International Karachi, Friday, February 25, 2011, Rabi-ul-Awwal 21, Price Rs12 Pages 12
Qaim pledges to fulfill BB mission See on Page 2 Economic Indicators Forex Reserves (19-Feb-11) Inflation CPI% (Jul 10-Jan 11) Exports (Jul 10-Jan 11) Imports (Jul 10-Jan 11) Trade Balance (Jul 10-Jan 11) Current A/C (Jul 10- Jan 11) Remittances (Jul 10 - Jan 11) Foreign Invest (Jul 10-Jan 11) Revenue (Jul 10 Jan 11) Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Dec 10)
GDP Growth FY10E Per Capita Income FY10 Population
FIPI (24-Feb-2011) Local Companies (24-Feb-2011) Banks / DFI (24-Feb-2011) Mutual Funds (24-Feb-2011) NBFC (24-Feb-2011) Local Investors (24-Feb-2011) Other Organization (24-Feb-2011)
1.29 -0.99 1.24 -0.22 0.23 -1.44 -0.11
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,539.26 10,452.71 22,601.04 17,632.41 2,613.50 2,878.60 5,919.57 12,097.37
Change 15.84 126.39 305.86 545.92 5.26 15.97 3.96 8.41
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)
$.Price PKR/Shares 2.60 110.85 15.80 134.73 2.00 42.63 1.70 36.24 10.87 37.06
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
23-Feb-2011 23-Feb-2011 23-Feb-2011 29-Nov-2010 24-Feb-2011 24-Feb-2011 24-Feb-2011 24-Feb-2011 24-Feb-2011 24-Feb-2011 24-Feb-2011 24-Feb-2011 24-Feb-2011 24-Feb-2011 24-Feb-2011
13.49% 13.69% 13.86% 14.00% 13.36% 13.59% 13.75% 14.13% 14.24% 14.18% 14.21% 14.20% 14.56% 14.77% 14.97%
Commodities *Crude Oil (brent)$/bbl *Crude Oil (WTI)$/bbl *Cotton $/lb *Gold $/ozs *Silver $/ozs Malaysian Palm $ GOLD (NCEL) PKR KHI Cotton 40Kg PKR
114.66 100.04 177.23 1,414.30 33.16 1,095 38,959 12,646
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 85.15 Canadian $ 86.10 Danish Krone 15.40 Euro 116.80 Hong Kong $ 10.80 Japanese Yen 1.025 Saudi Riyal 22.65 Singapore $ 66.20 Swedish Korona 13.10 Swiss Franc 89.70 U.A.E Dirham 23.18 UK Pound 137.80 US $ 85.25
Sell (Rs)
86.15 87.10 15.90 118.20 11.25 1.051 22.85 67.20 13.70 90.40 23.40 139.20 85.55
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
85.31 85.98 15.39 114.72 10.90 1.038 22.64 66.33 13.10 87.63 23.11 136.33 85.27
85.51 86.19 15.42 114.99 10.92 1.040 22.69 66.48 13.13 87.84 23.17 136.65 85.47
Weather Forecast CITIES
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20°C 29°C 23°C 21°C 13°C 19°C
MIN
6°C 16°C 7°C 8°C -1°C 7°C
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See on Page 12
FBR empowered to found Welfare Foundation
199.36 -1.39 -0.41 2972
(U.S $ in million)
Zardari's Kuwait visit starts today
Cbank can change management, intervene banks
SCRA(U.S $ in million)
Total Portfolio Invest (12-Feb-2011)
See on Page 12
SBP gets more powers to rein
Portfolio Investment
NCCPL
Davis row creates rift between ISI, CIA
Banking Co (Amend), FBR (Amend) Bill 2010 approved
$17.59bn 14.55% $13.23bn $22.55bn $(9.32)bn $(81)mn $6.12bn $1.18bn Rs 765bn $58.39bn Rs 5497.4bn $338.2mn -1.57% 4.10% $1,051 175.27mn
Yearly(Jul, 2010 up to 22-Feb-2011) Monthly(Feb, 2010 up to-22-Feb-2011) Daily (22-Feb -2011)
De Villiers ton powers South Africa to easy win See on Page 10
PORT OF HERAKLION: Chinese evacuees from Libya arrive at the port of Heraklion, on Crete island. Reuters
PM urges for dialogue with all parties
Gilani says end to crisis at hand ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Thursday vowed to resolve energy crisis on priority basis and said it is also included in agenda of government talks with PML-N. Answering to the point of order here in NA session, PM Gilani said electricity and gas load-shedding are genuine issues that government's financial team is seriously undertaking them in its talks with opposition party PML-N and soon both will reach to some solution. PM said government has invited provincial governments to take this matter into Council of Common Interest (CCI), although different courts have issued stay orders against supplying of gas away from the vicinity from where it is being produced unless the demands
of that area are met. He said if the issue remained unsolved in CCI, government would take it to the joint session of the parliament. He further said energy crisis would automatically solve, as the weather changes. "The small provinces have the right on gas reserves and the courts have issued stay order on provision of gas to other areas," he said. Prime Minister said Punjab Chief Minister Shahbaz Sharif and the provincial leadership had also conveyed their viewpoint on gas management. "We offered them to place the matter before the CCI (Council of Common Interests) and if it is not resolved there, then the issue will be taken up in the joint sitting of Parliament." See # 16 Page 11
KMTS to cost $1.5 billion
Khi mass transit project greenlit Special Correspondent ISLAMABAD: State Foreign Minister Hina Rabbani Khar Thursday said Karachi Mass Transit System (KMTS) would cost $1.5 billion and central government is likely to execute it through its own funding. While responding to a call attention notice here in the NA session, she told keeping Railway's deficit in mind, federal government is considering to better deal with this project through its direct involvement and funding. Pertaining to delay in this project, she told assembly that numerous hurdles were created in the way of its initiation, however, soon after the prepa-
ration of second feasibility report in June 2011, development would instigate on this project. She further told Japanese Company Jaica has prepared the first feasibility report. At this juncture, Federal Railways Minister Ghulam Ahmed Bilour said KMTS is an important project, which is the single solution of countless problems of Karachiites. He told bureaucracy is solely responsible for this delay. Further talking about the locomotives, he said we are still waiting for 75 locomotives, which we demanded back in 2005, and it is again bureaucracy who lingered this on.
SBP asks banks to clear claims
Exporters' waiver extended till June Staff Reporter KARACHI: State Bank of Pakistan has decided to extend waiver up to June 30, 2011 for availing financing under the Export Finance Scheme (EFS) to those exporters whose export proceeds were overdue. The extension in waiver has been granted through a Circular (SMEFD Circular Letter No 6) issued to the Presidents/ CEOs/ Country Managers of all banks on Thursday. Furthermore, State Bank of Pakistan announced the offices
of SBP-BSC (Bank) would release Export Finance Mark up Rate Facility to the extent of 8 per cent of total claims against the cases which have been found in order and where 92 per cent reimbursement has already been made to the banks under the scheme. Banks should immediately pass on this additional reimbursement to the concerned exporters, says SMEFD Circular Letter No 07 of 24th February, 2011 issued to the Presidents / CEOs of all banks. It may be pointed out that the See # 18 Page 11
Judges Tenure Extension
Rejection caught top court by surprise ISLAMABAD: Supreme Court of Pakistan has sought reply from federation and parliamentary committee for rejecting extension in service tenure of 4 judges of Lahore High Court (LHC). A 4-member bench of SC led by Justice Mehmood Akhtar Shahid Siddiqui heard the case Thursday. On non-appearance of someone from parliamentary committee, the court maintained that if no one would appear then court could take ex parte action. The court inquired from Attorney General (AG) if the reasons for rejecting names of judges by parliamentary committee have been received in Judicial Commission (JC) or otherwise. The AG told the reasons were communicated to Prime Minister who had sent them to secretary JC, registrar of SC. He requested the court that he was member of commission and this way he was party to this case, therefore, he could not appear in the court on behalf of federation or parliamentary committee. The court inquired who had appeared in the court from the side of law secretary and secretary parliamentary committee and where was reply. See # 17 Page 11
B'stan has 25pc stake in Rekodiq, Senate told ISLAMABAD: Balochistan government has no right to claim entire production of gold and copper of Rekodiq project since under the initial agreement its ownership is only 25 per cent. The remaining 75 per cent of production belongs to the second party. There was a lack of monitoring from provincial government that led to extra ordinary delays as well as confounded confusions in the project. This came out of the proceedings of Senate Standing Committee on Petroleum and Natural Resources. DG (Minerals) Irshad Ali Khokhar of Balochistan Government briefed the Committee about the Rekodiq project. The DG informed the committee with Senator Sabir Ali Baloch in chair that total estimated resources of Rekodiq are 5.87 billion tonnes, which is fifth largest in the world. Out of total reserves are See # 19 Page 11
ISLAMABAD: The National Assembly on Thursday unanimously passed "The Banking Companies (Amendment) Bill, 2010" to provide matching tools to bank regulators for cooperative measures with a view to maintain financial stability. The bill moved by Minister of State for Foreign Affairs Hina Rabbani Khar on behalf of Minister for Finance Dr Abdul Hafeez Shaikh, was unanimously passed by the House without any amendment. Zahid Hamid of Pakistan Muslim League-Nawaz withdrew his amendments, saying that the bill was unanimously passed by the Senate. It was said in the statement of objects and reasons of the bill
Industrial Dev Bank Act OKed ISLAMABAD: Senate Standing Committee on Finance, Revenue, Planning and Economic Affairs on Thursday unanimously approved Industrial Development Bank of Pakistan (IDBP) (Reorganization and Conversion) Act 2010. The Committee met here in the Parliament House under the chairmanship of Senator Ahmad Ali and was attended by members of the committee, Senators, Professor Ghafoor Ahmad, Ilyas Ahmad Bilour, Islamuddin Shaikh, Haroon Khan, Kulsoom Parveen and Ishaq Dar. See # 10 Page 11 that due to financial crises supervision to safeguard worldwide, the ever changing against various risks. The amendments would dimensions of banking business continue to create newer enable the State Bank of challenges and risks for bank Pakistan to change managedepositors, regulators and ment in banks, impose losses financial system as a whole. on shareholders by writing Therefore, it is necessary to down their capital, intervene provide matching tools to bank and take control of banks, regulators for cooperative appoint administrators to manmeasures with the view to age banks and restructure banks when symptoms of crises maintain financial stability. The proposed amendments in are determined, it said. The National Assembly also the Banking Companies Ordinance, 1962 are in the con- unanimously approved `The text of strengthening necessary Federal Board of Revenue See # 11 Page 11 tool of bank regulation and
$2bn from SOEs shares sale eyed KARACHI: Government hopeful to raise around $2 billion by selling its shares in the banks and energy companies and from Oil & Gas Development Co., convertible bonds, according to Naveed Qamar. The government will sell some of its shares in National Bank of Pakistan, Habib Bank Ltd, Pakistan Petroleum Ltd and electricity producer Kot Addu Power Co to local investors, Qamar told a foreign business news agency. OGDC will market equitylinked bonds internationally, with the proceeds used to cut the budget deficit, he said. "The market is now ready to be tested," said Qamar.
The bond sale, Pakistan's first to international investors in more than three years, has been under consideration since 2008 and delayed many times as political unrest and terrorist attacks deterred potential buyers. The government is the largest shareholder in OGDC, and will pledge its stock to guarantee the notes as part of an effort to raise between $500 million and $1 billion, he said. Pakistan may raise a further $1 billion from the share sales, some of which will be completed in the current fiscal year that ends in June, according to the minister. Emirates Telecommunications Corp, the See # 20 Page 11
FX reserves at new peak of $17.59bn Staff Reporter KARACHI: Country's foreign exchange reserves rose to a record $17.59 billion in the week ending February 19, up from $17.44 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan rose to $14.08 billion from $13.91 billion in the week ending Feb. 19, while those held by commercial banks fell to $3.51 billion from $3.53 billion, said the SBP. A rise in remittances and
exports were the main reasons for the increase in foreign exchange reserves, analysts said. Remittances by overseas Pakistanis were recorded at $6.12 billion during the first seven months of the fiscal year 2010/11, up 17.70 percent from the same period last year, according to data from the State Bank of Pakistan. Pakistan's foreign exchange reserves were boosted last month by more than $633 million after the United States See # 14 Page 11
PPL leads with 71pc growth
E&P sector earns 29pc more in 1H Ahmed Siddique KARACHI: Oil & gas exploration and production sector has shown a healthy growth of 28.5 per cent in their earnings during the first half of fiscal year 2011. Earnings of the listed compa-
nies' i.e. (OGDC, PPL & POL) during the period were increased to Rs53.42 billion compared with Rs41.56 billion recorded during the corresponding period of last year. TFD analyst highlighted several factors for surge in See # 15 Page 11
FO rejects risk to IWT ISLAMABAD: Foreign Office spokesperson Tehmina Janjua has rejected impression that the Sindh Taas agreement (Indus Water Treaty) singed between India and Pakistan in 1960 on the distribution of water was at risk. Talking to Voice of America, she said implementation of the Sindh Taas agreement in letter and spirit was the only best solution of water dispute between India and Pakistan. Terming the agreement as a useful and proactive document, the spokesperson said Pakistan considered any decision to this effect at this stage as pre-mature. The spokesperson said that the previous devastating floods and torrential rain had wreaked havoc in South Asia in general and Pakistan in particular. She said her country was in dire need of water for meeting its irrigation and energy demands. Tension over water dispute between India and Pakistan has been rife since the construction of dams in the Indian held part of Kashmir, a move considered See # 12 Page 11
Grasp our hand, Singh to Pak NEW DELHI: With the dialogue process set to be resumed, India Thursday asked Pakistan to grasp its hand of friendship and made it clear that all issues can be resolved if it stopped use of its territory for anti-India activities. Prime Minister Manmohan Singh, replying to the Motion of Thanks on the President's Address, said there were "hopeful signs" and an atmosphere in which negotiations between the two countries can go forward, reported PTI. "I sincerely hope and believe that the new ruling classes of Pakistan would grasp the hands of our friendship and recognise that whatever are our differences, terror as an instrument of State policy, is something that no civilized society ought to use," he said. See # 13 Page 11
2 Friday, February 25, 2011
CMC sysmposium
Qaim pledges to fulfill BB mission LARKANA: Sindh Chief Minister Syed Qaim Ali Shah has said that Shaheed Mohtarma Benazir Bhutto has given 5-point manifesto which include the promotion of education, provision of employment, to ensure the equality, energy and environment. This he said while addressing an inaugural ceremony of the 11th Chandka Medical College (CMC) and 4th Shaheed Mohtarma Benazir Bhutto Medical University (SMBBMU) Larkana symposium at Shah Abdul Latif Auditorium. He said that we are followers of the Shaheed Zulifqar Ali Bhutto and Shaheed Benazir Bhutto; it is our duty to follow the foot-steps of Shaheed Mohtarma Benazir Bhutto. He said that the political parties have their own agenda, one has 10 point agenda and other gave 15 point agenda but the PPP will follow the party's manifesto which consist of 5 point agenda in which the solution of the problems of
poor masses was mentioned in a proper manner and we should implement the program of Shaheed Benazir Bhutto in letter and sprit. Syed Qaim Ali Shah also said that the President of Pakistan Asif Ali Zardari is working on the vision of Shaheed Mohtarma Benazir Bhutto and he has adopted the policy of reconciliation. The job opportunities were being provided to the educated youth on merit, he said. He urged upon the young doctors to realize their responsibility, come forward, serve the ailing humanity without wasting any time proved themselves as 'Maseha' for the patients. He said that the doctors should devote themselves, commitment with the patients and timely treatment under the modern scientific methods is the need of the hour and will give the positive results in the society. Syed Qaim Ali Shah stressed the need in
research work in the medical field and hoped that young doctors play their role in this regard. He said said that the participants would have an excellent opportunity to share their knowledge and experiences. He said that the people have given mandate to PPP for 5 years the opposition parties may respect the mandate of people. He said that the PML (N) leaders should wait and adhere to the charter of democracy which was signed by the Shaheed Mohtarma Benazir Bhutto and Mian Muhammad Nawaz Shareef and there is a need for tolerance. He announced a grant of an amount of Rs.50 million (5 Crore) for SMBBMU Larkana. He also said that the Larkana was overlooked in past but the present government was giving priority to provide development projects (in road sector) under Larkana development package. The Chief Minister also said that 220 acres land
was provided at Airport road for establishing the university. He assured the audience that the problems of the University will be solved on priority basis and the bill was already passed by Sindh assembly for establishment of the University. On the occasion, Sindh Minister for Law and Parliamentary affairs Muhammad Ayaz Soomro also spoke high and reiterated to complete the mission of Shaheed Benazir Bhutto and the basic facilities as well as job opportunities will be provided to the educated youth and the problems of the people will be solved at gross root level. The Sindh Minister for local Government Agha Siraj Khan Durani also spoke on the occasion and hoped that this university will be fruit full for providing health facilities in upper Sindh area. He assured of his full cooperation for resolving the problems of the university.-APP
Mirani elected KSE CBA Chief KARACHI: The bi-annual election of KSE CBA Union was held recently to elect CBA for the next term commencing from 23-022011. All the candidates of Mirani Group were declared as successful. Aijaz Ali Mirani secured 62 votes. Mirani the new president of the union has assured the workers of the Exchange that he will fight for the workers right. The new CBA union will take the oath today (Friday).-PR
FRIDAY Time 9:00 9.15 10.00 10.05 11.00 11.05 12.00 12.15 13.00 13.05 14.00 15.00 15.05 15.30 16.00 16.15 17.00 17.05 18.00 18.05 19.00 19.05 20.00 20.05 21.00 22.00 23.00 23.05
Programmes News (13 - Min) Pehla Sauda (Live) News (05 - Min) Siyasat Mana Hai (rpt) Headlines Ghar Ka Kharch (Live) News (13 - Min) Power Lunch (Live) News (05 - Min) Doosra Pehlu (rpt) News (01 - Hour) News (05 - Min) Siyasat Mana Hai (rpt) Uff Tv (rpt) News & Akhri Sauda Karobari Duniya (Live) News (05 - Min) Ghar Ka Kharch (rpt) Headlines Chai Time (Live) Headlines Siyasat Mana Hai (Live)
Headlines Doosra Pehlu (Live) Pakistan Aaj Raat (Live) News (01 - Hour) Headlines Cricket Lounge
TV PROGRAMMES FRIDAY Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:30 20:03 21:00 22:03 23:00 23:30
News News Subah Savere Maya ke Sath News Hal Kya Hai (Rpt) News Newsbeat (Rpt) Tonight With Jasmeen (Rpt) News News Samaa Metro News Aap Ki Baat News Crime Scene Newsbeat News Awam Ki Awaz News 24
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to Admiral Noman Bashir, Chief of Naval Staff who called on him at PM House.-APP
‘PIA suffers Rs67.31bn loss’ ISLAMABAD: Minister for Defence Chaudhry Ahmad Mukhtar revealed on Thursday that the Pakistan International Airlines Corporation (PIAC) suffered a loss of Rs.67.31 billion till the third quarter of last year, after the deduction of taxes. Replying to a question raised by Syed Zafar Ali Shah of Pakistan People's Party in the Lower House during the question-hour
Al-Tuwairqi inks accord with SolarWorld Staff Correspondent
KARACHI: Etihad Airways donated two Pearl Business Class return tickets to London to the "V Need U" local charity group working for community rehabilitation in the flood-affected areas of interior Sindh. Seen in the photo is cricket legend Wasim Akram handing over the ticket to the raffle winner at Rahat Fateh Ali Khan's fundraising concert held recently at the Acton House, residence of the British Deputy High Commissioner in Karachi.-Staff Photo
2011 declared Pak-China Friendship year ISLAMABAD: Minister of State for Foreign Affairs Ms. Hina Rabbani Khar on Thursday said Pakistan considers relations with China of utmost importance and appreciates its support for economic development. She was talking to Minister of the International Department, Central Committee of the Communist Party of China (CPC) here at the Foreign Office. Issues pertaining to bilateral relations, regional and global issues of mutual interest were discussed. The Minister highlighted the importance of Chinese investments in Pakistan's mega strategic projects, noted support to country's
economic development and urged further consolidation of their economic partnership. Khar said both countries enjoy complete trust and convergence of views on all bilateral, regional and international issues. She appreciated the frequent exchanges of visits between the two countries at various levels. Pakistan supports "One China" Policy. The Vice Minister stated that Pakistan and China were close and all weather friends and remarked that the two countries may enhance this unique relationship through frequent people to people interactions and public diplomacy. -APP
ZONG launches 'Cricket ke Jeet' TFD Report KARACHI: ZONG's 'Cricket Ki Jeet' - a promotional campaign for cricket enthusiasts - has received an overwhelming response on its launch, even in the initial stage of the ICC Cricket World Cup 2011. It is for the first time that any cellular operator has come up with an activity purely based of cricketing knowledge and prediction. Hundreds of people have already won prizes since the launch of Cricket Ki Jeet, with winners taking away every day a range of prizes that include Handsets, DVD players, MP3 Players, Xbox, Ipads and even LCD TVs! There is also a bumper prize
of a VIGO car. In addition, there are daily cash prizes of Rs 100,000 during the group stage which progresses to Rs 1,000,000 for the final of the 2011 World Cup! In total Cricket ke Jeet offers prizes worth Rs.2 crore during this campaign. Speaking about the campaign, Salman Wassay, Head of Marketing, ZONG said, "Cricket in Pakistan has a passionate following. At ZONG we bring offerings which can enhance our life experiences. As sports in general and cricket especially is very close to everyone's heart, ZONG focused on offering a special activity timed with one of the largest sporting events for Pakistan."
AKHSS Merit Citation 2010 held KARACHI: A Merit Citation Ceremony for the graduating class of 2010 was organised by the Aga Khan Higher Secondary School, Karachi (AKHSS,K), which is a unit of the Aga Khan Education Service, Pakistan (AKES,P). Dr. Ishrat Husain, Dean and Director of the Institute of Business Administration (IBA), was the chief guest at the event. A large gathering of officials from the Board of Intermediate Education, Karachi (BIE,K), the Aga Khan UniversityExamination Board (AKUEB) and AKES,P along with the graduating students and their parents attended the ceremony. The guests were welcomed by Shahina Ali Raza, Principal of AKHSS,K who shared a detailed report on the school initiatives and achievements. Dr. Sadrudin Pardhan, Head of Operations AKES,P, highlighted the importance laid down by Aga Khan Schools on instilling ethical values in students.-PR
session, he informed that the corporation suffered a loss of Rs.11.69 billion in the first three quarters of last year, as against the total loss of Rs.5.82, it suffered in the year 2009. He said that the PIAC suffered Rs.12.76, Rs.13.40 and Rs.36.14 in the years 2006, 2007 and 2008, respectively. The minister said steps were being taken to make the PIAC profitable. He said the PIA had
LAHORE: Tuwairqi Steel Mills Limited Engineering (TSMLE) Solar, has signed a Memorandum of Understanding (MoU) with SolarWorld. TSMLESolar is a division of TSML working in the field of Solar Energy System, whereas SolarWorld is an European photovoltaics (PV) module manufacturing company which provides design and development in the solar energy sector. The MoU was signed here by Muhammad Jamshed, Head Engineering and Instrumentation, TSML and Kai Klingenhagen, Area Sales Manager, SolarWorld. Through the MoU, the companies will jointly explore solar energy projects in Pakistan and Afghanistan. The companies also have agreed to develop a feasibility study for setting up of PV mod-
ule manufacturing facility in Pakistan. A joint team has been established to prepare necessary studies for the effective implementation of this MoU by assessing technical, commercial and procedural aspects. On this occasion, Muhammad Jamshed, Head Engineering and Instrumentation, TSML said: "With higher prices and growing scarcity of fossil fuel, solar power is finally emerging as a viable and efficient source of energy. There is an urgency of closing gap between energy needs and energy supply and renewable energy is the best guarantee for sustainable development." He informed that SolarWorld will train TSMLE-Solar personnel in designing of system, installation and its marketing, and will support the projects initiated by TSMLESolar in this region along with providing transfer of solar technology.
'Bahaar Aaie' springs up for Faiz followers TFD Report LAHORE: A music album titled "Bahaar Aaie", comprising of some of the works of Faiz Ahmad Faiz , rendered by Tina Sani and Shabana Azmi, has been launched here. It was a glittering event, with some of the most prominent, literary, intellectual and celebrity figures in attendance. Notable amongst attendees were the Faiz Foundation Trust Chairperson Salima Hashmi, HRCP Director I.
A. Rahman, Samina Peezada, Sania Saeed, Noorul Hasan, Indian film actresses Ila Arun , Lubna Salim and several other foreign Artistes. Tina Sani is a renowned semi-classical and Urdu Ghazal singer who has possibly developed the most unique style of rendering Faiz Ahmed Faiz. At the event she sang some Faiz essentials, including "Bahar Aayee" and "Bol Key Lab A'zaad" (composed by Arshad Mehmood). The performance was highly praised by the audience.
ISLAMABAD: Fedeal Minister for Science and Technology Mir Changez Khan jmali presenting shield to the Former Minister Pir Aftab Hussain Jilani on the occasion of farewell reception to him.-Staff Photo
finalized and submitted its business plan, which was a strategic roadmap for the next five years. The management, in the business plan commits itself to strengthening culture of ethics and compliance, aggressive revenue growth through efficient marketing plans and implementation of stringent cost control measures resulting in substantial savings over the period plan, he said.
To another question asked by PML-N's Shireen Arshad Khan, the minister said the national airline was only operating to 27 countries out of more than 250 around the globe. "The reason for not operating to other countries is that it is not economically viable. The airline operates to any destination where it finds the deployment of its limited fleet is beneficial to the carrier," he said.-APP
3
Friday, February 25, 2011
Dollar slides on oil; Swiss franc at record high MidEast tension fuels safe-haven demand, oil surges NEW YORK: The dollar fell broadly on Thursday, with further losses seen as likely, pressured by a surge in oil prices as investors feared civil unrest in Libya could spill over to other top producers including Saudi Arabia. The safe-haven Swiss franc, on the other hand, hit a record high against the greenback, benefiting from the ongoing geopolitical turmoil in the Middle East. The franc has gained in eight of the last nine sessions versus the dollar. In the last two weeks, the Swiss currency has gained 5.1 per cent so far, its best showing since late June last year. "The focus is on the Middle East and oil prices. Everybody and his mother has upgraded their forecasts on oil prices, with one even forecasting oil to hit $200 per barrel," said Ron Simpson, director currency research at Action Economics
in Tampa, Florida. "That has weighed on the dollar." In early New York trading, the ICE Futures' dollar index fell to its lowest in three weeks at 77.011. It was last at 77.081. "The nature of the crisis is dollar negative. It raises oil costs and the US is a big importer of oil, it hits household wealth and productivity and growth more than anywhere else," said Peter Frank, currency strategist at Societe Generale. He added that such concerns would overshadow the safe-haven status of the world's largest reserve currency so long as instability in the Middle East and North Africa remains an oil supply issue and does not morph
into a bigger, global problem. The dollar fell to a record low of 0.9240 Swiss franc on electronic trading platform EBS, its slide having intensified after triggering
stop-loss selling below its previous record low of 0.9301 set at the end of last year. The dollar last traded down 0.7 per cent at 0.9260 franc. The euro also fell against the Swiss franc, sliding to around 1.2706 francs, its lowest since Jan 13, before pulling back to 1.2739, down 0.7 per cent on the day.
