International Karachi, Thursday, December 23, 2010, Muharram-ul-Haram 16, Price Rs12 Pages 12
Iran fully supports Afghan government Economic Indicators Forex Reserves (10-Dec-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- Nov 10) Remittances (Jul 10 - Nov 10) Foreign Invest (Jul 10-Nov 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Sep 10)
GDP Growth FY10E Per Capita Income FY10 Population
US trains Pak Army against terror
See on Page 12
Former CPO, SP copped in BB murder case
See on Page 12
PML-N oppose discrete powers
See on Page 12
27 amendments introduced in 6 Articles of Constitution
$16.41bn 14.44% $8.88bn $15.37bn $(6.49)bn $(504)mn $4.43bn $746mn Rs 495bn $58.41bn Rs 5234.9bn $287.9mn -2.58% 4.10% $1,051 171.37mn
House ratifies 19th Amend PM Gilani appreciates Reforms Committee hard work
Portfolio Investment SCRA(U.S $ in million)
Yearly(Jul, 2010 up to 21-Dec-2010) Monthly(Nov, 2010 up to-21-Dec-2010) Daily (21-Dec-2010) Total Portfolio Invest (17 Dec-2010)
Special Correspondent/ Agencies
193.54 30.81 -2.13 2783
NCCPL (U.S $ in million)
FIPI (22-Dec-2010) Local Companies (22-Dec-2010) Banks / DFI (22-Dec-2010) Mutual Funds (22-Dec-2010) NBFC (22-Dec-2010) Local Investors (22-Dec-2010) Other Organization (22-Dec-2010)
1.59 -4.74 2.36 -0.12 0.50 0.56 -0.15
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,848.62 10,346.48 23,045.19 20,015.80 2,699.73 2,877.90 5,974.79 11,531.30
Change 23.56 24.05 51.33 44.52 1.27 -26.21 22.99 1.86
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)
$.Price PKR/Shares 2.60 111.29 21.55 184.49 2.00 42.81 1.70 36.38 10.90 37.33
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
15-Dec-2010 15-Dec-2010 15-Dec-2010 29-Nov-2010 22-Dec-2010 22-Dec-2010 22-Dec-2010 22-Dec-2010 22-Dec-2010 22-Dec-2010 22-Dec-2010 22-Dec-2010 22-Dec-2010 22-Dec-2010 22-Dec-2010
13.17% 13.39% 13.69% 14.00% 13.26% 13.42% 13.61% 13.95% 14.11% 14.15% 14.22% 14.25% 14.55% 14.72% 14.90%
Commodities *Crude Oil (brent)$/bbl 93.66 *Crude Oil (WTI)$/bbl 90.43 *Cotton $/lb 154.12 *Gold $/ozs 1,387.60 *Silver $/ozs 29.37 Malaysian Palm $ 1,159 GOLD (NCEL) PKR 38,376 KHI Cotton 40Kg PKR 10,181
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 84.50 Canadian $ 84.50 Danish Krone 15.20 Euro 112.50 Hong Kong $ 10.90 Japanese Yen 1.011 Saudi Riyal 22.80 Singapore $ 65.20 Swedish Korona 12.50 Swiss Franc 86.90 U.A.E Dirham 23.20 UK Pound 132.50 US $ 85.60
Sell (Rs)
85.50 85.50 15.30 113.50 11.00 1.037 23.00 65.50 12.70 87.10 23.30 133.50 85.90
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.36 84.19 15.09 112.45 11.01 1.024 22.83 65.24 12.55 89.47 23.31 132.53 85.61
85.56 84.39 15.13 112.71 11.04 1.027 22.88 65.39 12.58 89.68 23.36 132.84 85.79
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
21°C 32°C 21°C 21°C 14°C 22°C
MIN
0°C 11°C 2°C 3°C -4°C 2°C
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ISTANBUL: President Asif Ali Zardari during a meeting with the President of Kyrgystan Roza Otunbayeva on the sidelines of the 11th ECO summit. -APP
Export Finance Mark-up Facility
SBP commences claims clearance Staff Reporter KARACHI: State Bank of Pakistan has advised commercial banks and DFIs to approach SBP Banking Services Corporation for processing of pending claims for export finance mark-up rate facility and mark-up rate support for textile sector against long-terms loans. According to a circular issued on Wednesday, the Ministry of Textile Industry has released necessary budgetary allocation for 2010-11 fiscal to reimburse up-to 32 per cent out of 40 per cent unpaid claims under the Export Finance Mark-up Rate Facility and pending claims under both the schemes for the
period from 01-09-2009 to 2802-2010, said a press release of State Bank. The Circular said the remaining 8 per cent of the Export Finance Mark up Rate Facility for the period 01-092009 to 28-02-2010, shall be released on receipt of necessary budgetary allocation/instructions from Ministry of Textile Industry/ Ministry of Finance. It may be recalled that during FY 2009-10 offices of SBP-BSC (Bank) have reimbursed 100 per cent mark up rate support against long term loans and 60 per cent Export Finance Mark-up Rate Facility See # 9 Page 11
Fiscal advisor for SOEs to be hired ISLAMABAD: After taking on board the management of the respective entities and the concerned ministries, the Board of the Privatisation Commission (PC), which met here Wednesday under the chairmanship of Senator Waqar Ahmed Khan Federal Minister for Privatisation gave go ahead for inviting Expressions of Interests (EOIs) for appointment of Financial Advisors for Pakistan Post Offices Departments (PPOD), National Power Construction Company (NPCC), Heavy Electrical Complex (HEC) and
the listing of Islamabad Electric Power Company (IESCO) on the Stock Exchange for its Initial Public Offering (IPO). The financial advisors will valuate these entities and suggest the best possible option for taking the transaction forward for their value addition, including corporatisation, revamping, revitalisation, management outsourcing through Public-PrivatePartnership (PPP), divestment of shares through domestic and international capital markets. See # 11 Page 11
FC nabs Shahzain, seizes arms cache QUETTA: The Frontier Constabulary officials have arrested provincial President Jamhori Watan Party Shahzain Bugti, who was earlier detained at Baleli checkpost, Quetta after a huge quantity of arms and ammunitions were recovered from his convoy. Shahzain Bugti has termed See # 13 Page 11
JUI-F refuses to join 'Q' in B'stan ISLAMABAD: JUI-F has rejected any bid to form a coalition government with PML-Q in Balochistan, and has decided to carry on its reconciliation policy with PPP in province. The decision was taken in the central executive committee meeting of JUI, as convened by Maulana Fazlur Rehman, while the situation arising in the aftermath of the separation, any future relations with PPP and other important affairs were also deliberated. Sources have informed that Maulana Fazlur Rehman took all participants into confidence regarding efforts made to alleviate the reservations of JUI-F by official sources, including President Asif Ali Zardari himself: besides Maulana's latest dialogue with CM, Balochistan Nawab Aslam Raisani. Addressing the occasion, Maulana Fazlur Rehman clarified that JUI-F did not quit the coalition over dismissal of See # 10 Page 11
Deutsche Bank makes $550mn deal in tax case FRANKFURT/ ZURICH: Deutsche Bank's US tax fraud settlement has heightened expectations of more deals being struck as American authorities target overseas banks in a crackdown on taxdodgers. US prosecutors are pushing ahead with more probes, emboldened after top Swiss wealth manager UBS had to hand over the details of 4,450 clients. Leads from that case have helped investigators look at banks in Asia and the Middle East, while clients from HSBC have also been under scrutiny, lawyers have said. "This is the end of the matter for Deutsche Bank, but this is just the second front in the same war," former US Justice Department prosecutor Michael Weinstein said. See # 12 Page 11
ISLAMABAD: National Assembly Wednesday passed the 19th constitutional amendment. The constitutional amendment was tabled in National Assembly after the bill was endorsed by the federal cabinet. The bill introduces 26 amendments in six Articles of the Constitution. The House clause-wise passed the constitutional amendment, which was later passed to enter as a part of the Constitution. With the amendment, four senior judges of Supreme Court have been made members of the judicial commission instead of the two judges. The legislation also withdraws the powers of the Chief Justice with regard to appointment of
Highest civil award for Rabbani announced ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has announced highest civil award for Senator Raza Rabbani for the approval of 19th Amendment bill from National Assembly. As per details, Prime Minister Syed Yousuf Raza Gilani announced in meeting of National Assembly here See # 4 Page 11 the ad hoc judges in higher courts and handed over the same to the judicial commission. The bill also proposes at least 15-year experience for the representative of a provincial bar that will represent the body in
Pak traders receive huge int’l orders
Wheat export seen exceeding 1mn T ISLAMABAD: Pakistan, Asia's third-largest wheat producer, is expected to restart exports in January after the government lifted a three-year ban earlier this month, traders said on Wednesday. Traders in the country's commercial hub of Karachi said queries have been made by Bangladesh, Sri Lanka, Indonesia, Malaysia and some Middle Eastern countries, and confirmed orders are expected by the end of the month. "There is an aggressive activity in the market after the formal notification by the government to lift the ban, and people have started buying wheat for export," said Johar
Ali Qandhari, chairman of the Korangi Association of Trade and Industry. "We expect shipments to begin in January as there is a lot of interest in Pakistani wheat. Queries are coming in from various countries including Bangladesh, Egypt, Jordan, United Arab Emirates (UAE), Singapore," he said. Two finance ministry officials then said one million tonnes of wheat would allowed to be shipped by the private sector. But traders expect exports to exceed that level, citing a formal notification issued last week, which they said did See # 6 Page 11
5M services trade gap narrows 19pc Ahmed Siddique KARACHI: Country's services trade deficit dropped 18.5 per cent in first five-month of fiscal year-2011 over the same period of previous year. Trade gap in services stood at $1.02 billion in July-November 2010 against $1.26 billion in the corresponding period of previous fiscal, according to State Bank of Pakistan.
The main reason of decline in services deficit was higher service export proceed received by the government. Services export increased 20.8 per cent to $1.91 billion in July-November 2010 period against $1.58 billion in the identical period. The imports of services hiked by 3.3 per cent to $2.93 billion in the See # 14 Page 11
the Judicial Commission. Earlier, Federal Cabinet unanimously approved the draft of 19th constitutional amendment bill in its meeting under the chair of Prime Minister Gilani and declared it a milestone in the history of Pakistan. Prime Minister Syed Yousuf Raza Gilani presided over meeting in which chairman constitutional reforms committee Senator Raza Rabbani tabled the 19th amendment bill and briefed the attendees about the salient features of the bill. The bill proposes amendments in six articles of the constitution. The amendment proposes 26 amendments in six articles of the Constitution. The amendment proposes four judges in Judicial Commission instead of two judges. The legislation also proposes withdrawal of the See # 5 Page 11
DAP price up Rs100/bag Ghulam Raza Rajani KARACHI: Engro has increased the prices of DAP fertiliser by Rs100 per bag to Rs3000 per 50kg bag from Rs2900 per bag as per industry sources revealed. The increase in price was mainly on the back of the upswing in international DAP prices, which have gone up to nearly $600 per tonne. According to industry sources, trial production has started at its new urea plant. Plant is expected to formally commence production in January 2011.
KESC seeks cut in power tariffs Staff Reporter KARACHI: Karachi Electric Supply Company (KESC) has submitted to National Electric Power Regulatory Authority (NEPRA) an application to lower power tariffs by ten paisas. The company's bid to reduce power tariffs is meant for the month of November, for which Nepra will hold a meeting on December 29 media reported. KESC said its power production cost was below ten paisas See # 7 Page 11
Pak presses ECO-partners to pull their weight Zardari addresses at 11th ECO summit today ISTANBUL: Foreign Minister Shah Mehmood Qureshi said Wednesday that terrorism, drug-trafficking, transnationalorganised-crime and natural disasters were undermining the efforts for economic progress and prosperity of the people, and urged the member states to
make their utmost efforts to overcome these hurdles. "This calls for innovative approaches and focused attention on socioeconomic development of the region," he said while speaking at the 19th Council of Ministers meeting here, ahead of the 11th ECO head of states summit meeting. He said that global peace; stability and prosperity were indivisible, adding, global effects of economic and financial turmoil are not far behind
us. He stressed on the need for devising mechanisms to effectively respond to contemporary challenges with enthusiasm and dedication. The global financial crisis has not been the sole setback. There is a plethora of challenges threatening the region, he said. Foreign Minister said one of the fundamental objectives of the ECO was to ensure liberalisation of trade through lower-
ing trade barriers. The ECO Trade Agreement (ECOTA), therefore, remains at the heart of ECO's ambitions to establish within the region, a free trade area by 2015, he added. He said that the agreement had the potential to create vast opportunities for the economic uplift of the peoples and together with the Transit Transport Framework Agreement (TTFA) it could prove to be the engine of See # 8 Page 11
2 starts UNDP’s small Engro “Tarang Bhara Des” grants plan gets campaign Presidential award ISLAMABAD: The United Nations D e v e l o p m e n t Programme's Global Environment Facility (GEF) Small Grants Programme has been conferred the Presidential "Benazir Bhutto Human Rights Award". In a ceremony held at the "Aiwan-e-Sadr", Masood Lohar, the National Coordinator of the UNDP -Small Grants Program received the award from the President of Pakistan Asif Ali Zardari. "Our grass-root empowering efforts and our pioneering work on conservation, indigenous communities, and energy efficient technologies are getting unprecedented global and national recog-
nition" Masood Lohar said in a statement. The UNDP GEF Small Grants Programme's "Benazir Housing Technology" has also been awarded by the Global South -South Expo 2009 at Washington DC. The energy efficient,, disaster resistant low-cost housing is termed as "solution" by the Expo and encouraged for global replication of this model. The 500 houses constructed under a pilot project were termed as "Pyramids of Pakistan" by the Expo, apparently because of the pyramidal roof structure. So far, the project has built 500 units in the disaster-prone districts of Karachi, Thatta and Badin. On the average
each unit houses 7 family members. The community has been actively involved in building these houses on land that is owned by them. Most of these houses are owned by women. This has also generated income for the community as more than 1000 local masons have been trained in energy efficient technologies. UNDP GEF SGP through its over 200 projects has successfully enabled grass-root community based organisations to turn into national institutions. Through its numerous innovations, highest delivery and cofinancing the program has already topped the list of the 141 countries where the SGP is operating.-NNI
KARACHI: Chairperson KPT Nasreen Haq cutting ribbon to inaugurate the free medical camp of Eye and Diabetes at Baba Bhit island.-APP
Jehan Zeb new hotels body chief Staff Reporter
TV PROGRAMMES THURSDAY Time Programmes 7:00 News 8:00 News 9:00 News 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
THURSDAY Time Programmes 8:00 Chai Time (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Mang Raha Hay Pakistan (Rpt) 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Siyasat Mana Hai 0:00 News
KARACHI: General Manager Hotel Mehran Karachi, Jehan Zeb, has been elected unanimously as the chairman of Pakistan Hotels Association, it has been learnt. The decision took place after the election results were announced in a meeting of executive committee held here at Hotel Mehran Jehan Zeb has forty year veteran in Hotel Industry and has also been serving in the Association Executive Committee for the last two years. At the Annual General Meeting, Jehan Zeb thanked all members for their confidence and trust,
they showed upon him to elect as Chairman and assured members to work hard to achieve its goals and resolve the problems of the Hotel Industry. He expressed that every member of the Executive Committee is fully involved to promote Hotel Industry in Pakistan and again thanked all colleagues, who elected him as a Chairman, Pakistan Hotels Association.
LCCI urges FBR to convene on RGST issue LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) Wednesday urged newly appointed Chairman FBR to convene a meeting of all chambers and other stake holders to resolve the issue of the proposed Reformed General Sales Tax. In a joint statement here, LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad and Vice President Sohail Azhar said that Chairman Federal Board of Revenue Salman Siddique enjoyed excellent relations with the business community. They demanded the
Chairman to take steps for the solution of the long standing demands of traders regarding broadening of tax net and implementation of self-assessment. They hoped that Salman Siddique's appointment would definitely help simplifying complex and complicated taxation procedures that had been creating troubles for the businessmen for the last many years. The LCCI office bearers also urged the FBR Chief to look into the corruption that had played havoc with the whole institution that has all the abilities and the capabilities to turn the economy around.-APP
KARACHI: Scientist Syed Ittefaq Ali speaks During a ceremony at Federal Urdu University.-Online
KARACHI: Engro Foods Limited continues its endeavor to highlight the diverse cultures of Pakistan through its latest campaign for "Tarang" tea whitener; "Tarang Bhara Des", said a handout issued here on Wednesday. Commenting on this new excitingcampaign, Brand Manager, Tarang, Syed Mohammad Salman Ali said, "We have always given our consumers the taste of culture and the essence of Pakistan. However in this new campaign we have attempted to bring together all the colors of Pakistan keeping in line with Tarang's platform, the glamour of Lollywood. Engro Foods under the Tarang umbrella has been working towards reviving our Pakistani film industry. With the previous success of "Hero Banay Ki Tarang" and the various campaigns launched by the brand, the industry leader has stayed in the limelight. This new Tarang campaign features artists from all regions of Pakistan performing together, in sync with each other. The theme is again festive with a hint of patriotism to bring the different communities closer together. "The idea is to bring this feeling to the people in person, to revive their love for the nation through happiness and closeness”, said Salman Ali.-PR
Al-Baraka to introduce new products KARACHI: Al-Baraka Bank (Pakistan) has planned to launch a new product for consumers' financing within next couple of months. The Bank will expand its operations in rural areas of the country and also penetrate into agriculture credit facility to provide islamic loans to the farmers community, said Country Head of Al-Baraka Bank (Pakistan) Shafqaat Ahmed here at Karachi Chamber of Commerce and Industry (KCCI) on Wednesday. In a meeting with members of Karachi Chamber of Commerce and Industry, Mr Shafqaat said that his bank also provided the facilities of Islamic Export Refinance Facility and opening of L/C. It has capital adequacy in the market. He said that for supporting middle and lower middle class people in Pakistan, Bank Al-Baraka (Pakistan) has already been doing car and housing financing.-NNI
Thursday, December 23, 2010
KARACHI: Consul General of France Christian Ramage called on Sindh Chief Minister Syed Qaim ALi Shah at CM House.-APP
ICAP honours fresh accountants KARACHI: The present economic conditions of the country are challenging and require hard work from new entrants into the field of accountancy. It was stated by Indus Motor Company Limited CEO Pervez Ghias at a certificate distribution ceremony of the Institute of Chartered Accountants Pakistan (ICAP) here on Wednesday. Giving advice to newly passed-out chartered accountants, Ghias said, "You will be at the best positions to bring positive changes in your respective companies and country."
He said that after receiving the CA certificates, the chartered accountants would also need to improve their interpersonal skills and broaden their horizons to bring the best possible changes into their organisations. "You need to learn more than debit and credit to excel in your career," he added. Sohail Wajahat, CEO Siemens Pakistan Limited, said the role of a chartered accountant was similar to a doctor. "You know the financial problems and their solutions as doctors know the problems of a human
KARACHI: Resident of Liaqatabad blocked the Liaqatabad Flyover while demonstrating against disconnection of electricity by KESC upon non payment of thier dues.-Online
Traders hail new FBR Chairman Staff Reporter
FBR projects including e-FBR portal, e-customs system, tax management system, taxpayer audit and monitoring system need to be reorganized on international standards, say traders. The importers and users of Pakistan Automated Customs Computerised System (PaCCS) reject the deliberation of Sindh government to collect Stamp Duty on goods declarations (GDs). It is necessary to mention here that above 60
KARACHI: The appointment of Salman Siddique as Chairman Federal Board of Revenue was a right decision taken by present government. Majority of traders, importers, union leaders and taxpayers hailed new Chairman and said government decision would bring transparency in tax administration, automation and elimination of corruption LAHORE: Intel Pakistan from FBR. Corporation organised the Intel Education Awards Ceremony in Lahore, in collaboration between the Intel Education Initiative, Ministry of Education, Government of Pakistan and Ministry of IT, ISLAMABAD: National Tariq Malik on the occaGovernment of Punjab to Database and sion of signing ceremony recognise the impressive Registration Authority between Bank Alfalah and performance of outstand(NADRA) Technologies Nadra technologies on the ing schools and teachers in Ltd (NTL) has designed joint project of e-Sahulat the province of Punjab. an automated system for branchless Banking. Of the many teachers and financial institutions and Under the agreement, schools who participated in telecom operators for Nadra will act as super the Intel Teach Program branchless banking with agent of Bank Alfalah contest, 5 emerged as grand currency transactions of offering them their ewinners, who used technole-Sahulat touch points. Sahulat outlets for ogy effectively in promotThis was stated by Branchless Banking ing inquiry based learning. Deputy Chairman Nadra activities. "The program is now 8 years old and is focused on teacher training to support technology integrated and learning to enhance students' 21st Century Skills. Intel Education Awards are held keeping in mind the objective of keeping teachers abreast with the latest teaching methodologies," said Naveed Siraj, Country KARACHI: Khalid Rahman, Managing Director and CEO, Manager, Intel Pakistan PPL presenting Certificate to student recently passed the Corporation.-PR CA final examinations at the ICAP Ceremony.-Staff Photo
Intel fetes teachers, schools
body," he stated. ICAP President Saqib Masood said that there would be disappointments and frustrations along the way. He said that nobody's life was perfect, nevertheless, how an individual deals with the challenges was what sets him apart from the others. "Try to be optimistic and positive all the time because it is time innate optimism that will take you high and above in the journey called life," he advised. "There is nothing to fear but fear itself," Masood said quoting Franklin Roosevelt.-NNI
per cent of importers file their GDs through PaCCS. The traders have demanded automation of entire tax administration system to get rid off from the menace of corruption form customs departments. Former Chairman FBR M Abdullah Yousuf launched Pakistan Automated Customs Computerized System (PaCCS) in 2005 to automate the customs clearance processes and installed at Karachi International Container Terminal.
Nadra brings branchless banking system Deputy Chairman said the e-Sahulat is a secured commercial platform for money transactions with its best automated technology solution. "An average 7 million transactions are being executed monthly through public-private partnership with Nadra's expertise and infrastructure, he added.-APP
Int’l book fair to start on Friday KARACHI: An International Book Fair 2010 will start in the metropolis at the Expo Centre on Friday (Dec 24), said Chairman of Pakistan Publishers and Booksellers Association (PPBA), Aziz Khalid here on Wednesday. Addressing a news conference he said that the Sindh Education Minister, Pir Mazhar ul Haq would perform the inauguration of the five-day event, being organised by the PPBA in collaboration with the National Book Foundation and Pakistan Library Association. It was pointed out that publishers from Singapore, Iran, Britain, India and Canada would also participate in the book fair besides those from various parts of the country. Tens of thousands of titles in English, Urdu, Arabic and Persian would be put on display at 235 stalls. The exhibits will include textbooks as well as books of engineering, medical, literature, fiction and the books for the children. Aziz Khalid said that Royal Society of Chemistry will put on display research work carried out in the discipline of chemistry. He was of the view that for promotion of education, the prices of paper would have to be lowered.-APP
Pak envoy for Argentina calls on Qaim KARACHI: Pakistani Ambassador in Argentina Ms. Naela Chauhan called on Sindh Chief Minister Syed Qaim Ali Shah at CM House, on Wednesday. She discussed that various issues of mutual interest between Pakistan and Argentina including trade, exports and expansion and reconstruction of seaports. She said that it is needed to enhance mutual trade in various commodities especially packaging of fish and value added stuffs. Naela Chauhan further said that Argentina has advanced technology in construction of buildings and seaports, adding Argentina is also far better than in fishing, trade and fish packaging. Chief Minister hoped that both countries would get benefits from the plus points of the countries. CM also presented Ajrak and CM House shield to the Ambassador.-PPI
CORRIGENDUM Tender Notice number T.O/I.S & S/G.I.T/847/2010 of Gulshan-e-Iqbal Town
In reference to the tender notice number T.O/I.S & S/G.I.T/847/2010 published in “The Financial Daily” on 20 / 12/ 2010. The last date of recieving and opening of tender should be considered as 06-01-2011 instead of 06-01-2010. All others terms and conditions of the tenders will reamin the same.
