up Cap(mn)
Company
PE
1st Fid Leasing 264 AL-Meezan Mutual F. XD 1375 5.20 Atlas Fund of Funds 525 2.31 B F Modaraba XB 75 7.60 B R R Guardian Mod. 780 2.82 Constellation Modaraba 65 3.36 Crescent St Mod.XD 200 2.00 Elite Cap Mod. XD 113 3.29 Equity Modaraba 524 First Capital Mutual F. 300 4.57 First Dawood Mutual F. 581 Golden Arrow XD 760 3.03 H B L Modaraba XD 397 4.73 Habib Modaraba 1008 5.16 Imrooz Modaraba XD 30 7.89 JS Growth Fund 3180 37.63 JS Value Fund 1186 Meezan Balanced F. XD 1200 5.29 Mod Al-Mali 184 Pak Modaraba XD 125 1.91 Pak Prem Fund 1698 3.78 Pak Strat Fund 3000 5.48 PICIC Energy Fund 1000 1.63 PICIC Growth Fund 2835 5.22 PICIC Inv Fund XD 2841 4.30 Prud Modaraba 1st XD 872 2.45 Punjab Modaraba 340 7.10 Stand Chart Modaraba XD 454 5.05 Tri-Star 1st Modaraba 212 5.21 U D L Modaraba XD 264 2.83
Open 1.40 6.22 2.92 3.82 1.19 1.70 0.61 2.24 1.06 4.50 1.68 2.80 5.11 5.98 45.04 3.00 2.82 5.50 0.81 0.72 7.92 7.06 5.43 8.02 3.70 1.00 1.43 8.56 2.98 5.25
High 1.48 6.35 3.20 3.80 1.35 1.70 1.10 2.50 1.19 4.50 1.73 2.90 5.40 6.00 43.21 3.08 2.97 5.50 1.23 1.10 8.14 7.15 5.65 8.17 3.80 0.95 1.50 8.89 3.90 5.50
High Low 1,078.67 1,045.93 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 4.09 Low
Close Chg
1.30 6.21 2.82 3.80 1.11 1.00 0.61 2.11 1.05 4.00 1.60 2.73 5.26 5.99 43.21 2.85 2.61 5.50 0.70 0.80 7.91 7.02 5.55 7.98 3.61 0.91 1.36 8.60 1.98 4.71
1.33 6.24 3.00 3.80 1.24 1.11 0.80 2.14 1.05 4.25 1.73 2.79 5.35 5.99 43.21 3.01 2.95 5.50 1.18 1.05 7.93 7.02 5.60 8.15 3.78 0.93 1.49 8.89 1.98 5.44
-0.07 0.02 0.08 -0.02 0.05 -0.59 0.19 -0.10 -0.01 -0.25 0.05 -0.01 0.24 0.01 -1.83 0.01 0.13 0.00 0.37 0.33 0.01 -0.04 0.17 0.13 0.08 -0.07 0.06 0.33 -1.00 0.19
Close 1,062.96 Listed cap 29,771.58 mn Payout (%) 104.19
Change 10.97 Market cap 17,418.94 mn Div Yield (%) 24.75
Last 60 days High Low
Volume 3542 1311 29028 115 12278 1559 165964 55041 510 12600 4115 132635 20020 1000 190 84622 61823 2000 635 1350 145903 93003 30230 46492 34989 7378 121873 230 5503 5952
2.24 7.25 4.50 4.90 1.85 2.99 1.10 3.44 1.50 4.55 2.06 3.88 6.80 7.45 69.95 3.90 3.98 7.00 1.25 1.40 9.86 8.10 6.49 10.55 5.00 1.20 2.00 10.99 7.12 6.99
2009 Div BR (%) (%)
1.01 5.85 2.53 3.65 0.90 0.90 0.16 1.65 0.76 0.99 1.36 2.32 4.80 5.56 42.90 2.70 2.31 5.30 0.56 0.25 7.00 6.01 4.00 7.60 3.50 0.70 0.57 7.75 0.50 4.71
4.5 5 20 63 10 16.5 10
6.00 13.35 11.42 1.50 24.22 5.55 4075.01 2.80 751.00 4.99 7.00 12.37 2.50 13.00 53.50 22.80 8.03 6.30 3.86 47.78 1.85 10.20 1.90 1.49 0.80 23.74 15.42 39.51 14.01 10.65 22.25 13.90 59.94 10.24 8.71 25.08 0.73 13.48 1.99 8.02 0.97 19.87 89.00 9.18 14.70 42.01 64.56 1.50 7.72 1.25 1.73 11.75 4.00 14.01 23.55 218.45 19.56 2.20 172.00 9.90 45.50 29.86 10.00 4.25 69.00 11.80 1548.23
High 6.98 14.30 11.40 1.50 24.33 6.48 4168.99 3.50 782.45 5.99 7.10 12.19 1.50 13.20 56.00 23.50 8.50 7.25 4.80 50.16 1.80 9.99 2.20 0.70 0.53 24.30 16.40 41.48 14.50 9.65 22.00 13.90 60.90 10.24 9.55 26.33 0.75 13.48 2.85 7.70 1.48 20.87 90.00 10.18 15.49 43.79 67.77 1.30 7.72 2.00 1.99 12.25 3.30 15.00 24.71 223.99 20.56 1.50 180.50 9.99 45.50 30.99 10.50 5.24 68.50 11.80 1550.00
Low
Close
6.98 14.30 11.40 1.50 24.22 5.26 3960.00 1.80 745.00 4.00 6.00 12.19 1.50 12.51 53.85 22.85 7.03 6.05 4.80 47.00 1.52 9.50 2.00 0.70 0.42 24.25 16.40 37.54 14.50 9.65 22.00 13.90 60.00 10.24 8.01 23.83 0.75 13.48 2.84 7.70 1.19 20.86 85.19 9.10 15.49 43.79 67.77 1.30 7.72 2.00 1.99 11.95 3.30 15.00 24.71 223.99 20.56 1.50 180.50 9.99 45.50 30.94 10.50 5.24 68.50 11.80 1550.00
6.98 14.30 11.40 1.50 24.33 5.26 4000.02 3.50 782.45 4.03 6.09 12.19 1.50 12.51 53.85 23.50 8.50 6.89 4.80 50.16 1.80 9.50 2.00 0.70 0.53 24.25 16.40 37.54 14.50 9.65 22.00 13.90 60.00 10.24 9.49 23.83 0.75 13.48 2.84 7.70 1.19 20.87 90.00 9.10 15.49 43.79 67.77 1.30 7.72 2.00 1.99 11.95 3.30 15.00 24.71 223.99 20.56 1.50 180.50 9.99 45.50 30.94 10.50 5.24 68.50 11.80 1550.00
Change
Vol
0.98 0.95 -0.02 0.00 0.11 -0.29 -74.99 0.70 31.45 -0.96 -0.91 -0.18 -1.00 -0.49 0.35 0.70 0.47 0.59 0.94 2.38 -0.05 -0.70 0.10 -0.79 -0.27 0.51 0.98 -1.97 0.49 -1.00 -0.25 0.00 0.06 0.00 0.78 -1.25 0.02 0.00 0.85 -0.32 0.22 1.00 1.00 -0.08 0.79 1.78 3.21 -0.20 0.00 0.75 0.26 0.20 -0.70 0.99 1.16 5.54 1.00 -0.70 8.50 0.09 0.00 1.08 0.50 0.99 -0.50 0.00 1.77
100 100 100 100 67 57 57 56 55 54 52 50 34 34 34 33 29 25 25 22 16 13 11 11 11 11 11 11 10 10 10 10 10 10 8 8 7 6 5 5 4 3 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
EQUITY INVESTMENT INSTRUMENTS Open 1,051.99 Turnover 1,082,025 P/E (x) 7.40
Open
FNBM SHNI SHSML LEUL HINOON AGSML ULEVER DMTM COLG MLCFPS JKSM HUSS DMTX ADAMS PCAL NOPK FNEL SMCPL FRCL GRAYS DWSM INKL TSMF COTT TRPOL KOHE ADOS PHDL ARM NATM AGL SANSM JVDC KCL REWM DADX KSTM POAF FIBLM STCL KOSM CRTM ILTM MQTM NAGC GATI MFFL KASBM FPRM GRYL DEL AGIC CSIL BCML DINT IDYM NPSM SSML BHAT HUSI BTL QUET MOON KOHS TICL IDEN RMPL
% Change 0.43 5-Day High 887.16 5-Day Low 866.52
Low
2010 Div BR (%) (%)
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
UPTO 100 VOLUME
10B 20B -
High
Company
Close 1,703.08 Listed cap 12,202.80 mn Payout (%) 66.79
10 10 -
Open
Performance of SR Gas Water and Multiutilities Index Open 1,654.11 Turnover 339,560 P/E (x) 10.83
10B 25B 8.7B 20B 25B 15B 20B 16B
PE
Company
50 - 7.8R 50 -
GAS WATER AND MULTIUTILITIES
33.70 50.82 10.50 46.05 10.82 80.00 54.20 15.10 5.56 2.49 9.00 6.61 7.00 5.12
LIFE INSURANCE
Performance of SR Electricity Index High Low 1,194.47 1,170.64 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 9.35
33.80 53.39 11.50 48.00 11.00 81.99 58.85 15.95 7.04 2.93 9.48 7.00 7.32 6.10
Performance of SR Life Insurance Index
ELECTRICITY Open 1,172.88 Turnover 19,607,087 P/E (x) 12.54
32.91 52.99 11.30 46.86 10.75 80.05 56.45 15.22 6.06 2.43 9.25 7.15 6.80 5.10
Symbols
Open
High
Low
Close
DGKC-OCT
27.51
28.03
27.30
27.91
0.40
639500
NBP-OCT
65.69
68.00
66.10
67.80
Change 2.11
630500
Vol
POL-OCTB
236.92
244.85
237.95
243.97
7.05
579000
% Change 1.04 5-Day High 1,062.96 5-Day Low 1,035.75
NML-OCT
50.78
52.25
50.85
52.02
1.24
562000
MCB-OCT
201.78
205.55
202.00
204.17
2.39
343000
ANL-OCT
2010 Div BR (%) (%)
- 18.5 2.2 0 1.2 5 17 11 21 76 5 10 - 15.5 3 - 18.6 - 11.53 5 20 10 3 1 17 - 12.5
10B -
10.62
11.62
10.66
11.40
0.78
282000
ENGRO-OCT 176.30
179.00
176.25
176.76
0.46
136000
PSO-OCT
263.09
267.85
263.00
266.48
3.39
113500
PPL-OCT
187.08
190.50
187.01
189.14
2.06
107500
AICL-OCT
73.66
75.63
74.40
74.80
1.14
59000
LUCK-OCT
72.20
73.39
72.01
73.24
1.04
53000
OGDC-OCT 152.54
154.00
152.55
153.08
0.54
48000
NCL-OCT
19.50
20.50
20.50
20.50
1.00
30000
PTC-OCT
19.22
19.60
19.33
19.40
0.18
19500
FFBL-OCT
30.50
30.45
30.30
30.45
-0.05
13000
UBL-OCT
53.45
54.90
54.50
54.50
1.05
7000
BOP-OCT
8.60
8.75
8.70
8.72
0.12
4500
NCL-OCTB
18.35
19.35
19.35
19.35
1.00
2000
AICL-COCT
73.85
0.00
0.00
74.73
0.88
0.00
ABL-COCT
55.31
0.00
0.00
55.68
0.37
0.00
AKBL-COCT 15.59
0.00
0.00
15.68
0.09
0.00
ATRL-COCT
97.40
0.00
0.00
99.81
2.41
0.00
ANL-COCT
10.61
0.00
0.00
11.40
0.79
FFC-COCT
109.07
0.00
0.00
109.59
0.52
0.00
HBL-COCT
106.36
0.00
0.00
104.67
-1.69
0.00
ICI-COCT
0.00
0.00
127.89
0.00
0.00
128.72
0.83
KAPCO-COCT 39.31
0.00
0.00
39.45
0.14
NETSOL-COCT17.88
0.00
0.00
18.40
0.52
0.00
NML-COCT
52.90
0.00
0.00
51.85
-1.05
0.00
UBL-COCT
53.45
0.00
0.00
54.58
1.13
0.00
AICL-CNOV
0.00
74.79
0.00
0.00
75.68
0.89
0.00
AKBL-CNOV 15.79
0.00
0.00
15.88
0.09
0.00
ATRL-CNOV 98.65
0.00
0.00
101.09
2.44
0.00
ZERO VOLUME Symbols
Open
High
Low
Close
AZTM
0.50
0.56
0.56
0.56
0.06
FANM
2.12
2.16
2.16
2.16
Change 0.04
Vol 0.00
LIBM
56.50
55.50
55.50
55.50
-1.00
0.00
0.00
BOARD MEETINGS
National Bank of Pakistan
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
79.67
Support 1
10,567.60
MA (5-day)
10,529.30
Support 2
10,482.70
MA (10-day)
10,449.22
Resistance 1
10,723.30
MA (100-day)
9,960.09
Resistance 2
10,794.15
9,985.53
Pivot
AKD Securities Ltd
resistance level at 10,723.30 and 2nd resistance level at 10,794.15, while Index will continue to find its 1st support level at 10,567.60 and 2nd sup-
Brokerage House
Buy
43.29
Buy
AKD Securities Ltd
44
Buy
TFD Research
36.85
Positive
TFD Research
92.3
Positive
Technical Outlook
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
73.18 26.35 25.31 27.15
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 5,096.79 29.62 27.68
* Target price for Dec-10 & **Net Open Interest in future market
Brokerage House
Fair Value
ing oscillators are currently bullish on NBP.
