International Karachi, Tuesday, November 23, 2010, Zil Hajj 16, Price Rs12 Pages 12
Country to emerge victorious against all odds : Sharmila
105 dead in Combodian stampede KSE crosses 11,200 level after 28-month
See on page 5
Salvation lies in democracy: CJP
See on page 12
See on Page 2 Economic Indicators $16.91bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 411bn $58.41bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 171.12mn
Forex Reserves (12-Nov-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Oct 10) Foreign Debt (Sep 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Sep 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
146.71 Yearly(Jul, 2010 up to 16-Nov-2010) Monthly(Nov, 2010 up to 16-Nov-2010) 41.98 1.10 Daily (16-Nov-2010) 2589 Total Portfolio Invest (5 Nov-2010)
NCCPL (U.S $ in million)
FIPI (22-Nov-2010) Local Companies (22-Nov-2010) Banks / DFI (22-Nov-2010) Mutual Funds (22-Nov-2010) NBFC (22-Nov-2010) Local Investors (22-Nov-2010) Other Organization (22-Nov-2010)
7.10 -0.84 -1.97 -1.63 -1.38 -0.69 -0.59
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,205.84 10,115.19 23,524.02 19,957.59 2,753.94 2,884.37 5,693.53 11,175.10
Change 239.84 92.80 81.69 372.15 11.42 4.20 39.30 28.45
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)
$.Price PKR/Shares 2.60 111.14 19.30 165.00 2.00 42.75 1.70 36.33 10.52 35.97
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010
12.75% 13.11% 13.24% 13.50% 12.72% 13.02% 13.29% 13.66% 13.74% 13.64% 13.73% 13.82% 14.22% 14.33% 14.50%
Commodities *Crude Oil (brent)$/bbl 84.12 *Crude Oil (WTI)$/bbl 81.67 *Cotton $/lb 118.74 *Gold $/ozs 1,355.10 *Silver $/ozs 27.45 Malaysian Palm $ 1,021.00 GOLD (NCEL) PKR 37,362 KHI Cotton 40Kg PKR 9,109
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 84.50 Canadian $ 84.70 Danish Krone 16.10 Euro 116.00 Hong Kong $ 10.95 Japanese Yen 1.012 Saudi Riyal 22.50 Singapore $ 65.50 Swedish Korona 12.95 Swiss Franc 87.40 U.A.E Dirham 22.90 UK Pound 136.20 US $ 85.70
Sell (Rs)
84.60 84.80 16.60 117.00 11.15 1.038 22.90 65.60 13.10 88.40 23.10 137.00 85.90
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
84.94 84.27 15.79 117.69 11.02 1.025 22.80 66.11 12.55 86.26 23.28 136.94 85.49
85.14 84.47 15.82 117.96 11.05 1.027 22.85 66.26 12.58 86.47 23.33 137.26 85.68
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
25°C 27°C 23°C 24°C 19°C 25°C
MIN
7°C 16°C 9°C 9°C -3°C 8°C
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President, PM review privatisation process
Ways to revive SOEs discussed
ISLAMABAD: President Zardari and Prime Minister Gilani Monday discussed modes and means to revive state-owned entities in order to raise bulk of equities through stock exchanges, while vowed to adopt publicprivate partnership mode for the privatisation of SOEs. The purpose of adopting public-private partnership (PPP) mode was to blend national assets with private capital and entrepreneurship in such a manner that optimised the use of national assets on the one hand and protected the interests of consumers, worker and investors on the other. This, he said, during a meeting on privatisation proposals at Aiwan-e-Sadr, jointly chaired by President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani. The meeting deliberated upon various proposals to rejuvenate the state-owned entities and to take forward
RGST Legislation
JUI-F says yes, MQM says 'no' ISLAMABAD: Jamiat Ulema-e-Islam (F) assured government of its support over Reformed GST while MQM refused to budge on its stance regarding favouring the legislation. According to the news, Chief of the JUI-F Maulana Fazl-ur Rehman Monday met President Asif Ali Zardari at the Presidency and assured of his party conditional support on Reformed General Sales Tax. The meeting was also attended by Prime Minister Yousuf Raza Gilani. According to sources meeting See # 1 Page 11 government's economic reforms agenda through privatisation. Various proposals for turnaround of the loss-making state entities through restructuring and financial and operational reforms were also discussed during the meeting. The President said that the government envisaged private sector as the engine for the economic growth and for the generation of much needed employment in the country.
Govt set to rejig Discos, Gencos ISLAMABAD: Ministry for Water and Power as part of the ongoing power sector reforms has decided to reconstitute all the Boards of Directors of Power Distribution & Generation/ Transmission Companies (Discos, Gencos) along the professional lines in accordance with the guidelines of the Cabinet Committee on Reforms (CCOR). The new boards are being finalised and will be notified as soon as possible. The CCOR guidelines state that the size of the proposed BoDs may range between 8 to 10 members.
The proposed names of BoD Members of Power Distribution & Generation Companies must contain a right mix of government and private sector professionals with a greater leaning towards the private sector. Regional balance will be observed in the nominations to the Boards. Gender balance will be maintained while making nominations to the Boards. The nominees may also reflect a balance in the age of the nominees to the BoDs, with a view to grooming a second generation of private sector See # 6 Page 11
Judges Appointing Commission
Senate panel fails to pick chairman ISLAMABAD: The first meeting of the parliamentary commission established for appointing judges in the superior courts was held here Monday but it failed to reach concord on selection of chairman of the commission. The meeting was temporarily headed by Syed Nayyar Hussain Bukhari, the leader of the House in the Senate while Sardar Mehtab Khan Abbasi, Asma Arbab Alamgir, Aftab Shaban Mirani, Gosh Baksh
Mehar, Chaudhry Shujaat Hussain and Secretary Senate Raja Amin attended the meeting. The commission formally approved the rules and regulations of the commission following detailed discussion with all the members. Sources told Online that the Opposition proposed in the meeting that the chairman of the commission should be appointed step-wise among all See # 7 Page 11
This, he said, was only possible when the private sector plays a dominant role in the economic sphere. The policies of privatisation, deregulation and liberalisation were aimed at economic recovery by enabling the private sector to take a leading role for the rejuvenation of the ailing economy. The meeting asked the State Bank Governor to prepare a plan for restructuring and turn-around of the Pakistan See # 5 Page 11
BB murder probe
Musharraf receives 32 questions to answer ISLAMABAD: The probe of the assassination of former prime minister Benazir Bhutto has been extended to former president Pervez Musharraf and a questionnaire with 32 questions has been sent to him abroad. The decision has been made under the court orders after FIA submitted the case challan in court. The court had ordered to include former president Pervez Musharraf in the probe. -Agencies
Hiraj to head Erra ISLAMABAD: Member National Assembly of Pakistan Muslim League (PML-Q) Hamid Yar Hiraj has been appointed as new Chairman of Earthquake Reconstruction & Rehabilitation Authority (ERRA) after the resignation of Chairman Mian Altaf Saleem. Confirming the resignation of Altaf Saleem the spokesperson of Erra has said that Altaf Saleem had presented his resignation in March 2008 to the Prime Minister due to some personal reasons, however his resignation was not accepted at that time. But now after elapsing more than two years, Prime Minister See # 8 Page 11
ISLAMABAD: President Asif Ali Zardari and Prime Minister Syed Yousuf Raza Gilani jointly chairing a meeting on privatisation proposals at Aiwan-e-Sadr. -APP
Steel Mills also refused of LC for import
Banks declare PSM defaulter KARACHI: After getting no surety from government of Pakistan for the release of loans under bailout package, commercial banks have declared Pakistan Steel Mills (PSM) defaulter, and refused to issue Letter of Credit (LC) for import of raw material. According to the media sources, PSM failed to pay any installment against its loan since June, so its rating has been downgraded to 'defaulter' in Electronic Credit Information Bureau. It is relevant to note here that PSM has got Rs48 billion loans
from banks, and out of Rs18 billion loans PSM had failed to pay back single installment. Analysts further added that Pakistan Steel Mills already running into losses and after this episode it would become very hard to lure foreign investors as earlier in the past, State Minister Ayatullah Durrani had informed the House that Russian had not made any investment in the expansion of PSM. PSM suffered losses of Rs.26 billion in 2009 followed by a loss of Rs13 billion in the year ended June 2010. -Agencies
Anti-corruption Units
FBR seeks NAB, FIA wings merger ISLAMABAD: The Federal Board of Revenue (FBR) Monday proposed the establishment of an anti-corruption agency by merging the anticorruption wings of the National Accountability Bureau (NAB) and Federal Investigation Agency (FIA). The proposal is being prepared by the Director Training and Research (Inlands Revenue) at the FBR. It says that the new agency should be tasked with investi-
gating financial crimes, money laundering and forensic auditing. The proposal also states that political interference must be eliminated in the appointment of top officials at FBR to improve the tax collection system in the country. A study commissioned by the Federal Board of Revenue (FBR) on accountability of the public sector suggested the merger of anti-corruption See # 3 Page 11
MD PIA briefs Senate body on Defence
PIA aims 16 new jets despite loss ISLAMABAD: PIA authorities declared a loss of Rs41 billion in the last two years and PIA is under a debt of Rs1.11 trillion whereas the total net worth of the organisation is not more than Rs 16 billion, but despite all these financial turmoil, national carrier set to purchase 16 new airplanes. As per details, Senator Tariq Azeem See # 4 Page 11
FX kitty shrinks to $16.91 billion Staff Reporter KARACHI: Pakistan's foreign exchange reserves fell to $16.91 billion in the week ending Nov 12, down from $16.95 billion the previous week, the central bank said on Monday. Reserves held by the State Bank of Pakistan (SBP) fell to $13.13 billion from $13.18 billion in the week ending Nov 5, while those held by commercial banks rose to $3.78 billion from $3.77 billion, the SBP said in a statement. Pakistan's reserves hit a record high of $17.10 billion in the week ending Oct 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade deficit. They were further boosted in September after the IMF sent Pakistan $450 million and said that the money would go toward the budget to help with additional spending for flood relief and immediate foreign exchange needs.
Compressors installed at Qadirpur gas field Ahmed Siddique KARACHI: In order to address the natural decline in Qadirpur field gas production, OGDC finally installed 12 of the 14 compressors and Company is online with work to commission 13th compressor in its final stage. These compressors were to be commissioned in June 2010. The field is producing now 570 mmcfd of raw gas. As per InvestCap analyst, 14th compressor would become operational by mid-Dec 15, taking the total production to 650 mmcfd. The development has eliminated ambiguities regarding the See # 2 Page 11
FBI digs deeper into insider-trading NEW YORK: The Federal Bureau of Investigation's attempt to pressure an independent analyst to record his calls with a client offers a window into how the government is trying to build what could become one of the most farreaching insider-trading cases ever. John Kinnucan says he was sipping wine on his front porch in Portland, Ore, on Oct 25 when a gray sedan pulled up and two men in business suits jumped out, identifying them-
selves as FBI agents. The two men accused Kinnucan, 53 years old, of passing inside information to his hedge-fund and mutualfund clients, he says, added they threatened to arrest him and asked him to cooperate with their investigation by tape-recording his calls with a client. Kinnucan declined the offer, and later that night he sent out a blast email to his clients detailing the visit. The investigations, first
reported by The Wall Street Journal, could lead to some charges by year's end, according to federal authorities. Representatives of the Manhattan US Attorney's office, the FBI and the Securities and Exchange Commission declined to comment. Authorities say the criminal and civil investigations could eclipse the impact on the financial industry of any previous such probes. Investigators are examining, among other
things, the role of consultants and analysts who provide hedge funds and mutual funds with detailed information about the businesses and industries in which they specialise. Kinnucan's firm, Broadband Research LLC, provides clients with information about tech companies. The client that the FBI agents wanted Kinnucan to tape his calls with is hedge-fund giant SAC Capital Advisors, headed by Steve Cohen, according to one person close to the situa-
tion. Their request suggests that the government is heightening an ongoing examination of activities at SAC. Last year, a cooperating witness in a separate insider-trading case against Raj Rajaratnam, founder of hedge fund Galleon Group, and 22 others agreed to provide information about SAC. SAC declined to comment. Fourteen defendants have pleaded guilty in the Galleon case. Rajaratnam, who has denied wrongdoing, has plead-
ed not guilty and is expected to go to trial in early 2011. Kinnucan provided research to several SAC traders, although Cohen wasn't among them, says one person familiar with the matter. It isn't known which trader the FBI agents were interested in. Kinnucan says the service he provides clients "has nothing to do with 'inside information' and everything to do with a lot of hard work and insight." If he's trafficking in inside See # 9 Page 11
2
Tuesday, November 23, 2010
Samsung honoured by 37th CES awards
Nation will brave the storm: Sharmila HYDERABAD: Advisor to Sindh Chief Minister on Information Sharmila Farooqui said that Pakistan is not a terrorist country but the land of brave nation of the world which is engaged in meeting the great challenges like war against terrorism and rehabilitation after super flood disaster. Despite natural and handmade disasters like suicidal attacks, the countrymen never lose the hopes and are continuously struggling to make the country progress and prosper, she said while addressing a news conference here at circuit house on Monday afternoon adding that the present
RGST seminar at ICMAP today Staff Reporter
KARACHI: The Karachi Branch Council (KBC) under the aegis of the Institute of Cost and Management Accountants of Pakistan (ICMAP) are organising a seminar on "Reformed General Sales Tax (RGST)" today at ICMAP head office. Abrar Ahmed, Member Reformed GST -Federal Board of Revenue will be the Chief Guest at the occasion, other notable speakers are Ali Rahim, President, Income Tax Bar Association, Asif Kasbati, Director Tax, A F Ferguson & Co Chartered Accountants.
TV PROGRAMMES TUESDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
TUESDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 15:02 15:30 16:15 17:05 18:05 19:00 19:05 19:30 Pakistan 20:00 20:05 21:00 22:00 22:05 23:00 23:05 0:00
Programmes Chai Time (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Power Lunch News Islamabad Say (Rpt) News Akhri Sauda Tax Time (Rpt) Karobari Dunya Ghar Ka Kharch (Rpt) Chai Time News Aap Ka Paisa Mang Raha Hai News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Kamyab (Rpt) News
government adopted various measures to counter the terrorism and rehabilitate the displaced flood victims. She said that the people of the country extended full confidence into the leadership of Pakistan Peoples Party (PPP) and its government following the effective strategy adopted for their welfare and uplift of the areas. The PPP government developed consensus among allied parties on war against terrorism and launched a massive operation against terrorists in Swat and onwards and as a result of this operation the Pakistani flag is now hoisting in Swat, she said and
added that hoisting of Pakistan flag again in Swat was the commitment of Shaheed Mohtarma Benazir Bhutto, which was fulfilled by the government under the leadership of the President Asif Ali Zardari. The efforts of the government against terrorism now reduced the terrorist activities in the country, she said and added that though terrorism is still not rooted out, but the situation is being improved with the passage of time and soon the people would witness a terror free atmosphere in the country. About efforts being made by the government for relief and rehabilitation
of flood affected people, Sharmila Farooqui said that it was the vision of the President Asif Ali Zardari that Watan Cards are being issued to flood affected family heads. It was the efforts of the government that flood affected people have started getting early relief, she said. She highly praised the services of Sindh Chief Minister Syed Qaim Ali Shah for prompt rescue and relief measures during the passage of unprecedented flood in River Indus from Sindh adding that he took no sigh of relief till dropping of floodwater into sea right from Sukkur to Thatta.-APP
Traders to protest against 4-day gas cut LAHORE: All Pakistan Textile Processing Mills Association, Ferozepur Road Industrial Association, Shahdra Industrial Association, Lahore Township Industrial Association, Sheikhupura Chamber of Commerce & Industry, Pakistan Industrial and Traders Associations Front (PIAF) and other industrial Associations have decided to launch a series of protests from today against the 4-day gas load shedding. In the first phase, a strong protest would be staged on November 23rd at Shahdra. The protest rally would be started from Zeno Textile Mills,
Bara Dari, Farrukhabad, Shahdra and reach Main road where thousands industrialists and industrial workers would join the protest rally. The LCCI former President Mian Anjum Nisar, Central Chairman of Processing Association Maqsood Ahmad Butt and leaders of PIAF would lead the protest. While addressing the Organising Committee of protest rally, Mian Anjum Nisar lamented that wrong government policies and mismanaged affairs, the industry had almost collapsed. He said had right steps been taken well in time, the situation would have
been far better. He said that sword of unemployment was hanging on the heads of industrial workers in the wake of non-availability of gas but the government was playing the role of silent spectator. He said that the industrial area which was hub of production was presenting a deserted look as a large number of industrial units had stopped production. While condemning the discrimination in gas distrubition, he said that Punjab was facing massive gas load shedding. He demanded of the government to stop favoritism.-PPI
HYDERABAD: Advisor to CM on Information and Archives Sindh Sharmila Farooqi addresses a press confrence at Circuit House.-Online
Intel running world most powerful mainframe
KARACHI: Intel Corporation has announced that its Intel Xeon 5600 series processors, announced earlier this year, are at the heart of the world's most powerful supercomputer, the Tianhe-1A. Located at the National Supercomputing Center in Tianjin, China, Tianhe-1A contains 14,396 Intel processors accompanied by accelerator cards, and has demonstrated groundbreaking performance of 2.57 petaflops (quadrillions of calculations per second). In partnership with Inspur, a computer manufacturer in China, Intel worked closely with the National Supercomputing Center and its technology partners to achieve this groundbreaking performance. "Our Xeon processor roadmap continues to deliver hugely powerful supercomputers that are helping solve mankind's greatest challenges," said KARACHI: Federal Minister for Commerce Makhdoom Amin Fahim Naveed Siraj, Country addressing suring during distributing ceremony of certificates among Manager, Pakistan. the employees among the employess of PRCL.-APP "Securing the top position on the Top500 is also a source of great pride for us, and demonstrates the tremendous leaps in performance and versatility that our processors are delivering across a range of compelling workKARACHI: Senior been distributed trans- workers and people. Minister for Commerce ferred to PRCL employees It is because of this phi- loads."-PR Makhdoom Amin Fahim and they have also losophy that PPP governon Monday distributed received the dividend ment is giving the rights of shares of Pakistan worth Rs 55 million. the workers under BESOS Reinsurance Company Ltd Amin Fahim said that and making them owners (PRCL) under Benazir now PRCL employees of their own organisations. Employees Stock Option have also become the Responding to their Scheme (BESOS) among owner of this company demands, he said that he its employees. they must use all their will discuss them with the About 228 employees of efforts to maximise its ministry and the managePRCL received, on an profitability and strive ment of PRCL for approval. average, 20 units and each hard for its growth. "You have my full support. KARACHI: Pak-Qatar unit has 4000 shares. He said that the founder The first thing I will do next Family Takaful Limited Similarly, every employee of Pakistan Peoples Party week in Islamabad is to (PQFTL) and NBP of PRCL has received, on (PPP) Zulifkar Ali Bhutto present your demands at a Fullerton Asset an average, a dividend of and her illuminated daugh- meeting in the Ministry and Management Ltd (formerly Rs111,000. ter Mohtarma Shaheed get the maximum possible National Fullerton Asset The minister said that Benazir Bhutto had always relief for you as soon as Management Ltd) signed 18.4 million shares have struggled for the rights of possible", he added-APP an agreement for Family (Life) Takaful coverage to the investors of NAFA Riba-free Savings Plans. MoU was signed by P Ahmed , Director & CEO PQFTL and Dr Amjad Waheed, CEO, NAFA Funds. According to the agreement and subject to the terms of the Group Family Takaful Scheme issued by PQFTL, NAFA Riba-free Savings Plan's investors will be provided free Family (life) Takaful coverage equal to the amount of investment and subject to a maximum of PKR 2,000,000 per covered person. KARACHI: Shahid Jawed Qureshi President, (PMFA) and Vice Chairman KATI, Takaful is a Halal risk mitpresenting a shielding to Dato’ Norhuddin Norddin, Chief Executive Officer, igation tool which serves as Malausian External Trade Development Corporation (Mat rade) at an alternative to conventiondinner reception hosted by Matrade in Kaula Lumpur.-Staff Photo al insurance."-PR
Amin gives PRCL shares under BESOS
PQFTL inks MoU with NAFA funds
ACCA accountancy moot from 24th Staff Reporter KARACHI: Association of Chartered Certified Accountants of Pakistan (ACCA) is organising an exciting event; Accountancy Futures Symposium - Critical issues for tomorrow's profession on the 24- 25 November in Karachi, it was announced here on Monday. In the wake of global economic crises, it has become eminent for business leaders and policy gurus to question the corporate shortcomings and public practices of today and deliberate on the future best practices, for emergence of a sustainable and sound business era. ACCA foresees accountants and finance profes-
sionals in all sectors as the true value creators across organisations; the promoters of sound business practices that drive great performance. More and more businesses demand from their finance function the ability to think about the future of the business, scan the horizon for business opportunities, design new business models and contribute to the innovation of products, services and processes. Through the Accountancy Futures Symposium, ACCA aims is to bring together high caliber delegates and industry experts to lead a dialogue on topics that we see as the most important to the future of accounting, auditing, finance and management.
KARACHI: Samsung Electronics announced its recognition with 37th prestigious International Consumer Electronics Show (CES) 2010 Innovation Awards, an announcement to this regard was made here. "We are honoured to be recognised by the International Consumer Electronics Association and their industry experts for our technology and design innovation. Samsung's employees, all over the world, work diligently to create products that make a difference in people's lives and receiving these Innovation Awards is a tribute to their efforts," said Steve Haan, General Manager Samsung Pakistan. All of Samsung's awardwinning products will be on display during the 2011 International CES, which runs January 6-9, 2011, in Las Vegas.-PR
Malaysian cultural show from 26th KARACHI: MarcoPolo restaurant at the PearlContinental, will host the Malaysian Food Festival (Buffet Dinner) and Cultural Show starting from November 26 till 28. Different Malaysian cuisines, especially to celebrate this occasion, will be prepared for the guests by expert Chefs flying in from Melaka, said a press release issued here. Malaysian Food Festival will offer a broad range of Melaka flavors. The adventurous gourmet will be spoilt for choice with a wide selection including Malay, Western, Chinese, Indian and a rich melange of cuisines.-PR
KARACHI: P Ahmed, Director & CEO PQFTL and Dr Amjad Waheed, CEO, NAFA Funds exchanging the singed agreement for Family Takaful coverage to the investors of NAFA Riba-free Saving Plans.-Staff Photo
Indian HC talks trade at LCCI Staff Correspondent LAHORE: The Indian High Commissioner, Sharat Sabharwal, has said that as the fastest growing economy of the region, India has the potential to become a growth opportunity for all its neighbours including Pakistan. The Indian High Commissioner was speaking at the Lahore
Chamber of Commerce and Industry on Monday. LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad, Vice President Sohail Azhar, former LCCI Presidents Mian Tajammal Hussain, Shahzada Alam Monnoo, former Senior Vice President Sohail Lashari and former Vice President Aftab Ahmad Vohra also spoke on the occasion.
Indian Commercial Consular R K Sharma was also present in the meeting which continued for well over an hour. The High Commissioner said that in recent years, the Indian economy has emerged as one of the fastest growing economies of the world and is likely to attain an annual growth rate of 9 per cent during the coming years.
DHL posts 13.9pc rise in gross profit Deutsche KARACHI: Post DHL continued the sound performance of the first half of 2010 during the third quarter, generating 13.9 per cent increase in revenue, said a statement issued here. Despite a slight decline in the mail division, also resulting from a regulatory change in value-added tax that took effect in July, consolidated revenue rose 13.9
per cent to EUR 12.8 billion driven by strong growth generated by all three DHL divisions. In particular, this performance reflects increased transport volumes, higher freight rates and the continuing success in attracting new customers. During the past quarter, the Group also profited from positive currency effects. Additional margin gains in the DHL divisions also
resulted in the significant increase in profitability. Underlying EBIT totaled EUR 543 million, 43.7 per cent above the previous year's level. Efficiency improvements also contributed significantly to the Group's ability to generate a consolidated net profit of EUR 226 million in the third quarter, following the loss of EUR 83 million in the same period last year.-NNI
3
Tuesday, November 23, 2010
Taiwan dollar gains; intervention spotted TAIPEI: The Taiwan dollar rose on Monday after Europe and the IMF agreed to help Ireland with its debt problems, which supported a return to riskier assets such as Asian stocks. Currency market players in Asia also stayed wary of intervention by foreign exchange authorities and more steps to reduce strong fund flows which have been supporting currencies in the region. The Taiwan dollar rose as much as 1.5 per cent against the US dollar on modest volume, but gave up some of its earlier gains as the central bank's was again spotted intervening to curb its rise. The central bank was seen defending the level of 30.25 per dollar, IFR Markets reported. -Reuters
Euro declines vs dollar, Irish uncertainty mounts
Top Economic Events
Ireland has ultimately been shrugged off by the markets today after initial gains in the euro and peripheral bond prices," said Win Thin, global head of emerging markets
strategy at Brown Brothers Harriman in New York. "It seems that the honeymoon for the periphery may end up even shorter than it was after the Greece package back in May, as markets are already turning their focus elsewhere, especially Portugal and Spain." Rating agency Moody's said a "multi-notch downgrade" on
Ireland was now likely. The euro was down 0.6 per cent against the dollar at $1.3608, far off an earlier oneweek high of $1.3786, when it pierced the 38.2 per cent
Fibonacci retracement of its Nov. 4-18 fall at $1.3765. At the session low on Monday of 1.3593, according to Reuters data, the euro/dollar was back below the 23.6 per cent Fibonacci retracement support level. "The market is skeptical as there are still fiscal issues with Portugal and Spain. Investors
have been undecided on the euro for a while now and I can see that uncertainty lasting into year-end," said Jane Foley, senior currency strategist at Rabobank in London. Data from the US Commodity Futures Trading Commission on Friday highlighted uncertainty as speculators more than halved net euro/dollar long positions to 8,606 contracts last week from 23,283 the week before. The euro also cut gains against the yen to trade down 0.5 per cent at 113.55 yen, while the US dollar index rose 0.4 per cent to 78.788. The greenback was little changed against the yen at 83.47 yen, with its surprise rebound this month from a 15year low of 80.21 keeping many traders positive in the near term. -Reuters
Yuan edges down Won at 1-wk high, ignores after tightening Asian currencies
China move, North Korea
SEOUL: The Taiwan dollar and the South Korean won led overall gains in Asian currencies on Monday after Europe and the IMF agreed to help Ireland with its debt problems, which supported a return to riskier assets such as Asian stocks. Still, investors remained worried about possible contagion in Europe, and uncertainty over size and condition of the aid to Ireland capped gains in Asian currencies, dealers said. "Asian currencies are expected to stay in a range. All are watching the Europe where lots of statements are coming out on Irish bail-out," said a dealer in Kuala Lumpur.