Asian currencies
Korean won at 2-mth low as crude shock hits hard Taiwan cbank spotted selling US dollars to stem inflation, but that may be a burden on Asian central banks as higher rates may have side effects such as more bankruptcies," said Young Sun Kwon, a Nomura International economist in Hong Kong. "So, they may temporarily manage speed of depreciations in their currencies," said Kwon. But he added that the strategy of artificially keeping Asian countries strong may not work in the long term. Dollar/won rose above the 1,102-1,130 range held so far this year as offshore funds including hedge funds and macro real money funds kept dumping it and absorbing exporters' offers. Dollar/won ends domestic trade at 1,131.2, up 0.6 per cent
from its previous domestic close of 1,124.0 and highest domestic end since Dec. 30 last year. Earlier exporter offers for endmonth settlements had kept the pair from breaking through 1,130, but now with the pair breaking the range, it is seen heading to a resistance of 1,155. Dollar/peso rose on risk aversion flows and local banks' demand amid worries about the impact on the Philippine economy from higher oil prices. "Oil is really starting to become even more of a problem," said a Manila-based dealer. Investors are watching if the pair will break through 43.85, which has been a pivot for quite some time. -Reuters
Pound declines; UK growth worries weigh
Swiss franc at new record vs dlr
SINGAPORE: The South Korean won hit a near two-month closing low against the US dollar and the Taiwan dollar touched its lowest in over six weeks on Thursday, after a spike in oil prices triggered broad selling of emerging Asian currencies by foreign funds. Asian currencies broadly suffered as investors unwound short yen positions, with the won hitting a two-month low against the yen and the Taiwan dollar dropping to the lowest against the Japanese currency since Dec. 7. Earlier, Taiwan's central bank was spotted selling US dollar to check slides in the Taiwan dollar, dealers said. "A rate hike is the best solution
LONDON: Sterling fell broadly on Thursday, hitting a threeweek low against the euro as a spike in oil prices drove investors into safer currencies and sparked concerns about the impact on an already fragile UK economy. Although sterling remained supported by expectations that the Bank of England will raise interest rates in the coming months, analysts said much of that was already priced in to the pound, leaving limited room for further gains. Meanwhile, the euro gained sharply after European Central Bank policymaker Axel Weber boosted the prospect of rising borrowing costs in the eurozone, saying the only way for interest rates to go was up. The pound had hit a threeweek high against the dollar on Wednesday after hawkish BoE minutes showed one more policymaker voted for a rate rise, but analysts said the pound's limited reaction suggested this had been expected. UK rate expectations have been boosted both by hawkish BoE commentary and a recent
spike in UK inflation, but a survey showing a sharp slowdown in UK retail sales growth also highlighted the vulnerability of the economy. The euro strengthened around 1 per cent to 85.72 pence, its highest level in three weeks against the pound, surpassing its 100-day moving average at 85.37 pence. Against the dollar, sterling was down 0.6 per cent at $1.6116, retreating from Wednesday's high of $1.6275. It hit a low for the session of $1.6085. Versus a basket of currencies, sterling fell to a more than three week low of 80.9. The market was also waiting for the second estimate of fourth quarter UK gross domestic product, due on Friday. The first estimate showed Britain's economy unexpectedly shrank. Implied rates based on swaps and interest rate futures point to a 75 per cent chance of a rate rise in May. Investors were also fully pricing in a quarter percentage point rate hike in September and then in December. -Reuters
ZURICH: The Swiss franc soared to its highest ever against the dollar on Thursday, lifted by ongoing concerns about political unrest in Libya and fears that turmoil could spread to other oilproducing states in the region. Geopolitical and economic tensions have been lifting the Swiss franc, which traders often buy at times of uncertainty. It gained strongly against the dollar last year and rose some 15 per cent against the euro, hitting a peak of 1.24 per euro in late December, helped by concerns about eurozone debts. "The franc as a safe-haven is benefitting from geopolitical risks," said Commerzbank analyst You-Na Park. "That's been the main driver of the last few days." The franc touched a new alltime peak of 0.9271 per dollar, according to Reuters data, and was trading up 0.3 per cent compared to the New York close at 0.9300 per dollar at 0726 GMT. Commerzbank said its targets were 0.9120 and possibly the psychologically important 0.9000. Against the euro, the franc was up 0.4 per cent to 1.2769. Reuters
Aussie dlr up on rousing investment outlook, NZ$ lags SYDNEY: The Australian dollar advanced on Thursday as figures showing a very strong outlook for business investment augured well for economic growth in coming years, keeping upward pressure on interest rates. In contrast, the New Zealand dollar was still weighed down by the devastating earthquake this week that has seen investors give up on any thought of rate hikes this year. The Australian dollar gained three quarter of a cent to $1.0084, before steading at around $1.0065. Near-term support seen around $1.0013, with resistance at $1.0095. The boost followed strong estimates for business investment in Australia for the next couple of years, outstripping even the most optimistic forecasts in a bullish sign for future growth. Planned spending for 2011/12 jumped to a massive A$132.7 billion and supports the Reserve Bank of Australia's (RBA)upbeat outlook on the local economy. The RBA has been counting on a boom in mining investment to drive economic growth for some years to
come. Markets are pricing a total tightening of 31 basis points for the next 12 months, but still sees no chance of rate hike at the RBA March meeting next week. The Aussie was also buoyed by local exporters, model funds as well as retail investors buying via electronic trading platforms, according to traders. The NZ dollar firmed at $0.7484, having hit a two-month low of $0.7460 on Wednesday. Still, the kiwi remains under pressure as analysts suspect the economy is probably in a technical recession. Commonwealth Bank's Capurso said he expected the kiwi to hit 72 cents in the next few weeks and anticipated a 50 bps rate cut by the Reserve Bank of New Zealand at the next review on March 10 to help out the economy. Market pricing indicates an 88 per cent chance of a rate cut in March and no tightening over the next 12 months. The divergence with the Australian outlook kept the Aussie up near a twomonth peak at NZ$1.3462. -Reuters
Turmoil in the Middle East also supported the yen. Investors tend to buy back the yen in times of uncertainty as they unwind risky assets financed by the Japanese currency's low rates. The dollar was down 0.9 per cent at 81.75 yen. Traders cited dollar selling by Japanese exporters and model funds, as well as some liquidation of long dollar positions established since the beginning of the year. The euro was up 0.3 per cent against the dollar at $1.3789, staying supported on recent hawkish comments on inflation by European Central Bank officials. That increased expectations the ECB may begin seriously considering an exit strategy from ultra-low rates. Traders cited stops through $1.3700 and more through $1.3680, with sell orders at $1.3810/25 before stops through $1.3835. -Reuters
Yuan slips vs dollar, awaits next cbank move SHANGHAI: The yuan closed slightly lower against the dollar on Thursday as the market was disappointed the People's Bank of China failed to let its daily fixing hit a record high. The central bank fixed a higher yuan mid-point on Thursday but traders had expected the fixing to hit another record high as the government appeared to be using the currency to help fight imported inflation propelled by high global commodity prices. The benchmark Reuters Jefferies CRB index, which covers 19 mostly US-traded commodities, has leapt around nearly 40 per cent since June last year, while China is the world's fastest growing market for staple goods. The PBOC has made no secret about the potential for yuan appreciation as it has guided the Chinese currency to a slew of record highs this year even after the US administration relieved pressure by declining to name China a currency manipulator in a
Treasury report this month. "A 30-pip rise in the fixing was a bit disappointing," said a trader. "But the yuan hasn't fallen in any serious sense as most traders still expect it to climb to fresh highs soon again." Spot yuan closed at 6.5787 to the dollar compared with Wednesday's close of 6.5743 and having now risen 3.77 per cent since its depegging from the dollar in June 2010. Before trading began, the PBOC fixed the yuan's midpoint at 6.5795 versus the dollar, stronger than Wednesday's 6.5828. The daily fixing, from which the yuan can trade up or down a maximum 0.5 per cent in a given day, is used by the central bank to express the government's intentions for the currency. Benchmark one-year dollar/yuan non-deliverable forwards were bid at 6.4310 late on Thursday, up from 6.4200 at Wednesday's close. Their implied yuan appreciation in a year's time fell to 2.31 per cent from 2.49 per cent. Reuters
Indian rupee falls on weak shares, high oil MUMBAI: The Indian rupee fell to a one-week low on Thursday, dragged down by surging oil prices that pushed up dollar demand from oil importers as well as battered stocks, but a weak dollar overseas prevented a steeper fall. The partially convertible rupee ended at 45.48/50 per dollar, its weakest since Feb. 15, after trading in a range of 45.25-45.50 intra-day. It had closed at 45.12/13 on Wednesday. "The main factors were stocks and oil. The market was negative by more than 500 points," said Kamlakar Rao, chief foreign exchange dealer with state-run Allahabad Bank. "If the basket of currencies had not been strong against the dollar, the rupee could have
gone to 45.80 levels," he said. Foreign funds were net sellers of $1.59 billion worth of shares in this year until Feb. 23 Traders see the rupee trading in a range of 45.35-45.55 on Friday. The one-month onshore forward premiums were quoted at 26.00 points, against Wednesday's 23.00, and the one-month offshore non-deliverable forward contracts were quoted at 45.80, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange closed at 45.7425, 45.7500 and 45.7500, respectively, with the total traded volume at about $6.38 billion. -Reuters
Top Economic Events Time 4:30 5:01 All Day 12:45 14:30 14:30 15:30 18:30 18:30 19:55 19:55
Source JPY GBP EUR EUR GBP GBP CHF USD USD USD USD
Events Tokyo Core CPI y/y GfK Consumer Confidence German Prelim CPI m/m French Consumer Spending m/m Revised GDP q/q Prelim Business Investment q/q KOF Economic Barometer Prelim GDP q/q Prelim GDP Price Index q/q Revised UoM Consumer Sentiment Revised UoM Inflation Expectations
Source
Events
EUR CHF GBP USD USD USD USD USD USD
German Final GDP q/q Employment Level CBI Realized Sales Core Durable Goods Orders m/m Unemployment Claims Durable Goods Orders m/m New Home Sales OFHEO HPI m/m Crude Oil Inventories
Forecast -0.3% -27 0.5% -0.7% -0.5% -0.4% 2.08 3.3% 0.3% 75.2
Previous -0.2% -29 -0.4% 0.6% -0.5% 3.1% 2.10 3.2% 0.3% 75.1 3.4%
Actual
Forecast
Previous
0.4% 4.09M 6 -3.6% 391K 2.7% 284K -0.3%
0.4% 4.10M 30 0.4% 403K 2.5% 330K -0.2% 1.1M
0.4% 4.08M 37 3.0% 413K -0.4% 325K -0.3% 0.9M
Previous Day
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
Bid 1.3791 0.9258 1.6187 0.9818 1.0110 112.7700 0.8519 1.2777 132.3300 88.1700 1412.7300
As per 22.00 PST Ask High 1.3794 1.3808 0.9262 0.9333 1.6190 1.6254 0.9823 0.9898 1.0114 1.0116 112.8100 113.5100 0.8522 0.8530 1.2782 1.2831 132.4000 133.8600 88.2200 88.6900 1413.5800 1417.9500
Low 1.3703 0.9242 1.6146 0.9817 1.0004 112.1900 0.8471 1.2708 132.1600 88.1300 1408.2000
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 24/02/2011 A USD GBP CAD EUR JPY O/N 0.22550 0.55625 0.96750 0.63625 SN 0.10313 1WK 0.25050 0.57563 1.00333 0.69500 0.11375 2WK 0.25600 0.58313 1.03583 0.75250 0.11563 1MO 0.26150 0.61250 1.08083 0.82063 0.12750 2MO 0.28450 0.68375 1.14917 0.91750 0.15438 3MO 0.31050 0.80175 1.20833 1.04500 0.19000 4MO 0.35300 0.88475 1.27583 1.12938 0.24313 5MO 0.41050 0.99263 1.34333 1.21813 0.30000 6MO 0.46400 1.11113 1.41000 1.32313 0.34625 7MO 0.51750 1.19025 1.49833 1.38063 0.39500 8MO 0.57125 1.27650 1.57883 1.44063 0.44438 9MO 0.62625 1.35900 1.65833 1.50688 0.49000 10MO 0.67850 1.44125 1.75083 1.56250 0.51563 11MO 0.73000 1.50938 1.84167 1.62125 0.54250 12MO 0.79125 1.57813 1.93000 1.69000 0.56875
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
1-Mar-2011 10-Mar-2011 15-Mar-2011 3-Mar-2011 15-Mar-2011 17-Mar-2011 1-Mar-2011
8-Sep-2010 5-Mar-2009 19-Dec-2008 7-May-2009 16-Dec-2008 12-Mar-2009 2-Nov-2010
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, February 24,2011 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
85.50 138.89 117.75 86.65 91.98 86.11 13.39 1.04 15.20 66.99 15.79 22.80 10.97 13.00 306.84 28.01 63.91 23.48 23.28 0.08 2.79
85.30 138.57 117.47 86.45 91.76 85.91 13.36 1.04 15.17 66.83 15.76 22.74 10.94 12.97 306.12 27.95 63.76 23.42 23.22 0.08 2.78
85.12 138.25 117.19 86.22 91.52 85.68 13.32 1.04 15.13 66.66 15.72 22.68 10.92 12.94 305.31 27.88 63.59 23.36 23.16 0.08 2.78
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for February 24, 2011 0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years 30--years
KASB
BMA
ELXIR
GSL
ICSL
12.95 12.95 13.00 13.20 13.36 13.45 13.60 13.68 13.78 14.10 14.15 14.18 14.20 14.26 14.26 14.25 14.22 14.22 14.50 14.75 14.90
13.10 13.00 13.00 13.05 13.32 13.45 13.60 13.62 13.76 14.10 14.19 14.22 14.22 14.26 14.30 14.25 14.15 14.23 14.60 14.70 14.85
13.00 12.90 12.95 13.07 13.35 13.48 13.57 13.68 13.79 14.05 14.19 14.20 14.21 14.25 14.29 14.22 14.15 14.19 14.60 14.75 14.95
13.00 12.90 13.00 13.10 13.36 13.50 13.62 13.68 13.80 14.05 14.17 14.19 14.22 14.23 14.25 14.23 14.22 14.18 14.55 14.90 15.10
13.05 13.00 13.00 13.15 13.35 13.50 13.60 13.70 13.80 14.05 14.20 14.22 14.20 14.30 14.35 14.23 14.20 14.20 14.60 14.75 15.00
JSCM AvgRate 13.00 12.95 12.95 13.10 13.35 13.45 13.61 13.65 13.75 14.05 14.18 14.20 14.20 14.25 14.30 14.22 14.18 14.20 14.50 14.75 15.00
13.02 12.95 12.98 13.11 13.35 13.47 13.60 13.67 13.78 14.07 14.18 14.20 14.21 14.26 14.29 14.23 14.19 14.20 14.56 14.77 14.97
4 Friday, February 25, 2011
The Financial Daily International Vol 4, Issue 191
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board
The Eldorado of Pakistan Abid Latif Sindhu
P
akistan is a unique country; it has a highest level of resilience on one hand and the Asim Abbas Ashary, CPA Khurram Shehzad, CFA most fragile economy on the other, Akhtar M. Zaidi, FCA Prof. Zakaria Sajid (KU) what a contrast. It is also a country Dr. A. Hadi Shahid, FCA Zahid Bukhari SVP HBL (retd) which has the highest ratio of philanthropist contributions by individuMuhammad Arif Ismat Sabir als towards the downtrodden. Why Head office then every pocket has a hole? 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Despite all other plus or minuses, the Telephone: 92-21-35311893-6 Fax: 92-21-35388428 biggest endowment is the geography, URL: www.thefinancialdaily.com especially the diversity of it. Email Address: editor@thefinancialdaily.com Balochistan is the 40% of the land Lahore office mass and therefore is the most 24- Peshawar Block, Fortress Stadium, Lahore important factor in the new arithTelephone: 92-42-6675595 Fax: 92-42-6664349 metic of regional geo-economics. Email Address: editor@thefinancialdaily.com The emerging new Middle East is just at the doorsteps of Balochistan. It is also the El Dorado as far as the wealth of natural minerals and valuable deposits are concerned. A recent image was quite promising in which Gen Ashfaq Kayani inaugurated a marble mine in Balochistan. Is the military face really required in every economic activity of this province? Army is naturally a factor in this part of Pakistan, because almost 60% of Balochistan is the "B Area", which is ungovernable by normal Pakistan should get ready to face the almost mechanics of the governmental disInternational Monetary Fund and put up a pensation. convincing argument for the release of Here with police and civil armed Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Pakistan has to disarm the IMF
remaining tranches of the Stand-By Arrangement (SBA) signed in November 2008. One of the basic factors staling relationship was that Pakistan was doing enough to contain budget deficit. Pakistan did agree to introduce a few new taxes and/or reformed general sales tax but failed in getting these approved from the legislative. This led to withholding of remaining two tranches. Before, a new date is fixed for the review it is necessary the present economic managers formulate their stand. While some of the experts still say that Pakistan should scum to the IMF pressure, introduce new taxes and withdraw some of the subsidies being paid to get the remaining tranches released. They are also trying to create an impression that if Pakistan does not get the remaining tranches it will default. These experts also suggest withdrawal of all types of subsides but hardly raise any voice against cutting down of PSDP allocations and even the lavish spending. The other group has a rather staunch point of view when it insists on taking the IMF for the support and also not negotiating the remaining tranches. It believes that now Pakistan enjoys strong footing and accepting the balance amount would only add to the load of debt. This group also believes that debt servicing has already become unsustainable. Having said this, it still does not want to offend the Fund. To some extent they are right because IMF's letter of comfort makes dealing with other multilateral financial institutions easier. There is also a view that the present government has chosen the easier option of acquiring money from the IMF rather than taking pains to improve the economy. Least has been done to contain hemorrhage of Rs300 billion from the state owned enterprises. This could have been done simply by improving the level of governance. Tax collection regime often says that people don't pay their taxes in full but it is also on record the corruption within the Federal Board of Revenue (FBR) and failure of the government to reform the tax collection regime eats nearly half a trillion rupees. Added to this has been the attitude of legislative when it comes to taxing elite of the elite, the feudal lords. All moves to tax agriculture income are being frustrated in the name of protecting the right of small farmers. Last but not the least the friendly opposition is responsible for all the malice. It is all critical of the ruling junta and its corruption but is never willing to bring an in-house change for establishing supremacy of law.
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.
forces army itself figures out well. Before looking in to the problems of increasing ethnicity in Balochistan the wholesome view is to be taken. Recent trends in ethnic reverberations have historic and social currents. The Nawab of Kalat by his own sweat will, signed the documents of accession with Pakistan, the fillip was of course the immense popularity of idea of Pakistan in neighboring NWFP. Everything went well till late sixties when few tribal elders with extreme rightist tendencies stoked the fires of insurgency. The result was the obvious dying down of these flames, albeit with lot of price in terms of sowing the seeds of discontent and alienation. This time there is no plausible reason for any unrest but still the same is being created with artificial reasons and dubious rhymes. Who is going to miss the beat - the flute player, the drumbeater or the pied piper? Keeping the present situation of the province in view a strange phenomenon is at work. The leftist tendencies are being provoked by the most rightist of the people, the feudal and tribal elders. They are not going to deliver to the poor people of Balochistan as they themselves are anti change. Rhetoric against the government is a mere political plank without any people friendly outlook.
Change in terms of improvement in social indicators is the real key to counter any centrifugal tendencies. Do we require Harvard qualified anthropologists or ethnographers to identify these problems? It is not only the ethnic counter which has to be reversed; rather it is the complete time clock which has to be reset. Development initiatives are the best measures which can bring change. People of Balochistan are to be engaged with trust building efforts. As per all the modern writers trust is the mortar which binds the nation together. Francis Fukoyama's world known thesis vindicates the same. The Government of Pakistan should undertake the development projects on war footing as it is going to be the snowball to the winter of discontent. The army having boots on ground and fairly heavy footprint in the area can be tasked to undertake civil affairs' operation under the auspices of federal government. The mineral exploration is one area which even after becoming controversial, is still going to be the major employment giving sector. New roads will have the same effect as that of historic trans European train or the eighteenth century English channel steamships. These will not only open up new vistas, but also
will open up the Claus tropic society. One indicator of divided society is the lack of intermingling at transcultural level. In Pakistan the factor is minimum between Punjabis and Pathans due to inter marriages and of course the sharing of the Abaseen (Indus). Unfortunately this did not happen between Balochis or Brohis and other ethnic groups. Who is to be blamed - state, politician or the people? There is no time left for this blame game. Balochistan requires immediate attention and response from all the players. Youth of the province is waiting for gestures of paternal magnanimity from the state. People in general are not in habit of queuing up for fulfillment of their basic needs being the tribal and feudal society. The dispensation of governance has to be improved if state is to be recovered in the hillocks of mystical Makran. Responsibility also lies with the ruling political party of the province. Prudence demands active participation in political process. The ostrich like approach by anyone who matters is going to be the harbinger of a sandstorm which might change the landscape when the whistle blowing wind stops. So wake up or go for a long slumber, the ostrich way.
Pakistan & US-Arab Dilemma Jawad Raza Khan
L
ast sixty years of US foreign policy bears a successful story, as; US had been able to muster at least two puppet governments each in Arab and Non Arab worlds. The first loss in Non Arab world was Iran, when it was swept by Khomeini revolution and US puppet Shah of Iran was exiled in 1979. Last five years have witnessed another ally of US, Turkey distancing herself from the masters. Erdogan was very hard on the "double standards" of the USA during his visit to Pakistan and said that "the recent Israeli attack on a Turkish ship Freedom Flotilla have unmasked the so-called civilized face of Washington who openly and shamelessly supported the state terrorism of Israel. Washington is not ready to condemn the state terrorism of Israel against Turkey which means that the USA is supporting an international terrorist who killed our citizens in international waters". This looks to be an
end of US influence in the power corridors of Turkey as well. As far as the Arab world is concerned the situation was not more fragile ever than now, when one of the oldest Arab world ally of US, Egyptian dictator Mubarak is about to be doomed (with US help). The circumstantial evidence of US involvement in Egyptian chaos has also turned the strongest Arab ally of US, Saudi Arabia against the US interest in Middle East and the Muslim World. According to reliable resources, King Abdullah took Obama to task for ditching America's most faithful ally in the Arab world and vowed that Saudis would bend all its resources for undoing Washington's plans with regards to Egypt. According to British intelligence sources in London, the Saudi King pledged to make up the losses to Egypt if Washington cuts off military and economic aid to force Mubarak to resign. He would personally instruct the Saudi
treasury to transfer to the embattled Egyptian ruler the exact amounts he needs for himself and his army to stand up to American pressure. Through all the ups and downs of Saudi-US relations since the 1950s no Saudi ruler has ever threatened direct actions like these against an American policy. If we critically analyze the position of US as now in Muslim world, following can be easily deduced as conclusions. Arab relations with US are strained to a limit never witnessed before. Rise of Akhwan ul Muslemeen after Mubarak can help al- Qaida to find breathing space in Egypt. Non Arab, economically strong Muslim countries like Iran and Turkey will not be interested to rescue American interest especially Iran with her disputed nuclear program and UN sanctions initiated by US. Afghanistan bleeding hard with US and NATO blood with Taliban still undefeated
and US in the midst of a disorderly withdrawal if things do not move as planned by Obama administration. Democratic Government of Pakistan bearing extreme pressure to side US interest in front of highly charged anti US sentiments prevailing in the masses of Pakistan. Immoral invasion of Iraq and hastily planned withdrawal, which may leave a wonderful breeding grounds for al- Qaida. The inaugural talk of Obama after taking over as President of US, with regards to his priority in having good relations with Muslim world makes above conclusions more interesting. This also speaks of a weak President in front of a strong CIA even in a so called civilized and democratic USA. This indeed can put Pakistan in the driving seat as far as US-Pak relations are concerned. Democratic Pakistan can put pressure on US to flourish its relations on the basis of equality and tranquility, as per the aspirations
of people of Pakistan, safeguarding its own interest. Following can be suggested in this regard. n Revisit of AfPak policy. n Immediate termination of Drone attacks in Pakistan. n Increase of check points on Pak Afghan border on the Nato side to stop move of terrorists from Afghanistan to Pakistan. n Strength of Pushtun cadre to be increased in the future government set up of Afghanistan. n Raymond Davis to be tried in Pakistan for murdering three Pakistanis. This can indeed bring some sort of breather to people of Pakistan in general and Pakistan Army in particular. This will also help US to ensure graceful exit from Afghanistan which seems impossible in present chaotic environment of the region. It's time for our leaders to make Pakistanis proud to be Pakistanis and stand firm in front of all odds as nation will be behind them in the said consequence.
INT’L CRUDE & OUR ECONOMY Consequent to violence in north African countries and particularly in Libya and Egypt anticipated disrupting exports from Africa's biggest suppliers in commodities; crude futures gained almost $103 in New York today, the highest in more than two years. In the supply of crude from Africa, Suez Canal assumes significant importance. The Suez Canal opened in 1869, and remains one of the planet's busiest shipping lanes. Through it the vast percentage of Europe's energy needs are transported from the Middle East oil fields. This vital corridor of commerce has been closed by war twice. The most
recent closing occurred during the Six-Day War between Israel and its Arab neighbours. Now analyst expects that oil prices may surge to $220 a barrel if political unrest in North Africa halts exports from Libya and Algeria. The analysis sparks immediate concerns for all underdeveloped and developing countries especially where no or no significant production of crude is taking place. Pakistan falling into category of countries with huge import figures for crude is also likely to see hitting hard effects if Suez is closed or situation of same kind persist for long.
