International Karachi, Friday, December 24, 2010, Muharram-ul-Haram 17, Price Rs12 Pages 12
Altaf demands immediate release of Shahzain Bugti Economic Indicators Forex Reserves (18-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Nov 10) Remittances (Jul 10 - Nov 10) Foreign Invest (Jul 10-Nov 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Sep 10)
GDP Growth FY10E Per Capita Income FY10 Population
194.74 32.01 1.20 2783
NCCPL (U.S $ in million)
1.27 1.89 -5.09 -0.10 0.47 1.71 -0.15
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,792.83 10,346.48 22,902.97 19,982.88 2,706.00 2,855.22 5,974.79 11,531.30
Change 55.79 24.05 142.22 32.92 6.27 22.68 22.99 1.86
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.38 22.51 192.87 2.00 42.84 1.70 36.41 10.72 36.74
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
15-Dec-2010 15-Dec-2010 15-Dec-2010 29-Nov-2010 23-Dec-2010 23-Dec-2010 23-Dec-2010 23-Dec-2010 23-Dec-2010 23-Dec-2010 23-Dec-2010 23-Dec-2010 23-Dec-2010 23-Dec-2010 23-Dec-2010
13.17% 13.39% 13.69% 14.00% 13.31% 13.42% 13.60% 13.94% 14.11% 14.14% 14.19% 14.24% 14.52% 14.68% 14.87%
Commodities *Crude Oil (brent)$/bbl 93.75 *Crude Oil (WTI)$/bbl 90.54 *Cotton $/lb 153.00 *Gold $/ozs 1,374.20 *Silver $/ozs 29.10 Malaysian Palm $ 1,170 GOLD (NCEL) PKR 38,214 KHI Cotton 40Kg PKR 10,074
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 85.30 Canadian $ 84.00 Danish Krone 15.20 Euro 112.00 Hong Kong $ 10.90 Japanese Yen 1.011 Saudi Riyal 22.73 Singapore $ 65.10 Swedish Korona 12.60 Swiss Franc 87.00 U.A.E Dirham 23.23 UK Pound 131.80 US $ 85.50
Sell (Rs)
86.30 85.00 15.30 114.00 11.00 1.037 22.93 66.10 12.80 87.20 23.47 133.30 85.80
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.81 84.62 15.08 112.35 11.01 1.024 22.84 65.57 12.50 90.08 23.32 132.04 85.68
86.01 84.82 15.11 112.61 11.04 1.027 22.89 65.72 12.53 90.29 23.37 132.35 85.87
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
20°C 31°C 19°C 20°C 11°C 21°C
MIN
0°C 11°C 2°C 5°C -6°C 2°C
Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com
www.thefinancialdaily.com
Gas deficit seen ending in a month
See on Page 12
Isb urges ECO to pool efforts for regional progress
SCRA(U.S $ in million)
FIPI (23-Dec-2010) Local Companies (23-Dec-2010) Banks / DFI (23-Dec-2010) Mutual Funds (23-Dec-2010) NBFC (23-Dec-2010) Local Investors (23-Dec-2010) Other Organization (23-Dec-2010)
See on Page 12
Trade corridors offered to ECO
Portfolio Investment
Total Portfolio Invest (17 Dec-2010)
Tripartite Panel satisfied over ties-level
Zardari addresses Economic Coordination Organization
$16.39bn 14.44% $8.88bn $15.37bn $(6.49)bn $(504)mn $4.43bn $746mn Rs 495bn $58.41bn Rs 5234.9bn $287.9mn -2.58% 4.10% $1,051 171.37mn
Yearly(Jul, 2010 up to 22-Dec-2010) Monthly(Nov, 2010 up to-22-Dec-2010) Daily (22-Dec-2010)
2 injured in blasts at 2 embassies in Rome
ISTANBUL: President Asif Ali Zardari during a meeting with the President of Kyrgystan Roza Otunbayeva on the sidelines of the 11th ECO summit. -APP
Parliament is reflection of people's aspirations: Gilani
USA court can’t call ISI boss: PM No operation in NWA on dictations, NA informed ISLAMABAD: "We cannot force ISI officials to appear before the US courts, said Prime Minister Yousuf Raza Gilani while addressing the National Assembly session on Thursday. "It is a very important and sensitive agency; you can't summon ISI without its approval," PM maintained. Referring to Swat operation, the PM asserted that "We took all political stakeholders on board well before launching the operation," added "we will not take anyone's dictation on North Waziristan operation." The premier said that the whole nation is against the menace of terrorism. He affirmed that investment would not come into the country till complete peace is established.
PM hinted at involvement of foreign hand behind the Balochistan unrest. Gilani told NA that Frontier Constabulary could not act without Balochistan government's nod. He said that no compromise would be made on country's sovereignty and integrity. He underscored that each institution must pay respect to the other in this regard. Prime Minister said Parliament had proved that it had materialised the vision of its founding father, Quaid-eAzam Muhammad Ali Jinnah, who propounded parliamentary form of government in Pakistan. Regarding provincial President Jamhori Watan Party Shah Zain Bugti incident, PM
RGST to be legislated, says Hina
RGST to help document trade ISLAMABAD: Minister of State for Finance Hina Rabbani Khar informed the National Assembly Thursday that Reformed General Sales Tax (RGST) bill is aimed at ensuring the documentation of the country's trade and economy. “RGST is just meant to document the economy rather than resources mobilisation,” Rabbani said during the question hour session. "The government would accommodate all the recommendation to further improve
the bill without compromising on the spirit of the bill", she remarked. She rejected the perception that the RGST would be implemented without taking the Parliament into confidence. "Had there been any such intention on the part of the government it would not have wasted a long-time on consultations with political parties over the bill", she said. She stressed the need for not politicising the issues related to See # 10 Page 11
2H: wellhead gas price may persist Ahmed Siddique KARACHI: Wellhead gas prices for second half of fiscal year 2011 are expected to remain unchanged for most of the fields -- except of few -which would be increased by nominal 1 per cent due to lower Arab Light and HSFO prices in June to November 2010. The average price of Arab Light declined 0.7 per cent to $76.7 per barrel in Jun 10Nov-10 comparing with $77.2 per barrel during the period December-09 to May-10.
Similarly, average HSFO prices dipped 2 per cent to $449 per tonne in the above mentioned period. The Oil and Gas Regulatory Authority (OGRA) revises the wellhead gas prices on semiannual basis. According to the gas price agreements of individual fields, prices of most of the fields -- which are quoted in dollar-term -- would remain unchanged. However, fields quoted in rupee-term like Sui, Kandhkot, Qadirpur, Adhi and Dakhni See # 11 Page 11
said it is absolutely a provincial matter adding we are in contact with provincial government stressing that Interior Minister is not in the country at the moment when he comes back, he will give explanation. Prime Minister said that Parliament was a reflection of the aspirations of people of the country Pakistan and a supreme forum that translated their will into legislation. Gilani said that the passage of 18th and 19th Constitutional Amendment bills was indicative of the emergence of a strong parliamentary system due to political sagacity and maturity of the political forces of the country. Talking to a delegation of See # 9 Page 11
Nisar raises voice over summoning of ISI chief ISLAMABAD: Leader of the Opposition in National Assembly Chaudhry Nisar has urged the government to take solid measures to protect national sovereignty and stop other countries to intervene in our affairs. Speaking in the House here on Thursday, he condemned the United States court for summoning ISI Chief and other officers in Mumbai attack case and said it was not the decision of the court but it was a political move to bring Pakistan under pressure. He said the Government must take it seriously and protect the sovereignty. See # 8 Page 11
PTCL granted appeal plea ISLAMABAD: Supreme Court of Pakistan has granted appeal plea of PTCL against the decisions of three high courts on grant of full pension and facilities to the employees who have been retired under voluntary scheme and has rejected employees' appeals by suspending high court decision given in their favour. A 3-member SC bench presided over by the Chief Justice of Pakistan Iftikhar Muhammad Chaudhry and comprising Justice Ghulam See # 12 Page 11
ISTANBUL: President Asif Ali Zardari said on Thursday that Pakistan was ready to provide trade and communication corridors through its territory and ports to its friends and partners. "We are ready to provide energy as a bridge and develop win-win scenarios," President said while addressing 11th summit of Economic Coordination Organization. He said that Iran-Pakistan gas pipeline and TAPI gas pipeline projects should be seen in that context. He described development as strategic priority and urged the ECO member states that infrastructure and energy connectivity in the region should be one of the key goals. He said that trade was possible only if there were infrastructural linkages and integrated border arrangements for trade facilitation. He added that one of the major achievements of ECO
was the enforcement of Transit Transport Framework Agreement (TTFA). The President said that Islamabad-Tehran-Istanbul train service and ECO Truck Caravan were commendable successes. He said, "Pakistan remains deeply committed to the aims and objectives of ECO. ECO brings us together to renew our partnership for comprehensive regional development and prosperity". "Our region is blessed with enormous resources and we have vast human capital. We have huge natural resources, including hydro-carbons, minerals, agriculture and technology," the President said. President Zardari said that the ECO represented the best hope to promote trade and economic linkages in the region and urged the member countries to pool resources to harness their potential. The ECO states have the
Govt returned $8.66bn in three years
External debt rises to $53bn ISLAMABAD: Country's outstanding foreign loans have exceeded $53.77 billion out of which $8.9 billion have been obtained from IMF. Responding to a query during Question Hour in the National Assembly on Thursday, State Minister for Finance Hina Rabbani Khar told that government has returned loans worth $8.66 billion during last three years. She said that it is wrong to say that only salary-class pay taxes because only 35 per cent amount out of Rs528 billion collected in head of taxes has been paid by salary-class. She said that foreign countries have invested $9.22 bil-
lion in Pakistan during last three years. She said that different fiscal institutions have given financial aid worth of $4.25 billion to Pakistan during last two years, out of which $1.73billion given by World Bank and $2.52 billion by the Asian Development Bank and this aid has been utilised. She said that international aid institutions are being contacted for reconstruction and rehabilitation of flood victims and no one has refused us aid it is still in various stages. Answering to question she said that during fiscal year 2008-09 the banks have written off loans worth $74.38 billion. See # 4 Page 11
New tax likely as RGST held up ISLAMABAD: Government has started working on plan B after the strong opposition from partners of ruling coalition and opposition parties on the matter of imposition of RGST. Federal Bureau of Revenue (FBR) will issue notification to restrict tax exemption. According to FBR sources proposal is under consideration to present alternative program in place of RGST within a few
days after Suleman Siddique assumes charge as new chairman of FBR today. Government is also considering to defer RGST and present it during the next budget for the financial year 2011-12. It may be recalled government had assured IMF to get approve RGST from parliament for obtaining 6th tranche under 11.30 billion dollars stand by program . -Online
KESC blamed for corruption
MQM lawmakers Ashraf trade fire ISLAMABAD: Members of National Assembly from MQM and Minister for Water and Power Raja Pervaiz Ashraf have exchanged bitter words over persistent load-shedding by KESC, over-billing and hike in power tariff, however chairman Abdul Qadir has given ruling that KESC authorities be summoned in Islamabad and the matter be reviewed.
MQM legislators Dr Nadeem Ehsan and Syed Asif Hussain while speaking on a calling attention notice in National Assembly here Thursday said KESC officials were corrupt. Responding to their questions minister for water and power Raja Pervaiz Ashraf said they should produce evidence if they had any with regard to over-charging. See # 6 Page 11
capacity to collectively address their needs and be masters of their own destiny, the President said and added that since its establishment, the ECO had matured and progressed. He said, "Vision 2015 developed five years ago, is a pragmatic roadmap and since then, the ECO has achieved a lot. However, we still have a long way to go to exploit the true potential of the region." Trans-regional development and economic integration is the core objective but for it the functional mechanisms of ECO needs to be fully operationalised, he said and added this included placing ECO Trade Agreement on fast track. He said Pakistan had already signed and ratified (Economic Cooperation Organization Trade Agreement (ECOTA). He said "Pakistan and Turkey have recently agreed to operationalise this Agreement, bilaterally and urged other See # 3 Page 11
Forex reserves fall to $16.39bn Staff Reporter KARACHI: Country's foreign exchange reserves fell to $16.39 billion in the week ending December 18, down from $16.41 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $12.63 billion from $12.69 billion, while those held by commercial banks rose to $3.76 billion from $3.72 billion, said Syed Wasimuddin, chief spokesman of the central bank. Country's reserves hit a record high of $17.10 billion in the week ending Oct 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade deficit. Earlier the reserves got a boost in September after the IMF sent Pakistan $450 million and said that the money would go toward the budget to help with additional spending for flood relief and immediate See # 5 Page 11
SBP says no plan for Liara Sukuk ISLAMABAD: The State Bank of Pakistan (SBP) has said that there is no programme to issue Liara Sukuk for the second half of the current financial year 20010-11. The SBP said in a statement that details of any new auction schedule for the second half of 2010-11 have not been announced while it has already conducted two auctions of the Ijara Sukuk on November 8 and December 13 respectively. The central bank pointed out that there is already a programme in place to issue Government of Pakistan (GoP) Ijara Sukuk with the underling See # 7 Page 11
2
Friday, December 24, 2010
Modern CNG pumps soon in Karachi
KARACHI: Sindh Chief Minister Syed Qaim Ali Shah presiding over a meeting regarding collection taxes at Chief Minister House.-APP
KESC speeds up drive against bill defaulters KARACHI: The Karachi Electric Supply Company has stepped up revenue recovery drive against chronic payment defaulters all across the Metropolis and successfully received payments from some major commercial and residential projects where power supply had been disconnected to motivate consumers for paying huge longstanding bills. Major locations disconnected for recovery of outstanding dues during the current month are: Sara Shopping, Bismillah
TV PROGRAMMES FRIDAY Time Programmes 7:00 News 8:00 News 9:00 News 11:00 News 11:05 Headlines 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Awam Ki Awaz 23:00 News 23:30 24
FRIDAY Time Programmes 8:00 Chai Time (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:05 Siyasat Mana Hai (Rpt) 16:00 News 16:02 Akhri Suada 16:30 Karobari Dunya 17:00 News 17:05 Ghar Ka Kharch (Rpt) 18:00 News 18:05 Chai Time 19:00 Headlines 19:30 Mang Raha Hai Pakistan 20:00 Headlines 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 Headlines 22:05 Dosra Pehlu 23:00 News 23:05 Siyasat Mana Hai (Rpt) 0:00 News
Centre, Shakeel Gardens, Iqra City Phase-2, A-1 Complex Phase-1, A-1 Complex Phase-2, A-1 Apartments, Shireen Jinnah Colony, KDA Flats Surjani, Rabia City and Palm Beach Apartments Clifton. Power supply was disconnected and negotiations had been held with the representatives of the defaulting consumers. Local influential persons and elected representatives played their due positive role in this process. In all these cases the non-payers have signed undertakings
with KESC on payment schedule and we have started receiving payments from these projects. Recently in the presence of political leadership KESC has successfully negotiated with the associations in Alkaram and Apsara Apartments in Liaqatabad and a formal agreement for the recovery of outstanding dues will be signed on Friday December 24, 2010. The KESC teams have been surveying all areas of the City to identify major defaulting consumers. The
CM chairs tax collection meeting
Sharmila lauds 19th Amendment
KARACHI: Chief Minister Sindh Syed Qaim Ali Shah, on Thursday presided a high level meeting at CM House here in connection with collection of various taxes in the province of Sindh. The Chief Minister Sindh observed that the process of collection of taxes is less than the target fixed by the Government and as such it will be imperative to have concerted efforts for improving the process of collection of various government taxes. He directed the concerned departments to pay full attention towards generation of funds so as to meet the needs of various development schemes in the province. The Chief Minister stressed upon Revenue Department, Excise and Taxation Department and other departments to pay full attention towards recovery of taxes promptly and as such all departments should undertake concerted efforts to increase the financial resources of the provincial government.-APP
ICCI calls for plan to revive industries
Staff Reporter KARACHI: Advisor to Chief Minister Sindh on Information & Archives Sharmila Faruqui has felicitated President Asif Ali Zardari, Prime Minister Yousuf Raza Gilani and Members of Parliament on approval of 19th amendment while talking to journalists at her office. Sharmila Faruqui said that PPP Government has always respected Constitution and judiciary and through 18th amendment the Constitution was restored in its original shape while now, through 19th amendment the num-
latest initiative has brought positive results to speed up cash inflow which is direly needed by the utility to maintain balance of payment with major providers like PEPCO, PSO and SSGC. The enormity of accumulated circular debt of the energy sector has already created great hardships for all the stakeholders. In this situation, the nonpayment on the part of major residential and commercial consumers has further escalated the cash inflow constraints for the utility.-PPI
ber of Judges in Judicial Commission has been increased to 4 while in appointment of adhoc judges the Prime Minister will also have a role. This proves that she added Government does not want confrontation with Judiciary and it always believes in free and independent judiciary. She further stated that judiciary will get strengthened with the passage of 19th amendment. She also stated that under the leadership of President Asif Ali Zardari our government has taken great steps for the benefit of people, the media is free.
Report on gas usage sought KARACHI: Sindh High Court Thursday directed Sindh Government & Sui Southern Gas Company Limited to produce daily consumption/ production report of gas in Sindh province from month of December 2010. A division bench comprising Chief Justice Sarmad Jalal Osmany & Justice Salman Hamid was hearing petition filed by SITE Association, challenging SSGC notification dated May 2, 2010. It stated gas supply to industrial
units in SITE was reduced, which was illegal and unlawful. It was prayed to set aside operation of impugned notification regarding gas supply cuts to SITE industries and restrain SSGC from implementing same. On Thursday, SHC division ordered SSGC and Government of Sindh to produce daily consumption/production report of gas in province of Sindh for month of December 2010. Hearing was adjourned to January 11, 2011.-PPI
ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) on Thursday urged the government for redeveloping micro and macro strategies for industrial revival and to achieve sustainable industrial growth. KARACHI: Mirza Ikhtiaar Baig, Federal Advisor ICCI President Mahfooz Textile, Government of Pakistan hosted a dinner Elahi said in a statement reception in honour of Tariq Iqbal Puri, CEO that during the last three TDAP.-Staff Photo years, decline in the industrial sector growth has been one of the major reasons of the lowest GDP growth rate in the region. The country is in dire need of a result and growth oriented industrial policy to get out of the economic crisis and to promote investment addressing the vital factors that are restraining the industrial LAHORE: Bishop of Lahore Alexander John Malik and others lighting the candles during annual growth in the country, he Christmas dinner at Lahore Catholic Church.-Online added.-APP
KARACHI: Sindh Minister for Transport Akhtar Hussain Jadoon has said that the first ever high power CNG Station of the country would be established in Karachi soon which would help environment friendly transport to run in the country. He said we are negotiating with the transport companies of Malaysia and Argentine in this regard. He said the modern CNG filling system would take one to two minutes to fill gas in wide-bodied bus. This he said in a meeting with the ambassador of Pakistan in Argentina Nayla Chohan. Minister said the government is making efforts to install modern CNG technology system in order to give a quality CNG filling system for public transport in Sindh. "We are trying to make an agreement with an Argentinean company for environment in this regard", he said. Nayla Chohan said that there are various transports companies in Argentina and the Government delegation should visit the country and chose the best technology.-PPI
CNG bus project reviewed KARACHI: Chief Secretary Sindh Ghulam Ali Shah Pasha has emphasised upon various nationbuilding departments and prosperous transporters to play their vital role in respect of the SMBB (Shaheed Muhtarama Benazir Bhutto) CNG buses project, being implemented through the KMTC (Karachi mass Transit Cell), CDGK. He was presiding over a high level meeting, to this effect at Chief Secretary House on Thursday. The meeting was also attended by Senior Vice President, National Bank of Pakistan Tariq Hassan who briefed the financial loaning procedure of NBP in this connection. The chief Secretary advised the DG, KMTC/CDGK to ensure liaison with NBP and other concerned quarters including transporters and finalize the process within a couple of days, on top most priority basis. It may be mentioned that on the initiative of planning commission, Government of Pakistan, the CNG Bus Project was approved by the Prime Minister, under which 225 busses as per pilot phase of Shaheed Benazir Bhutto CNG bus project through 6 prequalifies investors.-PPI
Public holiday declared on 27th KARACHI: Sindh government would announce a public holiday on 27th December on the account of the third death anniversary of slain PPP Chairperson Shaheed Benzir Bhutto. This was decided in a high-level meeting held at Chief Minister House with Chief Minister Sindh Syed Qaim Ali Shah in chair. The meeting reviewed the arrangements of the death anniversary of Shaheed Benazir Bhutto. Senior Minister for Education and Literacy Pir Mazhar-ul-Haq, Sindh Minister for Law and Parliamentary Affairs Mohammad Ayaz Soomro, and others were present.-PPI
KCCI urges close govt-trader liaison KARACHI: President, Karachi Chamber of Commerce and Industry (KCCI), Muhammad Saeed Shafiq has urged the business community to cooperate with the Government in all its policies and steps aimed at promoting business-friendly environment in the country. "Close partnership between the Government and the business community is must for progress in social and economic portfolios", he said while talking to APP. He claimed that peace and security during Aushura in the city became possible only, when the
businessmen and the Government stood and worked together. This cooperation should be expanded to all sections of the society in the larger interest of the nation and the country. "Every body should play his positive role for individual and collective benefits", KCCI chief emphasised. He was optimistic that the country would achieve its export target of dollars 20 billion set for the year 2010-11, mainly because of the cotton price in the international market has almost doubled. The increased cotton rate would boost our exports' proceeds.
He said 2010 proved a lean year for local and foreign investment. Boulton Market mishap and other terrorist incidents in the country sent a bad message to the investors. Real estate fall in Dubai was a serious shock for Pakistani investors and a huge capital of the country sank there. We also faced devastating flood over large area in the country. President KCCI Muhammad Saeed Shafiq reiterated Chamber's stand on reformed general sales tax (RGST) suggesting that this tax would put more burden over the common-man.-APP
LCCI to work for mineral utilisation Staff Correspondent LAHORE: The Lahore Chamber of Commerce and Industry and Punjab Mines and Mineral Department will conduct a joint study to identify potential and constraints impeding investment and better utilisation of mineral resource base. This was decided at a meeting chaired by LCCI Senior Vice President Sheikh Mohammad Arshad here at the Lahore Chamber of Commerce and Industry on Thursday. Provincial Secretary Mines & Mineral Shahid Mehmood, LCCI Vice President Sohail Azhar, Executive Committee
Member Mian Zahid Javaid also spoke on the occasion. The LCCI Senior Vice President said that the Lahore Chamber of Commerce and Industry would also prepare two working papers on Rock Salt, its by products and Utilization of Coal for power generation. Appreciating the Chief
Minister Punjab Mian Shahbaz Sharif, the LCCI Senior Vice President said that the all efforts would be made for the success of Punjab government's Mineral Strategic Plan as it is a shift from the regulatory mode to corporate working for attracting investment in this particular area.
