International Karachi, Thursday, November 25, 2010, Zil Hajj 18, Price Rs12 Pages 12
New Canadian High Commissioner calls on CM Qaim Ali Shah
Pak wants full membership of SCO: PM
See on Page 12
Zardari dual office case hearing put off
See on Page 12
NAB boss vows to clean state organs
See on Page 12
See on Page 2 Economic Indicators $16.91bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 411bn $58.41bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 171.14mn
Forex Reserves (12-Nov-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Oct 10) Foreign Debt (Sep 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Sep 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
150.56 Yearly(Jul, 2010 up to 23-Nov-2010) Monthly(Nov, 2010 up to 23-Nov-2010) 45.84 -3.75 Daily (23-Nov-2010) 2572 Total Portfolio Invest (12 Nov-2010)
NCCPL (U.S $ in million)
FIPI (24-Nov-2010) Local Companies (24-Nov-2010) Banks / DFI (24-Nov-2010) Mutual Funds (24-Nov-2010) NBFC (24-Nov-2010) Local Investors (24-Nov-2010) Other Organization (24-Nov-2010)
-1.35 1.52 2.11 0.08 -0.18 -1.87 -0.30
India asks Pak to redress its terror woes NEW DELHI: Demanding redressal of its concerns on terrorism by Pakistan in an "effective and transparent" manner, India Wednesday said it was necessary for a "comprehensive, serious and sustained" dialogue between the two countries. It also expressed willingness to look at existing bilateral visa agreement that was signed in 1974 to facilitate travel by bonafide businessmen from both the countries amid complaints by a Pakistani industry body that tough visa norms in India are hurdles to trade, reported PTI.
Observing that the two countries have remained "distanced" since Independence, Foreign Secretary Nirupama Rao said India has consistently proposed a step-by-step approach for normalisation of relations and this approach does not "preclude discussions on any issue." She said India was committed to resolving all outstanding issues with Pakistan through dialogue. "However, for the dialogue to be comprehensive, serious and sustained, Pakistan must also address our terrorism-related concerns in an effective and transparent manner."
Rao, who was addressing a conference on 'India-Pakistan Economic Relations: Prospects and Challenges', also talked about setting up an Integrated Check Post (ICP) at a cost of Rs150 crore, along the IndiaPakistan border at Atari for trade facilitation. "We are also open to looking at the existing bilateral visa agreement that was signed in 1974 to facilitate travel by bonafide businessmen from both countries," she said. While responding to issues raised by the Federation of Pakistan Chambers of Commerce and Industry
Body chairman writes note of dissent
MPs thumb down RGST
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,154.83 10,030.11 23,023.86 19,459.85 2,755.87 2,859.94 5,646.96 11,154.06
Change 16.26 85.08 127.72 231.99 0.06 31.66 65.68 117.69
Special Correspondent/ Agencies
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.03 19.30 164.84 2.00 42.71 1.70 36.30 10.82 36.97
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
15-Nov-2010 15-Nov-2010 15-Nov-2010 29-Sep-2010 24-Nov-2010 24-Nov-2010 24-Nov-2010 24-Nov-2010 24-Nov-2010 24-Nov-2010 24-Nov-2010 24-Nov-2010 24-Nov-2010 24-Nov-2010 24-Nov-2010
12.86% 13.20% 13.30% 13.50% 12.76% 13.03% 13.31% 13.68% 13.76% 13.67% 13.73% 13.81% 14.23% 14.34% 14.51%
Commodities *Crude Oil (brent)$/bbl 83.77 *Crude Oil (WTI)$/bbl 81.59 *Cotton $/lb 116.11 *Gold $/ozs 1,373.00 *Silver $/ozs 27.30 Malaysian Palm $ 1,013 GOLD (NCEL) PKR 37,709 KHI Cotton 40Kg PKR 8,895
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 84.30 Canadian $ 83.50 Danish Krone 15.90 Euro 115.00 Hong Kong $ 10.95 Japanese Yen 1.012 Saudi Riyal 22.50 Singapore $ 65.60 Swedish Korona 12.75 Swiss Franc 87.20 U.A.E Dirham 23.05 UK Pound 135.00 US $ 85.50
Sell (Rs)
84.40 83.70 16.40 116.00 11.15 1.038 22.70 65.70 12.95 88.20 23.15 136.00 85.70
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
83.50 83.80 15.33 114.32 11.00 1.025 22.76 65.05 12.25 85.77 23.24 135.00 85.41
83.70 84.00 15.37 114.59 11.03 1.028 22.81 65.21 12.28 85.97 23.29 135.31 85.59
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
25°C 29°C 25°C 25°C 19°C 25°C
MIN
6°C 17°C 9°C 7°C -1°C 7°C
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Pak urged to grant India MFN status NEW DELHI: India has urged Pakistan to give Indian economy the Most Favored Nation (MFN) status and thereby achieve a five-fold increase in bilateral trade from $2 billion to $10 billion between the two countries in future, said Nirupama Menon Rao, Secretary Ministry of External Affairs in New Delhi on Wednesday. Dwelling views in a FICCI conference on India-Pakistan Economic Relations Prospects & Challenges, Rao said, "There is the issue before Pakistan of the grant of Most Favored Nation (MFN) status for India. The South Asian Free Trade Agreement (SAFTA) does not provide for a positive list approach but Pakistan continues to maintain a positive list of imports from India of 1934 items." See # 5 Page 11 (FPCCI) President Sultan Referring to Indo-Pak talks in Commerce Secretaries of two Ahmed Chawla, who talked July this year in Islamabad, the countries to meet and discuss about the need to take trade Foreign Secretary said, "There outstanding issues on the trade relations forward, Rao reiterat- were a number of proposals we front to see how we could ed India's commitment to had put on the table and one of address the removal of these remove all obstacles. them was for the high officials, obstacles." -Online
NEW DELHI: Indian Foreign Secretary Nirupama Rao shakes hands with FPCCI president Sultan Chawla during the India-Pakistan Economic Relations conference. -Reuters
Riko Diq mining case
Mystery of 11 Adiala prisoners
SC refuses to stay excavation
Agencies say have nothing to do with disappearings
ISLAMABAD: The Supreme Court on Wednesday declined to grant stay order on excavation of of Riko Diq mines in Balochistan and put off hearing till December 15. A three-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalil-ur-Rehman Ramday adjourned hearing after clubbing identical pleas of Barrister Zafarullah and others with main petition of Tariq Asad advocate. On bench's inquiry, Advocate
General Balochistan and Deputy Attorney General replied that there was no such contract in the field. The bench observed since both high government officials had been giving statements over the issue, so it would be premature to grant stay. On last date of hearing, the bench had issued notices upon a constitutional petition filed by Advocate Tariq Asad in which he had claimed that contracts of the gold and copper See # 10 Page 11
Production resurges in October
4MFY11 oil, gas output rises 2pc Ahmed Siddique KARACHI: Oil & gas production hiked by 2 per cent to 765 thousand barrels of oil equivalent per day (kbpeod) during 4MFY11 against 750 kbpeod in 4MFY10 mainly due to enhancement of production from Tal block fields Manzalai and Makori.
Oil production rose by 1 per cent stood at 64.4 kbpd as against 63.9 kbpd same period last year. Similarly, gas production surged by 2.1 per cent to 4 billion cubic feet per day (bcfd) versus 3.94 bcfd in the same period last year. On the other hand, Pakistan's See # 12 Page 11
ISLAMABAD: Intelligence agencies including ISI, MI and IB have filed their replies in Supreme Court (SC) about 11 prisoners who have allegedly gone missing in Adiala Jail. The agencies have taken the plea these prisoners are not in their custody. On behalf of ISI and MI, Attorney General (AG) Maulvi Anwar-ul Haq filed the reply through advocate on the record Raja Abdul Ghafoor on Wednesday wherein both of these agencies had expressed complete ignorance about these prisoners and maintained they had no relevance with them. It was also said in the reply that reply was not being filed on the report of chief secretary Punjab as the SC had stopped them from exposing the report and the reply would be submitted when the apex court would issue directives to do so. The agencies had also taken the plea that they could not be made respondents directly. Federation of Pakistan was the See # 9 Page 11
ISLAMABAD: The muchdebated issue of Reformed General Sales Tax reverberated in the Upper House Wednesday, as most of the Lawmakers expressed their sheer criticism over the proposed legislation and said that imposition would lead to anarchy, while Chairman of the Senate body on Finance Ahmed Ali filed his dissenting note against RGST. According to the details, Leader of the Opposition in the Senate Wasim Sajjad said the Bills relating to reforms in General Sales Tax and amendments in the Finance Bill have been sent to the Senate on the presumption that these being Money Bills the Upper House is not required to pass them and make just recommendations. Rising on a point of order, he
Govt briefs MQM in full over RGST KARACHI: The deadlock over Reformed General Sales Tax persists as meeting between MQM and government ended without yielding any positive outcome. According to the news, Government delegation including Finance Minister Dr Abdul Hafeez Shaikh and Interior Minister Rehman Malik met with MQM leadership here on Wednesday night. MQM delegation consists of See # 6 Page 11 said that under Article 77 no tax can be levied for the purposes of the federation unless it is authorized by Parliament. He said as parliament con-
Mutual Fund size reaches Rs213.9bn
MFs up 6.3pc in Oct MoM Ghulam Raza Rajani KARACHI: Mutual Fund Industry asset size impressively surged 6.31 per cent to Rs213.9 billion, thanks to money market funds category -- whose asset size increased massively by 20.20 per cent in October 2010. Furthermore, KSE 100-Index also went up by 5.74 per cent in October 2010, resulted in Mutual Funds industry to break its 6-month high of Rs204.3 billion, recorded in May 2010. Open-end funds which contributed almost 87.6 per cent of
total mutual fund industry size stand at Rs187.43 billion in October10 against Rs173.10 billion in September 10 -showing an increase of 8.28 per cent month-on-month. While closed-end funds stand at Rs26.44 billion, dropped by 5.82 per cent on MoM. The drop was due to conversion of Pakistan Strategic Allocation Fund from closed-end to openend fund category. In absolute terms, the total mutual fund industry rose Rs12.7 billion MoM. Out of Rs12.7 billion, See # 8 Page 11
sists of two Houses, these Bills needed to be adopted by both of them as they envisage levy of taxes for the federation. Law Minister Babar Awan said Finance Bill always includes proposals for the taxation and changes in the legislation relatable to the taxation. He also pointed out that it is the authority of the Speaker of the National Assembly to determine whether a Bill was Money Bill or not. Chairman Senate said he would give his ruling on the point on Thursday. Maulana Muhammad Khan Sherani was of the view that imposition of further taxes could lead to anarchy and uncertainty. He said Pakistani products would become dearer rendering them in-competitive against foreign goods. Raja Zafar-ul Haq proposed that a national policy for See # 7 Page 11
Sarkozy’s frustration boils over graft-blame PARIS: Angry remarks by French President Nicolas Sarkozy, who told reporters privately that linking him to kickbacks for French submarine sales was as absurd as him calling one journalist a pedophile. Infuriated by reports linking him to an investigation into possible kickbacks to French politicians in the 1990s, Sarkozy lashed out at a journalist in Lisbon last week and said he could just as easily accuse him of being a pedophile. In a media briefing that was "off the record", meaning his comments were not to be See # 11 Page 11
Irish govt rolls out $20bn recovery plan DUBLIN: Ireland's government unveiled a 15 billion euro ($20 billion) four-year austerity plan on Wednesday that foresees deep spending cuts and tax increases to help pay for a catastrophic bank crisis and meet the terms of an EU/IMF rescue. The plan includes thousands of public sector job cuts, phased-in increases in Ireland's value-added tax (VAT) rate from 2013 and social welfare savings of 2.8 billion euros by 2014, but does not touch the country's ultra-low corporate tax rate. Crucially, it retains economic growth assumptions unveiled earlier this month which many economists believe are over optimistic, given the likely effect of the cuts on already
fragile domestic demand. "It doesn't seem all that realistic to me," said Stephen Lewis, chief economist at Monument Securities. "It seems they're planning very stringent fiscal measures and yet they expect the economy to grow against that background. That seems highly unlikely." The Irish/German 10-year yield spread briefly widened to the day's peak of 660 basis points but later pulled back to 652. The euro, which has fallen sharply in recent days on fears of contagion from Ireland to other euro zone countries, barely budged. The plan is a condition for an EU/IMF rescue under negotiation for a country long feted as a model of economic development that has
become the latest casualty in the 16nation common currency bloc's emergency ward. A Reuters poll showed that 34 out of 50 analysts surveyed believe Portugal will be forced to follow Ireland and seek a bailout. If that occurred, fears about Spain would grow and investors could begin to worry about the future of the currency zone that was set up over 11 years ago and regarded as a major success in its first decade of existence. Irish Prime Minister Brian Cowen told parliament no final figure had been agreed for EU/IMF financial assistance, "but an amount of the order of 85 billion (euros) has been discussed. The Irish Independent
newspaper said the situation was so critical that Dublin could pump extra cash into the ailing banks as early as this weekend, well before the first European and International Monetary Fund funds are set to arrive. The European Commission said talks were progressing smoothly but would take several more days. "Hopefully it can be concluded around the end of November -- I cannot be more precise than that," a spokesman told reporters in Brussels. Once a loan agreement is signed, it has to be approved by European finance ministers and the IMF board before the first funds can flow, and disbursements are likely to be linked to benchmarks such as the adoption of
the 2011 budget. An erosion of support from the government coalition partners this week means Cowen is unlikely to survive in office much beyond the New Year to implement the plans. But his successor's hands will be tied by the terms of an agreement to be signed with the EU and the IMF, and Ireland's financial crisis will leave little scope to revise them. "There has never been such a political shambles in the history of the State," Irish Times columnist Stephen Collins wrote. "The coalition crumbling just days before the publication of a four-year budgetary strategy has added a whole new layer of uncertainty to an already volatile situation." Reuters
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Thursday, November 25, 2010
Unisame complains about FBR's actions KARACHI: The Union of Small and Medium Enterprises (UNISAME) invited the attention of the Chairman Federal Board of Revenue (FBR) to the difficulties being faced by the SME units due to certain rules and regulations imposed by the board. President Unisame Zulfikar Thaver said that the power supply companies are collecting 5 per cent sales tax in their bills even from units which are zero rated being exporters and obtaining refund from the departments is tedious in terms of time, energy and expenses involved. He said FBR should direct the power supply companies not to charge tax from zero rated units. Secondly the knitting industries supplying goods to exporters are
liable for withholding tax deduction of 6 per cent whereas other textile units like weaving are liable for only half per cent deduction of withholding tax. He questioned the wisdom behind this rule of treating the knitting industries differently from the other textile units as the knitting industry is very much part and parcel of the textile industry. Thirdly he said the small proprietorship and partnership companies find it difficult to file electronic returns as some of them do not have the computers and besides the FBR internet system is overloaded and works at snail pace and many hours are wasted in getting connected. He urged FBR to allow them the option to
file manual returns. He has appealed to the FBR to allow repairs of parts from whichever source which is cheaper without any restriction as the original manufacturers sometimes indulge in over charging knowing that the buyer is bound to send them the parts and its own government does not allow the buyer to resort to others for repairs once the warranty has lapsed. Finally Unisame has expressed reservations to the imposition of Reformed General Sales Tax (RGST) on necessities and said this would be a nail in the coffin and the FBR should not impose RGST on the bare necessities and revise the list of exemptions and save the common man from misery.-PPI
CDGK seize 85k sugar bags KARACHI: A special team of Revenue Department of City District Government Karachi (CDGK) headed by EDO Revenue Mustafa Jamal Qazi seized 85 thousand bags of sugar during a surprise raid on a warehouse near Gulbai. City Government has said that the action against illegal storage of sugar will continue and the special teams will carry on raids on such warehouses and sell of seized sugar in open market at cheap prize. Administrator Karachi Fazlur Rehman has also appreciated the performance of revenue department and directed that the action against illegal storage of sugar should continue according to the policy of government and instructions of Chief Minister Sindh Syed Qaim Ali Shah.-PPI
IFSB earns industry leadership award
Atif rocks at Warid concert
Selection of the award recipient is based on a number of criteria assessed by the WIBC Awards Committee. The Award was presented by Rasheed Al Maraj, Governor of the Central Bank of Bahrain at the Gala Dinner and Awards Ceremony of the 17th Annual WIBC held in Bahrain. In his acceptance speech, Professor Abdel Karim said, "I am truly honoured and privileged to be the recipient of the prestigious 2010 Industry Leadership Award for Outstanding Contribution
KARACHI: Warid Telecom made the launch of its new glow package 'Raat-Din" more festive with the series of electrifying concerts, featuring Atif Aslam who is also the brand ambassador of Warid GLOW, said a handout issued here. These refreshing events proficiently catered the entertainment hungry Pakistani youth like an oasis-in-the-desert with glowing ambience, cool atmosphere and thrilling performances by Atif. Four events took place in Lahore, Faisalabad and Islamabad with Karachi concert being planned after Eid. The sensational Atif is amongst the most hip and happening performersingers in the music industry today. With his soulful style of singing and attitude of a rock star, Atif is a massive draw with youngsters across the subcontinent and around the world. Being Warid GLOW brand ambassador, he won millions of hearts with his ravishing performance at GLOW concerts.-PR
Shabbir Kazmi KARACHI: Professor Datuk Rifaat Ahmed Abdel Karim, Secretary General of the Islamic Financial Services Board (IFSB) has been conferred the 2010 Industry Leadership Award for Outstanding Contribution to Islamic Banking. Convened under the Patronage of HRH, Prime Minister of Kingdom of Bahrain, the World Islamic Banking Conference (WIBC) Awards are among the oldest and most prestigious in the world.
to Islamic Banking. The Award certainly enhances my motivation to continue my contribution to the development of the Islamic financial services industry." Earlier this year, Professor Abdel Karim also received the Royal Malaysian Honorary Award of Darjah Kebesaran Panglima Jasa Negara which carries the title 'Datuk', the Prize of the Islamic Development Bank in Islamic Banking and Finance 1431H (2010) and the 2010 London Sukuk Summit Islamic Finance Award.
TV PROGRAMMES THURSDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
THURSDAY Time Programmes 8:00 Chai Time (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Agri Business 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:05 Aap Ka Paisa 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Siyasat Mana Hai 0:00 News
MULTAN: Pakistan Muslim League (Q) leader Marvi Memon talks to media men at Multan Airport.-Online
New Canadian HC calls on Qaim KARACHI: The New Canadian High Commissioner in Pakistan, Ross Hynes, Wednesday called on Chief Minister Sindh Syed Qaim Ali Shah at Chief Minister House. Chief Minister Sindh warmly welcomed the newly appointed Canadian High Commissioner and gave brief details about historic province of Sindh, the cultural heritage and socio-economic perspective. Syed Qaim Ali Shah said that the economy of province of Sindh is an agriculture oriented but now industrial development and latest technology is being encouraged in various cities and towns, with the result not only big industrial units but also the agro-based indus-
tries are being established in various areas. Chief Minister Sindh thanked the Government of Canada for extending assistance for flood affected people and hoped that Canada will continue the assistance and help for rehabilitation and reconstruction of the affected people. Canadian High Commissioner termed the City of Karachi as economic hub and said that the Government of Canada will fully help in objectives of prosperity and development of Sindh province. He also apprised the Chief Minister Sindh about his meetings held will people of Karachi Chambers of Commerce and Industry and other business forums.-APP
DMS forum honours students KARACHI: DMS Ladies's Forum hosted an event to honour the achievements of Mehreen Salim and other students from General Group, position holders in Secondary School examination. Students were also awarded medals for their brilliant performances. The evening was presided over by celebrated educationalist, Abida Saliheen. While addressing the students, Abida Saliheen appreciated the efforts of the young students and advised them with regards to the upcoming challenges and responsibilities that will come their way. She also praised the management in broadening student's scope toward building the healthier society and contributing towards the betterment of Pakistan. Renowned Social Worker, Afroz Sultan Chawla was also present at the occasion and addressed the students and faculty members congratulating them for their exceptional hard work and results. While praising the administration. Chawala expressed her appreciation of the state of the art computer and science labs, the home economics department and the library.-PR
KARACHI: Federal Minister for Commerce Makhdoon Amin Fahim meeting with Sindh Chief Minister Syed Qaim Ali Shah at Chief Minister House.-APP
LCCI starts web development classes Staff Correspondent LAHORE: Pakistan has the potential to outpace a number of its neighbours in IT exports by providing facilities to its entrepreneurs attached with this sector. This was stated by the LCCI Senior Vice President Sheikh Mohammad Arshad while speaking at the inauguration of the LCCI Web Development class here on Wednesday. The LCCI Vice President Sohail Azhar, Executive Committee member Ibrahim Qureshi and former EC member Sardar Usman Ghani also spoke
on the occasion. Sheikh Muhammad Arshad said that Pakistan could bridge the development gap in the shortest time by excelling in Information Technology. He said that years long governance issues could also be resolved in matter of minutes through proper utilisation of Information Technology. He said that the Lahore Chamber of Commerce & Industry was giving special attention towards the IT sector to achieve the goal of progress and prosperity. He said that India was making huge money software export to the
developed world but unfortunately Pakistan was still far behind despite having marvelous talent. Sheikh Muhammad Arshad said that the development of entrepreneurs was one of the prime tasks of the Lahore Chamber of Commerce and industry so that they could be able to present themselves and their products in the international market in a winsome manner. He said that the LCCI IT courses would strengthen Pakistani entrepreneurs in the international market and they would be able to sell their products with new confidence.
KARACHI: The Turkish Airlines participated in local TV programme (The Price is Right). Picture shows Adnan Khan, Marketing Manager of THY presenting free round the trip tickets to Zunishta Alwani, and Shumaila Mubarik. Farooq Qaiser head of the game show and others also present.-Staff Photo
ACCA moot kicks off Staff Reporter KARACHI: Association of Chartered Certified Accountants Pakistan inaugurated the first day of ACCA Accountancy Futures Symposium today at a local hotel, where corporate leaders, business men, professional accountants and policy makers elucidated on the two key challenges facing business and the profession today - the value of audit in modern world and Generation Y: realising the potential. Arif Masud Mirza, head of ACCA Pakistan, welcomed the symposium participants and panelists, saying "It is a pleasure to host one of the most excit-
ing and innovative events of the accountancy profession. The Global economic landscape has placed professional accountants in key positions as drivers of sustainability and long term profitability. This two-day symposium presents an ideal opportunity to determine the way forward for 2011". Vince Harris, CEO, HUBCO opened the discussion on Value of Audit in the modern World, "it's vital that the accountancy profession re-examines the role of audit and considers whether a sufficiently strong case is being put forward of the benefits audit can provide to businesses, the economy and society. The value
of audit to society needs to be evidence-based and constantly tested against the demands and needs of users and beneficiaries of audit and assurance" The panel discussion on the above topic was moderated by Junaid Iqbal, CEO BMA Financials and panelists included Feroz Rizvi CFO, ICI Pakistan Ltd, Salim Chinoy, Partner and Country Serviceline Leader Assurance, Ernst & Young Ford Rhodes Sidat Hyder & Co. Chartered Accountants, Nadeem Yousuf Adil, Partner, M Yousuf Adil Saleem & Co. Chartered Accountants and Arif Masud Mirza, Head of ACCA Pakistan.
HYDERABAD: Wing Commander 61 Wing Imran Sharif presides over a meeting with religious leaders regarding upcoming Muharram-ul-Haram.-Online
SECP educates investors ISLAMABAD: The Securities and Exchange Commission Pakistan believes that a wellinformed investor is a wellprotected investor. In order to achieve this objective, the SECP has published a series of guide booklets under its Investor Education Programme (IEP). The IEP is aimed at educating investors to protect themselves, raising public awareness on various available investment options and at reinforcing good corporate governance. The series of guide booklets broadly aim at giving investors insights into the capital market and its players, rights and responsibilities of investors, key characteristics of various investment products available in the market, role of the SECP as the apex regulator and avenues for redress available to investors in case their rights are infringed. The guides cover the insurance sector, Modarbas, Voluntary Pension Funds, registration of companies, real estate investments trusts (REITs) and stock market. The SECP hopes that these guides would not only improve the corporate conduct and supplement legal know-how of the investors but would ultimately develop a culture of informed investment decision making.-Online
LG optimus sets new selling records Staff Reporter KARACHI: LG Electronics (LG) recently announced that worldwide sales of its Optimus One smartphone have hit 1 million units just 40 days after the phone's initial launch. Now available in the Middle East after the global roll-out last month, the Optimus One is the fastest selling mobile handset in the company's history. Powered by the Android 2.2 "Froyo" OS and optimized for Google Mobile Services, the LG Optimus One has been a big hit with first-time smartphone buyers looking for high performance and useful applications in a handset priced very competitively to feature phones. "The versatile, powerful LG Optimus One was designed to provide an easy transition into the world of smartphones and as these numbers demonstrate, there is obviously a strong demand for this type of device," Ki Wan Kim, CEO of LG Electronics Middle East and Africa. "Optimus One seems to be what many customers were waiting for, proving that smartphones aren't just for early adopters anymore." One of the first smartphones to launch with Google's latest operating system, the Optimus One allows for up to three times faster internet browsing.
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Thursday, November 25, 2010
Swiss franc steadies against euro ZURICH: The Swiss franc traded near flat against the euro on Wednesday after the safe haven currency rose sharply in the previous session on worries about the European debt crisis and tensions in the Korean Peninsula. At 0813 GMT, the Swiss franc was largely unchanged versus the euro compared to the New York close, trading at 1.3323 per euro after breaking through the 1.33 threshold on Tuesday as investors sought safe assets. "We think that over a onemonth period, there is a possibility that the euro could go up to 1.36. Over the longer term, we are neutral as we see stable interest rate differentials. We see it at 1.34," Credit Suisse analyst Marcus Hettinger said. Against the dollar, the franc was 0.2 per cent firmer at 0.9949 per dollar, as the return to parity continued to elude the greenback. -Reuters
Euro little changed versus dollar in holiday thin trade US weekly jobless claims stoke some optimism NEW YORK: The euro climbed from a two-month low against the dollar on Wednesday after losing over 2 per cent in the last three sessions as investors considered the move overdone in thin trade in a holiday shortened week. Part of the gain, which left the euro little changed against the dollar, was attributed to a US report signaling improvement in the labor market. Investors took that as a positive further sign of recovery in the world's biggest economy, raising risk tolerance. Gains were muted by fears the euro-zone fiscal crisis, currently centered on Ireland, could spread to other peripheral eurozone countries. Ireland's four-year plan to make 15 billion euros in savings to bring down its record deficit left investors little impressed. A North Korean statement
after Tuesday's artillery clash that the South's action was driving the peninsula to the brink of war earlier prompted investors to seek relatively safer-haven currencies.