AKD Securities Ltd
Brokerage House
65
Buy
*Arif Habib Ltd
59.97
Buy
AKD Securities Ltd
Positive
TFD Research
TFD Research
74.2
Technical Analysis 65.00 50.85 46.87 51.93
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 9,090.61 115.21 51.17
* Target price for Dec-10 & **Net Open Interest in future market
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
261
Buy
AKD Securities Ltd
296.6
Buy
TFD Research
281.35
Brokerage House
810.01 27,694.18 0.03 34.02
* Target price for Dec-10 & **Net Open Interest in future market
57.32 241.82 226.96 231.48
erate flows of volume into HUBC (mildly bullish). Trend forecasting oscillators are currently bullish on HUBC.
Bank Al-Falah Ltd
107.94 26,252.37 83.89 240.20
* Target price for Dec-10 & **Net Open Interest in future market
Rs Recommendations
Buy
*Arif Habib Ltd
Positive
AKD Securities Ltd
10.25
Accumulate
TFD Research
14.01
Positive
30.5
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
Rs Recommendations
24.04
56.65 19.25 18.70 19.64
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
14
Buy
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
volatility over the last 10 trading sessions. Volume indicators reflect mod-
Fair Value
Positive
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
HUBC is currently 1.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average
Brokerage House
584.63 11,289.30 7.84 19.28
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
66.86 9.13 8.86 10.46
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
674.58 6,287.07 N/A 9.36
* Target price for Dec-10 & **Net Open Interest in future market
NML closed down -1.02 at 51.71. Volume was 104 per cent above aver- POL closed up 6.80 at 243.22. Volume was 189 per cent above average PTC closed up 0.23 at 19.31. Volume was 64 per cent above average and BAFL closed up 0.02 at 9.32. Volume was 27 per cent above average and age and Bollinger Bands were 2 per cent wider than normal.
(trending) and Bollinger Bands were 13 per cent wider than normal.
Bollinger Bands were 58 per cent narrower than normal.
Bollinger Bands were 46 per cent wider than normal.
NML is currently 0.4 per cent below its 200-day moving average and is dis- POL is currently 5.1 per cent above its 200-day moving average and is dis- PTC is currently 1.6 per cent below its 200-day moving average and is dis- BAFL is currently 10.9 per cent below its 200-day moving average and is playing an upward trend. Volatility is extremely low when compared to the playing a downward trend. Volatility is extremely high when compared to playing an upward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is relatively normal as compared to average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into NML (bullish). Trend forecasting reflect very strong flows of volume into POL (bullish). Trend forecasting erate flows of volume into PTC (mildly bullish). Trend forecasting oscilla- reflect very strong flows of volume into BAFL (bullish). Trend forecasting oscillators are currently bullish on NML.
oscillators are currently bearish on POL.
tors are currently bullish on PTC.
oscillators are currently bullish on BAFL.
Time
23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 23-Oct 25-Oct 25-Oct 25-Oct 25-Oct 25-Oct 25-Oct 25-Oct 25-Oct 25-Oct 25-Oct 25-Oct 25-Oct 25-Oct 25-Oct
10:30 12:00 11:30 9:30 2:00 12:00 4:00 4:00 4:00 4:00 11:30 10:30 4:00 3:00 10:30 10:30 4:30 2:00 10:00 11:00
Company
Leverage Position
56.86 33.63 34.04 33.78
Pakistan Telecommunication Co Ltd
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
ly indicating that DGKC is currently in an overbought condition.
Pakistan Oilfields Ltd
Rs Recommendations
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Date
Central Insurance Company Ltd First Al-Noor Modaraba Network Microfinance Bank Limited Pakistan PVC Ltd Siemens (Pakistan) Engineering Co Ltd Soneri Bank Limited ABL Cash Fund ABL Income Fund ABL Islamic Cash Fund ABL Stock Fund Agriauto Industries Limited Arif Habib Investments Ltd Arif Habib Securities Limited Berger Paints Pakistan Ltd BMA Chundrigar Road Saving Fund BMA Empress Cash Fund Century Insurance Company Ltd Clover Pakistan Limited Colgate Palmolive Pakistan Ltd Fateh Industries Ltd
TECHNICAL LEVELS
Positive
NBP closed up 2.19 at 67.69. Volume was 318 per cent above average DGKC closed up 0.41 at 27.92. Volume was 160 per cent above average HUBC closed up 0.40 at 34.19. Volume was 337 per cent above average (trending) and Bollinger Bands were 38 per cent narrower than normal. (trending) and Bollinger Bands were 24 per cent wider than normal. (trending) and Bollinger Bands were 53 per cent narrower than normal.
Nishat Mills Ltd
*Arif Habib Ltd
44.9
Technical Outlook
Technical Outlook
Leverage Position
Rs Recommendations
AKD Securities Ltd
Neutral
Free Float Shares (mn) 318.37 Free Float Rs (mn) 21,550.26 ** NOI Rs (mn) 61.14 Mean 66.60
Fair Value 48
port level at 10,482.70. KSE 100 INDEX is currently 6.7 per cent above its 200-day moving average NBP is currently 2.0 per cent above its 200-day moving average and is dis- DGKC is currently 2.8 per cent above its 200-day moving average and is and is displaying an upward trend. Volatility is extremely low when compared playing an upward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators to the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into DGKC (bullish). Trend forecasting reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- oscillators are currently bullish on DGKC. Momentum oscillator is currentindicating that INDEX is currently in an overbought condition.
Brokerage House *Arif Habib Ltd
61.96
67.45 65.10 65.49 71.96
Rs Recommendations Buy
*Arif Habib Ltd
Technical Analysis
Fair Value 44
Buy
TFD Research
10,638.45
mal. As far as resistance level is concern, the market will see major 1st
Rs Recommendations
78
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 93.74 points at 10,652.48. Volume was 121 per MA (100-day) cent above average and Bollinger Bands were 18 per cent wider than nor- MA (200-day) MA (200-day)
Fair Value
*Arif Habib Ltd
Hub Power Co Ltd
Dera Ghazi Khan Cement Co Ltd
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah BankIslami Pak Bank Of Punjab Dewan Cement DGK Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors JOV and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev XD PACE (Pakistan) Ltd Pervez Ahmed Sec PIAC(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 51.41 3.15 3.05 70.81 55.05 54.60 43.89 63.05 62.60 50.83 27.40 26.95 61.35 24.50 24.00 65.70 73.60 72.70 65.67 15.50 15.35 66.33 10.80 10.30 32.29 294.15 292.25 78.57 98.00 96.45 66.86 9.20 9.05 50.82 3.10 3.00 60.65 8.50 8.35 52.65 1.55 1.50 73.18 27.45 26.95 55.84 1.50 1.45 78.78 2.85 2.55 74.02 45.50 44.80 73.82 74.25 70.40 50.22 174.90 173.60 63.92 14.25 14.10 59.46 5.00 4.90 69.45 30.25 30.10 67.63 108.80 108.30 66.14 103.20 102.05 56.86 33.80 33.45 68.73 127.45 126.50 59.99 228.55 223.25 41.40 2.25 2.05 53.80 1.50 1.40 49.92 2.35 2.30 44.21 10.10 9.95 32.89 39.05 38.80 62.86 2.15 2.10 59.85 72.25 71.25 67.94 202.00 200.05 57.62 3.00 2.95 67.45 65.95 64.20 77.85 20.15 19.55 47.01 17.90 17.50 54.99 2.85 2.80 63.84 1.50 1.45 65.00 51.00 50.25 72.69 151.70 150.20 64.72 3.10 3.00 55.21 1.65 1.55 55.20 2.10 1.95 53.11 8.05 7.95 57.32 238.60 234.00 57.88 187.30 185.40 54.67 75.15 74.35 47.76 263.30 260.60 56.65 19.10 18.90 31.43 183.30 178.15 56.65 31.50 31.30 76.87 10.55 9.95 30.78 22.35 21.85 64.02 2.45 2.40 62.19 4.25 4.15 65.37 53.55 52.65 61.05 2.75 2.70
1st 2nd Resistance 3.40 3.55 55.95 56.35 63.90 64.30 28.40 28.95 25.45 25.90 75.55 76.60 15.85 16.05 11.75 12.10 298.80 301.55 100.80 102.05 9.50 9.65 3.25 3.30 8.80 8.95 1.65 1.70 28.25 28.55 1.65 1.75 3.40 3.70 47.45 48.70 81.25 84.40 178.20 180.20 14.50 14.70 5.20 5.25 30.65 30.90 109.75 110.20 106.35 108.35 34.45 34.75 129.65 130.90 238.50 243.25 2.55 2.75 1.70 1.80 2.50 2.55 10.40 10.60 39.55 39.80 2.30 2.35 73.85 74.45 205.90 207.85 3.15 3.25 68.70 69.75 21.10 21.40 18.65 19.00 2.95 3.05 1.65 1.70 52.25 52.75 154.45 155.70 3.30 3.40 1.90 2.05 2.40 2.60 8.25 8.40 246.05 248.90 190.75 192.35 76.35 76.75 268.10 270.20 19.55 19.80 195.30 202.15 31.95 32.20 11.40 11.70 23.15 23.45 2.60 2.70 4.50 4.65 55.10 55.75 2.85 2.90
Pivot 3.30 55.45 63.45 27.95 24.95 74.65 15.70 11.20 296.90 99.25 9.35 3.15 8.65 1.60 27.75 1.60 3.10 46.75 77.40 176.90 14.40 5.10 30.50 109.25 105.20 34.10 128.70 233.25 2.40 1.60 2.40 10.25 39.30 2.20 72.85 203.95 3.10 66.95 20.45 18.25 2.90 1.60 51.50 152.95 3.20 1.80 2.25 8.15 241.45 188.90 75.55 265.40 19.35 190.15 31.75 10.80 22.65 2.55 4.40 54.20 2.80
8
Saturday, October 23, 2010
Johnny Depp eyes Thin Man remake
J
ohnny Depp and director Rob Marshall, now in production on the fourth "Pirates of the Caribbean" movie, will reunite on a remake of the classic private eye movie "The Thin Man." The Warner Bros. project is out to writers for a take that would give a Sherlock Holmes treatment (meaning to contemporize the attitude but retain the period setting) to the story. The property is based on a 1934 Dashiell Hammett novel that centered on former private detective-turned-professional drunkard Nick Charles, his lovely socialite wife Nora and their schnauzer Asta. The couple investigates a murder involving an eccentric inventor and his bizarre family. Hammett never wrote a sequel, but a 1934 movie, which starred William Powell and Myrna Loy, spawned five. A TV show followed in the 1950s.