KARACHI: Rana Farooq Saeed Khan, Federal Minister for Textile, Idrees Ahmed Textile Commissioner, Zaheer A Hussain CEO Pakistan Textile City, Dr Waqar Masood, Federal Secretary for Textile, Col(Retd) Syed Asif Jamal, GM Technical Operations Pakistan Textile City, Aun Ali Sayani CFO & Company Secretary, Pakistan Textile City.-Staff Photo
3
Friday, December 24, 2010 Top Economic Events
Euro hits 3wk low vs dollar on concerns; Swiss franc falls seen the Swiss currency hit record highs versus the euro for six consecutive days. The euro-zone debt crisis has prompted investors to flock to the safehaven Swiss franc in recent weeks. US economic data showing a small drop in weekly jobless claims and a smaller-than-expected rise in consumer spending had little impact on the dollar. With liquidity thinning ahead of year-end, traders said flows were having a bigger impact on price than fundamentals. In early trading, the euro was down 0.3 per cent at $1.3066, after having dropped as low as $1.3055 on EBS, and was on track for a weekly loss of about
0.9 per cent. The euro had earlier risen after a Chinese Foreign Ministry
spokeswoman said China was willing to help countries in the euro-zone return to economic health and would support the International Monetary Fund bailout package for the bloc. On Wednesday, the Jornal de Negocios daily reported that China was looking to buy between 4 and 5 billion euros of Portuguese sovereign debt to help the country ward off pressure in bond markets. "To have any discernible
Asian currencies
Won gains on exporters, dollar position clearings Ringgit rises, trading subdued before holidays SEOUL: The South Korean won and the Malaysian ringgit rose against the dollar on Thursday as dealers pushed through trade-related flows and investors repatriated some cash before volumes thin even more because of holidays. Trading volumes were already relatively low in Asia because Tokyo financial markets were closed for public holiday. Asian currencies are expected to gradually rise in 2011 thanks to the region's solid fundamentals attracting portfolio capital flows. Gains may be limited though if the euro-zone fiscal crisis makes
investors less willing to place money in riskier emerging markets, analysts and dealers said. The won rose 0.5 per cent against the dollar as exporters' demand for settlements caused investors to clear dollar-long positions and foreign investors kept buying local stocks and bond futures. Foreign investors bought a net 140.9 billion won ($122.1 million) worth of stocks and a net 394.8 billion won in treasury bond futures, respectively. They purchased a net 351.7 billion in stocks on Wednesday and a combined net 1.55 trillion won in the prior two con-
Stg hobbles as Fisher, data erode sentiment LONDON: Sterling hovered near a three-month low against the dollar on Thursday, struggling to stay above key technical support after a downward revision to UK growth the previous day kept the pound under selling pressure. Sterling hit multi-year troughs against the high-yielding Australian dollar and the safehaven Swiss franc in holiday thinned liquidity, which left the
pound vulnerable to erratic, choppy trade. Denting sterling sentiment were comments from Bank of England policymaker Paul Fisher, who said the economy could suffer another period of contraction next year. His comments came a day after data showed downward revisions to economic growth in the past two quarters. Even as consumer spending is seen rising during the holiday season, analysts warned a rise in value-added tax at the start of 2011 would curb demand and
lead to weaker growth next year. At the same time, austerity measures and internal government tensions would keep investors negative on the pound, they said. By 1415 GMT, sterling was little changed on the day at $1.5400, barely keeping above its 200-day moving average around $1.5390, which was considered key technical support. Despite the pound's broad loss-
es, it managed to gain versus the euro, the day's biggest underperformer, due to ongoing concerns about debt problems plaguing weaker euro-zone countries. The single currency slipped 0.4 per cent to 84.78 pence, falling below its 200-day moving average at 85.05 pence, which may signal further weakness. The pound fell to A$1.5307 against the Australian currency while tumbling to 1.4623 Swiss francs. Broad selling in sterling pushed the currency's trade-weighted index to 79.80, its lowest since early November. -Reuters
secutive sessions. The ringgit gained 0.5 per cent against the dollar in thin trade on the back of repatriation flows and some dollar offers ahead of the Christmas and New Year holidays. But its gains were limited on importers' dollar demand for settlements. "We could see continued inflows pushing the ringgit towards 3.1000 eventually," a Kuala Lumpur-based dealer said. "Some importers note that the dollar is cheap at this level and have been buying it," the dealer added. -Reuters
Swiss franc off highs vs euro ZURICH: The Swiss franc on Thursday inched off the previous day's all-time high against the euro, with the common currency winning temporary reprieve from traders seeking to capitalise on its big fall. But the outlook for the single currency remained shaky, with some in the market not ruling out further weakness against the Swissie as worries about debts in the euro-zone persist. The franc, which some analysts have termed 'the new Deutsche Mark', has risen more than 15 per cent against the euro this year, slowing growth in Swiss exports. Yet the Swiss National Bank was not yet seen likely to resume its interventions, which it waged between March 2009 and June 2010, since deflationary pressures have eased and the interventions have become politically unpopular. The franc was down 0.3 per cent against the euro compared to the New York close, trading at 1.2503 per euro at 0750 GMT. It rose as high as 1.2435 on Wednesday, its strongest ever against the euro, according to Reuters data. The franc was near flat against the dollar at 0.9513 per dollar. -Reuters
NZD resilient; Aussie hits 6wk high vs USD WELLINGTON/SYDNEY: The New Zealand dollar recovered on Thursday from a brief sell-off in reaction to data showing a contraction in the economy, while the Australian currency hit sixweek highs against a broadly weaker greenback. The kiwi rose to as high as $0.7472 after a brief fall to below $0.7400 in immediate reaction to data showing New Zealand gross domestic product fell 0.2 per cent, the first negative reading in six quarters. The fall was halted as local banks started buying on dips, and as some in the market covered short positions, traders said. "The market was braced for a much worse than expected number," said Sue Trinh, currency strategist at RBC Capital Markets in Hong Kong. "Markets have gotten very bearish on the kiwi over the past couple of weeks especially after the warning from S&P rating agency." The data also reaffirmed views that the central bank will remain on hold until at least mid-2011. The Reserve Bank of New Zealand has said it needed to see a sustained, robust recovery before it
would lift interest rates. "The data reduces the likelihood that hikes will be brought forward ... we now expect the next hike to occur in September 2011," Westpac chief economist Brian O'Donovan said. Westpac had earlier expected the next rate hike in June. The market was now pricing 58 basis points worth of tightening over the next 12 months, down from 61 bps before the data. The recovery in the kiwi knocked the Aussie off a 10-year high of NZ$1.3505 set just after the NZ GDP data. It was last at NZ$1.3448. Still, the New Zealand dollar remains under pressure versus the Aussie as it reflects the divergent views of the New Zealand and Australian economies. Buoyed by strong commodity prices, a booming labour market and a growing economy, the Australian dollar climbed to six-week highs at $1.0033. It last traded at $1.0032. Support for the Aussie is seen from $0.9840, with resistance now at its 28-year high around $1.0182 set in November. -Reuters
effect China will have to buy a lot more than 5 billion euros if they expect to have any impact on the negative sentiment surrounding Europe," said Michael Hewson, currency analyst at CMC Markets. The euro was up 0.8 per cent at 1.2560 Swiss francs, after hitting an all-time low of 1.2440 on trading platform EBS on Wednesday. "As long as there are periphery concerns in the euro-zone, a lower euro/Swiss is very hard to fight," Lignos said. A North Korean minister saying his country was prepared to wage a "holy war" against the South using its nuclear deterrent had no discernible impact on major currencies. The dollar fell 0.6 per cent to 83.06 yen in thinned trade with Tokyo closed for a national holiday and ahead of the Christmas holidays in the United States and Europe. -Reuters
Yuan finishes higher, imported inflation eyed SHANGHAI: The yuan ended up on Thursday after the People's Bank of China set its mid-point at the strongest level in a month, helping offset the negative impact on the currency from a slight rise in the dollar overnight. The central bank set a series of higher mid-points this week despite a rally in the US Dollar Index. It appeared to be sending a signal that it would use the yuan exchange rate to fight potential imported inflation, boosted by high global prices for commodities such as oil, traders said. In a related development, Beijing raised retail gasoline and diesel prices by about 4 per cent to record highs this week, with US crude futures topping $90 per barrel. The country's consumer price index rose to a 28-month high of 5.1 per cent in November from a year earlier, with real interest rates having been negative since February. "Faced with high prices at home and abroad, the PBOC may have to make preparations from now on to use the
exchange rate to fight imported inflation next year," said a dealer at a Chinese bank in Shanghai. Dealers said the yuan could appreciate 3 to 5 per cent next year on a combination of political pressure and China needing to consider its own economic situation, such as high imported inflation. Spot yuan closed at 6.6431 versus the dollar, little changed from Wednesday's close of 6.6461. It has risen 2.76 per cent since the PBOC announced a depegging of the two currencies in mid-June. The central bank set the day's mid-point at 6.6466, the highest level since Nov. 22 and slightly stronger than Wednesday's 6.6548. The midpoint is a level from which the yuan may rise or fall 0.5 per cent against the dollar on a given day. Offshore, one-year NDFs were bid at 6.5000, down slightly from Wednesday's close of 6.5050, with their implied yuan appreciation in a year's time rising to 2.26 per cent from 2.18 per cent. -Reuters
Indian rupee dips, $ demand suffers MUMBAI: The Indian rupee snapped a two-day winning streak on Thursday as large dollar demand from a big company, custodian banks and importers along with a weak domestic stock market weighed. The partially convertible rupee closed at 45.16/17 per dollar, 0.2 per cent below Wednesday's close of 45.085/095. In early trade the rupee rose as high as 44.9750, its strongest since Dec 14. "There was good importer interest seen in the 44.95-45.10 region. Some big corporate names were also heard of and state-run banks were also there. Overall 44.85-45.00 should hold and is considered good for importers to cover up to 1 month payables," said J. Moses Harding, head of global markets at IndusInd Bank. "Now the range to look for is 44.85-45.35 with the EUR/USD at $1.30-$1.32 and Sensex at 19,850-20,150 points," he added. The one-year forward dollar premium rose as high as 256.75 points, its highest since Oct. 28,
Source
All Day
EUR
German Bank Holiday
Events
All Day
EUR
Italian Bank Holiday
All Day
USD
Forecast
Previous
Previous
Bank Holiday
Previous Day
China reiterates support for euro-zone countries NEW YORK: The euro fell to a threeweek low against the dollar on Thursday amid persistent concern about debt troubles in Europe, though analysts said strong technical support levels could limit near-term downside. The euro earlier fell to around $1.3050, below its 200-day moving average currently located at $1.3092 on trading platform EBS. Investors have pushed the euro beneath this key support level for the past three sessions, only to see the currency bounce back later in the day. Analysts said the euro will likely hold above $1.30 in the coming days, with traders reluctant to place big bets before year-end. The outlook for the single currency remains shaky, with fresh losses expected into 2011, they added. The Swiss franc weakened broadly as investors booked profits on a rally had
Time
and up from Wednesday's close of 252 basis points. In the month until Wednesday, foreign funds had pulled out a net $544.33 million from Indian equities. They have, however, pumped in a net $28.4 billion so far this year on top of the $17.5 billion invested last year. In currency futures, the most traded near-month dollar-rupee contracts on the National Stock Exchange and United Stock exchange closed at 45.1925, while those on the MCX-SX ended at 45.1950. The total traded volume on the three exchanges was at a low $4.9 billion compared with an average of around $7 billion. -Reuters
Source
Events
Actual
Forecast
NZD JPY GBP CAD USD USD USD USD USD USD USD USD
GDP q/q -0.2% Bank Holiday BBA Mortgage Approvals 30.0K GDP m/m 0.2% Core Durable Goods Orders m/m 2.4% Unemployment Claims 420K Core PCE Price Index m/m 0.1% Durable Goods Orders m/m -1.3% Personal Spending m/m 0.4% Personal Income m/m 0.3% Revised UoM Consumer Sentiment 74.5 New Home Sales 290K
0.1%
0.1%
31.3K 0.3% 1.7% 421K 0.1% -0.5% 0.5% 0.3% 74.7 301K
30.7K -0.1% -1.9% 423K 0.0% -3.1% 0.7% 0.4% 74.2 275K
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3064 1.3148 0.9609 0.9616 1.5413 1.5432 1.0123 1.0164 1.0033 1.0048 108.5700 109.6000 0.8479 0.8524 1.2551 1.2571 128.0900 128.7300 86.4900 87.8100 0.9496 0.9499 1375.7800 1388.1500 29.1900 29.3300
Bid 1.3062 0.9604 1.5408 1.0119 1.0029 108.5300 0.8474 1.2547 128.0200 86.4400 0.9491 1374.9800 29.1200
Low 1.3054 0.9494 1.5374 1.0118 1.9990 108.4800 0.8467 1.2458 127.4800 86.3800 0.9385 1372.5100 28.9600
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 23/12/2010 A USD GBP CAD EUR JPY O/N 0.24125 0.55500 0.95000 0.34250 SN 0.09688 1WK 0.25375 0.56313 0.99833 0.53375 0.10725 2WK 0.25688 0.57063 1.05000 0.59000 0.11250 1MO 0.26063 0.58625 1.10000 0.72375 0.12875 2MO 0.28250 0.64375 1.15000 0.83313 0.15125 3MO 0.30281 0.75438 1.23000 0.94125 0.18688 4MO 0.34813 0.83688 1.30333 1.01313 0.24413 5MO 0.40313 0.94000 1.36833 1.09625 0.30375 6MO 0.45719 1.04813 1.44167 1.19250 0.34750 7MO 0.51000 1.12750 1.51667 1.24125 0.39875 8MO 0.56063 1.21125 1.58333 1.29125 0.44313 9MO 0.61594 1.29313 1.65000 1.34125 0.48750 10MO 0.66813 1.37250 1.72500 1.39250 0.51313 11MO 0.72281 1.44125 1.81167 1.43625 0.53750 12MO 0.78313 1.50813 1.89833 1.47875 0.56625
Major Central Banks Overview Central Bank Bank of England European Central Bank Swiss National Bank The Reserve Bank of Australia Bank of Canada Federal Reserve Bank of Japan
Next Meeting
Last Change
January 13, 2011 January 13, 2011 March 17, 2011 February 1, 2011 n/a n/a n/a
March 5, 2009 May 7, 2009 March 12, 2009 November 2, 2010 September 8, 2010 December 16, 2008 December 19, 2008
Current Interest Rate 0.50% 1% 0.25% 4.75% 1% 0.25% 0.10%
Division of National Bank of Pakistan (NBP) KARACHI, December 23,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.85 132.35 112.61 84.82 90.29 86.01 12.53 1.03 14.35 65.72 15.11 22.89 11.04 12.92 303.75 27.52 63.86 23.58 23.37 0.07 2.85
85.65 132.04 112.35 84.62 90.08 85.81 12.50 1.03 14.32 65.57 15.08 22.84 11.01 12.89 303.05 27.46 63.72 23.52 23.32 0.07 2.84
85.46 131.74 112.09 84.40 89.84 85.59 12.47 1.03 14.28 65.39 15.04 22.78 10.98 12.85 302.25 27.39 63.55 23.46 23.26 0.07 2.83
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 23, 2010
KASB
BMA
ELXIR
GSL
ICSL
13.00 13.00 13.05 13.10 13.17 13.30 13.35 13.50 13.65 13.95 14.15 14.16 14.18 14.20 14.22 14.22 14.23 14.23 14.50 14.60
13.05 12.50 13.05 13.08 13.16 13.33 13.38 13.47 13.65 14.00 14.14 14.17 14.19 14.27 14.30 14.08 14.10 14.24 14.40 14.40
13.00 12.80 12.95 13.06 13.16 13.26 13.33 13.49 13.65 13.95 14.14 14.16 14.17 14.30 14.34 14.10 14.10 14.22 14.55 14.70
12.90 12.80 12.95 12.98 13.18 13.22 13.35 13.52 13.65 13.95 14.15 14.16 14.20 14.22 14.23 14.23 14.24 14.25 14.60 14.90
12.90 12.85 12.95 13.05 13.15 13.20 13.30 13.45 13.65 13.90 14.11 14.20 14.21 14.30 14.35 14.00 14.20 14.22 14.55 14.75
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 13.00 12.95 13.05 13.10 13.18 13.25 13.35 13.50 13.65 13.90 14.13 14.15 14.20 14.25 14.30 14.10 14.00 14.25 14.50 14.70
12.98 12.82 13.00 13.06 13.17 13.26 13.34 13.49 13.65 13.94 14.14 14.17 14.19 14.26 14.29 14.12 14.15 14.24 14.52 14.68
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
-0.39 0.26 0.20 0.76 0.20 -0.40
0.63 0.17 0.67 0.28 0.72 0.66
0.75 0.48 0.68 0.71 0.81 0.55
0.71 0.58 0.88 0.92 0.76 0.47
0.55 -0.02 0.30 0.61 0.19 -0.19
USD/CAD USD/CHF
-0.11 0.33 0.08 0.72 0.03 -0.39
-0.62 -0.01 0.18 -0.63 -0.17 0.48
-0.11 -0.21 -0.53 -0.78 -0.08 0.18
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)23/12/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 12.60
13.10
12.65
13.15
12.80
13.30
13.15
13.40
13.40
13.65
13.45
13.95
13.60
14.10
13.70
14.20
JSBL
12.90
13.40
12.80
13.30
12.85
13.35
13.15
13.40
13.40
13.65
13.45
13.95
13.70
14.20
14.00
14.50
ASPK 12.75
13.25
12.80
13.30
12.85
13.35
13.15
13.40
13.35
13.60
13.45
13.95
13.60
14.10
13.70
14.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
DBPK 12.60
13.10
12.70
13.20
12.75
13.25
13.05
13.30
13.25
13.50
13.35
13.85
13.50
14.00
13.60
14.10
FBPK 12.75
13.25
12.75
13.25
12.85
13.35
13.25
13.50
13.45
13.70
13.55
14.05
13.75
14.25
13.85
14.35
FLAH 12.75
13.25
12.75
13.25
12.75
13.25
13.20
13.45
13.40
13.65
13.45
13.95
13.60
14.10
13.70
14.20
HBPK 12.75
13.25
12.80
13.30
12.80
13.30
13.20
13.45
13.35
13.60
13.45
13.95
13.60
14.10
13.70
14.20
HKBP 12.90
13.40
12.90
13.40
12.80
13.30
13.15
13.40
13.30
13.55
13.40
13.90
13.60
14.10
13.65
14.15
NIPK
12.90
13.40
12.90
13.40
13.25
13.75
13.40
13.65
13.55
13.80
13.65
14.15
13.70
14.20
13.80
14.30
HMBP 12.70
13.20
12.80
13.30
12.90
13.40
13.25
13.50
13.35
13.60
13.50
14.00
13.60
14.10
13.70
14.20
SAMB 12.70
13.20
12.75
13.25
12.85
13.35
13.30
13.55
13.45
13.70
13.45
13.95
13.65
14.15
13.75
14.25
MCBK 12.70
13.20
12.60
13.10
12.60
13.10
13.15
13.40
13.30
13.55
13.40
13.90
13.50
14.00
13.75
14.25
NBPK 12.70
13.20
12.80
13.30
12.80
13.30
13.10
13.35
13.25
13.50
13.40
13.90
13.60
14.10
13.70
14.20
SCPK 12.75
13.25
12.70
13.20
12.65
13.15
13.10
13.35
13.25
13.50
13.45
3.95
13.50
14.00
13.70
14.20
UBPL 12.65
13.15
12.70
13.20
12.65
13.15
13.15
13.40
13.30
13.55
13.45
13.95
13.60
14.10
13.70
14.20
AVE
13.23
12.76
13.26
12.81
13.31
13.17
13.42
13.35
13.60
13.44
13.94
13.61
14.11
13.71
14.21
ABPL
CIPK
12.73
4 Friday, December 24, 2010
The Financial Daily International Vol 4, Issue 133
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
No room for complacency Over the last three months Pakistan's current account has been in surplus, indicating that despite many odds the pressure on its foreign exchange reserves is easing. During first five months of current financial year exports have grown at a much faster pace as compared to imports but robust remittances made the real difference. This is a good omen but policy planners will have to keep a close watch on the movement of commodities prices, particularly, crude oil and cotton. Reportedly there has been a marked improvement on the balance of payments front with the current account deficit declining by 72 per cent to $504 million during first five months of the current financial year. As a consequence the current account deficit as a percentage of GDP reduced to just 0.7 per cent from 2.5 per cent for the corresponding period last year. Trade deficit has been down mainly because of bull-run in global prices of the commodities, particularly cotton also enhancing Pakistan's exports by 17 per cent YoY to $9 billion. On the other hand, import growth has been slower at 9 per cent YoY to $13.6 billion, which has lowered the trade deficit by 4 per cent YoY to $4.5 billion. Cumulative remittance inflows stood at $4.4 billion, up by 16 per cent YoY while their share in total current account inflows stood at 25 per cent, down slightly due to higher export growth. As against this the surplus in financial account during five months shrank by a hefty 79 per cent YoY to just $462 million. Lower foreign investment inflows (both FDI and FIPI) coupled with delays in IMF receipts drove down the financial account big time. Over the next three months Pakistan's oil import bill is likely to remain high on two accounts: 1) higher crude oil prices due to chilling winter and 2) higher oil import because of water receding to dead levels in dams and extensive load shedding of gas and weekly closure of CNG stations. This will mostly erode the gains yielded by record high prices of cotton around the globe during this season. The situation demands most efficient utilisation of both the commodities. Though, it seems that RGST has been shelved for a while but not without incurring a delay in release of remaining tranches of the standby facility from the International Monetary Fund. Now Pakistan has to decide in principal whether it still wishes to solicit the remaining tranches or can live without them. Though, it is a difficult choice, many experts insist Pakistan should forego the remaining tranches as it has ample foreign exchange reserves at its disposal. The new strategy should comprise: 1) Offering GDRs of blue chip companies in the internal markets, 2) issuing dollar denominated Sukuks, and 3) coming up with revised and incentive-laden power and fertiliser policies to attract foreign direct investments. The real success would emerge only once Pakistan witnesses quantum jump in investment from abroad.
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.
Afghan Policy Perspectives Lubna Umar
T
he Afghan Policy Review that is inextricably linked to the US exit from the region was presented as yet another US document to reinforce the American viewpoint and future undertakings in a legalized manner with the announcement of the imaginary triumphs and victories attained, so to speak, of the US/Nato forces in Afghanistan with a renewed focus on Pakistan. The review clearly reveals that the US military objectives in Afghanistan are more or less similar to those presented in the previous year which were: to deny al Qaeda a safe haven, to reverse the Taliban's momentum and deny it the ability to overthrow the government of President Hamid Karzai and to strengthen the capacity of Afghanistan's security forces and government so that they can take the lead responsibility for Afghanistan's future, for which Obama had ordered the deployment of an additional 30,000 American troops to Afghanistan. This signifies that there has been very little on ground achievements for the Nato forces, which is explained in an American policy magazine aptly as, "Despite a huge infusion of money and troops, we appear to be standing in place", thus confirming the fact that one whole year of launching various military operations in Afghanistan has led to no apparent change in the peace and stability of the area. This brings us to the consequent policy shift that spells, if American troops are failing-painted as undefeatable and infallible super heroes of a superpower - which does not go down well with the popular American image then the blame must be shared by someone with an equal involvement and significance in the war with a strong background of facing the odds. And guess what? Pakistan fits the bill to perfection as it has all the US desired attributes with an exemplary history of collecting the American leftover and being grateful for it too. Coming towards the famous counterinsurgency operation that can be explained as complex phenomena that have to be seen in relation to all the phases integrated to ascertain whether it has achieved what it was drawn out to. The outcome is in most cases passive with results seen only at tactical level and needs, predominantly to be inferred from opinions and attitudes of the local populace. With a large majority of the local Afghan people opting for peace through negotiations as they have
lost faith in the capabilities of the Nato/US forces that have for a longtime now been suffering various degrees of psychological ailments, communicate a clear message. Among the three main phases that underlie a successful COIN operation more stress is attached to the building and construction stage that confirms and consolidates the gains from the previous phases. COIN conceptualization, analysts argue, should include the statement of the purpose of the reconstruction, the description of essential elements, a general
hi-tech satellite-run sensitive surveillance gadgets throughout the Afghan border, how do the militants exit the Afghan soil without the slightest resistance? And why does the US intelligence fail to intercept their free movement across tightly guarded borders? The safe sanctuaries that Maulvi Faqir, Qari Ziaur Rehman, Commander Abdul Wali, and even Maulana Fazlullah had received in the Kunar province in Afghanistan after fleeing from Swat after the 2008 military offensive launched by Pakistan.
“
The US through its intelligence agency, allows neither corruption to die down in Afghanistan nor to mend the impoverished and fractured structures of its institution lest they become strong enough to defy the US manipulative tactics.
schema of reconstruction activities, guidelines for assigning responsibility, and guidelines for assessment, but the US strategy adopted in Afghanistan so far is a deviant version that aims largely on clear, hold and hegemonise. Therefore, the shortcomings of the current counterinsurgency-based plan of using military force to facilitate better Afghan governance needs to be reviewed in this backdrop. The US role in completely backing the Karzai government is no state secret as a majority of the Afghan officials on the CIA payroll for decades to facilitate US interests in the region. Evidently, the US through its intelligence agency, allows neither corruption to die down in Afghanistan nor to mend the impoverished and fractured structures of its institution lest they become strong enough to defy the US manipulative tactics. The ANA framework, under the US supervision, is largely dominated by Tajiks, Uzbeks, Hazaras, Turkmen and other non-Pakhtun minorities in Afghanistan, thus giving a poor representation to the local peaceful Pakhtun population which in turn leads to a general mistrust between the various factions as every Pakhtun is treated as a Taliban which explains the surprise raids on the local populace that results in high collateral damage that subsequently gets publicized as successful operations and civilians labeled as Taliban. Moreover, with the installation of
With Pakistan playing central in this war the Pakistani military strategy needs to be looked at in order to provide a realistic comparison with the one being conducted in Afghanistan along with the degree of peace that has been resumed as a consequence. In addition to the low scale and low intensity operations carried by the Pakistan armed forces in the tribal areas in both the Musharraf and Zardari era, one of the major and all encompassing military offensives in Swat, code name operation Rah-e-Raast gave a severe
completely rid of the menace that had afflicted them. With the resumption of peace in Swat, SWA experienced a similar purging through a military operation Rah-e-Nijaat that marked the path towards deliverance from the militants through a well plotted, triple pronged strategy that left no room for the miscreants to escape the military snares. The 'clearing' phase, devoid of collateral damage, as the entire population of the region were shipped to safe camps, passed into the holding stage where the substantial number of soldiers were deployed in order to maintain harmony and peace and thus, disabling the terrorists from regathering and regrouping. Furthermore, in six out of the seven agencies, border areas and also parts of North Waziristan agency, Pakistani has initiated sting operations in collaboration with the local tribal population and security forces to target the remaining terrorist elements piecemeal rather than through a fully fledged one that requires colossal civilian dislocation and a whopping number of troops that is impossible for Pakistan to deploy in the current scenario. In this backdrop, a huge gap between the US objectives and their translation is evident that gives a clear insight into the real US intent in the region. The new policy thus raises a potent question regarding the need to indulge in renewed efforts to curb the global reach of al Qaeda that does not have strongholds in just any one region or country, but needs to be seen as an ideology that is spreading fast despite US curbs. Is America doing enough in Afghanistan to con-
The safe sanctuaries that Maulvi Faqir, Qari Ziaur Rehman, Commander Abdul Wali, and even Maulana Fazlullah had received in the Kunar province in Afghanistan after fleeing from Swat after the 2008 military offensive launched by Pakistan. blow to the militants that had grouped in Pakistan. The strongholds were dismantled and destroyed with a complete support of the local population that saw security personnel as their saviors and not as intruders. Soon after Swat was cleared and the Pakistani flag raised, the internally displaced population that had been shifted to camps triumphantly returned to their homes that were
trol a Quaida and the Taliban insurgency from attaining a global reach? What 'more' has the US achieved through the hyped troop surge? Clearly, America has to 'do more' than what it is doing within Afghanistan if it is to deny al Quaida a safe haven and reverse the Taliban momentum instead of shifting focus to available and accessible options on the horizons.
