International Karachi, Monday, January 24, 2011, Safar-ul-Muzaffar 19, Price Rs12 Pages 12
Ahmadinejad hopes for more talks with powers See Page 12
$17.28bn Forex Reserves (15-Jan-11) 14.61% Inflation CPI% (Jul 10-Dec 10) $10.98bn Exports (Jul 10-Dec 10) $19.13bn Imports (Jul 10-Dec 10) Trade Balance (Jul 10-Dec 10) $(8.15)bn $26mn Current A/C (Jul 10- Dec 10) $5.29bn Remittances (Jul 10-Dec 10) $1.05bn Foreign Invest (Jul 10-Dec 10) Rs 638bn Revenue (Jul 10-Dec 10) $58.41bn Foreign Debt (Sep 10) Rs 5348.6bn Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) $287.9mn -4.69% LSM Growth (Nov 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 174.95mn Population
Portfolio Investment SCRA(U.S $ in million)
0.28
Local Companies (21-Jan-2011)
0.43
Banks / DFI (21-Jan-2011)
2.21
Mutual Funds (21-Jan-2011)
-0.21
NBFC (21-Jan-2011)
-0.56
Local Investors (21-Jan-2011)
-2.52
Other Organization (21-Jan-2011)
0.37
Global Indices Index
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UBL (1 GDR= 4 Shares) 2.00 LUCK (1 GDR= 4 Shares) 1.70
36.44
HUBC (1 GDR= 25 Shares) 11.03
37.82
Money Market Update T-Bills (3 Mths) 12-Jan-2011
13.37%
T-Bills (6 Mths) 12-Jan-2011
13.50%
T-Bills (12 Mths) 12-Jan-2011
13.73%
Discount Rate
29-Nov-2010
14.00%
Kibor (1 Mth)
22-Jan-2011
13.32%
Kibor (3 Mths)
22-Jan-2011
13.62%
Kibor (6 Mths)
22-Jan-2011
13.76%
Kibor ( 9 Mths)
22-Jan-2011
14.09%
Kibor (1Yr)
22-Jan-2011
14.20%
P.I.B ( 3 Yrs)
22-Jan-2011
14.22%
P.I.B (5 Yrs)
22-Jan-2011
14.23%
P.I.B (10 Yrs)
22-Jan-2011
14.26%
P.I.B (15 Yrs)
22-Jan-2011
14.61%
P.I.B (20 Yrs)
22-Jan-2011
14.81%
P.I.B (30 Yrs)
22-Jan-2011
14.98%
Commodities Crude Oil (brent)$/bbl 97.60 Crude Oil (WTI)$/bbl 89.11 Cotton $/lb 156.94 Gold $/ozs 1,341.00 Silver $/ozs 27.43 Malaysian Palm $ 1,220 GOLD (NCEL) PKR 37,965 KHI Cotton 40Kg PKR 10,824 *Last Updated 20:00 PST
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84.50
85.50
Canadian $
Symbols
85.90
86.90
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Euro
117.70
116.20
Hong Kong $ 10.90
11.00
Japanese Yen 1.038
1.138
Saudi Riyal
22.85
23.05
Singapore $
66.20
67.20
Swedish Korona 12.00 Swiss Franc
12.10
86.30
86.90
U.A.E Dirham 23.35
23.55
UK Pound
136.80
138.00
US $
86.05
86.40
Inter-Bank Currency Rates Symbols
Buying TT Clean Australian $ 85.07 Canadian $ 86.74 Danish Krone 15.05 Euro 112.11 Hong Kong $ 11.00 Japanese Yen 1.030 Saudi Riyal 22.81 Singapore $ 66.41 Swedish Korona 12.64 Swiss Franc 88.34 U.A.E Dirham 23.29 UK Pound 134.70 US $ 85.61
Selling TT & OD 85.27 86.95 15.08 112.38 11.03 1.032 22.87 66.56 12.67 88.55 23.35 135.02 85.80
Weather Forecast CITIES MAX-TEMP ISLAMABAD 20°C KARACHI 29°C LAHORE 22°C FAISALABAD 22°C QUETTA 12°C RAWALPINDI 21°C
MIN 2°C 11°C 4°C 7°C 1°C 3°C
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Coach rams into
tanker, 32 brunt alive JAMSHORO: A horrendous accident took place here Saturday night, between a Sukkur bound passenger coach and oil tanker that killed 32, including women and children, while seriously injuring nine. DPO, Jamshoro Dr Farooq informed that the accident took place at 0220 hrs midnight, whence a Sukkur bound passenger Karachi coach rammed into an oil tanker, after getting out of driver's control, on the Super Highway. The oil tanker, which was carrying 40,000 liters of diesel, immediately caught fire, which engulfed the passenger coach as well. About 20 passengers succeeded in jumping out after breaking their windowpanes. Eyewitness said the accident occurred due to sleepiness of the passenger coach driver, while many bodies have become difficult to recognise after being burnt. All dead bodies have been transferred to Jamshoro Liaquat University Hospital. DPO has assured that there were no more dead bodies to be found, while taking strict notice of the accident the Governor Sindh, Ishrat-al-Abad has ordered immediate investigations into the matter. Agencies
Result Preview
PPL 1H profit may grow 66pc Aamir Abidi KARACHI: Pakistan Petroleum Limited (PPL) is scheduled to announce its results today (Monday) for the first half of the fiscal year 2011. According to the "The Financial Daily" research, the company's profit after taxation is likely to show a growth of 66.4 per cent to Rs16.23 billion for the 1HFY11, translating into an EPS of Rs13.58. In 1HFY10, the company posted a profit of Rs9.75 billion translating into EPS of 8.16 rupees. We expect that PPL is likely to announce cash dividend of Rs5 per share in 1HFY11 as company has 'Cash & Cash equivalent' worth of Rs30.9 billion (Rs 25.85/share), as on September 30, 2010. Net sales revenue of the firm is likely to increase by See # 7 Page 11
KARACHI: Muttahida Qaumi Movement (MQM) Sunday urged the Supreme Court of Pakistan to take suo moto notice of what it called increasing number of serious crimes in Punjab and also proposed Army’s control on the province. According to a statement, the Punjab has witnessed 109 per cent rise in crime rate compared to the last year. “The incidents of terrorism, killings and kidnapping for ransom are at See # 10 Page 11
Services deficit shrinks by 68pc
Tunisians resist; urge PM to resign
See on Page 12 See on Page 8
8-member journalist delegation meets Gilani
Knife will fall on Cabinet: PM Change to be made under 18th Amendment says Gilani MoF told to arrange urea for affected famers Special Correspondent/ Agencies
national issues", Gilani told. Talking to an eight-member delegation of local journalists working for foreign media, which called on him here Sunday, he said the government did not take decision of cabinet's downsizing yet, however, the ministers strength in the cabinet would be ensured in accordance with the provisions of 18th amendment. Prime Minister said that war against terrorism was in the best interest of Pakistan, and all the political parties, civil society and armed forces were united to eliminate this monster forever.
LAHORE: Prime Minister Syed Yousuf Raza Gilani has said that principled decision had been taken to make changes in the federal 1H services export up 59.5pc cabinet and announcement in this regard would be made soon. Prime Minister said that changes would be made in the cabinet in consultation with the coalition partners. "There is hardly a difference 3.7 per cent to $3.61 billion Ahmed Siddique between government and in the said period against opposition whereas our govKARACHI: Country's $3.47 billion in the same ernment takes all the coaliTUNIS: Anti-government services trade deficit period of previous year. tion parties on board on all During the period, coun- protesters from rural cendropped 67.6 per cent in first half of fiscal year 2011 try has generated -- through tral Tunisia marched over the same period of pre- services export -- $1.65 bil- through the capital Sunday, lion on account of govern- raising the pressure on vious year. Minister ISLAMABAD: International Monetary Service trade deficit ment services, $680 million Prime reached $495 million in from transportation servic- Mohammed Ghannouchi Fund (IMF) has decided to convince politiJuly-December 2010 over es, $160 million from trav- to quit in the wake of the cal leadership over Reformed General Sales Tax (RGST), media reported. $1.52 billion in the corre- el, $128 million from com- ex-president's ouster. According to the sources in finance minsponding period of previous munication services and "The people have come fiscal, according to State $103 million from comput- to bring down the istry, a team of IMF is scheduled to visit See # 11 Page 11 Pakistan in the last week of January and er & information services. Bank of Pakistan (SBP). On the flip side, The main reason for decline in service deficit Pakistanis paid $1.9 billion was higher service export for transportation, $536 proceed received by the million for other business services, $479 million for government. Services export increased travel, $89 million for com59.5 per cent to $3.11 bil- munication services, $78 lion in July-December 2010 million for insurance servperiod over $ 1.95 billion in ices and $66 million for the identical period. The computer & information imports of services hiked services.
KARACHI: Governor Punjab Latif Khosa talking to the media men during his visit to meet the leaders of MQM at Nine Zero. -Online
NCCPL (U.S $ in million) FIPI (21-Jan-2011)
4,000 Sighs of Relief Seven killed in two US drone strikes Freedom of expression bill soon
MQM for mily control on Punjab
Economic Indicators
194.97 Yearly(Jul, 2010--21-Jan-2011) Monthly(Dec, 2010--21-Jan-2011) -0.42 1.41 Daily (21-Dec-2011) 3057 Total Portfolio Inv (14 Jan-2010)
KESC FIRED WORKERS WIN BACK JOBS
He added that Pakistan's forces and people had rendered supreme sacrifices in the fight against terrorism and extremism. Pakistan takes decision regarding war on terrorism at its own, he responded to a question, asserting, "We have made realised the international community that drone attacks are against Pakistan's sovereignty and the world should provide drone technology to Pakistan so that we can eliminate terrorism and extremism at our own." Gilani said, Pakistan wanted See # 12 Page 11
IMF to meet politicians on RGST
KSE: Offshorers invest $14.7mn
Foreign inflows fall by half WoW Mutual Funds eject $7.6mn last week Ghulam Raza Rajani KARACHI: Though global market remained depressed but offshore investors once again emerged as the netbuyer in Pakistan equity market with $14.7 million worth of buying in the last week as per the National Clearing Company of Pakistan Limited (NCCPL) data. However, foreign portfolio investment was reduced 49.6 per cent WoW compared with $29.2 million witnessed in week ended on 14th January 2011. On the other hand, KSE ended below 12,500 last week after losing more than 100 points as investors preferred to book profits in an
over-bought market while decline in international stock markets and uncertainty regarding the monetary policy announcement too invoked selling pressure. The benchmark fell 101 points or 0.81 per cent to close at 12,431 points. Investors' participation however remained impressive as around 1,162 million shares were traded which is 233 million shares more as compared to a turnover of 928 million shares a week earlier. During the week, offshore investors opted for buying fresh position as foreigners bought shares worth $31.866 million and sold See # 8 Page 11
Septet to set POL pricings ISLAMABAD: In the backdrop of on-going consultation process by the Government with parliamentary parties, a "parliamentary committee to review petroleum pricing mechanism" has been constituted which will meet for the first time tomorrow (Tuesday) at the Parliament House. According to a press release issued here on Sunday, Syed Naveed Qamar, Federal Minister for Petroleum and Natural Resources will be the convener of the said Parliamentary Committee. The Parliamentarians
have been nominated as members of the committee by their respective parties including, Sardar Mehtab Khan Abbasi, Engr Khurram Dastgir Khan, Sardar Khan Bahadur Sehar, Suhail Mansoor, Munir Ahmad Orakzai, Senator Haji Ghulam Ali and Haji Adeel Khan. The Chairman Planning Commission, Secretary Finance, Secretary Petroleum and DG (Oil) would be also other members of the committee. The committee will look into the existing petroleum pricing mechanism and See # 9 Page 11
will talk to political parties regarding RGST. The sources added that the final decision for the arrival of IMF team would be set after meeting of PML-N and government’s finance committee on January 26.Agencies
2
Monday, January 24, 2011
Govt improving infrastructure: Sharmila
Rs50bn 23 projects done in Khi KARACHI: Governor Punjab Sardar Latif Khosa & Sindh Chief Minister Syed Qaim Ali Shah in a group photograph after meeting at CM House.-APP
Workshop held on interview skills KARACHI: The Convener of Aligarh Institute of Technology, Engr. Adil Usman has advised the students to translate their vision into opportunities for new directions, skills, new jobs or work assignments. He was delivering presidential address at the inauguration of three-day Workshop on Resume Writing and Interview Skills held at the Sir Syed University of Engineering and Technology (SSUET) organised on Sunday by its Quality Enhancement Cell. Engr Adil told the students that when their vision is clear they must commit to learning the skills and developing the capabilities to fulfill the vision. Speaking on the occasion, Registrar Shah Mehmood H Syed said that Sir Syed University is committed to the quality of education and also to see its students well placed in society. He called for meaningful interaction between the University and industry for developing employment opportunities for SSUET students. Prof Dr Najeeb Siddiqui told the students that their performance is the measurable value they add to any workforce. Niaz Siddiqui of M a n a g e m e n t Consultancy and Training Services said it was the great educationist Sir Syed Ahmed Khan who initiated Aligarh Spirit which is in fact the spirit of brotherhood, discipline, respect for others etc. -APP
Reap rues rising transport rates KARACHI: Rice Exporters Association of Pakistan (REAP) strongly opposed the current increase of transport charges by the local Transporters. While talking with news reporters, Chela Ram, the Acting Chairman of REAP told that a common man is already facing huge number of problems in connection with the increased rates of food items and if no action taken against this unlawful practice to increase the charges exorbitantly without consulting stakeholders then it will be resulted into very gravely and the basic food items will be out of reach of a common man. Chela Ram brought the
notice that the Government of Pakistan has already withdrawn the price increase in petrol and diesel, whereas in these circumstances, this action of increase in transport charges is against the ethics and unjustified. He further elaborated about the same practices of Shipping Companies that Shipping lines are charging higher exchange rate of US Dollar ($). For example, current exchange rate of US dollar is Rs85.50 while shipping lines charge Rs87. We are unable to understand under which law they are charging higher rates. Shipping lines must be restricted to follow the State Bank Rules/ inter
bank exchange rate of dollar, as due to such continuous revision in charges by Shipping Lines, rice export trade is seriously disturbing and rice exporters have to suffer extra costs and financial losses. He requested the Government of Pakistan to intervene in the matter and play their role to prevent such harmful practices for the over all trade and take corrective measures to force the Transporters to withdraw the current increase as well as the Shipping Lines to follow the State Bank rules, so that trade will benefit the action and further burden will not be put on a common man. -Online
PBC elects VC today ISLAMABAD: The newly elected 22member executive body of the Pakistan Bar Council (PBC), the highest legal fratnerity forum, on Monday (today) will elect its vice chairman. It is expected that the body will elect a member from the smaller province as its vice chairman and three probable names under consideration would be those of Saeed Akhtar from Khyber-Pakhtunkhwa, Yaseen Azad from Sindh and Amanullah Kanrani from Balochistan province. Attorney General for Pakistan Maulvi Anwar-ul Haq would preside over the meeting. The polling for election of newly members was held on December 22, 2010 and the members of provincial bar councils, elected their 22 members of the PBC for a term of five years against the seats
reserved for their respective provinces. The 22 members of the PBC who have been elected for next five years are; Amanullah Kunrani from Balochistan; Qaiser Rashid Khan, Abdul Lateef Afridi, Muhammad Saeed Akhtar and Rooh-ul Amin Chamkani from KhyberPakhtunkhwa, Salahuddin Panhwar, Akhtar Hussain, Zia Ahmed Awan, Rasheed A Rizvi, Muhammad Yaseen Khan Azad and Faisal Kamal Alam from Sindh and Hamid Khan, Syed Qalbe Hassan, Burhan Moazzam Malik, Azam Nazeer Tarar, Muhammad Maqsood Buttar, Mohammad Ahsan Bhoon, Syed Muhammad Kaleem Ahmad Khurshid, Muhammad Ramzan Chaudhry, Asrarul Haq Mian, Mian Abbas Ahmad and Abdul Qaddous Mian from Punjab. -APP
AIOU exams rescheduled ISLAMABAD: Allama Iqbal Open University (AIOU) has rescheduled its Spring Semester exams from Matric to PhD level which were canceled due to some unavoidable reasons. Additional Controller of Examination, AIOU Muhammad Rafique said the exams scheduled for Dec 31 (Friday) were canceled in Karachi city which will now be conducted on February 2. The exams of Matric, FA, BA and Postgraduate level programmes which were canceled on January 5 due to assassination of Governor Punjab Salman Taseer will held on January 29 (Saturday). However, the exams of postgraduate level programmes was rescheduled on Feb 1 across the country, he said. The examination centres and examination timings will remain unchanged and revised roll number slips will be issued accordingly. -APP
Hajj applications from April ISLAMABAD: With a renewed pledge to provide maximum facilities to intending pilgrims and ensure flawless arrangements for Hajj-2011, the Ministry of Religious Affairs would start receiving applications from April 10 - almost six months before the commencement of pre-Hajj flight operation. The applications would be received through designated bank branches of Allied Bank Limited, Habib Bank Limited, Muslim Commercial Bank, National Bank of Pakistan, United Bank Limited and Zarai Taraqiati Bank Limited. This year, Minister for Religious Affairs Syed Khurhseed Ahmed Shah would supervise the entire Hajj operation to ensure transparent and smooth conduct of the pilgrimage. "I myself will supervise the next Hajj operation and try to make exemplary arrangements for the guests of Allah Almighty both in Pakistan and at the Holy land - Saudi Arabia," the minister said while talking to APP. He said no application form without having number of machine readable passport (MRP) would be entertained, advising the intending pilgrims to get their MRPs ready at the earliest to avoid any inconvenience. In 2010, the bank branches were directed to accept requests along with photocopies of the receipts from those aspirants who had applied for MRPs due to low turn out of the applicants. Having gone through bitter experience last year, the Ministry has also sought suggestions and comments from Hujjaj to improve arrangements for the upcoming Hajj.-APP
KARACHI: Advisor to Chief Minister Sindh on Information Sharmila Faruqui has said that Karachi is the economic heart of Pakistan and Sindh government has always endeavored to strengthen this heart and to enhance the city's productive capacity. She said while talking to a delegation of Urban Rural Development Organization here on Sunday. She said that the government of Pakistan Peoples Party had increased the beauty of Karachi during the last three years through completing 230 schemes at the cost of 50 billion rupees and in the current year different projects were being completed with the amount
of 16 billion rupees. Besides this many major roads were being improved in order in redress traffic problems. She added that Karachi was one of the greatest cities and thickly populated and its population had reached 180 million people and the problems of traffic were on rise day by day and to solve the problem Karachi Circular Railway Project was being started with the assistance of Japan Government and it would benefit million commuters. Sharmila Faruqui said that Hyderabad was the second largest city of the province and it was also an historic city and for its beatification plan, Sindh Government had allocated
3.8 billion rupees for its 31 schemes and mostly schemes had been completed. Provincial Advisor said that the present democratic government had committed to give equal development to all areas of the province and utilizing all its resources to achieve the objectives. She said that the Sindh Government had spent Rs15 billion to eradicate poverty from the province and it had brought a large number of people out from the vicious circle of poverty. On this occasion the members of delegation appreciated the government's efforts in solving the problems and they supported government policies. -NNI
Anti-narcotics policy 2010
Govt seeks help in drive against drugs ISLAMABAD: New Anti-Narcotics Policy 2010 has been developed to address Pakistan's prevailing drug situation and changes in the global narcotics environment that have emerged since 1993 Narcotics Policy. This was stated by an official of Narcotics Control ministry here on Sunday. He said proliferation of drugs and psychotropic substances within Pakistani society - the subsequent increase in numbers of drug addicts - are also emerging challenges.