3
Thursday, December 23, 2010
Euro falls to record low against Swiss franc for 6th day
Top Economic Events
US Q3 growth revised higher, but below forecast NEW YORK: The euro dropped to a record low against the Swiss franc for the sixth straight day on Wednesday, with losses accelerating on concern the euro-zone debt crisis will continue well into 2011. The euro fell below 1.25 Swiss francs, down about 16 per cent so far this year, as deteriorating debt troubles in peripheral economies and fears of contagion enhanced the safe-haven status of the Swiss currency. The options market signaled further downside for the pair and speculative positioning data showed an increase in bets in favor of the franc. Morgan Stanley said this week it expects the euro to fall to 1.20 Swiss francs in 2011. "We view the surging Swiss franc heading into year end as an ominous warning sign for further trouble ahead
in the euro-zone in early 2011," said Lee Hardman, currency economist at the Bank of T o k y o Mitsubishi UFJ in London. "It appears that smart m o n e y investors are preemptively bailing funds out of the euro-zone with Switzerland providing a safe port to ride out the euro-zone sovereign debt storm that appears to loom on the horizon," Hardman said. The euro was last down 0.8 per cent at 1.2448 Swiss francs. It hit as low as $1.2448 on trading platform EBS after taking out option barriers at 1.2500, traders said. The euro slipped 0.1 per cent against
the dollar to $1.3088, reversing gains sparked by a report that China was
ready to buy significant amounts of Portuguese sovereign debt. It had earlier risen to a session peak of $1.3183, bouncing off its near threeweek trough of $1.3073 set on Tuesday. The Jornal de Negocios daily newspaper reported China is looking to buy between 4 billion euros ($5.26 billion) and 5 billion euros of Portuguese sovereign debt to help the country ward
Asian currencies
Mostly steady as euro edges up; gains seen limited SEOUL: Emerging Asian currencies mostly steadied on Wednesday in thin trade, as investors were cautious of taking on fresh positions amid worries over the euro-zone's debt crisis. The euro won a reprieve after plumbing new lows on the Swiss franc and Australian dollar but the single currency is seen stuck in a slow descent as a steady drip of grim ratings news erodes confidence in it. "Despite the euro's rebound today, nobody is free from the
euro-zone's problems. That will not allow Asian currencies to keep rising," said a dealer at a US bank in Seoul. Portugal and Greece were both put on notice their credit ratings could be cut and fellow euro-zone debtor Spain had to pay more to issue new debt on Tuesday, suggesting the currency bloc's crisis will rage unabated in 2011. The won edged up after moving in a tight range in subdued trading on exporters demand for settlements and as foreign
Stg at 3-mth low vs $ after GDP revision LONDON: Sterling slipped to a three-month low versus the dollar on Wednesday after a downward revision in UK economic growth reminded investors the country's recovery remains fragile. The pound stumbled after data showed the UK economy grew 0.7 per cent in the third quarter versus an initial reading of 0.8 per cent. Losses accelerated after sterling briefly broke below its
200-day moving average of $1.5390, a key technical support level. Market participants said the pound's losses were exacerbated in holiday thinned markets, and analysts expected further losses would be limited after Bank of England minutes showed growing concerns about inflation risks. Rising inflation risk could put pressure on the central bank to tighten monetary policy, which would be supportive for the pound as it boost the yield on UK assets. "The GDP wasn't particularly well received, but the downgrade in growth was comparatively modest compared with expecta-
tions," said Jeremy Stretch, currency strategist at CIBC. "The recognition in the minutes that inflation pressure is there, and will get slightly stronger in the year ahead has given a floor to sterling," he said. By late London trade, sterling traded half a per cent lower on the day at $1.5400, after falling to as low as $1.5377. A daily close below the 200-
day moving average at $1.5390 would open the door to further losses in the UK currency. The euro traded 0.5 per cent higher at around 85.00 pence, also near its 200-day moving average at 85.07 pence, after climbing to as high as 85.23 pence. As a result, trade-weighted sterling fell to 79.90, its weakest since early November. The pound lost ground against the single currency after the euro gained some support from a Portuguese newspaper report suggesting China was ready to buy Portuguese debt. China's central bank declined to comment on the report. -Reuters
investors bought Seoul shares and bond futures. The won is expected to stay in a range between 1,150 per dollar and 1,160 until the end of the year, dealers said. "I don't think the won will break through 1,150 or 1,160 either," said a local bank dealer said. Foreign investors bought a net 353.3 billion won ($305.9 million) in Seoul shares and 711.1 billion won worth of the country's three-year treasury bond futures, respectively. -Reuters
Swiss franc hits new record high versus euro ZURICH: The Swiss franc stuck close to an all-time high against the euro hit earlier on Wednesday, as worries about euro-zone sovereign debt mounted after ratings agencies said they might downgrade Greece and Portugal. Fitch said there was a growing probability it would cut Greece's credit rating to junk and Moody's warned it might cut Portugal's rating. "Both today and in the near future, key words like Ireland, Portugal and Spain are more likely to weigh on the euro than lift it," said analysts at St. Galler Kantonalbank in a note, adding that thin trading could also be having an effect on prices. The franc traded 0.1 per cent higher against the euro compared to the New York close at 1.254 per euro at 0810 GMT, just off an all-time high of 1.2533 francs marked on trading platform EBS earlier on Wednesday. The franc bumped up to a two-month high against the dollar, trading 0.5 per cent higher at 0.9537 per dollar. Reuters
Aussie extends gains on euro and stg; NZ$ wary of GDP WELLINGTON/SYDNEY: The Australian dollar notched up new highs on the euro and sterling on Wednesday in the wake of downgrade warnings on Portugal and Greece, though a report China could buy more euro-zone debt offered some limited support to the single currency. The single currency slid as far as A$1.3098 in early trading, before inching its way up to A$1.3157 after the Financial Times reported unnamed EU official saying China had promised further action to support the euro-zone if necessary. "[China] helped a little, it's a combination of that and local profit-taking through our time zone," said Peter Jolly, head of research at National Australia Bank. "It's been a big run [for the euro/Aussie], in the last couple of days particularly," he added. The euro has shed more than 2 per cent on the Aussie since Friday, when Moody's slashed Ireland's ratings by five notches, and is down around 17 per cent for the year so far. "I wouldn't be surprised if it just edged off into the end of the year as people tend to clear their positions toward the end of the year," said Jolly. The euro also hit a nine-day low against the kiwi of NZ$1.7609.
The Aussie reached a fresh 25-year high against sterling around A$1.5526 per pound, following a record high UK borrowing need. Underpinning the currency has been a recent run-up in commodities with the CRB index rising to a two-year peak, while copper prices hit another record. But the Aussie was slightly more restrained against the US dollar at $0.9970, having almost hit parity on Tuesday when it struck $0.9994, its best since Dec 14. The psychological $1 handle is the next upside target for the Aussie while support is layered at $0.9945, $0.9910 and the Dec 20 low of $0.9882. The New Zealand dollar was range bound around $0.7430 as liquidity thinned ahead of the holiday break. The kiwi has fallen about 3.5 per cent since early November due partly to a slew of weak domestic data. In the near term, the kiwi is seen supported at $0.7375/80 and below that the Dec 15 twomonth low of $0.7343. Resistance is seen starting at the Dec 14 low of $0.7500. Against the kiwi, the Aussie held firm around NZ$1.3407, sitting near a decade high of NZ$1.3443 struck this week as markets expected a prolonged period of steady rates. -Reuters
off pressure in debt markets, though it gave no details of its sources. China's central bank declined to comment on the report. The latest IMM data from the Commodity Futures Trading Commission showed speculators boosted long positions in the Swiss franc in the week ending Dec. 14. The number likely increased further this week given the rally in the franc. Against the yen, the euro fell 0.3 per cent to 109.32. The dollar lost 0.2 per cent to 83.52 yen after data showed US economic growth was a touch higher than previously estimated in the third quarter, but below expectations. In the near term dealers expect range-bound trade, with one-month implied volatility on dollar/yen falling below 9.5 per cent, the lowest since late 2007. -Reuters
Yuan gains vs $ on stronger mid-point SHANGHAI: China's yuan edged higher after the Chinese central bank set a slightly stronger mid-point on Wednesday and as the dollar index eased in global markets. But dealers said the firmer yuan did not signify any shift in policy for now. "The stable trend has not changed," said a dealer at a Chinese bank in Shenzhen. "The narrow trade in spot yuan also shows the market doesn't expect a sharp rise in the currency." The yuan is widely expected to remain stable for the rest of this year and will move in a narrow range of about 200 pips around 6.6500 in coming weeks. But they see the currency potentially appreciating 3 to 5 per cent next year on a combination of political pressure and China needing to consider its own economic situation, such as high imported inflation. Spot yuan closed at 6.6461 versus the dollar, rising from
Tuesday's close of 6.6589. It has risen 2.71 per cent since the PBOC announced a depegging in mid-June. Before trade began, the PBOC set the day's midpoint at 6.6548, which was slightly stronger than Tuesday's 6.6597. The mid-point is a level from which the yuan may rise or fall 0.5 per cent against the dollar on a given day. The premium enjoyed by offshore yuan in Hong Kong against onshore yuan was steady at 50 pips from Tuesday's close of 10 pips. But the spread has narrowed from a peak of 1,790 pips hit in mid-October, as the offshore market aligned its view with the onshore market -- that the yuan would remain stable in the near term. Offshore, oneyear NDFs were bid at 6.5047, little changed from Tuesday's close of 6.5070. Their implied yuan appreciation in a year's time rose to 2.31 per cent from 2.27 per cent. -Reuters
Indian rupee at 1-wk high on dlr inflows MUMBAI: The Indian rupee touched a one-week high on Wednesday as robust dollar inflows more than compensated for negative local stocks. The dollar inflows have surprised many traders in the market as they were bracing for an outflow as is typical at the year-end due to profit-booking by foreign investors. "The inflows were unexpected. We were in fact expecting outflows during year closure, but there has been around $500-600 million flowing in daily in last three-four days," said Naveen Raghuvanshi, associate vice president at Development Credit Bank (DCB). The partially convertible rupee ended at 45.085/095 per dollar, after rising to 45.07, its strongest since Dec. 14. It had ended at 45.225/235 per dollar on Tuesday. The rupee moved in a wide band of 45.0700-45.2600 owing to an illiquid market, with most foreign banks away at the year end. Strong dollar inflows persisted as corporates brought back funds borrowed through external commercial borrowings route, dealers said. The one-year forward dollar
premium ended up at 252 basis points, after touching 252.75 basis points, its highest since Nov. 11 and compared with Tuesday's close of 241.50 basis points. Foreign funds had sold a net $538.99 million worth of shares in this month until Tuesday. Total net foreign fund inflows so far in 2010 stand at $28.5 billion, on top of the $17.5 billion invested last year. One-month offshore nondeliverable forward contracts ended at 45.31, weaker than the onshore spot rate. In currency futures, the most traded near-month dollar-rupee contracts on the National Stock Exchange closed at 45.1325, and on the MCX-SX and United Stock exchange at 45.1400, with the total traded volume on the three exchanges at about $4.5 billion. -Reuters
Time 2:45 12:45 14:30 18:30 18:30 18:30 18:30 18:30 18:30 19:55 20:00
Source NZD EUR GBP CAD USD USD USD USD USD USD USD
Events GDP q/q French Consumer Spending m/m BBA Mortgage Approvals GDP m/m Core Durable Goods Orders m/m Unemployment Claims Core PCE Price Index m/m Durable Goods Orders m/m Personal Spending m/m Revised UoM Consumer Sentiment New Home Sales
Source
Events
EUR GBP GBP GBP GBP USD USD
German Import Prices m/m Current Account MPC Meeting Minutes Final GDP q/q Revised Business Investment q/q Final GDP q/q Final GDP Price Index q/q
Forecast 0.1% 0.5% 31.3K 0.3% 1.7% 421K 0.1% -0.5% 0.5% 74.7 301K
Previous 0.2% -0.7% 30.8K -0.1% -2.7% 420K 0.0% -3.4% 0.4% 74.2 283K
Actual
Forecast
Previous
1.2% -9.6B 1-0-8 0.7% 3.1% 2.6% 2.1%
0.5% -8.1B 1-0-8 0.8% -0.1% 2.8% 2.3%
Previous Day -0.2% -5.2B 1-0-8 0.8% -0.2% 2.5% 2.3%
Currency Rates Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3086 1.3178 0.9565 0.9586 1.5396 1.5491 1.0157 1.0176 0.9999 1.0001 109.3000 110.1000 0.8504 0.8521 1.2518 1.2580 128.5200 129.7100 87.3400 87.8900 1.9417 0.9428 1386.6000 1390.7400 29.3900 29.4700
Bid 1.3083 0.9561 1.5394 1.0154 0.9995 109.2400 0.8500 1.2514 128.4600 87.3000 0.9413 1386.0000 29.3000
Low 1.3079 0.9508 1.5378 1.0114 0.9954 109.2300 0.8463 1.2503 128.4200 87.2400 0.9368 1384.1000 29.2300
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 22/12/2010 A USD GBP CAD EUR JPY O/N 0.23875 0.55500 0.95000 0.34375 SN 0.09625 1WK 0.25375 0.56313 1.00000 0.51125 0.10600 2WK 0.25656 0.57063 1.05000 0.59375 0.11250 1MO 0.26063 0.58500 1.09833 0.72563 0.12875 2MO 0.28250 0.64250 1.15000 0.83438 0.15125 3MO 0.30281 0.75438 1.23000 0.94625 0.18688 4MO 0.34813 0.83563 1.30333 1.01813 0.24413 5MO 0.40313 0.94000 1.36667 1.10000 0.30375 6MO 0.45719 1.04813 1.44167 1.19375 0.34750 7MO 0.51063 1.12750 1.51333 1.24188 0.39875 8MO 0.56063 1.21125 1.58333 1.29188 0.44438 9MO 0.61469 1.29313 1.65000 1.34313 0.48750 10MO 0.66813 1.37250 1.72333 1.39313 0.51313 11MO 0.72406 1.44125 1.81000 1.43813 0.53750 12MO 0.78313 1.50813 1.89667 1.48000 0.56625
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of England European Central Bank Swiss National Bank The Reserve Bank of Australia Bank of Canada Federal Reserve Bank of Japan
Jan 13 2011 Jan 13 2011 Mar 17 2011 Feb 01 2011 n/a n/a n/a
Mar 05 2009 May 07 2009 Mar 12 2009 Nov 02 2010 Sep 08 2010 Dec 16 2008 Dec 19 2008
Current Interest Rate 0.50% 1% 0.25% 4.75% 1% 0.25% 0.10%
Division of National Bank of Pakistan (NBP) KARACHI, December 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
85.80 132.84 112.71 84.39 89.68 85.56 12.58 1.02 14.38 65.39 15.13 22.88 11.04 12.90 303.54 27.40 63.71 23.56 23.36 0.07 2.85
85.60 132.53 112.45 84.19 89.47 85.36 12.55 1.02 14.34 65.24 15.09 22.83 11.01 12.87 302.84 27.34 63.56 23.51 23.31 0.07 2.84
85.42 132.22 112.19 83.97 87.23 85.14 12.51 1.02 14.31 65.07 15.05 22.77 10.98 12.83 302.04 27.26 63.39 23.45 23.24 0.07 2.83
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 22, 2010
KASB
BMA
ELXIR
GSL
ICSL
12.90 13.00 13.05 13.08 13.16 13.30 13.35 13.50 13.65 13.95 14.05 14.12 14.15 14.18 14.22 14.20 14.20 14.25 14.55 14.65
12.95 12.80 13.05 13.08 13.16 13.33 13.38 13.47 13.68 14.00 14.15 14.20 14.25 14.35 14.35 14.08 14.10 14.25 14.55 14.60
12.80 12.85 12.90 13.03 13.15 13.25 13.31 13.46 13.65 13.95 14.15 14.19 14.20 14.27 14.32 14.15 14.10 14.25 14.55 14.70
12.80 12.80 12.90 12.95 13.18 13.22 13.35 13.52 13.65 13.90 14.22 14.25 14.26 14.27 14.30 14.25 14.15 14.28 14.60 14.90
12.80 12.80 12.90 12.95 13.18 13.22 13.35 13.52 13.65 13.90 14.22 14.25 14.26 14.27 14.30 14.25 14.15 14.28 14.60 14.90
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 12.75 12.80 12.90 13.05 13.15 13.25 13.35 13.50 13.65 13.90 14.15 14.18 14.20 14.25 14.30 14.15 14.10 14.23 14.50 14.70
12.83 12.84 12.95 13.04 13.16 13.26 13.34 13.48 13.66 13.93 14.15 14.19 14.22 14.27 14.31 14.14 14.14 14.25 14.55 14.72
Currencies Correlation GBP/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
0.92 0.43 0.58 0.83 0.64 0.57
0.93 0.56 0.63 0.27 -0.03 0.12
-0.42 0.13 0.29 0.61 0.20 -0.19
EUR/USD NZD/USD
0.83 0.70 0.58 0.59 0.27 0.43
0.98 0.83 0.71 0.88 0.79 0.78
USD/CAD USD/CHF
0.96 0.79 0.78 0.84 0.69 0.61
-0.61 -0.17 -0.38 -0.75 -0.18 -0.50
-0.62 0.03 -0.31 -0.76 -0.80 -0.70
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)22/12/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 12.50
13.00
12.65
13.15
12.80
13.30
13.15
13.40
13.40
13.65
13.45
13.95
13.60
14.10
13.70
14.20
JSBL
12.70
13.20
12.75
13.25
12.85
13.35
13.15
13.40
13.40
13.65
13.45
13.95
13.70
14.20
14.00
14.50
ASPK 12.65
13.15
12.70
13.20
12.80
13.30
13.15
13.40
13.35
13.60
13.45
13.95
13.60
14.10
13.70
14.20
CIPK
12.60
13.10
12.75
13.25
12.85
13.35
13.15
13.40
13.40
13.65
13.55
14.05
13.65
14.15
13.75
14.25
DBPK 12.90
13.40
12.50
13.00
12.60
13.10
13.05
13.30
13.25
13.50
13.35
13.85
13.50
14.00
13.60
14.10
FBPK 12.60
13.10
12.70
13.20
12.75
13.25
13.25
13.50
13.40
13.65
13.55
14.05
13.70
14.20
13.85
14.35
FLAH 12.60
13.10
12.70
13.20
12.75
13.25
13.20
13.45
13.40
13.65
13.45
13.95
13.60
14.10
13.70
14.20
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
HKBP 12.70
13.20
12.75
3.25
12.75
13.25
13.15
13.40
13.30
13.55
13.40
13.90
13.60
14.10
13.65
14.15
NIPK
12.75
13.25
13.00
13.50
13.25
13.75
13.35
13.60
13.50
13.75
13.55
14.05
13.60
14.10
13.65
14.15
HMBP 12.70
13.20
12.75
13.25
12.90
13.40
13.25
13.50
13.35
13.60
13.50
14.00
13.60
14.10
13.70
14.20
SAMB 12.60
13.10
12.75
13.25
12.80
13.30
13.30
13.55
13.45
13.70
13.45
13.95
13.65
14.15
13.75
14.25
MCBK 12.70
13.20
12.60
13.10
12.60
13.10
13.15
13.40
13.30
13.55
13.40
13.90
13.50
14.00
13.75
14.25
NBPK 12.60
13.10
12.60
13.10
12.70
13.20
13.10
13.35
13.25
13.50
13.40
13.90
13.60
14.10
13.70
14.20
SCPK 12.65
13.15
12.65
13.15
12.65
13.15
13.10
13.35
13.25
13.50
13.45
13.95
13.50
14.00
13.70
14.20
UBPL 12.65
13.15
12.70
13.20
12.65
13.15
13.15
13.40
13.30
13.55
13.45
13.95
13.60
14.10
13.70
14.20
AVE
13.15
12.71
13.21
12.76
13.26
13.17
13.42
13.36
13.61
13.45
13.95
13.61
14.11
13.71
14.21
ABPL
HBPK
12.65
4 Thursday, December 23, 2010
The Financial Daily International Vol 4, Issue 132
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: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
For the kind attention of SHC A division bench of Sindh High Court (SHC) comprising Chief Justice Sarmad Jalal Osmany and Justice Salman Hamid on Tuesday passed a stay order against suspension of gas supply to CNG fillings stations for two days in a week by Sui Southern Gas Company (SSGC). A notice was also issued to the Ministry of Petroleum & Natural Resources, Sui Southern Gas Company and Oil & Gas Regulatory Authority for the next hearing set for December 29, 2010. Earlier, while hearing a similar petition, SHC on June 18, 2010 stayed the government directive for weekly closure of CNG stations across the province, ordering uninterrupted gas supply to them. Two gas marketing companies SSGC and SNGP are responsible for supplying gas in the country. A real grim situation has emerged after SNGP resorted to extensive load shedding in Punjab and chief minister of the province accused the federation of discrimination. His premise was based on the fact that SSGC has not undertaken load shedding of gas of the same magnitude in its franchised areas. At present the country faces a shortfall of more than one billion cubic feet gas per day (bcfd) which is projected to reach 1.8bcfd during 2014-15. According to the rule of equitable distribution of resources gas shortfall must be shared by all the four provinces to ensure uninterrupted supply to domestic consumers especially during winter. Therefore, implementation of gas load shedding in Sindh is deemed necessary to meet the enhanced need of the areas experiencing extreme cold. However, the other point is Sindh delivers over 70 per cent of total gas produced in the country, and also exports bulk of it to other provinces. It has the preemptive right on the gas produced in the province. Therefore there should not be any load shedding of gas here. The humble submission to the honorable court is to follow one-day closure of CNG stations in the province and allow its diversion to the areas suffering from extreme cold. The second suggestion is that burning of gas at power plants may also be completely stopped through out the country during winter to ensure enhanced supply for the domestic consumers. To save the generation companies from additional expenses the provincial government may be asked to pay the cost differential. It is also necessary to bring it to the notice of honorable court that due to ongoing litigation gas production from some of the recently discovered gas fields has not commenced as yet. In the larger national interest all the provincial high courts and the Supreme Court are requested to expedite the proceedings. Commencement of gas production from the fields presently under litigation can almost meet the entire shortfall.
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.
Terrorism altering world Fawad F Ashraf
T
here has been a steady and consistent rise in terrorism in many parts of the world. At present no major threat to states comes from other rival states but from smaller groups or organizations engaged in terrorist activities. Thus terrorism has become a global phenomenon. But mainly because the terrorists belong to Muslim countries, it is being labeled with Islam, especially after the dreaded 9/11 incident conducted by bin-Laden led al-Qaeda. As a matter of fact Muslims never invented this war. The first airplane hijacked was by an American and the recent terrorism is actually promoted by the Americans themselves, which is the outcome of the Cold War between the United States and Soviet Union. Americans made and executed a longterm strategy for destabilizing the Soviet Union with the help and involvement of Muslims by using their philosophy of jihad. The impact of state terrorism or nonstate group terrorism reverberates practically in every part of the world, which is going to stay as long as the principle rules that the powerful coerces the weak. Considering itself as the sole superpower, the United States plans to control the riches of the world. President Mitterrand of France had rightly warned in his last interview that America was at war to swallow the wealth of the world. It has indulged in energy war and is out to demolishing any possible resistance against itself or its friends. To control the Caspian Sea
natural resources, Iran is under threat; Iraq was captured for oil, new energy venues in African continents have been found. America is following Henry Kissenger who wrote in 1974 that "We must not let nations which have raw material to consume these raw material; we must reduce and control their population and deny them access to technology through genocide, ethnic cleansing, war on terror and so forth. The author of "Clash of Civilizations" also advises that "A world without US primacy will be a world with more violence and disorder and less democracy and econom-
“
roots of terrorism are many ranging from political, ideological, economic and social. A mere military response to terror can create more terrorists than it destroys. Close cooperation among states, reforms within states, grater tolerance among religions and various cultures, moving toward greater justice at the national and international level and respect for international and humanitarian law are the prerequisites for countering the impact and implications global terror in future. If terrorism remains to be a tool to intimidate, coerce and reshape the
Americans made and executed a long-term strategy for destabilizing the Soviet Union with the help and involvement of Muslims by using their philosophy of jihad
ic growth than a world where the United States continues to have more influence than any other country in shaping global affairs." Such theories confirm that America is determined to keep this status as long as possible in the future. Brzezinski however describes that "the scope of American hegemony is great but its depth is shallow and limited". The current phenomenon of terrorism covers a wide geographic scope and has several dimensions posing the greatest challenge to the safety of individuals and security of states worldwide. The
world geography and demography, the impacts will be horrible. No government and virtually state in the world is safe. The threat of a nuclear holocaust looms large. Foreign policies, diplomacies, seeking solutions through negotiations have come to a halt. The Asian soil has been turned into a battleground and everyone forced to become part of the Great Game. As the focus of world state terror remains to be the Muslims of the world at a first stage, the great sufferers will remain to Muslim countries, especially the nuclear-armed Pakistan, which is at the moment is
made to be the hub of world terrorism. According to Kissinger Doctrine, America's second target after the Muslims is European Union member countries and their economies, the western world's smaller nations will be the second biggest sufferers. This notion has turned Pakistan and Afghanistan into main focus of the conflict. Denuclearization of Pakistan, dismantling of the Pakistan armed forces, disintegration of the country, bifurcation of the region, and opening of Greater Corridor from Balochistan and access to resources supply to warm waters will put the Pakistani nation into a great test of time. To combat terrorism, global and regional it is necessary that weak nations are dealt with honor, and justice is provided to them. The cause of their frustration is known and their grievances are to be redressed. Palestine and Kashmir issues are resolved with the consent of the concerned people. American interference in the internal affairs of the countries is stopped; American aspiration to remain single superpower of the world for as long as possible in future needs reconsideration, the pursuit to control the sources of energy of the world should be on the basis of mutual understanding and bilateral agreement and use of force should be given up. With American hegemonic design and growing use of force, this world is moving fast towards third world war. Pulling out the forces from Afghanistan and Iraq will provide soothing effect and terrorism will be weakened.