Salman, Akki play pranks on Katrina
C
MUMBAI: Indian Bollywood film actors and cast members Hrithik Roshan and Aishwarya Rai Bachchan attend a musical evening featuring the soundtrack of Guzaarish.-Reuters
SRK not celebrating wedding anniversary with Gauri
S
hah Rukh Khan will be celebrating his 20th wedding anniversary October 25 without his wife. The actor will be working on that day. He is shooting with Priyanka Chopra, Boman Irani and Lara Dutta for Don 2 in Berlin, Germany. However, on his birthday November 2 King Khan will have the company of his loved ones. Two days before his birthday, SRK will fly to Rome for a special screening of My Name Is Khan (MNIK) at the international film festival being held in the Italian capital. His wife Gauri and children Aryan and Suhana, as well as friend Karan Johar will join him there. On a break While Shah Rukh has requested a three-day break
from his producers Ritesh Sidhwani and Farhan Akhtar to visit Rome for the film festival and celebrate his birthday with his family, KJo is taking a short break from shooting his TV show Koffee With Karan 3 to be there. Later, the group will travel back to Berlin together where KJo and Gauri have planned a party with close friends (the cast and crew of Don 2). Karan confirms, "We are excited that MNIK will be shown at the international film festival in Rome. PostNovember, the film will be released in theatres across Italy for the first time. After the screening, all of us will fly down to Berlin to bring in Shah Rukh's birthday. While I will leave after that to spend
Diwali with my mom in India, Gauri and the kids will stay back in Berlin to celebrate Diwali with Shah Rukh." What gift has he planned for SRK? He laughs, "Haven't decided as yet. What can I give a man like Shah Rukh " barring unconditional love?" And of course the fact that MNIK is the Hindi film which has grossed the most internationally, till now. According to trade circles, MNIK has grossed over 22 million US dollars. Karan adds, "When I was making it, I knew it was a global film which had a humanitarian message that would penetrate deep and wide and prick many people's conscience. I am gratified that it has achieved that."
BERLIN: Bollywood actor Shah Rukh Khan and co-star actress Priyanka Chopra pose during a photo call in Berlin. -Reuters
ome “Tees Maar Khan” and fans of both Salman Khan as well as Katrina Kaif will get to see their favourite stars together on screen. Movie is directed by Farah Khan and as we know that Farah is on very good terms with both the actors, people said that it could have been only her who could achieved this mean feat of bringing the stars together. During the shooting of a Qawwali number recently in Goregaon Film City. Salman and Akshay Kumar were always up to pranks during the shooting of the song; rather, while all three were dancing, suddenly Sallu and Akki took a towel and started the famous towel dance from “Mujhse Shaadi Karogi”. Katrina also told us that during the shoot, both males were behaving as if they were teenagers. The look of Katrina is modelled on the similar look of Meena Kumari which she donned in the film Pakeezah. Salman and Akshay had to wear colourful tapori style shirts. The song has been choreographed by Farah Khan and is considered to be the USP of the film.
Ali Zafar comes to Katrina’s rescue
N
either Salman Khan nor Ranbir Kapoor and not her co-star Imran Khan could come to her rescue when she needed it the most. But it was the Pakistani singer turned actor Ali Zafar who became her saviour as
Katrina had a minor accident. It all transpired on the sets of ‘Mere Brother ki Dulhan’. As per reports, Katrina was standing close to a pedestal fan and all of a sudden her hairs got entangled and were being sucked in. A huge mishap may have occurred had Ali Zafar not instantly leapt to her rescue. Ali Zafar helped her hair get
Life In A Metro on TV, without Kangna and Shiney
untangled and in the process himself suffered from bruises. ilmmaker Anurag Basu A local spot boy also played will return to making his part and got injured. Katrina was overwhelmed TV shows. Sources with gratitude and gave Ali a confirm that the Kites directight, warm hug. However, the tor is working on a bi-weekly spot boy wasn’t that fortunate. show that will include stories from Life... In A Metro. Newcomers will be cast in the series and auditions are underway. Says a source, "Anurag wanted to make this show even before Kites. Since Metro did well and audiences appreciated the effort, he wanted to make a televised version of the film. The stories will be set in Mumbai and have characters based on those played by Shilpa Shetty, Kangna It was Katrina’s way of pro- Ranaut, Shiney Ahuja and fessing her gratefulness and of Sharman Joshi." The script is being finecourse, Ali is not complaintuned even as Basu looks for ing. On hindsight, he must have new faces. The show will be enjoyed the hug. Ali, who produced under his banner made his Bollywood debut Ishana Productions. "He was earlier toying with with ‘Tere Bin Laden’ is playing Imran Khan’s brother in the idea of directing it but ‘Mere Brother ki Dulhan’ later changed his mind. which is, currently, in the Someone else will direct the show, but he will be hands on pipeline. in making all creative decisions." Buzz is that there might be cameos from the actual stars of the film. However, getting An all-woman jury, led by actors from the cast will be Academy Award winning difficult. "Kangna has distanced herdirector Jane Campion, will choose the winner of the self from Basu and moved on International Competition for to other film makers. Shiney first-time directors, where won't agree to appear on a TV fourteen films are in the run- show. The only actors he can consider approaching are ning. Indian actor Aamir Bashir's Shilpa, Sharman and Kay debut film as director "Harud" Kay Menon." (Autumn) is also part of the competition, the prize money for which totals $200,000. Aparna Sen's "Iti Mrinalini" starring Konkona Sen Sharma and Vinay Shukla's "Mirch" will also be screened at the festival. Other notable films include Alejandro Gonzalez Inarritu's "Biutiful" and Sofia Coppola's "Somewhere", which won the Golden Lion at the Venice Film Festival this year. Academy Award winning director Oliver Stone will conduct a master class during the festival and will be honoured with a lifetime achievement Mumbai: Bollywood actor award. Indian actor Manoj Rahul Khanna gestures to Kumar will also be honoured.
F
Mumbai film festival to open with Social Network
T
he Mumbai Film Festival gets underway with organisers hoping to raise the profile of the event and bring it on par with other film festivals in the country. The festival, which has grown in stature in the past couple of years, opens with David Fincher's "The Social Network" and will feature more than 200 films from 59 countries being screened over seven days. Festival Director Srinivasan Narayanan told Reuters more than 4,000 delegates had registered and more than 100 guests were expected from other countries for the 12th edition of the festival. Bollywood celebrities are also expected to attend. "Being in close proximity to Bollywood does help the event. We want young filmmakers to be a part of the festival because they are, after all, the face of the Indian film industry," Narayanan said.
Indian model Lisa Ray as they pose while attending a promotional event on breast cancer awareness in Mumbai. -Reuters
Basic painting tips
I
f you’re getting ready to paint a room, or the whole interior of your house but aren’t quite sure where to start then read on! This article will walk you step through step from the start of your painting project to the finish! Before you break out the rollers and brushes and start slapping paint on the walls you need to get organized, and organization begins at the paint store! Browse the paint chip section (those little strips of paper with multiple paint colors on them are called paint chips) and take home several different selections in the color(s) that appeal to you. While you are there, pick up plastic drop clothes, painters tape, rollers appropriate for the walls you will be painting (rollers come with different length nub length for smooth or textured walls), trim brushes, and regular paint brushes for areas that can’t be painted with a roller. You will also need joint compound (for filling holes) and a flat spackle knife. When you get back home with your paint chips, tape them to the wall and observe
the different colors at different times of the day as the light varies in the room. By doing this you will ensure that the color you end up choosing is the one you really want. Once you have decided on your color choice, return to the paint store with that particular color and have enough paint mixed to cover your entire room (measure the length and width of your room and your wall height to calculate the amount of paint needed. Most paint cans have calculators that tell you how much square footage each gallon of paint will cover
under normal painting conditions). If the trim in your room needs to be repainted you will also need to pick up trim paint. Trim is most commonly painted white; however it can be any color you choose! Trim paint in generally semi-gloss or gloss, both of which form a hard shell when dry that holds up to a lot of wear and tear. Walls are generally painted with a flat or satin finish. Paint with a flat finish helps hide flaws; however, it does not wash as well as paint with more shine. Paint with a satin finish is a great multi-purpose
paint. It doesn’t expose flaws as much as higher gloss paint, and it cleans easily. Satin is generally the paint of choice in all room except the kitchen and bathroom where semi-gloss paints are generally used for their water resistant and high clean ability factors. Now that you have your paint and your supplies it’s time to take a hard look at your walls. Remove all decorations, curtain rods, nails, screws and any other non-permanent miscellaneous items. Pull furniture away from the walls, and remove from the room if possible. Once the walls are bare remove any obvious dust, cobwebs or other debris. If you are painting a kitchen or other area with extremely dirty walls you will need to wash the walls with warm soapy water to strip away the grime. Allow the walls to dry thoroughly before painting! Patch any holes with join compound. Allow the joint compound to dry thoroughly and then sand smooth. Now it is finally time to paint! Spread your drop clothes out to protect flooring and furniture.