"The Ministry of Narcotics Control is responsible and coordinating the implementation of Pakistan's AntiNarcotics Policy. However this is a shared responsibility of the government and society," he said. He said in order to reduce the health, social and economic costs associated with drug trafficking and substance abuse in Pakistan, this new Policy outlines a number of objectives targeting supply reduction, demand reduction and interna-
tional cooperation, developed in accordance with international best practice. "The government is active in cooperating internationally on counter-narcotics and is a signatory to all United Nations (UN) drug control conventions as well as the SAARC Convention on Drug Control," he said. He said that government will work closely with the UN and other international partners to strive towards a drug-free Pakistan. -APP
KARACHI: Four top position holders of BSc from DJ Science College, DHA Degree College and Khatoon-e-Pakistan Girls College were recognised at a ceremony held at DJ Science College by Chughtai Mirza Ejazuddin. Picture shows from Left, Farzana Farooq, Falak Naz, Madiha Abdullah, Sara Aslam with Professor Dr Peerzada Qasim Raza Siddiqui (V Chancellor KU).-Staff Photo
Amendment in Blasphemy law
Sherry sticks to guns amid gloom KARACHI: These death threats won't make me flee', says former information minister Sherry Rehman, who supports reform of Pakistan's blasphemy laws. All Sherry Rehman wants is to go out - for a coffee, a stroll, lunch, anything, but that's not possible. Death threats flood her email inbox and mobile phone; armed police are squatted at the gate of her Karachi mansion; government ministers advise her to flee, a report in Sunday's Guardian newspaper said. "I get two types of advice about leaving," says the steely politician. "One from concerned friends, the other from those who want me out so I'll stop making trouble. But I'm going nowhere." She pauses then adds quietly: "At least for now." It's been almost three weeks since Governor Punjab Salman Taseer was gunned down outside an Islamabad cafe. As the country plunged into crisis, Sherry Rehman became a prisoner
in her own home. Having championed the same issue which caused Taseer's death -- reform of blasphemy laws -she is, by popular consensus, next on the extremists' list. "My inbox is inundated. The good news is that a lot of it is no longer hate mail," she says with a grim smile. "But a lot of it is." Pakistani politicians have a long tradition of self-imposed exile but 50year-old Rehman - a former confidante of Benazir Bhutto, and known for her glamour, principled-politics and sharp-tongue - is surely the first to undergo self-imposed house arrest. Hers is a luxury cell near the Karachi shore, filled with fine furniture and expensive art, but a stifling one. Government officials insist on 48 hours' notice before putting a foot outside. Plots are afoot, they warn. Rehman is polite when asked about the silence of her colleagues in the ruling Pakistan Peoples Party on the blasphemy issue. "They feel they want to
address this issue at another time," she says. The truth is they have abandoned her. The party played with fire over the blasphemy issue last November when President Asif Ali Zardari floated the idea of a pardon for Aasia Bibi, a Christian woman sentenced to death on dubious blasphemy charges. According to Rehman, he also agreed to reform the law. And there are signs that extremists do back down when confronted. Qari Munir Shakir, the cleric accused of calling Rehman an "infidel", denied his comments after Rehman supporters filed a police case against him. "It's all been blown out of proportion," he said. "All I did was asked her to take the law back. I can't imagine calling her a nonMuslim or declare her Wajib-ul Qatl." Rehman is unlikely to attend Pakistan's parliament when it resumes this week. Her progressive credentials are strong, having previously introduced legislation that blunted anti-
women laws and criminalised sexual harassment. But critics, including senior human rights officials, say she made a tactical mistake in prematurely introducing last November's blasphemy bill without the requisite political support. "There's never a right time," she retorts. "Blasphemy cases are continually popping up, more horror stories from the ground. How do you ignore them?" At any rate the bill is a dead letter: clerics are demanding its immediate withdrawal from parliament and the government is likely to comply. "We know from history that appeasement doesn't pay. It only emboldens them," said Rehman. She has no idea how long her selfimposed house arrest will last, but the precedents are ominous. "It makes me realise that life is pretty fragile," she says. "But we don't want to leave. I see no meaning to a life away from my country. It's my identity, it's everything." -Agencies
3
Monday, January 24, 2011
US dollar weekly outlook
Euro hits 2mth high vs dollar, may extend gains Confidence in Europe's handling of debt crisis helps Fed likely to stand pat; euro could extend gains NEW YORK: The euro hit a twomonth high above $1.36 on Friday and its break of important technical levels suggested more gains to come now that anxiety about a euro-zone debt crisis has started to wane. The euro has outperformed the dollar in eight of the last 10 sessions, and Friday's breach of $1.3570 took it above the 50 per cent retracement of its Novemberto-January slide. It was last up 1 per cent at $1.3615. Traders said a solid break of $1.36 would target the 100-week moving average at $1.3640 and then $1.3736, the 61.8 per cent retracement of a decline that started when the euro was above $1.42 in November. "Markets are clearly buying into the view that the European debt crisis is being resolved with modest pain," said Steven Englander, head of G10 FX strategy at Citigroup in New York. The euro also hit a five-week high around 112.49 yen after a break above a closely watched Japanese technical indicator around 112 yen, with a close above there seen as bullish. The dollar slipped 0.5 per cent to 82.55 yen. Recent strong debt auctions in
Spain and Portugal and talk that officials were considering letting a European rescue fund purchase government debt from troubled euro-zone countries heartened investors, narrowing euro-zone credit spreads and boosting European bank shares along with the euro. Few investors expect the Federal Reserve, which meets this week, to alter its commitment to loose monetary policy or its plan to buy $600 billion in Treasury debt by mid-2011. The European Central Bank, by contrast, recently warned of rising euro-zone price pressures, sparking speculation that it could lift lending rates before the Fed does. Traders said that could add to euro momentum this week. UK inflation is above the Bank of England's target, though policymaker Adam Posen said that a rate hike wasn't necessarily imminent. Sterling rose 0.6 per cent to $1.6008. To be sure, after rising more than 4 per cent against the dollar since Jan. 10, the euro may be due for a correction. Data showed speculators in the latest week were positioned in favor of the euro for the first time in two months, which could set up
some profit-taking this week. Then there are the lingering debt uncertainties. "The situation in Europe is still largely unresolved," said Jason Polit, an analyst at Charles Schwab Private Client in Phoenix. "Some sort of bailout for one or more of the peripheral economies will likely occur eventually and that will put downward pressure the euro." Investors have worried about debt levels in Spain and Portugal, with the latter often tagged as likely to require a bailout similar to those extended to Greece and Ireland. However, Spanish government bond yields fell Friday, with the spread over German Bunds narrowing to its tightest since midNovember, and Portuguese bond spreads also narrowed. Polit, who manages around $235 million in assets for clients, said he was still playing it safe, reducing allocations in emerging markets and focusing more on developed markets with manageable debt levels, such as Germany. "It is best to stay guarded with so many questions still unanswered about the euro-zone," he said. Reuters
Speculators long on euro, boost USD shorts: CFTC NEW YORK: Currency speculators turned long on the euro for the first time in two months in the latest week while they doubled bets against the US dollar, data from the Commodity Futures Trading Commission showed on Friday. The value of the dollar's net short position rose to $15.06 billion in the week ended Jan. 18, from a net short position of $7.38 billion the previous week, according to Reuters and CFTC calculations. Net long positions on the euro stood at 4,109 contracts in the latest week, the highest since the week ending Nov. 16, compared with net short positions of 45,182 contracts in the prior week, the data showed. The Reuters calculation for the aggregate US dollar position is derived from the net positions of International Monetary Market speculators in the yen, euro, British pound, Swiss franc, Canadian and Australian dollars. -Reuters
Cbot wheat climbs 6.6pc for week CHICAGO: US wheat futures rose 2.6 per cent on Friday, touching a 5-1/2 month high, due to strong demand for supplies from the United States at a time when global stocks of high-quality wheat are shrinking. Wheat futures were the leader, capping a week where prices rose for four straight trading sessions, amid rainfall in Australia as well as bitter cold threatening key portions of wheat-growing areas in the United States. CBOT March soft red winter wheat futures were up 21 cents at $8.24-1/2 a bushel in volume that was twice as heavy as normal. Prices peaked at $8.30 during the session, their highest level since hitting $8.41 a bushel on Aug. 6, 2010. CBOT wheat rose 6.6 per cent this week, its biggest rise in percentage terms since prices rallied 13.8 per cent in the week ended Dec. 5. CBOT March corn ended up 3-1/4 cents at $6.57-1/4 a bushel, settling 1.3 per cent higher for the week. CBOT March soybeans ended down 2 cents at $14.12-1/4 a bushel. Prices were up just 0.4 per cent for the week. -Reuters
Cocoa, coffee climb as bulls in charge NEW YORK/LONDON: Cocoa futures closed at a fresh 8-1/2month peak for the second day in a row on Friday, while arabica coffee rallied to within sight of a 13-1/2-year peak as bullish fundamentals fired both markets higher. Cocoa's strength was inspired by fears of supply disruptions in top grower Ivory Coast, where a political deadlock was edging closer to open civil war. Arabica coffee soared on investment fund buying, tight supplies of high-quality beans and the belief that demand is expanding in non-traditional markets, such as China and India. Another bullish factor for coffee was the fall of the dollar to a two-month low against the euro, driven by Asian sovereign demand and improving confidence in the euro-zone. A weaker dollar makes dollar-denominated commodities cheaper in terms of other currencies. New York's March cocoa contract gained $6 to close at $3,184 per tonne, the highest settlement close for the spot contract since May 2010. Over the past 3 sessions, the contract had gained almost 5 per cent in value. London's May cocoa contract
added 12 pounds to end at 2,114 pounds per tonne, the highest close since Aug. 9. The March arabica coffee contract on ICE Futures US jumped 8.60 cents, or 3.7 per cent, to end at $2.4040 per lb, having hit a session top of $2.4180, shy of the 131/2-year peak at $2.445 hit last week. London's March robusta coffee contract rose $34 to end at $2,149 per tonne. Sterling Smith, an analyst for brokers Country Hedging Inc in St. Paul, Minnesota, said cocoa remained strong because of "nervousness about the situation in the Ivory Coast going into the weekend." Sugar futures were well supported by a weak dollar as well as the possibility of an import duty cut in Russia, a leading importer of raw sugar. "Overall, we continue to expect the market to be generally higher over the coming weeks from a fundamental perspective," Thomas Kujawa of brokerage Sucden Financial said in a note. The March raw sugar contract climbed 1.02 cents, or 3.3 per cent, end conclude at 32.33 cents per lb, while London's March white sugar futures rose $22.40 to end at $790.70 per tonne. -Reuters
US cotton limits up as new record looms NEW YORK: US cotton futures finished the daily limit higher on Friday as fund and speculative buying powered the market and analysts believe a new record high would be seen by next week. Cotton is the best performing commodity of 2010 in the Reuters-Jefferies commodity index as it rose over 90 per cent year to date and that rally has shown no sign of slowing down. Cotton is now poised to surpass the record of $1.5912 per lb set on Dec. 21, 2010, as prices hit 150-year highs. The current surge was inspired by an overnight rally in Chinese cotton values, tight nearby supplies and the need for mills to fix the price of their cotton purchas-
es, the analysts said. The key March cotton contract on ICE Futures US rose the 4cent limit to close at $1.5694 per lb. The session low was at $1.5372. Volume traded in US cotton futures though was only around 11,200 lots, about two-thirds below the 30-day norm over 37,300 lots, Thomson Reuters preliminary data showed. "China's obviously buying ... (and you have) a lack of physical cotton," said Lou Barbera, senior cotton analyst at brokerage VIP Commodities. He added a large amount of cotton whose prices has not been fixed contributed to the rally along with a sharply weaker dollar.
In China's Zhengzhou Commodity Exchange, the May cotton futures contract was last done at 30,510 yuan per tonne, up 1,085 yuan on the day. Traders said with most of the US 2010/11 cotton already sold, and given the fact the United States is the world's top cotton exporter, a supply squeeze is going to hit oldcrop cotton contracts, such as spot March, second-position May and third-position July. A Reuters survey at the Beltwide Cotton conference this month had forecast US 2011 cotton plantings at around 12.48 million to 12.53 million acres, which would be a 5-year high and an increase of around 15 per cent from last year's 11.04 million acres. -Reuters
Sterling post sharp gains for week LONDON: The pound strengthened against 12 of its 16 mostactively traded counterparts this past week, rallying most against the South African rand and New Zealand dollar. Consumer inflation quickened to 3.7 per cent in December, Britain's statistics office said Jan. 18, faster than the 3.4 per cent rate forecast in a survey and up from 3.3 per cent in November. "It seems the market is pricing in a rate hike," said Chris Walker, a Group-of-10 currency strategist at UBS AG in London. "The feeling is that the Bank of England might think it's better to nip inflation in the bud rather than risk losing credibility." Inflation in Britain has quickened as the Bank of England slashed its benchmark rate to a record low of 0.5 per cent and provided 200 billion pounds of emergency stimulus to help the economy recover from its 2009 recession. Bank of England Governor Mervyn King will need to write a fifth consecutive public letter of explanation if inflation persists above the government's 3 per cent limit in next month's data. The pound strengthened 0.5 per cent to $1.5981, taking its advance this past week to 0.7 per cent. The British currency lost less-than 0.2 per cent to 84.91 pence per euro, leaving it 0.7 per cent weaker in the past five days. "Sterling is being rewarded as the market prices in higher yields going forward," said Walker. UBS expects the central bank to lift its main rate by 25 basis points in July, with "the most likely outcome" being a rise to 1 per cent by year- end, said Walker. The Bank of England, which last week left its main rate unchanged, is forecast to raise the benchmark rate to 0.75 per cent in the third quarter of this year, according to the median forecast of economists in a survey. -Agencies
Copper up as China tightening fears ease NEW YORK/LONDON: Copper bounced nearly one per cent on Friday, snapping a twoday slide that dragged prices to their lowest level in a month, as the dollar weakened and on worries about more monetary tightening in top-consumer China abated. Copper prices -- down as much as 5 per cent from all-time record peaks at $9,781 per tonne in London this week and $4.4980 per lb in New York earlier this month -- found their footing on Friday, as investors reassessed global demand prospects for the industrial metal. London Metals Exchange (LME) copper for three-month delivery rose $86, or 0.92 per cent, to end at $9,441 a tonne. COMEX March copper firmed 3.70 cents to settle at $4.3090 per lb. Demand concerns flared up on Thursday as investors equated robust fourthquarter growth and rising inflation in the metal-consuming giant as a bearish development, likely to trigger a new round of monetary tightening. Record prices in copper could cause demand destruction as industry switches to cheaper aluminium instead, said Standard Bank said in a research note. Aluminium stocks jumped by 64,000 tonnes to 4,550,325 tonnes, up by more than 6 per cent so far this year alone. Lead stocks last fell 175 tonnes to 264,175 tonnes, after touching their highest level since May 1995 on Wednesday. Data on Friday continued to show a dominant position controlling 80 to 90 per cent of the stock warrants and cash contracts on LME lead. Lead closed down $12 at $2,425 a tonne. Tin rose to touch a record of $27,750 as investors focused on supply deficit expectations and the weaker dollar. The metal climbed $845 to end at $27,745. -Reuters
Asian Currencies
Mostly log losses for wk led by Korean won, peso SINGAPORE: Asian currencies fell last week, led by South Korea's won and the Philippine peso, on speculation overseas funds are shifting money from the region as inflation gathers pace. Consumer prices in China rose 4.6 per cent in December from a year earlier, following a 5.1 per cent increase the previous month that was the biggest in more than two years. Indonesia's inflation rate reached a 20-month high in November and yields on the nation's 10-year bonds rose to the highest since May. Higher global food and oil costs could exacerbate price pressures in the Philippines, central bank Governor Amando Tetangco said last week. The won declined 0.9 per cent last week to 1,124.10 per dollar
and the peso weakened 0.6 per cent to 44.485. Thailand's baht dropped 0.7 per cent to 30.69 and Indonesia's rupiah was little changed at 9,063 after falling to more than a one-week low of 9,105. China's yuan strengthened 0.1 per cent to 6.5833. Deutsche Bank AG, JPMorgan Chase & Co. and UBS AG boosted 2011 economic growth and inflation forecasts for China on Jan. 20, saying the central bank may before the end of March add to last quarter's two interest-rate increases to help tame inflation. Citigroup Inc., HSBC Holdings Plc and PT Bank Central Asia forecast Bank Indonesia will raise its policy rate by 75 basis points in 2011, from a record-low 6.5 per cent. The won completed its first
weekly decline in more than a month, as overseas investors sold $363 million more Korean stocks than they bought last week through Friday, exchange data showed. India's rupee dropped before the central bank meets this week to review borrowing costs, with 21 of 22 economists surveyed predicting the benchmark repurchase rate will be raised by a quarter of a percentage point to 6.5 per cent. One had forecast a 50 basis point increase. The rupee retreated 0.6 per cent for the week to 45.62. Elsewhere, Taiwan's dollar rose 0.6 per cent last week to NT$29.42 against the greenback. Singapore's dollar climbed 0.3 per cent to S$1.2850 and Malaysia's ringgit was little changed at 3.0600. -Agencies
C$ firms as strong retail data buoys sentiments TORONTO: The Canadian dollar strengthened against the greenback on Friday as unexpectedly strong Canadian retail sales data increased optimism about the outlook for economic growth. The report, along with other recent data, stood in contrast to signals from the Bank of Canada earlier last week that sluggish growth and the strong Canadian dollar could keep interest rates on hold for longer than markets had expected. The currency finished at C$0.9954 to the US dollar, or $1.0046, firming from its C$0.9971, or C$1.0029 North American close on Thursday. It rose as high as C$0.9909 after the release of the data. November retail sales climbed 1.3 per cent versus a forecast of a 0.5 per cent increase, with higher auto sales
helping the figure to notch its biggest gain since March 2010. It was the sixth consecutive month of retail sales gains. "It was surprisingly upbeat ... it was generalized strength. We also saw an upward revision in the prior month and the gains weren't due to higher prices, it was all in volume," said Doug Porter, deputy chief economist at BMO Capital Markets. "Just as it looked like Canadian consumers were starting to wind down, they actually have picked it right back up again. It does set a better tone for November GDP." Healthy wholesale trade data and a gain in the composite leading indicator on Thursday also buoyed views that Canada's fourth-quarter gross domestic product report could be stronger than predicted.
Porter said that while the retails sales report does put a slightly rosier glow on the economy, he doesn't think it would be enough to really change the Bank of Canada's outlook. A series of strong data would typically prompt a central bank to move forward interest rate hikes. Higher rates tend to support currencies by attracting capital flows. Butler said the next resistance levels for the Canadian dollar will be found around C$0.9880 to C$0.9890, followed by a range of C$0.9820 to C$0.9830. Support for the commodity-linked currency is seen around C$1.0040. Next week, the US Federal Reserve's interest rate decision will be in focus, along with Canadian inflation data due out Jan 25. -Reuters
Brent surges on EU optimism, weak dollar Ample US crude stockpiles help curb US oil prices NEW YORK: Brent crude futures rose above $97 a barrel on Friday as confidence in a European recovery boosted the euro to a twomonth peak against the dollar, while US oil ended a choppy session lower, stalling just above $89. ICE Brent's premium to US benchmark West Texas Intermediate crude reached $8.59 intraday, its highest since February 2009, boosted by strong emerging market demand, tight North Sea crude supplies and a trading firm's control of doubledigit North Sea cargoes. The oil complex was supported by news that German business morale jumped in January to its highest level in 20 years, according to the Munich-based Ifo economic institute. while French data also showed rising confidence. The euro, also helped by Asian demand, rose to a two-month high
versus the dollar. US crude oil prices slipped as the crude inventory rise reported on Thursday, the first in seven weeks, had investors concerned that more stock builds could be coming as deliveries delayed because of year-end tax issues start to arrive. In London, ICE Brent crude for March rose $1.02 to settle at $97.60 a barrel, but lost 1.06 per cent over the week. Brent reached $99.20 intraday last Friday, as the February crude contract expired. US crude oil for March delivery fell 48 cents to settle at $89.11 a barrel, trading from $88.87 to $90.22. US crude posted a 2.65 per cent loss for the week. "A combined move with the weaker dollar and improving business confidence in Germany is supporting oil. On Thursday, we saw a very strong support point... We could see a test of the upper level, which is $99.20 for Brent,"
said Thorbjorn Bak Jensen, an analyst at A/S Global Risk Management Ltd. Speculators reduced their net long positions in US crude in the week to Jan. 18, the Commodity Futures Trading Commission said. The reduction left net longs 5.4 per cent lower from their all-time high hit the last week of December. US crude prices had a sharp price retreat on Thursday as the February contract expired, triggered by the government's report of inventory builds and concerns China may take more measures to cool stubborn inflation, resulting in slower growth in oil demand. As the Brent/WTI spread soared to a near two-year high, four North Sea Brent oil and gas platforms, which shut down on Saturday, were expected to remain closed for several weeks, platform operator Shell said. -Reuters
Gold notches third wkly loss as safe haven wanes NEW YORK: Gold prices fell for a second day on Friday as a stronger appetite for riskier assets such as equities and an improving economic outlook diminished safehaven buying, more than offsetting a weaker dollar. Bullion notched a third consecutive weekly loss, its longest since July, and that called into question the metal's lengthy bull run due to signs that the economic recovery is taking hold and as fears about an European debt crisis have subsided for now. Gold prices fell on Friday as safehaven demand faded, a day after the metal was pushed down nearly 2 per cent to two-month lows as investors sold bullion together with equities and commodities like crude oil and copper that are perceived as riskier. Spot gold fell 0.2 per cent to $1,343 an ounce by 1900 GMT. US gold futures for February delivery settled down $5.50 at $1,341 an ounce.
Bullion hit a low of $1,337.50, their weakest price since Nov. 18, as financial markets opened in New York. US traders cited an increase in margin requirements for precious metals futures as a reason for the decline. The latest trade report by the US Commodity Futures Trading Commission (CFTC) showed that net long positions in US gold futures contracts held by speculators dropped sharply by 7 per cent for a second week. Silver inched up 0.2 per cent to $27.53 an ounce. The gold-to-silver ratio -- the number of ounces of silver needed to buy an ounce of gold -- rose back towards 50, its highest level since late November, as some traders believed gold is becoming increasingly expensive relative to silver. Friday's turnover was modest as COMEX gold and silver futures volumes on the New York Mercantile Exchange were largely in line with their 30-day averages.
Analysts say outflows of money from products such as physically backed exchange-traded funds suggest investor appetite for gold is slackening after a run of firmerthan-expected US economic data and as concerns over euro-zone sovereign debt levels recede. Silver prices had earlier hit a seven-week low at $27.10 an ounce, pressured by a further outflows from the world's largest silver-backed exchange-traded fund, the iShares Silver Trust. Holdings of the trust fell by just over 10 tonnes on Thursday, after recording their biggest one-day drop since late November in the previous session. It has seen outflows of more than 346 tonnes so far this year. Investment demand was a major driver in silver's price gains of more than 80 per cent last year. Platinum rose 0.8 per cent to $1,822.24 an ounce, while palladium climbed 1.4 per cent to $819.50. -Reuters
4 Monday, January 24, 2011
Israel & the Delegitimisers
The Financial Daily International Vol 4, Issue 161
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi
F
oreign protests, boycotts, embargoes and sanctions, along with internal resistance, helped bring Honorary Advisory Board about the isolation and eventually the S. Muneer Hussain Rizvi Haseeb Khan, FCA end of apartheid in South Africa in the 1990s. Khurram Shehzad, CFA Asim Abbas Ashary, CPA Now Israelis fear pro-Palestinian, or Prof. Zakaria Sajid (KU) Akhtar M. Zaidi, FCA anti-Israeli, activists are using the same Zahid Bukhari SVP HBL (retd) tactics against their country, with Dr. A. Hadi Shahid, FCA increasing effect. Ismat Sabir Muhammad Arif Carlos Santana, Gil Scott Heron, Head office Elvis Costello, Gorillaz Sound System, 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi the Klaxons, the Pixies, Faithless, Telephone: 92-21-35311893-6 Fax: 92-21-35388428 Leftfield, Tindersticks, Meg Ryan and URL: www.thefinancialdaily.com film director Mike Leigh have all Email Address: editor@thefinancialdaily.com decided not to go to Israel in recent Lahore office months. 24- Peshawar Block, Fortress Stadium, Lahore Some older, established acts -- Paul Telephone: 92-42-6675595 Fax: 92-42-6664349 McCartney, Elton John and Rod Email Address: editor@thefinancialdaily.com Stewart among them -- have ignored boycott pressure. The activist website boycottisrael.info keeps count. Israeli analysts say pressure is brought to bear on artists by a global "delegitimisation network". STRATEGIC IMPLICATIONS White South Africa was ostracised in a campaign lasting years. Today, Facebook and Twitter can flash protest messages globally in seconds, putting pressure on entertainers to stay away from Israel, and drawing the attention of millions of fans. For Israel, it is not just a matter of feeling isolated and misunderstood. There are serious strategic implications. With US-brokered peace negotiations at a standstill since September, Palestinians feel they are "in the driver's seat", according to Yuval Diskin, In a proposal to let Gencos import furnace oil head of Israel's Shin Bet internal security agency, in an assessment to parliadirectly rather than continuing with fuel supply
Let the Gencos do fuel sourcing?
agreements with Pakistan State Oil (PSO), it has been alleged that: 1) contracted quantity of furnace oil is not supplied, 2) oil quality is not of international standard and 3) oil has 10 per cent water content which affects power generation equipment. On top of all, direct import through International Competitive Bidding (ICB) will be 7-8 per cent cheaper than the price charged by PSO. Being a major stakeholder, PSO has strongly opposed the proposal of the Ministry of Water and Power to allow Gencos to directly import furnace oil on deferred payment. PSO has also demanded complete payment of outstanding amounts and termination of fuel supply agreements prior to granting Gencos such permission. PSO has also alleged that the proposal has been moved by those who wish to earn commission because Gencos don't have the expertise to handle and store such huge quantity of oil. Moreover, Gencos are virtually getting the oil supply on deferred payment already and the biggest proof of this is the titanic outstanding intercorporate debt. PSO has been supplying furnace oil to electric utilities for decades and has invested billions of rupees in the creation of infrastructure comprising of storage and transportation facilities, which Gencos certainly don't have. And the benefit of deferred payment should be given to PSO because of its contractual obligations and delay in payment by the generation companies. As regards the other allegations regarding short supply, presence of water and price the issues can be resolved without disrupting the existing supply chain. Above all institutions are given specific mandate whereby PSO is responsible for supplying oil to generation companies, which in turn are responsible for ensuring uninterrupted electricity supply at affordable cost. Therefore, allowing Gencos would shift the focus from power generation to importation. A couple of large-sized Gencos may have the capacity to handle direct import but smaller ones certainly don't have the expertise. Having said that it's certainly a must that PSO follows international standards and also tries to bring the cost of product down, make the handling/storage more efficient, and contain the pilferage /wastage. PSO has requested for an increase in commission of oil marketing companies, which has no justification because the company still pays handsome dividend to stockholders, the Government of Pakistan (GoP) being the biggest beneficiary. The GoP gets double benefit, higher corporate tax collection as well as fat dividend. The GoP should also try to resolve the intercorporate debt issue because it is plaguing the entire energy sector. The GoP should also discourage every attempt to disrupt the existing set up because the fallout could prove disastrous for the country.
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.
ment. "This process is gaining momentum," he said. "There is a growing trend towards recognising a Palestinian state, and a decrease in Israel's ability to manoeuvre diplomatically." No country has recognised Israel's annexation of East Jerusalem or its settlements in the occupied West Bank. It is equally unlikely that the United States and allies would recognise a unilateral
Gaza which killed 1,400 Palestinians in 2008-2009, and again over the killing of nine Turkish activists last May in a raid on a flotilla trying to break its Gaza blockade. Under pressure from foreign allies, it eased the blockade of 1.5 million Palestinians in June. But there has been no real recovery from the damage to its image. Israel says activists cynically and unfairly ignore the fact that Hamas
“
White South Africa was ostracised in a campaign lasting years. Today, Facebook and Twitter can flash protest messages globally in seconds, putting pressure on entertainers to stay away from Israel, and drawing the attention of millions of fans.