Ernst & Young accused of hiding Lehman troubles A
ccounting firm Ernst & Young was sued by New York prosecutors over allegations it helped to hide Lehman Brothers' financial problems, in the first major government legal action stemming from the Wall Street Company's 2008 downfall. The civil fraud case contends that Ernst & Young stood by while Lehman used accounting gimmickry to mask its shaky finances. The lawsuit says Lehman ran "a massive accounting fraud," but it did not name as defendants any former top executives at the investment bank whose September 2008 collapse helped spark the global financial crisis. The lawsuit seeks more than $150 million in fees that Ernst & Young received from 2001 to 2008 as Lehman's outside auditor less than 1 percent of its global annual revenue plus other unspecified damages. The lawsuit was filed by New York Attorney General Andrew Cuomo. People close to Cuomo said one factor in bringing the case was that he knows that the US Securities and Exchange Commission already is investigating former Lehman chief Richard Fuld and other former top Lehman executives. Cuomo "wants to go after the one party he knows isn't being sued," said John Coffee, a professor of corporate law at Columbia University. In a statement on Tuesday, Ernst & Young said it intend-
ed to "vigorously defend" the lawsuit. Lehman's bankruptcy occurred in the midst of a global financial crisis and was not caused by any accounting issues, the company said. "Lehman's audited financial statements clearly portrayed Lehman as a highly leveraged entity operating in a risky and volatile industry," the accounting firm said. Legal and accounting experts said earlier they expect that Ernst & Young will try to settle the case rather than engage in a long court fight. "It tends to be lot less expensive for both parties to resolve it through settling
continuing education to accountants. He said he does not see significant fallout for Ernst & Young in terms of its viability as an audit firm. Ernst is the third-largest by revenue of the "Big Four" US accounting firms, behind Deloitte and PwC.
$50 billion in assets from the balance sheet in 2008. "This practice was a houseof-cards business model designed to hide billions in liabilities in the years before Lehman collapsed," Cuomo said in a statement. The lawsuit comes nine months after a court-appoint-
“
The lawsuit seeks more than $150 million in fees that Ernst & Young received from 2001 to 2008 as Lehman's outside auditor less than 1 percent of its global annual revenue plus other unspecified damages Cuomo filed the lawsuit days before he is to leave office and become governor of the state in January. A spokesman for incoming attorney general Eric Schneiderman declined to comment. REPO 105 Cuomo said in the civil complaint that for more than seven years leading up to Lehman's bankruptcy, the investment bank engaged in fraudulent accounting transactions that Ernst & Young explicitly approved. The case focuses on an accounting technique known as Repo 105, which temporarily removed as much as
Lehman's audited financial statements clearly portrayed Lehman as a highly leveraged entity operating in a risky and volatile industry and getting it behind them," said Bruce Pounder, an expert on accounting ethics and president of Leveraged Logic, an Asheville, North Carolina, firm that provides
ed examiner in the Lehman bankruptcy concluded that Ernst & Young was "professionally negligent" in its audit duties. The report by examiner Anton Valukas also said that Lehman could also have claims against Fuld and former chief financial officers Chris O'Meara, Erin Callan and Ian Lowitt for negligence or breach of fiduciary duty related to the use of Repo 105 transactions. PAST CASES The case, filed in New York state Supreme Court, is one of the biggest legal cases involving an accounting firm since Arthur Andersen was criminally indicted in 2002 over the Enron scandal. The Ernst & Young case is a civil lawsuit, while Andersen was charged crimi-
nally and later convicted of obstruction of justice for its role in Enron's collapse. The U.S. Supreme Court reversed the Arthur Andersen conviction in 2005, but the firm was virtually out of business by then - and its reputation was shattered. Andersen's demise reduced the number of big accounting firms that audit most large companies globally to just four, including Ernst & Young. Since then, prosecutors have been wary of charging entire firms with fraud because of worries that another audit firm collapse would harm the financial system. In one major settlement, KPMG agreed in 2005 to pay $456 million to settle a federal investigation into questionable tax shelters, avoiding a potentially crippling criminal indictment. The firm agreed to make internal changes and to be overseen by an outside monitor temporarily as part of the pact. In 1999, Ernst & Young agreed to pay $335 million to shareholders of Cendant Corp to settle a case stemming from an accounting scandal at the travel and real estate service company. Ernst & Young said at the time that it was misled by Cendant and had done nothing wrong. London-based Ernst & Young employs about 140,000 people. It had revenue of $21.3 billion in the fiscal year ended June 30.Reuters
5
Friday, December 24, 2010
Europe shares retreat from 27-mth high; SAS soars
South East Asian stocks
Manila at wk high, Jakarta down ahead of holidays
KSE-100 Index Opening Closing Change % Change Turnover (mn)
Profiting ahead of New Year dents KSE
11,848.62 11,792.83 55.79 0.47 90.50
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,672.83 3,652.13 20.70 0.56 3.19
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,984.84 2,964.96 19.88 0.67 0.14
Major Gainers
Symbol UPFL WYETH ULEVER SIEM DAWH
Close
Change
1,071.25 1,140.00 4,453.22 1,266.88 189.36
26.25 25.00 20.16 15.06 9.01
Major Losers
Symbol RMPL BATA SAPL POL BOC
Close
Change
2,115.25 679.00 137.16 287.54 89.87
-59.75 -6.95 -6.12 -4.15 -3.97
Top 5 Volume Leaders
Symbol
Close Vol (mn)
ANL HUBC FATIMA NBP DSFL
10.09 36.73 9.39 71.93 3.27
8.82 4.75 4.73 3.55 3.44
Active Issues Plus Minus Unchanged
165 220 19
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
Nawaz Ali
HONG KONG: Zhan Chunxin, chairman of Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd , looks at the prices of his company's stocks at the Stock Exchange.-Reuters
Indian shares finish low in thin turnover MUMBAI: Indian shares edged down 0.2 per cent in choppy trade on Thursday amid low volumes as investors stayed on the sidelines ahead of the holiday season, but market participants see an upward trend for the year 2011. Metal producers gave up gains as traders booked profits after the recent spike, triggered by a rally in base metal prices. The BSE metals index dropped nearly 1 per cent after rising close to 5 per cent in the four previous sessions. The 30-share BSE index closed 0.2 per cent, or 32.9 points, lower at 19,982.88, with 20 of its components declining. It stayed in a narrow band, moving only about 137 points, through the day. In the broader market, 1,523 shares declined, while 1,367 advanced in low volume of 277 million shares. "Market should have an upward bias in 2011. Money will continue to pour in emerging markets, as they are one of the most lucrative options," Manish Sonthalia, vice-president and fund manager of Motilal Oswal's asset management business. "Liquidity is ample as money will flow in from QE2. However, inflation worries would weigh." Foreign funds have poured in $28.5 billion in Indian equi-
ties including primary market offerings so far in 2010, and are set to post record inflows for the year. Aluminium producer Hindalco and world's No. 7 steel producer Tata Steel dropped 1.8 per cent and 1.6 per cent respectively. However, Sterlite bucked the trend to close almost 1 per cent higher. Top lender State Bank of India firmed 0.2 per cent, while leading private lender HDFC Bank and mortgage lender Housing Development Finance Corp gained 0.4 per cent each. Top private sector lender ICICI Bank dipped 0.1 per cent. IT bellwether Infosys Technologies topped the gainers, as analysts said the stock was their preferred bet in the software pack. Software majors have been supported by upbeat earnings and outlook from global peers such as Accenture and Oracle this month. Infosys and Wipro gained 0.8 per cent and 0.2 per cent, respectively, while bigger rival Tata Consultancy Services shed 0.9 per cent. State-run oil marketing companies Indian Oil Corp , Hindustan Petroleum Corp and Bharat Petroleum Corp shed between 1.1 per cent and 2.2 per cent.-Reuters
FTSE breaks 6k level on energy stocks LONDON: The leading share index closed just shy of the 6,000 level on Thursday as energy gains outpaced slight weakness in miners and banks in wafer thin trade. The FTSE 100 index ended 12.58 points, or 0.2 per cent higher at 5,996.07 after briefly breaking through the 6,000 level near the close for the first time since June 6, 2008 and peaking at 6,000.55. Trading volumes were anaemic at just 38 per cent of the 90-day average on the final full-day session before the Christmas break. "Where there is a will there is a way and it seems the market's will is for the FTSE above the 6,000 level by the end on 2010," Jimmy Yates, head of equities at CMC Markets, said. Energy shares led the rise, underpinned by gains in the price of crude which held around $90 a barrel and neared a two-year high. BP was ahead 1.4 per cent. Some consumer-facing stocks enjoyed a reprieve after days of pressure from near-arctic weather across most of Britain. With temperatures beginning to rise, retailers hoped for a last-minute dash to the shops. DIY stores group Kingfisher rose 2.2 per cent and fashion retailer Next gained 1.8 per cent. Tour operator TUI Travel was ahead 2.5 per cent as more travellers were able to leave on Christmas breaks. Banking shares failed to join the rally, reined back by fresh uncertainty over Europe's debt See # 13 Page 11
China slips on money mkt crunch; HK falls HONG KONG: Shanghai and Hong Kong shares fell on Thursday as a cash crunch in the mainland's financial system weighed on the markets and a slowdown in trading activity kept investors on the sidelines. Shanghai's key stock index fell 0.8 per cent, finding support at its 250-day moving average. Hong Kong's Hang Seng index fell 0.6 per cent, reversing slim gains from earlier in the day as turnover faded to its lowest in six months. China's benchmark shortterm money market rate spiked more than 149 basis points to its highest level in over two years, as traders reported a sharp shortage of funds in the banking system after a series of monetary tightening steps. "A prolonged liquidity crunch like this will disrupt normal
corporate funding activities," said a trader at a state-owned bank. In Hong Kong, gains in retailers and property bellwether were not enough to offset weakness in heavyweighted financials which were broadly lower. Ping An Insurance, down 1.7 per cent and the top drag on the Hang Seng, continued to face profit-taking pressures. Ping An shares, up 22.6 per cent this year, have the best returns among large cap financials in Hong Kong in 2010. Earlier this week, sources told Reuters that China's central bank is considering new ways to manage bank credit while local media carried reports that banking regulators had imposed new risk weightings on local government loans.
Offsetting some of the weakness in financials, consumer goods exporter Li & Fung rose 2.3 per cent after its unit bought Italian fashion house Cerruti for 53 million euros ($70 million) from US fund MatlinPatterson. The deal follows the recent pattern of Chinese firms targeting distressed western brands as they seek to grow those businesses in China. Some energy-related shares extended recent gains in Hong Kong as oil hovered near twoyear highs and expectations grew that prices would hit $100/barrel in 2011. "Momentum is your friend. Outperforming resources should continue their positive run," said a trader at a large European bank in Hong Kong.-Reuters
KARACHI: Karachi Stock Exchange (KSE) slumped below 11,800 points level on Thursday as investors jumped to profits ahead of New Year and a likely slowdown in foreign inflows despite rising international commodity prices. The benchmark KSE 100Index lost 55 points to close at 11,792 points while KSE 30-Index dropped by 105 points and KSE All Share Index by 38 points to close at 11,296 and 8,194 points respectively. "Profit taking at inflated levels ahead of New Year dealt a blow to gains", said Murtaza Jafar, equity dealer at JS Global Capital. Trading activities started on a positive note as it had 42 points up its sleeve at the beginning. After staying in green column for about an hour and touching an intra-day high of 11,910 points (+ve 61 points), index pared gains owing to selling and settled in the red zone. According to experts a correction is already expected as market has witnessed continuous upsurge for some days which lured investors to book gains. That's why the index touched the lowest level of
the day at 11,766 points (-ve 81 points). Investors also stayed cautious as foreign investors were expected to take a break due to Christmas and New Year holidays. According to NCCPL there was a net foreign buying of $1.27 million on Thursday. Furthermore, delay in the approval of IMF tranche and weakening economic situation too were the reasons for bearish activities despite rising international oil and fertiliser prices. It should be noted that government has formally asked for a nine-month extension of its $11 billion IMF bailout package which according to analysts could delay next IMF tranche. Investor participation was marginally lower as 90.5 million shares traded during the day which is 2.9 million shares less as compared to a turnover of 93.4 million shares a day earlier. Azgard Nine stood as the volume leader with 8.82 million shares followed by Hub Power Company with 4.75 million shares and Fatima Fertiliser with 4.73 million shares. Out of total 404 active issues 220 declined and 165 advanced while 19 remained unchanged.
US stocks mid-morning
Wall St flat trades low ahead of holidays NEW YORK: US stocks were little changed on Thursday despite a preholiday flurry of data that reinforced views of a solid economic growth as Wall Street sought to notch a fourth straight week of gains. New home sales and prices edged up in November, while consumer sentiment rose in December to its highest level since June. Other reports were mostly in line with expectations, with jobless claims suggesting unemployment will stay stubbornly high. But consumer spending rose for a fifth month, while durable goods orders posted their largest increase since March. "Most economic data in the last couple of months has really turned positive," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. The Dow Jones industrial average gained 12.45 points, or 0.11 per cent, to 11,571.94. The Standard & Poor's 500 dipped 1.06 points, or 0.08 per cent, to 1,257.78. The Nasdaq Composite shed 3.39 points, or 0.13 per cent, to 2,668.09. Volume was expected to be low as Wall Street takes a break Friday for the Christmas holiday. The S&P 500 rose Wednesday to its highest level since the collapse of Lehman Brothers more than two years ago, led by bank stocks. "We are continuing to make new highs as volume tails off, and the question is will it lead to some potential weakness into early next year," Detrick said. "Some optimism is creeping in, but bigger picture we think there could be a correction of 5 to 7 per cent," towards the second half of January, he said. The S&P 500 rose 7.6 per cent in the last two months of See # 14 Page 11
Dhiyan
A DOWN DAY TODAY Khurram Schehzad, Head of Research InvestCap With the year-end approaching, market seems to be bound in a range. Also, foreign investment is slowdown owing to Christmas/New Year holidays in the West. Higher oil and commodity prices like fertiliser, will yield better results for companies and would act as a trigger for the market. Investors are recommended to wait and see until the New Year starts. Market would move within a range of 100 points today.
Mohsin Adhi, Director Alfa Adhi Securities Market would be dull activities with low volumes until the end of December, however we might see a good closing of the year due to institutional buying. Thereafter we would see a resultbased rally from the beginning of January. Investors are advised to stay on the sidelines and hold their positions. Good corporate results and unchanged interest rates would trigger the market. Market would show weak performance today.
6
Friday, December 24, 2010
Market 90,504,396
Value
4,326,266,124
Trades
61,335
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
165 220 19 404
All Share Index
11,792.83 11,910.09 11,766.50 i55.79
Current High Low Change
KSE 30 Index
8,194.03 8,275.66 8,179.31 i38.39
Current High Low Change
KMI 30 Index Current High Low Change
11,296.04 11,454.30 11,276.48 i105.25
18,662.06 18,850.62 18,639.14 i95.17
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,532.42 Turnover 6,518,074 P/E (x) 11.16 Company
KSE 100 Index
Symbols
Volume
PE
High Low 1,543.14 1,515.98 Total cos Defaulter cos P/BV (x) ROE (%) 3.63 32.54
Open
High
Low
691 5.63 325.88 853 6.74 121.10 3921 - 11.12 735 17.08 120.21 800 3.87 260.97 Oil & Gas Development XD 43009 11.42 169.34 Pak Petroleum 11950 8.64 215.23 Pak Oilfields 2365 6.79 291.69 Pak Refinery Limited 350 - 106.74 PSO 1715 4.96 294.63 Shell Gas LPG 226 - 35.28 Shell Pakistan 685 10.64 207.95
327.50 122.00 11.44 126.22 263.54 169.95 218.00 293.58 112.07 296.40 36.00 208.95
323.50 119.71 11.10 120.95 260.50 167.80 212.01 287.10 108.00 292.00 35.34 206.01
Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery
Close Chg 325.01 120.28 11.21 126.07 260.84 168.78 212.54 287.54 110.77 292.93 35.62 207.47
-0.87 -0.82 0.09 5.86 -0.13 -0.56 -2.69 -4.15 4.03 -1.70 0.34 -0.48
Close Change 1,522.92 -9.50 Listed cap Market cap 65,194.15 mn 1,184,287.43 mn Payout (%) Div Yield (%) 55.94 5.01 Last 60 days High Low
Volume 190533 783581 852338 506721 30025 252223 1552853 2100385 209989 882236 1464 8064
374.20 137.20 12.49 128.90 275.40 171.40 221.75 299.00 112.07 297.00 40.28 208.95
2009 Div BR (%) (%)
287.99 250 78.51 10.00 106.00 32.17 100B 189.08 125 142.05 82.5 168.70 130 20B 230.05 180 55.00 258.00 50 29.05 182.05 330 -
% Change -0.62 5-Day High 1,532.42 5-Day Low 1,522.92 2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20B 20B -
CHEMICALS
Open 738.86 Turnover 18,053 P/E (x) 5.56 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 751.94 736.33 Total cos Defaulter cos P/BV (x) ROE (%) 1.42 25.53
Close 743.57 Listed cap 3,242.17 mn Payout (%) 11.08
Change 4.72 Market cap 12,771.59 mn Div Yield (%) 1.99
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.34 37.09
73.01 33.74
74.35 34.30
72.80 33.54
73.40 34.12
14174 3879
77.77 41.00
0.39 0.38
60.05 32.36
Company
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 8.56 23.29 BOC (Pak) 250 12.34 93.84 Clariant Pak 273 6.54 172.89 Dawood Hercules 1203 7.85 180.35 Descon Chemical 1996 3.10 Descon Oxychem Ltd. 1020 8.42 Dewan Salman 3663 3.25 Dynea Pak 94 - 10.60 Engro Corporation Ltd 3277 10.75 197.34 Engro Polymer 6635 - 14.83 Fatima Fertilizer 22000 9.57 Fauji Fertilizer 6785 8.43 117.49 Fauji Fert. Bin Qasim 9341 6.74 35.75 Ghani Gases Ltd 725 8.71 11.61 ICI Pakistan 1388 8.02 142.98 Ittehad Chemical 360 12.81 33.70 Lotte Pakistan 15142 4.70 13.23 Mandviwala 74 1.80 Nimir Ind Chemical 1106 2.09 Shaffi Chemical 120 2.69 Sitara Chem Ind 214 10.35 121.90 Sitara Peroxide 551 15.36 14.05 Wah-Noble 90 7.00 37.19
23.85 93.95 175.00 189.36 3.18 8.61 3.47 10.90 200.40 15.14 9.72 117.95 36.09 11.65 145.00 34.40 13.35 2.10 2.20 2.45 127.00 14.54 39.00
22.35 89.15 170.00 181.98 3.01 8.25 3.23 10.20 195.05 14.60 9.36 116.10 35.62 11.45 141.80 34.10 13.11 1.57 2.06 2.20 120.00 13.95 35.88
Close Chg 23.62 89.87 170.98 189.36 3.03 8.32 3.27 10.39 195.59 14.68 9.39 116.34 35.74 11.50 142.38 34.34 13.15 1.81 2.07 2.20 126.21 14.13 36.40