Currency market players in Asia also stayed wary of intervention by foreign exchange authorities and more steps to reduce strong fund flows which have been supporting currencies in the region. The won hit a one-week high against the dollar as foreign investors kept buying local shares and on exporters' demand for settlements. Local currency investors ignored further bank reserve increases from China tightening late on Friday. Instead, they remained wary of possible dollar-buying intervention by foreign exchange authorities and more measures to curb hot money inflows, dealers and
analysts said. The local currency strengthened to 1,124.2, the strongest since Nov. 15 as shipbuilders and other exporters chased it for settlements. The Malaysian ringgit rose 0.19 per cent to 3.1070 per dollar in thin trade as investors largely viewed the Irish request for aid as positive for the euro. "Those that went long USD last week closing out those positions," said another Kuala Lumpur-based trader. Some traders believe China inflation fears have been factored into the market. Traders generally expected slow, thin trade for the rest of this week ahead of the US Thanksgiving holiday on Thursday. -Reuters
Euro slides vs sterling, Swiss franc Irish woes get political lowers as LONDON: The euro slipped against sterling on Monday, relinquishing early gains after the single currency's initial rally after Ireland secured a debt bailout was overtaken by political uncertainty as Dublin looked headed for an early election. Both the Irish government's coalition partner and the main opposition party have called
for a vote in the near future as the government has been plunged into political turmoil following its request for funding from the EU and the IMF. The backlash to what looks to be a prolonged period of drastic austerity also escalated after two independent Irish MPs said they would not support the government's 2011 budget, placing doubt on whether Ireland will be able to swiftly hold up its end of the rescue plan. Analysts said the euro would
continue to suffer against sterling due to Ireland's woes, as it did earlier this year before Greece secured a bailout. Market participants said macro funds sold the euro as an initial relief rally ran its course and uncertainty over Dublin's bailout package returned to dog investors. By 1602 GMT, the euro had fallen around 0.3 per cent on
the day to hit a session low of 85.29 pence, retreating from an early climb to 85.96 pence. Sterling slipped 0.2 per cent to $1.5950, retreating from the day's high of $1.6085 after an early climb ran into selling by Asian central banks and model funds. Market participants said investors were keen to pick up sterling and UK assets given that surprisingly resilient UK data shows the British economy is continuing to recover while the government implements strict austerity measures.-Reuters
Irish bailout lifts euro
ZURICH: The Swiss franc was sharply lower against the euro on Monday after European finance ministers agreed to put together a rescue package to bail out troubled Ireland, buoying risk appetite and lifting the single currency. The franc was little changed against the dollar. The two safe haven currencies tracked lower as the expected Irish rescue deal headed off fears that the country's debt crisis could destabilise other Euro-zone nations. "Risk appetite was held in check by the Ireland crisis, but the higher risk aversion it caused has now reversed," said Commerzbank foreign exchange analyst You-Na Park. "There could be a short-term relief reaction, but it will be a cautious one, as there are still some weak countries in the eurozone which could come into focus," she said. The franc was around 0.5 per cent lower against the euro compared to the New York close, trading at 1.363 francs per euro at 0752 GMT. The franc ticked a touch lower against the dollar at 0.9922 francs per dollar. -Reuters
NZ dollar hit by S&P action, Aussie outperforms SYDNEY: The New Zealand dollar slid more than a full cent on Monday after ratings agency Standard & Poor's surprised markets by warning the country's foreign currency credit ratings could be downgraded. S&P cut New Zealand's outlook to negative from stable, citing a widening current account deficit and credit risks in its banking system. This means there is a one-in-three chance of the rating actually being downgraded over the next two to three years. While there is no immediate threat of a ratings downgrade, the announcement came out of the blue and also turned the spotlight on the country's fiscal health. That saw the kiwi dollar drop to a session low of $0.7719 from as high as $0.7837 just before the announcement. A similar announcement in January last year resulted in a 3-cent selloff in the kiwi on the day, said Sue Trinh, senior currency strategist at RBC Capital Markets in Hong Kong. "So there is a risk that this move has legs and can continue through the overnight session.
Certainly anyone with a very bullish kiwi view may need to reassess," she said. Next support for the kiwi is seen at around $0.7690, a level representing the 50 per cent retracement of the October to November rally, before $0.7624, the 61.8 per cent retracement. The kiwi also fell against the Australian dollar, which jumped to one-week highs at NZ$1.2851 from a session low of NZ$1.2646. It was last at NZ$1.2833. The steep decline in the kiwi unsettled the Aussie's performance against the greenback, knocking it off the session high near $0.9950 to $0.9928. Earlier, both currencies had benefited from news that Ireland had sought international aid to help tackle its banking and budget crisis, in a move that helped eased risk aversion. That initially helped lift the Aussie, which then gained momentum after stop-loss buying was triggered in the $0.9915/35 area. Against the yen, the Aussie also retreated to 82.79, having earlier reached a six-month high at 83.00. -Reuters
SHANGHAI: China's yuan closed down slightly against the dollar on Monday in cautious trade, taking cues from a slightly higher mid-point that indicated the central bank hopes the yuan remains stable after it raised banks' reserve requirements. For the second time in two weeks, the People's Bank of China on Friday ordered banks to increase their required reserve ratio by half a percentage point to reduce the amount of cash in the financial system as part of its fight against inflation. The central bank typically holds the currency stable for a while after a policy move to discourage speculators. Trading typically returns to normal in a couple of days if there is no major reaction. Also on Monday, the yuan started trading against the Russian rouble in the Chinese onshore forex market, the latest currency pair to be introduced as part of Beijing's efforts to promote the use of its currency. The rouble closed at 4.6711 versus the yuan, traders said, the same level as 4.6711 the mid-point set by the PBOC,
reflecting a cautious approach at the launch of the new currency pair. Spot yuan closed at 6.6416 versus the dollar, edging down from Friday's close of 6.6395, but it was still up 2.78 per cent since the PBOC announced a depegging of the yuan in midJune. It moved in a small range of 6.6361 to 6.6497, trading tightly around the day's mid-point of 6.6389, which was marginally stronger than Friday's 6.6408. Dealers said that in the long term, the yuan's appreciation was an inevitable trend as China needs to fight against imported inflation and cushion capital inflows, including those from trade and foreign direct investment. Offshore dollar/yuan forwards were basically flat, even as the US Dollar Index dropped 0.45 per cent in early European trade, continuing a week-long downtrend. One-year non-deliverable forwards were little changed at 6.4600 bid from 6.4570 at Friday's close, implying 12month yuan appreciation of 2.77 per cent. -Reuters
Indian rupee slips on importer $ demand MUMBAI: The Indian rupee ended weaker on Monday as month-end dollar demand from oil importers dragged the local unit from early highs propelled by domestic share gains. The partially convertible rupee ended at 45.405/415 per dollar, off an early high of 45.2050, and weaker than its 45.29/30 close on Friday. "There was some dollar demand from importers and also a lack of inflows," said Rohan Naik, head of forex trading at Standard Chartered Bank, adding the rupee could be at 45.50 by December. Foreign funds have bought shares worth around a record $28.7 billion so far in 2010, compared with last year's $17.5 billion. Indian shares more than reversed their previous session's losses to close 1.9 per cent higher on Monday, supported by world equities on the back of Ireland's rescue deal,
Source Visitor Arrivals m/m Consumer Confidence
Events -2.0% -10
Forecast -10
Previous 0.6% -11
Source
Events
All Day 12:00 12:00 13:00 13:00 13:30 13:30 14:00 14:00 14:30 17:00 18:30 18:30 18:30 18:30 20:00
JPY EUR EUR EUR EUR EUR EUR EUR EUR GBP CAD CAD CAD USD USD USD
Actual
Forecast
Previous
Bank Holiday GfK German Consumer Climate German Final GDP q/q French Flash Manufacturing PMI French Flash Services PMI German Flash Manufacturing PMI German Flash Services PMI Flash Manufacturing PMI Flash Services PMI BBA Mortgage Approvals Core CPI m/m Core Retail Sales m/m Retail Sales m/m Prelim GDP q/q Prelim GDP Price Index q/q Existing Home Sales
5.1 0.7% 55.2 55.0 57.0 55.9 54.4 53.2 31.3K 0.1% 0.4% 0.8% 2.3% 2.3% 4.51M
4.9 0.7% 55.2 54.8 56.6 56.0 54.6 53.3 31.1K 0.2% 0.4% 0.5% 2.0% 2.3% 4.53M
Previous Day
Moody’s says multi-notch Ireland downgrade likely NEW YORK: The euro slumped against the dollar on Monday as worries about how a bailout of Ireland will be implemented and fears of contagion to other highly indebted euro-zone states overtook earlier optimism on the deal. The euro's fall accelerated after an Irish independent government lawmaker said he was unlikely to support the country's 2011 budget. As support from within the government's own ranks crumbled. the leader of Ireland's main opposition party, Fine Gael, called for an immediate election. Many simply worried the EU/IMF rescue package might not be effective in the long term and would not stop markets from targeting fellow straggler Portugal. "News of a package for
Time NZD EUR
but investors eyed further developments on the local corruption scandals. One-month offshore nondeliverable forward contracts were quoted at 45.56, weaker than the onshore spot rate, suggesting a bearish near-term outlook. 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 45.4550, 45.4525 and 45.46, respectively. -Reuters
Currency Rates Name EUR-USD ESD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3613 1.3783 0.9916 0.9937 1.5934 1.6084 1.0188 1.0202 0.9867 0.9948 113.64 114.93 0.8549 0.8594 1.3498 1.3657 132.9500 134.1800 84.1900 84.4800 0.97 0.98 1355.74 1364.74 27.59 27.87
Bid 1.3611 0.9912 1.5929 1.0184 0.9863 113.29 0.8542 1.3495 132.8900 84.1300 0.97 1355.20 27.52
Low 1.3594 0.9878 1.5929 1.0123 0.9853 113.53 0.8527 1.348 132.9400 84.0000 0.97 1348.80 27.12
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 22/11/2010 A USD GBP CAD EUR JPY O/N 0.23063 0.55313 0.97333 0.45250 SN 0.09188 1WK 0.24953 0.55625 1.01333 0.60625 0.10438 2WK 0.25125 0.56125 1.05333 0.67125 0.10750 1MO 0.25344 0.57375 1.08667 0.77000 0.12250 2MO 0.26828 0.62813 1.13833 0.86063 0.15250 3MO 0.28438 0.74000 1.20333 0.97625 0.19500 4MO 0.33250 0.82250 1.26500 1.03750 0.25688 5MO 0.39219 0.92875 1.33833 1.11938 0.31250 6MO 0.44219 1.03125 1.40333 1.21688 0.37188 7MO 0.49094 1.11000 1.46333 1.26250 0.43563 8MO 0.54469 1.19250 1.55000 1.31000 0.48375 9MO 0.59625 1.27500 1.60833 1.36125 0.52875 10MO 0.64938 1.35125 1.69000 1.40688 0.55500 11MO 0.70406 1.42000 1.76833 1.45188 0.58313 12MO 0.76313 1.48688 1.85000 1.49813 0.61188
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Dec 07 2010 Dec 09 2010 Dec 21 2010 Dec 02 2010 Dec 14 2010 Dec 16 2010 Dec 07 2010
Sep 08 2010 Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 Nov 02 2010
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, November 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
85.70 137.26 117.96 84.47 86.47 85.14 12.58 1.03 14.41 66.26 15.82 22.85 11.05 12.91 305.31 27.59 66.38 23.54 23.33 0.08 2.86
85.50 136.94 117.69 84.27 86.26 84.94 12.55 1.03 14.38 66.11 15.79 22.80 11.02 12.88 304.60 27.53 66.23 23.48 23.28 0.08 2.86
85.32 136.62 117.41 84.05 86.04 84.72 12.52 1.02 14.34 65.94 15.74 22.74 10.99 12.84 303.79 27.45 66.05 23.42 23.22 0.08 2.85
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for November 22, 2010
KASB
BMA
ELXIR
GSL
ICSL
12.05 12.10 12.30 12.45 12.70 12.95 13.05 13.18 13.25 13.35 13.65 13.72 13.75 13.75 13.78 13.80 13.85 13.88 14.25 14.35
12.15 12.10 12.25 12.45 12.74 12.95 13.15 13.25 13.25 13.40 13.64 13.66 13.70 13.70 13.70 13.70 13.70 13.76 14.20 14.35
12.10 12.25 12.30 12.50 12.70 12.90 13.16 13.20 13.26 13.45 13.65 13.70 13.75 13.75 13.77 13.78 13.75 13.80 14.20 14.30
12.20 12.30 12.40 12.50 12.79 12.98 13.18 13.26 13.30 13.40 13.65 13.68 13.74 13.75 13.76 13.77 13.65 13.90 14.20 14.35
12.10 12.15 12.30 12.50 12.70 12.85 12.95 13.10 13.20 13.40 13.60 13.73 13.75 13.75 13.75 13.75 13.75 13.80 14.20 14.30
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 12.00 12.15 12.35 12.35 12.72 12.94 13.15 13.20 13.27 13.50 13.63 13.69 13.70 13.71 13.72 13.73 13.74 13.79 14.25 14.35
12.10 12.18 12.32 12.46 12.73 12.93 13.11 13.20 13.26 13.42 13.64 13.70 13.73 13.74 13.75 13.76 13.74 13.82 14.22 14.33
Currencies Correlation USD/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
-0.10 -0.27 -0.79 -0.91 -0.59 -0.62
0.65 -0.62 -0.78 0.48 0.64 0.71
0.69 -0.72 -0.82 -0.64 0.27 0.24
0.52 0.19 -0.51 -0.25 0.57 0.65
EUR/USD GBP/USD -0.35 -0.87 -0.84 -0.91 -0.08 -0.03
-0.80 0.02 -0.70 -0.91 -0.38 -0.20
NZD/USD USD/CAD 0.28 0.15 -0.74 -0.85 -0.63 -0.62
0.77 0.05 0.68 0.58 0.11 0.57
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)22/11/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 11.90
12.40
11.90
12.40
12.25
12.75
12.65
12.90
12.90
13.15
12.95
13.45
13.20
13.70
13.30
13.80
JSBL
12.20
12.70
12.25
12.75
12.25
12.75
12.80
13.05
13.20
13.45
13.35
13.85
13.35
13.85
1350
14.00
ASPK
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
CIPK
11.80
12.30
12.00
12.50
12.20
12.70
12.70
12.95
13.10
13.35
13.20
13.70
13.30
13.80
13.35
13.85
DBPK 11.85
12.35
12.00
12.50
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
11.80
12.30
11.90
12.40
12.00
12.50
12.80
13.05
13.20
13.45
13.25
13.75
13.30
13.80
13.40
13.90
FLAH 11.90
12.40
12.00
12.50
12.15
12.65
12.75
13.00
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
HBPK 12.00
12.50
12.15
12.65
12.20
12.70
12.75
13.00
13.00
13.25
13.15
13.65
13.20
13.70
13.35
13.85
HKBP 12.00
12.50
12.15
12.65
12.25
12.75
12.70
12.95
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
N I PK 11.80
12.30
12.15
12.65
12.60
13.10
12.90
13.15
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
HMBP 12.00
12.50
12.25
12.75
12.45
12.95
12.90
13.15
13.20
13.45
13.25
13.75
13.30
13.80
13.35
13.85
SAMB 11.60
12.10
11.80
12.30
12.30
12.80
12.80
13.05
13.10
13.35
13.15
13.65
13.25
13.75
13.35
13.85
MCBK 11.90
12.40
12.10
12.60
12.20
12.70
12.85
13.10
13.15
13.40
13.25
13.75
13.30
13.80
13.50
14.00
NBPK 11.90
12.40
12.00
12.50
12.20
12.70
12.80
13.05
12.90
13.15
13.10
13.60
13.25
13.75
13.35
13.85
SCPK
11.80
12.30
11.90
12.40
12.20
12.70
12.70
12.95
12.95
13.20
13.10
13.60
13.15
13.65
13.30
13.80
UBPL 11.80
12.30
12.00
12.50
12.25
12.75
12.80
13.05
13.15
13.40
13.20
13.70
13.25
13.75
13.35
13.85
AVE
12.37
12.03
12.53
12.22
12.72
12.77
13.02
13.04
13.29
13.16
13.66
13.24
13.74
13.34
13.84
ABPL
11.87
ASK
4 Tuesday, November 23, 2010
Population Bomb
The Financial Daily International Vol 4, Issue 106
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
Thank You Turk Bros The Karachiites thank Turk Brothers from the core of their hearts for sending a shipmounted 232MW power plant. Though, it would fill only a small cranny in gaping demand-supply chasm, but something is better than nothing. At the same time Karachi Electric Supply Company (KESC) will have to seriously mull about addition of more capacity sooner than later. President Karadeniz Energy, Orham Ramzey said that the ship with 19 brand-new power generating engines has been completely built in Turkey and will provide uninterrupted power supply. Power generation will start after the ship anchors at Ibrahim Hyderi mooring basin near Port Qasim. The key concern expressed regarding high tariff to be paid to Turkish company has been removed by Federal Minister for Water and Power Raja Pervaiz Ashraf. He confirmed that Turkish company will provide electricity to Karachi at the prevailing tariff. Since fuel cost is always passed on to the consumers, running the power plants on natural gas can help contain cost for end users. Though, there has been an opposition to running thermal power plants on gas, this project could be an exception. While rest of the country enjoys the benefit of low cost hydel power, consumers located in KESC's domain have been denied this benefit because its entire power generation facility is thermal based. It has been repeatedly highlighted that the peak load of KESC's franchised area now exceeds 5,000MW. The peak load of 2,500MW as reported by KESC excludes hundreds of those industrial and commercial consumers who/which have established inhouse power generation facilities. It is also necessary to remind everyone that power pilferage is high in Karachi because of denial of new connections and high tariff. If all the connections are regularised and uninterrupted supply at affordable rate is guaranteed, consumers will have no incentive for pilfering electricity. The KESC should also be given subsidy keeping in view the fact that the government has been supplying free of cost electricity to certain areas for decades. Enjoying a market of 20 million people, proximity with two ports and having nearly a dozen organised industrial estates Karachi is the preferred choice of both the local and foreign investors. Experts are of the view that uninterrupted supply of electricity at competitive price can usher another round of investment. One of the remedies is to encourage coalbased power generation in Sindh. The province has some of the largest coal reserves. It is encouraging that a mega power plant is being established under private-public partnership. There is a dire need to start a few more projects to help minimise dependence on fossil fuels.
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.
Zahid Bukhari
T
he root of brutalities and natural clematis, are in lack of "population control", and all over spread of illiteracy / ignorance, and Pakistan has been the victim of both of these destroyers. We must wake up and wake up under urgency to acknowledge the realities, as not much time is left to reach at our honorable survival as a nation. We must turn over sleeves to exert strict control through stiff and strong laws over our rising population and simultaneously we must control illiteracy too, by commencing education order, means making attainment of education compulsory for all, under all circumstances what so ever, through out Pakistan on war footings. We are increasing like weeds and multiplying like rabbits, while on the other hand, our resources to maintain and mange such a rising population has always been shy due to variety of reasons, illiteracy, corruption and animal like extreme selfishness among all of us are some of them. A child at birth requires medical attention, clothing, food, proper shelter, extreme care, and there after books, teachers and all other avenues to raise him / her as a competent citizen of the country, while majority of Pakistani children go without their basic requirements and needs. Perhaps, we have been maintaining since the beginning the highest percentage in increase of our population in the entire world. In the opinion of many learned Pakistanis, we never had a correct demographic data, as our census personnel always failed to reach the entire Pakistan. It is estimated that more then 30 per cent area of the country never came under counting. For a better understanding I go back to 1901, when British Government carried out census in India, under that, the area which is called now Pakistan, its total population was around 10 million. And at the time of partition that is August 1947, the population of the area, according to an estimate was around 27 million. Now in 2010 we are speeding to be more then 180 million. Almost 50 per cent of us live below the poverty line, void of any education and basic necessities of life. Another 30 to 35 per cent are poor making both ends meets with difficulty. Surprisingly in Pakistan there is no mentionable educated middle class. The large majority of the population in our country lives under slavery, either of feudal lords, other moneyed persons and that of illiterate and ignorant Mullahs. While the feminine gender,
with some exceptions here and there are totally slave of men. Women in Pakistan are sold and purchased and are even bartered, having almost no say through out their lives. Either women are not allowed to vote, and if otherwise i.e. with the choice of her master, husband, father or brother. Persons of high intelligence mostly in developed and civilized countries are beginning to realize that the under developed countries of 3rd world face an inevitable population - food crises, while crises of medicines, health care, education, shelter, shortage of clean water, sanitation, clothing etc go side by side. And it has started with us already to its logical conclusions, mass starvation or people living below the poverty line. Pakistan seems to be the leading country in the 3rd world having mountain like imbalance in between the high rate of increase of population and some what least or crippled rate of increase in resources to maintain such an over flow of human beings. The Population explosion in Pakistan stays permanent-
“
illiteracy. Further it must be realized, understood and noted, that since the very beginning, we Pakistanis are living on foreign helps, loans and doles, to meet our defense requirements and to meet necessities of life to a reasonable extent. As I remember when I was studying in School in 1948 here at Karachi, the large Yellow colour tins of edible oil (Ghee) and of milk powder, along with sugar and flour bags with marks "under USAID" were distributed among the students at least once during a month. It remained as such for some months later on I saw such stuff being sold in wholesale (Jodia Bazaar) market and retail shops with partial removal of marking "under USAID". Although ours is an agriculture country, but there is hardly any year that we do not import food grains and cooking oils, from foreign countries mostly countries in west either on loan or dole or under UN charity to feed our rising population. Pakistan never enjoyed full fruits of its being an agricultural country, although having best canal irrigation system in the world (made by our masters the British), because of the feudal system prevailing all over the country. This feudal system vanished centuries ago from most of the countries in the world, while in India very effective land reforms were introduced within first five years of the Partition. It is surprisingly to note that more then 30per cent of our budgetary growth is of agriculture produce and almost 65 per cent of our population depends directly or indirectly on agriculture. But this largest segment of economy could not be brought under tax net, because of fears of great might of feudal lords. The majority of our rural population is still under slavery of the feudal lords, in one way or the other. The high and ever increasing birth rate and illiteracy help the feudal lords and religious extremists to strengthen their iron grip over the illiterates. It is a fact as sun rises from the East that our honorable survival entirely
Almost 50 per cent of us live below the poverty line, void of any education and basic necessities of life. Another 30 to 35 per cent are poor making both ends meets with difficulty. ly as huger, no proper health care, high illiteracy, little water, high security risk, defective justice, no proper sanitary system, all kinds and types of corruptions from top to bottom and spread all over, beast like brutalities every now and then, and almost jungle like law and order situation, all this results in abnormal or very high rate of deaths through all stated deficiencies and starvation. Population control is the conscious regulation of the number of human beings to meet the needs, not just of individual families, but of society or country as a whole. It must be taken as granted that no changes in behavior or technologies can save us, unless we can achieve control over the size or percentage in increase of human Population. The birth rate must be brought into balance with death rate or we will breed into oblivion. Over population is now our dominant problem in all over personal and national Planning. We can not undertake any planning, unless we first take into account "Population Bomb". We are severely faced with. Our writers, thinkers politicians, and mass media (print and electronic only toughing tip of the iceberg. While it is necessary to describe the original of basic problems which are raising population, extremely selfish animals like national mental attitude is giving rise to all sorts of corruption, dishonesty and all over spread of
India is an interesting example of changes in government measures to control the country's population. The Indian government concerned that the rapidly growing population would adversely effect economic growth and living standards, implemented an official family program in late 1950s and it was perhaps the first country the world over, which established family planning department. Another important example of mandated population control is People's Republic of China; more then one child is made extremely unattractive. The Governments of People's Republic of China and India having strong control and checks population growth rate leading to enormous economic development raising standard of living, improving security, satisfying the present generation and generations to come. China and India the two most populous countries in the world have created wonders in the field of attainment of education and economic development, only because of containing population growth rate and also being secular. Our entire nation with the exceptions of certain quarters stands surrounded with acute and deep rooted illiteracy / ignorance, enjoying no rights, positive and intelligent mental order, cannot do or perform acts for the betterment and well being of this God gifted country solely created by Quaid-e-Azam Muhammad Ali Jinnah. The nation hardly enjoys literacy and devoid of positive thinking often lead to strange behavior. The small intelligence left with us (majority of able and qualified honest persons having migrated to Western European countries, USA, Canada and Australia) do not have any say in the affairs of Pakistan. But they are of the view that following steps must be taken to check and control population growth rate, without losing further time and before we face dooms day. 1. More then one wife must be taken as a criminal offence against the state 2. Minimum marriage age for men and women should be 21 and 18 years. 3. In cities more then one child and in rural areas more then two children must be treated as punishable crime with heavy fines and imprisonment. As regards education, that should be compulsory for all adults, children, men and women. Adult education should be during late evening while all children must attend their schools in the morning. For not sending the children to schools, parents should be held responsible and punished accordingly. Law and order and corruptions should be taken seriously by the Government, and all of its concern departments. The responsible should be taken to task, by immediate punishment and fines. God bless Pakistan. Author is retired Senior Vice President, Habib Bank Ltd
The majority of our rural population is still under slavery of the feudal lords, in one way or the other. The high and ever increasing birth rate and illiteracy help the feudal lords and religious extremists to strengthen their iron grip over the illiterates. depends on our effective and powerful check on population growth and simultaneously a check on rapid increase of illiteracy. Although, it is too late but even then we have a chance to make Population Planning Division effective in containing population growth rate.