Oil and gas industry of Pakistan daily produce crude about 3,800 net barrels and natural gas of 73 net million cubic feet. Pakistan imports about 80 percent of its oil and spends more than $10 billion on imports of crude oil and petroleum products annually and also increasing consistently. Hike in crude prices will not only increase import bill for Pakistan but also translate in price hike in day to day commodities as much of our industrial production relies on bye products of crude. Electricity tariff will also see upside with furnace as basic input moving up. With our limited exploration and refining capacities and
Pakistanis in Libya, A serious issue "Pakistanis in Libya are in very terrible conditions. Time and again they have contacted to highlight the issue because their lives are in stake. One Pakistani Asif Khattak called me now rightly to tell that he and so many other Pakistanis visited airport time and again but in vain. According to him they contacted the Libya- based Pakistani embassy to help them in safe exit or make a
call to the government of Pakistan to arrange flights for them but the officials of embassy turned a deaf ear to their say without extending any help or any chink of hope on their part. In the height of dismay he shared that we Pakistanis are every where treated as if we have no country, no state, no nation and no government at all." This is to request to kindly highlight the issue with fer-
vent zeal and with national spirit. I request the miseries of the Pakistanis in Libya must be disseminated effectively at every door and corridor so that our so called dead and deaf government may wake up from slumbers and take emergency measures to resolve the problems of the Pakistanis trapped in the tides of war and turmoil in Libya. Abdul Hadi Khattak, Karachi
capabilities no immediate inland reduction of effects is possible. Government is also facing tremendous pressure from rival political parties with regard to failure in controlling commodity prices and any translation effect of crude to normal consumer is not expected to be well received. Contrarily, increasing or sustainable subsidy maintenance is like to cause heavy burden on national exchequer Our government should take the matter in more serious manner to look for some plausible solution in the burning effects of crude to our shabby economy. Fahim Akhtar, Islamabad
Bahrain Protests Protests in Bahrain are gaining momentum. The despotic rule in Arabian country is eyeing its end and different tools are being applied to control unrest in these countries. Thanks to the new hi-fi tele-communication technology and famous social networks that have provided so many ways to interact, group, and regroup masses which has culminated into bringing change in Egypt. The smallest of gulf states, Bahrain is finding it difficult to overpower the people asking for their rights and change in government. Autocratic style of government has given birth to a plethora of problems for public. Sufferings of common people aggravate more and more, as autocracy is focused on favouring only the rulers. At the end, end comes to such rulers. "Girta hy apny aap pe deewar ki tarah, ander sy jub chatakhta hy pathar ka aadmi." IFTIKHAR SHAHEEN MIRZA, ISLAMABAD
5
Friday, February 25, 2011
South East Asian stocks
Surging oil price stokes selling
European shares extend decline on Libya crisis KSE-100 Index Opening Closing Change % Change Turnover (mn)
11,523.42 11,539.26 15.84 0.14 80.20
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,407.44 3,397.14 10.30 0.30 3.40
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,787.52 2,806.51 18.99 0.68 0.05
Major Gainers
Symbol
Close
Change
RMPL 2,565.42 ULEVER 4,794.85 MTL 495.02 AGTL 223.85 PSO 273.63
115.42 91.47 13.83 8.21 3.64
Major Losers
Symbol
Close
Change
NESTLE 3,434.49 BATA 533.30 IDYM 280.25 MARI 110.20 SAPL 145.12
-65.51 -27.67 -6.46 -5.79 -4.90
Top 5 Volume Leaders
Symbol
Close Vol (mn)
JSCL ANL BOP LOTPTA AHCL
8.86 9.15 6.79 15.07 19.89
6.18 5.39 4.87 4.57 4.26
Active Issues Plus Minus Unchanged
95 184 97
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Dec 10) Urea Offtake (Dec 10) Urea Price (Rs/50 kg) DAP Offtake (Jan to Dec 09) DAP Offtake (Dec 10) DAP Price (Rs/50 kg)
6,123 626 1,020 1,317 90 3,143
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Jan 11) 47,153 Sales (July 10 to Jan 11) 45,113 Production (Jan 11) 6,698 Sales (Jan 11) 6,793
INDUS MOTOR CO Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
29,078 28,293 5,596 5,885
HONDA ATLAS CAR Production (July 10 to Jan 11) 9,279 Sales (July 10 to Jan 11) 8,779 Production (Jan 11) 1,511 Sales (Jan 11) 1,904
DEWAN FAROOQ MOTORS Production (July 10 to Jan 11) Sales (July 10 to Jan 11) Production (Jan 11) Sales (Jan 11)
186 113 0 23
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Feburay 4,11) 5,046,861 Advances (Feburay 4,11) 3,140,675 Investments (Feburay 4,11) 2,100,015 Spread (Feburay 4,11) 7.61%
OIL MARKETING CO (000 tons) MS (Jul 10 to Dec 10) MS (Dec 10) Kerosene (Jul 10 to Dec 10) Kerosene (Dec 10) JP (Jul 10 to Dec 10) JP (Dec 10) HSD (Jul 10 to Dec 10) HSD (Dec 10) LDO (Jul 10 to Dec 10)) LDO (Dec 10) Fuel Oil (Jul 10 to Dec 10) Fuel Oil (Dec 10) Others (Jul 10 to Dec 10) Others (Dec 10)
1,122 188 81 15 727 138 3,426 634 32 6 4,331 690 6 2
PRICES (Ex-Refinery)
Rs
MS (1 Feb 11) MS (1 Jan 11) MS % Chg Kerosene (1 Feb 11) Kerosene (1 Jan 11) Kerosene % Chg JP-1 (1 Feb 11) JP-1 (1 Jan 11) JP-1 % Chg HSD (1 Feb 11) HSD (1 Jan 11) HSD % Chg LDO (1 Feb 11) LDO (1 Jan 11) LDO % Chg Fuel Oil (1 Feb 11) Fuel Oil (1 Jan 11)
51.74 49.41 4.72% 58.28 55.01 5.94% 58.51 55.24 5.92% 61.80 58.55 5.55% 55.32 53.46 3.48% 47,931 45,947
String of KSE losses breaks Nawaz Ali KARACHI: After some continuous bearish activities, Karachi Stock Exchange (KSE) managed to recover somewhat on Thursday. Market ended up in green as investors took positions in oil stocks at attractive levels following higher international crude oil prices which on Thursday touched a dayhigh of $119 a barrel. The benchmark KSE 100Index closed 15 points up at 11,539 points, KSE 30-Index grew by 21 points to close at 11,063 points and KSE All
US stocks mid-day
Wall St slips in selloff’s 3rd day as oil jumps NEW YORK: US stocks fell for a third day on Thursday as US crude oil prices hovered near $100 a barrel on violence in Libya. Oil's sharp rise this week has fueled worries about the effect of energy costs on consumers and business. US crude oil futures were at their highest since late August 2008, as the escalating problems in Libya sparked supply worries. Brent crude futures hit an intraday high at $119.79 and then pulled back to $114.45 at midday. Oil does have "an economic slowing impact as the price goes, and so the question is, 'How long will this last?' and 'How significant will it be?' ... It's hard to decide at the moment," said Stephen Lieber, chief investment officer of the Purchase, New York-based Alpine Mutual Funds. Investors may need to take a "wait-and-see" attitude until there's a clearer idea of how events in Libya and elsewhere will turn out, he said. "My bias is that we are still likely to be in a recovering economy, and if this creates dumping of securities and potential undervaluation, be ready to take advantage of it." The S&P 500 was holding above support, suggesting a bigger pullback may not be in store for the market just yet. The week's declines have driven calls that a correction is near. The S&P 500 is up about 24 percent since the start of See # 9 Page 11
Share Index rose by 6 points to close at 8,015 points. "Thursday's recovery was led by bluechips on strong valuations", said Ahsan Mehanti, Director Arid Habib Investments. Market was witnessing some continuous bearish activities since last few days and lost about 5 per cent owing to a fall in global stock markets and local political problems which made the prices attractive. Therefore due to renewed buying activities the day began with 8 green points. Subsequently positive activities continued during the major part
of the day where at one moment index touched an intraday high of 11,634 points (+ve 110) due to buying mainly in oil stocks following higher international oil prices despite no dividend announcement by the oil giant OGDC. Jawad Khan, equity dealer at JS Global Capital said that E&P led the advance amid rising international oil prices owing to deteriorating geopolitical scenario in the Middle East. However some profit-taking was witnessed during the last hour of the session which sent See # 5 Page 11
OGDC 1H net up 11pc; no dividend Ghulam Raza Rajani KARACHI: Oil and Gas Development Company Limited (OGDCL) Thursday posted a surge of 11 per cent in its 1HFY11 profits. According to financial result sent by the company to KSE profit after taxation for the first half ended December 31, 2010 stood at Rs31.6 billion against Rs28.49 billion during same period last year resulting in earning per share (EPS) of Rs7.35 in 1HFY11 versus Rs6.62 per share same period last year. Surprisingly, company did not announce cash dividend in
Ahmed Siddique KARACHI: Pakistan Telecommunication Company Ltd (PTCL) declared its financial results on Thursday for the first half ended December 31 of the current financial year (1HFY11) posting net profit of Rs4.02 billion (EPS: 0.79) as compared to Rs5.35 billion (EPS: 1.05) recorded in the same period last year. Company's sales revenue decreased by 5.9 per cent to Rs27.7 billion from Rs29.42 billion during same period last year. Decline is due to a dip in fixed line telephony mainly due to aggressive price competition and mobile substitution. However decrease in revenue from falling fixed line subscribers is partially offset by increase in revenue from broadband and international calls. Cost of services was up by 7.5 per cent to Rs20.07 billion mainly due to unprecedented rise in salary expenses. Gross profit decreased by 29.1 per cent to Rs7.62 billion. Other operating income remained the major contributor to the profitability-surge as it was up by 42.8 per cent to Rs3.18 billion compared to Rs 2.23 billion same period previous year. Financing cost also decreased by 41.6 per cent to Rs127 million.
Nikkei gets hit by MEast angst TOKYO: Japan's Nikkei average slipped to a three-week low on Thursday, losing ground for a third straight day as violence in Libya prompted a spike in oil prices, setting the stage for a further correction in the near term. The market mood was also soured by the yen's rise to a two-week high against the dollar, hurting exporters, and by capital-raising announcements by Tobu Railway and Toyobo Co that sent their shares tumbling on dilution fears. Tokyo stocks had climbed some 14 per cent since November to be one of the best performing global markets this year, and players said despite current weakness the market could still be on a rising trend longer-term. "Investors knew all long that a correction was on its way after the rally, and the turmoil in Libya gave the market a good opportunity to enter one," said Makoto Kikuchi, CEO at Myojo Asset Management
Japan. Selling accelerated in the afternoon as the benchmark fell below support around 10,500, having broken another closely watched technical support at its 25-day moving average of 10,547 at open. "Barring any further moves in exchange rates and sharp hikes in oil prices, the market will likely move between 9,800 and 10,500 until it starts rising again in mid-March," Kikuchi said. Kikuchi said these levels, representing a roughly 5 to 10 per cent retracement from the benchmark's year-to-date high of 10,857.53, would be typical for a healthy correction and any decisive moves below them on further oil price hikes would mean the long-term upward trend had changed. The Nikkei ended the day down 1.2 per cent at 10,452.71. The broader Topix lost 1.3 per cent to 934.22. See # 4 Page 11
the quarter for the first time since its listing in 2003 due to liquidity crunch due to an overdue of Rs76.24 billion ANNOUNCEMENTS yet to be paid by refineries and Company Period Div/Bon/Right PAT (Rs in mn) EPS(Rs) gas distribution companies. New Jubilee Insurance Yearly 25%(B),20%(D) 450.15 5.69 Net sales of the company New Jub. Life Ins. Yearly 15%(D) 146.75 2.34 hiked by 11.6 per cent to Mari Gas Half Yearly 23.43%(i)(D) 529.28 7.20 Pak Datacom Ltd. Half Yearly 15%(i)(D) 36.11 4.60 Rs81.09 billion compared to Shahzad Tex. Half Yearly 110.18 6.13 Rs72.63 billion in the same Murree Brewery Co. Half Yearly 177.37 10.24 period last year. This increase Leather Up Half Yearly 1.18 0.20 was mainly due to higher Mubarak Textile Half Yearly 0.61 0.11 realised prices of crude oil, gas, Blessed Tex. Half Yearly 249.42 38.78 Network Mic Bank Yearly -18.46 -0.62 LPG, and sulphur coupled with Fatima Fert.Co. Half Yearly -163.64 -0.08 favorable financial impact of Trust Modaraba Half Yearly 12.48 0.42 Rs2.78 billion on account of P.T.C.L.A Half Yearly 4,022.81 0.79 gas price revision in respect of Unicap Modaraba Half Yearly 0.07 0.01 Amtex Limited Half Yearly -277.11 -1.07 Bobi field with effect from 01 Half Yearly 6.18 0.82 January 2007. However, LONDON: Unrest in the Equity Modaraba Half Yearly 23.10 1.82 Middle East and North Africa Noon Pakistan See # 6 Page 11 Fateh Textile Half Yearly 0.50 0.40 hit Britain's top shares again on ZIL Limited Half Yearly 36.41 6.84 Thursday, though rising crude Atlas Battery Ltd. Half Yearly 189.57 18.83 prices and upbeat comment Searle Pakistan Half Yearly 175.17 5.72 Half Yearly 9.29 0.66 from oil major BP on its Indian Bilal Fibres Oil & Gas Deve. Half Yearly 31,598.45 7.35 activities lifted energy stocks. General Tyre Half Yearly 150.74 2.52 The FTSE 100 closed down Faisal Spinning Half Yearly 251.57 25.16 3.55 points, or 0.1 per cent, at Jah.Sidd. Co. Half Yearly -0.43 0.00 Half Yearly 425.45 28.36 5,919.98, pinned just below a Mehmood Tex. Half Yearly 133.84 2.72 seven-month technical support Crescent Textile over corruption scandals. Shahtaj Textile Half Yearly 76.45 7.91 Automobiles and property level of 5,920. Fecto Cement Half Yearly 82.66 1.65 US crude oil futures rallied Shabbir Tiles developers, two sectors that Half Yearly -27.54 -0.38 Half Yearly -0.44 -0.11 could be hit by higher borrow- for a third session on Thursday Arpak Int. Half Yearly 351.49 117.16 as prices soared to their highest Bhanero Tex. ing costs, also slid. Ideal Energy Ltd. Half Yearly -4.78 -0.60 "It is a double whammy," said since late August 2008 as esca- Mian Textile Half Yearly -24.00 -1.09 Rakesh Rawal, head of private lating violence in Libya Haydery Const Half Yearly -0.19 -0.03 Half Yearly 57.22 0.29 wealth management at Anand sparked supply worries. Tullow Kohinoor Textile Globe Tex.(O.E) Half Yearly 5.74 1.23 Rathi Financial Services. "The Oil added 3 per cent. Globe Textile Half Yearly -12.11 -0.74 BP's Indian head, Sashi National Foods Ltd. things were not going right for Half Yearly 118.58 2.86 India with the corruption and Mukundan, estimated there Wazir Ali (Consolidated) Half Yearly -60.25 -7.54 Half Yearly -60.25 -7.54 inflation issues, and the scene were 15 trillion cubic feet of Wazir Ali Stand.Chart.Leasing Half Yearly 36.11 0.37 See # 8 Page 11 in the Middle East is adding to the woes." The 30-share BSE index dropped 545.92 points to 17,632.41, its lowest close in two weeks. All of its components closed in the red. The one-day per centage fall was Muhammad Shakeel, Director Equity Sales Nael Capital the biggest since November 3, 2009. Following the current domestic and international political See # 7 Page 11
Middle East unrest hits UK’s FTSE
Sensex falls 3pc; worst in 16 mths MUMBAI: Indian shares tumbled 3 per cent on Thursday in their biggest one-day fall in almost 16 months as the Libyan turmoil sent oil prices to their highest in nearly 2 and a half years and threatened global economic growth. Financials bore the brunt of the investor selloff on worries spiralling energy costs would accelerate stubbornly high inflation and force aggressive monetary tightening by the central bank, which has raised interest rates seven times over 11 months. Prime Minister Manmohan Singh vowed on Thursday to control inflation, a problem that has sparked street protests this week and added pressure on the government already under fire
Dhiyan
A WHIFF OF GREEN
HK near 5-mth low; Shanghai stocks up HONG KONG/SHANGHAI: Hong Kong stocks dropped to near a five-month closing low on Thursday, with sharp falls in airlines such as Air China and refiners, both hit by escalating oil prices. The Shanghai Composite gained 0.6 per cent, buoyed by coal miners on expectations that surging oil prices may lift demand for alternative energy sources. Oil prices hit a fresh two-anda-half-year peak on Thursday on concerns the bloody unrest in Opec-member Libya could spread to other major producers in the region, especially Saudi Arabia. The Hang Seng Index dropped 1.3 per cent in decent volume after a volatile session that saw prices gain earlier on strong property counters. The China Enterprises Index of top
PTCL profit down by 25pc
locally listed mainland companies was down 1.6 per cent. "Investors are weighing the risk that higher oil prices may hamper the global economic recovery. There are not many bright lights seen in this scenario," said Tony Tong, analyst at China Everbright Group in Hong Kong. Transport issues fell, with Air China slumping 4.9 per cent. Cathay Pacific Airways Ltd, Asia's No.4 carrier by market value, slipped 1.4 per cent. Shipping company Cosco Pacific Ltd was among the biggest losers, dropping 3.5 per cent. "Higher oil prices are going to affect everybody," said Fulbright Securities general manager Francis Lun in Hong Kong. Refiner Sinopec dropped 4.3 per cent. Oil major Petrochina ,
which has refinery assets, dropped 1.5 per cent. The resource sector, gold firms and upstream oil firms, may be more attractive to investors in an environment of rising oil prices, analysts said. The broader market drop weighed on property counters that had gained earlier on relief over the lack of severe property market cooling measures in Hong Kong's budget address on Wednesday. Sun Hung Kai Properties Ltd, Asia's largest developer by market value, was one of the best performing stocks, up 0.3 per cent. Hong Kong's property sub-index was down 0.6 per cent after trading up over 1 per cent earlier. China's benchmark index closed up at 2,878.6 points in thin volume, after a 0.3 per cent rise on Wednesday. -Reuters
situation and fears of foreign selling, market would remain in pressure and can come down to 11,200 points in the days to come. Investors are advised to go after oil stocks at dips as higher international oil prices would benefit the sector. My top picks include PPL, POL, and PSO. Other than oil sector, ICI and FFC are also buyable. Market would be dull today.
Muhammad Ahsan Rasheed, Director Research & Marketing AMJ Growth
Down the line, if index manages to sustain 11,500 points levels then we might see some bullish activities ahead. However if foreign selling dies hard and index breaches 11,500 levels then it can fall down to 11,100 points. Investors are advised to take positions in those stocks whose spot dates are near like in banking, fertiliser, and chemical sectors. Launch of Margin Trading System (MTS) and upcoming spots of bluechip stocks would trigger the market. Market would be positive today.
6
Friday, February 25, 2011
Market Volume
80,203,619
Value
2,944,490,123
Trades
53,963
Paid up Cap(mn)
Attock Petroleum XD Attock Refinery BYCO Petroleum Mari Gas Company National Refinery Oil & Gas Development Pak PetroleumSPOT Pak Oilfields XD Pak Refinery Limited P.S.OSPOT Shell Gas LPG Shell Pakistan
Advanced Decline Unchanged Total
Current High Low Change
95 184 97 376
All Share Index
11,539.26 11,635.32 11,487.31 h15.84
Current High Low Change
KSE 30 Index
8,015.92 8,085.52 7,984.33 h6.11
Current High Low Change
KMI 30 Index Current High Low Change
11,063.00 11,177.27 11,007.89 h21.17
18,705.82 18,850.65 18,600.67 h63.83
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,441.49 Turnover 3,610,028 P/E (x) 10.41 Company
KSE 100 Index
Symbols
PE
High Low 1,467.53 1,432.59 Total cos Defaulter cos P/BV (x) ROE (%) 3.39 32.54
Open
High
Low
691 6.25 348.55 853 4.22 103.75 3921 8.76 735 7.65 115.99 800 5.42 261.60 43009 10.70 156.65 11950 7.32 196.82 2365 6.72 290.16 350 - 87.75 1715 4.63 269.99 226 - 27.99 685 10.09 197.50
354.70 106.45 9.49 117.00 265.89 158.97 201.90 294.80 92.13 274.44 28.70 201.90
345.00 102.70 8.58 110.20 254.02 155.25 197.00 290.50 87.00 268.00 27.15 195.15
Close Chg 346.15 103.69 8.83 110.20 261.55 158.08 200.10 291.67 88.87 273.63 27.99 196.66
-2.40 -0.06 0.07 -5.79 -0.05 1.43 3.28 1.51 1.12 3.64 0.00 -0.84
Close Change 1,454.84 13.35 Listed cap Market cap 65,194.15 mn 1,117,392.28 mn Payout (%) Div Yield (%) 55.94 5.37 Last 60 days High Low
Volume 37888 510293 525482 136284 57678 579513 693323 1140557 182569 247237 102 24584
401.00 146.90 12.24 141.65 335.00 185.00 229.80 341.50 122.22 317.79 39.89 222.00
316.81 102.70 8.58 110.20 251.99 155.25 193.00 266.50 81.70 265.05 27.15 194.00
% Change 0.93 5-Day High 1,507.52 5-Day Low 1,441.49
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B115.00 - 23.43 - 15.00 20B 50.00 -100.00 - 50.00 -
-
CHEMICALS
Open 702.67 Turnover 25,377 P/E (x) 5.09 Company
High Low 708.85 670.46 Total cos Defaulter cos P/BV (x) ROE (%) 1.30 25.53
Close 674.82 Listed cap 3,242.17 mn Payout (%) 11.08
Change -27.85 Market cap 11,634.25 mn Div Yield (%) 2.18
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
6.36 8.90
69.62 32.05
70.00 32.80
66.14 31.00
66.14 -3.48 32.04 -0.01
19990 5387
76.65 39.45
Pak Int Cont.Terminal PNSC
66.14 31.00
Company
Paid up Cap(mn)
Open
High
Low
BOC (Pak) 250 12.43 91.51 Clariant Pak 273 7.05 198.60 Dawood Hercules 1203 14.07 249.18 Descon Chemical 1996 2.55 Descon Oxychem Ltd. 1020 8.36 6.58 Dewan Salman 3663 2.47 Dynea Pak 94 5.91 11.15 Engro Corporation Ltd 3277 11.53 211.17 Engro Polymer 6635 - 12.40 Fatima Fertilizer 22000 - 11.21 Fauji FertilizerXDXB 8482 6.90 111.21 Fauji Fert.Bin Qasim 9341 7.46 39.35 Ghani Gases Ltd 725 8.76 11.61 ICI Pakistan 1388 8.34 144.85 Ittehad Chemical 360 5.55 24.00 Lotte Pakistan 15142 5.54 15.02 Nimir Ind Chemical 1106 2.38 Pak Gum 42 - 16.68 Shaffi Chemical 120 1.81 Sitara Chem Ind 214 8.99 104.44 Sitara Peroxide 551 5.52 13.20 Wah-Noble 90 7.28 37.85
PE
92.00 199.20 259.48 2.95 6.71 2.60 11.10 214.29 12.60 11.55 113.30 40.15 12.15 147.78 25.19 15.31 2.59 17.68 2.24 108.50 13.35 37.20
90.01 196.50 247.25 2.60 6.30 2.44 10.90 208.80 12.05 11.12 111.10 39.30 11.50 145.00 25.19 14.99 2.30 17.01 1.60 104.60 12.70 37.20
Close Chg 90.52 196.84 251.33 2.60 6.35 2.48 11.00 209.87 12.10 11.17 112.09 39.52 11.56 145.87 25.19 15.07 2.35 16.68 2.19 106.63 12.80 37.85
-0.99 -1.76 2.15 0.05 -0.23 0.01 -0.15 -1.30 -0.30 -0.04 0.88 0.17 -0.05 1.02 1.19 0.05 -0.03 0.00 0.38 2.19 -0.40 0.00
Close 1,559.25 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 12265 32173 677620 43386 400419 825915 861 1328320 241041 966746 1510073 2920138 43506 128744 500 4566226 1560320 231 7202 14091 89966 105
Change 3.80 Market cap 339,927.10 mn Div Yield (%) 5.48
103.94 213.30 259.48 3.74 9.25 4.24 11.98 222.80 15.87 12.64 157.90 43.99 13.07 158.49 36.00 16.80 3.17 28.20 3.10 139.40 14.54 41.99
83.00 153.00 165.73 2.40 6.05 1.92 10.06 181.25 12.05 9.16 110.01 34.10 11.00 135.99 23.07 11.80 1.48 16.68 1.60 101.00 12.70 32.27
% Change 0.24 5-Day High 1,620.26 5-Day Low 1,555.44
2010 Div BR (%) (%) 15 135 25B 50 300B 15 60 20B 130 25B 52.5 175 5 5 25 5B 50 -
2011 Div BR (%) (%) 5 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,016.51 Turnover 4,601 P/E (x) 5.18 Company
High Low 1,016.85 1,006.27 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 7.47
Close 1,008.76 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.98 6.46
15.63 38.97 36.69
16.00 40.84 36.50
15.40 39.00 36.00
15.45 -0.18 38.97 0.00 36.17 -0.52
19000 302 4299
Century Paper Pak Paper Product Security Paper
Change -7.75 Market cap 2,783.05 mn Div Yield (%) 4.88
Last 60 days High Low 19.69 48.90 47.70
14.95 38.88 36.00
% Change -0.76 5-Day High 1,037.64 5-Day Low 1,005.73
2010 Div BR (%) (%) 2533.33B 50 -
2011 Div BR (%) (%) -
Paid up Cap(mn)
PE
High Low 1,168.32 1,136.24 Total cos Defaulter cos P/BV (x) ROE (%) 1.06 25.35
Open
High
Low
Agriautos Ind Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
144 4.53 67.67 101 4.93 185.75 247 22.59 38.51 626 9.24 136.50 890 1.71 56 4.53 185.05 598 4.56 21.90 450 3.76 200 5.89 3.85 1428 - 10.00 786 10.67 249.67 823 9.88 61.69 150 3.89 21.45
69.90 191.90 39.75 137.50 1.85 192.00 22.99 4.00 4.40 10.40 250.00 63.48 21.70
67.30 183.51 36.59 132.00 1.61 185.00 21.08 3.35 3.82 9.90 246.50 62.00 21.50
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind XD Siddiqsons Tin
PE
565 2.96 675 555 8.59 1199 17.53 785 38.68
Open 27.55 2.10 13.75 48.40 8.99
High 28.50 2.20 13.80 49.00 9.33
Low 27.50 2.00 13.50 47.51 8.51
Close Chg 28.33 2.00 13.75 48.22 8.51
0.78 -0.10 0.00 -0.18 -0.48
Close 991.31 Listed cap 3,596.11 mn Payout (%) 30.91
Change 0.75 Market cap 9,364.33 mn Div Yield (%) 10.17
Last 60 days High Low
Volume 11050 82222 1700 30033 4002
31.00 3.29 16.51 62.20 10.70
24.01 2.00 13.00 46.50 8.51
2010 Div BR (%) (%) 30 55 7.5
2011 Div BR (%) (%)
- 10.00 20B -
Open 1,902.97 Turnover 411,109 P/E (x) 48.07 Company
Paid up Cap(mn)
Adam Sugar XD AL-Noor Sugar Crescent Sugar Dewan Sugar Faran Sugar XD Fecto Sugar Habib Sugar J D W Sugar Mirpurkhas Sugar Mirza Sugar XD National Foods Nestle Pakistan Noon Pakistan Noon Sugar Pangrio Sugar XD Premier Sugar XD Quice Food S S Oil Shahtaj Sugar Shakarganj Mills Tandlianwala UniLever Pakistan Wazir Ali
58 186 214 365 217 146 750 539 84 141 414 453 48 165 109 38 107 57 120 695 1177 665 80
PE
Close Chg
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
1828
-
2.65
2.84
2.58
2.59 -0.06
Al-Abbas Cement
Close 816.99 Listed cap 54,792.74 mn Payout (%) 19.04
Change -18.96 Market cap 59,879.12 mn Div Yield (%) 3.43
Last 60 days High Low
Volume 2377
3.98
2.58
Attock Cement
866
6.47
51.08
51.50
49.56
51.10 0.02
10140
64.40
48.51
Berger Paints
182
-
16.05
16.34
15.82
15.82 -0.23
7079
24.16
15.82
Buxly Paints
14
-
9.85
9.79
8.86
9.09 -0.76
1085
15.50
Cherat Cement
956 37.50
9.03
9.50
9.00
9.00 -0.03
15214
Dadabhoy Cement
982 11.54
1.70
1.89
1.50
1.50 -0.20
6424
Dandot Cement
948
-
2.00
1.50
1.50
1.50 -0.50
500
- 100R
-
-
-
-
-
-
-
7.91
-
-
-
-
12.24
9.00
-
-
-
-
2.49
1.50
-
-
-
-
1.25
50
2011 Div BR (%) (%)
- 122R
3.49
-
-
-
-
Dewan Cement
3891
-
1.68
1.79
1.63
1.64 -0.04
3.10
1.63
-
-
-
-
DG Khan Cement Ltd
3651
9.65
23.31
23.71
22.17
22.29 -1.02
1716789
32.30
22.17
-
20R
-
20R
Fauji Cement
6933
5.78
4.30
4.36
4.16
4.16 -0.14
376713
5.55
4.16
-
-
-
92R
Fecto Cement
502
2.28
7.00
8.00
7.10
7.54 0.54
71292
8.00
6.95
-
-
-
-
Flying Cement Ltd Frontier Ceramics Gammon Pak Gharibwal Cement Haydery Const Kohat Cement
63845
2010 Div BR (%) (%)
1760
-
1.58
1.64
1.45
1.45 -0.13
65104
2.25
1.42
-
-
-
-
77
-
2.00
1.99
1.42
1.46 -0.54
14202
3.40
1.29
-
-
-
-
283
-
1.24
1.17
1.17
1.17 -0.07
2000
3.65
1.01
-
-
-
-
4003
-
6.88
7.00
7.00
7.00 0.12
1500
9.19
4.70
-
-
-
-
32
-
0.50
0.65
0.50
0.55 0.05
502
0.99
0.25
-
-
-
-
1288
-
5.74
5.69
5.30
5.46 -0.28
21961
7.44
5.11
-
-
-
-
13126
-
2.79
2.89
2.70
2.82 0.03
490220
3.88
2.70
-
-
-
-
Lucky Cement
3234
5.67
64.60
65.28
62.82
63.15 -1.45
1566262
78.44
62.82
40
-
-
-
Maple Leaf Cement
5261
-
2.32
2.35
2.23
2.30 -0.02
105485
3.30
2.20
-
-
-
-
Pioneer Cement
2228
-
5.80
6.09
5.65
5.67 -0.13
30603
7.65
5.65
-
-
-
-
798 406.75
16.52
17.40
16.20
16.27 -0.25
1553
20.20
16.20
-
50R
-
-
Lafarge Pakistan Cmt.