0.33 -3.97 -1.91 9.01 -0.07 -0.10 0.02 -0.21 -1.75 -0.15 -0.18 -1.15 -0.01 -0.11 -0.60 0.64 -0.08 0.01 -0.02 -0.49 4.31 0.08 -0.79
Close 1,346.12 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 42951 17130 26102 329796 63043 332281 3438514 1039 2751473 1121725 4728472 454063 1229947 33317 867213 800 2973333 68078 443324 14981 20820 571609 1118
Change -5.06 Market cap 296,012.59 mn Div Yield (%) 5.81
24.75 94.20 178.20 189.36 3.74 8.75 4.24 13.79 200.40 15.20 11.74 119.50 36.92 13.85 145.00 34.40 13.83 2.75 2.74 3.40 139.40 14.69 46.25
2009 Div BR (%) (%)
% Change -0.37 5-Day High 1,351.19 5-Day Low 1,339.37 2010 Div BR (%) (%)
20.26 72.00 90 15 149.72 125 163.55 40 10B 40 1.90 3.41 1.28 9.15 15 15 171.00 6010B 40R 40 11.61 - 27.5R 9.21 104.25 131.5 10B 95 26.59 40 - 17.5 10.06 116.00 80 55 21.00 15 5 8.17 5 0.80 1.30 1.80 101.00 75 25 7.67 32.00 50 50
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,165.48 Turnover 5,230 P/E (x) 5.96 Company
High Low 1,181.46 1,166.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,177.87 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
9.04 7.10
15.82 47.46 45.39
16.00 48.80 46.00
15.81 47.01 45.50
15.99 0.17 47.01 -0.45 45.98 0.59
2005 1125 2100
Century Paper Pak Paper Product Security Paper
Change 12.38 Market cap 3,265.10 mn Div Yield (%) 4.24
Last 60 days High Low 20.69 62.85 47.00
15.28 38.61 38.00
% Change 1.06 5-Day High 1,180.29 5-Day Low 1,165.38
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,171.02 Turnover 544,645 P/E (x) 4.26 Paid up Cap(mn)
PE
High Low 1,186.95 1,160.03 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 25.35
Open
High
Low
Agriautos Ind Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
144 5.61 74.86 101 5.21 176.19 247 16.08 19.00 626 9.04 127.00 890 2.41 56 4.64 188.88 598 18.98 22.46 450 3.33 4.66 1428 - 11.35 786 5.81 252.83 823 11.01 69.10 150 3.88 20.29
75.99 179.90 19.00 126.24 2.54 197.85 22.43 4.84 11.40 256.99 69.50 20.98
74.01 174.25 18.00 122.27 2.40 187.00 21.56 4.72 11.16 252.00 68.50 20.21
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
Open
High
Low
565 4.12 675 555 9.78 1199 11.25 785 10.00
25.82 2.85 15.06 53.63 9.00
27.10 2.85 16.00 56.31 9.10
26.00 2.75 15.05 53.41 8.80
Close Chg 26.34 2.77 15.64 54.02 8.80
0.52 -0.08 0.58 0.39 -0.20
Close 1,024.02 Listed cap 3,596.11 mn Payout (%) 30.91
Change 8.99 Market cap 9,961.20 mn Div Yield (%) 9.55
Last 60 days High Low
Volume 180990 19550 217257 528118 2619
27.10 3.39 16.75 56.31 10.07
23.75 1.65 12.25 44.00 8.00
2009 Div BR (%) (%) 10
30B -
% Change 0.89 5-Day High 1,024.02 5-Day Low 982.73 2010 Div BR (%) (%) 30 40 7.5
Open 1,721.78 Turnover 406,502 P/E (x) 38.98 Company
Paid up Cap(mn)
Adam Sugar AL-Noor Sugar Bawany Sugar Clover Pakistan Colony Sugar Mills Dewan Sugar Habib Sugar Habib-ADM Ltd Ismail Ind J D W Sugar Mehran Sugar Mirza Sugar National Foods Nestle Pakistan Noon Pakistan Noon Sugar Pangrio Sugar Punjab Oil XD Quice Food Rafhan Maize Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shahtaj Sugar
58 186 87 94 990 365 600 200 505 490 143 141 414 453 48 165 109 38 107 92 223 119 211 120
PE
Close Chg
Close 1,171.31 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 0.29 Market cap 43,129.44 mn Div Yield (%) 4.79
Last 60 days High Low
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Bestway Cement Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gammon Pak Gharibwal Cement Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Thatta Cement
PE
Open
High
Low
1828 866 6.65 858 182 3257 14 956 25.23 982 14.00 3574 3651 125.04 350 3.87 6933 15.67 502 3.85 1760 77 283 2319 145 13.13 1288 13126 3234 6.86 5261 1.36 541 2.82 2228 200 798 450.00
3.38 63.50 2.61 21.53 23.40 13.91 11.06 1.94 2.39 30.76 3.00 5.22 7.10 1.85 2.00 2.25 7.73 9.74 6.58 3.50 77.34 3.00 4.21 6.81 6.26 18.00
3.38 63.82 2.60 22.60 22.25 14.91 11.15 2.05 2.50 31.00 3.25 5.30 7.39 1.95 2.47 2.19 8.70 10.50 6.80 3.65 78.17 3.06 4.93 6.89 6.35 18.43
3.30 62.61 2.30 21.77 22.23 13.01 11.10 1.80 2.30 29.90 2.99 5.12 7.10 1.81 1.55 1.66 7.50 10.50 6.50 3.50 76.20 2.90 3.21 6.78 6.00 17.90
Close 1,020.30 Listed cap 54,792.74 mn Payout (%) 19.04
Change -11.32 Market cap 73,846.21 mn Div Yield (%) 2.42
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
3.33 63.20 2.49 22.51 22.24 14.50 11.10 1.82 2.31 30.01 3.25 5.17 7.39 1.82 1.99 1.66 7.79 10.50 6.65 3.53 76.39 2.93 3.84 6.85 6.35 18.00
22073 47920 7447 174828 300 22790 1538 31678 251032 2717636 4043 594710 3500 224606 111 2502 2503 1100 10956 1166105 709770 122376 2501 38513 12105 71001
3.98 68.00 3.05 22.60 27.51 14.91 12.75 2.49 3.10 32.10 3.99 5.55 8.20 2.25 5.00 2.48 9.19 10.75 8.70 3.79 79.98 3.30 8.89 8.58 7.90 22.24
50 40 9.75 -
-0.05 -0.30 -0.12 0.98 -1.16 0.59 0.04 -0.12 -0.08 -0.75 0.25 -0.05 0.29 -0.03 -0.01 -0.59 0.06 0.76 0.07 0.03 -0.95 -0.07 -0.37 0.04 0.09 0.00
2.80 57.60 1.10 14.01 21.85 7.91 9.51 1.31 1.30 23.40 2.11 4.52 4.25 1.70 1.18 1.40 2.50 4.80 5.50 2.71 67.70 2.51 3.21 6.56 5.25 17.71
20B 20R 10B -
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,024.29 Turnover 685,685 P/E (x) 2.90 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
PE
Open
115 2.79 80.30 230 2.77 1067 4.52 49.01 389 3.39 47 59.70 23.17 844 66.79 124.09 300 8.74 120.27
High
High Low 1,051.43 1,029.76 Total cos Defaulter cos P/BV (x) ROE (%) 1.27 43.91 Low
Close Chg
81.49 77.60 78.33 2.99 2.60 2.68 49.70 48.10 49.15 3.50 3.15 3.47 24.00 22.15 23.88 130.29 127.00 130.25 121.00 119.00 119.86
-1.97 -0.09 0.14 0.08 0.71 6.16 -0.41
Close 1,045.30 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 57870 31155 12854 6003 626 511064 66102
Change 21.01 Market cap 38,941.31 mn Div Yield (%) 5.37
Last 60 days High Low 83.23 3.30 61.99 4.05 25.90 130.29 122.70
34.00 1.70 45.30 1.60 13.01 98.00 97.00
2009 Div BR (%) (%) 30 32.5 100
10B -
% Change 2.05 5-Day High 1,045.30 5-Day Low 1,006.24 2010 Div BR (%) (%) 20 25 -
25B 10B -
INDUSTRIAL ENGINEERING
Company
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Dewan Auto Engineering Ghandhara Ind Hinopak Motor KSB Pumps Millat Tractors XB Pak Engineering
PE
66 1.10 215 5.60 214 213 10.79 124 132 7.35 366 6.48 57 669.44
Open 17.50 236.71 1.55 11.83 133.00 64.48 496.89 239.87
High 18.20 238.99 1.68 12.09 134.99 66.00 502.95 249.10
High Low 1,564.48 1,525.59 Total cos Defaulter cos P/BV (x) ROE (%) 3.20 38.02 Low 17.00 232.00 1.30 11.60 129.00 61.26 493.70 233.00
Close Chg 17.00 233.89 1.45 11.65 132.00 61.37 495.45 241.00
-0.50 -2.82 -0.10 -0.18 -1.00 -3.11 -1.44 1.13
Close 1,535.46 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 1889 2621 55305 27308 115 58524 116788 1145
20.90 238.99 2.40 17.50 147.89 87.15 589.89 324.80
75.99 179.90 19.88 128.90 2.89 198.07 25.24 5.67 13.40 282.45 77.90 27.58
65.75 131.00 15.00 92.50 1.20 136.00 21.00 4.03 9.65 215.99 66.75 17.92
2010 Div BR (%) (%)
40 100 20B - 100R 80 30B 50 100 5 - 20B
90 100 60 20 150 10
20B 20B
High
High Low 1,743.79 1,708.79 Total cos Defaulter cos P/BV (x) ROE (%) 11.81 30.30 Low
Close Chg
Close 1,725.83 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 4.05 Market cap 229,594.97 mn Div Yield (%) 0.78
Last 60 days High Low
250 16.90 11.15 3551 53.00 39.25 1063 6.73 0.86 107 77.19 40.67 57499 5.70 2.60 29491 5.59 1.11 262302 36.50 28.50 3180 16.50 11.90 1700 78.50 68.60 4018 89.89 64.12 111 68.49 48.50 4231 7.18 4.20 1028 59.03 39.01 1188 2550.00 1785.00 3966 27.30 17.51 5200 14.84 11.00 3094 6.99 4.00 500 47.05 34.00 12000 3.40 2.02 354 2298.00 1229.00 1500 3.90 2.11 4510 14.25 13.00 5610 13.50 9.93 241 100.26 44.50
% Change 0.23 5-Day High 1,742.14 5-Day Low 1,721.78
2009 Div BR (%) (%)
2010 Div BR (%) (%)
10 40 35 40 15 40 35 600 50 15 900 10 15 100
15 25 25B 40 17.5 110R 0 12.5R 35 20B 10 12 450 12 10 15 28R 600 -
25B 30B 25B 10B 10B 25B -
High Low 1,117.63 1,103.39 Total cos Defaulter cos P/BV (x) ROE (%) 0.33 10.64
Paid up Cap(mn)
PE
Open
High
Low
Gauhar Engineering Ltd 22 Hussain Industries 106 Pak Elektron 1174 Tariq Glass Ind 231 Towellers Ltd 170
3.58 2.39 -
0.65 7.02 14.13 20.01 10.00
0.67 7.89 14.45 20.48 9.01
0.65 7.00 14.06 20.00 9.00
Company
Close Chg 0.67 7.17 14.22 20.01 9.01
0.02 0.15 0.09 0.00 -0.99
Close 1,108.00 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 3500 822 475373 25718 130
Change 5.74 Market cap 5,146.96 mn Div Yield (%) 2.01
2009 Div BR (%) (%)
14.12 20 200.00 400 0.21 10.55 110.05 17.15 61.26 35 390.00 450 233.00 125
25B -
Last 60 days High Low 0.75 11.49 15.09 21.40 20.00
0.15 6.82 12.90 15.90 9.00
2009 Div BR (%) (%) 5
10B -
2010 Div BR (%) (%) 17.5 -
10B -
PERSONAL GOODS Performance of SR Personal Goods Index Open 1,009.32 Turnover 16,158,190 P/E (x) 6.69 Company
Paid up Cap(mn)
Al-Azhar Textile AL-Qadir Textile Amtex Limited XD Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Brothers Textile Chenab Limited Crescent Jute D M Textile D S Ind Ltd Data Textile Dawood Lawrencepur Dewan Farooque Spin. Ellcot Spinning Gadoon Textile XD Ghani Value Glass Gul Ahmed Textile Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Indus Dyeing Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Spinning Kohinoor Textile Masood Textile Mehmood Textile Mohd Farooq Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Premium Textile Prosperity Quetta Textile Ravi Textile Reliance Weaving Saif Textile Sally Textile Samin Textile Sana Ind Sargoda Spinning Service Fabrics Service Ind Suraj Cotton Tata Textile Thal Limited Treet Corp Yousuf Weaving Zephyr Textile Ltd Zil Limited
86 76 2415 840 133 4493 33 76 76 64 98 1150 238 31 600 99 514 600 110 234 75 635 222 138 716 3105 100 99 181 43 107 303 1300 1455 600 150 189 145 187 1596 3516 560 174 62 185 130 250 308 264 88 134 55 312 158 120 180 173 307 418 400 594 53
% Change -0.44 5-Day High 1,542.22 5-Day Low 1,535.46
High Low 1,017.94 1,003.39 Total cos Defaulter cos P/BV (x) ROE (%) 0.58 8.64
PE
Open
High
Low
9.18 6.40 0.28 0.49 0.46 5.63 0.70 52.39 3.39 0.62 0.72 8.55 3.88 0.85 0.76 3.02 0.55 3.21 0.25 0.40 3.82 2.12 0.70 0.83 1.88 5.29 3.19 0.77 0.40 1.12 0.62 0.63 0.33 0.20 5.00 3.53 0.45 8.01 0.82 0.33 5.16 9.64 0.59 5.58 3.76
2.48 7.50 4.25 23.25 2.00 9.66 11.00 13.20 685.95 47.70 0.60 3.10 1.00 2.50 2.02 0.56 44.75 5.20 19.75 62.84 32.49 26.65 7.12 0.60 4.15 38.50 1.50 6.25 331.61 14.90 0.79 1.67 1.10 5.39 19.10 57.00 1.10 0.48 16.10 23.11 63.25 9.00 10.25 26.44 14.47 40.11 1.71 8.65 4.50 3.92 6.50 47.74 2.00 0.30 237.96 34.95 32.97 119.57 60.00 1.75 4.00 53.55
1.49 8.50 4.30 23.50 2.28 10.22 12.00 13.20 689.75 46.50 0.53 3.76 1.22 3.00 2.08 0.45 45.69 4.30 20.75 65.98 32.49 27.00 7.99 0.46 4.22 38.50 1.70 6.80 348.10 15.89 0.73 1.80 1.28 5.45 20.10 57.20 1.25 0.64 16.50 23.24 63.69 9.47 10.55 26.35 14.75 38.11 1.76 9.65 4.45 4.01 6.74 48.90 3.00 0.30 240.85 36.69 34.61 123.85 62.60 1.70 4.50 56.22
1.48 7.00 4.00 22.90 1.95 9.50 11.50 13.20 675.00 46.02 0.42 3.03 1.00 2.50 1.91 0.35 44.50 4.20 18.90 65.50 30.87 26.50 6.30 0.32 4.05 38.00 1.50 5.30 315.05 15.00 0.61 1.55 1.10 5.25 20.04 57.20 1.10 0.45 16.25 22.50 61.41 8.70 10.50 25.12 14.69 38.11 1.60 8.75 4.10 4.00 6.00 46.25 2.15 0.30 232.56 35.20 33.99 119.50 60.01 1.51 4.00 51.01
Close Chg 1.49 7.38 4.04 23.03 2.05 10.09 12.00 13.20 679.00 46.25 0.52 3.24 1.01 2.71 1.93 0.39 44.53 4.20 20.60 65.98 32.49 27.00 7.00 0.40 4.05 38.41 1.50 6.51 330.32 15.25 0.61 1.61 1.10 5.35 20.10 57.20 1.10 0.46 16.25 22.63 61.61 9.45 10.51 25.13 14.69 38.11 1.65 9.00 4.16 4.00 6.00 46.44 2.30 0.30 234.10 36.69 34.60 120.63 60.52 1.70 4.24 56.20
-0.99 -0.12 -0.21 -0.22 0.05 0.43 1.00 0.00 -6.95 -1.45 -0.08 0.14 0.01 0.21 -0.09 -0.17 -0.22 -1.00 0.85 3.14 0.00 0.35 -0.12 -0.20 -0.10 -0.09 0.00 0.26 -1.29 0.35 -0.18 -0.06 0.00 -0.04 1.00 0.20 0.00 -0.02 0.15 -0.48 -1.64 0.45 0.26 -1.31 0.22 -2.00 -0.06 0.35 -0.34 0.08 -0.50 -1.30 0.30 0.00 -3.86 1.74 1.63 1.06 0.52 -0.05 0.24 2.65
Close 1,007.35 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 500 11001 536685 16341 9003 8824030 1500 200 340 1700 3735 1410165 45536 40500 163523 1027 12011 50000 43500 6430 101 1004 529 20051 15501 1151 1624 30238 299 942 978 44259 3899 39174 3360 1000 600 21518 502 1368479 2135407 40008 2500 3110 29102 323 5114 68725 18595 3946 502 1576 39618 10000 5577 48059 10205 593348 299958 2005 157 107186
Change -1.97 Market cap 133,443.40 mn Div Yield (%) 2.50
Last 60 days High Low 3.48 8.50 17.77 24.05 3.45 12.32 18.75 14.50 747.48 52.05 1.10 3.90 1.49 3.00 2.37 0.90 47.00 8.00 25.45 65.98 41.20 27.00 10.30 0.99 4.88 40.77 2.70 7.29 350.15 20.50 1.25 2.00 2.00 6.10 22.59 68.80 2.08 0.95 17.50 25.14 64.44 10.20 11.25 31.03 19.90 47.00 2.30 12.00 6.85 6.20 8.69 48.90 3.00 0.48 276.50 37.50 36.40 123.85 62.60 2.00 4.90 56.22
0.21 2.50 4.00 18.50 1.32 9.50 8.10 9.05 436.00 40.80 0.12 3.00 0.16 0.99 1.44 0.02 36.10 3.00 17.21 37.25 26.70 19.99 5.51 0.30 3.35 34.05 0.30 2.02 209.03 13.25 0.26 1.01 0.16 4.51 18.01 51.46 0.35 0.14 12.80 15.66 45.81 5.16 7.65 25.12 12.51 25.80 1.29 8.01 2.01 3.50 5.02 27.50 1.04 0.12 169.00 29.00 15.00 86.50 37.25 0.86 1.50 36.00
2009 Div BR (%) (%)
% Change -0.20 5-Day High 1,009.32 5-Day Low 998.53 2010 Div BR (%) (%)
10 30 20 20 7.5 - 15B 20 120 7.5 50 5 7.5 35 70 8 400R 25 5 - 12.5 - 10B 10 20B 10 20 15 50 5 15 15 100R 4050.2257B 60 - 20SD - 50R 15 20 25 45R 12.5 - 10B 10 10B 7.5 50 20 30 - 632R 20 - 25SD 10 - 100R 35 60 5 200 15 50 25 20 20B 80 20B 40 10B 35 -
Performance of SR Pharma and Bio Tech Index Open 996.68 Turnover 122,114 P/E (x) 7.76
2010 Div BR (%) (%) 150 650 100
25B -
Total Assets (Rs in mn)
21.13
Total Equity (Rs in mn)
MA (100-day)
21.67
Revenue (Rs in mn)
1,198.94 725.72 1,116.86
MA (200-day)
23.16
Interest Expense
1st Support
20.70
Profit after Taxation
2nd Support
20.10
EPS 09 (Rs)
4.819
37.31
1st Resistance
22.00
Book value / share (Rs)
14.51
2nd Resistance
22.70
PE 10 E (x)
4.75
Pivot
21.40
PBV (x)
1.47
240.93
ETNL closed up 0.25 at 21.30. Volume was 8,378 per cent above average (trending) and Bollinger Bands were 19 per cent narrower than normal. The company's profit after taxation stood at Rs55.811 million which translates into an Earning Per Share of Rs1.12 for the 1st quarter of current fiscal year (1QFY11). ETNL is currently 9.1 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 very strong flows of volume into ETNL (bullish). Trend forecasting oscillators are currently bullish on ETNL.
Chenab Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
50.73
Total Assets (Rs in mn)
16,941.26
MA (10-day)
3.16
Total Equity (Rs in mn)
2,493.88
MA (100-day)
3.40
Revenue (Rs in mn)
9,091.38 1,487.71
MA (200-day)
4.00
Interest Expense
1st Support
2.94
Loss after Taxation
(96.66)
2nd Support
2.62
EPS 09 (Rs)
(0.841)
1st Resistance
3.67
Book value / share (Rs)
2nd Resistance
4.08
PE 10 E (x)
Pivot
3.35
PBV (x)
21.69 0.15
CHBL closed up 0.14 at 3.24. Volume was 2,077 per cent above average (trending) and Bollinger Bands were 60 per cent narrower than normal. The company's loss after taxation stood at Rs614.162 million which translates into a Loss Per Share of Rs5.341 for the 1st quarter of current fiscal year (1QFY11). CHBL is currently 19.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into CHBL (bullish). Trend forecasting oscillators are currently bearish on CHBL.
Huffaz Seamless Pipe Industries
% Change 0.52 5-Day High 1,108.00 5-Day Low 1,099.05
PHARMA AND BIO TECH
Change -6.76 Market cap 32,895.84 mn Div Yield (%) 15.64
Last 60 days High Low
Open
Open 1,102.25 Turnover 505,557 P/E (x) 3.12
Performance of SR Industrial Engineering Index Open 1,542.22 Turnover 236,387 P/E (x) 8.41
570 9437 101 217 252534 343 235 27812 17300 203149 32730 213
2009 Div BR (%) (%)
50.24
MA (10-day)
HOUSEHOLD GOODS
20B -
% Change -1.10 5-Day High 1,037.84 5-Day Low 1,020.30
-0.83 -1.63 -0.99 -2.20 0.01 7.55 -0.44 0.14 -0.17 1.74 0.05 0.49
% Change 0.02 5-Day High 1,171.31 5-Day Low 1,154.33
RSI (14-day)
Performance of SR Household Goods Index
Performance of SR Construction and Materials Index High Low 1,043.92 1,014.46 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 7.10
74.03 174.56 18.01 124.80 2.42 196.43 22.02 4.80 11.18 254.57 69.15 20.78
0.84 15.75 15.90 15.75 15.77 0.02 4.67 46.20 47.35 46.00 46.00 -0.20 5.28 5.68 4.32 5.50 0.22 11.52 69.72 70.89 70.00 70.52 0.80 4.26 4.49 3.75 3.88 -0.38 3.65 3.78 3.30 3.40 -0.25 7.46 33.93 34.50 32.92 33.19 -0.74 11.69 12.61 12.78 12.60 12.63 0.02 34.49 74.90 78.50 75.00 77.26 2.36 2.92 85.50 87.50 81.50 87.19 1.69 3.50 58.72 59.40 58.25 59.20 0.48 0.59 5.92 5.95 5.80 5.82 -0.10 22.03 56.22 59.03 59.03 59.03 2.81 26.91 2450.00 2475.00 2425.00 2450.00 0.00 3.57 24.30 25.40 24.00 25.00 0.70 - 13.28 12.80 12.30 12.51 -0.77 0.85 5.79 6.29 5.80 5.85 0.06 3.53 49.49 47.05 47.05 47.05 -2.44 2.50 2.30 2.26 2.26 -0.24 3.35 2175.00 2221.00 2100.00 2115.25 -59.75 2.92 2.90 2.90 2.90 -0.02 0.99 13.41 13.80 13.50 13.80 0.39 16.23 10.93 11.39 9.93 11.20 0.27 - 89.79 89.94 85.38 89.88 0.09
CONSTRUCTION AND MATERIALS Open 1,031.62 Turnover 6,231,547 P/E (x) 7.86
-
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING High Low 1,059.77 1,012.17 Total cos Defaulter cos P/BV (x) ROE (%) 1.07 33.10
40 15
Fundamental Highlights As on Jun 30, 2009
Technical Analysis
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 1,015.03 Turnover 948,534 P/E (x) 3.24
20B -
2010 Div BR (%) (%)
AUTOMOBILE AND PARTS
Company
High Low 1,367.66 1,338.07 Total cos Defaulter cos P/BV (x) ROE (%) 2.94 35.00
30
Eye Television Network Limited
% Change 0.64 5-Day High 743.87 5-Day Low 731.11
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,351.19 Turnover 14,739,803 P/E (x) 8.40
2009 Div BR (%) (%)
Alert ! Unusual Movements
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 96 306
PE
Open
9.44 110.13 6.65 89.15 15.13 86.96 7.53 27.07 6.77 8.23 10.91 143.28 5.46 60.19
High
High Low 1,011.33 972.70 Total cos Defaulter cos P/BV (x) ROE (%) 1.73 22.31 Low
Close Chg
110.99 107.51 107.73 93.60 88.00 88.02 87.49 83.50 84.12 27.90 27.00 27.17 8.40 7.80 8.39 142.00 137.10 137.16 62.00 60.05 60.75
-2.40 -1.13 -2.84 0.10 0.16 -6.12 0.56
Close 978.16 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 15709 14814 51753 12171 13076 1203 13345
Change -18.52 Market cap 32,865.42 mn Div Yield (%) 5.74
Last 60 days High Low 110.99 113.00 87.98 27.90 9.00 146.40 64.50
85.10 82.20 65.00 22.60 6.81 115.90 59.50
2009 Div BR (%) (%) 120 10 50 25 70 15
20B 15B
% Change -1.86 5-Day High 996.68 5-Day Low 931.08 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
65.59
Total Assets (Rs in mn)
MA (10-day)
14.73
Total Equity (Rs in mn)
MA (100-day)
14.28
Revenue (Rs in mn)
6,209.01 883.84 1,285.30
MA (200-day)
15.43
Interest Expense
1st Support
15.10
Profit after Taxation
38.83
2nd Support
14.60
EPS 10 (Rs)
2.326
1st Resistance
16.05
Book value / share (Rs)
15.93
2nd Resistance
16.50
PE 11 E (x)
9.78
Pivot
15.55
PBV (x)
0.98
129.07
HSPI closed up 0.58 at 15.64. Volume was 858 per cent above average (trending) and Bollinger Bands were 52 per cent narrower than normal. The company's profit after taxation stood at Rs21.963 million which translates into an Earning Per Share of Rs0.40 for the 1st quarter of current fiscal year (1QFY11). HSPI is currently 1.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into HSPI (mildly bullish). Trend forecasting oscillators are currently bearish on HSPI.
Sui Southern Gas Company Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
45.04
Total Assets (Rs in mn)
MA (10-day)
20.50
Total Equity (Rs in mn)
MA (100-day)
22.69
Revenue (Rs in mn)
110,759.62
MA (200-day)
20.80
Interest Expense
5,015.89
1st Support
20.71
Profit after Taxation
4,399.15
2nd Support
20.11
EPS 10 (Rs)
6.554
1st Resistance
21.80
Book value / share (Rs)
20.97
2nd Resistance
22.29
PE 11 E (x)
3.22
Pivot
21.20
PBV (x)
1.02
14,072.35 127,613.53
SSGC closed up 0.72 at 21.38. Volume was 143 per cent above average and Bollinger Bands were 34 per cent narrower than normal. The company's profit after taxation stood at Rs1.113 billion which translates into an Earning Per Share of Rs1.66 for the 1st quarter of current fiscal year (1QFY11). SSGC is currently 2.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SSGC at a relatively equal pace. Trend forecasting oscillators are currently bullish on SSGC.