Adding to the euro's woes was a cut by Standard and Poor's of its sovereign rating on Ireland, and a poor response to the sale of new 10-year bonds by Germany. These factors earlier lifted the dollar to a two-month high against a currency basket. The euro was little changed at $1.3365, having hit a two-
Asian currencies
Largely stabilised, but uncertainty persists SINGAPORE: Emerging Asian currencies largely stabilised against the dollar on Wednesday as markets calmed after a sell-off sparked by North Korea's deadly shelling of a South Korean island. A return of exporters' demand for local currencies and bets by some investors that tensions on the Korean peninsula would eventually ease supported regional markets. However, the room for gains was limited by renewed worries about Ireland's debt crisis and uncertainty about the aftermath to Tuesday's attack, the fiercest since the Korean War ended in 1953.
"The dust is clearing a bit now," said a Manila-based trader. "We are taking a waitand-see approach, the Korean incident highlighted the risks (that still exist) in the region." The Korean won was down 0.19 per cent against the dollar on the day, while the Taiwan, Singapore, Indonesia and the Philippines currencies gained, recovering some of its Tuesday losses. "I think the damage has already been done to most USD-Asia pairings," said a Kuala Lumpur-based trader. "Year-end short covering should kick in shortly." The won recovered much of
its earlier losses on surging exporters' demand and foreign investors remained net buyers of Seoul stocks. The won, which started domestic trade at 1,175.0, its weakest since Sept. 8, traded at 1,139.65 per dollar at 0805 GMT. Dealers in Seoul estimated exporters have sold about $1 billion so far. "Shipbuilders kept dumping dollars and some players built up dollar short-positions. If the won returns to 1,130 levels, I think we'd better be cautious over possible dollar-buying intervention," said a foreign bank dealer. -Reuters
Stg climbs vs euro on eurozone woes
Taiwan dollar flat; cbank move seen
the fiscal health of Portugal and Spain, analysts said the euro would remain under broad selling pressure and that sterling would rise as a result. By 1625 GMT, sterling was flat at $1.5775, after falling to $1.5742, its lowest since late October, as problems in the euro-zone prompted some flows into the safe-haven dollar. The euro traded at 84.77
TAIPEI: The Taiwan dollar closed flat on Wednesday as the central bank was seen keeping prices in check and an exchange of fire between North and South Korea a day ago chilled emerging markets in early trade. The currency ended at T$30.8 per US dollar compared with its Tuesday close of T$30.799 after the central bank intervened to control market volatility and keep the local unit from appreciating for the benefit of exporters. Taiwan's central bank has intervened aggressively as the currency gained about 3 per cent since late September, dealers say. The unit surged on expectations that US monetary easing would attract foreign fund inflows to Asian forex markets. An exchange of fire between North and South Korea on Tuesday also kept a lid on the Taiwan dollar as well as other growth-linked Asian markets, which investors shunned in favour of safer bets such as the US currency. "Korea is Korea, and they've been fighting for 57 years, so we've got to accept that as part of the price," said Patrick Bennett, currency strategist with Standard Bank in Hong Kong. Reuters
LONDON: Sterling hit a near two-month high against a broadly struggling euro on Wednesday due to uncertainty about how the euro-zone will deal with debt problems facing weaker periphery members. The euro fell as low as 84.28 pence, its weakest since late September, before trimming losses. Some traders cited demand for euros from a UK
bank as helping to lift it from session lows. Ratings agency S&P on Wednesday said Ireland's growth expectations were too optimistic, a day after it cut its sovereign rating. Dublin on Wednesday unveiled a strict, four-year austerity plan after securing a debt bailout from the EU and the IMF this week but this did little to allay concerns that other periphery euro-zone countries may also be in trouble. With concerns growing about
pence in late London trade. Corporate demand was seen around 84.30 pence, traders said. Investors showed limited reaction to data confirming Britain's economy grew 0.8 per cent in the third quarter of this year, boosted by net trade which made its biggest contribution to growth in two years. Compared with the same period a year ago, the economy expanded by 2.8 per cent, also unchanged from a preliminary reading. -Reuters
Aussie, NZ dollars hindered by Korea tension, euro woes SYDNEY: A bout of short-covering lifted the Australia and New Zealand dollars from threeweek lows on Wednesday, but Europe's debt woes and tensions on the Korean peninsula prevented the pair from climbing too far. Traders said speculators had bet against the Australian dollar after Tuesday's sell-off, but they were caught out by buyers such as Australian exporters earlier Wednesday. That culminated in a short squeeze that led to the bounce in the pair. By late trade, the Australian dollar had crawled to $0.9779, off a three-week low of $0.9708 hit offshore on Tuesday, but still way under the week's high of $0.9955. The Australian dollar had sunk 1.7 per cent in Tuesday's offshore trade, making that its biggest daily loss in five weeks and a long way from October's 28-year peak of $1.0183. "The market was caught very short," said David Scutt, a trader at Arab Bank Australia. "But the Aussie dollar is still a sell in rally, rather than a buy on dips."
So focused were investors on Europe and the Korean peninsula that they ignored unexpectedly weak Australian construction spending that would likely put a modest dent in economic growth for the quarter. In late trade, the New Zealand dollar was also soft at $0.7622, within spitting distance of a three-week low of $0.7578 hit offshore. Overnight it had suffered its largest daily drop in four months. Loss of support at $0.7630 opens the way to $0.7562 and $0.7492. With no quick solution in sight for the problems in Europe and the two Koreas, some analysts said the market could stay on edge for some time. That would be further compounded by a thin market and would likely leave trade choppy and the pair of currencies prone to further losses. This is especially so in the case of the Australian dollar. Having gained over 9 per cent since January, it is one of the best-performing major currencies and investors would likely be tempted to take profits. -Reuters
month low of $1.3284 and bouncing off its 100-day moving average -- currently around $1.3297 -- for the first time since early September. "We're going to see liquidity
dry up and are already at 50 per cent of normal volume which could explain some of the jittery market conditions," said Michael Woolfolk, senior currency strategist at BNY Mellon in New York. While the euro is down 6.6 per cent against the dollar year to date, the single currency is only down 1 per cent since
April 10, the day before eurozone finance ministers approved a 30 billion euro emergency aid mechanism for Greece, the nation where the current bout of fiscal concerns began. Analysts are still looking for the euro to test $1.3232, the 61.8 per cent retracement of its August-November rally, before targeting $1.3000. The dollar index was down 0.1 per cent at 79.662, having hit a high of 79.995, its strongest in two months. Analysts said euro-zone worries eclipsed concerns about tensions between North and South Korea, which most believed would not escalate into something more serious. The dollar fell 1.2 per cent against the South Korean won, erasing some of the 3.2 per cent advance on Tuesday. -Reuters
Yuan ends lower but downside seen limited SHANGHAI/HONG KONG: China's yuan ended lower against the dollar on Wednesday after the People's Bank of China set a weaker mid-point to reflect a rally in the US Dollar Index, driven by renewed tensions on the Korean peninsula. But the 0.18 per cent fall in the PBOC's mid-point, or the level from which the yuan may rise or fall 0.5 per cent each day, lagged far behind a 1.2 per cent jump in the dollar index on Tuesday, reflecting the central bank's wish to prevent too much volatility. Many market players do not expect the dollar to maintain its upward momentum for long, with the US economy performing poorly and because the country is in the second phase of quantitative easing. The dollar index slowed its gains to rise 0.2 per cent in early European trade on Wednesday. Some traders see the yuan finding a floor at 6.7 versus the dollar, the limit to which the PBOC let the yuan retreat in its latest correction in October.
Offshore, most dollar/yuan forwards actually fell to imply more yuan appreciation in the future, partly due to a technical correction after they had spiked on Tuesday in response to the renewed Korean tensions. The PBOC is expected to let yuan movements echo those of the dollar index in the near term, but to confine its swings to a small range, traders said. The yuan is likely to remain mostly stable for the rest of this year, with a ceiling around 6.6 per dollar. Spot yuan closed at 6.6543 against the dollar, down from Tuesday's close of 6.6449 but still up 2.58 per cent since the PBOC depegged the currency in mid-June. Before trading started, the PBOC set the day's mid-point at 6.6589, compared with Tuesday's 6.6469. Offshore, benchmark one-year non-deliverable forwards (NDFs) fell to 6.4990 bid in the late session from 6.5080 at Tuesday's close, with their implied yuan appreciation in a year's time rising to 2.46 per cent from 2.32 per cent shown on Tuesday. -Reuters
Indian rupee recovers from new 2-mth low MUMBAI: The Indian rupee slipped to a fresh two-month low on Wednesday amid an equity market sell-off in late trade on reports of a federal probe into loans issued by financial institutions, while broad dollar gains also weighed. India's federal investigating agency said on Wednesday it had arrested at least eight officials from banks and financial institutions on charges of taking bribes to grant large corporate loans, the country's third big corruption scandal in the past few months. "Lots of action seen after reports of the scam. Market sentiment is bearish. 45.80 per dollar is a crucial level, but the near-term outlook looks dicey. The dollar could go further up," said Ashtosh Raina, head of forex trading at HDFC Bank. The partially convertible rupee closed at 45.6950/7050 per dollar, 0.3 per cent below its 45.57/58 close on Tuesday. The rupee, however, recovered from the day's low of 45.8350, which was its lowest since Sept. 21.
The one-year onshore dollar premium fell to 203.5 points from 214.75 points on Tuesday, while the six-month forward premium also fell to 116.75 points from 124 points at previous close. One-month offshore nondeliverable forward contracts were quoted at 45.99, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.74, 45.74 and 45.73 respectively, with the total traded volume on the three exchanges at a lower-than-average $6.1 billion. -Reuters
Top Economic Events Time EUR GBP USD USD USD USD USD USD EUR USD USD
Source German Ifo Business Climate Revised GDP q/q Core Durable Goods Orders m/m Unemployment Claims Core PCE Price Index m/m Durable Goods Orders m/m Personal Spending m/m Personal Income m/m Belgium NBB Business Climate Revised UoM Consumer Sentiment New Home Sales
Events 109.3 0.8% -2.7% 407K 0.0% -3.3% 0.4% 0.5% 0.8 71.6 283K
Forecast 107.6 0.8% 0.7% 434K 0.1% 0.2% 0.5% 0.4% -2.7 69.5 311K
Previous 107.7 0.8% 1.3% 441K 0.0% 5.0% 0.3% 0.0% -2.8 69.3 308K
Source
Events
4:50 4:50 5:30 13:15 16:00
JPY JPY AUD CHF GBP
Actual
Forecast
Previous
Trade Balance CSPI y/y Private Capital Expenditure q/q Employment Level CBI Realized Sales
0.63T -1.0% 3.2% 3.98M 34
0.59T -1.1% -4.0% 3.97M 36
Previous Day
Currency Rates Name EUR-USD ESD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3361 1.3419 0.9935 0.9984 1.5775 1.5838 1.0109 1.0243 0.9831 0.9854 111.56 111.76 0.8478 0.8498 1.3276 1.3347 131.6800 131.9800 84.0400 84.0800 0.98 0.98 1372.45 1381.60 27.45 27.68
Bid 1.3360 0.9932 1.577 1.0104 0.9827 111.52 0.8474 1.3272 131.6700 83.9800 0.98 1371.78 27.39
Low 1.3284 0.9899 1.5746 1.0095 0.9716 110.34 0.8431 1.3245 130.8900 83.1700 0.97 1369.80 27.15
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 24/11/2010 A USD GBP CAD EUR JPY O/N 0.23313 0.55313 0.97500 0.42250 SN 0.09188 1WK 0.24953 0.55875 1.01167 0.56625 0.10250 2WK 0.25125 0.56375 1.04833 0.63500 0.10750 1MO 0.25344 0.57500 1.08833 0.75500 0.11875 2MO 0.27141 0.62813 1.14000 0.85625 0.15000 3MO 0.28750 0.73875 1.20500 0.96875 0.19063 4MO 0.33563 0.82125 1.27333 1.03500 0.25500 5MO 0.39438 0.92625 1.34333 1.11250 0.30813 6MO 0.44688 1.02875 1.41000 1.21000 0.36313 7MO 0.49875 1.10750 1.47500 1.25875 0.42063 8MO 0.55125 1.19000 1.55250 1.30500 0.46875 9MO 0.60063 1.27250 1.61167 1.35625 0.51500 10MO 0.65125 1.35000 1.69667 1.40250 0.54250 11MO 0.70656 1.41750 1.77167 1.44750 0.57188 12MO 0.76650 1.48438 1.85167 1.49125 0.60125
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Dec 07 2010 Dec 09 2010 Dec 21 2010 Dec 02 2010 Dec 14 2010 Dec 16 2010 Dec 07 2010
Sep 08 2010 Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 Nov 02 2010
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, November 24,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.55 135.31 114.59 84.00 85.97 83.70 12.28 1.03 14.04 65.21 15.37 22.81 11.03 12.87 304.17 27.32 65.24 23.50 23.29 0.07 2.85
85.35 135.00 114.32 83.80 85.77 83.50 12.25 1.03 14.01 65.05 15.33 22.76 11.00 12.84 303.46 27.26 65.09 23.44 23.24 0.07 2.84
85.17 134.69 114.05 83.58 85.54 83.28 12.22 1.02 13.97 64.88 15.29 22.70 10.97 12.81 302.66 27.18 64.92 23.38 23.18 0.07 2.83
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for November 24, 2010
KASB
BMA
ELXIR
GSL
ICSL
12.00 12.15 12.35 12.50 12.70 12.95 13.10 13.20 13.25 13.40 13.65 13.72 13.75 13.77 13.77 13.78 13.79 13.82 14.25 14.35 14.50
12.00 12.15 12.35 12.50 12.75 12.95 13.20 13.25 13.25 13.40 13.70 13.70 13.70 13.70 13.70 13.70 13.70 13.72 14.20 14.35 14.50
12.05 12.15 12.40 12.50 12.71 12.90 13.16 13.20 13.26 13.45 13.65 13.72 13.75 13.75 13.77 13.78 13.72 13.82 14.25 14.35 14.55
12.00 12.20 12.40 12.50 12.77 12.98 13.20 13.26 13.30 13.45 13.68 13.70 13.74 13.75 13.76 13.77 13.65 13.90 14.20 14.35 14.50
12.00 12.20 12.30 12.50 12.70 12.85 12.95 13.10 13.20 13.40 13.68 13.73 13.75 13.75 13.75 13.75 13.74 13.80 14.20 14.30 14.50
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
JSCM AvgRate 12.00 12.15 12.40 12.50 12.75 12.95 13.12 13.25 13.35 13.50 13.63 13.69 13.70 13.71 13.72 13.73 13.74 13.79 14.25 14.35 14.50
12.01 12.17 12.37 12.50 12.73 12.93 13.12 13.21 13.27 13.43 13.67 13.71 13.73 13.74 13.75 13.75 13.72 13.81 14.23 14.34 14.51
Currencies Correlation GBP/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
0.68 0.66 0.91 0.89 0.57 0.58
0.49 -0.28 0.81 -0.37 0.23 0.11
0.31 -0.43 0.67 0.53 0.37 -0.17
EUR/USD NZD/USD
0.61 0.25 0.81 0.42 0.45 0.46
0.72 0.19 0.87 0.90 0.85 0.78
USD/CAD USD/CHF
0.62 0.88 0.92 0.89 0.62 0.62
-0.65 -0.84 -0.87 -0.66 0.04 -0.51
-0.30 -0.46 -0.79 -0.92 -0.79 -0.70
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)24/11/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 12.00
12.50
12.10
12.60
12.30
12.80
12.75
13.00
12.95
13.20
13.15
13.65
13.20
13.70
13.30
13.80
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
ASPK 12.00
12.50
12.10
12.60
12.30
12.80
12.75
13.00
13.05
13.30
13.20
13.70
13.25
13.75
13.35
13.85
CIPK
11.85
12.35
12.00
12.50
12.20
12.70
12.70
12.95
13.20
13.45
13.25
13.75
13.40
13.90
13.45
13.95
DBPK 11.75
12.25
11.85
12.35
12.15
12.65
12.70
12.95
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK
11.85
12.35
11.90
12.40
12.20
12.70
12.80
13.05
13.20
13.45
13.25
13.75
13.30
13.80
13.40
13.90
FLAH 12.00
12.50
12.15
12.65
12.30
12.80
12.80
13.05
13.05
13.30
13.15
13.65
13.25
13.75
13.35
13.85
HBPK 11.80
12.30
12.05
12.55
12.25
12.75
12.80
13.05
13.05
13.30
13.20
13.70
13.25
13.75
13.35
13.85
HKBP 11.90
12.40
12.10
12.60
12.30
12.80
12.75
13.00
13.00
13.25
13.15
13.65
13.20
13.70
13.30
13.80
NIPK
11.75
12.25
12.10
12.60
12.70
13.20
12.90
13.15
13.10
13.35
13.20
13.70
13.25
13.75
13.30
13.80
HMBP 11.95
12.45
12.15
12.65
12.45
12.95
12.85
13.10
13.10
13.40
13.25
13.70
13.30
13.80
13.35
13.85
SAMB 11.95
12.45
12.05
12.55
12.30
12.80
12.80
13.05
13.10
13.35
13.15
13.60
13.25
13.75
13.35
13.85
MCBK 11.90
12.40
12.10
12.60
12.20
12.70
12.85
13.10
13.15
13.40
13.25
13.75
13.30
3.80
3.50
14.00
NBPK 11.85
12.35
12.00
12.50
12.20
12.70
12.80
13.05
12.90
13.15
13.10
13.60
13.25
3.75
3.35
13.85
SCPK
11.65
12.15
11.95
12.45
12.20
12.70
12.70
12.95
12.95
13.20
13.10
13.60
13.15
13.65
13.30
13.80
UBPL 11.70
12.20
12.20
12.70
12.35
12.85
12.80
13.05
13.10
13.35
13.20
13.70
13.25
13.75
13.35
13.85
AVE
12.37
12.07
12.57
12.26
12.76
12.78
13.03
13.06
13.31
13.18
13.68
13.26
13.76
13.34
13.84
ABPL JSBL
11.87
4 Thursday, November 25, 2010
Small farmers dependent on informal lenders
The Financial Daily International Vol 4, Issue 108
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
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Shabbir Kazmi
Number E rigmarole Sohail Ahmed, Chairman, Federal Board of Revenue has said the revenue collection target would be revised upward to Rs1,655 billion for 2010-11 in case the Parliament approves imposition of Reformed General Sales Tax, 10 per cent flood surcharge and 1 to 2 per cent increase in rate of special excise duty (SED) on luxury items. He also said revenue collection target of Rs1,667 billion for 2010-11 was no more relevant as the whole budget is being reviewed including revenue collection targets and expenditure. The much talked about new tax proposals are likely to yield additional Rs60 billion, to Rs1,655 billion from revised and scaleddown estimates of Rs1,595 billion. The initial revenue collection target was set at Rs1,667 billion. One can only wonder about the ingenuity of the legislative which has spent hundreds of man-hours working out the tax measures which would yield an additional Rs60 billion only. In all sincerity they should have come up with cuts in certain non-developmental expenditure rather than creating rift among the coalition partners and giving the opposition a chance to prove that this government is least interested in containing its extravaganza. Though, an impression is being created that new tax measures are being introduced on the insistence of the International Monetary Fund and in case such reforms are not introduced the remaining tranches of standby facility would not be released. Many experts challenge authenticity of the stance because the point of IMF concern should not be the amount of revenue collection but budget deficit and/or government borrowing. It is believed that since the government is not willing to curtail extravaganzas the only available option is collection of additional amount through introduction of new taxes. We have repeatedly suggested if the government is serious in enhancing revenue collection it should focus on accelerating GDP growth rate and improving purchasing power of masses. Most of the industrial units are operating below optimum capacity utilisation. Facilitating them in improving capacity utilisation will help in boosting employment, achieving economies of scale and enhancing exportable surplus. High cost of energy products and extensive load shedding of electricity and gas are the biggest stumbling blocks, which must be removed at the earliest. Let us remind the government once again that load shedding of electricity and gas is not due to supply constraints but gross mismanagement. One needs not be Hakim Luqman to overcome this mess.
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.
xperts are never tired of saying that Pakistan is an agrarian country and its economy and exports are highly dependent on agriculture. However, the minuscule amount of credit extended to farmers indicates the bias against the sector. It is only recently that the total lending to agriculture has reached Rs250 billion. Though, the central bank was slow in recognizing the importance of lending to farmers, the biggest resistance came from the commercial banks. Apprehensions of financial institution are right to some extent, simply because loans to farmers are exposed to harsh natural calamities and unless there is some kind of risk mitigation system no prudent lender would be willing to assume an unquantified risk. Historically, banks have been mainly investing in government securities because of the attractive return and no risk attached. After the commencement of operations by private banks the situation was expected to change but political environment, economic scenario and government's lust for more borrowing also encouraged the new entrants to join the bandwagon. Second priority of the bankers is blue chip corporate. Though, the blue chips insist on borrowing at lower rates financial institutions bow down before their demand as the probability of delinquency is relatively low. The other reason is that the amounts involved are so big that no financial
institution is willing to miss the opportunity. Banks have been least interested in lending to farmers. When the central bank decided to allocate agriculture lending on pro rata basis, for some time many of the banks preferred to pay the penalty rather than lending to the farmers. The size of agriculture loans is still too small when compared to overall lending to the manufacturing sector. Lending to farmers has reached Rs250 billion level lately. This became possible only because of credit insurance made mandatory by the central bank. However, experts say still 70% of lending is without any insurance cover. It is partly because of
country, India. There are no reasons why crop insurance could not be made available in Pakistan. It is the responsibility of the government to ensure availability of such a cover. The recent flood showed if such a scheme was being followed neither the government nor the farmers would have encountered such a precarious situation. Experts have been talking about crop insurance in Pakistan for decades but little has been done for mitigating the risk. Whatever risk hedging is available falls under credit insurance. Governments around the world play key role in protecting farmers through payment of subsidy and offering comprehensive crop insurance. Farmers
“
Banks have been least interested in lending to farmers. When the central bank decided to allocate agriculture lending on pro rata basis, for some time many of the banks preferred to pay the penalty rather than lending to the farmers
the resistance of farmers and partly because of the perception that acquiring insurance cover is waste of money and also that insurance is contrary to Shariah covenants. But both the arguments are week and devoid of logic. After the commencement of business by Takaful operators any resistance against risk hedging can be termed illogical. Interest rates charged on agriculture loans are exorbitantly high as compared to rates charged on loans extended to other sectors. Till recently, the rational put forward was high risk attached to such lending. However, this is not a valid excuse now, mainly because crop insurance is common around the world. Comprehensive crop insurance is offered in our next door neighboring
are also assured good return by fixing support price of crops. However, many experts are of the opinion that support prices are much higher in Pakistan. While the farmers demand hike in support price due to increasing cost of inputs, experts say poor yields in Pakistan don't allow the farmers to earn good return. The situation turns real precarious when farmers are hit by any natural calamity like the recent floods or drought. Financial sector experts say that lending to farmers pose many risks beside natural calamity. Since most of the lending is collateral based, absence of clean title of land does not allow banks to extend any credit. The prevailing situation is the outcome of land reforms and highly corrupt land
revenue department. It is also being said that 90% of cultivable land is actually owned by less than 2% of total farmers, thanks to absentee landlords and highly tempered landholding record. Another factor keeping disbursement of agriculture loans low is the mindset of bankers. Since head offices and/or principal offices of banks are located in Karachi and senior executives have not learnt as yet to go beyond working capital loans and medium-term lending they do prefer not to lend to the farmers. Managers of branches located in rural areas also try to look after the interest of feudal lords, who maintain huge deposits, though also borrow heavily against these deposits. It is encouraging that the central bank has come up with a scheme to facilitate the farmers from flood affected areas, offering loans at subsidized rate. The government also aims at distributing free seeds and fertilizer. However, the only apprehension is will the small farmers benefit from this scheme. The general consensus is that feudal lords will take bulk of the free seeds and fertilizers and then sell these to small farmers at exorbitant prices. Disbursement of loans can become some what easy if bankers coordinate closely with marketing companies of seeds, fertilizers and pesticides and refrain from distributing development loans (for buying tractors etc). Preference should also be given to those farmers who are willing to acquire the insurance cover. It is encouraging to note that the central bank has developed special schemes for providing loans to growers of oil seeds like corn, canola and sunflower. However, care must be taken to avoid switchover from to oil seeds from wheat. Farmers must take advantage of available financing schemes and try to earn the best because the government has already announced support prices of all the crops.