Thatta Cement
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 904.12 Turnover 206,762 P/E (x) 2.55 Company
Paid up Cap(mn)
Cherat PapersackSPOT ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
115 230
High Low 913.83 890.36 Total cos Defaulter cos P/BV (x) ROE (%) 1.12 43.91
Close 895.22 Listed cap 3,043.31 mn Payout (%) 15.55
Change -8.90 Market cap 34,343.62 mn Div Yield (%) 6.09
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
2.48 -
54.55 2.43
55.48 2.65
53.55 2.35
54.05 -0.50 2.40 -0.03
10415 72392
83.23 3.30
53.55 2.05
20 -
25B -
-
50R -
25990 29000 5216 12563 51185
56.45 4.19 33.80 143.00 144.50
45.30 2.50 17.25 103.52 111.25
25 32.5 100
10B -
-
-
1067 4.69 51.08 389 3.90 47 16.11 29.12 844 - 112.89 300 7.96 131.42
51.07 51.00 51.00 4.05 4.00 4.00 29.70 29.00 29.00 115.99 110.00 110.01 135.00 130.05 131.28
-0.08 0.10 -0.12 -2.88 -0.14
2010 Div BR (%) (%)
% Change -0.98 5-Day High 962.26 5-Day Low 895.22 2011 Div BR (%) (%)
Company
Close 1,145.41 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Company
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Change -5.94 Market cap 42,610.75 mn Div Yield (%) 4.91
Last 60 days High Low
1929 15950 30018 3625 46957 5231 15523 92685 703 6467 1423 40571 533
82.63 205.00 43.26 143.80 2.89 217.44 26.74 5.36 5.49 12.87 309.73 75.00 24.00
66.45 158.99 15.00 103.95 1.40 172.12 21.00 3.35 3.75 9.90 241.00 60.10 18.80
% Change -0.52 5-Day High 1,233.06 5-Day Low 1,145.41
2010 Div BR (%) (%) 90 100 60 20 150 10
2011 Div BR (%) (%)
20B - 50.00 20B 10.00
-
High
High Low 1,942.46 1,884.59 Total cos Defaulter cos P/BV (x) ROE (%) 14.57 30.30 Low
Close Chg 0.00 0.74 0.09 -0.07 0.00 0.00 -0.20 -1.80 0.00 -0.41 0.00 -65.51 -1.17 0.00 -0.01 -2.07 -0.01 -0.20 0.00 0.06 0.00 91.47 -0.10
Close 1,912.38 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 9.41 Market cap 282,437.55 mn Div Yield (%) 0.64
Last 60 days High Low
200 20.50 14.06 500 54.00 40.85 6500 7.15 5.00 15500 5.59 2.50 100010 21.73 17.25 199 55.00 28.00 98343 36.50 21.00 561 92.50 68.00 221 68.22 44.13 115292 7.18 2.65 1480 75.50 42.30 205 3695.00 2050.00 2180 27.24 21.88 310 14.45 9.00 690 6.99 3.10 1522 53.81 38.50 6500 4.00 2.06 6000 3.60 2.50 102 100.26 50.93 51303 7.88 4.10 1000 44.06 34.00 244 5158.68 3916.04 2000 8.95 5.90
% Change 0.49 5-Day High 1,943.83 5-Day Low 1,902.97
2010 Div BR (%) (%)
2011 Div BR (%) (%)
25 50 25 25 25B 7010B 12.5R 15 20B 10 12 750 12 10 10 492 -
-
-
High Low 1,050.62 1,014.73 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 10.64
Close 1,028.45 Listed cap 3,763.71 mn Payout (%) 6.27
PE
Open
High
Low
Close Chg
Volume
1219 231
3.29 2.11
13.11 16.75
13.48 17.75
12.85 16.80
13.05 -0.06 17.60 0.85
63165 49711
Pak Elektron Tariq Glass Ind
Change 1.50 Market cap 5,005.78 mn Div Yield (%) 2.41
Last 60 days High Low
2010 Div BR (%) (%)
Last 60 days High Low
2010 Div BR (%) (%)
15.88 24.00
17.5
12.54 16.00
10B -
2011 Div BR (%) (%) - 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 985.85 Turnover 10,250,333 P/E (x) 6.87 Company
Paid up Cap(mn)
(Colony) Thal Amtex Limited Artistic Denim Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Bilal Fibres Blessed Tex Mills Chenab Limited Colony Mills Ltd Crescent Jute Crescent Textile D M Textile D S Ind Ltd Dawood Lawrencepur Dewan Mushtaq Textile Din Textile Ellcot Spinning Faisal Spinning Gadoon Textile XD Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hajra Textile Hira Textile Mills Ltd. Ibrahim Fibres J K Spinning Khalid Siraj Kohinoor Ind Kohinoor Mills Kohinoor Textile Liberty Mills Maqbool Textile Mehmood Textile Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Premium Textile Prosperity Ravi Textile Redco Textile Rupali Poly Saif Textile Salfi Textile Sally Textile Sana Ind Saritow Spinning Service Ind Shadman Cot XD Shahtaj Textile Sunrays Textile Tata Textile Thal Limited Treet Corp Zahoor Cotton Zephyr Textile Ltd Zil Limited
56 2594 840 4493 33 76 76 141 64 1150 2442 238 492 31 600 514 34 204 110 100 234 635 146 222 138 716 3105 184 107 303 509 1455 226 168 150 145 1614 3516 560 174 62 185 250 213 341 264 33 88 55 133 120 176 97 69 173 307 418 99 594 53
PE
Open
1.35 3.28 5.69 19.59 9.63 0.46 11.41 0.49 14.25 4.63 560.97 0.72 1.37 0.82 60.90 2.54 3.33 2.11 0.90 3.05 16.10 2.90 1.54 51.58 44.94 0.14 4.00 0.83 30.92 0.56 23.56 0.73 35.01 0.73 75.47 5.06 33.56 1.14 5.66 0.95 8.10 0.79 0.69 3.60 3.45 48.15 1.02 7.20 0.22 0.89 1.40 2.01 8.10 4.75 3.52 67.00 2.18 7.85 1.02 59.97 0.43 2.00 24.36 5.24 59.64 4.39 13.00 0.86 12.05 0.46 30.30 1.14 14.40 1.05 0.60 3.67 40.12 0.46 5.71 0.40 70.01 0.21 3.65 3.12 41.10 0.33 2.00 6.71 197.50 3.07 15.85 1.33 21.00 0.74 34.51 0.53 42.00 5.43 113.93 7.78 49.53 0.50 4.61 2.60 5.27 75.86
High
High Low 1,003.47 971.93 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 8.64 Low
Close Chg
1.20 1.10 1.15 -0.20 3.40 2.75 2.87 -0.41 20.59 19.20 20.47 0.88 9.85 9.00 9.15 -0.48 11.50 11.06 11.18 -0.23 14.00 14.00 14.00 -0.25 561.00 532.93 533.30-27.67 0.95 0.95 0.95 -0.42 63.44 61.05 63.43 2.53 2.64 2.40 2.50 -0.04 2.43 2.07 2.13 0.02 1.08 0.70 0.90 0.00 16.60 15.10 16.57 0.47 3.40 3.40 3.40 0.50 1.64 1.47 1.51 -0.03 47.00 43.00 43.84 -1.10 4.60 4.00 4.04 0.04 32.46 31.39 32.46 1.54 24.73 24.50 24.73 1.17 36.76 36.75 36.75 1.74 75.00 73.80 74.00 -1.47 35.23 33.00 35.23 1.67 6.00 5.52 5.96 0.30 8.40 7.80 7.80 -0.30 1.00 0.70 0.70 -0.09 3.75 3.60 3.69 0.09 47.94 45.85 47.66 -0.49 7.00 6.70 6.70 -0.50 1.29 0.90 1.14 0.25 1.54 1.32 1.41 0.01 1.80 1.80 2.01 0.00 5.38 4.26 4.70 -0.05 67.00 67.00 67.00 0.00 7.60 7.50 7.85 0.00 62.96 57.00 57.88 -2.09 0.57 0.27 0.73 0.30 24.97 23.85 24.04 -0.32 60.48 58.40 59.04 -0.60 13.29 12.90 13.00 0.00 12.75 11.76 11.76 -0.29 31.00 28.79 28.80 -1.50 15.00 14.50 14.50 0.10 1.15 1.02 1.02 -0.03 0.40 0.40 0.40 -0.20 40.95 39.50 39.53 -0.59 6.00 5.70 5.74 0.03 73.51 70.00 70.00 -0.01 4.25 4.00 4.25 0.60 42.90 42.90 41.10 0.00 2.00 1.50 2.00 0.00 203.49 196.04 196.13 -1.37 16.85 15.10 16.85 1.00 22.05 20.05 21.01 0.01 36.23 34.50 36.23 1.72 44.10 41.25 41.25 -0.75 114.50 109.00 109.50 -4.43 50.04 48.50 48.83 -0.70 0.85 0.55 0.75 0.25 3.50 3.50 3.50 0.90 79.65 72.07 72.07 -3.79
Open 854.86 Turnover 539,826 P/E (x) 6.01
% Change 2.59 5-Day High 1,526.91 5-Day Low 1,474.83 2011 Div BR (%) (%)
AL-Ghazi Tractor Bolan Casting
215 104
5.03 215.64 4.39 44.14
224.50 216.75 223.85 8.21 44.00 43.61 43.68 -0.46
7851 613
244.95 48.63
212.00 42.90
400 25
10B
-
-
Ghandhara Ind Millat Tractors XD Pak Engineering
213 8.32 9.40 366 7.62 481.19 57 378.83 136.38
10.40 8.80 8.99 -0.41 497.95 478.00 495.02 13.83 130.00 129.57 136.38 0.00
111513 57040 143
13.50 568.40 301.84
8.80 466.27 129.57
650 100
25B325.00 -
-
Revenue (Rs in mn)
MA (200-day)
14.56
Interest Expense
8.40
Profit after Taxation
7.80
2,832.00 222.64 2,086.52 57.78 135.56
EPS 10 (Rs)
6.363
1st Resistance
10.00
Book value / share (Rs)
10.45
2nd Resistance
11.00
PE 11 E (x)
8.32
PBV (x)
0.86
Pivot
9.40
GHNI closed down -0.41 at 8.99. Volume was 278 per cent above average (trending) and Bollinger Bands were 15 per cent wider than normal. The company's profit after taxation stood at Rs5.766 million which translates into an Earning Per Share of Rs0.27 for the 1st quarter of current fiscal year (1QFY11). GHNI is currently 38.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of GHNI (bearish). Trend forecasting oscillators are currently bearish on GHNI. Momentum oscillator is currently indicating that GHNI is currently in an oversold condition.
Japan Power Generation Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
30.22
Total Assets (Rs in mn)
7,598.16
MA (10-day)
1.50
Total Equity (Rs in mn)
(1,042.83)
MA (100-day)
1.63
Revenue (Rs in mn)
MA (200-day)
1.75
Interest Expense
1st Support
1.30
Loss after Taxation
2nd Support
1.25
EPS 10 (Rs)
1st Resistance
1.45
Book value / share (Rs)
2nd Resistance
1.55
PE 11 E (x)
Pivot
1.40
PBV (x)
2,731.94 691.43 (452.35) (2.899) (6.68) (0.20)
JPGL closed down -0.05 at 1.35. Volume was 23 per cent above average and Bollinger Bands were 17 per cent wider than normal. The company's loss after taxation stood at Rs403.263 million which translates into a Loss Per Share of Rs2.58 for the 1st quarter of current fiscal year (1QFY11). JPGL is currently 22.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of JPGL at a relatively equal pace. Trend forecasting oscillators are currently bearish on JPGL.
Pakistan Reinsurance Co Ltd
% Change 0.15 5-Day High 1,050.36 5-Day Low 1,013.03
Close 978.37 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change -7.48 Market cap 130,608.13 mn Div Yield (%) 2.43
Last 60 days High Low
983 1.50 560004 4.85 5440 24.59 5387962 12.84 801 14.00 5500 15.10 320 705.00 500 2.45 2406 63.70 4503 3.76 7759 2.97 115 1.38 5911 23.99 505 3.40 39138 2.10 64034 48.29 23876 8.90 53300 32.46 11205 24.73 600 36.76 3590 77.40 21901 35.23 4017 8.40 3328 8.70 2685 1.10 58900 4.47 21003 55.00 5006 9.50 16626 1.29 46849 2.00 339 3.80 2518 5.95 570 72.95 256 9.89 951 70.30 10012 0.90 1747114 28.04 1681654 71.89 16503 14.45 63520 12.75 11620 34.40 510 15.50 26792 1.98 1000 1.45 6104 42.70 32198 6.35 12199 76.43 12985 4.68 150 49.66 2501 2.89 2023 276.50 1502 16.95 28320 22.05 58109 39.84 10213 44.10 16871 132.00 19060 63.30 13000 0.87 1000 4.65 111402 87.90
0.61 2.75 19.20 9.00 8.10 12.60 532.93 0.95 46.00 2.34 2.06 0.32 15.10 1.45 1.42 35.00 2.90 25.10 18.75 31.25 47.00 24.00 5.02 6.30 0.31 3.31 37.01 4.05 0.25 0.75 1.51 4.26 56.50 6.76 53.68 0.13 21.15 57.51 6.51 8.25 25.00 13.05 0.65 0.40 35.00 3.90 48.00 3.63 37.00 1.00 196.00 7.00 16.35 33.01 31.00 99.70 48.50 0.50 2.60 49.99
2010 Div BR (%) (%) 30 20 20 280 50 15 5 20 35 50 70 12.5 10 10 10 20 20 30 22.5 60 15 25 10 50 30 40 25 10 60 45 30 25 80 35
15B 10B 20B 5B 45R 10B 20B -
% Change -0.76 5-Day High 1,004.16 5-Day Low 978.37 2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index
Change 38.53 Market cap 31,714.55 mn Div Yield (%) 16.87
Total Equity (Rs in mn)
11.86
1st Support
PHARMA AND BIO TECH
Close 1,526.91 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
1.40 -0.20 -1.92 -3.38 -0.02 -0.02 1.09 -0.36 0.39 -0.10 -3.17 0.34 0.09
Paid up Cap(mn)
INDUSTRIAL ENGINEERING High Low 1,533.98 1,476.99 Total cos Defaulter cos P/BV (x) ROE (%) 2.96 38.02
Open
Open 1,026.95 Turnover 112,964 P/E (x) 2.60
Performance of SR Industrial Engineering Index Open 1,488.38 Turnover 177,292 P/E (x) 7.79
Total Assets (Rs in mn)
10.21
MA (100-day)
HOUSEHOLD GOODS
-
% Change -2.27 5-Day High 877.51 5-Day Low 816.99
20.25
MA (10-day)
Performance of SR Household Goods Index
Performance of SR Construction and Materials Index High Low 850.25 811.39 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 7.10
69.07 185.55 36.59 133.12 1.69 185.03 22.99 3.40 4.24 9.90 246.50 62.03 21.54
4.32 14.50 14.20 14.20 14.50 1.14 45.00 45.74 45.74 45.74 0.66 6.50 6.59 6.50 6.59 3.22 3.35 3.15 3.15 1.46 18.00 18.00 17.50 18.00 35.16 36.91 35.03 35.16 8.37 21.29 21.70 21.00 21.09 1.24 72.03 72.00 70.21 70.23 3.16 50.49 52.50 47.97 50.49 3.58 4.49 2.65 3.17 9.97 57.00 57.80 57.00 57.00 37.87 3500.00 3535.00 3401.00 3434.49 6.73 25.65 25.50 24.37 24.48 1.18 11.00 11.30 10.60 11.00 3.88 3.89 3.80 3.87 41.55 40.99 39.48 39.48 6.82 3.01 3.00 3.00 3.00 0.22 2.80 2.60 2.60 2.60 4.39 65.56 68.00 63.00 65.56 0.38 5.24 5.45 4.43 5.30 14.64 41.00 41.00 41.00 41.00 19.49 4703.38 4844.99 4701.00 4794.85 6.00 5.91 5.90 5.90
CONSTRUCTION AND MATERIALS Open 835.95 Turnover 4,570,857 P/E (x) 5.56
RSI (14-day)
FOOD PRODUCERS
-
% Change 0.08 5-Day High 1,023.56 5-Day Low 990.56
-
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING High Low 1,011.98 973.92 Total cos Defaulter cos P/BV (x) ROE (%) 1.01 33.10
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
2nd Support
Open 1,151.34 Turnover 261,616 P/E (x) 4.16
Performance of SR Industrial Metals and Mining Index Open 990.56 Turnover 129,007 P/E (x) 3.04
-
Performance of SR Automobile and Parts Index
Company
High Low 1,586.30 1,547.60 Total cos Defaulter cos P/BV (x) ROE (%) 3.12 35.00
2011 Div BR (%) (%)
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,555.44 Turnover 14,359,753 P/E (x) 8.91
Ghandhara Industries Limited
% Change -3.96 5-Day High 719.11 5-Day Low 674.82
2010 Div BR (%) (%) 40 15
Alert ! Unusual Movements
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 200 96 306
PE
Open
6.88 87.07 6.13 91.80 12.37 68.51 3.94 9.90 6.25 150.02 5.46 61.99
High
High Low 858.51 837.87 Total cos Defaulter cos P/BV (x) ROE (%) 1.34 22.31 Low
Close Chg
84.80 82.72 82.72 -4.35 91.80 90.50 90.70 -1.10 69.85 68.50 68.76 0.25 10.00 9.40 10.00 0.10 154.38 145.11 145.12 -4.90 63.00 60.00 62.43 0.44
Close 844.98 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 34176 370 204419 25452 1493 273894
Change -9.88 Market cap 27,810.47 mn Div Yield (%) 7.41
Last 60 days High Low 112.50 98.00 89.98 10.25 174.00 69.00
82.72 83.12 68.00 7.16 126.00 58.50
2010 Div BR (%) (%) 50 100 30
% Change -1.16 5-Day High 896.72 5-Day Low 844.98 2011 Div BR (%) (%)
20B 12.50 -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
26.96
Total Assets (Rs in mn)
12,372.62
MA (10-day)
16.34
Total Equity (Rs in mn)
6,785.66
MA (100-day)
16.06
Revenue (Rs in mn)
2,170.95
MA (200-day)
16.52
Interest Expense
1st Support
14.16
Profit after Taxation
2nd Support
13.66
EPS 09 (Rs)
1st Resistance
15.30
Book value / share (Rs)
22.62
2nd Resistance
15.94
PE 10 E (x)
37.73
Pivot
14.80
PBV (x)
0.00 269.91 0.90
0.65
PAKRI closed down -0.54 at 14.59. Volume was 28 per cent below average and Bollinger Bands were 61 per cent wider than normal. The company's profit after taxation stood at Rs88.468 million which translates into an Earning Per Share of Rs0.29 for the nine months of current calendar year (9MCY10). PAKRI is currently 11.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PAKRI at a relatively equal pace. Trend forecasting oscillators are currently bearish on PAKRI. Momentum oscillator is currently indicating that PAKRI is currently in an oversold condition.
Telecard Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
24.52
Total Assets (Rs in mn)
9,610.12
MA (10-day)
2.00
Total Equity (Rs in mn)
3,400.99
MA (100-day)
2.24
Revenue (Rs in mn)
2,414.18
MA (200-day)
2.48
Interest Expense
530.45
1st Support
1.65
Profit after Taxation
698.46
2nd Support
1.59
EPS 10 (Rs)
2.328
1st Resistance
1.86
Book value / share (Rs)
11.34
2nd Resistance
2.01
PE 11 E (x)
0.53
Pivot
1.80
PBV (x)
0.16
TELE closed down -0.05 at 1.77. Volume was 53 per cent below average (consolidating) and Bollinger Bands were 9 per cent wider than normal. The company's profit after taxation stood at Rs251.746 million which translates into an Earning Per Share of Rs0.84 for the 1st quarter of current fiscal year (1QFY11). TELE is currently 28.5 per cent below 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 out of TELE (mildly bearish). Trend forecasting oscillators are currently bearish on TELE. Momentum oscillator is currently indicating that TELE is currently in an oversold condition.