BOOK CLOSURES Company Amtex Ltd# Liberty Mills# Pakistan Reins# Descon Chemicals# Nadeem Textile Byco Petroleum Husein Industries Balochistan Glass# Adil Textile Summit Bank Atlas Bank BOC Pakistan# Pangrio Sugar Mirza Sugar Arif Habib Inv#
From
To
24-12-2010 24-12-2010 24-12-2010 24-12-2010 24-12-2010 25-12-2010 28-12-2010 28-12-2010 01-01-2011 01-02-2011 03-01-2011 11-01-2011 22-01-2011 22-01-2011 01-02-2011
D/B/R
31-12-2010 01-01-2011 31-12-2010 30-12-2010 31-12-2010 31-12-2010 04-01-2011 04-01-2011 07-01-2011 08-02-2011 10-01-2011 17-01-2011 31-01-2011 31-01-2010 07-02-2011
20 20(R) 10 10 -
Spot
AGM/Date
14-12-2010 -
31-12-2010 01-01-2011 31-12-2010 30-12-2010 31-12-2010 31-12-2010 31-12-2010 04-01-2011 07-01-2011 17-01-2011 31-01-2011 31-01-2011 07-02-2011
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd. Murree Brewery Co Shezan International Khyber Tobacco Pak Tobacco Shifa Int Hospitals Eye Television PIAC (A) AKD Capital XD Pace (Pak) Ltd. Netsol Technologies
Open 3.62 90.82 106.36 19.15 115 28.97 21.05 2.38 50.07 2.93 18.61
High 3.75 92.5 111.67 20.15 116 30 22.1 2.39 52.3 2.99 18.93
Low Close 3.6 90.25 103 20.15 113.01 29 20.8 2.3 47.65 2.85 18.5
3.7 91.2 105.54 20.15 114.09 29.23 21.3 2.34 47.87 2.86 18.57
Change 0.08 0.38 -0.82 1 -0.91 0.26 0.25 -0.04 -2.2 -0.07 -0.04
Vol 1345815 690 3386 500 151465 4360 2820607 8871 4818 132449 139715
7
Friday, December 24, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,149.68 Turnover 2,080,537 P/E (x) 6.14 Paid up Cap(mn)
Company
Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,155.65 1,128.48 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
PE
Open
High
Low
Close Chg
37740 12.73 3000 0.67 8606 6175 -
19.36 2.29 2.99 3.75
19.43 2.33 3.05 3.80
19.04 2.23 2.86 3.65
19.10 2.25 2.92 3.66
-0.26 -0.04 -0.07 -0.09
Close 1,133.57 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 343868 142661 1593908 76992
Change -16.11 Market cap 78,158.49 mn Div Yield (%) 10.18
Last 60 days High Low 20.12 2.69 3.45 4.50
18.15 1.80 2.32 3.35
% Change -1.40 5-Day High 1,152.23 5-Day Low 1,133.57
2009 Div BR (%) (%) 15 -
-
2010 Div BR (%) (%) 17.5 1 -
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Shaheen Insurance Silver Star Insurance
204 6.60 369 6.04 279 7.05 457 6.97 1250 400 3.31 718 17.17 791 15.84 3000 41.38 350 303 6.03 252 4.35 200 253 4.39
-
10.21 38.50 61.88 11.03 43.09 13.45 92.87 59.26 16.03 6.80 11.12 6.60 12.10 7.05
Paid up Cap(mn)
Company
Altern Energy Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Southern Electric Tri-star Power XD
PE
Open
High
Low
3426 20.45 198 11572 6.73 1560 7932 1695 10.97 126 2.69 8803 4.88 3673 3.32 3541 24.84 1367 150 -
9.11 0.85 37.57 1.79 2.62 19.92 4.44 40.56 15.31 15.81 2.27 1.02
9.25 0.90 37.54 1.90 2.68 20.50 4.50 40.78 15.49 15.99 2.38 1.10
9.00 0.82 36.65 1.76 2.60 19.57 4.41 40.00 15.06 15.26 2.26 0.93
Close 1,257.44 Listed cap 95,369.29 mn Payout (%) 104.13
Change -22.77 Market cap 102,451.93 mn Div Yield (%) 7.41
% Change -1.78 5-Day High 1,283.40 5-Day Low 1,257.44
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
9.00 0.82 36.73 1.84 2.62 19.75 4.41 40.13 15.13 15.40 2.30 0.94
9001 6107 4745912 9509 991635 3721 8934 177535 114259 1518109 184957 41670
11.25 1.45 38.10 2.25 3.29 26.50 5.70 41.96 16.00 16.70 2.80 1.75
33.5 45 64.5 3
-0.11 -0.03 -0.84 0.05 0.00 -0.17 -0.03 -0.43 -0.18 -0.41 0.03 -0.08
9.00 0.60 32.75 1.20 1.94 17.95 4.01 38.35 10.40 11.01 2.05 0.65
31R -
2010 Div BR (%) (%)
Open 921.45 Turnover 45,511 P/E (x) 13.52 Paid up Cap(mn)
Company
0.68 -0.50 0.16 0.12 0.74 0.45 -0.35 -0.48 0.11 -0.17 0.03 0.49 0.20 0.01
5710 1137 2000 3700 139172 44432 4257 7815 256615 9005 2699 500 1201 23510
12.75 38.88 64.80 12.00 48.63 14.45 93.80 60.90 17.20 8.30 11.70 7.70 14.53 8.17
9.75 27.37 47.37 9.42 34.76 10.04 68.27 52.25 12.80 1.77 8.00 6.15 11.51 6.01
American Life EFU Life Assurance New Jub Life Insurance
High Low 959.87 907.91 Total cos Defaulter cos P/BV (x) ROE (%) 3.83 3.85
Close 923.15 Listed cap 2,290.72 mn Payout (%) 355.53
Open
High
Low
Close Chg
Volume
Last 60 days High Low
500 6.15 850 43.26 627 31.54
19.00 75.42 47.00
19.00 78.00 49.31
18.00 75.50 46.00
18.40 -0.60 76.13 0.71 46.99 -0.01
2811 12601 30099
19.85 86.95 49.31
Company
High Low 1,567.48 1,483.09 Total cos Defaulter cos P/BV (x) ROE (%) 1.09 11.41
Change 45.34 Market cap 32,944.18 mn Div Yield (%) 7.01
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.13 3.22
26.69 20.66
28.00 21.69
26.35 20.60
27.33 0.64 21.38 0.72
1152805 1399585
34.75 30.70
Sui North Gas XD Sui South Gas
26.35 19.95
% Change 3.04 5-Day High 1,538.84 5-Day Low 1,485.36
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index Open 1,151.12 Turnover 12,836,695 P/E (x) 8.19 Paid up Cap(mn)
Company
PE
Open
High
Allied Bank Limited 7821 6.22 64.50 Askari Bank 6427 8.26 17.53 Atlas Bank 5001 1.80 Bank Alfalah 13492 13.56 10.80 Bank AL-Habib 7322 7.65 35.81 Bank Of Khyber 5004 5.49 4.12 Bank Of Punjab 5288 9.77 BankIslami Pak 5280 825.00 3.31 Faysal Bank 7309 4.72 14.80 Habib Bank Ltd 10019 7.24 117.04 Habib Metropolitan Bank 8732 8.50 26.47 JS Bank Ltd 8150 2.50 KASB Bank Ltd 9509 2.53 MCB Bank Ltd 7602 9.88 224.92 Meezan Bank 6983 8.47 16.25 Mybank Ltd 5304 2.62 National Bank 13455 6.28 72.26 Network Mic Bank 300 1.55 NIB Bank 40437 2.88 Royal Bank Ltd 17180 4.80 Samba Bank 14335 1.91 Silkbank Ltd 26716 2.69 Soneri Bank 6023 7.80 Stand Chart Bank 38716 12.37 7.71 Summit Bank Ltd 5000 3.58 United Bank Ltd 12242 7.48 64.49
High Low Close 1,163.17 1,133.26 1,143.35 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.14 13.94 40.49 Low
Close Chg
64.70 63.90 63.99 -0.51 17.80 17.25 17.34 -0.19 1.82 1.70 1.71 -0.09 11.00 10.52 10.58 -0.22 35.95 35.00 35.48 -0.33 4.15 4.01 4.12 0.00 9.90 9.68 9.70 -0.07 3.40 3.30 3.30 -0.01 14.90 14.60 14.62 -0.18 117.70 115.50 115.86 -1.18 27.79 26.18 27.79 1.32 2.60 2.46 2.51 0.01 2.70 2.40 2.45 -0.08 226.20 221.46 222.96 -1.96 16.35 15.90 16.00 -0.25 2.69 2.50 2.50 -0.12 72.90 71.60 71.93 -0.33 1.60 1.31 1.59 0.04 2.95 2.85 2.85 -0.03 4.95 4.74 4.88 0.08 2.08 1.95 1.96 0.05 2.72 2.60 2.61 -0.08 8.10 7.71 7.80 0.00 8.50 7.70 8.04 0.33 3.60 3.27 3.40 -0.18 64.75 63.20 63.66 -0.83
Volume
Change -7.78 Market cap 690,795.06 mn Div Yield (%) 4.94
Last 60 days High Low
12099 66.49 348967 18.10 198981 2.55 1384743 11.10 175083 36.40 7872 4.70 496216 10.59 231181 3.88 30560 17.10 73741 121.99 945418 27.79 123764 3.00 39311 2.90 401224 226.80 174328 16.70 163685 2.95 3553044 73.20 2015 2.40 1931566 3.18 603 8.10 158519 2.65 1526076 3.08 133464 8.30 50768 8.80 143260 3.90 673467 67.39
50.00 14.23 1.50 7.66 30.52 2.50 8.00 2.74 13.01 92.55 18.02 2.25 2.16 183.00 14.05 1.81 62.15 0.62 2.46 3.91 1.51 2.50 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change -0.68 5-Day High 1,156.03 5-Day Low 1,143.35
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 774.87 Turnover 2,159,766 P/E (x) 12.87 Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 25.34
Open 88.61
High 90.45
High Low 792.39 767.65 Total cos Defaulter cos P/BV (x) ROE (%) 0.67 5.20 Low 87.05
Close Chg 87.41 -1.20
Close 773.73 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 1657927
Change -1.13 Market cap 47,799.82 mn Div Yield (%) 6.18
Last 60 days High Low 91.75
63.05
2009 Div BR (%) (%) 30
10B
% Change -0.15 5-Day High 782.28 5-Day Low 766.67 2010 Div BR (%) (%) 10
-
Symbols ASFL FANM FUDLM MIRKS PAKD UDPL GATI UNIC HWQS MQTM PCAL TSMF SALT ICIBL OTSU UPFL ULEVER COLG JKSM CML SGML MFFL COTT AASM LAKST SIEM FNEL CHAS TICL PTEC UBDL FIBLM DMTM PMRS LEUL CWSM GAIL HADC MOON STCL FCIBL PKGI JOPP SING CPMFI SPLC DCM FZTM GUSM SANE ISTM STML DNCC SGPL SEL WYETH PGCL DIIL PHDL PSEL
2010 Div BR (%) (%)
5513.33B 10 -
-
-
FINANCIAL SERVICES Open 415.00 Turnover 2,500,950 P/E (x) 9.62 Paid up Cap(mn)
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Equities IGI Investment Bank Invest and Fin Sec Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Sec Inv Bank Stand Chart Leasing Trust Brokerage
High Low 421.00 406.54 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 0.91
PE
Open
High
Low
225 1.48 360 3.36 450 13.32 3750 4.34 250 2121 17.63 600 679.00 3166 626 0.63 7633 508 500 7.58 1000 27.46 1000 821 5.18 775 514 14.92 978 5.94 100 -
0.73 17.14 26.12 23.60 1.83 2.89 7.00 3.50 1.77 11.43 4.03 28.12 6.63 4.41 7.04 2.40 2.80 2.79 2.75
0.75 17.20 26.64 23.98 2.00 2.93 7.00 3.80 1.94 11.60 4.10 28.44 6.74 4.70 7.09 2.44 3.80 2.98 2.75
0.60 17.00 26.00 23.55 1.82 2.65 6.65 3.47 1.05 11.19 3.90 28.00 6.56 4.11 6.56 2.27 3.10 2.46 2.75
Close Chg
Close 411.40 Listed cap 30,336.44 mn Payout (%) 99.56
Volume
Change -3.60 Market cap 28,115.72 mn Div Yield (%) 3.25
0.65 17.09 26.10 23.59 2.00 2.82 6.79 3.49 1.76 11.25 3.93 28.18 6.59 4.19 7.05 2.29 3.73 2.85 2.75
-0.08 -0.05 -0.02 -0.01 0.17 -0.07 -0.21 -0.01 -0.01 -0.18 -0.10 0.06 -0.04 -0.22 0.01 -0.11 0.93 0.06 0.00
21411 4879 29345 1032178 1502 168109 1530 17151 16359 1912601 82693 1429 94002 53675 39646 28558 23917 1387 2700
% Change -0.87 5-Day High 417.55 5-Day Low 411.40
Last 60 days High Low
2009 Div BR (%) (%)
0.95 19.98 31.97 27.02 2.69 2.93 9.00 4.80 2.84 14.05 5.38 37.65 7.59 4.75 7.29 2.70 3.90 3.00 3.75
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.45 13.00 24.40 20.90 1.51 1.32 6.16 2.54 1.05 8.80 1.96 24.25 5.10 3.32 4.50 1.35 1.65 2.03 2.00
2010 Div BR (%) (%) 20B 20B 10B -
Performance of SR Equity Investment Instruments Index Open 1,313.67 Turnover 1,838,885 P/E (x) 20.94 Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. B F Modaraba XB B R R Guardian Mod. Constellation Modaraba 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 Meezan Balanced F. Mod Al-Mali NAMCO Balanced F. Pak Modaraba Paramount Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba Trust Modaraba
PE
264 1375 75 780 65 200 113 524 581 760 397 1008 3180 1186 1200 184 1000 125 59 1000 2835 2841 872 340 454 298
9.06 6.73 2.30 3.86 3.07 1.63 3.50 10.00 0.66 2.21 2.43 5.72 63.88 16.43 7.02 13.30 5.78 5.70 6.80 1.91 8.10 7.03 2.27 4.51 3.17
Open 1.50 8.14 3.50 1.86 1.46 0.61 2.76 1.62 2.02 3.17 7.31 6.75 5.20 4.61 7.50 1.35 3.81 0.97 8.65 6.70 12.79 6.32 1.01 1.25 9.80 1.90
High Low 1,326.87 1,295.02 Total cos Defaulter cos P/BV (x) ROE (%) 0.46 2.21
High 1.70 8.24 3.50 1.89 1.45 0.70 2.80 1.75 2.20 3.18 7.30 6.65 5.26 4.70 7.70 1.40 3.80 1.25 8.80 6.80 12.94 6.39 1.01 1.90 9.50 1.65
Low 1.41 8.00 3.50 1.64 1.30 0.62 2.80 1.60 2.05 3.03 7.28 6.64 5.10 4.60 7.30 1.30 3.70 1.14 8.70 6.50 12.59 6.15 0.97 1.15 9.20 1.39
Close Chg 1.45 8.07 3.50 1.70 1.35 0.65 2.80 1.60 2.10 3.10 7.28 6.64 5.11 4.60 7.30 1.33 3.70 1.14 8.70 6.56 12.64 6.19 1.00 1.48 9.21 1.65
-0.05 -0.07 0.00 -0.16 -0.11 0.04 0.04 -0.02 0.08 -0.07 -0.03 -0.11 -0.09 -0.01 -0.20 -0.02 -0.11 0.17 0.05 -0.14 -0.15 -0.13 -0.01 0.23 -0.59 -0.25
Close 1,301.92 Listed cap 29,771.58 mn Payout (%) 162.74
Change -11.74 Market cap 17,499.37 mn Div Yield (%) 7.77
Last 60 days High Low
Volume 6444 188907 134 109 4106 20189 666 28025 2540 28672 3000 1517 808134 212604 12500 7748 10000 104 3198 292670 55159 12557 127807 2886 8350 500
2.24 8.59 4.90 2.37 2.50 1.10 3.09 2.37 2.28 3.88 7.75 6.90 5.30 4.73 8.25 2.18 4.00 1.40 9.45 7.18 12.94 6.50 1.04 2.54 10.00 4.40
1.05 5.85 2.89 0.90 0.90 0.16 1.73 0.86 1.30 2.56 5.11 5.80 2.65 2.31 5.15 0.56 2.25 0.30 7.51 4.50 7.90 3.50 0.79 0.50 7.75 1.15
Open 2.73 3.25 6.00 52.99 80.03 9.99 44.90 6.30 20.33 8.15 56.45 1.49 61.90 0.73 35.15 1045.00 4433.06 932.00 7.00 2.63 6.18 73.00 1.02 26.40 313.00 1251.82 8.75 12.20 83.22 2.00 29.00 1.88 3.83 47.80 2.35 1.31 4.25 0.79 7.49 8.65 3.50 7.10 8.55 18.01 4.34 0.70 1.50 400.00 6.35 3.30 6.99 22.10 2.50 1.00 18.99 1115.00 17.87 10.55 38.00 172.00
High 3.73 3.25 6.10 52.50 80.00 9.50 45.79 6.35 19.35 8.01 56.45 1.69 61.50 0.84 34.04 1075.00 4500.00 937.95 7.15 2.64 6.49 71.00 1.25 26.40 311.00 1270.00 8.75 12.80 86.99 1.99 27.55 2.70 4.79 49.99 1.75 1.25 5.00 0.80 6.49 8.94 3.24 7.74 9.45 18.94 3.55 0.79 1.80 405.00 6.96 4.20 7.10 23.20 3.45 1.64 19.05 1149.00 18.40 10.55 37.00 177.00
Low
Close
3.73 3.25 6.10 52.50 80.00 9.50 44.00 6.35 19.32 8.00 53.63 1.60 61.50 0.66 34.03 1065.00 4410.50 925.00 6.10 2.45 5.20 69.50 0.97 26.40 310.95 1265.00 8.75 12.40 86.99 1.99 27.55 1.81 2.90 49.00 1.72 1.12 4.15 0.64 6.49 8.36 2.56 7.00 8.25 18.90 3.55 0.78 1.78 404.00 6.96 3.99 7.10 23.20 3.00 1.28 19.05 1140.00 18.40 10.55 37.00 177.00
3.73 3.25 6.10 52.50 80.00 9.50 44.00 6.35 19.32 8.00 53.75 1.60 61.50 0.81 34.03 1071.25 4453.22 932.13 7.15 2.45 6.26 69.60 1.20 26.40 310.95 1266.88 8.75 12.40 86.99 1.99 27.55 2.55 4.78 49.00 1.75 1.25 4.27 0.79 6.49 8.90 2.90 7.00 8.25 18.90 3.55 0.78 1.78 404.00 6.96 3.99 7.10 23.20 3.00 1.28 19.05 1140.00 18.40 10.55 37.00 177.00
Change
Vol
1.00 0.00 0.10 -0.49 -0.03 -0.49 -0.90 0.05 -1.01 -0.15 -2.70 0.11 -0.40 0.08 -1.12 26.25 20.16 0.13 0.15 -0.18 0.08 -3.40 0.18 0.00 -2.05 15.06 0.00 0.20 3.77 -0.01 -1.45 0.67 0.95 1.20 -0.60 -0.06 0.02 0.00 -1.00 0.25 -0.60 -0.10 -0.30 0.89 -0.79 0.08 0.28 4.00 0.61 0.69 0.11 1.10 0.50 0.28 0.06 25.00 0.53 0.00 -1.00 5.00
100 100 100 100 100 100 88 84 75 54 53 52 50 44 42 40 39 36 27 22 15 14 11 11 11 11 10 10 10 10 10 6 6 5 5 4 4 4 3 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
EQUITY INVESTMENT INSTRUMENTS
2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -
UPTO 100 VOLUME
25R 10B 20B -
Performance of SR Financial Services Index
Company
Close 1,538.84 Listed cap 12,202.80 mn Payout (%) 66.79
10 10 -
% Change 0.18 5-Day High 923.15 5-Day Low 902.85
2009 Div BR (%) (%)
16.03 57.15 39.68
Performance of SR Gas Water and Multiutilities Index Open 1,493.50 Turnover 2,552,390 P/E (x) 9.53
40 10B 20 25B 40 8.7B 35 35 30 20B 30 20 15B -14.28B - 20B
Change 1.70 Market cap 10,458.45 mn Div Yield (%) 3.57
PE
50 - 7.8R 15 50 -
GAS WATER AND MULTIUTILITIES
10.89 38.00 62.04 11.15 43.83 13.90 92.52 58.78 16.14 6.63 11.15 7.09 12.30 7.06
LIFE INSURANCE
ELECTRICITY High Low 1,285.60 1,253.22 Total cos Defaulter cos P/BV (x) ROE (%) 1.32 9.35
10.50 38.00 61.10 11.15 43.10 13.64 92.52 57.05 16.05 6.55 11.15 7.09 12.30 7.00
Performance of SR Life Insurance Index
Performance of SR Electricity Index Open 1,280.21 Turnover 7,811,351 P/E (x) 14.06
10.94 38.50 62.60 11.38 44.95 14.45 93.80 60.00 16.37 7.00 11.25 7.09 12.55 7.08
% Change -0.89 5-Day High 1,315.99 5-Day Low 1,301.03
Symbols
Open
High
Low
Close
NML-DEC
63.46
63.75
61.60
61.81
-1.65
759500
DGKC-DEC
30.91
31.05
29.95
30.09
-0.82
526000
NBP-DEC
72.55
72.13
-0.42
523000
ANL-DEC
72.90
71.85
Change
Vol
9.70
10.25
9.60
10.19
0.49
380500
ENGRO-DEC 197.85
200.54
195.55
196.19
-1.66
324000
POL-DEC
292.61
293.99
287.99
288.42
-4.19
269500
PPL-DEC
216.21
218.00
212.80
213.16
-3.05
199500
AICL-DEC
88.98
90.50
87.35
87.70
-1.28
169500
PSO-DEC
295.72
296.89
292.60
293.75
-1.97
138500
225.60
222.00
222.92
-1.66
91500
2009 Div BR (%) (%)
2010 Div BR (%) (%)
MCB-DEC
224.58
FFBL-DEC
35.91
36.00
35.75
35.82
-0.09
84000
OGDC-DEC 169.44
170.05
168.00
168.33
-1.11
29500
4.5 5 20 10 5 15 16.5 -
18.5 0 1.2 5 17 11 21 5 10 15.5 15 3 18 10 20 10 3 1 17 5
LUCK-DEC
77.00
77.00
76.00
76.03
-0.97
18000
PTC-DEC
19.22
19.30
19.20
19.20
-0.02
13000
UBL-DEC
64.58
64.45
63.60
63.60
-0.98
11000
HUBC-DEC
37.77
37.15
36.95
36.95
-0.82
7000
NCL-DEC
23.41
22.89
22.89
22.89
-0.52
2500
FFC-DEC
118.10
117.50
117.50
117.50
-0.60
1000
-
10B -
ZERO VOLUME Symbols
Open
High
Low
Close
Change
Vol
POAF
11.45
10.45
10.45
10.45
-1.00
0
ARM
14.60
14.65
14.65
14.65
0.05
0
1.97
1.93
1.93
1.93
-0.04
0 0
KASBM FTSM
1.74
1.65
1.65
1.65
-0.09
SIGL
11.00
10.40
10.40
10.40
-0.60
ESBL
2.92
2.84
2.84
2.84
-0.08
0
FAEL
12.30
13.30
13.30
13.30
1.00
0
GUTM
24.00
23.99
23.99
23.99
-0.01
0
0
IDRT
3.30
3.29
3.29
3.29
-0.01
0
QUAT
13.50
13.45
13.45
13.45
-0.05
0
SHDT
13.31
13.25
13.25
13.25
-0.06
0
SHCM
7.00
7.60
0.60
0
SHTM
0.50
0.49
0.49
0.49
-0.01
0
SZTM
5.11
5.16
5.16
5.16
0.05
0
CLCPS
2.99
2.95
2.95
2.95
-0.04
0
7.60
7.60
GFIL
4.00
4.05
4.05
4.05
0.05
0
RUPL
36.95
36.80
36.80
36.80
-0.15
0
TRPOL
0.75
0.85
0.85
0.85
0.10
0
BOARD MEETINGS
Hub Power Co Ltd
KSE 100 INDEX
Engro Corporation
National Bank of Pakistan
Company
Date
Time
Bawany Sugar Mills Ltd Fauji Fertiliser Company Ltd Mahmood Textile Mills Ltd Sindh Abadgar's Sugar Mills Ltd Fecto Sugar Mills Ltd Kohinoor Sugar Mills Ltd The Thal Industries Corporation Ltd Khairpur Sugar Mills Ltd Shahtaj Sugar Mills Ltd Al-Noor Sugar Mills Ltd Faran Sugar Mills Ltd Shahmurad Sugar Mills Ltd Unilever Pakistan Limited Unilever Pakistan Foods Ltd
24-12-2010 24-12-2010 24-12-2010 24-12-2010 28-12-2010 28-12-2010 28-12-2010 29-12-2010 29-12-2010 30-12-2010 30-12-2010 30-12-2010 24-02-2011 28-02-2011
4:00 10:00 11:00 3:00 11.30 11.30 10.30 2:30 11:30 11:00 3.30 3:00 2:30 2:30
TECHNICAL LEVELS
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
76.01
Support 1
11,736.20
MA (5-day)
11,819.25
Support 2
11,679.55
MA (10-day)
11,718.48
Resistance 1
11,879.80
MA (100-day)
10,474.92
Resistance 2
11,966.75
10,258.65
Pivot
normal. As far as resistance level is concern, the market will see major 1st Index will continue to find its 1st support level at 11,736.20 and 2nd support level at 11,679.55.
45.7
Buy
*Arif Habib Ltd
44
Buy
AKD Securities Ltd
Positive
TFD Research
AKD Securities Ltd TFD Research
44.9
Technical Analysis 57.55 36.79 35.09 34.41
Brokerage House
Fair Value
Leverage Position Free Float Shares (mn) 810.01 Free Float Rs (mn) 29,751.60 ** NOI Rs (mn) 0.92 Mean 37.12
* Target price for Jun-11 & **Net Open Interest in future market
Trend forecasting oscillators are currently bullish on HUBC.
Rs Recommendations
Brokerage House
Buy
AKD Securities Ltd
AKD Securities Ltd
43.29
Buy
TFD Research
TFD Research
36.85
Positive
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
51.61 30.88 26.85 26.99
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
* Target price for Jun-11 & **Net Open Interest in future market
*Arif Habib Ltd
61.96
Neutral
AKD Securities Ltd
92.3
Positive
TFD Research
64.83 71.26 66.36 69.01
Rs Recommendations
176
Sell
238.8
Buy
208.75
Neutral
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
318.44 22,905.69 168.96 72.17
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
67.34 190.65 179.71 184.82
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
147.48 28,845.92 107.21 197.10
* Target price for Jun-11 & **Net Open Interest in future market
NBP is currently 6.4 per cent above its 200-day moving average and is dis- ENGRO is currently 5.8 per cent above its 200-day moving average and is playing an upward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is extremely high when compared to average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NBP (mildly bullish). Trend forecast- reflect moderate flows of volume into ENGRO (mildly bullish). Trend foreing oscillators are currently bullish on NBP.
Adamjee Insurance Co Ltd
Fair Value
Rs Recommendations
59.97
Buy
*Arif Habib Ltd
317.2
Hold
AKD Securities Ltd
76
Accumulate
Positive
AKD Securities Ltd
296.6
Buy
TFD Research
88
Neutral
74.2
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
casting oscillators are currently bullish on ENGRO.
Pakistan Oilfields Ltd
Brokerage House
TFD Research
182.55 5,478.31 48.29 30.42
Buy
* Target price for Jun-11 & **Net Open Interest in future market
Technical Outlook
Technical Outlook Leverage Position
82.1
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Nishat Mills Ltd
42
Technical Analysis
Rs Recommendations
HUBC closed down -0.84 at 36.73. Volume was 162 per cent above aver- NBP closed down -0.33 at 71.93. Volume was 8 per cent above average ENGRO closed down -1.75 at 195.59. Volume was 151 per cent above average (trending) and Bollinger Bands were 45 per cent narrower than normal. and Bollinger Bands were 31 per cent wider than normal. age (trending) and Bollinger Bands were 44 per cent wider than normal.
Dera Ghazi Khan Cement Co Ltd
*Arif Habib Ltd
Brokerage House
Fair Value
Technical Outlook
KSE 100 INDEX is currently 15.0 per cent above its 200-day moving average HUBC is currently 6.7 per cent above its 200-day moving average and is and is displaying an upward trend. Volatility is extremely low when compared displaying an upward trend. Volatility is extremely low when compared to to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently reflect volume flowing into and out of HUBC at a relatively equal pace. indicating that INDEX is currently in an overbought condition.