Reuters poll
Investors enter 2011 in bullish mood I
nvestors are entering 2011 in a relatively bullish mood, raising equity holdings to a 10-month high, increasing exposure to highyield credit and cutting back on government debt, Reuters polls showed on Wednesday. Within bond portfolios, however, concern about the cost of US Treasuries and the stability of euro zone debt, did not show up dramatically. Allocations to emerging market debt were cut instead. Surveys of 55 leading investment houses in the United States, Europe (excluding UK), Japan and Britain showed investors holding 54.1 per cent of a typical mixed-asset portfolio in stocks in December. That was up from 53.2 per cent in November and the highest since 55.4 per cent in February. Bonds were cut to 33.9 per cent, the lowest since February, from 34.2 per cent in November. Cash was at 3.9 per cent, down from 4.6 per cent. A combination of improving economic data and a belief in future, robust, corporate earnings has lifted investor appetite for equities over the past few months. The MSCI all-country
world stock index was flirting with levels last seen in September 2008 on Wednesday. "People are coming off the sidelines and buying stocks," said Keith Wirtz, president and chief investment officer at Fifth Third Asset Management in Cincinnati. There was also sign of risk appetite in an increased exposure to riskier, higher yield bonds. At the same time concerns have risen that yields on benchmark government bonds are too low, providing little return and threatening a sell-off. Investors in the Reuters polls did cut back overall exposure to bonds. But when it came to the money left for bonds they favored US and euro zone government debt over most emerging markets, which have been very popular this year. Exposure to emerging market debt was 8.1 per cent of a
bond portfolio for the month, compared with 9.6 per cent a month earlier. Investors also regained some
The poll, which surveyed 13 US-based fund management companies, showed firms boosting their equity allocations for the fourth month in a row to an average of 65 per cent, two percentage points over November. The Reuters poll also showed money managers scaling back their exposure to bonds for a fourth consecutive month, to 27.9 per cent of their portfolios in December, compared with 30.2 per cent last month. Japanese fund managers held on to most of their global stock weighting in the month and raised their bond allocation to the highest level since September on the view that recent falls in bond prices were overdone. The 13 respondents also lowered their cash position to the lowest level in more than a year. Asset managers' average weighting for global equities in the Japanese poll fell only 0.1 percentage point from the previous month to 47.1 per cent. The weighting for bonds rose
Japanese fund managers held on to most of their global stock weighting in the month and raised their bond allocation to the highest level since September on the view that recent falls in bond prices were overdone composure about euro zone government bonds following the crisis over Ireland's debt. They raised exposure within a bond portfolio to 31.5 per cent from 31.2 per cent, although these numbers remain well below the more than 42 per cent seen at the beginning of 2010. REGIONALLY US fund managers built up their equity holdings in December to one of the highest points this year on signs of a swifter economic recovery.
to 48.3 per cent in December from 46.9 per cent last month. Cash was at 2.5 per cent. European fund managers lifted equity holdings to a 11month high and also boosted bonds. The survey of 17 Europebased asset management firms outside Britain released showed a typical mixed portfolio holding 50.1 per cent in equities this month, compared with 49.6 per cent in November. It held 37.5 per cent in bonds including government and corporate debt, compared with 37.3 per cent last month. Cash holdings fell to 5.3 per cent from 6.1 per cent, hitting their lowest level since January. British fund managers increased their exposure to equities, particularly domestic UK stocks, and cut back on bonds. The survey of 12 investment managers showed the average allocation to global equities climbed to 54.2 per cent from 52.8 per cent. Bond holdings dropped to 22 per cent from 22.5 per cent. Exposure to UK stocks within equities jumped to 16.3 per cent from 12.6 per cent in November.
US authorities targeting tax dodgers D
eutsche Bank's US-tax fraud settlement has heightened expectations of more deals being struck as American authorities target overseas banks in a crackdown on tax dodgers. US prosecutors are pushing ahead with more probes, emboldened after top Swiss wealth manager UBS had to hand over the details of 4,450 clients. Leads from that case have helped investigators look at banks in Asia and the Middle East, while clients from HSBC have also been under scrutiny, lawyers have said. "This is the end of the matter for Deutsche Bank, but this is just the second front in the same war," former US Justice Department prosecutor Michael Weinstein said. "The US government is going worldwide to repatriate as much money as possible and they will aggressively go after all money in all corners of the world to do so." However, there was relief that Deutsche Bank's $553.6 million settlement would not hit earnings and is unlikely to have a lasting impact, analysts and tax experts said. Deutsche Bank's shares slipped 0.35
percent. Germany's flagship lender admitted criminal wrongdoing for taking part in fraudulent tax shelters that allowed clients to hide billions of dollars, US prosecutors said on Tuesday. Unlike Swiss rival UBS, which suffered a client backlash after an earlier settlement, Deutsche Bank is seen as less likely to face a longer-term hit to its reputation. Deutsche is not bound by the same bank secrecy laws as UBS, which means it can hand client data over to US authorities if necessary, a Zurich-based tax lawyer told Reuters. Deutsche Bank said it had already provisioned for the settlement. It set aside 250 million euros in March 2006 in connection with talks with the US Justice Department to settle an investigation into tax shelters. Its third quarter results released in October said it was close to resolving the issue. Sarasin analyst Rainer Skierka did not see Deutsche suffering any reputational damage from the settlement that could result in clients withdrawing their money. "The settlement draws a line under the case," Skierka said. "They paid a hefty price."
Philipp Haessler, an analyst at Equinet Bank, agreed, noting the case was known about and goes back many years: "I don't think many clients will leave -- if there was going to be a client exodus, it would already have happened." OTHER BANKS IN FIRING LINE The Deutsche Bank settlement is part of a wider US drive to crack down on banks that help wealthy Americans evade taxes and could herald similar settlements with other banks. "I see first-hand other financial institutions being examined by the IRS as UBS was," Weinstein said. "They may come into line because they see the heavy price that UBS paid both from a financial perspective and from a reputational perspective for fighting the IRS," he added. UBS paid $780 million in fines for helping clients with roughly $20 billion in assets hide their accounts from the US Internal Revenue Service. The US Department of Justice opened an investigation into whether some HSBC clients may have failed to disclose offshore accounts, lawyers familiar with the probe said in July. Some HSBC clients received a letter notifying
them they are the subject of a criminal probe. The US Attorney's Office in Manhattan said the Deutsche Bank fine represented fees the bank earned setting up tax shelters, the taxes and interest the IRS could not collect and a civil penalty of $150 million. Some of the shelters are linked to accounting firm KPMG, which reached a $456 million settlement with the government in 2005 to avoid prosecution on charges it helped wealthy clients set up questionable tax shelters. Two former KPMG officials went to prison. German lender HVB in early 2006 agreed to pay $30 million to avoid prosecution on charges it had helped KPMG sell tax shelters. Deutsche said at that time the settlement allowed it to estimate potential costs. The shelters in the Deutsche Bank case were set up between 1996 and 2002 and allowed more than 2,100 customers avoid $5.9 billion in income taxes. The IRS has also offered an amnesty to wealthy people who declared their assets, and is now using information from some of those taxpayers to build cases against other banks that facilitate tax evasion.
5
Thursday, December 23, 2010
European stocks extend December rally in thin volume KSE-100 Index Opening Closing Change % Change Turnover (mn)
LSE-25 Index 3,661.20 3,672.83 11.63 0.32 3.81
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,974.70 2,984.84 10.14 0.34 0.10
Major Gainers
Symbol
Close
Change
RMPL UPFL IDYM COLG LAKST
2,175.00 1,045.00 331.61 932.00 313.00
37.50 16.90 15.60 12.38 8.00
Major Losers
Symbol
Close
Change
ULEVER 4,433.06 SIEM 1,251.82 PECO 239.87 SHEZ 106.36 PPL 215.23
-35.94 -8.83 -6.61 -3.33 -3.11
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA NML NBP NCL ANL
13.23 63.25 72.26 23.11 9.66
6.72 6.21 4.95 4.32 4.04
Active Issues Plus Minus Unchanged
192 178 36
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
Mostly higher; Malaysia, Philippines at 1-wk high US stocks late-morning
KSE’s trade-scape turns out tad-green
11,825.06 11,848.62 23.56 0.20 93.44
Opening Closing Change % Change Turnover (mn)
South East Asian stocks
respectively. "Investors remained cautious in an overbought market as expecting a slowdown in foreigners activity due to New Year & Christmas holidays", said Sajid Bhanji, VP Capital Markets Arif Habib Limited. Market would continue to see range-bound activities till the end of December and profits would keep investors busy booking without a letup, he added. Market started the day up by 11 points, but thereafter it showed some range-bound
activities. Profit-takers, on many occasions, threw the index in the bearish territory. Therefore index moved on both sides --11,877 points (+ve 52) and 11,793 points (ve 31). However, buying in some oil stocks following higher international oil prices and expectations of payments to Pakistan State Oil (PSO) against circular debt did support the market. Further, textile stocks too remained in the limelight following rising international cotton prices. Therefore index
Indian shares snap 3-day gains
FTSE lifted by strong banks as debt worries ease
Nawaz Ali KARACHI: Karachi Stock Exchange (KSE) Wednesday was bound in range as investors held on to caution and booked profits in an overbought market, however buying in oil stocks earned index some modest gains. The benchmark KSE 100Index rose by just 23 points and called it a day at 11,848 points, while KSE 30-Index gained 7 points and KSE All Share Index 14 points to close at 11,401 and 8,232 points
MUMBAI: The BSE Sensex reversed early gains and shed 0.2 per cent on Wednesday, halting a three-session rally as traders opted to book profits. Trade remained choppy amid subdued volumes as the yearend closed in, but investors were optimistic about the outlook for 2011 on the back of strong economic growth. Financials led the decline, with the banking sector index dropping 0.6 per cent after rising 2.3 per cent in the previous session, as traders locked in gains. Top car maker Maruti Suzuki erased 2.1 per cent as its chief executive said the plant was likely to roll out less units in December than in the previous month owing to a seasonal maintenance shutdown. The 30-share BSE index fell 0.22 per cent or 44.52 points to 20,015.80, with half of its components losing ground. Advance-decline ratio for the broader market was at 1.1 to 1, in a low volume of 330 million shares. "Market was expected to be choppy after the rise we saw in recent sessions," said Sunder Subramaniam, senior manager of institutional sales at brokerage Sharekhan. "Also, FII (foreign institutional investors) activity is generally low around the year end." Foreign funds inflows into Indian equities, which tend to peter out towards the year end, have totalled $28.5 billion so far in 2010, aiding the benchmark index gain around 14.6 per cent. Ispat Industries gained 11.3 per cent after JSW Steel made an open offer to acquire upto 20 per cent stake in the firm at 20.54 rupees a share, making it the most traded main stock. The stock had shed 15 per cent on Tuesday. JSW Steel dropped 0.8 per cent.
"We are reasonably positive on the market outlook in 2011," ICICI Securities said in a note on Tuesday, adding it expected the Sensex to touch 23,700 points by end-2011. The brokerage said it expected corporate earnings to be strong given the robust economic growth and favourable monsoons this year. Leading private lenders ICICI Bank and HDFC Bank dropped 0.7 per cent and 1.5 per cent. Top lender State Bank of India bucked the trend and edged 0.1 per cent higher. Energy giant Reliance Industries, which has the highest weight on the main index, shed 1.3 per cent due to a lack of any immediate positive triggers, dealers said. The stock is down 3 per cent on the year. Telecom stocks rebounded after the recent decline. Top mobile operator Bharti Airtel gained 3.1 per cent after declining equal per centage points over the two previous sessions. Second-largest mobile operator Reliance Communications firmed 0.8 per cent, but is still down nearly 3 per cent on the month. State-run oil marketing companies gained on expectations of higher diesel and cooking gas prices after a ministerial meeting, due likely by endDecember, which would help cushion oil retailers from rising global crude prices. Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp gained between 0.7 per cent and 1.6 per cent. The 50-share NSE index shed 0.3 per cent at 5,984.40 points. By 1030 GMT, the MSCI world equity index was steady and Thomson Reuters global stock index edged 0.1 per cent higher.-Reuters
LONDON: Britain's leading share index pushed higher on Wednesday, supported by gains from banks as reports China is ready to buy Portuguese bonds eased European debt concerns. At the close, the FTSE 100 was up 31.69 points, or 0.5 per cent, at 5,983.49, edging ever closer towards the 6,000 level last seen in June 2008. The blue chip index has gained 8.2 per cent in December, on track for its biggest monthly percentage gain since July 2009. "It's just a pretty broad-based market rally as Christmas approaches. Of course, volumes are very low and it's really just tidying up at the yearend," said David Morrison, market strategist at GFT Global. Trading volumes were 62 per cent of the 90-day average. Banks were the best performing blue chips as a sector, rallying as worries about exposure to European debt eased after the Jornal de Negocios daily reported that China is ready to buy 4 to 5 billion euros ($6.6 billion) of Portuguese sovereign debt to help it ward off pressure in debt markets. Royal Bank of Scotland was the strongest lender, up 1.3 per cent, while Lloyds Banking Group gained 0.7 per cent. Strength in heavyweight miners and oils also provided a prop for blue chips as commodity prices firmed, with Eurasian Natural Resources 2 per cent higher.-Reuters
Shanghai shares fall; Hong Kong edges up HONG KONG/SHANGHAI: Shanghai shares fell on Wednesday as property shares reversed some of previous day's sharp gains while Hong Kong's market edged higher although trading volumes were their lowest in months. The dip in mainland markets hit Hong Kong's Hang Seng but the index managed to eke out gains of 0.3 per cent, finding support at the 23.6 per cent retracement level of its slide since November 9. Shanghai's key stock index closed down 0.9 per cent. Property stocks, which soared on Tuesday, eased on profittaking with top player China Vanke down 1.4 per cent after jumping by its 10 per cent limit a day earlier. A sub-index of property stocks on the mainland jumped 5.4 per cent on Tuesday after a report forecast-
ing urban housing prices would rise 20 per cent next year. It was down 0.3 per cent on Wednesday. While share moves in Shanghai have been volatile, traders expect rangebound trading in Hong Kong due to holiday-thinned trade. Turnover in Hong Kong, which has declined all week, slumped to the lowest in over 3-1/2 months. Developers in Hong Kong were higher, however, led by bellwether Cheung King Holdings which ended up 3.5 per cent after the company said it was planning Hong Kong's first yuan-denominated offering as early as next year. Analysts at Bank of America Merrill Lynch in Hong Kong said in a note that a listing would improve transparency of Cheung Kong's investment
property holdings in China. This could help narrow Cheung Kong's NAV discount - the discount of the current share price to the net asset value per share of the company - which currently is about 27 per cent versus a historical average of 15 per cent, they said. While most bankers expect China and Hong Kong issuers to continue to tap equity markets on the back of global appetite for regional assets and strong flows into the region, capital market activity is seen falling from this year's level. The refiner's shares tested the upper end of a trading range that they have been stuck since mid-November. A breakout on the upside of the trading range could open the way for a further 6 per cent gain to the November high of HK$7.9.-Reuters
managed to close the session on a green note. Mujtaba Barakzai, equity dealer at JS Global Capital said that with the cotton prices hitting an all time high the previous day, the positive impact was evident on scrips such as NML and NCL. Engro also went up, after news of its plant starting commercial production from January 2011. According to NCCPL data foreign investors did a net-buying of $1.59 million. Local companies sold equities worth $4.74 million while banks net-
Financials give a lift to Wall St
bought $2.35 million shares. Investor participation remained on the lower side as 93.4 million shares were traded during the week ---23.4 million shares less than a turnover of 116.8 million on Tuesday. Lotte Pakistan stood as the volume leader with 6.72 million shares followed by Nishat Mills with 6.21 million shares and National Bank with 4.95 million shares. Out of total 406 active issues 192 advanced and 178 declined while 36 issues remained unchanged.
Nikkei now off its 7-month high TOKYO: Japan's Nikkei average dipped 0.2 per cent on Wednesday, backing away from a seven-month intraday high hit earlier, as downbeat comments by the prime minister on the economy prompted investors to adjust positions around new levels. But underlying sentiment in the holiday-thinned market remained strong, which helped lift the Nikkei to its highest level since May 14 at one point, reflecting general bullishness in global equities markets and a positive outlook for the Nikkei in 2011. "Investors used Prime Minister (Naoto) Kan's comments as an excuse to offload some of their positions in the last minutes of the trade," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities. "But it wasn't a massive readjustment and the market was
rather quiet today ahead of the holiday season," Kuramochi said. The benchmark Nikkei ended the day down 0.2 per cent or 24.05 points at 10,346.48, after touching a fresh seven-month high of 10,394.22. The broader Topix index shed 0.1 per cent to 905.78. Japan's government cut its view on exports and business sentiment on Wednesday due to a slowdown in Asia's economic recovery and a persistently strong yen. It also said the economy is at a standstill and in a difficult situation with a high jobless rate. Strength in resource-related stocks in the wake of a rally in commodity prices and inflows into domestic demand-led shares, such as banks and real estate, bolstered overall sentiment to draw steady bargainhunting, traders said. See # 16 Page 11
ANNOUNCEMENTS Company Indus Dyeing Sunrays Textile Habib Sugar Mills
Period Yearly Yearly Yearly
Div/Bon/Right PAT (Rs in mn) 50%D 1,858.46 30%D 337.49 25%D 25%B 534.54
EPS(Rs) 102.83 48.91 4.45
NEW YORK: US stocks edged higher on Wednesday as gains in financial stocks helped put the S&P 500 on pace for a fifth-straight winning session and lifted the benchmark index to levels not seen since before Lehman Brothers went bankrupt. The recent rise in financial stocks has propped up the rally lately after the sector lagged through autumn. Bank of America Corp rose 2.4 per cent to $13.29, and JPMorgan Chase & Co climbed 3 per cent to $42.22. "It is some year-end rotation, portfolio repositioning at yearend -- they have been lagging the last four months," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon. The KBW regional bank index rose 3.2 per cent and is now up nearly 19 per cent for the month. Index component Whitney Holding Corp surged 30.4 per cent to $14.18 after it agreed to be acquired by Hancock Holding Co in a stock deal worth about $1.5 billion. Hancock shares slipped 5.4 per cent to $35.05. "Investors seem to be reacting to the fact that, at least at the regional level, banks have been able to improve their balance sheets," Dickson said. See # 15 Page 11
Trading in Atlas Bank suspended after merger KARACHI: The Karachi Stock Exchange has suspended the trading in the shares of Atlas Bank Ltd after its merger with and into Summit Bank Ltd (SBL). According to KSE here Wednesday, the suspension will come into effect from January 3, 2011.-APP
Dhiyan
AN UNPOSITIVE DAY Mohammad Azam Khan, CEO Sunrise Capital As market has risen by 30 per cent recently therefore now in the absence of foreign investors - owing to upcoming Xmas & New Year holidays-- we might see some correction of 5-6 per cent where index can come down to 11,400 levels. Fresh investments should be avoided now, while dips would be the golden opportunity for those who missed the last rally. Therefore they should invest when market undergoes correction and buy fertiliser, E&P and, textile stocks. International investors' interest level, launch of leverage product, and good corporate results would trigger the market. There would be correction today.
Syed Faizan Rizvi, Technical analyst SMH Financial Solution Market is trading near its major support level of 11,776 points and if it breaches its support levels then we can see some correction in the coming days. Investors are therefore advised to buy and order stop loss at the support levels. Continued foreign inflow and participation of local institutional investors would be the factors that will support the market. Market would be negative today.
6
Thursday, December 23, 2010
Market Volume
93,442,401
Value
6,016,824,000
Trades
64,131
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
192 178 36 406
All Share Index
11,848.62 11,877.37 11,793.24 h23.56
Current High Low Change
KSE 30 Index
8,232.42 8,254.83 8,198.69 h14.76
Current High Low Change
KMI 30 Index Current High Low Change
11,401.29 11,449.15 11,362.52 h7.75
18,757.23 18,872.73 18,723.13 i3.42
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,527.66 Turnover 11,840,998 P/E (x) 11.15 Company