9
Saturday, October 23, 2010
Oil edges up on German data as dollar seesaws G20 finance minister’s meeting on currencies eyed NEW YORK: Oil prices edged higher in choppy trading on Friday, supported by positive German business sentiment data as the dollar index seesawed ahead of a G20 finance ministers' decision on currencies. Investors were eyeing a Group of 20 meeting in South Korea that looked unlikely to reach a deal on a US-led initiative for a commitment from emerging countries to allow their currencies to rise. Failure to reach a deal on currencies in South Korea could weigh further on the dollar, analysts said. US crude for December delivery rose 40 cents, or 0.5 per cent, to $80.96 per barrel by 1607 GMT. In London, ICE Brent December crude rose 43 cents, or 0.53 per cent, to $82.26 a barrel. "Participants are waiting to see how much money the Fed is going to run off, hoping that it will give a directional cue for the dollar and subsequently oil," Mike Fitzpatrick, vice
president at MF Global in New York, said in a note. Analysts expect US Federal Reserve to take up the question of another round of government debt purchases, or quantitative easing, at its policy meeting on Nov. 2-3. "The developing currency
war and the devaluation war is the single most important factor for the oil market besides maybe the rate of Chinese economic growth," said Eugen Weinberg, commodities analyst at Commerzbank, adding, "the negative correlation is sustainable in the longer term." While currency disputes helped keep markets on edge, the battle in France over pension changes also supported oil futures. Refinery outages and tanker disruptions in France continued with unions signaling their determination to keep fight-
ing even if president Nicolas Sarkozy's unpopular pension reform becomes law on Friday. Sources had mixed views about whether oil was being supported by a threat from Tropical Storm Richard in the Caribbean Sea. The storm was expected to strengthen into a hurricane this weekend and hit Mexico's Yu c a t a n Peninsula on Monday. After crossing the Yucatan, the remnants of Richard could emerge in Mexico's oil-rich Bay of Campeche and possibly threaten US oil and natural gas production facilities in the northern Gulf of Mexico, the US National Hurricane Center and some computer weather models forecast. At 1930 GMT on Friday, investors will receive an update from the Commodity Futures Trading Commission on positions held on the New York Mercantile Exchange by money managers as of last Tuesday. -Reuters
European vegetable oil prices ROTTERDAM: The following were the Friday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Jan11 851.00, Feb11/Apr11 855.00+5.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 860.00+15.00, Feb11/Apr11 843.00+5.00, May11/Jul11 845.00+5.00, Aug11/Oct11 830.00+0.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1305.00+10.00, Apr11/Jun11 1295.00+10.00, Jul11/Sep11 1305.00+5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1307.50-5.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Oct10 1025.00+2.50, Nov10 1015.00+5.00, Dec10 1015.00+7.50, Jan11/Mar11 1010.00+7.50. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1045.00, Jan11/Mar11 1040.00. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 1000.00+5.00, Jan11/Mar11 995.00+5.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 1010.00+5.00, Jan11/Mar11 1005.00+5.00, Apr11/Jun11 1007.50+5.00. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 997.50+2.50, Dec10 997.50+2.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1445.00+5.00, Nov10/Dec10 1445.00+5.00, Dec10/Jan11 1445.00+5.00, Jan11/Feb11 1445.00+10.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1925.00+0.00. Reuters
Indian sugar eases on weak demand SLOVENIA: Farmers sort cabbage harvested from a field on the back of a truck near Ljubljana. -Reuters
US cotton ends up NEW YORK: US cotton futures closed higher Thursday on suspected trade/mill and speculative buying as the market defied losses in other commodity markets and the stronger dollar to march higher, analysts said. ICE Futures US key December cotton contract increased 1.45 cents to close at $1.1571 per lb. The contract traded from $1.1426 to $1.176. Volume traded in the cotton market stood at 22,147 lots, less than half a per cent below the 30-day average at 22,263 lots,
preliminary Thomson Reuters data showed. Sharon Johnson, cotton expert for First Capitol Group in Atlanta, said some "spec business and mill business" pushed the market higher. Another source of support came from the US Agriculture Department's weekly export sales report, dealers said. USDA said total US cotton sales at 600,800 running bales (RBs, 500-lbs each), from last week's 647,000 RBs. Cotton brokers had been expecting total US cotton sales to range from 400,000 to 500,000 RBs.
US cotton futures were also given a boost by steadier prices in the Chinese cotton market. The Zhengzhou Commodity Exchange's May cotton futures was last traded at 24,995 yuan per tonne, up 915 yuan from its previous close. Fundamentally, the cotton market digested a survey that Chinese analysts expect the country's cotton production in 2010/11 to reach 6.45 million tonnes, below the estimate by the US Agriculture Department forecast of 6.976 million tonnes. -Reuters
Palm holds above 3,000 rgt on China demand KUALA LUMPUR: Global vegetable oils stayed just below their two year highs on Friday as traders awaited more signs of continued demand from China for agriculture commodities and a stronger crude oil market. China, over the past week, purchased large quantities of soybeans to satisfy strong cooking oil and animal feed demand -- helping boost vegetable oil markets. The rally was also supported by a general weakness in the US dollar, making palm oil, soybeans and soyoil cargoes priced in that currency cheaper. The benchmark January 2011 crude palm oil on the Bursa Malaysia Derivatives Exchange ended 0.6 per cent
higher at 3,007 ringgit ($968.7) -- hovering below a more than two-year high of 3,021 ringgit hit the previous day. Volume was heavy with 14,048 lots of 25 tonnes each traded versus the usual 10,000 lots. Palm oil would stay above 3,000 ringgit as cargo surveyors Intertek Testing Services and Societe Generale de Surveillance issue Oct. 1-25 export figures from Malaysia, which are expected to show more demand from China,
traders said. US soyoil for December delivery rose 0.7 per cent on strong demand from China, while Dalian Commodity Exchange's most active soyoil futures eased from 26-month highs to trade at 9,244 yuan ($1,390) per tonne. "Imports of vegetable oil are getting more expensive and local prices have gone up by 10 per cent," an oil analyst in Shanghai said. "The Chinese government may release more vegetable oil state reserves to limit the price rise." -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 21 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1260
1170
October (3rd Wednesday)
1270
1175
November (3rd Wednesday)
1280
1185
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for October 21 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2210 2220 2200 2210 2165 2175 2165 2175
2347 2348 2380 2380.5 2405 2410 2458 2463
8405.5 8406 8423 8424 8270 8280 7915 7925
2473 2475 2506 2507 2493 2498 2468 2473
23710 23715 23750 23800 23175 23275 22125 22225
TIN
ZINC NASAAC
26850 2456 26900 2457 26900 2490 26950 2490.5 26375 2527 26425 2532 2500 2505
2275 2276 2310 2320 2365 2375 2415 2425
MUMBAI: India's spot sugar edged lower on Friday on weak demand, though a delay in cane crushing and hopes of an improvement in festive demand next week restricted the downside, dealers said. Demand for sugar usually goes up ahead of Diwali, the Hindu festival of lights, which falls in the first week of November. India, the world's biggest consumer of the sweetener, has made available 1.75 million tonnes of sugar for sale in open market for October, lower than 1.85 million tonnes it had released a year ago, the government said in a statement. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety edged 0.35 per cent lower to 2,589 rupees ($58) per 100 kg. Fresh showers in India's key sugar producing states of Maharashtra and Karnataka are likely to delay cane crushing, industry and government officials told Reuters. India's sugar inventory jumped 36 per cent to 6.4 million tonnes on Sept. 1 from a year ago, industry sources told Reuters on Thursday. -Reuters
Copper gains capped by caution before G20 LONDON: Copper firmed on Friday but gains were capped as the dollar steadied and focus shifted to a Group of 20 meeting in South Korea. Benchmark copper on the London Metal Exchange closed at $8,335 a tonne from a Thursday close of $8,307. The Metal used in power and construction hit $8,492 on Tuesday, its highest since July 2008. Lead hit a nine-month high while zinc hovered close to six-month peaks. The metals rallied on the back of a shutdown by China's third-largest lead and zinc smelter. "Clearly dollar is playing a role at the moment in price moves," David Wilson, an analyst at Societe Generale, said. "(Copper) is pausing for breath waiting to see what happens ...with the G20 meeting. There are bigger picture issues of further US quantative easing but we have to wait until the beginning of November to see any clearer decision there." "We are still slaves to the macro picture," Robin Bhar, analyst at Credit Agricole, said. "Although nothing is expected, trade is a bit concerned that just when they think nothing will happen, something might," he said about the G20 meeting.