BOOK CLOSURES Company
From
To
Attock Petroleum (TFC) Searle Pakistan Cherat Papersack Kohinoor Energy Pakistan State Oil Pakistan Petroleum Pakistan Petroleum (Pref) Central Insurance # Colgate - Palmolive # Picic Growth Fund Picic Invt Fund Picic Energy Fund Shabbir Tiles & Ceramics # Tariq Glass Bank Al-Habib Husein Industries # Crescent Steel Allied Bank Ltd Tri-Pack Films Kot Addu Power Biafo Industries Fauji Fertiliser Bin Qasim Al-Noor Sugar Mills #
24-Feb 24-Feb 01-Mar 02-Mar 03-Mar 03-Mar 03-Mar 03-Mar 04-Mar 05-Mar 05-Mar 05-Mar 06-Mar 07-Mar 07-Mar 07-Mar 09-Mar 10-Mar 10-Mar 11-Mar 12-Mar 15-Mar 16-Mar
04-Mar 09-Mar 11-Mar 08-Mar 10-Mar 09-Mar 09-Mar 10-Mar 10-Mar 12-Mar 12-Mar 12-Mar 12-Mar 13-Mar 17-Mar 12-Mar 15-Mar 16-Mar 18-Mar 18-Mar 18-Mar 21-Mar 26-Mar
D/B/R
Spot AGM/Date
115(I) 15-Feb 50(R) 21-Feb 10(I) 22-Feb 50(I) 23-Feb 50(I) 23-Feb 30(I) 12.50(I) 25-Feb 7.5(I) 25-Feb 10(I) 25-Feb 200(R) 25-Feb 20(F),20(B) 25-Feb 10(I) 01-Mar 20(F),10(B) 02-Mar 100(F) 02-Mar 30(I) 03-Mar 15(Ii) 04-Mar 35(F) 07-Mar -
10-Mar 10-Mar 12-Mar 17-Mar 12-Mar 16-Mar 18-Mar 21-Mar 25-Mar
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
High
Climax Eng. Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shezan International Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies
4 54 2.8 94.2 162.8 19.12 2.55 37.41 2.73 21.51
4.99 54.5 2.94 98.5 170 20 2.74 38.12 2.87 22.48
Low Close 4 53.5 2.58 94.9 156.1 18.12 2.4 37.2 2.67 21.4
4.99 53.97 2.66 97 160.17 19.12 2.47 38.08 2.7 21.42
Change 0.99 -0.03 -0.14 2.8 -2.63 0 -0.08 0.67 -0.03 -0.09
Vol 1500 1075 2137313 154582 7042 313 444955 1018 872987 1225354
7
Friday, February 25, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,084.20 Turnover 5,166,478 P/E (x) 5.78 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,106.45 1,048.14 Total cos Defaulter cos P/BV (x) ROE (%) 0.74 12.84
PE
Open
High
Low
Close Chg
78 4.32 37740 12.13 3000 0.53 8606 6175 -
71.91 18.61 1.82 2.33 3.03
73.99 18.90 1.95 2.49 3.23
68.32 18.00 1.74 2.26 2.98
69.98 18.19 1.77 2.31 3.01
-1.93 -0.42 -0.05 -0.02 -0.02
Close 1,060.37 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 3827 3353230 248742 1560679 288840
Change -23.84 Market cap 73,575.28 mn Div Yield (%) 10.83
% Change -2.20 5-Day High 1,113.30 5-Day Low 1,060.37
Last 60 days High Low
2010 Div BR (%) (%)
82.90 20.65 2.67 3.45 4.65
80 17.5 1 -
68.32 17.70 1.74 2.26 2.98
2011 Div BR (%) (%)
-
-
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
255 6.12 369 5.88 279 8.53 457 6.24 1250 400 3.01 718 8.30 791 10.54 3000 37.41 350 63.93 303 5.70 252 4.08
Paid up Cap(mn)
PE
Open
High
Low
Genertech 198 Hub Power 11572 Japan Power 1560 KESC 7932 Kohinoor EnergySPOT 1695 Kohinoor Power 126 Kot Addu Power 8803 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 S G Power 178 Sitara Energy Ltd 191 Southern Electric 1367 Tri-star Power XD 150
6.81 7.74 2.41 5.45 3.26 2.27 5.18 -
0.65 37.68 1.40 2.65 17.35 4.00 42.58 14.89 15.85 0.80 17.02 1.64 0.75
0.71 37.88 1.50 2.75 18.29 4.59 42.85 15.25 16.15 0.80 17.44 1.77 0.80
0.60 37.11 1.35 2.61 17.81 3.95 42.25 14.70 15.41 0.80 16.40 1.55 0.60
Company
Close 1,273.72 Listed cap 95,369.29 mn Payout (%) 104.13
Change -13.03 Market cap 104,660.34 mn Div Yield (%) 7.47
Close Chg
Volume
Last 60 days High Low
0.69 37.20 1.35 2.61 17.81 3.95 42.44 14.85 15.50 0.80 17.00 1.57 0.65
15051 450376 519018 747150 5597 4290 550840 731295 823295 4000 35511 118547 46910
1.18 41.20 2.10 3.55 22.85 5.39 45.85 18.01 18.70 2.10 19.35 2.80 1.49
0.04 -0.48 -0.05 -0.04 0.46 -0.05 -0.14 -0.04 -0.35 0.00 -0.02 -0.07 -0.10
0.56 36.00 1.25 2.25 17.15 3.85 39.43 13.32 14.55 0.43 16.40 1.55 0.60
% Change -1.01 5-Day High 1,310.27 5-Day Low 1,273.72
2010 Div BR (%) (%) 50 15 50 20 -
Open 712.40 Turnover 40,800 P/E (x) 5.28
-
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,446.61 Turnover 982,054 P/E (x) 9.11 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,475.92 1,400.75 Total cos Defaulter cos P/BV (x) ROE (%) 1.04 11.41
Close 1,451.59 Listed cap 12,202.80 mn Payout (%) 66.79
Change 4.98 Market cap 32,212.37 mn Div Yield (%) 7.33
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 12.64 8390 3.66
22.42 23.22
22.20 24.38
21.40 22.80
21.49 -0.93 24.33 1.11
420524 561530
29.39 27.90
21.40 19.95
% Change 0.34 5-Day High 1,606.88 5-Day Low 1,446.61
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,059.16 Turnover 15,897,512 P/E (x) 7.62 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.09 64.75 Askari Bank 6427 6.20 13.09 Bank Alfalah 13492 12.10 9.78 Bank AL-Habib 7322 7.29 35.52 Bank Of Khyber 5004 5.39 4.01 Bank Of Punjab 5288 7.08 BankIslami Pak 5280 860.00 3.45 Faysal Bank 7327 3.64 11.39 Habib Bank Ltd 10019 7.42 117.77 Habib Metropolitan Bank 8732 7.23 23.83 JS Bank Ltd 8150 2.65 KASB Bank Ltd 9509 1.49 MCB Bank Ltd 7602 9.29 206.14 Meezan Bank 6983 7.61 17.76 Mybank Ltd 5304 2.18 National Bank 13455 6.07 68.97 NIB Bank 40437 2.57 Samba Bank 14335 1.78 Silkbank Ltd 26716 2.27 Soneri Bank 6023 27.76 6.01 Stand Chart Bank 38716 10.23 6.98 Summit Bank Ltd 7251 3.32 United Bank Ltd 12242 6.93 59.11
High Low Close 1,080.96 1,048.22 1,057.11 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.06 13.94 40.49
High
Low
Close Chg
65.99 64.51 64.55 -0.20 13.38 13.01 13.03 -0.06 10.00 9.40 9.44 -0.34 35.95 35.50 35.88 0.36 4.10 4.04 4.04 0.03 7.28 6.62 6.79 -0.29 3.60 3.36 3.44 -0.01 11.74 11.00 11.29 -0.10 119.80 118.12 118.79 1.02 24.85 23.05 23.64 -0.19 2.70 2.55 2.61 -0.04 1.63 1.46 1.47 -0.02 208.90 205.03 206.19 0.05 18.00 17.55 17.97 0.21 2.90 2.10 2.14 -0.04 70.15 68.90 69.48 0.51 2.65 2.40 2.50 -0.07 1.80 1.65 1.67 -0.11 2.31 2.16 2.19 -0.08 6.40 5.72 5.83 -0.18 7.75 6.30 6.65 -0.33 3.54 3.02 3.04 -0.28 60.50 58.85 58.95 -0.16
Volume
Change -2.05 Market cap 642,887.42 mn Div Yield (%) 5.31
Last 60 days High Low
109787 74.00 752364 19.25 431363 11.99 180541 39.49 14905 4.70 4873598 10.38 40553 4.50 243368 16.47 54132 128.97 24116 29.28 453099 2.92 194927 2.80 459962 250.48 24974 20.30 9942 3.40 3620758 80.61 1683233 3.35 351798 2.17 1414180 3.05 74632 8.48 37097 9.04 51420 4.63 848183 70.65
60.10 13.01 9.40 33.40 3.75 6.40 3.00 11.00 103.25 23.05 2.30 1.40 203.50 15.10 2.07 65.51 2.40 1.65 2.16 5.72 6.30 3.02 58.26
% Change -0.19 5-Day High 1,120.51 5-Day Low 1,057.11
2010 Div BR (%) (%) 40 10B - 10B 20 20B - 20B 65 10B - 66R 85 10B - 15B -63.46R 50 -
-
-
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance
High Low 730.43 702.81 Total cos Defaulter cos P/BV (x) ROE (%) 0.62 5.20
Close 712.74 Listed cap 11,111.34 mn Payout (%) 79.54
Change -3.89 Market cap 45,443.08 mn Div Yield (%) 6.70
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 21.95
76.51
77.70
75.10
75.72 -0.79
130543
96.40
74.97
% Change -0.54 5-Day High 759.22 5-Day Low 712.74
2010 Div BR (%) (%) 10
Paid up Cap(mn)
2011 Div BR (%) (%)
-
-
-
10.10 37.00 75.05 9.99 36.20 12.66 96.57 60.00 14.59 8.95 10.55 6.65
0.00 -0.70 3.24 0.44 -0.37 0.00 -0.43 1.83 -0.54 0.25 0.31 -0.50
301 3240 3807 511 26882 1121 4185 36860 553708 8086 1065 500
12.75 40.00 83.00 11.99 47.50 15.50 102.44 61.80 19.40 10.75 12.93 7.15
9.51 34.80 58.11 9.21 35.80 12.25 86.10 56.00 14.30 6.01 10.00 6.40
American Life EFU Life Assurance New Jub Life Insurance
High Low 726.89 684.74 Total cos Defaulter cos P/BV (x) ROE (%) 3.07 3.85
Close 698.33 Listed cap 2,290.72 mn Payout (%) 355.53
10 30 35 -
25R 10B 55B 25B -
Change -14.07 Market cap 8,285.48 mn Div Yield (%) 4.46
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
500 5.18 850 30.69 627 19.23
16.50 55.38 44.99
15.50 57.50 45.00
15.50 53.52 42.75
15.50 -1.00 54.01 -1.37 45.00 0.01
1000 5231 34568
19.85 86.95 49.31
-
UP TO 100 VOLUME
-
Symbols HAL KSBP REWM SHNI SURC TRPOL SANSM IDYM AASM FTSM SHFA LAKST RMPL HINOON HUSI MSOT PAKL TSMF SMTM HINO MWMP ADOS IDSM AZAMT MRNS JOPP NAGC NATM NSRM OLSM QUAT QUET SHTM COLG PPVC PAKT LEUL MFFL CSUML EMCO GFIL MODAM SCLL UDPL UPFL GATI AGSML BAPL GRAYS BAFS FFLM FTHM MTIL PICTPS STCL UBDL BHAT BROT BWHL CSIL DEL EWLA FNEL FZTM GUTM PTEC SHNIR SIEM SSIC
% Change -1.98 5-Day High 721.87 5-Day Low 698.33
2010 Div BR (%) (%)
15.50 51.98 39.05
15
2011 Div BR (%) (%)
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 355.48 Turnover 6,815,160 P/E (x) 11.48 Company
Paid up Cap(mn)
High Low 365.14 329.69 Total cos Defaulter cos P/BV (x) ROE (%) 0.23 0.91
PE
Open
High
Low
AMZ Ventures 225 1.25 Arif Habib Investments 360 3.57 Arif Habib Limited 450 10.37 Arif Habib Corp 3750 3.66 Dawood Cap Mangt. XB 150 1.25 Escorts Bank 441 First Credit & Invest Bank Ltd 650 IGI Investment Bank 2121 9.32 Invest and Fin Sec 600 5.02 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.53 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 6.44 JS Investment 1000 KASB Securities 1000 Orix Leasing 821 3.90 Pervez Ahmed Sec 775 Sec Inv Bank 514 12.12 Sigma Leasing 300 10.33 Trust Brokerage 100 -
0.54 21.05 21.38 20.84 1.54 2.39 3.00 2.10 6.70 0.52 3.08 1.50 9.69 3.30 23.58 5.72 4.34 5.30 1.67 3.03 9.95 3.89
0.57 21.01 21.50 21.10 1.64 2.01 2.99 2.46 6.22 0.57 3.26 1.70 9.90 3.40 23.50 5.90 4.68 5.25 1.79 3.58 9.50 2.90
0.50 20.76 20.32 19.80 1.30 2.00 2.70 2.05 6.21 0.50 3.04 1.45 8.69 2.58 22.41 5.50 4.00 5.25 1.65 3.00 9.50 2.90
Close Chg 0.55 21.00 20.32 19.89 1.30 2.01 2.99 2.05 6.22 0.50 3.04 1.47 8.86 3.13 22.41 5.55 4.12 5.30 1.70 3.03 9.50 2.90
0.01 -0.05 -1.06 -0.95 -0.24 -0.38 -0.01 -0.05 -0.48 -0.02 -0.04 -0.03 -0.83 -0.17 -1.17 -0.17 -0.22 0.00 0.03 0.00 -0.45 -0.99
Close 333.87 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 52028 49155 125084 4262597 4883 1010 10800 525 1500 9710 74487 12504 6175900 106053 31815 109508 7105 423 51674 289 500 1000
Change -21.61 Market cap 15,788.36 mn Div Yield (%) 3.99
% Change -6.08 5-Day High 382.44 5-Day Low 333.87
Last 60 days High Low
2010 Div BR (%) (%)
0.95 24.85 28.00 30.20 2.10 3.80 4.00 3.90 8.98 1.09 3.95 2.14 13.39 4.49 31.50 7.40 5.43 7.28 2.50 4.99 11.00 4.40
30 11.5 10 -
0.33 16.80 20.32 19.80 1.15 1.55 2.15 2.05 6.01 0.46 2.95 1.05 8.69 2.58 22.41 5.50 3.80 5.25 1.60 2.00 9.50 1.42
2011 Div BR (%) (%)
20B 20B 10B -
-
-
EQUITY INVESTMENT INSTRUMENTS Open 1,388.48 Turnover 789,240 P/E (x) 20.18 Company
Paid up Cap(mn)
Allied Rental AL-Meezan Mutual F. B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund NAMCO Balanced Fund Pak Modaraba Paramount Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba Trust Modaraba U D L Modaraba
600 1375 780 65 200 524 581 760 397 1008 3180 1186 283 1200 1000 125 59 1000 2835 2841 872 340 454 298 264
High Low 1,426.67 1,387.32 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 2.21
PE
Open
High
Low
3.80 3.91 1.39 2.73 1.16 1.04 0.70 1.46 3.56 6.12 2.06 1.16 1.84 2.39 2.11 4.50 7.46 3.18 4.11 3.32 1.92 4.87 2.38 1.76
16.22 9.55 1.39 1.21 0.55 1.72 2.05 3.14 7.44 7.10 5.30 4.91 2.88 8.50 4.63 0.90 9.00 7.53 13.18 6.04 1.04 1.26 9.60 1.60 6.18
17.10 9.70 1.45 1.99 0.75 1.99 2.05 3.20 7.28 7.20 5.35 5.10 2.95 8.68 4.55 1.10 9.90 7.71 13.86 6.25 1.10 1.50 9.90 2.00 6.38
17.10 9.51 1.26 1.20 0.42 1.62 1.92 3.06 7.27 7.10 5.20 4.80 2.95 8.30 4.55 1.00 8.99 7.60 13.38 6.08 1.00 1.40 9.50 1.70 6.13
Close 1,400.60 Listed cap 29,771.58 mn Payout (%) 104.74
Symbols
Change 12.11 Market cap 18,814.69 mn Div Yield (%) 8.06
Volume
Last 60 days High Low
2010 Div BR (%) (%)
17.10 9.69 1.28 1.20 0.51 1.70 2.04 3.18 7.27 7.10 5.35 4.81 2.95 8.32 4.55 0.90 9.55 7.70 13.73 6.11 1.00 1.26 9.55 2.00 6.18
1000 30847 84106 507 35313 5069 5837 24800 2000 21944 54050 12010 500 219051 500 102 3593 13350 198884 37449 2513 256 1763 33305 420
17.10 11.50 2.79 1.99 0.87 2.98 2.57 3.89 9.00 7.30 6.17 6.61 3.50 10.24 4.73 2.00 9.90 8.83 16.49 7.95 1.20 2.38 10.63 2.40 6.55
22.5 18.5 0 1.2 17 11 21 5 10 2.8 15.5 15 3 18 10 20 10 3 1 17 5 12.5
14.50 6.70 1.26 1.00 0.16 1.30 1.61 2.85 6.40 6.50 4.25 4.15 1.26 5.92 2.92 0.46 8.21 5.65 9.72 4.74 0.81 0.50 8.51 1.16 5.51
11.98 59.75 9.89 10.43 37.65 0.87 11.88 286.71 24.52 1.26 31.21 247.46 2450.00 26.36 5.51 17.79 2.85 0.99 5.52 128.00 1.12 15.14 8.96 2.02 55.75 11.70 14.54 19.00 16.00 1.70 13.25 46.18 0.27 859.90 2.00 97.38 2.21 72.41 3.00 2.36 6.80 1.32 2.27 14.25 1323.66 45.42 5.50 7.09 47.82 58.00 1.31 113.00 0.59 6.10 6.60 28.92 259.00 0.35 35.59 4.24 1.60 1.95 4.95 409.93 19.35 1.58 0.10 963.08 6.40
2011 Div BR (%) (%)
- 5.00 - 10.00 - 12.50 - 7.50 -
Open
ANL-MAR 9.82 ANL-FEB 9.62 NML-MAR 60.04 NML-FEB 59.70 NBP-FEB 69.01 NBP-MAR 69.66 POL-MAR 291.37 DGKC-FEB 23.44 ENGRO-FEB 211.23 POL-FEBB 290.77 FFBL-MAR 36.53 FFBL-FEB 39.49 BOP-MAR 7.20 ENGRO-MAR 176.07 DGKC-MAR 23.18 PPL-MAR 193.40 MCB-FEB 206.46 FFC-MAR 112.18 PTC-MAR 18.50 OGDC-FEB 156.20 PSO-FEB 269.75 MCB-MAR 187.02 PPL-FEB 196.59 OGDC-MAR 154.91 PSO-MAR 267.46 AICL-FEB 76.39 FFC-FEBB 111.28 PTC-FEB 18.50 LUCK-FEB 64.90 UBL-FEB 59.00 LUCK-MAR 65.00 AICL-MAR 76.07 HUBC-MAR 38.25 BOP-FEB 7.23 NCL-MAR 24.46 NCL-FEB 24.60 NETSOL-MAR 21.68 NETSOL-FEB 21.30 UBL-MAR 59.69 HUBC-FEB 37.13
% Change 0.87 5-Day High 1,418.22 5-Day Low 1,383.05
Close Chg 0.88 0.14 -0.11 -0.01 -0.04 -0.02 -0.01 0.04 -0.17 0.00 0.05 -0.10 0.07 -0.18 -0.08 0.00 0.55 0.17 0.55 0.07 -0.04 0.00 -0.05 0.40 0.00
Open
High 11.77 61.90 10.00 11.00 38.00 0.77 11.11 280.25 25.72 1.85 31.50 250.00 2572.50 26.00 5.50 18.70 3.45 1.22 6.50 125.00 1.24 15.75 7.96 2.45 53.01 11.69 15.50 18.00 17.00 2.00 14.25 48.48 0.32 870.00 3.00 102.24 2.49 72.90 3.42 2.75 6.00 1.73 2.65 14.24 1345.00 47.65 5.50 7.70 48.85 60.00 2.30 116.00 0.50 5.51 7.20 30.36 246.10 0.64 33.83 5.19 1.90 2.15 5.80 425.00 20.35 2.00 0.44 950.00 6.95
Low
Close
11.77 61.90 10.00 10.80 38.00 0.60 11.11 272.38 25.00 1.19 31.50 235.09 2539.99 26.00 5.50 17.30 2.25 1.17 4.55 121.76 1.02 14.30 7.96 2.45 53.01 10.70 15.50 18.00 17.00 2.00 14.25 48.48 0.32 817.02 3.00 102.24 1.41 70.00 2.42 2.75 6.00 1.73 2.65 13.75 1345.00 47.00 5.50 7.70 48.85 60.00 1.69 116.00 0.30 5.51 7.20 30.36 246.10 0.64 33.83 5.19 1.90 2.15 5.80 425.00 20.35 2.00 0.44 950.00 6.95
11.98 59.75 9.89 10.43 37.65 0.87 11.88 280.25 24.52 1.26 31.21 247.46 2565.42 26.36 5.51 17.79 2.85 0.99 5.52 128.00 1.12 15.14 8.96 2.02 55.75 11.70 14.54 19.00 16.00 1.70 13.25 46.18 0.27 859.90 2.00 97.38 2.21 72.41 3.00 2.36 6.80 1.32 2.27 14.24 1323.66 45.42 5.50 7.09 47.82 58.00 1.31 113.00 0.59 6.10 6.60 28.92 259.00 0.35 35.59 4.24 1.60 1.95 4.95 409.93 19.35 1.58 0.10 963.08 6.40
Change
Vol
0.00 0.00 0.00 0.00 0.00 0.00 0.00 -6.46 0.00 0.00 0.00 0.00 115.42 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 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 -0.01 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100 100 100 100 100 100 90 88 68 44 44 40 25 22 20 20 20 20 18 17 16 15 13 11 11 10 10 10 10 10 10 10 10 9 9 7 6 6 5 5 5 5 5 5 5 4 3 3 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
Performance of SR Equity Investment Instruments Index
2011 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 716.62 Turnover 770,912 P/E (x) 11.87
Company
2011 Div BR (%) (%)
- 25.00 7.8R - 10.00 - 30.00 -
9.51 37.00 71.90 9.99 35.80 12.66 95.25 57.01 14.30 8.90 10.53 6.65
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,299.85 1,269.78 Total cos Defaulter cos P/BV (x) ROE (%) 1.30 9.35
10.95 37.20 75.40 10.24 36.64 12.95 98.95 60.70 15.44 9.00 10.95 6.65
LIFE INSURANCE
-
Performance of SR Electricity Index Open 1,286.75 Turnover 4,051,880 P/E (x) 13.95
10.10 37.70 71.81 9.55 36.57 12.66 97.00 58.17 15.13 8.70 10.24 7.15
-
High 9.99 9.83 60.80 60.45 70.20 70.75 295.00 23.75 214.19 294.75 37.30 40.10 7.35 178.75 23.55 197.00 208.55 113.80 18.84 158.00 273.40 188.50 200.75 156.00 271.00 77.20 113.00 18.73 65.50 60.25 65.50 77.51 38.25 7.15 24.50 24.70 22.10 22.35 60.70 37.50
Low
Close
9.01 8.70 58.50 58.25 69.25 69.61 292.00 22.27 209.01 291.00 36.60 39.50 6.70 174.52 22.15 193.10 205.00 111.99 18.12 155.10 270.00 185.11 197.50 153.50 267.30 75.01 111.00 18.20 63.00 59.01 63.20 75.10 38.25 6.75 23.35 23.40 20.75 21.50 60.01 37.50
9.20 9.07 59.29 59.07 69.46 70.08 293.03 22.28 210.10 292.10 36.79 39.60 6.86 175.41 22.22 196.23 205.98 112.70 18.30 156.72 272.92 186.50 199.90 155.23 270.34 75.87 111.89 18.38 63.64 59.01 63.71 75.54 38.25 6.75 23.58 23.40 21.70 22.22 60.01 37.50
Change -0.62 -0.55 -0.75 -0.63 0.45 0.42 1.66 -1.16 -1.13 1.33 0.26 0.11 -0.34 -0.66 -0.96 2.83 -0.48 0.52 -0.20 0.52 3.17 -0.52 3.31 0.32 2.88 -0.52 0.61 -0.12 -1.26 0.01 -1.29 -0.53 0.00 -0.48 -0.88 -1.20 0.02 0.92 0.32 0.37
Vol 911000 841000 419500 407000 392000 391000 320000 311500 263500 246000 200000 180500 173500 169500 122000 119500 117500 110000 89000 73000 71000 63500 63000 56000 53500 47500 46500 38000 32500 30500 28000 25000 20000 19500 18000 15500 9000 7000 4000 3000
BOARD MEETINGS
National Bank of Pakistan
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
27.04
Support 1
11,472.60
MA (5-day)
11,743.58
Support 2
11,405.95
MA (10-day)
11,893.48
Resistance 1
11,620.60
11,465.70
Resistance 2
11,701.95
MA (100-day)
Fair Value
Rs Recommendations
*Invest Cap
52.4
Sell
*Invest Cap
AKD Securities Ltd
75.5
Neutral
AKD Securities Ltd
TFD Research
92.3
Positive
TFD Research
10,672.83
Pivot
Technical Analysis
mal. As far as resistance level is concern, the market will see major 1st resistance level at 11,620.60and 2nd resistance level at 11,701.95, while
Fair Value
Rs Recommendations
Free Float Shares (mn) 318.50 Free Float Rs (mn) 22,129.23 ** NOI Rs (mn) 156.74 Mean 69.38
* Target price for Jun-11 & **Net Open Interest in future market
23.91
Buy
AKD Securities Ltd
45.52
Accumulate
Positive
TFD Research
44.25
Positive
Technical Analysis
Leverage Position
39.11 18.48 19.16 19.08
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
is currently indicating that NBP is currently in an oversold condition.
585.02 10,641.58 9.05 18.43
* Target price for Jun-11 & **Net Open Interest in future market
Brokerage House
Buy
*Invest Cap
AKD Securities Ltd
38.14
Buy
AKD Securities Ltd
TFD Research
36.55
Positive
TFD Research
15.08 25.29 28.33 26.69
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
200.80 4,475.93 53.51 22.87
* 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)
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
77 71.45 78.6
Brokerage House
Buy
*Invest Cap
Accumulate
AKD Securities Ltd
Positive
TFD Research
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
31.22 62.23 59.37 53.10
326.94 12,920.61 65.83 39.58
* Target price for Jun-11 & **Net Open Interest in future market
solidating) and Bollinger Bands were 46 per cent narrower than normal. FFBL is currently 24.7 per cent above its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on FFBL.
Fauji Fertiliser Co
85 87.61 89.9
Rs Recommendations
Brokerage House
175.80 10,379.23 78.86 59.39
* 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)
24.85 66.99 73.17 69.87
Fair Value
Rs Recommendations
Hold
*Invest Cap
149
Hold
Buy
AKD Securities Ltd
145
Neutral
Positive
TFD Research
139.5
Positive
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
129.35 8,168.45 68.21 63.96
* 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)
21.52 140.10 123.89 115.39
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
466.49 52,288.57 70.55 111.93
* Target price for Jun-11 & **Net Open Interest in future market
DGKC closed down -1.02 at 22.29. Volume was 65 per cent below average NML closed down -0.60 at 59.04. Volume was 64 per cent below average LUCK closed down -1.45 at 63.15. Volume was 0.01 per cent below aver- FFC closed up 0.88 at 112.09. Volume was 19 per cent below average and (consolidating) and Bollinger Bands were 145 per cent wider than normal. (consolidating) and Bollinger Bands were 19 per cent wider than normal. DGKC is currently 16.5 per cent below its 200-day moving average and is NML is currently 11.2 per cent above its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average displaying a downward trend. Volatility is relatively normal as compared to volatility over the last 10 trading sessions. Volume indicators reflect modthe average volatility over the last 10 trading sessions. Volume indicators erate flows of volume out of DGKC (mildly bearish). Trend forecasting oscillators are currently bearish on DGKC. Momentum oscillator is current- reflect moderate flows of volume out of NML (mildly bearish). Trend forely indicating that DGKC is currently in an oversold condition.
casting oscillators are currently bearish on NML.
age and Bollinger Bands were 89 per cent wider than normal.
Bollinger Bands were 253 per cent wider than normal.