KSE 100 Index
Symbols
PE
High Low 1,549.30 1,517.97 Total cos Defaulter cos P/BV (x) ROE (%) 3.63 32.54
Open
High
Low
691 5.64 325.70 853 6.79 121.71 3921 - 11.01 735 16.29 120.31 800 3.87 262.37 Oil & Gas Development XD 43009 11.46 167.48 Pak Petroleum 11950 8.75 218.34 Pak Oilfields 2365 6.89 292.45 Pak Refinery Limited 350 - 101.66 PSO 1715 4.99 291.68 Shell Gas LPG 226 - 36.58 Shell Pakistan 685 10.66 205.53
326.90 122.67 11.26 121.50 265.00 170.10 221.75 294.30 106.74 297.00 36.00 208.40
325.00 120.50 10.92 120.00 259.00 167.00 214.60 290.50 101.50 291.90 35.00 205.15
Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery
Close Chg 325.88 121.10 11.12 120.21 260.97 169.34 215.23 291.69 106.74 294.63 35.28 207.95
0.18 -0.61 0.11 -0.10 -1.40 1.86 -3.11 -0.76 5.08 2.95 -1.30 2.42
Close Change 1,532.42 4.76 Listed cap Market cap 65,194.15 mn 1,190,742.28 mn Payout (%) Div Yield (%) 55.94 5.02 Last 60 days High Low
Volume 87072 1051745 880325 34108 156726 851831 3639987 2100582 60058 3816640 10301 31948
374.20 137.20 12.49 128.90 275.40 171.40 221.75 299.00 106.74 297.00 40.28 208.40
% Change 0.31 5-Day High 1,532.42 5-Day Low 1,500.12
2009 Div BR (%) (%)
287.99 250 78.51 10.00 106.00 32.17 100B 189.08 125 142.05 82.5 168.70 130 20B 230.05 180 55.00 258.00 50 29.05 182.05 330 -
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 736.50 Turnover 42,227 P/E (x) 5.53 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 751.49 730.17 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 25.53
Close 738.86 Listed cap 3,242.17 mn Payout (%) 11.08
Change 2.36 Market cap 12,678.84 mn Div Yield (%) 2.00
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.30 36.67
72.58 34.00
74.45 34.00
72.00 33.60
73.01 0.43 33.74 -0.26
39038 3189
77.77 41.00
60.05 32.36
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 Bawany Air 68 BOC (Pak) 250 Clariant Pak 273 Dawood Hercules 1203 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Engro Corporation Ltd 3277 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 Fauji Fert. Bin Qasim XD 9341 Gatron Ind 384 Ghani Gases Ltd 725 ICI Pakistan 1388 Ittehad Chemical 360 Lotte Pakistan 15142 Mandviwala 74 Nimir Ind Chemical 1106 Shaffi Chemical 120 Sitara Chem Ind 214 Sitara Peroxide 551 Wah-Noble 90
8.44 76.83 12.89 6.61 7.48 10.84 8.51 6.75 2.41 8.80 8.06 12.57 4.73 9.99 15.27 7.15
23.92 9.20 89.72 170.54 180.08 3.07 7.90 3.11 194.01 14.30 9.61 118.08 36.48 44.74 11.53 140.26 32.25 13.38 2.00 2.13 2.65 124.10 13.69 35.60
23.65 9.40 94.20 178.20 181.49 3.30 8.75 3.37 198.25 15.00 9.72 118.60 36.50 45.50 11.74 143.50 33.74 13.50 2.22 2.21 2.76 123.00 14.24 37.38
22.81 8.70 91.50 172.00 178.50 3.08 8.00 3.06 192.00 14.25 9.55 117.10 35.70 44.90 11.50 140.23 32.25 13.18 1.75 2.05 2.50 117.90 13.58 35.50
Company
Close Chg 23.29 9.22 93.84 172.89 180.35 3.10 8.42 3.25 197.34 14.83 9.57 117.49 35.75 44.90 11.61 142.98 33.70 13.23 1.80 2.09 2.69 121.90 14.05 37.19
-0.63 0.02 4.12 2.35 0.27 0.03 0.52 0.14 3.33 0.53 -0.04 -0.59 -0.73 0.16 0.08 2.72 1.45 -0.15 -0.20 -0.04 0.04 -2.20 0.36 1.59
Close 1,351.19 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 31000 846 103272 60351 42750 49094 917024 2069278 2781171 1738001 749495 573155 3476091 925 55974 1136101 205 6722698 281450 529290 602 21775 492786 8506
Change 1.03 Market cap 296,948.23 mn Div Yield (%) 5.83
24.75 13.99 94.20 178.20 185.00 3.74 8.75 4.24 198.25 15.20 11.74 119.50 36.92 46.59 13.85 143.50 33.74 13.83 2.75 2.74 3.40 139.40 14.69 46.25
% Change 0.08 5-Day High 1,351.19 5-Day Low 1,324.10
2009 Div BR (%) (%)
2010 Div BR (%) (%)
20.26 7.73 5 72.00 90 15 149.72 125 163.51 40 10B 40 1.90 3.41 1.28 171.00 6010B 40R 40 11.61 - 27.5R 9.21 104.21 131.5 10B 95 26.59 40 - 17.5 38.00 20 10.06 116.00 80 55 21.00 15 5 8.17 5 0.80 1.30 1.80 101.00 75 25 7.67 32.00 50 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,165.38 Turnover 31,873 P/E (x) 5.91
High Low 1,187.06 1,156.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47
Close 1,165.48 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Century Paper Pak Paper Product
707 50
9.13
15.89 45.20
15.90 47.46
15.70 44.75
15.82 -0.07 47.46 2.26
12399 16767
20.69 62.85
Security Paper
411
7.00
45.52
46.70
45.30
45.39 -0.13
2707
47.00
Company
Change 0.11 Market cap 3,231.06 mn Div Yield (%) 4.27
Last 60 days High Low
% Change 0.01 5-Day High 1,180.29 5-Day Low 1,165.38
2009 Div BR (%) (%)
2010 Div BR (%) (%)
15.28 38.61
- 425R 20 -
25 33.33B
38.00
50
50
-
Open 1,167.37 Turnover 1,095,923 P/E (x) 4.30 Paid up Cap(mn)
PE
High Low 1,186.15 1,156.77 Total cos Defaulter cos P/BV (x) ROE (%) 1.09 25.35
Close 1,171.02 Listed cap 6,768.53 mn Payout (%) 20.42
Open
High
Low
Close Chg
Volume
Agriautos Ind Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
144 5.67 71.91 101 5.26 171.12 247 16.96 19.00 626 9.20 125.00 890 2.42 56 4.46 183.11 598 19.36 21.41 450 3.24 4.50 200 6.64 4.40 1428 - 11.22 786 5.77 254.97 823 11.00 69.06 150 3.79 20.29
75.00 177.77 19.00 127.75 2.54 192.26 22.48 4.78 5.24 11.35 257.00 70.06 21.20
72.00 172.00 18.00 126.95 2.40 185.00 21.25 4.55 4.15 11.10 251.51 68.75 19.90
74.86 2.95 176.19 5.07 19.00 0.00 127.00 2.00 2.41 -0.01 188.88 5.77 22.46 1.05 4.66 0.16 4.25 -0.15 11.35 0.13 252.83 -2.14 69.10 0.04 20.29 0.00
13700 18232 2000 1540 962797 399 580 34104 505 9250 19711 21750 12788
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
565 4.03 675 555 9.41 1199 11.17 785 10.23
Open 25.19 2.78 14.54 51.08 9.05
High 26.44 2.89 15.24 53.63 9.30
Low 25.60 2.77 14.55 51.00 8.80
Close Chg 25.82 2.85 15.06 53.63 9.00
0.63 0.07 0.52 2.55 -0.05
Close 1,015.03 Listed cap 3,596.11 mn Payout (%) 30.91
Change 32.30 Market cap 9,874.01 mn Div Yield (%) 9.87
Open 1,722.55 Turnover 1,096,240 P/E (x) 38.82 Company
Paid up Cap(mn)
AL-Noor Sugar 186 Bawany Sugar 87 Chashma Sugar 287 Clover Pakistan 94 Crescent Sugar 214 Dewan Sugar 365 Faran Sugar 217 Habib Sugar 600 Habib-ADM Ltd 200 J D W Sugar 490 Mirpurkhas SugarXDXB 84 Mirza Sugar 141 National Foods 414 Nestle Pakistan 453 Noon Pakistan 48 Noon Sugar 165 Pangrio Sugar 109 Punjab Oil XD 38 Quice Food 107 Sanghar Sugar 119 Shahmurad Sugar 211 Thal Industries 150
PE
Last 60 days High Low
Volume 138441 6491 83280 407397 3505
26.44 3.39 16.75 53.99 10.07
23.75 1.65 12.25 44.00 8.00
2009 Div BR (%) (%) 10
30B -
2010 Div BR (%) (%) 30 40 7.5
Change 3.65 Market cap 43,183.91 mn Div Yield (%) 4.75
Last 60 days High Low
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Javedan Cement Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Thatta Cement
PE
Open
High
Low
1828 866 6.68 858 182 14 982 14.92 948 3574 3651 128.17 350 3.57 6933 15.82 502 3.70 1760 2319 32 581 145 12.18 1288 13126 3234 6.95 5261 1.40 541 3.10 2228 200 798 450.00
3.28 63.50 2.56 20.51 12.91 2.03 2.00 2.26 30.85 2.99 5.21 7.21 1.96 8.07 0.79 59.99 9.00 6.80 3.49 77.45 3.00 4.96 6.89 6.25 18.00
3.39 63.50 2.68 21.53 13.91 1.94 3.00 2.55 31.47 3.00 5.25 7.10 2.00 8.70 0.80 60.00 9.99 6.80 3.55 78.00 3.08 4.40 6.99 6.42 18.49
3.30 62.51 2.13 20.50 13.91 1.84 2.50 2.26 30.71 2.56 5.14 7.10 1.82 7.43 0.66 57.00 9.10 6.54 3.45 76.90 2.91 4.21 6.80 6.11 18.00
Close 1,031.62 Listed cap 54,792.74 mn Payout (%) 19.04
Change -2.61 Market cap 74,809.15 mn Div Yield (%) 2.59
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
3.38 63.50 2.61 21.53 13.91 1.94 2.50 2.39 30.76 3.00 5.22 7.10 1.85 7.73 0.79 59.25 9.74 6.58 3.50 77.34 3.00 4.21 6.81 6.26 18.00
19698 171548 6865 71209 3810 7501 977 993768 3969974 552 984637 1000 301241 523 3062 802 2478 36326 511556 1034220 50181 30300 34809 493 504101
3.98 69.40 3.05 21.53 14.89 2.49 3.19 3.10 32.10 3.99 5.55 8.20 2.25 9.19 1.39 63.90 10.75 8.70 3.79 79.98 3.30 8.89 8.58 7.90 22.24
50 20B - 20R - 10B - 200R 40 9.75 -
- 100R 50 - 122R - 20R 40 - 50R
0.10 0.00 0.05 1.02 1.00 -0.09 0.50 0.13 -0.09 0.01 0.01 -0.11 -0.11 -0.34 0.00 -0.74 0.74 -0.22 0.01 -0.11 0.00 -0.75 -0.08 0.01 0.00
2.80 57.60 1.10 14.01 7.91 1.31 1.11 1.30 23.40 2.11 4.52 4.25 1.70 2.50 0.25 56.05 4.80 5.50 2.71 67.70 2.51 3.51 6.56 5.25 17.71
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,009.32 Turnover 2,017,017 P/E (x) 2.82 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
Paid up Cap(mn)
PE
Open
115 2.86 77.50 230 2.86 1067 4.50 49.81 389 3.38 47 57.93 22.25 844 63.64 118.19 300 8.77 118.98
High
High Low 1,038.31 1,000.33 Total cos Defaulter cos P/BV (x) ROE (%) 1.24 43.91 Low
Close Chg
81.37 77.95 80.30 3.20 2.71 2.77 49.95 48.52 49.01 3.44 3.06 3.39 23.20 21.50 23.17 124.09 118.50 124.09 122.70 118.00 120.27
2.80 -0.09 -0.80 0.01 0.92 5.90 1.29
Close 1,024.29 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change 14.97 Market cap 38,247.82 mn Div Yield (%) 5.52
Last 60 days High Low
222513 83.23 104397 3.30 14104 61.99 888 4.05 7101 25.90 1568911 124.09 99045 122.70
34.00 1.70 45.30 1.60 13.01 98.00 97.00
% Change 1.48 5-Day High 1,024.29 5-Day Low 985.51
2009 Div BR (%) (%) 30 32.5 100
10B -
2010 Div BR (%) (%) 20 25 -
25B 10B -
INDUSTRIAL ENGINEERING
Company
Paid up Cap(mn)
Company
Paid up Cap(mn)
Ados Pak 66 AL-Ghazi Tractor 215 Dewan Auto Engineering 214
PE
Open
1.13 17.19 5.67 231.23 1.60
Ghandhara Ind KSB Pumps
213 10.95 132 7.72
11.15 66.11
Millat Tractors XB Pak Engineering
366 6.50 495.35 57 666.31 246.48
High
High Low 1,561.23 1,532.81 Total cos Defaulter cos P/BV (x) ROE (%) 2.97 38.02 Low
Close Chg
18.15 17.50 17.50 0.31 238.00 229.00 236.71 5.48 1.72 1.49 1.55 -0.05 12.15 67.24
11.15 62.81
11.83 0.68 64.48 -1.63
500.00 496.00 496.89 1.54 255.90 234.76 239.87 -6.61
Close 1,542.22 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
2010 Div BR (%) (%)
40 100 20B - 100R 80 30B 50 100 5 - 20B
90 100 60 20 150 10
20B 20B
Close Chg -0.80 0.98 -0.14 -1.09 0.00 0.19 -0.84 -1.13 0.39 -0.29 -0.01 -0.07 2.67 1.14 1.15 0.01 -0.26 2.35 0.05 -0.39 -0.29 -0.38
Close 1,721.78 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -0.77 Market cap 229,532.75 mn Div Yield (%) 0.79
Last 60 days High Low
2255 53.00 39.25 2473 6.73 0.86 6000 15.47 8.50 150 77.19 38.74 24055 6.65 5.00 122503 5.59 1.11 100100 21.50 17.05 738581 36.50 28.50 41850 16.50 11.90 553 89.89 64.12 177 68.22 52.00 20593 7.18 4.20 2773 56.22 39.01 1595 2550.00 1785.00 7431 27.30 17.51 1547 14.84 11.00 1950 6.99 4.00 500 44.90 34.00 5500 3.40 2.02 3500 14.25 13.00 11207 13.50 10.33 400 88.46 64.00
% Change -0.04 5-Day High 1,742.14 5-Day Low 1,680.99
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 17.5 35 40 40 25 600 50 15 10 15 20
15 25 25 40 0 12.5R 15 20B 10 12 450 12 10 15 28R -
25B 10B 25B 10B 10B 25B -
High Low 1,114.87 1,098.39 Total cos Defaulter cos P/BV (x) ROE (%) 0.33 10.64
Open
High
Low
AL-Abid Silk 115 2.84 Gauhar Engineering Ltd 22 Hussain Industries 106 Pak Elektron 1174 3.56 Singer Pak 341 20.24 Tariq Glass Ind 231 2.39
25.63 0.65 7.82 14.01 18.82 20.01
26.91 0.65 8.80 14.19 18.21 20.80
26.40 0.65 6.82 14.03 17.82 20.00
Paid up Cap(mn)
(Colony) Thal AL-Qadir Textile Amtex Limited XD Artistic Denim Azam Textile Azgard Nine Babri Cotton Bata (Pak) Bilal Fibres Brothers Textile Chenab Limited Crescent Jute Crescent Textile D M Textile D S Ind Ltd Data Textile Dawood Lawrencepur Dewan Mushtaq Textile Din Textile Ellcot Spinning Gadoon Textile XD Ghazi Fabrics Gillette Pakistan H M Ismail Hajra Textile Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Indus Dyeing J K Spinning Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Spinning Kohinoor Textile Maqbool Textile Masood Textile Mehmood Textile Mian Textile Mukhtar Textile Nadeem TextileSPOT Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Premium Textile Prosperity Quetta Textile Ravi Textile Reliance Weaving Saif Textile Sally Textile Sana Ind Saritow Spinning Service Ind Shadab Textile Shadman Cot Shahtaj Textile Shams Textile Shield Corp Suraj Cotton Tata Textile Thal Limited Treet Corp Tri-Star Poly Zil Limited
56 76 2415 840 133 4493 33 76 141 98 1150 238 492 31 600 99 514 34 204 110 234 326 192 120 138 3105 100 99 180 181 184 43 107 303 509 1300 1455 168 600 150 221 145 120 1596 3516 560 174 62 185 130 250 308 264 88 55 133 120 30 176 97 86 39 180 173 307 418 215 53
26.40 0.65 7.02 14.13 18.01 20.01
0.77 0.00 -0.80 0.12 -0.81 0.00
Volume 244 4000 5799 102123 2506 32417
Change -1.37 Market cap 5,121.22 mn Div Yield (%) 2.01
Last 60 days High Low 35.00 0.75 11.49 15.09 21.00 21.40
23.00 0.15 6.82 12.90 16.51 15.90
PERSONAL GOODS Performance of SR Personal Goods Index Open 1,004.15 Turnover 16,968,936 P/E (x) 6.72 Company
Close Chg
Close 1,102.25 Listed cap 3,763.71 mn Payout (%) 6.27
High Low 1,015.19 1,000.96 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 8.64
PE
Open
High
Low
9.66 6.46 0.28 0.45 5.69 0.39 4.04 52.65 0.12 0.57 0.60 0.69 0.65 3.03 0.53 3.59 3.22 1.07 0.24 0.40 3.85 2.26 2.01 0.70 0.66 1.92 5.43 3.04 0.75 0.42 1.11 0.65 0.60 0.36 0.19 3.63 0.39 8.15 0.38 1.28 0.73 10.80 0.78 0.32 5.11 9.55 3.58
0.83 6.50 4.29 23.13 1.97 9.79 10.00 681.53 1.30 0.60 3.14 0.90 20.98 2.39 2.00 0.38 45.07 4.80 25.13 20.19 59.85 4.80 62.00 0.89 0.68 38.02 1.53 6.02 3.27 316.01 6.89 14.00 0.77 1.74 2.35 1.10 5.31 8.40 19.25 57.90 0.45 0.50 10.50 22.78 63.35 9.00 10.25 27.83 14.00 38.95 1.60 8.89 4.45 4.00 46.36 2.34 237.36 13.92 7.00 18.65 23.20 85.58 33.51 33.10 113.96 57.15 1.00 51.00
1.15 7.50 4.36 23.50 2.28 9.92 11.00 695.00 1.45 0.60 3.19 1.17 21.00 2.50 2.10 0.56 45.80 5.80 26.38 20.50 62.84 4.00 61.95 0.99 0.60 38.50 1.50 6.65 3.30 331.80 7.30 15.00 0.80 1.97 3.19 1.20 5.49 8.50 20.25 57.00 0.55 0.56 10.05 23.46 64.09 9.10 10.25 26.45 14.95 40.30 1.79 8.75 4.80 4.44 47.74 2.80 239.00 13.69 7.00 19.00 22.10 89.85 34.95 34.00 119.65 60.00 1.00 53.55
0.90 6.00 4.20 23.00 2.00 9.51 11.00 682.00 1.45 0.60 3.06 0.90 21.00 2.45 1.95 0.56 44.50 3.80 26.35 19.75 61.20 4.00 61.95 0.65 0.60 38.01 1.50 5.10 3.30 300.21 6.20 14.75 0.73 1.51 2.06 0.55 5.30 8.15 19.10 57.00 0.54 0.48 9.50 22.74 62.10 8.90 10.25 26.44 14.00 37.01 1.55 8.60 4.35 3.67 46.00 1.90 235.00 12.92 7.00 18.75 22.10 81.31 33.51 31.52 114.00 57.35 0.73 50.50
% Change 0.10 5-Day High 1,542.22 5-Day Low 1,539.68 2010 Div BR (%) (%)
4005 12355 177472
20.90 238.00 2.40
14.12 200.00 0.21
20 400 -
-
150 -
-
222365 22830
18.30 87.15
10.55 62.81
35
-
-
-
72871 135
589.89 324.80
390.00 234.76
450 125
25B -
650 100
25B -
Total Equity (Rs in mn)
14.23
Revenue (Rs in mn)
MA (200-day)
14.09
Interest Expense
1,923.44 83.73 1,313.81 83.51
1st Support
11.25
Loss after Taxation
2nd Support
10.70
EPS 09 (Rs)
1st Resistance
12.25
Book value / share (Rs)
(137.49)
2nd Resistance
12.70
PE 10 E (x)
Pivot
11.70
PBV (x)
(6.453) 3.93 10.95 3.01
GHNI closed up 0.68 at 11.83. Volume was 534 per cent above average (trending) and Bollinger Bands were 75 per cent narrower than normal. The company's profit after taxation stood at Rs5.766 million which translates into an Earning Per Share of Rs0.27 for the 1st quarter of current fiscal year (1QFY11). GHNI is currently 16.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into GHNI (mildly bullish). Trend forecasting oscillators are currently bullish on GHNI.
Faran Sugar Mills Limited
Fundamental Highlights As on Sep 30, 2009
Technical Analysis RSI (14-day)
43.22
Total Assets (Rs in mn)
MA (10-day)
20.16
Total Equity (Rs in mn)
1,528.98
MA (100-day)
18.95
Revenue (Rs in mn)
MA (200-day)
18.00
Interest Expense
48.79
1st Support
18.83
Profit after Taxation
85.68
2nd Support
18.54
EPS 09 (Rs)
3.957
1st Resistance
19.69
Book value / share (Rs)
20.65
2nd Resistance
20.26
PE 10 E (x)
3.09
Pivot
19.40
PBV (x)
0.93
447.16 2,409.50
FRSM closed down -0.84 at 19.11. Volume was 1,544 per cent above average (trending) and Bollinger Bands were 54 per cent narrower than normal. The company's profit after taxation stood at Rs100.402 million which translates into an Earning Per Share of Rs4.64 for the nine months of current calendar year (9MFY10). FRSM is currently 2.6 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of FRSM (bearish). Trend forecasting oscillators are currently bearish on FRSM.
Close Chg 1.02 7.50 4.25 23.25 2.00 9.66 11.00 685.95 1.45 0.60 3.10 1.00 21.00 2.50 2.02 0.56 44.75 3.83 26.38 19.75 62.84 4.00 61.95 0.89 0.60 38.50 1.50 6.25 3.30 331.61 7.00 14.90 0.79 1.67 2.39 1.10 5.39 8.15 19.10 57.00 0.55 0.48 10.05 23.11 63.25 9.00 10.25 26.44 14.47 40.11 1.71 8.65 4.50 3.92 47.74 2.35 237.96 13.31 7.00 19.00 22.10 87.73 34.95 32.97 119.57 60.00 0.75 53.55
0.19 1.00 -0.04 0.12 0.03 -0.13 1.00 4.42 0.15 0.00 -0.04 0.10 0.02 0.11 0.02 0.18 -0.32 -0.97 1.25 -0.44 2.99 -0.80 -0.05 0.00 -0.08 0.48 -0.03 0.23 0.03 15.60 0.11 0.90 0.02 -0.07 0.04 0.00 0.08 -0.25 -0.15 -0.90 0.10 -0.02 -0.45 0.33 -0.10 0.00 0.00 -1.39 0.47 1.16 0.11 -0.24 0.05 -0.08 1.38 0.01 0.60 -0.61 0.00 0.35 -1.10 2.15 1.44 -0.13 5.61 2.85 -0.25 2.55
Close 1,009.32 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 4501 8000 289308 6404 17218 4038116 1000 699 400 1000 420 106505 1045 10000 133677 500 6911 2243 125 20777 5483 500 110 1001 2000 1451 2416 4104 200 1298 1007 2795 4512 254911 476 4002 1005 1001 201 400 5000 3020 505 4320225 6212010 11361 1500 3500 33373 3081 180588 10347 2041 96534 1858 7003 1890 870 953 4700 50000 404 5420 1000 515077 549290 1550 7818
7.5 -
10B 10B -
Change 5.17 Market cap 133,948.89 mn Div Yield (%) 2.48
Last 60 days High Low 2.00 7.75 18.02 24.05 3.45 12.32 18.75 747.48 2.80 1.10 3.90 1.49 23.90 2.68 2.37 0.90 47.00 7.44 30.90 25.45 62.84 5.00 73.00 1.39 0.99 40.77 2.70 7.29 5.35 350.15 9.50 20.50 1.25 2.00 3.73 2.00 6.10 11.55 22.59 68.80 0.98 0.95 19.50 25.14 64.44 10.20 11.25 31.03 19.90 47.00 2.30 12.00 6.85 6.20 47.74 2.99 276.50 15.09 15.00 21.90 24.00 95.55 37.50 36.40 119.65 60.50 1.50 55.00
2009 Div BR (%) (%)
0.52 2.50 4.20 18.50 1.32 9.51 8.10 436.00 0.58 0.12 3.00 0.16 17.89 0.99 1.44 0.02 36.10 1.80 20.80 17.21 37.25 2.10 58.75 0.27 0.30 34.05 0.30 2.02 2.60 209.03 4.05 13.25 0.26 1.01 1.52 0.16 4.51 6.10 18.01 51.46 0.01 0.14 7.10 15.66 45.81 5.16 7.65 25.71 12.51 25.80 1.29 8.01 2.01 3.50 27.50 1.10 169.00 7.56 7.00 15.61 15.26 43.29 29.00 15.00 86.50 37.25 0.26 36.00
2009 Div BR (%) (%)
% Change -0.12 5-Day High 1,104.80 5-Day Low 1,089.74 2010 Div BR (%) (%) -20B 20R - 10B 17.5 -
% Change 0.52 5-Day High 1,009.32 5-Day Low 991.67 2010 Div BR (%) (%)
10 30 20 20 7.5 - 15B 120 15 5 20 10B 7.5 35 70 10 20 10 15 50 20 5B 5 - 22.5 15 15 100R 4050.2257B 60 20 - 50R 15 20 25 45R 12.5 - 10B 10 10B 7.5 50 20 30 - 632R 20 - 25SD 10 35 60 200 10 20 45 20 - 30B 10 15 50 25 20 20B 80 20B 4 40 10B 35 -
PHARMA AND BIO TECH
2009 Div BR (%) (%)
Total Assets (Rs in mn)
11.29
MA (100-day)
Nishat (Chunian) Limited
Performance of SR Pharma and Bio Tech Index
Change 1.51 Market cap 33,125.82 mn Div Yield (%) 16.83
Last 60 days High Low
Low
PE
Performance of SR Industrial Engineering Index Open 1,540.71 Turnover 512,038 P/E (x) 7.81
High
Open 1,103.62 Turnover 147,121 P/E (x) 3.12
20B -
% Change -0.25 5-Day High 1,037.84 5-Day Low 1,027.82
65.75 131.00 15.00 92.50 1.20 136.00 21.00 4.03 3.55 9.65 215.99 66.75 17.92
2009 Div BR (%) (%)
56.47
MA (10-day)
HOUSEHOLD GOODS
Performance of SR Construction and Materials Index High Low 1,046.36 1,019.13 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 7.10
75.00 177.77 19.88 128.90 2.89 198.07 25.24 5.70 5.75 13.40 282.45 77.90 27.58
% Change 0.31 5-Day High 1,171.02 5-Day Low 1,138.90
RSI (14-day)
Performance of SR Household Goods Index
CONSTRUCTION AND MATERIALS Open 1,034.23 Turnover 8,741,155 P/E (x) 7.34
Open
High Low 1,746.93 1,704.72 Total cos Defaulter cos P/BV (x) ROE (%) 11.76 30.30
4.70 47.00 47.00 45.51 46.20 4.30 5.29 3.51 5.28 0.99 12.34 12.20 12.20 12.20 11.39 70.81 71.80 68.00 69.72 11.32 6.00 6.00 5.90 6.00 3.46 3.80 3.55 3.65 3.09 19.95 19.97 19.11 19.11 7.62 35.06 36.30 33.31 33.93 11.68 12.22 12.64 12.02 12.61 2.86 85.79 85.70 83.03 85.50 4.42 53.00 53.00 52.99 52.99 0.60 5.99 6.05 5.85 5.92 20.98 53.55 56.22 56.22 56.22 26.91 2448.86 2500.00 2421.01 2450.00 3.47 23.15 24.30 22.25 24.30 - 13.27 13.70 13.03 13.28 0.85 6.05 6.35 5.38 5.79 3.72 47.14 49.49 49.49 49.49 2.45 2.50 2.49 2.50 0.96 13.80 13.50 13.26 13.41 15.84 11.22 11.20 10.85 10.93 12.22 83.60 87.78 82.98 83.22
-
% Change 3.29 5-Day High 1,015.03 5-Day Low 982.73
-
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING High Low 1,028.11 984.53 Total cos Defaulter cos P/BV (x) ROE (%) 1.04 33.10
40 15
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 982.73 Turnover 639,114 P/E (x) 3.13
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,365.24 1,336.03 Total cos Defaulter cos P/BV (x) ROE (%) 2.93 35.00
30
Ghandhara Industries Limited
% Change 0.32 5-Day High 743.87 5-Day Low 731.11
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,350.15 Turnover 21,043,313 P/E (x) 8.37
2009 Div BR (%) (%)
Alert ! Unusual Movements
Open 974.97 Turnover 487,820 P/E (x) 7.39 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 100 96 306
PE
Open
9.65 107.07 6.73 85.61 15.64 84.53 7.50 27.00 6.64 7.77 7.85 33.50 11.40 141.60 5.41 60.67
High
High Low 1,008.07 978.59 Total cos Defaulter cos P/BV (x) ROE (%) 1.65 22.31 Low
Close Chg
110.98 107.49 110.13 3.06 89.89 85.25 89.15 3.54 87.98 85.50 86.96 2.43 27.39 26.46 27.07 0.07 8.69 8.20 8.23 0.46 35.15 33.01 35.15 1.65 146.40 141.10 143.28 1.68 61.50 60.15 60.19 -0.48
Close 996.68 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 79003 31709 352814 4506 6003 1315 1262 11208
Change 21.70 Market cap 33,626.02 mn Div Yield (%) 6.03
Last 60 days High Low 110.98 113.00 87.98 27.50 9.00 35.15 146.40 64.50
85.10 82.20 65.00 22.60 6.81 27.50 115.90 59.50
2009 Div BR (%) (%) 120 10 50 25 15 70 15
20B 15B
% Change 2.23 5-Day High 996.68 5-Day Low 923.71 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
58.04
Total Assets (Rs in mn)
MA (10-day)
22.12
Total Equity (Rs in mn)
14,251.88
MA (100-day)
19.17
Revenue (Rs in mn)
MA (200-day)
18.85
Interest Expense
1st Support
22.74
Profit after Taxation
2nd Support
22.38
EPS 10 (Rs)
7.890
1st Resistance
23.46
Book value / share (Rs)
26.79
2nd Resistance
23.82
PE 11 E (x)
1.92
Pivot
23.10
PBV (x)
0.86
4,432.51 13,343.54 1,101.05 931.47
NCL closed up 0.33 at 23.11. Volume was 99 per cent above average and Bollinger Bands were 8 per cent narrower than normal. The company's profit after taxation stood at Rs477.454 million which translates into an Earning Per Share of Rs3.01 for the 1st quarter of current fiscal year (1QFY11). NCL is currently 22.6 per cent above its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on NCL.
Kohinoor Industries Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
51.60
Total Assets (Rs in mn)
933.39
MA (10-day)
1.71
Total Equity (Rs in mn)
(252.05)
MA (100-day)
1.58
Revenue (Rs in mn)
MA (200-day)
1.73
Interest Expense
1st Support
1.43
Loss after Taxation
2nd Support
1.24
EPS 09 (Rs)
1st Resistance
1.89
Book value / share (Rs)
2nd Resistance
2.16
PE 10 E (x)
Pivot
1.70
PBV (x)
0.00 14.92 (300.50) (9.917) (8.32) (0.20)
KOIL closed down -0.07 at 1.67. Volume was 372 per cent above average (trending) and Bollinger Bands were 29 per cent wider than normal. The company's loss after taxation stood at Rs13.075 million which translates into a Loss Per Share of Rs0.43 for the 1st quarter of current fiscal year (1QFY11). KOIL is currently 3.7 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 very strong flows of volume into KOIL (bullish). Trend forecasting oscillators are currently bullish on KOIL.