Palestinian declaration of statehood. Major powers and the United Nations insist the only durable solution to the Middle East conflict is a negotiated settlement leading to creation of a Palestinian state. Both Israel and the Palestinians say they are committed to that elusive goal. Nevertheless, Israel is worried that some unilateral move -- perhaps at the UN General Assembly in September -could be a game-changer, marking a diplomatic triumph that those bent on the ultimate destruction of the Jewish state would relish. NOT RECOVERED Israel was battered by international criticism over its three-week assault on
and other armed Islamist groups in Gaza are committed to its destruction. The Reut Institute think-tank that focuses on security and socio-economic issues says delegitimisers seek to negate Israel's right to exist, depicting it as "systematically, purposefully, and extensively cruel and inhumane, thus denying the moral legitimacy of its existence". Israel is "branded as the new apartheid South Africa", which, delegitimisers argue, can only be tamed by coercion. They deliberately blur the line between genuine criticism and demonisation, so even well-meaning critics of Israeli policy potentially play into their
campaign, says the think-tank. Delegitimisation is a word now used frequently by Prime Minister Benjamin Netanyahu and some of his ministers. When young American Jews heckled him in New Orleans in November, he castigated them as unwitting delegitimisers. His ultranationalist foreign minister, Avigdor Lieberman, is setting up a parliamentary committee to investigate the funding of Israeli and foreign groups, such as Human Rights Watch, which he suspects are part of the global delegitimisation network. Critics of Lieberman says it is he who is trashing Israel's reputation as a democracy, by publicly dismissing the chances of a Middle East peace. Over 80 per cent of the 192 UN member states recognise Israel. With the recent addition of eight Latin American states, 108 countries now recognise the Palestinians. With sufficient pressure from public opinion, the Palestinians hope the number will grow. The impression among some Israelis that much of the world is biased against them was recently lampooned in a kindergarten spoof by a popular Israeli television satire show, called "Wonderful Country". Reciting their lesson, the children chant: Israel has "no one to talk to" about peace. "Removing settlements does not bring peace," they sing. "Israel's army is moral". "Give them the West Bank and they'll want Haifa." When their teacher points to "tiny Israel" on a world globe and asks: What do we call the rest of the world?, the children all chorus: "Anti-semitic!"Reuters
Fishing in the Troubled Waters F
or years they were jailed or exiled. They were excluded from elections, banned from politics, and played no visible role in Tunisia's Jasmine Revolution. But in the brave new world of multi-party politics, moderate Islamists could attract more followers than their secular rivals like to admit. And the downfall of Zine alAbidine Ben Ali's police state may leave Tunisia open to infiltration by extremists from neighbouring Algeria, where war between authorities and Islamists has killed 200,000 people in the last two decades. "The Islamist movement was the most oppressed of all the opposition movements under Ben Ali. Its followers are also much greater in number than those of the secular opposition," said Salah Jourchi, a Tunisian expert on Islamic movements. "Its effect could be large." Secularism has been strictly enforced in Tunisia since before its independence from France in 1956. Habib Bourguiba, the independence leader and long-time president, was a nationalist who considered Islam a threat to the state. Indeed, in 1987, when Ben Ali pushed aside Bourguiba, he briefly released Islamists from jail and allowed them to run in the 1989 elections. The
results surprised and worried Ben Ali. Ennahda, or Renaissance, Tunisia's largest Islamist movement, officially won 17 per cent of the vote, coming second to the ruling party. Jourchi said there was widespread electoral fraud and the real figure could have been closer to 30-35 per cent. That compared with a combined total of three per cent for all the secular opposition parties that ran in the same elections. Ben Ali reversed his policy, banned Ennahda, jailed its followers and cracked down harshly on anyone showing any tendency towards Islamism. Ennahda's leader Sheikh Rachid Ghannouchi was exiled to London the same year. ENNAHDA'S RENAISSANCE? Ghannouchi, who declared his desire to return to Tunisia soon after Ben Ali's ouster, has yet to set a date. But now that Tunisia's interim government has agreed an amnesty law that allows banned parties and frees political prisoners, Ghannouchi could return any day. Husain Jazeery, an Ennahda spokesman exiled in Paris, said the movement would take part in parliamentary elections expected to be held in the next six months but would field no candidate for the presidency because "we do
not want to rule the country". "We are a party that does not want to rule but wants to take part alongside all the other groups and to do so responsibly," he said by telephone. "Any exclusion of Ennahda would be a return to the old regime and that would be impossible in the current situation ... regardless of internal or external pressures." Despite the state's crackdown on Ennahda, the movement is considered moderate and could draw widespread support. Ghannouchi, a respected scholar, teaches that Islam is compatible with democracy. Having lived in London for over 20 years, he also advocates dialogue with the West. That view was repeated by worshippers at the Quds mosque in Tunis, many of whom identified themselves as Islamists though they wore Western suits, spoke French and were clean shaven. "Tunisia is a small country but it has room for everyone and everyone's ideas. They thought there would be chaos in Tunisia but we are united. We do not have Shi'ites, Christians, Jews. We are all Sunni Muslims and this unites us," worshipper Rida Harrathi told Reuters before Friday prayers. "Of course Ennahda will play a big role in the elec-
tions. It is from the people. It did not come from outside, from another planet. It is part of us and these people made a big sacrifice, as did the honourable members of the communists and the unions." HISTORY OF SECULARISM The end of Ben Ali's rule could see a marked growth in the outward expression of faith. Bourguiba, who saw himself as a modernising leader akin to Turkey's Kemal Ataturk, famously called the veil an "odious rag". He seized properties held by Islamic trusts, closed their courts and enshrined secular family codes. Under Ben Ali, women who covered their hair in the Islamic tradition were denied access to education and jobs. Many say police used to stop them in the streets, strip them of their headscarves and force them to sign papers renouncing the veil. Men with long beards were similarly treated. "If they change the laws I would wear a headscarf. I know a woman who worked here who kept wearing the headscarf and her wages were docked," said Lutfiya, a hotel worker who declined to give her full name as she was not authorised to speak. "If you wear the hejab it does not mean you will make
chaos and terrorism. If I wear it I will still look after my country." EXTREMIST THREAT? But many fear that with police rule ended and open politics introduced, extremist ideas will circulate as openly and as widely as democratic or secular ideas. In 2002, al Qaeda claimed responsibility for a truck bombing of a synagogue in Tunisia which killed 21 people including 14 German tourists. In 2006-7 security forces rounded up men accused of being Salafists, who have a strict interpretation of Islam. Jourchi said he expected the Salafist voice to be drowned out in the clamour for free expression in the coming months and for the more moderate voice of Ennahda to draw more adherents. "Qaeda and its ilk do not rely on large numbers or populism but on small groups who carry out violent acts," he said. Outside the Quds Mosque, worshippers said the threat from al Qaeda was overstated by the West and this had been used as an excuse to curtail freedoms and prop up Arab tyrants. "We are open people. We are a people that has been open to all civilisations since the dawn of time," said Shawki, a 34-year-old doctor.-Reuters
The King’s Reforms S
audi Arabia's King Abdullah, who came to power in 2005 as the sixth ruler of the top oil exporter, started cautious reforms as part of his drive to open up the absolute monarchy and create jobs for its growing population. Abdullah, believed to be aged about 87, went to the United States in November for medical treatment for a blood clot that complicated a slipped spinal disc. He arrived in Morocco from New York on Saturday for convalesence, state media said. Saudi Arabia remains an absolute monarchy, so economic and social policies depend on who is leading the country. Interior Minister Prince Nayef bin Abdul-Aziz is considered to be in a strong position to assume the leadership if serious health problems afflict the king and the crown prince. The Al-Saud family rules in alliance with clerics who apply an austere version of Sunni Islam, exercising control through mosques, the judiciary and education, and with their own police. Some of Abdullah's social, education, judiciary and economic reforms were resisted by conservative clerics who
objected to loosening social controls. Analysts and diplomats say the economic reforms will not be affected if the king dies, but the social openings he has made may take longer to bear fruit. Here are some of King Abdullah's main reforms: EDUCATION King Abdullah launched a plan to overhaul the state education system, spending over $2.4 billion, but changes to school curriculums have been minimal as resistance from the religious establishment slowed down the pace of reform. In Saudi Arabia the state education system is dominated by Islamic teachings and any changes to make it more modern or cut religious content faces opposition from clerics. The king's campaign to totally overhaul the Saudi textbooks to remove chapters which promote bigotry and religious fanaticism against Christians, Jews and Shi'ites was met with strong resistance. He did manage to introduce some modifications to cut "intolerant and offensive" language. Before the Sept. 11 attacks on New
York and Washington in 2001, little attention was paid to the outpouring of religious fanaticism from Saudi Arabia's schools and mosques. But when it emerged that 15 of the 19 hijackers were young Saudis, questions arose about the extent to which an educational system under the control of the powerful religious establishment was instilling bigotry and hatred of the West in its young people. JUDICIARY King Abdullah removed the head of the supreme court, a hardline cleric, as part of his efforts to modernise the court system in 2009. He also set up appeals and commercial courts but diplomats say the pace of judiciary reform is still slow. In Saudi Arabia there is still no consistent law application as courts in different provinces hand out different verdicts for the same crime. ECONOMY Abdullah was blunt in describing the economic challenges that lay ahead for Saudi Arabia. Saudi Arabia is spending $400 billion over the five years to 2013 to upgrade its infrastructure and create more jobs for its population of over 18 million.
The king has also launched a plan to build five economic and industrial cities that aim to diversify the economy and create more jobs. But his attempt to attract more foreign investment has been hampered by a debt crisis involving family firms seeking the restructuring of billion of dollars of debt. The king has also allowed limited ownership of shares to foreigners into the Arab world's largest bourse. Despite his efforts to lower oil dependence, the oil sector still contributed to 24 percent of GDP in constant prices in 2009, compared with 29 percent in 2005 when he took the throne. SOCIETY In February 2009, King Abdullah removed two radical clerics from senior positions and appointed the first female as a deputy in the education ministry. He launched a national dialogue under his auspices to brainstorm challenges facing the kingdom but diplomats say it has done little for the Shi'ite minority that still complains of discrimination in state jobs and limited religious freedoms.-Reuters
5
Monday, January 24, 2011
Asian stocks erase this year's gains on China inflation concerns
Facebook raises $1.5bln, valuing social network site at $50bln
Weekly Review
Triple-digit point-loss kicks KSE down in wk
KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,533.54 12,431.91 101.63 0.81 1,161.82
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,942.42 3,839.59 102.83 2.61 45.17
ISE-10 Index Opening Closing Change % Change Turnover (mn)
3,099.54 3,058.92 40.62 1.31 0.97
Major Gainers
Symbol
Nawaz Ali
Close
Change
NESTLE 2,859.72 ULEVER 4,602.62 RMPL 2,262.71 COLG 992.70 SAPL 161.05
260.40 202.40 134.42 28.62 17.15
Major Losers
Symbol
Close
Change
ILTM 131.00 WYETH 1,030.00 MTL 532.90 JDWS 70.99 PECO 152.00
-26.70 -25.00 -24.18 -20.24 -20.22
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA FFBL ANL JSCL PTC
14.71 42.27 11.87 12.22 19.49
163.27 97.19 88.96 46.25 39.84
Active Issues Plus Minus Unchanged
176 241 16
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
TOKYO A stock quotation boad flashes the Tokyo Stock Exchange's Nikkei index in downtown.-Reuters
Wall Street weekly outlook
Bar set high as stocks face pullback NEW YORK: The much anticipated pullback is finally under way, some investors say, after a mid-week wobble. But the market is showing it still has some juice left -- if earnings can meet towering expectations. This earnings season, if you're good, you're just OK. If you're just OK, you're bad. And if you're bad, you're quickly taken outside and put out of your misery. Only the truly great are lauded -- and even then not very much. In an environment like that, and with a heavily extended market, disappointments are taken hard. The S&P 500 just ended its first down week in eight with underwhelming results from the likes of Goldman Sachs and Freeport McMoRan Copper & Gold weighing on indexes. Some big energy companies such as Chevron Corp and ConocoPhillips are reporting results this week. Expectations have been running up in the sector, the third largest in the S&P 500, providing plenty of room for disappointment. "We have been climbing up a mountain, and we are on a ledge here, so there is definitely a bit of a pause as people are going to need some evidence of accelerated recovery -- not just baseline recovery," said Rick Meckler, president of investment firm LibertyView Capital Management, in New York. Analysts have beefed up expectations as stocks rocketed late last year on signs of an improving economy. S&P 500 earnings estimates for the current quarter were revised up 1 per cent over the last 60 days, according to data from StarMine. Positive revisions were heavily concentrated in the technology, energy and materials sectors. Estimates in the materials sector were raised 5.7 per cent; in energy, they rose 4.8 per cent, and in technology, 2.3 per cent, StarMine said. Unsurprisingly, those three sectors, along with financials,
took the brunt of selling during the week. Materials shares fell the most, losing 3.3 per cent over the week. On top of that, big-gaining "mo-mo" momentum stocks like F5 Networks, Salesforce.com, Netflix Inc and Riverbed Technology, are looking shaky after F5 Networks missed revenue estimates and forecast a weak second quarter. Its shares tumbled more than 20 per cent. Wall Street also will note the statement on Wednesday afternoon from the Federal Open Market Committee, which some economists believe may give a slight nod to signs of improvement in the US economy, especially among consumers and factories. Economic data in the coming week includes consumer confidence, durable goods orders, a first look at January consumer sentiment from the Thomson Reuters/University of Michigan surveys, and the first look at fourth-quarter gross domestic product. Marc Pado, US market strategist at Cantor Fitzgerald & Co in San Francisco, said declines in leading sectors are a clear sign of profit taking. He is calling what he terms "a healthy pullback" through the historically weak month of February. "We're looking for a 5 per cent to 7 per cent pullback range, and I think we started it" on Wednesday, he said. A pullback of that magnitude would take the S&P 500 down to around 1,204, based on Tuesday's closing price. That is still within its uptrend channel from the March 2009 lows, which many technical analysts see as strong support for the market. Most investors agree that stocks are overbought by most measures. Although the recent losses have helped cool the S&P 500's short-term relative strength index, a measure that compares opening and closing highs, on a longer-term weekly basis, the
benchmark index is still overbought. Nick Kalivas, an analyst at MF Global in Chicago, is more sanguine. He is looking for a pullback that could take the S&P 500 futures to 1,245 or possibly to 1,220, which would be 4 per cent to 6 per cent below Tuesday's close. "The market is basically working off an overbought condition," he said. "Profit expectations were very high and the market really has not been able to see enough positive news to keep prices at these high levels." According to Richard Ross, global technical strategist at Auerbach Grayson in New York, a very short-term support line can be drawn at 1,280, the area of the S&P 500's 14-day moving average and the lowest close last week. In the medium term, 1,238 would still be a healthy stop for the benchmark, Ross said. That coincides with both the current 50-day moving average and the 23.6 per cent retracement of the rise from Sept. 1 to the recent high on Jan. 18. Ross maintains his bullish approach despite the benchmark's first weekly drop in eight. He said the S&P could reach 1,320 by the end of February before encountering any serious technical headwinds. Investors will also have seasonal trends on their minds as February approaches. The month is historically the second weakest for the S&P 500, with the index down 0.2 per cent on average for that month since 1950. However, they can take comfort from "the January effect" that holds the market's direction in January points to stocks' direction for the year. The indicator has a 78.3 per cent accuracy rate over the last 60 years, according to the Stock Trader's Almanac. With just six trading days left in January, the S&P 500 is up 2.04 per cent for the month. Reuters
KARACHI: Last week Karachi Stock Exchange (KSE) closed under 12,500 after losing more than 100 points. This it suffered as investors preferred to book profits in an overbought market while a decline in international equity markets and uncertainty regarding monetary policy announcement too mounted selling pressure. The benchmark index fell by 101 points --0.81 per cent-- to close at 12,431 points while KSE 30-Index lost 195 points --1.59 per cent-- to close at 12,134 points and KSE AllShare index dropped 68 points --0.78 per cent-- to close at 8,626 points. Following sustained interest of foreigners and buying in anticipation of strong corporate results market started off the week on a bullish note on Monday where it ended the day with a gain of 148 points. Further, hopes of an early launch of leverage product after the approval of law ministry too was the factor that let the bulls lead therefore index at a moment during intraday trading touched the highest level of the week of 12,768 points. Thereafter market stayed mainly in the bearish mode during the next three days, thanks to profit-taking. Therefore index fell by 23 and 80 points on Tuesday and Wednesday respectively while, on Thursday, more
selling pressure came on the coattails of a fall in international stock markets therefore index lost 165 points at the closing bell while at a moment touched an intraday low of 12,387 points. Further, doubts over upcoming monetary policy also spurred selling. There are fears that the State Bank of Pakistan in its monetary policy on 29th Jan may increase the key discount rates in the due to higher inflation and excessive government borrowing. On the last trading day of the week, market witnessed some intraday positive activities with index crossing triple digit gains but due to some day-end profit-taking index ended the day with a minor gain of 20 points. Foreign investors remained on the buying side throughout the week as according to NCCPL data they did a net-buying of $14.8 million last week while local funds and banks net-sold equities worth $7.6 million and $4.2 million respectively. Investor participation however remained impressive as around 1,162 million shares traded during the day which is 233 million more than a turnover of 928 million a week earlier. Average daily turnover stood at 232.3 million increasing by 46.7 million from an average volume of 185.6 million shares during the previous week. There were 433 issues that moved, 241 down, 176 up, and 16 to come back where they started from.
Gulf stocks mkt
Egypt index declines on political concerns DUBAI: Egypt's main index closes slightly down on continued fears of political instability ahead of a nationwide antigovernment protest planned for Jan. 25, traders say. The index ends down 0.02 per cent at 6,697 points, with four fifths of its constituent members declining. Orascom Telecom drops 0.5 per cent and property developer Talaat Moustafa Group (TMG) 1.3 per cent. The index had closed higher on Thursday after a week of declines. The benchmark index slid 7.1 per cent over the week on speculation that Tunisia's political turmoil could spread to other Arab states. Citadel Capital closes up 0.9 per cent. Egypt's biggest listed builder Orascom Construction (OCI) reverses an earlier drop to close up 1.1 per cent. Saudi Basic Industries Corp (SABIC) rises, rebounding from Saturday's three-week low and Saudi blue-chips also reverse early declines as speculators step in. SABIC climbs 1.2 per cent, clawing back some of last week's losses. On Wednesday, it made its largest decline in five months after its fourthquarter profit missed estimates. SABIC affiliate Saudi Kayan rises 2.8 per cent and Yanbu National Petrochemical Co (Yansab) adds 1.3 per cent. The index climbs 0.6 per cent to 6,692 points, easing from Saturday's three-week low. Abu Dhabi's Aldar Properties slumps to a five-year low, extending declines since it unveiled a restructuring plan dilutive to minority shareholders, but banks limit losses on the UAE capital's index. Aldar falls 1.5 per cent to 1.93 dirhams, its lowest finish since at least May 2005. The indebted developer's shares are down 15.4 per cent since saying it would take $2.9 billion in impairments and issue a convertible bond to a government-owned investment vehicle, measures seen eroding shareholder value. Abu Dhabi's government will also buy various assets from Aldar for $4.5 billion.-Reuters
Dhiyan
IN POSITIVE RANGE Khurram Schehzad, Head of Research Invest Cap Market trends are likely to remain mixed this week owing to concerns over a likely hike in interest rate and Karachi security situation. Therefore index would move in a range of 300-400 points. However surprising corporate results of oil and fertiliser firms could invite a positive rally. Invest in those fundamentally strong stocks in oil, power and fertiliser sectors which are expected to announce good results. Market has already discounted a 50 bps raise in interest rate but more than that would hurt the market while zero-raise stance would be positive. Market would be rangebound today.
Zia Shaafi, Senior Equity Dealer Pearl Securities In anticipation of good corporate results market is expected to show some positive activities and can gain 200-250 points. However, as market is already in an overbought zone therefore fears of rise in interest rate in the upcoming monetary policy and other economic concerns can invite correction. Investors are therefore advised to avail opportunities at high levels and offload 80 per cent of their holdings. As far as triggers are concerned; launch of Margin Trading System (MTS) and interest rate status quo would prove triggers for the trade. Market would be positive today.
