International Karachi, Wednesday, January 26, 2011, Safar-ul-Muzaffar 21, Price Rs12 Pages 12
Both Taliban, India a threat to Pak: Musharraf
Foreign Debt (Sep 10) Domestic Debt (Nov 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Nov 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.28bn 14.61% $10.98bn $19.13bn $(8.15)bn $26mn $5.29bn $1.05bn Rs 638bn $58.41bn Rs 5348.6bn $323.6mn -4.69% 4.10% $1,051 174.97mn
NCCPL (U.S $ in million)
1.13 -1.66 0.05 1.05 0.15 -0.01 -0.70
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,455.75 10,464.42 23,788.83 18,969.45 2,666.54 2,677.43 5,916.40 11,980.52
Change 85.16 119.31 12.95 181.83 7.64 18.29 27.45 108.68
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)
$.Price PKR/Shares 2.60 111.59 19.00 163.09 2.00 42.92 1.70 36.48 11.21 38.49
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12-Jan-2011 12-Jan-2011 12-Jan-2011 29-Nov-2010 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011
13.37% 13.50% 13.73% 14.00% 13.36% 13.64% 13.77% 14.10% 14.20% 14.19% 14.20% 14.21% 14.61% 14.81% 14.98%
Commodities *Crude Oil (brent)$/bbl 95.19 *Crude Oil (WTI)$/bbl 86.68 *Cotton $/lb 164.53 *Gold $/ozs 1,328.10 *Silver $/ozs 26.86 Malaysian Palm $ 1,208 GOLD (NCEL) PKR 36,889 KHI Cotton 40Kg PKR 11,360
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 85.25 Canadian $ 86.35 Danish Krone 14.00 Euro 117.00 Hong Kong $ 10.90 Japanese Yen 1.028 Saudi Riyal 22.75 Singapore $ 66.80 Swedish Korona 12.00 Swiss Franc 86.10 U.A.E Dirham 23.40 UK Pound 137.20 US $ 86.15
Sell (Rs)
86.25 87.35 14.70 118.50 11.00 1.054 22.95 67.80 12.10 86.70 23.50 138.50 86.50
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.36 86.51 15.73 117.23 11.01 1.041 22.89 67.02 13.07 90.53 23.37 137.35 85.84
85.56 86.71 15.76 117.50 11.04 1.044 22.95 67.18 13.10 90.74 23.43 137.67 86.02
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25 terrorists nabbed in January: Malik
See on Page 12
Special Correspondent
197.10 1.71 2.13 3057
FIPI (25-Jan-2011) Local Companies (25-Jan-2011) Banks / DFI (25-Jan-2011) Mutual Funds (25-Jan-2011) NBFC (25-Jan-2011) Local Investors (25-Jan-2011) Other Organization (25-Jan-2011)
See on Page 12
Decisions to up drug prices, used-car import deferred For LNG import, consultation with law ministry decided
SCRA(U.S $ in million)
Total Portfolio Invest (14 Jan-2010)
India sees no hope in Pak talks
Urea import gets ECC’s approval
Portfolio Investment Yearly(Jul, 2010 up to 24-Jan-2011) Monthly(Dec, 2010 up to-24-Jan-2011) Daily (24-Jan-2011)
See on Page 12
Shaikh chairs meeting; takes stock of issues
Economic Indicators Forex Reserves (15-Jan-11) Inflation CPI% (Jul 10-Dec 10) Exports (Jul 10-Dec 10) Imports (Jul 10-Dec 10) Trade Balance (Jul 10-Dec 10) Current A/C (Jul 10- Dec 10) Remittances (Jul 10 - Dec 10) Foreign Invest (Jul 10-Dec 10) Revenue (Jul 10 Dec 10)
Afghan peace in our best interest: Pak
KARACHI: Pakistani security personnel inspecting the police vehicle which was destroyed in a bomb explosion at Malir area in Karachi. At least 3 persons lost their life in the incident. -APP
Finmin says no reforms, no recovery
Shaikh sees fiscal deficit up at 8pc Seeks political help over economic reforms Special Correspondent/ Agencies ISLAMABAD: Finance Minister Dr Abdul Hafiz Shaikh has warned if political parties and leaders don't support the government in its economic reforms then the fiscal deficit is feared to reach 8 per cent during the current financial year. Shaikh said this while talking to media men after giving briefing to members of parliamentary parties including Munir Orakzai, Professor
PM seeks MPs unity on issues ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has stressed upon the need of making parliamentary business more effective through focused debate on the issues of public concern. He observed that the success of democracy mainly depends on the collective performance of the public representatives and the democratic institutions. The Prime Minister while talking to the members of the National Assembly at his Chamber in the Parliament House Tuesday said that all institutions were passing through an evolutionary phase, therefore, it is even more important for the members to rise above the political divide and work in unison for success of the democracy in the country. The members of the National Assembly appreciated the Prime Minister's democratic and reconciliatory approach to develop culture of tolerance See # 15 Page 11
India ups interest rate to 2-yr high MUMBAI: India's central bank raised the benchmark interest rate to a two-year high, and signaled further increases in borrowing costs as it boosted the country's inflation forecast. Stocks fell. Governor Duvvuri Subbarao lifted the repurchase rate to 6.5 per cent from 6.25 percent, according to a statement from the Reserve Bank of India in See # 4 Page 11
Khurshid, Jahangir Tareen and Hasil Bazenjo on the prevailing economic situation. He told that consultation process and meetings with political parties and parliamentary leaders were under way and government would not take any step without taking political parties into confidence. Pursuing austerity culture in all sectors, efforts have been made to keep fiscal deficit less than 3 per cent, he underlined. Talking of financial statistics he said national exports
had surpassed 20 billion dollars and foreign exchange reserves had swelled to more than 17 billion dollars. Government would take more steps to further improve foreign exchange reserves, he assured. Naveed Qamar and Raja Parvez Ashraf also attended the briefing organised by finance ministry. Federal Finance Minister said that the government is taking various measures to improve the national economy.
NICL scam
SC orders probe against DG FIA ISLAMABAD: Supreme Court of Pakistan has ordered the investigation against DG FIA Waseem Ahmed into allegedly providing protection to an accused in NICL scandal case, media reported on Tuesday. A three-member bench of the apex court, comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali and Justice Khalil-ur Rehman Ramday, was hearing a suo moto case against the alleged corruption of over Rs5 billion in the NICL affairs. The order was issued on the statement of an FIA official that the DG FIA was protecting an accused, Amin Qaim Dada. Director FIA, Sindh, Moazzam Jah told the court that they could not arrest Amin Dada
because when they raided, Wasim Ahmed was with him. On this, the court ordered immediate arrest of DG FIA. But the investigation officer informed the court that the matter was prior to the registration of the case. The court, then ordered investigation against the top FIA official. The bench ordered Zafar Qureshi to record the statement of Moazzam Jah and the registration of a case against Wasim Ahmed if proven guilty of protecting an accused. The apex court was informed on Monday that an arrested accused of Rs5 billion corruption scam in the National Insurance Company Limited (NICL) had told the investigators that he had given Rs220 See # 13 Page 11
IMF terms global recovery as good JOHANNESBURG: The International Monetary Fund said Tuesday the global economic recovery was gaining traction, but highlighted risks from the eurozone financial crisis. The IMF said the two-speed global recovery -- with advanced economies growing significantly more modestly than emerging economies -was shifting gears as economic powers the United States and Japan saw rising consumption. "In advanced economies, activity has moderated less than expected, but growth remains subdued, unemployment is still
high, and renewed stresses in the euro area periphery are contributing to downside risks," the IMF said in an update of its world economic forecasts. The Washington-based institution released the latest updates in Johannesburg, South Africa, where top IMF officials were set to hold a news conference. The IMF projected the global economy's output would expand by 4.4 per cent in 2011; that slightly higher than 4.2 per cent annual rate projected in the fund's October projection. "This reflects stronger-thanSee # 14 Page 11
ISLAMABAD: Economic Coordination Committee of the Cabinet met here Tuesday with the Federal Minister for Finance and Economic Affairs in the chair. ECC gave its green signal for the import of 0.225 million tonnes of urea to meet the demand for the upcoming seasons, while delegated the task to the already constituted committee on this matter. The Committee after having detailed deliberations decided to approve the summary moved by the Ministry of Petroleum and Natural Resources which prayed to the committee for the allocation of gas at wellhead from OGDCL's dormant fields. The summary had proposed that the gas from Nur Bagla, Jakhro and Sara West fields may be allocated to the Government of Sindh or its designated entity at wellhead, subject to the terms and conditions.
Blasts in Khi, Lhr claim 16 lives Special Correspondent / Agencies KARACHI/ LAHORE: At least 16 people were killed and seventy five injured in two suicide bomb explosions in Lahore and Karachi on Tuesday. In the first terrorist incident, 13 mourners including 4 policemen were killed and 70 others injured in front of Data Darbar Lahore when a boy exploded himself at the entry point of joining the mourners' procession. The procession was held in connection of Chehlem of Hazrat Imam Hussein (RA). The provincial authorities have deployed almost six thousand police personnel to avoid any untoward incident. SP Security Rana Faisal talking to the media said that the blast was suicide and occurred at a checking point. He stated that the suicide attacker a teenager of aged between 12 to 14 years old wanted to enter in the procession way and blew himself after being intercepted by the police personnel. DCO Lahore, Ahad See # 11 Page 11
SECP nominates KSE Board ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has nominated high-profiled and experienced professionals from the financial market as directors on the Board of Karachi Stock Exchange (KSE) for the year 2011. According to a statement issued by the Regulator, the names announced include Muneer Kamal, Vice Chairman KASB Bank Limited, Shazad G Dada, Chief Executive Officer Barclays Bank, See # 12 Page 11
The summary was moved in light of the 18th amendment whereby mineral and natural resources are given as a subject to the provinces. The Committee also deliberated at length over the summary moved by the Ministry of Industries and Production for the immediate restoration of gas for 30 days to the fertilizer industry for which a number of combination of proposals were also put forth for the facilitation of the committee. During the course of deliberations the committee was apprised that 55,000 tons of urea is stocked with the Trading Corporation of Pakistan, but that stock was specified to be distributed among the flood affectees through provinces. The Chairman also tasked the Adviser to the Prime Minister on Agriculture Kamal Majeedullah to talk to the Government of Sindh about the 55,000 tons of urea presently stocked with TCP which meant
for the flood affectees of the Sindh Province, so that this stock may be utilised for the general farmer, and the next production/ or input shall be given to the Province of Sindh. Economic Coordination Committee (ECC) was informed that the exports and expatriates' remittances could touch the highest marks this year. On the summary moved by the Ministry of Petroleum and Natural Resources for the import of LNG, it was decided that the Law Ministry may be consulted and review it in details. Furthermore, Economic Coordination Committee has shelved a proposal seeking five per cent hike in drugs price. It also deferred another proposal regarding import of reconditioned cars. About the supply of gas to Urea plants, the ECC said that a decision will be made after ongoing talks between two parties.
CEO TTC says project will create jobs, opportunities
B'stan gains 52pc in profit, SC told ISLAMABAD: Chief Executive Officer of Tethyan Copper Company (TCC) and senior vice president Capital Projects for Antofagasta Gerhard Von Borries Tuesday contended before the Supreme Court that the Rekodiq copper and gold mines project would create jobs and business opportunities in Balochistan as $13 billion (52 per cent share) out of total $25 billion operating profit would be given to Balochistan government. He was giving a presentation before a four-judge bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali, Justice Ghulam Rabbani and Justice Khalil-ur Rehman Ramday over the issue of award of contract for mining and exploration of copper and gold reserves in Balochistan. He said currently a team of 30 geologists along with 200 trained workers are working at the site and once the project starts, they would employ 11,500 residents to be trained in
the relevant filed. Among these geologists, 90 per cent were from the Balochistan province, he added. He said they were working on an area of 535 square feet area which was made 0.2 per cent of the whole Chaghi area. To a bench's query, he replied that deposits in the area contained 80 per cent copper and 20 per cent gold. The fifty per cent investment cost would be spent inside the country and manufacturing work would be carried out in the country as well, he added. He said the mining and exploration was a difficult process which requires state of the art technology and highly trained professionals. To Chief Justice's question, he said smeltery process (a process in extractive metallurgy used to produce a metal from its ore) could be done in Pakistan but the TCC was not a smeltering company. He said for exploration of copper reserves in the specified See # 9 Page 11
Senate Committee to meet on 27th
Deliberations on POL price debut ISLAMABAD: The parliamentary committee constituted to review the existing petroleum pricing mechanism on Tuesday decided to continue consultation process in its next meeting scheduled to be held on January 27 (Thursday). The government had constituted the committee in the backdrop of the rising trend of petroleum prices in international market and to develop consensus on the petroleum pricing mechanism for extending more relief to the masses. The government had to withdraw notification featuring raise in petroleum prices for the current month following criticism and anger from all quarters
mainly the opposition benches. According to sources, parliamentary parties called for providing complete detail of taxes the government was collecting on account of petroleum products. Some of the members were of the view the taxes should not be levied on petroleum products as these conveniently contributed towards high inflation. They opined the taxes should be levied on agriculture sector which was presently contributing only 21 per cent and oil smuggling should be eradicated to maintain petroleum prices at affordable level. They also said presently the See # 10 Page 11
2 Wednesday, January 26, 2011
Democracy has no substitute, says Sumsam ISLAMABAD: Minister of State for Information and Broadcasting, Syed Sumsam Ali Shah Bukhari has said army rule is not a suitable alternate to democracy in any scenario. He said it is not policy of Pakistan People's Party (PPP) rather we always urged that problems of people should be handled and addressed through their elected representatives. In a programme on a private news channel to debate the remarks of Muttahida Qaumi Movement (MQM) Chief Altaf Hussain about favouring martial law in Punjab, Sumsam Bukhari called for need of forgetting differences and said all the democratic forces should now talk about Pakistan. People and their representatives should find solution to their problems as laid down in the
Tameer Bank, ACCA unite for harnessing finance talent Staff Reporter KARACHI: ACCA Pakistan awarded Silver Approved Employer status to Tameer Bank during an exclusive ceremony held Tuesday at head office of Tameer Bank ltd in presence of leadership of both organisations. ACCA Approved Employer Award is a validation of Tameer Bank's commitment to enabling Finance and Accounting trainees in their organisations to attain paramount of accounting skills and knowledge during their on job training. It is also a seal of their relentless commitment towards adopting best practices in financial management, regulation and reporting.
constitution, he added. Khurram Dastgir of Pakistan Muslim League (N), Raza Haroon of MQM and journalist, Ansar Abbasi also attended the programme. The Minister said that no democratic party or political leadership could endorse army rule, adding that the PPP believed in democracy with its spirit and was prepared to continue it in the country at any cost. He said their leaders had given so many sacrifices for the restoration of democracy in the country, so the PPP would not give any space to those who wanted to derail democracy. Commenting on the issue, Khurram Dastgir of Pakistan Muslim League (N) expressed his shock over the demand of the MQM chief and said that such remarks would weaken the
democratic system, which was restored with the efforts and sacrifices. He said that anti-democratic statements could not serve the country and its people to raise their living standard among other nations, adding that a martial law was not the solution to problems. In his comments, Ansar Abbasi opposed the imposition of martial law and said he is basically against the idea that military should be used against our own people. He said basically the statement of Altaf Hussain is an outcome of tussle between PML (N)and MQM. Raza Haroon said crime rate has increased in Punjab and added that provincial government has failed to provide relief to the people, so the army should be called to help rectify the situation.-APP
Zardari invites Bahrain investors I S L A M A B A D : Commander National Guards of Bahrain Lt. Gen. Sheikh Mohammad Bin Isa Bin Salman AlKhalifa called on President Asif Ali Zardari at Aiwan-e-Sadr here on Tuesday. Ambassador of Bahrain to Pakistan Mohammad Ebrahim Mohammad Abdul Qadir also accompanied the commander. According to a press release, matters relating to Pak-Bahrain bilateral relations, defence cooperation and the shared perceptions on host of issues of peace, development and regional security were
discussed along with the need to enhance trade ties. The President appreciated and thanked the Bahrain government for their support and assistance during the recent devastating floods and in every hour of need. The President lauding the leadership of King Sheikh Hamad ibn Isa Al Khalifa appreciated the social and economic development of Bahrain under his able leadership. The President emphasized upon further enhancing trade relations and extending mutual cooperation in the realm of defence, labour and man-
power as the existing bilateral trade is well below the real potential. The President urged for regular meetings of the Pakistan- Bahrain Joint Economic Commission to boost bilateral trade and investment. The President also invited Bahraini businessmen and entrepreneur to benefit from the attractive incentives the government of Pakistan is offering to investors in various fields. He noted that the Pakistani community in Bahrain was contributing positively towards the socio-economic development of the country.- NNI
Yahya Polani nominated FPCCI body chief
Fehmida urges people participation in PEP
WEDNESDAY
ISLAMABAD: Dr Fehmida Mirza, Speaker National Assembly has urged people from all segments of society to enthusiastically participate in the Polio Eradication Plan (PEP) to save children from the crippling disease. The Speaker said this in her message on the commencement of Polio Eradication Plan 2011 which has launched by President, Asif Ali Zardari. The Speaker urged Ulema, parents, teachers and other public functionaries for their cooperation to administer polio
drops to children up to age of five years. She said that Ministry of Health, Provincial and District Health Departments have chalked out a comprehensive strategy and arranged mobile teams to vaccinate children door-todoor throughout the country. She said that polio was a crippling disease that continues to threaten health of the children. She said that unfortunately Pakistan was among the half dozen countries in the world which were still not completely polio free. Recalling the first Polio
Eradication Initiative launched by the government of Shaheed Mohtarma Benazir Bhutto, Dr Fehmida Mirza said that Shaheed Mohtarma had a strong conviction to eradicate polio from the country which was demonstration of her commitment to improve the social sector, particularly the health of children. She said that government had nominated Aseefa Bhutto Zardari, as Pakistan's Ambassador for Polio Eradication, to carry forward the mission of her great mother.- NNI
Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:05 19:30 20:03 21:00 22:03 23:00 23:30
News News Subah Savere Maya ke Sath News Hal Kya Hai (Rpt) News Newsbeat (Rpt) Tonight With Jasmeen (Rpt) News News Samaa Metro News Samaa Sports News Hal Kya Hai Crime Scene Newsbeat News Tonight With Jasmeen News 24
ISLAMABAD: The US Embassy has warned the public that miscreants are using e-mails to deceive Pakistanis to pay for false US visas. In this scam, an e-mail is sent to a person saying he or she has been selected to receive an immigrant visa and/or a permanent resident card for the United States. Recipients are asked to respond and pay a substantial "processing" fee. The Embassy pointed out that the false e-mails inform recipients that the US Government has selected them for the Diversity Visa Lottery Program. It clarified that this program is for persons born in countries that have relatively low numbers of immigrants to the United States and Pakistanis are not eligible for the Diversity Visa. The US Embassy warned the public that this e-mail and similar e-mails are not from the U.S. government and are attempts to defraud Pakistani citizens. Persons receiving such email have been advised simply to delete them.-PR
Ferry service soon for Bin Qasim industrialists KARACHI: Patron-inChief and Founder President of Bin Qasim Association of Trade and Industry (BQATI) Mian Muhammad Ahmed hosted a dinner in honour of Chairman, Port Qasim Authority Vice Admiral Muhammad Shafi at Defence Golf Club. On the occasion, Chairman, PQA said to facilitate Bin Qasim Industrialist we are going to start ferry service and the objectives is to provide complete security to them. He also said the law and order situation in the area is being monitored and necessary steps will be taken as required. He sug-
gested industrialists should repairs the road in the area on self help basis and these roads could be named after them. The railways system is also being restored for the laborers of the area, he further said. However, the Chairman PQA assured the industrialists of the Association that the problems being faced by the members of BQATI would be resolved as and when the same are referred to him. Mian Muhammad Ahmed founder President BQATI discussed the prevailing situation of industrial area and paid rich tribute to Chairman Port
Qasim for valuable services being provided to the I industrialist . On the occasion, Afsar Din Talpur, DG P & D, PQA, Shujat Abbas, DG Admin, PQA, Noman Khan, Director IM, PQA, Col. Naveed Kiyani, Wing Commander Rangers, Usman Ahmed, Founder Vice President BQATI, Farhan Zafar, Honorary General Secretary, Shakil Ashfaq, Honorary Finance Secretary, Rasheed Jan Mohammad, MC Member BQATI, Farhan Ansari, Fareed Khan Jadoon, Adnan Zafar and Mian Naveed Ahmed, Director Paracha Textile Mills were also present.-PR
TFD Report
KARACHI: Bashir Ali Mohammad, Chairman, Gul Ahmed Textile Mills and President, International Textile Manufacturers Federation receiving the prestigious award from the chief guest, the ambassador of France, Daniel s Jouanneau. Staff Photo
TV PROGRAMMES
Beware of US visa scam
High power committee to sort out RGST issue
KARACHI: Polani Group MD and Chairman Travel Agent Association of
Pakistan Yahya Polani has been nominated as chairman of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Committee on Aviation by FPCCI President Senator Haji Ghulam Ali.-PR
KARACHI: Malaysia Friendship Association President Shahid Qureshi snapped at a dinner in a local hotel. Patron-in-Chief SM Muneer presenting a PMFA shield to Chairman KATI Johar Ali Qandhari, Vice Chairman KATI Shahid Jawed Qureshi, Khalid Tawab, Senator Abdul Haseeb Khan, Sardar Yasin Malik, Mian Zahid Hussain and Farhan-ur-Rehman.-Staff Photo
KARACHI: Pak-Qatar Family Takaful Ltd, signed an agreement with HBL, Islamic Banking to provide Family (life) Takaful coverage to HBL-Islamic Banking Al-Ziarat Account holders. Picture shows P Ahmed CEO PQFTL and Muhammad Aslam Head of Islamic Banking HBL signing the agreement.-Staff Photo
KARACHI: As a result of the recent visit of Dr. Abdul Hafeez Shaikh, Minister of Finance, Revenue, Economic Affairs, Statistics & Planning and Development, a Committee will be formed both by the government as well as by the FPCCI to discuss issues relating to Reformed General Sales Tax (RGST). During the meeting with FPCCI, the minister announced the names of the Deputy Chairman Planning Commission, Finance Secretary and Chairman FBR as the official members of the committee on the side of the government which will meet every two months. In response, Senator Haji Ghulam Ali, President FPCCI, has announced a High Powered Committee, headed by Tariq Sayeed, Former President FPCCI with S. M. Muneer, Iftikhar Ali Malik, both Former Presidents of FPPCI, Mian Zahid Hussain, Chairman FPCCI Standing Committee on Sales Tax and Shakeel Dhingra, Chairman FPCCI Standing Committee on Liaison with FBR, as members. The names have been sent to the Finance Minister. FPCCI hopes that this Committee will meet soon to discuss RGST with the Committee announced by the government. In addition to RGST, the burning issues relating to trade and industry will also be discussed in the Committee meetings.