Are kids really safer in Afghan cities than US’s? C
hildren are probably safer growing up in Afghanistan's major cities, including the Taliban stronghold of Kandahar, than in London, New York, or Glasgow, NATO's top civilian envoy to Afghanistan has said. Mark Sedwill's comments were made during an interview to be aired on Monday on Children's BBC Newsround, a popular British daily current affairs program aimed at children. Children living in the Afghan capital Kabul had told the show's presenter they felt unsafe on the streets because of the risk of bombs. But Sedwill dismissed their fears. "Here and in Kabul and the other big cities, actually, there are very few of those bombs," he said. "The children are probably safer here than they would be in London, New York or Glasgow or many other cities," he said, according to comments released by CBBC before the show was aired. "It's a very family-orientated society, so it is a little bit like a city of villages," he said. His remarks, which will feature in a two-part series exploring the lives of children in Afghanistan, were rejected as
misleading by an official from the aid group Save the Children. "One in five children die before they get to the age of five. So to say it's safer to live in
"Any comment you have to clarify obviously wasn't very well put and the comparison I made with Western cities distracted attention from the important point I was seeking
2001, with civilian and military casualties at record levels. DANGEROUS FOR CHILDREN A report from the United Nations Children's Fund (UNICEF) in November 2009 said Afghanistan was the most dangerous country to be born in. It has the highest infant mortality rate in the world and two-thirds of the population lacks access to clean water. Forty three per cent of the country was virtually off-limits to aid agencies due to poor security, the UNICEF report said, making it difficult to carry out health campaigns for children.
His remarks, which will feature in a two-part series exploring the lives of children in Afghanistan, were rejected as misleading by an official from the aid group Save the Children
London, New York or Glasgow to make," Sedwill said in a is daft," said the representative statement later on Monday. from Save the Children, who UN figures show Afghan requested anonymity so he children are often the victims could speak freely. of a worsening conflict, with "Sedwill's overall message 1,795 children killed or injured that life is village-like UN figures show Afghan children are gives a sense of comfort or of a safe environment. It is not like that in often the victims of a worsening conflict, Afghanistan, it is dan- with 1,795 children killed or injured as a gerous for children, it's an insecure place," he result of the war from September 2008 said. through August 2010 Sedwill said he had been trying to explain that violence was not at the as a result of the war from Another UN report on same level in every part of September 2008 through Afghanistan in September said Afghanistan and that in cities August 2010. casualties among women like Kabul, where security had Violence across Afghanistan increased 6 per cent, while improved, violence was com- is at its worst since the Taliban those among children jumped parable to what many Western were overthrown by US- by 55 per cent. A total of 74 children might experience. backed Afghan forces in late children were killed in the first
half of the year by homemade bombs or in suicide attacks, an increase of 155 per cent for the same period in 2009. While insurgents normally target foreign and Afghan forces, civilians are often caught up in the attacks as bystanders. Last month, at least nine people, including eight children, were killed when a school bus carrying female students was hit by a roadside bomb in Nimroz province in southwestern Afghanistan. Kabul has been relatively quiet over the past three months but two bombings targeting the Indian embassy in 2008 and 2009 killed around 75 people, including children. Girls have had acid thrown in their faces while walking to school by hardliner Islamists who object to female education, which was banned under Taliban rule. Several girls' schools, including some in Kabul, have also been hit by mysterious gas poisonings blamed on Islamists. Some children, especially those from wealthier families, are also kidnapped for ransom. Such kidnappings often go unreported and children have been killed if ransoms were not paid. -Reuters
5
Tuesday, November 23, 2010
South East Asian stocks
Banks lead Europe shares down on contagion worries KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,966.00 11,205.84 239.84 2.19 113.32
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,433.71 3,537.34 103.63 3.02 6.40
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,794.97 2,894.95 99.98 3.58 0.15
Major Gainers
Symbol
Close
Change
RMPL 1,997.95 SIEM 1,349.01 NESTLE 1,964.33 POL 268.36 SRVI 221.64
80.73 38.33 32.74 12.77 10.55
Major Losers
Symbol
Close
Change
DREL 615.60 ULEVER 4,050.01 SALT 46.02 NJICL 55.56 SGLL 35.80
-32.4 -26.32 -2.1 -1.94 -1.7
Top 5 Volume Leaders
Symbol JSCL LOTPTA POL NML NBP
Close Vol (mn) 12.95 11.88 268.36 55.58 67.40
10.08 9.33 5.61 5.29 4.79
Active Issues Plus Minus Unchanged
249 104 25
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
Ease slightly; Thailand, Indonesia buck trend
E&P-crazy foreigners lend KSE a mighty lift Nawaz Ali KARACHI: After a long weekend, Karachi Stock Exchange (KSE) Monday saw an explosive rally which was mainly motored by foreign buyers. The market gained more than 200 points to close above 11,000 levels after a period of about 28 months due to heavy buying by the offshore investors chiefly in oil stocks. The benchmark KSE 100Index increased by 239 points 2.19 per cent to close at 11,205 points while KSE 30-index
jumped by 240 points -2.27 per cent to close at 10,837 points and KSE All Share Index rose by 161 points -2.11 per cent to close at 7,789 points. It should be noted that the benchmark index last time closed above 11,000 levels in July 2008. "Bullish activity with rising volumes was due to strong foreign interest & institutional buying in oil & gas sector", said Ahsan Mehanti, Director Arif Habib Investments. Market started the day with a gain of 14 points and remained
Nikkei extends rally to a new 5-mth closing high TOKYO: The Nikkei average rose almost 1 per cent to a fresh five-month closing high on Monday, as receding worries about the yen's strength encouraged a shift back to Japanese shares led by foreign investors. Active short-covering of banks and other financials by overseas fund operators helped lift Tokyo shares last week, and there was more talk of overseas buying of Japanese blue-chip equities on Monday, traders said. "The market has started to recognise just how resilient (Japanese) exporters have become toward yen strength. Their profitability has been improving more than the market had expected," said Fumiyuki Takahashi, equity strategist for Barclays Capital Japan. "Money has been flowing in, especially from overseas," Takahashi said, adding that the Nikkei may rise to 10,500 by year-end and rise further by the end of next March. The Nikkei gained 3 per cent last week and has climbed more than 10 per cent so far in November, helped in part by the yen's slip from a 15-year high against the dollar struck earlier in November. The broader Topix rose 0.7 per cent to 875.48. Technicals have brightened after the Nikkei rose above resistance at the 200-day moving average last week for the first time since May. The next upside target is its June high of 10,251.90.
After that a 61.8 per cent retracement of its April to September sell-off lies at 10,410.49. The Nikkei continued to attract buying from foreign investors as concerns over the yen's rise wane. The yen was trading at 83.45 against the dollar, moving away from its all-time high of 79.75 recorded in 1995. "It was symbolic to see shares such as Komatsu rising convincingly today. I believe foreigner investor appetite is very strong in taking more positions in Japanese stocks," said Takashi Ohba, senior strategist at Okasan Securities. "Originally I expected China's tightening measure to raise banks' reserve requirements would hurt Komatsu, which has a close link to the country, but today's strong rise proves that overall demand for Japanese stocks is very strong." Komatsu, the world's secondbiggest construction machinery maker, at one stage hit its highest in more than two years at 2,323 yen, before ending up 2.9 per cent at 2,311 yen. Among losers, MS&AD Insurance Group Holdings Inc, Japan's largest property-casualty insurer, plummeted 8.2 per cent to 1,949 yen after the company revised its full-year net profit forecast to 40 billion yen ($479 million) from 51 billion yen previously. It booked worse-than-expected earnings on Friday for the April-September first half of the current financial year.-Reuters
KSE EOGM adjourned till January 24 next year Staff Reporter KARACHI: The Extraordinary General Meeting (EOGM) of Karachi Stock Exchange --aimed at amending the Articles of Exchange-- has been adjourned till Jan 24, 2011 as participants decided to wait for the outcome of talks being held with Securities & Exchange Commission of Pakistan (SECP) regarding the broker-chairman issue. "We are negotiating the matter of elected chairman with the apex regulator therefore it was decided to adjourn the meeting for 60 days", said Abid Ali Habib, Director Karachi Stock Exchange. According to details, more than 60 members attended the meeting See # 15 Page 11
FTSE at 3-wk closing low LONDON: Britain's top share index closed lower on Monday, hurt by banks and commodity stocks as initial upbeat sentiment over Ireland's bailout subsided, giving way to fears over potential problems in other euro zone countries. The FTSE 100 closed down 52 points, or 0.9 per cent, at 5,680.83, its lowest since Oct. 29, retreating from 5,783.14 earlier in the session after Ireland agreed to a bailout by European partners and the International Monetary Fund. Banks , also up earlier in the session, went into reverse. Royal Bank of Scotland, which traders said is the most exposed to Ireland through its Ulster Bank business, topped the bluechip fallers' list, off 4.6 per cent, while Lloyds Banking Group shed 4.2 per cent. The European Union and the IMF agreed on Sunday to help bail out Ireland with loans expected to total 80-90 billion euros to resolve its banking and budget crisis. Market participants said investors were rattled by concerns that Ireland's debt crisis might spread to other euro zone countries, such as Portugal and Spain. "Of course if Spain does get caught in the crosshairs, it's going to be an absolute nightmare for Europe because it just can't bail it out. It hasn't got the facilities to bail it out," David Morrison, market strategist at GFT Global, said. See # 18 Page 11
HK, China shares fall on banks, realty steps HONG KONG: Shares in Hong Kong and Shanghai slipped on Monday, extending last week's losses, after Hong Kong imposed fresh measures to cool the property sector and China raised banks' reserve ratios again to curb inflationary pressures. Hong Kong developers slumped after the government unveiled new steps to slow surging property prices, including a new stamp duty on residential transactions. But a weak US dollar and higher commodity prices buoyed resources counters, limiting losses in the broader market. "We have two opposing forces in the market," said Ben Kwong, chief operating officer at KGI Asia Ltd. "On one hand, you have monetary tightening in China and anti-speculative measures in Hong Kong that are pulling down banks and properties. But it seems the weakness in the dollar is limiting the downside
because it is favourable for commodities." The benchmark Hang Seng Index fell 0.35 per cent to 23,524.02 points, but was expected to trade in a relatively narrow range this week as investors wait for China's next moves to tackle accelerating inflation. More interest rate rises are widely expected. Hong Kong's property subindex slid 2.6 per cent to a twomonth low, with property agency Midland Holdings Co Ltd slumping 17.4 per cent on expectations revenue will fall after the latest cooling measures. Consumer plays bucked the trend. Chinese noodle maker Tingyi Holdings was up 1.4 per cent, while beer manufacturer Tsingtao Brewery rose 1.9 per cent. Fidelity International, which has more than $20 billion invested in Chinese shares, likes consumer plays such as retailers and food makers, said
Anthony Bolton. He expects consumer counters to benefit from China's move to promote an economy led by domestic consumption economy and lessen its dependence on exports. "China's growth is going to come down to 7-8 per cent next year," Bolton, Fidelity's president of investments, said in a luncheon speech at the Foreign Correspondents Club. "But it still looks attractive in a lowgrowth world." Oil firm Sinopec was up 1.4 per cent, while gold miner Zijin Mining gained 1.9 per cent. BANKS PULL CHINA DOWN The Shanghai Composite Index ended down 0.15 per cent at 2,884.4, after falling 3.2 per cent last week on fears Beijing may be contemplating more aggressive policy tightening to quell inflation. Large gains in sectors such as information technology failed to offset weakness in heavyweight banking shares.-Reuters
in the green territory throughout the day gradually gaining points due to continuous foreign buying in oil stocks therefore the index at one moment touched a day-high of 11,211 points (+ve 245 points) and closed thereabouts. According to NCCPL data, day's net foreign buying stood at $7.1 million translating into a total net-buying of $31.59 million by the offshore investors in the month of November so far. Investor participation also showed improvement as See # 16 Page 11
Indian shares bounce back MUMBAI: Indian shares recovered from the previous session's losses and firmed 1.9 per cent on Monday, supported by world equities on the back of Irish rescue deal, but investors eyed further developments on the local corruption scandals. Financials led the gains on optimistic loan demand outlook in the world's second-fastest growing major economy after China. An agreement from the European Union and the International Monetary Fund to lend Ireland cash to tackle its banking and budget crisis gave investors a reason to buy back some risky assets sold off this month. The 30-share BSE index gained 372.15 points to 19,957.59, with 27 of its components closing in the green. "The market is just recovering from a sharp fall on Friday. Strong global stocks and Ireland's bailout decision are helping," said Neeraj Dewan, director of Quantum Securities. The benchmark index had dropped 1.7 per cent on Friday to its lowest close in nearly two months. "There were fears about political upheaval over the weekend, which have subsided to an extent, providing some relief to the (stock) market today," said Ambareesh Baliga, vice-president of Karvy Stock Broking. So far in 2010, foreign funds have pumped in $28.4 billion into
Indian equities, helping the benchmark index gain 14.3 per cent. But, data from market regulator suggests a slowdown in foreign funds' investments recently as they turned net sellers in three of four sessions ending Thursday. The government and opposition parties failed to break a deadlock in parliament over an investigation into a widening corruption scandal that has prevented economic reforms being approved. Top lender State Bank of India rose 1.6 per cent while leading private lenders ICICI Bank and HDFC Bank firmed 2.7 per cent and 3 per cent respectively. Energy major Reliance Industries rose 1.5 per cent after it said late Friday it has safely restarted its crude distillation unit at its Jamnagar refinery. Tata Motors gained 3.2 per cent after the vehicles maker said late Friday it would start selling its small car Nano in six more states from Nov 22. Gainers outnumbered losers in a ratio of 1.9:1 in the broader market, in a low trading volume of 339 million shares. The 50share NSE index gained 2 per cent to 6,010 points. Elsewhere, MSCI's all-country world stock index rose 0.5 per cent by 1027 GMT while its more volatile emerging market index firmed 0.7 per cent.-Reuters
US stocks late-morning
Wall St sags on euro-zone debt worries NEW YORK: US stocks fell on Monday as political turmoil clouded Ireland's bailout deal and investors worried that further steps would be needed to combat euro-zone sovereign debt problems. US financial stocks led the way lower as the European Union and International Monetary Fund began to hash out details of a loan package to Ireland to resolve its banking and budget crisis. The three major US stock indexes fell to session lows after the leader of Ireland's main opposition party called for an immediate election as the country's government neared the breaking point. "That just adds to the uncertainty, creating political turmoil at the time you have financial turmoil," said Scott Marcouiller, chief technical market strategist at Wells Fargo Advisors in St. Louis. US-listed shares of Bank of Ireland tumbled 17.2 per cent to $2.21, and Allied Irish Banks Plc lost 4.9 per cent to $1.17. US banks' shares also sagged, with the KBW bank index down 1.7 per cent. Marcouiller noted the developments come against the backdrop of a consolidation phase for US stocks after a strong run through September and October, and that ultimately he expects stocks to make little progress between now and year-end. The Dow Jones industrial average dropped 77.95 points, or 0.70 per cent, to 11,124.60. The Standard & Poor's 500 Index shed 6.84 points, or 0.57 per cent, to 1,192.89. The Nasdaq Composite Index dipped 0.40 of a point, or 0.02 per cent, to 2,517.72. The euro extended its slide to $1.3614, while US oil futures dropped 1 per cent to $81.14 a barrel. Exxon Mobil and Chevron Corp were the heaviest weights on the Dow, with Exxon Mobil down 1.5 per cent at $69.47 and Chevron down 1.1 per cent at $83.02. The Nasdaq fared better than the other two indexes with strength in the semiconductor sector after Robert W. Baird upgraded SanDisk Corp shares to "outperform" from "neutral." See # 17 Page 11
Dhiyan
Profiting seen; “hold it� advised Mohammad Sohail, CEO Topline Securities The current bull-run is led by foreign buying whose continuation is subject to the sustainability of global stock markets. Market is seen moving between 11,000 and 11,500 points by December. Investors should book profits if index crosses 11,500 level while gradual buying can be done in energy and consumer sector stocks. Market might see some profit taking today.
Khurram Schehzad, Head of Research Invest Cap Market would need some positive triggers in order to maintain the current buying spree. The triggers include no change in interest rates, rise in international oil prices, inflow of foreign funds, launch of margin trading system (MTS), and foreign buying. Otherwise it would be difficult for the index to sustain 11,000 level. Investors are therefore advised to hold their current positions while new investments can be done in oil, power, and cement stocks at lower levels. Market would remain positive today.
6
Tuesday, November 23, 2010
Market Volume
113,317,904
Value
6,539,441,622
Trades
69,586
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
249 104 25 378
All Share Index
11,205.84 11,211.61 10,966.00 h239.84
Current High Low Change
KSE 30 Index
7,789.39 7,793.49 7,628.24 h161.15
Current High Low Change
KMI 30 Index Current High Low Change
10,837.18 10,840.78 10,596.46 h240.72
17,939.17 17,953.19 17,542.26 h396.91
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,419.29 Turnover 15,886,742 P/E (x) 10.56 Company
KSE 100 Index
Symbols
High Low 1,481.39 1,416.83 Total cos Defaulter cos P/BV (x) ROE (%) 3.43 32.54
Close Change 1,474.08 54.78 Listed cap Market cap 65,194.15 mn 1,154,481.20 mn Payout (%) Div Yield (%) 55.94 5.30
PE
Open
High
Low
Close Chg
Volume
Attock Petroleum 691 5.45 Attock Refinery 853 7.16 BYCO Petroleum 3921 Mari Gas Company 735 16.74 National Refinery XD 800 3.97 Oil & Gas Development 43009 11.25 Pak Petroleum 11950 8.21 Pak Oilfields XD 2365 6.34 Pak Refinery Limited 350 PSO 1715 4.91 Shell Gas LPG 226 Shell Pakistan 685 10.30
307.51 127.23 11.47 119.62 265.35 159.49 193.72 255.59 82.81 283.22 37.50 197.81
315.00 129.40 11.72 125.39 273.00 167.00 203.00 268.36 83.58 291.50 38.00 201.35
308.00 126.25 11.46 119.95 266.00 159.11 193.18 255.50 82.06 283.55 35.63 197.51
314.42 6.91 127.75 0.52 11.60 0.13 123.57 3.95 267.81 2.46 166.23 6.74 201.81 8.09 268.36 12.77 82.97 0.16 290.09 6.87 35.80 -1.70 200.82 3.01
1043697 3240890 2930860 234591 287540 1200060 2302614 5614680 19030 1900422 12999 30219
Last 60 days High Low 374.20 129.70 12.10 128.90 273.00 167.00 214.10 268.36 87.39 291.50 40.28 215.20
% Change 3.86 5-Day High 1,474.08 5-Day Low 1,401.64
2009 Div BR (%) (%)
287.99 250 76.20 9.84 106.00 32.17 100B 183.25 125 136.30 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 182.05 330 -
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 746.59 Turnover 74,028 P/E (x) 5.71 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 756.36 741.40 Total cos Defaulter cos P/BV (x) ROE (%) 1.46 25.53
Close 743.02 Listed cap 3,242.17 mn Payout (%) 11.08
Change -3.56 Market cap 12,905.26 mn Div Yield (%) 1.94
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.24 39.13
72.22 37.10
73.00 37.94
72.20 35.90
72.35 0.13 36.00 -1.10
17828 56200
80.00 41.00
60.05 34.50
Company
Paid up Cap(mn)
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 XD Fauji Fert. Bin Qasim Gatron Ind Ghani Gases Ltd ICI Pakistan Lotte Pakistan Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind XDXB Sitara Peroxide Wah-Noble XD
PE
Open
High
Low
250 10.98 78.75 273 5.92 152.92 1203 7.03 169.04 1996 2.67 1020 7.80 3663 1.62 94 - 10.20 3277 10.12 181.76 6635 - 13.44 22000 9.74 6785 7.93 109.08 9341 6.45 33.72 384 2.29 43.75 725 9.18 12.02 1388 7.71 133.77 15142 4.24 11.94 74 1.67 1106 1.49 120 2.50 214 9.86 118.04 551 15.70 14.29 90 6.48 32.99
81.39 156.00 171.00 2.80 8.27 1.74 10.88 184.84 13.70 10.00 109.60 34.35 42.77 12.20 137.50 12.10 1.82 1.54 2.50 123.25 14.69 33.72
77.55 154.00 166.51 2.65 7.75 1.65 9.50 181.61 13.29 9.62 109.00 33.80 42.40 11.92 134.05 11.77 1.41 1.46 2.49 115.05 14.10 33.70
Close Chg 79.92 154.83 169.56 2.70 7.99 1.67 10.80 184.23 13.43 9.91 109.47 34.18 42.77 12.12 136.92 11.88 1.53 1.53 2.49 120.27 14.44 33.70
1.17 1.91 0.52 0.03 0.19 0.05 0.60 2.47 -0.01 0.17 0.39 0.46 -0.98 0.10 3.15 -0.06 -0.14 0.04 -0.01 2.23 0.15 0.71
Close 1,250.25 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 4935 10409 34649 20013 1374181 259795 103 1736527 226753 581180 237434 2621396 176 47054 365785 9330207 581720 39500 411 9003 481035 201
Change 9.91 Market cap 278,636.08 mn Div Yield (%) 6.23
87.99 164.89 182.00 2.98 8.27 1.82 13.79 185.59 15.20 11.74 111.65 34.35 46.59 13.85 138.00 12.18 3.00 1.65 3.40 127.20 14.69 46.25
% Change 0.80 5-Day High 1,250.25 5-Day Low 1,224.97
2009 Div BR (%) (%)
2010 Div BR (%) (%)
66.90 90 15 149.72 125 155.38 40 10B 40 1.78 3.20 1.28 9.21 15 15 165.60 6010B 40R 40 11.15 - 27.5R 9.02 102.96 131.5 10B 95 26.59 40 - 17.5 36.95 20 7.41 113.00 80 55 7.44 5 0.80 1.16 1.80 101.00 75 25 7.67 32.00 50 50
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,084.90 Turnover 5,562 P/E (x) 5.54 Company
Paid up Cap(mn)
Century Paper Security Paper
707 411
PE 6.06
Open 16.75 39.18
High 17.15 39.34
High Low 1,096.04 1,068.37 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47 Low 16.56 38.50
Close Chg 16.71 -0.04 39.29 0.11
Close 1,084.01 Listed cap 1,186.83 mn Payout (%) 25.28
Last 60 days High Low
Volume 2080 3383
Change -0.90 Market cap 3,003.70 mn Div Yield (%) 4.56
21.80 42.00
15.28 38.00
% Change -0.08 5-Day High 1,084.90 5-Day Low 1,063.77
2009 Div BR (%) (%) - 425R 50 -
Open 1,187.25 Turnover 207,102 P/E (x) 4.53 Paid up Cap(mn)
Agriautos Ind XD Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
PE
Open
144 5.15 68.00 101 4.68 156.07 626 6.87 99.21 890 1.49 56 4.44 153.59 598 19.07 21.08 450 3.38 4.90 1428 - 12.60 786 6.22 270.62 823 11.90 74.06 150 3.63 19.13
High
High Low 1,218.64 1,191.55 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 25.35 Low
Close Chg
Company
Paid up Cap(mn)
PE
Open
High
Low
565 675 555 1199
3.92 9.21 9.72
25.00 2.94 14.93 46.20
25.24 3.05 15.35 47.20
24.60 2.92 14.70 46.26
785 10.23
8.73
9.00
8.68
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin XD
Close Chg 25.11 2.95 14.73 46.65
0.11 0.01 -0.20 0.45
9.00 0.27
Close 937.25 Listed cap 3,596.11 mn Payout (%) 30.91
Change 8.18 Market cap 8,970.02 mn Div Yield (%) 10.54
Company
Paid up Cap(mn)
Close 1,196.64 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
5860 41675 76969 39770
27.51 3.39 16.75 64.25
23.75 1.65 12.25 44.00
-
30B -
30 40
20B
1257
10.80
8.00
10
-
7.5
-
Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Noor Sugar 186 Ansari Sugar 244 Chashma Sugar 287 Colony Sugar Mills 990 Dewan Sugar 365 Habib Sugar 600 Habib-ADM Ltd 200 J D W Sugar 490 Mehran Sugar 143 National Foods 414 Noon Pakistan XD 48 Noon Sugar 165 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 S S Oil 57 Sakrand Sugar 223 Sanghar Sugar 119 Shahmurad Sugar 211 Shakarganj Mills 695 Wazir Ali 80
Open
High
Low
12.42 0.89 5.20 0.26 1.17 7.02 11.57 2.63 3.36 16.94 3.50 0.49 8.08 0.30 0.99 18.33 -
5.50 16.90 50.00 5.00 13.87 3.20 1.75 34.60 12.50 78.90 59.50 43.25 23.33 14.69 5.91 42.99 2.06 3.50 3.00 13.92 12.60 5.48 5.50
6.50 16.90 52.00 5.50 14.86 3.40 1.72 35.24 12.52 80.00 59.90 45.41 24.49 14.84 6.50 45.13 2.06 3.50 3.30 13.99 12.70 5.56 5.90
6.00 16.71 48.05 5.50 14.25 3.40 1.70 34.00 12.33 78.01 57.25 42.75 24.49 14.00 5.21 42.00 2.06 3.50 3.20 13.50 12.41 4.75 5.90
Change 9.39 Market cap 42,957.54 mn Div Yield (%) 4.50
Last 60 days High Low
Open 999.83 Turnover 11,428,191 P/E (x) 7.09 Company
Paid up Cap(mn)
High Low 1,026.54 990.94 Total cos Defaulter cos P/BV (x) ROE (%) 0.50 7.10
Close 1,015.51 Listed cap 54,792.74 mn Payout (%) 19.04
% Change 1.57 5-Day High 1,015.51 5-Day Low 986.94
Close Chg
Volume
Last 60 days High Low
3.25 61.80 1.51 17.66 11.77 1.50 1.62 28.80
3.31 64.11 1.78 17.68 12.19 1.70 1.71 29.10
0.06 1.19 0.06 0.07 0.11 0.10 0.04 0.11
10013 175538 10107 230 103255 20557 1158451 4023525
4.20 69.86 2.05 19.20 12.75 2.20 1.99 31.05
2.80 57.60 1.01 14.01 9.51 1.30 1.30 23.02
50 -
4.95 7.15 1.80 2.00 3.22 59.00 6.89 3.00 73.76 2.87 7.70 5.50 19.45
5.06 7.48 1.91 2.50 3.96 60.00 8.02 3.02 75.99 2.95 7.73 5.90 20.00
0.02 0.13 0.08 0.01 0.87 0.02 1.00 -0.01 2.27 0.05 -0.06 0.38 -0.37
669754 1510 40726 5513 186416 120 964784 335457 3334687 321636 64848 5004 1001
5.50 8.20 2.20 5.00 6.25 66.10 8.02 3.65 79.98 3.40 8.58 9.47 22.24
4.52 4.25 1.72 1.18 2.11 56.05 5.50 2.71 64.30 2.51 6.90 5.25 17.74
- 10B - 200R 40 -
PE
Open
High
Low
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd
1828 866 6.75 858 182 956 27.70 982 13.08 3574 3651 121.25
3.25 62.92 1.72 17.61 12.08 1.60 1.67 28.99
3.39 65.99 1.84 17.72 12.58 1.75 1.90 29.30
Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Javedan Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Thatta Cement
6933 15.33 502 3.90 1760 77 2319 581 1288 13126 3234 6.83 5261 1.37 2228 200 798 500.00
5.04 7.35 1.83 2.49 3.09 59.98 7.02 3.03 73.72 2.90 7.79 5.52 20.37
5.11 8.00 1.93 2.50 4.09 60.00 8.02 3.11 76.45 2.95 8.05 5.90 20.00
2009 Div BR (%) (%) 20B 20R
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -
50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 938.95 Turnover 337,413 P/E (x) 2.72 Company Cherat Papersack ECOPACK Ltd Ghani Glass Packages Ltd Siemens Engineering Tri-Pack Films
Paid up Cap(mn)
PE
Open
High
High Low 968.71 941.25 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 43.91 Low
Close Chg
115 2.11 56.47 59.29 57.25 59.29 230 2.09 2.10 1.85 2.10 1067 4.46 48.78 49.40 48.25 48.50 844 55.36 104.96 108.10 104.70 107.95 82 11.13 1310.68 1360.00 1329.98 1349.01 300 8.02 106.25 111.25 106.00 109.92
2.82 0.01 -0.28 2.99 38.33 3.67
Close 961.29 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change 22.34 Market cap 35,798.37 mn Div Yield (%) 5.71
Last 60 days High Low
43302 59.29 34.00 1011 2.64 1.70 3925 61.99 45.75 193738 120.99 98.00 137 1364.00 1068.75 95224 111.25 91.00
% Change 2.38 5-Day High 961.29 5-Day Low 926.02
2009 Div BR (%) (%)
2010 Div BR (%) (%)
30 32.5 900 100
20 25 900 -
10B -
25B 10B -
Open 1,079.37 Turnover 151,294 P/E (x) 3.00 Company
Close 1,521.02 Listed cap 1,336.62 mn Payout (%) 131.49
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Ados Pak
66
1.00
15.70
15.50
15.50
15.50 -0.20
200
21.96
14.62
2010 Div BR (%) (%)
40 100 80 50 100 5 -
90 100 60 20 150 10
20B 30B 20B
20B 20B
0.96 -0.19 1.21 0.50 0.60 0.20 -0.05 -0.56 0.00 -0.45 0.40 2.15 1.16 -0.69 0.13 1.02 0.00 0.00 0.20 -0.12 0.05 0.08 0.40
3148 400 3005 500 16494 5750 1700 58327 3795 387 3156 11355 4472 10800 304 6737 2500 3000 500 15100 6410 502 1000
Change 6.65 Market cap 199,003.77 mn Div Yield (%) 0.95
High Low 1,093.96 1,077.68 Total cos Defaulter cos P/BV (x) ROE (%) 0.32 10.64
Last 60 days High Low 11.70 16.90 52.00 6.00 14.86 4.00 1.94 36.00 16.98 81.95 60.99 57.00 27.19 14.84 6.50 45.13 3.40 3.89 3.50 14.90 13.10 6.40 7.96
3.26 10.50 39.25 4.03 8.50 2.54 1.11 25.20 11.90 60.10 48.50 39.01 17.51 10.20 4.00 32.50 1.60 2.51 2.12 12.00 8.25 3.02 4.75
2009 Div BR (%) (%) 10 40 35 40 40 35 50 30 10 15 -
25B 30B 25B 10B 10B -
2010 Div BR (%) (%) 40 0 12.5R 25 10B 12 12 -
High
Low
Close Chg
Volume
115 1174 231
2.72 3.51 2.02
25.89 13.76 16.90
26.30 14.05 16.90
25.27 13.76 16.80
25.28 -0.61 13.94 0.18 16.85 -0.05
434 147870 2900
AL-Abid Silk XB Pak Elektron Tariq Glass Ind
Change 6.66 Market cap 5,119.33 mn Div Yield (%) 2.09
20
-
-
Last 60 days High Low 35.00 15.43 18.80
25.00 12.25 14.50
2009 Div BR (%) (%)
215 4.98 207.97 104 - 44.95 213 10.23 10.99
210.99 208.00 208.05 0.08 44.86 44.85 44.86 -0.09 11.71 10.90 11.05 0.06
2475 1300 2089
227.45 51.99 18.80
200.00 40.25 10.55
400 -
20B -
150 25 -
10B -
Hinopak Motor KSB Pumps
124 132
- 131.99 8.38 68.83
136.97 128.25 131.99 70.00 69.50 70.00
0.00 1.17
1089 1500
143.41 88.15
108.11 17.15 68.81 35
-
-
-
Millat Tractors XB
366
6.35 484.42
489.00 484.00 485.21
0.79
55918
597.90
390.00
25B
650
25B
450
3.48
Revenue (Rs in mn)
MA (200-day)
3.89
Interest Expense
2,390.39
1st Support
4.10
Loss after Taxation
(637.18)
2nd Support
3.75
EPS 09 (Rs)
1st Resistance
4.70
Book value / share (Rs)
2nd Resistance
4.95
PE 10 E (x)
6.03
Pivot
4.35
PBV (x)
0.38
999.63
(1.273) 11.92
BOK closed up 0.51 at 4.50. Volume was 1,249 per cent above average (trending) and Bollinger Bands were 158 per cent wider than normal. The company's profit after taxation stood at Rs278.645 million which translates into an Earning Per Share of Rs0.56 for the nine months of current calendar year (9MCY10). BOK is currently 15.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into BOK (bullish). Trend forecasting oscillators are currently bullish on BOK. Momentum oscillator is currently indicating that BOK is currently in an overbought condition.