6
Monday, January 24, 2011
Market
KSE 100 Index
Symbols
Volume
1,161,818,255
Value
46,782,964,503
Trades
516,714
Advanced Declined Unchanged Total
176 241 16 433
Current High Low Change
All Share Index
12,431.91 12,768.40 12,387.08 i101.63
Current High Low Change
OIL AND GAS
Paid up Cap(mn)
Company
PE
Open
High Low 1,662.77 1,587.39 Total cos Defaulter cos P/BV (x) ROE (%) 3.76 32.54 Low
Close Chg
398.45 373.25 391.44
Last 60 days High Low
Volume
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Open 731.39 Turnover 888,974 P/E (x) 5.81 Company
Paid up Cap(mn)
Attock Petroleum
691
5.91
2817168 398.89
292.01
300
20B
-
-
Pak Int Cont. Terminal 1092
853 7.92 142.41 735 17.72 134.99
146.90 136.50 141.31 -1.10 141.65 129.50 130.74 -4.25
13687161 146.90 1402720 141.65
97.50 117.00
31
-
-
-
PNSC
National Refinery 800 4.79 323.14 Oil & Gas Development 43009 11.62 173.29
333.89 306.52 323.22 0.08 177.75 171.01 171.71 -1.58
1325982 333.89 4219444 185.00
210.00 151.00
200 55
- 15.00
-
11950 2365
8.84 223.70 7.73 333.34
229.80 216.10 217.35 -6.35 341.50 326.79 327.56 -5.78
12867002 229.80 11812280 341.50
184.00 236.85
90 255
20B -
-
-
350 1715
- 107.07 5.15 306.18
122.22 105.01 118.87 11.80 317.79 300.00 304.43 -1.75
1474595 122.22 9920879 317.79
74.51 262.70
80
-
-
-
34.25 32.50 32.61 222.00 212.15 215.81
37930 473507
32.00 182.05
40
-
-
-
Pak Refinery Limited P.S.O Shell Gas LPG Shell Pakistan
226 - 32.42 685 11.07 211.54
0.19 4.27
12,134.02 12,568.09 12,089.79 i195.63
40.28 222.00
CHEMICALS
1321
PE
Open
High
High Low 776.32 712.35 Total cos Defaulter cos P/BV (x) ROE (%) 1.48 25.53 Low
Close Chg
7.41
70.49
75.72
68.50
74.13
40.22
37.25
38.00
36.50
37.00 -0.25
3.64
Close 759.43 Listed cap 3,242.17 mn Payout (%) 11.08
Volume
Change % Change 28.04 3.83 Market cap 200-Day High 13,231.62 mn Div Yield (%) 200-Day Low 1.91 -
Last 60 days High Low
Paid up Cap(mn)
PE
3924
8.79
Agritech Limited
Open 22.46
High 24.26
Bawany Air
68 71.67
8.02
8.99
BOC (Pak)
250 13.74
99.26
102.50
Clariant Pak Dawood Hercules
848800
77.77
67.25
40
-
-
-
40174
39.45
32.36
15
-
-
-
Open 1,319.95 Turnover 2,392,629 P/E (x) 4.83 Paid up Cap(mn)
PE
Open
High
High Low 1,366.24 1,286.50 Total cos Defaulter cos P/BV (x) ROE (%) 1.23 25.35 Low
Close Chg
Close 1,303.53 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change % Change -16.42 -1.24 Market cap 200-Day High 47,608.03 mn Div Yield (%) 200-Day Low 4.22 -
Last 60 days High Low
Volume
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Close Chg
22.31
24.26 1.80
-
-
7.35
8.60 0.58
16946
10.75
7.16
5
10R
-
-
98.00 100.01 0.75
74405
103.94
75.00
15
-
-
-
554062
24.85
20.26
-
-
109833
209.98
149.72
-
-
-
-
FOOD PRODUCERS
329495
215.00
165.73
40
-
-
-
Performance of SR Food Producers Index
-
3.11 11.97
6785 11.06 144.53
Fauji Fert.Bin Qasim
9341
7.98
1388
8.58 154.87
41.03
3.40
3.01
3.10 -0.01
222.80 209.50 211.47 -8.21 12.64
4.24
1.47
-
-
-
-
19687974 222.80
174.70
40
-
-
-
12.28 0.31
25792686 12.64
9.16
-
-
-
-
156.11 147.15 152.63 8.10
28436390 156.11
106.01
95
-
-
-
97192656 43.99
30.18
17.5
-
-
-
1072292 158.49
123.50
55
163273198 16.49
43.99
12.02
7561229
41.30
42.27 1.24
158.49 151.60 152.33 -2.54
-
-
5.25
15.56
16.49
14.46
14.71 -0.85
10.07
-
-
-
-
74
-
1.33
1.87
1.20
1.48 0.15
93181
2.50
0.80
-
-
-
-
1106
-
1.99
2.09
1.62
1.79 -0.20
2050615
2.74
1.36
-
-
-
-
Shaffi Chemical
120
-
2.44
2.50
2.15
2.40 -0.04
21111
Sitara Chem Ind
214 10.00 122.10
Sitara Peroxide
551 14.70 90
7.29
13.97 39.72
122.00 117.06 122.00 -0.10
6887
3.40
1.80
-
-
-
-
139.40
101.00
25
5B
-
-
14.25
13.42
13.52 -0.45
823916
14.69
10.25
-
-
-
-
41.00
37.17
37.92 -1.80
41106
41.99
32.00
50
-
-
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,227.62 Turnover 423,220 P/E (x) 6.06 Company
High Low 1,235.74 1,172.90 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,181.72 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.71
18.79 44.72
18.95 44.99
17.52 43.28
17.76 -1.03 43.50 -1.22
381775 39550
Change % Change -45.90 -3.74 Market cap 200-Day High 3,274.91 mn Div Yield (%) 200-Day Low 4.17 -
Last 60 days High Low 19.69 47.70
15.28 38.00
2010 Div BR (%) (%) 50
-
2011 Div BR (%) (%) -
Open 1,708.23 Turnover 1,772,751 P/E (x) 41.20
-
15142
Century Paper Security Paper
-
INDUSTRIAL METALS AND MINING
Company
Paid up Cap(mn)
Adam Sugar XD AL-Noor Sugar XD Bawany Sugar Chashma Sugar XD Crescent Sugar Dewan Sugar Faran Sugar XD Habib SugarXDXB Habib-ADM Ltd J D WSugarXDXB Mehran SugarXDXB Mirpurkhas Sugar Mirza Sugar XD National Foods Noon Sugar Pangrio Sugar XD Premier Sugar XD Quice Food S S Oil Sakrand Sugar Sanghar Sugar XD Shahmurad Sugar XD Shakarganj Mills Tandlianwala
58 186 87 287 214 365 217 750 200 539 157 84 141 414 165 109 38 107 57 223 119 211 695 1177
PE 0.96 3.58 1.01 3.49 5.25 11.25 2.52 3.42 4.29 20.91 4.23 6.59 0.26 1.32 1.08 6.37 379.55
Open 19.26 47.60 5.69 10.50 5.51 3.70 20.70 22.63 12.38 91.23 55.00 52.05 6.13 60.31 10.25 6.01 45.00 2.98 3.15 2.99 14.01 11.50 5.15 40.37
Open 1,118.41 Turnover 1,115,756 P/E (x) 3.65 Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind
PE
565 4.46 675 555 9.46 1199 11.75
Open 29.20 2.53 15.84 59.02
High 30.60 2.98 16.00 61.00
High Low 1,151.93 1,063.67 Total cos Defaulter cos P/BV (x) ROE (%) 1.21 33.10 Low 28.50 2.50 14.95 55.11
Close Chg 28.56 2.72 15.13 56.42
-0.64 0.19 -0.71 -2.60
Close 1,085.12 Listed cap 3,596.11 mn Payout (%) 30.91
475794 308268 56035 199317
30.60 3.39 16.51 62.20
24.00 2.50 12.85 44.00
2010 Div BR (%) (%) 30 40
20B
Open 1,148.83 Turnover 1,734,032 P/E (x) 2.97
2011 Div BR (%) (%) -
-
Company
Paid up Cap(mn)
Hussain Industries Pak Elektron Tariq Glass Ind
106 1219 231
PE 3.69 2.43
Open 6.40 15.22 21.38
CONSTRUCTION AND MATERIALS
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Bestway Cement Cherat Cement Dadabhoy Cement Dadex Eternit Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Kohat Cement Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles
PE
Open
High
Low
1828 866 6.33 858 182 3257 956 25.00 982 13.92 108 948 3891 3651 124.21 350 3.23 6933 15.15 502 3.65 1760 77 2319 32 1288 3234 6.50 5261 1.27 2228 200 361 -
3.16 62.23 2.79 21.51 16.51 10.80 1.82 21.02 2.49 2.10 31.27 3.59 5.06 7.20 1.81 1.70 7.40 0.63 6.64 77.07 2.77 7.18 7.06 8.25
3.44 62.99 2.96 22.06 15.53 11.40 2.05 22.00 2.49 2.45 32.30 4.00 5.35 7.45 1.94 2.50 7.77 0.99 6.80 78.00 2.90 7.45 7.95 9.25
3.01 59.20 2.25 20.60 14.02 10.60 1.71 20.01 2.17 2.06 29.20 2.65 4.95 7.01 1.62 1.41 5.73 0.25 6.20 71.90 2.69 6.70 6.03 7.50
Close 974.96 Listed cap 54,792.74 mn Payout (%) 19.04
Volume
Last 60 days High Low
3.09 60.18 2.71 21.27 15.00 11.00 1.81 22.00 2.20 2.10 29.81 2.71 5.00 7.01 1.84 1.70 6.70 0.73 6.26 72.29 2.72 6.85 6.88 8.02
470825 108440 14789 90977 7526 28392 106713 12033 10198 2252429 38041382 17285 3009559 17905 542539 84123 48295 555722 96571 8628290 2289624 776739 15328 31056
3.98 65.99 4.24 24.16 24.80 12.75 2.49 26.33 3.49 3.10 32.30 4.00 5.55 8.20 2.25 5.00 9.19 1.08 8.70 79.98 3.30 8.50 7.95 9.60
2.80 57.60 1.10 15.00 14.02 10.25 1.50 18.51 1.50 1.43 26.60 2.27 4.72 5.05 1.60 1.18 2.70 0.25 5.80 70.75 2.66 6.52 5.25 6.30
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -
2011 Div BR (%) (%) -
-a
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,066.28 Turnover 1,206,571 P/E (x) 2.94 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd
PE
Open
115 2.61 78.38 230 2.84 1067 4.86 55.35 389 3.36 47 65.28 24.62 844 66.19 132.66
High
High Low 1,085.10 1,043.35 Total cos Defaulter cos P/BV (x) ROE (%) 1.29 43.91 Low
Close Chg
79.35 72.80 73.33 2.98 2.40 2.60 55.70 52.10 52.93 3.46 2.50 3.39 27.90 24.00 26.11 136.00 128.98 129.08
-5.05 -0.24 -2.42 0.03 1.49 -3.58
Close 1,054.60 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 114897 350670 49203 45317 77528 279281
Change % Change -11.69 -1.10 Market cap 200-Day High 39,212.39 mn Div Yield (%) 200-Day Low 5.29 -
Last 60 days High Low 83.23 3.30 56.45 4.05 27.90 136.74
41.70 1.82 45.30 2.20 16.51 101.00
2010 Div BR (%) (%) 20 25 -
25B 10B -
2011 Div BR (%) (%) -
-
INDUSTRIAL ENGINEERING Performance of SR Industrial Engineering Index Open 1,624.71 Turnover 713,855 P/E (x) 8.40 Company
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind KSB Pumps Millat Tractors XB Pak Engineering
PE
Open
66 1.05 16.25 215 5.61 241.36 104 - 46.00 214 1.31 213 11.57 13.00 132 7.17 60.23 366 6.97 557.08 57 422.22 172.22
High
High Low 1,658.98 1,530.19 Total cos Defaulter cos P/BV (x) ROE (%) 3.19 38.02 Low
Close 1,553.81 Listed cap 1,336.62 mn Payout (%) 131.49
Close Chg
Volume
17.40 16.00 16.25 0.00 244.85 229.30 234.04 -7.32 46.50 43.70 45.00 -1.00 1.70 0.74 1.43 0.12 13.00 12.30 12.50 -0.50 63.50 59.03 59.86 -0.37 568.40 526.07 532.90 -24.18 178.00 142.50 152.00 -20.22
13320 25641 8707 218982 95708 30712 343871 7698
-3.76 1.40 -0.67 -0.50 1.49 0.00 -3.30 0.74 -0.23 -20.24 2.90 -0.65 -1.24 -4.27 1.60 -1.39 -1.60 -0.08 -0.15 -0.25 -1.81 -1.75 0.30 1.38
-
Change % Change 76.87 4.50 Market cap 200-Day High 250,509.99 mn Div Yield (%) 200-Day Low 0.74 -
Last 60 days High Low
46816 11968 6937 28715 346660 214697 13499 305314 12904 98628 20209 5204 82895 5240 36417 37284 13379 121500 6000 11000 85270 40393 99616 13392
High 8.00 15.88 22.00
High Low 1,178.70 1,084.70 Total cos Defaulter cos P/BV (x) ROE (%) 0.32 10.64 Low 5.20 14.56 20.15
Close Chg
20.50 54.00 6.73 15.47 7.15 5.59 21.73 36.50 13.00 92.50 68.49 68.22 7.18 75.50 14.84 6.99 53.81 3.20 3.89 3.90 15.01 13.50 7.88 42.52
12.51 41.30 1.21 8.50 5.00 1.50 17.25 22.00 11.69 69.50 52.60 47.50 4.51 40.50 9.00 4.04 34.29 2.02 3.00 2.11 11.51 9.00 4.06 29.00
5.50 -0.90 14.63 -0.59 20.30 -1.08
Close 1,094.33 Listed cap 3,763.71 mn Payout (%) 6.27
Volume
2010 Div BR (%) (%) 25 50 10 25 25 25B 40 7010B 12.5R 35 20B 15 20B 10 12 10 10 15 10 -
2011 Div BR (%) (%) -
-
Change % Change -54.50 -4.74 Market cap 200-Day High 5,121.82 mn Div Yield (%) 200-Day Low 2.11 -
Last 60 days High Low
33974 11.49 1432598 15.88 262897 22.50
Open High Low 1,017.38 1,028.03 995.63 Turnover Total cos Defaulter cos 133,162,289 P/E (x) P/BV (x) ROE (%) 7.08 0.61 8.64 Company
Paid up Cap(mn)
AL-Qadir Textile Amtex Limited Artistic Denim Aruj Garments Azgard Nine Babri Cotton Bannu Woolen XD Blessed Tex Mills Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute Crescent Textile D S Ind Ltd Dawood Lawrencepur Dewan Farooque Spin. Ellcot Spinning Gadoon Textile XD Gulshan Spinning H M Ismail Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Janana D Mal Khalid Siraj Kohat Textile Kohinoor Ind Kohinoor Mills Kohinoor Textile Mohd Farooq Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Prosperity Ravi Textile Reliance Weaving Rupali Poly Saif Textile Sally Textile Samin Textile Sapphire Fibre Sargoda Spinning Service Ind Shadman Cot Shahpur Textile Suraj Cotton Thal Limited Treet Corp Tri-Star Poly Zahoor Cotton Zephyr Textile Ltd
76 2594 840 62 4493 33 76 64 400 1150 316 2442 238 492 600 514 600 110 234 222 120 716 3105 99 180 43 107 208 303 509 1455 189 145 187 1596 3516 560 185 250 308 341 264 88 267 197 312 120 176 140 180 307 418 215 99 594
5.20 12.90 15.90
2010 Div BR (%) (%) 17.5
10B -
2011 Div BR (%) (%) -
-
14.12 200.00 42.90 0.21 10.55 58.55 465.00 142.50
2010 Div BR (%) (%) 150 25 650 100
10B 25B -
PE 9.39 6.40 3.68 0.48 0.48 0.86 0.64 37.26 3.70 3.65 47.54 2.82 0.61 0.78 0.89 0.75 3.85 0.70 3.98 0.24 0.79 3.61 0.77 1.96 5.76 3.21 1.07 0.63 4.74 0.38 0.20 5.00 1.16 0.52 7.97 1.93 0.40 0.90 5.09 9.21 4.87
-
High
Low
Close Chg
5.61 9.00 6.61 8.00 2.39 4.31 4.43 4.05 4.13 -0.18 23.41 24.50 22.85 23.05 -0.36 4.50 5.45 4.70 5.45 0.95 10.66 12.01 10.67 11.87 1.21 11.35 11.75 10.70 11.69 0.34 14.50 14.50 13.27 13.56 -0.94 54.69 63.20 57.00 57.00 2.31 1.68 1.74 0.82 1.46 -0.22 3.13 3.26 3.00 3.02 -0.11 964.08 1020.00 962.01 992.70 28.62 2.58 2.97 2.32 2.37 -0.21 1.00 1.28 0.85 1.24 0.24 19.51 20.50 19.00 19.00 -0.51 1.75 1.96 1.76 1.86 0.11 43.94 45.00 40.01 40.41 -3.53 4.00 3.60 3.20 3.50 -0.50 21.30 21.75 20.00 20.02 -1.28 69.58 71.50 66.50 71.07 1.49 7.55 7.40 7.00 7.35 -0.20 1.04 0.94 0.50 0.94 -0.10 4.01 4.09 3.55 3.99 -0.02 48.07 50.00 47.00 48.97 0.90 7.70 8.50 6.10 8.29 0.59 3.60 3.88 3.56 3.66 0.06 16.00 17.00 14.00 14.50 -1.50 0.71 0.96 0.60 0.90 0.19 1.00 1.99 1.00 1.49 0.49 1.65 1.90 1.41 1.67 0.02 2.64 3.68 2.05 2.90 0.26 5.20 5.49 5.01 5.06 -0.14 1.11 1.40 0.72 0.95 -0.16 0.49 0.54 0.40 0.53 0.04 16.48 16.45 15.00 15.00 -1.48 24.47 24.61 23.00 23.64 -0.83 70.82 71.89 65.99 67.06 -3.76 9.61 9.80 9.00 9.49 -0.12 14.60 14.60 13.28 13.98 -0.62 1.53 1.70 1.30 1.39 -0.14 9.20 9.95 8.80 9.00 -0.20 39.00 38.50 36.75 37.75 -1.25 4.90 5.25 4.70 4.70 -0.20 4.23 4.65 4.00 4.00 -0.23 5.99 6.49 5.21 6.00 0.01 125.00 125.00 124.70 124.70 -0.30 2.80 3.50 2.30 2.70 -0.10 242.55 253.00 227.02 232.79 -9.76 11.00 12.88 10.60 10.60 -0.40 0.48 0.69 0.29 0.29 -0.19 39.99 41.95 38.01 40.00 0.01 127.11 129.45 117.25 119.01 -8.10 60.08 61.25 57.50 57.85 -2.23 0.69 0.94 0.52 0.54 -0.15 0.50 0.87 0.50 0.50 0.00 4.05 4.50 3.70 3.70 -0.35
Volume
Change % Change -14.94 -1.47 Market cap 200-Day High 139,631.59 mn Div Yield (%) 200-Day Low 2.36 -
Last 60 days High Low
5505 9.00 1818388 7.95 46882 24.59 5759 5.50 88956221 12.32 18813 17.85 9702 14.84 6661 63.20 7347 2.00 349111 3.90 8888 1020.00 61912 3.33 49222 1.38 21252 23.99 629141 2.37 24698 47.00 5988 8.00 13966 21.78 45854 71.50 7139 10.30 5001 1.39 166342 4.88 297021 50.00 40562 8.74 16003 4.45 26090 19.24 30701 1.25 52890 1.99 172574 2.00 6076 3.72 84485 5.97 41213 2.08 17675 0.95 11874 17.10 7383736 25.14 30137044 71.89 183203 10.50 17507 15.50 1116220 1.98 37361 10.50 5408 39.89 157019 6.85 44783 5.75 6703 6.87 15103 131.50 17925 3.50 75556 276.50 12152 12.90 17483 1.00 18097 41.95 368810 132.00 330647 63.30 7134 1.50 13500 0.87 54092 4.90
2010 Div BR (%) (%)
3.00 10 4.00 30 19.10 20 4.10 9.20 8.10 - 15B 10.82 20 45.25 50 0.56 5 2.94 743.33 2.16 0.16 18.50 15 1.62 36.10 5 3.05 17.51 35 38.30 70 6.30 10 20B 0.39 3.31 10 34.99 20 2.85 2.60 10 13.25 0.28 0.51 1.10 1.52 4.82 0.50 0.14 13.96 20SD 19.86 15 50.25 25 45R 5.80 12.51 30 1.26 8.01 25SD 31.25 40 3.57 3.57 10 5.11 - 100R 112.00 15 1.50 5 169.00 7.00 0.18 29.00 50 86.50 80 20B 44.28 0.42 0.50 3.00 -
2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index Open 989.66 Turnover 986,655 P/E (x) 7.16
2011 Div BR (%) (%) -
Open
Close 1,002.44 Listed cap 47,070.70 mn Payout (%) 16.68
PHARMA AND BIO TECH
Change % Change -70.89 -4.36 Market cap 200-Day High 33,764.27 mn Div Yield (%) 200-Day Low 15.66 -
Last 60 days High Low 18.20 244.95 49.50 2.40 14.00 78.75 568.40 310.00
15.50 49.00 5.02 10.00 7.00 3.70 17.40 23.37 12.15 70.99 57.90 51.40 4.89 56.04 11.85 4.62 43.40 2.90 3.00 2.74 12.20 9.75 5.45 41.75
Volume
-
Performance of SR Personal Goods Index
Change % Change -44.28 -4.34 Market cap 200-Day High 69,104.04 mn Div Yield (%) 200-Day Low 2.88 -
Close Chg -0.07 -2.05 -0.08 -0.24 -1.51 0.20 -0.01 0.98 -0.29 0.00 -1.46 -0.88 -0.06 -0.19 0.03 0.00 -0.70 0.10 -0.38 -4.78 -0.05 -0.33 -0.18 -0.23
15.50 49.00 5.00 9.25 5.40 2.72 17.25 22.00 12.00 69.50 54.70 47.50 4.51 56.04 9.77 4.04 41.00 2.75 3.00 2.30 11.51 9.00 5.02 38.40
Close Chg
20B 20B
PERSONAL GOODS
Performance of SR Construction and Materials Index Open High Low 1,019.24 1,044.24 965.25 Turnover Total cos Defaulter cos 139,399,530 P/E (x) P/BV (x) ROE (%) 6.61 0.47 7.10
19.80 54.00 6.00 11.30 7.15 4.10 21.68 23.45 12.47 92.40 58.00 53.85 6.45 61.50 11.95 6.30 45.00 2.99 3.21 2.98 15.01 11.70 6.25 42.52
Low
Close 1,785.10 Listed cap 11,335.33 mn Payout (%) 30.57
90 100 25 20 150 10
2011 Div BR (%) (%)
43.84
Total Assets (Rs in mn)
MA (10-day)
2.76
Total Equity (Rs in mn)
MA (100-day)
2.74
Revenue (Rs in mn)
MA (200-day)
2.93
Interest Expense
1st Support
2.56
Loss after Taxation
2nd Support
2.53
EPS 09 (Rs)
1st Resistance
2.68
Book value / share (Rs)
2nd Resistance
2.77
PE 10 E (x)
Pivot
2.65
PBV (x)
68,664.34 196.91 5,913.32 5,855.52 (2,902.91) (3.224) 0.22 12.07
SILK closed down -0.15 at 2.64. Volume was 62 per cent below average (consolidating) and Bollinger Bands were 11 per cent wider than normal. The company's loss after taxation stood at Rs700.335 million which translates into a Loss Per Share of Rs0.32 for the nine months of current calendar year (9MCY10). SILK is currently 9.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SILK (mildly bullish). Trend forecasting oscillators are currently bullish on SILK.
Pakistan Reinsurance Co Ltd
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
64.35
Total Assets (Rs in mn)
MA (10-day)
17.67
Total Equity (Rs in mn)
6,785.66
MA (100-day)
15.30
Revenue (Rs in mn)
12,372.62 2,170.95
MA (200-day)
17.52
Interest Expense
1st Support
17.86
Profit after Taxation
2nd Support
17.41
EPS 09 (Rs)
0.900
1st Resistance
18.75
Book value / share (Rs)
22.62
2nd Resistance
19.19
PE 10 E (x)
47.46
Pivot
18.30
PBV (x)
0.00 269.91
0.81
PAKRI closed down -0.17 at 18.35. Volume was 116 per cent above average and Bollinger Bands were 68 per cent wider than normal. The company's profit after taxation stood at Rs88.468 million which translates into an Earning Per Share of Rs0.29 for the nine months of current calendar year (9MCY10). PAKRI is currently 4.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into PAKRI (bullish). Trend forecasting oscillators are currently bullish on PAKRI.
Dewan Salman Fibre Limited
Performance of SR Household Goods Index
Change % Change -33.28 -2.98 Market cap 200-Day High 10,541.12 mn Div Yield (%) 200-Day Low 8.47 -
Last 60 days High Low
Volume
High
High Low 1,847.13 1,702.05 Total cos Defaulter cos P/BV (x) ROE (%) 12.48 30.30
2010 Div BR (%) (%)
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
HOUSEHOLD GOODS
Performance of SR Industrial Metals and Mining Index
Company
65.75 151.50 15.00 96.00 30.00 1.20 21.00 4.12 4.01 10.90 228.00 66.75 17.92
215.00 199.98 201.63-10.51
22000
Wah-Noble
82.63 204.40 29.77 143.80 36.72 2.89 26.74 5.67 5.75 13.40 309.73 77.90 23.10
193.00 177.80 180.47-10.70
Fauji Fertilizer
Nimir Ind Chemical
91215 32992 13250 8832 142327 1024423 33525 160993 21361 191821 217941 429413 32478
6.90 191.17
3663
Mandviwala
82.63 77.00 79.00 0.30 203.50 191.00 195.70 -6.20 29.77 24.51 29.77 6.42 139.45 128.52 131.97 -1.53 35.70 32.30 32.68 -0.32 2.39 2.01 2.20 -0.10 26.00 23.70 24.01 -1.94 5.25 4.62 4.75 -0.38 5.49 4.20 4.75 0.41 12.87 12.00 12.10 -0.29 309.73 290.00 294.36 -0.63 72.47 68.80 68.88 -3.11 23.10 22.00 23.09 0.89
8.36 212.14
3277 11.62 219.68
Lotte Pakistan
Last 60 days High Low
Low
Agriautos Ind 144 5.98 78.70 Atlas Battery 101 5.85 201.90 Atlas Engineering Ltd 247 26.58 23.35 Atlas Honda 626 9.56 133.50 Baluchistan Wheels Ltd. 133 6.14 33.00 Dewan Motors 890 2.30 General Tyre 598 20.70 25.95 Ghandhara Nissan 450 3.30 5.13 Ghani Automobile Ind 200 7.42 4.34 Honda Atlas Cars 1428 - 12.39 Indus Motors 786 6.72 294.99 Pak Suzuki 823 10.97 71.99 Sazgar Engineering 150 4.31 22.20
273
Dewan Salman
ICI Pakistan
Change % Change 14.41 0.91 Market cap 200-Day High 353,021.86 mn Div Yield (%) 200-Day Low 5.02 -
1203
Engro Corporation Ltd Fatima Fertilizer
Close 1,590.04 Listed cap 52,251.88 mn Payout (%) 48.81
2011 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
Open High Low 1,575.63 1,647.20 1,559.65 Turnover Total cos Defaulter cos 330,217,376 P/E (x) P/BV (x) ROE (%) 9.72 3.40 35.00
2010 Div BR (%) (%)
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index
Company
Silkbank Limited
Performance of SR Industrial Transportation Index
Close Change % Change 1,599.35 -20.56 -1.27 Listed cap Market cap 200-Day High 65,194.15 mn 1,226,504.99 mn Payout (%) Div Yield (%) 200-Day Low 55.94 4.84 -
Attock Refinery Mari Gas Company
Pak Petroleum Pak Oilfields
6.78 385.53
High
Current High Low Change
8,626.16 8,852.16 8,595.04 i68.17
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,619.92 Turnover 60,038,668 P/E (x) 11.55
KSE 30 Index
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 96 306
PE
Open
9.14 107.26 6.74 89.51 14.49 85.00 7.80 29.11 12.81 143.90 5.67 64.57
High
High Low 997.15 952.68 Total cos Defaulter cos P/BV (x) ROE (%) 1.60 22.31 Low
Close Chg
108.00 104.00 104.31 94.90 89.10 89.24 84.50 80.50 80.57 29.20 28.00 28.16 164.60 141.20 161.05 69.00 61.55 63.01
-2.95 -0.27 -4.43 -0.95 17.15 -1.56
Close 959.79 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 48192 19752 84490 16169 26950 703527
Change % Change -29.87 -3.02 Market cap 200-Day High 32,120.33 mn Div Yield (%) 200-Day Low 6.22 -
Last 60 days High Low 112.50 94.90 89.98 30.48 164.60 69.00
92.50 82.20 69.00 23.50 116.00 59.00
2010 Div BR (%) (%) 20 30
20B -
2011 Div BR (%) (%) -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
52.76
Total Assets (Rs in mn)
15,343.38
MA (10-day)
3.14
Total Equity (Rs in mn)
(7,218.97)
MA (100-day)
2.09
Revenue (Rs in mn)
MA (200-day)
1.99
Interest Expense
1st Support
3.01
Loss after Taxation
2nd Support
2.88
EPS 10 (Rs)
(4.176)
1st Resistance
3.28
Book value / share (Rs)
(19.71)
2nd Resistance
3.42
PE 11 E (x)
Pivot
3.15
PBV (x)
137.50 125.73 (1,529.67)
(0.16)
DSFL closed down -0.01 at 3.10. Volume was 20 per cent below average and Bollinger Bands were 39 per cent narrower than normal. The company's loss after taxation stood at Rs246.014 million which translates into a Loss Per Share of Rs0.67 for the 1st quarter of current fiscal year (1QFY11). DSFL is currently 55.8 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 DSFL at a relatively equal pace. Trend forecasting oscillators are currently bearish on DSFL.