KARACHI: Mian Muhammed Ahmed, Patron-in-Chief / Founder President, Bin Qasim Association of Trade and Industry presenting memento to Vice Admiral, Mohammad Shafi, Chairman, Port Qasim Authority at the DHA Golf Club, Usman Ahmed, Founder Vice President, BQATI is also seen in the picture.-Staff Photo
Etihad increases Jeddah flights
PTCL trainees awarded certificates
ISLAMABAD: Pakistan Te l e c o m m u n i c a t i o n Company LTD (PTCL) held a certificate distribution ceremony on the successful accomplishment of the three week comprehensive training program titled " Management Development Program" (MDP) at PTCL Academy, here on Tuesday. PTCL's real asset has always been human capital and network. It has achieved various commendable milestones but MDP is one of the most world beating achievements as the entire training calendar 2011 has been designed based on the theme "Ensuring Corporate and Customers Loyalty through learning". PTCL has a huge training infrastructure throughout the country that is geographically wide spread, said a press release issued here on Tuesday. PTCL Academy has been revitalized with a new vision to be recognized locally and regionally as a center of excellence in the provision of state-of-theart training and consultanKARACHI: The Karachi Marriott Hotel's General cy services in telecommuManager Faisal Khan inaugurating the first ever nications and related Regional Food Festival at the Pool Marquee. Staff Photo fields.-APP
ISLAMABAD: Abu Dhabi-based airline, Etihad, will expand its flying programme to Jeddah from February 1, increasing from a daily service to 12 services per week. It offers more options for people travelling from Karachi, Lahore, Islamabad and Peshawar to Makkah and Medina through Jeddah. James Hogan, Chief Executive Officer of the airline said:"Saudi Arabia is a cornerstone market for the airline and Jeddah has always been an important strategic destination for it. The demand for the Umrah flights has always
been very strong and we expect this to continue growing in future," said a press release issued here on Tuesday. The airline is also offering exclusive return Umrah fares for passengers traveling from Pakistan to the Jeddah for the upcoming Umrah season starting at Rs 29,870 from Karachi and Rs 38,500 from Lahore and Islamabad. The airline commenced operations to Jeddah in May 2006, with three frequencies per week, increasing to daily from April 2007 and now to 12 flights per week from February 2011.-APP
3
Wednesday, January 26, 2011 Top Economic Events
Euro falls from 2month high in volatile session in the German government about extending the bailout facility, and that's taken some juice out of the euro." Midway through the New York session, the euro was trading 0.1 per cent lower at $1.3626, well short of the session high of $1.3688 on trading platform EBS though off the session low of $1.3573. Euro volatility was partly due to the European Financial Stability Facility's (EFSF) inaugural debt issue. The order book for the issue closed with bids valued at 43 billion euros for the 5 billion euros of paper on offer, a source at the EFSF said. Speculation the new issue would be
massively oversubscribed boosted the euro in early trade, but those gains were eroded when investors who built up euros to buy EFSF debt sold them back. Still, the dip prompted others to move
in. The euro got a bid on buying by a Middle East name and Irish and Dutch banks. That faded quickly as Westerwelle's comments circulated. "From a chart perspective, we've tried the upside and the downside and not broken through either way," said Dolan. "If
Asian currencies
Taiwan dollar, won surges on inflows Baht relived by stocks, spotted intervention SINGAPORE: The Taiwan dollar and the South Korean won rose against the dollar on Tuesday as investors bought stocks in Asian markets where they are less concerned about inflation. But the India rupee gave up some of its earlier gains as some investors were disappointed by the modest size of the central bank's latest interest rate hike. The baht, the worst performer among emerging Asian currencies so far this year, steadied on firm stocks and as dealers spotted the central bank's intervention. Earlier in the day, dollar/baht rose to as high as
31.12, the highest since Sept. 8, last year. Goldman Sachs lowered its forecasts for the Indonesian rupiah as it sees inflation accelerating. The investment bank said it revised dollar/rupiah forecasts to 9,000, 8,800 and 8,700 on three-, six- and 12- month horizons respectively, from 8,750, 8,600 and 8,450 previously. The dollar/rupiah at 9,045, slightly off prior close of 9,058. The Taiwan dollar rose 1 per cent against the US dollar, lifted by a weaker greenback and gains in local shares on foreign investors' purchases. But the central bank was
Sterling hits 11wk low after UK GDP NEW YORK: Sterling fell to its lowest level in 11 weeks against the euro Tuesday, after an unexpected contraction in the UK economy undermined investor sentiment toward the currency. Tuesday, the UK government reported the economy contracted 0.5 per cent in the fourth quarter of last year, well below economists' expectations of a
modest expansion. On a yearover-year basis, the economy grew 1.7 per cent, which fell far short of expectations of 2.6 per cent. A recent surge in inflation has led a number of market participants to anticipate that the Bank of England would raise interest rates soon. Given that currency levels are being increasingly influenced by expectations of higher interest rates, sterling fell sharply as the faltering economy led investors to reassess prospects for tighter monetary policy--
and potentially higher yields. "The market got it spectacularly wrong," said Andrew Wilkinson, senior market analyst at Interactive Brokers. The British economy is suffering "a bad combination of hazardous growth and high inflation, and investors spent too much time chasing the monetary policy story." He added that expectations of
higher interest rates "[were] a prop of support for the pound, and when you remove that prop there's significant downside." Against the pound, the euro hit its highest level since Nov. 8 at 0.8649 before paring some of those gains. The single currency was 1 per cent higher on the day. The pound trimmed some losses against the dollar to change hands at $1.5815, according to EBS via CQG, still about 1.7 per cent lower from Monday's close -Agencies
spotted buying US dollars to defend the T$29 level, dealers said. The won hit a three-day high against the dollar as foreign investors swung to net buyers of local stocks and on exporters' demand for end-month settlements. However, importers also purchased dollars for settlements around mid-1,110 per dollar levels, limiting the won's gains. The dollar/won slid to as low as 1,116.6, the lowest since Jan. 20. Foreign investors bought a net 70.6 billion won worth of Seoul stocks, helping the benchmark KOSPI end up 0.22 per cent. -Reuters
Swiss franc slips vs euro ZURICH: The Swiss franc yielded ground to the euro on Tuesday but held a three-week high on the dollar after strong gains against both currencies the previous session ahead of US consumer confidence. Political upheaval in Ireland drew attention back to eurozone debt issues and took some of the shine of the euro's recent surge, while a bombing at Russia's largest airport pushed risk aversion higher, lending support to the safe-haven franc. The franc was 0.2 per cent lower on Tuesday against the euro compared to the New York close, trading at 1.2977 francs per euro at 0751 GMT. The franc was little changed against the dollar at 0.949 francs per dollar. Analysts remained relatively bullish on the euro in the medium term at current levels, some citing expectations of higher euro-zone interest rates in support of the single currency. Even so, with questions on euro-zone debt as yet unresolved, the euro's recent surge may fizzle out as traders complete the covering of short positions, and the single currency could come under near term pressure, analysts said.Reuters
Aussie unsettled by benign CPI; NZD outperforms SYDNEY/WELLINGTON: The Australian dollar slid about half a US cent on Tuesday in the face of lower-than-expected consumer inflation data, which reinforced market expectations the central bank will likely not hike interest rates until well into the year. But analysts said this was only a temporary setback for the currency, with price pressure set to climb and the Reserve Bank of Australia (RBA) still on track to tighten policy later this year, and still far ahead of most other developed nations. "We still expect the next rate move to be in Q2, as we still expect inflation to rise through 2011 and a forward-looking RBA to be keen to get ahead of the impending inflationary impulse," said Paul Bloxham, HSBC's Australia and New Zealand chief economist. "The lower starting point, in the form of the surprisingly low Q4 CPI does, however, provide some downside risk to this interest rate forecast." Australia's trimmed mean measure of core inflation was just 2.2 per cent in the fourth quarter, well below an expected reading of 2.6 per cent and near the bottom of the Reserve Bank of Australia's 2-3 per cent target band.
Barclays Capital analysts said underlying inflation will likely bottom out near these levels, with high commodity prices and record floods in Queensland set to push inflation higher. Still, the Aussie dollar fell to a low of $0.9927, having risen above parity overnight. It last stood at $0.9950, with initial support seen at around $0.9906, the 61.8 pct retracement of the Jan 1219 rise. Markets are currently priced for zero chance of an imminent rate rise and only 30 basis points worth of tightening over the next 12 months, down from 34 bps on Monday. The Aussie was also pressured on the crosses, hitting one-week lows versus the New Zealand dollar. It plumbed NZ$1.2971, from a session high of NZ$1.3071, before recovering slightly to NZ$1.2995. The New Zealand dollar escaped most of the drama faced by the Aussie, to last trade at $0.7653, a shade above $0.7638 late in New York on Monday. Support for the kiwi is seen starting from $0.7594 and resistance at $0.7687. Trade in the kiwi will likely be lighter on Wednesday with Australia on holiday. -Reuters
we close in a $1.3610-30 range, that will be an unchanged day and a second straight day of indecision." "That suggests a neutral bias that can be resolved either way, but frequently, I take it as a sign of caution that the upside could be exhausted," Dolan added. The dollar was last down 0.1 per cent at 82.44 yen on EBS. Sterling tumbled after a surprise 0.5 per cent contraction in fourth quarter UK GDP due to adverse weather, compared with economists' forecasts of a 0.5 per cent gain. The pound fell to a session low of around $1.5750. It last traded down 1.2 per cent at $1.5803. The euro rose to its highest in three weeks against the pound. The Swiss franc rallied broadly, rising sharply against the euro and the pound. The euro fell 0.4 per cent to around 1.2894 francs due to position adjustments. -Reuters
Yuan flats, hovers near record high SHANGHAI: China's yuan steadied versus the dollar on Tuesday, hovering near its record trading high, after the People's Bank of China set the mid-point at a new peak but up only slightly from Monday's fixing, traders said. The PBOC recently fixed a slew of record high mid-points, a signal it may let the Chinese currency's fortunes decouple from political events. But the record high daily fixings this week have only been marginally higher than each previous session, an indication that the government will continue controlling the pace of yuan rises and preventing its appreciation from inviting speculative "hot money" inflows, traders said. "As the PBOC keeps the midpoint lingering near 6.588 and gives no sign of an immediate breakthrough, market players are cautious not to push the yuan too far away from that level," said a dealer at a European bank in Shanghai.
Spot yuan closed at 6.5827 against the dollar compared with 6.5813 at Monday's close. It has now risen 3.70 per cent to the dollar since its mid-June depegging. It touched an intraday low of 6.5853 and a high of 6.5815, just shy of 6.5808 hit on Monday -- its highest intraday trading level since China let the yuan be publicly trade in 1994. Traders said they expected the yuan to continue trading narrowly in the near term, awaiting fresh PBOC signals. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards were bid at 6.4550 late on Tuesday, down from 6.4590 at Monday's close. Their implied yuan appreciation in a year's time rose to 2.07 per cent from 2.00 per cent. Before trading started on Tuesday, the PBOC fixed the yuan's daily mid-point versus the dollar at 6.5881, slightly firmer than Monday's 6.5883. The currency can rise or fall 0.5 per cent from the PBOC's fixing in a given day. -Reuters
Indian rupee slips tracking local stocks MUMBAI: Indian bond yields and overnight indexed swaps (OIS) ended lower on Tuesday after the central bank raised interest rates as forecast, but dealers expect the curve to steepen on expectations that policymakers face a long battle against inflation. The rupee weakened, tracking battered domestic shares, on expectations that the central bank may raise rates again soon. The Reserve Bank of India (RBI) raised key interest rates by a quarter point each as expected, to clamp down on resurgent inflation, warning higher food prices could become entrenched if steps to boost output are not taken. The RBI raised its headline inflation projection for the 2010/11 fiscal year ending in March to 7 per cent from 5.5 per cent. Its perceived comfort zone is 5.6 per cent in the short term and 3-4 per cent in the medium term. "The market may be heaving a sigh of relief, but the inflation forecast at 7 per cent for March-end is a recognition of severe price pressures building," said Ajay Mahajan, managing director and head of financial markets and institutional banking at UBS.