Kohat Cement Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
86.65
Total Assets (Rs in mn)
8,673.38
MA (10-day)
6.46
Total Equity (Rs in mn)
1,960.97
MA (100-day)
6.29
Revenue (Rs in mn)
3,692.04
MA (200-day)
6.32
Interest Expense
1st Support
7.28
Loss after Taxation
2nd Support
6.52
EPS 10 (Rs)
1st Resistance
8.41
Book value / share (Rs)
2nd Resistance
8.78
PE 11 E (x)
Pivot
7.65
PBV (x)
658.59 (327.78) (2.546) 15.23 0.53
KOHC closed up 1.00 at 8.02. Volume was 1,338 per cent above average (trending) and Bollinger Bands were 158 per cent wider than normal. The company's loss after taxation stood at Rs82.948 million which translates into a Loss Per Share of Rs0.64 for the 1st quarter of current fiscal year (1QFY11). KOHC is currently 27.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into KOHC (bullish). Trend forecasting oscillators are currently bullish on KOHC. Momentum oscillator is currently indicating that KOHC is currently in an overbought condition.
7.5 -
10B -
2010 Div BR (%) (%) -20B 20R - 10B 17.5 -
PERSONAL GOODS Performance of SR Personal Goods Index Open 959.06 Turnover 11,998,394 P/E (x) 6.60 Paid up Cap(mn)
AL-Qadir Textile XD Al-Qaim Textile Amtex Limited XD Artistic Denim XD Azgard Nine Bannu Woolen XD Bata (Pak) Chenab Limited Colony Mills Ltd D S Ind Ltd Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Din TextileXDXB Ellcot Spinning Gadoon Textile XD Gillette Pakistan Hira Txt. Mills Ltd. XD Ibrahim Fibres ICC Textile Idrees Textile XD J K Spinning Janana D Mal Kohinoor Ind Kohinoor Textile Masood Textile XD Mehmood Textile XD Mukhtar Textile N P Spinning XD Nagina Cotton Nishat (Chunian) XD Nishat Mills XD Pak Synthetic Prosperity Quality Textile XD Quetta Textile XD Ravi Textile Reliance Weaving Ruby Textile Saif Textile Salfi Textile Sally Textile XD Samin Textile Sapphire Fibre XD Sapphire Textile XD Sargoda Spinning XD Service Ind Shadab Textile XD Shahpur Textile Shahtaj Textile XD Shield Corp XD Suraj Cotton XD Tata Textile Thal Limited Treet Corp Zephyr Textile Ltd Zil Limited XD
76 75 2415 840 4493 76 76 1150 2442 600 514 57 34 204 110 234 192 716 3105 100 180 179 43 303 1455 600 150 145 147 187 1586 3516 560 185 160 130 250 308 392 264 33 88 134 197 201 312 120 30 140 97 39 180 173 307 418 594 53
PE 11.07 5.60 0.46 5.17 4.13 45.08 0.15 0.14 0.52 0.60 0.55 0.77 2.97 3.48 0.87 0.26 4.00 2.06 0.70 7.98 0.77 1.99 4.77 2.20 1.14 0.67 0.69 0.63 41.58 0.39 0.21 0.22 5.00 1.16 0.90 0.39 7.59 0.29 0.82 8.87 0.76 0.33 4.26 8.46 5.25 3.01
Open 6.86 1.16 4.60 20.16 11.05 13.10 623.42 3.32 2.65 1.94 38.99 2.34 4.50 25.11 18.65 50.45 60.00 4.09 36.95 0.80 3.20 6.04 15.20 1.42 5.59 18.54 55.00 0.30 21.82 15.39 23.84 54.31 6.51 14.49 10.49 40.28 1.51 9.50 4.99 5.25 48.12 3.72 6.39 121.50 103.00 1.76 211.09 9.49 0.60 17.69 71.91 33.48 32.80 97.37 51.86 3.55 44.56
High 6.99 1.50 5.09 20.90 11.33 13.70 649.00 3.54 2.84 2.05 40.90 2.00 5.50 25.49 19.65 50.50 62.00 4.19 37.80 1.00 3.20 5.80 15.99 1.73 5.88 19.54 57.00 0.64 22.80 15.49 24.25 55.90 6.74 14.90 11.10 42.29 1.57 10.34 4.99 6.25 50.52 4.50 6.00 125.00 107.50 2.09 221.64 10.49 0.69 17.50 75.42 34.00 34.44 101.00 53.50 3.99 45.00
High Low 978.54 957.92 Total cos Defaulter cos P/BV (x) ROE (%) 0.57 8.64 Low 5.86 1.50 4.66 19.85 11.01 13.00 621.00 3.32 2.50 1.90 37.50 2.00 4.11 24.02 19.00 50.00 62.00 4.00 36.26 0.80 3.20 5.06 14.20 1.52 5.50 19.50 56.50 0.31 22.50 14.75 23.43 54.45 6.50 14.80 11.09 42.29 1.50 9.00 4.99 4.50 46.02 4.40 6.00 121.50 105.65 1.90 216.00 9.40 0.59 17.15 70.25 33.00 34.00 97.26 52.02 3.40 45.00
Close Chg 5.86 1.50 4.87 20.16 11.10 13.20 623.90 3.47 2.64 1.92 38.32 2.00 4.71 24.18 19.65 50.00 62.00 4.08 37.73 0.80 3.20 5.68 15.78 1.56 5.60 19.52 57.00 0.57 22.66 15.00 23.98 55.58 6.51 14.85 11.10 42.29 1.55 9.00 4.99 4.83 46.02 4.40 6.00 125.00 105.70 2.00 221.64 10.18 0.59 17.45 72.01 34.00 34.43 99.70 53.16 3.99 45.00
-1.00 0.34 0.27 0.00 0.05 0.10 0.48 0.15 -0.01 -0.02 -0.67 -0.34 0.21 -0.93 1.00 -0.45 2.00 -0.01 0.78 0.00 0.00 -0.36 0.58 0.14 0.01 0.98 2.00 0.27 0.84 -0.39 0.14 1.27 0.00 0.36 0.61 2.01 0.04 -0.50 0.00 -0.42 -2.10 0.68 -0.39 3.50 2.70 0.24 10.55 0.69 -0.01 -0.24 0.10 0.52 1.63 2.33 1.30 0.44 0.44
Close 965.48 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 1503 500 1568114 2458 2745405 3602 2520 6020 35828 23001 6785 1000 116 742 16712 1489 125 25201 2600 3493 2000 656 3862 43276 92988 3150 101 103 450 4502 1684038 5288671 6007 501 1500 3000 48934 10002 484 10670 704 1106 2500 502 397 1901 14636 2856 600 2500 553 1049 405 194717 120100 1001 500
Change 6.42 Market cap 126,222.85 mn Div Yield (%) 2.53
Last 60 days High Low 6.99 1.50 19.70 24.05 12.32 14.50 747.48 3.95 3.45 2.37 44.50 2.85 5.50 30.90 25.45 52.20 73.00 4.88 40.30 1.85 5.35 9.90 20.50 1.93 6.30 22.88 71.99 0.98 24.66 17.50 25.10 57.65 7.48 21.47 11.10 52.29 2.38 12.00 0.00 6.49 50.52 6.20 8.69 125.00 124.80 2.50 255.29 11.50 1.90 21.90 75.42 37.50 34.44 112.80 55.25 4.90 48.75
2.50 0.50 4.40 17.55 8.80 7.50 436.00 3.00 2.23 1.44 36.10 0.26 1.52 20.80 17.21 33.80 57.50 3.21 34.05 0.30 2.56 4.62 9.95 1.01 4.30 18.01 51.46 0.16 19.19 12.00 15.25 40.81 5.16 12.51 7.51 25.80 1.38 8.01 0.00 2.01 20.50 2.92 5.02 91.50 89.80 0.50 169.00 7.56 0.18 15.61 43.29 29.00 14.02 86.50 37.20 1.50 33.00
Open 876.89 Turnover 50,479 P/E (x) 6.22 Company
Paid up Cap(mn)
High Low 889.52 872.88 Total cos Defaulter cos P/BV (x) ROE (%) 1.39 22.31
PE
Open
High
Low
8.68 6.42 12.81 6.93 6.45 7.35 5.62
98.20 86.00 71.10 24.40 8.02 33.30 62.83
100.50 86.20 72.00 25.00 8.00 33.00 64.00
98.60 82.50 71.00 24.15 7.70 32.94 62.50
Close 878.52 Listed cap 3,904.20 mn Payout (%) 44.54
2009 Div BR (%) (%)
% Change 0.67 5-Day High 965.48 5-Day Low 947.55 2010 Div BR (%) (%)
10 30 20 20 20 120 5 20 10B 7.5 35 70 10 20 10 20 5B 15 15 100R 4050.2257B 60 20 - 20SD - 50R 15 20 25 45R 12.5 20 30 15 - 632R 20 - 25SD 25 10 - 100R 15 50 5 200 10 20 45 - 30B 10 15 50 25 20 20B 80 20B 40 10B 35 -
Close Chg
Volume
99.02 85.06 71.25 25.00 8.00 32.94 62.50
4760 2139 3138 11800 5003 200 23439
Change 1.63 Market cap 29,254.09 mn Div Yield (%) 7.16
Last 60 days High Low
-
AL-Ghazi Tractor Bolan CastingXDXB Ghandhara Ind
5,962.30
MA (100-day)
% Change 0.62 5-Day High 1,113.95 5-Day Low 1,079.37
PHARMA AND BIO TECH
2010 Div BR (%) (%)
38,810.57
Total Equity (Rs in mn)
Sitara Energy Limited
Close 1,086.04 Listed cap 3,763.71 mn Payout (%) 6.27
Open
% Change 0.15 5-Day High 1,521.02 5-Day Low 1,515.27
2009 Div BR (%) (%)
Total Assets (Rs in mn)
4.02
% Change 0.44 5-Day High 1,528.51 5-Day Low 1,509.66
Performance of SR Pharma and Bio Tech Index
Change 2.31 Market cap 31,711.49 mn Div Yield (%) 16.26
Company
6.46 16.71 51.21 5.50 14.47 3.40 1.70 34.04 12.50 78.45 59.90 45.40 24.49 14.00 6.04 44.01 2.06 3.50 3.20 13.80 12.65 5.56 5.90
Volume
PE
INDUSTRIAL ENGINEERING High Low 1,532.72 1,516.82 Total cos Defaulter cos P/BV (x) ROE (%) 3.07 38.02
Close Chg
Close 1,528.51 Listed cap 11,335.33 mn Payout (%) 30.57
Paid up Cap(mn)
Performance of SR Industrial Engineering Index Open 1,518.71 Turnover 64,571 P/E (x) 8.08
63.01 131.00 92.00 1.16 121.10 21.00 4.03 9.65 212.29 69.25 17.92
2009 Div BR (%) (%)
72.59
MA (10-day)
HOUSEHOLD GOODS
Company
Change 15.68 Market cap 72,824.42 mn Div Yield (%) 2.69
72.99 194.25 122.51 1.80 155.99 26.70 6.09 13.40 279.00 79.99 27.58
% Change 0.79 5-Day High 1,196.64 5-Day Low 1,147.81
RSI (14-day)
Performance of SR Household Goods Index
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index
1000 10249 4219 38754 111 6706 12704 39132 98846 29957 4076
High Low 1,566.52 1,502.89 Total cos Defaulter cos P/BV (x) ROE (%) 9.76 30.30
PE
-
% Change 0.88 5-Day High 937.25 5-Day Low 914.19
68.00 67.99 68.00 0.00 158.00 155.80 156.72 0.65 101.15 96.90 98.70 -0.51 1.49 1.42 1.49 0.00 155.48 152.00 154.89 1.30 22.13 21.10 22.12 1.04 5.15 4.86 4.87 -0.03 13.00 12.70 12.73 0.13 279.00 272.00 272.52 1.90 76.00 74.50 74.71 0.65 19.89 19.14 19.47 0.34
Open 1,521.86 Turnover 159,994 P/E (x) 32.22
Performance of SR Industrial Metals and Mining Index High Low 946.47 922.68 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 33.10
-
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING Open 929.07 Turnover 165,531 P/E (x) 2.93
40 15
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
2010 Div BR (%) (%) 50
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,256.10 1,237.30 Total cos Defaulter cos P/BV (x) ROE (%) 2.74 35.00
30
Bank of Khyber Limited
% Change -0.48 5-Day High 758.62 5-Day Low 743.02
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,240.34 Turnover 17,361,303 P/E (x) 7.84
2009 Div BR (%) (%)
Alert ! Unusual Movements
Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Searle Pak XD
979 250 1707 165 200 100 306
0.82 -0.94 0.15 0.60 -0.02 -0.36 -0.33
104.00 124.00 78.15 25.50 9.00 34.70 64.50
77.00 82.20 65.00 22.60 6.10 27.50 54.01
2009 Div BR (%) (%) 120 10 50 25 15 15
20B 15B
% Change 0.19 5-Day High 878.52 5-Day Low 871.52 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
38.25
Total Assets (Rs in mn)
MA (10-day)
18.71
Total Equity (Rs in mn)
3,440.97 1,114.41
MA (100-day)
21.19
Revenue (Rs in mn)
3,009.93
MA (200-day)
21.43
Interest Expense
1st Support
17.81
Profit after Taxation
81.04
2nd Support
17.39
EPS 09 (Rs)
324.18 4.244
1st Resistance
18.82
Book value / share (Rs)
58.37
2nd Resistance
19.41
PE 10 E (x)
3.41
Pivot
18.40
PBV (x)
0.31
SEL closed down -0.69 at 18.29. Volume was 1,257 per cent above average (trending) and Bollinger Bands were 4 per cent narrower than normal. The company's profit after taxation stood at Rs25.571 million which translates into an Earning Per Share of Rs1.34 for the 1st quarter of current fiscal year (1QFY11). SEL is currently 14.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SEL at a relatively equal pace. Trend forecasting oscillators are currently bearish on SEL.
Karachi Electric Supply Corp Ltd
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
62.27
Total Assets (Rs in mn)
MA (10-day)
2.19
Total Equity (Rs in mn)
MA (100-day)
2.18
Revenue (Rs in mn)
207,629.50 (525.11) 70,508.12
MA (200-day)
2.52
Interest Expense
1st Support
2.21
Loss after Taxation
2nd Support
2.14
EPS 10 (Rs)
6,823.64 (0.74)
1st Resistance
2.37
Book value / share (Rs)
(0.02)
2nd Resistance
2.46
PE 11 E (x)
Pivot
2.30
PBV (x)
(14,641.22)
(93.41)
KESC closed up 0.01 at 2.29. Volume was 241 per cent above average (trending) and Bollinger Bands were 12 per cent narrower than normal. The company's loss after taxation stood at Rs1.782 billion which translates into a Loss Per Share of Rs0.09 for the 1st quarter of current fiscal year (1QFY11). KESC is currently 9.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into KESC (mildly bullish). Trend forecasting oscillators are currently bullish on KESC.