FBI raids send warning to hedge funds F
BI raids on hedge funds were a sign that prosecutors feared evidence in a widening insider trading probe could be destroyed, but the dramatic daytime searches may also have been intended to shake up the secretive hedge fund world, legal experts said. Investigators most likely swooped down on the funds Monday in Connecticut and Massachusetts because they had a major concern that subpoenas for information would not be properly obeyed, lawyers and investigators said. The raids served another purpose: warning the broader financial industry that a serious prosecution effort was underway. "I think there is a desire to send a message to people who are not currently the target of criminal investigations that there is a cost to engaging in this type of potentially criminal behavior," said Ross Gaffney, a former FBI agent in Miami who is now a principal in the forensic consulting firm Gaffney Gallagher Philip. Gerald Lefcourt, past president of the National Association of Criminal Defense Lawyers, said that the only justification for such
search warrants is the government's concern that documents could either be destroyed or simply not produced. "There may be another
by year end, lawyers with knowledge of the situation said. Agents searched and removed documents or information from computer
“
that case as the biggest probe of insider trading at hedge funds in the United States. In all, 23 hedge fund managers, traders, company executives and lawyers were charged. Fourteen have pleaded guilty. Lawyers and former agents say the new investigation could go on for weeks or months yet. Potential cooperators could be talking to prosecutors and the FBI behind the scenes, some may come forward, or others may clam up as a result of the raids. "This is not standard operating procedure in a whitecollar case," said Ellen Zimiles, a former federal prosecutor who heads global investigations and compliance at Navigant Consulting. "The fact that three entities were searched at the same time could mean investigators believe there is a connection, or this is a larger investigation. This is a very clear warning shot." Lawyers and former FBI investigators said decisions to serve search warrants are not taken lightly. One disadvantageous outcome could be
Gerald Lefcourt, past president of the National Association of Criminal Defense Lawyers, said that the only justification for such search warrants is the government's concern that documents could either be destroyed or simply not produced
motive, but I view this as an improper motive and that is to simply scare people," Lefcourt said. "And it certainly does have that effect." Prosecutors and the FBI need approval by federal judges before carrying out search warrants. They need to show proof that the destruction of evidence is highly probable. Monday's raids on three large hedge funds in Connecticut and Massachusetts with billions of dollars each under management are a precursor to a series of new insider trading cases to be unveiled, possibly
servers at Diamondback Capital Management LLC and Level Global Investors LP in Connecticut and Loch Capital Management, a Boston-based firm. The raids have grabbed headlines and sent shivers through hedge funds just more than a year after prosecutors charged Galleon hedge fund founder Raj Rajaratnam with conspiracy and securities fraud related to suspected insider trading. Rajaratnam, who is free on bail, has pleaded not guilty and is expected to go on trial in January. US prosecutors described
investigators overwhelmed with information that might have been pared down by a narrowly targeted subpoena for documents and trading records. What agents look for when they enter any premises depends on the scope of the search warrant, said Ken Springer, a former FBI agent who now runs Corporate Resolutions, a New Yorkbased company investigations firm. "They are not asking too many questions, or interviewing employees of those firms. They'll say: 'Take us to the IT department, so and so's desk or the accounting office.'" He said that when agents use court-approved search warrants to remove documents from offices, "it doesn't mean that someone is guilty." Springer said, however, that the Galleon probe and the new inquiry into the three hedge funds signal that "maybe insider trading is bigger than we thought. "Years ago, people thought it was a small, old-boy network; but maybe it's bigger than that, with electronic trading and other software that gives certain people an unfair advantage."-Reuters
Who is selling the gold mine? I refer to a column "Who is selling this gold mine?" published in a national English daily recently. It was a commendable effort with deep insights showing real facts and figures of Reko Diq project. Apart from giving the true facts, the column also raised some very important and pertinent questions that every patriotic Pakistani should be concerned about. Why this resource has not yet been exploited to its full potential? What hidden forces have delayed its utilization? Who had vested interests? The answers to these questions must be sought from our leaders. One is surprised to know that on one side we have such huge resources and on the other we are begging from the international community to write off our debt obligations on the platform of Pakistan Development Forum. The present state of our economy desperately needs immediate and complete utilization of all available national resources. However, we have been unable to do so because of the lack of will on the part of those who matter due to their selfish interests. What we hear instead is that the burden of deteriorating economy should be passed to the common man by imposing new taxes and withdrawal of subsidies. One of the hurdles in development of this resource could be the distrust that exists between federal government and the provinces. The federal government does not enjoy a good repute in payment of royalties to the provinces for such mega projects. It is also common that tall promises are made before the start of the project and soon after the affected people are left high and dry. I will request the high ups to use this resource only in the larger national interest. Utilizing such prudently can help in reducing the burden already placed on the shoulders of common men. I urge all the Pakistanis not to remain silent on this plunder of national wealth and raise their voice in any possible form, no matter how insignificant it may be. Umair Afzal, Rawalpindi
5
Thursday, November 25, 2010
South East Asian stocks
Europe shares rebound from lows on economic data KSE-100 Index Opening Closing Change % Change Turnover (mn)
11,171.09 11,154.83 16.26 0.15 153.97
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,510.24 3,496.50 13.74 0.39 7.78
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,857.71 2,856.25 1.46 0.05 0.21
Major Gainers
Symbol
Close
Change
ULEVER 4,179.63 NESTLE 2,006.01 SIEM 1,344.00 WYETH 870.00 BHAT 250.00
54.63 29.34 25.65 20.00 10.01
Major Losers
Symbol
Close
Change
LAKST BATA SRVI FZTM SAPL
327.42 590.39 213.62 425.78 125.00
-12.76 -12.33 -7.73 -6.22 -4.4
Top 5 Volume Leaders
Symbol
Close Vol (mn)
JSCL ANL LOTPTA AHCL NML
13.28 11.71 11.84 25.62 57.52
13.71 13.18 12.70 12.44 7.27
Active Issues Plus Minus Unchanged
180 191 25
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
Singapore leads regional revival; others recover
KSE stalks regional fall; rate hike fears take toll too Nawaz Ali KARACHI: After Tuesday's negative close Karachi Stock Exchange (KSE) on Wednesday, as well, ended in red-zone as local/foreign investors booked profits following a fall in regional markets and fears of rise in key interest rate. The benchmark KSE 100Index lost 16 points to close at 11,154 points, KSE 30-Index fell by 54 points to close at 10,768 points and KSE All Share Index went down by 8 points to close at 7,758 points.
"Fall in regional equity markets and concerns over monetary policy announcement next week catalysed negative activity at KSE", said Ahsan Mehanti, Director Arif Habib Investments. After a slight negative start of the session, market managed to bounce back into the greenzone and stayed there for most of the session during which it touched an intra-day high of 11,262 points (+ve 91 points). However, following a decline in regional markets some profit taking was witnessed at higher levels that ejected the index
Nikkei slips on Korean tension, but gets support TOKYO: Japan's Nikkei share average fell 0.8 per cent on Wednesday as North Korea's shelling of a South Korean island the previous day rattled investors and increasing eurozone debt worries spurred profit-taking. But the Nikkei managed to finish the day above the closely watched 10,000 level as the dollar's gains versus the yen in the past few weeks, after falling to 15-year lows, induced solid bargain-hunting, traders said. "I believe Tokyo participants have reacted pretty calmly to the Korean turmoil, which resulted in limited falls in Japanese shares today," said Shoji Yoshigoe, a senior strategist at Mitsubishi UFJ Morgan Stanley Securities. "The fact that falls in South Korean shares were limited was also positive for Japanese stocks," he said. Japanese financial markets were closed for a national holiday on Tuesday, when other major stock indexes fell as investors looked for safe havens in the US dollar, gold and government bonds after the exchange of fire on the Korean peninsula. On Wednesday, Asian shares
were mixed, with South Korean shares easing a slight 0.2 per cent while Hong Kong and Shanghai shares edged higher. Trading volume on the Tokyo exchange's first section totalled 2.1 billion shares, for a slightly busier day than the previous five trading sessions when daily volume averaged 1.9 billion shares. "Investors wanted to book profits after the recent rally," said Fumiyuki Takahashi, equity strategist for Barclays Capital Japan. "But this drop in the Nikkei, provided there is no further friction on the Korean peninsula, will only be temporary because the dollar/yen rate is steady above 83 yen and earnings of Japanese companies were better than the market had expected." Many Tokyo traders said they believed the Nikkei still had plenty of room to rise. "The basic bullish trend towards Japanese shares has not changed. The Nikkei still can go up by around 500 to 1,000 points from the current level by the end of the year," said Shoji Hirakawa, chief equities strategist at UBS Securities Japan. See # 14 Page 11
gains. After that market remained in the bearish-zone till the last hour touching the lowest of the day of 11,124 points (ve 46 points) mainly due to selling in the banking stocks. Further, the fears of a hike in the interest rate too forced the investors towards profit taking. The monetary policy is due to be announced on November 29 for the next two months and there are expectations that the key policy rate would be increased by 50 basis points. Foreign investors who were mainly on the buying side since last so many days turned into
Commodities, Banks pull FTSE up LONDON: Britain's top share index closed higher on Wednesday, boosted by commodity stocks and banks which bounced back after hefty falls earlier in the week, as investors welcomed economic data from both the UK and the United States. The FTSE 100 ended up 75.82 points, or 1.4 per cent, at 5,657.10, having hit a sevenweek low earlier in the session. Energy stocks were in demand, following crude prices higher after a US government report showing crude oil stockpiles rose against expectations last week, but by less than reported by industry. It was a similar story with mining stocks, with Antofagasta , Xstrata and Kazakhmys near the top of the blue-chip leader board -- up 4.3 per cent and 4.2 per cent respectively -- boosted by rising metals prices. "I think (the market's) being helped by the GDP numbers for the UK coming in flat ... and also US figures, they came in well, certainly the initial jobless claims," Manoj Ladwa, senior trader at ETX Capital, said. "But we're going into a US holiday for Thanksgiving tomorrow and volumes are relatively light ... so we could give back some of these gains tomorrow," he said. See # 15 Page 11
China, HK rebound on bargain hunting HONG KONG/SHANGHAI: Shares in China and Hong Kong rebounded from multiweek lows on Wednesday on lower volumes as investors bought beaten down stocks such as bank- and commodityrelated counters. Investors also bought back into Hong Kong developers mainly on short-covering, dealers said. Developers fell sharply in recent sessions after the government announced fresh measures aimed at putting a lid on fast-rising property prices. Overall sentiment was fragile as speculation about another rate rise in China, worries over the debt problems in Europe and tensions on the Korean peninsula sidelined most investors. 'There is so much uncertainty in the market, that's why there is not much leg in this rebound,' said Alex Wong, director at Ample Finance Group. The Shanghai Composite Index rose 1.1 per cent to 2,859.9, while Hong Kong's
Hang Seng Index was up 0.6 per cent to 23,023.86. Both indices rebounded from sixweek lows in the previous session. Industrial and Commercial Bank of China's plunged 10 per cent, the maximum allowed in a single day, when it resumed trading after being suspended for over a week, catching up with the broader market's fall during the period. ICBC, the second biggest weight in the Shanghai index, had suspended its shares since Nov. 16 as it completed its nearly $7 billion rights issue. In Hong Kong, ICBC rose 1.0 per cent on bargain-hunting, recovering from three days of losses during which it shed a total of 5 per cent. Analysts said the market was due for a rebound after falling around 9 per cent in the past two weeks. They cited the 250-day moving average, now at 2,885, as a reasonable level for a bounce. 'Today's rebound is reasonable. We have had continuous declines in the past few days
so this technical move upwards is in place,' said Zhang Qi, analyst at Haitong Securities in Shanghai. But analysts cautioned that any upside would be capped by worries about another round of monetary tightening. Turnover in Hong Kong hit HK$82 billion ($10.6 billion), well below the HK$104 billion daily average for this month, as most investors stayed on the sidelines. 'The rebound in the market is mainly due to bargain hunting. The buying interest is not that strong,' said Kenny Tang, research head at Redford Securities. The property sub-index gained 1.1 per cent, snapping three days of losses that brought it to a two-month low. But the rebound may not be sustained as the government's imposition of a stamp duty on real estate transactions and other measures to cool the red-hot sector may drag down property prices, especially for residential units.Reuters
net-sellers on Wednesday as according to NCCPL data they did a net-selling of $1.35 million. On the local side banks and companies did a net buying of $2.1 million and $1.51 million respectively while individual investors did a net-selling of $1.86 million. Experts added that the ongoing tussle between the political parties over the imposition of Reformed General Sales Tax (RGST) and uncertainty over the approval of next IMF tranche are also compelling investors to adopt a cautious stance.
Volumes, however, remained healthy but witnessed a minor decline on daily basis as 153.9 million shares traded in the overall market which is 1.2 million less as compared to a turnover of 155.1 million on Tuesday. Jahangir Siddiqui & Co was the volume leader with 13.71 million shares followed by Azgard Nine with 13.18 million and Lotte Pakistan with 12.7 million shares. Out of total 396 active issues 191 declined and 180 advanced while 25 issues remained unchanged.
Indian shares at 10-wk closing low MUMBAI: Indian shares dropped 1.2 per cent to their lowest close in 10 weeks, as reports pointed to a federal probe into loans issued by some financial institutions, adding to investor nervousness in a country already grappling with a telecom scandal. After the stock market closed, India's federal investigating agency said it had arrested at least eight officials from banks and financial institutions on charges of taking bribes to grant large corporate loans. The 30-share BSE index closed down 1.18 per cent, or 231.99 points, at 19,459.85 points -- its lowest close since Sept. 16. Twenty five of its components lost ground. The banking sector index closed down 2.9 per cent. "This is another blow. When the sentiment is already difficult, we have more woes being added to it,' said Arun Kejriwal, director of research firm KRIS. Officials arrested include the chief executive of LIC Housing Finance, a general manager of state-run Central Bank of India and senior officials at state-run Punjab National Bank and Bank of India, a joint director
of the Central Bureau of Investigation told reporters. Earlier in the day, the Supreme Court postponed a ruling on Prime Minister Manmohan Singh's handling of a telecoms scandal that has undermined confidence in the administration and paralysed parliament. The BSE index rose as much as 0.7 per cent earlier, helped by brokerage upgrades. The benchmark index is up 11.4 per cent in 2010, with foreign funds pumping in nearly $30 billion into Indian equities, including primary market offerings. However, their interest in the last few session has been volatile as Irish debt woes and North Korea's deadly shelling of a South Korean island hit their risk-taking capacity. LIC Housing Finance dropped as much as 21.3 per cent, while Central Bank of India shed as much as 11.2 per cent. Punjab National Bank and Bank of India closed 3.1 per cent and 5.9 per cent lower. Top mobile phone operator Bharti Airtel gained 0.8 per cent to 331.65 rupees after Goldman Sachs upgraded the stock to "buy" from "neutral." See # 13 Page 11
ANNOUNCEMENTS Company Atlas Honda Ltd.
Period Half Yearly
Div/Bon/Right PAT (Rs in mn) 431.61
EPS(Rs) 6.90
US stocks early-trade
Wall Street up on consumer, jobless data NEW YORK: US stocks climbed on Wednesday after data on the labor market and consumer spending signaled the economy was on an upswing. US consumer spending rose for a fourth straight month and a key inflation gauge was at a record low, while jobless claims fell more than expected, the government reported. Also, a private survey found US consumer sentiment rose to its highest level since June. The data helped lift stocks, which had fallen nearly 3 per cent since early November after hitting a two-year high. Markets fell sharply on Tuesday on concerns over European debt and tensions on the Korean Peninsula. "Now you are getting good economic data, and you have a tug of war going on here between an improving economy and geopolitical events," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. "The market is trying to determine how much weight to put on each one of these events." The Dow Jones industrial average was up 101.79 points, or 0.92 per cent, at 11,138.16. The Standard & Poor's 500 Index was up 10.99 points, or 0.93 per cent, at 1,191.72. The Nasdaq Composite Index was up 33.99 points, or 1.36 per cent, at 2,528.94. Wall Street was also boosted by upbeat results from upscale jeweler Tiffany & Co . Tiffany advanced 4.1 per cent to $60.68 after posting quarterly profit and sales that handily beat estimates and forecasting strong holiday sales. The S&P retail index gained 2.3 per cent on bullish prospects for retailers heading into the important holiday shopping season. Other data showed weakness still remained in the economy, as new durable goods orders had their largest decline in nearly two years and new US single-family home sales fell unexpectedly in October. Trading volume was light ahead of the US Thanksgiving Day holiday on Thursday.-Reuters
Dhiyan
CONSOLIDATION COMING Iqbal Ismail, Chairman ACE Securities Outlook of the market is bullish and it is likely to cross 12,000 points level in the short-term and such a rally would be led by the oil sector. Therefore investors are recommended to invest in oil & gas exploration, marketing and refining sectors also they can invest in major banking stocks. Trouble free imposition of Reformed General Sales Tax (RGST) and no change in SBP interest rate would trigger the market. Market would consolidate today.
Sajid Bhanji, VP Capital Markets Arif Habib Limited Market would consolidate around 11,000 levels in the coming days. Thereafter positive development on RGST and arrival of International Monetary Fund (IMF) tranche could revive the bull-run. Investors are therefore advised to invest in oil & gas exploration and fertiliser stocks at dips. Last but not the least, peaceful law and order situation would also spur the market positively. We might see profit taking at higher levels today.
6
Thursday, November 25, 2010
Market 153,970,304
Value
5,909,556,085
Trades
81,351
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
180 191 25 396
All Share Index
11,154.83 11,262.60 11,123.82 i16.26
Current High Low Change
KSE 30 Index
7,758.20 7,830.50 7,737.95 i8.30
Current High Low Change
KMI 30 Index Current High Low Change
10,768.51 10,894.06 10,736.61 i54.11
17,857.91 18,039.36 17,799.69 i3.55
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,451.96 Turnover 7,932,886 P/E (x) 10.72 Company