Source JPY EUR EUR GBP GBP USD USD
Events CSPI y/y German Import Prices m/m Italian Retail Sales m/m MPC Meeting Minutes BBA Mortgage Approvals New Home Sales Crude Oil Inventories
Source
Events
AUD JPY EUR GBP GBP CAD CAD USD USD USD USD
CPI q/q Overnight Call Rate GfK German Consumer Climate Prelim GDP q/q Public Sector Net Borrowing Core CPI m/m CPI m/m S&P/CS Composite-20 HPI y/y Richmond Manufacturing Index CB Consumer Confidence HPI m/m
Forecast -1.3% 1.3% 0.1% 1-0-8 29.9K 302K 0.9M
Previous -1.1% 1.2% 0.3% 1-0-8 30.0K 290K 2.6M
Forecast
Previous
Previous Day
Euro swings between gains and losses but ultimately lower NEW YORK: The euro swung between gains and losses against the dollar on Tuesday but ultimately fell from a twomonth high after the euro-zone rescue fund's first debt offer was oversubscribed and prompted selling. Comments from German Vice Chancellor and Foreign Minister Guido Westerwelle on Tuesday rejecting calls for an increase in the euro-zone rescue fund added to the euro's woes. Westerwelle comments to WDR radio station were reported by Dow Jones. The British pound dived after a shock contraction in the UK economy last quarter. "We had a junior German coalition partner saying they're not convinced that expanding the ESFS is the way to go," said Brian Dolan, chief strategist, Forex.com, Bedminster, New Jersey. "That suggests there is some dissent with-
Time 4:50 12:00 14:00 14:30 14:30 20:00 20:30
"A 25-basis-point move means more moves to come. It is only a calibrated approach to raising rates." The partially convertible rupee closed at 45.69/71 per dollar, weaker than Monday's closing of 45.67/68, tracking the nearly 1-per cent drop in domestic shares. The yield on the most traded 8.08 per cent, 2022 bond ended down 6 basis points (bps) on the day at 8.20 per cent. The less liquid benchmark 10-year bond yield ended at 8.15 per cent, down 2 bps from Monday. The 1-year OIS rate ended down 9 bps at 7.36 per cent after easing to 7.35 per cent intra-day, its lowest since Jan. 17. The benchmark five-year swap ended 4 bps down at 8.02 per cent, after falling as low as 7.98 per cent intra-day. -Reuters
Actual
0.4% <0.10% 5.7 -0.5% 15.3B -0.3% 0.0% -1.6% 18 60.6 0.0%
0.7% 0.7% <0.10% <0.10% 5.5 5.5 0.5% 0.7% 18.2B 19.7B -0.2% 0.0% 0.1% 0.1% -1.4% -0.8% 23 25 54.4 53.3 -0.1% 0.2%
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3631 1.3683 0.9451 0.9521 1.5789 1.6014 0.9984 1.0002 0.9919 0.9989 112.5000 112.7900 0.8630 0.8636 1.2869 1.0000 131.9900 1.2983 87.3800 87.4000 1323.7800 1338.3500
Bid 1.3629 0.9442 1.5784 0.9982 0.9916 112.4700 0.8627 1.2865 131.9300 87.3300 1323.1400
Low 1.3577 0.9425 1.5756 0.9914 0.9894 111.8400 0.8533 1.2963 1.2827 86.6200 1322.9100
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 25/01/2011 A USD GBP CAD EUR JPY O/N 0.23688 0.55688 0.94667 0.95375 SN 0.09813 1WK 0.25375 0.57063 0.99500 0.78375 0.10600 2WK 0.25656 0.57563 1.03583 0.77500 0.11313 1MO 0.26000 0.59875 1.08833 0.77250 0.12313 2MO 0.28313 0.65750 1.15000 0.84750 0.15000 3MO 0.30438 0.77313 1.23667 0.97250 0.18875 4MO 0.34500 0.85188 1.30250 1.04000 0.24313 5MO 0.40125 0.95688 1.35167 1.12250 0.30000 6MO 0.45469 1.07000 1.43167 1.21188 0.34750 7MO 0.50813 1.14850 1.49750 1.26500 0.39625 8MO 0.55875 1.23163 1.57250 1.32375 0.44313 9MO 0.61500 1.31538 1.64083 1.37813 0.48750 10MO 0.66781 1.39250 1.72500 1.42313 0.51438 11MO 0.72188 1.45938 1.80833 1.47250 0.54125 12MO 0.78094 1.52788 1.90083 1.52063 0.56750
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada March 1, 2011 September 8, 2010 Bank of England February 10, 2011 March 5, 2009 Bank of Japan February 14, 2011 December 19, 2008 Federal Reserve January 26, 2011 December 16, 2008 Swiss National Bank March 17, 2011 March 12, 2009 The Reserve Bank of Australia February 1, 2011 November 2, 2010 European Central Bank n/a May 7, 2009
Current Interest Rate 1% 0.50% 0.10% 0.25% 0.25% 4.75% 1%
Division of National Bank of Pakistan (NBP) KARACHI, January 25,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
86.05 137.67 117.50 86.71 90.74 85.56 13.10 1.04 14.88 67.18 15.76 22.95 11.04 13.07 307.53 28.20 65.83 23.63 23.43 0.08 2.77
85.85 137.35 117.23 86.51 90.53 85.36 13.07 1.04 14.85 67.02 15.73 22.89 11.01 13.04 306.82 28.13 65.68 23.58 23.37 0.08 2.77
85.66 137.03 116.95 86.28 90.29 85.14 13.04 1.04 14.81 66.85 15.69 22.83 10.98 13.01 306.01 28.06 65.50 23.51 23.31 0.08 2.76
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for January 25, 2011
KASB
BMA
ELXIR
GSL
ICSL
12.85 12.90 12.95 13.00 13.35 13.40 13.45 13.65 13.78 13.95 14.15 14.15 14.18 14.20 14.20 14.22 14.23 14.24 14.60 14.80
12.95 12.95 13.00 13.18 13.39 13.42 13.55 13.55 13.72 14.00 14.17 14.20 14.15 14.28 14.28 14.25 14.16 14.15 14.60 14.75
12.90 12.95 13.05 13.12 13.39 13.46 13.50 13.56 13.74 14.00 14.17 14.19 14.20 14.27 14.32 14.25 14.17 14.22 14.55 14.75
12.85 12.95 13.02 13.24 13.40 13.45 13.55 13.65 13.77 14.00 14.23 14.24 14.25 14.28 14.30 14.30 14.15 14.20 14.65 14.90
12.90 12.95 12.95 13.13 13.40 13.35 13.40 13.55 13.70 14.05 14.25 14.22 14.20 14.30 14.35 14.23 14.20 14.26 14.55 14.75
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 12.90 12.90 12.95 13.20 13.40 13.45 13.50 13.60 13.75 14.00 14.18 14.20 14.22 14.30 14.35 14.25 14.16 14.20 14.70 14.90
12.89 12.93 12.99 13.15 13.39 13.42 13.49 13.59 13.74 14.00 14.19 14.20 14.20 14.27 14.30 14.25 14.18 14.21 14.61 14.81
Currencies Correlation EUR/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD
week month months months year years
-0.64 -0.43 -0.20 0.26 -0.17 -0.36
0.99 0.95 0.89 0.72 0.85 0.91
0.98 0.17 0.55 0.64 0.77 0.62
0.96 0.86 0.84 0.79 0.51 0.73
0.56 0.85 0.85 0.79 -0.03 0.42
USD/CAD USD/CHF
-0.91 0.01 0.42 0.36 -0.32 -0.30
0.54 -0.27 0.43 -0.20 0.01 0.38
-0.46 0.12 0.45 -0.15 0.33 0.24
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)25/01/2011 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
ABLN 12.50
13.00
12.50
13.00
12.85
13.35
13.35
13.60
13.50
13.75
13.60
14.10
13.65
14.15
13.70
14.20
JSBL
12.75
13.25
12.80
13.30
13.00
13.50
13.40
13.65
13.60
13.85
13.65
14.15
13.85
14.35
13.90
14.40
ASPK 12.80
13.30
12.85
13.35
12.90
13.40
13.45
13.70
13.55
13.80
13.65
14.15
13.70
14.20
13.80
14.30
CIPK
12.65
13.15
12.70
13.20
12.80
13.30
13.45
13.70
13.65
13.90
13.80
14.30
13.90
14.40
14.10
14.60
DBPK 12.65
13.15
12.70
13.20
12.75
13.25
13.25
13.50
13.45
13.70
13.50
14.00
13.60
14.10
13.70
14.20
FBPK 12.75
13.25
12.80
13.30
12.85
13.35
13.40
13.65
13.55
13.80
13.65
14.15
13.75
14.25
13.85
14.35
FLAH 12.80
13.30
12.80
13.30
12.85
13.35
13.40
13.65
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
HBPK 12.80
13.30
12.85
13.35
12.95
13.45
13.40
13.65
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
HKBP 12.75
13.25
12.85
13.35
12.85
13.35
13.35
13.60
13.45
13.70
13.55
14.05
13.65
14.15
13.75
14.25
NIPK
12.75
13.25
13.00
13.50
13.25
13.75
13.50
13.75
13.60
13.85
13.70
14.20
13.75
14.25
13.85
14.35
HMBP 12.75
13.25
12.75
13.25
12.90
13.40
13.35
13.60
13.50
13.75
13.55
14.05
13.60
14.10
13.70
14.20
SAMB 12.75
13.25
12.85
13.35
13.00
13.50
13.45
13.70
13.60
13.85
13.60
14.10
13.75
14.25
13.85
14.35
MCBK 12.75
13.25
12.75
13.25
12.75
13.25
13.25
13.50
13.40
13.65
13.50
14.00
13.60
14.10
13.75
14.25
NBPK 12.75
13.25
12.80
13.30
12.80
13.30
13.30
13.55
13.40
13.65
13.50
14.00
13.65
14.15
13.75
14.25
SCPK 12.70
13.20
12.75
13.25
12.80
13.30
13.35
13.60
13.45
13.70
13.55
14.05
13.70
14.20
13.80
14.30
UBPL 12.70
13.20
12.80
13.30
12.80
13.30
13.45
13.70
13.55
13.80
13.60
14.10
13.70
14.20
13.80
14.30
AVE
13.24
12.80
13.30
12.86
13.36
13.39
13.64
13.52
13.77
13.60
14.10
13.70
14.20
13.80
14.30
12.74
4 Wednesday, January 26, 2011
A BRIGHTER FUTURE
The Financial Daily International Vol 4, Issue 163
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board
Haider Abbas
T
he global future â&#x20AC;Ś a land very far off but not quiet unreachable. A dominion of simple people who Khurram Shehzad, CFA Asim Abbas Ashary, CPA would understand words like love, affection, kindness and peace - Where there are Prof. Zakaria Sajid (KU) Akhtar M. Zaidi, FCA no rich or poor. Where people appreciate Zahid Bukhari SVP HBL (retd) Dr. A. Hadi Shahid, FCA one another - They help one another in Ismat Sabir Muhammad Arif times of need - they struggle for a comHead office mon goal - They are like one nation- They practice love not hatred. 111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Allow me to take you on a trip down Telephone: 92-21-35311893-6 Fax: 92-21-35388428 memory lane. Not so long ago there was URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com a tie when man live in caves. A time when people would put their ears against the Lahore office floor to judge distant travelers and when 24- Peshawar Block, Fortress Stadium, Lahore workers would judge the time by the Telephone: 92-42-6675595 Fax: 92-42-6664349 movement of the sun. Email Address: editor@thefinancialdaily.com Since his conception man has continued to make progress in all walks of life. Be it luxury, be it travel or be it healthcare. The entire human timeline is studded with advancements in various areas. Since 1836 when Graham Bell invented the telephone to the time when Michael Mcluhan coined up the phrase "Global Village", man has created comforts unknown to the primitive man. Man has learned how a small force united is ultimately stronger than various large forces against each other. And this is the sense of Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Making cabinet leaner, smarter
Pressure of International Monetary Fund (IMF) is building on the present government to enhance revenue collection but opposition and its own coalition partners are not ready to support it. The friendly opposition in not ready to topple the government or even bring an in-house change. It seems that no one is ready to occupy the hot seat but all the political parties have started their next election campaign. Cognizant of its inadequacies the present regime has also initiated a plan to make the government leaner and smarter. However, the chances of success don't look very bright. There is a loud talk of reducing the number of ministers, state ministers and advisors but it seems almost impossible to annoy the coalition partners at this time. Though, JUIF and MQM are still willing to support Gilani government on certain conditions, their ministers have already tendered the resignations. This may be because they want to run their election campaign. They are trying to win over the hearts of general public by criticizing the government for not following good governance and bulldozing imposition of RGST, which has become a growing thorn between Pakistan-IMF relationships. It seems Pakistan-IMF relationships now hinge on reducing the deficit and expanding the economy. The government is now trying to contain expenditure not by reducing the extravaganzas but slashing the development programs, the latest cut has been to the tune of Rs100 billion. However, critics say such a saving could have been done simply by reducing the number of ministers, state ministers and advisors to one-fourth. These critics say that over the last two years present regime has committed 'too many blunders' and in the remaining period the probability of committing horrendous mistakes is on the rise, worst being not following good governance. Present regime also seem adamant on continuing with 'income support programs' rather than taking measures to put the economy on track. The regime knows that revival of economy takes longer but getting continued support of the vote bank is crucial for winning the next election. It seems that now the regime has stepped into a more crucial stage as it is trying to 'fool all the people all the times'. Not only cracks have started developing in PPP but forward blocks in PML-Q and PML-N are gaining strength. MQM is also busy in stretching its wings to Punjab and even Azad Jammu and Kashmir after consolidating its position in Sindh. Now it is the choice of PPP leadership to rectify its act, follow good governance and try to bring the masses out of the economic malice rather than pleasing those who are tarnishing country's image. It has to act prudently and quickly as the term is approaching to its end fast.
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.
belonging which has lead to the scaling of the highest mountains, probing the deepest seas and discovering the farthest continents. Man has conquered the moon and is now directing the way if his own evolution. This steady progress portrays the global future as bright as the sun shining with all its might. A future where bullets and rickets in the skies turn to doves and pigeons, a world where barracks and bunkers are flowerbeds instead, a world where no single man is an African or Asian, Black or White. A world where forced marriages and honor killings are a mere stigma of the past. A future where our dictionaries no longer contain words such as war, violence and terrorism. A future where nuclear technology is solely used for medicinal purposes. Snapping into reality, today we live in a world where all distances are eventually being eliminated Thanks to the internet and globalization an entrepreneur sitting in Switzerland manufactures goods in Thailand which are transported to a destination in California and all this movement can be controlled through the smallest of palm tops. A world where various nations share an identity and one day we may all live in a world without passports, not requiring
visas to travel, sharing the same currency, no taxes on imports - A world in which the importance of border and nations is overshadowed by the passions for humanity. Every Tourists and traders 'Never land'. My imagination sketches a future where economic blocks replace individual economies. Where nations with unique incentives team up to protect their interests, instead of battling amongst themselves to prove their superiority, a globe where the difference between the developed and the developing exists no more. Where every inhabitant of the planet is presented with equal opportunities to excel. A role model example is how a worn torn Europe is now the European Union or how the German midfielder Michael Ballack may now play for an English Club. Being united as one gives a much happy picture of the future than various individuals - each unsatisfied. We live in a society in which its restrictions to reality are its greatest faults. Where how a person presents himself is more important than what he really is. There is a dichotomy between being and seeming and a frown on anything new or novel. Where we think more and imagine less. Where you find yourself involved in
life and constricted by its rules and it is times like these we need to remember that there are no boundaries around us there is nothing you cannot imagine. And so I imagine a future where healthcare reaches all. Where the fight against disease declares it ultimate victory against all malicious diseases, a future where 'doctors without borders" is no longer just a slogan but the order of the day. Education is the foundation of all human development. The future can never be bright enough without providing ample educational ample opportunities to everyone. For a greener future we must move towards the preservation of this planet, where nature blossoms all around us instead of some protected areas. And as man walks towards the future after realizing all that globalization has in store for him man is rushing towards civilization in which prosperity, wealth, power and liberal democracy are being diffused through the globe. It is never too late to realize and as Robert Kennedy very rightly said and I quote, "Some men see things as they are and say why I dream things that never were and say why not?" Writer is a student at Aitchison College.