The fundamental picture for copper is providing support for prices. The latest report from the International Copper Study Group showed the market deficit widened to 356,000 tonnes between January and July this year, more than twice the level seen at the same time last year. Copper inventories held in LME-bonded warehouses fell by 1,175 tonnes to 368,825 tonnes, the lowest levels in one year, the latest data showed. They have now subsided by a third from cycle highs above 555,000 tonnes in midFebruary. Across other metals, aluminium closed at $2,365 a tonne from a close of $2,364 on Thursday. Lead hit its highest since January at $2,548 a tonne and closed at $2,530, up from Thursday's close of $2,485. Zinc at $2,512, was up from $2,474 on the close on Thursday, but below six-month peaks of $2,540.25 earlier. Nickel, at $23,225, fell from $23,550 due to a lack of apparent demand. Tin closed at $26,400 from $26,500. It reached its most recent record high of $27,338.50 on Oct. 14, amid falling supply from top tin exporter Indonesia. -Reuters
Gold recovers from 2-1/2 wk low, eyes $ LONDON: Gold prices steadied on Friday, recovering from 2-1/2 week lows earlier in the session, as the dollar fluctuated against a currency basket amid uncertainty ahead of this weekend's G20 meeting in South Korea. Investors are wary about whether any clear agreement to tackle currency imbalances will be reached at the meeting. Spot gold was bid at $1,322.45 an ounce at 1549
GMT, against $1,323.60 late in New York on Thursday, having earlier fallen as low as $1,315.09. US gold futures for December delivery fell $2.70 an ounce to $1,322.90. "The dollar's been a very important driver for sure," said Standard Chartered analyst Daniel Smith. "I tend to think we might see a bit more weakness in gold in the short term." "There are a lot of bullish stories out there for gold, but I think the price has run up too fast and we're just going through a period of consolidation now." Spot prices rallied sharply to a record $1,387.10 an ounce late last week but have struggled to maintain traction as the dollar rebounded from lows amid fears expected US mone-
tary easing had been too heavily priced into the market. Gold priced in euros fell to its lowest since mid-August, meanwhile, at 946.12 euros an ounce. Good physical demand from traditional bullion-buying centres such as India is strengthening as prices descend, which is likely to support the market above $1,300 an ounce. The world's largest goldbacked exchange-traded fund,
New York's SPDR Gold Trust, saw a further drop in its holdings on Thursday, however. Gold held by the fund dropped 0.9 tonnes, its 11th session of outflows in 15. Among other precious metals, silver was bid at $23.11 an ounce against $23.18 and was heading for its biggest weekly loss since early July as it followed gold prices lower. The ratio of gold to silver -- the number of ounces of silver needed to buy an ounce of gold -- rebounded from its lowest in more than two years to reach a 10-day high at just over 57 to 1 on Friday as silver underperformed gold in a falling market. Elsewhere platinum was at $1,671.67 an ounce against $1,665.95, while palladium was at $589.00 versus $581.53. -Reuters
Coffee eases back from highs LONDON: Arabica coffee futures on ICE eased slightly but remained near 13-year highs on Friday, underpinned by supply concerns, while raw sugar consolidated just below a 9-month peak set earlier this week. Cocoa futures were higher, supported by constructive charts while dealers kept close watch on activity in top grower Ivory Coast in the lead up to elections due later this month. Dealers said the coffee market had attracted strong fund interest this week as arabica prices rallied to a 13-year high and robustas hit a 2-year high on Thursday. ICE December arabica futures traded down 0.65 cent or 0.3 per cent at $2.0035 a lb at 1430 GMT. Liffe January robusta coffee was down $16 or 0.85 per cent at $1,877 per tonne after setting a two-year peak for the benchmark second month of $1,910 on Thursday. Cocoa was higher with technicals supporting further gains. ICE December cocoa was up $33 or 1.2 per cent at $2,850 per tonne. Liffe second-month March cocoa was up 22 pounds or 1.1 per cent at 1,945 pounds a tonne. New York cocoa is expected to rally towards the Oct. 13 high at $2,901 per tonne as it is back in the consolidation range between $2,715 and $2,901, with strong momentum, said Tao. ICE raw sugar were narrowly mixed, underpinned by tight supplies and reports of Brazilian buy backs from industry. "Weather concerns in Brazil continue to impact the current crop, whilst also escalating the risk premium for the 2011 harvest," Rabobank analyst Andy Duff said in a market note. ICE March raw sugar futures were down 0.10 cent or 0.35 per cent at 28.25 cents a lb but other contracts were slightly higher. London December white sugar was off $12.80 or 1.8 per cent at $711.10 per tonne. -Reuters
Tokyo rubber ends lower, down on wk BANGKOK: Tokyo rubber futures ended lower on Friday as players liquidated contracts to avoid risk, and oil prices failed to lend much support, dealers said. The benchmark contract on the Tokyo Commodity Exchange for March delivery fell 0.7 yen to settle at 333.8 yen ($4.10) per kg, losing 2.24 per cent in its biggest weekly fall since July. The most active Shanghai rubber futures contract for March delivery fell 170 yuan to settle at 31,000 yuan ($4,661) per tonne, losing 2.59 per cent on the week, also the biggest weekly fall since July. Oil rose marginally on Friday as the dollar weakened, after jobs and business activity data signalled the US economy would require additional stimulus. At 0848 GMT crude was at $80.84 a barrel, up 28 cents on the day. -Reuters
National Commodity Exchange Ltd Trading Summary Date
22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010 22-Oct-2010
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold TT Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
NO10 DE10 JA11 NO10 DE10 NO10 DE10 JA11 NO10 DE10 JA11 NO10 DE10 JA11 NO10 NO10 NO10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 2-Sep 3-Sep 28OC10 NO10 NO10 10-Dec 11-Mar
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
81.75 82.37 82.19 23.78 23.82 1338.50 1339.00 1340.50 1340.10 1340.70 1341.60 36754.00 36623.00 37165.00 37110.00 43295.00 43284.00 38172.00 38210.00 38223.00 38236.00 38159.00 43547.00 43650.00 43914.00 2402.00 3228.00 4438.00 86.71 86.15
82.40 83.10 83.06 23.78 23.95 1347.00 1347.10 1348.10 1340.10 1342.00 1341.60 37137.00 37147.00 37165.00 37110.00 43295.00 43284.00 38172.00 38210.00 38223.00 38236.00 38159.00 43855.00 43900.00 43914.00 2402.00 3228.00 4438.00 86.72 86.15
80.20 81.02 82.19 23.21 22.95 1315.70 1315.90 1316.70 1326.10 1317.00 1326.60 36478.00 36623.00 36763.00 36708.00 42816.00 42816.00 37753.00 37791.00 37803.00 37816.00 37829.00 42944.00 43410.00 43425.00 3200.00 3227.00 4437.00 86.71 85.75
81.65 82.42 83.06 23.21 23.21 1326.10 1326.60 1327.40 1326.10 1326.60 1326.60 36736.00 36745.00 36763.00 36708.00 42816.00 42816.00 37753.00 37791.00 37803.00 37816.00 37829.00 43367.00 43410.00 43425.00 3206.00 3227.00 4437.00 86.72 85.75
Traded Volume in lots 278 46 67 542 2,538 2,116 20 20 2 3 1 -
Previous Settlement Price 81.03 81.80 82.41 23.26 23.26 1325.80 1326.40 1327.20 1325.80 1326.40 1327.20 36739.00 36748.00 36765.00 36711.00 42819.00 42819.00 37756.00 37794.00 37807.00 27820.00 27833.00 43370.00 43414.00 43429.00 3200.00 3228.00 4438.00 86.71 85.75
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 81.65 40 82.42 10 83.06 23.21 23.21 88 1326.10 601 1326.60 785 1327.40 1,114 1326.10 1326.60 6 1327.40 36736.00 53 36745.00 7 36763.00 36708.00 1 42816.00 42816.00 37753.00 37791.00 37803.00 37816.00 37829.00 43367.00 3 43410.00 1 43425.00 3206.00 3227.00 4437.00 86.72 85.75 -
Athletes pose after winning at Artistic Gymnastics World Championships
10
Saturday, October 23, 2010
Another retirement decision pulled back
Rooney stays United’s
KARACHI: Former Pakistan captain Younus Khan is prepared to represent his country in any form of cricket including Twenty20 after being recalled to the national side following an indefinite suspension. Younus, 32, who led his country to the Twenty20 World Cup in England last year, was banned for indiscipline following Pakistan's unsuccessful tour of Australia this year. He was recalled on Wednesday for a forthcoming series against South Africa in place of Mohammad Yousuf, who is unfit. "It is good to be back in the team. I am ready to play in any form of cricket, whether it is T20, T10 or test matches if the management and board wants me," Younus told reporters in Lahore.-Reuters
Striker signs 5-year contract
Dew defeated us: Clarke NEW DELHI: Australian skipper blames dew and damp conditions for the defeat they took against India the other day, though he was quite happy with his performance as he managed a ton in the one-dayer. "I haven't spent much time in the middle in the Test series. But it wasn't easy batting first. It was hard trying to clear the in field and get boundaries. With conditions like that and the heat we just were trying to hang in there. We knew that if we had wickets in hand we could put up a decent total by maximising our total in the last 10 overs and we did that," he said. Clarke was all praise for Cameron White. "White played really well, probably as good an innings I've seen in One-day International cricket. But unfortunately it wasn't enough runs. We all could have done better. We had two guys who made their debut and they tried really hard," he said. The stand-in skipper, however, said it was unfortunate that they had end on the losing side despite scoring 289 in 50 overs. "We do take a lot out of this match. We didn't get what we wanted and that was to win the game. But we can take a lot of positives," he said. On the target they set for India was good enough too, felt Clarke. "I thought 290 was a good score. The wicket quickened out throughout the game once the dew set in and lights came on. The ball was coming on to the bat and it was a better wicket to bat in the second half of the game," he said.
Abbas called for national Hockey team LAHORE: The training camp of National Hockey Team would begin from October 25 in Islamabad, Hockey federation has called plenty stroke specialist Sohail Abbas to the camp. Chief Selector of Pakistan Hockey team Hanif Khan said that federation has summoned Sohail Abbas on the basis of his best performance in Common Wealth Games (CWGs). He said that Sohail Abbas is a world class player and team requires his services for Asian Games.-Online
MANCHESTER: Wayne Rooney performed a stunning U-turn on Friday by signing a five-year contract to stay at Manchester United and end a week of bombshells with yet another shock. The England striker had looked destined to leave Old Trafford in the next transfer window after saying on Wednesday that he wanted to quit because of United's lack of clout in attracting more top players to the club. He attributed his change of heart to manager Alex Ferguson, whom Rooney called a "genius" and said had convinced him that he belonged at United. Ferguson, who had been visibly shaken this week when describing how his striker had wanted to quit, said Rooney had apologised to him and the players and had changed his mind after understanding "what a
great club Manchester United is." But Rooney, who earlier this month publicly contradicted Ferguson by saying he was not injured when his manager said he was, still faces the tricky job of winning over fans who feel
betrayed. "I'm delighted to sign another deal at United. In the last couple of days, I've talked to the manager and the owners and they've convinced me this is where I belong," Rooney said in a statement. "I'm signing a new deal in the
Sharapova engaged in love match SAN DIEGO: Los Angeles Lakers guard Sasha Vujacic is engaged to marry Maria Sharapova after the Slovenian told reporters before an exhibition game on Thursday that the Russian former tennis world number one had accepted his proposal. Prior to the game against the Golden State Warriors in San Diego, Vujacic said that
The 26-year-old Vujacic proposed on the couple's oneyear anniversary of meeting at a friend's barbecue and their engagement was also confirmed by the team's official website reporter Mike Trudell on his social networking page. No date has been set for the wedding. The 23-year-old Sharapova, currently ranked number 18
absolute belief that the management, coaching staff, board and owners are totally committed to making sure United maintains its proud winning history -which is the reason I joined the club in the first place." Ferguson had been locked in talks with chief executive David Gill to sort out what he said was in danger of becoming a 'saga'. His bemusement turned to delight, with a photo on the club's website showing a beaming Ferguson with his arm around a smiling Rooney after the announcement of a deal that would keep the player at the club until at least June 2015. "He apologised to me this morning and the players and I think he'll do that with the fans which is important because we've all been hurt by the events of the last couple of days," Ferguson told MUTV.-Reuters
FIFA ranks Pakistan 164th
India to tackle Kiwis with half force NEW DELHI: India will leave out senior players from the oneday series against New Zealand starting next month to prepare them for the tough tour of South Africa, an official said on Friday. New Zealand are due to play three Tests in India from November 4 to 24, followed by five one-day internationals from November 28 to December 10. The last one-dayer will end just six days before India begin a three-Test series in South Africa from December 16. The Indian board plans to send the top Test stars, possibly even skipper Mahendra Singh Dhoni, to South Africa soon after the New Zealand Test matches end to get acclimatised to the conditions. Board official Ratnakar Shetty said the request to send players early to South Africa had come from coach Gary Kirsten, a former Proteas player. "The plan now is to send some of the Test players early. The team management and the coach expressed the desire that there is a need for acclimatisation in South Africa," said Shetty." The selectors have not yet decided which players will miss the one-dayers against New Zealand to make the early trip to South Africa. India, the number one Test side, have never won a series in South Africa, who are ranked second in the official ratings.-APP
KARACHI: Pakistan is currently ranked 164th in the world football ranking of FIFA, according to the latest monthly issue of the Federation received here on Friday. The table shows that Spain tops the list followed by Netherlands and Brazil while India is placed at 138th. The rankings are given on the basis FIFA World Cup final competition matches, FIFA World Cup qualifying matches, continental championship final matches, continental Staff Reporter championship and friendly matches.-APP KARACHI: Offscreen Expeditions UK has sent six aspiring British creative-men to participate in the journey of a lifetime to Pakistan, it has been learnt. A team of 18-21-year-olds are exploring Pakistan away from LAHORE: Meeting of the the headlines. Going beyond governing body of Pakistan 'cricket, curry and terrorism' Cricket Board (PCB) is likely the three words they came up to be held on November 1. with which are commonly assoChairman PCB Ijaz Butt will ciated with Pakistan in their chair the meeting and all mat- country - and will create a firstters related to PCB including hand portrait of Pakistan to eduone month dead line by ICC to cate and inspire their peers in PCB to get their house in order the UK. would also part of the discusThe talented group of aspiring sion agenda. photographers, artists, musiDecision regarding future of cians and a fashion designer players who were involved in will focus on challenging match-fixing scandal, will also be important issues faced by discussed in the meeting.-Online today's youth in the UK and
in the world, won the Wimbledon title in 2004, the US Open crown in 2006 and the Australian Open in 2008.Reuters
KARACHI: More than 300 swimmers will be featuring in the 50th Sindh Open and Junior Age Group Swimming Championship which opens at Karachi Gymkhana pool from Saturday. "We have received a record number of entries this year and expecting a tough contest between men and junior swimmers," Secretary Sindh Swimming Association (SSA) Muhammad Ali Shishmahal said on Friday. He said the event will be contested in under 8, 10,12, 14, 16 for boys and Open Age group for men. A total of 65 events will be part of the swimming gala.