BOOK CLOSURES Company
From
To
Hala Enterprises# Altern Energy# Shaffi Chemicals# Amtex Ltd# Pakistan Reinsurance# Descon Chemicals# Nadeem Textile Mills Byco Petroleum Pakistan Mehran Sugar Mills Husein Industries BOC Pakistan# Pangrio Sugar Mills Mirza Sugar Mills
23-Dec 23-Dec 23-Dec 24-Dec 24-Dec 24-Dec 24-Dec 25-Dec 28-Dec 11-Jan 22-Jan 22-Jan
29-Dec 30-Dec 30-Dec 31-Dec 31-Dec 30-Dec 31-Dec 31-Dec 4-Jan 17-Jan 31-Jan 31-Jan
D/B/R
Spot AGM/Date
20 14-Dec 10(F), 10(B)10 10 -
29-Dec 30-Dec 30-Dec 31-Dec 31-Dec 30-Dec 31-Dec 31-Dec 31-Dec 17-Jan 31-Jan 31-Jan
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Johnson & Philips Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co Grays of Cambridge Khyber Tobacco Pak Tobacco Shifa Int.Hospitals Eye Television PIAC(A) AKD Capital XD Pace (Pak) Ltd Netsol Technologies
Open 7.55 55 3.67 88.06 52 18.15 115.97 28.75 22 2.31 47.69 2.9 18.8
High 8.55 57.5 3.78 92.46 53 19.15 115 29.5 21.06 2.39 50.07 3 18.98
Low Close 7.11 52.26 3.6 88.4 50.05 19.1 115 27.4 21.05 2.26 47.06 2.89 18.56
8.55 56.45 3.62 90.82 52 19.15 115 28.97 21.05 2.38 50.07 2.93 18.61
Change 1 1.45 -0.05 2.76 0 1 -0.97 0.22 -0.95 0.07 2.38 0.03 -0.19
Vol 1801 3498 515706 20323 878 500 1000 747 500 94402 5169 179660 169162
7
Thursday, December 23, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,143.81 Turnover 3,321,084 P/E (x) 6.14 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,156.98 1,130.43 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
PE
Open
High
Low
Close Chg
78 4.94 37740 12.91 3000 0.68 8606 6175 -
79.03 19.24 2.31 3.00 3.78
80.48 19.42 2.35 3.10 3.90
79.80 19.02 2.25 2.96 3.70
80.03 19.36 2.29 2.99 3.75
1.00 0.12 -0.02 -0.01 -0.03
Close 1,149.68 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 482 1977131 271845 1071626 126925
Change 5.87 Market cap 79,267.78 mn Div Yield (%) 10.19
117.99 20.12 2.69 3.45 4.50
76.50 18.15 1.80 2.31 3.35
% Change 0.51 5-Day High 1,152.23 5-Day Low 1,143.81
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Shaheen Insurance Silver Star Insurance United Insurance XB
204 6.19 369 6.12 279 7.03 457 6.89 1250 400 3.20 718 17.23 3000 41.10 250 1.68 350 303 6.01 200 253 4.38 400 2.07
-
10.69 37.53 60.03 10.84 43.37 13.20 92.61 16.09 7.00 6.80 11.15 12.99 7.02 6.30
Paid up Cap(mn)
Company
PE
Open
High
Low
198 11572 6.88 1560 7932 1695 11.07 126 2.71 8803 4.93 Nishat Chunian Power Ltd 3673 3.36 Nishat Power Ltd 3541 25.50 Sitara Energy Ltd 191 3.54 Southern Electric 1367 Tri-star Power XD 150 -
0.93 37.51 1.80 2.67 19.65 4.51 40.55 15.50 15.88 18.95 2.27 1.06
0.92 37.70 1.90 2.73 20.40 4.99 40.75 15.75 16.00 19.00 2.30 1.19
0.84 37.25 1.75 2.56 19.04 4.44 40.41 15.30 15.80 18.95 2.25 1.00
Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power
Close 1,280.21 Listed cap 95,369.29 mn Payout (%) 104.13
Change -3.19 Market cap 104,048.96 mn Div Yield (%) 7.38
% Change -0.25 5-Day High 1,283.40 5-Day Low 1,268.72
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
0.85 37.57 1.79 2.62 19.92 4.44 40.56 15.31 15.81 18.99 2.27 1.02
11042 231528 41805 785352 1253 9102 152071 237828 286930 4000 105237 29750
1.45 38.10 2.25 3.29 26.50 5.70 42.45 16.00 16.70 23.49 2.80 1.75
33.5 45 64.5 20 3
-0.08 0.06 -0.01 -0.05 0.27 -0.07 0.01 -0.19 -0.07 0.04 0.00 -0.04
0.60 32.75 1.20 1.94 17.95 4.01 38.35 10.32 10.90 17.98 2.05 0.65
31R -
2010 Div BR (%) (%)
Open 920.91 Turnover 7,745 P/E (x) 12.15
Company
High Low 1,515.47 1,486.21 Total cos Defaulter cos P/BV (x) ROE (%) 1.09 11.41
Close 1,493.50 Listed cap 12,202.80 mn Payout (%) 66.79
Change -10.10 Market cap 31,988.70 mn Div Yield (%) 6.98
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
7.94 3.11
26.87 20.80
27.20 20.90
26.65 20.51
26.69 -0.18 20.66 -0.14
36572 26835
34.75 30.70
Sui North Gas XD Sui South Gas
% Change -0.67 5-Day High 1,506.34 5-Day Low 1,472.45
2009 Div BR (%) (%)
26.60 19.95
-
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index Open 1,153.29 Turnover 12,144,679 P/E (x) 8.25 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.27 65.28 Askari Bank 6427 8.35 17.65 Atlas Bank 5001 1.80 Bank Alfalah 13492 13.85 10.94 Bank AL-Habib 7322 7.72 35.69 Bank Of Khyber 5004 5.49 4.17 Bank Of Punjab 5288 9.84 BankIslami Pak 5280 827.50 3.30 Faysal Bank XB 7309 4.77 14.82 Habib Bank Ltd 10019 7.31 117.85 Habib Metropolitan Bank 8732 8.09 26.22 JS Bank Ltd 8150 2.55 KASB Bank Ltd 9509 2.65 MCB Bank Ltd 7602 9.97 224.12 Meezan Bank 6983 8.60 16.30 Mybank Ltd 5304 2.61 National Bank 13455 6.31 72.05 NIB Bank 40437 2.92 Royal Bank Ltd 17180 4.82 Samba Bank 14335 2.01 Silkbank Ltd 26716 2.73 Soneri Bank 6023 7.86 Stand Chart Bank 38716 11.86 7.80 Summit Bank Ltd 5000 3.61 United Bank Ltd 12242 7.58 65.63
High
High Low Close 1,163.80 1,142.93 1,151.12 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.15 13.94 40.49 Low
Close Chg
65.97 64.31 64.50 -0.78 17.95 17.47 17.53 -0.12 1.95 1.80 1.80 0.00 11.06 10.75 10.80 -0.14 35.95 35.01 35.81 0.12 4.37 4.12 4.12 -0.05 9.99 9.75 9.77 -0.07 3.38 3.30 3.31 0.01 15.00 14.80 14.80 -0.02 118.00 115.99 117.04 -0.81 26.79 26.10 26.47 0.25 2.65 2.50 2.50 -0.05 2.65 2.51 2.53 -0.12 225.50 223.85 224.92 0.80 16.35 16.10 16.25 -0.05 2.75 2.51 2.62 0.01 72.70 71.75 72.26 0.21 3.00 2.87 2.88 -0.04 4.85 4.74 4.80 -0.02 2.05 1.91 1.91 -0.10 2.80 2.68 2.69 -0.04 7.90 7.76 7.80 -0.06 7.90 7.70 7.71 -0.09 3.77 3.40 3.58 -0.03 66.29 64.00 64.49 -1.14
Volume
Change -2.16 Market cap 694,335.29 mn Div Yield (%) 4.91
Last 60 days High Low
56784 66.49 327237 18.10 294868 2.55 1864178 11.10 58355 36.40 16533 4.70 596799 10.59 34159 3.88 49326 17.10 402898 121.99 106150 27.00 78850 3.00 1700 2.90 311165 226.80 96315 16.70 313072 2.95 4947570 73.20 353688 3.18 20802 8.10 81006 2.65 823748 3.08 29479 8.30 54037 8.80 48518 3.90 1225960 67.39
50.00 14.23 1.50 7.66 30.52 2.50 8.00 2.74 13.01 92.55 18.02 2.25 2.16 182.61 14.05 1.81 62.15 2.46 3.91 1.51 2.50 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change -0.19 5-Day High 1,156.03 5-Day Low 1,143.77
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 777.21 Turnover 597,053 P/E (x) 11.49 Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 25.68
Open 89.30
High 90.00
High Low 784.90 772.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.60 5.20 Low 88.51
Close Chg 88.61 -0.69
Close 774.87 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 291939
Change -2.35 Market cap 47,832.37 mn Div Yield (%) 6.92
Last 60 days High Low 91.75
63.05
2009 Div BR (%) (%) 30
10B
% Change -0.30 5-Day High 782.28 5-Day Low 766.67 2010 Div BR (%) (%) 10
-
5130 13336 3599 9868 8010 6792 4001 234980 2212 505 928 504 14762 480
12.75 38.88 64.80 12.00 48.63 13.65 93.45 17.20 8.45 8.30 11.70 14.53 8.17 7.20
9.75 27.37 47.37 9.42 34.76 10.04 68.27 12.80 5.06 1.77 8.00 11.51 6.01 4.49
40 10B 20 25B 40 8.7B 35 35 30 5 25B 20 15B -14.28B - 20B - 16B
10 10 -
UPTO 100 VOLUME
25R 10B 20B -
High Low 923.85 918.85 Total cos Defaulter cos P/BV (x) ROE (%) 3.86 3.85
Close 921.45 Listed cap 2,290.72 mn Payout (%) 355.53
Change 0.54 Market cap 10,428.73 mn Div Yield (%) 3.55
Symbols POAF NAGC BNWM ADAMS BWHL MFFL ESBL ULEVER UPFL SIEM GRYL GSPM PGCL AGSML SHEZ ASFL TOWL RMPL HWQS CSUML SGML KOHS STCL HUSS SRSM FPJM RUPL FNEL FECS PPVC TREI SIBL YOUW ASIC PMRS TSML BCL DYNO CWSM TSMF LAKST CSIL HIRAT FZTM SMTM ZTL GVGL DIIL FIBLM FIMM FNBM SLCL SANE SHTM CML AABS SHJS ALTN PTEC COLG PHDL PSEL
% Change 0.06 5-Day High 921.45 5-Day Low 902.85
Open
High
Low
Close Chg
Volume
Last 60 days High Low
EFU Life Assurance
850 42.85
74.99
75.99
74.80
75.42 0.43
7245
86.95
57.15
5513.33B
-
-
New Jub Life Insurance
627 31.54
47.00
47.00
47.00
47.00 0.00
500
49.14
39.68
10
-
-
2009 Div BR (%) (%)
2010 Div BR (%) (%)
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 417.55 Turnover 2,632,774 P/E (x) 9.73 Paid up Cap(mn)
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Stand Chart Leasing Trust Inv Bank
High Low 423.30 411.30 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 0.91
PE
Open
High
Low
225 1.66 360 3.37 450 13.33 3750 4.34 150 1.34 250 2121 18.06 600 700.00 2849 3166 626 0.63 7633 508 500 7.56 1000 27.63 1000 821 5.18 775 452 978 5.81 586 2.97
0.73 17.80 26.36 23.83 1.79 1.98 2.79 7.00 0.86 3.57 1.82 11.57 4.03 27.60 6.75 4.39 6.80 2.36 0.64 2.75 1.71
0.85 17.45 26.89 24.05 1.90 2.05 2.90 7.00 0.97 3.65 1.86 11.74 4.11 28.25 6.89 4.65 7.04 2.45 0.77 2.85 1.90
0.72 16.80 26.08 23.51 1.50 1.80 2.70 6.91 0.72 3.49 1.77 11.40 3.90 27.90 6.55 4.40 6.76 2.24 0.61 2.45 1.75
Close Chg 0.73 17.14 26.12 23.60 1.50 1.83 2.89 7.00 0.73 3.50 1.77 11.43 4.03 28.12 6.63 4.41 7.04 2.40 0.70 2.79 1.90
0.00 -0.66 -0.24 -0.23 -0.29 -0.15 0.10 0.00 -0.13 -0.07 -0.05 -0.14 0.00 0.52 -0.12 0.02 0.24 0.04 0.06 0.04 0.19
Close 415.00 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 20862 16818 21485 650776 126873 2001 156681 2508 1504 29567 13826 1826496 144106 23301 63933 29516 10240 119421 22333 229 915
Change -2.54 Market cap 28,265.38 mn Div Yield (%) 3.24
% Change -0.61 5-Day High 420.21 5-Day Low 415.00
Last 60 days High Low
2009 Div BR (%) (%)
0.95 19.98 32.95 27.02 2.14 2.69 2.90 9.00 0.97 4.80 2.84 14.05 5.38 37.75 7.59 4.75 7.29 2.70 0.90 3.00 2.98
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.40 20.90 1.00 1.51 1.17 6.16 0.44 2.54 1.32 8.80 1.96 24.25 5.10 3.32 4.50 1.35 0.46 1.95 1.24
2010 Div BR (%) (%) 20B 20B 10B -
Performance of SR Equity Investment Instruments Index Open 1,311.21 Turnover 3,922,008 P/E (x) 21.04 Paid up Cap(mn)
Company
PE
1st Fid Leasing 264 AL-Meezan Mutual Fund 1375 B R R Guardian Modaraba780 Constellation Modaraba 65 Crescent St Modaraba 200 Elite Cap Modaraba 113 Equity Modaraba 524 First Dawood Mutual Fund581 Golden Arrow 760 H B L Modaraba 397 Habib Modaraba 1008 JS Growth Fund 3180 JS Value Fund 1186 Meezan Balanced Fund 1200 Mod Al-Mali 184 NAMCO Balanced Fund 1000 Pak Modaraba 125 PICIC Energy Fund 1000 PICIC Growth Fund 2835 PICIC Inv Fund 2841 Prud Modaraba 1st 872 Stand Chart Modaraba 454 U D L Modaraba 264
9.38 6.78 4.23 3.32 1.53 3.45 10.13 0.64 2.26 2.44 5.82 65.00 16.46 7.21 13.50 5.95 4.85 1.95 8.20 7.18 2.30 4.80 1.70
Open 1.51 7.97 1.77 1.46 0.64 2.78 1.69 2.00 3.11 7.51 6.76 5.16 4.65 7.85 1.37 3.97 1.09 6.67 12.30 6.21 1.00 9.45 6.00
High 1.50 8.17 1.87 1.47 0.62 2.80 1.74 2.24 3.22 7.50 6.75 5.30 4.69 7.51 1.38 3.97 1.10 7.10 12.90 6.40 1.03 10.00 6.00
High Low 1,327.62 1,289.78 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 2.21 Low
Close Chg
1.41 7.90 1.62 1.25 0.60 2.76 1.62 2.00 3.11 7.25 6.60 5.10 4.55 7.50 1.17 3.25 0.96 6.60 12.39 6.20 1.00 9.01 6.00
1.50 8.14 1.86 1.46 0.61 2.76 1.62 2.02 3.17 7.31 6.75 5.20 4.61 7.50 1.35 3.81 0.97 6.70 12.79 6.32 1.01 9.80 6.00
-0.01 0.17 0.09 0.00 -0.03 -0.02 -0.07 0.02 0.06 -0.20 -0.01 0.04 -0.04 -0.35 -0.02 -0.16 -0.12 0.03 0.49 0.11 0.01 0.35 0.00
Close 1,313.67 Listed cap 29,771.58 mn Payout (%) 104.74
Change 2.46 Market cap 17,753.18 mn Div Yield (%) 7.73
Last 60 days High Low
Volume 561 190643 311 1640 26222 8212 1505 90007 55614 8002 1151 2603911 417557 53010 4035 20003 3601 58115 334202 19450 21000 2099 1000
2.24 8.59 2.37 2.99 1.10 3.09 2.37 2.28 3.88 7.75 6.90 5.30 4.73 8.25 2.18 4.00 1.40 7.18 12.90 6.50 1.04 10.00 6.99
1.05 5.85 0.90 0.90 0.16 1.73 0.86 1.30 2.56 5.11 5.80 2.65 2.31 5.15 0.56 2.25 0.30 4.50 7.90 3.50 0.76 7.75 4.71
Open
High
10.80 17.10 13.02 16.12 31.83 74.89 2.70 4469.00 1028.10 1260.65 1.10 7.50 17.01 6.85 109.69 3.72 11.00 2137.50 21.40 4.63 6.23 4.23 8.25 11.70 2.18 1.61 36.80 8.80 53.89 2.05 2.00 3.25 1.65 16.00 46.76 34.25 43.10 10.50 1.24 1.67 305.00 3.91 4.05 392.55 6.46 3.90 32.49 10.51 2.29 54.00 6.70 2.00 3.30 0.50 2.50 94.00 85.68 10.07 2.00 919.62 39.01 168.00
11.65 16.10 13.20 15.75 30.27 73.00 2.92 4499.50 1045.00 1280.00 1.50 7.70 17.87 6.85 112.00 2.73 10.00 2193.00 20.33 4.75 6.39 4.00 8.94 12.66 2.30 1.57 36.95 8.75 55.00 3.00 2.00 3.25 1.85 17.00 48.98 34.00 43.10 10.90 1.44 1.89 313.73 4.80 4.28 402.00 6.50 4.20 34.11 11.45 1.88 54.00 6.70 2.00 3.30 0.51 2.79 95.00 89.79 9.11 2.00 932.99 38.00 172.00
Low
Close
11.45 16.10 13.20 15.75 30.26 73.00 2.12 4402.50 1005.00 1245.00 1.05 6.51 17.87 6.00 106.00 2.73 10.00 2050.01 20.33 4.26 5.60 4.00 8.36 12.40 1.55 1.25 36.06 8.75 54.99 1.25 1.80 2.26 1.38 17.00 47.80 34.00 43.10 10.45 1.11 1.11 309.00 4.00 4.01 400.00 6.50 3.80 30.87 10.55 1.88 54.00 6.70 2.00 3.30 0.50 2.63 95.00 89.79 9.11 2.00 932.00 38.00 172.00
11.45 16.10 13.20 15.75 30.27 73.00 2.92 4433.06 1045.00 1251.82 1.50 7.12 17.87 6.10 106.36 2.73 10.00 2175.00 20.33 4.26 6.18 4.00 8.65 12.40 2.00 1.25 36.95 8.75 54.99 1.25 2.00 2.80 1.75 17.00 47.80 34.00 43.10 10.60 1.31 1.49 313.00 4.40 4.15 400.00 6.50 4.00 32.49 10.55 1.88 54.00 6.70 2.00 3.30 0.50 2.63 95.00 89.79 9.11 2.00 932.00 38.00 172.00
Change
Vol
0.65 -1.00 0.18 -0.37 -1.56 -1.89 0.22 -35.94 16.90 -8.83 0.40 -0.38 0.86 -0.75 -3.33 -0.99 -1.00 37.50 -1.07 -0.37 -0.05 -0.23 0.40 0.70 -0.18 -0.36 0.15 -0.05 1.10 -0.80 0.00 -0.45 0.10 1.00 1.04 -0.25 0.00 0.10 0.07 -0.18 8.00 0.49 0.10 7.45 0.04 0.10 0.00 0.04 -0.41 0.00 0.00 0.00 0.00 0.00 0.13 1.00 4.11 -0.96 0.00 12.38 -1.01 4.00
100 100 100 100 100 100 91 87 71 58 51 49 49 48 43 40 30 26 25 20 18 17 17 15 12 11 11 10 8 8 7 6 6 5 5 5 5 5 4 3 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
EQUITY INVESTMENT INSTRUMENTS
2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -
-0.48 0.97 1.85 0.19 -0.28 0.25 0.26 -0.06 0.10 0.00 -0.03 -0.89 0.03 0.00
PE
Company
Performance of SR Gas Water and Multiutilities Index Open 1,503.60 Turnover 63,407 P/E (x) 9.57
Paid up Cap(mn)
Company
50 - 7.8R 15 50 20 -
GAS WATER AND MULTIUTILITIES
10.21 38.50 61.88 11.03 43.09 13.45 92.87 16.03 7.10 6.80 11.12 12.10 7.05 6.30
LIFE INSURANCE
ELECTRICITY High Low 1,290.39 1,268.69 Total cos Defaulter cos P/BV (x) ROE (%) 1.32 9.35
10.20 37.51 60.00 10.90 43.00 13.38 92.00 16.01 7.00 6.55 11.10 12.00 6.91 6.30
Performance of SR Life Insurance Index
Performance of SR Electricity Index Open 1,283.40 Turnover 1,895,899 P/E (x) 14.11
10.68 38.88 61.99 11.34 43.96 13.64 92.87 16.24 7.50 7.24 11.25 12.90 7.20 6.30
% Change 0.19 5-Day High 1,315.99 5-Day Low 1,294.89
Symbols
Open
High
Low
Close
NML-DEC
63.45
64.10
62.30
63.46
0.01 1001500
NBP-DEC
72.36
72.85
72.01
72.55
0.19
719500
DGKC-DEC
30.82
Change
Vol
30.97
31.49
30.91
-0.06
344500
POL-DEC
293.48
294.90
291.11
292.61
-0.87
286000
PPL-DEC
218.96
221.50
215.50
216.21
-2.75
281500
PSO-DEC
292.49
297.49
292.99
295.72
3.23
ENGRO-DEC 194.85
198.49
193.00
197.85
3.00
216500
278000
FFBL-DEC
36.56
36.60
35.86
35.91
-0.65
213500
-0.13
159000 56500
2009 Div BR (%) (%)
2010 Div BR (%) (%)
ANL-DEC
9.83
9.95
9.23
9.70
MCB-DEC
224.10
225.25
223.37
224.58
0.48
AICL-DEC
89.46
89.91
88.90
88.98
-0.48
51000
4.5 5 20 10 5 16.5 10
18.5 0 1.2 5 17 11 21 5 10 15.5 15 3 10 20 10 3 17 12.5
LUCK-DEC
76.54
77.25
76.35
77.00
0.46
30500
OGDC-DEC 167.60
169.99
167.00
169.44
1.84
13500
-
-
UBL-DEC
66.04
65.50
64.20
64.58
-1.46
12500
NCL-DEC
22.91
23.41
22.59
23.41
0.50
7500
PTC-DEC
19.35
19.22
19.22
19.22
-0.13
1000
ZERO VOLUME Symbols
Open
High
Low
Close
ALICO
19.65
19.00
19.00
19.00
-0.65
ARM
14.55
14.60
14.60
14.60
0.05
0.00
ARPAK
15.99
15.90
15.90
15.90
-0.09
0.00
AZTM
3.48
2.48
2.48
2.48
-1.00
BFMOD
Change
Vol 0.00
0.00
3.70
3.50
3.50
3.50
-0.20
0.00
BHAT
270.00
269.99
269.99
269.99
-0.01
0.00
BPBL
1.64
1.20
1.20
1.20
-0.44
0.00
CPMFI
4.35
4.34
4.34
4.34
-0.01
0.00
FCIBL
3.70
3.50
3.50
3.50
-0.20
0.00
FRCL
2.35
2.00
2.00
2.00
-0.35
0.00
JUBS
4.50
3.50
3.50
3.50
-1.00
0.00
KASBM
2.00
1.97
1.97
1.97
-0.03
0.00
MFTM
1.20
1.10
1.10
1.10
-0.10
0.00
MOON
8.49
7.49
7.49
7.49
-1.00
0.00
MUBT
0.75
0.80
0.80
0.80
0.05
0.00
NMBL
1.59
1.55
1.55
1.55
-0.04
0.00
SERT
0.50
0.55
0.55
0.55
0.05
0.00
BOARD MEETINGS
Nishat Mills Ltd
KSE 100 INDEX
Dera Ghazi Khan Cement Co Ltd
National Bank of Pakistan
Company
Date
Time
Fauji Fertilizer Bin Qasim Ltd. Sindh Abadgar’s Sugar Mills Ltd Fauji Fertilizer Company Ltd
23-Dec 24-Dec 24-Dec
10:30 4:00 10:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
81.51
Support 1
11,802.10
MA (5-day)
11,795.21
Support 2
11,755.60
MA (10-day)
11,682.29
Resistance 1
11,886.25
MA (100-day)
10,462.18
Resistance 2
11,923.85
AKD Securities Ltd
10,247.82
Pivot
Buy
*Arif Habib Ltd
Positive
AKD Securities Ltd
Brokerage House
Technical Outlook Technical Analysis 67.86 61.02 50.89 51.10
Brokerage House
Free Float Shares (mn) 175.80 Free Float Rs (mn) 11,119.35 ** NOI Rs (mn) 93.20 Mean 63.20
* Target price for Jun-11 & **Net Open Interest in future market
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
tors are currently bullish on NML.
Pakistan Petroleum Ltd
Pakistan State Oil Co Ltd
Brokerage House *Arif Habib Ltd AKD Securities Ltd TFD Research
Fair Value
Rs Recommendations
365.4
Buy
276.6
Neutral
360.05
Positive
Brokerage House *Arif Habib Ltd TFD Research
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
66.88 287.42 270.28 280.33
Hold
239.15
Brokerage House
Rs Recommendations Sell
Positive
AKD Securities Ltd
32.06
74.16 21,850.67 182.65 293.80
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
68.04 211.19 196.15 194.46
247.57 53,284.53 67.11 217.48
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.06 35.78 30.40 29.91
ing oscillators are currently bullish on FFBL.