Brokerage House
Technical Outlook
11,823.15
resistance level at 11,879.80 and 2nd resistance level at 11,966.75, while
Rs Recommendations
*Arif Habib Ltd
RSI (14-day) MA (10-day) KSE 100 INDEX closed down -55.79 points at 11,792.83. Volume was 11 MA (100-day) per cent below average and Bollinger Bands were 30 per cent wider than MA (200-day) MA (200-day)
Fair Value
60.01 60.96 51.00 51.12
Rs Recommendations
281.35
Brokerage House
175.80 10,831.03 85.05 62.49
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
63.52 290.16 244.42 237.31
Fair Value
Rs Recommendations
Neutral
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 31,037.68 243.54 289.98
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
62.53 86.90 75.54 88.23
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
74.22 6,487.81 26.03 88.38
* Target price for Jun-11 & **Net Open Interest in future market
DGKC closed down -0.75 at 30.01. Volume was 33 per cent below aver- NML closed down -1.64 at 61.61. Volume was 46 per cent below average POL closed down -4.15 at 287.54. Volume was 44 per cent above average AICL closed down -1.20 at 87.41. Volume was 177 per cent above average and Bollinger Bands were 20 per cent wider than normal.
and Bollinger Bands were 11 per cent narrower than normal.
and Bollinger Bands were 56 per cent wider than normal.
age (trending) and Bollinger Bands were 0 per cent narrower than normal.
DGKC is currently 11.2 per cent above its 200-day moving average and is NML is currently 20.5 per cent above its 200-day moving average and is POL is currently 21.2 per cent above its 200-day moving average and is AICL is currently 0.9 per cent below its 200-day moving average and is disdisplaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely low when compared to playing an upward trend. Volatility is relatively normal as compared to the the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DGKC (mildly bullish). Trend fore- reflect moderate flows of volume into NML (mildly bullish). Trend forecast- reflect moderate flows of volume into POL (mildly bullish). Trend forecast- reflect moderate flows of volume into AICL (mildly bullish). Trend forecastcasting oscillators are currently bullish on DGKC.
ing oscillators are currently bullish on NML.
ing oscillators are currently bullish on POL.
ing oscillators are currently bullish on AICL.
Company Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah 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 JOV and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC 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 PIAC (A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 49.78 3.30 3.25 65.72 63.70 63.40 51.15 62.60 62.00 37.52 23.45 23.30 47.55 25.85 25.60 62.53 86.15 84.90 64.27 17.10 16.90 43.26 9.65 9.20 54.99 323.20 321.35 52.33 119.30 118.35 59.10 10.40 10.20 50.61 3.30 3.25 49.77 9.60 9.55 56.96 2.25 2.15 51.61 29.60 29.20 66.38 3.15 3.10 43.79 2.75 2.70 47.58 42.95 42.10 45.10 75.10 74.05 67.34 193.60 191.65 46.55 14.50 14.40 55.61 5.10 5.00 60.95 35.55 35.35 61.35 115.65 114.95 61.05 115.00 114.15 57.55 36.40 36.10 67.94 141.10 139.85 51.48 252.05 249.55 48.93 3.85 3.80 55.81 1.75 1.70 42.31 2.45 2.40 44.21 11.10 10.95 50.55 39.80 39.50 54.75 2.60 2.55 63.88 13.05 12.95 54.67 75.65 74.95 66.23 220.90 218.80 47.51 2.85 2.80 64.83 71.40 70.85 53.17 22.35 22.05 43.75 18.40 18.25 45.56 2.85 2.80 60.96 2.00 1.95 60.01 60.80 59.95 65.36 167.75 166.70 45.55 2.80 2.75 53.15 2.20 2.15 52.92 2.30 2.25 37.09 6.80 6.75 63.52 285.25 282.95 62.38 210.35 208.20 36.24 68.60 68.05 63.39 291.15 289.40 44.75 18.95 18.80 67.58 206.00 204.55 39.84 26.45 25.60 67.59 13.90 13.60 45.04 20.75 20.15 44.54 2.20 2.15 37.73 3.60 3.55 59.49 63.00 62.30 54.49 2.85 2.75
1st 2nd Resistance 3.40 3.45 64.50 65.00 63.80 64.40 23.85 24.15 26.50 26.90 89.55 91.70 17.65 18.00 10.40 10.65 327.20 329.35 121.60 122.95 10.90 11.20 3.40 3.45 9.85 10.00 2.45 2.55 30.70 31.40 3.40 3.55 2.85 2.90 44.80 45.80 77.60 79.05 198.95 202.35 14.80 15.00 5.30 5.40 36.00 36.30 117.50 118.65 117.20 118.55 37.30 37.85 144.30 146.25 257.05 259.50 4.05 4.20 1.90 1.95 2.60 2.65 11.50 11.75 40.60 41.10 2.70 2.75 13.30 13.45 77.65 78.90 225.60 228.30 3.00 3.10 72.70 73.45 23.10 23.55 18.85 19.10 2.95 3.00 2.15 2.25 63.05 64.50 169.90 171.00 2.95 3.05 2.40 2.50 2.40 2.45 6.90 6.95 291.70 295.90 216.35 220.15 69.60 70.05 295.55 298.20 19.35 19.60 208.95 210.40 28.10 28.90 14.45 14.80 21.85 22.30 2.30 2.35 3.75 3.85 64.55 65.40 3.00 3.15
Pivot 3.35 64.20 63.20 23.70 26.25 88.30 17.45 9.95 325.35 120.65 10.70 3.35 9.75 2.35 30.30 3.30 2.80 43.95 76.55 197.00 14.70 5.20 35.80 116.80 116.35 36.95 143.05 254.50 4.00 1.85 2.50 11.35 40.30 2.65 13.20 76.90 223.55 2.95 72.15 22.80 18.65 2.90 2.10 62.25 168.85 2.90 2.35 2.35 6.85 289.40 214.20 69.05 293.80 19.20 207.50 27.25 14.20 21.20 2.25 3.70 63.85 2.95
8
Friday, December 24, 2010
Turkish bankers find Russian financial market reliable
PT Bank Maybank converted to Islamic Bank
Al-Baraka extending consumer financing ATHENS: A woman makes a transaction at an automated teller machine (ATM) as another comes out of a branch of the National Bank of Greece.-Reuters
Deutsche Nadra innovates to Bank US tax fraud bargain ease e-transactions seen as trigger ISLAMABAD: Nadra Technologies Ltd (NTL) has designed an automated system for financial institutions and telecom operators for branchless banking with currency transactions of e-Sahulat touch points. This was stated by Deputy Chairman Nadra Tariq Malik on the occasion of signing ceremony between Bank Alfalah and Nadra Technologies on the joint project of e-Sahulat Branchless Banking. Under the agreement, Nadra will act as super agent of Bank Alfalah offering them their eSahulat outlets for Branchless
Banking activities. Deputy Chairman said the eSahulat is a secured commercial platform for money transactions with its best automated technology solution. "An average 7 million transactions are being executed monthly through public-private partnership with Nadra's expertise and infrastructure, he added. Nadra Technologies is in process of transforming this platform into National Smart Service Platform for e-commerce where organisations can utilise as e-Sahulat touch points for cash in and cash out transactions.
This arrangement will help commercial banks and telecom operators to extend branchless banking concept through eSahulat without any further infrastructural expenditure while saving Capital and Operational costs, thus creating a Win-Win situation for all parties. It is expected that the technology will facilitate a significant section of public especially in rural areas to carry out branchless banking activities and will meet the government objective to spread the branchless banking outreach to unbanked and poor of the poor population.-Agencies
Tightening may throttle bank profits: NBP chief Monitoring Desk KARACHI: According to media reports National Bank of Pakistan (NBP) Chairman Syed Ali Raza has said that local lenders including NBP are likely to see their profitability dropping by 10 per cent drop in profitability next year owing to higher interest rates which have dented the curb loan demand to the peril of economy. Borrowing costs may climb by half a percentage point, further suppressing credit growth, 60-year-old Raza told the reporting wire. His forecast compares with Karachibased brokerage AKD Securities Ltd's projection of 19 per cent earnings growth
next year for the nation's six biggest banks. National Bank aims to develop new loan products to attract home buyers and small businesses as credit to corporate clients slows, Raza said. Pakistan's central bank last month raised its benchmark rate for the third time since July to stem the most inflation in Asia. Credit growth slowed to 2.2 per cent this year as of Dec. 10, compared with 18.3 per cent for the same period of 2008, according to central bank data. "There is almost no demand from private sector for loans," said Raza Jafri, a research analyst at AKD Securities Ltd in Karachi who rates National Bank as 'hold.'' "That must by
a worrisome for banks." Profit growth at the nation's six biggest lenders including National Bank, Habib Bank Ltd. and MCB Bank Ltd, probably slowed to 5 per cent this year from 15 per cent in 2009, Jafri forecast. It may accelerate in 2011 as loan defaults decline, he said. Country's economic growth is forecast by the government to slow to 2.5 per cent in the year ending June 30, from 4.1 per cent a year ago, after the deadliest floods destroyed crops, roads and bridges. Central bank Governor Shahid Kardar said on Dec. 13, higher interest rates are "crowding out" investment and undermining economic growth.
HSBC named best trade bank in MENA KARACHI: For the fourth year running, HSBC has been named the 'Best Trade Bank in the Middle East' in an online poll of importers and exporters conducted by Global Trade Review (GTR), one of the world's leading international trade magazines, a handout issued here Thursday said. Kersi Patel, Regional Head of Trade and Supply Chain, HSBC Middle East, commented "Trade continues to be a key driver of economic growth in this region, contributing a sig-
nificant amount to the GDP of many of the GCC countries. 2010 has seen a renewed focus on intra-regional trade within MENA, primarily addressing infrastructure developments, imports to sustain a growing population, and hydrocarbon sector requirements. At the same time, the importance of the 'new Silk Road' or east-east trade flows are becoming increasingly important,." The award is decided by a poll of Global Trade Review
readers, who vote based on the institutions' performance in the trade, commodity and export finance markets during 2010, said the press release. "There are many factors behind this win - our extensive MENA and global network, over 450 Trade experts on the ground in 12 countries across MENA who offer strong trade advisory capability and ensure ongoing engagement with customers, and a market leading service delivery capability.-PR
FRANKFURT/ ZURICH: Deutsche Bank's US tax fraud settlement has heightened expectations of more deals being struck as American authorities target overseas banks in a crackdown on taxdodgers. US prosecutors are pushing ahead with more probes, emboldened after top Swiss wealth manager UBS had to hand over the details of 4,450 clients. Leads from that case have helped investigators look at banks in Asia and the Middle East, while clients from HSBC have also been under scrutiny, lawyers have said.
"This is the end of the matter for Deutsche Bank, but this is just the second front in the same war," former US Justice Department prosecutor Michael Weinstein said. "The US government is going worldwide to repatriate as much money as possible and they will aggressively go after all money in all corners of the world to do so." However, there was relief that Deutsche Bank's $553.6 million settlement would not hit earnings and is unlikely to have a lasting impact, analysts and tax experts said. Deutsche Bank's shares slipped 0.35 per cent. Deutsche is not bound by the same bank secrecy laws as UBS, which means it can hand client data over to US authorities if necessary, a Zurich-based tax lawyer told Reuters. Deutsche Bank said it had already provisioned for the settlement. It set aside 250 million euros in March 2006 in connection with talks with the US Justice Department to settle an investigation into tax shelters. Its third quarter results released in October said it was close to resolving the issue. Reuters
KARACHI: Al-Baraka Bank (Pakistan) has planned to launch a new product for consumer financing within next couple of months. The Bank will expand its operations in rural areas of the country and also penetrate into agriculture credit facility to provide Islamic loans to the farmers community, said Country Head of Al-Baraka Bank (Pakistan) Shafqaat Ahmed here at Karachi Chamber of Commerce and Industry (KCCI). In a meeting with members of Karachi Chamber of Commerce and Industry, Shafqaat said that his bank also provided the facilities of Islamic Export Refinance Facility and opening of L/Cs. It has a capital adequacy in the market. He said that for supporting middle and lower middle class people in Pakistan, Bank AlBaraka (Pakistan) has already been doing car and housing financing. Al-Baraka Bank is totally involved in promoting Islamic Banking System in the world. Presently, it operates in 14 countries with more than 300 branches and 7500 employees. The Bank possesses assets worth dollars 14 billion. The Country Head, Bank Al-
Accolade conferred on IFSB Secy Gen DUBAI: Professor Datuk Rifaat Ahmed Abdel Karim, Secretary-General of the Islamic Financial Services Board (IFSB) has received the Islamic Business & Finance Award 2010 for Outstanding Contribution to the Industry. On 14th December 2010, the IFSB announced that Professor Abdel Karim will end his term as the Secretary-General of the IFSB on 30th April 2011. He will be succeeded by Jaseem Ahmed. Professor Abdel Karim has been steering the IFSB from its inception in 2003. During his eight years in office, the membership of the IFSB has grown from nine founding members in 2003 to 195 members as at December 2010. The IFSB has also issued 14 standards and guiding principles for the Islamic financial services industry, with the last three recently approved for issuance by the IFSB Council on 14th December 2010. Earlier this year, Professor Abdel Karim received the Royal Malaysian Honorary Award of Darjah Kebesaran Panglima Jasa Negara (PJN) which carries the title 'Datuk', the Prize of the Islamic Development Bank in Islamic Banking and Finance 1431H (2010), the 2010 London Sukuk Summit Islamic Finance Award.-Agencies
Baraka (Pakistan) appreciated the important role being played by KCCI in the Government's budget making and the policies formulation on imports and exports, for promoting industries in the country. President KCCI Muhammad Saeed Shafiq said the business community of Karachi has been successfully fighting with all kind of challenges and calamities in the country. They have survived various crises and contributing major share of revenue to national exchequer. KCCI has maintained strong liaison with other important Government and private institutions directly or indirectly influencing the trade and industry of the country. Al-Baraka has good opportunity to use KCCI platform to expand its operations. KCCI enjoys 8th position in the world chambers in respect of its membership. It has more than 16,000 direct members. Senior Vice President KCCI Talat Mahmood and Vice President KCCI Muhammad Junaid Makda were present among other businessmen who raised various queries regarding Al-Baraka's financing facilities and its future HANOI: Standard & Poor's Ratings Services lowered projects.-APP Vietnam's long-term sovereign credit ratings on Thursday, following similar cuts by rivals this year, on concerns the banking sector has become more vulnerable to shocks. It also put a negative outlook on Techcombank, which is 20 per cent owned by HSBC Holdings own resources as a conse- Plc, and downgraded Bank for quence of this merger. Investment and Development Under the requirements, of Vietnam (BIDV) and Bank Suroor Investment Ltd, the con- for Foreign Trade of Vietnam. sortium will inject fresh equity Thursday's move put some dayof at least Rs2.5 billion through light between S&P's sovereign right offer in SBL. credit ratings of Vietnam and In addition, SBL will at all its regional peers Indonesia and times meet the MCR and capi- the Philippines, highlighting tal adequacy ratio as prescribed the divergent economic forby SBP. The depositors' fund tunes. Although it was not menwill not be used on account of tioned by S&P, the beleaguered this transaction. state-run shipbuilding conIt may be noted that the board glomerate Vinashin was poised of SBL has already approved to enter default on a widely valuation and swap ratio for the watched debt payment on issuance of 0.45 share of SBL Thursday unless an 11th-hour for one share Atlas Bank Ltd.- deal could be struck with interAPP national creditors. -Reuters
S&P deals a blow to Vietnam lenders
SBP lets SBL, Atlas Bank merge KARACHI: The State Bank of Pakistan has accorded sanction to amalgamation of Atlas Bank Ltd with and into Summit Bank Ltd (SBL), formerly Arif Habib Bank Ltd under Banking Company Ordinance 1962. SBP, in its sanction letter of December 15, 2010, has directed Summit Bank Ltd (SBL) to comply with conditions stated in its order while implement the scheme of amalgamation. According to information reaching KSE, the Central Bank has asked SBL to meet any shortfall in minimum capital requirement (MCR) from its
Exporters’ unpaid claims get SBP push Staff Reporter KARACHI: State Bank of Pakistan has advised commercial banks and DFIs to approach SBP Banking Services Corporation for processing of pending claims for Export Finance Markup Rate Facility and markup rate support for textile sector against long-term loans. According to a circular issued here, the Ministry of Textile Industry has released necessary budgetary allocation for 2010-11 fiscal to reimburse up to 32 per cent out of 40 per cent unpaid claims under the
Export Finance Markup Rate Facility and pending claims under both the schemes for the period from 01-09-2009 to 2802-2010. The Circular said the remaining 8 per cent of the Export Finance Markup Rate Facility for the period 01-09-2009 to 28-02-2010, shall be released on receipt of necessary budgetary allocation/instructions from Ministry of Textile Industry/ Ministry of Finance. It may be recalled that during FY10 offices of SBP-BSC (Bank) have reimbursed 100 per cent markup rate support against long term loans and 60 per cent Export Finance
Markup Rate Facility for six months period from 01-092009 to 28-02-2010. However, a few claims were pending with the offices of SBP-BSC due to non-fulfillment of certain terms and conditions of above schemes and/ or other omissions/errors made by the banks/ DFIs/ borrowers. Following the release of budgetary allocation, Banks /DFIs have been advised to approach respective offices of SBP-BSC within 20 working days with the requisite information and/or to rectify omissions/errors to enable them to process the pending claims for above six months period.
9
Friday, December 24, 2010
Oil tops $91 at post-crisis high, OPEC bulls eye $100
European vegetable oil prices
Libya's Ghanem says $100 a barrel would be a fair price
ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11 1025.00+10.00, Mar11/Apr11 1030.00+12.00, May11/Jul11 1035.00+15.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1080.00+5.00, May11/Jul11 1070.00+5.00, Aug11/Oct11 1000.00+0.00, Nov11/Jan12 1000.00-5.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1450.00+0.00, Apr11/Jun11 1425.00+5.00, Jul11/Sep11 1450.00+10.00, Oct11/Dec11 1350.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1355.00+0.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Dec10 1250.00, Jan11 1255.00+10.00, Feb11 1242.50, Mar11 1242.50, Apr11/Jun11 1212.50+17.50. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11 1252.50, Mar11 1252.50. PALMOIL: RBD dlrs tonne fob Malaysia Feb11 1207.50+12.50, Mar11 1207.50+12.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1217.50+12.50, Mar11 1217.50+12.50, Apr11/Jun11 1195.00+15.00, Jul11/Sep11 1175.00+15.00. PALM STEARIN: Dlrs tonne fob Malaysia Jan11 1180.00+12.50, Feb11 1180.00+12.50. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Jan11 1040.00+5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 1820.00+40.00, Feb11/Mar11 1810.00+30.00, Mar11/Apr11 1800.00+20.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters
NEW YORK/LONDON: Oil shot to a more than two-year high for a second day in a row on Thursday, and some analysts said a run at $100 a barrel is inevitable, as one key OPEC member expressed little alarm over the rally. With ultra-cold weather stoking demand and helping drain US stockpiles at the fastest pace in 12 years, traders are now looking for the Organization of the P e t r o l e u m E x p o r t i n g Countries to signal when it might begin pumping more crude. But Libya's top oil official, one of OPEC's most hawkish members toward oil prices, appeared unconcerned by the gains which have lifted prices more than 20 per cent in three months as fundamentals turn more positive and investors factor in an improving economic outlook for next year. "It's fair to say it (the price) is about right, but still I think that it needs to improve a little bit more. About $100 would be a fair price for the time being," Libya's National Oil Corp Chairman Shokri Ghanem told
Reuters in Cairo ahead of a meeting of Arab oil exporting countries. "I think current oil prices are reflecting the situation in the market which is a well-balanced market," he said. US crude for February rose 62 cents to $91.10 a barrel by 1637 GMT, the highest price since Oct. 7 when oil prices were
crashing from their $147 record as the world's financial industry reeled and investors fled risky assets. ICE Brent crude rose 47 cents to $94.12, with a mid-session burst of gains triggered by buy-stops after prices broke above Wednesday's high and as the dollar fell. Nearly three years after oil first traded at $100, demand is again rising swiftly, but one key factor has changed significantly. Unlike the start of 2008, when OPEC was already pumping flat out, the group now has a sizeable amount of idle capacity it could use to
douse the rally -- if it chooses. A series of comments in recent months suggest the cartel is now ready to tolerate a price higher than the $70-to-$80 band it has publicly supported for the past two years, and analysts say that means it may wait too long before pumping more oil. "With OPEC set to be reactive rather than proactive, the route to $100 appears fairly unobstructed at this time," said analysts at Barclays Capital. Oil traders will be looking for comments this weekend from other core Gulf OPEC ministers to see if they are more concerned than they were two weeks ago when the group decided at its meeting in Quito, Ecuador, to maintain supply quotas. Gains this week have been fuelled as much by momentum trading in a thinner holiday period as by improving fundamentals, including another big weekly draw in US crude stocks. Inventories have now fallen 19 million barrels in three weeks -- the biggest decline since 1998. -Reuters
US cotton limits down, may slip before break NEW YORK: US cotton futures ended down the 5-cent daily limit on Wednesday on profit-taking and investor liquidation one day after the market hit a record top, and analysts believe cotton may see follow-through pressure before the long Christmas break. The market will be closed on Friday and reopen on Monday at 1230 GMT. The key March cotton contract on ICE Futures US fell the 5-cent limit to finish at $1.5412 per lb. After finishing limit up the last two sessions, the market headed the other way on Wednesday. Cotton's performance called to mind its performance on Nov. 10, when it traded the daily limit up before finishing almost limit down. Sharon Johnson, senior cot-
ton analyst at commodities brokerage Penson Futures, said fiber contracts came off because cotton was 'technically overbought,' so investors opted to liquidate their positions. She said the market also took its cue from weaker Chinese cotton prices. The May cotton contract on the Zhengzhou Commodity Exchange last traded 1,135 yuan lower on the day at 27,640 yuan per tonne. 'A widespread, long-lasting tumble in prices is unlikely, given the high inflation in China,' said a Shanghai-based trader. 'But we may see some correction as prices have rallied quite a bit.' The volume of business in the US cotton market, though, was well below the norm. Total volume traded was around
9,400 lots, about three-quarters below the 30-day average of 37,400 lots, Thomson Reuters preliminary data showed. Some analysts believe the market's outlook is still bullish. 'The cotton market has shown unbelievable strength,' said Luke Matthews, a commodity strategist at the Commonwealth Bank of Australia. 'It is a continuation of those themes -- that is extraordinary tight cotton supplies -- which are going to persist in the near term.' India, the world's secondbiggest producer and exporter of cotton, will allow exports of 2.5 million bales in 2010/11, Trade Minister Anand Sharma said on Tuesday. That is short of an earlier announcement that India would export 5.5 million bales. -Reuters
Industrial metals fall; bullish outlook for 2011 LONDON: Copper fell on Thursday as inventories trended higher and year-end book-squaring also pressured the market, but expectations of market tightness in 2011 kept the metal's price near record highs. Benchmark copper for threemonth delivery on the London Metal Exchange closed at $9,300 a tonne from $9,350 at Wednesday's close and versus a session low of $9,205. The metal used in power and construction held near a record high of $9,392 a tonne touched on Tuesday. Dampening sentiment, LME copper inventories have seen some hefty gains in December, last rising 3,775 tonnes to near two-month highs at 367,725 tonnes. But analysts said supply concerns would stay in the market. The metal pared some losses as the dollar turned negative versus a major currency basket, making metals cheaper for nonUS investors. A flurry of US data reinforced views of solid economic growth. New home sales and prices edged up in November, while consumer sentiment rose in December to its highest level since June. Other reports were mostly in
line with expectations, with jobless claims suggesting unemployment will stay stubbornly high. But consumer spending rose for a fifth month, while
Shanghai copper ends lower Shanghai's benchmark third-month copper closed down 40 yuan to 68,660 yuan ($10,329) a tonne. Shanghai aluminium rose to 16,815 yuan a tonne, its highest since midNovember, before easing to close at 16,785 yuan a tonne. durable goods orders posted their largest increase since March. Falling ore grades, output disruptions and project delays mean that copper supply will, possibly starting this year, fall short of demand, estimated at about 19 million tonnes this year. Chile's giant Collahuasi copper mine is yet to find an alternative port for its shipments, after a port accident halted its exports.