BOOK CLOSURES Company
From
To
Dawan Salman Fibre AKD Capital Pakistan General Insurance PICIC Energy Fund Thal Limited Glaxo SmithKline Pakistan Ravi Textile Mills Dewan Automotive Engineering Dewan Cement Sui Northern Gas Pipelines Sui Southern Gas Pipelines Nadeem Textile Mills Fazal Cloth Mills Sana Industries East West Insurance Co MCB Bank Dawood Hercules Chemicals Pakistan Premier Fund
23-Nov 23-Nov 23-Nov 23-Nov 23-Nov 23-Nov 23-Nov 23-Nov 23-Nov 24-Nov 24-Nov 24-Nov 26-Nov 27-Nov 01-Dec 03-Dec 07-Dec 07-Dec
29-Nov 30-Nov 29-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 03-Dec 03-Dec 07-Dec 10-Dec 13-Dec 14-Dec
D/B/R 5 20 20 100SD 10(B) 30(iii) 20(ii) -
Spot AGM/Date 10-Nov 11-Nov 15-Nov 23-Nov 25-Nov 29-Nov -
29-Nov 30-Nov 29-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 30-Nov 29-Nov 03-Dec 14-Dec
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
High
TRG Pakistan Ltd Murree BreweryXDXB Shifa Int Hospitals Eye Television PIAC(A) AKD Capital XD Pace (Pak) Ltd Netsol Technol XD
4.29 76.21 28.02 21 2.28 56.38 2.86 19.67
4.4 77.9 29.4 21.5 2.37 58.8 3 20.29
Low Close 4.24 75 26.62 20.5 2.2 56 2.85 19.51
4.25 75.5 28.64 20.5 2.33 56.01 2.89 19.95
Change -0.04 -0.71 0.62 -0.5 0.05 -0.37 0.03 0.28
Vol 510549 79696 789 2002 124221 613 379029 1283096
7
Tuesday, November 23, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,154.45 Turnover 1,792,061 P/E (x) 6.25 Paid up Cap(mn)
Company
Pak Datacom XD Pakistan Telecomm Co A Telecard XD WorldCall Tele Wateen Telecom Ltd
High Low 1,167.95 1,143.09 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
PE
Open
High
Low
Close Chg
78 4.88 37740 13.13 3000 0.70 8606 6175 -
79.10 19.55 2.39 2.74 3.78
79.99 19.74 2.50 2.79 3.89
79.00 19.40 2.30 2.67 3.65
79.04 19.70 2.34 2.70 3.77
-0.06 0.15 -0.05 -0.04 -0.01
Close 1,160.21 Listed cap 50,077.79 mn Payout (%) 62.56
Change 5.76 Market cap 80,320.96 mn Div Yield (%) 10.01
Last 60 days High Low
Volume 1327 500643 765086 525005 42474
120.61 19.76 2.69 2.98 4.50
78.00 17.32 1.80 2.30 3.35
% Change 0.50 5-Day High 1,160.21 5-Day Low 1,125.76
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Ask Gen Insurance Atlas Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Silver Star Insurance United Insurance XB
204 7.12 369 5.44 457 6.56 1250 400 2.85 718 15.58 791 14.98 3000 41.10 250 1.54 350 303 5.34 253 4.16 400 1.97
-
Paid up Cap(mn)
Company
Genertech Hub Power Japan Power KESC XR Kohinoor Energy Kohinoor Power Kot Addu Power XD Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd XD Southern Electric Tri-star Power XD
Close 1,225.01 Listed cap 95,369.29 mn Payout (%) 104.13
Change 14.67 Market cap 99,608.55 mn Div Yield (%) 8.09
% Change 1.21 5-Day High 1,225.01 5-Day Low 1,160.61
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
198 11572 6.62 1560 7932 1695 10.54 126 2.95 8803 4.80 3673 3.06 3541 23.85 191 3.41 1367 150 -
0.80 35.54 1.55 2.28 19.48 4.76 39.26 13.75 14.80 18.98 2.18 0.81
0.90 36.25 1.60 2.39 20.44 4.85 39.79 14.00 14.98 18.99 2.25 1.34
0.78 35.65 1.52 2.23 18.90 4.84 39.10 13.50 14.55 17.98 2.16 1.05
0.80 0.00 36.16 0.62 1.55 0.00 2.29 0.01 18.97 -0.51 4.84 0.08 39.52 0.26 13.95 0.20 14.79 -0.01 18.29 -0.69 2.18 0.00 1.15 0.34
5000 3982499 19894 1292711 17755 800 246925 916303 2961040 106537 10104 27701
1.45 37.24 2.25 2.50 26.50 6.27 42.95 14.85 16.10 23.49 2.90 1.75
33.5 45 64.5 20 3
0.51 32.75 0.70 1.94 18.90 3.90 38.35 9.50 9.50 17.98 2.05 0.33
2010 Div BR (%) (%)
31R -
50 - 7.8R 15 50 20 -
11.15 34.10 10.50 45.21 11.95 83.99 55.10 15.92 6.50 7.00 9.70 6.70 6.00
11.75 34.21 10.50 45.33 11.99 84.00 55.56 16.03 6.50 7.30 9.88 6.70 6.00
0.60 -1.13 -0.23 0.22 0.00 0.05 -1.94 0.09 0.30 0.71 0.05 0.09 0.80
101 200 18761 19672 9704 991 900 355589 121 52001 10104 1501 103
12.25 35.34 12.00 48.63 12.40 86.69 60.50 17.05 7.04 7.34 9.91 8.17 7.18
8.45 27.10 9.42 34.76 10.04 66.02 52.21 12.50 5.06 1.66 8.00 6.00 4.02
Open 881.27 Turnover 12,162 P/E (x) 90.49 Paid up Cap(mn)
High Low 883.73 879.53 Total cos Defaulter cos P/BV (x) ROE (%) 3.48 3.85
Close 883.31 Listed cap 2,290.72 mn Payout (%) 355.53
Open 1,668.14 Turnover 1,668,201 P/E (x) 10.39 Paid up Cap(mn)
Company Sui North GasSPOT Sui South GasXDXB
PE
5491 8390
8.96 3.26
Open
High Low 1,682.90 1,602.80 Total cos Defaulter cos P/BV (x) ROE (%) 1.19 11.41
High
30.93 22.49
31.00 22.80
Low 29.90 21.51
Close Chg 30.10 -0.83 21.67 -0.82
Close 1,614.20 Listed cap 12,202.80 mn Payout (%) 66.79
Change -53.94 Market cap 34,708.51 mn Div Yield (%) 6.43
Last 60 days High Low
Volume 1146351 521850
34.75 30.70
% Change -3.23 5-Day High 1,814.35 5-Day Low 1,614.20
2009 Div BR (%) (%)
25.55 16.50
-
2010 Div BR (%) (%)
-
20 15
25B
BANKS Open 1,043.45 Turnover 17,479,125 P/E (x) 7.59 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.78 58.50 Askari Bank 6427 7.68 15.85 Atlas Bank 5001 1.56 Bank Alfalah 13492 12.59 9.70 Bank AL-Habib 7322 7.22 33.30 Bank Of Khyber 5004 6.00 3.99 Bank Of Punjab 5288 9.43 BankIslami Pak 5280 837.50 3.34 Faysal Bank XB 7309 4.65 14.40 Habib Bank Ltd 10019 6.68 105.60 Habib Metropolitan Bank 8732 6.73 21.17 JS Bank Ltd 6128 2.75 KASB Bank Ltd 9509 2.35 MCB Bank Ltd 7602 9.15 204.47 Meezan Bank 6983 8.01 14.81 Mybank Ltd 5304 1.98 National Bank 13455 5.89 66.03 NIB Bank 40437 2.78 Royal Bank Ltd 17180 5.29 Samba Bank 14335 1.85 Silkbank Ltd 26716 2.65 Soneri Bank 6023 7.29 Stand Chart Bank 38716 11.20 7.20 Summit Bank Ltd 5000 2.89 United Bank Ltd 12242 7.02 58.76
High
High Low Close 1,067.76 1,044.73 1,058.60 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.06 13.94 40.49 Low
Close Chg
59.79 58.70 59.49 0.99 16.20 15.85 16.13 0.28 1.64 1.53 1.56 0.00 10.03 9.79 9.82 0.12 33.97 33.40 33.50 0.20 4.60 4.00 4.50 0.51 10.34 9.53 9.99 0.56 3.40 3.27 3.35 0.01 14.55 14.25 14.40 0.00 107.44 105.75 107.02 1.42 22.00 21.30 22.00 0.83 2.95 2.80 2.90 0.15 2.59 2.32 2.49 0.14 207.72 204.51 206.34 1.87 15.47 14.85 15.14 0.33 2.25 2.01 2.22 0.24 67.65 66.30 67.40 1.37 2.87 2.76 2.81 0.03 5.73 5.15 5.25 -0.04 1.90 1.85 1.90 0.05 2.76 2.70 2.72 0.07 7.46 7.20 7.24 -0.05 7.49 7.20 7.28 0.08 3.00 2.74 2.91 0.02 60.00 58.75 59.76 1.00
Change 15.15 Market cap 642,958.97 mn Div Yield (%) 5.34
Last 60 days High Low
Volume
413345 59.79 548914 16.65 10313 2.84 969314 10.19 89573 33.97 1143146 4.70 4042861 10.50 33521 3.65 74281 17.10 775525 107.44 148674 23.30 123676 3.00 13007 3.22 1317375 209.75 32925 15.95 70819 2.75 4794510 70.75 696627 3.25 248911 8.98 46225 2.65 787635 3.30 13904 8.00 3761 8.00 87166 3.15 1080283 60.00
48.51 14.00 1.50 7.32 29.10 2.50 7.35 2.31 12.85 92.00 18.02 2.00 2.03 180.60 14.05 1.62 60.51 2.42 5.15 1.51 2.50 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
% Change 1.45 5-Day High 1,058.60 5-Day Low 1,031.64
20 - 20B - 66R 55 -63.46R 10 -
NON LIFE INSURANCE Open 741.97 Turnover 1,092,008 P/E (x) 12.22 Paid up Cap(mn)
Company Adamjee Insurance
High Low 753.21 738.53 Total cos Defaulter cos P/BV (x) ROE (%) 0.64 5.20
Close 742.26 Listed cap 11,111.34 mn Payout (%) 79.54
Low
Close Chg
Volume
Last 60 days High Low
EFU Life Assurance
850 45.40
78.02
80.00
79.00
79.90 1.88
11562
82.99
51.25
5513.33B
-
-
New Jub Life Insurance
627 28.52
42.99
42.50
42.50
42.50 -0.49
600
45.20
35.00
10
-
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 23.74
81.91
83.34
81.51
81.92 0.01
622259
84.15
63.05
2009 Div BR (%) (%) 30
% Change 0.04 5-Day High 742.92 5-Day Low 725.26 2010 Div BR (%) (%)
10B
10
-
2009 Div BR (%) (%)
2010 Div BR (%) (%) -
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 432.41 Turnover 13,998,737 P/E (x) 10.60 Paid up Cap(mn)
Company
PE
Open
High
High Low 448.92 431.54 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 0.91 Low
Close Chg
Close 440.12 Listed cap 30,336.44 mn Payout (%) 99.56
Change 7.70 Market cap 30,623.78 mn Div Yield (%) 1.98
Last 60 days High Low
Volume
% Change 1.78 5-Day High 440.12 5-Day Low 415.92
2009 Div BR (%) (%)
AMZ Ventures
225
1.39
0.55
0.77
0.53
0.61 0.06
3007
1.10
0.42
-
-
-
360
3.69
18.85
18.97
18.40
18.76 -0.09
30240
19.98
13.00
-
-
-
20B
Arif Habib Limited XB
450 13.72
26.85
27.49
26.71
26.90 0.05
53281
34.00
24.40
15
25B
-
20B
25.95
26.45
25.89
26.00 0.05
2491536
26.45
Arif Habib Securities
-
2010 Div BR (%) (%)
Arif Habib Investments
3750
4.78
20.90
-
-
30
-
Dawood Cap Mngt. XB
150
1.31
1.47
1.47
1.47
1.47 0.00
5000
2.05
0.86
-
-
-
-
Dawood Equities
250
-
1.99
2.23
1.79
1.92 -0.07
41609
2.70
1.51
-
-
-
-
575
-
-
-
-
First National Equity
-
9.89
10.50
9.89
10.20 0.31
1000
11.75
6.84
IGI Investment Bank
2121 16.75
2.75
2.88
2.65
2.68 -0.07
14496
2.88
1.17
-
-
-
Invest Bank
2849
-
0.62
0.76
0.57
0.63 0.01
2334
1.00
0.44
-
-
-
-
Ist Cap Securities XB
3166
-
3.70
3.90
3.70
3.80 0.10
6154
5.00
2.54
-
10B
-
10B
626
0.67
1.87
1.88
1.84
1.87 0.00
Jah Siddiq Co
7633
-
12.55
13.10
12.59
12.95 0.40
JOV and CO
Ist Dawood Bank
508
-
4.34
4.60
4.36
4.48 0.14
500
6500
2.84
10076390
-
-
-
-
13.10
8.80
-243.778B 10
-
5.38
1.96
-
-
-
-
790817 6786
1.17
-
8.31
30.40
30.98
30.50
30.91 0.51
40.30
24.25
150
-
-
-
JS Investment
1000 29.92
7.07
7.32
6.89
7.18 0.11
267269
7.44
5.10
-
-
-
-
KASB Securities
1000
-
4.31
4.50
4.20
4.30 -0.01
54406
4.70
3.20
-
-
-
-
-
Orix Leasing
821
4.63
6.10
6.30
6.10
6.30 0.20
5623
6.45
3.66
-
-
-
Pervez Ahmed Sec
775
-
2.40
2.49
2.35
2.38 -0.02
132281
2.70
1.35
-231.08R
-
-
Saudi Pak Leasing
452
-
0.60
0.74
0.57
0.70 0.10
2426
0.86
0.42
-
-
-
-
Sec Inv Bank
514
9.12
2.90
3.45
2.28
2.28 -0.62
7502
3.90
1.65
-
-
-
-
Paid up Cap(mn)
Company
AL-Meezan Mutual F. B F Modaraba XB Constellation Modaraba
PE
Open
High
High Low 1,106.13 1,080.11 Total cos Defaulter cos P/BV (x) ROE (%) 0.34 2.21 Low
Close Chg
Close 1,095.52 Listed cap 29,771.58 mn Payout (%) 104.74
Change 13.94 Market cap 15,734.42 mn Div Yield (%) 10.51
Last 60 days High Low
Volume
2009 Div BR (%) (%)
2010 Div BR (%) (%)
5.33
6.35
6.40
6.35
6.40 0.05
30598
7.20
5.85
-
-
18.5
-
75
2.02
3.79
3.07
3.00
3.07 -0.72
2000
4.90
3.00
-
-
-
10B
65
3.45
1.75
1.88
1.01
1.52 -0.23
721
2.99
0.90
-
-
Crescent St Modaraba XD 200
1.50
0.59
0.65
0.50
0.60 0.01
61001
1.10
0.16
-
-
1.2
-
Equity Modaraba
9.56
1.35
1.60
1.35
1.53 0.18
182551
1.60
0.76
-
-
-
-
-
-
-
-
First Dawood Mutual F.
-
-
581
0.63
2.00
2.10
1.98
2.00 0.00
19031
2.10
1.30
760
1.96
2.76
2.80
2.73
2.75 -0.01
35016
3.88
2.32
-
-
17
-
Habib Modaraba
1008
5.67
6.50
6.60
6.40
6.58 0.08
65005
7.25
5.56
20
-
21
-
JS Growth Fund
3180 44.38
3.48
3.61
3.40
3.55 0.07
2477049
3.61
-
5
-
JS Value Fund
1186 12.14
Golden Arrow XD
Mod Al-Mali Pak Prem Fund
2.65
-
3.26
3.43
3.25
3.40 0.14
215805
3.50
2.31
10
-
10
-
283
1.18
1.41
1.60
1.53
1.60 0.19
1250
2.23
0.52
-
-
2.8
-
1200
-
-
5.11
5.20
5.49
5.25
5.31 0.11
11700
7.00
5.15
15.5
-
184 10.00
1.06
1.17
1.00
1.00 -0.06
2719
2.18
0.56
-
-
-
-
1698 12.01
8.60
8.84
8.58
8.65 0.05
52148
9.39
7.00
-
-
18.6
-
5.29
5.69
5.31
5.61 0.32
137388
5.95
4.00
-
-
10
PICIC Energy Fund XD 1000
1.63
FANM IDYM SNAI FRSM BWHL NOPKNV PPP HUSS RMPL MERIT MZSM ULEVER ARPAK BRR NESTLE TOWL DADX ISIL SING SHEZ SHJS DATM MLCFPS PAKT BIFO ICL CWSM PTEC COLG PHDL FPJM PCAL FFLM SCLL GUSM TSML BAPL DREL GSPM DIIL FZTM GRYL IFSL BCML AGL LPGL EMCO GRAYS TSMF ESBL CICL AZAMT BILF BROT KSTM PRET SMTMR YOUW COTT GFIL STML PASM AABS BAFS LAKST GAIL TREI JOPP MDTL
2.90 262.80 32.61 20.05 33.60 12.41 40.50 10.90 1917.22 18.13 5.93 4076.33 13.52 1.44 1931.59 14.90 23.90 71.39 18.26 93.15 72.40 0.18 6.95 112.50 45.30 25.64 1.37 1.85 870.00 42.19 1.60 51.76 1.50 2.30 5.40 32.90 8.49 648.00 7.79 9.10 425.00 1.30 6.89 15.25 22.00 19.99 3.14 51.83 1.45 2.79 57.70 2.49 1.26 0.22 0.62 28.59 0.08 1.11 1.10 3.25 20.50 8.25 94.43 56.00 318.20 4.25 1.94 8.85 51.78
High 2.90 273.87 32.75 20.08 35.10 13.00 39.62 10.10 2009.99 17.28 6.09 4189.89 12.52 1.65 2023.75 13.90 24.76 71.39 19.26 96.75 75.99 0.25 7.89 112.51 46.10 26.92 1.48 1.85 880.00 42.19 1.65 51.80 1.70 2.89 6.40 32.90 9.39 615.60 7.89 10.00 438.00 2.30 7.88 14.85 22.75 20.95 3.95 52.75 1.49 2.95 59.85 2.45 1.97 0.20 0.89 29.45 0.01 1.39 0.75 3.25 21.51 9.25 95.00 58.80 323.99 4.80 2.23 9.80 53.00
Open
Low
Close
2.90 269.99 32.74 20.08 35.10 13.00 39.60 9.90 1870.01 17.25 5.60 4010.01 12.52 1.40 1905.02 13.90 24.71 71.39 18.01 90.51 73.00 0.25 6.00 112.50 46.10 26.90 1.00 1.85 878.00 40.10 1.62 51.80 1.70 2.88 5.70 32.90 8.85 615.60 7.57 9.50 430.00 0.66 6.98 14.85 20.91 18.99 3.45 52.74 1.49 2.84 58.50 2.39 1.97 0.16 0.88 29.45 0.01 1.35 0.75 3.25 21.51 9.25 95.00 58.80 323.99 4.80 2.05 9.80 53.00
2.90 273.10 32.74 20.08 35.10 13.00 39.61 10.10 1997.95 17.26 6.06 4050.01 12.52 1.54 1964.33 13.90 24.74 71.39 18.55 96.75 73.00 0.25 6.99 112.51 46.10 26.90 1.35 1.85 878.00 41.62 1.62 51.80 1.70 2.88 5.90 32.90 8.85 615.60 7.57 9.83 432.67 0.66 6.98 14.85 21.83 20.95 3.45 52.74 1.49 2.84 58.50 2.39 1.97 0.20 0.88 29.45 0.01 1.35 0.75 3.25 21.51 9.25 95.00 58.80 323.99 4.80 2.05 9.80 53.00
High
POL-NOV 256.06 NBP-NOV 66.21 DGKC-NOV 28.99 NML-NOV 54.42 FFBL-NOV 33.77 ENGRO-NOV 182.02 LUCK-NOV 73.94 POL-DEC 256.06 PSO-NOV 283.97 ANL-NOV 11.04 PPL-NOV 194.34 NBP-DEC 66.21 OGDC-NOV 158.01 AICL-NOV 82.14 NML-DEC 54.42 FFBL-DEC 32.52 PPL-DEC 194.34 MCB-NOV 204.44 LUCK-DEC 73.94 OGDC-DEC 156.51 ENGRO-DEC 180.02 PSO-DEC 283.97 DGKC-DEC 28.99 BOP-NOV 9.51 UBL-DEC 59.31 UBL-NOV 59.31 NCL-NOV 23.92 MCB-DEC 201.44 BOP-DEC 9.51 AICL-DEC 82.14
% Change 1.29 5-Day High 1,095.52 5-Day Low 1,069.03
1375
524
Open
Change
Vol
0.00 10.30 0.13 0.03 1.50 0.59 -0.89 -0.80 80.73 -0.87 0.13 -26.32 -1.00 0.10 32.74 -1.00 0.84 0.00 0.29 3.60 0.60 0.07 0.04 0.01 0.80 1.26 -0.02 0.00 8.00 -0.57 0.02 0.04 0.20 0.58 0.50 0.00 0.36 -32.40 -0.22 0.73 7.67 -0.64 0.09 -0.40 -0.17 0.96 0.31 0.91 0.04 0.05 0.80 -0.10 0.71 -0.02 0.26 0.86 -0.07 0.24 -0.35 0.00 1.01 1.00 0.57 2.80 5.79 0.55 0.11 0.95 1.22
100 100 100 100 100 100 99 91 89 75 73 73 70 63 56 50 50 45 36 26 17 16 11 11 10 10 9 9 9 9 6 6 5 5 5 5 5 5 4 4 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
EQUITY INVESTMENT INSTRUMENTS Open 1,081.57 Turnover 3,711,898 P/E (x) 15.49
Symbols
Symbols
Performance of SR Equity Investment Instruments Index
Meezan Balanced Fund
Change 0.28 Market cap 45,868.86 mn Div Yield (%) 6.51
% Change 0.23 5-Day High 886.18 5-Day Low 857.66
High
KASB Modaraba XD
Performance of SR Non Life Insurance Index
UPTO 100 VOLUME
25R 20B -
Open
2010 Div BR (%) (%)
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
10 -
PE
Company
JS Global Cap
Performance of SR Banks Index
10B 8.7B 20B 25B 15B 20B 16B
Change 2.04 Market cap 10,439.24 mn Div Yield (%) 3.93
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index
40 40 35 35 30 30 5 20 -
LIFE INSURANCE
ELECTRICITY High Low 1,235.38 1,207.65 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 9.35
11.90 34.21 11.00 46.00 12.40 84.40 56.99 16.25 6.84 7.34 9.90 7.25 6.00
Performance of SR Life Insurance Index
Performance of SR Electricity Index Open 1,210.34 Turnover 9,587,269 P/E (x) 12.87
11.15 35.34 10.73 45.11 11.99 83.95 57.50 15.94 6.20 6.59 9.83 6.61 5.20
268.86 67.66 29.30 55.88 34.25 185.50 76.49 268.86 291.50 11.30 203.00 68.30 165.55 83.30 56.90 33.30 202.50 207.50 76.50 163.50 184.90 292.00 29.40 10.29 60.50 60.00 23.80 205.75 10.00 85.30
Low
Close
256.60 66.50 28.85 54.54 34.05 182.25 74.00 258.00 283.65 11.10 194.00 67.21 159.45 81.81 54.85 33.10 195.75 204.80 75.00 158.51 182.10 284.20 29.00 9.90 60.50 60.00 23.80 203.00 10.00 82.25
267.94 67.55 29.16 55.50 34.15 184.45 75.90 267.92 290.17 11.18 201.46 68.01 165.22 82.31 56.57 33.25 201.97 206.54 76.50 163.50 184.09 290.58 29.38 9.94 60.50 60.00 23.80 205.13 10.00 84.28
Change 11.88 1.34 0.17 1.08 0.38 2.43 1.96 11.86 6.20 0.14 7.12 1.80 7.21 0.17 2.15 0.73 7.63 2.10 2.56 6.99 4.07 6.61 0.39 0.43 1.19 0.69 -0.12 3.69 0.49 2.14
Vol 878000 426500 388500 360500 347500 337000 331500 295500 262000 226500 204500 157500 135000 109000 98000 82000 80000 71500 63500 50000 49000 45500 30000 30000 5000 5000 5000 4000 2000 1500
ZERO VOLUME
-
PICIC Growth Fund
2835
5.89
8.90
9.25
8.95
9.19 0.29
179149
9.25
7.60
-
-
20
-
PICIC Inv Fund
2841
5.05
4.35
4.50
4.40
4.44 0.09
135560
4.67
3.50
-
-
10
-
BAWS
1.40
1.50
1.50
1.50
0.10
0.00
Prud Modaraba 1st
872
2.16
0.90
0.95
0.91
0.95 0.05
6514
1.20
0.70
-
-
3
-
BHAT
230.00
229.99
229.99
229.99
-0.01
0.00
Stand Chart Modaraba
454
4.39
8.70
9.00
8.95
8.95 0.25
10000
10.99
7.75
16.5
-
17
-
CPMFI
4.45
4.40
4.40
4.40
-0.05
0.00
Tri-Star 1st Modaraba
212
-
1.07
1.60
1.20
1.20 0.13
3505
7.12
0.50
-
-
-
-
U D L Modaraba XD
264
1.60
5.85
6.25
5.61
5.64 -0.21
83013
6.99
4.71
10
-
12.5
-
Symbols
CSIL
Open
High
3.90
Low
4.00
4.00
Close
Change
4.00
Vol
0.10
0.00
CSMD
6.48
6.45
6.45
6.45
-0.03
0.00
DFSM
7.00
6.90
6.90
6.90
-0.10
0.00
BOARD MEETINGS
Pakistan Oilfields Ltd
KSE 100 INDEX
National Bank of Pakistan
Nishat Mills Ltd
Company
Date
Time
Kohinoor Mills Limited Shell Gas LPG (Pakistan) Atlas Honda Limited Exide Pakistan Limited
23-Nov 23-Nov 24-Nov 27-Nov
10:00 1:00 11:30 3:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
76.84
Support 1
11,044.05
MA (5-day)
10,972.15
Support 2
10,882.20
MA (10-day)
10,899.68
Resistance 1
11,289.65
MA (100-day)
10,163.06
Resistance 2
11,373.45
*Arif Habib Ltd
10,074.64
Pivot
AKD Securities Ltd TFD Research
resistance level at 11,289.65 and 2nd resistance level at 11,373.45, while Index will continue to find its 1st support level at 11,044.05 and 2nd support level at 10,882.20.
Buy
296.6 281.35
Brokerage House
Technical Analysis
Rs Recommendations
65
Buy
AKD Securities Ltd
Neutral
TFD Research
74.2
Free Float Shares (mn) 107.94 Free Float Rs (mn) 28,965.90 ** NOI Rs (mn) 187.03 Mean 261.95
* 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)
Buy
AKD Securities Ltd TFD Research
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
ing oscillators are currently bullish on POL.
*Arif Habib Ltd
42
Rs Recommendations
175.80 9,770.96 70.87 55.06
* Target price for Dec-10 & **Net Open Interest in future market
Brokerage House
43.29
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
60.98 28.68 26.00 26.88
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 5,312.19 32.43 29.05
* Target price for Dec-10 & **Net Open Interest in future market
61.96
Neutral
92.3
Positive
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
58.35 66.09 65.86 70.68
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.37 21,457.93 83.32 66.85
* Target price for Dec-10 & **Net Open Interest in future market
44 44.9
Rs Recommendations Buy
Brokerage House
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
71.63 34.36 34.35 33.96
*Arif Habib Ltd
Buy Positive
Rs Recommendations
97
playing an upward trend. Volatility is high as compared to the average
810.01 29,289.89 N/A 35.90
* Target price for Dec-10 & **Net Open Interest in future market and Bollinger Bands were 1 per cent wider than normal.
oscillators are currently bullish on DGKC.
ly indicating that HUBC is currently in an overbought condition.
ing oscillators are currently bullish on LUCK.