Will US political strategy succeed in Afghanistan? W
hile the United States has touted military success against the Taliban, officials admit they have made less progress off the battlefield in improving Afghanistan's government and charting its political future. Critics say the Obama administration lacks a strong political strategy to complement military plans, but officials contend they are making headway in the difficult task of turning a nation shattered by war into a stable democracy. The White House is hoping its strategy -- which rests on a bigger US civilian presence to help improve basic services and governance, political support for reconciliation talks, and pressure on Pakistan to end militant safe havens -- will bear more fruit as it starts to withdraw troops in July. But more than nine years after the ouster of the Taliban government, Afghanistan is plagued by corruption. Ties with neighboring Pakistan are precarious and there is little evidence to suggest nascent talks with the Taliban will make quick progress. Below are scenarios for several of the key areas of the United States' political strategy for Afghanistan. GOVERNANCE GAP Afghan institutions are
stronger than they were in 2001, but many Afghans still go without basic services like health care and clean water. Few Afghans trust courts and local government is often described as "predatory." Last year Washington sent hundreds of civilian officials to Afghanistan to help bolster governance at the local level, but officials say change will be slow at best. "Rule of law is critical. You're not going to solve this by military means alone," said John Dempsey, a senior State Department adviser who works on governance issues. In the best scenario, US efforts to get local jobs filled with technocrats would bear fruit. New judges would improve faith in the judiciary and service delivery would improve. Such steps, however, will depend on improving security, especially in southern and eastern Afghanistan, and progress in curbing corruption that has plagued the public sector. If that does not happen, civilian efforts to transform local government could fall flat. In that scenario officials continue to prey on Afghans and corruption goes on unchecked. All of this could endanger the plan to put Afghans in full control of their own country by the
end of 2014 and give Western countries a chance to exit gracefully. DEMOCRACY AND THE KARZAI CONUNDRUM As US attention has turned from Iraq to Afghanistan, a gulf has widened between Washington and Afghan President Hamid Karzai over corruption, civilian casualties, and more. "There is a trust deficit between the US coalition and the government of Afghanistan. Often ... Karzai has believed the United States was working to undermine him," one former US official said on condition of anonymity. Widespread reports of fraud in the most recent presidential and parliamentary polls did nothing to put to rest some US officials' desire to see new leadership in Kabul. This month the country was plunged into a new crisis when Karzai faced off against incoming lawmakers over his efforts to delay the new parliament's inauguration. In an ideal scenario, Karzai would get tough on corruption and foreign officials would smooth over past strains. A more productive relationship would blossom between Karzai and lawmakers, adding to the government credibility. If this does not happen, US
Budget Crunch Mahateer Abu Mohammad, Godfather and architect of Malaysian economical boom, once said that individuals and nations cannot rise, grow and withstand on loan funding. Last Saturday, Finance Minister announced that Public Sector Development Programme (PSDP) has been cut from Rs.280 billion to 180 billion, thus closing all avenues to numerous projects and programmes countrywide. A further 40 billion will be cut at later stage. If the money looted and plundered during last few years is recovered honestly, it will make up the gap of Rs.140 billion. Although the balance of payment is in dilapidated condition, debt burden has risen enormously, yet the economy is not
facing any crunch as can be seen from recent announcement of building Parliament lodges for Rs3 billion and ban lifting from foreign visits of ministers and their cronies. Enrichment of motorcades and so on and so forth. For the satisfaction of ordinary man, OGRA is planning, as appeared in various reports, to raise petroleum prices from 8 to 10 percent. To cope with the monsters of dearness, price hike and inflation a paradigm shift is essential. Austerity in letter and spirit is required to be exercised. Punjab Government has started rightsizing. Others have to follow suite. It's time to think and act sagaciously. IFTIKHAR SHAHEEN MIRZA, ISLAMABAD
officials may find a less cooperative central government that would make it more difficult to transition smoothly out of the war. Corruption would alienate Afghans and fuel support for the Taliban. TALKING TO THE ENEMY As security has deteriorated over the past year, a consensus has grown around the idea that the war in Afghanistan cannot be won without a negotiated settlement with the Taliban. Karzai's government has been speaking to the Taliban for at least two years but reportedly nothing of substance has been discussed. If the US gamble succeeds, last year's troop surge will further weaken the Taliban and put the Afghan government in a stronger negotiating position. In an ideal scenario, Saudi Arabia and Turkey would broker discussions and true decision-makers within the loose, shadowy Taliban organisation would come to the table. If Western military efforts sputter, however, the Taliban will have little incentive to seriously negotiate. In this scenario, Taliban leaders in Pakistan would refuse to lift preconditions, including a full withdrawal of foreign troops, and would be loathe to risk losing by engaging with Western powers. Talks would
fail to get off the ground. PAKISTAN: FRIEND, FOE OR 'FRENEMY'? Perhaps the most uncertain element in US strategy is Pakistan, which Washington has been pressing to quash Taliban and other militants sheltered within Pakistani borders. "It's a dilemma because in some ways Pakistan is an ally. It allows supplies and attacks on al Qaeda in Waziristan, but it also acts as an adversary," the former official said. In one scenario, massive US aid funds combined with veiled threats will convince civilian and military leaders in Islamabad to deploy troops to restive lawless areas along the country's western border, reducing the need for US drone attacks in those regions. Pakistan would also crack down on elements of security forces who are cooperating with or supporting militants and Islamabad would do more to foster reconciliation talks. In the other scenario Islamabad's decisions are driven by awareness that US military presence will soon shrink. Preferring a stronger Pushtun Taliban than an Afghan government friendly to its arch-rival, India, Pakistan would hedge its bets. Taliban attacks in Afghanistan would continue. Reuters
Margin trading systemâ&#x20AC;&#x2122;s hazards A little boy once found a jar of nuts on the table. "I would like some of these nuts," he thought. "I'm sure Mother will give them to me if she were here. I'll take a big handful." So he reached into the jar and grabbed as many as he could hold. But when he tried to pull his hand out, he found the neck of the jar was too small. His hand was held fast, but he did not want to drop any of the nuts. He tried again and again, but he couldn't get the whole handful out. At last he began to cry. Just then his mother came into the room. "What's the matter?" she asked. "I can't take this handful of nuts out of the jar," sobbed the boy. "Well, don't be so greedy," his mother replied. "Just take two or three, and you'll have no trouble getting your hand out." "How easy that was," said the boy as he left
the table. "I might have thought of that myself." Introduction of MTS is in pipeline in our stock market which will allow our investors to come in market with many time multiplied buying power to their cash holding. History of our market has proved that every time when it boosted it has a crash too. The main reason of crash was always creation of bubble after investment on all available margins by investors and force selling when margins were called to settle accounts. To avert from such huge losses retail investors in particular should work out accurately up to what limits their buying should go and where to cut losses. Otherwise 2012 if not this year will contribute another crash in our market. Fahim Akhtar, Karachi
Please wake up before itâ&#x20AC;&#x2122;s too late! I read the article in '' The News '' both parts with the title '' Without knowing FATA '' by Ayaz Wazir respectively on 22nd Jan and 24th Jan 2011; hats off to the writer! The way he represented the case of the people of Tribal Areas is really great. I hope the people sitting in Islamabad/Rawalpindi and Peshawar will take it seriously and will do some constructive development by taking people in confidence of tribal areas. The people of Tribal areas
should be governed by themselves. Our Policy Makers should stop working on '' Strategic depths '' in different parts of the country especially in Tribal Areas. If they (Policy makers) want the people and land of Pushtun Tribal areas(FATA) be part of Pakistan as they are from 1947 even at the time when the famous referendum took place. Our ancestors were the one's who supported Quaid e Azam Muhammad Ali Jinnah and for-
mation of Pakistan and became part of it without knowing Mr. Jinnah personally and his background they just trusted the man( Mr. Jinnah) in one Public Address to the tribal people by him at Jamrud near Peshawar. Even in last 7 to 8 years of regular Army operations and US drone attacks in the area the people of land never asked or called for Independence because they are loyal to Pakistan. They have their history of sacrifices for Pakistan
either it is 1948 Kashmir or 1965 against India but what they have been given in return? No Schools, Hospitals, Communication Infrastructure. Our Civil and Military establishment + political leaders should come out and play their constructive role in development of tribal people specially those poor people who have lost their loved ones, their properties and agriculture, they should be compensated. The President who is directly in
charge of FATA according to the 1973 constitution must visit the area with COAS and some of his ministers to interact with the people of that land and either from Wana or Miranshah he must announce an Economic Package for the people who have lost everything in last 7 to 8 years of war. We still have time to rise to the occasion. Our leaders should wake up before its too late. Waqas Khan Mahsud, Karachi
5
Wednesday, January 26, 2011
South East Asian stocks
European shares end lower on growth concerns KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,370.59 12,455.75 85.16 0.69 137.38
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,819.82 3,843.47 23.65 0.62 6.31
ISE-10 Index Opening Closing Change % Change Turnover (mn)
3,046.42 3,073.79 27.37 0.90 0.11
Major Gainers
Symbol RMPL ULEVER NESTLE UPFL SHEZ
Close
Change
2,305.00 4,640.42 2,917.58 1,170.09 155.01
44.12 31.25 19.02 15.00 6.99
Major Losers
Symbol
Close
Change
FZTM SIEM PECO EXIDE ATLH
384.82 1,191.00 145.09 190.01 122.00
-20.18 -9.8 -6.41 -4.99 -3.41
Top 5 Volume Leaders
Symbol LOTPTA FFBL ANL ENGRO NPL
Close Vol (mn) 15.88 41.82 11.94 214.88 17.61
43.58 24.32 10.85 4.26 3.93
Active Issues Plus Minus Unchanged
192 177 19
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
Indonesia, Philippines rebound; others fall back
Bulls pull KSE cart to the green valley Nawaz Ali KARACHI: Benchmark index bounced back at the Karachi Stock Exchange (KSE) on Tuesday reaching above 12,400 points level as bulls stampeded towards oil and fertiliser stocks. Good result announcements by a fertilisermaker coupled with hopes of further heartening result announcements down the line morphed bears into bulls, analysts say. The benchmark KSE 100Index gained 85 points to close at 12,455 points while KSE 30Index jumped by 110 points and KSE All-Share Index rose by 53 points to close at 12,179 and 8,638 points respectively. "Bullish activity, on Tuesday, was an upshot of expected robust earning announcements led by oil, fertiliser, and bank-
US stocks late-morning
Blue-chip earnings mar Wall St NEW YORK: US stocks fell on Tuesday weighed by disappointing blue-chip earnings, including 3M and Johnson & Johnson, ahead of US President Barack Obama's State of the Union speech. Six Dow components have reported results since the close of trading on Monday, including J&J, 3M Co, DuPont and American Express Co. Shares of diversified manufacturer 3M fell 2.6 per cent to $87.98 as results barely topped estimates, apparently displeasing investors wowed by recent earnings blowouts from other industrial names. J&J said US sales of consumer products fell sharply, and forecast 2011 earnings below expectations, sending its shares down 2 per cent to $61. "Stocks have rallied such that you need to have really blowout numbers for shares to continue gaining," said Michael Yoshikami, president and chief investment strategist at YCMNET Advisors in Walnut Creek, California. "I think we'll see a trend of strong earnings but stocks that dip afterwards." Equities have advanced in See # 7 Page 11
ing sector scrips on strong valuations", said Ahsan Mehanti, Director Arif Habib Investments. Record earning announcement in fertiliser sector, expectations of early approval of leverage products boosted sentiment despite concerns over international oil prices falling near $87 and rising economic uncertainty in the country, he added. After a positive start, the market stayed under bullish regime almost throughout the day. The reason was investors' forays in oil, banking, and fertiliser sectors eying better-than-expected corporate results. Fauji Fertilizer Bin Qasim's forecastbeating earnings supported the market as well. Therefore index near midday touched an intraday high of 12,483 points (+ve 112 points).
Fauji Fertilizer Bin Qasim was one the major companies that announced its yearly results during the day. Though, according to analysts its earnings outdid the earlier outlook but the stock ended on a negative note due to selling at higher levels. However index ended the day with some reduced gains due some profit-taking mainly due to fears of an increase in the discount rates this week. Foreign investors returned as net-buyers where according to NCCPL data they net-bought stocks worth $1.12 million. Volumes too witnessed some improvement as 137.3 million shares exchanged hands during the day which is 28.1 million higher as compared to a turnover of 109.2 million shares on Monday. See # 8 Page 11
Nikkei stays up on earnings optimism TOKYO: Japan's Nikkei average climbed for a second straight session on Tuesday, breaching a key resistance level as it regained some of the ground lost last week, helped by anticipation of upbeat corporate earnings. Market participants said there was cautious optimism ahead of earnings announcements by major Japanese companies this week but it would be the actual results and company guidance about long-term growth potential that would decide whether the benchmark made further substantial gains. "Japan shares are likely to gain further after investors confirm positive earnings results," said Hiroichi Nishi, general manager at Nikko Cordial Securities. "Likely rises in global equity markets will probably also help to lift the Tokyo market." Nishi added that the next level to watch is 10,800, the 78.6 per cent Fibonacci retracement of the index's fall from April 5 to August 31 of last year. The benchmark Nikkei ended the day up 1.2 per cent, or 119.31 points, at 10,464.42. The broader Topix index added 1.3 per cent to 929.28. The Nikkei breached two crucial resistance levels, its closely watched 25-day moving aver-
age, now at 10,403.61, and then 10,420, where December futures and options prices settled. The market showed little reaction to the Bank of Japan's upward revision to its price forecast for the next fiscal year. The BOJ kept interest rates on hold, as expected. Financials, property and high-tech shares were among the biggest gainers, with foreign investors detected buying sectors that had fallen prey to profit-taking last week. Last Friday the Nikkei booked its biggest daily fall in two months, mainly hit by worries about monetary tightening in China. Canon Inc and Kyocera Corp as well as Japan's biggest personal computer firm, NEC Corp, will report earnings this week and could set the tone of the October-December earnings season lasting until early February. Many analysts expect robust results based on a pickup in the global economy and demand in the United States , as well as a slightly stronger dollar against the yen than many firms expected. They also say there will be more emphasis than usual on company comments about longer-term growth prospects.-Reuters
Engro buying US halal food firm
Indian shares lose; more rate hikes seen
KARACHI: Engro Corporation Ltd has signed an agreement with US based company Al Safa Halal to purchase its halal food business. According to information received here at KSE on Tuesday, this acquisition is subject to obtaining requisite regulatory approvals and closing of the agreement with the sellers. Al Safa Halal is based in USA and Canada and deals in supplying a variety of packaged halal foods across North America. Engro Corp will set up the company's based in USA and Canada to acquire and operate the business. It is expected that the cost of acquisition of the business, inventories, and brand-building would initially be in the range of $ 10 to 15 million.-APP
FTSE falls as retailers come down LONDON: Retailers were hit as the top share index fell on Tuesday after a shock 0.5-per cent contraction in GDP in the last three months of 2010. The FTSE 100 closed was down 26.14 points, or 0.4 per cent, at 5,917.71, having risen 0.8 per cent on Monday. Figures from the Office of National Statistics showed the UK economy unexpectedly shrunk 0.5 per cent in the last three months of 2010, after 0.7 per cent growth in the third quarter. "There hasn't been a correction (on the back of the news). The market is adjusting to the stories as and when they break, but it feels as if there is a resilience in the market, that could well get us back through the 6,000 level," Martin Dobson, head of trading at Westhouse Securities, said. British retailers were among the worst affected by the figures, with Next down 3.1 per cent. See # 6 Page 11
MUMBAI: The BSE Sensex was battered down nearly 1 per cent on Tuesday on fears of a quick-succession rate increase by the Reserve Bank following its quarter-point hike in key rates, as it fights sticky inflation. The Reserve Bank of India (RBI) raised interest rates by 25 basis points, as expected, to clamp down on resurgent inflation, warning higher food prices could become entrenched if steps to boost output are not taken. "Clearly, the RBI stance indicates that there are more tightening on the way," said Sujan Hajra, chief economist at brokerage Anand Rathi. "And our sense is that in the current financial year we will see another 25 basis points hike, and perhaps in the first quarter of FY12 another 25
(bps)." Interest rate sensitives -- BSE banking index, BSE realty index and BSE auto index -dropped between 1.1 per cent and 2.3 per cent. The 30-share BSE index shed 0.95 per cent or 181.83 points to 18,969.45, with 19 components closing in the red. Foreign funds have pulled out around $892 million from Indian equities so far this year, with the main index declining 7.5 per cent. Leading lenders State Bank of India, ICICI Bank and HDFC Bank declined between 0.5 per cent and 4.2 per cent. Automobile majors Maruti Suzuki, Mahindra & Mahindra, Bajaj Auto, and Tata Motors shed between 0.2 per cent and 2.3 per cent. See # 5 Page 11
Result beats expectations
FFBL net up by a massive 72pc Ahmed Siddique KARACHI: Fauji Fertilizer Bin Qasim (FFBL) Tuesday announced its financial results for the year ended December 31, 2010. According to details the profit after taxation of the fertilisermaker surged by a whopping 72.1 per cent to Rs6.51 billion against Rs3.78 billion in the corresponding period last year. This giant leap translates into a earning per share of Rs6.97 against Rs4.05 during same period last year. The highest ever profitability was driven mainly by better DAP margins, lower financing cost and profit from Pakistan Maroc Phosphore (PMP), its subsidiary. The result has beaten analysts' expectation by almost 8 per cent.
Besides that company has announced a fourth interim dividend of Rs3.50 per share i.e. 35 per cent. This is in addition to three interim dividends already paid. With this latest announcement the cumulative dividend has reached Rs6.55 per share for CY10. Company's topline shot up by 17.8 per cent YoY to reach Rs43.25 billion on the back of higher DAP and urea prices. Fetilisermaker's gross profit went up by 39.3 per cent to Rs13.46 billion against Rs 9.66 billion recorded same period last year. Following the sales trend, distribution cost also surged by 20.1 per cent to Rs2.68 billion versus Rs2.23 billion in CY09. Furthermore, FFBL's administrative expenses also jumped by Rs700 million versus Rs401 million in CY09.
ANNOUNCEMENTS Company Mehran SugarXDXB Fauji Fert Bin Qasim Int. Ind.Ltd. Sind AbadgarXD Meezan Balanced Fund Atlas Honda Ltd. Kohinoor Sugar Int. Ind.Ltd.(Consolidated) Mithchells FruitXD
Period 1st Qtr Yearly Yearly 1st Qtr 1st Qtr 3rd Qtr 1st Qtr Yearly 1st Qtr
Div/Bon/Right 7.5%(i)D 35%(F)D 15%D -
PAT (Rs in mn) 109.57 6514.45 329.72 -22.95 104.23 675.52 -3.07 229.85 10.75
EPS(Rs) 7.67 6.97 2.75 -2.20 0.87 10.80 -0.28 1.92 2.13
Dhiyan
RED RANGE Salman Naqvi, Head of Sales Aba Ali Habib Securities
In anticipation of strong corporate results market is expected to witness some positive activities in the short-term provided that interest rate remains unchanged in the monetary policy and date of of MTS launch is announced. Therefore index would be moving between 12,200 and 12,800 points level. Investors are advised to lay hands on oil & gas and fertiliser stocks and in selective stocks of the banking sector. Market would be rangebound today with low volumes in the wake of current law & order situation and fears of rise in discount rate. HONG KONG: Hong Kong saw mild gains after their 2005 except the slight lag in
HK, Shanghai shares ease in light turnover
stocks eased for a fourth consecutive day on Tuesday, tracking another weak day in Shanghai, despite a surge in Chinese Internet giant Tencent and bargain hunting in certain beaten down stocks. The Hang Seng Index eased 0.05 per cent to 23,788.83, with most analysts expecting the index to trade within a narrow range ahead of the Lunar New Year holidays next week. "On a light turnover day wounded stocks are seeing some attention," said a trader at a large European bank in Hong Kong, adding, however, that the market feels "highly unconvincing." Chinese Internet firm Tencent Holdings and iron ore producer Citic Pacific were outperformers on the day rising 4.7 per cent and about 4 per cent, respectively, on healthy volumes. Resource and oil companies
recent weakness but market players pointed to the continued weakness in mainland markets as one reason investors were cautious, putting a dent in an otherwise strong start to the year. "The A-share market is very weak with China trying so hard to curb prices and that's keeping some buyers away," said Jackson Wong, a vice-president at Tanrich Securities in Hong Kong. China's largest Internet firm by market value Tencent Holdings rose 4.7 per cent on reports that it plans to launch a 5 billion yuan ($760 million) fund to invest in online games, social games and mobile games. The shares, upgraded to "buy" at Deutsche Bank on Monday, have gained 17.8 per cent this year and have significantly outperformed the benchmark index each year since
2010. Shanghai's key stock index fell 0.7 per cent to its lowest level in nearly four months and is down 4.5 per cent so far this year, as it continues to lag other North Asia markets which have outperformed the rest of the region. The tighter money market has made investors more nervous, said Chen Huiqin of Huatai Securities in Nanjing. China's central bank is using reverse bond repurchase agreements and has halted bill sales in an attempt to ease an acute liquidity squeeze that has cut funds in the stock market. Resource shares broadly underperformed while financials were slightly higher although overall volume remained lacklustre, indicating investors were cautious about making big bets ahead of the week-long holiday.-Reuters
Muhammad Ahsan Rasheed, Director Research & Marketing AMJ Growth Due to ongoing disturbance on the law and order and political fronts investors will prefer to book profits thus in the coming days we would see some negative activities in the market. However the bearish activities wouldn't be heavy as index wouldn't go below 12,248 points. Adopt 'sell on strength' strategy and buy on attractive levels with stop loss. Fertiliser and banking stocks near their result announcement are investable. Foreigners' interest would be the major market support followed by the MTS launch and interest rate status quo will too help it rally. Market would be negative today.