The events include freestyle, backstroke, breast stroke, butterfly, individual medley and both freestyle and medley relays will be part of the championship. The prominent swimmers taking part include Internationals Mazhar Naqvi, who grabbed seven gold in All Karachi Swimming Championship with Aniq Anwer, Ghulam Muhammad, Faiz Khalil and Suleman Saadat. Mazhar Naqvi and Aniq Anwar had represented Pakistan in World Junior Swimming in Manchester (England) a few years ago and got potential ahead of them.-APP
Lalit Modi surrenders Monitoring Desk KARACHI: After consistently accusing BCCI of bias and prejudice, ousted IPL commissioner Lalit Modi pulled a surprise in the Supreme Court by suggesting that moves were afoot to bring about an amicable settlement with the board. BCCI's counsel, senior advocates CS Sundaram and Mukul Rohatgi, who had come prepared to slug it out before a Bench comprising Justices JM Panchal and Gyan Sudha Misra, not only expressed surprise at the suggestion of Modi's counsel Ram Jethmalani but were quick to rubbish the claim. Sundaram and Rohatgi relented only after Jethmalani clari-
fied that he was attempting a settlement at his personal level, clearing the way for the bench to adjourn the case by a week. Jethmalani's claim was seen as signalling Modi's anxiety for a truce with the BCCI at a time when the Enforcement Directorate has stepped up the pressure on him to return from abroad and face investigation. BCCI sources said the issue of a patch-up figured just as a passing mention in a meeting Jethmalani had with Arun Jaitley on Wednesday. The two lawyers had met to discuss the issue of moving a petition seeking bail for Amit Shah, former Gujarat minister and Jaitley's BJP colleague, who is another high-profile client of Jethmalani.
Going beyond cricket, curry and terrorism Six UK students explore Pakistan
PCB officials to meet on Nov 1st
the three-time grand slam champion had said "yes' to his "old-school" proposal, adding that they were both "really happy".
Sindh swimming c’ship starts today
Pakistan such as access to education and employment, terrorism and gang culture. Following on from a successful visit by Pakistani students to the UK this summer, Offscreen Expeditions, a UK-based notfor-profit organisation working in partnership with the British Council, chose the team to develop UK-Pakistan relations beyond common misperceptions. The group are travelling across the country meeting students, artists, social entrepreneurs, imams and politicians. Offscreen Expeditions Director Jamie BuchananDunlop explains; "This year Pakistan has seen a lot of media attention, from the floods, to the cricket scandal to the devastating impact terrorism has had on its people and culture. By taking the young community lead-
ers of tomorrow to Pakistan, they will be able to form their own views and help build understanding between young people in both countries." In Mirpur, a region with strong links to the UK, the six will visit a 'madrassa'. There they will meet students and imams to debate the different interpretations of Islam, and explore how a minority of scholars have manipulated Islam to justify violence. The students will also visit some Mirpur-based social action projects. The projects, run through the British Council's Active Citizen Programme, are successful initiatives that support young vulnerable people in AJK and provide them with alternative spaces away from negative influences they may be exposed to.
Messi spicing up Champions League MADRID: Lionel Messi's seemingly endless love affair with the Champions League continued with another virtuoso two-goal performance on Wednesday for Barcelona. Two typically ruthless finishes earned the 2009 champions a 2-0 Group D victory over FC Copenhagen to propel Barcelona a point clear of the Danes at the top of the standings with seven from a possible nine after three games. Messi once again proved the difference for his club as he has so often already this season after what was, by his sky-high standards, a wretched World Cup for Argentina in June. Top scorer in last season's Champions League, the forward netted his third goal of the latest edition in the 19th minute when he controlled a pass from Andres Iniesta and
lashed the ball into the top left corner from just outside the area. The home side controlled the rest of the match comfortably enough but lacked their usual cutting edge and Messi had to wait until second-half added time for his second of the night and 27th in 35 Champions League games over the last four seasons. A miscued shot from fullback Eric Abidal bounced over Johan Wiland and fell to Messi, who bundled it over the line with theCopenhagen keeper stranded. "Although we had control, the murmurings in the stands were because we didn't kill off the game and we could have ended up with only a point," Barca coach Pep Guardiola said at a news conference. "We simply didn't put the
ball in the net (in the first half)," he added. "But that's the way it is sometimes and we played a good match overall." TORRID TIME With Xavi suffering from an
ankle problem, Guardiola left the Spainplaymaker out of his starting 11 and fielded Javier Mascherano,Sergio Busquets and Maxwell across the midfield.
BARCELONA: Lionel Messi celebrates his goal against FC Copenhagen during their Champions League Group D soccer match at Nou Camp stadiumin.-Reuters
Andres Iniesta was deployed just behind forwards Messi and David Villa and Spain striker Villa almost grabbed the lead in the fifth minute when he twisted and turned inside the area before curling a shot against the crossbar. Copenhagen, who had never beaten a Spanish club in six previous meetings, posed more of a threat in the second half and the impressive Dame N'Doye gave Barca's Spain central defenders Gerard Pique and Carles Puyol a torrid time. The Senegalese striker came close to a shock equaliser in the 67th when he cracked the ball against the bar from distance and Barca goalkeeper Jose Manuel Pinto, playing in place of the unwell Victor Valdes, had to be alert to deal with a long-range effort from Copenhagen captain William
Kvist in the 87th. Barca fullback Daniel Alves struck a post with a low drive two minutes later before Messi's second killed off the game. "In the second half we managed to get a good rhythm and we had some chances," Copenhagen coach Stale Solbakken, who cut an animated figure on the touchline, told a news conference. "The players can be proud of their performance. They were facing the best team in the world." With three of six matches played, Barca have seven points and Copenhagen are second on six. Rubin Kazan, who held Barca 1-1 at home on matchday two, have two points and Panathinaikos one after the pair drew 0-0 in Athens on Wednesday.-Reuters
German business morale hits 3-1/2 yr high in Oct
US plan for trade targets hits G20 headwinds GYEONGJU: The United States struggled on Friday to win backing for a proposal to set limits on external imbalances as a way of pressing countries with surpluses such as China to let their exchange rates rise. In a letter to fellow finance ministers of the Group of 20 leading economies, US Treasury Secretary Timothy Geithner said countries should implement policies to reduce their current account imbalances below a specified share of national output. Japanese Finance Minister Yoshihiko Noda said Geithner, backed by host South Korea, proposed limiting surpluses and deficits on the current account - the broadest measure of trade in goods and services -- to 4 per cent of gross domestic product. But the plan met with a cool reception on the first day of a two-day meeting meant to smooth the path for a G20 summit in Seoul on Nov. 11-12. Big exporting countries that habitually run chunky trade surpluses led the opposition. A G20 source said China was against any limits on imbalances, German Economy Minister Rainer Bruederle warned of a throwback to "planned economy thinking", and Russian Deputy Finance Minister Dmitry Pankin said a draft communique to be issued on Saturday would steer clear of numerical targets. "The communique is very politically correct. There's nothing sharp in it," Pankin said. "In
the long term the focus should be on the exchange rates reflecting market conditions. Excessive state interference in currencies should be avoided." Noda also voiced scepticism. "We doubt whether rigid numerical targets should be set. But when checking the progress in rectifying imbalances, that might be an idea," he told reporters. DOUBTS ABOUND The criticism underscored the difficulties facing the G20 as it strives to put the world economy on a more stable footing and defuse currency tensions that economists fear could trigger trade wars. While the G20 won praise for coordination of stimulus packages during the global financial crisis, its unity has been tested by low growth in rich countries and attempts by some emerging market economies to preserve export competitiveness by holding down their exchange rates. Saudi Arabia, Germany and Russia are the G20 members with the biggest current account surpluses, but China is the chief culprit in Washington's eyes -and the unspoken target of Geithner's letter -- because of massive currency market intervention to keep a lid on the yuan. Beijing has amassed $2.65 trillion in official currency reserves as a consequence, and prompted the US House of Representatives to pass a bill threatening retaliation unless China lets its currency off the
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International & Continuation
Saturday, October 23, 2010
leash to reduce its huge trade surplus with the United States. G20 countries, Geithner said, "should commit to refrain from exchange rate policies designed to achieve competitive advantage by either weakening their currency or preventing the appreciation of an undervalued currency". Chinese officials made no public comment, but a G20 source said Beijing was opposed to any communique that explicitly bound countries to limits on current account balances or any other form of rules on currency policy. The source, with direct knowledge of the talks, said the group of rich and emerging economies was split not only on the question of currencies but also on how to give poorer countries more voting power at the International Monetary Fund. "Positions are still very much divided. It's a rift down the middle on both issues," the source said, predicting "bland" language in the closing communique to paper over the cracks. LOOKING FOR CONSENSUS Not everyone rejected the US gambit out of hand. "At a time when people are talking about currency wars, the merit of Geithner's proposal is that it shifts the discussion back to the macroeconomic framework," a French official said. Jim Flaherty, Canada's finance minister, said setting numerical targets was a step in the right direction. -Reuters
BERLIN, Oct 22 (Reuters) German business sentiment hit its strongest in 3-1/2 years in October and firms' expectations also improved, with a key survey on Friday suggesting that a recovery in Europe's largest economy may hold up better than expected. The Munich-based Ifo think tank's business climate index, which points to growth levels six months ahead, climbed to 107.6 from 106.8 in September. That was its fifth increase in a row and the highest since May 2007. The mid-range forecast in a Reuters poll of 44 economists had been for a slight fall to 106.5. The Ifo survey is one of Europe's most influential monthly numbers for financial markets and the surprise rise helped push up the euro briefly against the dollar and pressured December Bund futures "Firms have once again given more positive assessments of their current business situation and their business expectations have improved," Ifo said in a statement. "The engine of economic activity is running smoothly." An Ifo index for business expectations also rose unexpectedly to 105.1 from 103.9, pointing to further strong growth and confounding expectations that a gloomy outlook for Germany's trade partners would send the economy into a sharp slowdown.-Reuters