25.75
25.55
26.35
26.65
26.10
Adamjee Insurance
67.93
81.20
80.45
83.00
84.10
82.25
Askari Bank
61.52
15.90
15.70
16.25
16.40
16.05
Azgard Nine
54.40
10.95
10.85
11.30
11.45
11.15
Attock Petroleum
51.27
309.95
305.45
316.95 319.45 312.45
Attock Refinery
81.30
126.20
124.65
129.35 130.95 127.80
Bank Alfalah
61.14
9.75
9.65
9.95
10.10
Bank Islami Pak
54.54
3.30
3.20
3.40
3.45
3.35
Bank Of Punjab
65.70
9.55
9.15
10.35
10.75
9.95
Dewan Cement
59.30
1.60
1.45
1.85
2.00
1.75
DGK Cement
60.98
28.85
28.55
29.35
29.55
29.05
Dewan Salman
56.97
1.65
1.60
1.75
1.80
Dost Steels Ltd
9.90
1.70
59.61
2.90
2.85
3.00
3.10
2.95
EFU General Insurance 58.45
45.00
44.70
45.80
46.30
45.50
EFU Life Assurance
64.32
79.25
78.65
80.25
80.65
79.65
Engro Chemical
64.66
182.30
180.35
Faysal Bank
41.21
14.25
14.10
Fauji Cement
56.48
4.95
4.90
5.15
5.20
5.05
Fauji Fert Bin
76.36
33.85
33.55
34.40
34.65
34.10
Fauji Fertilizer
54.29
109.10
108.75
109.70 109.95 109.35
Habib Bank Ltd
107.75 108.45 106.75
185.50 186.80 183.55 14.55
14.70
14.40
69.91
134.80
132.70
138.25 139.60 136.15
84.51
270.00
267.50
277.00 281.50 274.50
JOV and CO
65.38
4.35
4.25
4.60
4.70
Japan Power
48.87
1.50
1.45
1.60
1.65
JS Bank Ltd
64.96
2.80
2.75
2.95
3.05
2.90
Jah Siddiq Co
44.21
12.65
12.35
13.15
13.40
12.90
Kot Addu Power
44.02
39.15
38.80
39.85
40.15
39.45
KESC
62.27
2.20
2.15
2.35
2.45
2.30
Lotte Pakistan
74.40
11.75
11.60
12.05
12.25
11.90
Lucky Cement
58.10
74.35
72.70
77.05
78.10
75.40
MCB Bank Ltd
60.21
204.65
203.00
Maple Leaf Cement
52.87
2.85
2.80
2.95
3.00
2.90
National Bank
58.35
66.60
65.75
67.95
68.45
67.10
Nishat (Chunian)
67.92
23.55
23.05
24.35
24.70
23.90
Netsol Technologies
63.70
19.55
19.15
20.35
20.70
19.90
NIB Bank
52.83
2.75
2.70
2.85
2.90
Nimir Ind.Chemical
56.58
1.45
1.40
1.55
1.60
1.50
Nishat Mills
64.67
54.70
53.85
56.15
56.75
55.30
Oil & Gas Dev XD
86.27
161.20
156.20
PACE (Pakistan) Ltd
49.17
2.80
2.75
2.95
3.05
2.90
Pervez Ahmed Sec
61.73
2.35
2.25
2.45
2.55
2.40
PIAC(A)
56.07
2.25
2.15
2.40
2.45
2.30
Pioneer Cement
48.33
7.60
7.50
7.95
8.20
7.85
Pak Oilfields
69.61
259.80
251.20
272.65 276.95 264.05
Pak Petroleum
69.35
195.65
189.50
205.50 209.15 199.35
Pak Suzuki
53.61
74.15
73.55
PSO XD
67.20
285.25
280.45
PTCLA
61.76
19.50
19.25
Brokerage House
Fair Value 35 32.06 29.1
Rs Recommendations Buy Accumulate Negative
Technical Outlook
HUBC is currently 6.5 per cent above its 200-day moving average and is LUCK is currently 7.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is high as compared to the average the 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 volume reflect very strong flows of volume into HUBC (bullish). Trend forecasting flowing into and out of DGKC at a relatively equal pace. Trend forecasting oscillators are currently bullish on HUBC. Momentum oscillator is current- reflect moderate flows of volume into LUCK (mildly bullish). Trend forecastDGKC is currently 8.2 per cent above its 200-day moving average and is
63.46
Indus Motors
TFD Research
and Bollinger Bands were 6 per cent wider than normal.
27.05
Arif Habib Securities
ICI Pakistan
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
76.36 32.83 28.92 29.59
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
326.94 11,174.76 24.17 34.01
* Target price for Dec-10 & **Net Open Interest in future market
DGKC closed up 0.11 at 29.10. Volume was 14 per cent above average HUBC closed up 0.62 at 36.16. Volume was 115 per cent above average LUCK closed up 2.27 at 75.99. Volume was 140 per cent above average FFBL closed up 0.46 at 34.18. Volume was 37 per cent above average and and Bollinger Bands were 5 per cent narrower than normal.
63.95
27.80
oscillators are currently bullish on NBP.
Neutral
* Target price for Dec-10 & **Net Open Interest in future market
59.35
68.15
27.35
35.40
72.75
129.35 9,829.31 29.20 74.98
60.40
66.15
26.25
105.05
TFD Research
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
59.95
59.80
26.55
35.80
AKD Securities Ltd
58.10 74.36 69.21 70.61
58.25
61.95
52.18
106.05
Buy
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
58.85
55.36
Arif Habib Limited
71.63
105.2
Leverage Position
77.87
Attock Cement
69.34
AKD Securities Ltd
Technical Analysis
Allied Bank Limited
Hub Power
*Arif Habib Ltd
Buy
1st 2nd Pivot Resistance 3.40 3.45 3.30
flowing into and out of NBP at a relatively equal pace. Trend forecasting
volatility over the last 10 trading sessions. Volume indicators reflect volume
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
NBP is currently 0.7 per cent above its 200-day moving average and is dis-
Fauji Fertiliser Bin Qasim Ltd
Lucky Cement Ltd
Technical Outlook
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value 47
AKD Securities Ltd
Technical Analysis
ing oscillators are currently bullish on NML.
Hub Power Co Ltd
*Arif Habib Ltd
Buy
Buy
POL closed up 12.77 at 268.36. Volume was 356 per cent above average NML closed up 1.27 at 55.58. Volume was 78 per cent above average and NBP closed up 1.37 at 67.40. Volume was 84 per cent above average and (trending) and Bollinger Bands were 43 per cent wider than normal. Bollinger Bands were 27 per cent narrower than normal. Bollinger Bands were 30 per cent narrower than normal.
Dera Ghazi Khan Cement Co Ltd
Brokerage House
Rs Recommendations
Technical Outlook
KSE 100 INDEX is currently 11.3 per cent above its 200-day moving average POL is currently 15.4 per cent above its 200-day moving average and is NML is currently 9.1 per cent above its 200-day moving average and is disand is displaying an upward trend. Volatility is extremely high when compared displaying an upward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is extremely high when compared to the to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently reflect moderate flows of volume into POL (mildly bullish). Trend forecast- reflect moderate flows of volume into NML (mildly bullish). Trend forecastindicating that INDEX is currently in an overbought condition.
84
Positive
Leverage Position
64.67 53.97 48.10 50.94
Fair Value
*Arif Habib Ltd
Buy
59.97
Brokerage House
Technical Outlook
Leverage Position
69.61 253.93 232.55 232.47
Fair Value
*Arif Habib Ltd
Technical Outlook
11,127.80
normal. As far as resistance level is concern, the market will see major 1st
Rs Recommendations
301
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 239.84 points at 11,205.84. Volume was 48 per MA (100-day) cent above average and Bollinger Bands were 3 per cent narrower than MA (200-day) MA (200-day)
Fair Value
RSI 1st 2nd (14-day) Support 58.46 3.25 3.20
36.40
36.60
36.00
4.50 1.55
207.85 209.40 206.20
2.80
169.10 172.00 164.10
75.65
76.55
75.05
293.20 296.35 288.40 19.80
19.95
19.60
Shell Pakistan
64.94
198.45
196.05
Bollinger Bands were 45 per cent wider than normal.
Sui North Gas
38.02
29.65
29.25
202.25 203.75 199.90 30.75
31.45
30.35
FFBL is currently 16.6 per cent above its 200-day moving average and is
Sitara Peroxide
76.35
14.15
13.80
14.70
15.00
14.40
displaying an upward trend. Volatility is relatively normal as compared to
Sui South Gas
32.18
21.20
20.70
22.45
23.30
22.00
the average volatility over the last 10 trading sessions. Volume indicators
Telecard
49.82
2.25
2.20
2.45
2.60
reflect very strong flows of volume into FFBL (bullish). Trend forecasting
TRG Pakistan
53.39
4.20
4.15
4.35
4.45
4.30
oscillators are currently bullish on FFBL. Momentum oscillator is currently
United Bank Ltd
74.88
59.00
58.25
60.25
60.75
59.50
indicating that FFBL is currently in an overbought condition.
WorldCall Tele
57.30
2.65
2.60
2.75
2.85
2.70
2.40
8
Tuesday, November 23, 2010
We’re aware of China Internet rerouting: US WASHINGTON: The US Defence Department is aware that Internet traffic was rerouted briefly through China earlier this year, a Pentagon spokesman has said, referring to what a congressionally appointed panel has described as a hijack. The US-China Economic and Security Review Commission charged in its annual report that state-owned ChinaTelecom advertised erroneous network routes that instructed "massive volumes" of US and other foreign Internet traffic to go through Chinese servers during an 18-minute stretch on April 8. Marine Colonel David Lapan, a Defence Department spokesman, told reporters, "We're aware that on the 8th of April ... Internet traffic was rerouted through China." He added at one point that he did not know if "we've determined whether that particular incident ... was done with some malicious intent or not." Moments later, he said there was no evidence that anything malicious had occurred, a position he repeated when pressed about the discrepancy in his remarks. The US-China Commission in its 2010 report said the incident affected traffic to and from US government and military sites, including those for Secretary of Defence Robert Gates' office, the armed forces and some commercial websites. In Beijing, China's Foreign Ministry earlier condemned the commission's report on China's military capabilities and economic policies, saying it distorted reality and was symptomatic of Cold War thinking.-Reuters
PTA chief bravoes cell apps by locals ISLAMABAD: Chairman P a k i s t a n Te l e c o m m u n i c a t i o n Authority (PTA) Dr Mohammed Yaseen, has said that it is a positive sign for the telecom industry that companies are diverging into new grounds for the development of Local Contents and Applications and it signifies a shift in telecom industry. He was addressing prize distribution ceremony of calling All Innovators Pakistan 2010 developer's competition organised by Nokia which was held here in Karachi. He said, "This event symbolises the progress of Pakistan's telecom industry. It is an honor for us to have players in the industry who are playing critical role in furthering not only their business but are also fuelling the growth of the industry on the whole. He further said that by providing a breeding ground for Pakistani developers, Nokia is taking a lead BANGKOK: A pedestrian walks past a giant advertisement for an I-Phone 4 in bringing to Pakistani condisplayed at shopping mall.-Reuters sumers the most relevant mobility experience. During the occasion Imran Mahmood, General Manager, Nokia Pakistan said, "We are overwhelmed with the number of developers who submitted their BANGKOK: True Corp Pcl, applications for the compeThailand's only fully integrated tition. It only reaffirmed our upon their communication facility of 3,000 free on-net telecoms firm, forecast on needs. minutes. Monday a 5-6 per cent rise in P a k i s t a n PTCL Commercial Senior revenue next year after growth T e l e c o m m u n i c a t i o n Executive Vice President of just 1-2 per cent this year, Company Limited cus- Naveed Saeed said that the causing its stock price to surge. True Corp, which has majority tomers can now choose launch of the new packages from four proposed pack- option will have a very pos- stake in True Move, Thailand's third-largest mobile operator, ages with three packages itive impact on segmenting Telenor mainly targeting at the resi- the customers based upon plans to spend 7 billion baht ISLAMABAD: dential and one package their communication habits. ($234 million) next year on its Pakistan, gave away 12 motordesigned, especially for Aasif Inam EVP mobile and broadband business- bikes and around 2,200 cash es, Chief Executive Suphachai prizes worth Rs4.8 million to corporate customers, it Consumer Services said, Chearavanont told reporters. its easyload retail partners said. "This launch would not "Next year, we will focus on The residential packages only have a positive impact growth and boost the bottom line from different regions under target users from low-end on PTCL revenue stabilisa- and control costs," Suphachai its 'Telenor Maala-maal Offer.' to high-end, providing them tion but would also facili- said, adding half of the budget Retail Partners whose July free minutes, ranging from tate our budget conscious would be spent on expanding easyload sales exceeded over 200 to 750 to choose from customers by giving them Internet broadband and another previous month by five per depending upon their the liberty to choose from half on its mobile phone busi- cent were eligible to enter the lucky draw. A 10 per cent requirement, while the cor- various option according to ness. His forecasts exceeded market increase allowed them a douporate package gives the their needs.-APP expectations. Analysts surveyed ble entry in the draw. by Thomson Reuters I/B/E/S Appreciating the support of had expected on average a 0.8 retail partners, Telenor per cent rise in next year's rev- Pakistan's Director Sales & enue to 62.8 billion baht. NineDistribution Malik Faisal month revenue was 40.8 billion baht, up 0.1 per cent on the year. Qayyum said, "Our retail part-
PTCL casts few new pearls before users ISLAMABAD: Pakistan Te l e c o m m u n i c a t i o n Company Limited (PTCL) has launched various calling packages to facilitate its customers, a statement said. The new regional and local calling packages are the continuation of packages previously launched by the company that gave its customers the freedom of unlimited calling within an area group for a fixed monthly charge without worrying about additional charges, it said. The newly-launched packages now provide customers with more options to choose from depending
Telenor motivates easyload retailers
Mobilink revenues, users towering high KARACHI : Mobilink, Pakistan's market leader in cellular services and part of Orascom Telecom Holding (OTH), has posted strong revenues, higher EBITDA and increasing subscriber base in the third quarter of 2010, as compared to the same period last year. Mobilink posted revenue of Rs23 billion for third quarter of 2010, as compared to Rs21.5 billion for the same period last year, translating into a year on year increase of 6.27 per cent. EBITDA increased from Rs7.7 billion in Q3 2009 to Rs9 billion in Q3 2010, registering an increase of 17.8 per cent. Mobilink subscriber base showed
Thai True sees higher 2011 growth
belief that Pakistan has some of the finest developers to offer. It is truly a milestone for us to reach the final stage of first Calling All Innovators competition in Pakistan. On this occasion Teemu Kiijarvi, Forum Nokia Developers Relations Manager said, "It is a great achievement and a proud moment for the Nokia team as well as the Pakistani developers to come together on a single platform. This event only marks the beginning of a fruitful and winning partnership between Forum Nokia and Pakistani developers. The Award Competition was arranged to recognise the talent who has locally developed mobile applications and contents. Awards were given to three most innovative and creative content developers. These prizes were decided by the panel of judges comprising of Amir Malik, Zia Imran, Jehan Ara, and Farhan Chawla. The competition winner received the grand prize of Rs1,000,000 along with paid travel and accommodation to demo the winning application at a Nokia specified event. The two runners-up received Rs500,000 in cash and Rs300,000 in cash respectively.-Agencies
4.7 per cent growth, as compared to closing base of Q3 2009 closing at 31.44 million at the end of Q3 2010. The company has maintained its leadership position even in the current economic environment. According to the results published, for the first 9 months of 2010, the revenue grew by 9.6 per cent in local currency as compared to same period in 2009. Moreover, the EBITDA grew by 22.3 per cent in local currency and by 16.9 per cent in USD terms from January to September 2010, as compared to same period in 2009. Khaled Bichara, Group CEO, OTH shared that
OTH subscribers have now surpassed the 100 million mark and net income before minority interest has reached $922 million for the period. Bichara highlighted the challenges faced by Pakistan due to the floods and Orascom's contribution for the benefit of the flood victims in Pakistan. Rashid Khan, President and CEO, Mobilink said, "Mobilink has further consolidated its position in the market and continues to market aggressively in Q3 2010: This is a great achievement for us at a time when the industry, economy and the nation, as a whole is going through a tough time.-PR
True Corp shares closed up 8 per cent at 6.10 baht, outperforming a 1 per cent rise in the broader index. True has focused on bundling marketing packages for mobile, fixed lines, Internet and cable television. The market value of the mobile business, which contributed 48 per cent to ninemonth revenues, is expected to grow 6-8 per cent in 2011, he said. Suphachai said broadband revenue was expected to rise 15 per cent in 2011, the highest among True group's businesses, while non-voice services should post double digit growth next year due to growing use of smart phones and mobile Internet. Its 2011 investment may increase to 12 billion baht if True employs3G services on its existing network, he said, noting that small revenue growth this year reflected flat growth in its fixed-line business and price competition in its mobile business.-Reuters
ners have been the backbone of our distribution network. We would like to thank them for their enthusiastic participation in the 'Telenor Maalamaal Offer' and extend our heartiest congratulations to all the winners.' The Maala-maal offer gave away 12 Motorcycles, 30 prizes of Rs10,000 each, 60 prizes of Rs5,000 each and 2,100 prizes of Rs2,000 each to easyload retailers across regions in the country. The scheme is a continuation of the previously run 'Easyload Millionaire Prize Schemes.'-PR
Omantel signals Worldcall boost KARACHI: Oman Te l e c o m m u n i c a t i o n Company, the parent of Worldcall Telecom Ltd (WTL) will arrange funds to improve financial health of its subsidiary under a five year plan. WTL has informed Karachi Stock Exchange (KSE) that Omantel board has decided to hold extraordinary general meeting (EGM) for soliciting approval of shareholders to issue a guarantee to a 3rd party to arrange funding of $35 million for its subsidiary. Omantel has initiated steps to obtain regulatory permission from Muscat Security and Exchange Commission for
holding EGM for this purpose. It may be noted Omantel board in March 2010, had already granted approval for developing a strategy for rescuing its subsidiary and appointed a consultant firm to assess the operations and suggest steps to improve its performance. Omantel had acquired a major stake of 56.8 per cent in WTL --for 72 million Oman riyal-- in May 2008. Meanwhile, WTL had requested Omantel to provide a funding of $70 million to fulfill its capital expenditure requirements of $27 million and to refinance its existing liabilities of $43 million.-APP
Singh says he isn’t shy of probing teleco scam NEW DELHI: India's prime minister has denied accusations of "inaction" in a $40 billion telecom scandal and promised that anyone found guilty of wrongdoing in the case would be punished. Manmohan Singh is accused of failing to probe allegations that his telecoms minister sold second-generation (2G) mobile phone licences for a fraction of their value in 2008. The scandal is seen by Indian commentators as the most serious crisis to be faced by the Congress-led government in the six years since it first took office and could potentially be the country's biggest corruption scandal. "There should be no doubt in anyone's mind, wrongdoers will be brought to book," Singh said in his first public statement on the accusations. "We need to deal effectively with the threats of corruption," he told a leadership forum in New Delhi. While there is no suggestion Singh profited from the 2G spectrum allocation, his reputation as the "Mr Clean" of politics has been put into question, analysts say. The firestorm was ignited earlier in the week when India's chief auditing body declared the sale of 2G telecom licences at far below their market value lost the country up to 40 billion dollars. In an unusual step, the Supreme Court upped the pressure on Singh by asking him to present a sworn statement explaining his "alleged inaction and silence for 16 months" on a request by a prominent opposition lawmaker to prosecute former telecoms minister A Raja. Raja stepped down last weekend, denying any wrongdoing. Under Indian law, the premier must approve criminal proceedings against any cabinet member. Responding to the allegations, Singh's office submitted an affidavit to the court denying inaction and saying he had acted "in the interests of probity."-APP
Mobilink Indigo golfing event held ISLAMABAD: Mobilink organised the 4th indigo Invitational Golf Tournament-2010 at the Islamabad Golf Club. For the past three years, this 18-hole tournament has consistently attracted golfing enthusiasts from within the Mobilink-indigo customers. Deriving excitement and fun through friendly competition is the basic aim of this tourney, said a press release issued here. The President & CEO Mobilink Rashid Khan said, "Keen participation from golfing enthusiasts in the indigo Golf Tournament has transformed this brief recreational event into a popular sporting activity conducted in three major cities. Mobilink supports numerous exciting events that improve social harmony and nurture a participative spirit in the community. Golf is a refreshing sport which takes us closer to the serenity of nature, while revitalizing the minds."APP
9
Tuesday, November 23, 2010
Oil slips below $82 as Ireland optimism fades Investors await possible China interest rate increase LONDON: Oil slipped back below $82 on Monday, erasing earlier gains as a brief bout of general market optimism on a debt bailout for Ireland gave way to concern about possible problems in other highly indebted euro-zone states. US crude oil futures for January delivery fell 38 cents to $81.60 barrel by 1453 GMT, having risen 89 cents earlier. ICE Brent crude futures were 19 cents to $84.15, after earlier having risen more than $1. Many market participants were worried that the Ireland rescue package might not be effective in the long term and would not stop markets from targeting fellow straggler Portugal. "For this week, it will be important to see if the rescue plan can stop a chain of risk that may spread into other euro-zone countries facing
financial deterioration," Mizuho Corporate Bank said in its daily commodities research note. Mizuho Corporate Bank also cautioned that a further tightening by China might follow last week's increases in bank reserve requirements. "There are also views that the
Indian sugar declines on higher supply
EU wheat drifts, ignores firmer Chicago
MUMBAI: India's spot sugar price eased on Monday on higher supplies after a few mills lowered prices in tenders to finish non-levy sugar quota allocated for the month, dealers said. "A few mills in Maharashtra lowered prices in tenders. They wanted to finish November quota....they were seeking cash to make farmers' cane payment," said a member of the Bombay Sugar Merchants Association. Indian mills usually pay farmers a large chunk of the cane price immediately after or within a fortnight of harvesting. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety eased by 0.53 per cent to 2,800 rupees ($61.67) per 100 kg. Reuters
bank reserve hikes, which China has introduced recently, are not enough to curb inflation," the bank said. China is the world's top energy consumer and any slowdown in its economy may curb oil demand. Some analysts still pointed out some factors supportive to oil prices. Fredreic Lasserre, global research head for commodities
PARIS: European wheat prices remained in negative territory on Monday afternoon, driven lower by a lack of export impetus, and despite a rise in Chicago. The overall market sentiment pointed to a lack of export demand as the first half of the European wheat export season was drawing to an end and buyers from the Mediterranean region had not returned to the market after the Eid holiday. French farmers have sold around 80 per cent of their crop, a sharply higher level than in previous seasons, traders said. Benchmark January milling wheat in Paris was down 0.75 euros at 211.25 euros a tonne 1718 GMT in light volumes, with operators pointing to a lacklustre market. Chicago futures opened higher as traders expected USDA data to show a 1 to 2 percentage points decline in the good to excellent conditions rating for the US winter wheat crop.
at Societe Generale, said oil inventories in the United States have fallen to the levels below those of a year ago and the supply overhang was becoming thinner than before. Fuel inventories in China also fell in October, dropping for eight months in a row. Lasserre said that he expected inventories to fall to 55 days and the market to be in backwardation by the third quarter of next year and that commodities remain a good hedge against long-term inflation. Elderly King Abdullah of Saudi Arabia, the world's top oil exporter, flew to the United States on Monday for medical checks for a back ailment, and Crown Prince Sultan returned from holiday abroad. The market reaction to concerns about the Saudi ruler's health has so far been limited. Reuters
Germany's market was flat, with Paris only marginally down in Monday trade with sellers unwilling to deal. Standard bread-quality wheat for November delivery in Hamburg was offered for sale unchanged at 218 euros a tonne with buyers at 215 euros. Feed wheat futures on Liffe were slightly lower although prices remained underpinned by expected supply tightness in early 2011, dealers said. January feed wheat stood 0.50 pounds lower at 168.15 pounds a tonne. Benchmark wheat in Spain eased slightly to catch up with recent falls on international markets. Prompt feed wheat in key grains port Tarragona quoted at 212-215 euros a tonne, compared with 213-215 euros on Thursday. Wheat prices in Italy, a major grain buyer in Europe, were firm at around 230-250 euros a tonne for prompt delivery. -Reuters
Copper slips on dollar, China demand worries LONDON: Copper fell on Monday after imports in top metals consumer China declined and as the dollar rose against the euro due to worries that other euro-zone countries may follow Ireland in needing to be bailed out. Copper for three-months delivery on the London Metal Exchange finished at $8,290 a tonne, down from a close of $8,404 a tonne on Friday. "The Ireland situation is affecting risk appetite but there are other things impacting copper - worries about a slowdown in China, with the China copper imports being relatively low in the most recent data," Standard Chartered analyst Dan Smith said. Copper turned negative and the euro fell versus the dollar as initial optimism about the rescue faded, with metals investors turning their attention to concerns about possible contagion to other highly indebted euro-zone states and to Chinese demand worries. Fanning concerns about consumption, China's demand for refined copper fell 19.7 per cent in October as daily net imports tumbled 31.8 per cent. However, demand for copper was almost unchanged from October 2009.