6
Wednesday, January 26, 2011
Market 137,378,343
Value
5,300,102,595
Trades
61,312
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
192 177 19 388
All Share Index
12,455.75 12,483.21 12,365.54 h85.16
Current High Low Change
KSE 30 Index
8,638.78 8,658.41 8,583.09 h53.81
Current High Low Change
KMI 30 Index Current High Low Change
12,179.49 12,198.33 12,069.39 h110.10
20,278.95 20,300.38 20,138.05 h140.90
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,589.97 Turnover 3,571,643 P/E (x) 11.53 Company
KSE 100 Index
Symbols
Volume
High Low 1,610.95 1,583.35 Total cos Defaulter cos P/BV (x) ROE (%) 3.75 32.54
PE
Open
High
Low
Attock Petroleum 691 6.81 Attock Refinery 853 7.72 BYCO Petroleum 3921 Mari Gas Company 735 18.05 National Refinery 800 4.67 Oil & Gas Development 43009 11.76 Pak Petroleum 11950 7.88 Pak Oilfields 2365 7.73 Pak Refinery Limited 350 P.S.O 1715 5.15 Shell Gas LPG 226 Shell Pakistan 685 10.97
392.30 140.15 10.99 135.37 318.67 171.85 212.89 325.40 114.67 303.78 33.35 214.17
399.99 140.98 11.10 136.20 321.00 174.30 216.51 328.47 115.78 306.40 33.25 215.79
392.53 137.26 10.80 132.80 313.50 170.75 213.11 325.52 112.00 302.50 32.50 214.00
Close Chg 393.09 137.66 10.83 133.24 315.33 173.77 215.51 327.32 112.13 304.33 32.54 214.00
0.79 -2.49 -0.16 -2.13 -3.34 1.92 2.62 1.92 -2.54 0.55 -0.81 -0.17
Close Change 1,602.36 12.39 Listed cap Market cap 65,194.15 mn 1,232,011.81 mn Payout (%) Div Yield (%) 55.94 4.85 Last 60 days High Low
Volume 212852 944584 565713 36668 65688 351699 936040 619417 28785 360345 8865 6700
399.99 146.90 12.49 141.65 333.89 185.00 229.80 341.50 122.22 317.79 39.89 222.00
292.01 97.50 10.49 117.00 218.00 151.55 184.00 239.00 74.51 262.70 32.00 182.05
% Change 0.78 5-Day High 1,625.89 5-Day Low 1,589.97
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B - 15.00 20B 50.00 -
-
CHEMICALS
Open 745.16 Turnover 19,491 P/E (x) 5.71 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 756.76 730.26 Total cos Defaulter cos P/BV (x) ROE (%) 1.46 25.53
Close 747.49 Listed cap 3,242.17 mn Payout (%) 11.08
Change 2.33 Market cap 13,053.48 mn Div Yield (%) 1.94
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.27 40.00
72.26 37.16
73.90 36.80
70.61 36.75
72.74 0.48 36.80 -0.36
18652 839
77.77 39.45
68.00 32.36
Company
Company
Paid up Cap(mn)
PE
High Low 1,617.47 1,573.28 Total cos Defaulter cos P/BV (x) ROE (%) 3.42 35.00
Open
High
Low
Agritech Limited 3924 9.51 25.47 BOC (Pak) 250 13.34 97.04 Clariant Pak 273 7.22 186.32 Dawood Hercules 1203 8.49 201.03 Descon Chemical 1996 2.92 Descon Oxychem Ltd. 1020 8.30 Dewan Salman 3663 3.02 Dynea Pak 94 - 11.98 Engro Corporation Ltd 3277 11.81 209.82 Engro Polymer 6635 - 13.77 Fatima Fertilizer 22000 - 12.06 Fauji Fertilizer 6785 11.13 153.07 Fauji Fert. Bin Qasim 9341 7.89 41.86 Ghani Gases Ltd 725 8.84 11.73 ICI Pakistan 1388 8.40 146.91 Ittehad Chemical 360 9.00 24.59 Leiner Gelatine 75 - 13.48 Lotte Pakistan 15142 5.67 15.05 Mandviwala 74 1.34 Nimir Ind Chemical 1106 1.76 Sitara Chem Ind 214 10.00 122.00 Sitara Peroxide 551 14.51 13.46 United Distributors 92 - 13.01 Wah-Noble 90 7.28 37.51
26.73 100.00 193.00 206.00 3.00 8.39 3.14 11.80 215.60 13.99 12.28 154.50 42.75 12.20 149.95 25.81 13.00 16.02 1.48 1.93 121.99 13.52 13.48 37.85
25.10 97.00 188.00 201.05 2.82 8.01 2.90 11.00 208.12 13.35 11.84 151.50 41.56 11.55 147.02 24.12 12.48 15.08 1.16 1.73 119.00 13.30 12.87 37.20
Close Chg 26.24 97.09 188.75 204.68 2.95 8.06 3.01 11.25 214.88 13.49 11.87 153.66 41.82 11.67 149.05 24.12 12.99 15.88 1.44 1.84 121.99 13.35 13.02 37.85
0.77 0.05 2.43 3.65 0.03 -0.24 -0.01 -0.73 5.06 -0.28 -0.19 0.59 -0.04 -0.06 2.14 -0.47 -0.49 0.83 0.10 0.08 -0.01 -0.11 0.01 0.34
Close 1,604.38 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 16883 2602 40723 410587 6504 203481 861108 600 4258744 1186037 620023 2504160 24322644 59589 148382 3017 514 43583586 10888 642171 35103 123464 1010 955
Change 17.97 Market cap 355,771.06 mn Div Yield (%) 5.00
26.73 103.94 209.98 215.00 3.74 9.25 4.24 13.79 222.80 15.87 12.64 156.11 43.99 13.07 158.49 36.00 24.00 16.49 2.50 2.74 139.40 14.69 13.48 41.99
20.26 75.00 149.72 165.73 2.11 4.65 1.47 9.15 174.70 13.00 9.16 106.01 30.18 11.00 123.50 24.12 12.00 10.07 1.01 1.36 101.00 12.08 8.51 32.00
% Change 1.13 5-Day High 1,604.38 5-Day Low 1,570.40
2010 Div BR (%) (%) 15 40 15 40 95 52.5 55 5 25 50
5B -
2011 Div BR (%) (%) -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,180.88 Turnover 92,006 P/E (x) 6.09 Company
High Low 1,211.59 1,178.76 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,201.27 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.84
17.76 43.57
18.37 44.39
17.60 43.51
17.99 0.23 44.35 0.78
90332 1673
Century Paper Security Paper
Change 20.39 Market cap 3,329.05 mn Div Yield (%) 4.15
Last 60 days High Low 19.69 47.70
15.28 38.00
% Change 1.73 5-Day High 1,201.27 5-Day Low 1,180.88
2010 Div BR (%) (%) 50
-
2011 Div BR (%) (%) -
Paid up Cap(mn)
PE
Open
Atlas Battery 101 5.83 197.65 Atlas Engineering Ltd 247 29.29 31.25 Atlas Honda 626 8.47 125.41 Baluchistan Wheels Ltd. 133 6.11 32.68 Dewan Motors 890 2.21 Ghandhara Nissan 450 3.34 4.83 Ghani Automobile Ind 200 7.13 4.55 Honda Atlas Cars 1428 - 12.18 Indus Motors 786 6.73 294.93 Pak Suzuki 823 10.67 68.40 Sazgar Engineering 150 4.31 22.55
High
High Low 1,313.36 1,289.69 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 25.35 Low
Close Chg
Close 1,292.63 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -7.53 Market cap 46,971.71 mn Div Yield (%) 4.40
Last 60 days High Low
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd International Ind Metro Steel Siddiqsons Tin
PE
Open
High
Low
565 4.50 675 1199 19.29 310 785 10.32
28.83 2.66 55.58 12.50 9.00
29.78 2.79 57.90 13.50 9.35
28.50 2.65 52.81 13.50 8.96
Close Chg 28.80 2.70 53.05 13.50 9.08
-0.03 0.04 -2.53 1.00 0.08
Close 1,047.35 Listed cap 3,596.11 mn Payout (%) 30.91
Change -24.61 Market cap 10,152.53 mn Div Yield (%) 8.70
Open 1,793.03 Turnover 90,890 P/E (x) 42.93 Company
Paid up Cap(mn)
AL-Noor Sugar XD 186 Bawany Sugar 87 Chashma Sugar XD 287 Colony Sugar Mills 990 Dewan Sugar 365 Faran Sugar XD 217 Habib SugarXDXB 750 Hussein Sugar 121 J D W SugarXDXB 539 Kohinoor Sugar 109 Mehran SugarXDXB 157 National Foods 414 Noon Pakistan 48 Noon Sugar 165 Quice Food 107 S S Oil 57 Sanghar Sugar XD 119 Shahmurad Sugar XD 211 Tandlianwala 1177 UniLever Pakistan 665
Last 60 days High Low
Volume 79567 7013 87626 6551 560
30.60 3.29 62.20 13.50 10.70
24.00 2.50 44.00 5.61 8.51
2010 Div BR (%) (%) 30 55 7.5
20B -
2011 Div BR (%) (%) -
-
PE
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Berger Paints Bestway Cement Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles
PE
Open
High
Low
1828 866 6.19 182 3257 956 24.57 982 13.46 948 3891 3651 123.38 350 3.56 6933 15.00 502 3.73 1760 77 32 1288 13126 3234 6.53 5261 1.24 2228 200 361 -
3.18 59.09 21.00 15.00 11.00 1.88 1.97 2.08 29.22 3.00 4.97 7.11 1.81 1.51 0.58 6.32 3.42 71.00 2.68 6.81 6.55 7.81
3.20 59.90 21.35 14.06 11.10 1.96 2.02 2.16 29.70 3.00 5.01 7.34 1.85 1.90 0.85 6.47 3.56 73.49 2.73 6.94 7.30 8.50
3.02 58.00 21.10 14.04 10.80 1.75 1.75 2.10 29.30 2.21 4.95 7.00 1.78 1.52 0.46 6.30 3.42 71.00 2.65 6.80 6.15 7.80
Close 971.29 Listed cap 54,792.74 mn Payout (%) 19.04
Change 10.72 Market cap 68,700.70 mn Div Yield (%) 2.67
Close Chg
Volume
Last 60 days High Low
3.03 58.81 21.18 14.05 10.81 1.75 2.01 2.11 29.61 2.99 4.95 7.17 1.82 1.75 0.55 6.47 3.48 72.66 2.66 6.81 7.11 8.44
30026 19610 2473 1500 3201 3001 11397 4602 988648 1515 341446 2000 6144 5022 132813 24447 1656340 602810 35380 16364 9390 12552
3.98 65.99 24.16 24.80 12.75 2.49 3.49 3.10 32.30 4.00 5.55 8.20 2.25 4.00 1.08 8.70 3.88 79.98 3.30 8.50 7.95 9.60
-0.15 -0.28 0.18 -0.95 -0.19 -0.13 0.04 0.03 0.39 -0.01 -0.02 0.06 0.01 0.24 -0.03 0.15 0.06 1.66 -0.02 0.00 0.56 0.63
2.80 57.60 15.00 14.02 10.25 1.50 1.50 1.43 26.60 2.21 4.72 5.05 1.60 1.18 0.25 5.80 2.79 70.75 2.65 6.52 5.25 6.30
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -
% Change 1.12 5-Day High 1,000.47 5-Day Low 960.57 2011 Div BR (%) (%) -
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,040.98 Turnover 187,093 P/E (x) 2.90 Company
High Low 1,062.37 1,028.65 Total cos Defaulter cos P/BV (x) ROE (%) 1.27 43.91
Close 1,055.05 Listed cap 3,043.31 mn Payout (%) 15.55
Change 14.07 Market cap 39,324.58 mn Div Yield (%) 5.37
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
115 230
2.58 -
71.20 2.58
72.98 2.65
70.20 2.50
72.38 1.18 2.60 0.02
33226 10963
83.23 3.30
44.10 1.82
20 -
25B -
-
-
741 15000 48282 63022 15792
56.45 4.05 27.90 136.74 141.90
45.30 2.20 16.51 101.00 100.00
25 -
10B -
-
-
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
1067 4.81 51.99 389 3.02 47 68.23 26.00 844 67.70 128.10 300 10.16 135.88
52.35 51.81 52.35 3.01 2.90 2.95 27.30 25.55 27.29 133.20 128.96 132.02 139.90 136.00 139.34
0.36 -0.07 1.29 3.92 3.46
2010 Div BR (%) (%)
% Change 1.35 5-Day High 1,068.60 5-Day Low 1,040.98 2011 Div BR (%) (%)
INDUSTRIAL ENGINEERING Performance of SR Industrial Engineering Index Open 1,560.62 Turnover 70,682 P/E (x) 8.51 Company
Paid up Cap(mn)
AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind Hinopak Motor KSB Pumps Millat Tractors XB Pak Engineering
PE
215 5.61 104 214 213 11.52 124 132 7.19 366 7.05 57 403.03
Open 232.51 45.00 1.37 12.25 130.55 61.03 535.67 151.50
High 236.50 44.15 1.58 12.44 136.50 61.80 543.00 145.11
High Low 1,578.70 1,557.98 Total cos Defaulter cos P/BV (x) ROE (%) 3.23 38.02 Low 232.60 44.15 1.33 12.01 125.38 59.05 536.90 144.01
Close Chg 234.09 1.58 44.15 -0.85 1.40 0.03 12.44 0.19 130.78 0.23 60.00 -1.03 538.91 3.24 145.09 -6.41
Close 1,565.62 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 2061 999 3585 5010 995 4004 53897 126
Change 4.99 Market cap 33,943.14 mn Div Yield (%) 15.46
Last 60 days High Low 244.95 47.85 2.40 13.55 147.89 75.89 568.40 310.00
200.00 42.90 0.21 10.55 117.80 58.55 472.00 142.50
2010 Div BR (%) (%) 150 25 650 100
10B 25B -
High
Low
Close Chg 1.09 0.40 0.10 -0.13 0.11 0.00 0.26 0.46 -2.35 0.05 -1.58 -1.00 -0.17 -0.75 -0.04 -0.15 -0.14 0.31 2.00 31.25
Close 1,801.09 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
100 25 150 10
20B 20B
Change 8.05 Market cap 254,059.61 mn Div Yield (%) 0.71
Last 60 days High Low
1100 54.00 41.30 2204 6.73 1.21 4367 15.47 8.50 1121 5.70 2.60 19805 5.59 1.50 200 21.73 17.25 20975 36.50 22.00 170 13.65 9.00 2056 92.50 68.26 3000 6.14 2.50 8052 68.49 52.60 923 75.50 41.12 340 27.30 17.51 5591 14.84 9.00 12500 3.20 2.02 4500 3.89 2.85 1012 15.01 11.35 1279 13.50 9.00 600 42.52 29.03 815 4818.00 3876.00
High Low 1,116.87 1,094.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 10.64
Paid up Cap(mn)
PE
Open
High
Low
Gauhar Engineering Ltd 22 Hussain Industries 106 Pak Elektron 1219 Tariq Glass Ind 231
3.63 2.46
0.70 6.20 14.47 20.60
1.00 6.70 14.65 20.62
1.00 5.50 14.39 20.40
Company
-
-
2010 Div BR (%) (%)
% Change 0.45 5-Day High 1,801.09 5-Day Low 1,775.14 2011 Div BR (%) (%)
50 10 25 25 25B 7010B 12.5R 35 20B 7.50 12 12 15 10 178 -
-
Close Chg 1.00 6.22 14.41 20.60
0.30 0.02 -0.06 0.00
Close 1,098.77 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 500 5150 33339 8497
Change 2.91 Market cap 5,189.05 mn Div Yield (%) 2.32
Total Equity (Rs in mn)
MA (100-day)
7.36
Revenue (Rs in mn)
1,323.87 880.58 3,280.76
MA (200-day)
7.32
Interest Expense
1st Support
9.90
Profit after Taxation
51.82
2nd Support
9.30
EPS 10 (Rs)
0.925
Book value / share (Rs)
15.71
1st Resistance
10.95
7.03
2nd Resistance
11.40
PE 11 E (x)
3.56
Pivot
10.35
PBV (x)
0.67
PSYL closed up 0.75 at 10.55. Volume was 1,901 per cent above average (trending) and Bollinger Bands were 15 per cent narrower than normal. The company's profit after taxation stood at Rs41.538 million which translates into an Earning Per Share of Rs0.74 for the 1st quarter of current fiscal year (1QFY11). PSYL is currently 40.2 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into PSYL (bullish). Trend forecasting oscillators are currently bearish on PSYL.
AMZ Venutres Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
34.13
Total Assets (Rs in mn)
466.52
MA (10-day)
0.63
Total Equity (Rs in mn)
222.19
MA (100-day)
0.63
Revenue (Rs in mn)
MA (200-day)
0.80
Interest Expense
1st Support
0.50
Loss after Taxation
2nd Support
0.45
EPS 09 (Rs)
1st Resistance
0.60
Book value / share (Rs)
2nd Resistance
0.65
PE 10 E (x)
1.18
Pivot
0.55
PBV (x)
0.05
18.93 29.21 (11.47) (0.51) 9.87
AMZV closed down -0.03 at 0.52. Volume was 121 per cent above average and Bollinger Bands were 3 per cent wider than normal. The company's profit after taxation stood at Rs3.282 million which translates into an Earning Per Share of Rs0.11 for the 1st quarter of current fiscal year (1QFY11). AMZV is currently 35.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of AMZV (mildly bearish). Trend forecasting oscillators are currently bearish on AMZV.