KSE 100 Index
Symbols
Volume
High Low 1,466.01 1,447.74 Total cos Defaulter cos P/BV (x) ROE (%) 3.49 32.54
PE
Open
High
Low
aAttock Petroleum 691 5.55 Attock Refinery 853 6.97 BYCO Petroleum 3921 Mari Gas Company 735 16.33 National Refinery XD 800 3.89 Oil & Gas Development 43009 11.06 Pak Petroleum 11950 8.15 Pak Oilfields XD 2365 6.27 Pak Refinery Limited 350 PSO 1715 4.81 Shell Gas LPG 226 Shell Pakistan 685 10.21
317.09 126.91 12.04 121.37 262.25 163.53 198.62 265.46 81.88 285.10 35.59 198.68
323.40 127.50 12.40 123.20 267.50 164.60 202.75 270.74 82.00 289.68 37.30 201.99
317.02 123.50 11.87 120.25 261.00 161.65 197.70 264.11 81.50 283.51 35.12 198.00
Close Chg 320.45 124.30 11.94 120.55 262.28 163.47 200.32 265.45 81.59 284.03 37.00 199.13
3.36 -2.61 -0.10 -0.82 0.03 -0.06 1.70 -0.01 -0.29 -1.07 1.41 0.45
Close Change 1,453.53 1.57 Listed cap Market cap 65,194.15 mn 1,138,557.15 mn Payout (%) Div Yield (%) 55.94 5.22 Last 60 days High Low
Volume 1211651 1230397 5386371 58640 110398 480095 906982 3022742 7632 1331953 25123 27368
374.20 129.70 12.40 128.90 273.00 167.00 214.10 272.25 87.39 292.15 40.28 206.00
% Change 0.11 5-Day High 1,474.08 5-Day Low 1,411.22
2009 Div BR (%) (%)
287.99 250 76.20 9.84 106.00 32.17 100B 183.25 125 136.30 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 182.05 330 -
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -a
CHEMICALS
Open 737.51 Turnover 8,415 P/E (x) 5.63 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 748.19 731.88 Total cos Defaulter cos P/BV (x) ROE (%) 1.44 25.53
Close 738.27 Listed cap 3,242.17 mn Payout (%) 11.08
Change 0.75 Market cap 12,795.46 mn Div Yield (%) 1.97
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.21 38.48
72.07 35.22
73.00 35.99
71.30 35.35
72.07 35.40
8252 163
78.20 41.00
0.00 0.18
60.05 34.50
Company
Paid up Cap(mn)
Bawany Air XD BOC (Pak) Clariant Pak Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Engro Corporation Ltd Engro Polymer Fatima Fertilizer Fauji Fertilizer XD Fauji Fert. Bin Qasim Ghani Gases Ltd ICI Pakistan Lotte Pakistan Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind XDXB Sitara Peroxide Wah-Noble XD
68 250 273 1203 1996 1020 3663 3277 6635 22000 6785 9341 725 1388 15142 74 1106 120 214 551 90
PE
Open
High
Low
75.00 10.99 5.92 7.43 10.02 8.02 6.41 9.02 7.62 4.23 9.83 14.89 6.36
8.39 80.00 154.71 170.61 2.60 7.84 1.55 185.02 13.44 9.84 110.71 34.21 11.99 136.35 11.84 1.57 1.47 2.48 120.00 14.09 33.60
9.35 80.10 156.85 179.14 2.64 7.90 1.68 185.35 13.63 9.99 111.00 34.60 11.99 137.40 12.02 1.73 1.55 2.40 120.00 14.15 33.16
8.31 79.99 152.00 171.99 2.51 7.41 1.54 181.90 13.30 9.80 110.00 33.80 11.85 135.00 11.70 1.43 1.46 2.10 117.10 13.65 33.00
Close Chg 9.00 80.00 154.95 179.14 2.52 7.48 1.57 182.34 13.34 9.92 110.62 33.96 11.90 135.30 11.84 1.66 1.48 2.37 119.98 13.70 33.05
0.61 0.00 0.24 8.53 -0.08 -0.36 0.02 -2.68 -0.10 0.08 -0.09 -0.25 -0.09 -1.05 0.00 0.09 0.01 -0.11 -0.02 -0.39 -0.55
Close 1,255.43 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 15532 6711 16075 123031 43501 180024 114670 848964 198759 632653 1050423 2941028 16200 137621 12703698 20199 107243 5022 638 241347 5105
Change -1.87 Market cap 279,378.57 mn Div Yield (%) 6.19
13.99 87.99 164.89 182.00 2.98 8.27 1.82 186.74 15.20 11.74 111.65 34.60 13.85 138.50 12.19 3.00 1.65 3.40 127.20 14.69 46.25
% Change -0.15 5-Day High 1,257.29 5-Day Low 1,233.15
2009 Div BR (%) (%)
2010 Div BR (%) (%)
7.73 5 66.90 90 15 149.72 125 155.38 40 10B 40 1.78 3.20 1.28 165.60 6010B 40R 40 11.15 - 27.5R 9.02 102.96 131.5 10B 95 26.59 40 - 17.5 7.41 113.00 80 55 7.44 5 0.80 1.16 1.80 101.00 75 25 7.67 32.00 50 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,080.72 Turnover 11,991 P/E (x) 5.49 Company
High Low 1,097.05 1,064.08 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47
Close 1,078.15 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
7.62 6.11
16.50 39.00 39.50
16.78 40.00 40.00
15.83 39.30 39.50
16.30 -0.20 39.62 0.62 39.60 0.10
1894 297 9800
Century Paper Pak Paper Product Security Paper
Change -2.58 Market cap 2,987.53 mn Div Yield (%) 4.60
Last 60 days High Low 21.80 62.85 41.50
15.28 38.61 38.00
% Change -0.24 5-Day High 1,084.90 5-Day Low 1,063.77
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,192.72 Turnover 628,033 P/E (x) 4.46 Paid up Cap(mn)
High Low 1,234.60 1,178.09 Total cos Defaulter cos P/BV (x) ROE (%) 1.13 25.35
PE
Open
High
Low
Agriautos Ind 144 5.30 Atlas Battery 101 4.66 Atlas Engineering Ltd 247 14.38 Atlas Honda 626 7.40 Baluchistan Wheels Ltd. 133 6.39 Dewan Motors 890 Exide (PAK) 56 4.46 General Tyre 598 19.20 Ghandhara Nissan 450 3.44 Ghani Automobile Ind 200 6.73 Honda Atlas Cars 1428 Indus Motors 786 6.17 Pak Suzuki 823 11.96 Sazgar Engineering 150 3.73 Transmission 117 -
68.00 156.27 17.06 100.99 33.35 1.41 153.00 22.81 4.95 4.31 12.48 269.94 75.64 19.40 1.99
70.00 157.00 16.10 102.99 34.00 1.47 155.97 22.86 5.01 4.50 12.70 282.45 77.90 20.10 1.90
68.99 156.03 16.10 100.52 31.70 1.41 154.00 22.13 4.70 4.31 12.40 265.20 74.80 19.55 1.70
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin XD
PE
Open
High
Low
565 3.93 675 555 9.24 1199 10.71
25.30 2.97 14.75 48.98
25.79 3.11 15.09 51.42
25.00 2.82 14.70 50.70
785 10.11
9.18
9.14
8.80
Close Chg 25.16 2.95 14.78 51.42
-0.14 -0.02 0.03 2.44
8.90 -0.28
Close 977.92 Listed cap 3,596.11 mn Payout (%) 30.91
Change 15.59 Market cap 9,539.65 mn Div Yield (%) 9.95
Last 60 days High Low
Volume
% Change 1.62 5-Day High 977.92 5-Day Low 925.46
2009 Div BR (%) (%)
2010 Div BR (%) (%)
81300 74612 202093 92298
26.20 3.39 16.75 64.02
23.75 1.65 12.25 44.00
-
30B -
30 40
20B
1291
10.80
8.00
10
-
7.5
-a
Open 1,547.85 Turnover 242,578 P/E (x) 29.54 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 AL-Noor Sugar 186 Bawany Sugar 87 Chashma Sugar 287 Clover Pakistan 94 Dewan Sugar 365 Faran Sugar 217 Habib Sugar 600 Ismail Ind 505 J D W Sugar 490 Mehran Sugar 143 Mirpurkhas Sugar 70 Mirza Sugar 141 Nestle Pakistan XD 453 Noon Pakistan XD 48 Noon Sugar 165 Pangrio Sugar 109 Premier Sugar 38 Punjab Oil XD 38 Quice Food 107 S S Oil 57 Shahmurad Sugar 211 Shakarganj Mills 695 Sind Abadgar 104 UniLever Pakistan 665
PE
Close Chg
Close 1,195.57 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 2.85 Market cap 42,982.36 mn Div Yield (%) 4.58
Last 60 days High Low
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dandot Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 6.65 858 182 956 28.05 948 3574 3651 119.17 6933 15.24 502 3.80 1760 77 2319 32 1288 13126 3234 6.78 5261 1.37 2228 200 361 798 497.50
3.26 63.35 1.74 18.37 12.02 2.75 1.72 29.09 5.05 7.12 1.89 2.00 4.65 0.60 7.73 3.01 76.24 2.94 7.58 5.88 7.70 19.99
3.40 63.51 1.53 19.37 12.59 3.00 1.80 29.28 5.14 7.30 1.90 2.78 5.60 0.60 7.63 3.08 76.50 3.00 7.90 6.00 8.70 19.90
3.21 63.00 1.50 18.36 12.05 3.00 1.67 28.44 5.01 7.30 1.80 1.75 4.13 0.55 7.10 2.95 75.10 2.90 7.40 5.75 7.50 19.25
Close 1,008.49 Listed cap 54,792.74 mn Payout (%) 19.04
Change -5.39 Market cap 72,511.04 mn Div Yield (%) 2.85
Close Chg
Volume
Last 60 days High Low
3.25 63.15 1.53 19.37 12.34 3.00 1.71 28.60 5.03 7.30 1.81 2.15 5.32 0.57 7.36 2.96 75.48 2.95 7.44 5.90 8.70 19.90
22000 9450 11563 121039 104601 1000 143085 2273367 384645 1000 38583 2510 14255 35501 185966 1206843 792646 162822 51474 25610 3518 3001
4.20 69.86 2.05 19.37 12.75 3.19 1.99 31.05 5.50 8.20 2.20 5.00 6.25 1.48 8.70 3.65 79.98 3.40 8.58 9.47 11.00 22.24
-0.01 -0.20 -0.21 1.00 0.32 0.25 -0.01 -0.49 -0.02 0.18 -0.08 0.15 0.67 -0.03 -0.37 -0.05 -0.76 0.01 -0.14 0.02 1.00 -0.09
2.80 57.60 1.01 14.01 9.51 1.09 1.30 23.02 4.52 4.25 1.72 1.18 2.11 0.25 5.50 2.71 64.30 2.51 7.05 5.25 6.30 18.00
2009 Div BR (%) (%) 50 40 -
20B 20R 10B -
% Change -0.53 5-Day High 1,015.51 5-Day Low 988.09 2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 948.88 Turnover 116,345 P/E (x) 2.73 Company Cherat Papersack ECOPACK Ltd Ghani Glass Merit Pack Packages Ltd Tri-Pack Films
Paid up Cap(mn)
PE
Open
115 2.33 62.25 230 2.01 1067 4.47 48.44 47 43.25 17.26 844 54.58 106.48 300 7.80 108.06
High
High Low 965.06 947.11 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 43.91 Low
Close Chg
65.36 65.36 65.36 2.10 1.93 2.00 49.00 48.50 48.61 17.30 17.25 17.30 108.00 106.00 106.43 108.50 106.50 106.98
3.11 -0.01 0.17 0.04 -0.05 -1.08
Close 956.76 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 15500 13152 4612 564 66759 15675
Change 7.88 Market cap 35,587.24 mn Div Yield (%) 5.70
Last 60 days High Low 65.36 2.64 61.99 19.00 116.90 111.25
34.00 1.70 45.75 11.81 98.00 91.00
2009 Div BR (%) (%) 30 32.5 100
10B -
% Change 0.83 5-Day High 961.29 5-Day Low 930.33 2010 Div BR (%) (%) 20 25 -
25B 10B -
INDUSTRIAL ENGINEERING
Company Ados Pak AL-Ghazi Tractor Bolan CastingXDXB Ghandhara Ind Hinopak Motor KSB Pumps Millat Tractors XB
Paid up Cap(mn)
PE
Open
66 0.97 15.50 215 5.05 210.00 104 - 44.80 213 10.31 11.03 124 - 138.58 132 8.26 69.05 366 6.42 489.96
High
High Low 1,558.64 1,529.15 Total cos Defaulter cos P/BV (x) ROE (%) 2.90 38.02 Low
Close 1,535.10 Listed cap 1,336.62 mn Payout (%) 131.49
Close Chg
Volume
15.80 15.10 15.10 -0.40 211.55 210.00 211.03 1.03 44.85 44.75 44.85 0.05 11.35 11.00 11.14 0.11 145.50 137.01 142.05 3.47 69.99 69.00 69.01 -0.04 499.79 489.10 490.92 0.96
600 10869 2982 13617 16776 203 130828
21.89 227.45 51.99 18.80 145.50 88.00 597.90
72.99 194.25 19.88 122.51 35.69 1.80 155.99 26.70 6.09 5.75 13.40 282.45 79.99 27.58 3.25
63.01 131.00 16.10 92.00 28.25 1.16 121.10 21.00 4.03 3.55 9.65 212.29 69.25 17.92 1.53
2010 Div BR (%) (%)
40 100 20B - 100R 80 30B 15 50 100 5 - 20B 2 -
90 100 25 60 20 150 10 -
20B 20B -
Open
High
High Low 1,589.77 1,532.39 Total cos Defaulter cos P/BV (x) ROE (%) 8.95 30.30 Low
Close Chg 0.82 0.00 0.42 -0.50 2.19 0.08 -0.45 -0.20 1.00 -1.79 -2.25 -3.01 -0.11 29.34 0.32 -0.25 0.29 -2.14 0.00 0.02 -0.44 0.06 0.65 -1.00 54.63
Close 1,562.76 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 14.92 Market cap 201,833.84 mn Div Yield (%) 1.03
Last 60 days High Low
2701 11.70 3.26 24348 52.00 39.25 399 2.70 0.85 22354 15.47 8.50 662 54.25 33.33 7005 1.94 1.11 500 20.95 16.01 22382 36.00 25.40 285 77.70 65.00 1029 81.95 60.10 1910 60.99 48.50 3799 62.77 54.50 2927 6.48 4.20 844 2057.99 1710.00 1526 27.19 17.51 850 14.84 10.20 2151 6.50 4.00 2200 48.00 32.50 60000 39.33 32.80 3500 3.40 1.60 500 3.89 2.51 7483 13.20 8.25 72402 6.68 3.02 300 6.00 4.75 368 4280.00 3775.00
2009 Div BR (%) (%) 40 17.5 35 15 40 35 25 600 50 30 15 15 458
25B 30B 10B 10B 10B 25B -
% Change 0.96 5-Day High 1,562.76 5-Day Low 1,509.66 2010 Div BR (%) (%) 15 17.5 110R 0 12.5R 25 10B 450 12 15 28R 178 -
Open 1,082.94 Turnover 1,026,883 P/E (x) 2.82 Company AL-Abid Silk Hussain Industries Pak Elektron Tariq Glass Ind
High Low 1,106.69 1,078.87 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 10.64
Paid up Cap(mn)
PE
Open
High
Low
115 106 1174 231
2.78 3.58 1.92
25.71 9.50 13.77 16.94
26.00 9.90 14.60 16.85
25.76 9.70 13.80 15.94
Close Chg 25.76 9.70 14.22 16.09
0.05 0.20 0.45 -0.85
Close 1,091.31 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 120 1723 966290 58742
Change 8.37 Market cap 5,118.25 mn Div Yield (%) 2.22
2009 Div BR (%) (%)
14.62 20 200.00 400 40.30 10.55 108.11 17.15 68.81 35 390.00 450
20B 25B
Last 60 days High Low 35.00 11.25 15.43 18.80
25.00 9.10 12.25 14.50
2009 Div BR (%) (%) 7.5 -
10B -
2010 Div BR (%) (%) -20B 20R - 10B 17.5 -
PERSONAL GOODS Performance of SR Personal Goods Index Open 967.41 Turnover 27,278,121 P/E (x) 6.97 Company
Paid up Cap(mn)
Amtex Limited XD 2415 Artistic Denim XD 840 Azam Textile XD 133 Azgard Nine 4493 Bannu Woolen XD 76 Bata (Pak) 76 Blessed Tex Mills XD 64 Brothers Textile 98 Chakwal Spinning XD 400 Chenab Limited 1150 Colgate Palm 316 Colony Mills Ltd 2442 Crescent Fibres Ltd XD 124 Crescent Jute 238 Crescent Textile XD 492 D S Ind Ltd 600 Dawood Lawrencepur 514 Dewan Mushtaq Textile 34 Dewan Textile 135 Din Textile 204 Ellcot Spinning 110 Fazal ClothSPOT 188 Gadoon Textile XD 234 Ghazi Fabrics XD 326 Gul Ahmed Textile XD 635 Gulshan SpinningXDXB 222 Hira Txt.Mills Ltd. XD 716 Ibrahim Fibres 3105 Ideal Spinning 99 Idrees Textile XD 180 J K Spinning 184 Janana D Mal 43 Khalid Siraj 107 Kohinoor Ind 303 Kohinoor Textile 1455 Latif Jute 36 Leather Up 60 Maqbool Textile XD 168 Masood Textile XD 600 Mian Textile 221 Mohd Farooq 189 Mukhtar Textile 145 Nishat (Chunian) XD 1586 Nishat Mills XD 3516 Pak Synthetic 560 Prosperity 185 Ravi Textile 250 Reliance Weaving 308 Rupali Poly XD 341 Salfi Textile 33 Samin Textile 134 Sana Ind 55 Sargoda Spinning XD 312 Saritow Spinning 133 Service Ind 120 Shadab Textile XD 30 Shadman Cot 176 Suraj Cotton XD 180 Tata Textile 173 Thal Limited 307 Treet Corp 418 Yousuf Weaving 400 Zephyr Textile Ltd 594 Zil Limited 53
% Change 0.22 5-Day High 1,535.10 5-Day Low 1,517.25
PE
Open
11.27 5.57 0.35 0.46 4.89 0.71 0.44 33.54 4.09 0.48 3.61 48.12 0.15 0.54 0.62 1.02 0.56 0.64 3.46 0.85 0.75 2.98 0.28 3.37 0.87 0.25 3.99 22.66 2.80 1.98 2.09 2.01 4.94 2.16 1.07 0.62 4.62 0.23 4.89 2.58 0.39 0.36 7.31 0.34 2.17 0.79 0.30 4.24 8.53 0.42 4.47 3.08
4.91 20.54 2.40 11.39 13.20 602.72 47.00 0.54 1.20 3.25 883.67 2.51 10.50 0.53 19.75 1.94 38.99 5.00 4.80 24.18 20.19 53.20 51.80 3.31 24.10 7.65 3.95 37.29 3.15 3.20 5.60 14.78 0.65 1.59 5.50 6.75 1.66 7.15 19.99 0.54 0.98 0.45 24.82 57.83 6.50 14.00 1.54 8.80 35.50 48.32 6.00 32.77 1.95 2.69 221.35 10.98 11.55 35.00 32.75 101.15 52.69 1.20 3.99 45.25
High
High Low 981.46 959.07 Total cos Defaulter cos P/BV (x) ROE (%) 0.60 8.64 Low
Close Chg
5.28 4.91 4.96 0.05 21.29 20.00 20.05 -0.49 2.85 2.50 2.50 0.10 12.17 11.36 11.71 0.32 13.25 13.00 13.02 -0.18 618.00 590.00 590.39-12.33 47.00 46.10 46.98 -0.02 0.65 0.49 0.50 -0.04 1.90 1.01 1.01 -0.19 3.51 3.22 3.35 0.10 926.99 881.00 893.50 9.83 2.65 2.46 2.62 0.11 11.50 10.00 10.25 -0.25 0.84 0.55 0.79 0.26 18.78 18.77 18.78 -0.97 1.93 1.83 1.86 -0.08 40.93 39.10 40.90 1.91 5.99 4.55 4.99 -0.01 3.80 3.80 3.80 -1.00 25.38 24.69 25.38 1.20 20.90 20.50 20.50 0.31 54.50 53.20 54.50 1.30 51.49 50.00 51.00 -0.80 4.00 3.90 3.90 0.59 24.99 24.05 24.05 -0.05 7.88 7.00 7.04 -0.61 4.14 4.00 4.00 0.05 38.90 36.61 37.88 0.59 3.50 3.25 3.25 0.10 3.10 3.10 3.10 -0.10 5.99 5.01 5.71 0.11 15.75 15.00 15.00 0.22 0.54 0.53 0.54 -0.11 1.58 1.45 1.57 -0.02 5.76 5.53 5.59 0.09 7.25 7.25 7.25 0.50 2.60 1.55 2.35 0.69 7.25 7.00 7.11 -0.04 19.98 19.01 19.77 -0.22 0.55 0.55 0.55 0.01 1.20 0.95 1.00 0.02 0.48 0.35 0.44 -0.01 24.95 23.83 24.25 -0.57 58.00 56.25 57.52 -0.31 6.74 6.21 6.39 -0.11 14.98 14.00 14.00 0.00 1.58 1.50 1.54 0.00 9.78 8.50 8.88 0.08 37.25 35.75 36.75 1.25 50.50 50.25 50.25 1.93 5.95 5.80 5.87 -0.13 34.40 32.90 33.90 1.13 2.00 2.00 2.00 0.05 2.69 2.15 2.17 -0.52 225.99 211.10 213.62 -7.73 11.98 11.98 11.98 1.00 11.90 10.55 11.90 0.35 35.10 33.70 35.00 0.00 33.95 31.12 31.19 -1.56 101.90 99.00 99.20 -1.95 54.05 52.50 53.58 0.89 1.20 1.11 1.20 0.00 3.40 3.40 3.40 -0.59 46.05 45.50 46.00 0.75
Close 967.00 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change -0.41 Market cap 127,496.99 mn Div Yield (%) 2.39
Last 60 days High Low
2746062 19.70 7968 24.05 5001 3.45 13177855 12.32 5535 14.50 896 747.48 501 52.05 1222 1.50 2981 2.59 66001 3.95 1614 930.00 14300 3.45 502 18.35 6022 1.90 150 23.90 32379 2.37 71413 44.50 1132 5.99 200 12.00 370 30.90 5300 25.45 273 56.90 2171 52.50 2900 5.00 210 25.96 1867 10.30 9000 4.88 8212 40.30 3001 4.79 316 5.35 1014 9.90 800 20.50 1000 1.20 530 1.93 11105 6.30 2000 8.00 6500 3.00 2000 11.55 3600 22.88 9900 0.98 26000 1.64 20379 0.97 3215063 25.14 7269114 58.35 9026 7.48 316 21.47 34257 2.38 54204 12.00 2361 37.25 501 50.52 3300 8.69 17214 38.40 1000 2.50 2500 2.99 36021 255.29 1000 11.98 510 15.00 11214 37.50 2226 35.50 82605 112.80 265721 55.25 2076 1.80 999 4.90 6199 48.75
4.40 17.55 1.35 8.80 7.50 436.00 40.80 0.12 0.56 3.00 615.00 2.23 8.41 0.16 17.89 1.44 36.10 1.60 3.80 20.80 17.21 41.00 33.80 1.13 19.99 5.51 3.30 34.05 2.02 2.56 4.62 9.95 0.25 1.01 4.50 6.25 1.10 3.25 18.01 0.01 0.35 0.16 15.25 40.81 5.16 12.51 1.38 8.01 31.25 20.50 5.02 27.50 0.50 1.10 169.00 7.56 8.00 29.00 15.00 86.50 37.20 0.73 1.50 33.00
2009 Div BR (%) (%) 20 120 7.5 115 7.5 5 15 20 12.5 20 40 35 200 15 20 40
% Change -0.04 5-Day High 967.41 5-Day Low 951.21 2010 Div BR (%) (%)
30 20 7.5 20 50 5 15B 10 15 5 20 10B 35 -100SD 70 10 - 12.5 10B 10 20B 10 20 10 20 5B - 22.5 15 100R 50R 15 25 45R 30 - 25SD 40 25 - 100R 60 5 10 50 25 20B 80 20B 10B 35 -
10B 25B
4,813.37
Total Equity (Rs in mn)
1,330.67
MA (100-day)
23.87
Revenue (Rs in mn)
6,355.29
MA (200-day)
24.85
Interest Expense
259.92
1st Support
21.94
Profit after Taxation
218.33
2nd Support
21.67
EPS 10 (Rs)
1st Resistance
22.67
Book value / share (Rs)
22.26 19.20
2nd Resistance
23.13
PE 11 E (x)
Pivot
22.40
PBV (x)
3.653
1.00
GTYR closed down -0.54 at 22.27. Volume was 585 per cent above average (trending) and Bollinger Bands were 1 per cent narrower than normal. The company's profit after taxation stood at Rs17.622 million which translates into an Earning Per Share of Rs0.29 for the 1st quarter of current fiscal year (1QFY11). GTYR is currently 10.7 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of GTYR (mildly bearish). Trend forecasting oscillators are currently bullish on GTYR.
Samba Bank Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
43.17
Total Assets (Rs in mn)
23,734.13
MA (10-day)
1.86
Total Equity (Rs in mn)
7,075.66
MA (100-day)
2.02
Revenue (Rs in mn)
1,878.63
MA (200-day)
2.49
Interest Expense
1,208.86
1st Support
1.80
Loss after Taxation
(593.05)
2nd Support
1.75
EPS 09 (Rs)
1st Resistance
1.90
Book value / share (Rs)
2nd Resistance
1.95
PE 10 E (x)
Pivot
1.85
PBV (x)
(0.676) 8.07 0.23
SBL closed down -0.08 at 1.82. Volume was 1,272 per cent above average (trending) and Bollinger Bands were 9 per cent narrower than normal. The company's loss after taxation stood at Rs131.551 million which translates into a Loss Per Share of Rs0.11 for the nine months of current calendar year (9MCY10). SBL is currently 26.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of SBL (bearish). Trend forecasting oscillators are currently bearish on SBL.
NIB Bank Limited
Open 878.79 Turnover 100,782 P/E (x) 6.81 Company Abbott (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak XD
Paid up Cap(mn) 979 1707 165 200 96 306
PE
Open
8.85 99.84 12.94 71.01 6.81 24.71 6.46 8.47 9.94 129.40 5.53 61.99
High
High Low 897.68 870.71 Total cos Defaulter cos P/BV (x) ROE (%) 1.52 22.31 Low
Close Chg
101.99 100.50 100.97 1.13 73.74 70.13 71.94 0.93 24.66 24.55 24.59 -0.12 8.47 8.00 8.01 -0.46 125.00 124.50 125.00 -4.40 61.90 61.00 61.50 -0.49
Close 883.60 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 9554 69057 7004 3928 250 10920
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
64.59
Total Assets (Rs in mn)
208,118.96
MA (10-day)
2.80
Total Equity (Rs in mn)
41,643.27
MA (100-day)
2.87
Revenue (Rs in mn)
18,272.36
MA (200-day)
3.49
Interest Expense
12,872.36
1st Support
2.85
Profit after Taxation
2nd Support
2.70
EPS 09 (Rs)
0.171
1st Resistance
3.10
Book value / share (Rs)
10.30
2nd Resistance
3.20
PE 10 E (x)
Pivot
2.95
PBV (x)
104.00 75.99 25.50 9.00 139.50 64.50
77.00 65.00 22.60 6.10 115.90 57.00
0.29
Huffaz Seamless Pipe Industries
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
57.66
Total Assets (Rs in mn)
MA (10-day)
14.79
Total Equity (Rs in mn)
MA (100-day)
14.31
Revenue (Rs in mn)
6,209.01 883.84 1,285.30
MA (200-day)
15.89
Interest Expense
1st Support
14.61
Profit after Taxation
2nd Support
14.46
EPS 10 (Rs)
2.326
38.83
1st Resistance
15.00
Book value / share (Rs)
15.93
2nd Resistance
15.24
PE 11 E (x)
9.24
Pivot
14.85
PBV (x)
0.93
129.07
HSPI closed up 0.03 at 14.78. Volume was 1,056 per cent above average (trending) and Bollinger Bands were 13 per cent wider than normal. The company's profit after taxation stood at Rs21.963 million which translates into an Earning Per Share of Rs0.40 for the 1st quarter of current fiscal year (1QFY11). HSPI is currently 7.0 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of HSPI at a relatively equal pace. Trend forecasting oscillators are currently bullish on HSPI.
BOOK CLOSURES Company
From
To
Sui Northern Gas Pipelines
24-Nov
30-Nov
20
11-Nov
Sui Southern Gas Pipelines
24-Nov
30-Nov
D/B/R -
-
Spot AGM/Date
Nadeem Textile Mills
24-Nov
30-Nov
20
-
30-Nov
Fazal Cloth Mills
26-Nov
03-Dec
100SD
15-Nov
29-Nov
Sana Industries
27-Nov
03-Dec
-
-
03-Dec
East West Insurance Co
01-Dec
07-Dec
10(B)
23-Nov
-
MCB Bank
03-Dec
10-Dec
30(iii)
25-Nov
-
Dawood Hercules Chemicals
07-Dec
13-Dec
20(ii)
29-Nov
-
Pakistan Premier Fund
07-Dec
14-Dec
-
-
Engro Corporation (Standalone)
07-Dec
21-Dec
20(ii)
29-Nov
-
Fauji Fertilizer Bin Qasim
14-Dec
20-Dec
12.50(iii)
-
-
Oil and Gas Development Co
14-Dec
21-Dec
15(i)
-
-
20-Dec
29-Dec
600
-
29-Dec
30-Nov
14-Dec
INDICATIONS # Extraordinary General Meeting
Change 4.80 Market cap 29,500.65 mn Div Yield (%) 6.54
Last 60 days High Low
691.05
NIB closed up 0.23 at 3.01. Volume was 457 per cent above average (trending) and Bollinger Bands were 28 per cent narrower than normal. The company's loss after taxation stood at Rs3.559 billion which translates into a Loss Per Share of Rs0.88 for the nine months of current calendar year (9MCY10). NIB is currently 13.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NIB (mildly bullish). Trend forecasting oscillators are currently bullish on NIB.