WorldCall Telecom Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
54.08
Total Assets (Rs in mn)
17,566.02
MA (10-day)
2.79
Total Equity (Rs in mn)
11,379.05
MA (100-day)
2.66
Revenue (Rs in mn)
MA (200-day)
3.10
Interest Expense
1st Support
2.78
Loss after Taxation
2nd Support
2.72
EPS 09 (Rs)
(0.57)
1st Resistance
2.96
Book value / share (Rs)
13.22
2nd Resistance
3.08
PE 10 E (x)
Pivot
2.90
PBV (x)
8,408.28 523.03 (490.82)
0.22
WTL closed up 0.03 at 2.89. Volume was 16 per cent below average and Bollinger Bands were 9 per cent narrower than normal. The company's loss after taxation stood at Rs744.23 million which translates into a Loss Per Share of Rs0.86 for the nine months of current calendar year (9MCY10). WTL is currently 6.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into WTL (mildly bullish). Trend forecasting oscillators are currently bearish on WTL.
BOOK CLOSURES Company
From
Sakrand Sugar Mills 24-Jan Bawany Sugar Mills 24-Jan Dewan Cement # 24-Jan Media Times 24-Jan Abdullah Shah Ghazi Sugar Mill 24-Jan Dewan Farooque Spinning Mills # 24-Jan Bhanero Tex Mills # 24-Jan Colony Sugar Mills 24-Jan Dewan Sugar Mills 24-Jan Crescent Sugar Mills 24-Jan Mitchell's fruit Farms 24-Jan JDW Sugar Mills 24-Jan Kohinoor Sugar Mills 24-Jan Al-Abbas Sugar Mills 24-Jan Shakarganj Mills 25-Jan Noon Sugar Mills 27-Jan J. K. Spng Mills # 28-Jan Khairpur Sugar Mills 29-Jan Husein Sugar Mills 29-Jan Arif Habib Investments # 01-Feb Summit Bank 01-Feb Quice Food Ind. 01-Feb Mubarak Tex Mills # 05-Feb Husein Industries 06-Feb First Cap Mutual Fund # 07-Feb Olympia Spng. Weaving Mills # 18-Feb Shadman Cotton Mills 19-Feb Fauji Fertilizer 23-Feb
To 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 03-Feb 02-Feb 05-Feb 04-Feb 07-Feb 08-Feb 07-Feb 12-Feb 12-Feb 14-Feb 26-Feb 26-Feb 01-Mar
D/B/R 33.33(R) 40 70.10(B) 50 20(R) 5 -
INDICATIONS # Extraordinary General Meeting
Spot AGM/Date 14-Jan 14-Jan 14-Jan 14-Jan 24-Jan -
31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 31-Jan 29-Jan 29-Jan 07-Feb 07-Feb 09-Feb 10-Feb 14-Feb 26-Feb 26-Feb 01-Mar
7
Monday, January 24, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,151.87 Turnover 53,200,060 P/E (x) 6.25 Paid up Cap(mn)
Company
High Low 1,222.88 1,143.22 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
Close 1,152.56 Listed cap 50,077.79 mn Payout (%) 62.56
PE
Open
High
Low
Close Chg
Volume
Pak Datacom 78 4.88 Pakistan Telecomm Co A 37740 12.99 Telecard 3000 0.65 WorldCall Tele 8606 -
80.03 19.46 2.28 2.86
82.39 20.65 2.48 3.11
79.00 19.35 2.17 2.75
79.00 -1.03 19.49 0.03 2.20 -0.08 2.89 0.03
9633 39843114 3612759 9734554
Change % Change 0.69 0.06 Market cap 200-Day High 79,785.46 mn Div Yield (%) 200-Day Low 10.01 -
Last 60 days High Low
2010 Div BR (%) (%)
98.99 20.65 2.67 3.45
80 17.5 1 -
76.50 18.21 2.12 2.40
2011 Div BR (%) (%)
-
-
-
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance Crescent Star Insurance East West Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Reliance Insurance Silver Star Insurance United Insurance XB
204 6.58 10.60 369 6.20 39.29 279 9.38 80.40 457 7.04 11.18 121 4.87 251 394.67 296.00 1250 - 43.86 400 3.20 14.89 718 17.49 92.49 791 16.39 56.84 3000 47.05 18.52 250 2.00 8.29 350 9.80 303 6.38 12.12 252 4.08 6.61 253 4.47 7.15 400 2.22 6.74
Paid up Cap(mn)
Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
PE
198 11572 7.01 1560 7932 1695 10.75 126 2.71 8803 5.31 3673 3.62 3541 28.52 191 3.39 1367 150 -
Open
High Low 1,420.15 1,317.56 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 9.35
High
0.98 39.86 1.71 3.09 19.13 4.31 44.88 17.76 18.06 19.25 2.25 1.24
0.95 41.20 1.89 3.28 20.03 4.60 45.33 18.00 18.49 19.00 2.35 1.23
Low 0.75 37.90 1.59 2.93 18.92 4.16 43.00 16.34 17.46 17.89 2.15 0.82
Close Chg 0.82 38.26 1.71 3.11 19.35 4.45 43.71 16.51 17.68 18.18 2.17 0.90
-0.16 -1.60 0.00 0.02 0.22 0.14 -1.17 -1.25 -0.38 -1.07 -0.08 -0.34
Close 1,337.37 Listed cap 95,369.29 mn Payout (%) 104.13
Change % Change -45.50 -3.29 Market cap 200-Day High 110,298.10 mn Div Yield (%) 200-Day Low 6.92 -
Last 60 days High Low
Volume 133667 10754496 17077210 10523218 124476 26859 4415984 12709986 12082384 30669 1470481 109690
1.18 41.20 2.25 3.55 25.25 5.39 45.85 18.01 18.70 19.60 2.80 1.75
0.73 33.15 1.50 2.07 17.95 4.01 39.00 12.20 13.10 17.89 2.05 0.75
2010 Div BR (%) (%) 50 15 50 20 -
2011 Div BR (%) (%)
7.8R -
-
-
Open 872.11 Turnover 169,763 P/E (x) 5.79
Company Sui North Gas Sui South Gas
High Low 1,686.67 1,547.67 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 11.41
Close 1,620.21 Listed cap 12,202.80 mn Payout (%) 66.79
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.49 3.39
26.90 21.90
29.39 23.75
27.00 21.76
28.51 1.61 22.53 0.63
2739043 4173694
34.75 26.00
25.71 19.95
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open High Low Close 1,233.03 1,254.66 1,186.68 1,200.15 Turnover Total cos Defaulter cos Listed cap 135,626,216 - 257,548.02 mn P/E (x) P/BV (x) ROE (%) Payout (%) 8.54 1.19 13.94 40.49 Paid up Cap(mn)
Company
PE
Open
High
Low
Close Chg
73.75 68.75 72.54 -0.45 19.25 18.15 18.61 0.05 11.97 11.06 11.74 0.39 38.50 37.45 37.96 0.37 4.40 3.90 3.96 -0.24 9.93 9.21 9.37 -0.05 4.50 3.82 3.92 -0.43 16.40 15.05 15.45 0.30 128.00 122.83 123.80 -2.90 29.10 26.60 26.95 -1.04 2.69 2.40 2.50 -0.13 2.60 1.95 2.01 -0.45 246.30 229.10 230.32 -13.03 19.59 18.52 19.00 -0.52 3.40 2.81 3.05 0.05 79.54 76.00 76.84 -1.31 1.98 1.20 1.98 0.38 3.20 2.91 2.98 -0.05 2.12 1.97 2.01 0.00 2.86 2.60 2.64 -0.15 7.89 7.26 7.40 0.07 8.55 8.12 8.22 -0.34 70.39 67.78 69.06 -0.01
Last 60 days High Low
Volume 1614371 10561529 29086094 2695742 156011 28927207 981145 3501230 558684 438428 1304214 6071456 6456042 810869 1362629 14633484 18711 7509011 1002805 7503230 350759 84121 9998444
Change % Change -32.88 -2.67 Market cap 200-Day High 722,599.55 mn Div Yield (%) 200-Day Low 4.74 -
74.00 19.25 11.97 39.49 4.70 10.59 4.50 17.10 128.97 29.28 3.00 2.80 250.48 20.30 3.40 80.61 2.40 3.35 2.25 3.05 8.48 9.04 70.65
54.82 14.96 9.11 31.50 2.76 8.34 3.00 14.01 100.05 19.59 2.34 1.95 199.00 14.50 1.90 63.53 0.80 2.59 1.51 2.50 6.24 6.15 53.30
2010 Div BR (%) (%)
-
-
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 822.03 Turnover 16,099,074 P/E (x) 11.82 Paid up Cap(mn)
Company Adamjee Insurance
25R 10B 10B 20B -
-
UP TO 5000 VOLUME
-
High Low 839.71 791.04 Total cos Defaulter cos P/BV (x) ROE (%) 0.61 5.20
Close 813.75 Listed cap 11,111.34 mn Payout (%) 79.54
Change % Change -8.28 -1.01 Market cap 200-Day High 49,960.64 mn Div Yield (%) 200-Day Low 6.73 -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 27.10
94.91
96.25
90.00
93.48 -1.43
6944586
96.35
66.50
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
High Low 923.90 830.53 Total cos Defaulter cos P/BV (x) ROE (%) 2.14 3.85
Close 839.42 Listed cap 2,290.72 mn Payout (%) 355.53
Symbols GATI GRYL CFL STJT KOSM PASM MSCL SHNI LAKST DSML SING JKSM DYNO MSOT COTT BATA SANE GUSM SSML ZAHT SFWF GFIL ICL ARPAK FCONM GATM DKTM FAEL NOPK PPP HINO ALTN SCLL ANSS SNAI NESTLE ISIL DINT THAS DATM MFFL GRAYS PTEC FIBLM MOON EXIDE AATM AZTM YOUW TATM QUAT REDT POAF LIBM FASM FZTM WAZIR SZTM SHJS AASM AHTM SIEM SGPL ALICO OTSU ULEVER AZAMT HAJT MEHT BUXL THCCL MTIL SCL TAJT ARM GLPL NPSM BIFO HUSS ILTM TOWL FECS JVDC KCL MLCFPS SASML PHDL PAKL AABS PGCL SALT BAFS IDYM TICL SJTM RMPL DIIL ICCT APOT PRET BROT FPRM CPAL DMTM MUCL ASFL CLOV MUBT WYETH UPFL NBF KOHS LMSM PPVC FTM OLTM SAPT ASIC FIMM AWTX DMTX GUTM IDEN RCML PSEL LPGL STML UVIC TREI CPMFI GAMON BILF LEUL PGLC
Change % Change -32.69 -3.75 Market cap 200-Day High 9,835.23 mn Div Yield (%) 200-Day Low 6.41 -
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
850 39.84
74.99
79.80
69.00
70.12 -4.87
150368
86.95
62.75
-
-
-
-
New Jub Life Insurance
627 30.74
43.60
2010 Div BR (%) (%)
2011 Div BR (%) (%)
47.25
43.60
45.80 2.20
14381
49.31
39.95
-
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 428.28 Turnover 55,603,660 P/E (x) 11.89 Paid up Cap(mn)
AMZ Ventures Arif Habib Limited Dawood Cap Mangt. XB Dawood Equities Escorts Bank First National Equity 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 Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Trust Brokerage Trust Inv Bank
High Low 455.19 404.56 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 0.91
PE
Open
High
Low
225 1.48 450 13.60 150 1.40 250 441 575 2121 14.81 600 795.00 2849 3166 626 0.64 7633 508 500 7.72 1000 29.42 821 4.81 775 452 514 11.96 100 586 3.13
0.66 27.22 1.23 2.24 2.80 8.00 2.90 7.33 0.80 3.20 1.80 11.95 4.14 28.77 7.17 6.21 1.97 0.74 3.50 2.49 1.71
0.78 28.00 1.90 2.30 3.80 7.68 2.95 8.89 0.87 3.79 1.94 12.80 4.49 31.50 7.40 6.75 2.20 0.95 4.10 3.47 2.00
0.52 26.30 1.45 1.91 2.00 6.42 2.35 7.12 0.50 3.06 1.70 11.31 3.75 27.75 6.70 6.17 1.95 0.62 2.61 1.49 1.55
Close Chg 0.65 26.66 1.57 2.02 2.04 7.68 2.37 7.95 0.63 3.30 1.78 12.22 3.95 28.73 7.06 6.54 2.03 0.73 2.99 2.39 2.00
-0.01 -0.56 0.34 -0.22 -0.76 -0.32 -0.53 0.62 -0.17 0.10 -0.02 0.27 -0.19 -0.04 -0.11 0.33 0.06 -0.01 -0.51 -0.10 0.29
Close 429.59 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 127669 556263 71626 105926 649873 10352 114048 223482 1064214 666599 123936 46250253 1640708 65817 1511690 36795 1018554 34173 38814 25712 50317
Change % Change 1.31 0.30 Market cap 200-Day High 19,865.92 mn Div Yield (%) 200-Day Low 3.30 -
Last 60 days High Low
2010 Div BR (%) (%)
0.95 28.95 2.14 2.75 3.80 10.70 3.90 8.89 1.09 4.25 2.25 14.05 5.38 32.37 7.59 7.29 2.70 0.97 4.99 3.75 2.98
11.5 10 -
0.33 24.40 1.15 1.28 2.00 6.42 2.00 6.16 0.50 2.95 1.05 9.54 2.21 25.75 5.80 5.08 1.68 0.46 2.00 1.42 1.35
2011 Div BR (%) (%)
20B 10B -
-
-
EQUITY INVESTMENT INSTRUMENTS
2011 Div BR (%) (%)
20 - 20B - 66R 55 -63.46R 10 -
Paid up Cap(mn)
Company
Company
Change % Change 71.36 4.61 Market cap 200-Day High 34,556.94 mn Div Yield (%) 200-Day Low 6.54 -
Paid up Cap(mn)
Allied Bank Limited 7821 7.05 72.99 Askari Bank 6427 8.86 18.56 Bank Alfalah 13492 15.05 11.35 Bank AL-Habib 7322 8.18 37.59 Bank Of Khyber 5004 5.28 4.20 Bank Of Punjab 5288 9.42 BankIslami Pak 5280 980.00 4.35 Faysal Bank 7309 4.98 15.15 Habib Bank Ltd 10019 7.73 126.70 Habib Metropolitan Bank 8732 8.24 27.99 JS Bank Ltd 8150 2.63 KASB Bank Ltd 9509 2.46 MCB Bank Ltd 7602 10.21 243.35 Meezan Bank 6983 10.05 19.52 Mybank Ltd 5304 3.00 National Bank 13455 6.71 78.15 Network Mic Bank 300 1.60 NIB Bank 40437 3.03 Samba Bank 14335 2.01 Silkbank Ltd 26716 2.79 Soneri Bank 6023 7.33 Stand Chart Bank 38716 12.65 8.56 United Bank Ltd 12242 8.12 69.07
10 10 -
EFU Life Assurance
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,548.85 Turnover 6,912,737 P/E (x) 10.22
10.00 32.10 50.82 9.65 3.10 296.00 39.48 10.82 80.00 53.38 14.00 5.56 2.49 9.00 6.15 6.01 5.00
Performance of SR Life Insurance Index
Performance of SR Electricity Index
Company
155926 12.75 45060 40.00 10952 83.00 42032 12.00 5748 5.82 200000 325.50 484948 48.00 204624 15.50 216341 99.88 59172 61.80 7537012 19.40 35848 8.50 40122 10.75 45154 12.93 5558 7.47 52311 8.20 9671 7.40
LIFE INSURANCE
ELECTRICITY Open 1,382.88 Turnover 69,461,349 P/E (x) 15.05
11.11 10.05 10.85 0.25 39.85 38.10 39.00 -0.29 83.00 78.00 82.50 2.10 11.47 10.51 11.26 0.08 4.70 3.80 4.50 -0.37 296.00 296.00 296.00 0.00 45.00 41.05 41.62 -2.24 15.00 12.70 13.42 -1.47 95.80 90.00 94.28 1.79 61.80 56.75 60.80 3.96 19.40 17.54 18.35 -0.17 8.45 7.65 8.45 0.16 10.64 9.60 9.60 -0.20 12.70 11.72 11.80 -0.32 6.70 6.55 6.65 0.04 8.20 6.50 7.20 0.05 7.20 6.61 6.76 0.02
Performance of SR Equity Investment Instruments Index Open 1,391.13 Turnover 26,811,076 P/E (x) 18.88 Company
Paid up Cap(mn)
1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B F Modaraba B R R Guardian Mod. Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali Nat Bank Modaraba Pak Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba Tri-Star 1st Modaraba Tri-Star Mutual Trust Modaraba U D L Modaraba
264 1375 210 525 75 780 200 113 524 581 760 397 1008 3180 1186 283 1200 184 250 125 1000 2835 2841 872 340 454 212 50 298 264
High Low 1,451.12 1,377.30 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 2.21
PE
Open
High
Low
10.94 7.23 5.65 2.02 2.37 3.93 1.65 3.63 12.75 0.69 2.44 2.78 6.12 72.50 19.64 1.34 7.69 18.10 6.02 5.50 2.08 9.12 7.44 2.30 4.71 3.47 3.83 1.75
1.44 9.06 3.20 4.73 3.99 1.60 0.56 3.05 2.04 2.29 3.13 8.00 7.00 5.72 5.36 1.70 7.80 1.85 6.88 1.10 7.50 14.48 6.75 1.05 1.40 9.52 1.70 1.25 1.85 5.93
1.80 9.00 3.39 5.00 3.60 1.89 0.80 3.00 2.98 2.39 3.60 9.00 7.10 6.10 5.56 2.70 8.08 2.20 6.90 1.44 7.80 15.06 7.14 1.14 1.69 9.75 1.55 1.44 2.30 6.20
1.32 8.63 2.95 4.50 3.30 1.56 0.50 2.61 1.96 2.08 3.12 7.66 6.72 5.75 5.21 1.68 7.51 1.70 5.88 0.95 6.91 14.05 6.50 1.00 1.15 9.25 0.95 0.90 1.85 6.05
Close 1,408.18 Listed cap 29,771.58 mn Payout (%) 104.74
Last 60 days High Low
Close Chg
Volume
1.75 8.68 3.39 5.00 3.60 1.73 0.66 2.90 2.04 2.17 3.42 8.34 7.10 5.80 5.50 1.82 8.00 1.81 6.50 1.10 7.16 14.22 6.55 1.01 1.41 9.60 1.40 1.25 1.99 6.16
11664 2.00 261472 9.15 9210 3.80 864921 5.00 18823 4.00 22757 2.79 189957 1.10 102523 3.49 1561934 2.98 183887 2.39 4095249 3.60 222468 9.00 437162 7.10 12311945 6.10 3551369 5.56 13437 2.70 111158 8.25 50751 2.50 7206 7.74 21442 2.00 345088 7.80 1182732 15.06 1036170 7.14 74388 1.20 8243 2.54 39127 10.29 7165 3.90 13642 2.45 8094 2.39 39632 6.25
0.31 -0.38 0.19 0.27 -0.39 0.13 0.10 -0.15 0.00 -0.12 0.29 0.34 0.10 0.08 0.14 0.12 0.20 -0.04 -0.38 0.00 -0.34 -0.26 -0.20 -0.04 0.01 0.08 -0.30 0.00 0.14 0.23
Change % Change 17.05 1.23 Market cap 200-Day High 18,936.39 mn Div Yield (%) 200-Day Low 8.62 -
1.18 6.05 2.16 2.82 2.89 1.06 0.16 1.73 1.05 1.30 2.56 5.14 5.97 2.65 2.31 1.26 5.15 0.70 4.50 0.46 5.25 7.98 3.58 0.81 0.50 8.51 0.95 0.86 1.15 4.71
2010 Div BR (%) (%) 18.5 5 2.2 0 1.2 5 17 11 21 5 10 2.8 15.5 10 3 10 20 10 3 1 17 5 12.5
2011 Div BR (%) (%)
10B -
-
-
Open 48.00 1.01 14.60 19.59 1.35 10.00 7.50 12.97 282.51 2.53 20.00 6.10 11.15 19.06 1.35 637.10 5.25 6.64 2.40 3.80 7.10 4.50 32.50 12.15 1.50 31.61 2.66 14.30 24.99 45.15 124.99 10.74 2.70 5.00 48.00 2599.32 75.40 27.00 3.00 0.26 81.13 49.00 2.40 1.66 11.05 204.99 1.13 1.49 1.60 36.95 13.49 0.99 8.85 68.75 34.98 404.00 7.93 7.02 65.50 30.26 16.52 1210.00 1.20 18.39 35.45 4400.22 2.58 0.65 66.00 13.40 17.75 0.75 90.80 0.37 15.00 62.24 22.30 48.15 11.00 157.70 5.55 37.01 59.00 6.80 5.00 11.10 35.60 3.30 97.75 26.39 69.19 60.45 207.45 53.39 2.53 2128.29 11.68 0.83 4.50 29.20 0.48 8.81 1.45 6.09 15.34 3.00 68.07 0.75 1055.00 1111.00 3.50 3.80 1.25 1.25 3.00 2.00 100.00 17.00 62.50 89.00 2.35 18.88 14.00 39.30 179.99 12.00 25.90 3.49 1.95 4.15 2.22 1.00 1.52 9.80
High 52.00 2.50 14.65 19.90 1.74 10.00 11.50 12.50 304.00 3.40 20.30 6.99 11.98 19.70 1.45 675.50 6.20 7.50 2.50 3.80 8.00 5.00 33.95 12.15 1.99 33.19 2.95 15.30 25.48 45.84 138.00 11.45 2.69 5.01 48.97 2979.50 79.79 27.00 4.00 0.40 84.60 49.50 2.50 2.50 13.20 206.99 1.20 2.43 1.74 36.00 13.49 0.98 9.75 69.00 36.00 410.00 8.95 7.00 71.60 31.99 15.52 1240.00 1.70 18.39 35.45 4818.00 2.64 0.70 70.00 13.60 18.00 0.69 90.80 0.37 15.35 62.24 22.50 48.15 11.98 151.00 5.01 35.25 62.65 7.00 5.00 11.10 41.48 3.50 101.85 28.20 67.80 60.90 208.90 50.75 3.74 2339.95 11.61 1.58 5.50 30.50 0.60 9.15 1.49 8.90 15.30 3.00 74.95 1.29 1030.00 1201.00 3.92 4.75 2.25 3.00 4.00 2.20 108.90 17.00 63.90 92.00 2.89 19.88 14.00 43.30 181.99 14.48 27.00 3.75 1.89 5.10 2.43 1.67 2.54 9.00
Low
Close
45.60 1.11 12.85 19.40 1.20 9.50 7.50 12.00 277.25 1.70 17.55 5.20 11.00 18.50 0.90 630.00 5.20 6.00 1.80 3.50 7.05 4.00 25.26 10.15 1.13 27.56 1.60 15.30 23.01 43.01 123.01 10.00 2.50 5.00 45.50 2600.25 72.00 25.10 2.05 0.37 81.01 46.05 2.00 1.46 10.20 191.00 0.71 1.49 1.26 32.41 13.05 0.60 9.75 68.00 35.00 385.00 7.50 7.00 62.25 27.87 15.52 1200.00 0.61 17.00 33.05 4352.00 1.95 0.50 64.00 11.64 17.10 0.41 90.00 0.08 15.15 59.30 22.00 46.25 10.89 131.00 3.52 30.00 59.00 6.80 5.00 9.50 35.00 1.60 97.00 24.38 58.92 59.00 188.01 45.81 0.17 2113.00 10.11 1.25 4.50 27.87 0.40 8.88 0.51 6.79 14.30 3.00 67.07 0.75 972.00 1100.00 3.50 2.50 1.25 2.25 3.00 2.00 100.00 15.00 62.50 89.00 2.35 19.31 14.00 41.25 171.00 12.89 25.99 3.55 1.89 4.10 2.22 1.60 1.52 9.00
48.01 2.50 14.10 19.40 1.25 9.50 11.50 12.04 289.90 3.40 18.49 6.15 11.00 18.50 1.01 640.00 6.00 6.60 1.91 3.50 8.00 4.01 25.26 10.15 1.50 27.75 2.01 15.30 23.79 44.36 130.59 10.99 2.69 5.00 47.30 2859.72 79.37 25.40 3.02 0.39 82.79 47.01 2.49 2.00 13.20 191.00 1.06 1.50 1.74 35.81 13.10 0.61 9.75 69.00 36.00 407.00 7.50 7.00 70.96 29.52 15.52 1225.60 1.37 18.00 33.48 4602.62 2.64 0.50 67.20 12.95 17.94 0.66 90.00 0.08 15.35 60.00 22.50 46.25 10.89 131.00 3.52 30.00 60.99 7.00 5.00 9.50 37.79 1.82 97.99 26.65 62.00 60.50 208.90 48.22 0.26 2262.71 11.12 1.25 5.50 30.50 0.60 9.15 1.49 8.48 15.00 3.00 67.57 1.00 1030.00 1115.00 3.60 3.51 2.25 3.00 4.00 2.20 105.00 15.00 63.90 92.00 2.88 19.31 14.00 42.99 181.99 14.48 26.45 3.60 1.89 4.44 2.25 1.60 2.54 9.00
Change
Vol
0.01 1.49 -0.50 -0.19 -0.10 -0.50 4.00 -0.93 7.39 0.87 -1.51 0.05 -0.15 -0.56 -0.34 2.90 0.75 -0.04 -0.49 -0.30 0.90 -0.49 -7.24 -2.00 0.00 -3.86 -0.65 1.00 -1.20 -0.79 5.60 0.25 -0.01 0.00 -0.70 260.40 3.97 -1.60 0.02 0.13 1.66 -1.99 0.09 0.34 2.15 -13.99 -0.07 0.01 0.14 -1.14 -0.39 -0.38 0.90 0.25 1.02 3.00 -0.43 -0.02 5.46 -0.74 -1.00 15.60 0.17 -0.39 -1.97 202.40 0.06 -0.15 1.20 -0.45 0.19 -0.09 -0.80 -0.29 0.35 -2.24 0.20 -1.90 -0.11 -26.70 -2.03 -7.01 1.99 0.20 0.00 -1.60 2.19 -1.48 0.24 0.26 -7.19 0.05 1.45 -5.17 -2.27 134.42 -0.56 0.42 1.00 1.30 0.12 0.34 0.04 2.39 -0.34 0.00 -0.50 0.25 -25.00 4.00 0.10 -0.29 1.00 1.75 1.00 0.20 5.00 -2.00 1.40 3.00 0.53 0.43 0.00 3.69 2.00 2.48 0.55 0.11 -0.06 0.29 0.03 0.60 1.02 -0.80
4984 4788 4778 4275 4115 4048 4029 3997 3641 3501 3443 3314 3278 3113 3005 2936 2600 2590 2527 2500 2450 2400 2367 2309 2207 2025 2002 2000 1907 1895 1628 1612 1515 1500 1355 1341 1276 1206 1149 1117 1111 1110 1107 1090 1079 1061 1031 1010 1006 1002 1000 1000 1000 941 833 830 815 750 728 681 650 629 612 612 604 579 578 562 532 510 504 502 500 500 500 475 400 365 362 335 327 317 301 300 288 272 241 225 201 198 190 156 147 131 130 129 112 112 110 106 105 102 101 85 78 78 77 75 59 36 23 16 11 10 10 10 10 9 8 7 5 5 5 4 4 3 3 3 2 2 1 1 1 1
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Pakistan Telecommunication Co Ltd
Dera Ghazi Khan Cement Co Ltd
Company
Date
Time
Hinopak Motors Limited Pakistan Petroleum Ltd Shaheen Insurance Company Ltd. Meezan Islamic Fund Meezan Islamic Income Fund Meezan Capital Protected Fund-1 Meezan Balanced Fund Sindh Abadgar's Sugar Mills International Industries Limited Atlas Honda Limited Fauji Fertilizer Bin Qasim Ltd
24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 24-Jan 25-Jan 25-Jan 25-Jan
12:00 10:00 2:00 2:00 2:00 2:00 4:00 10:30 11:30 10:30
TECHNICAL LEVELS Company
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
Fair Value
*Arif Habib Ltd AKD Securities Ltd
32.06
63.42
Support 1
12,367.80
MA (5-day)
12,552.30
Support 2
12,303.70
MA (10-day)
12,460.96
Resistance 1
12,533.95
MA (100-day)
10,930.87
Resistance 2
12,635.95
Technical Analysis
MA (200-day)
10,485.71
Pivot
12,469.80
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
KSE 100 INDEX closed down -101.63 points at 12,431.91. Volume was 90 per cent above average and Bollinger Bands were 37 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,533.95 and 2nd resistance level at 12,635.95, while Index will continue to find its 1st support level at 12,367.80 and 2nd support level at 12,303.70. KSE 100 INDEX is currently 18.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
TFD Research
29.1
Brokerage House
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
Negative
72.80 40.62 32.53 30.63 42.33 42.65
Brokerage House
Fair Value
Rs Recommendations
24.7
Buy
*Arif Habib Ltd
24.04
Buy
TFD Research
30.5
Positive
Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,819.69 CFS Shares (mn) N/A CFS Rs (mn) N/A CFS Rate N/A ** NOI Rs (mn) 118.90
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
50.01 19.59 19.09 19.41 19.84 20.00
AKD Securities Ltd
43.29
Buy
TFD Research
36.85
585.00 11,401.64 N/A N/A N/A 15.44
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
* Target price for Jun-11 & **Net Open Interest in future market
* Target price for Jun-11 & **Net Open Interest in future market
PTC closed up 0.03 at 19.49. Volume was 37 per cent below average and Bollinger Bands were 9 per cent narrower than normal. PTC is currently 0.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PTC (mildly bullish). Trend forecasting oscillators are currently bullish on PTC.