89.05
Askari Bank
69.09
17.35
17.15
17.85
18.15
17.65
Azgard Nine
34.66
9.50
9.30
9.90
10.10
9.70
Attock Petroleum
56.43
324.95
324.05
326.85 327.85 325.95 122.35 123.60 121.40
10.55
11.00
3.30
3.25
3.40
3.45
3.35
9.70
9.60
9.95
10.10
9.85
Dewan Cement
60.12
2.25
2.10
2.55
2.70
2.40
DGK Cement
58.53
30.50
30.20
31.25
31.75
31.00
Dewan Salman
66.07
3.10
2.90
3.40
3.55
Dost Steels Ltd
48.19
2.80
2.70
2.90
2.95
2.85
EFU General Insurance 42.16
42.75
42.40
43.70
44.30
43.35
76.00
76.60
75.40
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
58.53 30.95 26.82 26.98
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 5,615.23 50.06 30.95
11.20
10.85
3.25
EFU Life Assurance
42.50
74.80
74.20
Engro Chemical
72.27
193.45
189.60
Faysal Bank
49.90
14.75
14.65
Fauji Cement
58.43
5.15
5.10
5.25
5.30
5.20
Fauji Fert Bin
61.06
35.45
35.20
36.25
36.80
36.00
DGKC is currently 14.0 per cent above its 200-day moving average and is
* Target price for Jun-11 & **Net Open Interest in future market
199.70 202.10 195.85 14.95
15.05
14.85
Fauji Fertilizer
68.74
116.85
116.25
displaying an upward trend. Volatility is low as compared to the average
Habib Bank Ltd
65.01
116.00
115.00
volatility over the last 10 trading sessions. Volume indicators reflect mod-
Hub Power
73.45
37.30
37.05
erate flows of volume into DGKC (mildly bullish). Trend forecasting oscilla-
ICI Pakistan
70.50
141.00
138.95
144.25 145.50 142.25
Indus Motors
49.18
250.55
248.30
256.05 259.25 253.80
JOV and CO
52.37
3.90
3.80
4.10
4.20
Japan Power
52.97
1.70
1.65
1.85
1.95
JS Bank Ltd
41.59
2.45
2.40
2.60
2.70
2.55
Jah Siddiq Co
44.21
11.30
11.20
11.65
11.85
11.50
Kot Addu Power
59.67
40.40
40.25
40.75
40.90
40.55
KESC
54.75
2.55
2.45
2.70
2.80
2.65
Lotte Pakistan
65.88
13.10
13.00
13.40
13.60
13.30
Lucky Cement
59.77
76.80
76.30
77.90
78.50
77.40
MCB Bank Ltd
70.92
224.00
223.10
Maple Leaf Cement
52.21
2.90
2.85
3.10
3.15
3.00
National Bank
66.98
71.80
71.30
72.75
73.20
72.25
Nishat (Chunian)
58.04
22.75
22.40
23.45
23.80
23.10
Netsol Technologies
44.52
18.45
18.30
18.90
19.15
18.70
NIB Bank
47.38
2.85
2.80
2.95
3.05
Nimir Ind.Chemical
61.85
2.05
1.95
2.20
2.30
2.10
Nishat Mills
67.86
62.20
61.15
64.20
65.15
63.15
Oil & Gas Dev. XD
67.83
167.50
165.70
PACE (Pakistan) Ltd.
50.06
2.90
2.85
3.00
3.05
2.95
Pervez Ahmed Sec
60.38
2.25
2.15
2.50
2.55
2.35
PIAC (A)
56.30
2.30
2.20
2.40
2.45
2.35
Pioneer Cement
35.21
6.75
6.70
6.95
7.05
6.85
Pak Oilfields
69.86
290.00
288.35
293.80 295.95 292.15
Pak Petroleum
68.04
212.65
210.05
219.80 224.35 217.20
Pak Suzuki
35.89
68.55
68.00
PSO XD
66.88
292.00
289.40
PTCLA
51.80
19.10
18.85
Shell Pakistan
69.09
205.95
203.90
Sui North Gas
31.52
26.50
26.30
27.05
27.40
26.85
Sitara Peroxide
66.50
13.70
13.30
14.35
14.60
13.95
Sui South Gas
36.77
20.50
20.30
20.85
21.10
20.70
Telecard
47.06
2.25
2.20
2.35
2.40
TRG Pakistan
32.20
3.55
3.50
3.75
3.85
3.65
United Bank Ltd
64.91
63.55
62.65
65.85
67.20
64.95
WorldCall Tele
58.39
2.95
2.90
3.10
3.15
3.00
Brokerage House
Fair Value
Rs Recommendations
176
Sell
TFD Research
238.8 208.75
Buy Neutral
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
72.27 189.66 179.63 184.75
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
147.48 29,104.01 103.14 195.40
* Target price for Jun-11 & **Net Open Interest in future market age (trending) and Bollinger Bands were 36 per cent wider than normal.
ing oscillators are currently bullish on PPL.
90.55
10.70
age (trending) and Bollinger Bands were 4 per cent narrower than normal. and Bollinger Bands were 5 per cent narrower than normal. ENGRO is currently 6.8 per cent above its 200-day moving average and is PSO is currently 5.1 per cent above its 200-day moving average and is dis- PPL is currently 10.7 per cent above its 200-day moving average and is FFBL is currently 19.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ENGRO (mildly bullish). Trend foreerate flows of volume into PSO (mildly bullish). Trend forecasting oscilla- reflect moderate flows of volume into PPL (mildly bullish). Trend forecast- reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast- casting oscillators are currently bullish on ENGRO. Momentum oscillator is tors are currently bullish on PSO.
89.55
51.58
PSO closed up 2.95 at 294.63. Volume was 415 per cent above average PPL closed down -3.11 at 215.23. Volume was 285 per cent above aver- FFBL closed down -0.73 at 35.75. Volume was 80 per cent above average ENGRO closed up 3.33 at 197.34. Volume was 158 per cent above averand Bollinger Bands were 53 per cent narrower than normal.
87.55
51.23
Negative
* Target price for Jun-11 & **Net Open Interest in future market
88.10
64.98
AKD Securities Ltd
326.94 11,688.05 39.59 36.11
66.83
Bank Of Punjab
Accumulate
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
26.35
Adamjee Insurance
BankIslami Pak
*Arif Habib Ltd
Leverage Position
27.15
Bank Alfalah
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
29.1
26.65
Positive
Engro Corporation
34.7
25.55
Buy
tors are currently bullish on DGKC.
Fair Value
*Arif Habib Ltd
TFD Research
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
235.3
25.85
36.85
Fauji Fertiliser Bin Qasim Ltd
Technical Outlook
Technical Outlook Technical Analysis
Fair Value
47.73
43.29
Technical Outlook
ing oscillators are currently bullish on NBP.
23.70
Arif Habib Limited
TFD Research
NML closed down -0.10 at 63.25. Volume was 56 per cent above average NBP closed up 0.21 at 72.26. Volume was 51 per cent above average and DGKC closed down -0.09 at 30.76. Volume was 2 per cent below average find its 1st support level at 11,802.10 and 2nd support level at 11,755.60. KSE 100 INDEX is currently 15.7 per cent above its 200-day moving aver- and Bollinger Bands were 8 per cent narrower than normal. Bollinger Bands were 28 per cent wider than normal. and Bollinger Bands were 22 per cent wider than normal.
overbought condition.
63.15
24.25
AKD Securities Ltd
Neutral
age and is displaying an upward trend. Volatility is extremely low when NML is currently 23.8 per cent above its 200-day moving average and is NBP is currently 6.9 per cent above its 200-day moving average and is discompared to the average volatility over the last 10 trading sessions. displaying an upward trend. Volatility is high as compared to the average playing an upward trend. Volatility is relatively normal as compared to the Volume indicators reflect moderate flows of volume into INDEX (mildly bullvolatility over the last 10 trading sessions. Volume indicators reflect mod- average volatility over the last 10 trading sessions. Volume indicators ish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an erate flows of volume into NML (mildly bullish). Trend forecasting oscilla- reflect moderate flows of volume into NBP (mildly bullish). Trend forecast-
64.95
64.15
23.95
119.25
Positive
* Target price for Jun-11 & **Net Open Interest in future market
66.60
63.85
23.20
120.15
92.3
318.44 23,010.78 161.86 72.19
65.55
62.20
23.40
54.04
61.96
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
63.25
62.85
37.62
Attock Refinery
*Arif Habib Ltd
66.98 70.94 66.33 69.12
63.90
52.99
Arif Habib Corp
Buy
Buy
Leverage Position
71.10
Attock Cement
45.7
82.1
Technical Analysis
Allied Bank Limited
Rs Recommendations
Rs Recommendations
Technical Outlook
Leverage Position
1st 2nd Pivot Resistance 3.40 3.45 3.35
Fair Value
Fair Value
TFD Research
11,839.75
as resistance level is concern, the market will see major 1st resistance level at
59.97 74.2
KSE 100 INDEX closed up 23.56 points at 11,848.62. Volume was 4 per cent
11,886.25 and 2nd resistance level at 11,923.85, while Index will continue to
Rs Recommendations
TFD Research
RSI (14-day) MA (10-day) MA (100-day) below average and Bollinger Bands were 30 per cent wider than normal. As far MA (200-day) MA (200-day)
Fair Value
RSI 1st 2nd (14-day) Support 51.86 3.35 3.25
currently indicating that ENGRO is currently in an overbought condition.
118.35 119.25 117.75 118.05 119.00 117.00 37.75
37.95
37.50
4.00 1.80
225.65 226.40 224.75
2.90
170.60 171.90 168.80
69.85
70.60
69.30
297.10 299.60 294.50 19.50
19.65
19.25
209.20 210.40 207.15
2.30
8
Thursday, December 23, 2010
Airblue receives brand new jet airplane
ISTANBUL: Turkish Airlines officials giving Caroline Wozniacki a memento after a deal with the leading tennis star as part of increasing brand recognition activities.-Reuters
Etihad tees off Aus golfing offer ISLAMABAD: Etihad Airways and Etihad Golf Club, in conjunction with Tourism Queensland, have launched a global online promotion offering six golfers the chance to win a golfing trip of a lifetime to Queensland, Australia. The competition is open to members of Etihad Golf Club, a program providing members of the airline's award-winning Etihad Guest loyalty program. Etihad Airways and Etihad Golf Club, in conjunction with Tourism Queensland, have launched a global online promotion offering six golfers the chance to win a golfing trip of a lifetime to Queensland, Australia.
The competition is open to members of Etihad Golf Club, a program providing members of the airline's award-winning Etihad Guest loyalty program with a range of exclusive golf events, services and promotions. Interested applicants can register online free of charge. Entrants, who can be from any destination in the world, need to upload a short video on YouTube explaining why they should be a part of this 'once in a lifetime' golf holiday, then register the video link and other information on www.etihadgolfclub.com. Peter Baumgartner, Etihad Airways' Chief Commercial Officer, said: "Membership of our
award-winning loyalty program Etihad Guest recently reached one million and as membership grows, we continually look for ways to offer our guests unique, innovative and exclusive opportunities. "We are extremely excited to offer our members the chance to win this once in a lifetime opportunity, as well as promote the broader benefits of Etihad Golf Club and our loyalty programme Etihad Guest to a global audience." The prize winners will have their trip documented by Etihad Airways, Etihad Golf Club and Tourism Queensland. The promotion is valid for entry until January 17, 2011.Agencies
EU’s snow-hit airports may face regulator fire BRUSSELS: Europe's transport chief has said that he was considering forcing airports to provide airlines with a minimum level of infrastructure support during severe weather, such as this week's snowstorms. European Union transport commissioner Siim Kallas made his comments after more than 3,000 flights were cancelled across Europe on Monday, according to flight authority Eurocontrol. "In recent days, I have become increasingly concerned about the problems relating to the infrastructure available to airlines -- airports and ground handling -- during this severe period of snow," Kallas said in a
statement. "We need to ensure that, from infrastructure providers such as airports and rail infrastructure managers, there are appropriate service levels and minimum quality requirements that are followed and delivered," he said. "If there is a need for support from the European Commission in terms of regulation on minimum service requirements for airports in this area, I am prepared to do that." BAA, which operates London's Heathrow airport, said the hub would again operate at reduced capacity on Tuesday. Kallas' spokeswoman told reporters that the European
Commission, which drafts EU laws, was working on a package of regulations to cover airports, and that rules on minimum service could be imposed. She said Kallas had a preference for airports to deal with the problems themselves, and would only intervene if they proved incapable. "We're taking very clear note of what the airlines are signalling very clearly, which is their frustration at the infrastructure that's being provided to them... and their struggle that they're being held back by severe difficulties with the airports' capacity and ground handling," she said.Reuters
Top basketballer to promote THY ISLAMABAD: Turkish Airlines (THY) has announced the legendary basketball star Kobe Bryant has been named a global brand ambassador for the airline for the next two years. Turkish Airlines, said a handout issued here. A global advertising campaign featuring Bryant is planned for 2011. The first television advertisements with Bryant are slated to run in the US and the Middle East in the first quarter of 2011, after which it will be broadcast globally to more than 80 countries. In addition to the US; the campaign will focus on the Middle East and the Far East where the basketball player has a large fan base. The campaign also will include billboards, print and online com-
ponents. Bryant is scheduled to make several appearances on behalf of Turkish Airlines in the coming year, including for the planned Los Angeles launch. "I'm so proud to be chosen as a global brand ambassador for Turkish Airlines. They have been providing travelers with excellent service for 77 years, and I'm glad that US travelers, including my fellow Angelenos, are able to experience Turkish Airlines first-hand," said Bryant. "Turkey is a country rich in natural beauty and thousands of years of cultural history, and I'm proud to partner with Turkish Airlines to bring that majesty to people around the world."-PR
ISLAMABAD: Airblue has received a brand new aircraft worth $60 million. The aircraft was released by the other party from the French city of Toulouse on the intervention of Minister of State & Chairman of Board of Investment Saleem Mandviwala. The delivery of the plane was held up for some technical reasons. According to a statement issued by BOI on Wednesday, Saleem Mandviwala said that the Airblue is the first private airline of Pakistan to be providing service by brand new aircraft. He said that the government has formulated National Aviation Policy to enable private airlines like Airblue, Shaheen etc to purchase aircraft like Airbus A330 from France or other manufactures.-APP
Tourism dept to build green houses in GB DIAMER: State-of-the-art green houses, of German style, would be established in GilgitBaltistan, said Advisor for Tourism and president PPP women wing GB Sadia Danish. Talking to APP here she said due to intense weather conditions of the region it was not possible to cultivate vegetables throughout the year, however, by setting up these green houses this problem would be resolved. She said Gilgit-Baltistan was full of natural beauty, due to which, it was a tourist attraction and the only thing needed to be done was to provide necessary facilities to these tourists. Responding a question Sadia said her visit to Germany was very successful as she had brought a lot of new ideas from there, which would be helpful in promoting tourism in the region, however, for this purpose, cooperation of locals was required.APP
Japan’s Skymark eyes more Airbus A380s TOKYO: The president of Japanese domestic low-cost airline Skymark has outlined plans to join the top league of international carriers and said it could possibly expand its fleet of Airbus superjumbos. Shinichi Nishikubo's comments come after the firm stunned the industry last month by becoming the first Japanese airline to order the A380s, buying four with an option for another two at a cost of more than two billion dollars. Nishikubo said Skymark, based at Tokyo's Haneda International Airport, aims to expand its wider fleet, including Boeing 737s, within four years to 4050 aircraft from the current 18.Agencies
PIA’s Shaheed Benazir Bhutto Academy soon ISLAMABAD: Pakistan International Airline (PIA) is in the process of establishing Shaheed Benazir Bhutto Flight Academy in Benazirabad. It is being established with the aim of training commercial pilots who will make professional cockpit crew for PIA and other airlines, said PIA spokesperson. PIA will use modern training aids such as Simulators, Computer Based Training, models and actual aircraft instruments for training purposes. He said that training academy will be functional as soon as the maintenance hanger is completed. Moreover, all the engineering facilities will be shifted and available for the Academy. Until then, the flying operations will be undertaken from Karachi. This Academy is a part of the process undertaken by the government for the development of Sindh and its people. It is being politicised by the opponents because it is named after the great leader Shaheed Mohtarma Benazir Bhutto. "Two Cessna 172N aircraft
have been acquired from PAF through Ministry of Defence in a transparent manner, through legal tender procedures approved by Public Procurement Regulatory Authority (PPRA) and TIP. PIA has saved valuable foreign exchange by acquiring these aircraft from within the country from the best available and professional organisations like Pakistan Air Force (PAF) etc. Meanwhile The Pakistan International Airline (PIA) here announced to initiate twice weekly flights to Zahedan, Iran. A spokesman of the airline said that PIA will operate flights to Zahedan every Wednesday and Saturday from Karachi and Quetta. He said that the PIA's flight operation to Zehadan will commence from January 15, 2011. The spokesman further stated that the flight fulfills the long standing demand of travellers in Pakistan and Iran. He said that PIA also plans to operate flights to Colombo, Sri Lanka, before the Cricket World Cup 2011. The date of commencement of Colombo flight will be announced soon.-Agencies
JAL offers bamboo wheelchairs to ease checks TOKYO: Japan Airlines (JAL) has come up with a novel way to help wheelchair users avoid setting off metal detectors at airport security gates by offering them bamboo wheelchairs instead. "Passengers using steel wheelchairs have had to put up with a full body check every time they fly because the metal frame of a wheelchair sets off the security alarm," JAL said in a statement. "But with the bamboo-made wheelchair, physically challenged flyers can now go to the gate swiftly as they remain seated while they go through security." JAL will start offering the new wheelchair model, which it likens to "a piece of sophisticated furniture," next year first at Japan's Oita airport on Kyushu island and then at Tokyo's Haneda airport. The bamboo model, completely hand-made and with rubber wheels, costs about 600,000 yen (about 7,200 dollars) each and is made at a pace of one a month by a specialised workshop, a JAL official said. "We would like to increase the number of the vehicles while listening to the voices of users," said the official.Agencies
Paris greets plane export credit deal PARIS: French ministers said they were pleased that aircraft-producing nations had agreed a deal on export credits, in a move that will cool long-running tensions between airlines over the system used to sell aircraft. Airlines have long been lobbying for a change to the rules, which allow the home governments of US manufacturer Boeing and Europe's Airbus -- France, Germany, Spain and Britain -- to give export financing to some, but not all carriers. "The new agreement allows financial support conditions for all civil aircraft to be unified," said Economic Minister Christine Lagarde, Foreign Trade Minister Pierre Lellouche and Transport Minister Thierry Mariani. They did not give details of the deal.
A previous informal agreement between the five countries involved meant the export credits could not be offered to airlines based in any of the five countries where Boeing and Airbus are based. That meant an airline in an Airbus home nation, such as British Airways, would not qualify for US credits when buying a Boeing in the same way that a US airline buying an Airbus would not secure European export credits. Airlines in the countries where Airbus and Boeing planes are made say they are unfairly locked out of a system of export aid which reduces costs for major carriers in the Gulf - such as Emirates -- and Asia which have grabbed market share from older rivals. The role of export credit financing has increased sharply as private financing
dried up during the financial crisis and the entry of smaller competitors such as Canada's Bombardier and Brazil's Embraer into the market for larger planes, challenging Airbus and Boeing's duopoly, has also brought the issue to a head. "This new regulatory framework takes into account the interests of the European manufacturer Airbus, which will continue to benefit from the state guarantee in some of its exports," the French ministers said in a statement. Airbus "will be subject, as far as financing is concerned, to the same rules of the game as its competitor Boeing," they added. The ministers said the deal would allow for a better balance between French, German and British airlines and their competitors.-Reuters
Thorough thaw far from EU travel freeze LONDON: Airline and international train services were limping back towards normal in parts of Europe on Wednesday, but the lingering effects of ice and snow that caused widespread chaos still weighed on schedules. The disruptions to airlines and high-speed trains in continental Europe, and linking Britain to the continent, created a nightmare before Christmas scenario for tens of thousands of travellers since the weekend, when heavy snow fell. They also brought calls for legislation to force airports to deal more effectively with snow and other bad weather. European Union transport chief Siim Kallas said he was considering forcing airports to provide a minimum level of infrastructure support during severe weather. London's Heathrow, the world's busiest international
airport, and Frankfurt Airport, the biggest on the continent, which both had severe disruptions earlier in the week, said on their websites that operations were returning to normal. Heathrow said it had reopened its second runway on Tuesday, offering a ray of hope for thousands of passengers stranded in departure halls, some for days in scenes that British newspapers said resembled refugee camps. "The southern runway at Heathrow is now open. Airlines are currently operating a significantly reduced schedule while they move diverted aircraft and crew back into position," airport operator BAA, owned by Spain's Ferrovial, said on its website. Flights to and from Frankfurt Airport resumed on Tuesday morning after the airport was shut for several hours overnight.
German airline Lufthansa said the situation at Frankfurt "is gradually returning to normal" and that it "sees good prospects for a return to normal flight operations". Earlier, thousands of angry travellers forced to sleep in airports and train stations across Europe faced more misery Tuesday as fresh snowfalls paralysed transport systems just days before Christmas. London Heathrow, Europe's busiest airport, was only operating about a third of its normal schedule during a fourth day of disruption, while Frankfurt halted all flights after a new blanketing of snow. Colin Matthews, chief executive of British airport operator BAA, which is facing heavy criticism for the backlog of flights caused by the ice and snow, insisted that Heathrow had got off to a "good start" this morning.-Agencies
9
Thursday, December 23, 2010
European vegetable oil prices
JAMMU - INDIA: Indian farmers winnow rice crop at a paddy field at Ranbirsinghpura in the outskirts of Jammu, India. -Agencies
Arabicas retreat from peak, cocoa eases
Gold firms as dlr retreats after US data
LONDON: Arabica coffee futures reversed an early surge to a 13-1/2 year high on Wednesday as poor weather in key producer Colombia bolstered prices, while sugar fell from Tuesday's 30-year peak. Cocoa eased with investors focused on risks to supplies in top producer Ivory Coast after a disputed Nov. 28 election. In the arabica coffee market, attention centered on the adverse weather in Colombia. ICE May arabicas were down 1.25 cent or 0.5 per cent at $2.3400 per lb at 1543 GMT, having earlier touched a 131/2-year peak of $2.4350 per lb, while Liffe March robusta coffee futures were down $1 or 0.05 per cent at $2,009 a tonne in reasonable volume of 6,666 lots. ICE March raw sugar was down 0.74 cent or 2.24 per cent at 32.28 cents a lb at 1537 GMT. Liffe March white sugar was down $20.30 or 2.5 per cent at $790.00 per tonne in slim turnover of 1,576 lots. ICE cocoa futures dipped, but were underpinned by concerns over risks to supplies from Ivory Coast as a power struggle intensified after the disputed election. ICE second-month cocoa futures were down $22 or 0.7 per cent to $2,971 per tonne in thin volume of 382 lots at 1540 GMT, below the four-month peak of $3,140 touched on Dec. 7. Liffe May cocoa was down 8 pounds or 0.4 per cent to 2,008 pounds per tonne in slim volume of 499 lots. -Reuters
LONDON: Gold was firmer in Europe on Wednesday, building on three straight sessions of gains, as the dollar extended losses after data showed US growth was slightly stronger than expected in the third quarter. Spot gold was bid at $1,386.80 an ounce at 1555 GMT, against $1,385.30 late in New York on Tuesday. US gold futures for February delivery
traded at $1,387.70. Simmering concerns over euro-zone debt levels after recent warnings from credit rating agencies on some eurozone economies have supported haven demand for the metal, and prices were also underpinned by the IMF's announcement of the completion of the massive gold reserve sale it began a year ago. But in thin pre-Christmas trade, gold has fallen largely back into step with its traditional inverse relationship with the dollar, which has been choppy this year as both assets have benefited from financial instability in the euro-zone. The IMF meanwhile announced it had completed its planned sale of 403.3 tonnes of bullion. Buyers included India, Mauritius, Sri Lanka and Bangladesh. Swiss bank UBS
said in a note that without IMF selling, it expects official sector buying to accelerate next year. "A sharp increase in dollar reserves in recent years has led to gold's share in total reserves declining at many central banks, such as the Reserve Bank of India, prompting gold purchases as a means of rebalancing gold's share in total reserves," said Natalie
Dempster, director of government affairs at the World Gold Council. "Other central banks bought their own local mine production this year or acquired gold on the open market for the same reason, dollar diversification or due to rising risks on other commonly held reserve assets, such as European sovereign debt." Elsewhere, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, eased to 1,298.029 tonnes by Dec 21 from 1,298.940 tonnes the previous day, data from the fund showed. Among other precious metals, silver was bid at $29.28 an ounce against $29.32, platinum was at $1,725.24 an ounce against $1,719.24, while palladium was at $755.25 against $751.75. -Reuters
Copper dips but stays near record high LONDON: Copper stayed within reach of record highs on Wednesday as supply concerns persisted, but investor booksquaring undermined prices of base metals. Benchmark copper on the London Metal Exchange ended at $9,350 a tonne from a close at $9,365 on Tuesday. It earlier touched a high at $9,390.25. The metal, used in power and construction, touched a new record of $9,392 a tonne on Tuesday, and has gained about 27 per cent since the beginning of the year. "Copper is taking a little bit of a break after the high yesterday," said Jesper Dannesboe, senior commodity strategist at Societe Generale. "I would imagine (some book squaring) and volume is down, so it is natural. "There will be a correction at some stage but we are quite bullish for next year." Industrial metals were little affected by data from the United States, the world's number one economy, which showed that economic growth was a touch higher than previously estimated in the third quarter, but below expectations. Late on Wednesday, US sales
of previously owned homes rose less than expected in November Supply concerns remain a focus however, after the world's No. 3 copper mine, Collahuasi, scrambled to find a new route for its exports after an accident shut its Patache port terminal. Bolstering copper by stoking
Shanghai copper declines Shanghai's benchmark thirdmonth copper rose to 70,000 yuan a tonne in early trade, its highest since early March, 2008 but it closed down 0.8 per cent at 68,700 yuan ($10,318) a tonne. While Shanghai aluminium rose to a one-month high of 16,765 yuan a tonne, before ending up 0.3 per cent at 16,685 yuan. supply concerns, stocks of copper at LME warehouses have trended lower since February last year, when they hit 555,075 tonnes, their highest level since October 2003.