Siemens Pakistan
Performance of SR Pharma and Bio Tech Index
2010 Div BR (%) (%) 150 25 650
Total Assets (Rs in mn)
22.09
% Change 0.77 5-Day High 1,111.89 5-Day Low 1,079.37
PHARMA AND BIO TECH
Change 3.38 Market cap 32,136.56 mn Div Yield (%) 17.26
Last 60 days High Low
43044 1355 500 1998 288 139000 1408 100700 19012 461 39777 124660 132781 13040 10009
2009 Div BR (%) (%)
48.52
MA (10-day)
HOUSEHOLD GOODS
Performance of SR Industrial Engineering Index Open 1,531.72 Turnover 175,875 P/E (x) 7.62
1.91 -0.24 -0.96 1.07 0.65 0.06 2.76 -0.54 0.00 0.00 -0.08 0.15 -0.55 0.58 -0.09
% Change 0.24 5-Day High 1,196.64 5-Day Low 1,166.68
RSI (14-day)
Performance of SR Household Goods Index
CONSTRUCTION AND MATERIALS High Low 1,025.11 1,000.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 7.10
69.91 156.03 16.10 102.06 34.00 1.47 155.76 22.27 4.95 4.31 12.40 270.09 75.09 19.98 1.90
12.44 5.65 6.65 5.01 6.47 5.08 50.00 51.95 49.80 50.00 1.65 2.09 2.00 2.07 1.13 14.48 15.45 13.48 13.98 8.51 49.91 52.39 52.00 52.10 1.70 1.78 1.60 1.78 3.31 20.95 20.50 20.50 20.50 7.01 34.20 34.45 33.95 34.00 32.81 72.50 74.00 73.00 73.50 2.57 78.45 79.00 76.66 76.66 3.28 60.76 60.95 58.50 58.51 6.15 61.49 61.99 58.42 58.48 0.40 6.48 6.39 5.85 6.37 22.03 1976.67 2030.00 1975.00 2006.01 3.71 25.68 26.93 24.40 26.00 - 14.00 13.75 13.40 13.75 0.49 5.71 6.25 5.45 6.00 8.08 46.15 48.00 43.88 44.01 2.95 39.33 39.33 39.33 39.33 2.11 2.13 2.13 2.13 0.26 3.50 3.06 3.06 3.06 18.62 12.79 13.20 12.75 12.85 5.68 6.68 5.75 6.33 5.75 4.75 4.75 4.75 19.51 4125.00 4280.00 4051.00 4179.63
Performance of SR Construction and Materials Index Open 1,013.88 Turnover 5,568,878 P/E (x) 6.68
-
FOOD PRODUCERS
Performance of SR Industrial Metals and Mining Index High Low 991.81 966.89 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 33.10
40 15
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING Open 962.33 Turnover 451,594 P/E (x) 3.11
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,267.55 1,245.88 Total cos Defaulter cos P/BV (x) ROE (%) 2.76 35.00
30
General Tyre & Rubber Co of Pak Ltd
% Change 0.10 5-Day High 752.14 5-Day Low 737.51
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,257.29 Turnover 18,732,405 P/E (x) 7.88
2009 Div BR (%) (%)
Alert ! Unusual Movements
2009 Div BR (%) (%) 120 50 25 70 15
15B
% Change 0.55 5-Day High 883.60 5-Day Low 874.03 2010 Div BR (%) (%) 20 30
-
OTHER SECTORS Symbols
Open
Johnson & Philips 10.7 Pakistan Cables 51.8 TRG Pakistan Ltd 4.17 Murree BreweryXDXB 76 Grays of Cambr XD 52 Lakson Tobacco 340.18 Pak Tobacco 112.5 Shifa Int.Hospitals 27.72 Eye Television 20.99 Pak Hotels 40 PIAC(A) 2.28 AKD Capital XD 55.55 Pace (Pak) Ltd 2.85 Netsol Technol XD 19.66 Pak Telephone 2.45
High 9.7 53.49 4.32 76 50.75 357 113.5 29.09 21.45 42 2.35 57.49 2.94 19.9 2.99
Low Close 9.7 53 4.15 75.1 50 326.1 113.48 26.56 20.65 38 2.22 54.5 2.8 19.45 2.3
9.7 53 4.17 75.94 50.5 327.42 113.5 27.74 21.05 42 2.3 54.89 2.82 19.47 2.3
Change -1 1.2 0 -0.06 -1.5 -12.76 1 0.02 0.06 2 0.02 -0.66 -0.03 -0.19 -0.15
Vol 3551 213 2507226 7700 110 1075 1610 112 3422 123 133972 1826 217707 327030 1011
7
Thursday, November 25, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,169.29 Turnover 3,700,545 P/E (x) 6.31 Paid up Cap(mn)
Company
Pak Datacom XD Pakistan Telecomm Co A Telecard XD WorldCall Tele Wateen Telecom Ltd
High Low 1,183.16 1,151.72 Total cos Defaulter cos P/BV (x) ROE (%) 0.81 12.84
PE
Open
High
Low
Close Chg
78 4.97 37740 13.09 3000 0.69 8606 6175 -
79.94 19.87 2.34 2.70 3.75
80.50 20.12 2.38 2.70 3.86
80.45 19.60 2.27 2.61 3.70
80.50 19.63 2.31 2.67 3.71
0.56 -0.24 -0.03 -0.03 -0.04
Close 1,155.64 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 600 3138513 272020 289412 46896
Change -13.65 Market cap 79,996.36 mn Div Yield (%) 9.92
120.61 20.12 2.69 2.98 4.50
78.00 17.32 1.80 2.30 3.35
% Change -1.17 5-Day High 1,169.29 5-Day Low 1,132.40
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
-
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance Crescent Star Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Silver Star Insurance United Insurance XB
204 6.37 369 5.55 279 6.80 457 6.85 121 1250 400 2.86 718 15.58 791 16.02 3000 42.77 250 1.44 350 303 5.41 252 3.99 253 4.32 400 2.10
11.11 34.03 57.01 10.82 4.25 45.39 11.99 83.85 57.69 16.25 6.21 7.50 9.83 6.50 6.85 6.00
Company
Altern Energy Genertech Hub Power Japan Power KESC XR Kohinoor Energy Kohinoor Power Kot Addu Power XD Nishat Chunian Power Ltd Nishat Power Ltd S G Power Southern Electric Tri-star Power XD
High Low 1,249.39 1,219.66 Total cos Defaulter cos P/BV (x) ROE (%) 1.24 9.35
PE
Open
High
Low
3426 20.68 198 11572 6.73 1560 7932 1695 10.49 126 2.77 8803 4.82 3673 3.05 3541 23.90 178 1367 150 -
9.10 0.79 36.37 1.53 2.22 18.80 4.80 39.67 13.81 14.51 1.00 2.13 1.14
9.10 0.94 37.00 1.52 2.33 19.00 4.61 40.05 14.19 15.29 0.52 2.20 1.19
9.10 0.79 36.20 1.51 2.19 18.40 4.55 39.60 13.62 14.30 0.51 2.11 0.99
Close 1,234.98 Listed cap 95,369.29 mn Payout (%) 104.13
Change 8.30 Market cap 100,137.23 mn Div Yield (%) 7.83
Close Chg
Volume
Last 60 days High Low
9.10 0.84 36.72 1.52 2.20 18.89 4.55 39.67 13.90 14.82 0.52 2.13 0.99
539 8420 2298253 2540 793022 7841 3202 233120 1551696 5556060 800 150171 5502
12.25 1.45 37.24 2.25 2.50 26.50 6.10 42.95 14.85 16.10 1.69 2.90 1.75
0.00 0.05 0.35 -0.01 -0.02 0.09 -0.25 0.00 0.09 0.31 -0.48 0.00 -0.15
10.51 34.90 59.86 10.96 4.00 45.06 12.00 84.00 59.44 16.68 6.10 7.69 10.00 6.50 6.96 6.40
-0.60 0.87 2.85 0.14 -0.25 -0.33 0.01 0.15 1.75 0.43 -0.11 0.19 0.17 0.00 0.11 0.40
1038 11525 7310 46003 208 99077 6101 1265 12917 2624298 6600 65257 5001 3301 805 12438
12.25 35.50 59.89 12.00 7.90 48.63 12.65 86.69 60.50 17.20 7.04 8.30 10.30 7.70 8.17 7.18
8.45 27.10 47.37 9.42 3.10 34.76 10.04 66.41 52.21 12.50 5.06 1.66 8.00 6.10 6.00 4.02
8.57 0.51 32.75 0.70 1.94 18.40 3.90 38.35 9.61 9.51 0.32 2.05 0.33
% Change 0.68 5-Day High 1,234.98 5-Day Low 1,203.86
2009 Div BR (%) (%) 33.5 45 64.5 3
31R -
2010 Div BR (%) (%)
Open 907.25 Turnover 72,561 P/E (x) 93.20 Paid up Cap(mn)
High Low 950.52 908.27 Total cos Defaulter cos P/BV (x) ROE (%) 3.59 3.85
Close 944.44 Listed cap 2,290.72 mn Payout (%) 355.53
Change 37.19 Market cap 11,044.82 mn Div Yield (%) 3.81
Sui North Gas XD Sui South GasXDXB
High Low 1,677.20 1,628.28 Total cos Defaulter cos P/BV (x) ROE (%) 1.19 11.41
Close 1,642.08 Listed cap 12,202.80 mn Payout (%) 66.79
Change 8.37 Market cap 35,096.47 mn Div Yield (%) 6.40
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.49 3.49
28.92 22.75
29.15 23.65
28.41 22.90
28.53 -0.39 23.16 0.41
334841 782313
34.75 30.70
25.55 17.02
% Change 0.51 5-Day High 1,709.94 5-Day Low 1,614.20
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index
Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.78 59.27 Askari Bank 6427 7.76 16.23 Atlas Bank 5001 1.68 Bank Alfalah 13492 12.47 9.81 Bank AL-Habib 7322 7.22 33.49 Bank Of Khyber 5004 5.73 4.30 Bank Of Punjab 5288 - 10.09 BankIslami Pak 5280 837.50 3.39 Faysal Bank XB 7309 4.58 14.17 Habib Bank Ltd 10019 6.59 107.12 Habib Metropolitan Bank 8732 7.20 23.10 JS Bank Ltd 6128 2.88 KASB Bank Ltd 9509 2.40 MCB Bank Ltd 7602 9.09 208.73 Meezan Bank 6983 8.11 15.40 Mybank Ltd 5304 2.10 National Bank 13455 5.78 67.20 NIB Bank 40437 2.78 Royal Bank Ltd 17180 4.82 Samba Bank 14335 1.90 Silkbank Ltd 26716 2.68 Soneri Bank 6023 7.11 Stand Chart Bank 38716 11.28 7.52 Summit Bank Ltd 5000 2.89 United Bank Ltd 12242 6.93 59.60
High
High Low Close 1,076.92 1,043.79 1,052.85 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.05 13.94 40.49 Low
Close Chg
60.79 59.00 59.47 0.20 16.55 16.10 16.30 0.07 1.75 1.51 1.60 -0.08 9.99 9.70 9.73 -0.08 33.89 33.33 33.48 -0.01 4.50 4.30 4.30 0.00 10.40 9.85 9.93 -0.16 3.50 3.31 3.35 -0.04 14.40 14.05 14.19 0.02 107.50 105.10 105.51 -1.61 24.25 22.63 23.55 0.45 2.95 2.80 2.85 -0.03 2.47 2.26 2.35 -0.05 209.96 203.51 205.04 -3.69 15.44 14.90 15.33 -0.07 2.18 2.02 2.05 -0.05 67.89 65.90 66.16 -1.04 3.05 2.80 3.01 0.23 4.95 4.20 4.35 -0.47 1.90 1.80 1.82 -0.08 2.73 2.66 2.69 0.01 7.39 7.10 7.11 0.00 7.50 7.30 7.33 -0.19 2.95 2.80 2.85 -0.04 59.85 58.80 58.98 -0.62
Volume
Change -10.74 Market cap 637,883.40 mn Div Yield (%) 5.35
Last 60 days High Low
1004290 60.79 2160542 16.65 2799 2.55 910286 10.19 278037 33.97 48085 4.70 4181152 10.59 143903 3.65 126891 17.10 82108 108.79 237626 24.25 58174 3.00 3180 3.22 2730967 210.00 12402 15.95 118482 2.75 5015184 70.75 5666323 3.25 375436 8.70 1888130 2.65 692881 3.08 119086 8.00 15070 8.00 33144 3.15 1304006 60.00
48.51 14.00 1.50 7.32 29.10 2.50 7.35 2.31 12.85 92.00 18.02 2.00 2.03 180.60 14.05 1.62 60.51 2.42 4.20 1.51 2.50 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change -1.01 5-Day High 1,063.59 5-Day Low 1,033.64
20 - 20B - 66R 55 -63.46R 10 -
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance
PE
1237 23.54
Open 82.99
High 84.45
High Low 768.02 737.77 Total cos Defaulter cos P/BV (x) ROE (%) 0.64 5.20 Low 80.50
Close Chg 81.23 -1.76
Symbols FANM SZTM SUTM DFSM SIEM NATF FEROZ KASBM CSUML SCL ICL DYNO SLYT GATI IDYM IFSL DATM SAIF BFMOD LIBM FZTM NATM KML SANSM GVGL WYETH FECS FCONM FFLM FNEL HAL TICL SING EMCO DIIL KOSM COTT SAPT DBCI SLCL ESBL BILF GUSM PRET RUBY ICCT SMTMR BHAT MEHT FASM QUET NSRM AABS BAFS HWQS SHJS MLCFPS BIFO BUXL PGCL GLPL MFFL
Close 747.51 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 1194237
Change -1.07 Market cap 46,325.16 mn Div Yield (%) 6.47
Last 60 days High Low 84.45
63.05
2009 Div BR (%) (%) 30
10B
% Change -0.14 5-Day High 748.57 5-Day Low 741.97 2010 Div BR (%) (%) 10
-
% Change 4.10 5-Day High 944.44 5-Day Low 881.27
Low
Close Chg
Volume
Last 60 days High Low
EFU Life Assurance
850 47.97
81.79
85.87
81.01
84.42 2.63
16996
85.87
51.25
5513.33B
-
-
New Jub Life Insurance
627 30.89
43.84
46.03
44.20
46.03 2.19
55565
46.03
36.10
10
-
2009 Div BR (%) (%)
2010 Div BR (%) (%) -
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 454.11 Turnover 15,745,069 P/E (x) 10.81 Paid up Cap(mn)
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Arpak Int Dawood Cap Mngt XB Dawood Equities
225 360 450 3750 40 150 250 First Credit & Invest Bank Ltd 650 IGI Investment Bank 2121 Invest Bank 2849 Ist Cap Securities XB 3166 Ist Dawood Bank 626 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 JS Investment 1000 KASB Securities 1000 Orix Leasing 821 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 Sec Inv Bank 514 Stand Chart Leasing 978 Trust Inv Bank 586
High Low 461.74 441.30 Total cos Defaulter cos P/BV (x) ROE (%) 0.31 0.91
PE
Open
High
Low
1.34 3.64 13.87 4.71 8.82 1.44 13.54 17.38 0.68 8.34 29.75 4.96 10.00 4.79 2.67
0.59 18.50 26.95 26.04 12.52 1.63 2.22 3.60 2.63 0.74 3.83 1.82 13.80 4.44 31.06 7.44 4.40 6.48 2.36 0.70 2.15 2.78 1.71
0.60 18.85 27.74 26.85 13.40 2.14 2.28 3.25 2.81 0.75 3.85 2.09 14.05 4.55 32.00 7.59 4.48 6.75 2.43 0.74 2.99 2.70 2.00
0.57 18.50 26.96 25.36 13.39 1.60 2.00 3.25 2.63 0.56 3.56 1.81 13.20 4.26 31.00 7.11 4.30 6.50 2.20 0.69 2.10 2.30 1.70
Close Chg
Close 445.34 Listed cap 30,336.44 mn Payout (%) 99.56
Volume
Change -8.77 Market cap 30,700.76 mn Div Yield (%) 2.95
0.59 18.50 27.18 25.62 13.40 1.61 2.13 3.25 2.78 0.65 3.72 1.90 13.28 4.34 31.01 7.14 4.35 6.75 2.23 0.69 2.50 2.30 1.71
0.00 0.00 0.23 -0.42 0.88 -0.02 -0.09 -0.35 0.15 -0.09 -0.11 0.08 -0.52 -0.10 -0.05 -0.30 -0.05 0.27 -0.13 -0.01 0.35 -0.48 0.00
5037 164440 244847 12441289 598 275852 1780 10000 11764 145733 89024 44109 13710204 321610 21189 449055 36324 19683 150057 40520 9682 677 2853
% Change -1.93 5-Day High 454.11 5-Day Low 426.35
Last 60 days High Low
2009 Div BR (%) (%)
1.10 19.98 34.00 26.85 15.30 2.14 2.70 4.50 2.88 1.00 4.80 2.84 14.05 5.38 40.00 7.59 4.70 6.75 2.70 0.86 3.90 2.95 2.98
15 25B 30 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.40 20.90 4.00 0.86 1.51 2.00 1.17 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 0.42 1.65 1.56 1.24
2010 Div BR (%) (%) 20B 20B 10B -
Paid up Cap(mn)
Company
AL-Meezan Mutual F. Atlas Fund of Funds B R R Guardian Mod. Crescent St Mod. XD Elite Cap Mod. XD Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow XD H B L Modaraba Habib Modaraba I B L Modaraba XD JS Growth Fund JS Value Fund Meezan Balanced Fund Mod Al-Mali Pak Prem Fund PICIC Energy Fund XD PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba XD Stand Chart Modaraba Trust Modaraba XD U D L Modaraba XD
1375 525 780 200 113 524 300 581 760 397 1008 202 3180 1186 1200 184 1698 1000 2835 2841 872 340 454 298 264
High Low 1,146.59 1,104.91 Total cos Defaulter cos P/BV (x) ROE (%) 0.36 2.21
PE
Open
High
Low
5.42 1.42 4.39 1.43 3.05 11.25 10.25 0.63 2.03 2.13 5.63 10.55 53.25 12.54 5.34 9.20 11.96 1.60 6.07 5.52 2.18 4.36 2.88 1.53
6.29 3.68 1.37 0.56 2.50 1.54 4.47 1.92 2.84 6.51 6.55 1.40 4.37 3.46 5.32 1.07 8.62 5.50 9.32 4.50 0.92 1.56 8.97 1.51 5.61
6.50 3.53 2.37 0.60 2.44 2.37 4.50 2.10 2.89 6.83 6.60 1.50 4.50 3.70 5.55 1.13 8.70 5.56 9.53 4.93 0.99 1.64 8.96 1.50 5.77
6.30 3.51 1.40 0.45 2.44 1.45 4.10 1.95 2.80 6.40 6.53 1.16 4.16 3.50 5.33 0.92 8.60 5.49 9.30 4.50 0.92 1.40 8.90 1.48 5.30
Close Chg 6.50 3.51 1.93 0.57 2.44 1.80 4.10 2.00 2.84 6.40 6.53 1.16 4.26 3.51 5.55 0.92 8.61 5.51 9.47 4.86 0.96 1.57 8.90 1.50 5.40
0.21 -0.17 0.56 0.01 -0.06 0.26 -0.37 0.08 0.00 -0.11 -0.02 -0.24 -0.11 0.05 0.23 -0.15 -0.01 0.01 0.15 0.36 0.04 0.01 -0.07 -0.01 -0.21
Close 1,127.64 Listed cap 29,771.58 mn Payout (%) 104.74
Change 15.53 Market cap 16,237.87 mn Div Yield (%) 9.98
% Change 1.40 5-Day High 1,127.64 5-Day Low 1,073.53
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
58438 3403 1280701 24807 539 1258896 28159 97748 97791 3010 14275 2044 2035529 257511 21624 2457 616550 96493 145400 778648 9194 24634 7000 2307 3012
7.20 4.50 2.37 1.10 3.09 2.37 5.50 2.10 3.88 6.83 7.25 2.90 4.50 3.70 7.00 2.18 9.39 5.95 9.53 4.93 1.20 1.94 10.99 4.40 6.99
4.5 5 20 10 16.5 10
18.5 2.2 0 1.2 5 17 11 21 3 5 10 15.5 18.6 10 20 10 3 1 17 5 12.5
5.85 2.63 0.90 0.16 1.65 0.76 1.02 1.30 2.32 4.80 5.56 1.06 2.65 2.31 5.15 0.56 7.00 4.00 7.60 3.50 0.70 0.57 7.75 1.00 4.71
-
High
2.80 5.00 35.30 6.00 1318.35 44.67 85.70 1.32 3.40 75.61 27.75 9.83 4.35 43.45 268.00 6.94 0.28 5.00 3.07 55.50 432.00 11.00 2.47 13.95 37.00 850.00 40.50 1.50 1.75 10.15 12.80 70.00 18.60 2.80 10.25 1.05 0.75 105.00 1.57 2.89 2.75 1.22 6.90 29.39 3.99 0.80 0.01 239.99 55.75 33.00 42.20 15.17 91.04 61.72 19.50 76.65 6.98 46.00 11.98 18.99 62.00 69.47
2.75 6.00 34.00 6.00 1348.00 44.40 85.99 1.89 3.80 79.35 28.70 10.00 4.25 44.50 272.00 7.40 0.69 5.79 3.50 56.50 436.49 10.05 3.47 13.80 35.55 889.00 40.00 1.60 1.80 10.25 12.61 73.50 18.15 3.27 11.21 1.49 1.45 105.00 1.70 2.10 2.90 1.98 6.95 29.50 3.01 1.70 0.10 250.00 54.32 34.00 44.30 14.17 95.00 64.75 18.50 80.39 7.89 47.96 12.00 19.64 63.90 69.00
Open
Low
Close
2.75 6.00 34.00 6.00 1315.00 43.85 84.80 1.80 3.40 72.50 28.70 9.91 3.76 43.38 270.00 6.88 0.26 5.00 3.50 56.49 420.00 10.05 1.91 13.80 35.55 830.00 40.00 1.60 1.74 10.25 12.61 73.50 18.15 2.40 10.59 0.80 0.81 105.00 1.69 2.10 2.84 1.75 6.95 29.50 3.01 1.40 0.09 250.00 53.31 34.00 44.30 14.17 95.00 64.45 18.50 80.39 7.75 47.96 12.00 19.64 62.99 69.00
2.75 6.00 34.00 6.00 1344.00 44.40 84.80 1.80 3.74 79.35 28.70 10.00 3.98 44.50 270.00 6.88 0.26 5.00 3.50 56.49 425.78 10.05 2.99 13.80 35.55 870.00 40.00 1.60 1.74 10.25 12.61 73.50 18.15 3.13 10.80 1.12 1.13 105.00 1.69 2.10 2.84 1.75 6.95 29.50 3.01 1.40 0.09 250.00 54.32 34.00 44.30 14.17 95.00 64.45 18.50 80.39 7.75 47.96 12.00 19.64 62.99 69.00
High
NML-DEC 58.57 NML-NOV 57.93 POL-NOV 265.81 POL-DEC 267.63 ANL-DEC 11.50 NBP-DEC 67.76 ANL-NOV 11.40 DGKC-NOV 29.10 NBP-NOV 67.38 ENGRO-NOV 185.34 PTC-DEC 20.23 AICL-NOV 83.52 PSO-NOV 285.29 DGKC-DEC 29.31 MCB-DEC 206.93 MCB-NOV 208.83 LUCK-NOV 76.09 PSO-DEC 287.52 FFBL-NOV 34.30 PPL-NOV 199.38 ENGRO-DEC 184.17 BOP-NOV 10.16 FFBL-DEC 33.40 AICL-DEC 83.52 PPL-DEC 199.50 LUCK-DEC 76.58 BOP-DEC 10.30 OGDC-DEC 162.00 OGDC-NOV 163.44 UBL-NOV 59.74 PTC-NOV 19.80 NCL-DEC 25.00
Performance of SR Equity Investment Instruments Index Open 1,112.10 Turnover 6,870,354 P/E (x) 16.31
Open
Change
Vol
-0.05 1.00 -1.30 0.00 25.65 -0.27 -0.90 0.48 0.34 3.74 0.95 0.17 -0.37 1.05 2.00 -0.06 -0.02 0.00 0.43 0.99 -6.22 -0.95 0.52 -0.15 -1.45 20.00 -0.50 0.10 -0.01 0.10 -0.19 3.50 -0.45 0.33 0.55 0.07 0.38 0.00 0.12 -0.79 0.09 0.53 0.05 0.11 -0.98 0.60 0.08 10.01 -1.43 1.00 2.10 -1.00 3.96 2.73 -1.00 3.74 0.77 1.96 0.02 0.65 0.99 -0.47
100 100 100 87 83 68 61 54 54 53 50 36 30 27 25 24 23 21 20 15 12 10 10 10 9 8 6 5 5 5 5 5 5 5 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
EQUITY INVESTMENT INSTRUMENTS
2010 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 748.57 Turnover 4,097,381 P/E (x) 12.30
UPTO 100 VOLUME
25R 10B 20B -
High
Company
Paid up Cap(mn)
Open 1,063.59 Turnover 27,175,040 P/E (x) 7.56
10 10 -
Open
Performance of SR Gas Water and Multiutilities Index
Company
10B 25B 8.7B 20B 25B 15B 20B 16B
PE
Company
50 - 7.8R 15 50 -
GAS WATER AND MULTIUTILITIES Open 1,633.71 Turnover 1,117,154 P/E (x) 10.43
40 20 40 35 35 30 30 5 20 -
LIFE INSURANCE
Performance of SR Electricity Index
Paid up Cap(mn)
10.51 34.33 58.10 10.91 4.00 45.00 12.00 84.00 57.01 16.13 6.10 7.03 10.00 6.50 6.73 5.40
Performance of SR Life Insurance Index
ELECTRICITY Open 1,226.68 Turnover 10,611,166 P/E (x) 13.29
11.25 35.00 59.86 11.50 4.50 46.76 12.19 84.45 59.80 17.20 6.14 7.99 10.00 6.50 7.00 6.40
-
59.00 58.00 270.50 272.10 12.20 68.35 12.15 29.25 67.84 185.94 21.15 84.50 289.00 29.45 208.50 209.80 76.29 291.00 34.51 202.99 184.90 10.20 33.50 85.10 203.00 76.55 10.17 163.00 164.50 59.10 20.00 24.50
Low
Close
56.80 56.41 264.10 266.00 11.50 66.80 11.01 28.50 66.00 181.50 19.90 80.30 283.50 28.80 203.21 204.20 75.35 285.75 33.95 199.00 181.50 10.00 33.10 81.01 199.25 75.52 10.10 161.51 162.35 58.05 19.75 24.50
58.28 57.40 265.84 268.12 11.81 67.00 11.74 28.60 66.25 182.44 19.90 81.35 283.92 28.95 203.82 205.00 75.56 286.08 33.99 200.42 182.64 10.01 33.18 81.61 200.33 75.85 10.16 161.60 162.83 58.84 19.75 24.50
Change -0.29 -0.53 0.03 0.49 0.31 -0.76 0.34 -0.50 -1.13 -2.90 -0.33 -2.17 -1.37 -0.36 -3.11 -3.83 -0.53 -1.44 -0.31 1.04 -1.53 -0.15 -0.22 -1.91 0.83 -0.73 -0.14 -0.40 -0.61 -0.90 -0.05 -0.50
Vol 750000 583500 543000 402500 337000 336000 329000 255500 250500 182000 169000 148000 140500 134000 132000 125000 107500 107000 101500 96500 89500 85500 66000 61500 40000 31500 21500 20500 20000 4000 2000 500
ZERO VOLUME Symbols
Open
High
Low
Close
ACCM
0.79
0.78
0.78
0.78
-0.01
0.00
ELCM
6.00
5.00
5.00
5.00
-1.00
0.00
FTM
3.50
3.00
3.00
3.00
-0.50
0.00
FTSM
1.69
1.65
1.65
1.65
-0.04
0.00
HMIM
0.94
0.85
0.85
0.85
-0.09
ILTM
104.18
109.38
109.38
109.38
5.20
0.00
JATM
3.00
2.99
2.99
2.99
-0.01
0.00
JUBS
3.39
2.99
2.99
2.99
-0.40
0.00
MACFL
2.91
PASM
9.47
Change
Vol
0.00
2.86
2.86
2.86
-0.05
0.00
9.00
9.00
9.00
-0.47
0.00
BOARD MEETINGS
Nishat Mills Ltd
KSE 100 INDEX
Pakistan Telecommunication Co Ltd
National Bank of Pakistan
Company
Date
Time
Atlas Honda Limited Exide Pakistan Limited
24-Nov 27-Nov
11:30 3:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
72.97
Support 1
11,098.25
MA (5-day)
11,081.48
Support 2
11,041.65
MA (10-day)
11,000.29
Resistance 1
11,237.00
MA (100-day)
10,192.59
Resistance 2
11,319.20
MA (200-day)
10,088.37
Pivot
11,180.40
KSE 100 INDEX closed down -16.26 points at 11,154.83. Volume was 97 per cent above average and Bollinger Bands were 5 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 11,237.00 and 2nd resistance level at 11,319.20, while Index will continue to find its 1st support level at 11,098.25 and 2nd support level at 11,041.65. KSE 100 INDEX is currently 10.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an overbought condition.