DGKC closed down -1.46 at 29.81. Volume was 30 per cent below average and Bollinger Bands were 38 per cent narrower than normal. DGKC is currently 10.8 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DGKC (mildly bullish). Trend forecasting oscillators are currently bearish on DGKC.
Bank Al-Falah Ltd
Brokerage House
Fair Value
Engro Corporation
Fauji Fertiliser Co
Rs Recommendations
Brokerage House
*Arif Habib Ltd
Hold
*Arif Habib Ltd
164.1
Buy
*Arif Habib Ltd
Positive
AKD Securities Ltd
10.25
Accumulate
AKD Securities Ltd
122.1
Accumulate
AKD Securities Ltd
TFD Research
14.01
Positive
TFD Research
Negative
TFD Research
11.8
Brokerage House
Technical Outlook
Technical Outlook Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
175.80 11,789.14 N/A N/A N/A 90.21
182.55 5,441.80 N/A N/A N/A 58.24
* Target price for Jun-11 & **Net Open Interest in future market
Buy
54.18 69.00 54.97 52.15 69.08 68.94
Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
FFBL closed up 1.24 at 42.27. Volume was 160 per cent above average (trending) and Bollinger Bands were 143 per cent wider than normal. FFBL is currently 38.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into FFBL (mildly bullish). Trend forecasting oscillators are currently bullish on FFBL. Momentum oscillator is currently indicating that FFBL is currently in an overbought condition.
Rs Recommendations
Technical Analysis
Leverage Position
46.65 30.47 27.73 26.89 30.39 30.75
59.97 74.2
Positive
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Rs Recommendations Buy
Technical Outlook
Leverage Position
Fair Value 37
Fair Value
TFD Research
RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
Brokerage House
Sell
Technical Outlook
Nishat Mills Ltd
AKD Securities Ltd
Rs Recommendations
37
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
64.04 11.24 9.56 9.72 11.46 11.52
114.33
Rs Recommendations
674.58 7,919.55 N/A N/A N/A N/A
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
78.99 143.67 114.33 111.75 150.79 151.63
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Fair Value 224 238.8 208.75
Rs Recommendations Hold Buy Neutral
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
Fair Value
373.19 56,959.97 N/A N/A N/A 89.49
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day) Mean Median
61.89 212.13 183.99 186.08 213.13 216.15
Leverage Position Free Float Shares (mn) Free Float Rs (mn) CFS Shares (mn) CFS Rs (mn) CFS Rate ** NOI Rs (mn)
147.48 31,187.93 N/A N/A N/A 244.28
* Target price for Jun-11 & **Net Open Interest in future market
* Target price for Jun-11 & **Net Open Interest in future market
* Target price for Jun-11 & **Net Open Interest in future market
* Target price for Jun-11 & **Net Open Interest in future market
NML closed down -3.76 at 67.06. Volume was 12 per cent above average and Bollinger Bands were 38 per cent wider than normal. NML is currently 28.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NML (mildly bullish). Trend forecasting oscillators are currently bullish on NML.
BAFL closed up 0.39 at 11.74. Volume was 106 per cent above average and Bollinger Bands were 14 per cent narrower than normal. BAFL is currently 20.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into BAFL (bullish). Trend forecasting oscillators are currently bullish on BAFL.
FFC closed up 8.10 at 152.63. Volume was 244 per cent above average (trending) and Bollinger Bands were 310 per cent wider than normal. FFC is currently 36.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFC (bullish). Trend forecasting oscillators are currently bullish on FFC. Momentum oscillator is currently indicating that FFC is currently in an overbought condition.
ENGRO closed down -8.21 at 211.47. Volume was 17 per cent above average and Bollinger Bands were 167 per cent wider than normal. ENGRO is currently 13.7 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ENGRO (mildly bullish). Trend forecasting oscillators are currently bullish on ENGRO.
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 43.45 2.95 2.80 63.15 69.90 67.25 33.49 59.10 58.00 54.20 26.45 25.90 51.61 26.35 26.00 63.66 92.05 90.65 65.05 18.30 18.00 67.51 11.25 10.65 79.65 382.15 372.85 64.26 138.95 136.60 64.04 11.25 10.75 55.80 3.80 3.65 44.73 9.25 9.10 46.97 2.00 1.90 46.65 29.40 29.00 52.76 3.00 2.85 51.75 2.60 2.45 40.81 41.25 40.90 38.09 68.75 67.35 61.89 209.55 207.60 54.50 15.35 15.20 47.39 4.95 4.85 72.80 41.80 41.30 78.99 149.40 146.20 56.31 122.80 121.75 51.01 37.85 37.40 59.78 150.95 149.60 71.93 291.25 288.15 47.79 3.75 3.60 48.77 1.65 1.60 46.58 2.40 2.35 44.21 11.60 10.95 58.26 43.15 42.55 59.84 2.95 2.75 54.61 14.25 13.80 37.35 71.05 69.85 51.23 227.45 224.55 38.70 2.70 2.65 56.94 76.10 75.40 54.42 23.15 22.65 69.64 23.30 22.35 49.83 2.90 2.85 41.51 1.75 1.65 54.18 65.55 64.00 50.77 170.65 169.60 59.69 3.05 2.90 45.06 2.00 1.95 49.80 2.35 2.25 43.92 6.75 6.70 65.04 324.65 321.75 48.54 214.70 212.05 39.38 68.30 67.70 59.46 301.05 297.65 50.01 19.30 19.15 65.94 214.20 212.60 57.11 27.90 27.30 51.36 13.40 13.25 55.73 22.20 21.85 45.89 2.15 2.05 38.82 3.25 3.20 62.57 68.15 67.30 54.08 2.80 2.75
1st
2nd
Resistance 3.30 3.50 74.05 75.55 61.40 62.60 27.80 28.60 27.10 27.55 94.80 96.15 18.95 19.30 12.20 12.50 399.60 407.75 143.35 145.35 12.10 12.45 4.10 4.25 9.60 9.85 2.25 2.40 30.25 30.70 3.25 3.40 2.85 3.00 42.10 42.60 71.75 73.35 214.35 217.20 15.65 15.80 5.10 5.20 42.95 43.60 155.40 158.20 125.05 126.25 38.75 39.20 154.35 156.40 299.25 304.10 4.10 4.30 1.80 1.90 2.50 2.55 12.60 13.05 44.20 44.70 3.30 3.45 15.40 16.05 74.35 76.45 234.85 239.35 2.80 2.85 77.50 78.20 24.10 24.60 24.75 25.20 3.05 3.10 1.85 1.90 69.05 71.05 173.15 174.55 3.35 3.55 2.10 2.20 2.55 2.65 6.95 7.05 332.60 337.65 221.40 225.45 70.00 71.10 307.30 310.15 19.75 19.95 218.70 221.60 29.05 29.60 13.80 14.05 23.10 23.65 2.30 2.40 3.45 3.60 70.15 71.25 3.00 3.10
Pivot 3.15 71.40 60.30 27.25 26.75 93.40 18.65 11.55 390.30 140.95 11.60 3.95 9.45 2.15 29.85 3.15 2.75 41.75 70.35 212.40 15.50 5.05 42.45 152.20 124.00 38.30 153.00 296.15 3.95 1.75 2.45 12.00 43.65 3.10 14.90 73.15 231.95 2.75 76.80 23.65 23.80 2.95 1.80 67.50 172.05 3.20 2.05 2.45 6.85 329.70 218.75 69.40 303.90 19.55 217.10 28.45 13.65 22.75 2.25 3.40 69.30 2.90
Bajaj Allianz wins award for microinsurance 8
Monday, January 24, 2011
Insurance penetration in Pak 0.7pc of the GDP
Insurance density just $6.5/capita Pakistan insurance industry relatively small: SECP Staff Reporter
WASHINGTON: US Secretary of Treasury Geithner listens to Chairman of the FDIC Sheila Bair speak at meeting. -Reuters
Republicans action healthcare law push WA S H I N G T O N : Republicans in the US House of Representatives on Thursday launched a plan to replace PresidentBarack Obama's healthcare overhaul "branch by branch" with measures they say would bring down soaring costs. "The tree is rotten, you cut it down. If we can't cut it down and succeed doing that all at once, we'll prune it branch by branch," said House Ways and Means Committee Chairman Dave Camp. His is one of four committees tasked on Thursday with rewriting thehealthcare law. "Today is day one of our efforts to replace Obamacare with something better," Energy and Commerce Committee ChairmanFred Upton said, using a derisive term for the healthcare law. His remarks came one day after the House moved to repeal Obama's healthcare law. The repeal is unlikely to
be considered by the Senate, which remains narrowly controlled by Democrats after November's congressional elections. "The process starts ... with aggressive oversight of current law," said House Education and the Workforce Committee ChairmanJohn Kline. The committee chairmen said they have scheduled a series of hearings on the current law and its impact on healthcare costs, the economy and employment. House Democratic leaders said they expect Obama will lay out modifications to the healthcare bill in his State of the Union address next week, including changes in small business reporting requirements. "The president could lay out a litany of things... modifications that can be made, amendments that ought to be looked at,"Representative James Clyburn told reporters at a Democratic retreat in Maryland. "We're going to revisit this healthcare bill
many, many times before it gets to where it ought to be." Clyburn generally defended the current law, saying "there is nothing job killing about the healthcare bill." Democrats accused Republicans of trying to "gut" the law and "return power to health insurers." They said Republicans should be focusing more on the health of the US economy. "Families don't want us to turn our healthcare system back over toinsurance companies," said Representative Sander Levin, the top Democrat on the Ways and Means Committee. "Instead of turning back the clock on healthcare reform, we should be zeroing in on job creation." Camp said the goal was to replace the current law with something that would help bring down the cost of insurance and expand medical coverage as well as protect the 170 million Americans who get health insurance through employers. -Reuters
UnitedHealth quarterly profit tops Wall St views NEW YORK: UnitedHealth Group Inc posted a higherthan-expected fourth-quarter profit, helped by Americans using fewer medical services to save money and enrollment growth across its health insurance plans. UnitedHealth also announced a shuffling of its top management, including a new chief financial officer, which could set up succession plans at the largest US health insurer by market value. UnitedHealth, the first insurer to report fourth-quarter results, backed its 2011 profit forecast while raising its revenue projection slightly. Health insurers benefited throughout 2010 from more people postponing doctor visits and procedures to sustain themselves in the weak US economy, and UnitedHealth had previously suggested its fourth-quarter results could beat expectations if the use of
medical services remained low. "I expect utilization to remain moderate, and if it does, there's probably upside to current guidance," Wedbush Securities analystSarah James said. UnitedHealth shares were down 0.7 per cent at $40.29 in morning trading on the New York Stock Exchange. The stock had risen 12 per cent so far in 2011, compared with an 8.5 per cent increase for the Morgan Stanley Healthcare index of health insurers and a 2 per cent rise for the broader Standard & Poor's 500 index. Sanford Bernstein analyst Ana Gupte said called it a "very strong quarter" but said investors might look for some weakness in the stock before buying shares, noting the stock's recent run. Insurers face new rules this year from the healthcare overhaul passed in 2010 that will
require them to meet spending thresholds for medical care as opposed to administrative costs and profit. UnitedHealth, whose diversity and size make it a bellwether for the industry, said fourth-quarter net income rose 10 per cent to $1.04 billion, or 94 cents per share, from $944 million, or 81 cents per share, a year earlier. Analysts on average had expected 84 cents per share, according toThomson Reuters I/B/E/S. Some analysts also excluded a charge for a sale from their calculations, making the beat even greater than 10 cents per share. Revenue rose 10 per cent to $24.03 billion. Analysts had expected $23.75 billion. Enrollment in UnitedHealth's plans rose 3 per cent to 37.5 million. Enrollment in its commercial plans serving employers increased 8 per cent.-Reuters
KSE extends suspension of Standard Insurance KARACHI: The Karachi Stock Exchange (KSE) has extended the suspension period for 14 companies including Standard Insurance for another 60 days (effective from January 25) upon failing to comply with KSE requirements. According to a handout issued here, the action has been taken to protect the interest of trade and public. KSE management will remove the suspension after these companies comply with the requirements. The companies are First Tawakal Modaraba, Kohinoor Looms Ltd, Mian Mohammad Sugar Mills, Tawakal Garments Industries, Zahur Textiles, Tawakal Ltd, Standard Insurance Co, Ayaz Textiles Mills, Mohib Exports Ltd, Data Agro Ltd, Muslim Ghee Mills Ltd, Ittefaq Textile Mills, Harnai Woolen Mills and Bela Engineering Ltd. APP
Car insurance prices in UK at all-time high LONDON: Car insurance prices rose at a record pace last year as providers sought to protect themselves against rising personal injury claims, insurer and roadside recovery group AA has said. Comprehensive motor insurance premiums rose 33.2 per cent during 2010 to an average of 843 pounds, the biggest increase since the AA began monitoring the market in 1994, it said. The rise reflects efforts by motor insurers to recoup a sharp rise in payouts as the growing influence of "no win, no fee" lawyers encourages a rash of personal injury claims. "A sharp growth in the number of accident management and personal injury claims firms has helped to develop a hard-sell system in Britain that encourages people to claim, even if they have not suffered an injury," said Simon Douglas, Director of AA'sinsurance arm. Motor premiums began climbing in late 2009, when insurers, squeezed by soaring claims and slumping investment income, hiked their prices, having cut or frozen them for the best part of a decade because of intense competition. -Reuters
KARACHI: The insurance industry plays an important role in the financial system by providing indemnification of financial risk in the economy and also serves as an institutional investor for both capital and money market instruments. This was stated by Nasreen Rashid, Executive Director, Insurance Division, Securities and Exchange Commission of Pakistan (SECP) while addressing a seminar titled “Insurance as a Tool to Minimise Business Risk” as the chief guest. The Seminar was organised by Karachi Branch Council (KBC) under the aegis of the Institute of Cost and Management Accountants of Pakistan (ICMAP) here. Nasreen said, despite its relatively small size, the sector is supported by strong and transparent accounting and actuarial infrastructure. Similarly, she added, the reinsurance requirements for the sector are also very clear and well-defined. SECP director elaborated that like many other developing countries, the size of Pakistan's insurance industry is relatively small in proportion to its GDP. Currently, the insurance penetration in the country is only 0.7 per cent of the GDP, which is one of the lowest in the world. The insurance density is also a mere $6.5 per capita. Nasreen was of the view that these figures reflect a tremendous scope for substantial development, if the right environment is established and an appropriate regulatory framework is developed. She informed the participants that insurance industry
in Pakistan can extend its outreach and deepen its penetration by leveraging state of the art technology and accessing multiple channels of distribution. We are confident that despite the economic recession and the reduced purchasing power, if insurers adopt B2C selling approach and develop small ticket size products to meet the demands of retail market, the insurance density and penetration in the country can increase dramatically, thus providing an impetus to the sagging economy. Nasreen went on to say that it’s SECP's vision to promote the orderly development of a financially strong and transparent insurance industry, thereby increasing the insurance penetration in the country. We see our role not only as a regulator but also as a facilitator. We are taking many important steps in order to translate our vision into reality including development of microinsurance, creation of terrorism insurance pool and mandatory third party motor liability. Speakers who shed light on the technical aspects on the subject by presenting papers, included Muhammad Ali, G M, EFU Life Insurance, P Ahmed, CEO, Pak Qatar Family Takaful, Khurram Ali Khan, Head of Underwriting, EFU General Insurance Company Limited, Jawed Ahmed, M D and CE New Jubilee Life Insurance Company and Hasanali Abdullah, Chairman, Insurance Association of Pakistan. They were of the view that insurers must improve profitability while meeting regulators’ demand of reducing risk and improving products along with customer service.