LUCK is currently 9.6 per cent below its 200-day moving average and is FFC is currently 2.9 per cent below its 200-day moving average and is disdisplaying a downward trend. Volatility is relatively normal as compared to playing a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of LUCK (bearish). Trend forecast- reflect moderate flows of volume out of FFC (mildly bearish). Trend foreing oscillators are currently bearish on LUCK. Momentum oscillator is cur- casting oscillators are currently bearish on FFC. Momentum oscillator is rently indicating that LUCK is currently in an oversold condition.
Date
Time
Mahmood Textile Mills Ltd Searle Pakistan Ltd Fatima Fertiliser Company Ltd Pakarab Fertilizers Ltd Towellers Ltd Mari Gas Company Ltd Shabbir Tiles & Ceramics Ltd Oil & Gas Development Company Ltd AKD Income Fund AKD Opportunity Fund AKD Index Tracker Fund The General Tyre & Rubber Comp Pak Ltd Murree Brewery Co Ltd New Jubilee Insurance Co Ltd Jahangir Siddiqui & Co Ltd Ideal Energy Ltd Gul Ahmed Textile Mills Ltd Zil Ltd Fateh Textile Mills Ltd Blessed Textile Ltd
24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb 24-Feb
11:00 12:00 11:30 4:00 11:30 10:00 11:30 10:00 4:30 4:30 4:30 11:00 10:30 11:00 12:00 11:00 3:30 10:30 1:30 11:00
TECHNICAL LEVELS Company
Leverage Position
41.49 40.67 35.54 31.69
Lucky Cement Ltd
Technical Outlook
Technical Outlook Technical Analysis
lators are currently bearish on PTC.
Nishat Mills Ltd
36
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Hold
NBP closed up 0.51 at 69.48. Volume was 17 per cent below average and PTC closed down -0.42 at 18.19. Volume was 64 per cent above average FFBL closed up 0.17 at 39.52. Volume was 50 per cent below average (con-
Dera Ghazi Khan Cement Co Ltd
Brokerage House
39
Technical Outlook
port level at 11,405.95. and Bollinger Bands were 5 per cent wider than normal. KSE 100 INDEX is currently 8.2 per cent above its 200-day moving average NBP is currently 1.7 per cent above its 200-day moving average and is dis- PTC is currently 4.6 per cent below its 200-day moving average and is disand is displaying a downward trend. Volatility is extremely high when com- playing a downward trend. Volatility is extremely high when compared to playing a downward trend. Volatility is high as compared to the average pared to the average volatility over the last 10 trading sessions. Volume indi- the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modcators reflect moderate flows of volume out of INDEX (mildly bearish). Trend reflect volume flowing into and out of NBP at a relatively equal pace. Trend forecasting oscillators are currently bearish on INDEX. Momentum oscillator forecasting oscillators are currently bearish on NBP. Momentum oscillator erate flows of volume out of PTC (mildly bearish). Trend forecasting oscil-
*Invest Cap
Rs Recommendations
*Invest Cap
25.8
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
Buy
Bollinger Bands were 70 per cent wider than normal.
is currently indicating that INDEX is currently in an oversold condition.
Brokerage House
25
Technical Outlook
Leverage Position
27.75 72.95 70.71 68.30
11,553.95
Index will continue to find its 1st support level at 11,472.60 and 2nd sup-
Brokerage House
Technical Outlook
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 15.84 points at 11,539.26. Volume was 35 per MA (100-day) cent below average and Bollinger Bands were 44 per cent wider than nor- MA (200-day) MA (200-day)
Fauji Fertiliser Bin Qasim Ltd
Pakistan Telecommunication Co Ltd
Company
currently indicating that FFC is currently in an oversold condition.
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 31.03 2.50 2.40 29.80 64.05 63.55 28.39 49.95 48.80 20.93 19.40 18.95 21.24 19.90 19.55 24.43 74.65 73.55 18.38 12.90 12.75 32.75 8.80 8.50 34.26 342.55 338.90 25.34 102.10 100.55 23.04 9.20 9.00 35.84 3.35 3.25 24.88 6.50 6.25 29.81 1.60 1.55 15.70 21.75 21.20 32.93 2.40 2.35 27.35 1.95 1.85 29.54 35.80 35.35 18.72 52.50 51.05 46.45 207.70 205.50 16.87 10.95 10.60 21.95 4.10 4.05 42.18 39.15 38.80 21.88 111.00 109.95 39.66 118.00 117.20 43.42 36.90 36.65 47.95 144.65 143.45 18.97 245.35 244.15 29.64 2.70 2.20 30.46 1.30 1.25 51.13 2.55 2.45 44.21 8.40 7.95 47.54 42.15 41.90 40.07 2.55 2.50 44.37 14.95 14.80 25.14 62.20 61.30 32.53 204.50 202.85 21.42 2.25 2.15 28.26 68.85 68.25 44.60 23.60 23.15 38.15 21.05 20.70 33.01 2.40 2.25 51.86 2.25 2.10 31.74 58.15 57.25 28.23 155.90 153.70 40.61 2.65 2.55 35.93 1.65 1.55 45.79 2.35 2.20 27.14 5.50 5.35 29.05 289.85 288.00 35.89 197.45 194.75 35.82 61.50 61.00 37.71 269.60 265.60 39.05 17.80 17.45 31.37 193.90 191.15 22.38 21.20 20.90 39.18 12.55 12.30 52.00 23.30 22.25 23.97 1.70 1.60 25.06 2.50 2.35 25.12 58.35 57.80 32.44 2.20 2.10
1st 2nd Resistance 2.75 2.95 65.55 66.50 51.90 52.65 20.70 21.55 21.10 21.90 77.25 78.75 13.25 13.50 9.65 10.20 352.25 358.30 105.85 108.05 9.80 10.20 3.60 3.70 7.20 7.55 1.75 1.85 23.25 24.25 2.60 2.65 2.15 2.25 36.60 37.05 56.50 59.00 213.20 216.50 11.70 12.10 4.30 4.45 40.00 40.50 113.20 114.35 119.70 120.60 37.70 38.15 147.45 149.00 248.85 251.15 3.50 3.85 1.45 1.55 2.70 2.75 9.60 10.35 42.75 43.10 2.70 2.80 15.25 15.45 64.70 66.20 208.40 210.60 2.35 2.40 70.10 70.75 24.75 25.40 22.15 22.85 2.65 2.75 2.50 2.70 60.20 61.40 159.60 161.15 2.85 2.95 1.75 1.85 2.70 2.90 5.95 6.25 294.15 296.60 202.35 204.55 63.00 64.00 276.05 278.45 18.70 19.25 200.65 204.65 22.00 22.50 13.20 13.60 24.90 25.40 1.90 2.05 2.90 3.10 60.00 61.10 2.45 2.60
Pivot 2.65 65.00 50.70 20.25 20.70 76.15 13.15 9.35 348.60 104.30 9.60 3.45 6.90 1.70 22.70 2.50 2.05 36.20 55.00 211.00 11.35 4.25 39.65 112.15 118.90 37.40 146.20 247.65 3.05 1.40 2.60 9.15 42.50 2.65 15.10 63.75 206.70 2.30 69.50 24.30 21.75 2.50 2.40 59.30 157.45 2.75 1.70 2.55 5.80 292.30 199.65 62.50 272.00 18.35 197.90 21.70 12.95 23.85 1.80 2.75 59.45 2.35
8
TFD Supplement
Friday, February 25, 2011
SCB off global loans’ trading LONDON: Emerging markets focused lender, Standard Chartered Bank, has shuttered its global loans trading unit, sources familiar with the matter told Reuters, ending a unique experiment in Asia, as it moves to focus on lending to clients. The roughly 10-person trading team with desks in New York, London and Singapore, was established in 2002 and led by global head of secondary trading Rafael Valbuena. "We are rationalising the secondary loan trading business," said a StanChart spokeswoman in an email. She added the bank may move members from the trading team to the bank's core loan syndication business. "We remain committed to our successful primary loan syndication business," she said. StanChart's loans trading team was unique in Asia Pacific for trading high-grade corporate loans in a region where most banks hold loans to maturity, and rarely trade them because of a cultural focus on client relationships. It was not clear why StanChart decided to shut the unit, but the operation was not integrated to the bank's traditional lending business and was considered non-core. Investment banks like Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank and Goldman Sachs have loan trading desks in Asia Pacific, but they primarily trade stressed and distressed debt. Loan market sources outside StanChart said the closure was a blow to development of loans trading in Asia, which is a low volume and illiquid market compared with its global counterparts. Loans trading in Europe and North America generate high volumes and strong liquidity through jumbo loans, which are often taken up and traded by institutional investors. An inaugural survey of trading in Asia for the first half of 2010 by Thomson Reuters LPC showed $5.67 billion of deals, but for the first quarter of the same year, European trade totaled 18.6 billion euros ($25.09 billion) and U.S. trade was $85 billion. Sources declined to be named because they were not authorised to talk to the media.Reuters
US banks asked to resume loaning WASHINGTON: In the black for 2010, its first profitable year since 2007, the US banking industry now needs to start lending again. At least that's what Sheila Bair, the chairman of the Federal Deposit Insurance Corp, advocated as her agency delivered the industry's fourthquarter report card. "If you want to have longterm sustainable earnings you can only reduce loan-loss provisions for so long, we need to see more lending," she said. On the face of it, the industry looks in good shape. The FDIC reported that banks had combined earnings of $21.7 billion, marking their fourth profitable quarter in a row. But statistics showed that lending contracted for the 10th straight quarter to $7.38 trillion, down 0.2 per cent or $13.6 billion. Bair's take: The industry's recovery will not take hold until banks start making money off new loans, rather than just release money set aside to cover shaky prior loans. Indeed, a big help in the fourth quarter was that banks reserved $31.3 billion less for bad loans compared with the year-ago period.-Reuters
State Bank urged for monetary loosening
Plastic cards rise 19.21pc to 13.19mn: SBP
ATMs up at 4,734 during 2QFY11 Volume of overall e-transactions at 56.42mn Staff Reporter
KARACHI: The scope of payment systems infrastructure continued to show a growing trend during the second quarter (October-December) of the current 2010-2011 fiscal year (FY11) as a total of 172 automated teller machines (ATMs) were added to the e-banking infrastructure bringing the total to a record 4,734. According to State Bank's Second Quarterly Report on Payments Systems released Friday, 309 more bank branches have been upgraded to Real Time Online Branches (RTOBs). Now 7,036 branches are offering real-time online banking out of total 9,483 in Pakistan, the report added. Similarly, the number of plastic cards (i.e. ATM, Debit and Credit Cards) also increased by 19.21 per cent compared to the previous quarter. At the quarter end, there were 13.19 million plastic cards in circulation. According to report, the volume and value of overall ebanking transactions in the country during the quarter under review reached 56.42 million and Rs5.5 trillion respectively showing an increase of 7.30 per cent in volume and 17.47 per cent in value compared to the previous quarter. ATMs, being the largest channel for e-banking transactions, showed 5.6 per cent increase in number of transactions and 9.5 per cent increase in value which resulted in aver-
age value of Rs 8,804 per ATM transaction. It said a significant increase was also recorded in transactions related to real-time online branches (RTOB) as the number of such transactions grew by 10.59 per cent and value of transactions increased by 17.97 per cent. The report said this trend was also witnessed in the large value payments settled through Pakistan Real-time Interbank Settlement Mechanism (PRISM), which increased by 12.73 per cent in volume and 13.49 per cent in value of transactions compared to the previous quarter. The major portion of PRISM transactions, in terms of value was settlements against securities which accounted for 46 per cent of the total transactions followed by Interbank Funds Transfers (38 per cent) and settlement of retail cheques multilateral clearing (16 per cent). According to the SBP report, the volume and value of paper based retail payments during the quarter under review were 88.46 million and Rs39.07 trillion respectively which increased by 6.63 per cent in volume of transactions and 9.75 per cent in value of transactions compared to the previous quarter. The contribution of paper based payments in total retail payment transactions was 61.06 per cent in terms of volume and 87.73 per cent in terms of value while the rest of the transactions originated from ebanking, it added.
SBP tasks IBIs with higher SLR KARACHI: The State Bank of Pakistan (SBP) has decided to raise the Statutory Liquidity Requirement (SLR) for Islamic Banks/ Islamic Banking Branches to 14 per cent effective from April 01, 2011. The SBP has taken this decision while exercising the powers conferred upon it under section 36 of the State Bank of Pakistan Act, 1956, and section 29 of the Banking companies Ordinance, 1962. In a circular, issued here, the central bank informed the Presidents and Chief Executive Officers of all Islamic Banks / Islamic Banking Branches that 14 per cent SLR will be excluding Cash Reserve Requirement (CRR) of total demand liabilities plus time deposits with tenors of less than 1 year. However, the time liabilities, including time deposits with a 1-year tenor and above, will not require any SLR, the circular
said. According to Circulars No. 26 of October 17, 2008 and No. 13 of June 09, 2008 on the captioned subject, SLR can be maintained in the form of cash in hand, balance with NBP in current account, balance with SBP in current account and Unencumbered Approved Securities as notified by SBP from time to time. For SLR purpose, all holdings of GOP Ijara Sukuk (GIS) will be fully counted. Moreover, holdings of 'SBP approved' SLR eligible 'Public Sector' Sukuks will be counted up to 7 per cent of total time and demand liabilities. However, single issuer holding limit of 5 per cent of total time and demand liabilities stands abolished. This will also be effective from April 01, 2011. All other instructions on the subject will remain unchanged, the circular added.
UBL makes 21pc more in CY10 YoY Staff Reporter KARACHI: United Bank Limited achieved a profit after tax of Rs11.2 billion for 2010, which is 21 per cent higher than last year. This translates into earnings per share of Rs 9.12 (2009: Rs 7.51). Its Board of Directors also approved a cash dividend of 40 per cent i.e. Rs4 per share bringing the total cash dividend for the year 2010 to 50 per cent. Despite the challenging economic environment, UBL
achieved a profit before tax of Rs17.7 billion. This is 26 per cent higher than last year which is a result of continued improvement in operating efficiency and margins. Provisions for the year declined substantially due to the Bank's prudent approach given the difficult credit environment whilst the NPLs ratio also reduced year on year. Net interest income before provisions increased to Rs 34.1 billion, 4 per cent higher than last year.
KARACHI: Facade of a Standard Chartered Bank branch. -Reuters
Citi gives US retail, card unit a shakeup NEW YORK: Citigroup Inc will restructure its North American retail bank and credit card units, according to internal memos obtained by Reuters. The US bank has been reshaping itself since taking $45 billion of bailout funds during the financial crisis. Citigroup hired Cece Stewart and Jud Linville in September to refocus its consumer and commercial banking and credit card operations. In twin memos sent on Wednesday, the two veteran industry executives said they had reshuffled staff and created new units to gain more business from wealthy, affluent customers. "We must align ourselves to the segments, strengthen our product and service offerings for all our customers ... and maintain oversight and control of our underlying risks," Stewart, Citigroup's president of US consumer and commercial banking, said in her memo. She created a team to develop banking products for Citigroup's consumer and small business operations, and hired Steve Troutner from Bank of America Corp's mortgage products business to run it. Brad Dinsmore, who ran Citigroup's North American retail bank, will "consider other opportunities within" the bank, Stewart said.
NBP's fast remitting facility on in Madina KARACHI: National Bank of Pakistan (NBP) has formally launched instant, reliable, convenient and absolutely free remittance product in Madina region of Kingdom of Saudi Arabia. According to NBP sources here, the product with the brand name of "NBP FOREE CASH" was launched on 12th Rabi-ulAwwal. This instant remittance product is available from all centers of Tahweel Al Rajhi to facilitate the large Pakistani community for sending instant remittances to their families at home. -APP
ZTBL to lend for bed planters FAISALABAD: Zarai Taraqiati Bank Limited (ZTBL) has announced to provide easy loans to the farmers to purchase bed planters for the cultivation of cotton, maize and Soybean. According to a spokesman of ZTBL, the farmers can sow two acres crop in one hour through bed planter while its use can also increase 15-20 per cent production. The intending farmers should contact nearest branch of ZTBL to get loans for the purchase of the planters, he added.-APP
Hard cash, honour for FMFB client TFD Report KARACHI: The First MicroFinanceBank Pakistan's client, Purdum Wali from Mastuj, Chitral won the "Best National Micro-Entrepreneur Award (Male)" at the CitiPPAF Micro-entrepreneurship Awards 2010 ceremony held in Islamabad, said a press release. Hina Rabbani Khar, Minister of State for Foreign Affairs was the Chief Guest for the occasion where Purdum Wali was awarded a cash prize of Rs200,000. Another FMFB client, Sirajuddin from Chitral also won the runner-up Best Entrepreneur Award in the Regional category from the Khyber-Pakhtunkhwa region. The objective of the CitiPPAF Micro-entrepreneurship Awards Programme is to illustrate and promote the effective role that microfinance plays in poverty alleviation. It recognises the extraordinary contributions that individual microentrepreneurs have made to the economic sustainability of their families as well as their communities. The national award
winner Purdum Wali, faced with economic problems, began his journey a few years ago by approaching The First MicroFinanceBank Ltd (FMFB) for a loan to purchase a crop-insect spray machine and some basic pesticides. He was soon able to diversify his small business by offering vegetable and crops seeds and livestock medicine to his clients through his small shop. To increase his sales, he began providing door-to-door service to other farmers in the village and would travel up to 15,000 feet above sea level in the mountainous areas of Chitral to facilitate his clients by providing them livestock medicine, feeds and seeds etc at their doorstep. He was further able to diversify his business by availing a livestock loan from FMFB to start the business of rearing and selling livestock. Currently, Purdum owns two shops in the main Mastuj bazaar and farms more than 200 cattle. Purdum also owns a tractor, thresher and trolley and earns a sound income through his diversified businesses.
ISLAMABAD: Senator Haroon Akhtar had said State Bank of Pakistan (SBP) should lower its interest rate so that billion of rupees stashed in offshore accounts could be brought back. He said this during a Senate Standing Committee on finance meeting here Thursday. Senator Ahmad Ali presided over the meeting. Senator Haroon Akhtar said Pakistanis had deposited billion of rupees in the offshore accounts due to higher rate of interest. Therefore state bank should lower its rate so that this huge amount could be brought back to country. Finance Minister said that the issue of state bank autonomy was very vital. Governor state bank was abroad therefore, he had been called back for further consultation on this count. The committee while expressing displeasure over non-convening of the meeting of Monetary and Fiscal Policies Coordination Board since February, 2007 said evolving monetary policies without the consultation of board during this period was a sheer breach of law. -Online
Defaulters face non bailable warrants KHAIRPUR: The banking court no-1 Sukkur issued non bailable warrants against eleven alleged defaulters namely including Sayed Muzamil Shah, Sayed Ali Akber Shah, Ejaz Ali Shah, Ghulam Mustaffa, Muhammad Ramzan Kalhoro, Fakeer Muhammad, Bashir Shaikh, Ayaz Ahmed Soomro, Zaheer Ahmed Shaikh, Barkatullah Shaikh, Noor Khan Kandhro and Manzoor Ahmed. The accused obtained loan of millions of rupees from various banks and now they are not depositing the received money nor appearing before the court so court issued non bailable warrants against them and directed the Khairpur police to arrest and produce them before the court in handcuffs.-APP
9
Friday, February 25, 2011
Brent off $120; eyes on Libyan, Saudi supply
European vegetable oil prices
Saudi Arabia in "active talks" to meet Libya shortfall: FT
ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11 945.00+20.00, Mar11 945.00+20.00, Apr11 960.00+30.00, May11/Jul11 965.00+30.00, Aug11/Oct11 970.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1005.00+10.00, Aug11/Oct11 960.00+3.00, Nov11/Jan12 970.00+5.00, Feb12/Apr12 975.00+5.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1400.00+0.00, Jul11/Sep11 1410.00+10.00, Oct11/Dec11 1365.00+5.00. LINOIL: Any origin dlrs tonne extank Rotterdam Mar11/Apr11 1550.00+12.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Feb11 1197.50-10.00, Mar11 1200.00-7.50, Apr11/Jun11 1190.00-7.50, Jul11/Sep11 1150.00-7.50, Oct11/Dec11 1140.00. PALMOIL: RBD dlrs tonne cif Rotterdam Apr11/Jun11 1230.00. PALMOIL: RBD dlrs tonne fob Malaysia Apr11/Jun11 1175.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Apr11/Jun11 1182.50-22.50, Jul11/Sep11 1142.50-7.50, Oct11/Dec11 1130.00+0.00. PALM STEARIN: Dlrs tonne fob Malaysia Mar11 1190.0030.00, Apr11 1180.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Feb11/Mar11 2145.00-70.00, Mar11/Apr11 2120.00-75.00, Apr11/May11 2100.00-85.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Feb11/Mar11 2280.00-20.00, Mar11/Apr11 2250.00-10.00, Apr11/May11 2230.00+0.00. -Reuters
LONDON: Oil surged more than 7.5 per cent to its highest since August 2008 on Thursday on concern that uprisings in Libya could spread to other major oil producers in the Middle East, including Saudi Arabia. Brent crude oil for April spiked up $8.54 a barrel to a peak of $119.79 before easing to around $114.40 by 1450 GMT. US crude futures for April rose as high as $103.41, the highest September 2009. They were up $1.70 at $99.80 at 1450 GMT. Unrest in the world's 12thbiggest exporter has cut at least 400,000 barrels per day (bpd) from Libya's 1.6 million bpd output, according to Reuters calculations. ENI Chief Executive Paolo Scaroni said Libyan output had fallen much more dramatically, estimating it was putting 1.2 million barrels per day less into the market. The Financial Times quoted an unnamed senior oil official on its
website as saying Saudi Arabia was in "active talks" with European oil refiners who might be hit by the disruption in Libyan exports. That would be the clearest sign yet that OPEC's most influential member is readying action to respond to the cut in Libyan output. The kingdom had asked refin-
ers "what quantity and what quality of oil they want", the FT quoted the senior Saudi oil official saying on condition of anonymity. Goldman Sachs said the spread of unrest to another producing country could bring oil shortages and require demand rationing. "The market cannot accommodate another disruption, in our view," analyst Jeffrey Currie said in a research note. Major banks joined the chorus
of calls on Thursday for OPEC to act quickly on fears the strong oil prices could derail the fragile economic recovery. Barclays Capital and Citi said it saw no downward pressure on prices until more oil comes to the market. The cuts in Libyan oil output represent the first disruption to supply as a direct result of protests that have swept through the oil-producing regions of north Africa and the Middle East. Without Saudi Arabia's 4 million bpd of spare capacity, there is little margin in the global oil supply system. Weekly US oil inventory data from industry group API showed on Wednesday that petroleum stocks had risen by 163,000 barrels last week, after analysts polled by Reuters had forecast a bigger rise of 1.2 million barrels. Distillate inventories fell a less-than-expected 534,000 barrels and gasoline supplies fell 1.6 million barrels, API data showed, bucking analyst expectations for a rise. -Reuters
DI LINH , Vietnam: A farmer walks in a coffee field, as flowers bloom in Vietnam's central highland Di Linh district. -Reuters
US cotton ends down, but above limit as specs tire NEW YORK: US cotton futures finished Wednesday with hefty losses, but nowhere near the 7-cent downside limit reached in the prior two sessions as speculative spread selling seemed to have lost steam, brokers said. Risk aversion that pressured cotton a day earlier also eased and speculators refocused on concerns over tight supplies, which had helped run fiber to records above $2 a lb. 'Supply and demand seems to be trumping the fear factor,' said Keith Brown of brokerage Keith Brown and Co in Moultrie, Georgia.
March cotton finished down 1.38 cents, or 0.73 per cent, at $1.8656 per lb, but fell as low as $1.8090. March's open interest has ebbed to 1,100 contracts, with May futures carrying open interest of 18,096 lots. New benchmark May cotton on ICE Futures US settled with losses of 3.7 cents, or 1.97 per cent, at $1.8423. The session low was $1.8093 a lb. Some prices tumbled by their 7-cent downside limit in early business, but eventually buyers came back in at the lows, cutting losses to levels that sparked some two-way flow.
Brown said of the smaller declines: 'Everyone's exhausted.' He noted that contracts dated from December, when the new crop is harvested, onward ended in positive territory. An unraveling of nearby spreads left those contracts lower, but for the new crop underlying the December contract, Brown said: 'There hasn't been a seed put in the ground, so it's kind of hard to kill it (the contract).' Last week, nearby contracts hit records well above $2 a lb in a short-cover squeeze heading into the March delivery period. -Reuters
Palm off 3-month low; other markets supports KUALA LUMPUR: Palm oil ended off three-month lows on Thursday with other vegetable oil markets limiting losses on surging crude oil although concerns lingered over Libyan unrest spreading and slowing economic growth. Palm oil hit its lowest since Nov. 29 with much of the selling pressure coming from refiners and funds cutting positions. Traders said palm oil's high premium to soyoil narrowed to about $10 from $70, which may attract demand from price sensitive India and China -- the world's top two buyers of the vegetable oil.