Fair Value
Rs Recommendations
301
Buy
*Arif Habib Ltd AKD Securities Ltd TFD Research
296.6 281.35
AKD Securities Ltd
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
65.96 258.21 233.54 232.79
74.2
Brokerage House
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
AKD Securities Ltd
Positive
TFD Research
92.3
Positive
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
Buy
TFD Research
30.5
Positive
Technical Outlook
Leverage Position
51.48 66.50 65.91 70.53
Rs Recommendations
24.04
318.37 21,063.16 90.59 66.79
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
58.53 19.40 18.82 19.60
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
584.63 11,476.38 8.27 19.81
58.70
57.95
60.50
61.55
59.75
51.79
62.95
62.70
63.45
63.75
63.20
Arif Habib Limited
54.32
26.85
26.50
27.60
28.05
27.30
Adamjee Insurance
63.75
79.65
78.10
83.60
86.00
82.05
Askari Bank
63.83
16.10
15.85
16.55
16.75
16.30
Azgard Nine
61.70
11.35
10.95
12.15
12.55
11.75
Attock Petroleum
54.99
317.20
313.90
323.55 326.65 320.30
Attock Refinery
72.62
122.70
121.10
126.70 129.10 125.10
Bank Alfalah
58.03
9.65
9.50
Bank Islami Pak
54.03
3.30
3.20
3.45
3.60
3.40
Bank.Of Punjab
63.09
9.70
9.50
10.25
10.60
10.05
Dewan Cement
58.99
1.65
1.60
1.80
1.85
1.75
DGK Cement
56.66
28.25
27.95
29.10
29.60
28.75
Dewan Salman
48.07
1.50
1.45
1.65
1.75
1.60
Dost Steels Ltd
59.19
2.80
2.65
3.10
3.25
9.90
10.10
9.80
2.95
44.45
43.85
46.20
47.35
45.60
81.65
78.90
86.55
88.65
83.75
Engro Chemical
57.86
181.05
179.75
Faysal Bank
39.56
14.00
13.85
14.35
14.55
Fauji Cement
54.46
5.00
4.95
5.10
5.20
5.05
Fauji Fert Bin
72.78
33.65
33.30
34.45
34.90
34.10
Fauji Fertilizer
58.62
110.10
109.55
111.10
NML is currently 13.0 per cent above its 200-day moving average and is NBP is currently 1.2 per cent below its 200-day moving average and is dis- PTC is currently 0.2 per cent above its 200-day moving average and is dis-
Habib Bank Ltd
60.60
104.60
103.65
107.00 108.45 106.05
displaying an upward trend. Volatility is extremely high when compared to playing an upward trend. Volatility is high as compared to the average playing an upward trend. Volatility is relatively normal as compared to the
Hub Power
74.82
36.30
35.85
the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume average volatility over the last 10 trading sessions. Volume indicators
ICI Pakistan
64.46
134.40
133.50
136.80 138.30 135.90
reflect moderate flows of volume into NML (mildly bullish). Trend forecast- flowing into and out of NBP at a relatively equal pace. Trend forecasting reflect moderate flows of volume into PTC (mildly bullish). Trend forecast-
Indus Motors
79.94
262.70
255.35
279.95 289.85 272.60
JOV and CO
61.89
4.20
4.10
4.50
4.65
Japan Power
46.63
1.45
1.40
1.55
1.60
JS Bank Ltd
60.86
2.80
2.70
2.95
3.00
2.85
Jah Siddiq Co
44.21
12.95
12.65
13.80
14.35
13.50
Kot Addu Power
46.09
39.50
39.30
39.95
40.20
39.75
KESC
52.88
2.15
2.10
2.30
2.40
2.25
Lotte Pakistan
73.22
11.70
11.55
12.00
12.15
11.85
76.30
77.10
75.70
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
* Target price for Dec-10 & **Net Open Interest in future market
NML closed down -0.31 at 57.52. Volume was 130 per cent above aver- NBP closed down -1.04 at 66.16. Volume was 85 per cent above average PTC closed down -0.24 at 19.63. Volume was 86 per cent above average age and Bollinger Bands were 2 per cent narrower than normal. and Bollinger Bands were 31 per cent narrower than normal. and Bollinger Bands were 1 per cent wider than normal.
ing oscillators are currently bullish on NML.
oscillators are currently bullish on NBP.
Brokerage House
Fair Value 35 32.06 29.1
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
72.78 33.37 29.07 29.61
Hub Power Co Ltd
MCB Bank Ltd
Rs Recommendations Buy
Brokerage House
Fair Value
*Arif Habib Ltd
Rs Recommendations
205
Brokerage House
47
AKD Securities Ltd
189.75
Neutral
AKD Securities Ltd
Negative
TFD Research
218.18
Neutral
TFD Research
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
326.94 11,102.83 29.54 34.14
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
55.59 204.89 196.94 202.09
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
44 44.9
Rs Recommendations Buy Buy Positive
Technical Outlook
Technical Outlook
Leverage Position
Fair Value
*Arif Habib Ltd
Hold
Accumulate
Technical Outlook Technical Analysis
ing oscillators are currently bullish on PTC.
342.10 70,143.52 82.96 206.81
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
74.82 34.98 34.43 34.01
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
810.01 29,743.50 N/A 36.57
* Target price for Dec-10 & **Net Open Interest in future market
POL closed down -0.01 at 265.45. Volume was 139 per cent above aver- FFBL closed down -0.25 at 33.96. Volume was 55 per cent above average MCB closed down -3.69 at 205.04. Volume was 180 per cent above average HUBC closed up 0.35 at 36.72. Volume was 21 per cent above average and Bollinger Bands were 54 per cent wider than normal.
(trending) and Bollinger Bands were 60 per cent narrower than normal. FFBL is currently 15.7 per cent above its 200-day moving average and is MCB is currently 1.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is high as compared to the average the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect modreflect moderate flows of volume into FFBL (mildly bullish). Trend forecasterate flows of volume into POL (mildly bullish). Trend forecasting oscilla- ing oscillators are currently bullish on FFBL. Momentum oscillator is cur- reflect volume flowing into and out of MCB at a relatively equal pace. Trend
POL is currently 14.0 per cent above its 200-day moving average and is
tors are currently bullish on POL.
76.07
Attock Cement
69.69
TFD Research
age and Bollinger Bands were 47 per cent wider than normal.
Allied Bank Limited
EFU Life Assurance
AKD Securities Ltd
* Target price for Dec-10 & **Net Open Interest in future market
Neutral
Fair Value
1st 2nd Pivot Resistance 3.35 3.50 3.30
EFU General Insurance 56.97
Buy
107.94 28,651.80 183.31 266.44
61.96
Brokerage House AKD Securities Ltd
Buy
Technical Outlook
Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,112.01 ** NOI Rs (mn) 152.90 Mean 57.40
*Arif Habib Ltd
Leverage Position
Rs Recommendations
84
Buy
Leverage Position
68.87 55.23 48.38 50.89
Fair Value
*Arif Habib Ltd
Technical Outlook
Neutral
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Buy
59.97
TFD Research
Technical Outlook Technical Analysis
Rs Recommendations
65
Fauji Fertiliser Bin Qasim Ltd
Pakistan Oilfields Ltd
Brokerage House
Fair Value
*Arif Habib Ltd
RSI 1st 2nd (14-day) Support 54.11 3.20 3.10
rently indicating that FFBL is currently in an overbought condition.
forecasting oscillators are currently bullish on MCB.
and Bollinger Bands were 39 per cent wider than normal. HUBC is currently 8.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into HUBC (bullish). Trend forecasting oscillators are currently bullish on HUBC. Momentum oscillator is currently indicating that HUBC is currently in an overbought condition.
184.50 186.65 183.20
37.10
14.20
111.55 110.55 37.45
36.65
4.40 1.50
Lucky Cement
56.11
74.90
74.30
MCB Bank Ltd
55.59
202.40
199.70
Maple Leaf Cement
52.84
2.90
2.85
3.00
3.05
2.95
National Bank
51.48
65.40
64.65
67.40
68.65
66.65
Nishat (Chunian)
66.17
23.75
23.20
24.85
25.45
24.35
Netsol Technologies
56.67
19.30
19.15
19.75
20.05
19.60
NIB Bank
64.59
2.85
2.70
3.10
3.20
2.95
Nimir Ind.Chemical
52.15
1.45
1.40
1.55
1.60
1.50
Nishat Mills
68.87
56.50
55.50
58.25
59.00
57.25
Oil & Gas Dev. XD
73.12
161.90
160.30
PACE (Pakistan) Ltd.
45.28
2.75
2.70
2.90
3.00
2.85
Pervez Ahmed Sec
54.31
2.15
2.05
2.40
2.50
2.30
PIAC(A)
53.54
2.25
2.15
2.35
2.40
2.30
Pioneer Cement
43.01
7.25
7.10
7.75
8.10
7.60
Pak Oilfields
65.96
262.80
260.15
269.45 273.40 266.75
Pak Petroleum
64.72
197.75
195.20
202.80 205.30 200.25
Pak Suzuki
54.80
73.95
72.85
PSO XD
58.83
281.80
279.55
PTCLA
58.53
19.45
19.25
Shell Pakistan
60.06
197.45
195.70
Sui North Gas
31.52
28.25
27.95
29.00
29.45
28.70
Sitara Peroxide
63.98
13.50
13.35
14.00
14.35
13.85
Sui South Gas
42.54
22.85
22.50
23.60
24.00
23.25
Telecard
47.96
2.25
2.20
2.35
2.45
TRG Pakistan
49.61
4.10
4.05
4.25
4.40
4.20
United Bank Ltd
66.99
58.55
58.15
59.60
60.25
59.20
WorldCall Tele
55.02
2.60
2.55
2.70
2.75
2.65
208.85 212.60 206.15
164.85 166.20 163.25
77.05
79.05
75.95
287.95 291.90 285.75 19.95
20.30
19.80
201.40 203.70 199.70
2.30
8
Thursday, November 25, 2010
Nat’l carrier faced Rs41bn loss in last 2yrs: MD
PIA debt up at Rs1.11tn, Senate told KARACHI: Etihad Airways donated two return tickets to London (Heathrow) to V Need U --A local group of volunteers to help raise funds for flood relief projects in interior Sindh. Picture shows Etihad Brand Ambassadors pop-rock band Strings and Samra Muslim Marketing Officer Pakistan Etihad Airways presenting the tickets at a ceremony recently held in Karachi .-Staff Photo
‘Colours of Abaseen’ to sing, dance in Peshawar PESHAWAR: Sarhad Tourism Corporation (STC) has organised a colorful mega food & cultural festival from 25th (today) to 27th November at Nishtar Hall Peshawar. The event themed as “Colours of Abaseen” aims to showcase an array of Khyber Pakhtunkhwa's rich cultural heritage and cuisine to the general public, said a press release issued here . According to the organisers, the event would portray not only a positive picture of Khyber Pukhtunkhwa but also give a platform to the artists and artisans of the province to participate and reveal their tal-
ent. The three-day festival would feature among other things folk music, played by the most popular artists of the province with Rabab, Chitrali sitar, and many other instruments. Traditional and tribal dances will be performed to enthrall the audiences. Similarly, handicrafts from D I Khan, Swat, Hazara, Chitral and Peshawar will also be available for purchase. A large variety of cuisines ranging from barbecued items to vegetarian dishes such as tikkas, kebabs, painda (sohbat), Saag, sajji, Kabuli pulao etc will be offered.
There is a kids' play area to enjoy magic shows and other fun activities. An opening ceremony shall depict the history of Khyber Pakhtunkhwa its diverse cultures, fascinating people and civilisations in the main auditorium. Moreover, an elaborate photo and heritage gallery has also been set up inside Nishtar Hall. The grand finale would be in the form of a daily Termination Show from 6pm to 10pm in the auditorium. The venue will remain open for families from 10am till 10pm daily.-APP
Secy tourism gives PTDC a good word ISLAMABAD: Federal Secretary Tourism Shahid Rashid chaired a high level meeting at PTDC head office here. The Secretary Tourism appreciated PTDC officials for their efforts to promote tourism in the country. He said that PTDC stands committed to promote tourism not only on domestic scale but also on international level. He added that PTDC has a vision to enhance and revive tourism despite all odds. He directed the officials to implement the decisions of Inter-Provincial Tourism Ministers meeting and explore possibilities to prepare a strategy for income generation from commercial units. He directed that a viable proposal on bailout package may be prepared and submit-
ted to the Ministry of Tourism, which would forward it to the Ministry of Finance for approval. The meeting was attended by all the key stakeholders and mangers. General Manager (Planning &Development) Abdul Wahab Khan briefed the Secretary about the steps being taken by the PTDC for the promotion of tourism. The Secretary was informed that PTDC has participated in six international and eight domestic tourism events during 2009 and 2010 in order to create awareness about tourism attractions of Pakistan. He added that PTDC is developing a number of tourism projects in the areas where private sector is shy to invest in addition to develop-
ing seven 'Tourist Facilitation Centers' at all provincial headquarters including Islamabad, AJK and Gilgit-Baltistan. PTDC has introduced special discounted tour package for students and families in order to promote domestic tourism in the country, he said.-APP
Emirates declares winners of Madrid tour KARACHI: Emirates Airline announced the winners of its Madrid Promotion which will allow seven lucky winners to win an all expenses paid trip to Madrid. The winners will be flown to the exotic Spanish city where they will spend 5 days. The prize package also includes a city tour of Madrid's finest tourist destinations along with a full day trip to the monumentally historic city of Toledo-a World Heritage Site. The exclusive promotion was announced by Emirates Airline for its travel trade partners who play a pivotal role in the operations of an airline. The ceremony was attended by key personnel from the travel and trade industry and senior management of Emirates.-NNI
ISLAMABAD: MD PIA Ijaz Haroon has said that PIA had declared a loss of Rs41 billion in the last two years and the national carrier is under a debt of Rs1.11 trillion whereas its total net worth is no more than Rs16 billion. According to details Senator Tariq Azeem presided over the meeting of Senate's standing committee's subordinate body on defence and reviewed the five year revival plan for PIA. In this meeting MD Ijaz Haroon informed the subordinate committee that PIA had a deficit of Rs41.700 million in the last two years. While giving details he told the committee that during 2008, the company incurred a loss of Rs35.88 million while at 2009-end Rs68 billion were in deficit, so far PIA is under a debt of Rs1.11 trillion altogether with a holding of Rs16 billion only in the form of assets . While discussing the revival plan, MD PIA Ijaz Haroon told the committee that the company plans to purchase 16 new planes and an application has already been sent to the authorities for giving guarantee. He further told the committee that the PIA authorities have
already started slashing down on the operational expenses as well as repair and maintenance. He also informed the Senate that the organisation has already started working on curbing fraud and dishonesty in the establishment and it is expected to save up to Rs3 billion in the next five years. The committee also asked to provide the details of 350 rehired workers and the grants given to them. Till to date 21,500 employees are working in various capacities and it is planned to reduce their number down to 17,000 by 2014. Haroon urged the government to review “open skies policy” formulated in 1992 according to which airlines from central Asian countries can take passengers on board from Pakistan and it is affecting the business of PIA. He further informed the committee that this year no planes were leased for Hajj flights. He said that 305 workers were rehired in the organisation after the ordinance. The committee has asked the minister for defence to provide details of all the finances in the last twenty years. The replacement of travel agents
Second Hajj flight lands after a delay of eight hours QUETTA: The second Hajj flight carrying 329 pilgrims landed here after being delayed for about 8 hours. According to details, PIA's flight carrying pilgrims from Jeddah reached the provincial capital at 3:30 pm while the actual time for its landing was 7 am. The relatives of the pilgrims had to suffer due to the delay in arrival of the flight as they waited for several hours to receive the pilgrims. The post Hajj operation by PIA for Balochistan pilgrims would continue till December 22.-Agencies providing services in London -for the last 35 years-- with Indian agents also came under discussion, to which the MD assured the committee that he will go to London soon and solve the said issue.-Online
Swat, Muree to be made film-cities PESHAWAR: Federal Government is mulling over a proposal to give militancy-hit scenic valley Swat the status of film-city. As per details, the Standing Committee of Senate on Culture and Tourism has recommended to the government to declare Swat and Murree as film cities. These measures were aimed at boosting tourism and trade activities in the flood and insurgency affected Swat that has suffered immensely in terms of marked decline in number of tourists and commercial activities in the last few years. The artists would be provided strict security to ensure favourable working conditions. Moreover, the provincial government has already abolished film tax as it badly affected the film industry in the province and most of the cinemas were closed down.-APP
BERLIN: Utku Yazan Director Turkish Airlines Pakistan presenting a memento to Dr Richard Meng State Secretary, Senate Spokesman, and the Governing Mayor of Berlin, during a resent visit to Germany. Adnan Khan Marketing Manager, and Suayip Zuhtu Ileri sales representative of THY are also present on the Occasion.-Staff Photo
Sindh tourism minister meets Indonesian CG
Marri means ‘more tourism’ with Indonesia KARACHI: Sindh Minister for Tourism, Shazia Marri, held a meeting with the Consul General of the Republic of Indonesia, Rossalis Rosman Adenan, in his office here and discussed ways to further strengthen the ties between the two countries in different sectors like trade, culture, and tourism. Shazia Marri expressed her deep sorrow over the loss of human lives and properties caused by volcanic eruption in Indonesia. She also expressed her concern over the damages caused by Tsunami. The minister said that both the countries have strong historical relations and we must ensure strengthening these brotherly relations by finding ways to exchange trade and promote tourism so that both nations could come closer to each other.
She emphasised that tourism is a basic tool today to promote peace and harmony among the world. Shazia stressed upon the need to take concrete efforts to promote tourism. On this occasion, Rossalis Rosman Adenan explained to Marri that culturally rich Indonesia believes in the policy of "unity and diversity". In the meeting both sides agreed to enhance people to people contact in form of exchange delegations of businessmen, tourists and media community with an aim to strengthen cooperation in the fields of trade and culture and create an environment of better understanding of each others perspective. On this occasion the Consul Economic of Indonesian Consulate General Trigustono Supriyanto was also present.-APP
EU bans all Afghanistan airlines from its air space BRUSSELS: The European Union has banned all Afghan airlines from flying into European airspace because of the war-torn country's failure to set up a proper safety regime, the Commission said here. National carrier Ariana Afghan Airlines was already banned, and there were some restrictions on Kam Air, but the new EU blacklist extends the embargo to other carriers such as Safi Airways. The ban takes effect from Wednesday. "Where we have evidence that air carriers are not performing safe operations or where the regulatory authorities fail in their obligation to enforce the safety standards, we must act to ensure there will be no risks to safety," EU Transport Commissioner Siim Kallas said in a statement. Afghan airlines are now looking at ways around the ban, such as leasing better aircraft or buying overseas operators to run their fleet while being overseen by a credible regulator.Reuters
9
Thursday, November 25, 2010
Oil jumps two dollars on pre-holiday short covering
European vegetable oil prices
EIA data shows unexpected rise in crude stocks depicted a mixed recovery scenario. Traders mentioned the weekly US unemployment benefit claims which dropped, signalling an improving labour market, while consumer spending rose for the fourth consecutive month in October. But new orders for US manufactured goods fell unexpectedly, showing the largest decline in almost two years. The euro turned negative against the US dollar as Treasury bond yields rose. "Prices are being influenced by Ireland and euro-zone debt issues, concerns about whether China is going to over-tighten as it tries to fight inflation and last but not least the situation between North and South Korea," Societe Generale's global head of oil research Mike Wittner said. "Markets are jittery and there is the Thanksgiving weekend, so volumes will be light and prices could be volatile," he said. Reuters
NEW YORK: Oil rose more than $2 to above $83 a barrel on Wednesday, up from a nearweek's low in the previous session, with positive US economic data and pre-Thanksgiving holiday short-covering providing support. Weekly US inventory data from the Energy Information Administration showed an unexpected rise in crude stocks last week as imports surged, but the market shrugged off the number and crude popped up after the report was released. US crude rose $2.05 to $83.30 a barrel by 1644 GMT. It fell to $80.28 intra-day on Tuesday, the lowest price since Nov. 17 after North Korea fired artillery at South Korea in one of the heaviest attacks since the 1953 ceasefire. Brent crude rose $2.10 to $85.35. "It didn't seem like the inventory data moved the market at all," said Richard Ilczyszyn senior market strategist at Lind-
Waldock in Chicago. "This is a short cover; we have problems in Korea and elsewhere and traders do not want to go home short ahead of the weekend." US crude stocks rose 1.03 million barrels to 358.6 million barrels in the week to Nov. 19 while crude imports expanded by 1.16 million barrels per day (bpd) to 8.99 million bpd, the data
Indian sugar steady on weak demand
US cotton limits down for third day
MUMBAI: India's spot sugar price was steady on Wednesday as weak demand from bulk consumers offset concerns over lower sugar recovery rate, dealers said. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety edged up by 0.21 per cent to 2,806 rupees ($61.4) per 100 kg. "Rainfall is becoming a headache for the industry. Yesterday also we got rains. It is cutting recovery rate," said Rahul Kshirsagar, a trader based in Kolhapur. Unseasonal rains over the two key Indian sugar producing states have pared the recovery rate by nearly 1 per cent, initial reports show, and government and industry officials worry persistent rains could potentially hit output and trim exports. India is likely to produce 24.5 million tonnes of sugar in 2010/11, the junior farm minister said last week, lower than a previous trade estimate and below a likely threshold for exports. -Reuters
NEW YORK: US cotton tion and just more liquidation" futures fell by their daily 6-cent were weighing on prices, said limit for the third straight ses- Bill Raffety, senior analyst for sion on Tuesday, notching their futures brokerage Penson. "Fundamentally, I don't think biggest 3-day decline in more than 15 years, as Korean ten- things have changed, I think the sions and euro-zone debt con- market just got away from itself. cerns accelerated the US cotton mid-day market's recent correc- The benchmark March cotton contion from record peaks. tract on ICE Futures US climbed 3.78 Cotton has been hit cents, or 3.4 per cent, to $1.1557 per lb hard in recent weeks by mounting fears that by 1627 GMT. China may take aggressive There's a lot of profit taking action to curb inflation running coming in," Raffety said, referat a 25-month high, raising ring to cotton futures. interest rates or capping The March contract has lost domestic prices with measures 26 per cent of its value since that could crimp commodity hitting a record high $1.5195 demand or drain liquidity from per lb earlier this month. bubbling domestic markets. Sharon Johnson, cotton speThe benchmark March cotton cialist at First Capitol Group in contract on ICE Futures US Atlanta, Georgia, said the marended down the 6-cent limit, or ket's inability to hold support at 5.1 per cent, at $1.1179 per lb. the 50 per cent retracement level The spot December contract, at $1.1273 and the 50-day movwhich traded in thin dealings, ing average at $1.1320 signaled fell as much as 11.05 cents as it more losses were in store for the was no longer subjected to market. In China, the Zhengzhou price limit restrictions after Commodity Exchange's key entering its notice period on May cotton contract ended down Tuesday. "The market was 1,225 yuan at 25,225 yuan per overdone. The financial situa- tonne. -Reuters
showed. Analysts polled by Reuters had expected crude stocks to fall 2.1 million barrels. Stocks of gasoline were up 1.91 million barrels to 209.6 million barrels, versus expectations for a 600,000-barrel draw. Distillate stocks fell by 541,000 barrels to 158.25 million barrels, compared with analyst expectations for a larger 1.2 million-barrel draw. More US economic data
Copper rises on supply concerns, US data LONDON: Copper rose on Wednesday, supported by supply concerns, with investors also taking comfort from US data that showed a rise in consumer spending and a fall in the number of people claiming unemployment benefits. Three-month copper on the London Metal Exchange was last quoted at $8,250/8,251 a tonne, up from Tuesday's close of $8,140. Copper, used in power and construction, has fallen some 8 per cent from record highs of $8,966 hit earlier this month. Stainless steel material nickel rallied by over 4 per cent at one point on fund buying. US durable goods orders unexpectedly fell in October, but jobless claims also fell more than expected in the latest week. Consumer spending rose and a key inflation gauge hit a record low. "To have slightly stronger consumer spending is always positive and the low inflation has vindicated the Fed's stance on monetary easing, which is likely to weaken the dollar again over the long run," said
Credit Agricole analyst Robin Bahr.