AIG’s financial health bettering WASHINGTON: American International Group's financial health is showing signs of improvement because of the billions of dollars in taxpayer funds used to bail out the ailing insurer, a government watchdog agency said last week. "Overall, federal assistance appears to be facilitating a more orderly restructuring of the company," the Government Accountability Officesaid in a report. The GAO, the investigative arm of Congress, said AIG's insurance operations have exhibited recovery since its last report in April 2010, but it added that "federal assistance has been a critical factor." AIG, which received $182 billion in assistance from the New York Federal Reserve Bank and the US Treasury, recapitalized last week and repaid the Fed. Now the US government is AIG's majority owner with a 92 per cent stake. In its third report on the bailout of AIG, the GAO said US taxpayers' risk exposure to the insurer increasingly is expected to be tied to the success of AIG and its value as
RSA feels the chill from winter freeze LONDON: British insurer RSA said its 2010 profit would miss analyst expectations, weighed by a spike in claims triggered by unusually harsh winter weather. Operating profit for the year will be 600-630 million pounds ($959 million-$1.01 billion), RSA said on Thursday in an unscheduled trading statement, after weather-related claims came in 255 million pounds above normal levels. RSA, best known in Britain for its More Than car and home insurance business, had been expected to report operating profit of about 740 million pounds, compared with 777 million a year earlier,finance director George Culmer told reporters. RSA shares were down 1.3 per cent at 133 pence by 1345 GMT, off earlier lows, and in line with the FTSE 100 share index. Most of the extra weather-related claims were caused by freezing temperatures and heavy snowfall across northern Europe at the end of 2010, with losses for November and December alone coming in at 142 million pounds. However, RSA said the profit miss would not affect its policy of increasing its dividend at least in line with inflation. "This is a strong result in what has been an extremely tough year for the industry, including the European freeze and Chilean earthquake in the first quarter and the coldest December in the UK for 100 years," chief executive Andy Haste said. Temperatures averaged minus 1 degree Celsius in Britain in December, well below the longterm average of 4.2 degrees, as an Arctic blast caused transport chaos and hit retail sales during the key Christmas period. The extreme weather rounded off a tough 2010 for insurers, with earthquakes in Chile and the Deepwater oil spill contributing to catastrophe claims of $22 billion in the first six months, more than double the average over the previous 10 years, according to Munich Re, the world's No. 1 reinsurer. "A variety of weather losses around the world have caused RSA to issue a profit warning," Investec analyst Kevin Ryan wrote in a note. "Given the range of natural catastrophe losses recently, it has long surprised us how bullish some market forecasts were." The industry must now grapple with losses from the devastating floods in Australia, which are expected to cost up to $6 billion. However, analysts reckon even last year's bumper claims are unlikely to reverse a steady decline in global insurance prices, reflecting intense competition between well-capitalised insurers. -Reuters
Listed local insurers get mixed going during week TFD Report
seen by investors in the company's common stock. "The government's ability to fully recoup the federal assistance will be determined by the long-term health of AIG," the eport said. A Treasury official said taxpayers were in a strong position to recover "every dollar put into AIG." "AIG has already paid back the Federal Reserve and taxpayers are next in line to recoup their stake in the company," Treasury's acting Assistant Secretary Tim Massad said in a statement. Reuters
KARACHI: Some mixed activities were observed in the insurance stocks last week at the Karachi stock exchange with around 16 million shares traded together in life and non-life insurance stocks. Pakistan Reinsurance stood as the volume leader with 7.53 million shares followed by Adamjee Insurance with 6.94 million. Top gainers of the week were New Jubilee Insurance which was up by Rs3.96 to close at Rs60.8 and New Jubilee Life Insurance by Rs2.2 to close at Rs45.8. EFU Life Assurance lost Rs4.87 to close at Rs70.12 and EFU General Insurance Rs2.24 to close at Rs41.62 to be the major losers of the week.
Netherlands' Boer beats compatriot Van Riessen in women's 500 m race during World Sprint Speed Skating Championships in Heerenveen
9
Monday, January 24, 2011
Petkovic leads Sharapova a merry dance MELBOURNE: Former world number one Maria Sharapova suffered a shock fourth round defeat at the Australian Open on Sunday, bundled out 6-2 6-3 by bottom-wiggling German Andrea Petkovic. Under pressure from the start, Sharapova committed 30 unforced errors in a performance which underlined her struggles since shoulder surgery in 2008, the year she won the last of her three grand slam singles titles in Melbourne. Bosnian-born Petkovic celebrated reaching the last eight of a major for the first time with an on-court jig. "It started off as a bet with my coach," Petkovic told reporters of the cheeky dance of delight she performed after her upset win. "I'm very superstitious and since I started doing the dance I'm playing much better, so I'll try to keep it up," added the 23-year-old, who faces China's Li Na in the quarter-finals. Squealing mightily on every shot, 14th seed Sharapova could do little right in the first set, spraying wild shots all over Rod Laver Arena. The Russian showed a few signs of a possible fightback during the second set after going 2-0 down but the hole she had dug for herself was too big against a dangerous opponent. She fended off two match points with a pair of rocket forehand returns but Petkovic completed victory in 79 minutes with a deep serve Sharapova could only push into the net. "It definitely wasn't there," said a rueful Sharapova, who since winning here three years ago has reached just one grand slam quarter-final. "Last year I was gone on Monday. I stayed here a little bit longer this year.-Reuters
Aussie spinner Hauritz to have surgery MELBOURNE: Australian spinner Nathan Hauritz is to undergo surgery on his injured shoulder in a bid to return to fitness in time for the World Cup, Cricket Australia said on Sunday. The off-spinner, dropped from the team for the Ashes series, capped a miserable summer when he dislocated his shoulder fielding in the second one-day international against England on Friday. "Nathan Hauritz will have arthroscopic surgery of his shoulder joint in Melbourne," team physiotherapist Alex Kountouris said in a statement. "This is a small procedure that we hope will give him the best opportunity to be available for the ... World Cup." "He will then have a period of intense rehabilitation and attempt to return to training in the coming weeks if we feel this is appropriate." "His availability for the World Cup will depend on his progress through this rehabilitation." Left-arm spinner Xavier Doherty was drafted into the Australia one-day squad on Saturday for the next two of the seven matches against England. Australia also have concerns about two other bowlers in their 15-man World Cup squad with Mitchell Johnson suffering from a throat infection and fellow paceman Shaun Tait struggling with a thigh injury.-Online
Hussey, Lee Haddin, lead Aus to 3-0 vs Eng SYDNEY: David Hussey halted a middle-order collapse and guided Australia to a fourwicket victory over England in the third one-day international at the Sydney Cricket Ground on Sunday. Hussey's 68 not out helped Australia to reach 215-6 and a 3-0 lead in the best-of-seven series, after it had appeared CENTURION: South Africa's batsman Hashim Amla plays a shot during their fifth and they would fail to achieve the final one day international cricket match against India at Super sport park stadium.-Reuters target when Paul Collingwood captured two quick wickets to leave Australia floundering at 100-5. The 33-year-old Hussey steadied the innings with Steve Smith (26) and then John Hastings (18 not out), who cut
India can lay claim to CWC, Gavaskar says Monitoring Desk
BOSTON: Former Indian batsman Sunil Gavaskar believes India has a "balanced" side for the 2011 World Cup and Mahendra Singh Dhoni's men have the "capability" of winning the coveted tournament and breaking the jinx of a host country not lifting the title. "The Indian squad has got a terrific blend of experience and youth and it also has got a good balance, good feel about it," Gavaskar said. "I think this Indian team has got a terrific chance of breaking the jinx of the host country not winning the World Cup. I
believe this team has got the capability of winning the World Cup," Gavaskar said. The former skipper, who is in the city on a private visit, said the Indian team has been playing "some very good cricket" over the last year and a half. He said Indians should extend their full support to the team and not "discourage" the players by "talking about selections." Gavaskar, however, pointed out that the one weakness he sees in the team is in the fielding. "There are certain bowlers in the team who are not exactly fleet-footed. That can make a little bit of difference but if
they are used shrewdly by the captain. I don't see too much of a problem," he said. The 2011 World Cup begins on February 19 and is being hosted by India, Sri Lanka and Bangladesh. Gavaskar said playing on home turf will work in favour of the men in blue since the 15member squad would be aware of the local conditions like weather, pitches as well as have the overwhelming support of the public. Gavaskar added that while the "pluses (of India playing on home turf) overcome the minuses", the "expectation of the public" could distract the players.
Cyclist Armstrong’s swansong smothered ADELAIDE: Lance Armstrong ended his international career at the Tour Down Under in controversial circumstances on Sunday, with continued allegations over illegal doping overshadowing his swansong. The 39-year-old American refused to talk to reporters as he finished his last professional international race 65th overall, almost six minutes adrift of race winner Cameron Meyer of Australia.
Seven-times Tour de France champion Armstrong will now have to deal with a federal investigation in the US triggered by former team mate Floyd Landis's allegations that he and other prominent figures in the sport used performance-enhancing drugs. The Texan, who never tested positive throughout his career, has denied any wrongdoing and said on Friday he was keen to cooperate with
the US Anti-Doping Agency (USADA) following fresh doping allegations published by Sports Illustrated. Armstrong, a Team RadioShack rider, is set to make a few international appearances throughout the year but will not be riding as a professional. Team manager Johan Bruyneel, however, said Armstrong could ride a last pro race in the US at the Tour of California in May.-Reuters
Virat’s form been a big positive: Dhoni PORT ELIZABETH: Indian captain Mahendra Singh Dhoni feels that Virat Kohli's form has been a big positive for India with an eye on the World Cup. Kohli struck an unbeaten 87 during India's 46-run loss in the fourth ODI here yesterday. "It's good for us. The more the number of in-form batsmen, the better it is. I think it's a big positive for us, and we
hope that he (Virat) keeps scoring," Dhoni told reporters at the post match press conference. About the nature of the strip, the Indian captain felt that it was on the slower side. "I think it was slower than some of the wickets we get in India. It was a bit of a worry for the batsmen because you have to get used to the pace of
the wicket, and then only you can score," Dhoni said. Asked whether the wicket was a damp one, he said, "I don't mind a damp wicket again. I don't think it will really happen. And I am hopeful there won't be any Duckworth-Lewis involved in that game, so that's what we are hoping, but we will exactly see how it is when we land in Jo'burg."-Online
Kaymer set for ‘3rd in a row’ Abu Dhabi title Monitoring Desk ABU DHABI: Germany's Martin Kaymer looks set for an unprecedented third Abu Dhabi Golf Championship title as he opened up a five shot lead after the third round of the $2.7 million European Tour event on Saturday. The European No1 and US PGA Championship winner shot his second consecutive bogeyfree round - this time a six-under par 66 - to open his formidable lead at 18-under 198. Northern Ireland tyro Rory McIlroy tried to bridge the gap with a birdie-eagle finish for a superb seven-under par 65, but that was only good for second place at 203, one ahead of English journeyman David Lynn (67). First-round leader Charl Schwartzel struggled but battled his way to a one-under par 71 round to be tied fourth at 10under 206 along with Sweden's Alexander Noren, who signed for a five-under par 67. A birdie on the 18th did little to lift the spirits of US Open champion Graeme McDowell as he knew he missed a chance on a perfect scoring day. The Ulsterman shot a 71 and was tied for sixth place at 207 with compatriot Gareth Maybin. Just how well Kaymer plays on the National course of Abu Dhabi Golf Club can be gauged by his total scores over the last three years - 21-under in 2010; 20under in 2009 and 15-under in 2008. Given he is 18-under after three rounds already, that would be a staggering 74-under par in his last 15 rounds here. And McIlroy acknowledged that Kaymer would be tough to beat. He speaks from experience, having shot a 67 on the final day last year after starting the day one behind Kaymer, and still losing by two as the German shot a 66.
Chris Tremlett to Ajmal Shahzad at deep backward point for the two runs required for the win. Brad Haddin had held the top of the innings together with an aggressive 54, though the other top-five batsmen failed to make it into double figures. Jonathan Trott (84 not out) had anchored England's score of 214, though he failed to take advantage of the powerplay in the final overs when he was batting with the tail and seemed content to push for singles rather than chance his arm despite only three players being allowed outside the fielding circle.
England were again guilty of failing to bat out their full complement of overs. Chris Tremlett (1) was run out on the final ball of the 48th over when he failed to ground his bat, which denied Trott the possibility of a last flurry. Trott shared in a 57-run partnership with Eoin Morgan (30) and 49 runs with Luke Wright (32) but too many of England's batsmen threw their wickets away with loose shots. Brett Lee took three for 27 off eight overs and was a constant menace throughout the England innings, earning the man-of-the match award.Reuters
Uthappa holds patriotism fast NEW DELHI: He may have commanded the second highest price at the recently concluded Indian Premier League (IPL) players' auction, but for India discard Robin Uthappa playing for the country is of foremost importance. "It feels pretty good and satisfying. There are people who think that I am worth that much. Eventually my passion is to play for the country first." "India cap is lot dearer to me than playing in the IPL. Playing for the country is more important. Players should strive hard to represent their country first than go for the IPL event. When they play for their country, their worth becomes that much that they can command good money," Uthappa who was here for a promotional event told the mediapersons.
Whether he was expecting such a high bid from the franchises after having a base price of Rs 92 lakh, Uthappa said "not that much". "Not necessarily that much. To be honest don't know how to react. But I was sure to come somewhere close to that amount." "The fact that I belong to Pune Warriors makes me responsible towards them. I will play to the best of my ability for my new team," said Uthappa. Uthappa emerged as the biggest surprise package during the IPL auction, with the Pune and Kochi franchises involved in an intense bidding war to rope in the Bangalore lad before Pune warriors had the last laugh buying him for a whopping Rs 9.66 crore.Reuters
MELBOURNE: Petkovic of Germany reacts during her match against Sharapova of Russia at the Australian Open tennis tournament.-Reuters
Federer fags, Djokovic jumps in Aus Open MELBOURNE: Defending champion Roger Federer made heavy work of reaching his 27th consecutive grand slam quarter-final with a 6-3 3-6 6-3 6-2 win over Tommy Robredo at the Australian Open on Sunday. Novak Djokovic had no such problems in his fourth round encounter with Nicolas Almagro, steaming past the 14th seed 6-3 6-4 6-0 to set up a last eight encounter with Thomas Berdych, who thrashed a third Spaniard, Fernando Verdasco, 6-4 6-2 63.
World number one Caroline Wozniacki breezed into the women's quarter-finals with a 6-3 6-4 victory over Latvia's Anastasija Sevastova before engaging in more jousting with the media by making up story about a kangaroo scratch. A record five Spaniards had reached the men's fourth round at Melbourne Park but, of the three who played on Sunday, only unseeded Robredo was able to win a set. With temperatures beginning to rise towards more customary heights after a cool first week, Federer looked in vin-
tage form on Rod Laver Arena as he raced through the first set in 32 minutes without losing a point on his serve. Errors started creeping into the 29-year-old's game in the second, with his forehand particularly wayward, and that allowed Robredo an unlikely break to level the contest. Federer had won the last nine of the 10 encounters between the two players and was not about to see that trend broken with his bid for a fifth Australian Open title on the line. The 16-times grand slam
champion upped his aggression level to win the third before, keen to get out of the sweltering heat and with Robredo wilting, racing through the fourth to set up a meeting with Andy Roddick or fellow Swiss Stan Wawrinka. "It was a tough match and I'm really happy to be in the next round," said Federer, who racked up 40 unforced errors and 50 winners in the 145minute contest. "I'm sweating bullets out here so I'm really delighted to win this match." Third seed Novak Djokovic, the 2008 champion, dominated
the 14th seeded Almagro from the baseline, facing just one break point in the first two sets then racing through the third in 28 minutes to seal an emphatic victory. The 23-year-old won his only grand slam title here in 2008 but has been knocked out in the last eight for the last two years and was delighted to end the first week with another quick contest. "It was a very good match," he said. "Serve was great today, and it's important to raise a level of performance as I did today before the quarter-
finals. "Now the opponents are very difficult and matches are tough and unpredictable," he added. Sixth seed Berdych, another of a cluster of players snapping at the heels of the dominant Rafa Nadal and Federer, was also in impressive form in disposing of Verdasco on Margaret Court Arena. The Czech, who reached the Wimbledon final last year, wrapped up his victory in just 118 minutes by thundering an 11th ace of the day straight down the middle of the court.-Reuters
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Monday, January 24, 2011
IRAN MAY FACE MORE PRESSURE AFTER TALKS FAIL * ISTANBUL TALKS FAIL TO MAKE HEADWAY IN NUCLEAR STANDOFF * MORE DIPLOMACY EXPECTED *US HAS THREATENED MORE UNILATERAL SANCTIONS ON IRAN
DESPITE LACK OF PROGRESS-EXPERT
I
ran may face intensifying sanctions pressure from the West after the Islamic Republic and world powers failed to make any progress towards resolving the dispute overTehran's nuclear plans at a meeting in Istanbul. But it is uncertain whether such punitive measures can succeed in forcing Iran's hardline leadership, which uses the country's nuclear advances to rally nationalist support at home, to back down and curb its atomic activities. "I don't see that the Iranian side can or will give in," said Shannon Kile, a proliferation expert at the Stockholm International Peace Research Institute (SIPRI). Two days of seemingly fruitless discussions in the Turkish city between Iran and the six powers -the United States, France,Germany, China, Russia and Britain -- ended on Saturday without even an agreement on when and where to meet again. "This certainly gives Washington reason to push for further measures," Mark Fitzpatrick, a former senior US State Departmentofficial now at the International Institute for Strategic Studies (IISS), a thinktank in London. "But I don't think this is the end of diplomacy." European Union foreign policy chief Catherine Ashton said the door remained open for more talks but the outcome was clearly disap-
pointing for her and other Western officials, even if no one had expected any major breakthrough. The powers had hoped for signs that Iran would be willing to start addressing their concerns about its nuclear programme, which the West fears is aimed at making bombs but Tehran says is designed for peaceful power generation. Iran's delegation, headed by chief nuclear negotiator Saeed Jalili, made clear from the outset that the country's "nuclear rights" were not negotiable, including uranium enrichment -- the activity which most worries the West. "I wonder if Iranian negotiators didn't have a very narrow negotiating mandate from the capital," Kile said, adding this could reflect divisions in Tehran on how to proceed. Ashton, who led the big powers' delegation, put forward a revised proposal for a nuclear fuel swap, seen by the West as a possible way to build confidence for broader nuclear talks. "PRESSURE TRACK" But the meeting ended without any result on this or other ideas to reduce mutual mistrust, even if a senior US official said there had been no breakdown in the talks. In the previous session between the two sides in Geneva in early December, which also made no concrete headway in easing the standoff, there was at least an agreement to have another meeting in Istanbul
at the end of January. The Istanbul talks underlined the wide divide and how increasingly tough sanctions on Iran, a major oil producer, have so far had little effect in persuading it to change course. US Secretary of State Hillary Clinton raised the possibility earlier this week of further increasing such pressure, telling US networkABC the Obama administration may propose new unilateral measures against Iran. "I don't want to speculate on what decisions will get made. There are certainly options there for the pressure track," a senior US officialsaid in Istanbul after the talks ended. Any US push to again tighten such pressure on Iran may angerRussia, which voted for a fourth round of U.N. sanctions last June, but which criticised subsequent unilateral steps by the United Statesand the 27-nation EU. Western officials say the sanctions are hurting the Iranian economy, even though a higher oil price may blunt the impact. Bruno Tertrais, an Iran expert at the Paris-based Foundation for Strategic Research, said the most efficient sanctions had been those implemented by Washington and the EU, which include measures targeting Iran's vital oil and gas sectors. "I think that there will be ... an attempt to intensify the implementation of existing sanctions,"
SIPRI'S Kile said. Both Iran and the powers had signalled readiness to resume talks on a proposal to exchange Iranian lowenriched uranium (LEU) for highergrade fuel to be used in a research reactor. But they remain far apart on how to carry out such a swap, which was tentatively agreed in late 2009 but
later unravelled after Iran backed away from its terms. It would have reduced Tehran's stockpile of potential bomb material. "I don't think Jalili was in any position to be able to show any flexibility. They will have to study it," Fitzpatrick said, referring to Ashton's proposal which would require Iran to send abroad most of
its LEU, something it has resisted. "Iran's tactics would not have allowed much real movement forward and if there is going to be any breakthrough, it might require some less public manoeuvring, some way in which the two sides can meet quietly to explore possibilities," he said. -Reuters
Tough issues to test US-China summit glow T
he presidents of China and theUnited States showed they can sing a summit duet in relative harmony but relations overall will remain more like two orchestras bickering over what score to play. Getting North and South Korea back to the negotiating table was the biggest accomplishment of Hu Jintao's choreographed four-day visit to the United States and there were warm words about more cooperation between the economic powers. Contained, but not resolved, were rifts over trade flows, currency policy and human rights. Domestic politics, with US President Barack Obama facing re-election in 2012 and Hu preparing to hand off the presidency in early 2013, hang over the prospects for major advances. "The talk was largely about cooperative and shared longterm interest but there wasn't a clear path to reconciliation of short-term interests where there are conflicts," said Eswar
Prasad, a Brookings Institution economist and former International Monetary Fund official. But Prasad and other analysts saw a new maturity in the relationship after a rocky year as both sides seemed able to set out their differences without falling into confrontation. The Washington stop was designed to benefit both leaders. It offered Hu the symbolism of a state visit, a White House dinner and chats with top American executives and gave Obama an opportunity to speak out on the importance of human rights and a level playing field for trade. It was also a bit of a victory lap for Hu, who has seen China grow into the world's second-largest economy during his time as leader. As China ascends, the United States struggles to recover from its deepest downturn since the 1930s. "BACK TO REALITY" "I would separate how the two countries and leaders feel about each other and the relationship, and what is actually
being done," saidStephen Yates of DC International Advisory, a former securityadviser in the George W. Bush administration. He said with any fresh tensions -- between the two Koreas, at sea between China and the United States or its allies South Korea andJapan or over a new US arms sale proposal for Taiwan -- "all of that feeling dissipates like the morning fog and we are back to reality." In a speech in Washington on Thursday, Hu seemed to anticipate this problem, saying: "We should prevent our relations from being affected or held back by any individual incident at any particular time." Obama, in a news conference with Hu, spoke forcefully of the need for China to raise the value of its yuan currency, reduce import barriers and take stronger steps to stop piracy and counterfeiting of US goods. In contrast, Hu did not mention China's concern about US fiscal and monetary policies --
including the printing of billions of dollars as part of a stimulus program -- that Beijing has argued are fueling global economic imbalances. Hu also said nothing in public about the yuan. Nor did he emphasise the power and responsibility that China holds as the largest foreign holder of US government debt. But the sharp drop in China's overall trade surplus last year shows it is shifting away from export-driven growth and
makes it harder for Washington to blame its trade deficit on Beijing, said Yukon Huang, a senior associate at the Carnegie Endowment for International Peace. "Currency will always be contentious because it's an easy mark" for US lawmakers worried about job losses, said Huang, a formerdirector for China at the World Bank. Obama touted the $45 billion in business deals announced at the summit as a way to create
American jobs as the US unemployment rate remains stubbornly above 9 per cent. The deals, even if they live up to the headline figures, do not really address Chinese trade barriers and other policies that contribute to a US trade deficit with China of about $270 billion, by Washington's count. But Huang said this week's big export deals may help change American perceptions that economic relations with China are a "win-lose" proposition. "I think China genuinely wants to import more from the United States," he said. MUTUAL WARINESS STILL STRONG The trip reduced tensions between the two countries, said Shi Yinhong, head of the Center for American Studies at Renmin University in Beijing. But the commitment by Hu and Obama to forge more steady relations will be tested by companies, soldiers, politicians and citizens often wary of the other power. Some senior US lawmakers, for example, declined invitations to
meet Hu. The Global Times, a popular tabloid published by China's Communist Party, praised Hu's diplomacy but warned that Obama's welcoming of China's ascent "has not been widely accepted in theUnited States." Hu's Communist Party faces the expectations of nationalistic citizens and military officers eager to demonstrate China's growing power, which some of them overestimate while overstating US weaknesses. The Chinese military itself remains a wild card, despite agreements by Hu and Obama to step up contacts between the armed forces of the two countries. But North Korea remains the biggest unknown, warned Yates, who said revelations of Pyongyang's uranium enrichment program made "2010 a profoundly bad wake-up call" about China's promised help. "Consider me skeptical about the proceeds of happy talk at meetings until we see real change on the ground in North Korea," he said. -Reuters
Trading probe reveals the temptations for 'experts' E
xpert network firms, currently the focus of a major US insider trading investigation, have never had to work too hard to find midlevel corporate executives willing to moonlight as paid consultants. With consultants earning anywhere from $200 to $1,000 an hour for a meeting with hedge fund traders, working for an expert network firm -an intermediary company that matches industry consultants with hedge funds -- is an easy way for an executive to pad his bank account. The ongoing federal investigation is revealing that some high-demand consultants, especially ones willing to pass on confidential corporate information, were sometimes earning double their salaries by moonlighting with an expert network firm. Some of the consultants arrested so far in the investigation raked in as much as $200,000 in fees. The high hourly fees paid by expert network firms to consultants, many of whom make