"Palm oil trading is too volatile for these two days, it's difficult to predict its direction," said a trader in Kuala Lumpur, adding that palm oil exports data due on Friday could set market direction. The benchmark May crude palm oil contract on the Bursa Malaysia Derivatives Exchange dived 5.1 per cent to 3,336 ringgit ($1,095) before settling much higher at 3,457
ringgit per tonne. Traded volumes surged to 48,704 lots of 25 tonnes each, more than triple of the usual 15,000 lots seen at the close. The sell-off later spread to other vegetable oil markets but US soyoil later traded more than 1 per cent lower and China's most active Sept 2011 soybean oil contract ended down with $100 crude oil limited losses. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for February 23 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1255
January (3rd Wednesday)
1310
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for February 23 2011
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
2340 2360 2320 2340 2285 2295 2285 2295
2489 2489.5 2520 2521 2585 2590 2628 2633
9490.5 9491 9510 9512 9455 9465 9155 9165
2544 2545 2547 2548 2513 2518 2468 2473
28285 28290 28275 28300 27180 27280 25780 25880
TIN
ZINC NASAAC
31520 2449 31525 2449.5 31500 2478 31525 2480 31190 2522 31240 2527 2518 2523
2485 2486 2500 2510 2540 2550 2595 2605
Copper strengthens, Mideast worries weigh LONDON: Copper rose on Thursday as the dollar fell and after better-than-expected US jobless data, but concerns that high oil prices driven by violence in Libya could slow economic growth kept prices under pressure. Three-month copper on the London Metal Exchange closed at $9,505 a tonne, up from $9,425 at Wednesday's close. New applications for US unemployment benefits fell last week, but orders for a range of manufactured goods recorded their biggest fall in two years in January. "The jobless data is certainly improving. The story out of the US is likely to be one of the main positives for base metals this year," said Natixis analyst Nic Brown. But he added: "Rising oil prices are fuelling inflation and in order to tame inflation emerging countries will have to tighten their monetary policy and sacrifice some GDP growth, which will hurt base metals demand." Copper remains well off a record high $10,190 it hit on Feb. 15. Ample supplies of copper kept a lid on prices, analysts said. "The physical copper supply is very good; scrap is around in abundance and the discounts are quite high," said Herwig Schmidt, head of sales at Triland Metals. "Inventories have also been rising in the last two months and the market has finally taken
notice." While the short-term outlook has weakened, long-term fundamentals for copper remained good, with a supply shortage expected in 2011, Westgate said. China's imports of refined
Shanghai copper gains Shanghai's most active May copper contract rose 0.4 per cent to 71,970 yuan. Shanghai aluminium were little changed. copper are likely to have fallen in February because the lunar New Year holidays cut arrivals, after a 7.4 per cent rise in January supported by fabricator restocking. Copper inventories in LME warehouses continue to rise, hitting 412,675 tonnes, the highest level since last July, latest data showed. The abundance of material available in the short term pushed the copper market in a $3.5 per tonne contango -the discount for cash against three-month material. Aluminium closed at $2,542 a tonne from $2,530 at the close on Wednesday. Analysts believe the outlook for the metal used in transport and packaging remained positive. Tin was $31,600 from $31,500, while zinc, used in galvanizing, closed at $2,473 a tonne from $2,495. Battery material lead was $2,500 from $2,539 and nickel was $27,505 from $28,700 a tonne.-Reuter
Gold flat, off top in nearly 2-months
Tokyo rubber hits 3-wk low but finds support
LONDON: Gold was flat on Thursday after sources said Saudi Arabia was able to boost crude output, easing from its highest in nearly two months on concerns about inflation after oil rose on unrest in oilproducer Libya. Spot gold was up 0.1 per cent at $1,412.7 an ounce by 1436 GMT, off a session high of $1,417.92 and having rallied since late January since late January when protests intensi-
BANGKOK: Tokyo rubber futures fell 1.7 per cent on Thursday as investors continued to take profits from recent record highs, but tight supply and strong oil prices should provide support, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for August delivery fell 8.5 yen to settle at 478.8 yen ($5.80) per kg. It fell as low as 469.3 yen, the lowest since Feb. 2. "There was another round of profit-taking as players as well as investment funds thought that the market was overbought," one dealer said. But dealers said rubber prices could recover on Friday after prices found strong support at 475 yen per kg, and tight supply in producing countries should provide fundamental support. Oil prices hit a fresh 2-1/2year peak on Thursday on concern the bloody unrest that has cut more than a quarter of OPEC member Libya's crude output could spread to other major producers, including top exporter Saudi Arabia. -Reuters
fied in Egypt against former president Hosni Mubarak. US April gold futures were flat at $1,412.60. "The major factor currently for commodities in general including gold is the situation in Libya and fears it might spread over to other oil producing countries in the Middle East and North Africa," Peter Fertig, a consultant at Quantitative Commodity Research, said. "It is the safe haven aspect which plays a role and also the rise of crude oil, which could translate sooner or later in rising CPI figures." Rising inflation eventually leads to rising interest rates, which ultimately can prove negative for gold, which bears no yield, but when inflation threatens growth, bullion can
Cocoa eases after 32-year high, sugar up LONDON: ICE cocoa futures eased after hitting a fresh 32year high on Thursday as tensions mounted over supplies from top producer Ivory Coast. Sugar futures rose in a technical bounce after a sell-off on Wednesday, while arabica coffee futures fell back after hitting the highest level in more than 30 years on Tuesday. ICE May cocoa set a fresh 32-year high for the second month of $3,645 a tonne before slipping back to $3,595 by 1530 GMT, down $36 or one per cent on the day. Liffe May cocoa was down 5 pounds or 0.2 per cent at 2,352 pounds per tonne, having earlier hit a 7-month high of 2,368 pounds per tonne. ICE raw sugar bounced after a sell-off on Wednesday, as dealers eyed expiry of the March contract on Monday. ICE March raw sugar was up 0.16 cent or 0.5 per cent to 30.10 cents a lb. Liffe May white sugar was off $3.90 or 0.6 per cent at $698.70 per tonne. "After the market fell yesterday, we are at more realistic levels. There has been a lack of physical offtake," said a London-based sugar futures dealer. Sugar futures were also supported by news that the European Union has ditched plans for a reduced-duty tendering process for sugar imports, in favour of a fixed 300,000-tonne import quota with duties set at zero. Coffee prices fell, with arabicas slipping well below the peak of $2.784 a lb hit on Tuesday, the highest level in over 30 years. ICE May arabica coffee traded down 6.15 cents or 2.3 per cent at $2.6330 per lb at 1454 GMT. Liffe May robusta coffee was down $33 or 1.4 per cent at $2,335 per tonne. -Reuters
often offer investors the hedge they need. "There is no reason why we can't break through the recent high around $1,416 and head towards $1,420 if the unrest continues in Libya," said Darren Heathcote, head of trading at Investec Australia. "Of course if it spreads even further in field or becomes more violent, gold will benefit further as a safe haven." MUMBAI: Indian spot sugar Investor interest in gold has prices rose on Thursday on hopes the government may release lower non-levy quota for March to prop up falling prices, though weak demand weighed on sentiment, dealers said. "Traders were talking about lower quota for March as prices have fallen significantly in the past two months," said Ashok not translated into inflows into Jain, president, Bombay Sugar major exchange-traded prod- Merchants Association ucts, such as the SPDR gold (BSMA). trust, or ETF Securities' gold In Kolhapur, a key market in funds, since the protests in top producing Maharashtra Egypt in late January. state, the most traded S-variety Yet investors have increased rose 0.75 per cent to 2,700 their holdings of COMEX gold rupees ($59.3) per 100 kg, after futures this month and until the losing 6 per cent since January. price broke above $1,400 an Sugar contract for March ounce this week, dealers had delivery on India's National reported fairly healthy con- Commodity and Derivatives sumer buying. Silver, which is Exchange (NCDEX) ended up around its highest in 31 years, 0.6 per cent at 2,846 rupees per eased on Thursday, in line with 100 kg. a decline in industrial metals. A decision by India on Spot silver was last down 1.3 whether to allow 500,000 per cent at $33.08 having tonnes of unrestricted sugar touched 31-year peaks above exports could take another three weeks as the government $34 on Tuesday. Platinum fell 0.5 per cent to has decided to broaden consul$1,772 an ounce, while palladi- tations to key ministries, govum was down 1.4 per cent at ernment sources said on Feb. 22. -Reuters $765.75. -Reuters
Indian sugar strengthens
National Commodity Exchange Ltd Trading Summary Date
Commodity
24-Feb-2011 CRUDE100 24-Feb-2011 CRUDE100 24-Feb-2011 CRUDE100 24-Feb-2011 SILVER - SL500 24-Feb-2011 SILVER - SL500 24-Feb-2011 GOLD 01oz 24-Feb-2011 GOLD 01oz 24-Feb-2011 GOLD 01oz 24-Feb-2011 GOLD 100oz 24-Feb-2011 GOLD 100oz 24-Feb-2011 GOLD 100oz 24-Feb-2011 GOLD 24-Feb-2011 GOLD 24-Feb-2011 GOLD 24-Feb-2011 KILOGOLD 24-Feb-2011 KILOGOLD 24-Feb-2011 TOLAGOLD50 24-Feb-2011 TOLAGOLD100 24-Feb-2011 MINIGOLD 24-Feb-2011 MINIGOLD 24-Feb-2011 MINIGOLD 24-Feb-2011 MINIGOLD 24-Feb-2011 MINIGOLD 24-Feb-2011 TOLAGOLD 24-Feb-2011 TOLAGOLD 24-Feb-2011 TOLAGOLD 24-Feb-2011 TOLAGOLD 24-Feb-2011 TOLAGOLD 24-Feb-2011 IRRI6W 24-Feb-2011 RICEIRRI - 6 24-Feb-2011 RBD PALMOLEIN 24-Feb-2011 KIBOR3M 24-Feb-2011 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 MA11 AP11 MA11 AP11 MY11 MA11 AP11 JU11 MA11 AP11 MY11 MA11 AP11 MA11 MA11 MON TUE WED THU FRI MON TUE WED THU FRI 24FE11 MA11 MA11 11-Mar 11-Jun
US$ 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
96.00 97.10 98.16 33.36 33.21 1405.00 1404.40 1405.10 1403.90 1404.10 1418.00 38775.00 38950.00 38687.00 38632.00 38852.00 45059.00 45059.00 39725.00 39768.00 39782.00 39696.00 39710.00 46407.00 46592.00 46568.00 46618.00 46500.00 3250.00 3284.00 5314.00 86.23 85.70
103.34 104.72 103.68 33.71 33.52 1416.50 1418.00 1418.60 1413.30 1417.90 1419.50 38990.00 39002.00 39018.00 38963.00 38974.00 45445.00 45445.00 40044.00 40088.00 40103.00 40118.00 40030.00 46522.00 46592.00 46568.00 46618.00 46605.00 3270.00 3293.00 5314.00 86.27 85.70
95.72 97.10 98.16 33.00 33.21 1401.90 1401.90 1402.50 1403.90 1404.10 1405.90 38659.00 38671.00 38687.00 38632.00 38643.00 45059.00 45059.00 39725.00 39768.00 39782.00 39696.00 39710.00 45670.00 45720.00 45736.00 45637.00 45653.00 3250.00 3284.00 5186.00 86.23 85.70
101.61 103.05 103.68 33.25 33.52 1413.30 1417.90 1418.60 1413.30 1417.90 1417.90 38990.00 39002.00 39018.00 38963.00 38974.00 45445.00 45445.00 40044.00 40088.00 40103.00 40118.00 40030.00 46044.00 46095.00 46112.00 46128.00 46027.00 3270.00 3293.00 5186.00 86.27 85.70
Traded Volume in lots 1,548 295 98 828 3,451 2,910 30 5 28 3 1 33 1 3 1 9 3 -
Previous Settlement Price 99.12 100.82 101.59 33.67 33.66 1414.50 1415.20 1415.90 1414.50 1415.20 1416.70 38959.00 38971.00 38987.00 38931.00 38943.00 45409.00 45409.00 40013.00 40057.00 40072.00 40086.00 39999.00 46007.00 46057.00 46074.00 46091.00 45990.00 3261.00 3284.00 5314.00 86.23 85.70
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 101.61 130 103.05 15 103.68 33.25 1 33.52 1 1413.30 66 1417.90 1,349 1418.60 1,370 1413.30 1417.90 6 1419.40 3 38990.00 5 39002.00 80 39018.00 38963.00 38974.00 45445.00 45445.00 40044.00 40088.00 40103.00 40118.00 40030.00 46044.00 5 46095.00 1 46112.00 3 46128.00 1 46027.00 8 3270.00 3293.00 5186.00 86.27 85.70 -
Japan's Noriaki competes during men's hill training jump at Nordic World Championships in Oslo
10
Friday, February 25, 2011
Left is right for Tendulkar BANGALORE: The name of the game is power and it doesn't matter if the power arises from the left or right. On Wednesday, Sachin Tendulkar, very much back in action after a day's break, decided that he, like Mahendra Dhoni, Virat Kohli and Yuvraj Singh before him, would attempt to smash a few sixes off a set of hapless spinners, mostly local lads who were occasionally joined by R Ashwin and Piyush Chawla. Only unlike the trio, Tendulkar decided that he would hit off his wrong hand, the left. Batting on a pitch that was to the extreme left of the Chinnaswamy Stadium's centre square, Tendulkar borrowed Yuvraj's bat and in the space of say 20-odd balls, managed three sixes in the arc between long on and midwicket. Dhoni, a padded-up Sreesanth (who also had a decent bowl earlier) and Yuvraj watched in awe at the little demonstration. This was no switch hit, though that may well follow after this session, but actual left-handed batting (no pads were on though), during which the carefully taped right knee, hidden inside longish shorts, was visible. Before Tendulkar took the stage, there was an awesome display of power hitting by the quartet of Dhoni, Yuvraj, Virat Kohli and Yusuf Pathan. Ball after ball was smashed into the stands, a few of the hits damaging the recentlyfixed permanent chairs. The combination of the modern bat and the power of the lads was a real potent one. Should England, who clash with the hosts on Sunday, decide to field too many pretentious spinners, spectators would be well advised to don hard hats.-Reuters
Nat’l U-13, U-15 Squash C’ship starts PESHAWAR: The qualifying round of the National Under13 and Under-15 Age Group Squash Championship got under way here at PAF Hashim Khan Squash Complex on Thursday. Former World Champion and Vice President of the Pakistan Squash Federation (PSF) Qamar Zaman was the chief guest on the occasion. Officials, coaches and large number of junior players of the Under-13 and Under-15 categories witness the occassion. On the opening day qualifying rounds of Under-13 and Under-15 held with 64 players, 32 each appeared in both categories among them 16 each moved to the next round. When Qamar Zaman was asked to comment, he said, that four players each will move to the main round of 12 players in both Under-13 and Under-15 categories. The formal opening ceremony will be held on Friday at 11.00 a.m with Director Sports PAF Control Board Group Captain Farooq Ahmad will be the chief guest. Earlier, eight matches of the Under-15 categories held among them Abbas Khan, Saifullah, current female champion of the Under-15 category, Sadia Gul, Faisal Hassan, Ijaz Ahmad, Zeeshan Sadiq, Imran Sher, Majid Khan took berth into the last round while in Under-13 category Zain Rehman, Shehzad Khan, Kamran Noor, Mehran Javed, Asfandiyar, Noor Wali, Aqib Tafeeq, Haroon Khan and Ahamd Ali moved to the next round.-APP
B’desh mull Ashraful option DHAKA: The right-hander, Bangladesh's most successful one-day batsman, was a surprise omission for their opening match last Friday which India won by 87 runs at the Sher-eBangla stadium in Dhaka. Coach Jamie Siddons said the free-stroking Ashraful stood a good chance of playing against Ireland even as the Bangladeshi media reported the batsman had already been told he will take the field. "There's a chance, but it's one of a few options we have," the Australian said. "We will consider all our options, one of which is also sticking to the same team and give everyone another chance." Ashraful has played 164 oneday internationals since his debut in 2001, scoring 3,360 runs with three centuries and 20 fifties. But his less than impressive DELHI: Imraan Tahir of South Africa celebrates the wicket of Ramnaresh Sarwan of West average of 23.33 suggests Indies with his team mates during the ICC Cricket World Cup match between Ashraful has not done justice to South Africa and West Indies from Feroz Shah Kotla Stadium.-Reuters his immense talent, often frustrating supporters by getting out to rash strokes when he had the bowling attack at his mercy. "I am an Ashraful fan and of course I'd like to see him play," said Siddons. "He has all the shots and could be effective during the powerplay overs." "He generally bats two down NEW DELHI: A B de 40 off 37 balls by his half- fielding, this time from cap- but we are thinking of using Villiers' unbeaten 107 pow- brother Dwayne before the tain Darren Sammy, con- him in the number seven posiered South Africa to a seven- twice champions lost their tributed to the second wicket tion if he plays."-Online wicket victory over West last five wickets for just 13 too. Sulieman Benn, continuIndies in a World Cup Group runs. ing the trend already being B match on Thursday. South Africa lost opener set by other teams in this South Africa's Pakistan- Hashim Amla in the fourth competition, shared the new born leg-spinner Imran Tahir over and batting mainstay ball and in his third over (4-41) dazzled on debut, shar- Jacques Kallis in the fifth but lured Kallis into a drive when ing seven wickets with pace de Villiers added 119 runs the batsman wasn't quite to colleague Dale Steyn (3-24) with skipper Graeme Smith the pitch. The edge was found to skittle out West Indies for (45) and got good support but the ball dipped as it flew 222 in 47.3 overs. from JP Duminy (42 not out) towards Sammy at slip and he The West Indies total was down the order to overwhelm did well to wrap his fingers MUMBAI: Two members of built around Darren Bravo's the target in 42.5 overs. underneath it before it the New Zealand cricket team`s support staff have flown home assured 73 and a quick-fire Another stellar piece of touched the turf.-Reuters from the World Cup to join their families after their homes were hit by the earthquake which devastated Christchurch on Tuesday. Manager Dave Currie told reporters on Wednesday that physiotherapist Dayle Shackel and trainer Bryan Stronach were expected to return to India."Dayle had to get back as NAGPUR: Ricky Ponting was still amused on Thursday at the his property was probably damfurore he caused after his flying groin protector damaged a television aged and his family was upset in the Australian team's dressing room during a World Cup match. so he went back to provide Ponting was given a dressing down by the sport's governing body some support," Currie said. (ICC) on Wednesday for damaging the set but insisted it was purely accidental and not malicious. "Similarly, Bryan`s wife is "The television wasn't hit by me with my bat at all, it was hit by my box that I had thrown down," four months pregnant and his Ponting told reporters on Thursday, ahead of his team's Group A match against New Zealand. After house has half come down, so being run out for 28 by Zimbabwe on Monday, Ponting was seen angrily talking to himself as he he has gone back to take care walked back to the pavilion. Once inside, he struggled to put a lid on his emotions. Conflicting of his wife."The New Zealand reports suggested the damage had been caused by his groin protector, his glove and even his bat. flag will fly at half mast when "I'm not sure where the lot of those stories have come from," he added with a smile. "But I have the Kiwis meet defending accepted what the ICC have come up with as far as a reprimand is concerned from the incident. champions Australia in their "There was some small damage to the TV set and I went and reported it to the team manager Group B match in Nagpur on straight away. They actually replaced the television set there and then.-Reuters Friday.-Online
SA engineer giant defeat for WIndies
Afridi says squad has to do more HAMBANTOTA: Pakistan captain Shahid Afridi believes that his team still have shortcomings to overcome ahead of their crunch World Cup clash against Sri Lanka. Pakistan overcame early hiccups to post a challenging 317-7 against Kenya before Afridi took centre stage with 5-16 to bundle out their outclassed opponents for 112 to record a 205-victory in Wednesday's opener. "It's a good start but we shouldn't be 100 percent satisfied, there is a lot of work ahead of us still," said the captain. Pakistan lost openers Mohammad Hafeez (nine) and Ahmed Shahzad (one) inside seven overs with just 16 on the board against Kenya. "Whether in batting or bowling you need a positive start. But since the ball was sticking to the pitch a little, it wasn't easy. I hope my openers don't repeat those mistakes," said Afridi.
Younis Khan (50) and Kamran Akmal (55) put on a solid 98 for the third wicket, before Misbah-ul-Haq (65) and Umar Akmal (71) provided a flourish during their quickfire 118-run stand, racking up 71 in the batting powerplay. Afridi praised his four halfcentury makers. "That's what required of the senior players and combined with three seniors, Umar played a beautiful knock and proved his potential after a long time," said Afridi of 21-year-old batsman, playing his first World Cup match. Afridi justified his decision to bat first. "It wasn't in my mind whether to give the bowlers or batters first opportunity, just that we needed to win the first match because of upsets in the past," said Afridi, who had vowed to avoid upsets like Pakistan suffered against Ireland in the 2007 World Cup.-Online
Kiwis 2 support staffers fly home
‘LCD TV episode was an accident’
Wozniacki thru to Qatar quarters
Jordaan fails to secure FIFA place
Jelena Jankovic of Serbia thrashed India's Sania Mirza 60 6-1. "There's a lot of good players here, so it's not easy to win," said Dane Wozniacki, who will meet Italian Flavia Pennetta in the last eight on Thursday. "It's not going to be easy tomorrow, but I'm looking forward to it." French Open champion Schiavone had a less memorable day with Chinese qualifier Peng in top form on her way to a 7-5 6-3 victory.-Reuters
JOHANNESBURG: Top South African official Danny Jordaan failed Wednesday to emulate football legends Franz Beckenbauer and Michel Platini and rise from World Cup organiser to FIFA executive committee member. Jordaan, chief executive of the local organising committee that delivered a near-flawless World Cup in South Africa last year, finished fourth with a meagre 10 votes in a five-man race for two places on the FIFA 'cabinet'.Reuters
DOHA: World number one Caroline Wozniacki moved into the quarter-finals of the Qatar Open with a 6-3 6-2 win over Russian Nadia Petrova but third seed Francesca Schiavone was upset by China's Peng Shuai on Wednesday. Second seed Vera Zvonareva also secured a spot in the last eight with a 6-1 6-2 win over Slovakia's Dominika Cibulkova, while fifth seed and former world number one
SCOREBOARD
Djokovic pulls round first blast to hit semi DUBAI: Australian Open champion Novak Djokovic survived an early onslaught from Germany's Florian Mayer to reach the semi-finals of the Dubai championships with a 75 6-1 victory on Thursday. The second-seeded Serbian will next play third seed Tomas Berdych after the Czech defeated another German, Philipp Petzschner 7-5 6-4. Djokovic, bidding to win the title for the third successive
year, was rocked by Mayer's early challenge, dropping his serve in the opening game and then fighting off two break points at 0-2 before holding on his fourth game point. After changing his racquet during that game Djokovic then settled down and won his next three service games without losing a point. Down 4-5, he broke Mayer to love, held off a break point in the next game with an ace and then broke Mayer to
love again to take the set. The second set was far more straightforward. Mayer averted a break point in the second game but made a forehand error to fall behind 3-1 and Djokovic then dominated the rest of the match. "It was a very slow start," Djokovic told reporters. "Quite different condition from last night's match. The ball was going faster today, and he took it to me from the start.-Reuters
International & Continuation
Friday, February 25, 2011
US jobless claims fall, durable orders mixed WASHINGTON: New US claims for jobless aid fell last week, hinting at an improvement in the labor market, but declines in new home sales and orders for a range of factory goods in January showed the economy still faced headwinds. Initial claims for state unemployment insurance benefits fell 22,000 to a seasonally adjusted 391,000, the Labor Department said on Thursday. Economists had expected claims to drop to 400,000 last week. "Jobless was unambiguously good news for the economy. It is consistent with our belief that we are going to see a very strong gain in non-farm payrolls," said David Resler, chief economist at Nomura Securities International in New York. A separate report from the the Commerce Department showed new single-family home sales tumbled 12.6 per cent in January to a seasonally adjusted 284,000 unit annual rate. Economists had forecast new home sales sliding to a 310,000-unit pace. Sales surged in December as buyers in California rushed to take advantage of a tax credit for new homes before it expired at the end of the year. Sales in the West plunged 36.5
per cent after spiking 62.5 per cent the prior month. A second report from the department showed orders for long-lasting manufactured goods, excluding transportation, dropped 3.6 per cent last month, the biggest fall since January 2009, after rising 3.0 per cent in December. Economists had expected orders excluding transportation to rise 0.4 per cent in January. The data had little impact on US financial markets, where traders continued to monitor the worsening political unrest in Libya, which has sent crude prices soaring. US Treasury debt prices rose on safe-haven buying, while stocks were flat. MANUFACTURING LEADING RECOVERY Manufacturing has been the main driver of the economy's recovery and January's durable goods orders report hinted at a slowdown. Economists cautioned, however, against reading too much into the data as it tends to be very volatile. Some of the sting from the report was blunted by big upward revisions to December's data. Overall durable goods orders rose 2.7 per cent, the biggest increase since September, after falling 0.4 per cent the prior month. The rise in overall orders
reflected a 4,900 per cent surge in aircraft bookings, which likely reflected the bulk of December orders from aircraft maker Boeing, which analysts said had not been fully captured in the durable goods report for that month. Outside transportation, there were big declines in orders for machinery, computers and communications equipment. The Commerce Department report showed non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending, dropped 6.9 per cent last month, the biggest decline in two years, after a revised 4.3 per cent increase in December. Markets had expected a 2.5 per cent decline. "It's a weak start to the quarter, but the bottom line is capex is going to remain a pretty decent contributor to growth even with this weakness here in January," said Tom Porcelli, US economist at RBC Capital Markets in New York. Core capital goods shipments, which go into the calculation of gross domestic product, fell 2.0 per cent after rising 2.5 per cent in December. Unfilled orders for manufactured durable goods rebounded in January, while inventories rose for the 13th straight month.-Reuters
Solid Q4 growth puts Germany on firm footing BERLIN: Strong German exports offset a drop in construction caused by cold winter weather in the fourth quarter of last year, helping Europe's bulwark economy to continue growing and putting it on a firm footing for 2011. Detailed figures from the Federal Statistics Office on Thursday confirmed gross domestic product (GDP) grew by 0.4 per cent in the fourth
quarter, its seventh quarterly expansion in a row, but slower than the first three quarters of the year. Germany has staged a fasterthan-expected recovery from its deepest post-war recession in 2009. Year-on-year, the economy grew 4.0 per cent in the fourth quarter. The data reinforces a twin-speed recovery in Europe with major north European economies outpacing a strug-
gling, debt-burdened euro zone periphery, where most austerity measures to fight the region's debt crisis are set to hit this year. However, hopes around Europe that Germany's economic rebound would broaden and be driven more by consumption growth, boosting German demand for European goods, were dashed in the fourth quarter as growth in private consumption slowed.-Reuters
Eurozone sentiment up, inflation expectations grow BRUSSELS: Euro zone economic sentiment jumped in February to its highest level since the economic crisis, but a surge in inflation expectations accompanied prospects of a rebound of growth in the first quarter. The European Commission's monthly survey showed on Thursday that economic sentiment in the 17 countries using the euro rose to 107.8 this month, a 41month high, from a revised 106.8 in January. Economists polled by Reuters expected a 106.8 February reading. Sentiment gained in all sectors of the economy, most markedly among builders, consumers and in the services sector. "Today's data confirm that an acceleration of GDP growth in the first quarter of the year is likely after the relatively poor performance recorded in Q4 2010," said Clemente de Lucia, economist at BNP Paribas. "The index was consistent with GDP growth around 0.7 per cent quarter-on-quarter after 0.3 per cent quarter-onquarter in the previous quarter," de Lucia said. Sentiment improved sharply in Poland and Britain, followed by Spain, Germany and the Netherlands. "We have learned that there is still a great diversion within the euro area." said Christoph Weil, European economist with Commerzbank. "Spain is rising slightly, but the difference compared to Germany is still very significant." The Commission survey also showed a sharp increase in consumer price inflation expectations for the next 12 months, with the index hitting 25.7 points from 20.9 in January, significantly above the long-term average since 1990 of 20.6 points. Inflation expectations among manufacturers rose to 22.7 points from an upward-revised 17.3 in January, well above the long-term average of 5.6 points. Consumer price inflation in January was 2.4 per cent yearon-year, above the ECB's target of below but close to 2 per cent.-Reuters
CONTINUATION Pakistan Telecommunication saw heavy battering owing to its under-market-consensus corporate result. However, dayend support allowed the index to close with limited green numbers. Among oil stocks, OGDC was up by Rs1.43, Pakistan Petroleum Rs3.28, Pakistan Oil fields Rs1.51, and Pakistan State Oil closed Rs3.64 up. Though there were fears that foreign investors would remain on the selling side but they did a net-buying of $1.28 million on Thursday as per NCCPL data. On the local side, banks did a net-buying of $1.24 million while individual investors and companies net-sold equities worth $1.43 and $0.99 million respectively. Investor participation remained on the lower side as 80.2 million shares traded during the day which is 20.2 million shares less as compared to a turnover of 100.4 million shares on Wednesday. Jahangir Siddiqui Capital stood as the volume leader with 6.18 million shares followed by Azgard Nine with 5.39 million and Bank of Punjab with 4.87 million shares. Continued from page 12 No #2 Though market ended on a positive note but active issues Riaz said all political parties were against this measure of the PMLN. He said that only leadership of the party has right to select showed a different picture as out of total 376 active issues 184 Parliament leader and Chaudhry Shujaat select the Parliament leader. declined, 95, advanced, and 97 remained unchanged. He further said that no confidence move would be launched against Continued from page 5 No #6 Chief Minister Punjab. He said that the government of Punjab thinks decline in production volume of crude oil, LPG and white petrothat our 19-point agenda is a joke and on the other hand gives deadline leum products had a negative financial impact of Rs1.42 billion of 45 days for their 10-point agenda. He said that future strategy would on Company's sales revenue. Net realised prices of crude oil, gas be evolved after consultation with President Asif Ali Zardari. He said and LPG averaged at $66.08 per barrel, Rs215.95 per mmcfd and that answer has not yet been given on 19-pointy agenda despite Chief Rs58,298 per metric tonne respectively compared to $59.72 Minister's promises. He said that we are being urged to reduce number per barrel, Rs177.1 per mmcfd and Rs49,288 per metric tonne of minister in federation while number of ministers in Punjab is not respectively during the corresponding period of last year. being reduced. He said that decision about staying in the government Profit before taxation for the quarter increased by 12.7 per cent would be made soon. -Agencies to Rs51.17 billion mainly due to a favorable financial impact of
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Defence Minister Chaudhry Ahmad Mukhtar told the House that team under the head of DG ASF is investigation the incident of fall of boy from plane and the report would be presented before the House very soon. Answering a question raised by Abdul Rasheed Godeel, Minister of Environment Samina Khalid said that campaign to remove polythene bags is underway in three provinces while plantation campaign has been started in the country. Hamidullah Jan Afridi told that FBR has been asked with regard to polythene bags to ensure their assurance and in this regard the association says that there are fears that against polythene bags could cause closure of 8000 factories, if bag industry is made zero-rated then the production of bags would finish itself but FBR did not yet implement on its assurance. -Online
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"It is regrettable that CIA leadership on many occasions has failed to show respect to the relationship of the two agencies and has acted with arrogance towards ISI which has resulted in weakening the relationship on which it is entirely dependant," the ISI said, according to a copy seen by Reuters. "Involvement of CIA with Raymond Davis is beyond any shadow of doubt. Post incident conduct of CIA has virtually put the partnership into question. Irrespective of the commonality of objectives in this war on terror, it is hard to predict if the relationship will ever reach the level at which it was prior to the Davis episode." Relations between the two agencies has been on a downward slide since December when the CIA station chief in Islamabad was forced to leave the country after his name was published in a court filing over drone attacks. -Reuters
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The sell-off was underpinned by heavy volume, with 2.6 billion shares changing hands on Tokyo stock exchange's main board, above last week's daily average volume of 2.26 billion shares. The spread of unrest from Egypt to Libya and the jump in oil prices to around $100 per barrel has helped pull the Nikkei off nine-month highs hit on Monday. Worries about further contagion to bigger oil exporters such as Saudi Arabia were expected to keep the Nikkei under pressure.-Reuters
Rs2.78 billion on account of gas price revision in respect of Bobi field. Other income included interest on investments and bank deposits and exchange gains which decreased by 23.8 per cent to Rs 919 million as compared to Rs 1.21 billion in the same period last year. Seven new wells including two exploratory / appraisal wells namely Sehar-1 & Nashpa-2 and five development wells namely Thora-8, Qadirpur-41 & Uch-23, 24, and 29 were spudded during the Half Year ended December, 31 2010. Moreover, another development well Uch-31 was also spudded on 27 January 2011. On the other hand, company made only two discoveries of gas/condensate in Gopang-1 (Nim E.L) and Sheikhan-1 (Kohat E.L). Net crude production of 36,970 barrels per day, net gas production of 981 mmcf, net LPG production of 194 tons per day and net Sulphur production of 68 tonnes per day was witnessed during the period under review. Company's trade debts as of December 31, 2010 include an overdue amount of Rs76.24 billion which was not paid by refineries and gas distribution companies due to intercorporate circular debt .