Kohinoor Energy Limited
Last 60 days High Low
2010 Div BR (%) (%)
1.65 11.49 15.88 22.50
17.5
0.40 5.20 12.90 15.90
10B -
% Change 0.27 5-Day High 1,130.33 5-Day Low 1,092.68 2011 Div BR (%) (%) -
-
PERSONAL GOODS Open 1,004.64 Turnover 16,867,195 P/E (x) 7.26 Company
Paid up Cap(mn)
(Colony) Thal AL-Qadir Textile Amtex Limited Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Brothers Textile Chakwal Spinning Chenab Limited Chenab Ltd Pref Colgate Palm Colony Mills Ltd Crescent Jute Crescent Textile D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Fazal Textile Gadoon Textile XD Ghani Value Glass H M Ismail Hira Textile Mills Ltd. Ibrahim Fibres ICC Textile Ideal Spinning Idrees Textile Indus Dyeing J K Spinning Janana D Mal Kohinoor Textile Mohd Farooq Moonlite (PAK) Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Ravi Textile Reliance Weaving Sally Textile Sargoda Spinning Service Ind Shadman Cot Shahpur Textile Shams Textile Thal Limited Treet Corp Yousuf Weaving Zephyr Textile Ltd Zil Limited
56 76 2594 4493 33 76 76 64 98 400 1150 800 316 2442 238 492 600 80 514 62 234 75 120 716 3105 100 99 180 181 184 43 1455 189 22 145 1614 3516 560 174 250 308 88 312 120 176 140 86 307 418 400 594 53
High Low 1,013.03 997.26 Total cos Defaulter cos P/BV (x) ROE (%) 0.63 8.64
PE
Open
High
Low
Close Chg
9.30 0.47 0.49 5.31 0.90 0.45 37.50 3.97 3.43 49.12 3.07 0.76 7.11 0.75 3.85 0.72 4.02 2.03 0.99 0.25 3.61 1.92 5.68 3.56 0.70 0.63 0.20 0.58 7.85 2.30 0.51 0.79 5.16 9.34 0.58 4.62 3.63
1.01 7.00 4.06 11.99 11.50 13.60 634.00 59.31 0.49 1.02 3.01 2.00 997.30 2.32 0.97 18.11 1.74 3.40 41.94 405.00 70.49 26.00 0.94 3.90 49.88 1.25 9.21 3.70 209.43 6.15 14.89 5.03 1.00 12.21 0.32 23.36 65.93 9.80 8.60 1.36 9.10 4.03 3.03 230.61 11.60 0.29 25.13 118.62 58.92 1.60 3.80 53.90
1.33 7.90 4.11 12.25 12.30 13.84 665.00 62.00 0.48 1.75 3.15 3.00 998.90 2.60 1.23 17.99 1.79 3.57 41.75 402.00 71.90 27.00 0.85 4.09 50.00 1.25 9.50 3.80 218.00 7.00 15.00 5.29 1.00 11.26 0.44 23.60 66.95 10.80 9.60 1.48 9.20 4.03 3.25 233.98 12.60 0.37 24.13 121.50 59.28 1.68 3.80 54.49
1.01 6.50 4.05 11.87 11.35 13.02 615.00 58.51 0.45 1.01 2.90 2.49 998.89 2.35 0.95 17.51 1.73 3.50 41.00 384.75 69.00 26.99 0.85 3.87 48.01 0.92 8.22 3.70 200.00 6.51 14.27 5.05 0.66 11.21 0.32 23.05 65.95 9.75 9.60 1.36 8.95 4.03 3.00 228.01 12.55 0.36 23.88 116.00 58.51 1.40 3.45 53.04
1.33 0.32 7.90 0.90 4.09 0.03 11.94 -0.05 11.50 0.00 13.84 0.24 639.95 5.95 60.00 0.69 0.45 -0.04 1.02 0.00 3.10 0.09 2.78 0.78 998.90 1.60 2.54 0.22 0.95 -0.02 17.82 -0.29 1.73 -0.01 3.50 0.10 41.75 -0.19 384.82-20.18 70.00 -0.49 27.00 1.00 0.85 -0.09 4.00 0.10 48.94 -0.94 1.25 0.00 8.51 -0.70 3.70 0.00 209.00 -0.43 6.51 0.36 15.00 0.11 5.05 0.02 1.00 0.00 11.21 -1.00 0.44 0.12 23.11 -0.25 66.16 0.23 10.55 0.75 9.60 1.00 1.41 0.05 9.03 -0.07 4.03 0.00 3.01 -0.02 229.25 -1.36 12.60 1.00 0.37 0.08 23.88 -1.25 120.78 2.16 58.65 -0.27 1.66 0.06 3.51 -0.29 54.20 0.30
Close 1,005.30 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 0.66 Market cap 139,495.03 mn Div Yield (%) 2.30
Last 60 days High Low
101 1.90 600 9.00 295307 7.95 10850890 12.84 6942 17.85 2071 14.84 352 747.48 615 63.20 602 1.49 3188 2.00 26017 3.90 1993773 3.00 104 1020.00 17003 3.20 29495 1.38 5391 23.99 6556 2.37 3689 4.50 741 47.00 507 490.05 7677 72.90 4960 41.20 897 1.39 1504 4.80 69911 50.25 2050 2.70 532 9.50 5001 3.90 215 350.15 11013 9.50 3513 19.24 5002 5.97 1000 2.08 1181 14.20 2223 0.95 667458 25.14 1456107 71.89 1242288 10.80 1109 11.10 1614 1.98 12005 10.50 2000 5.75 1891 3.50 1367 276.50 3101 12.88 3350 1.00 10539 27.00 41097 132.00 24551 63.30 1005 2.00 36414 4.90 207 59.25
2010 Div BR (%) (%)
0.52 3.65 10 4.00 30 9.20 8.10 11.35 20 525.00 45.25 50 0.15 0.56 5 2.90 1.21 751.00 2.16 0.16 17.51 15 1.62 1.70 36.10 5 371.02 100 40.00 70 25.50 25 0.39 3.31 10 35.50 20 0.32 3.00 2.60 10 188.01 50 4.05 20 13.25 4.82 0.50 4.50 0.14 20.25 15 50.25 25 6.00 8.00 10 1.26 8.50 25SD 3.57 10 1.50 5 169.00 7.00 0.18 16.00 20 86.50 80 44.28 1.00 3.01 42.30 35
15B 5B 45R 10B 20B -
% Change 0.07 5-Day High 1,012.69 5-Day Low 1,002.44 2011 Div BR (%) (%) -
-
PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index Open 938.63 Turnover 187,301 P/E (x) 6.82 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 200 96 306
PE
Open
8.76 99.65 6.81 89.50 14.39 78.69 7.60 8.96 12.58 155.01 5.70 62.53
High
High Low 946.69 930.45 Total cos Defaulter cos P/BV (x) ROE (%) 1.52 22.31 Low
Close Chg
100.85 98.00 100.00 90.50 89.20 90.10 80.35 78.24 80.00 9.55 8.38 9.43 159.99 153.01 158.13 64.00 60.96 63.42
0.35 0.60 1.31 0.47 3.12 0.89
Close 942.71 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 5200 8697 10761 50310 835 122159
Change 4.08 Market cap 31,627.65 mn Div Yield (%) 6.53
Last 60 days High Low 112.50 94.90 89.98 9.55 164.99 69.00
93.00 82.20 69.00 7.16 116.00 59.00
2010 Div BR (%) (%) 20 30
20B -
% Change 0.43 5-Day High 976.79 5-Day Low 938.63 2011 Div BR (%) (%) -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
44.59
Total Assets (Rs in mn)
7,496.79
MA (10-day)
19.02
Total Equity (Rs in mn)
7,051.71
MA (100-day)
21.55
Revenue (Rs in mn)
9,467.39
MA (200-day)
24.04
Interest Expense
1st Support
18.90
Profit after Taxation
2nd Support
18.65
EPS 10 (Rs)
1st Resistance
Performance of SR Personal Goods Index
2011 Div BR (%) (%) -
Open
Open 1,095.86 Turnover 47,641 P/E (x) 2.70
% Change 0.32 5-Day High 1,580.72 5-Day Low 1,541.36
-
152.05 15.00 96.00 30.11 1.20 4.12 4.01 10.90 230.00 66.75 17.92
Total Assets (Rs in mn)
9.55
HOUSEHOLD GOODS
Performance of SR Construction and Materials Index High Low 981.89 957.08 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 7.10
204.40 32.81 143.80 36.72 2.89 5.67 5.75 13.40 309.73 77.90 23.10
2011 Div BR (%) (%)
69.49
MA (10-day)
Performance of SR Household Goods Index
CONSTRUCTION AND MATERIALS Open 960.57 Turnover 3,901,441 P/E (x) 7.14
3535 1670 7509 231 56132 13224 8410 20004 3442 70326 14472
High Low 1,818.55 1,770.49 Total cos Defaulter cos P/BV (x) ROE (%) 13.01 30.30
3.65 48.91 50.00 48.05 50.00 5.10 5.50 5.50 5.50 1.01 9.90 10.75 10.00 10.00 3.03 3.73 3.60 3.60 3.60 3.79 3.95 3.55 3.90 3.46 17.25 17.25 17.25 17.25 5.12 22.54 23.00 22.16 22.80 9.94 10.40 10.39 10.40 2.46 71.85 70.00 68.26 69.50 3.81 3.86 3.86 3.86 1.86 58.50 60.00 56.75 56.92 20.90 57.00 56.90 55.62 56.00 3.53 24.87 25.00 24.70 24.70 - 10.87 11.49 10.05 10.12 6.61 2.95 2.99 2.91 2.91 0.24 3.00 2.90 2.85 2.85 1.08 12.29 12.30 11.66 12.15 6.48 9.61 10.21 9.20 9.92 382.36 40.06 42.06 42.05 42.06 21.66 4609.17 4650.00 4511.03 4640.42
-
% Change -2.30 5-Day High 1,095.09 5-Day Low 1,047.35
200.00 195.00 195.22 -2.43 32.81 32.81 32.81 1.56 129.49 122.00 122.00 -3.41 34.30 32.50 32.50 -0.18 2.33 2.17 2.19 -0.02 4.95 4.75 4.81 -0.02 5.00 4.20 4.56 0.01 12.25 12.01 12.10 -0.08 296.00 295.00 295.00 0.07 68.90 66.80 67.02 -1.38 23.09 22.05 23.09 0.54
2010 Div BR (%) (%)
% Change -0.58 5-Day High 1,329.72 5-Day Low 1,292.63
RSI (14-day)
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING High Low 1,112.86 1,039.91 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 33.10
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 1,071.96 Turnover 181,367 P/E (x) 3.55
-
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,586.41 Turnover 78,416,364 P/E (x) 9.76
-
2011 Div BR (%) (%)
AUTOMOBILE AND PARTS Open 1,300.16 Turnover 198,974 P/E (x) 4.64
Pakistan Synthetics Limited
% Change 0.31 5-Day High 765.59 5-Day Low 745.16
2010 Div BR (%) (%) 40 15
Alert ! Unusual Movements
19.50
5.55 687.29 4.056
Book value / share (Rs)
41.61
2nd Resistance
19.85
PE 11 E (x)
10.61
Pivot
19.25
PBV (x)
0.46
KOHE closed down -0.10 at 19.10. Volume was 412 per cent above average (trending) and Bollinger Bands were 25 per cent wider than normal. The company's profit after taxation stood at Rs76.061 million which translates into an Earning Per Share of Rs0.45 for the 1st quarter of current fiscal year (1QFY11). KOHE is currently 21.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of KOHE at a relatively equal pace. Trend forecasting oscillators are currently bearish on KOHE.
KASB Bank Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
26.47
Total Assets (Rs in mn)
59,223.06
MA (10-day)
2.21
Total Equity (Rs in mn)
4,958.87
MA (100-day)
2.44
Revenue (Rs in mn)
MA (200-day)
2.93
Interest Expense
1st Support
1.60
Loss after Taxation
2nd Support
1.41
EPS 09 (Rs)
1st Resistance
2.04
Book value / share (Rs)
2nd Resistance
2.29
PE 10 E (x)
5,061.63 5,490.40 (4,227.75) (4.446) 5.22 -
Pivot 1.85 PBV (x) 0.34 KASBB closed down -0.18 at 1.77. Volume was 1,667 per cent above average (trending) and Bollinger Bands were 126 per cent wider than normal. The company's loss after taxation stood at Rs1.571 billion which translates into a Loss Per Share of Rs2.20 for the nine months of current calendar year (9MCY10). KASBB is currently 39.6 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of KASBB (bearish). Trend forecasting oscillators are currently bearish on KASBB. Momentum oscillator is currently indicating that KASBB is currently in an oversold condition.
BOOK CLOSURES Company
From
To
Noon Sugar Mills (TFC) United Bank J. K. Spng Mills # (TFC) United Bank Khairpur Sugar Mills Husein Sugar Mills Arif Habib Investments # Summit Bank Quice Food Ind. Mubarak Tex Mills # Husein Industries First Cap Mutual Fund # Olympia Spng. Weaving Mills # Shadman Cotton Mills Fauji Fertilizer
27-Jan 27-Jan 28-Jan 29-Jan 29-Jan 29-Jan 01-Feb 01-Feb 01-Feb 05-Feb 06-Feb 07-Feb 18-Feb 19-Feb 23-Feb
03-Feb 09-Feb 02-Feb 12-Feb 05-Feb 04-Feb 07-Feb 08-Feb 07-Feb 12-Feb 12-Feb 14-Feb 26-Feb 26-Feb 01-Mar
D/B/R 20(R) 5 -
Spot AGM/Date 24-Jan -
31-Jan 31-Jan 29-Jan 29-Jan 07-Feb 07-Feb 09-Feb 10-Feb 14-Feb 26-Feb 26-Feb 01-Mar
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Johnson & Philips TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Pak Tobacco Eye Television P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies
Open 11.5 3.24 90.01 1.12 148.02 114.33 20.05 2.4 45.42 3.12 25.47
High 12.48 3.4 92.9 1.2 155.42 114.99 20.5 2.54 46.43 3.21 26.3
Low Close 11 3.26 90.5 1.2 145.25 112.5 19.14 2.34 43.2 3.1 24.81
11.73 3.31 90.71 1.2 155.01 114.99 20.42 2.48 45.97 3.17 25.27
Change 0.23 0.07 0.7 0.08 6.99 0.66 0.37 0.08 0.55 0.05 -0.2
Vol 1130 626109 2709 1500 40775 205 15075 161047 186 504572 1396159
7
Wednesday, January 26, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,144.83 Turnover 703,320 P/E (x) 6.22 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,156.29 1,139.70 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
PE
Open
High
Low
Close Chg
78 4.91 37740 12.93 3000 0.65 8606 6175 -
79.40 19.36 2.20 2.85 3.92
79.50 19.50 2.30 2.94 3.98
79.50 19.30 2.16 2.80 3.81
79.50 19.40 2.18 2.84 3.82
0.10 0.04 -0.02 -0.01 -0.10
Close 1,146.32 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 500 258477 127936 316407 14689
Change 1.50 Market cap 79,295.72 mn Div Yield (%) 10.06
% Change 0.13 5-Day High 1,181.57 5-Day Low 1,144.83
Last 60 days High Low
2010 Div BR (%) (%)
98.99 20.65 2.67 3.45 4.65
80 17.5 1 -
76.50 18.21 2.12 2.40 3.35
2011 Div BR (%) (%)
-
-
-
Ask Gen Insurance Atlas Insurance Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Shaheen Insurance Silver Star Insurance United Insurance XB
204 6.52 369 5.93 457 6.88 1250 400 3.27 718 17.16 791 16.27 3000 47.23 350 303 6.48 252 4.02 200 253 4.35 400 2.46
10.60 38.05 10.98 41.66 13.60 92.08 60.00 18.51 8.71 11.70 6.65 11.70 7.20 7.00
Paid up Cap(mn)
Company
PE
Open
High
Low
Genertech 198 Hub Power 11572 7.04 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 10.61 Kohinoor Power 126 2.63 Kot Addu Power 8803 5.32 Nishat Chunian Power Ltd 3673 3.65 Nishat Power Ltd 3541 28.40 Southern Electric 1367 Tri-star Power XD 150 -
0.75 38.10 1.76 3.01 19.20 4.50 43.50 16.86 17.69 2.14 0.83
0.85 38.59 1.80 3.07 19.60 4.68 44.24 17.04 18.00 2.20 0.93
0.76 37.95 1.70 2.93 19.00 4.32 43.55 16.50 17.55 2.12 0.75
Close 1,336.34 Listed cap 95,369.29 mn Payout (%) 104.13
Change 5.34 Market cap 110,103.55 mn Div Yield (%) 6.86
Close Chg
Volume
Last 60 days High Low
0.76 38.44 1.72 2.95 19.10 4.32 43.82 16.65 17.61 2.13 0.93
1042 566400 330928 453368 120901 1174 393205 2522816 3927204 77437 1718
1.18 41.20 2.25 3.55 23.69 5.39 45.85 18.01 18.70 2.80 1.75
0.01 0.34 -0.04 -0.06 -0.10 -0.18 0.32 -0.21 -0.08 -0.01 0.10
0.73 33.15 1.50 2.07 17.95 4.01 39.00 12.32 13.10 2.05 0.75
% Change 0.40 5-Day High 1,371.09 5-Day Low 1,330.12
2010 Div BR (%) (%) 50 15 50 -
2011 Div BR (%) (%)
7.8R -
-
Open 829.29 Turnover 102,367 P/E (x) 5.76 Paid up Cap(mn)
0.15 -0.72 0.02 0.15 0.13 0.42 0.38 -0.09 1.00 0.28 -0.10 0.29 -0.20 0.49
5000 18799 11757 8461 5900 254 1019 551510 8629 4217 733 1701 500 133
12.75 40.00 12.00 47.90 15.50 99.88 61.80 19.40 10.75 12.93 7.47 14.53 8.20 7.49
10.00 32.10 9.65 39.48 11.00 80.02 53.38 14.00 2.61 9.00 6.15 11.50 6.01 5.00
High Low 835.23 827.21 Total cos Defaulter cos P/BV (x) ROE (%) 3.28 3.85
Close 833.64 Listed cap 2,290.72 mn Payout (%) 355.53
Company Sui North Gas Sui South Gas
High Low 1,637.85 1,606.16 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 11.41
Change -20.28 Market cap 34,413.87 mn Div Yield (%) 6.50
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.42 3.39
28.58 22.85
28.62 22.98
28.15 22.45
28.28 -0.30 22.51 -0.34
20927 261341
34.75 26.00
25.71 19.95
% Change -1.24 5-Day High 1,648.07 5-Day Low 1,598.54
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,191.73 Turnover 11,608,790 P/E (x) 8.55 Paid up Cap(mn)
Company
PE
Allied Bank Limited 7821 7.04 Askari Bank 6427 8.80 Bank Alfalah 13492 14.82 Bank AL-Habib 7322 8.16 Bank Of Khyber 5004 5.33 Bank Of Punjab 5288 BankIslami Pak 52801012.50 Faysal Bank 7309 4.89 Habib Bank Ltd 10019 7.71 Habib Metropolitan Bank 8732 8.17 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 7602 10.30 Meezan Bank 6983 10.05 Mybank Ltd 5304 National Bank 13455 6.70 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 12.08 Summit Bank LtdSPOT 7251 United Bank Ltd 12242 8.08
Open 71.80 18.42 11.69 37.55 4.02 9.31 3.94 15.38 123.58 27.00 2.50 1.95 228.95 19.00 3.17 76.73 2.92 2.02 2.64 7.04 7.91 4.11 68.08
High
High Low Close 1,210.28 1,189.76 1,199.90 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.19 13.94 40.49 Low
Close Chg
72.50 71.26 72.40 0.60 18.67 18.35 18.49 0.07 11.70 11.50 11.56 -0.13 37.99 37.51 37.86 0.31 4.01 3.85 4.00 -0.02 9.43 9.10 9.15 -0.16 4.10 3.91 4.05 0.11 15.40 15.10 15.16 -0.22 124.85 123.40 123.50 -0.08 27.40 26.50 26.73 -0.27 2.55 2.40 2.50 0.00 2.10 1.66 1.77 -0.18 233.70 229.76 232.40 3.45 19.01 18.56 19.00 0.00 3.13 3.07 3.07 -0.10 77.10 76.50 76.71 -0.02 2.96 2.88 2.89 -0.03 2.02 1.99 2.00 -0.02 2.69 2.60 2.62 -0.02 7.70 7.30 7.38 0.34 8.02 7.80 7.85 -0.06 4.18 4.01 4.07 -0.04 69.00 68.48 68.79 0.71