Underscoring supply worries, the International Copper Study Group said world refined copper consumption exceeded production by 436,000 tonnes between January and September this year. Aluminium closed at $2,432 a tonne versus $2,462. LME stocks for the metal, used in transport and packaging, jumped 5,775 tonnes to 4.28 million tonnes. Steel-making ingredient nickel was at $23,600 from $24,050 while battery material lead was at $2,449 from $2,440. Zinc closed at $2,298 a tonne from $2,330 and tin was at $26,875 from $26,825. "You can almost feel the will for good economic recovery and growth world wide as we head into 2011," RBC Capital Markets said in a note. "Volatility and uncertainty will remain a key feature and no more so than in January and February with fresh fund allocations, re-weightings and the Chinese New year," the note said. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 22 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1260
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for December 22 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2295 2305 2250 2260 2215 2225 2215 2225
2443.5 2444 2455 2456 2503 2508 2535 2540
9414 9414.5 9358.5 9359 9065 9075 8620 8630
2459 2460 2445 2446 2383 2388 2332 2337
24475 24500 24575 24600 24075 24175 23310 23410
TIN
ZINC NASAAC
26800 2310 26850 2312 26750 2317.5 26775 2318 26300 2343 26350 2348 2313 2318
2305 2315 2340 2350 2365 2375 2415 2425
GAZA STRIP - PALESTINE: Palestinian farmers sort peanuts during harvest in a field outside the southern Gaza Strip town of Rafah, near the border with Egypt. -Agencies
Sugar hits 30-yr high, cocoa climbs LONDON: ICE raw sugar touched a 30-year peak on Thursday buoyed by fund buying and tight supplies, while cocoa rose towards a fourmonth high amid concerns over supply risks due to a power struggle in Ivory Coast. ICE Arabica coffee futures rose, underpinned by limited supplies of high-quality Colombian beans. Dealers talked of system fund buying of sugar futures. "The market is being pushed around by algorithm traders and funds who want to keep it steady for the rest of the year," a senior sugar broker said. "But physical premiums are coming down -- Thai premiums are coming down, there is Indian white sugar on offer and there are no buyers around at the moment. "You have a very thin trading day with very little volume." ICE March raw sugar was up 0.41 cent or 1.2 per cent at 33.54 cents a lb at 1545 GMT, having earlier touched a fresh 30-year peak of 33.73 cents a lb. Liffe March white sugar was up $27.80 or 3.5 per cent at $812.30 per tonne in slim volume of 1,327 lots, having earlier touched a contract high of $815.80 per tonne. ICE cocoa rose after the Ivorian army said it remained supportive of incumbent Laurent Gbagbo, fuelling fears that a struggle between two rival governments will continue and could jeopardise cocoa supplies from the world's top producer. Second-month cocoa futures on ICE were up $57 or 1.9 per cent at $3,044 per tonne at 1546 GMT, nearing the fourmonth peak of $3,140 touched on Dec. 7. London second-month cocoa was up 40 pounds or 2 per cent to 2,058 pounds per tonne in thin turnover of 932 lots. Arabica coffee prices rose in a small bounce, after being unable to hold onto all the gains made early on Wednesday, when the market peaked at a fresh 13-1/2 year high. ICE March arabicas were up 3.2 cent or 1.40 per cent at $2.3480 per lb at 1547 GMT, below Wednesday's high of $2.4350 per lb, while Liffe March robusta coffee futures were down $9 or 0.5 per cent at $2,003 a tonne in light volume of 3,048 lots. -Reuters
Gold weakens as US data buoys dollar LONDON: Gold slipped nearly 1 per cent to a session low at $1,372.50 an ounce on Thursday, erasing most of this week's gains, as the dollar held firm against the euro after a raft of US data. Spot gold was bid at $1,373.00 an ounce at 1450 GMT, against $1,384.55 late in New York on Wednesday. US
notwithstanding, gold is still heading for its first weekly rise in three. Its haven appeal rose after ratings agency Fitch said it may cut Greece's foreign currency rating and Moody's threatened to downgrade debtridden Portugal. Analysts say gold and the other precious metals could be in for some hefty gains next
gold futures for February delivery fell $13.40 to $1,373.90. US data showed first-time claims for jobless benefits barely moved last week, suggesting the labour market is healing too slowly to cut unemployment. Other reports showed US consumer spending rose for a fifth month in November and incomes climbed by more than expected, while a rise in new orders for US manufactured goods excluding transport also beat expectations. The dollar held onto its earlier gains versus the euro after the data, pushing gold lower. Thursday's correction
year. The world's largest goldbacked exchange-traded fund, New York's SPDR Gold Trust, recorded its biggest one-day drop since early October on Wednesday, with its holdings declining just over 9 tonnes to 1,288.616 tonnes. The fund's holdings are up just over 2 tonnes since the end of November, against a rise of nearly 16 tonnes in the same period of last year. Among other precious metals, platinum was at $1,711.99 an ounce against $1,721.50, while palladium was at $744.97 against $748.25. Silver was at $29.03 an ounce MUMBAI: India's spot sugar price ended flat on Thursday as against $29.20. -Reuters a rally in overseas markets outweighed weak demand and pick-up in cane-crushing in key states, dealers said. "The rally in the international market will allow Indian millers to export the sweetener oil output in Malaysia and at higher price. It will also lift Indonesia. Benchmark March local prices," said a member of 2011 crude palm oil futures on the Bombay Sugar Merchants the Bursa Malaysia Derivatives Association (BSMA). London white sugar futures ended up 1.1 per cent at 3,658 ringgit after going as high as were up 3.45 per cent at $811.6 3,676 ringgit ($1,170), a level per tonne at 6:22 p.m. In Kolhapur, a key market in unseen since Dec. 15. Maharashtra Palm oil is set for its best top-producing weekly performance in state, the most traded S-variety December, as investors are eased by 1 rupee to 2,883 increasingly favouring agricul- rupees ($63.8) per 100 kg. The country will allow unretural commodities as an inflation hedge since food prices in China stricted exports of 500,000 tonnes of sugar, the farm minister and India have been high. US soyoil rose as much as 0.7 said on Dec. 15, helping global per cent to 56.51 cents per prices ease as the market expects pound, the highest since Aug. 1, more overseas sales as the coun2008. The most active Sept. 11 try swings back to a surplus. The Indian Sugar Mills soyoil on China's Dalian Commodity Exchange jumped Association, a producers' body, 2.5 per cent on buoyant external expects 2010/11 output at 25.5 markets although analysts said million tonnes, up from 18.8 gains may be limited in the million tonnes in the previous year. -Reuters future. -Reuters
Indian sugar closes flat
Palm off 1-wk high on China restocking KUALA LUMPUR: Malaysian crude palm oil futures ended off one-week highs on Thursday, as China unveiled plans to restock agriculture commodities at a time when erratic weather globally may curb supplies. US soyoil for January delivery hit a 28-month high during Asian trade, as prospects of growing China demand extended gains in a market already rising on higher biofuel mandates in South America. China said on Wednesday it will take a bigger role in importing food staples to shore up reserves of soybeans and corn, which has boosted grains and spilled over to vegetable oil markets. Big buyers such as China are moving in at a time when hot weather may curb soy and corn production in South America and rains have started limiting palm
National Commodity Exchange Ltd Trading Summary Date
Commodity
23-Dec-2010 CRUDE100 23-Dec-2010 CRUDE100 23-Dec-2010 CRUDE100 23-Dec-2010 SILVER - SL500 23-Dec-2010 SILVER - SL500 23-Dec-2010 GOLD 01oz 23-Dec-2010 GOLD 01oz 23-Dec-2010 GOLD 01oz 23-Dec-2010 GOLD 100oz 23-Dec-2010 GOLD 100oz 23-Dec-2010 GOLD 100oz 23-Dec-2010 GOLD 23-Dec-2010 GOLD 23-Dec-2010 GOLD 23-Dec-2010 KILOGOLD 23-Dec-2010 KILOGOLD 23-Dec-2010 TOLAGOLD50 23-Dec-2010 TOLAGOLD100 23-Dec-2010 MINIGOLD 23-Dec-2010 MINIGOLD 23-Dec-2010 MINIGOLD 23-Dec-2010 MINIGOLD 23-Dec-2010 MINIGOLD 23-Dec-2010 TOLAGOLD 23-Dec-2010 TOLAGOLD 23-Dec-2010 TOLAGOLD 23-Dec-2010 TOLAGOLD 23-Dec-2010 TOLAGOLD 23-Dec-2010 IRRI6W 23-Dec-2010 RICEIRRI - 6 23-Dec-2010 RBD PALMOLEIN 23-Dec-2010 KIBOR3M 23-Dec-2010 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
FE11 MA11 AP11 JA11 MA11 JA11 FE11 MA11 JA11 FE11 MA11 JA11 FE11 MA11 JA11 FE11 JA11 JA11 MON TUE WED THU FRI MON TUE WED THU FRI 16DE10 JA11 JA11 10-Dec 11-Mar
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
90.20 91.40 91.62 29.27 29.29 1386.90 1387.00 1388.00 1388.20 1386.50 1389.70 38230.00 38200.00 36332.00 38205.00 38214.00 44561.00 44561.00 39291.00 39333.00 39347.00 39262.00 39276.00 45163.00 45212.00 45401.00 45300.00 45465.00 2402.00 3351.00 5047.00 86.54 85.43
90.75 91.41 91.66 29.40 29.41 1389.60 1390.10 1391.20 1388.20 1389.70 1389.70 38232.00 38242.00 38258.00 38205.00 38214.00 44561.00 44561.00 39291.00 39333.00 39347.00 39262.00 39276.00 45163.00 45212.00 45401.00 45300.00 45465.00 2402.00 3371.00 5147.00 86.55 86.17
89.96 91.00 91.62 29.12 29.09 1379.10 1379.60 1380.50 1379.00 1380.00 1379.40 38230.00 38094.00 36332.00 38004.00 38013.00 44327.00 44327.00 39074.00 39116.00 39131.00 39145.00 39060.00 44910.00 44959.00 44975.00 44992.00 44894.00 3321.00 3351.00 5047.00 86.54 85.43
90.42 91.09 91.66 29.10 29.11 1379.00 1379.40 1380.40 1379.00 1379.40 1379.40 38031.00 38041.00 38056.00 38004.00 38013.00 44327.00 44327.00 39074.00 39116.00 39131.00 39145.00 39060.00 44910.00 44959.00 44975.00 44992.00 44894.00 3340.00 3371.00 5147.00 86.55 86.17
Traded Volume in lots 118 36 40 110 207 783 1,079 15 1 9 2 2 1 6 -
Previous Settlement Price 90.62 91.33 91.94 29.32 29.34 1387.40 1387.80 1388.90 1387.40 1387.80 1388.90 38227.00 38236.00 38252.00 38199.00 38208.00 44555.00 44555.00 39271.00 39313.00 39327.00 39342.00 39257.00 45140.00 45189.00 45206.00 45222.00 45124.00 3321.00 3351.00 5047.00 86.54 86.14
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 90.42 169 91.09 6 91.66 29.10 11 29.11 63 1379.00 338 1379.40 1,299 1380.40 1,522 1379.00 1379.40 9 1380.40 38031.00 33 38041.00 10 38056.00 1 38004.00 38013.00 44327.00 44327.00 39074.00 39116.00 39131.00 39145.00 39060.00 44910.00 5 44959.00 1 44975.00 2 44992.00 1 44894.00 7 3340.00 3371.00 5147.00 86.55 86.17 -
Brazilian soccer legend Pele shows off his six domestic championship medals at a Brazilia
10
Friday, December 24, 2010
Cricket scandals damaging Pak’s dignity
Auckland hand Pak tour-opening loss AUCKLAND: The tourists were bowled out for 91 in 17.4 overs. Auckland made hard work of the run chase but eventually gobbled up the target off 13.2 overs winning the match by five wickets. Even accepting the fact abbreviated cricket does create one-sided matches, this was an extremely tame performance by Pakistan. If they didn't throw up the white flag then they came dangerously close to doing so after losing several early wickets, for not many. Only the once mighty Shoaib Akhtar would have created any jitters in the Black Caps camp. The Kiwis play Pakistan in the first of three Twenty20
ISLAMABAD: Minister for Sports Mir Aijaz Hussain Jakhrani has said the recent match fixing scandals in Pakistan Cricket team has defamed the country. Talking to a private TV channel, he said that such scandals cast bad impact on other games of the country as well. He said whoever involved in the scandal is not sincere with the country as the shameful act has also affected the performance of the entire team. Jakhrani said Pakistan cricket team current situation is so critical due to match fixing allegations. He said "I would interfere in the affairs of PCB for the betterment of cricket if needed."-APP
Sindh's nat'l games squad leaves for Peshawar
ICC rejects Salman Butt’s call for delay in hearing DUBAI: The International Cricket Council (ICC) has rejected suspended Pakistan cricketer Salman Butt's application to delay the hearing into the spot-fixing allegations against him and two other cricketers from his country. Thus, the hearing will take place as scheduled from January 6-11 in Doha.Butt along with pace duo of Mohammed Asif and Mohammed Aamer were suspended by the ICC when allegation of spot-fixing surfaced against them during the Lord's Test against England in September. Michael Beloff, Chairman of the ICC Anti-Corruption Tribunal, heard the plea Butt's legal representation and ruled against the adjournment, last night. "Mr Beloff, the Chairman of the ICC Anti-Corruption Tribunal, following a lengthy telephone hearing and having received written submissions, has ruled that Mr Butt's application is denied and as such, the full hearing will take place as scheduled from 6-11 January 2011 in Doha, Qatar," an ICC statement said.It was only Butt who wanted a delay in the hearing and both Asif and Aamer were keen that hearing takes place as soon as possible. Butt wanted Scotland Yard to complete its separate Online
Nadal overpowers Federer in charity series MADRID: Rafael Nadal beat Roger Federer 7-6 (3), 4-6, 61 on Wednesday to square a two-match exhibition series for charity between the world's top-ranked tennis players. Nadal sealed the win with a powerfully angled forehand crosscourt shot in front of a capacity crowd at Caja Magica sports arena that included many of Spain's leading dignitaries. Nadal says Federer's "gesture to play a game here to raise funds for needy people is incredibly generous." Federer responded by saying it is wonderful that Nadal supports charities "at such a young age." Federer beat Nadal 4-6, 6-3, 6-3 on Tuesday in the opening match in Zurich, Switzerland.-Agencies
MOSCOW: Russia's Prime Minister Putin takes part in a judo training session at the "Moscow" sports complex in St Petersburg.-Reuters
Bell claims cricketed better in the Ashes MELBOURNE: England have played the better cricket in the Ashes series despite a "blip" in Perth and will seek to halt Australia's momentum in the fourth test, according to the touring side's in-form batsman Ian Bell. "Certainly they have got some momentum going into it, there's no doubt. They played fantastic cricket at the WACA but I think out of the three test matches I'd say we've been playing the better cricket," the 28-year-old right-hander told reporters on Thursday. Australia turned round a crushing innings and 71-run defeat in the second test with a 267-run thrashing of England in Perth to leave the series delicately poised at 1-1 ahead of the match at the Melbourne Cricket Ground which starts on Sunday. "We've had a blip at Perth. We knew Australia at some point were going to play some very good cricket and some great
individidual performances," Bell said. "When we come to Melbourne now, I'm sure we can put right what went wrong ... We've done some pretty special things since we've been in Australia and we're excited what this week holds for us." GRATEFUL NATION While Australia's return to form has been celebrated by a grateful nation, England have gone into introspective mode with extra time to contemplate their thumping loss in Perth. Australia toiled in the nets at the MCG on Thursday while England's duties were limited to a sun-drenched autograph session for a handful of players at a picturesque riverside shopping centre. England's pacemen appeared to tire late in the Perth test and Bell was quick to defend the team's preparations. "A bit of downtime isn't a bad thing ... It's the usual thing to be
training two days before a test, not three, for us," he said. "Just because we haven't been at the nets playing cricket, the guys have still been at the gym, doing their physical work and making sure we're still ready to go at training tomorrow." Bell scored his third half-century of the series at the WACA and with this new-found confidence is pushing for a promotion up the order, although he still has not scored a century against Australia. "My performances are becoming better under pressure," said Bell, whose knock of 72 against Australia at the Oval last year when batting at number three laid the foundation for England to win the final test and the series 2-1. "I think I'm starting to show the kind of cricketer I think people saw in me in my early ages ... Definitely, I want an Ashes hundred and a few of them, to be honest," he added.-Reuters
KARACHI: A 282-member Sindh contingent left here on Wednesday night to take part in 31st National Games which opens at Peshawar from Saturday. "We are expecting to win around 25 to 30 medals in the games despite presence of top athletes from Army, WAPDA, Navy etc "Secretary Sindh Olympic Association (SOA) Ahmed Ali Rajput said prior to his departure for the Khyber Pakhtunkhwa capital. "We finished fourth in last games held in Karachi and we would be doing our utmost to maintain that position," he said. He said they got best chance to win gold medals in boxing, judo, karate and shooting. "We are leaving Peshawar without an security fear as organisers have promised best possible security arrangements," he commented. Sindh sportspersons will be taking part in 15 out of 21 disciplines during the sporting extravaganza which conclude on December 31. Sindh 202 men will be featuring in athletics, basketball, boxing, judo, karate, netball, shooting, rowing, squash, swimming, table tennis, taekwondo, weightlifting, wrestling and wushu. 80 member women contingent will figure in athletics, judo, karate, netball, swimming, table tennis and taekwondo.-APP
internationals at Eden Park on Boxing Day. The veteran quick bowled within himself but produced the odd delivery - he notably clean bowled Lou Vincent for seven - to suggest he still has plenty of pace left in his old bones. Auckland won the toss and elected to bowl. It proved a wise decision. Wickets tumbled at regular intervals. The visitors quickly slumped to 7-3. The first three batsmen to fall - Mohammad Hafeez (4) Ahmed Shazad (0) and Shahid Afridi (1) - did so to reckless shots. Pakistan stopped the rot when they scored 38 runs for the fourth wicket broken when
Younis Khan was caught by Colin Munro at deep mid wicket for 18 (16). But all hope vanished when Fowad Alam was run out for a golden duck the very next ball. Top scorer Umar Akmal followed him back to the pavilion shortly after for 25 off 29. And Pakistan was eventually all out off 17.4 overs. The pick of the Auckland bowlers was Michael Bates four wickets for 11 off three overs. Ronell Hira claimed two for 21 off four, while Bhupinder Singh, Anaru Kitchin and Colin Munro all claimed one scalp each. Martin Guptill top scored for Auckland with 28 runs.-Online
Pele honoured with 6-time Brazilian title RIO DE JANEIRO: A large gap in the roll of honour of Pele, arguably soccer's greatest player, was filled 33 years after he quit when he was officially recognised as a six time Brazilian champion at the age of 70 on Wednesday. The championship officially started in 1971 but the Brazilian Football Confederation (CBF) announced that the Brasil Cup and Roberto Gomes Pedrosa tournaments between 1959 and 1970 were now to be recognised as valid national titles too. Santos, spearheaded by Pele between 1956 and 1974, won them six times but did not win the official Brazilian Championship while he played for them despite his three World
Cup wins. The club, crowned world club champions as winners of the Intercontinental Cup in 1962 and 1963, now hold a record eight national titles after the CBF's decision. "I think this recognition was deserved. I'm happy to be here in the name of all those (players) who passed through (Santos) in that era," Pele told reporters after receiving six winners' medals from CBF president Ricardo Teixeira at a ceremony in Rio de Janeiro. Santos, who also won the title in 2002 and 2004, are joint record holders with Palmeiras, the team from Sao Paulo who won four prior to 1971 and four more since then.-Reuters
Warne asks Aussies to play spinner at MCG SYDNEY: Australia need to play a spinner in this week's fourth Ashes test and should consider utilising all rounder Shane Watson's ability with the ball to bolster the pace attack, according to former spin-bowling great Shane Warne. Australia tormented England with a four-pronged pace attack on a lively wicket in Perth last weekend to win the third test by 267 runs and level the series at 1-1, prompting calls for the same tactics to be used in Melbourne. "I am sure the Australian
selectors will want to stick with the same winning team. Historically, Melbourne test match has always needed a spinner, as you don't always pick a team for the first innings," Warne wrote in a blog on the Daily Telegraph website. "It's hard to change a winning team but I think a spinner will play." Warne took 708 test wickets before retiring at the end of the 2006-07 Ashes series and Australia have used nine spinners in a vain attempt to replace him since.-Reuters
Benitez reign at Inter ends in ignominy MILAN: Rafael Benitez's reign as Inter Milan coach ended in ignominy on Thursday when he left the European champions after just six months in charge having dared to question club owner Massimo Moratti's authority. "Inter and Rafael Benitez announce that, mutually and with satisfaction on each side, they have reached an agreement for the early resolution of his contract," said a statement from the Serie A club after days of talks. "Inter thank Rafael Benitez for his work with the team which led to Italian Super Cup and World Club Cup success. Rafael Benitez thanks Inter for a great professional experience and the victories obtained together." The Spaniard, appointed in June after treble-winner Jose Mourinho left for Real Madrid, was already on shaky ground with his team slump-
ing to seventh in Serie A and spluttering through the Champions League group stages. He had appeared to secure his job with Saturday's World Club Cup triumph, only to explode in the postmatch news conference and threaten to discuss his future with his agent if signings did not materialise in the January transfer window. Benitez directly criticised Moratti, saying he was promised buys in the close-season which did not arrive and pointing out that the club recruited five firstteamers last term under Mourinho and yet did not bring any player in for him. His ultimatum was too much for Moratti, a man not known for his patience, especially as
it came when the president thought his side should be celebrating a fifth trophy of a
differently from English with the clubs rather than the coaches buying players.
great year rather than pondering his outburst. Former Liverpool coach Benitez knew when he took the job that Italian soccer worked
He even said he saw this as positive element of the move having left Liverpool after six years in which his transfer spending at Anfield was heavi-
ly criticised by fans and media. However, a raft of early injuries at Inter, which some pundits blamed on his new training regime, meant Benitez was down to the bare bones by late October and the lack of signings rankled with him more. SPALLETTI STAYING? The former Valencia boss had become increasingly militant at Liverpool after a quiet start, famously lambasting Manchester United manager Alex Ferguson in a news conference before using bizarre Spanish proverbs about milk, sugar mountains and priests to criticise his ex-Anfield bosses when he arrived at Inter.