China says global recovery shaky, to spur yuan use BEIJING: The global economy has yet to find its feet, with the US recovery slowing and imbalances within the euro zone worsening, a Chinese central banker said in comments published on Friday. In unusually candid remarks, Li Dongrong, an assistant governor of the People's Bank of China, also warned that a continuation of ultra-loose policies in rich countries might unleash a flood of capital inflows into emerging economies. Against the background of a fragile global recovery, he said that China could not waver from its long-term plan to boost the yuan's international clout. He offered a glum assessment of the state of the global economy in the speech published on the central bank's website (www.pbc.gov.cn). "The foundations of the recovery are still not solid," Li said at a meeting with members of the Association of Southeast Asian Nations (ASEAN) earlier this week in southern China. "Recently, the US economic recovery has slowed and the effects of the government's stimulus policy have been unclear," he said. Although European sovereign debt worries had eased somewhat, there was still no fundamental solution, he said, adding that imbalances in the euro zone were becoming more severe as Germany powered ahead while countries in southern Europe struggled. Japan's economic growth
was also faltering, he noted. "When the yen was recently facing heavy appreciation pressure, the Japanese central bank had no choice but to use 2 trillion yen ($24.6 billion) to intervene in its exchange rate," he said in the first version of the speech published on the website. A later version did not contain the reference to Japan's intervention on Sept 15. Extremely loose monetary policies in the United States and Japan were presenting a sharp challenge to developing countries that are growing faster, he said. "Emerging markets will together face quite large capital inflows as well as currency appreciation and inflationary pressures," he said. YUAN GOING GLOBAL Beijing supported the greater use of bilateral currency swaps to facilitate the expansion of the yuan's role, Li said. "We will continue to sign currency swap agreements with relevant countries in line with demands to support the use of the yuan in cross-border trade and direct investment," he said. Since the global financial crisis in late 2008, China has launched a steady stream of policy initiatives along the path of making the yuan an internationally accepted currency for trade settlement to reduce reliance on the dollar. China has signed currency swap deals with a handful of countries, including South Korea, Malaysia and
Argentina, and this year said that it would allow all foreign trade partners to conduct their deals in yuan. Separately, a former policy adviser to the PBOC said that keeping the yuan relatively stable will be crucial for China's drive to gradually internationalize the currency. Bolstering the yuan's usage in international trade remained the near-term focus in the ongoing program to increase the yuan's global influence, said Li Yang, vice head of the Chinese Academy of Social Sciences, a top government think-tank. "China should not only encourage financial institutions to expand trade financing but also create a stable international environment for the internationalization process by keeping the yuan's exchange rate relatively stable," Li said in an article published in the Chinese-language Studies of International Finance magazine. Li's comments on the yuan echoed the official strategy of gradually expanding the yuan's use abroad while carefully managing its value versus the dollar at the same time. Financial reforms to develop the yuan-denominated debt market would help boost its attractiveness and achieve the long-term goal of making it a global reserve currency, Li said. "Up to now, the yuan has limited reserve functions and has yet to become an 'anchor' for other currencies," he added.-Reuters
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BSkyB, Britain's dominant pay-TV firm added 0.6 per cent after posting strong first-quarter profits along with a better-thanexpected rise in customers. On the second line, Micro Focus International was the top FTSE-250 riser, up 7.6 per cent with traders citing talk that the business software group could be a target for US firm IBM. Technical factors pointed to positive trends for the FTSE-100 index. "The 20-day moving average currently around 5,661 acts as a trailing stop and still maintains a bullish bias," said Nicolas Suiffet, an analyst at Trading Central. Reuters
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While firm support is seen at the index's 250-day moving average at 2,888, some traders said the market needs to break through 3,000 to make a more decisive move on the upside. "The resistance point is the key. If we cannot convincingly break above 3,000 points by early next week, the index is set to trend lower," said Chen Huiqing, analyst at Huatai Securities in Shanghai. China's rate rise has left nagging concerns that monetary policy will be tightened again, especially after the central bank highlighted in a separate report risks from inflation and asset bubbles. Analysts said these worries will weigh on banking and property shares, especially as the charts indicated that the market was already overbought. The 14-day relative strength index (RSI) was at 75 on Friday, five points into overbought territory. Heavyweight Agricultural Bank of China and Minsheng Bank both dropped 1.1 per cent. Coal and new energy issues extended gains on recent government support plans. Shangxi Coal rose to its 10 per cent limit while Datong Coal jumped 3.8 per cent. Reuters
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months against Indian rule. "President Obama has always understood the importance of a Kashmir solution," Qureshi said. "His coming visit to the region is the time to begin to redeem the pledge." The strategic dialogue is organized into 13 working groups, ranging from water and agriculture to communications and defense.Agencies
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up to 70 billion cubic metres annually. A senior Afghan official said last month that Afghanistan would secure the planned pipeline through the Taliban heartland by burying its sections underground and paying local communities to guard it.-Reuters
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To a question, Interior Minister Malik said the government has listened to the complaints of Muttahida Qaumi Movement (MQM), adding that atmosphere of reconciliation is much stronger now.Malik said that 3000 appointments would soon be made in police department in Karachi. Speaking on this occasion, Mirza said police have arrested a key suspect involved in target killings in Karachi. Mirza called upon critics to refrain from indulging in aggressive debates, which are causing more problems for the government. He urged all the parties to cooperate with the government in removing the menace of target killing.-NNI
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in the public procurement, CCP contacted various government agencies including Passco to provide information on the Continued from page 5 No #3 procurement made by them during last three years. The data in 2012, up 8 per cent from 157 billion yen forecast for this year, provided by Passco raised suspicion about bid rigging- a type by expanding sales globally and cutting costs. The stock ended the of collusive behavior among the jute manufacturing mills day up 1.9 per cent at 1,455 yen. prohibited under Section 4 (2) (e) of the Act. The Hitachi Ltd jumped 2.9 per cent to 357 yen after the Nikkei Commission on its own decided to initiate a formal enquiry business daily said that Japan's biggest electronics conglomerate under Section 37(1) of Act and appointed an enquiry commitwas set to report an operating profit for April-September of more tee comprising of Director Cartel, Monopolies and Trade than 200 billion yen, beating its forecast of 170 billion yen. Abuses Shaista Bano and Joint Director Nadia Nabi. The duly Hitachi's earnings were supported by strong economic growth in authorised officers of CCP conducted the search on 8 July emerging markets, resulting in higher demand for items such as 2010 and impounded valuable materials and documents from digital consumer electronics, the paper said. the offices of PJMA. The impounded documents provided Heavy machinery and engineering firm Hitachi Zosen climbed information about the collusive activities going on between 3.5 per cent to 118 yen after the company raised its April- the jute mills. It was found out by the enquiry committee that September net profit outlook to 5.6 billion yen from 3 billion yen there is, prima facie, cartelisation in the market of jute bags previously. Mitsubishi Steel soared 10.9 per cent to 183 yen after in violation of Section 4(1) read with 4(2) (a), (b) & (e) the company raised its full-year earnings forecasts to March, cit- of the Act. ing a solid recovery in demand by the construction machinery and Members of PJMA appear to have deliberately devised a auto industries. Tokyo Seimitsu Co jumped 3.9 per cent to 1,073 mechanism in an agreement to allocate quota for jute bag tenyen after the maker of semiconductor manufacturing systems ders invited by different government departments and have, increased its earnings estimate for the six months ended prima facie, violated Section 4(1) read with Section 4(2) (b) September 30 on better-than-expected sales. and (e) of the Act. Shares of exporters were mixed, with Canon Inc up 1.6 per cent Members of PJMA have mutually discussed the price of at 3,785 yen and Kyocera Corp rising 0.6 per cent to 8,460 yen, jute bags and appear to have a pricing strategy before and but Honda Motor falling one per cent to 2,916 yen. Reuters after the opening of tenders, thereby, prima facie, fixing the price of jute bags in violation of Section 4(1) read with Continued from page 5 No #4 Section 4(2) (a) of the Act. As a result, showcause notices technician at Standard & Poor's in New York. "If you get a goldhave been issued to these jute mills and the case has been en cross when the market has been consolidating for a while, you fixed for hearing on November 6, 2010.-APP have a much higher probability the market is going to take off," Continued from page 1 he said. The US dollar zigzagged against a basket of currencies on No #9 wariness over what, if any, deal would be reached by finance minwas rejected earlier by the same SECP for the same slot. isters and central bank chiefs at the G-20 meeting in South Korea. When he was recommended earlier, Board of Directors of The euro also traded choppily against the greenback. LSE had at least bothered to interview more than 15 candiTwo top US Federal Reserve officials gave contrasting views dates, four were shortlisted but Aftab's name was forwarded on the need for more stimuli for the economy, continuing a pub- to the SECP for the approval. However, this time only two lic debate over further monetary easing, even though most Fed persons were interviewed, and one of them was Aftab. The policymakers appear to favor such a move.Growing speculation second person was not even asked to appear before the Board. in recent weeks that the Fed will extend the quantitative easing Some of those who appeared in the first round of selection measures at its next meeting in November has pressured the dol- said, "The Board had already made the selection and the lar while boosting equities, but uncertainty over the extent of the entire process was a setup. That is the reason only two names were shortlisted. In fact the Board was adamant on nominatstimulus has caused market volatility. Equity markets have traded of late in tandem with the euro, ing Aftab and the entire eyewash was staged to give the with S&P futures rising along with Europe's single currency. impression that he has been selected by following a transparent selection procedure". Reuters
However, in the second round, besides Aftab only one person was called for an initial interview that was all and the likely plea taken was that only two applications were received and out of these Aftab was found to be the most appropriate candidate. People watching the entire episode going on for more than three months say, "It is true that the LSE Board was bent on appointing Aftab as the managing director of Pakistan's second largest stock exchange but it'd have been better if SECP had not eaten its own words. If Aftab was not fit to fill the slot few months back, what makes him eligible now?"