only modest salaries at their full-time jobs, is raising questions about whether the potential to earn all this extra cash is what tempts some consultants to break the law and provide hedge funds with inside information. "In a situation where somebody is making $200,000, that's clearly more than a little bit of outside work," said Jeff Morgan, president and chief executive of the National Investor Relations Institute inWashington. "Your average person may get enticed or sucked into this." A case in point is Winifred Jiau, charged by federal prosecutors on Dec. 29 with passing on confidential corporate information about twotechnology companies to a number of hedge fund traders and analysts. Prosecutors in New York claim that Jiau, as a consultant withCalifornia-based expert network firm Primary Global Research, earned $200,000 in fees from hedge funds over a two-year period. That is on a
par with the type of money she was making as anindependent trader. And many of her calls with hedge fund managers were brief. Prosecutors allege it took Jiau less than 4 minutes of her time to give a hedge fund manager the heads-up on what Marvell Technology Group would report as earnings for the second quarter of 2008. It is not clear from the complaints what portion of the fees the expert network firm would have taken. Another well-compensated consultant nabbed in the probe is Tony Longoria, a former supply chain manager for Advanced Micro Devices Inc in Round Rock, Texas. Federal authorities claim he too took in more than $200,000 in consulting fees and was one of Primary Global's "top guys," in high demand with hedge fund customers. It is not known what Longoria was making at AMD. But the median salary for a typical supply chain manager with a US company is $95,847,
according to Salary.com, a company that helps businesses manage compensation. Some observers say the temptation by consultants to cheat and generate more work for themselves by passing on confidential corporate information may even stem from degree of income envy. Indeed, in the tech sector, there are thousands of software programmers and other tech geeks who have become millionaires from cashing in on low-priced stock options. Yet by contrast, the average tech operations manager working in California's Silicon Valley earns between $77,550 and $107,910, according to employment firm Robert Half Technology. "There's an element of just wanting to be important," said Doug Freedman, semiconductor analyst at Gleacher & Co. "People want to show that they know things, almost like a schoolyard mentality." To be sure, not all consultants, even some of those charged with passing on insid-
er information, get rich by working for an expert network firm. Prosecutors claim Walter Shimoon, a former senior director of business development at Flextronics International Ltd, made a little more than $22,000 from January 2008 through June 2010, while moonlighting as a consultant with Primary Global. Authorities contend some of the information Shimoon allegedly provided to hedge funds was secrets about developments with Apple Inc'siPhone 4. Flextronics makes component parts for the iPhone. Most companies have policies in place that govern the kind of part-time work in which their employees may engage. Many companies say they frown upon or outright bar employees from working with expert network firms. At Dell Inc, where one former employee pleaded guilty to leaking information, a spokesman said its code of conduct "strictly prohibits"
secondary employment of any kind that interferes with Dell employment, or uses its confidential information for personal gain.Daniel DeVore, a former global supply manager at Dell, has pleaded guilty in the insider trading probe. He made $145,750 through expert networks by charging about $300 an hour, according to court papers. But analysts say the insider trading investigation has shown that either companies did not enforce those policies, or simply were not aware of what their employees were doing and how much additional income they were making. "It is absolutely common to be an expert (in the technology industry) and depending on what role you are with the firm, it would be more or less likely," said Michael Mayhew, chairman and founder ofIntegrity Research Associates, which tracks trends in investment research. "If you are in purchasing, it's more likely you will be con-
tacted because maybe they are following the suppliers to your company," Mayhew said. In the wake of the first wave of arrests, some tech companies say they are going back and reviewing their policies regarding outside consulting work. Flextronics, for instance, said it has taken steps to prevent expert network firms from hiring other employees after the arrest. Meanwhile, other expert network firms, including the largest --Gerson Lehrman Group -- say they also have procedures in place that seek to deter any improper communications between consultants and hedge funds. GLG, for example, specifically prohibits industry experts from consulting about their own companies and has also built systems to help it identify conflicts of interest. The firm also does not allow experts to have more than three telephone consulting sessions with a client in a year, without explicit consent of their companies.Reuters
Students stage protests after Yemen arrests female activist
TEHRAN: Iranian President Mahmoud Ahmadinejad (C) waves to his supporters while visiting Rasht, 323 km (200 miles) northwest of Tehran.-Reuters
Karzai silent over parliament deal, lawmakers worry KABUL: Afghan President Hamid Karzai kept silent on Sunday about a deal to end a political crisis by inaugurating parliament on Wednesday, as lawmakers worried he would cling to a special election court they consider illegal. Karzai on Saturday abandoned a decision to delay the opening of the assembly by a month, bowing to heavy international and domestic pressure after lawmakers threatened to convene the assembly with or without him on the scheduled date, January 23. The standoff threw the government into chaos at a time when insurgent violence is at its worst since the 2001 overthrow of theTaliban government by U.S-backed forces. MPs said Karzai offered after marathon talks on Saturday to open parliament just three days later than scheduled, and hinted he may consider abolishing the court that triggered the turmoil. A majority of MPs agreed to accept the compromise on
the date, but also told Karzai the court had to go. They have had no response yet from the palace to their demands. "We waited to see the chief justice....yesterday but the president told us that since it is a political debate, the chief justice doesn't want to take part," said Younus Qanuni, who has been chosen as an unofficial speaker for parliament. "Our understanding is that if they had a convincing argument (supporting the court) to present to the Wolesi Jirga (lower house), they would have participated." The lawmakers gathered again at the Intercontinental hotel on Sunday, but appeared divided among themselves over how much leeway to give the president. Some said they feared he would try to engineer another postponement of the Wednesday opening. Karzai set up the special tribunal by presidential decree after protests by losing candidates angry at corruption and
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Monday, January 24, 2011
winners frustrated that they still had not taken their seats. It was meant to resolve outstanding cases rapidly ahead of the inauguration, but last week asked Karzai for more time. Critics question the court's legitimacy and say it serves Karzai's political agenda rather than the interests of justice. The final results, announced by December 1 and endorsed byAfghanistan's Western backers, have created a larger, more vocal and coherent opposition bloc than in the last parliament. The losing candidates are strong supporters of the count and outside Kabul's Eid Gah mosque on Sunday some 200 supporters of losing Kabul contender Najeebullah Mujaheed demanded the tribunal be given time to rule on more than 300 election complaints. Mujaheed branded the winners "mafiosos and drug traffickers", and said his supporters would prevent parliament from opening.-Reuters
SANAA: Yemen has arrested a woman activist who led student rallies against the government in the capital last week, sparking a new wave of protests on Sunday. Inspired by the ousting of Tunisia's president a week ago, Tawakul Karman led two protests at Sanaa University, criticizing autocratic Arab leaders and calling on Yemenis to topple President Ali Abdullah Saleh by using text messages and emails. A security source said Karman, a member of the Islamist party Islah, was arrested by order of the General Prosecution Office. Police stopped Karman on her way home early on Sunday and charged her with organizing unlicensed demonstrations without permission, said her husband Mohamed Ismail al-Nehmi, who was with her. "I have no accurate information about her whereabouts," Nehmi toldReuters by phone. "Maybe at the central prison, maybe somewhere else, I don't know." After Karman's arrest, several hundred students gathered outsideSanaa University, demanding her release. Riot police beat up two TV cameramen filming the protests and confiscated their cameras, a Reuters eyewitness said. One was briefly arrested. Some 50-60 policemen armed with shields and batons stopped the crowd, chanting "release the prisoners", from marching toward the general prosecutors' office, the witness said. Karman, who heads the Yemeni activist group Women JournalistsWithout Chains, had also called on Yemenis to support the Tunisian people. The overthrow of the Tunisian president was a political earthquake that has shattered the image of oppressive, militarybacked Arab rulers as immune to popular discontent. Saleh has ruled Yemen, the Arab world's poorest country, for over three decades, his cashstrapped government challenged by rebellions in the north and south and by spreading al Qaeda militancy. He is also struggling to lift Yemen out of entrenched poverty despite small and decreasing oil production and an increasingly severe shortage of water. More than 40 per cent of the 23 million people live on under $2 a day and almost a third suffer from chronic hunger.-Reuters
Car bombs kill 6, wound 29 in Iraq BAGHDAD: Five car bombs went off around Baghdad on Sunday, killing at least six people and wounding 29, security sources said, in a seemingly coordinated series of attacks during a major Shi'ite religious rite. Four exploded within the Iraqi capital itself. A car bomb in Baghdad's mainly Shi'ite northwestern district of Kadhimiya exploded near a bus carrying Iranian pilgrims, killing one and wounding seven, police and Interior Ministry sources said. Other car bombs detonated near a hotel in Baghdad's central Abu Nawas street, two police patrols in the southern Ilaam district and in al-
Mesbah in central Baghdad, killing three people, including apoliceman, and wounding 18, the sources said. Elsewhere, a car bomb killed two people and wounded four in Taji, 20 km (12 miles) north of Baghdad, an Interior Ministry source said. A police source said it was a roadside bomb. The government office which coordinates security in the capital said in a statement the blasts were mainly targeting Shi'ite pilgrims making a religious trek to the holy Shi'ite city of Kerbala for the annual rite of Arbain. According to the statement read to Reuters, two members of the security forces were
killed and five wounded in the Baghdad bombings. Arbain marks the end of a 40-day mourning period for Imam Hussein, a central figure of Shi'ite Islam. It culminates on Tuesday. A wave of bomb attacks on Shi'ite pilgrims and police last week killed at least 110 people and wounded hundreds more, posing a challenge to Iraqi security forces as US troops prepare to withdraw by the end of the year. More attacks in the coming days, especially against Shi'ite pilgrims, are likely. Around 120,000 police and troops have been mobilised to protect Shi'ite pilgrims heading to Kerbala.-Reuters
Egypt blames Palestinian Qaeda-linked group for bomb CAIRO: Egypt's interior minister said on Sunday the government had proof that the Army of Islam, a Palestinian group linked to al Qaeda, was behind the New Year's Day bombing of a church that killed 23 people. Officials had suspected an al Qaeda-inspired bomber was behind the blast that ripped through a crowd outside the church in the city ofAlexandria, prompting protests by Christians that the state had not done enough to protect them. The Army of Islam considers leaders of al Qaeda as
spiritual mentors and endorses its ideology, though it has never admitted direct links to the group. An Iraq-based al Qaeda group had called for attacks on Egypt's Christians, who make up one tenth of the population, before the church bombing. "If elements of the Palestinian Army of Islam, linked to al Qaeda, thought they had hidden behind elements that were recruited, we have decisive proof of their heinous involvement in planning and carrying out such a villainous terrorist act,"
Interior Minister Habib elAdli said in a speech. President Hosni Mubarak, in an address broadcast on state TV, praised the police for finding out who was responsible for the bombing and said the attackers had "tried to sow discord between Copts and Muslims". The Army of Islam played a part in a cross-border attack in 2006 in the Gaza Strip in which Israeli soldier Gilad Shalit was abducted. The group later cut relations with Hamas, the group which controlsGaza, and has clashed with Hamas.-Reuters
One dead, 100 hurt in Bangladesh wage protest DHAKA: A man was killed and nearly 100 others were wounded when police fired rubber bullets and tear gas to disperse protesters demanding higher wages in Bangladesh on Sunday, police said. The disturbances occurred at Siddhirganj, 16 km (10 miles) east of the capital Dhaka, when
workers at a pharmaceutical company demanding higher wages blockaded a major highway and vandalised vehicles. "We had to fire rubber bullets and tear gas as workers turned violent," a police officer told Reuters from the scene, adding that the situation had been brought under control.
The body of the victim bore multiple injuries inflicted during the hour-long clash, he said without giving details. Workers demanding higher wages often stage violent protests inBangladesh, where rising food prices have been a trigger for labour unrest.Reuters
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According to details, taking notice of increasing incidents of target killing in various parts of the country including Karachi, Balochistan province and it sought report from Federal Interior Secretary, four provincial secretaries and IGs police. The investigating report into target killing incidents will be submitted in the next meeting of the committee. Talking to Online, the chairman of the committee expressed concern over increasing torture incidents against women and adding that the committee for human rights strongly condemned it. He demanded of the government to take strict action against target killing and violence against women. -Online
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The CM thanked God Almighty for the fact that law and order was much better as compared to other Provinces, while government was making all-out efforts for making the effort more conducive. -Online
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ignored UN Security Council resolutions demanding it suspend uranium enrichment, the process which can make fuel for atomic power plants or, if done to a very high level, the fissile core of a nuclear bomb. Ashton, the European Union's foreign policy chief, said after the Istanbul talks: "The process can go forward if Iran chooses to respond positively The door remains open. The choice remains in Iran's hands." Iran says the other countries must respect its "nuclear rights" and that its enrichment activities are not negotiable. It calls sanctions which were tightened last year illegal and Ahmadinejad said Iran would not give in to "bullying". The prospect of an Iranian atom bomb fans fears of a broader Middle East conflict should the United States or Israel opt to attack it, a mooted last-ditch option were diplomacy to fail. -Agencies
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Jhagra and Ghaus Ali Shah. However, opposition leader in National Assembly Chaudhry Nisar Ali has severely opposed the name of Javed Hashmi for the slot. When contacted central leader of PML-N, Senator Pervez Rasheed on this issue, he told that PML-N holds the deadline for the party reorganisation till March 2011 and the process will surely be completed before the deadline. Whereas issue of party's president is concerned, PML-N is a democratic party, and whoever wishes from the party may contest for election. -Online
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48.8 per cent to Rs37.63 billion against Rs25.28 billion in 1HFY10. Top line is likely to surge mainly due to higher oil production which surged by 74 per cent YoY at 7.2kbpd from 4.16kbpd driven by higher production from Mela and Nashpa. Similarly gas production may up by 6 per cent to 906 mmcfd in 1HFY11 against 853 mmcfd in 1HFY10 owing to higher production form Manzalai CPF. Field expenditure is expected to increase by 15 per cent at Rs8.87 billion as compared to Rs7.71 billion in 1HFY10. Moreover, other operating income is likely to add significantly towards profitability of the company as it expected to surge by 55.8 per cent to Rs 1.93 billion 1HFY11 compared to Rs 1.24 billion previously.
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$17.16 million, resulting in net-buying of $14.7 million during the week. On the other hand, biggest weekly selling was witnessed from mutual funds which offloaded $39.06 million of shares in the local bourse against the buying of $31.46 million, thus turning the net selling worth of $7.6 million. Moreover, banks and other organisations also joined trend as they net ejected $4.18 million and $1.86 million respectively.
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discuss ways and means if the pricing system can be improved further. -Agencies
British journalist, Asad Qureshi. Although the British journalist Continued from page 1 No #10 was later released as a result of successful negotiation, Khwaja their peak in Punjab where life and property of the people is no was killed. His body was found dumped by a roadside in longer secure,� the statement said, proposing handing over of the Miranshah on April 30. Little-known Usman group of banned province to the Army ‘to control the situation made worse by lawTehreek-e-Taliban Pakistan (TTP) had claimed to have abducted lessness, bad governance and rampant crimes’. them. According to sources, Imam was murdered for failing to Continued from page 1 No #11 pay the ransom demanded by his kidnappers. -NNI government," the hundreds chanted as they marched through the Continued from page 12 No #5 centre of Tunis, waving flags and holding up pictures of some of North Waziristan's main town of Miranshah.As a result, four the dozens of people killed by security forces during the uprising. persons were killed while several others were injured. -Agencies The new transitional government, put in place following president Zine-El Abidine Ben Ali's downfall on January 14, has unveiled Continued from page 12 No #6 A number of names have emerged for the top slot in the party if unprecedented democratic freedoms but is still led by Ghannouchi Sharif brothers exclude themselves from this race, although the and other old regime figures who have held on to key posts. "We central party leadership wishes Main brothers to lead the party have come to bring down the rest of the dictatorship," said themselves. Names for the expected president of the party include Mohammed Layani, an elderly man draped in a Tunisian flag. The Javed Hashmi, Khwaja Sa'ad Rafiq and Chaudhry Nisar Ali, protesters called their trip from impoverished central Tunisia a whereas party has also been considering the names of Iqbal Zafar "Caravan of Liberation". The march is being supported by the
BAGHDAD: A policeman gestures to vehicles to pass after a bomb attack occurred in Baghdad's Abu Nawas street.-Reuters
General Union of Tunisian Workers, known under its French acronym as UGTT, which played a key role in anti-Ben Ali protests and has refused to recognise the fledgling government. Thousands took part in peaceful anti-government demonstrators in Tunis on Saturday and were joined by hundreds of police officers, some of whom briefly blocked a car carrying the country's interim president Foued Mebazaa. Public assemblies of more than three people are officially banned under a state of emergency that remains in place, along with a night-time curfew. The curfew has been eased and schools and universities, which have been shut since January 10, are expected to begin re-opening this week.Ghannouchi has been prime minister in Tunisia since 1999 and has promised to quit politics after the North African state's first democratic elections since independence from France in 1956. Mebazaa has promised a "total break" with Ben Ali's 23-year rule and the government has announced that political prisoners will be released, media censorship lifted and all political parties legalised. Many Tunisians are already enjoying their new-found freedoms after the first popular revolt in the Arab world's recent history, which has inspired dissidents to protest in many other parts of the region. "Free at last!" read a sign spray-painted on the central Avenue Bourguiba.-Reuters
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to resolve all issues and disputes including Kashmir with India but through the process of dialogue. He said that his Indian counterpart also had positive approach in this regard however he was under pressure by Indian people and parliament. He said that a stable Afghanistan was in the interest of Pakistan and 'we want peace and prosperity there'. Pakistan is a responsible nuclear state and act carefully on all matters of national and international importance, he maintained. To another query, the Premier said that democracy in Pakistan had been revived following great sacrifices of the leadership and workers of country's political parties, citing, the benefits of the passage of NFC Award, internal autonomy to Gilgit-Baltistan, freedom of judiciary and media, and the 18th amendment, were now passed on to the common man. Pakistan Peoples Party is the largest political party of the country and symbol of federation, he said, that PPP, for the first time in Pakistan's political history, has introduced tolerance and reconciliation in the politics. While just distribution of developmental funds among the parliamentarians was being ensured, and the present government was following the vision of Mohtarma Benazir Bhutto Shaheed and taking along all the political parties on all important issues, he said. After successful launching of Benazir Income Support Programme (BISP) for poverty alleviation, Gilani said, the government is going to ensure Life and Health Insurance and subsidised utility bills for the poorest of the poor, while, the poor youth is being made skilled workforce through NAVTEC (National Vocational and Technical Education Council) thus enabling them to earn their livelihood. The government has diversified the economy in various sectors especially the agriculture sector, which helped improve food security, he said, asserting that despite the devastating floods in the country, Pakistan is able to export its agro-products including the wheat.
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Monday, January 24, 2011
NA session begins today ISLAMABAD: The final parliamentary session of the National Assembly session of the year 2010, would be held today (Monday) at 4:00pm. The 28th National Assembly session, chaired by Speaker Dr Fehmida Mirza would deliberate the overall law and order situation of the country, besides other business of the House. The session would be reviewing the reports of various standing committees, adjournment motions, point-of-orders, and question-hour, as a part of its agenda. Before the session, a meeting of the House Business Advisory would be held in Speaker's Chambers, which would be attended by chief whips of parliamentarian parties. -Agencies
KARACHI: A delegation of PML-Q led by Ch Shujaat Hussain called on Sindh Chief Minister Syed Qaim Ali Shah at CM House.-APP
‘N’ next chief
Governor Punjab visits MQM headquarter
Nisar opposes Hashmi
Progress hinges on peace: Khosa
I S L A M A B A D : Reorganisation of PML-N has not been completed in provinces and Center because of severe differences among top party leadership for the slot of president, as Chaudhry Nisar has opposed the name of Javed Hashmi in this regard. PML-N Quaid Mian Nawaz Sharif had announced for the party reorganisation during party convention held in 2009 in Murree after he dissolved all the existing bodies. After his announcement, organising committees had been formed in all four provinces and Center for the party elections. The process of party reorganisation was supposed to be completed in one-year's time, but it is still pending after passing the two years. The main reason for not completing the process is differences among top party leadership for which Sharif brothers have been struggling to sort out. See # 6 Page 11
KARACHI: Governor Punjab Sardar Latif Khosa has visited MQM headquarter, 'Nine Zero' and exchanged views with the leadership of MQM about political situation in the country. The two sides agreed over continuing cooperation with each other. Sindh Senior Provincial Minister and Education Minister Pir Mazhar-ul Haq and Provincial Law Minister Ayaz Samroo accompanied with Punjab Governor during his visit of ‘Nine Zero’ on Sunday. While, MQM leaders Dr Farooq Sattar, Babar Ghauri and Nasreen Jalil welcomed Latif Khosa on his arrival at Nine Zero. On this occasion, Latif Khosa said that he brought
the message of peace and love from Punjab, adding Karachi is lifeline of Pakistan. The peace is necessary in Karachi for the development of country and the hatred should be removed in order to strengthen the nation, he added. The government took decision about reduction in development expenditures and deducted Rs100 billion on the proposal of MQM, Punjab Governor noted. He said that the door of Punjab Governor House would remain open for the people. The Governor House will continue to play its role for the solution of the problems of the masses. During his telephonic talks with Latif Khosa, Altaf Hussain congratulated Khosa over his appointment as
Governor of Punjab and hoped that Khosa will help in the elimination of crimes in Punjab. On this occasion, Dr Farooq Sattar suggested that there is need to create harmony among the provinces, adding that all the political parties should jointly work for the provincial harmony. He said that the MQM and Punjab Governor discussed various issues including improvement of democratic measures, welfare of masses, poverty, inflation and unemployment. All the parties have to maintain the reconciliatory process for the solution of these issues. Dr Farooq Sattar said that Latif Khosa has assured to remove the hurdles in MQM works in Punjab provinces. Agencies
Ex-ISI officer Col Imam killed ISLAMABAD: Former InterServices Intelligence (ISI) official Colonel Imam was murdered by his Taliban abductors in North Waziristan. Imam's dead body is still being kept by the abductors, a private TV reported on Sunday. He was abducted in March last year from North Waziristan along with another former ISI official Khalid Khwaja and a See # 4 Page 11
Two drone strikes kill 7 MIRANSHAH: At least seven people were killed while several were injured in two separate US drone attacks in North Waziristan on Sunday, officials said. In first strike, the US drone fired two missiles on a car immediately after it parked outside a house; killing three persons. The vehicle was completely destroyed and the house badly damaged in the incident. In second incident, the unmanned aircraft launched the missiles in Datta Khel, some 40 kilometres west of See # 5 Page 11
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PML-Q delegation meets CM Sindh
Khi, now under govt’s thumb: Qaim KARACHI: Chief Minister Sindh has said that law and order situation in Karachi was well under government’s control, as the government had taken joint efforts to stem the growing instances of target killings with its coalition partners, ANP and MQM for the purpose; results of which were trickling on the positive side. He was talking to a delegation of PML-Q led by its president Chaudhry Shujaat called upon the CM, Sindh, Qaim Ali Shah in the CM House, and discussed matters of mutual and bilateral interests and specifically the matters pertaining to law and order in the City. Welcoming the delegation, and replying to a question, the CM rejected the news regarding any major operation by Rangers as
Khi killings
NA body demands action ISLAMABAD: National Assembly Standing Committee for Human Rights has taken notice of increasing incidents of target killing in various parts of the country including Karachi, Balochistan province and demanded the government to take action against it. See # 1 Page 11 totally baseless, and wrong; clarifying that only a specific area had been subjected to operation and few arrests were also made. See # 2 Page 11
Nuclear Programme
Tehran wants to keep talks alive TEHRAN: Iran hopes to resume talks with world powers concerned about its nuclear programme, President Mahmoud Ahmadinejad said on Sunday, after negotiations ended in stalemate and with no clear agreement to meet again. "If the other party is determined and committed to law, justice and respect, there is hope that in the next sessions good results would be achieved," Ahmadinejad said in a televised speech to a crowd in the city of Rasht. Two days of talks with the United States, France, Germany, China, Russia and Britain ended without progress on Saturday with the group's lead negotiator, Catherine Ashton, saying no further meeting had been scheduled.
Ahmadinejad spoke as if there were no question that the talks would resume. "In the upcoming meetings there will be good agreements made, provided the two parties remain committed to the spirit of the talks," he said during one of his regular trips to the provinces. He blamed Israel and its allies in the West for the lack of progress. "Uncultured zionists and some people in America and Europe are hopeful the issues remain unresolved," he said. The talks, held in the Turkish city of Istanbul, were meant to address Iran's standoff with countries that fear it may be developing nuclear weapons. Tehran says its nuclear programme is peaceful and has See # 3 Page 11
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