Volume
Change 8.17 Market cap 721,252.94 mn Div Yield (%) 4.73
Last 60 days High Low
61531 74.00 300604 19.25 1060717 11.97 50036 39.49 15815 4.70 2447442 10.59 64592 4.50 340785 17.10 70998 128.97 1955 29.28 27834 3.00 2595651 2.80 910505 250.48 25182 20.30 36030 3.40 1423862 80.61 810631 3.35 18883 2.17 455285 3.05 451866 8.48 28022 9.04 143207 4.63 410563 70.65
54.82 14.96 9.11 31.50 3.16 8.34 3.00 14.01 100.05 19.70 2.40 1.66 199.00 14.50 1.90 63.53 2.59 1.51 2.50 6.55 6.15 2.70 55.00
% Change 0.69 5-Day High 1,220.69 5-Day Low 1,191.73
2010 Div BR (%) (%)
2011 Div BR (%) (%)
20 - 20B - 66R 55 -63.46R 10 -
-
-
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 809.83 Turnover 1,972,986 P/E (x) 13.59 Paid up Cap(mn)
Company Adamjee Insurance
High Low 823.75 807.18 Total cos Defaulter cos P/BV (x) ROE (%) 0.71 5.20
Close 814.93 Listed cap 11,111.34 mn Payout (%) 79.54
Change 5.10 Market cap 49,842.55 mn Div Yield (%) 5.85
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 27.38
93.54
94.75
93.45
94.47 0.93
1354349
96.35
66.50
% Change 0.63 5-Day High 814.93 5-Day Low 799.37
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
-
UP TO 100 VOLUME
-
Symbols BIFO FANM GRAYS HINOON MIRKS RUPL SHFA SING SALT MZSM SIEM BGL BUXL MDTL KOIL DIIL GLPL HSPI NESTLE RUBY PRWM SAIF SGML KSTM CICL GWLC ADMM AGIL TSMF UPFL BRR ARPAK RMPL SHCI ZAHT CLOV CSMD ADOS FCONM FFLM PGCL SNAI UVIC ARUJ EXIDE GATM NAGC SURC ADAMS DWTM FDMF FNEL GATI GFIL GSPM HAL IDEN KML MQTM NMBL PCAL PHDL PPP PTEC SEL SHJS SMTM TICL TRPOL
% Change 0.52 5-Day High 864.28 5-Day Low 829.29
Open
High
Low
Close Chg
Volume
Last 60 days High Low
EFU Life Assurance
850 39.66
69.90
70.01
69.00
69.81 -0.09
6075
86.95
62.75
-
-
-
-
New Jub Life Insurance
627 30.20
44.01
45.00
45.00
45.00 0.99
96292
49.31
39.95
-
-
-
-
2010 Div BR (%) (%)
2011 Div BR (%) (%)
FINANCIAL SERVICES Performance of SR Financial Services Index Open 424.47 Turnover 3,725,916 P/E (x) 11.85 Paid up Cap(mn)
Company
Close 1,612.21 Listed cap 12,202.80 mn Payout (%) 66.79
25R 20B -
Change 4.35 Market cap 9,763.26 mn Div Yield (%) 4.17
High Low 431.55 417.25 Total cos Defaulter cos P/BV (x) ROE (%) 0.28 0.91
PE
Open
High
Low
225 1.18 360 4.21 450 13.32 3750 5.00 150 1.29 441 2121 14.81 600 790.00 2849 3166 626 0.63 7633 508 500 7.44 1000 29.08 1000 821 4.71 775 452 514 13.68 978 5.21 100 586 3.13
0.55 21.42 26.40 26.88 1.46 2.24 2.44 7.98 0.64 3.20 1.70 12.07 3.98 28.32 6.93 4.79 6.19 2.05 0.73 3.00 2.37 3.38 1.90
0.60 22.40 26.70 27.39 1.90 2.30 2.50 8.98 0.79 3.26 1.75 12.15 4.00 28.57 7.10 4.80 6.44 2.17 0.95 3.84 2.68 4.00 2.00
0.50 21.35 26.00 26.91 1.45 2.25 2.32 7.80 0.53 3.20 1.70 11.85 3.90 27.30 6.85 4.70 6.25 2.02 0.41 3.00 2.35 2.40 1.98
Close Chg
Close 423.63 Listed cap 30,336.44 mn Payout (%) 99.56
Volume
Change -0.84 Market cap 19,595.15 mn Div Yield (%) 3.21
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Escorts Bank IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Stand Chart Leasing Trust Brokerage Trust Inv Bank
0.52 21.39 26.10 27.18 1.45 2.25 2.37 7.90 0.69 3.25 1.75 12.00 3.90 27.69 6.98 4.70 6.40 2.08 0.72 3.42 2.50 3.39 2.00
-0.03 -0.03 -0.30 0.30 -0.01 0.01 -0.07 -0.08 0.05 0.05 0.05 -0.07 -0.08 -0.63 0.05 -0.09 0.21 0.03 -0.01 0.42 0.13 0.01 0.10
161305 125978 38243 1957336 2501 2901 9114 5503 10097 13274 2001 3177305 49541 2804 35491 4625 1118 61290 6829 572 510 4903 10000
% Change -0.20 5-Day High 429.59 5-Day Low 410.54
Last 60 days High Low
2010 Div BR (%) (%)
0.95 22.40 28.50 30.20 2.14 3.80 3.90 8.98 1.09 4.20 2.14 14.05 5.38 32.37 7.59 5.43 7.29 2.70 0.97 4.99 3.00 4.00 2.98
30 11.5 10 -
Performance of SR Gas Water and Multiutilities Index Open 1,632.49 Turnover 282,268 P/E (x) 10.28
10 -
PE
Company
-
GAS WATER AND MULTIUTILITIES
10.75 37.33 11.00 41.81 13.73 92.50 60.38 18.42 9.71 11.98 6.55 11.99 7.00 7.49
LIFE INSURANCE
ELECTRICITY High Low 1,348.81 1,322.63 Total cos Defaulter cos P/BV (x) ROE (%) 1.42 9.35
10.75 37.00 10.35 41.60 13.65 91.50 59.00 18.35 9.64 11.75 6.55 11.75 7.00 6.70
Performance of SR Life Insurance Index
Performance of SR Electricity Index Open 1,331.00 Turnover 8,396,195 P/E (x) 15.18
10.75 38.68 11.00 42.40 13.90 93.89 61.00 18.88 9.71 12.44 6.55 12.34 7.00 7.49
0.33 16.00 24.40 22.80 1.15 2.00 2.01 6.16 0.50 2.95 1.05 9.54 2.55 25.75 5.80 3.86 5.25 1.68 0.41 2.00 2.26 1.42 1.35
2011 Div BR (%) (%)
20B 20B 10B -
-
-
EQUITY INVESTMENT INSTRUMENTS
Paid up Cap(mn)
Company
AL-Meezan Mutual F. Atlas Fund of Funds Crescent St Modaraba Elite Cap Modaraba Equity Modaraba Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali Pak Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba Tri-Star 1st Modaraba U D L Modaraba
PE
1375 525 200 113 524 760 397 1008 3180 1186 283 1200 184 125 1000 2835 2841 872 340 454 212 264
7.18 1.83 1.30 3.75 12.19 2.39 2.67 6.03 72.00 19.64 1.99 2.16 17.60 5.00 2.06 9.06 7.16 2.27 4.85 1.74
Open 8.75 5.00 0.64 2.98 1.90 3.30 8.18 7.13 5.76 5.53 1.81 7.96 1.75 1.12 7.05 14.43 6.32 1.09 1.13 9.72 1.40 6.14
High Low 1,410.04 1,362.23 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 2.21
High 8.75 5.47 0.71 3.00 2.29 3.49 8.01 7.00 5.76 5.70 2.81 7.60 1.96 1.19 7.15 14.39 6.45 1.10 1.40 9.91 1.45 6.25
Low
Close Chg
8.60 4.51 0.51 3.00 1.92 3.23 8.00 7.00 5.45 5.45 1.81 7.50 1.76 1.00 7.00 14.00 6.13 1.00 0.85 9.85 0.90 6.14
8.61 4.55 0.52 3.00 1.95 3.34 8.00 7.00 5.76 5.50 2.71 7.50 1.76 1.00 7.10 14.14 6.30 1.00 1.38 9.90 1.45 6.14
-0.14 -0.45 -0.12 0.02 0.05 0.04 -0.18 -0.13 0.00 -0.03 0.90 -0.46 0.01 -0.12 0.05 -0.29 -0.02 -0.09 0.25 0.18 0.05 0.00
Close 1,385.64 Listed cap 29,771.58 mn Payout (%) 104.74
Change -10.88 Market cap 18,706.10 mn Div Yield (%) 8.42
Last 60 days High Low
Volume 7511 70969 34080 150 8009 52495 12000 50000 51195 60661 18206 23550 519 2015 4360 213170 43001 1502 7592 6900 535 8500
9.15 5.47 0.89 3.49 2.98 3.60 9.00 7.30 6.10 5.70 2.81 8.25 2.50 2.00 7.80 15.06 7.14 1.20 2.54 10.29 2.75 6.55
6.05 3.05 0.16 1.73 1.06 2.56 5.21 5.99 2.70 2.66 1.26 5.15 0.70 0.46 5.25 8.00 3.58 0.81 0.50 8.51 0.90 5.11
2010 Div BR (%) (%) 18.5 2.2 1.2 5 17 11 21 5 10 2.8 15.5 3 10 20 10 3 1 17 12.5
46.25 3.18 49.00 28.28 53.00 36.55 31.01 18.49 64.88 4.79 1200.80 2.50 12.95 22.97 1.60 11.12 60.00 15.02 2898.56 6.20 13.50 4.60 5.43 0.82 79.75 6.92 23.00 77.82 1.38 1155.09 1.56 9.15 2260.88 2.40 3.50 67.01 6.98 16.25 1.49 1.48 26.50 45.96 3.60 5.40 195.00 29.13 15.88 39.95 15.00 9.50 2.25 7.30 49.00 4.01 6.71 12.38 14.00 2.05 9.35 1.65 54.85 35.93 43.25 2.00 18.18 73.00 6.41 46.72 0.80
High 44.01 3.10 48.90 28.20 51.01 37.00 32.50 19.46 61.64 4.75 1202.00 2.77 13.49 21.90 1.60 11.70 58.50 15.02 2997.99 7.20 13.70 5.20 6.30 0.68 80.50 7.19 23.75 79.00 1.29 1211.99 1.70 10.15 2327.96 2.40 3.80 69.59 6.98 16.75 1.57 1.65 26.26 43.68 3.85 4.99 199.89 29.01 16.35 41.88 15.79 10.50 2.25 7.30 50.80 3.50 7.24 12.15 15.00 2.50 9.00 2.65 55.90 34.22 44.94 2.36 18.18 75.39 5.60 44.40 0.61
Low
Close
43.94 3.10 48.90 28.20 51.00 37.00 31.90 19.46 61.64 4.50 1150.00 2.40 12.65 21.83 1.55 10.23 58.00 15.02 2892.10 7.20 13.70 5.09 5.05 0.57 80.50 7.19 22.55 77.00 1.28 1100.01 1.70 10.15 2300.00 2.40 3.80 69.59 6.98 16.65 1.57 1.65 25.50 43.68 2.82 4.50 190.01 27.68 16.35 40.00 15.79 9.50 2.23 7.30 50.00 3.50 7.24 12.15 15.00 2.47 9.00 1.66 55.90 34.14 44.94 2.28 18.18 75.39 5.51 44.40 0.61
44.01 3.10 48.90 28.20 51.01 37.00 31.90 19.46 61.64 4.56 1191.00 2.58 13.49 21.83 1.59 10.23 58.50 15.02 2917.58 7.20 13.70 5.15 5.50 0.67 80.50 7.19 22.96 77.61 1.29 1170.09 1.70 10.15 2305.00 2.40 3.80 69.59 6.98 16.65 1.57 1.65 25.50 43.68 3.32 4.50 190.01 29.01 16.35 40.00 15.79 9.50 2.23 7.30 50.00 3.50 7.24 12.15 15.00 2.47 9.00 1.66 55.90 34.22 44.94 2.28 18.18 75.39 5.60 44.40 0.61
100 100 100 100 100 100 100 100 90 67 67 65 65 59 56 55 51 50 42 36 35 30 28 23 20 20 19 17 16 15 14 10 10 10 10 8 6 5 5 5 5 4 4 2 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
Open
High
Low
Close
FFBL-JAN
41.94
42.75
41.65
41.86
-0.08 1332500
FFBL-FEB
42.30
43.25
41.90
42.14
-0.16
ANL-JAN
12.04
12.03
-0.01
12.25
11.92
Vol 916000 800500
215.99
208.50
214.99
4.49
717000
ENGRO-FEB 211.58
217.40
210.00
216.37
4.79
612500
12.36
12.00
12.05
-0.04
521500 408000
2011 Div BR (%) (%)
NBP-FEB
77.44
77.70
FFC-JAN
153.07
154.35
MCB-JAN
229.40
233.50
230.01
PSO-JAN
304.11
306.25
PPL-JAN
213.39 29.25
-
Change
ENGRO-JAN 210.50 ANL-FEB
-
Vol
-2.24 -0.08 -0.10 -0.08 -1.99 0.45 0.89 0.97 -3.24 -0.23 -9.80 0.08 0.54 -1.14 -0.01 -0.89 -1.50 0.00 19.02 1.00 0.20 0.55 0.07 -0.15 0.75 0.27 -0.04 -0.21 -0.09 15.00 0.14 1.00 44.12 0.00 0.30 2.58 0.00 0.40 0.08 0.17 -1.00 -2.28 -0.28 -0.90 -4.99 -0.12 0.47 0.05 0.79 0.00 -0.02 0.00 1.00 -0.51 0.53 -0.23 1.00 0.42 -0.35 0.01 1.05 -1.71 1.69 0.28 0.00 2.39 -0.81 -2.32 -0.19
Symbols
% Change -0.78 5-Day High 1,415.29 5-Day Low 1,385.64
-
Change
FUTURE CONTRACTS
Performance of SR Equity Investment Instruments Index Open 1,396.52 Turnover 677,061 P/E (x) 19.34
Open
12.09
NML-JAN
66.14
67.00
66.00
66.33
0.19
POL-JAN
325.45
328.50
325.75
327.61
2.16
POL-FEB
327.14
329.79
327.00
328.43
1.29
278500
NBP-JAN
76.98
77.20
76.69
76.88
-0.10
266000
NML-FEB
66.41
67.15
66.22
66.48
0.07
215500
77.19
77.28
-0.16
188500
151.70
153.73
0.66
150000
232.75
3.35
146000
303.00
304.86
0.75
216.50
214.00
215.85
2.46
106500
29.80
29.35
29.63
0.38
101500
-0.16
DGKC-JAN
354000
116500
BOP-JAN
9.26
9.20
8.70
9.10
MCB-FEB
230.69
234.70
231.96
234.00
3.31
63500
DGKC-FEB
29.55
30.05
29.61
29.95
0.40
63000
154.25
155.30
153.50
FFC-FEB
85500
154.61
0.36
61000
AICL-JAN
93.39
94.84
93.70
94.66
1.27
54000
PSO-FEB
306.55
307.50
304.66
307.05
0.50
50500
NETSOL-JAN 25.39
26.60
25.00
25.28
-0.11
NETSOL-FEB 25.88
26.00
25.20
25.50
-0.38
39000
PTC-JAN
19.40
19.45
19.35
19.40
0.00
37000
PPL-FEB
214.19
217.00
213.75
216.69
2.50
OGDC-FEB
170.70
173.50
170.50
172.60
1.90
35500
LUCK-JAN
71.20
73.00
71.30
72.73
1.53
32500
OGDC-JAN
44500
36500
171.96
173.00
171.50
172.62
0.66
28000
UBL-FEB
68.71
69.25
69.00
69.13
0.42
15500
AICL-FEB
94.00
95.45
94.50
94.96
0.96
13500
0.18
12000
UBL-JAN
68.23
68.89
68.50
68.50
0.27
11500
LUCK-FEB
BOP-FEB
71.56
9.46
73.35
10.22
72.50
9.20
73.35
9.64
1.79
9000
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
62.99
Support 1
12,386.45
MA (5-day)
12,449.55
Support 2
12,317.15
MA (10-day)
12,486.21
Resistance 1
12,504.10
MA (100-day)
10,987.75
Resistance 2
12,552.50
10,504.56
Pivot
Brokerage House AKD Securities Ltd
122.1
Accumulate
TFD Research
44.25
Neutral
TFD Research
245.4
Positive
TFD Research
139.5
Neutral
Technical Outlook Technical Analysis
Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,672.57 ** NOI Rs (mn) 110.51 Mean 42.00
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
147.48 31,690.84 305.02 212.11
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
79.68 147.46 115.25 112.14
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
373.19 57,344.36 82.14 153.18
* Target price for Jun-11 & **Net Open Interest in future market
FFBL is currently 36.2 per cent above its 200-day moving average and is ENGRO is currently 15.5 per cent above its 200-day moving average and FFC is currently 37.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very volatility over the last 10 trading sessions. Volume indicators reflect mod- volatility over the last 10 trading sessions. Volume indicators reflect modstrong flows of volume into FFC (bullish). Trend forecasting oscillators are erate flows of volume into FFBL (mildly bullish). Trend forecasting oscilla- erate flows of volume into ENGRO (mildly bullish). Trend forecasting oscil- currently bullish on FFC. Momentum oscillator is currently indicating that tors are currently bullish on FFBL.
Brokerage House
Fair Value
Bank Al-Falah Ltd
Adamjee Insurance Co Ltd
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Hold
AKD Securities Ltd
76
Accumulate
*Arif Habib Ltd
61.96
Neutral
TFD Research
88
Neutral
AKD Securities Ltd
10.25
Accumulate
92.3
Positive
TFD Research
14.01
Positive
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
FFC is currently in an overbought condition.
lators are currently bullish on ENGRO.
85
TFD Research
* Target price for Jun-11 & **Net Open Interest in future market
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
56.26 77.69 68.31 68.29
318.44 24,427.86 130.16 76.76
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
65.89 93.14 77.61 84.04
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Hold
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
11.8
74.22 7,011.82 37.49 94.05
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
59.75 11.39 9.63 9.71
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
674.58 7,798.12 N/A 11.61
* Target price for Jun-11 & **Net Open Interest in future market
NML closed up 0.23 at 66.16. Volume was 69 per cent below average NBP closed down -0.02 at 76.71. Volume was 67 per cent below average (con- AICL closed up 0.93 at 94.47. Volume was 58 per cent above average and BAFL closed down -0.13 at 11.56. Volume was 68 per cent below average (consolidating) and Bollinger Bands were 21 per cent wider than normal.
solidating) and Bollinger Bands were 22 per cent narrower than normal.
Bollinger Bands were 10 per cent wider than normal.
(consolidating) and Bollinger Bands were 16 per cent narrower than normal.
NML is currently 26.6 per cent above its 200-day moving average and is NBP is currently 12.3 per cent above its 200-day moving average and is AICL is currently 12.4 per cent above its 200-day moving average and is BAFL is currently 19.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average 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 volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect very erate flows of volume into NML (mildly bullish). Trend forecasting oscilla- reflect volume flowing into and out of NBP at a relatively equal pace. Trend reflect moderate flows of volume into AICL (mildly bullish). Trend forecast- strong flows of volume into BAFL (bullish). Trend forecasting oscillators are tors are currently bullish on NML.
forecasting oscillators are currently bullish on NBP.
ing oscillators are currently bullish on AICL.
currently bullish on BAFL.
Time
26-Jan 26-Jan 26-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan 27-Jan
11:00 11:30 10:30 3:30 11:00 11:00 12:30 10:00 10:30 11:00 11:00 2:00 12:00 10:30 12:00 12:30 4:00 11:30 10:00 10:00
TECHNICAL LEVELS
FFBL closed down -0.04 at 41.82. Volume was 389 per cent above aver- ENGRO closed up 5.06 at 214.88. Volume was 125 per cent above aver- FFC closed up 0.59 at 153.66. Volume was 82 per cent above average and age (trending) and Bollinger Bands were 142 per cent wider than normal. age and Bollinger Bands were 159 per cent wider than normal. Bollinger Bands were 295 per cent wider than normal.