However, stocks data has been less supportive recently, with inventories having trended higher since early December. They last rose 1,225 tonnes to 363,950 tonnes, their highest since early November. Aluminium closed at $2,462 a tonne from $2,435 and zinc ended at $2,330 from $2,328 a tonne. Battery material lead was ended at $2,440 a tonne from $2,434 a tonne. On lead there was a backwardation of $9, reflecting a premium for cash lead over the three-month contract, the highest since April 2009 and versus a contango of $23 in early December. LME lead stocks -- which have steadily risen since late 2008 -- gained 300 tonnes to 207,800 tonnes. Tin closed at $26,825 a tonne from $26,890 a tonne, within reach of a record high of $27,500 a tonne hit on Nov. 10. Nickel ended at $24,050 a tonne from $24,625 a tonne. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 21 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1260
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for December 21 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2265 2275 2225 2230 2180 2190 2180 2190
2377.5 2378 2394 2395 2443 2448 2478 2483
9409 2465 9410 2470 9353 2464.5 9353.5 2465 9050 2405 9060 2410 8605 2353 8615 2358
24570 24575 24600 24650 24105 24205 23355 23455
TIN
ZINC NASAAC
26265 2295.5 26270 2296.5 26200 2311 26250 2311.5 25800 2335 25850 2340 2308 2313
2275 2285 2300 2310 2325 2335 2380 2390
ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11 1015.00, Mar11/Apr11 1018.00, May11/Jul11 1020.00+5.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1075.00+10.00, May11/Jul11 1065.00+10.00, Aug11/Oct11 1000.00+15.00, Nov11/Jan12 1005.00+20.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1450.00+10.00, Apr11/Jun11 1420.00+10.00, Jul11/Sep11 1440.00+20.00, Oct11/Dec11 1350.00-10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1355.00-5.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1245.00+20.00, Feb11/Mar11 1225.00+15.00, Apr11/Jun11 1195.00+10.00. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11 1240.00, Mar11 1240.00. PALMOIL: RBD dlrs tonne fob Malaysia Feb11 1195.00+15.00, Mar11 1195.00+15.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1205.00+15.00, Mar11 1205.00+15.00, Apr11/Jun11 1180.00+15.00, Jul11/Sep11 1160.00+15.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Jan11 1035.00+15.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Dec10/Jan11 1780.00+40.00, Jan11/Feb11 1780.00+55.00, Feb11/Mar11 1780.00+65.00, Mar11/Apr11 1780.00+70.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters
Tokyo rubber sets high but further rise limited TOKYO: Tokyo rubber futures extended gains on Wednesday, with the new benchmark contract rising to a lifetime high, but further rises were limited with many investors waiting to lock in profits, traders said. The June 2011 contract, which debuted on Wednesday, rose to 417.0 yen during the regular day session before settling at 413.5 yen per kg. The most active May contract, the previous benchmark, settled down 0.3 yen or 0.1 per cent at 412.8 yen. "The market spurted in early morning trade, but caution about high prices spread, leading many investors to stay on the sidelines and look for a chance to lock in profits," a trader said. The most active Shanghai May rubber futures closed at 36,585 yuan a tonne on Wednesday, down 3 per cent from Tuesday's close of 37,685 yuan. Trading volume fell 10 per cent to 1.06 million lots. -Reuters
Oil hits 2-year high on US inventories, cold US crude inventories drop, gasoline up: EIA LONDON: Oil hit a two-year high on Wednesday, coming close to $91 per barrel and boosted by a drop in US oil inventories and cold weather on both sides of the Atlantic. Other data from the world's top oil consumer suggested the US economy grew only a touch higher than estimated in the third quarter. Despite the less robust-thanexpected reading for the third quarter, economists said they were optimistic growth was accelerating in the final months of the year. "With two days to go until Christmas Eve risk markets have ignited the afterburner, reinforcing one more time the all-pervasive mantra throughout 2010, "What crisis?", JP Morgan analysts said in a note. A Reuters poll showed on Wednesday investors are entering 2011 in a relatively bullish mood, raising equity holdings to a 10-month high, increasing exposure to high-yield credit and cutting back on govern-
ment debt. US crude hit a 2-year high of $90.80 after US government data showed a 5.33 million barrel decline in crude stocks. But a big gasoline stockpile rise, larger than forecast, helped limit the bullish reaction with US crude trading 44 cents up at 90.26 at 1622 GMT.
ICE Brent crude rose 40 cents to $93.60. "Probably what's been the bigger factor with price has been the weather. It's cold in Europe. It's cold in China. And that's pushing spot demand," said Mark Kellstrom, a senior analyst, at Strategic Energy Research and Capital LLC, Summit, New Jersey. "The crude market's got some momentum, but I think price is getting a little ahead of itself," he added.
Weather, inflation woes lift palm to 1-wk high KUALA LUMPUR: Malaysian crude palm oil futures hit a one-week high on Wednesday as traders priced in heavy rains cutting into this month's output. Palm oil has gained for three straight sessions as investors favoured commodity assets as a hedge against rising inflation in China and India, which has also helped weather-driven rallies in soybeans and corn. "The palm oil market is getting stronger on weather and inflation concerns, demand has been rather resilient in December," said a trader with a foreign commodities brokerage. Benchmark March 2011 crude palm oil futures on the Bursa Malaysia Derivatives rose as much as 2.1 per cent to 3,635 Malaysian ringgit ($1,159), a level unseen since Dec. 15. The contract later
settled at 3,621 ringgit. Traded volumes stood at 17,475 lots of 25 tonnes each compared to the usual 10,000 lots. Traders said palm oil may hit 4,000 ringgit by next month if the La Nina-driven rains continue to pound estates in Malaysia and Indonesia and the weather condition's dry spell cuts into soybean yields in Argentina. Oil prices, which edged up towards $90 on a cold snap in United States and Europe as well as low inventories, also supported vegetable oil markets. US soyoil for January delivery edged up 0.3 per cent as investors continued to assess news that hot weather and scanty rains in Argentina will curb soy output. The most active Sept. 11 soyoil on China's Dalian Commodity Exchange gained 0.4 per cent. -Reuters
Looking beyond the New Year, Barclays Capital said it expected strong Chinese demand to continue to support prices. "We have a strong suspicion that upside surprises and the resultant global demand upgrades have not yet run their full course," said Amrita Sen. "Indeed, the persistence of strong growth and further upward revisions to Chinese oil demand could drag long-term oil demand another leg higher." Analysts at Standard Bank noted that while front month US crude and Brent gained 11 and 17 per cent respectively year-to-date, December 2013 contracts for US crude and Brent were little changed since the beginning of the year. "The term structures are likely to tighten further as we head into the New Year, reflecting the likelihood of continuous inventory draw-downs during this period," said James Zhang. -Reuters
Indian sugar drops on weak demand MUMBAI: India's spot sugar price fell on Wednesday on weak demand and pick-up in cane-crushing, though the government announcement to allow exports of 500,000 tonnes of sweetener limited the downside, dealers said. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety eased by 0.55 per cent to 2,884 rupees ($64.1) per 100 kg. "Demand from stockists and big companies were weak. Supply situation has improved due to acceleration in cane crushing in Maharashtra and Uttar Pradesh," said a Kolhapur based dealer. The country will allow unrestricted exports of 500,000 tonnes of sugar, the farm minister said on Dec. 15, helping global prices ease as the market expects more overseas sales as the country swings back to a surplus. -Reuters
US cotton at all-time top, may push higher NEW YORK: US cotton futures closed at an all-time high on Tuesday as the market rose the daily limit for the second straight session, driven by speculative buying and tight supplies of the fiber, analysts said. The key March cotton contract on ICE Futures US increased the 5.00 cents limit to finish at $1.5912 per lb, a new record top for cotton as the market traded at its highest level since the US Civil War. Since trading around $1.10 on Nov. 23, cotton futures have increased almost 45 per cent as
tight supplies and strong mill demand rekindled its rally. The volume of business though was below the norm. Total volume traded was around 21,500 lots, about a third below the 30-day average at 31,000 lots, Thomson Reuters preliminary data showed. 'It was just more panic buying,' said Mike Stevens, an independent cotton analyst in Mandeville, Louisiana. 'The demand is still there,' adding the rally was expected by most players because most of the cotton from the United States,
the world's top exporter, has already been sold. Firmer cotton prices in China, the world's leading consumer, likely boosted US cotton values as well, dealers said. The May cotton contract on the Zhengzhou Commodity Exchange was last traded 555 yuan higher on the day at 28,905 yuan per tonne. Trading in cotton options was halted for the second day in a row after contracts in that market rose twice the daily limit, ICE Futures US said. Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
22-Dec-2010 CRUDE100 22-Dec-2010 CRUDE100 22-Dec-2010 CRUDE100 22-Dec-2010 SILVER - SL500 22-Dec-2010 SILVER - SL500 22-Dec-2010 GOLD 01oz 22-Dec-2010 GOLD 01oz 22-Dec-2010 GOLD 01oz 22-Dec-2010 GOLD 100oz 22-Dec-2010 GOLD 100oz 22-Dec-2010 GOLD 100oz 22-Dec-2010 GOLD 22-Dec-2010 GOLD 22-Dec-2010 GOLD 22-Dec-2010 KILOGOLD 22-Dec-2010 KILOGOLD 22-Dec-2010 TOLAGOLD50 22-Dec-2010 TOLAGOLD100 22-Dec-2010 MINIGOLD 22-Dec-2010 MINIGOLD 22-Dec-2010 MINIGOLD 22-Dec-2010 MINIGOLD 22-Dec-2010 MINIGOLD 22-Dec-2010 TOLAGOLD 22-Dec-2010 TOLAGOLD 22-Dec-2010 TOLAGOLD 22-Dec-2010 TOLAGOLD 22-Dec-2010 TOLAGOLD 22-Dec-2010 IRRI6W 22-Dec-2010 RICEIRRI - 6 22-Dec-2010 RBD PALMOLEIN 22-Dec-2010 KIBOR3M 22-Dec-2010 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
FE11 MA11 AP11 JA11 MA11 JA11 FE11 MA11 JA11 FE11 MA11 JA11 FE11 MA11 JA11 FE11 JA11 JA11 MON TUE WED THU FRI MON TUE WED THU FRI 16DE10 JA11 JA11 10-Dec 11-Mar
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
89.48 90.06 90.70 29.45 29.49 1386.60 1388.00 1387.90 1386.40 1390.00 1387.90 38331.00 38200.00 38281.00 38228.00 38237.00 44588.00 44588.00 39328.00 39370.00 39286.00 39300.00 39314.00 45206.00 45254.00 45158.00 45354.00 45190.00 2402.00 3353.00 4989.00 86.53 85.43
90.35 91.07 91.62 29.56 29.56 1392.20 1392.10 1393.60 1388.20 1392.50 1388.70 38331.00 38350.00 38281.00 38228.00 38237.00 44588.00 44588.00 39328.00 39370.00 39347.00 39300.00 39314.00 45206.00 45254.00 45228.00 45450.00 45190.00 2402.00 3353.00 5047.00 86.54 86.14
89.19 90.06 90.70 29.05 29.12 1381.00 1381.60 1382.50 1386.40 1382.00 1387.90 38213.00 38175.00 38258.00 38205.00 38214.00 44561.00 44561.00 39291.00 39333.00 39286.00 39262.00 39276.00 45163.00 45212.00 45158.00 45131.00 45147.00 3321.00 3351.00 4989.00 86.53 85.43
90.20 91.00 91.62 29.31 29.33 1388.20 1388.70 1389.70 1388.20 1388.70 1388.70 38232.00 38242.00 38258.00 38205.00 38214.00 44561.00 44561.00 39291.00 39333.00 39347.00 39262.00 39276.00 45163.00 45212.00 45228.00 45131.00 45147.00 3321.00 3351.00 5047.00 86.54 86.14
Traded Volume in lots 183 42 67 143 309 1,291 1,533 35 4 7 8 -
Previous Settlement Price 89.96 90.76 91.38 29.40 29.42 1390.40 1390.90 1391.90 1390.40 1390.90 1391.90 38376.00 38386.00 38402.00 38349.00 38358.00 44729.00 44729.00 39437.00 39479.00 39493.00 39409.00 39423.00 45333.00 45381.00 45397.00 45301.00 45317.00 3322.00 3353.00 4989.00 86.53 86.12
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 90.20 165 91.00 36 91.62 29.31 24 29.33 10 1388.20 366 1388.70 1,011 1389.70 1,356 1388.20 1388.70 5 1389.70 38232.00 33 38242.00 6 38258.00 38205.00 38214.00 44561.00 44561.00 39291.00 39333.00 39347.00 39262.00 39276.00 45163.00 5 45212.00 1 45228.00 45131.00 8 45147.00 1 3321.00 3351.00 5047.00 86.54 86.14 -
Spanish world champion athlete Dominguez arrives to testify at a Madrid courthouse
10
Thursday, December 23, 2010
Benitez to stay as Inter coach, says manager MILAN: Confusion continued to reign over the future of Inter Milan coach Rafael Benitez after club president Massimo Moratti played down widespread speculation. Reports said Spaniard Benitez, only at the European and Italian champions since June, was being removed because of his side's poor domestic form and his outburst over what he saw as Inter's lack of ambition following Saturday's World Club Cup win. "At the moment the coach of Inter is still Benitez," Moratti told reporters outside his offices where he had held meetings with club officials. "I haven't been in contact with any other coach." Brazilian Leonardo, who left as coach of city rivals AC Milan in May after just one season as manager, has become favourite to succeed Benitez after Zenit St Petersburg said their boss Luciano Spalletti would be staying in Russia. "Let's not joke," Moratti said when asked about reports he had held talks with Leonardo. Former Inter goalkeeper Walter Zenga has also been linked with the job despite Benitez saying on Monday he was surprised by the reports about his imminent sacking.Reuters
Pakistani cueists to play in Iran KARACHI: Pakistan snooker team has been extended an invitation to visit Iran for a series against the host in March 2011, Pakistan Billiards and Snooker Association (PBSA) announced on Wednesday. "Pakistan was extended invitation by the head of snooker federation of Iran to undertake a visit to their country," PBSA Chief Alamgir Shaikh told APP here. He said Pakistan team comprising of four senior and one junior cueists and two officials will be accompany the team to Iran. He said Pakistan team will be selected on the basis of performances in the national ranking events. PBSA officials said dates of the tour are being worked out but it will take place in the first or second week of March. He said Iranian Snooker Federation has asked PBSA to prepare the format of the event of the series. Alamgir Shaikh the inaugural tour between two neighboring countries was discussed and final during the recently concluded IBSF World Snooker Championship held in Damascus Syria. He said during the meeting with Iran Snooker Chief, Pakistan's Snooker National ranking system was presented to him which he liked very much. PBSA President said that series will be annual feature between two nations and will be played on reciprocal basis. Iranian team will visit Pakistan in 2012, he said. He expressed the hope that since Iran snooker standard coming up fast it will help in raising the standard of snooker in two countries. He said Iran will also host Asian Under21 Snooker Championship at Kish Island in April/May 2011.-APP
Kiwi squad named to tackle Pakistan WELLINGTON: Uncapped wicketkeeper Reece Young was the only newcomer named on Wednesday in New Zealand's team for the upcoming two-Test series against Pakistan. Young replaced Gareth Hopkins, who had been New Zealand's preferred keeper since Brendon McCullum relinquished the gloves to play as a specialist batsman. Young has been in strong form for Auckland province in New Zealand domestic competitions while Hopkins failed with the bat during New Zealand's recent three-Test series in India. New Zealand named a number of untried players for the three-game Twenty20 series against Pakistan starting Sunday. New Zealand are looking to the Pakistan series to arrest their current form slump. A 4-0 series loss in Bangladesh and 50 loss in India in recent months stretched New Zealand's losing streak in one-day internationals
to 11 matches, just short of their record streak of 13 games in the mid 1990s. New Zealand Cricket reacted this week by appointing former New Zealand opening batsman and India coach John Wright as coach in place of Mark Greatbatch. The incoming coach hinted at personnel changes but the selection panel, under Greatbatch, had elected to be conservative for the Test series starting Jan. 7. "We have kept faith with the majority of the squad who performed well in the test matches against India and want to build on the positive steps the team took in that series," Greatbatch said. New Zealand lost the three-match test series against India 1-0. "One new face is wicketkeeper Reece Young who gets a chance after performing well over a number of seasons at domestic and NZA level. It's disappointing for Gareth Hopkins who misses out on selection.-Online
Blatter defends WC awarding decision LONDON: FIFA president Sepp Blatter has defended the decision to award the World Cup to Russia and Qatar, saying it was "natural" to spread the tournament around the world. At the end of a significant year for world soccer's governing body in which the World Cup was held in Africa for the first time, Blatter told FIFA's website (www.fifa.com) that the criticism the ruling body had received was not justified. "The sporting media don't always appreciate the social or cultural importance of awarding the World Cup finals to a country," he said. "They just think about penalties, corners, refereeing and money. But, as I've already said, this decision wasn't about making money." Blatter added that after giving previous World Cups to Asia and to Africa, it was "natural" for FIFA to take the tournament to other regions. "We have made historic decisions in terms of sport and
geopolitics. We've sent the World Cup to new territories," he said. "The 2018 World Cup will go to eastern Europe and the vast country that is Russia, and the 2022 event will go to Qatar, in the Arab world. "The World Cup will discover new cultures in new regions, and that's something I'm delighted about. Blatter said moves to make football a universal sport had started under his predecessor Joao Havelange. "When I jumped into this project in November 1974 I did so with my feet tied together, and I could see straightaway that there was more to football than just kicking a ball," he said. "When I became the FIFA President, the decision was made to go into Asia. And then I said we had to go to Africa, which is what we did. It's only natural, then, that we should keep on moving into new regions." Blatter said he understood the disappointment of the losing candidates.-Reuters
ZURICH: Spain's Nadal returns the ball against Switzerland's Roger Federer.-Reuters
Mumbai-boy hammers 498 to set new record Monitoring Desk KARACHI: Mumbai, which has produced several recordbreaking batsmen, found yet another child prodigy when Armaan Jaffer, nephew of Ranji Trophy captain and former India opener Wasim, compiled the highest-ever score of 498 in school cricket history. Armaan, playing for Bandra school Rizvi Springfield against Raja Shivaji of Dadar, struck as many as 77 fours in 490 balls at the Karnatak Sports Association ground at Cross Maidan in South Mumbai before he was caught behind two short of a welldeserved 500. It was a chanceless knock by Armaan in his school's Giles (under 14) Shield league match. The knock obliterated the earlier record of 366 that stood in the name of Parikshat Walsankar of IES Sune Guruji, the English medium school of Raja Shivaji Vidhyalaya. Incidentally Armaan's 498 also bettered the record set last year of 439 by Sarfraz Khan in the Harris (under 16) Shield inter-schools tournament. Armaan, who was 295 not out last evening, later said Sachin Tendulkar, who had created the world record school-level partnership of 664 with Vinod Kambli in the Harris Shield, was his idol. "Sachin Tendulkar is my idol. I was not looking to set records but wanted to bat as long as possible," he said after his marathon knock lasting more than eight hours. Armaan's innings helped Rizvi declare their innings closed at 800 for 8.
2011 Asian Cup finals
Iran eyes nothing but victory TEHRAN: Iran coach Afshin Ghotbi said on Wednesday that he hopes to pilot his side to glory in the 2011 Asian Cup finals and what would be a first title in 35 years. The draw in the Asian Cup 2011 to be played in Qatar from January 7 to 29 groups Iran, the Asian powerhouse from the late 1960s through the 1970s, with current Asian Cup champions Iraq, North Korea and the United Arab Emirates. "We are there for victory, we are trekking on this path and we will act professionally. Our aim is the championship but I am not promising anything," Ghotbi told a Tehran press conference, his last as coach of Team Melli.
"Now all Iranians have to keep the tempo in backing the team... it is their children playing for glory... to achieve the title after more than three decades," he said. Ghotbi who will part with Team Melli after the Qatar finals, said that he has planned a 10-day training camp in the host nation, with whom Iran will play a pretournament friendly on December 28. A second has been pencilled in against Angola on January 2. "I have assembled a team based on the players' being football-smart, team-minded, and having an instinctive ambition for the title," Ghotbi said, when asked why some recent caps had failed to make the squad.
However, both Javad Nekounam and Masoud Shojai of Spanish La Liga club Osasuna have made the shortlist. Iran's opening game in Qatar will be against holders Iraq on January 11. Ghotbi said: "I cannot say that Iraq is the hardest game we face, but our people have to recall that even Spain lost its first match in the 2010 World Cup, so people have to keep on backing the team throughout the tournament. "It is very important for us to make it to the knock-out round after playing the first two matches... The days are long gone when you knew who was going to win the championship before the finals had started."-APP
Anelka, Henry to forfeit WC bonuses PARIS: Nicolas Anelka and Thierry Henry are set to agree to forfeit the bonuses they were due to be paid for France's disastrous World Cup campaign, sports minister Chantal Jouanno said Wednesday. The two strikers had been the only two members of the squad not to have done so in the face of public outrage over what happened in South Africa in the summer. "It's been sorted out and they are set to agree," Jouanno said as she came out of a cabinet meeting. FFF president Fernand Duchaussoy announced last
month that the 23-man France squad had agreed to forfeit their bonuses linked to the use of their image rights at the tournament in South Africa. "A lot of them have signed, it's moving forward," Duchaussoy had said. Chelsea striker Anelka is currently serving out an 18match ban after being sent home in disgrace from the World Cup after a foulmouthed tirade at then coach Raymond Domenech leading to his teammates' infamous training strike. "We haven't discussed it particularly. If there's the slightest hope it's more on Henry's side.
Anelka, it would amaze me if he gives in," the source added. Henry, France's all-time leading scorer, played a substitute's role at the World Cup and is now playing in the United States with the New York Red Bulls. Domenech was sacked after overseeing France's first-round exit but Duchaussoy said the terms of his dismissal did not include an agreement to renounce his bonus, and they "could not prevent him" receiving it. "He hasn't received them (bonus), but we can't use them," added the FFF boss.APP
Pietersen vows to overcome Johnson SYDNEY: England were blindsided by the intensity of paceman Mitchell Johnson's swing during their third test defeat to Australia in Perth, but would not be caught out again in Melbourne, batsman Kevin Pietersen warned on Wednesday. Johnson ripped apart England's top order in the first innings with a match-turning six wicket haul that propelled Australia to an emphatic 267run victory that levelled the five-match series at 1-1. "(It) Definitely took us by surprise, for sure, but he bowled well, bowled really, really well, he bowled a really good game of cricket, Pietersen, who was trapped lbw for a duck by Johnson in Perth, told reporters.
"Obviously we're going to prepare ourselves for that swinging ball. We knew he was going to swing it, but we didn't think he was going to swing it that much." Johnson said he had enjoyed taking Pietersen's wicket and described him as a 'smart-arse' after the South Africa-born batsman had asked him teasingly for his phone number so they could be 'best mates'. Johnson declined to give it, and Pietersen, who remains firm friends with Australia's retired legspinner Shane Warne, confirmed the players were far from being on good terms. "I don't have a relationship with Mitchell Johnson," Pietersen said, repeating himself when pushed to clarify.
Australia's bowlers credited their improved performance at Perth in part to a renewed
number of English batsmen amid peppering them with volleys of furious short-pitched
aggression that saw them exchange heated words with a
bowling. Pietersen denied England
had been unsettled by any verbal attacks and said he had heard worse when facing the likes of Australias Warne and retired paceman Glenn McGrath during England's last Ashes tour four years ago. RED MIST "I haven't seen or heard anything different to anything that's happened in the first two test matches let alone last year in England," he said. "There's not really any big chirpers or big sledgers. "It's just England versus Australia, it's an Ashes series. Blokes get a bit of red mist occasionally. "It's historic, it's huge, but there's nothing that's been overboard and if things go overboard, match referees deal with stuff like that."