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Vermont. "If the law is going to have teeth, it has to be taken seriously. Pakistan's military leaders have made encouraging statements about addressing these issues, but this requires more than statements." The United States spends about $2 billion a year on the Pakistani military, including money specifically designated for counterterrorism operations.-Online
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To his remarks, the Chief Justice asked him not to level allegations as they would only hear the case on merits and legal evidence. He observed that the relative might have qualified all the conditions and advised him not to make unjustified points. Faisal said that power crisis was created to make a room for RPPs and added that five companies were awarded without holding bids while fourteen others were given bids that were too an eyewash. He claimed that in 2007 the oil prices in the international market peaked but the prices of electricity remained stable but recently an increase of 40 per cent was witnessed as tariff for per kilowatt of electricity was jacked up from Rs6.62 to Rs10.50, adding to public miseries. He said that the RPPs set up in the country had already completed their functioning periods and were only scrap. He cited Naudero power plant and said that it was 23 years old and had already run 111,000 hours which was a violation of Nepra decision against setting up such outdated plants. He also submitted copies of reports of Asian Development Bank, Auditor General of Pakistan and Transparency International over the issue. He alleged that Pepco did not enter into agreements with RPPs directly but it was done through Gencos. Khwaja Asif, a PML-N, leader, who was allowed by the bench to become a party in the case, appeared and claimed that one plant was awarded to a company owned by David Walter, an American, who was removed from his high post due to corruption. Justice Khalil ur Rehman Ramday remarked that the responsible would have to face the legal consequences if things were proved against him.-APP
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power sector through either public-private partnership or as power producers to boost overall power generation, he said. Besides, the American private sector will partner with Alternate Energy Board of Pakistan for a wind energy project.According to the federal minister, the United States has allocated a total of $2 billion for energy sector development in Pakistan under Kerry-Lugar Bill and Islamabad has readied its feasibility reports for projects up to year 2014. Meanwhile, according to reports received from Pakistani embassy on Friday, Ashraf also announced that four power distribution companies, those of Lahore, Faisalabad, Gujranwala and Islamabad, will be made independent soon in the first phase under power restructuring plan.He said, "We want to bring visionary people, who will run these companies on professional lines" He added government intends to complete this reforms process by next June. The government believes that giving autonomy for these companies is imperative in order to make them efficient, he said.-Agencies
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colonel along with five soldiers and wounded three others. The injured were shifted to the Combined Military Hospital Kohat. Following the attack, troops surrounded the area and started hunt for suspected militants holed up in the mountainous region.-Online
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of lasting peace, stability and development of the region that the US works for the resolution of disputes in South Asia. This has to begin with justice for the Kashmiri people," Qureshi had said. Qureshi is leading a high-powered Pakistani delegation for the third US-Pakistan Strategic Dialogue being held in Washington.-APP
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supremacy of the Parliament which bodes well for the future", the CM maintained. He said that there is a dire need to strengthen the national institution as against creating clashes amongst the institutions so that the country could be placed on the right track. He said that attempts are underway to stop gas and power load shedding in Punjab.-Online
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transaction cost of the investors. Some experts say that the decision came after publication of the news that some of the sponsors are planning to establish another depository company in the country. According to the news published in TFD on Thursday, sponsors of one of the banks have quite seriously taken such an initiative. If a second depository is established in Pakistan it will join the club of countries having more than one such company. It should be noted that India has two depositories namely Stock Holding Corporation of India Limited and Central Depository India Limited. Moreover Bangladesh is also ready to launch a second depository.
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Afghan peace hinges on Pakistan: Gilani
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to the diplomatic correspondent, at PM House.-APP
G20 to try appeasing warring currencies GYEONGJU: The United States Friday urged G20 powers to alter their currency regimes to shore up fragile global growth, but faced resistance to its ideas to reorder the post-crisis world economy. G20 finance ministers and central bankers opened a two-day meeting in South Korea, stalked by warnings of an all-out "currency war" between debtor nations such as the United States and export powerhouses such as China. Ministers from the G7 grouping of North America, Western Europe and Japan met for an hour ahead of the G20 talks, facing warnings that failure to rectify skewed patterns of economic growth could ignite trade protectionism. The rhetoric has become heated as the G20 prepares for a Seoul summit next month of leaders at the heart of the forex row, including the US and Chinese presidents. In a letter to his G20 colleagues, US Treasury Secretary Timothy Geithner urged nations running big
trade surpluses to reform their exchange-rate policies. He did not name the nations, but China seemed the clear target. He wrote that countries should aim to reduce their surpluses or deficits to a yet-to-be determined share of gross domestic product in the coming years. G20 nations with large deficits should boost national savings via "credible medium-term fiscal targets" and boost their exports, he said in the letter. "Conversely, G20 countries with persistent surpluses should undertake structural, fiscal and exchangerate policies to boost domestic sources of growth and support global demand," Geithner wrote. With a super-loose US monetary policy weakening the dollar, major G20 economies such as Japan, South Korea, Brazil and Indonesia have intervened in recent weeks to curb an alarming rise in their currencies. But for the United States, which is in the throes of election
KESC get inflows to improve: Waqar ISLAMABAD: Senate Standing Committee on Privatisation took strict notice of load-shedding in Karachi and said Karachi Electric Supply Company (KESC) is a private company which must take effective steps for attracting investment so as to overcome this issue. The meeting which was held here on Friday under the chairmanship of Senator Adnan Khan urged KESC to devise a comprehensive plan to attract foreign and local investment. Minister for Privatisation, Senator Waqar Ahmed Khan said that the ministry is conducting special audit of banks and other government departments so as to have a first hand knowledge that whether they are running their affairs according to
the privatisation contracts. Executive Director KESC Zulfiqar Ali while briefing the meeting about the load-shedding in Karachi and the financial difficulties faced by the company said that both federal and provincial governments owe Rs81 billion to KESC. Giving details, he said federal government owes Rs 34 billion, Sindh government Rs15 billion and consumers owe Rs32 billion to KESC. He said that the situation has deteriorated due to circular debt and gas load-shedding. The meeting was also attended among others by Minister for Science and Technology Azam Khan Swati.APP
Afghan insurgents dismiss peace talks KABUL: Mid-level Taliban insurgency commanders do not believe their leaders have begun tentative peace talks with the Afghan government, with many vowing on Friday not to give up the fight after nearly 10 years of war. Nato and Afghan officials have reported preliminary contacts between President Hamid Karzai's government and the Taliban, although doubt surrounds when those contacts were made, who they were made with and what, if any, progress was made. Karzai is pushing a negotiated settlement to the conflict and has launched a High Peace Council which has said it is prepared to offer concessions to bring insurgents to the table. Kabul and Washington say fighters must renounce violence. Insurgency commanders from across Afghanistan indicated they were not involved in the initial contacts. "No one has come so far and sat with the government and there is no hope that the Taliban will come
and negotiate," said Abdullah Nasrat, Taliban commander for Girishk district in the southern province of Helmand, a traditional Taliban stronghold. "We basically hear the reports of talks through the press and do not believe in them," he told Reuters by telephone. "As long as foreign forces are in Afghanistan, there will be no talks. Our morale is high." Violence in Afghanistan is at its worst since the Taliban were ousted by US-backed Afghan forces in late 2001. Record civilian and military casualties will weigh heavily when US President Barack Obama conducts a strategy review in December. The war will be a central part of discussions at a Nato summit in Lisbon next month. Providing an upbeat assessment of recent offensives, Nato SecretaryGeneral Anders Fogh Rasmussen told reporters in BERLIN that insurgents in Afghanistan were on the back foot. -Reuters
season, China lies at the root of the problem owing to its firm control over the yuan's value as a means of safeguarding its humming export machine. Geithner said "G20 countries should commit to refrain from exchange-rate policies designed to achieve competitive advantage by either weakening their currency or preventing appreciation of an undervalued currency". Apparently signalling they want a temporary truce, the G20 ministers will pledge to "refrain from competitive undervaluation" of their currencies, according to a draft statement obtained by Dow Jones Newswires. They will "move towards (a) more market-determined exchange rate system", the draft said, without spelling out how. Geithner wants export giants such as China to limit their overall current-account surpluses, as a backdoor way of making them appreciate their currencies.-Reuters
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Friday said Pakistan must be involved in the “negotiation process� as it is part of the solution to the Afghan problem. Talking to office bearers of Diplomatic Correspondent Association of Pakistan (DCAP) here at Prime Minister House, he said, "Without involving Pakistan, no negotiation process can succeed." The Prime Minister said Pakistan has taken initiative on the Afghanistan issue and is making sincere efforts to ensure peace and security in the region. Gilani said, "Pakistan is part of the solution to Afghan issue and not the problem." About Pakistan's role in reconciliation process in Afghanistan, he pointed out that during the last visit of President Hamid Karzai to
Lt Col, 5 troops killed in Hangu area KOHAT: A roadside bomb blast killed a lieutenant colonel and five soldiers in Upper Orakzai Agency on Friday. Three more troops of paramilitary Frontier Corps were injured in a remote controlled-bombing, which took place near Yakh Kandao village in Hangu. According to FC sources, the paramilitary troops were on patrol when they were hit by a remote-controlled bomb. The blast killed a lieutenant See # 13 Page 11
Islamabad it was agreed that Afghanistan would share the plan with Pakistan. He said so far this plan has not been shared with Pakistan and once information is provided a decision would be taken as to how Pakistan can cooperate. He said Pakistan's relations with Afghanistan have improved and these are far better today than yesterday. Replying to a question about the recent efforts of Afghanistan government to start negotiation process with the Taliban, the Prime Minister said we want Afghanistan to lead any such process but Pakistan should be a part of it. He said the Afghan leadership has yet to discuss its new initiative of dialogue process with United States and expressed the hope that it would
also discuss it with Pakistan before going after it. The Prime Minister said Pakistan has high stakes in Afghanistan's stability, unity, territorial integrity, and prosperity. He said, "The Af-Pak concept is inherently flawed. We have strongly rejected such concept." Syed Yousuf Raza Gilani said the United States has been told in categorical terms that drone attacks were counter-productive. The Prime Minister said Pakistan is pursuing strategic dialogue with the United States on the basis of mutual respect and its national interests. Gilani said Pakistan is demanding of the United States civil nuclear technology cooperation on the pattern of its agreement with India.Online
Peshawar mosque bomb blast kills 2 PESHAWAR: At least 2 people got killed while 10 received injuries after a blast inside a mosque in Pushtkhara, Peshawar on Friday. According to the initial reports, several people had been offering the Juma prayer at the time of the blast. The nature of the blast is yet to be confirmed, but it's suspected to be a remote-controlled explosion. The injured were shifted to the nearby hospitals. Due to the high intensity of the blast, the increase in number of casualties is feared. Soon after the blast, panic and fear gripped the entire area.
Police cordoned off the entire area while Security Officials said that investigations are underway to probe the nature of bombing. Eyewitnesses present on the occasion told media that they could see human organs lying on the road while numerous were injured and crying for help. President Asif Ali Zardari and Prime Minister Syed Yusuf Raza Gilani strongly condemned the bomb blast in Peshawar. The leaders of all political parties and high officials also denounced the bomb blast in the strongest of words.-Online
US stays out of Kashmir mediation WASHINGTON: The United States has refused to intervene into the Kashmir issue as requested by Pakistan, saying this should be resolved bilaterally by New Delhi and Islamabad. We recognise the importance of Kashmir to both countries. We absolutely want to see tensions eased and ultimately a resolution to situation in Kashmir," State Department spokesman P J Crowley said at a news conference at the Foreign Press Center. "That we believe needs to come through additional dialogue between Pakistan and India. We have not been asked by both countries to play a particular role," he said. "But this is the reason why, for a number of reasons we continue to encourage further dialogue between India and Pakistan," Crowley said in response to a question. Foreign Minister Shah Mehmood Qureshi had yesterday urged the US to help it resolve the Kashmir dispute with India. "It is in the interest See # 14 Page 11
SC eased political pressure: Shahbaz LAHORE: Chief Minister Punjab Mian Shahbaz Sharif Friday said that Supreme Court's verdict has established Parliament's supremacy while, those who attempted to divide Parliament and judiciary had to face humiliating defeat. Talking to media here in Lahore after inaugurating head office of Punjab Industrial Estate at Sundar Industrial Estate, Chief Minister Punjab Mian Shahbaz Sharif said that the said verdict would help bring the political temperature down. "The decision showed that the judiciary has accepted the See # 15 Page 11
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