Shanghai copper rallies Copper rose by more than one per cent in London and Shanghai on Wednesday, paring the previous session's losses, but sentiment was brittle, stressed by geopolitical tension on the Korean peninsula and euro-zone debt. Three-month copper on the London Metal Exchange rose 1.4 per cent to $8,255 a tonne by 0701 GMT, paring most of Tuesday's 1.8 per cent loss, while benchmark third month futures in Shanghai rallied 1.7 per cent to 62,450 yuan. Nickel prices rallied as the metal broke through key chart points, which sent a buy signal to funds. The 100- and 200-day moving averages are key chart levels, closely watched by funds that trade on technical
analysis, as was the $22,000 level. On the fundamental side, prospects for the laggard LME metal was also brightening as inventories in Asian locations fall, said Standard Bank analyst Leon Westgate in a note. In South Korea and Singapore, nickel stocks have fallen since mid-month, although total inventories remain close to fivemonth highs. Nickel finished at $22,500 versus $21,600, having hit a one-week high at $22,549. Across other metals, aluminium, used in transport and packaging, ended at $2,259 versus $2,255 a tonne. Zinc, used in galvanising, closed at $2,122 from $2,085 a tonne. Lead, used in the battery sector, was at $2,222 from $2,186.5 a tonne. Tin, used in electrical solder, finished at $24,300 versus $23,900. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for November 23 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1260
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for November 23 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer 2175 Cash seller 2185 3-months buyer 2150 3-months seller 2150.5 15-months buyer 2090 15-months seller 2100 27-months buyer 2090 27-months seller 2100
2220.5 2221 2249 2250 2310 2315 2368 2373
8148 8149 8115 8120 7915 7925 7575 7585
2145 2150 2168 2169 2147 2152 2112 2117
21285 21290 21370 21375 21150 21250 20605 20705
TIN
ZINC NASAAC
23925 2078 23950 2078.5 23850 2088 23950 2089 23525 2135 23575 2140 2115 2120
2200 2201 2225 2230 2240 2250 2295 2305
NEW DELHI: Indian farmers and tribals protest against the United Progressive Alliance (UPA) land acquisition policy. -Agencies
Sugar rises on fund buying, coffee dips LONDON: Sugar futures rose on trade and fund buying on Wednesday, while coffee and cocoa consolidated as US data allayed some concern about economic growth. Sugar futures rose on trade and system-fund buying, as participants took advantage of lower prices after the sell-off, dealers said. "Trade houses see these price levels as an opportunity for coverage," a London-based trader said. Another dealer said, "Algorithmic operators have been buying today. The selling has been from producers." ICE March raw sugar stood 0.36 cent or 1.3 per cent higher at 27.69 cents a lb at 1526 GMT. Liffe March white sugar rose $22.10 or 3.3 per cent to $703.10 per tonne in thin volume of 2,386 lots. ICE markets will be shut on Thursday for the US Thanksgiving holiday. Continued rainfall in growing areas of India and Australia, supported sugar futures prices, dealers said. ICE second-month arabica coffee futures eased with investors focusing on Korean tension and fears the euro-zone debt crisis could escalate, and stood at near 13-1/2-year highs. ICE March arabicas traded at $2.0785 per lb, down 2.7 cent or 1.3 per cent. Robusta coffee futures on Liffe were lower in modest volumes, weighed partly by an improving outlook for the harvest in top producer Vietnam. Liffe second-month robusta coffee futures slipped $3 or 0.2 per cent to $1,850 tonne in slim volume of 3,660 lots. ICE cocoa futures inched higher in light volumes with second-month March up $1 or 0.04 per cent at $2,805 per tonne in thin volume of 3,841 lots. London second-month cocoa futures were up 11 pounds or 0.6 per cent to 1,871 pounds per tonne in light turnover of 3,615 lots. Dealers said a major shortterm focus was the forthcoming presidential run-off election in top cocoa producer Ivory Coast. -Reuters
Gold eases as investors turn less risk-averse LONDON: Gold fell on Wednesday after two days of gains as US data allayed some concern about growth, while fears over the risk Ireland's debt crisis poses to other eurozone economies sent gold in euros to five-month highs. US data showed consumer inflation fell to a record low last month, while spending rose and consumers' mood improved.
ty," said Ole Hansen, a senior manager at Saxo Bank. "We've got political risk from the Korea situation and then more importantly ... people are talking about the potential of the euro not surviving. I don't see that happening, but just the fact that it is being talked about is enough to raise the bar." Holdings of gold in the world's largest gold-backed exchange-traded fund, the
Spot gold fell 0.2 per cent to $1,373.95 an ounce by 1552 GMT, down from an earlier session high at $1,381.30, while US gold futures fell $3.4 to $1,374.20. Gold's negative correlation to the dollar reached its weakest since mid-September as investors ditched the euro and other risk-related assets such as stocks and corporate debt. "Gold's been gritting its teeth in the last couple of days and going contrary to what one might have expected with the dollar move, and really that has to boil down to the uncertain-
SPDR Gold Trust, were unchanged for a second day, indicating no large-scale withdrawal from gold by investors. Silver fell 0.2 per cent on the day to $27.40, even as holdings of silver in the world's largest physically-backed exchangetraded fund rose to a third consecutive record high, indicating robust demand for an alternate investment from gold. Platinum rose 0.9 per cent to $1,661.74 an ounce, recovering from two straight days of declines, while palladium broke a two-day decline and rose 1.2 per cent to $694.47. -Reuters
Palm oil rebounds on soy complex; data eyed KUALA LUMPUR: Malaysian palm oil futures rebounded from three-week lows on Wednesday on the back of a firmer overseas soy complex and expectations of strong overseas demand. US soy and soyoil futures rose during Asian trading hours, driven by strong commercial buying and output pressure due to drier weather in Latin America. "Malaysian palm oil was mainly affected by overseas soy and soyoil markets. Investors are also expecting higher exports for Nov. 1-25," said a trader with foreign brokerage in Kuala Lumpur, referring to Malaysia palm oil exports data due to release on Thursday. Exports of Malaysian palm oil during Nov. 1 to 20 rose 18.3 per cent to 1,099,451 tonnes compared to a month ago, cargo surveyor Societe Generale de
Surveillance showed earlier in the week. The benchmark Feb. 2011 crude palm oil contract jumped as much as 3 per cent earlier in the day, before paring some gains to close trade at 3,168 ringgit ($1,013). Overall traded volume was 7,200 lots of 25 tonnes each, compared to the usual 10,000 lots. Palm prices were also supported by heavy monsoon season rains, which can halt harvesting and make transportation difficult in major planting states in Malaysia's mainland and Borneo island, another trader said. The most active Sept. 2011 soyoil on China's Dalian Commodity Exchange, that usually tracking domestic and overseas soybean futures, jumped 2.1 per cent in Asian hours. -Reuters
ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Dec10 895.00, Jan11 895.00, Feb11/Apr11 902.00+30.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 912.00+22.00, May11/Jul11 920.00+20.00, Aug11/Oct11 905.00+15.00, Nov11/Jan12 915.00+15.00. SUNOIL: EU dlrs tonne extank six ports option Jan11 1445.00, Feb11/Mar11 1425.00+0.00, Apr11/Jun11 1385.00+10.00, Jul11/Sep11 1415.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1255.00-5.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Dec10 1107.50+17.50, Jan11/Mar11 1097.50+20.00, Apr11/Jun11 1075.00+12.50. PALMOIL: RBD dlrs tonne cif Rotterdam Jan11/Mar11 1117.50. PALMOIL: RBD dlrs tonne fob Malaysia Jan11/Mar11 1072.50+17.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11/Mar11 1082.50+17.50, Apr11/Jun11 1057.50+17.50, Jul11/Sep11 1047.50+17.50. PALM STEARIN: Dlrs tonne fob Malaysia Dec10 1080.00+15.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Nov10/Dec10 1500.00, Dec10/Jan11 1500.00+35.00, Jan11/Feb11 1500.00+35.00, Feb11/Mar11 1490.00+30.00, Mar11/Apr11 1490.00+30.00, Apr11/May11 1490.00+30.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam N o v 1 0 / D e c 1 0 2050.00+125.00. -Reuters
Tokyo rubber falls 3pc on Korea worry TOKYO: Key Tokyo rubber futures fell more than 3 per cent on Wednesday as global financial markets were rattled by heightened tensions in the Korean Pennisula following a North Korean artillery attack on a South Korean island near the border. The key Tokyo Commodity Exchange rubber contract for April delivery settled at 359.5 yen per kg, down 10.3 yen or 2.8 per cent. It fell as low as 356.4 yen, the lowest since Nov. 18. The April benchmark contract had climbed as high as 375.9 yen on Friday, the highest since Nov 12. The benchmark contract will switch to May from Thursday. Deliveries against the November futures contract fell 25 per cent from last month to 214 lots or 1,070 tonnes. The nearby November contract expired at 354.9 yen per kg. The most active rubber contract for May delivery on the Shanghai futures market closed at 32,285 yuan per tonne, down 65 yuan from Tuesday's close of 32,220 yuan per tonne. It fell as low as 31,300 yuan or 2.9 per cent. Volume stood at 1.6 million lots. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
24-Nov-2010 CRUDE100 24-Nov-2010 CRUDE100 24-Nov-2010 CRUDE100 24-Nov-2010 SILVER - SL500 24-Nov-2010 SILVER - SL500 24-Nov-2010 GOLD 01oz 24-Nov-2010 GOLD 01oz 24-Nov-2010 GOLD 01oz 24-Nov-2010 GOLD 100oz 24-Nov-2010 GOLD 100oz 24-Nov-2010 GOLD 100oz 24-Nov-2010 GOLD 24-Nov-2010 GOLD 24-Nov-2010 GOLD 24-Nov-2010 KILOGOLD 24-Nov-2010 KILOGOLD 24-Nov-2010 TOLAGOLD50 24-Nov-2010 TOLAGOLD100 24-Nov-2010 MINIGOLD 24-Nov-2010 MINIGOLD 24-Nov-2010 MINIGOLD 24-Nov-2010 MINIGOLD 24-Nov-2010 MINIGOLD 24-Nov-2010 TOLAGOLD 24-Nov-2010 TOLAGOLD 24-Nov-2010 TOLAGOLD 24-Nov-2010 TOLAGOLD 24-Nov-2010 TOLAGOLD 24-Nov-2010 IRRI6W 24-Nov-2010 RICEIRRI - 6 24-Nov-2010 RBD PALMOLEIN 24-Nov-2010 KIBOR3M 24-Nov-2010 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
JA11 FE11 MA11 DE10 JA11 DE10 JA11 FE11 DE10 JA11 FE11 DE10 JA11 FE11 DE10 JA11 DE10 DE10 1-Aug 2-Aug WED 4-Aug 5-Aug MON TUE WED THU FRI 25NO10 DE10 DE10 10-Dec 11-Mar
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
80.59 81.04 81.68 27.28 27.35 1362.10 1358.00 1359.00 1359.10 1357.40 1358.40 37517.00 37577.00 37256.00 37805.00 37213.00 43405.00 43405.00 38287.00 38327.00 38248.00 38261.00 38274.00 44400.00 44041.00 43950.00 44330.00 43980.00 2402.00 3300.00 4535.00 86.75 86.15
81.93 82.40 82.77 27.66 27.71 1382.00 1382.00 1383.00 1380.00 1376.30 1376.30 37888.00 37900.00 37802.00 37805.00 37748.00 44042.00 44042.00 38826.00 38866.00 38879.00 38800.00 38813.00 44624.00 44670.00 44685.00 44594.00 44609.00 2402.00 3300.00 4535.00 86.75 86.15
80.32 80.93 81.68 27.06 27.09 1356.40 1357.40 1358.40 1356.40 1357.40 1358.40 37230.00 37241.00 37256.00 37202.00 37213.00 43405.00 43405.00 38287.00 38327.00 38248.00 38261.00 38274.00 43995.00 44041.00 43950.00 43965.00 43980.00 3271.00 3294.00 4493.00 86.74 86.02
81.69 82.26 82.77 27.42 27.44 1375.30 1376.30 1377.40 1375.30 1376.30 1376.30 37775.00 37787.00 37802.00 37748.00 37748.00 44042.00 44042.00 38826.00 38866.00 38879.00 38800.00 38813.00 44624.00 44670.00 44685.00 44594.00 44609.00 3271.00 3294.00 4493.00 86.74 86.02
Traded Volume in lots 228 23 203 24 934 3,006 1,232 51 47 16 1 10 5 -
Previous Settlement Price 81.64 82.21 82.74 27.54 27.57 1373.90 1374.90 1375.90 1373.90 1374.90 1375.90 37709.00 37721.00 37736.00 37682.00 37693.00 43965.00 43965.00 38760.00 38799.00 38813.00 38733.00 38746.00 44547.00 44593.00 44608.00 44516.00 44531.00 3277.00 3300.00 4535.00 86.75 86.03
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 81.69 76 82.26 12 82.77 27.42 56 27.44 5 1375.30 248 1376.30 1,080 1377.40 898 1375.30 3 1376.30 1377.40 37775.00 6 37787.00 22 37802.00 37748.00 37759.00 44042.00 44042.00 38826.00 38866.00 38879.00 38800.00 38813.00 44624.00 20 44670.00 44685.00 44594.00 5 44609.00 3271.00 3294.00 4493.00 86.74 86.02 -
Iran's Ehsan Hadadi celebrates after winning men's discus throw final at Asian Games
10
Thursday, November 25, 2010
Injured Fabregas out for 3 weeks
Two-match series ends in stalemate
Misbah steers Pak to a hard-fought draw
LONDON: Arsenal captain Cesc Fabregas could be out of action for upto three weeks after injuring his hamstring in Tuesday's Champions League defeat by Braga, manager Arsene Wenger has said. Fabregas was substituted in the 69th minute of the 2-0 loss in Portugal with his team mate Emmanuel Eboue also suffering a knee injury. "Eboue will be out for a while and we will have to asses Fabregas tomorrow (Wednesday)," Wenger told the club's website (www.arsenal.com) after the match. "It could be two to three weeks. It is very disappointing because I had a hesitation to play him (Fabregas) before the match started. I took the gamble and it backfired on us." Arsenal face Aston Villa in a Premier League clash on Saturday and Wigan Athletic in the League Cup quarterfinals on Tuesday.-Reuters
Smith fractures his left hand ABU DHABI: South Africa captain Graeme Smith was ruled out of the rest of the second and final Test against Pakistan after suffering a fractured hand. Smith has "fractured the fourth metacarpal on his left hand" and will be out of action for at least two weeks, team manager Lerato Malekutu said on Tuesday, the fourth day of the match. The injury may have been originally caused by a blow on the hand Smith suffered from a ball by fast bowler Shoaib Akhtar in the first one-day international in Abu Dhabi on Oct. 29 which forced him to retire hurt. The left-hander did not open the batting in South Africa`s second innings, travelling to the local hospital for x-rays. The fracture is the third Smith has suffered in the last two years. The second Test enters the final day on Wednesday with South Africa on 173 for four in the second innings, leading Pakistan by 323 runs. The series is level at 0-0.Online
Pak beat India to reach squash final GUANGZHOU: Pakistan beat arch-rivals India in the semi final of the squash team event in the 16th Asian Games by 2-0 on Wednesday. Farhan Mehboob beat India's Siddharth Nimesh 3-1 in the first match that lasted 83 minutes. Farhan only lost the second set on the way to his victory. In the second match, Aamir Atlas Khan, Pakistan's top squash player defeated Saurav Ghosal 3-1 by winning all but the second set in 52 minutes. Aamir has already won the silver medal for in the men's individual squash event. Pakistan face Malaysia in the final of the squash team event tomorrow.-Agencies
ABU DHABI: Pakistan captain Misbah-ul-Haq shared a top-class rearguard partnership with Azhar Alias to help salvage a draw against South Africa in the second test as the series ended in stalemate on Wednesday. Pakistan had slipped to a shaky 66 for three straight after lunch at the Sheikh Zayed Stadium thanks to a devastating burst of three wickets for no runs in seven balls by spinners Paul Harris and Johan Botha. However, Misbah and Azhar survived for the next 45.2 overs and added 87 for the fourth wicket to ensure the series ended 0-0 after the first test was drawn in Dubai. Misbah provided strong late resistance with his defiant 58 not out off 140 balls while
Azhar was obstinance personified with a stubborn 28 not out from 135 deliveries. Pakistan wriggled off the hook after Botha trapped Taufeeq Umar, playing for turn, lbw for 30 in the second over after lunch with a delivery that just went straight on with the arm. Paul Harris then struck twice in the next over, winning lbw decisions against Mohammad Hafeez (34) and Younis Khan (0), with both batsmen also falling to arm-balls. HARD PITCH Misbah, who scored 77 in the first innings after his 76 not out helped save the first test in Dubai, struck 10 boundaries, carrying the fight to the bowlers who were neutralised by a hard pitch that did not deteriorate to any great extent.
Pakistan were left with 82 overs to survive after South Africa strangely delayed their declaration until half-an-hour into the final day, scoring 203 for five in their second innings to lead by 353. Pakistan, who had survived for 117 overs to draw the first test, had no difficulty at the start of their innings as opening batsmen Hafeez and Taufeeq took them safely through to lunch on 66 without loss before Harris and Botha rocked the innings. South Africa, who led by 150 runs on first innings, batted on for six overs in the morning, Umar Gul bowling Mark Boucher for 15, before Ashwell Prince (47 not out) and Botha (seven not out) carried South Africa through to the declaration.-Reuters
Zidane, Ronaldo to play for Pak ABU DHABI: Misbah-ul-Haq waves his bat after scoring 50 runs against Proteas during the fifth and last day of the second Test match between South Africa and Pakistan.-Reuters
India leads ICC Test standings DUBAI: India maintained their supremacy at the top of ICC rankings for Test teams after winning the three-Test series against New Zealand 10, while South Africa and Sri Lanka remained static on second and third position respectively. However, the world number one India with 129 points, given their huge difference with the Kiwis (80) at the start of the series, lost one rating point despite the triumph. On the other hand, the 0-1 verdict after draws in the first two Tests helped New Zealand earn two rating points and gain a place in the rankings chart, released after the completion of the three-match series. Thanks to their fighting efforts in the first two Tests, New Zealand replaced West Indies from the seventh position. India had entered the series leading eighth-placed New Zealand by 52 ratings points. This gap meant Mahendra Singh Dhoni's side was
expected to win the series convincingly. Meanwhile, the upcoming five-match Ashes series will give hosts Australia a chance to leapfrog England, placed fourth with 112 rating points. A 1-0 or 3-2 series win will put Australia on 112 ratings points, leaving England on 109 points, while a 3-0 or 4-1 series win will lift Australia to 115 ratings points, with England on 107. However, if England win the series they will not only retain the Ashes but also extend their advantage over the traditional rivals. The much-anticipated series will also provide off-spinner Graeme Swann with an opportunity to become the first English bowler in over six years to top the ICC player rankings for Test bowlers. Currently in second position, Swann trails South Africa spearhead Dale Steyn by just six ratings points. Steve Harmison was the last English bowler to top the rankings.-Online
UEFA to decide over Real Madrid red cards BERNE: UEFA will wait until it has studied match reports before deciding whether to open a disciplinary case after Spanish media suggested two Real Madrid players had deliberately provoked red cards in the Champions League. "The UEFA disciplinary services are still looking at the match reports so (there is) no decision on possible disciplinary cases yet," UEFA said in a statement Wednesday. Sergio Ramos and Xabi Alonso were both dismissed late in Tuesday's 4-0 win away to Ajax Amsterdam after picking up second yellow cards for time-wasting. They face automatic onematch suspensions in the final group game against Auxerre, which is a dead match for Real with the Spanish club already assured of first place in Group G and qualification for the last 16. However, the red cards mean they will have a clean slate when the round of 16 begins, assuming UEFA hand them only the mandatory one-match ban.-Reuters
NEW YORK: World champion footballers and UN Goodwill Ambassadors Ronaldo and Zindine Zidane Tuesday announced that the 8th Annual Match Against Poverty will raise funds for the nearly 25 million people affected by the Pakistan floods and Haiti earthquake. The two men, who use their celebrity status to promote the anti-poverty work of the UN Development Programme (UNDP), will mobilise their all-star team to challenge Greek-side Olympiacos in a friendly game on 15 December. The match, which will be played at Karaiskakis Stadium in Piraeus, Greece, is part of the global campaign to achieve the eight Millennium
Development Goals (MDGs), the targets to slash poverty, hunger, disease and other social ills, all by 2015. "With five years left to accomplish the set of eight goals," said Zidane, "I hope this 8th Annual Match against Poverty will help communicate a sense of urgency that we all need to join the team to end poverty now." UNDP will receive half of the match's proceeds, which will go to ongoing relief efforts in Haiti and Pakistan. "Our goal with this 8th Match Against Poverty is to support the people and Governments of Pakistan and Haiti to recover from the devastating natural disasters which affected them so terribly in 2010," said UNDP Administrator Helen
Clark, expressing gratitude to Zidane and Ronaldo for raising awareness for those who are often too quickly forgotten. Olympiacos Football Club owner Evangelos Marinakis also voiced hope that the match would bring people around the globe together and break down barriers. "Using football's magic driving force, Olympiacos FC is on the pitch to raise an appeal against poverty and mobilize action towards achieving the MDGs," he said. Olympiacos will donate its share of the proceeds to parents of children with special needs, as well as to homeless and disadvantaged communities in Piraeus. Earlier this year, the 7th Annual Match took place in Lisbon, Portugal.-APP
Adamjee golf tourney from 27th
KARACHI: Pafian Girls Club including Amber Nazir, Afrin Alam, Raheela Raza, Saima Haffeez, Hajira Ghanchi, Tania Pereira, Asiya Siddiqua, Shazia Yousuf participated in the Culligan Throwball Championship organised by the Sindh Throwball Federation.-Staff Photo
KARACHI: Adamjee Insurance will host its 27th Golf Tournament at the Karachi Golf Club, Karsaz on 27th to 28th of this month. The tournament will be played within five categories which include Ladies, Juniors, Seniors, Amateurs and Veterans. Customers of Adamjee will also be invited to play as guests. And since this year marks the 50th anniversary of the company, this year's tournament will be played with much zeal, starting with the tee-off.-PR
Ashes skippers seek good start BRISBANE: If there is one certainty about the first ball of the first Ashes test between Australia and England Thursday, it is that it will not end up unaided at second slip as Steve Harmison's wide delivery did four years ago. England went on to lose the series 5-0 and Harmison's howler at the Gabba has gone down in the annals of the game as the very worst way to open any cricket series, let alone the Ashes. Australia captain Ricky Ponting joked that he might take the new ball himself if the hosts bowled first and, while accepting that a bad start does not lose a series, is hoping to deal a similar psychological hammer blow Thursday. "We'll be doing everything to win that first hour tomorrow," he said. "There's no doubt that that first hour of the last series out
"But the reality is that generalhere set up our whole campaign. you the Ashes, there's no doubt first day is always important and people always look back on it ly the better side over the five "We were able to capitalise on about that. "If you want to win the series and say this might have hap- tests will win it. If you want to some very nervous English players and that definitely gave us a you need to win a lot more days pened and that might have hap- be the better side you need to play consistent cricket over all kick start and all the confidence than you lose," he added. "The pened. five tests." we needed." Who bowls England capthe first delivtain Andrew ery will Strauss joked depend on that it was not which captain "overly helpful" wins the toss to mention and what he Harmison's decides to do, errant delivery, with the rain even if it was showers and unlikely to be overcast skies repeated. Brisbane has "We know experienced pretty much for the last two who's going to be days a possitaking that first ble factor. ball and we The damp know he's got air should help good control the seamers over the ball," he swing the ball said. "The first ball doesn't win BRISBANE: England Captain Strauss and Australia's Captain Pointing hold Ashes urn.-Reuters on what was
already expected to be a lively wicket, perhaps tempting the winning captain to put the other in to bat first. Neither would divulge his tactics Wednesday but Ponting has shown no desire to let his bowlers have first crack at the opposition since he put England in to bat at Edgbaston in the 2005 Ashes series and lost. For Strauss, the memory of the pillorying one of his predecessors Nasser Hussain took when he decided to take the ball at the Gabba after winning the toss at the start of the 2002 series might be enough to dissuade him. "I've got pretty firm ideas about what I'm going to do if I win the toss, but the reality is you've got to be prepared to do both," Strauss said, adding a firm "No" when asked if he had consulted Hussain about it.-Reuters
UK Q3 GDP unrevised; spending clouds outlook
US jobless claims at two year low, spending rises WASHINGTON: New US claims for unemployment benefits last week dropped to their lowest level in more than two years while consumer spending rose in October, pointing to a moderate strengthening in economic activity. The improving economic picture was also brightened by news that consumer sentiment perked up this month to its highest level since June. But a surprise drop in new home sales last month was a reminder that growth would remain sluggish, and a gauge of core inflation hit an all-time low, supporting the Federal Reserve's Nov. 3 decision to loosen monetary policy. "The economic recovery in the US is becoming more sustainable, as the improvement in the labor market is finally supporting consumer spending," said Harm Bandholz, chief US economist at UniCredit Research in New York. Initial claims for state unemployment benefits fell 34,000 to a seasonally adjusted 407,000, the Labor Department said on Wednesday, the lowest since mid-July 2008. That was well below economists' expectations for a fall to 435,000. Separately, the Commerce Department said consumer spending rose 0.4 per centin October, increasing for a fourth straight month, after a 0.3 per centgain in September. Economists had expected spending, which accounts for about 70 per centof US economic activity, to increase 0.5
per centlast month. "My expectation has been that we'll drop below 400,000 (jobless claims) before the end of the year, and this puts us on a good pace to do so," said Michael O'Rourke, chief market strategist at BTIG in New York. "That would mean that we could add 150,000 jobs per month, which is where we need to be in order to bring the unemployment rate down." US stock indexes rose modestly, while government debt prices were little changed. The dollar slipped slightly against the euro and yen. The spending report showed the Fed's preferred measure of core consumer inflation -- the personal consumption expenditures price index -- rose 0.9 per cent. That was the smallest since records started in 1960 and well below the US central bank's 1.7 per centto 2 per centcomfort zone. A third report showed the Thomson Reuters/University of Michigan's final November consumer sentiment index climbed to 71.6 from 67.7 in October. Though spending rose last month, it was still not robust. Concerns about low inflation and slow economic growth prompted the Fed this month to pump more money into the economy through additional purchases of $600 billion worth of government debt. The asset purchasing program, also known as quantitative easing in financial markets, is intended to drive already ultra low interest rates further down and boost
domestic demand. The slow nature of the recovery from the worst recession since the 1930s was underscored by new home sales, which dropped 8.1 per centto a 283,000 unit annual rate in October. Analysts polled by Reuters had forecast new home sales rising to a 310,000 unit pace in October. Compared to October last year, sales were down 28.5 per cent. With unemployment stuck at an uncomfortably high 9.6 per cent, homeowners are struggling to hang on to their houses, keeping the foreclosure wave high and stifling the sector's recovery. Data on Tuesday showed a drop in the sales of previously owned homes last month. October's weak sales pace pushed up the supply of new homes on the market to 8.6 months' worth from 7.9 months' worth in September. However, there were 202,000 new homes available for sale in October, the lowest since June 1968. The median sale price for a new home dropped a record 13.9 per centlast month from September to $194,900, the lowest since October 2003. Compared to October last year, the median price fell 9.4 per cent, the largest drop since July 2009. A report from the Mortgage Bankers Association showed applications for home purchase loans hit the highest level in more than six months last week.-Reuters
LONDON: Exports gave a boost to Britain's economy in the third quarter of this year, contributing half of its 0.8 per centgrowth, but a slowdown in household and government spending highlight risks to the recovery ahead. Figures from the Office for National Statistics showed exports rose 2.2 per centbetween July and September, outpacing growth in imports for the first time in two years and accounting for 0.4 per centage points of overall economic growth. But while the figures may reassure policymakers that a sharp fall in sterling since 2007 is helping to rebalance the economy, the recovery still faces headwinds from deep government spending cuts that will start to impact from next year. Most analysts reckon economic growth will slow in 2011 and Wednesday's data did little to alter the view that the Bank of England will leave interest rates at their record low 0.5 per centfor many months to come to safeguard the recovery. "It remains likely that growth will lose significant momentum over the coming months as the fiscal tightening increasingly bites and adds to the pressures on already stretched consumers," said Howard Archer, economist at IHS Global Insight. Indeed, new figures on expenditure showed household spending growth slowed to 0.3 per centquarter-on-quarter from 0.7 per centin the second quarter, while government spending grew by just 0.4 per cent, less than half the pace of the second quarter.-Reuters
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Zardari had not received any notices pertaining to the hearing. The court subsequently directed that notices be issued again to all parties involved. Earlier on Tuesday, Chief Justice SHC Sarmad Jalal Osmany had constituted a three-member judges' bench to hear the petition. Meanwhile on Wednesday hearing of petition against holding of dual office by the president was held in Lahore High Court as well. During the hearing Justice Ijaz Ahmed Chaudhry remarked that all the arguments against the holding of two offices have been recorded and it is expected that the court will pass a judgment which will have long lasting results after which the proceedings were adjourned till Dec 13. -Online
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enhance relations between the two countries. He said Pakistan and China have cooperation in the field of defence, economic and infrastructure. He said the Chinese Prime Minister is expected to visit Pakistan next month. -Online
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headquarters for committee members and the DG ISI should tell in detail as how this national institution is playing its role in the war against terror. -Online
No #4
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DG Hajj Sultan Shah and Director Hajj (Welfare) Sayed Farogh Aftab Zaidi.Meanwhile Federal Minister for Religious Affairs Hamid Saeed Kazmi thanked the Saudi Govt and invited the Saudi Hajj Minister to Pakistan. He said that the money given by Saudi Arabia to Pakistani pilgrims would improve the ties between the two countries. -Online
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"We hope that the Government of Pakistan implements the recommendations of the panel (Pakistani Planning Commission) to give India MFN status and shift from positive list of imports to a negative list regime." she added. She also expressed that if Pakistan takes initiative for giving MFN status to India, this would be beneficial to both the economies and creates a more conducive environment for trade and commerce to flourish. Rao also said to improve infrastructure and streamline and harmonize customs procedures at the land borders, the Indian government is setting up a modern integrated check post at the India-Pakistan border at Atari for trade facilitation. This is expected to be ready by April 2011. "As things stand, Pakistan allows only the import of about 110 items from India through the land route while it allows the export of only one item, cement, to India by the road route. Pakistan should permit all permissible items for trade via the Atari-Wagah route," she further added.