Pietersen also shrugged off controversy over the choice of pitch at the Melbourne Cricket Ground where the fourth test gets underway on Sunday. Pitches for the MCG are dropped into the oval and English media have cried foul that the head groundsman would choose a grassier wicket more suited to Australia's quicks rather than a drier track that might favour England and particularly, spinner Graeme Swann. "Of course, they're going to do it, they just had success in Perth with a bouncy wicket, but we've had success around the world with bouncy wickets," Pietersen said, attributing England's loss to their disastrous first innings collapse, rather than the pitch.-Reuters
Thursday, December 23, 2010
US third-quarter GDP raised, home sales bounce back WASHINGTON: Sales of previously owned US homes rose in November, offering the latest sign the economy was ending the year on a more solid footing after a sluggish thirdquarter performance. Gross domestic product growth was revised up to an annualized rate of 2.6 per cent from 2.5 per cent, reflecting a higher than previously estimated pace of inventory accumulation, the Commerce Department said in its final estimate of third-quarter GDP on Wednesday. Separately, sales of existing homes rose 5.6 per cent to a seasonally adjusted annual unit rate of 4.68 million units, the National Association of Realtors said, slightly below expectations for 4.71 million unit pace. Economists, who had expected GDP growth to be revised up to a 2.8 per cent pace, were little fazed and pointed out that recent data suggested growth picked up in the fourth quarter. "The more recent data suggests we're seeing reasonably healthy retail sales growth, pretty healthy investment spending, some growth in employment, so maybe the core growth or final sales growth is starting to accelerate in the fourth quarter," said Zach Pandl an economist at Nomura Securities International in New York. US stocks edged higher to extend four days of gains that drove the broader Standard & Poor's 500 index to levels not seen since before Lehman Brothers went bankrupt two years ago. Prices for US government debt were slightly down, while the dollar was flat against a basket of currencies. The economy expanded at a 1.7 per cent rate in the second
quarter. Economists expect growth to remain supported in 2011 by an $858 billion tax deal, which will help plug the gap from the fading boost from the rebuilding of inventories by businesses and winding down of the government's $814 billion stimulus package. The tax plan, widely viewed as a second fiscal stimulus for the economy, is seen complementing the Federal Reserve's program to buy $600 billion worth of government bonds to shore up the recovery. Third-quarter growth estimates were revised to reflect a $121.4 billion increase in business inventories rather than the $111.5 billion rise reported last month. Inventories added 1.61 per centage points to GDP growth. Excluding inventories, the economy expanded at a 0.9 per cent pace rather than 1.2 per cent. The increase in consumer spending was revised down to a 2.4 per cent rate from 2.8 per cent. Consumer spending accounts for more than twothirds of US economic activity and contributed 1.67 per centage points to growth in the July-September period. Still, consumer spending during the quarter was the fastest since the first quarter of 2007 and was a pick-up from the second quarter's 2.2 per cent pace. Government spending was trimmed to show a 3.9 per cent rate rise rather than 4.0 per cent. There were also slight downward revisions to business investment as spending on equipment and software estimates were lowered. Business spending increased at a 10.0 per cent rate instead of 10.3 per cent. That was slower than the second quar-
ter's brisk 17.2 per cent rate. Spending on software and equipment grew at a 15.4 per cent rate instead of 16.8 per cent. Import growth was unrevised, but exports were a bit stronger that previously estimated, leaving a trade deficit that lopped off 1.70 per centage points from GDP. Residential investment was little changed, contracting at a 27.3 per cent rate, instead of 27.5 per cent. Housing is lagging the recovery and a report from the Mortgage Bankers Association showed mortgage applications last week fell to their lowest level in nearly a year. For details see "We are still in an environment of sluggish demand for housing. The recent increase in mortgage rates should weigh on affordability; however, that should be countered somewhat by an improving economic backdrop," said Michelle Meyer, a US economist at Bank of America Merrill Lynch, in New York. In the GDP report, after tax corporate profits were revised down to show a 0.2 per cent rise in the third quarter -- the weakest reading since the fourth quarter of 2008 -instead of 1.0 per cent, after increasing 3.9 per cent in the April-June period. The report also showed no inflation pressures in the economy. The Fed's preferred inflation measure, the personal consumption expenditures price index, excluding food and energy, rose at an annual rate of 0.5 per cent instead of 0.8 per cent. That was the smallest increase since records began in 1959. The index increased 1.0 per cent in the second quarter.Reuters
International & Continuation Terrorism UK Q3 growth raises Iranian hatred for revised down, 2011 US, Britain outlook bleak
TEHRAN: Terrorist attacks like what happened in Chabahar last Wednesday increase the Iranian people's hatred for the United States and Britain due to these countries' links and supports for the terrorists, an Iranian legislator stressed Wednesday. Addressing an open session of the parliament today, Seyed Nasser Mousavi Largani condemned the recent terrorist blast in the Southeastern port city of Chabahar, which claimed the lives of 39 and wounded 93 more during Muslim mourning ceremonies on the martyrdom anniversary of Imam Hossein (AS). "I tell the leaders of the US, Britain and their allies that the more these incidents happen in Iran, the more and the deeper the Iranian nation's hatred for them will be," he said. Southeast Iran has been the scene of bloody crimes and terrorist attacks by gangs and rings of outlaws like the Jundollah terrorist group which claimed the responsibility for the last week attack in Chabahar. The notorious Pakistani-based Jundollah terrorist group had also earlier claimed responsibility for numerous terrorist attacks in Iran, including mass murder, armed robbery, kidnapping, acts of sabotage and bombings. They have targeted civilians and government officials as well as all ranks of Iran's military. Tehran officials blame Islamabad for its inaction and indifference to Jundollah since the notorious group has built a safe haven in Pakistan and escapes to this Eastern neighbor of the Islamic Republic each time it stages a terrorist operation in Iran. Yet, Iran condemns the US as the main supporter of the terrorist group. After Iran arrested Jundollah's number one Abdolmalek Rigi in late February.-Reuters
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across the border into Pakistan's tribal belt to kill or capture militants, he said, "there are no plans as of right now for anything of that sort, we have signaled in the past, that we are ready, willing and able to work with the Pakistani military in all manner of ways, but they are a sovereign country, and so this is a partnership, and we've got to work according to what their interests are as well here," Morrell said. He said the Pakistani military is probably best able to go after the threat in their midst. "They recognise it now as an existential threat to their government, as it is to the Afghanistan government, as well as it is potentially to our friends and allies around the world," Morrell said. Meanwhile, reiterating its support to Pakistan in the fight against militancy, the US has asked Islamabad to continue doing "everything" to defeat insurgency in the country, which is a threat to their national security, State Department spokesman P J Crowley told reporters at his daily news conference. "As we've said here many times, Pakistan has taken considerable action in recent years. No military in the world has suffered more casualties in the fight against terrorism than Pakistan," Crowley said, adding that the US relationship with Pakistan is that of a strategic one. -Agencies
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especially in rural areas to carry out branchless banking activities and will meet the government objective to spread the branchless banking outreach to unbanked and poor of the poor population.-Agencies
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friendliness, mutual beneficial cooperation and peace and stability in neighbouring areas, Jiang said, summing up the premier's trip to the two countries. She said India and Pakistan are both major countries in South Asia and key neighbours to China. The development of China-India and China-Pakistan ties is of "great importance to peace and prosperity to South Asia, rest of Asia and world as a whole," she said. -Online
cern about the next harvest.-Reuters
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under fuel head as compared to reference tariffs set by Nepra for the month of November. It should be mentioned here that the company's fuel costs at its power plant were worth Rs382 million; while the fuel cost for producing power from other sources was at Rs266 million. An important point to note here is that KESC sold an overall 1100 million units during November.
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growth in the region. He said the development of an efficient and modern transportation and communication network among the ECO member states is an important factor in the expansion of trade and socioeconomic integration. Qureshi told the meeting that the existence of trade, transit and transport corridors across the region will guarantee economic development and the prosperity of our people. Foreign Minister said that one of the objectives of the ECO, as stipulated in the Treaty of Izmir, is to enhance efforts for effective utilization of the agricultural potentials of the region. The Foreign Minister informed the meeting that Pakistan would be hosting the first meeting of the Board of Trustees of the Foundation in January 2011. He said the meeting would render the foundation operational and invited the ministers for science and technology of the ECO member states to participate in the meeting. "We are optimistic that the ECO has the ability to move ahead. I reiterate Pakistan's commitment to contribute optimally for an early and full realization of ECO's objectives," he said. Earlier, Chairman of the Council and Foreign Minister of Turkey, Ahmet Davutoglu told the meeting that upgrading infrastructure and human resource development should be the top priority to achieve the goals set by the member states.-Agencies
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for six months period from 01-09-2009 to 28-02-2010. However, a few claims were pending with the offices of SBPBSC due to non-fulfillment of certain terms and conditions of Continued from page 1 No #4 above schemes and/ or other omissions / errors made by the Wednesday to confer civil award to leader Parliament committee banks/ DFIs/ borrowers. for constitutional reforms, Senator Raza Rabbani for approval of 19th Following the release of budgetary allocation, Banks /DFIs amendment bill from National Assembly and consensus enactment of have been advised to approach respective offices of SBP-BSC 19th constitutional amendment bill. On this juncture PM said that within 20 working days with the requisite information and/or to consensus preparation of 18th and 19th amendments is a big achieverectify omissions/errors to enable them to process the pending ment and the credit goes to Senator Raza Rabbani. -Online claims for above six months period. Moreover, offices of SBPContinued from page 1 BSC will also release Export Finance Mark up Rate Facility to No #5 powers of the Chief Justice with regard to appointment of the ad the extent of 32 per cent of total claims against the cases which hoc judges in higher courts and handing over the same to the have been found in order and where 60 per cent reimbursement Judicial Commission. Addressing the Cabinet, PM Gilani said this has already been made. Banks/ DFIs shall immediately pass on is a major milestone in the history of Pakistan and other institu- this additional reimbursement to the concerned exporters/bortions will also be empowered. PM said the reforms made in the rowers, the circular added. constitution by the dictators are invalidated by the democratic Continued from page 1 No #10 government and the constitution has been restored to 1973 constiAzam Swati, but due to its overall concerns about its promises tution. None of the members of the cabinet opposed to the 19th not being met by incumbents.-Agencies amendment and unanimously accepted the bill. Members of the Continued from page 1 No #11 House congratulated Senator Raza Rabbani for his efforts regardThe PC board formed various transaction committees for these ing the bill. Many important issues were discussed in the cabinet meeting including government relations with JUI-F and MQM entities comprising on PC board members to monitor the progress of the process for ensuring utmost transparency and satisfaction of the and JUI-F's boycott as coalition partners. all the respective stakeholders.-Online
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not mention any cap. "There is no limit mentioned in the notification so we are hoping that export will be more than one million tonnes," said Javed Thara, a Karachi-based trader. The government banned wheat exports in 2007 because of domestic shortages and high prices. Pakistan in August deferred earlier plans to export 2 million tonnes of surplus wheat after summer floods washed away at least 725,000 tonnes of the grain and raised con-
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"The US government is going worldwide to repatriate as much money as possible and they will aggressively go after all money in all corners of the world to do so." However, there was relief that Deutsche Bank's $553.6 million settlement would not hit earnings and is unlikely to have a lasting impact, analysts and tax experts said. Deutsche Bank's shares slipped 0.35 per cent.-Reuters
LONDON: British economic growth figures so far this year have been revised slightly lower and 2011 may see a sharper slowdown due to government spending cuts, with the Bank of England also increasingly worrried about inflation. The Office for National Statistics revised down third quarter growth to 0.7 per cent from 0.8 per cent and said growth in the first two quarters of the year was also slightly weaker than previously reported. Hopes of a long-awaited rebalancing of Britain's economy were also dashed. The revised figures showed net trade was a drag on growth in the third quarter, rather than contributing to the recovery as previously assumed. "The raft of UK data do little to improve the prospects for the economy next year," said Vicky Redwood at Capital Economics. "A continued strong recovery seems far from assured." The government, accused by the opposition of risking the recovery with cuts that are too deep and too fast, insisted a "gradual but sustained" private sector-led recovery remained on track. But business groups warned against withdrawing support from the economy too swiftly. "Since we have not yet seen the impact of the increase in VAT and the large spending cuts set to take effect in 2011, it is critical to take measures that ensure the recovery continues," said David Kern, chief economist at the British Chambers of Commerce. PAIN AHEAD Britain's coalition government aims to cut spending by 81 billion pounds and raise taxes by 29 billion pounds by 2014/15 to close a budget deficit that has risen to a record peacetime high. It is hoping the fiscal squeeze may be softened by loose monetary policy, but surprisingly stubborn inflation may leave
the Bank of England little scope for manoeuvre. Minutes to the central bank's latest policy meeting showed the Monetary Policy Committee retained its threeway split this month, but more members are becoming worried about medium-term inflation risks. Inflation in Britain rose to a six-month high of 3.3 per cent last month and is expected to remain well above the BoE's 2 per cent target for at least another year. Money markets, which as recently as October were pricing in a more than 50 per cent chance of another wave of quantitative easing, are warming to the view that the BoE's next move will be to tighten policy -- probably towards the end of next year. The combination of stubborn inflation and slowing growth bodes poorly for the government which is already fighting to preserve coalition unity. A desire to bring forward big-ticket purchases ahead of January's rise in VAT sales tax will support fourth-quarter GDP growth, but the start of 2011 will be the big challenge. Growth in the construction sector, a key driver of the recovery between April and September, has already started to slow. A breakdown of Wednesday's figures showed government spending fell by 0.4 per cent between July and September. That was the biggest quarterly fall since the start of 2009 and was before the bulk of the government's austerity measures kick in. Evidence that Britons are already bracing themselves for tough times came from a rise in the household saving ratio, to 5.0 per cent from 3.5 per cent in the second quarter. Downward revisions to prior data meant second quarter growth was shaved to 1.1 per cent from 1.2 per cent and first quarter growth was revised down to 0.3 per cent from 0.4 per cent.-Reuters
11 China to buy 4-5 bln euros of Portugal debt-paper LISBON: China is ready to buy 4-5 billion euros ($5.3-$6.6 billion) of Portuguese sovereign debt to help the country ward off pressure in debt markets, the Jornal de Negocios business daily reported on Wednesday. The paper said, without citing any sources, that a deal reached between the two governments will lead to China buying Portuguese debt in auctions or in the secondary markets during the first quarter of 2011. China's central bank declined to comment on the report, while Portuguese government officials were not immediately available for comment. It is unclear whether China's government would be prepared to take on so much fresh exposure to Portugal in such a short space of time, given that Beijing has faced domestic political pressure to invest the country's foreign reserves more carefully. Chinese investment funds suffered some large, high-profile losses during the global financial crisis. The euro rose to the day's high versus the dollar on Wednesday on the back of the report, climbing around 30 pips to a session high of $1.3168 according to Reuters data. However, "the report is unsourced so although it's providing a bit of support, clients certainly aren't putting much weight on it," said one trader. Portugal has moved into the eye of the storm in the euro zone's debt crisis, with borrowing costs spiking as investors grew concerned it would be next in line to seek an international bailout after Ireland and Greece. Despite the report, the premium investors demand to hold Portuguese 10-year bonds rather than safer German Bunds was still seven basis points from Tuesday's settlement levels to 378 bps. Last month the spread hit a euro lifetime record of more than 481 bps but has narrowed thanks to bond buying by the European Central Bank.-Reuters
China rare earths export double BEIJING: China's monthly exports of rare earth metals more than doubled in November to 2,090 tons, bouncing back after falling by more than three-quarters in October, data supplied by China Customs Statistics Information Center, Hong Kong. While the monthly volume remained at the second-lowest level since January, the value of exports continued to skyrocket, topping US$121 million for the month. That equates to an average
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export value of $57,903 per ton on a free on board basis, up from $42,255 in October and a fourfold rise since July, according to Reuters calculations. The 17 rare earth elements are used in high-tech electronics, magnets and batteries, with applications in hybrid cars, renewable energy, computer monitors and weapons. China controls 97 per cent of global supplies of the elements but restricts exports with a quota, causing alarm among buyers in Japan, the United States and the European Union.
China slashed the export quota by 40 per cent this year and plans to trim it further next year. It has already announced increased export taxes on rare earths in 2011. The value of exports eleven month of calendar year jumped to $630.5 million in 2010, from $232.5 million last year, a rise of 171 per cent. Outside China, rare earths suppliers include Australia's Lynas Corp and Arafura Resources, AS Silmet of Estonia and US-based producer Molycorp Inc.-Reuters
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the recovery of weapon a conspiracy against him. Reportedly, Shah Zain refused to come out of his tainted-glass four-wheeler and tried to escape. However, FC men intercepted his vehicle and arrested him after breaking his vehicle's window glass. Earlier, Provincial President Jamhoori Watan Party (JWP) Shah Zain Bugti was detained along with his 17 men by FC personnel after they recovered a huge cache of arms and ammunition from his motorcade at Baleli Check point in Quetta. Shah Zain called some TV channels and told them that "the recovered arms are not mine, I am being implicated".-Online
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said period against $2.83 billion in the same period of previous year. During the period, country has generated, through services export, $725 million on account of government services, $558 million from transportation services, $130 million from travel, $103 million from communication services and $79 million from computer & information services. On the flip side, Pakistanis paid $1.55 billion for transportation, $426 million for other business services, $412 million for travel, $67 million for communication services, $63 million for insurance services and $54 million for computer & information services.
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The Dow Jones industrial average gained 9.27 points, or 0.08 per cent, to 11,542.43. The Standard & Poor's 500 Index gained 2.52 points, or 0.20 per cent, to 1,257.12. The Nasdaq Composite Index gained 1.63 points, or 0.06 per cent, to 2,669.24. The S&P 500 climbed above 1,255.08, a level last seen in September 2008, before Lehman collapsed and an important psychological barrier for investors. Energy shares rose as crude oil futures topped $90 a barrel. Chevron Corp added 0.7 per cent to $89.82, while Exxon Mobil Corp climbed 0.1 per cent to $72.79. Walgreen Co posted higher profit on increased prescription sales and a slower pace of store openings that helped control costs, sending its shares up 6.7 per cent to $39.30. US economic growth was a touch stronger than previously estimated in the third quarter, but consumer spending was softer. Data from the National Association of Realtors showed sales of previously owned homes rose less than expected in November, suggesting the US housing sector is struggling to gain traction as high unemployment and tight lending standards continue to hamper recovery.-Reuters
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"Sentiment is being lifted by rises in domestic demand-led stocks like banks, along with gains in resource-related shares," said Takashi Ohba, a senior strategist at Okasan Securities. He added that the investors turned somewhat cautious as the Nikkei clawed towards 10,420.74 mark, the level where futures and options contracts expiring in December settled earlier this month. Declines in the euro the previous day due to concerns over debt problems in the euro zone weighed on shares of companies with close business ties to Europe, such as precision machinery makers. The sector's subindex fell 1 per cent.-Reuters
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Nadra offers e-banking solutions
QUETTA: Provincial President of Jamhori Watan Party Nawabzada Shah Zain Bugti showing victory sign before his arrest by the FC personnel on carrying illegal heavy ammunitions with his convoy, at Baleli Check Post.-Online
1800MW added to nat’l grid, NA told ISLAMABAD: Federal Minister for Water and Power, Raja Pervaiz Ashraf Wednesday informed the National Assembly that 1800 megawatt electricity was included in the country's power transmission system during the last two years. Replying to supplementary questions raised by parliamentarians, he said that there was shortfall of 5000 megawatt and with the inclusion of 1800 megawatt there has been improvement in power supply system. The minister said that government has taken several measures to overcome the load-shedding, adding as
New policy on foreign tours issued ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has issued new policy about the foreign visits of ministers, government designators and other senior officials. According to sources, Prime Minister Gilani issued the new policy to control unnecessary expenditures and discourage needless foreign tours. According to the new policy, Pakistani Embassy in that country would be informed before the visit and the related person will pay the hotel booking dues if his visit is canceled due to any reason. The ministers, bureaucrats and other senior officials have to get formal permission from Finance Ministry about the expenditures of the visits. The policy further noted that the related ministry would pay daily allowances to the officials during their visits while they themselves put up with accommodation charges. -Online
India tests N-capable missiles NEW DELHI: India Wednesday successfully testfired two nuclear-capable, surface-to-surface Prithvi-II ballistic missiles off the coast of the eastern state of Orissa. According to a Chinese news agency, "both the missiles were tested successfully from the Integrated Test Range at Chandipur in Balasore district off the Orissa coast at 08:15 a.m. and 09:15 a.m. respectively. The missiles, which have already been inducted into Indian armed forces, were usertrial by the Indian Army," the sources said. Prithvi, the first ballistic missile developed under the country's prestigious Integrated Guided Missile Development Program, is propelled by liquid propulsion twin engine and capable of carrying a payload of 5001,000 kg warhead. -NNI
compared to the months of October and November last year, there was no load-shedding during the same months of this year. He said load-shedding was not any new phenomenon; it has surfaced during 1973 and then in 1985, however, added that it has become regular feature since 2005. To another supplementary question, Ashraf said that keeping in view the shortage of gas in the country, the government has switched most the power generation units from gas to furnace oil. He said that the government had decided to exempt those areas to pay electricity bill for a
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period when these remained under flood and power was not restored. To another question, the minister said that the cost of service connection is recovered from the applicant for the connection. Under the criteria Rs4000 and Rs15000 was being charged from the applicant for domestic and commercial connection falling in the radius of 40 to 80 meter of electric pole, he added. Ashraf said a comprehensive programme is being evolved with the consultation of provinces to rehabilitate water drainage system to overcome the water logging issue. -APP
ISLAMABAD: Nadra Technologies Ltd (NTL) has designed an automated system for financial institutions and telecom operators for branchless banking with currency transactions of e-Sahulat touch points. This was stated by Deputy Chairman Nadra Tariq Malik on the occasion of signing ceremony between Bank Alfalah and Nadra Technologies on the joint project of e-Sahulat Branchless Banking. Under the agreement, Nadra will act as super agent of Bank Alfalah offering them their eSahulat outlets for Branchless Banking activities. Deputy Chairman said the eSahulat is a secured commercial platform for money transactions with its best automated technology solution. "An average 7 million transactions are being executed monthly through public-private partnership with Nadra's expertise and infrastructure, he added. Nadra Technologies is in process of transforming this platform into National Smart Service Platform for e-commerce where organizations can utilize as e-Sahulat touch points for cash in and cash out transactions. This arrangement will help commercial banks and telecom operators to extend branchless banking concept through eSahulat without any further infrastructural expenditure while saving Capital and Operational costs, thus creating a Win-Win situation for all parties. It is expected that the technology will facilitate a significant section of public See # 2 Page 11
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Do everything possible against insurgency: US tells Pak
US-Pak engage in anti-terror training JV WASHINGTON: US has some "special operators" in Pakistan who guide their military trainers to better equip the forces in handling "counter terrorism situations", the Pentagon said. "We do have some US forces RAWALPINDI: Military comin Pakistan have had them for mand has vowed to combat some time. But they number challenges faced by the country fewer than 100." and to ensure the national and "They are special operators regional security situation. who are conducting a train-theAccording to defense trainer operation where we are sources, the affirmation to this training Pakistani military effect was made at a meeting of trainers who then in turn will be heads of armed forces which able to train their forces in was chaired by Chairman Joint terms of being better able to Chiefs of Staff Committee operate in counter terrorism sit- (CJCSC) General Khalid uations," Pentagon spokesman, Shamim Wyne at the Joint Staff Geoff Morrell, told the Fox Headquarters on Wednesday. News in an interview. about top American commandReferring to a media report ers in Afghanistan pushing to
Army top-brass deliberate defence The meeting was attended by COAS General Ashfaq Parvez Kayani, Chief of Naval Staff Admiral Noman Bashir, Chief of Air Staff Rao Qamar Suleman, Secretary Defence, Secretary Defence Production, Director General Joint Staff, Director General Inter Services Intelligence, Director General Strategic Plans Division and other senior military officers. Agencies expand special operations raids See # 1 Page 11
Benazir Bhutto murder case
Former CPO, SP copped in court RAWALPINDI: Former City Police Officer (CPO) Rawalpindi, Saud Aziz and exSuperintendent Police (SP) Khurram Shahzad have been arrested from the courtroom in Benazir Bhutto murder case. They were arrested after the court denied bails to the two police officials. According to a private TV, former CPO and SP Rawal Town were present
in the court during the hearing of the case. The Anti-Terrorist Court (ATC) No-III, Rawalpindi judge Rana Nisar Ahmed on December 19, 2010 extended the date of interim bail of former CPO and former SP Rawal Town allegedly involved in the Benazir Bhutto murder case till December 22. The trial was held at the
Adiala Jail. The charges against the accused were framed that they were involved in the murder of PPP chairperson and former Prime Minister Benazir Bhutto. She was assassinated when she was leaving after addressing a public meeting at Liaquat Bagh on December 27, 2007. -NNI
US-China co fined for Pak N-exports WASHINGTON: The United States has imposed a highest ever penalty of nearly $4 million on a Chinese subsidiary of an American company for illegally exporting high-tech coatings to Pakistan's under-construction Chashma 2 nuclear reactor. The firm, PPG Paints Trading in Shanghai, a wholly-owned subsidiary of an American firm PPG Industries, was fined after pleading guilty to having illegally exported high performance coatings. It would have to pay $3.75 million as penalty, US Justice Department said, reported PTI. The fines "represent one of the largest monetary penalties for export violations imposed in the history of US Department of Commerce's Bureau of Industry and Security," the Department said. In addition to criminal penalties, the subsidiary firm and its parent company will also have to cough out another $1.7 million in civil fines to US audit. The US Company made only a trifle $32,319 from the transaction which took place between June 2006 and
March 2007. The Justice Department sources said the Shanghai-based subsidiary company had filed that the coatings were for a nuclear power plant for China, which were then diverted to Chashma 2 in Pakistan's Punjab province. The US has heavily restricted exports to entities affiliated with Pakistan's nuclear programme since the country exploded its nuclear bomb in 1998. "This case should serve as a warning to corporations that would violate US export laws," US Attorney Ronald Machen said. He said the hefty fine "demonstrates our resolve to vigorously enforce US export law." Chashma 2 is a Pakistan Atomic Energy Commission power plant under construction near Kundian, Punjab province with the Chinese assistance. The Pakistan Atomic Energy Commission is the science and technology organisation in Pakistan responsible for its nuclear programme, including the development and operation of nuclear power plants in Pakistan. -Online
PML-N opposes discrete powers Demands regularisation of quota allotments ISLAMABAD: Pakistan Muslim League-N (PML-N) has decided to table two bills in National Assembly pertaining to regularise the use of discretionary powers related to different quotas and to make it mandatory to declare the assets of judges, generals, bureaucrats and personalities on public posts. This has been decided in the parliamentary party meeting of PML-N attended by most of members, chaired by senior leader Chaudhry Nisar Ali Khan held in Islamabad on Wednesday. After the meeting, while talking to media personnel, Sardar Mehtab Haider
and Khwaja Asif told that parliamentary party in meeting has decided that discretionary powers related to allotment of different quotas should not be absolutely independent and be governed by rules and regulations. They informed that PML-N will soon table a bill in national assembly in this regard. They said that apex court has already given the verdict related to this. During the meeting, concern had been raised over appointments made in public corporations by using discretionary powers. -Agencies
China thinks Kashmir solvable via dialogues BEIJING: Describing the Kashmir issue as a leftover from history, China hoped it could be resolved by India and Pakistan through "dialogue and consultations." Chinese Foreign Ministry spokesperson Jiang Yu stated this during a media briefing while responding to questions on Premier Wen Jiabao's recent visit to India and Pakistan. Wen's visit to India and Pakistan was "rich in content and fruitful in results" and would contribute to good neighborliness, See # 3 Page 11
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