Investors worried about the outlook for Chinese demand after the country on Friday raised cash reserve requirements for banks, the second such move
Shanghai copper weakens Shanghai copper fell one per cent on Monday after Beijing's latest tightening move, but a weaker dollar following Ireland's rescue deal helped London prices stay firm. Shanghai's most active third-month copper fell one per cent to 63,310 yuan a tonne. in a fortnight, as it aims to tame inflation by locking up cash. Signs have emerged that prospective exchange traded products (ETPs) or funds (ETFs) for LME metals, like aluminium, are already being priced in to metals markets, even though they have not yet been approved, Standard Bank said. The premium on LME aluminium for delivery in 27 months has narrowed against
the benchmark three-months contract to $90 from around $120 last week, LME data shows. Elsewhere, LME warehouse copper stocks kept trending lower, down 825 tonnes to 359,000 tonnes, the lowest in over one year. Concern about supplies in the near term have pushed copper into a $23.5 a tonne backwardation -- a premium for cash material over the threemonth contract -- compared with a discount of $20 a tonne at the end of October. LME data showed a dominant position controlling between 50 per cent and 80 per cent of copper cash warrants. Among other metals, aluminium ended at $2,288 a tonne from $2,264 a tonne on Friday. Zinc closed at $2,138 a tonne from $2,160 a tonne and battery material lead saw a $2,250 a tonne finish from $2,277 a tonne. Tin changed hands at $24,300 a tonne from a close of $25,000 and nickel ended at $21,600 a tonne from $21,850 a tonne. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for November 19 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
October (3rd Wednesday)
1320
1260
November (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for November 19 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
2191 2192 2160 2170 2105 2115 2105 2115
2259 2260 2284.5 2285.5 2345 2350 2398 2403
8408 8409 8391 8391.5 8165 8175 7800 7810
2245 2247 2270 2272 2238 2243 2200 2205
21680 21685 21740 21750 21450 21550 20850 20950
TIN
25245 25250 25150 25200 24725 24775
ZINC NASAAC
2131 2132 2153 2154 2195 2200 2163 2168
2235 2240 2250 2260 2265 2275 2320 2330
European vegetable oil prices ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10 880.00, Dec10 880.00, Jan11 883.00, Feb11/Apr11 889.00, May11/Jul11 893.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 900.00-5.00, May11/Jul11 910.00-5.00, Aug11/Oct11 890.00-10.00. SUNOIL: EU dlrs tonne extank six ports option Jan11/Mar11 1450.00+0.00, Apr11/Jun11 1380.00-10.00, Jul11/Sep11 1415.00-5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1280.00-2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Afloat 1120.00, Dec10 1105.00-25.00, Jan11/Mar11 1095.00-17.50, Apr11/Jun11 1075.00-27.50. PALMOIL: RBD dlrs tonne cif Rotterdam Jan11/Mar11 1110.00. PALMOIL: RBD dlrs tonne fob Malaysia Jan11/Mar11 1065.00-40.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11/Mar11 1075.00-37.50, Apr11/Jun11 1055.00-27.50, Jul11/Sep11 1050.00-25.00. PALM STEARIN: Dlrs tonne fob Malaysia Dec10 1075.005.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Nov10/Dec10 1490.00-25.00, Dec10/Jan11 1490.00-20.00, Jan11/Feb11 1490.00-20.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Nov10/Dec10 1925.00+0.00. Reuters
Tokyo rubber gains, China eyed TOKYO: Key Tokyo rubber futures rose on Monday on improved technicals and supply concerns, but gains were limited due to uncertainty over possible future steps by China to curb inflation and ahead of a Japanese holiday. The key Tokyo Commodity Exchange rubber contract for April delivery rose 2.1 yen or 0.6 per cent to settle at 369.8 yen per kg. The contract climbed as high as 375.9 yen on Friday, the highest since Nov 12. Traders said in the near term the market lacked fresh incentives to push prices up to a record high of 389.0 yen, although support was firm due to supply tightness and also a break in the yen's surge against the dollar. The most active rubber contract for May delivery on the Shanghai futures market closed at 33,215 yuan ($5,002) per tonne, down 1,200 yuan from Friday's close of 34,415 yuan. Volume stood at about 1.4 million lots. Japan's crude rubber inventories totalled 7,552 tonnes as of Nov. 10, down 2.8 per cent from 10 days earlier, Rubber Trade Association of Japan data showed on Monday. -Reuters
BOGOTA - COLOMBIA: Farmers rescue a horse trapped in mud at a flooded farm in Mosquera, near Bogota. Heavy rains around Colombia have killed 136 people and left 1,200,000 people homeless so far this year, according to officials. -Reuters
Gold dips, euro-zone contagion worries weigh LONDON: Gold fell on Monday, as optimism over Ireland's request for financial aid was overtaken by concern about possible contagion to other euro-zone nations to weigh on the euro. The pick-up in the dollar undermined demand from investors for perceived safehaven assets such as gold, which tends to struggle if the US currency strengthens. EU officials said Ireland may receive the first tranche of an emergency bailout in January
how will gold prices react if it is ... It could go either way." Spot gold traded at $1,352.50 an ounce by 1554 GMT, having earlier risen by as much as 0.77 per cent to a session high of $1,364.55. US gold futures for December delivery were down 40 cents at $1,351.9. Total open interest in gold futures held by non-commercial players, which many in the market use as a gauge of speculative activity, staged its largest weekly fall since late July and has fallen in five out
and its debt problems are unlikely to spread to other euro-zone nations, although Ireland's Green Party pulled the plug on the unpopular coalition government by calling for a national election. "(Gold has) come down a bit on the Irish news, the euro has come down. It's not really huge moves, it's because traders are uncertain whether the bailout will be a success," said Matthew Turner, an analyst with Mitsubishi. "There are two things -- will the bailout be a success and
of the past six weeks. Silver rose by 0.3 per cent, rallying for a fourth successive day, after holdings of metal in the world's largest silver-backed ETF hit another record high. Spot silver was last up at $27.29 an ounce, from $27.21 in late trade in New York on Friday, having risen by nearly 9 per cent in the last five trading days. Platinum was last down 0.65 per cent on the day at $1,652.49 an ounce, while sister metal palladium was down 0.5 per cent at $694.72 an ounce. -Reuters
Raw sugar rises; Coffer turns lower LONDON: Raw sugar futures on ICE were higher on Monday although gains were severely trimmed as the initial boost given to riskier assets such as commodities from a plan to bailout debt-saddled Ireland faded. Arabica coffee futures turned lower although cocoa remained in positive territory as the market eyed possible disruptions to the flow of cocoa from top grower Ivory Coast as tensions grow ahead of next week's presidential run-off. March raw sugar futures on ICE stood 0.25 cent or 1.0 per cent higher at 26.40 cents a lb at 1517 GMT, well below an early peak of 27.50 cents. The front month contract tumbled about 7 per cent on Friday following China's decision to raise banks' reserve requirements. White sugar futures on Liffe erased early gains and turned lower with March off $3.80 or 0.5 per cent at $675.30 a tonne. Coffee futures also turned lower, tracking a broad-based setback in commodities markets with March arabica futures on ICE off 1.15 cent or 0.5 per cent at $2.1010 per lb, well below an early high of $2.1325. January robusta futures slipped $22 or 1.15 per cent to $1,888 a tonne. March cocoa futures on ICE rose $15 or 0.5 per cent to $2,883 a tonne while March cocoa on Liffe stood 16 pounds higher at 1,895 pounds a tonne. -Reuters
Palm oil tumbles 4.4pc on concerns over China controls KUALA LUMPUR: Malaysian palm oil futures slid 4.4 per cent on Monday after China's central bank stepped up controls on money supply and credit last week, a move that may limit the country's demand for vegetable oils. That move triggered a sell-off in US soyoil, which spilled over to Malaysian palm oil and China soyoil markets on Monday as traders were concerned an interest rate hike may be round the corner to further cool inflation. The benchmark Feb. 2011 Malaysia palm oil contract fell as much as 147 ringgit to 3,179 ringgit ($1,021) per tonne before settling at 3,184 ringgit.
Traded volume more than doubled to 20,887 lots of 25 tonnes each. "Although palm oil exports were quite good, traders still worried about China's move to step up monetary controls," said a trader in Kuala Lumpur. "Technically palm oil has been hovering on the high side, so it also fell on retracement and correction. Palm prices could revisit 3,114 ringgit that hit the previous week." Exports of Malaysian palm oil products for Nov. 1-20 rose 18.3 per cent to 1,099,451 tonnes from the same period a month ago, driven by higher orders from China, Europe and
India, data from cargo surveyor Societe Generale de Surveillance showed. The most active Sept. 2011 soyoil contract on China's Dalian Commodity Exchange dropped 2.1 per cent, weighed further by China's recent action to sell vegetable oil state reserves. China's State Administration of Grain on Friday said they will sell soy and vegetable oils from state reserves at weekly auctions to help boost supplies and stabilise prices. US soyoil for December delivery edged up 0.3 per cent on Monday, but gains were capped as some investors still factored in China's plans to stem food price rises. -Reuters
National Commodity Exchange Ltd Trading Summary Date
22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010 22-Nov-2010
Commodity
Contract Date
CRUDE100 JA11 CRUDE100 FE11 CRUDE100 MA11 SILVER - SL500 DE10 SILVER - SL500 JA11 GOLD 01oz DE10 GOLD 01oz JA11 GOLD 01oz FE11 GOLD 100oz DE10 GOLD 100oz JA11 GOLD 100oz FE11 GOLD DE10 GOLD JA11 GOLD FE11 Kilo GOLD DE10 Kilo GOLD JA11 Tola Gold50 DE10 Tola Gold100 DE10 Mini Gold 1-Aug Mini Gold 2-Aug Mini Gold 3-Aug Mini Gold 4-Aug Mini Gold 5-Aug TT Gold 1-Sep TT Gold 2-Sep TT Gold 3-Sep IRRI6W 25NO10 Rice IRRI - 6 DE10 RBD Palm Olein DE10 KIBOR3M 10-Dec KIBOR3M 11-Mar
Price Quotation
Open
High
Low
Close
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
82.60 83.19 83.46 27.07 28.00 1356.40 1357.00 1359.50 1351.80 1359.20 1360.20 37001.00 36937.00 37335.00 37256.00 37291.00 43496.00 43496.00 38326.00 38363.00 38375.00 38388.00 38400.00 44041.00 43980.00 44098.00 2402.00 3340.00 4793.00 86.75 86.19
82.80 83.38 83.57 27.86 28.00 1364.50 1365.00 1365.80 1361.10 1359.20 1360.20 37308.00 37393.00 37335.00 37280.00 37291.00 43496.00 43496.00 38333.00 38363.00 38375.00 38388.00 38400.00 44048.00 44083.00 44098.00 2402.00 3340.00 4793.00 86.75 86.19
81.20 81.94 83.46 26.40 27.13 1343.00 1342.20 1343.30 1341.00 1356.40 1356.40 37000.00 36910.00 37289.00 37256.00 37235.00 43443.00 43443.00 38326.00 38282.00 38295.00 38307.00 38320.00 44041.00 43980.00 44004.00 3303.00 3326.00 4596.00 86.74 86.03
82.18 82.78 83.57 27.39 27.41 1355.40 1356.40 1357.50 1355.40 1356.40 1356.40 37263.00 37274.00 37289.00 37235.00 37235.00 43443.00 43443.00 38333.00 38282.00 38295.00 38307.00 38320.00 44048.00 43989.00 44004.00 3303.00 3326.00 4596.00 86.74 86.03
Traded Volume in lots 197 27 765 2 297 2,882 1,354 29 10 38 1 1 -
Previous Settlement Price 82.48 83.02 83.46 27.71 27.73 1360.50 1361.40 1362.60 1360.50 1361.40 1362.60 37362.00 37373.00 37388.00 37334.00 37345.00 43559.00 43559.00 38431.00 38381.00 38394.00 38406.00 38418.00 44162.00 44105.00 44120.00 3316.00 3340.00 4793.00 86.75 85.99
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 82.18 73 82.78 9 83.57 27.39 125 27.41 2 1355.40 222 1356.40 1,976 1357.50 1,246 1355.40 1 1356.40 1357.50 37263.00 9 37274.00 29 37289.00 37235.00 2 37246.00 43443.00 43443.00 38333.00 38282.00 38295.00 38307.00 38320.00 44048.00 43989.00 1 44004.00 3303.00 3326.00 4596.00 86.74 86.03 -
China’s Lao Yi celebrates winning the men’s 100m final at 16th Asian Games in Guangzhou
10
Tuesday, November 23, 2010
Another feather in Aisam’s cap LAHORE: Pakistan's most distinguished tennis players, Aisam-ul-Haq earned another feather in his cap as the ATP Tour, the world governing body of Men's Tennis has chosen him for the second time to award the Arthur Ashe Humanitarian of the Year Award. In 2002, Aisam won this award based on his stance, when partnering with an Israeli tennis player, that politics and religion should not be mixed with sport. Since last year, Aisam has been pairing regularly with India's Rohan Bopanna. They went on to reaching US Open Mens Doubles Final and have finished the year as no. 8 team in the world. Together, the two of them have been spreading the message of peace through the medium of tennis. In view of their efforts, the Monaco based "Peace and Sport organization awarded them the title "Champion for Peace". Their campaign "Stop war, Start tennis" has garnered tremendous media attention, and the Indo-Pak express, as they are known, have now earned the accolade of the Arthur As he Humanitarian of the Year Award for 2010. Aisam is the only person in the 27 year history of the award to be honoured twice, which itself speaks volumes for the esteem this bestows on both him and Pakistan.-APP
PCB to decide Zulqarnain's future LAHORE: Chairman Pakistan Cricket Board (PCB) Ijaz Butt has said that Pakistan Cricket Board will take the decision about wicket-keeper batsman Zulqarnain Haider after investigation. Talking to the media at Allama Iqbal Airport after return from China PCB chairman said that Zulqarnain Haider took irresponsible step and PCB will decide about Zulqarnain future after investigation. Replying to a question Ijaz Butt said that International Cricket Council (ICC) will take the decision on spot-fixing issue and hearing date has been fixed in this regard.Online
Johnson grabs fifth NASCAR crown HOMESTEAD: Jimmie Johnson won an unprecedented fifth-straight NASCAR Sprint Cup championship on Sunday with a second place finish in the final race of the season that was enough to overcome a slim points deficit. Johnson, clinched the title by 39 points over Denny Hamlin, who entered the race with a 15-point lead but slipped to second after finishing in 14th at Homestead Miami Speedway. "Now I have to figure out what the hell to say about winning five of these things because everybody is going to want to know what it means," Johnson told reporter. "I don't know. It is pretty damn awesome I can tell you that." The 400 mile race was won by Carl Edwards. Hamlin, who won this race last year, started 37th in a 43-car field and would have to drive aggressively to close the gap on Johnson, who started 6th.-Reuters
Anti-corruption code must for all: ICC DUBAI: The International Cricket Council (ICC) has directed all member countries to introduce an anti-corruption code in their domestic leagues by April in the wake of spotfixing allegations against the Pakistan cricketers. Pakistan batsman Salman Butt and pacemen Mohammad Amir and Mohammad Asif were suspended under the ICC anti-corruption code in September, after allegations of spot-fixing. Spot-fixing is the practice whereby a specific part of a game is fixed in order that gamblers may profit. This can be something as minor as the timing of a no ball or a wide delivery in cricket.
The ICC has written to all members to review their existing processes and procedures against corruption threats and where necessary introduce new measures to stamp out corruption, chief executive Haroon Lorgat said in a statement. The governing body of the sport also commended the efforts of the Pakistan Cricket Board (PCB) in implementing the ICC's directives. "In helping the PCB, the ICC has prepared a template domestic anti-corruption code, which incorporates in a consistent manner the same principles, offences procedures and sanctions as those set out in the ICC anti-corruption code," Lorgat said.-Reuters
Pak in a spot of bother n Azhar misses out on a century n Pakistan dig in to reach 317-6
ABU DHABI: Azhar Ali fell 10 runs short of a maiden test century as Pakistan reached 317 for six at the close on the third day of the second test against South Africa at the Sheikh Zayed Stadium on Monday. Azhar, who scored 56 and 63 in the drawn first test in Dubai, drove Dale Steyn to Graeme Smith at mid-off. Captain Misbah-ul-Haq
continued Azhar's good work with an unbeaten 77 to give his side hope of passing the follow-on target of 384. South Africa declared their first innings on 584 for nine. Misbah came to the crease in the middle of a mini-collapse after Steyn had also removed Younus Khan. Mixing defence with attack, he batted through to the close which came two overs early
due to bad light. Misbah and debutant Asad Shafiq (61) shared a stand of 107 for the fifth wicket before left-arm spinner Paul Harris induced an edge from Shafiq, which was taken by Jacques Kallis at slip. Harris then claimed a second wicket shortly before the close when he had Adnan Akmal caught at forward short-leg for 17.
Azhar scored his fifth halfcentury in eight tests and second score in the 90s, before driving Steyn on the up. South Africa picked up one wicket in the first session, Taufeeq Umar, who scored 43 in three hours at the crease, top-edging a hook off Kallis into the hands of Hashim Amla at midwicket.Reuters
IAAF names athletes of year MONACO: Kenyan 800 metres runner David Rudisha, who set 2010's only major world record, and world indoor high jump champion Blanka Vlasic of Croatia were named IAAF athletes of the year on Sunday. Rudisha, 21, became the youngest winner of the honour, eclipsing 22-year-olds Kenenisa Bekele of Ethiopia and Usain Bolt of Jamaica. The Kenyan twice set the 800 metres record, eventually running one minute 41.01 seconds, in a sparkling season of 12 consecutive victories. "I knew when I broke the two world records that there was the possibility of me being becoming the athlete of the year and now it has come true," said Rudisha, who succeeded Bolt as the male ath-
lete of the year. Vlasic, 27, won 18 of 20 competitions in what she called one of her most challenging seasons. "To have such a great season under such circumstances means even more maybe than to achieve a personal best once," Vlasic said. She and Rudisha were being honoured at the annual World Athletics Gala in Monaco on Sunday. Rudisha's run of 1:41.09 in Berlin in August ended Wilson Kipketer's 13-year reign as the world-record holder. Seven days later the Kenyan came close to eclipsing the 1:41 barrier in Rieti. His focus now will be to win a first Olympic or world title. "That is my next dream," the African champion said.-Reuters
Tevez leads City to Fulham rout LONDON: Manchester City turned on the style in front of Diego Maradona to humble Fulham 4-1 on Sunday and reclaim fourth place in the English Premier League. Maradona, a guest of Fulham at Craven Cottage, watched his Argentine compatriot Carlos Tevez score twice as City eased the pressure on manager Roberto Mancini. In Sunday's earlier game, Blackburn Rovers gave their new Indian owners an immediate return with a 2-0 victory over Aston Villa at Ewood Park. Tevez struck first for City in the sixth minute and set up Yaya Toure for City's third after just 35 minutes. In between, another Argentine, Pablo Zabaleta, made it two,
before Tevez provided the final flourish after halftime. "It was a fantastic performance," Mancini told Sky Sports. "It is difficult to win (away from home. If we play like that, we can win everywhere." City are on 25 points, three behind joint leaders Chelsea and Manchester United. Chelsea lost 1-0 to Birmingham City on Saturday and United beat Wigan Athletic 2-0 at Old Trafford. Arsenal, in third on 26 points, lost 3-2 at home to Tottenham Hotspur. Mancini's multi-millionpound squad had scored only three goals and taken five points from their last five matches to leave their fans frustrated with the Italian and his cautious style.-Reuters
ABU DHABI: Misbah-ul-Haq hits a shot as Mark Boucher looks on during the third day of the second Test match between South Africa and Pakistan.-Reuters
PFF League enrolls six new teams LAHORE: Pakistan Football Federation (PFF) has approved six new teams for Pakistan Football Federation (PFF) League which will explode into action at Arifwala, Karachi, Faisalabad and Islamabad from today. The Champions of departmental and club event will earn slot in 2011's Pakistan Premier Football League (PPFL), replacing two relegated team who finished 15th and 16th berth in PPFL 2010. Two new organizational teams, Gwadar Port Authority (GPA),and Zarai Taraqiati Bank Limited, will be seen in action in Departmental leg which will be comprised eight teams with Pak Steel, Public Works Department, Pakistan Police and Gwadar Port Authority in Group-A while Railways are being bracketed with PTV, Bahawalpur's Ashraf Sugar Mills and first timers Zarai Taraqiati Bank in Group-B.-APP
Dravid, Dhoni hammer Kiwis hard
n India lead by 373 runs
NAGPUR: Rahul Dravid and Mahendra Singh Dhoni batted with supreme authority to steer India into a huge lead after New Zealand bowlers had picked up three early wickets on the third day of the deciding test match on Monday. India declared their first innings at 566 for eight with a lead of 373 runs, leaving New Zealand to face a tricky 12 overs before the end of the day's play. Dravid stood tall with his 31st test hundred while captain Dhoni fell two short of his fifth hundred in tests as they stitched together a 193-run partnership for the sixth wicket. The duo's efforts ensured New Zealand would have a tough task to save the test and the series, with more than two
n Dravid hits 31st test ton
days left in the match. The right-handed Dravid (191) got to the coveted century mark with a flicked two, 10 minutes before lunch at the Vidarbha Cricket Association Stadium. The 37-year old missed his double hundred by nine runs when he holed out to Martin Guptill at long-off trying to hit part-time offspinner Kane Williamson out of the ground. Dhoni (98), who had been short of runs heading into the match, joined Dravid at the crease after the hosts had lost Sachin Tendulkar, Vangipurappu Laxman and Suresh Raina cheaply. The pin-up boy of Indian cricket then stepped on the pedal with some lusty hits to demoralise the New Zealand
bowlers. He hit 12 boundaries and a six in his knock, before offering a tame return catch to Daniel Vettori. The tourists had a couple of half chances in the day but the fielders failed to cling on, making it more difficult for the under-assault bowlers. Tendulkar (61) could add just four runs to his overnight score before he edged debutant Andy McKay to wicketkeeper Gareth Hopkins to become the left-arm seamer's first test wicket. Laxman followed soon after as Chris Martin bowled a big inswinger to breach his defence while New Zealand captain Vettori dismissed Raina through a bat-pad catch at silly mid-on. The three-test series is tied at 0-0 after two draws.-Reuters
Federer, Murray dazzle O2 arena LONDON: For all the special effects which greeted the start of the ATP World Tour finals in the spectacular O2 Arena it was the play of Roger Federer and Andy Murray that really dazzled the capacity crowd. World number two Federer never requires gimmicks to leave his audience spellbound and that proved the case again as he began his bid for a record-equalling fifth title at the season-ender with a 6-1 64 defeat of Spaniard David Ferrer. Earlier in front of a 17,500capacity crowd, Murray dropped only one more game, crushing Sweden's world number four Robin Soderling 6-2 6-4 with a virtuoso display that augurs well for the home favourite as he aims to end a mixed year on a high. Murray entered the cavernous arena to strobe lighting and The Clash classic "London
Calling" bellowing out from ers as not far short of a grand win in the process. the sound system and he clear- slam, produced some glittering "It's a huge tournament," ly enjoyed an atmosphere far- tennis in his 80-minute victory Murray, beaten by Federer in removed from the brooding -- pocketing the $120,000 the Australian Open final at the hush of Wimbledon's Centre available for each round robin start of the year, said. "I think Court. "The atmosphere here is obviously different," the 23-year-old Murray, whose next Group B match will be against Federer on Tuesday, told reporters. "It's sort of like a concert with music at the change of ends, the big screen showing replays of the points. It was so loud. I didn't know what was going on at first." Murray was dressed in a jet black shirt with an eyecatching diamond pattern not unlike the design favoured by Ivan Lendl, who won the season ender five times. The Scot, who would dearly love to win a tournaLONDON: Federer celebrates winning against Spain’s Ferrer in ment regarded by the playtheir singles match at the ATP World Tour Finals.-Reuters
all of the players want to play their best tennis here. "It's a big win, to beat someone ranked higher than me. The guy's number four in the world and he's a very good player." Four more performances of similar quality would give Murray a reasonable shot at the $1.6 million jackpot for any player to win the tournament with a maximum five victories, although Federer will provide a formidable obstacle. MISFIRING SODERLING Murray faced just one break point against the misfiring Soderling and even that threat was snuffed out with an ace midway through the second set. Soderling, who will face Ferrer next, will have to improve dramatically if he
is to match his run to the semifinals here last year when he only scraped in to the draw because of Andy Roddick's injury-enforced withdrawal. "The good thing is I still have a chance. I have two really tough matches coming up," he said. Federer, making his ninth consecutive appearance at the tournament, has been in fine fettle since his shock quarterfinal defeat by Tomas Berdych at Wimbledon, looked imperious against Ferrer in the evening session and had a watching Diego Maradona nodding his approval. The Swiss, who has won six titles down the river at Wimbledon, is a huge favourite with British crowds and he produced a commanding performance on Sunday in an arena usually reserved for the greats of the music industry.-Reuters
Asia growth slows, Thailand in technical recession BANGKOK: Thailand's economy slipped into a technical recession in the third quarter, reinforcing signs of an Asiawide slowdown as export growth cools, manufacturing ebbs and the impact of massive government stimulus spending fades. Southeast Asia's secondbiggest economy shrank 0.2 per cent in the third quarter after a revised 0.6 per cent contraction in the second, data showed on Monday, reducing chances of another interest rate rise next month. The data reinforce signs of a slowdown across much of the region, from North Asian export powerhouses China, South Korea and Taiwan to Southeast Asian "tigers" Thailand, Singapore and Indonesia. Strong growth in Asia has been one of the few bright spots for the struggling global economy. Figures last week showed Taiwan's economic growth slowing in the third quarter, while Singapore's trade-reliant economy shrank 18.7 per cent and Indonesia reported this month its first slowdown in annual growth in five quarters. From a year earlier, Thailand grew 6.7 per cent in the quarter, largely in line with economists' forecasts and slowing from growth of 9.2 per cent in the second quarter, the data from the state planning agency showed. "Looking forward, we expect weaker global demand to bring Thailand's economic growth to below trend in the fourth quarter of 2010, and in the first half of 2011," said Usara Wilaipich, a Bangkok-based economist at Standard Chartered Bank. Malaysia's economic growth slowed more than expected to
5.3 per cent in the third quarter from 8.9 per cent in the second, its central bank said on Monday, noting growth in the second half of the year and in early next year was moderating." OCBC economist Gundy Cahyadi said growth almost stalled in the third quarter from the previous three months, though few analysts give quarter-on-quarter figures. The Asian slowdown has been exacerbated by the US dollar's slide, which has driven up regional currencies and started to erode export revenue. It is complicating efforts by Asia's central banks to return interest rates to normal levels after drastic cuts in the wake of the 2008 global financial crisis. The Bank of Thailand is likely to keep its trend-setting one-day repurchase rate unchanged at 1.75 per cent at its next policysetting meeting on Dec. 1, said Arkhom Termpittayapaisith, secretary-general of the National Economic and Social Development Board, Thailand's state economic planning agency. Private economists echoed that view after the data, which was marginally better than a deeper 0.4 per cent contraction expected by most economists in a Reuters survey. "We expect less aggressive monetary policy by the Bank of Thailand and possible delays on interest rate hikes next year," said Isara Ordeedolchest, an economist at KT Zeamico Securities, a stock brokerage in Bangkok. P i m o n w a n Mahujchariyawong, economist at Kasikorn Research Centre, expects the economy to contract again in the fourth quarter, hurt
by a nearly 12 per cent rise in the baht this year against the dollar to a 13-year high and floods that have killed more than 200 people since October. RATES SEEN ON HOLD Thailand's debt market has largely priced in a rate pause next month, with one-year swap rates down by 22 basis points in the past two weeks. Government bond yields were barely changed after Monday's economic data. Indonesia's central bank is also seen pausing to keep its policy rate on hold at a record low 6.5 per cent well into 2011 as it tries to avoid encouraging an even bigger flow of investment capital to its markets. Despite the slowdown, Thailand's state planning agency raised its forecast for economic growth this year to 7.9 per cent from 7.0-7.5 per cent projected in August, and tipped growth of between 3.5 per cent and 4.5 per cent in 2011. Agency chief Arkhom said the quarterly contraction was due to lower state spending and a slowdown in private investment. "It's cyclical that Q3 is usually weaker than other quarters," he told reporters, adding that the flooding across much of Thailand over October and November shaved economic growth by 0.3 per centage points. He said the fourth-quarter performance depended on strength in exports which his agency expected to rise 25.1 per cent this year before slowing to about half that rate of growth next year. The data puts Thailand technically in recession after two straight quarters of economic contraction. -Reuters
Irish coalition teeters after bailout deal DUBLIN: Ireland's deeply unpopular government began to unravel on Monday, with the junior coalition party demanding an early election in January, as soon as an EU/IMF bailout package is in place, and the budget under threat. The Greens withdrew their support from Prime Minister Brian Cowen's cabinet a day after European partners and the International Monetary Fund agreed to rescue Ireland with loans to tackle a banking and budget crisis that has aroused public fury. Two independent lawmakers on whom the government relies for its parliamentary majority said they could not even commit to supporting a crucial austerity budget due to be adopted on Dec. 7, casting doubt on its passage. The adoption and implementation of a deficit-cutting budget is usually a condition for EU/IMF aid disbursements, subject to quarterly monitoring by the international watchdogs. A top euro zone official said the first loans could flow in January but a short-lived relief rally on financial markets fizzled as investors weighed the new political uncertainty and the risk of pressure spreading to other vulnerable EU countries. European shares and the euro reversed early gains on fears the package would not prevent contagion reaching Portugal and possibly Spain. European and IMF officials began thrashing out details of the rescue package -- expected to total 80 to 90 billion euros -- on Monday, while the government put finishing touches to a drastic 15 billion euros ($20.5 billion) austerity plan. The coalition of Fianna Fail, the Greens and independent politicians has a three-seat majority, which will be wiped out if the six Green lawmakers withdraw their support, or indeed if the two independents switch sides.Reuters
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lasted for quite a while in which issues pertaining to bilateral interest, political scenario, Reforms GST Bill and promises made to the JUI-F by the Government etc. Sources told that the JUI-F chief has assured of his conditional support to the govt on RGST and as a result of this assurance Maulana Sherani has been made Chairman CII, which speaks volumes of the fact that government is ready to be flexible. Sources further said that President assured Fazl that government is keen to take all its coalition partners on board while it will keep on working for augmenting democracy and stability in the country.