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Trade was volatile as monthly derivatives contracts expired on the National Stock Exchange. Fears the revolt in Libya could spread to other oil producing countries in the Middle East sent Brent oil surging more than 7.5 per cent to its highest since August 2008. At $119.79 a barrel, Brent has risen around 15 per cent in four days. India imports about 80 per cent of the oil it consumes Continued from page 5 No #5 and the global price spiral could add to New Delhi's woes of tackthe index into negative zone for few minutes where it tested the ling high food inflation. Duvvuri Subbarao, governor of the lowest level of the day at 11,487 points (-ve 36). That's where Reserve Bank of India, told a university convocation on Thursday
11
the central bank faced a challenge of maintaining price stability without hurting growth or disturbing financial stability. Data released on Thursday showed food inflation in Asia's third-largest economy accelerated slightly in mid February on rising prices of milk and fruits.-Reuters
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gas resources in the 23 blocks it has bought into in its $7.2 billion deal with Reliance Industries, and there could be more. BP gained 0.9 per cent on the news, which also helped spark a 2.4 per cent rally in oil explorer Cairn Energy. Cairn Energy, which has blocks in India, is currently trying to sell a majority stake in its Indian arm Cairn India to Vedanta Resources. However, weakness from risk-sensitive banks helped keep the index in the red for a fifth session. It is down 2.7 per cent so far this week, on track for its biggest weekly drop in nearly eight months as the price of oil has hit multi-year highs, threatening to derail the global economic recovery. "Oil is the lubricant of economic expansion, and its rising price acts as a tax on global growth, which is making investors risk averse and encouraging them to book profits," said Henk Potts, strategist at Barclays Wealth.The FTSE volatility index, which measures investor appetite for risk, is up 35 per cent this week.-Reuters
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September, roughly when the recent rally began. The CBOE Volatility Index Wall Street's fear gauge, was down 0.5 percent at 22.02, reversing course for the first time in two days. The index has an inverse correlation to the S&P 500, indicating stocks could rise. Helping to limit the Nasdaq's loss was Priceline.com Inc which jumped 7.2 percent to $456.55 after a number of brokerages raised their price targets on the stock. The online travel agency reported a larger-than-expected profit late Wednesday. The Dow Jones industrial average was down 70.43 points, or 0.58 percent, at 12,035.35. The Standard & Poor's 500 Index was down 6.37 points, or 0.49 percent, at 1,301.03. The Nasdaq Composite Index was down 1.57 points, or 0.06 percent, at 2,721.42. General Motors Co's earnings topped estimates, but the stock slid 4.1 percent to $33.16. The S&P 500 was trading just above support at 1,296, the index's January highs, while analysts were also eyeing the S&P 500's 50-day moving average -- now at 1,287 as further support. -Reuters
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Federal Minister for Finance Dr Abdul Hafeez Shaikh, Secretary Finance Dr Waqar Masood, Deputy Governor State Bank and other officials participated in the meeting. The committee directed the Ministry of Finance to submit a report about the progress in this regard in six months whereas the committee postponed State Bank Amendment bill 2010 till the next meeting on request of Ministry of Finance. The Committee was told that the purpose of State Bank amendment bill 2010 was to make the bank more autonomous. For this purpose a Monetary Policy Committee would replace Monetary and Fiscal Policies Coordination Board which would be responsible for making decisions regarding monetary policies, to implement those decisions and status of the loans issued to the government. The committee was further told that since February 2007, not a single meeting of coordination Board was held. On which the members of the committee expressed their concern and asked that how the monetary policies were being made without the consultation of the board. Dr Hafeez Shaikh said that it is a sensitive issue and it should be discussed on high level in order to ensure a permanent and effective solution. He said that he himself had asked the Governor of SBP to participate in the committee's next meeting. Senator Prof. Ghafoor Ahmad said that a comprehensive system should be developed for the autonomy of the Central Bank in which bank's performance must be checked properly. Senator Ishaq Dar suggested that for unanimous legislation of this important issue a joint meeting of standing committees of both houses should be called. Dr Abdul Hafeez Shaikh, lauding the performance of the committee said that the committee was making good efforts for legislation. The Committee was informed that the reorganization of IDBP was decided in 2001. In 2005 it was submitted in the National Assembly but it was not approved. The Committee was further informed that for the privatization of IDBP, the process of reorganisation is needed. After the legislation Ministry of Finance would issue an order and within six month the process of privatization would be completed. Till the privatization of the Bank it would continue working under SBP. -APP
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(Amendment) Bill 2010 as passed by the Senate with an aim to empower the Federal Board of Revenue (FBR) to establish a Welfare Foundation and fund relating thereto for its retired and serving regular employees. According to the statement of objects and reasons, the bill will improve overall efficiency of the working of the FBR and its field formations by specifying performance standards of the employees and giving incentives on the observance of such standards. The overall efficiency of the FBR will enhance with the establishment of a policy board in the composition of which representation to the public representatives and private sector is given. -Agencies
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by the Pakistani authorities as violation of Sindh Taas Agreement signed by the two countries in September 1960, she said. -APP
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Asserting that dialogue was the only way to resolve differences, Singh noted that Foreign Secretaries of the two countries had agreed to resume the dialogue process after a bilateral meeting in Thimphu last month. "We are willing to discuss all outstanding issues with Pakistan provided Pakistan gives up its practice of allowing the use of its territory for terrorist activities against India," he said. Singh said full development of the Indian sub-continent could not be achieved unless India and Pakistan normalise the relations between them. "I have been working for that objective since 2005," he said. Some progress had been made which was followed by a lapse, he said in an obvious reference to the 26/11 Mumbai terror attacks after which India had suspended the composite dialogue process with Pakistan. "Some progress was made, but then there was a lapse and the terrorist elements, would of course, not allow the process of normalisation to come into effect," Singh said. Prime Minister said he was convinced and believed that there was growing conviction in Pakistan's thinking population as well that terrorism was not an instrument which can be used by any civilized government as an instrument of State policy. -Online
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provided military and logistical support to fight Islamist militancy. In May, 2010, Pakistan received $1.13 billion -- the fifth tranche of an $11 billion International Monetary Fund bailout programme.
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earnings: (1) significant rise in oil & gas production from Tal and Nashpa block, (2) hike in average price of crude oil during 1HFY11 by 9.4 per cent YoY to $79.21 a barrel (Arab Light) 3), (3) raise in wellhead gas prices, (4) depreciation of rupee by average 2.8 per cent on YoY in 1HFY11, and (5) surge in other income by 17.1 per cent to Rs3.92 billion primarily due to higher income received from investments in banks due to higher interest rates. PPL was the top performer with 70.5 per cent surge in earning YOY followed by POL with 56.73 per cent and OGDC with 11 per cent surge. Sales revenue of three listed companies has improved to Rs130.08 billion from Rs105.51 billion - showed a growth of 23.3 per cent over the same period last year. Volumetric sales showed a growth of 2 per cent to 765 thousand barrels of oil equivalent per day (kbpeod) during 1HFY11 against 750 kbpeod in 1HFY11. Sector's operating profit rose 26.9 per cent to Rs83.39 billion versus Rs65.73 billion in 1HFY10. Other income hiked 17.1 per cent to Rs3.92 billion versus Rs3.35 billon in 1HFY10, similarly net margin surged from 39.4 per cent to 41.1 per cent.
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Prime Minister while vowing to continue holding dialogue with all political parties said his government has already implemented majority of the decisions under the Charter of Democracy (COD). Talking to a group of parliamentarians here at the PM House, Gilani said that the government had followed the COD "in true letter and spirit" during the past three years. Gilani said he had never made any issue a matter of prestige and had always given due deference to suggestions for public welfare from his own party members, coalition partners, opposition, media or common man. He stressed the need to strengthen the democratic system through the politics of dialogue and accommodation of others' point of view for resolving public problems. Prime Minister expressed these views in his meeting with members of National Assembly Abdul Qadir Patel, Muhammad Raza Hayat Haraj, Khanzada Khan, and Mahreen Anwar Raja. The parliamentarians acknowledged exemplary patience and sagacity of the Prime Minister in solving the intricate national issues successfully. -Agencies
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The court was informed parliamentary committee had not even received the notice and no one had appeared on behalf of ministry of law. The court expressed grave concern over it. "Every one has come to know through media all over the country that case is pending hearing with SC and despite this if some one says that notice has not been received is ridiculous. No complicated issue has been raised in the petition", Justice Jawad S Khwaja remarked. During the hearing AG said court should seek causes given by parliamentary committee from JC. "It is ridiculous that no reply has been received that as to why the judges' names have been rejected. Why no representative of federation is present. Dilatory tactics are being used deliberately" Justice Jawad S Khwaja observed. The hearing has been adjourned till February, 28. -Online
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Ministry of Textile Industry has released budgetary allocation for FY 2010-11 to release upto 8 per cent un-paid Export Finance Mark-up Rate Facility for the period from 1st September, 2009 to 28th February, 2010.
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2.20 billion tonnes could be explored. The exploration friendly reserves are roughly priced at least $104 billion in international market. This entire exploration would require total capital expenditures of only $6.00 billion. The quantity of gold in Rekodiq is 21.18 million ounces while copper in the reservoir amounts to 11.65 million tonnes. -Agencies
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United Arab Emirates' largest telephone company, will pay Pakistan $800 million "very soon" under a deal to acquire a stake in Pakistan Telecommunication Co, Qamar said. -Agencies
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PML-N leader addresses party workers
Sharif promises to weed out corruption Says govt’s incompetence pushed country into crisis LAHORE: PML-N Quaid Mian Nawaz Sharif has alleged the incompetence and corruption of the incumbent government has pushed the country into whirlpool. "The incompetence and corruption of the present government has driven the country into ebb and tide. PML-N has a team of experts which can extricate the country from this mess", Mian Nawaz Sharif said this while talking to party workers
Haqqani meets Grossman WASHINGTON: Pakistani Ambassador to US Hussain Haqqani held meeting with newly appointed special envoy for Pakistan and Afghanistan Mark Grossman in Washington. As per media reports, PakAmerica strategic dialogue, Raymond Davis issue, relations between two countries and other matters of mutual interest came under discussion in the meeting. Mark Grossman would soon visit to Pakistan. Grossman took the charge of the special envoy of Pakistan and Afghanistan after the death of Richard Holbrook and this was the first official meeting between Haqqani and Mark Grossmann, which continued for about 1 and half hour. Online
US insists on Davis release WASHINGTON: Amid a tense US-Pak standoff over the arrest of an American official for double murder in Lahore, the White House has demanded his immediate release, insisting that he has diplomatic immunity under the Vienna Convention. It said the Obama administration remained focused on the release of Raymond Davis, who was arrested in Lahore on January 27 after he shot and killed two Pakistanis. "We believe that the principle that every country in the world that participates in the Vienna Convention on diplomatic relations has a responsibility to honor the provisions of that treaty. And that's our starting point in dealing with this issue," White House Press Secretary, Jay Carney, said at his daily news conference last evening. "We continue to be focused on a resolution that results in Pakistan honoring the diplomatic immunity status of the individual and his return home," he said. -Online
from Bahawalpur division. Those who ambushed PMLN should be punished; he said adding taking the traitors of democracy to task was in the national interest. Those quit the party under coercion would be welcome back, he underlined. President Zardari got us disqualified through Dogar Court and then imposed governor rule in Punjab, he charged. "We demonstrated restraint
for 3-year after being hurt at the hands of President Zardari. Long march staged by the nation led to restoration of judiciary. This independent judiciary is salvaging the nation from the bondage of corruption", he underlined. Inflation, unemployment, load shedding, corruption and terrorism are continuity of Musharraf policies, he held. "I rejected the external dictation and conducted nuclear tests and made the defence of
Rabbani terms B'stan situation grim ISLAMABAD: Federal Minister for interprovincial coordination Mian Raza Rabbani Thursday told National Assembly that Balochistan situation is sensitive and unfortunately it remains out of control, adding agencies are not involved in kidnapping of missing persons. Replying to queries during Question Hour, Rabbani told the House no substantial progress has been made in locating the missing persons and the govt is trying to find them. He said that addresses of residences of several missing persons are wrong. Rabbani said that several missing persons have been recovered and identified. He further told the House that there is a common perception that agencies are involved in kidnapping of missing persons which is not true, as there are several other factors.
He said the Centre is striving hard that law enforcing agencies in Balochistan and security agencies work within their ambit. Parliamentary Secretary Communication Saeed Iqbal told the House that during the current year Rs43 billion were earmarked for communication but after a cut of 50 per cent we have been given Rs21 billion which has been spent. He told that NHA had made plans of installing electronic toll and traffic management system phase-wise on National Highway N-5, added so far this system has been installed on 7 toll plazas. The basic purpose of the system is to monitor the process of collecting police fines. Answering to a question raised by Sufyan Yousuf he said NHA has paced up construction of highway in Karachi and Hyderabad. See # 1 Page 11
Political row to hit progress: Firdaus ISLAMABAD: Federal Minister for Information and Broadcasting Firdaus Ashiq Awan said that conspiracies to create political wrangling in Punjab would not be succeeded at any cost. Talking to media outside Parliament House Thursday Federal Minister for Information and Broadcasting Firdaus Ashiq Awan said that the democratic government does not want political fight in Punjab because the country is already confronted with different sorts of problems. She said that our reconciliation efforts should not be regarded as weakness. She said that Benazir Bhutto eliminated politics of turncoats and rendered sacrifices for national stability and democracy and now some elements are trying to waste her sacrifices
through turn coats but their conspiracies would not be succeeded. She said that if anybody opposes charter of democracy then we would be compelled to evolve future strategy while the decision of the party would be implemented. She said that elements possessing democratic thinking do not want to see any political fight on Punjab as our country cannot afford this but if that happened than every PPP worker would stand up to give befitting response. She said that PPP wanted to promote policy of reconciliation for democracy but the policy of reconciliation should not be regarded as sign of weakness. She further said that no decision would be made against the dignity of the country. -Online
the country impregnable", he maintained. "We paved the way for peaceful resolution of Kashmir issue", he told. "We had reached the stage of exporting energy to India in 1999 but at present load shedding up to 16 hours every day is being observed", he told. If our 1990 policies had been allowed to continue then Pakistan would have become Asian Tiger today, he observed. -Online
Zardari's Kuwait visit starts today ISLAMABAD: President Asif Ali Zardari would leave today (Friday) for Kuwait on an official visit for two days. During the official visit President Asif Ali Zardari would attend ceremonies regarding Kuwait's Independence Day and also watch parade show of Kuwait Army. President Zardari is scheduled to hold meetings with senior Kuwaiti officials on the sideline. It is relevant to mention here that Ambassador of Kuwait has invited President Zardari to visit Kuwait on occasion of golden jubilee ceremonies. -Online
PML-N pact with Unification block illegal, says PPP LAHORE: Senior Provincial Minister Raja Riaz said allotment of separate seats to 'Unification Block' in Punjab Assembly is violation of 18th amendment and charter of democracy whereas it is unconstitutional. Earlier Wednesday, the Pakistan Muslim League-Nawaz (PML-N) reportedly decided to remove PPP ministers from the Punjab government. The PML-N also decided to assign two ministries to members of the Unification Bloc. Talking to media here in Lahore on Thursday Senior Provincial Minister Raja Riaz said the PMLN's decision to ally with the Unification bloc was illegal and unconstitutional and we have protested to Speaker Provincial Assembly against allotment of separate seats to Unification block in Punjab Assembly. He demanded to withdraw the seats allotted to Forward block otherwise they would knock the court doors. He said that Forward block has no room in constitution. He further said that Punjab Parliament party wanted to sit on opposition seats while PML-N violated the 18th amendment and charter of democracy to include forward block in the government. See # 2 Page 11
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani shakes hand with Chief Minister Punjab Shahbaz Sharif who called on him here on Thursday. -Online
Raymond Davis Case:
Cracks appear in ISI-CIA relations ISLAMABAD: Cooperation between the American and Pakistani spy agencies has been scaled back because of an incident involving a CIA contractor shooting two Pakistanis, Pakistani intelligence officials said on Thursday. A senior Pakistani intelligence official in Islamabad said the case of Raymond Davis had strained but not broken relations between the CIA and the Pakistani Directorate of InterServices Intelligences (ISI) because the ISI didn't know about Davis before he shot and killed two Pakistanis on Jan. 27 in Lahore. "It's not business as usual; it's not open war," the official told Reuters. "Cooperation and operations together will continue at a lesser scale." Another intelligence official
denied rumors that the two agencies were not working together. "We are not ready to split," he said. "There has been a patch up because we have both realised that in the larger interest of the region and the war on terrorism, CIA and ISI must work together." Davis' killing of two Pakistani men in the eastern city of Lahore in what he says was self-defence has inflamed anti-US sentiment in Pakistan, effectively giving the government little choice but to prosecute him in court. His trial for murder begins on Friday. Davis has been revealed to be a CIA contractor detailed to provide security at the US consulate in Lahore. The United States says the assignment gives Davis diplomatic immu-
nity and he should be released immediately. The US embassy in Islamabad declined to comment. The possible presence of more CIA contractors like Davis worries the ISI because they don't know how many there are, their identities or their duties. Officials say there could be "hundreds". "We are concerned," the first official told Reuters. "We don't know how many and we have asked them (CIA) to give this information to us. But they haven't done that yet." Signs of strain were evident in a letter the ISI sent to the Wall Street Journal in response to an article the newspaper published on the tension between the agencies. See # 3 Page 11
"Amn Exercise" to be held during March
Pakistan to play war games with 29 states ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani has appreciated the professionalism of the Armed Forces of Pakistan. The Government, he added, has allocated adequate resources to equip them with the state of the art technologies. Prime Minister expressed these views while talking to Admiral Noman Bashir, Chief of Naval Staff who called on him at Prime Minister House on Thursday. Referring to the discussion on the floor of the Parliament House regarding the issue of piracy in the Gulf of Eden and Red Sea, Prime Minister asked the Naval Chief to take up the issue with the host countries. He also issued instruction to the Foreign Office for the repatriation of the abducted ship-
men. Prime Minister observed that extending command to Pakistan of Anti-piracy multinational task force is the manifestation of the trust of international community on efforts of Pakistan Navy to maintain peace in the region. He assured the Naval Chief that Government will introduce bill in the Parliament to legislate on anti-piracy issue for giving the Pakistan Navy proper mandate to discharge their responsibilities in this regard. The Naval Chief apprised the Prime Minister of "Amn Exercise" to be hosted by Pakistan Navy this March. This exercise, he said, is held after every two years. In this exercise, ships, marines, aircrafts and international
observers from 29 countries will participate, he added. Accepting the invitation by the Naval Chief to watch this exercise, the Prime Minister said the participation of countries in such a large number is an acknowledgement of the professionalism of Pakistan Navy. The Naval Chief apprised the Prime Minister that Pakistan is commanding anti-piracy multinational task force in the international waters. He also informed the Prime Minister that Secretary General International Maritime Organization (IMO) has been invited to visit Pakistan to discuss piracy issues and the measures to build the capacity of Pakistan Navy in this regard. -Online
UK court orders Assange extradition to Sweden LONDON: WikiLeaks founder Julian Assange can be extradited to Sweden to face rape and sexual assault claims, a British judge ruled Thursday after throwing out arguments that he would face an unfair trial. Lawyers for Assange immediately said they would appeal, setting up a legal battle through Britain's appeal courts that could postpone the 39year-old Australian's ultimate fate for months. "I must order that Assange be extradited to Sweden," Judge Howard Riddle said in a
decision at Belmarsh Magistrates Court in southeast London, following a three-day extradition hearing earlier this month. Assange, wearing a dark suit and tie, sat stony-faced in the dock at the top security court as the decision was read out. Celebrity backers including socialite Jemima Khan and rights campaigner Bianca Jagger also attended the hearing along with around 100 journalists from around the world. "We will be appealing," Assange's lawyer Geoffrey
Robertson told the court after the verdict. Former computer hacker Assange says the claims against him, made by two women he met during a seminar organised by the whistle blowing website in August last year, are politically motivated because of the work of WikiLeaks. Assange rocked the world's diplomatic institutions and infuriated Washington last year when WikiLeaks began releasing more than 250,000 secret diplomatic cables sent by US embassy staff.
It has also published sensitive data on the wars in Iraq and Afghanistan. Judge Riddle threw out arguments by Assange's legal team that the Swedish prosecutor had no power to issue a European arrest warrant and that the allegations did not amount to extradition offences. "In this country that would amount to rape," Riddle said about the allegation by one woman that Assange had unprotected sex with her while she was asleep. He said that Assange's
Swedish lawyer Bjorn Hurtig made a "deliberate attempt to mislead the court" when he said that he had been unable to contact Assange to arrange an interview with Swedish prosecutors. Riddle also dismissed arguments that Assange could not face a fair trial as some evidence would be held behind closed doors, and that it was possible he would be re-extradited to the United States where he could face the death penalty. Riddle said that the arrest warrant was valid and said he
had to uphold the "mutual respect and confidence this court has in our European counterparts." The judge also said it was "highly unlikely" that comments by Swedish Prime Minister Fredrik Reinfeldt that Assange lacked respect for women's rights would have an effect on the case. Karin Rosander, a spokeswoman for the Swedish prosecutor, said only that they would "see if they appeal or not" before issuing a "very short statement" later. The judge relaxed his condi-
tions for Thursday's hearing to allow him to spend the previous night at the Frontline media club in London. Assange claimed his greatest fear was eventual extradition to the United States, where his lawyers argued he could be sent to the Guantanamo Bay detention facility or face the death penalty. He recently said his site was "significantly influential" in the fall of Tunisian leader Zine El Abidine Ben Ali, an event he said "no doubt" sparked uprisings across the Middle East.-Agencies
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