His blast at Inter was a step too far for the Italians, though, given they were his current employers and he now finds himself out of work while Inter begin the task of replacing him knowing they do not have a game until Serie A resumes on Jan. 6. Zenit St Petersburg coach Luciano Spalletti was tipped by media and bookmakers to take over but the Russian champions have said the former AS Roma boss is staying. Former Inter goalkeeping great Walter Zenga is therefore the a new favourite along with ex-AC Milan boss Leonardo, whose former side are now top of Serie A in a galling reminder to their city rivals of how far they have fallen since May's treble. Their chances of a sixth straight Serie A title look remote whoever takes over as Inter lie 13 points behind Milan.-Reuters
US jobless claims dip, consumer spending rises WASHINGTON: New U.S. claims for jobless benefits dipped last week and consumer spending increased in November for a fifth straight month, reinforcing views of a solid economic growth pace in the fourth quarter. Further signs that the economy gained momentum as the year ended also were offered by other data on Thursday showing gains in orders for a range of longlasting manufactured goods and in new home sales last month. "The data releases today support our estimate that GDP growth probably accelerated to between 3.5 percent and 4.0 percent annualized in the fourth quarter," said Paul Ashworth, senior U.S. economist at Capital Economics in Toronto. Initial jobless claims fell 3,000 to a seasonally adjusted 420,000, the Labor Department said, matching economists' expectations. A separate report from the Commerce Department showed spending rose 0.4 percent after increasing by an upwardly revised 0.7 percent in October. Economists polled by Reuters had expected spending, which accounts for about 70 percent of U.S. economic activity, to rise 0.5 percent last month after a previously reported 0.4 percent gain in October. Prices for U.S. government debt were trading down, while stocks on Wall Street were flat. The U.S. dollar was flat against a bas-
ket of currencies. In another report, the Commerce Department said orders for long-lasting manufactured goods excluding transportation increased 2.4 percent, the largest increase since March, after a 1.9 percent drop in October. But overall orders dropped by a larger-than-expected 1.3 percent last month, dragged down by a plunge in bookings for civilian aircraft and motor vehicles. "Durable goods orders were reassuring in that we saw a manufacturing plateau over the summer and while the number released today was not strong, at least it showed some resilience in terms of capital goods orders apart from aircraft," said Pierre Ellis, a senior economist at Decision Economics in New York. New home sales increased 5.5 percent to a seasonally adjusted 290,000 unit annual rate last month, but below economists' expectations for a rise to a 300,000 unit pace. With the economic outlook brightening, consumers' mood is also perking up. The Thomson Reuters/University of Michigan's final reading on the overall index on consumer sentiment rose to 74.5 this month, the highest since June, from 71.6 in November. "Rising stock prices, diminishing debts, and returning jobs have American consumers unleashing two-year's worth of pent-up demand accumulated during the Great
11
International & Continuation
Friday, December 24, 2010
Recession," said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. "The momentum should carry into the New Year given the reduction in employee payroll taxes starting in January." The spending report also showed the Federal Reserve's preferred measure of consumer inflation -- the personal consumption expenditures price index, excluding food and energy -rose 0.1 percent after being flat for four straight months. In the 12 months through November, the core PCE index rose 0.8 percent, the same margin as in October and still the smallest yearon-year gain since records started in 1960. Spending was supported by a 0.3 percent increase in incomes, which was slightly more than the 0.2 percent rise economists had expected. Incomes rose 0.4 percent in October. Consumers also dipped into their savings to fund purchases. Spending adjusted for inflation rose 0.3 percent after advancing 0.5 percent in October. The seventh straight month of gains bolstered views the spending pace gathered momentum in the current quarter after growing at a 2.4 percent rate in the July-September period. The saving rate slipped to 5.3 percent last month, the smallest since March, from 5.4 percent in October. Savings dropped to $614.8 billion, the lowest level since March.-Reuters
India food, fuel prices drive inflation worries MUMBAI: Rising prices in India of fuel and food are reviving worries about inflation and sent swap rates to 26-month highs as expectations grew for more rate increases in Asia's third-largest economy. India's embattled government is expected to decide next week whether to increase state-set fuel prices as international crude oil hovered near two-year highs, a move that would have a broader inflationary impact than a decision earlier this month by state-run fuel retailers to lift the price of petrol. In the year to Dec. 11, India's food price index rose 12.13 percent, with the price of onions -the country's most widely-eaten vegetable -- of especial concern, while the fuel price index climbed 10.74 percent. This compared with 9.46 percent and 10.67 percent respectively in the previous week. "Inflation is becoming a problem now. We expect the RBI (Reserve Bank of India) to hike rates sooner rather than later. Now we expect 50-75 basis points of rate hike in the next year, most of which should happen in the first half," said Manish Wadhawan, director and head of rates trading at HSBC in Mumbai. Inflation worries are spreading in Asia, with Singapore on Thursday posting November inflation near a two-year high and Chinese consumer inflation for November at a 28-month high. India could decide to raise diesel and cooking gas prices at a ministerial meeting on Dec. 30 as the government tries to cushion state oil retailers from the pain of crude prices topping $90 a barrel and ease its own subsidy burden. The wholesale price index, the most widely watched gauge of prices in India, rose 7.48 percent in November from a year earlier compared with 8.58 percent in October.-Reuters
China willing to help eurozone return to health BEIJING: China is willing to help countries in the euro zone return to economic health and will support the International Monetary Fund element of a bailout package for the bloc, a Chinese Foreign Ministry spokeswoman said on Thursday. Foreign Ministry spokeswoman Jiang Yu also told a regular news conference in Beijing that the euro zone was one of the most important areas for China's foreign exchange investments, following reports that Beijing could step in to shore up European finances. The euro steadied against the dollar and the Swiss franc, helped by the comments, although analysts said the outlook for the single currency was shaky, with fresh losses expected into 2011. The Financial Times report-
ed on Wednesday that China had offered to take more "concerted action" to support European financial stabilisation. It cited unnamed senior European officials after talks with Chinese Vice Premier Wang Qishan. Separately, a Portuguese newspaper reported that China was ready to buy 4-5 billion euros of Portuguese sovereign debt to help the country ward off market pressure which has intensified as investors grew concerned it would be next in line to seek a bailout after Ireland and Greece. Portuguese officials have said the government is trying to diversify its debt investor base, with China as a priority. Finance Minister Fernando Teixeira dos Santos met Chinese Finance Minister Xie Xuren and the head of the
People's Bank of China during a visit to the country last week. But it is unclear whether Beijing would be prepared to take on so much fresh exposure to Portugal, given that Beijing has faced domestic political pressure to invest the country's foreign reserves more carefully. Chinese investment funds suffered some large, high-profile losses during the global financial crisis. In October, during a visit to Greece, Chinese Premier Wen Jiabao offered to buy Greek bonds when Athens resumed issuing. A month later, President Hu Jintao visited Portugal and offered "concrete measures" to help the weak economy but stopped short of promising to buy Portuguese bonds.Reuters
Sluggish Canada growth mutes talk of rate hikes OTTAWA: Canada's economy grew less than expected in October, prompting several analysts to predict that the Bank of Canada would be in no rush to raise interest rates any time soon. Gross domestic product by industry grew by 0.2 percent from September, Statistics Canada said on Thursday. Analysts polled by Reuters had expected an 0.3 percent increase after a 0.1 percent dip in September. Earlier this month, the Bank of Canada held its benchmark rate steady at 1 percent for the second straight time, after rais-
ing rates three times earlier this year, and said any future hikes would have to be considered carefully. Recent data show the Canadian economy has slowed down markedly since the beginning of the year and will do well to reach the central bank's forecast of 2.6 percent annualized growth in the fourth quarter. "No policy action is likely until the bank is convinced that the economy is growing at a stronger clip on a sustained basis ... we expect it will likely take until the second quarter of 2011 before the bank resumes
raising its policy rate," said Dawn Desjardins of RBC Economics. Oil and gas extraction in October rose 1.3 percent from September, in part due to better weather, while mining was up 2.7 percent due to the end of labor disputes at copper, nickel, lead and zinc mines. The biggest drag was the long-suffering manufacturing sector -- hit by a strong Canadian dollar and weak U.S. demand -- which decreased by 0.6 percent. The construction sector was also down 0.5 percent on slack residential building demand.-Reuters
CONTINUATION No #1
Continued from page 12
terrorists and recognised the services of people of Pakistan and law enforcers for fighting fearlessly against terrorists. Both interior ministers agreed to share expertise in the field of anti-terrorism and anti-money laundering. Turkey will send delegation of senior officers to Pakistan to share their expertise and Pakistan also agreed to send the delegation of officers to learn Turkish experience. -Online
No #2
Continued from page 12
He said that the optimistic vision for future depends only in ensuring people's sustainable development through environmental, economic and equitable development while options for renewable energy provide real hope to achieve such development progress. Shams-ul Mulk, former chairperson Wapda and SDPI said that Pakistan is not a poor country but it has been made so adding that future cannot be predicted but can be prepared. Dr. Abid Suleri in his concluding remarks emphasized the importance of framing research based discourses to holistically understand the issues facing the bottlenecks in the way of peace and development in the development-starked South Asian region. -Agencies
No #3
Continued from page 1
members, who have not yet done so, to become parties to this Agreement". "Free trade is central to regional economic integration," the President said. He said that ECO Trade and Development Bank needed to be turned into a vibrant financial institution and a vehicle for project development. President Zardari said the ECO states would have to work together to protect their economies from the volatility of international markets and the protectionist and discriminatory policies. In this context, he said, the central banks and planning commissions have a central role and called to harmonize standards including customs. The President said that Afghanistan is an important country in the region and all have a shared responsibility towards Afghanistan. Pakistan is committed to working closely with the ECO member countries and the international community for stability, peace and development in Afghanistan, the President added. He said, "Pakistan has been in the forefront of ECO's efforts for the reconstruction of Afghanistan." The President said that infrastructure and energy connectivity should be strategic priority and member states should identify joint projects for trans-regional development. The Heads of Central Banks and Planning Departments of ECO should meet and suggest measures to protect the economies from global economic recession and volatility of international markets by suggesting innovative solutions. President Zardari reiterated Pakistan's commitment to the goals and objectives of the ECO and wished every success to brotherly country, Turkey, as the new Chairman. The President congratulated Turkish President Abdullah Gul on assuming the chairmanship of the Summit and hoped that under his able guidance, the meeting would be a landmark success. President appreciated President of the Islamic Republic of Iran, for his able stewardship of the ECO, since the 10th Summit in Tehran. Earlier, the ECO summit began with high hopes of giving new dynamism to regional economic and energy cooperation to regain the status of centre of world trade that ECO region sustained for thousands of year in the age of silk route trade in the past. Turkish President Abdullah Gul, who replaced Iranian President Ahmadi Nijad as ECO Chairman, called for collective efforts for
early realisation of the goals set five-year back in ECO's 2015 tions of the Ijara Sukuk amounting to Rs51.84 billion and Rs37.17 billion on November 8 and Vision for linking ECO countries through rail and road links and December 13 respectively against the cumulative target amount of Rs80 billion. -APP building energy corridor for common cause of regional prosperiContinued from page 1 No #8 ty and economic development. He said that the prime duty of the government was to tackle the problems being faced by the peoPresident Abdullah Gul in his opening remarks welcomed ECO leaders saying Turkey welcomes you with highly felt brotherly ple and protect national sovereignty and dignity at international level.-NNI feelings stemming from centuries old shared historical and culturContinued from page 1 No #9 al bonds that bind 400 million people of ECO nations into unique Awami National Party (ANP) parliamentarians led by its President Asfandyar Wali Khan, which affinities. called on him at his Chamber at the Parliament House, Gilani said that all coalition partners would Turkish President Abdullah Gul called for intensifying efforts to be taken on board on all major issues of national importance. -Agencies connect the ECO regions with energy and trade corridors by Continued from page 1 No #10 building modern rail and road networks and energy pipelines as the bill, adding recommendations given by the Senate were accommodated. She said that governthe region has great trade potential and energy resources to capture the international markets and linking East with the West con- ment had to pay political cost for introducing the bill, adding it was now property of this House and sequently bringing collective prosperity to people of ECO nations. recommendations by the Parliament would also be considered, without changing the spirit of the President Abdullah Gul called member countries to join ECO bill. To another question, Rabbani said that serious efforts are underway to eradicate corruption in Trade Agreement ECOTA that Turkey and Pakistan have signed the tax collection system and suggested for constituting a parliamentary committee to look into the bilaterally to boost the trade by liberalizing trade barriers and matters of corruption in Federal Board of Revenue. She, however, admitted that the issue of refunding was very serious which needed to be resolved utilise the Istanbul-Tehran-Islamabad cargo train service for multilateral trade as this service will open land-locked countries to to encourage taxpayers adding that refunding was also an obstacle in the way of RGST. She said that the government was strengthening audit institutions to help eradicate the corruption rest of the world. He called upon ECO nations to join the ECO Trade and Development Bank that has been set up by three ECO in the country. She said that the government was facing the challenges of inflation and tight fiscal situation and founding members Turkey, Iran and Pakistan to support trade and has taken measures to curtail government expenditures and PSDP, without compromising on develeconomic activities. Abdullah Gul pledged all support Turkey can offer to realise the opment of hydel power projects. -Agencies goal of ECO countries integration through communications, enerContinued from page 1 No #11 gy and trade corridors. The Turkish President called for proactive would see nominal rise of 1 per cent in wellhead gas prices. multilateral cooperation to realize goals set in ECO vision 2015 This is likely due to Pakistan currency on average depreciated against dollar by 1 per cent in last saying," we can reach higher goals as targets set in this document six months. are modest keeping in view the great trade potential and energy Continued from page 1 No #12 resources of the region that is stretched over an area of 8 million square kilometers and is house to 400 million people." Rabbani and Justice Tariq Parvez heard the case and reserved the judgment. The decision was proHe also called for collective efforts to alleviate poverty and nounced by a 3-member SC bench led by Justice Javed Iqbal. reduce child and maternal mortality rate that is alarming in our SC maintained about the decisions of high courts that implementation of any order which is bad region. ECO Secretary General Mohammad Yahya Maroofi pre- and impracticable makes no difference. On the petitions filed by employees of PTCL -- who were sented a report on the performance of ECO and its delegated bod- retired under voluntary scheme --about non-granting of full pension and perks and curtailment in the ies to achieve the ECO targets in trade, energy, transport and com- period of service, Punjab, Sindh and Peshawar high courts had ordered that they be allowed all the munication, agriculture, industry, tourism, human resources, sus- facilities, pension and perks. Employees contended that PTCL had given them incentive that those who had completed 20 years tainable development, international relations, drug control, counter terrorism measures, transnational crime control and reconstruc- tenure of service could benefit from the facilities announced under voluntary scheme. However later, PTCL management reckoned the period of service from the day the employees had completed their tion work in Afghanistan. -Agencies training. These employees of PTCL were appointed during 1981-83 while they qualified the examContinued from page 1 No #4 ination of their appointment in 1987 and completed the training in 1988 and 1990. She said that during last fiscal year, the government had taken As per rules, their service tenure started from the date of passing the examination and their servloan worth of Rs17.8 billion from State bank while currency notes ice period was not counted from the first day of their appointment.Counsels for PTCL employees worth over Rs one trillion have been printed. -Online argued that period of permanent appointment of these employees be reckoned after 183 days from their initial appointment and the facilities be provided to all employees on this base who have been Continued from page 1 No #5 foreign exchange needs. This was separate from the $11 billion deprived of these perks. These employees are entitled to all facilities which are allowed to a regular IMF bailout programme, agreed in 2008. In May, Pakistan employee on his retirement. -Online received $1.13 billion in the fifth tranche of the programme. Continued from page 5 No #13 Pakistan has formally asked for a nine-month extension of its $11 situation after Fitch Ratings downgraded Hungary almost to junk debt status. billion IMF bailout package, a source involved with the IMF talks Miners were the main drag with metals prices cooling after a recent rally. Xstrata was among the said on Monday, but the extension has not been approved yet. The worst off, down 1.1 per cent. Rio Tinto shed 1.0 per cent as it offered an agreed $3.9 billion to buy IMF is likely to further delay the possible release of the sixth African-focussed coal miner Riversdale in a deal expected to be challenged by rivals. tranche because of the slow implementation of fiscal reforms. ARM Holdings was a top blue-chip faller, down 2.4 per cent after having soared 9 per cent high-
No #6
Continued from page 1
MQM legislators while voicing protest over load-shedding and over-charging said discriminatory treatment was being meted out to people of Karachi. Raja Pervaiz Ashraf announced to summon KESC authorities to Islamabad to remove reservations of members of assembly. -Online
No #7
Continued from page 1
assets valuing Rs191.50 billion. It added that under the programme, the SBP conducted two auc-
er on Thursday on reports of a possible breakthrough move with Microsoft. There was a flurry of positive macroeconomic data out in the United States, reinforcing views of a solid economic growth pace in the fourth quarter.-Reuters
No #14
Continued from page 5
2009, only to peak mid-January, then fall 2 per cent that month. Retail stocks got a boost as Bed Bath & Beyond Inc rose 6 per cent to $50.51 after it beat quarterly profit estimates and forecast a strong holiday season. Fabric and crafts retailer Jo-Ann Stores Inc jumped 32.2 per cent to $60.33 after a deal to be bought by private equity firm Leonard Green & Partners for about $1.6 billion, or $61 per share.-Reuters
www.asharys.net
For Subscription
Manager Circulation Ahmad Omer
1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6
Italian Kitchens Karachi
Lahore
tel: 92(21)5860794-5
tel: 92(42)5694061-2
12
RIAZ NEWS AGENCY Cell # 0333-5373137
Friday, December 24, 2010
SHAKIL NEWS AGENCY Cell # 0333-4400472
Foreign troops not allowed on Pak soil: FO
Pak draws line on WoT policy Special Correspondent
QUETTA: President Jamhoori Watan Party Balochistan Shahzain Bugti being brought to the court in an armored vehicle for a hearing.-Online
Calls for FC to follow code of conduct
Nisar deplores Shahzain arrest ISLAMABAD: Opposition leader Chaudhry Nisar Ali Khan has strongly condemned the behavior of security forces with Jamhori Watan Party's (JWP) provincial leader Shahzain Bugti and termed it as deplorable. He was addressing to national assembly's session on Thursday and demanded from government to look into matters related to Shahzain Bugti, US court's summons issued for ISI officials and external dictations related to North Waziristan operation. He said everyone is well aware of the circumstances in Balochistan and how Shahzain Bugti was arrested by the security forces in Balochistan was insulting. He said these circumstances remind us the situation when East Pakistan was separated, which is the worst example of military behavior. "One of the military leaders hanged an elected prime minister of the country and another killed the nationalist leader Nawab Akbar Bugti", opposition leader reiterated. He questioned, "When people of Quetta will see the pictures of such arrests like Shahzain Bugti mishandled
by security forces, would they love Pakistan." Nisar Ali Khan admired the endeavors of Rehman Malik of shifting Shahzain Bugti into a guesthouse and demanded to treat political leaders with respect. He also demanded to forbid security agencies to behave in this manner. During the course of his speech, Chaudhry Nisar expressed his agitation over an American court's summons issued for current DG Inter Services Intelligence (ISI), an ex-DG ISI and two on-service officers. He demanded foreign office to take notice about this issue. He also demanded from Prime Minister to consider this issue as they have been politically pressurised. He also asked PM to let the parliament know about the presence of Central Intelligence Agency (CIA) as according to which law they are working in Pakistan. He said our sovereignty has been threatened by these foreign organisations. He also uttered that no one can dictate us about the North Waziristan operation and demanded from government to protect its own interests. -Agencies
Pak earns $1.65bn in FY10, House learns
Rice exports keep climbing, says Amin ISLAMABAD: Federal Minister for Commerce, Makhdoom Amin Fahim informed the National Assembly on Thursday that there was no decrease in the rice exports from the country in last three years. Instead, as compared to rice exports of $1.8 billion in 2007-2008, the exports in 2009-10 increased to $2.2 billion, he said during the Question Hour. He said that top twenty destinations of Pakistani rice, which accounts to 75 per cent of country's rice exports, showed an increase from $1.36 billion in 200708 to $1.65 billion in 2009-10. He said that there had been no decrease in export of rice but appreciating the export potential of rice, Ministry of Commerce has taken steps to enhance the export of the commodity. Replying a question on textile exports,
the federal minister said that $10.8 billion were earned by exporting textile products during 2009-10 where as during the first five months of the current fiscal year foreign exchange of $4.01 billion was earned by exporting textile products. He said that the government has adopted a comprehensive strategy regarding restructuring and reorganisation of the textile sector and deal with the problems it has been facing. Federal Minister informed the House that ministry of commerce would be organising a conference of all its commercial officers deputed in various embassies of the different countries to help increase exports from the country. He said that the commercial officers and businessmen would sit together to formulate a strategy and overcome the problems in this regard. -Agencies
Gas deficit seen ending in a mth ISLAMABAD: Federal Minister for Water and Power, Raja Pervaiz Ashraf Thursday informed the National Assembly that the problem of gas shortage would be overcome when the hydel power generation increases following the completion of annual desilting campaign by January 31, 2011. Responding to a calling attention notice jointly tabled by Dr Nadeem Ehsan, Sajid Ahmed, Asif Hasnain and Khush Bakht Shujaat, the federal minister said that there was a gap between demand-and-supply however the situation would get normal after desilting of canals complete. He categorically rejected the allegations of multiple tariff mechanism and informed the House that uniform tariff was charged all over the country,
adding ministry was not fixing the tariff rather it is fixed by Nepra. He said that the ministry would review the complaints of over-billing, particularly in Karachi city and also rejected categorically that tariff bills were being prepared without reading meters. Meanwhile, Federal Minister for Petroleum and Natural Resources Syed Naveed Qamar, on a point of order told the House that gas load management was being conducted equally across the country, schedule for which has been made in consultations with all the industrialists and stakeholders. He however, expresses the hope that gas supply would be increased next week to all the country, particularly to Faisalabad. -APP
Mirza vows action against culprits KARACHI: The Provincial Home Minister Dr Zulfiqar Ali Mirza has stressed on law enforcement apparatus to take impartial and strict action against target killers. Addressing an event in connection with handing over keys of rickshaws as a part of welfare and livelihood scheme for PPP activists killed in target killings, in Karachi Secretariat on Thursday, he expressed his strong vows not to let the households of PPP activists, suffer. He berated the fact that 12 PPP activists of Lyari were abducted, subjected to torture and killed, while afterwards JI leaders led by Nasrullah met the interior minister in Peoples secretariat, whence the Home Minister assured the delegation for law and order in the Province. -Online
FIR filed against Shahzain QUETTA: An FIR has been registered against president of the Balochistan chapter of Jamhoori Watan Party (JWP) Shahzain Bugti and his 26 body guards for keeping illegal arms. According to media reports, the cases have been filed with Airport Police Station under 6 different sections of Anti-terror Act, which included misbehavior with government officers, recovery of illegal arms, interference in government's work, etc. On Wednesday, paramilitary troops arrested Nawabzada Shahzain Bugti -- grandson of the late Nawab Akbar Khan Bugti -- along with several personal guards, after finding a huge quantity of illegal arms and ammunition in vehicles of his convoy coming from the border town of Chaman. The arms and ammunition recovered from the 16 smuggled vehicles included 50 SMGs, 4 LMGs, two 12.7mm AA guns, two 14.2 mm AA guns, one SPG-9, one 9mm pistol, one AUG, 46,000 rounds of SMG, 1,600 rounds of 12.7/14.5, 570 rounds of AUG, 880 rounds of sniper rifle, 39 rounds of 9mm pistol, 17 mobile phones and 16 vehicles. -Online
Pak, Turkey to share experiences ISTANBUL: Turkish Interior Minister Besir Atalay held a meeting with Federal Minister for Interior, Senator Rehman Malik at Ministry of Interior, Istanbul. The meeting held in a very cordial atmosphere in which bilateral issues and matters pertaining to human-smuggling, drug-trafficking, money-laundering and terrorism came under discussion. The Turkish Minister of Interior Besir Atalay appreciated Pakistan for action against terrorists and making Pakistan safer. He appreciated the role of Pakistan in the war against See # 1 Page 11
ISLAMABAD: Pakistan has categorically stated that it would not accept any foreign troops on its soil, as it has a clear policy in the war against terror. Responding to questions on Thursday at the weekly news briefing about a report published in New York Times in this regard, Foreign Office spokesman Abdul Basit said the United States knows our red lines on the issue. He said Pakistan does not expect the United States to complicate matters involving counter-terrorism. He also pointed out that Nato and ISAF mandate is restricted to Afghanistan and Pakistan's security forces are capable of taking action against militants and terrorists on our side of the border. The spokesman said Pakistan is
committed to fight against terrorism and extremism. It has been carrying out operations wherever required and Pakistani troops are already their in North Waziristan. He, however, said scope and timing of the operation in North Waziristan would be determined by Pakistan alone. He told a questioner that the United States has not shared the Afghan Review with Pakistan in full. Whatever has been shared, gives us some comfort that due emphasis will now be placed on development and reconciliation aspects as well. Responding to another question, he said concerns about PakistanChina nuclear cooperation are unwarranted as this is peaceful in nature and under IAEA safeguards. Replying to questions in the context of Pakistan-India dialogue, the
spokesman said Pakistan is ready to resume the dialogue process as soon as possible but not to the exclusion of Jammu and Kashmir dispute or other important issues. About UN reforms, he said Pakistan is an active member of the United For Consensus Group that is working for democratic, transparent and accountable reforms in Security Council. Creating additional centres of privileges would be in direct conflict with letter and spirit of even UN charter. To a question he said Pakistan and Iran enjoy best of relations and are committed to resolving all issues through existing mechanisms. The spokesman assured parents of late Ayaz Fakhri that Pakistani missions in New York and Washington are in touch with police authorities to know as to who murdered him and for what.
JUI-F chief meets Fehmida, demands opposition seats
Govt pays only lip service: Fazl ISLAMABAD: Chief Jamiat-eUlema-e-Islam-F (JUI-F) Maulana Fazlur Rehman met with Speaker National Assembly Dr Fehmida Mirza here Thursday and demanded an immediate allotment of seats on Opposition benches. According to sources, Chief JUI-F Maulana Fazlur Rehman met Speaker NA Dr Fehmida Mirza and again said that JUI-F has parted ways from government coalition and now opposition seats should be allotted to them immediately. Speaker Dr Fehmida Mirza assured Fazlur Rehman that soon the opposition seats would be allotted to them. On this juncture Maulana Fazlur Rehman appreciated Dr Fehmida Mirza's role for approving 19th amendment bill from National Assembly. Meanwhile, Maulana speaking in the House said his party joined the government under an agreement but the prom-
ises made with us were not fulfilled. Speaking in the House, he said that his party always stood by the government to face all challenges but they were always ignored by them. He said keeping in view the situation his party decided to part ways from the government and its members would now sit in opposition benches. Maulana Fazlur Rehman criticized the government policy over Fata, saying the Parliament posed threat to Shariah. Maulana said his party joined government for Islamic legislation; all including the president assured of the legislation; but, no headway achieved in this direction despite the passage of a complete year. The resolution passed by the Parliament to review war on terror, is being ridiculed, Fazl stressed adding Fata was claimed to be peaceful; but, not a single soldier was recalled from there. -Agencies
Action against fake housing schemes urged LAHORE: A full Supreme Court (SC) bench headed by Chief Justice of Pakistan, Justice Iftikhar Muhammed Chaudhry directed to spend money acquired by auctioning 81 plots of former member of Punjab Assembly on development of Venus Housing Scheme, media reported Thursday. The SC disposed of petitions filed under public benefit. These petitions said Mian Shahbaz sold plots of the housing scheme; but, he did not undertake any development work there. Police took Mian Shahbaz before the court. The apex court directed Secretary Housing to draw up a survey regarding bogus housing schemes and plan crackdown on such schemes. The court held that it knew what is going on in the country in the name of housing schemes. -Agencies
Progress depends on peace, says Qamar
ISLAMABAD: Dr Fehmida Mirza Speaker National Assembly writing comments in the visitor’s book after her visit to Pak-China Friendship Center. Minister for Culture and Chinese Ambassador are also present.-APP
Tripartite Commission's 32nd meeting
Panel satisfied over ties-level KABUL/ ISLAMABAD: The Tripartite Commission composed of senior military representative from Afghanistan, Pakistan and coalition forces in Afghanistan, expressed satisfaction over the existing level and mechanism of cooperation. The commission held its 32nd meeting in Kabul on Thursday. Respective delegations were headed by General Ashfaq Parvez Kayani, Chief of Army Staff of Pakistan Army, General David H Petraeus, Commander International Security Assistance Force, Afghanistan and General Sher Muhammad Karimi, Chief of General Staff of Afghan National Army. The Commission reviewed the secu-
rity situation in the areas along PakAfghan border. The participants expressed satisfaction over the existing level and mechanism of cooperation. According to sources, during the meeting new Afghan policy of US President Barack Obama also came under discussion. ISAF commander assured Pakistan that it respects the sovereignty of Pakistan and it would not take nay steps that would affect the relationship between the two counties. During the meeting it was agreed to enhance intelligence sharing to control the movement of terrorists. Online
ISLAMABAD: Energy crisis is the fundamental challenge and we have to ensure peace for improving quality of life, security and development in Pakistan and South Asian region, said Syed Naveed Qamar, Federal Minister for Petroleum and Natural Resources while speaking during the HU Beg memorial lecture. The lecture was held at the concluding day of the Sustainable Development Policy Institute's (SDPI) thirteenth annual conference, 'Peace and Sustainable Development in South Asia: The way forward' here on Thursday. Qamar said Pakistani is going through a paradigm shift from single-minded governance to participatory and consultative governance under the 18th amendment implementation process. He said that there is strong need of social safety nets while Benazir Income Support Programme is useful initiative and efforts are made to make it a sustainable programme. Dr Tariq Banuri, Director Division for Sustainable Development, DESA, United Nations and founding Executive Director of SDPI, relating the historical context of development, said that three determining factors for future scenario 2050 which included economic growth, demography and resource allocation are critical. See # 2 Page 11
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.