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its top leadership including Farooq Sattar, Mustafa Kamal, and Babar Ghauri. The first round of the meeting lasted for more than five hours, during which both parties deliberated threadbare on Reformed General Sales Tax, where MQM has expressed its reservations over the proposed RGST. During the meeting Dr Shaikh briefed the MQM in details about the features of RGST. As of filing this news, the second round of negotiations was underway. -Agencies
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self-reliance should be formulated with consensus to develop local resources and get rid of dictation from international monetary institutions. He also proposed that measures should be taken to check corruption and promote merit. He was of the view that imposition of more taxes would add to the burden of the consumers. Sherala Malik said the common man was already hit by price hike, unemployment and poverty and imposition of additional taxes would be unfair. She said if there was no pressure from the IMF then instead of imposing new taxes we should provide relief to the people. Mir Hasil Bazinjo expressed the view that the National
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International & Continuation
Thursday, November 25, 2010
Assembly cannot legislate GST before passage of GST Bills by the provincial assemblies. He said claims about provincial autonomy would become meaningless if they are not given financial powers. Dr Abdul Malik also opposed these taxes and said intended benefits would not accrue until and unless corruption is checked effectively. He said economic indicators are already negative and additional taxation would lead to increase in price hike. Meanwhile, Chairman of the Senate's Standing Committee on Finance Ahmed Ali filed his dissenting note against endorsement of the Reformed General Sales Tax (RGST) by the upper house body. The body has unanimously passed the proposed General Sales Tax Act, 2010 and Finance Amendment Bill, 2010 with recommendations to exempt locally manufactured medicines, essential food items in packing, educational material and packed milk products from the RGST. He chaired an emergency meeting of the committee in Islamabad today to reexamine the RGST enforcement. He had expressed his disapproval of the committee's role in sanctioning the surcharge. Talking to media today in the capital, he had told that he would file his dissenting note against endorsement of the RGST by the upper house body. Ali said he disagreed with the recommendations of the committee over the reformed GST and would reconsider the recommendations presented.He told reports that his Islamabad-bound flight from London was deliberately stopped in the UK to bar him from attending the committee meeting. Furthermore, Minister of State for Finance and Revenue Hina Rabbani Khar said imposition of Reformed general Sales Tax (RGST) would expand the tax net. Talking to media-persons at Parliament House, she said it was not true that the tax would cause price hike and inflation rather it would enable the government to collect around Rs 20 to 25 billion. To a question she said the tax would not be imposed on items of daily use and edible items.
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Rs 9.75 billion (77 per cent) has been raised by Money Market Funds followed by Equity Funds which added Rs4.5 billion. During the month, major inflow had been seen in money market category which surged by more than 20 per cent to Rs58 billion in October 2010 as compared to Rs48.26 billion in September 2010.Within the category, Nafa Government Securities Liquid Fund & ABL Cash Fund have added Rs1.52 billion and Rs1.46 billion to move its fund size to Rs8.11 billion & 3.52 billion respectively. The other money market funds i.e. MCB Cash Management Optimizer Fund, Askari Sovereign Fund & UBL Liquidity Plus Fund also added Rs1.08, Rs0.88, 0.83 billion to move its fund size to Rs8.70, Rs2.11 & Rs12.26 billion respectively.
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appropriate respondent and it could be made respondent through ministries. IB on the hand has filed a separate reply whereby it has refused about the prisoners being in its custody.It may be recalled it was said in the report of chief secretary Punjab that 11 prisoners were in the custody of intelligence agencies. -Online
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mines at Riko Diq in Balochistan were awarded to foreign companies at throwaway prices. Through his petition he had requested the court to direct the federation not to sell the mineral deposits of gold and copper. Asad requested the court for the whole record of the deal/ executory agreement, if any, with respect to the sale of gold and copper mines to the TCC or any other foreign companies, as well as lease, from the respondents. Besides, a direction was sought for respondents to refrain from issuing the license of mining in an arbitrary and unlawful manner and without the consultation of the parliament and the Balochistan government.He further requested that respondents be asked to explain as to why the mining process could not have ever been carried out by the ministry of petroleum and natural resources and mining department. The petitioner questioned the selling of gold mines worth $260 billion (rather due to the rise of the prices of gold and copper, the total yield could be even $500 billion or may be a trillion dollars) to the foreign companies at a very low price. Online
Irish government unveils four year austerity plan DUBLIN: Ireland's government unveiled a 15 billion euro ($20 billion) four-year austerity plan on Wednesday imposing deep spending cuts and tax increases to help pay for a bank crisis and meet the terms of an EU/IMF rescue. The plan includes thousands of public sector job cuts, phased-in increases in Ireland's value-added tax (VAT) rate from 2013 and social welfare savings of 2.8 billion euros by 2014, but does not touch the country's ultra-low corporate tax rate. "The size of the crisis means that no one will be sheltered from the contribution that has to be made towards national recovery," Prime Minister Brian Cowen told a news conference. Crucially, the plan retains economic growth assumptions unveiled earlier this month which many economists
believe are over-optimistic, given the likely effect of the cuts on already fragile domestic demand. "It doesn't seem all that realistic to me," said Stephen Lewis, chief economist at Monument Securities. "It seems they're planning very stringent fiscal measures and yet they expect the economy to grow against that background. That seems highly unlikely." The Irish/German 10-year yield spread measuring the premium investors demand for holding riskier bonds issued by the Dublin government -- hit a day's peak of 660 basis points before slipping slightly. The yield on 10-year Irish bonds stood at a 9.23 per cent-a level that Dublin could not realistically issue bonds at, and far above the 2.63 per centon the equivalent German bond. The euro, which has fallen
sharply in recent days on fears that Ireland's debt and budget crisis would spread to other euro zone countries, barely budged. The plan is a condition for an EU/IMF rescue under negotiation for a country long feted as a model of economic development that has become the latest casualty in the 16-nation common currency bloc's emergency ward. A Reuters poll on Wednesday showed that 34 out of 50 analysts surveyed believe Portugal, where unions held a general strike on Wednesday, will be forced to follow Ireland and seek a bailout. If that occurred, fears about Spain would grow and investors could begin to worry about the future of the currency zone that was set up over 11 years ago and regarded as a major success in its first decade of existence. -Reuters
German business morale seen on a high in Nov BERLIN: German business sentiment rose in November to its strongest level since 1991, a survey showed on Wednesday, highlighting a rift in the euro zone as the bloc's largest economy leaves smaller states behind. The Munich-based Ifo think tank said its business climate index, based on a monthly survey of some 7,000 firms, rose to 109.3 from an upwardly revised reading of 107.7 in October, confounding expectations for a slight fall. "The numbers confirm that the German economy is in very healthy shape and that it will probably continue to grow solidly and at a rate above the euro zone average in the coming quarters," said Aline Schuiling from ABN Amro. The euro rose after the release of the data -- which beat even the highest forecast in a Reuters poll of 40 econo-
No #11
mists -- before giving up its gains and falling. With both the current conditions and the business expectations indexes in the survey surpassing the consensus view, the headline figure landed at its highest level since survey data was first collected for a reunified Germany. The business expectations index, which measures the outlook six months down the road, also hit its highest reading on record, further reinforcing the impression Germany was in the clear of problems affecting some of its euro zone partners. "The German economy is returning much faster to its pre-crisis level than many had expected," said Carsten Brzeski, economist at ING Financial Markets. "Amidst new financial market turmoil and sovereign debt woes in the euro zone, the German economy seems to be
an island of happiness," he added. Germany's strong recovery has helped pull the euro zone to improved growth in recent quarters, but there are also concerns it may be leaving other struggling economies behind. A purchasing managers' survey on Tuesday showed a strong resurgence in private sector growth in Germany and France, offset continuing stagnation in countries like Portugal, Ireland and Spain which are battling debt and banking troubles. Despite concerns that budget cutbacks across Europe next year will hamper growth, many German companies are upbeat. Earlier this month, engineering group Siemens signalled its confidence with a proposed sharp rise in dividends and a promise of profit growth driven by emerging markets.Reuters
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reported, Sarkozy launched a tirade against sloppy reporting, saying journalists should check their facts and not just make assumptions when writing reports. "The world's gone mad here. There's not a single one among you who believes I'd go and organise commissions and kickbacks on submarines for Pakistan. This is incredible," said Sarkozy, in Lisbon for a weekend Nato summit. To stress his point he turned to one journalist and said: "And you. I've nothing against you. It appears that you're a pedophile, who told me? It's my personal belief. Can you justify that?" Sarkozy remarked "See you tomorrow my pedophile friends" to the journalists present as he walked off. His comments were published online by the weekly 'Express' under the headline "Sarkozy's off-record anger" and picked up by other media. The presidential palace declined to comment on Tuesday. Sarkozy, a conservative grappling with some of the worst popularity ratings of any recent French leader, is known for his mercurial manner and sometimes stormy relations with the media. In a primetime interview on national television earlier this month he shot down presenters quizzing him on sensitive issues such as his expulsion this year of Roma migrants and media allegations of espionage by French authorities. The submarine kickbacks affair surfaced just as Sarkozy was enjoying some respite from a political funding scandal involving his centre-right UMP party and France's richest woman, billionaire L'Oreal heiress Liliane Bettencourt. -Reuters
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oil and gas production has shown signs of resurgence from recent flood scenario as country's major oil and gas fields production seems to restore to their original levels. Country's oil production posted an increase of 0.7 per cent MoM benefiting from recovery in Adhi (2.4 per cent MoM), Bela (1.5 per cent MoM), Chanda (0.4 per cent MoM), Mela (9.7 per cent MoM) and Naspha (11.4 per cent YoY) that cumulatively contributed 28 per cent to country's oil production, as per the research analyst of InvestCap. Gas production benefited from recovery in Qadirpur (35 per cent MoM) and Kandhkot (4 per cent MoM) posting an increase of 2.3 per cent MoM. The resurgence in the aforementioned fields along side Tal block impact reflected positively on PPL and POL oil and gas production. The respective company's oil production increased 70.5 per cent and 21.5 per cent YoY while gas production posted noteworthy growth of 129.6 per cent and 6.0 per cent YoY during 4MFY11. On the other end of the spectrum, country's oil and gas giant, OGDC's oil and gas production has posted a decline of 4.8 per cent YoY and 1.8 per cent YoY during 4MFY11. However, company's oil and gas production chiefly benefited from the recovery in the above mentioned fields, posting a MoM growth of 1 per cent and 10 per cent in its oil and gas production respectively.
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Tata Steel firmed 0.5 per cent after CLSA lifted the steelmaker to "outperform" from "underperform," saying Asian steel prices and the company's India margins can sustain at current levels through fiscal year 2012. In the broader market, declining shares beat advancing ones in the ratio of 1.3:1 in a low volume of 348 million shares.-Reuters
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"I feel that there are many investors who have made a lot of profits by investing in equities and I don't think they are keen about unloading their positions in stocks now." The Nikkei's rise had been starting to look overstretched, however, after it hit a five-month closing high on Monday, when the benchmark's gap above its 25-day moving average -- a gauge that is watched closely by Japanese traders -- climbed into overbought territory. Trading house Sojitz Corp surged 9.1 per cent to 168 yen after it said it would forge a rare earth procurement deal with Australian miner Lynas Corp. -Reuters
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Risk-sensitive banks staged a recovery, with Standard Chartered the best off, adding 1.9 per cent. Traders said investor sentiment was helped as worries eased over tensions in the Korean peninsula. North Korea shelled a South Korean island on Tuesday in one of the most serious incidents on the peninsula since the Korean War ended in 1953. The US State Department said on Wednesday it believed the artillery attack was an isolated action and not part of a wider campaign by Pyongyang. Among individual movers, Compass Group grabbed the top spot among FTSE 100 gainers, putting on 7.3 per cent, after the contract caterer beat profit forecasts and raised its dividend by a third. Capital Shopping Centres was also on the back foot, down 5.1 per cent after confirming it is in talks to buy the Trafford shopping centre in Manchester for 1.6 billion pounds ($2.5 billion) in a deal that would make the seller, Peel Group, its biggest shareholder.-Reuters
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US to support Pak thick & thin, says Munter
Malik hails Pak Army’s services
RAWALPINDI: Prime Minister Syed Yousuf Raza Gilani being seen off by the Services Chiefs before his departure for Dushanbe (Tajikistan) at PAF Base Chaklala. -Online
Total CEO meets Turkmenistan president
French oil giant eyes Turkmen gas ASHGABAT: French energy giant ‘Total’ plans to take part in projects to produce and deliver Turkmen gas to Europe via a pipeline under the Caspian Sea, state media quoted the company's CEO as saying on Wednesday. Total expects to make concrete proposals on transCaspian gas projects within a few months, Chief Executive Christophe de Margerie said in comments broadcast on state television a day after he met President Kurbanguly Berdymukhamedov. "We discussed the possibilities for taking Turkmen gas across the Caspian Sea and spoke about the priority of ecology," de Margerie said. His remarks were translated into
Turkmen. "Our task is to work these issues out and come up with concrete proposals in a few months' time. I believe I will meet again with the respected president." Turkmenistan holds the world's fourth-largest natural gas reserves, BP data shows. The Central Asian country plans to triple annual output to 230 billion cubic metres (bcm) within the next two decades, of which 180 bcm would be exported. The former Soviet republic is diversifying gas sales from its traditional market, Russia, and seeking customers in China, Iran, Pakistan, India and Europe. A senior government official
said last week that Turkmenistan would have 40 bcm of gas per year available to sell to Europe and that its proposal to ease construction of an undersea pipeline had won support from its Caspian neighbours. President Berdymukhame dov proposed at a conference last week that any two of the five countries on the Caspian should be able to agree on laying a pipeline across their territorial waters. A trans-Caspian pipeline between Turkmenistan and Azerbaijan, linking onward to Europe, would be a crucial boost to the European Unionbacked Nabucco project to supply gas to European markets. -Reuters
Hajis' Woes
US drone expansion intention
Cheque worth SR6.6 million handed over to Kazmi
NA defence body seeks explanation
ISLAMABAD/ JEDDAH: Saudi Minister for Hajj Fawad Abdu Salam Al-Farsi presented a cheque worth SR 6.665 million to Pakistan's Federal Minister for Religious Affairs Hamid Saeed Kazmi, at Jeddah on Wednesday. A spokesman of Pakistan's Hajj Mission, Makkah, told that amount will be distributed among the 26,660 pilgrims who could not get accommodation in tent city of Mina on 8th ZilHaj during the course of Hajj rituals this year. The affected pilgrims will get SR 250 each out of this amount. A special ceremony was held for this purpose which was attended besides others by the Vice Chairman of Establishment of Guides for South Asian Pilgrims Dr Irshad, Pakistan's Consul General in Jeddah Salik Khan, See # 4 Page 11
ISLAMABAD: National Assembly Standing Committee on Defence taking strict notice of reports of expansion of drone attacks into Quetta has sought an answer from interior, foreign and defence ministries by Dec 7 and has also directed for a special briefing on the role of ISI regarding war on terror. The committee meeting was held at the Parliament House Wednesday and chaired by Chairperson Azra Afzal. The meeting also reviewed Carriage-By-Air Bill 2010 however due to reservations and objections of several committee members it could not be approved and now the meeting would be summoned again on Dec 8. The committee members taking strict notice of reports of US intention to broaden the area of drone attack said that Pakistan's sovereignty and security is continuously being violated in the name of war on terror.
They said that entire nation is united against drone attacks and the govt instead of adopting apologetic attitude should adopt a categorical attitude as due to the soft attitude of the govt the US has intensified drone attack in tribal areas especially in North Waziristan and now they are talking of further expanding their attack lines, which is totally unacceptable to the people of Pakistan. On this, the chairperson committee directed interior, foreign and defence secretaries to give comprehensive briefing on Dec 7 on the Pakistan's stance on the issue. Some members of the committee also raised the mater of ISI activities in war against terror and said that US has raised its fingers on ISI that some of its circles are supporting the Taliban on this the defence ministry was directed to organise a special briefing at ISI See # 3 Page 11
SCBA, an apolitical body: Asma RAWALPINDI: President Supreme Court Bar Association (SCBA) Asma Jahangir said that she is in favour of the supremacy of judiciary while SCBA has no relation with political activities. Addressing to the lawyers while visiting Rawalpindi High Court Bar Association (RHB) and District Bar the President SCBA said, "No one can honor the supremacy of judiciary more than her". She said that as I have assumed the office of President SCBA, she stressed, "I would try my best to serve the Supreme Court Bar whole heatedly."
She emphasised that there should not be any deficiency in the respect and honor of the lawyers. An independent Bar is indispensable for the autonomy of the judiciary. If judiciary would pronounce any wrong or biased judgment we would speak against that. She pointed out that on Wednesday SCBA delegation met with 14-point agenda to discuss with the Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry. While CJP agreed on most of the points, however, there were some differences which would be discoursed later. Upon the request of SCBA the CJP has issued an order to change the timing of Court which would be enforced from 1 December and the new timings will be from 9:00 am to 2:00 pm. Syed Zulfiqar Abbas Naqvi, President Rawalpindi High Court Bar Association, Malik Saeed Anjum President District Bar Association, Ghulam Mustafa Kundwall, Member Punjab Bar Council and other members were also present on the occasion. -Online
RAWALPINDI: Federal Interior Minister Wednesday visited GHQ and met Chief of the Army Staff General Ashfaq Parvez Kayani. According to Army spokesman, meeting lasted for quite a while in which matters pertaining to country's internal security and others came in discussion. Sources say Rehman Malik highly acclaimed the services ands sacrifices of Pakistan Army terming it impregnable, adding undoubtedly it is playing a remarkable role to fight militancy tooth and nail and protecting borders. He opined that in the recent, one of the devastating floods in the history of Pakistan, Pakistan Army proved its worth thick and thin. During the course of the meeting both cooperated on the said stance that internal security and intelligence sharing network would be enhanced. Rehman Malik thanked Army Chief for his overwhelming help and support for special training to police at the respected Pakistan Army Training Centers stressing it will be a morale boosting for the police officials. Sources added that Army Chief assured to root out extremism and terrorism from the country with the sheer support and cooperation of the nation hence Pakistan Army
Interior Minister denies corruption in flood-aid ISLAMABAD: Interior Minister Rehman Malik denying any corruption in the foreign aid has defended the way his country is distributing millions of dollars of flood relief. His comments follow allegations of corruption from flood affected people. The government has launched a huge compensation scheme under which people can withdraw cash aid from local banks using special electronic cards. In an interview with the BBC, Malik described the electronic card system being administered by the government as "foolproof". He said the problems with the scheme were due to the public's dishonesty, and not official corruption. However Malik acknowledged instances of identity fraud and an illegal market in compensation cards. -Agencies will keep on playing its role along with intelligence agencies in this regard. Furthermore, Federal Interior Minister Rehman Malik met US Ambassador in Pakistan Cameron Munter and discussed with him host of issues of bilateral interest. The meeting lasted for quite a while in a friendly atmosphere between Malik and US ambassador. US Ambassador greeted Rehman Malik on the auspicious occasion of Eid-ul-Azha and again made it clear that US will keep on supporting Pakistan in war against terrorism and other fields thick and thin.
Federal Interior Minister underlined that Pakistan values high its relations with US. Both the sides also agreed to enhance bilateral relations between Pakistan and US for the best interest of both the countries and its masses. US ambassador also reiterated that US too values its relation with Pakistan and aimed to promote bilateral relations with Pakistan in all fields of common interest. He also appreciated endeavors of Pakistan Government to root out the menace of terrorism and assured Pakistan for complete assistance on behalf of US Government. Agencies
UBS, others sued for $2bn on Madoff fraud
Pakistan wants full membership of SCO: PM
NEW YORK: The trustee seeking to recover money for defrauded Bernard Madoff investors has sued UBS AG and others for more than $2 billion, accusing them of collaborating in the imprisoned swindler's massive Ponzi scheme. UBS was accused of sponsoring foreign feeder funds that sent client money to the oncerespected money manager, lending them "an aura of legitimacy" while shielding itself from liability through secret side agreements. Despite identifying red flags at Bernard L. Madoff Investment Securities LLC, the Swiss bank and feeder funds "chose to enable
Madoff's fraud for their own gain," collecting at least $80 million in fees, court-appointed trustee Irving Picard said in a 107-page complaint. "Madoff's scheme could not have been accomplished unless the UBS defendants had agreed to look the other way and to pretend that they were truly ensuring the existence of assets and trades," the complaint said. "In fact they were not and never did." The complaint alleges 23 counts of fraudulent transfers and other misconduct. In a statement, UBS called Picard's allegations "completely unfounded. -Reuters
Zardari’s dual office case hearing deferred KARACHI: The Sindh High Court's larger bench on Wednesday indefinitely adjourned the hearing into a petition challenging the holding of offices of the President of Pakistan and co-chairman of the Pakistan Peoples Party by Asif Ali Zardari while Lahore High Court adjourned the hearing of President dual office till December 13. Senior lawyer of the Supreme Court Advocate Rasheed Akhund had filed the petition, who prayed to the court to direct the president to resign from the party's cochairmanship as he could not
hold two offices under the Constitution. He had stated in his petition that it is unconstitutional for the president to hold two offices. President is considered to be non-controversial, but being the party co-chairman challenges the fact that the president can be biased. The larger bench began hearing the petition Wednesday which was adjourned following the Attorney General's failure to appear in court. Moreover, the government's lawyer stated that President See # 1 Page 11
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has said that Pakistan wants to have full membership of the Shanghai Cooperation Organization and establish good relations with its member countries and utilise their expertise to counter terrorism. He expressed these views while talking to reporters at Chaklala Airbase before his departure to Tajikistan on a two-day visit to attend the Shanghai Cooperation Organization summit to be held in Dushanbe from Thursday. Minister for Water and Power Raja Pervaiz Ashraf, Minister for Petroleum and Natural Resources Syed Naveed Qamar and Minister of Sate for Foreign Affairs Nawabzada Malik Amad Khan are accompanying the Prime Minister. He was seen off at Chaklala Air base by members of the Federal Cabinet and the Services Chiefs. Prime Minister said the aim of the SCO is to enhance regional cooperation and to against the menace of terrorism and extremism. Prime Minister said on the sideline of the Summit, he will hold bilateral meetings with his Chinese and Russian counterparts. He said Pakistan has old and time tested friendship with China and we want to further See # 2 Page 11
Network executive charged in hedge fund probe NEW YORK: An executive of an "expert networking firm" was arrested on Wednesday and accused of insider trading-related charges that are part of a broad investigation of hedge funds by US prosecutors. The criminal complaint unsealed in US District Court in New York said Don Ching Trang Chu, also known as Don Chu, promoted the services of his California-based firm, Primary Global Research, by arranging for corporate executives to leak
inside information to hedge funds. Chu's arrest stems from the cooperation of Richard ChooBeng Lee, a fund manager who pleaded guilty last year as part of the prosecution of Galleon Group hedge fund founder Raj Rajaratnam and 22 other traders, lawyers and executives. Prosecutors described that case as the biggest probe of insider trading at hedge funds in the United States, but the investigation has widened to include subpoenas of several
funds with billions of dollars under management. FBI agents used courtapproved search warrants to raid three hedge funds in Connecticut and Massachusetts on Monday In charging Chu, prosecutors said he arranged for hedge funds to get tips on companies including Atheros Communications Inc Broadcom Corp and Sierra Wireless Inc in 2008 and 2009. Chu's lawyer, Jeffrey Plotkin, could not immediate-
ly be reached to comment. The office of Manhattan U.S. Attorney Preet Bharara said Chu was scheduled to depart to Taiwan on Nov. 28. He is expected to appear in Manhattan federal court later on Wednesday. In the criminal complaint, which was signed by FBI special agent B J Kang, one of the lead investigators on Galleon, authorities said consultants with expert network firms "can earn hundreds of dollars per hour" for their services. The complaint said that one
way expert network firms get paid is through "soft dollars," an arrangement in which a hedge fund client executes trades through a designated brokerage that has some relationship with an expert network firm. In subpoenas served on SAC Capital and other hedge funds and mutual funds, authorities asked for information about any soft dollar deals those funds had. Prosecutors allege that from 2008 to 2009. Lee struck up a relationship with Chu, while Lee was working at Spherix
Capital. Spherix Capital, is a now-closed San Francisco fund that Lee managed with Ali Far. Both Lee and Far pleaded guilty to trading on inside information in the Galleon case and are cooperating witnesses. Far worked at Galleon for many years. Lee is a former trader and analyst at SAC Capital Advisors. As part of his cooperation agreement, Lee agreed to tell prosecutors of any insider trading he engaged in at Steven Cohen's firm, which he left more than
six years ago. Jeff Borenstein, the lawyer for C.B. Lee, said "My client is and continues to be cooperating to the best of his ability with the U.S. attorney and the FBI, beyond that I don't have a comment on the specifics." There is nothing in the complaint against Chu that alleges any wrongdoing at SAC Capital, but authorities are looking at funds set-up by former associates of Cohen. A spokesman for SAC declined to comment. Reuters
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