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future of country's premier gas field and will bode well for OGDC's future earnings. The field contributes 35 per cent to OGDC's gas production, but more importantly it contributes 26 per cent to company's topline, he added. Furthermore, he said that for week ended 09 Nov-10, Qadirpur field's gas production has increased to 513mmcfd (up from 497mmcfd a week earlier).
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functions of FIA with those of NAB to create a specialised and autonomous "Anti-Corruption Agency (ACA)" in July this year. Two years ago, powers were transferred to NAB to eradicate corruption and hold those accountable who were accused of it. Interior Minister Rehman Malik this month set an ambitious one-week deadline to banish corruption from public offices by reinstating the powers of FIA to detect and provide effective measures against corruption."The government is all set to reinstate the 'anti corruption cell' in the Federal Investigation Agency to eliminate corruption from public offices," he said during a meeting at the FIA headquarters. The proposal will now come under the consideration of the federal cabinet before a final decision will be taken. -Agencies
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presided over the meeting of subordinate committee of Senate standing committee on defence and reviewed the five year revival plan for PIA. While discussing the revival plan MD PIA Ijaz Haroon told the committee that the company plans to purchase 16 new planes and an application has already been sent to the authorities for giving guarantee. In the meeting Ijaz Haroon informed the subordinate committee that PIA had a deficit of Rs41.700 million in the last two years. While giving details, he told the committee that during 2008, the company incurred a loss of Rs35.88 million while in 2009 end Rs68 billion were in deficit, so far PIA is under a debt of Rs1.11 trillion altogether with a holding of Rs16 billion only in the form of assets. He further told the committee that the PIA authorities have already started to slash down on the operational expense as well as the repair and maintenance. He also informed that organisation has already started working on curbing fraud and dishonesty in the establishment and it is expected to save up to Rs3 billion in the next five years. Ijaz Haroon said the government should review the open skies policy formulated in 1992 according to which airlines from Central Asian countries can take passengers on board from Pakistan and it is affecting the business of PIA.
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Railways for consideration of the cabinet.The meting was attended by Waqar Ahmed Khan, Federal Minister for Privatization, Raja Pervaiz Ashraf, Federal Minister for Water & Power, Qamar Zaman Kaira, Federal Minister for Information & Broadcasting, Ghulam Ahmad Bilour, Minister for Railways, M Salman Faruqui, Secretary General to the President, Shahid Hafeez Kardar, Governor State Bank of Pakistan, Secretaries of Finance and Privatization Divisions and Spokesperson to the President Farhatullah Babar besides other officials. -APP
11
International & Continuation
Tuesday, November 23, 2010
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persons.At least one member on the BODs should be a young private sector individual with potential to make his mark in the future. Nominations from the private sector should be made considering the ability of the nominee to devote time.Ministers/Secretaries/Government officials will not be nominated as Chairmen of the BODs. The office of Chairman BODs and CEO shall be kept separate. Representation from the administrative Ministry / Division on the BODs of Private Sector Entities should be restricted to one. The CEOs and one other executive (Head of Finance) of the PSE will be included in the BODs. -Agencies
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members of the commission, due to which the final name for the chairmanship could not be finalised. Talking to the media persons after the meeting, Syed Nayyar Hussain Bukhari said that he headed the meeting on advice of Chaudhry Shujaat Hussain, adding the commission was awarded the mandate to form rules and regulations of the commission under 18th amendment. Bukhari further said that the commission would work beyond party benefits and Chairman would also be selected with consensus on Wednesday (tomorrow) meeting.He stated that the recommendations of judicial commission have been received by Senate Secretariat and commission would review the recommendations after preparations of rules and regulations. -Agencies
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Gilani has accepted the resignation of Mian Altaf Saleem and issued an order for the appointment of new Chairman of Erra from PML-Q Hamid Yar Hiraj. Hamid Yar Hiraj, MNA is holding Masters Degrees in Finance from the Wharton Business School, University of Pennsylvania and in Tax Law from California State University San Francisco, USA. Previously he held the portfolios of as MOS for EAD, Health and Commerce. Hamid Yar Hiraj would serve as the Chairman Erra on honorary basis. In a meeting with the newly appointed and the outgoing Chairmen Erra separately, at PM House, Prime Minister expressed confidence that keeping in view the important function of the Rehabilitation and Reconstruction of the Earthquake affected areas, the new incumbent would utilize all his abilities to carry forward the government's reconstruction agenda in these areas. Prime Minister also appreciated the services of outgoing Chairman ERRA. Mr. Saleem Altaf thanked the Prime Minister for his continued support during the discharge of his official duties. -Agencies
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information, he says, then so is the rest of Wall Street. In addition to SAC, his clients include mutual-fund companies Janus Capital Group, Wellington Management Co., MFS Investment Management, and hedge funds Citadel Asset Management and Maverick Capital, among others. These firms declined to comment. One of those FBI agents was David Makol, known among prosecutors for his skills in insider-trading investigations and his ability to "flip," or gain the cooperation of, defendants to help agents gather evidence.
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administering justice was not only the job of judiciary of but of all the three organs of State. He said, "As far as Executive and Legislative are concerned they also share equal responsibility to achieve the object of independence of judiciary". If such an environment was created, where all the three organs perform their functions while remaining within their prescribed spheres, it would provide a stable and predictable environment, guaranteed under the constitution, he added. He said "It is a need of the hour that the Legislative and
Confident price pressures in check: China BEIJING: China sought on Monday to reassure people that inflation will remain in check, voicing confidence that ample grain supplies and excess capacity in industry will keep a lid on price pressures. Economists said the effort to manage inflation expectations was meant to reinforce an array of measures in recent days to curb actual inflation, including Friday's order to banks to hold more of their deposits in reserve instead of lending them out. "We can understand the worries of residents about the relatively quick rise in food prices and other daily necessities," the National Development and Reform Commission, China's economic planning agency, said. "But we also have the confidence to say that our country has the capacity and conditions to keep overall prices at a stable level," it said. Underlining its importance, the agency's statement was carried on the front page of the People's Daily, the mouthpiece of the ruling Communist Party. The government followed Friday's half-point increase in banks' required reserves to 18.5 per cent, a record high, by providing more details of the administrative measures it is
drawing up to contain inflation. Road tolls for vehicles carrying fresh produce will be scrapped from Dec. 1, and local authorities will have to ensure energy and transport prices for fertiliser producers are reduced, state media said. Regional governments will also have to ensure a steady supply of coal and oil. "The administrative measures until now are mainly aimed at speeding up supplies. But there's a good chance that China will eventually resort to administrative price controls," said Wang Han, an economist in Shanghai with CEBM, an advisory service. Beijing announced an initial volley of steps last Wednesday, including handouts to people on low incomes, after inflation jumped to a 25-month high of 4.4 per cent in the year to October. Qian Wang, an economist with J.P Morgan, said the government had rolled out similar measures after a spike in prices in late 2007 and early 2008. The difference now was that Beijing was acting earlier in the inflation cycle. "This could stabilise food prices in the short term, but the underlying inflation trend is quite strong," she said. Food is the primary concern
of policymakers. The price of foodstuffs, which make up a third of China's consumer price index, rose 10.1 per cent in the year to October. The cabinet has singled out grain, oil, sugar and cotton as markets that it wants to stabilise. It has vowed to intensify a crackdown on price speculation and to punish hoarders. The Communist Party is acutely sensitive to the political risk posed by inflation. Rising prices added to discontent in the build-up to anti-government protests in 1989 that were crushed by the army. Inflation today is mild by comparison, provoking no more than grumbling. The Party wants it to stay that way. "The government is adopting pre-emptive measures to stay ahead of the inflation curve, and that will be important in managing the inflation expectations of ordinary people," said Xu Jian, an economist at China International Capital Corp in Beijing. Even though inflation was likely to pick up to 5 per cent next quarter, Xu said he thought Beijing would not lose control of inflation thanks to its prompt "one-two punch" of short-term administrative measures and tighter monetary policy.-Reuters
Executive work in a manner to strengthen the judiciary as it will ensure the survival of other organs in case some extra-constitutional forces strike the political dispensation." The Chief Justice also lauded the services of retiring Justice Rahmat Hussain Jafferi and said that he earned respect of his colleagues and legal fraternity due to his professional competence and unassuming and affable personality.He said name of Rahmat Hussain Jafferi would be an addition to list of illustrious judges, who struggled for the independence of judiciary. -APP
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weaker eurozone states, rates on Spanish and Italian bonds were slightly lower on Monday. Dublin agreed over the weekend to ask the EU and IMF for a bailout estimated at about 90 billion euros to stabilise its debt-stricken banking system and restore its strained public finances. -Agencies
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remains banned. He expressed the hope that this situation will change in the interest of expanded trade relations between the two countries. Sabharwal expressed his happiness that over the last one year, a number of business delegations from Pakistan have visited India. Speaking on the occasion, LCCI President Shahzad Ali Malik expressed his dismay over the low volume of trade between India and Pakistan. He said that India and Pakistan should promote regional trade on the pattern of ASEAN, EU, NAFTA, etc. to boost bilateral trade. He said that the promotion of trade is the only to minimise the political tension in the region. The two neighboring countries should not mix trade with politics and business community should be allowed to carry on trade without hurdles. He said that the potential gains from increased economic integration between India and Pakistan are large whereas mutual trade between the two countries is unnaturally small. Further efforts to facilitate and increase trade can become an effective tool to ease out the tense relations. The LCCI President said that India should allow the representatives of private sector of Pakistan to establish trade offices for various products in India. The LCCI president said, "We, the business community, are committed to have a serious, sustainable and constructive engagement with India and early and full normalization of relations on the basis of mutual non-interference, peaceful co-existence and respect for each other. -Online
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children. Asma Jahangir is the president of the Supreme Court Bar Association of Pakistan, a founding member of the Human Rights Commission of Pakistan and served as its Secretary-General and chairperson. Internationally, Asma Jahangir is known for her roles as the UN Special Rapporteur on Freedom of Religion or Belief, and the UN Special Rapporteur on Extrajudicial, Summary or Arbitrary Executions. The award carries a $25,000 cash reward, a diploma and a bronze trophy, which will be presented at a ceremony in Bilbao, Spain, on 10 December, which is observed globally as Human Rights Day. -Agencies
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Central Vigilance Commissioner (CVC) in September amid protests from the BJP who claimed at the time that he was a tainted figure. During a legal challenge to Thomas's appointment, Chief Justice SH Kapadia questioned the nomination of a man who was charged by police over his role in an alleged palm oil import scam in his home state of Kerala. "In every matter he deals with, he will face embarrassment and under these circumstances we want to know if he will be able to function as CVC," Kapadia told the court. In a separate but unwelcome reminder of another corruption scandal, Indian police on Sunday arrested the sacked treasurer of the Delhi Commonwealth Games organising committee. The Congress party was also roiled by the resignation of the chief minister of the powerful western state of Maharashtra, who stepped down two weeks ago over his alleged role in a housing scam that saw apartments reserved for war widows sold to politicians and military officers. India fell three places to 87th in Transparency International's latest ranking of 178 nations by their perceived level of corruption, with the fall attributed to the Commonwealth Games fiasco.Concern about corruption has been raised recently by senior public figures and leading businessmen. -Agencies
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whose agenda was to amend the Articles of the Exchange so that the chairman of the exchange should be a broker as members think a broker-chairman will be a better manager. The issue arose after the present Chairman Zubyr Soomro had expressed reservations on Margin Trading System (MTS) which was approved by KSE board of directors.
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113.3 million shares were traded on Monday --39.1 million shares more as compared to a turnover of 74.2 million in the previous session. Oil and gas sector was the leading performer of the day with OGDC increasing by Rs6.74 to reach Rs166.23 contributing around 116 points to the index while Pakistan Oil fields rose by Rs12.77 to close at Rs268.36. According to experts, the news of increased gas production at Qadirpur Gas Field --as most of the installation of the compression facility is complete-- invited buying in the oil giant OGDC. Also, discovery in Makori East last week turned investors' heads towards POL and PPL. Further, a rise is power tariff too pushed investors into oil stocks. Jahangir Sidd. Co was the most traded stock of the day with 10.08 million shares followed by Lotte Pakistan 9.33 million shares and Pakistan Oilfields 5.61 million shares.Out of total 378 active issues 249 advanced and 104 declined while 25 issues remained unchanged.
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SanDisk gained 5.7 per cent to $42.24, while the PHLX Semiconductor Index rose 0.5 per cent. Netflix Inc jumped 7.2 per cent to $185.50 after it said it will offer an unlimited streaming-only subscription plan in the United States.-Reuters
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Mining stocks .FTNMX1770 slipped, following metals prices lower, on nagging fears of further tightening of monetary policy in China, the world's biggest consumer of metals. Integrated oil stocks, the top blue-chip performers earlier on Monday, fell, with BG Group down 1 per cent. Interdealer broker ICAP dropped 2.7 per cent as broker Execution Noble cut its rating on the stock to "hold" from "buy". Invensys was also hit by a broker downgrade, shedding 1.8 per cent, as BofA Merrill Lynch cut its rating for the engineer to "neutral" from "buy" on valuation grounds.Defensive stocks came into favour as investors switched out of sectors perceived as more risky, with utilities Severn Trent and Scottish & Southern Energy adding 1.4 per cent and 1 per cent respectively.On the upside, TUI Travel rose 3.6 per cent to top the FTSE 100 leaderboard after a report said parent TUI was in talks with investor John Fredriksen over its stake in shipyard firm Hapag-Lloyd, traders said. A report on Sunday in German newspaper Welt Am Sonntag said Hapag-Lloyd was in the process of appointing investment banks as it seeks an investor.The news fuelled talk TUI could use the sale of its stake, or a portion of its stake, to fund further stake-buying in TUI Travel, traders said.-Reuters
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Everybody needs to follow law, Justice Iftikhar
Salvation lies in democracy: CJP
DUBLIN: Sinn Fein demonstrators clash with police officers after breaking through the gates of Government Buildings in Dublin here on Monday. -Reuters
Indian High Commissioner visits LCCI
‘India to become Asia growth hub’ LAHORE: The Indian High Commissioner, Sharat Sabharwal, has said that as the fastest growing economy of the region, India has the potential to become a growth hub for all its neighbours including Pakistan. The Indian High Commissioner was speaking at the Lahore Chamber of Commerce and Industry on Monday. LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad, Vice President Sohail Azhar, former LCCI Presidents Mian Tajammul Hussain, Shahzada Alam Monnoo, former Senior Vice President Sohail Lashari and former Vice President Aftab Ahmad Vohra also spoke on the occasion. Indian Commercial Consular R K Sharma was also present in the meeting which
continued for well over an hour. The High Commissioner said that in recent years, the Indian economy has emerged as one of the fastest growing economies of the world and is likely to attain an annual growth rate of 9 per cent during the coming years. He added that even as India progresses on the path of high growth and rapid development, it regards the prosperity of the rest of South Asia in its own interests. Indian High Commissioner said that India had fulfilled its commitments under the Safta by drawing up a sensitive list beyond which all items can be imported from Pakistan and other Saarc countries. However, he said, Pakistan continues to maintain a positive list of less than 2000 items and the import of all the remaining items from India See # 12 Page 11
Government decides to initiate full-scale probe
Kazmi, Swati trade blame on Hajj scam ISLAMABAD: Governmnent has decided to start an all-out investigation into Hajj scandal Monday, while Prime Minister Gilani directed Federal Minister for Religious Affairs Hamid Kazmi to take back Rs100 million compensation notice that he had sent to Federal Minister Azam Khan Swati over corruption allegations pertaining to the Hajj arrangements. Prime Minister Gilani telephoned both the ministers and directed them to stop issuing statements and remarking against each other in the media. He further directed Kazmi, who is currently in Saudi Arabia, to meet him as soon he arrives in Pakistan and submit a comprehensive report pertaining to the issue. Prime Minister Gilani said the pilgrims' sufferings during Hajj brought bad name to the country. He further said that the government is investigating the allegations. Earlier, Hamid Saeed Kazmi had sent a compensation notice of Rs 100
million to Azam Khan Swati, over corruption allegations by the latter on Kazmi regarding embezzlement during Hajj operations. Furthermore, federal government decided to take strict action against Federal Secretary, Joint Secretary and Acting DG Hajj hence will be removed on charges of sheer corruption in Hajj arrangements. According to media reports, it has been decided to remove Federal Secretary for Religious Affairs, Joint Secretary Hajj Raja Aftab-ul Islam and acting DG Hajj Sultan Shah respectively on charges of utter corruption. -Agencies
SC questions Thomas’ appointment as CVC
Corruption woes mount for India NEW DELHI: India's ruling party sought on Monday to defuse a giant telecom corruption scandal that has embroiled the government, stalled parliament and further tarnished the country's political class. For more than a week, the government of Prime Minister Manmohan Singh has been battling opposition pressure and lurid allegations about what could amount to one of the biggest scams in Indian history. Former telecom minister A Raja, who resigned on November 14, is accused of losing the national treasury up to 40 billion dollars over the sale of 2G mobile phone licences in 2007 for a fraction of their value. The opposition led by the Bharatiya Janata Party (BJP) again blocked the functioning of parliament on Monday, continuing its
demand that a cross-party probe be set up to investigate the alleged scam. After the adjournment -- for a seventh day -- Finance Minister Pranab Mukherjee called an all-party meeting to seek an end to the disruption that has prevented any new legislation being discussed in the winter session. "The purpose of the meeting is obviously to see if we can find a way out of the impasse in parliament," Congress spokesman Manish Tewari told media. Elsewhere, India's Supreme Court raised doubts Monday about the recent appointment of a new top anticorruption official, adding to a damaging perception that the government is soft on graft. PJ Thomas was sworn in as the new See # 14 Page 11
Asma gets UN Human Rights Award ISLAMABAD: The Asian Human Rights Commission congratulates Asma Jahangir on the announcement that she has been named as this year's winner of United Nations award that recognises outstanding individual contribution to promoting a culture of human rights around the world. The Director-General of the UN
ISLAMABAD: Chief Justice of Pakistan Iftikhar Muhammad Chaudhry said on Monday that nation's salvation lied in upholding the democratic principles. He was speaking at a reference held on the retirement of Justice Rahmat Hussain Jafferi. He said it was incumbent upon all the institutions to work in unison as it would ensure their independence and prime them up for performing their assigned constitutional duties. "The time has arrived to strengthen all the institutions of the country and everybody needs to follow the principles of rule of law, transparency, merit and fairness in the discharge of his duties," he added. He said the most essential role of the constitution was to interlink state structures and geared them towards realising the highest ideals of a democratic and social welfare state. He said, "The constitution is also an agreement between various regions and nationalities to form one cohesive nation."
"Thus, the constitution is an instrument of empowerment of the people by bestowing upon them the fundamental rights, including economic, social, political, civil and cultural rights," he added. He said for execution of such lofty ideals, the constitution envisaged creation of a strong, healthy and competitive executive organ, which was ably managed by the bureaucracy. If these institutions strictly worked under the rule providing a level playing field to all the citizens, the country could achieve stability, success and recognition as a civilized democratic state, the Chief Justice said, adding, "because it is in the interest of all of us and our future generation to support the constitution and democracy in the country". Referring to corruption in lower judiciary, he said the Global Corruption Report, 2007 had admitted that corruption was prevalent in the justice sector. He said corruption in judicial sys-
tem of the country was mostly on account of the age-old practice of bribery. "It is more pronounced in the lower courts called Katchery. When courts are perceived to be tolerant of corruption, litigant parties and people lose hope in the justice system," he added. Terming it a dangerous symptom, the Chief Justice said it was the beginning of breakdown of peace and security in the society, which could lead to increased crimes and lawlessness. He stressed that accountability in the judiciary was necessary to eradicate corruption and a culture of bribery. The High Courts had taken stringent measures and removed many corrupt and ill-reputed judicial officers, he added. He said now it was a high time that one should not compromise by tolerating bribery because it was one of the causes to hinder independent judiciary. He further pronounced that See # 10 Page 11
Pressure on Irish-govt-bonds drops PARIS: The pressure on Irish government bonds eased Monday as the market took on board news that Dublin was negotiating a rescue deal with the European Union and International Monetary Fund. However, the pressure on the bonds of some other weak eurozone states such as Portugal -- which last week called on Dublin to take the aid money so as to help calm the markets -- eased only slightly and yields or rates on Portuguese bonds rose.
In early trading, the yield -- the rate of return paid to investors -- on the benchmark Irish 10-year bond fell to 7.735 per cent from 7.907 per cent late Friday. On the Portuguese bond, the yield rose to 6.557 per cent from 6.508 per cent on Friday, with the Greek 10year bond higher at 11.465 per cent, up from 11.368 per cent. Portugal said last week that it hoped an Irish bailout would help take some of the pressure off its own
financing problems so it may be disappointed at the initial reaction. Greece was bailed out to the tune of 110 billion euros (150 billion dollars) in May when it could no longer raise money from the financial markets at sustainable rates. Irish rates spiked in recent days to record highs near 9.0 percent but have been easing slightly since the prospect of a rescue became more likely. Among yields for other See # 11 Page 11
Educational, Scientific and Cultural Organization (UNESCO), Irina Bokova, nominated Jahangir as laureate of this year's Bilbao Prize for the Promotion of a Culture of Human Rights in recognition of her work in Pakistan's Supreme Court where she championed the rights of religious minorities, women and See # 13 Page 11
Aasia goes underground after release SHEIKHUPURA: Death convict Aasia Bibi of Ittanwala has been released and shifted to an unknown location, according to media reports. Aasia Bibi was sentenced to death following an allegation under the blasphemy law. Her only crime was that she was going to fill a pot of water when other women in the field said she could not touch the pot, and filed a complaint accusing her of committing blasphemy. On Saturday, she handed over her mercy appeal to Governor Punjab Salman Taseer meant for President of Pakistan Asif Zardari, who while using his discretionary powers can condone her. Aasia pleaded that she never said anything blasphemous and the accusations are leveled against her due to some personal grudges. It has also been reported that she would be shifted to United States of America (USA), as her life would is not safe here in Pakistan. -Online
Mirza says terror threats high in Karachi KARACHI: Provincial Home Minister Zulfiqar Mirza on Monday hinted that government buildings, hospitals, assembly and other important places are under danger of terrorism, adding stringent security measures are being taken to ensure peace in the province. While talking to journalists after attending a meeting regarding security, Provincial Home Minister Zulfiqar Mirza opine that terrorists could target public places as people throng to such areas. We will not allow handful of terrorists to disturb law and order in the province, he pointed. He further added that we have received threats from terrorists but we will not sit calm until they are eliminated tooth and nail. -Online
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