AKD Securities Ltd
175.80 11,630.92 103.46 66.25
Leverage Position
64.20 212.97 184.86 186.09
Date
Lotte Pakistan PTA Ltd Shahtaj Sugar Mills Limited Thal Ind Corp Ltd Faran Sugar Mills Limited Husein Sugar Mills Ltd Crescent Sugar Mills ltd Crescent Steel Ltd Pakistan Hotels Developers Ltd Premier Sugar Mills Ltd Chashma Sugar Mills Limited Colgate-Palmolive (Pakistan) Ltd Adam Sugar Mills Limited Clover Pakistan Limited Security Papers Limited Attock Refinery Limited National Refinery Ltd Shahmurad Sugar Mills Ltd Al-Noor Sugar Mills Ltd Central Insurance Company Ltd Fauji Fertilizer Company Ltd
Company
Technical Outlook
Technical Outlook
Leverage Position
68.94 41.28 32.81 30.72
Positive
Leverage Position
Buy
AKD Securities Ltd
*Arif Habib Ltd
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
164.1
Buy
Buy
51.17 68.61 55.43 52.26
Fair Value
*Arif Habib Ltd
238.8
Rs Recommendations
Technical Analysis
Brokerage House
Hold
AKD Securities Ltd
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Rs Recommendations
224
Accumulate
59.97 78.6
Fair Value
32.06
Fair Value
TFD Research
*Arif Habib Ltd
National Bank of Pakistan
Nishat Mills Ltd
Brokerage House
Sell
AKD Securities Ltd
12,434.85
wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,504.10 and 2nd resistance level at 12,552.50, while Index will continue to find its 1st support level at 12,386.45 and 2nd support level at 12,317.15. KSE 100 INDEX is currently 18.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
Rs Recommendations
37
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 85.16 points at 12,455.75. Volume was MA (100-day) 25 per cent above average and Bollinger Bands were 20 per cent MA (200-day) MA (200-day)
Fair Value
*Arif Habib Ltd
Fauji Fertiliser Co
Engro Corporation
Company
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 41.94 2.95 2.90 61.60 71.60 70.80 27.38 57.90 57.00 55.09 26.95 26.70 46.38 25.85 25.55 65.89 93.70 92.90 62.16 18.35 18.20 67.57 11.80 11.65 80.18 390.40 387.75 57.59 136.30 134.90 59.75 11.50 11.40 60.07 3.95 3.85 39.57 9.05 8.90 47.83 2.05 2.00 45.90 29.40 29.15 49.12 2.90 2.80 50.40 2.65 2.55 42.17 41.50 41.15 37.43 69.20 68.60 64.20 210.15 205.40 49.15 15.05 14.90 44.65 4.90 4.85 68.94 41.35 40.85 79.68 151.95 150.20 55.39 123.00 122.45 52.59 38.05 37.70 51.96 147.40 145.75 72.29 294.65 294.35 45.66 3.90 3.85 49.38 1.70 1.65 46.58 2.40 2.35 44.21 11.85 11.70 58.59 43.50 43.20 51.03 2.90 2.85 65.13 15.30 14.70 41.72 71.25 69.90 53.60 230.20 228.00 34.46 2.65 2.60 56.26 76.45 76.15 49.02 22.90 22.70 72.03 24.60 23.95 45.05 2.85 2.80 46.09 1.75 1.65 51.17 65.75 65.35 55.47 171.60 169.40 58.92 3.10 3.05 49.13 2.00 1.95 55.72 2.35 2.25 42.40 6.75 6.70 63.80 325.75 324.15 46.60 213.55 211.65 32.41 66.25 65.45 59.10 302.40 300.50 48.40 19.30 19.20 61.05 213.40 212.80 54.51 28.10 27.90 47.26 13.25 13.15 54.61 22.30 22.10 44.22 2.10 2.05 39.49 3.25 3.20 59.73 68.50 68.25 51.51 2.80 2.70
1st 2nd Resistance 3.15 3.25 72.85 73.30 59.80 60.80 27.40 27.65 26.55 26.95 95.00 95.50 18.65 18.80 12.15 12.40 397.85 402.65 140.00 142.35 11.70 11.80 4.15 4.20 9.35 9.55 2.15 2.20 29.80 29.95 3.15 3.25 2.75 2.85 42.30 42.75 70.20 70.60 217.60 220.35 15.35 15.50 5.00 5.05 42.50 43.25 154.95 156.20 124.45 125.35 38.70 38.95 150.30 151.60 295.65 296.35 4.00 4.05 1.80 1.85 2.55 2.65 12.15 12.30 44.20 44.55 3.05 3.10 16.25 16.60 73.75 74.85 234.15 235.90 2.75 2.80 77.05 77.35 23.45 23.80 26.10 26.95 2.95 3.00 1.95 2.05 66.75 67.35 175.15 176.50 3.20 3.25 2.15 2.25 2.55 2.65 6.90 7.00 328.70 330.05 216.95 218.45 68.35 69.65 306.30 308.30 19.50 19.60 215.20 216.40 28.55 28.80 13.50 13.60 22.85 23.20 2.25 2.35 3.40 3.45 69.05 69.30 2.90 3.00
Pivot 3.10 72.05 58.90 27.15 26.25 94.20 18.50 12.00 395.20 138.65 11.60 4.00 9.25 2.10 29.55 3.00 2.70 41.95 69.60 212.85 15.20 4.95 42.05 153.20 123.90 38.35 148.65 295.35 3.95 1.75 2.50 12.00 43.85 3.00 15.65 72.40 231.95 2.70 76.75 23.25 25.45 2.90 1.85 66.35 172.95 3.15 2.10 2.45 6.85 327.10 215.05 67.55 304.40 19.40 214.60 28.35 13.40 22.65 2.20 3.30 68.75 2.85
8
Wednesday, January 26, 2011
HEC gives educators a higher training ISLAMABAD: The opening ceremony of 15th Master Trainers Faculty Professional Development Programme was held at Higher Education Commission (HEC) Secretariat here on Tuesday. The eight-week In-service Orientation Programme for professional development of 32 Lecturers and Assistant Professors from 26 public and HEC-funded private sector universities across Pakistan would continue until March 19, 2010. According to a press release, the main objective of the Programme is to equip the faculty members with pedagogical and research skills highly imperative for professional teachers. So far, 414 faculty members have been trained as Master Trainers through previous 14 batches. The Programme aims to enable University teachers to use innovative teaching strategies and communication skills that blend academic concepts with workplace applications. In this regard, 11 exclusive
modules would be covered by eminent resource persons. Dr Syed Mahmood Raza, Advisor HEC was the chief guest in the opening ceremony. Noor Amna Malik, Director General (Learning Innovation) and Muhammad Raza Chohan Director (Learning Innovation) were also present at the occasion. Speaking to the participants, Dr Raza said that in the developed countries teaching was the most respected profession. "You should feel the joy of being a teacher as you are among those privileged teachers who have got an opportunity to attend MT-FPDP, which is being appreciated by international organisations", he said. He said that Master Trainers have a two-fold responsibility, getting training at HEC and then replicating it at their parent institutions. He hoped that these faculty members, after becoming Master Trainers, will help HEC in accomplishing the task of enhancing the quality of teaching and learning.-NNI
Knowledge City festival ends in ISB
More poor students to receive endowment
ISLAMABAD: The first ever `Islamabad Knowledge City Festival' arranged by Ministry of Education and its related departments has concluded on Tuesday. A large number of students from twin cities visited the colourful stalls and educational activities displayed by different public and private organisations. The week-long festival was arranged for the students to quench their thirst for knowledge, displaying the colourful activities and variety of books, models and handicrafts, taking a step towards making federal capital a hub of knowledge. The unique `mela' carried stalls of institutes from the different provinces, showcasing educational and informative products as well as conveying the silent message of not diverting curriculum to the provinces. More than 82 stalls were set up by the federal departments as well as institutes from Balochistan, Sindh and Punjab, the huge participation of federal departments the message of solidarity and national integrity. The stalls especially of curriculum wings carrying the message of `national curriculumnational solidarity' and such huge participation of the education related departments in this festival highlighted the message that the education should not be diverted to the provinces.-APP
HYDERABAD: Senior Sindh Minister for Education Pir Mazhar-ul- Haq has said that the scope of endowment fund for poor but talented students has been expanded from 8 to 23 universities while the size of endowment trust funds will also be increased from Rs2 to Rs4 billion by the end of this year to bring maximum number of poor but talented students into endowment net.
KARACHI: The management and students of Dawood Public School raised Rs200,000 for Children Cancer Hospital by organising a fun and food carnival at its premises. Picture shows children buying books from the stall.-Staff Photo
Moot zooms in on â&#x20AC;&#x153;Islam & Stateâ&#x20AC;? ISLAMABAD: A two-day International Conference on "Islam and State, Practice and Perceptions in Pakistan and the Contemporary Muslim World" has started here on Tuesday. The conference organised by the Islamabad Policy Research Institute (IPRI) in the collaboration with the Hanns Seidel Foundation (HSF) of Germany and the Iqbal International Institute for Research and Dialogue, International Islamic University, Islamabad (IIUI), said a press release issued here. Sardar Assef Ahmed Ali Federal Minister for Education was the chief guest while Prof Fateh Muhammad Malik, Rector IIUI presided over the opening cere-
mony of the conference. Dr Maqsood Hassan Nuri, Acting President, IPRI, Dr Martin Axmann, Resident Representative, HSF, Dr Mumtaz Ahmad, President IIUI, Dr Khalid Masood, Former Chairman Council of Islamic Ideology, Pakistan, Dr Anis Ahmad, Vice Chancellor, Riphah International University, Islamabad and other scholars addressed on the first day of the conference. Sardar Assef Ahmed Ali in his speech said that Islam is a message of peace and harmony. He said that it has no space for suicide bombings and other sorts of terrorism. Islam has a universal message of love for all and hated for none, he said. He
regretted that some misled elements of the society were defaming Islam by their actions. They are not ready to live a peaceful life in this global world and subsequently they are hindering in spreading the message of Islam, he said. Prof Fateh Muhammad Malik said that Pakistan was created to present Islam in an acceptable way for all human beings on this planet but that purpose was not achieved which resulted in ruining the very fabrics of the society. He urged upon the need of changing this attitude. This should be kept in mind that the Muslims are part of the world which has many nations and beliefs, he said.-NNI
The minister said this while talking to official media here at Qasimabad, Hyderabad on Tuesday where he had come to offer fateha for the deceased father of journalist Sarfraz Vistro. Pir Mazhar-ul- Haq said that only eight private universities had been brought into the net of endowment fund in the past, but the present PPP government while realising poverty in the society has not only extended up to 23 universities but also plans to raise its principal deposit from Rs2 to Rs4 billion so that no poor student should abandon his or her study only because of poverty. -APP
Exclusive Interview
Sabrina Dawood, CEO Dawood Public School
Mothering the Future Interview by: Shabbir Kazmi
T
here is growing trend to establish co-education institutions in Pakistan, maybe because it is still believed that establishing a school/college exclusively for girls may not generate enough revenue for the owners. In such an environment a school admitting children in the pre-primary and then educating them till they complete Cambridge emerges a role model. The number of students at the school approximates 1,600 and the institution is the brainchild of Pakistan's leading and visionary entrepreneur of his time Ahmed Dawood. Some people strongly believe that the largest contribution of Dawood dynasty is in education as it has created some of the largest role model educational institutions. Higher education is not possible without creating a strong foundation. Education of girls is most important as they are the architects of future generation. The Financial Daily recently talked with Sabrina Dawood, CEO Dawood Public School,
who revealed some very interesting facts, which need to be shared with the public at large and especially to those who have a perception that every educational institutional is busy minting money. Following are the some excerpts from an exclusive interview with Sabrina Dawood.
system. Here we regularly organise many activities which are not part of the curriculum but help create a versatile person, capable of doing many things without compromising the quality of education. That is the reason we have 100 per cent success record and many of the students achieve outstanding positions.
PREPARING THE NEW GENERATION The prospects of a country are as glorious and bright as its future generations are. A nation is not prepared overnight as hundreds and thousands of mothers work day and nights to prepare those who could carry forward the tradition of being the good human beings, having the highest regards for the values and the integrity of society. Millions of children are born, brought up and educated but only a few become Sir Syed Ahmed Khan, Mohammad Ali Johar, Quaid-eAzam and Abdul Sattar Edhi, to mention a few. Our school just does not help students learn a few subjects or get command over an alien language but serves as a nursery for future
A COMPLETE INSTITUTION
mothers. Our main objective is to create some good human beings, polish their inherent
abilities, and above all make them good Pakistanis and true Muslims, having staunch belief in the teachings of Islam. LIKE A FAMILY I consider all the students studying at this school a family of about 1,600 members belonging to different castes and creeds, speaking different languages, and coming from different social backgrounds. But once they enter into the school, all of them wear the same uniform, study from the same text books. Here at our school teachers give individual attention to every student, at times they even spend extra hours with those who need more attention. We do want any child to have the slightest feeling of being inferior to rest of the lot. Though, we have to follow the Cambridge system, we have added some local flavors to our
We take pride in calling Dawood Public School a purpose-built educational institution. We have an elaborate infrastructure starting with spacious class rooms, libraries, scientific and computer laboratories. Such facilities maybe available at some other schools as well but our real strength is highly educated, experienced and above all dedicated teachers. Nazra is an integral part of our overall teachings to let the student learn and understand Holy Quran to lead a life in conformity with Islamic teachings. Along with this, students are encouraged to participate in sports, computer-aided
designing, art classes, yoga, gardening, specially focusing on environment protection, ensuring that our students create no or minimum pollution in the environment. BEING PRODUCTIVE PART OF SOCIETY Over the last five years, Pakistan has endured various catastrophes in which hundreds and thousands of people died and millions of people got displaced. The daunting task was to rescue the trapped persons, feed/shelter them, and ultimately work on their rehabilitation. Cognisant of the fact that we could hardly participate in rescue work, our students focused on collecting donations and dispatching items of necessity to the areas where these goods were needed the most. LOVE FOR ALL Let me share with the readers of The Financial Daily that our 10th and 11th class students have to undergo two-week internship with any NGO. This
is aimed at preparing the future mothers to behave prudently and diligently in case of any crisis and also to extend a helping hand to those, who need the attention of society. In fact we do not believe in 'firefighting' but servicing the humanity irrespective of caste and creed. FUTURE PLAN As stated earlier around 1,600 students are getting education here and the next obvious plan should be to arrange for graduate and post graduate studies in certain disciplines. We have ample space to establish a college or even a university. Till today, we have spread horizontally; most probably the time has come to expand vertically. As I said earlier, we are not preparing next generation but the mothers of tomorrow. Therefore, the curriculum should focus on present as well as future needs. If we want Pakistan to attain a prominent and respectable position among the comity on nations, the objective can be achieved by imparting contemporary education to the women.
9
Wednesday, January 26, 2011
European vegetable oil prices
SAINT-MARC - HAITI: Farmers pose for a picture in a rice field covered in muddy water believed to be contaminated by the cholera bacteria in Saint-Marc, Haiti. Agencies
Cocoa little changed; Sugar falls LONDON: Cocoa was little changed near one-year peaks in volatile trade on Tuesday, as dealers waited to see whether a call to ban exports from top producer Ivory Coast would affect supplies. Sugar and coffee futures fell, caught up in a drop in the commodities complex, as markets fretted about economic tightening in Asia, a key consumer of raw materials. ICE March cocoa rose $3 or 0.1 per cent to $3,315 a tonne at 1610 GMT, easing slightly from Monday's one-year high of $3,393, touched after Ivory Coast presidential claimant Alassane Ouattara called for a monthlong ban on cocoa exports from the country, which grows a third of the world's cocoa crop. London's May cocoa contract rose 10 pounds or 0.5 per cent to 2,171 pounds per tonne, supported by weak sterling, after hitting a six-month top of 2,269 pounds on Monday. Sugar futures fell on overall weakness in the commodity complex, triggering several technical stops, but remained range bound as markets awaited clarity on sugar exports from India, the world's No.2 producer after Brazil. ICE March raw sugar dipped 0.6 cent or 1.9 per cent to 31.70 cents a lb at 1610 GMT after ending lower on Monday, while London March white sugar fell $17.10 or 2.2 per cent to $779.10 per tonne. ICE March arabicas traded down 2.25 cents or 1 per cent to $2.3500 per lb at 1610 GMT. Liffe March robusta coffee slipped $37 or 1.8 per cent to $2,086 a tonne. -Reuters
Gold declines as safe haven bid fades LONDON: Gold fell to a near three-month low on Tuesday, putting the metal on course for its worst monthly performance in 13 months as safe-haven demand evaporated and investors booked further profits on the 2010 rally. Spot gold fell as low as $1,322.70 an ounce and was bid at $1,326.90 an ounce at 1548 GMT, against $1,334.25 late in New York on Monday. US gold futures for February delivery fell $18.10 to $1,326.40.
Spot prices are on course for a 6.5 per cent decline in January, which would be the biggest monthly fall since a 7-per cent drop in December 2009. Selling is largely a consequence of a current run of positive economic data. "(We forecast gold) to have a bad first quarter," said Mitsubishi analyst Matthew Turner. "Economic data ended the year quite strongly and I thought if it carried on strongly, interest rate expectations would start to rise. "But maybe the economic outlook isn't as rosy as people think, and maybe we will see a recovery (in gold prices) from Q2 onwards," he said. For the moment, strong consumer demand, particularly in Asia, continues to provide a floor for spot gold prices, and a significant decline in speculative holdings of gold futures has taken some of the pressure off.
But investor sentiment towards gold has soured in the last few sessions, as evidenced by the largest one-day outflow in three months from the world's biggest exchange-traded gold fund. Holdings in the SPDR Gold Trust fell 10.926 tonnes to 1,260.843 tonnes on Jan 24. Longer term, ongoing jitters over growth and expectations interest rates will stay low for now are buoying analysts' expectations for gold, with a Reuters
poll of 65 analysts on Tuesday returning an average 2011 price view of $1,450 an ounce. However, they see prices plateauing next year as economic conditions normalise. Sterling-priced gold bucked the trend, meanwhile, and was on course to rise after nine consecutive sessions of losses as the pound fell after poor UK GDP data diminished expectations that British authorities would move towards higher interest rates. Sterling gold was up 0.6 per cent at 839.10 pounds an ounce. Spot silver fell to $26.74 an ounce, down 0.6 per cent, having earlier fallen to $26.54, its lowest in nearly two months. Elsewhere platinum fell for a second day by 1.1 per cent to $1,791.49 an ounce, while palladium fell 3.4 per cent to $782, set for its biggest fall since midNovember. -Reuters
Copper hits 1mth low on Asia fears, tin at record LONDON: Copper fell to its lowest price in a month on Tuesday as investors worried that rising interest rates in emerging economies would dampen demand, while tin hit a record high on supply concerns. Benchmark copper on the London Metal Exchange closed at $9,250 a tonne versus $9,529 at Monday's close. The metal used in power and construction had slipped to a one-month trough at $9,236. Last week it hit a record high of $9,781 a tonne, but analysts said that the chance for a deeper correction in the near term was growing. "Right now fundamentals aren't particularly supportive of prices," Barclays Capital analyst Gayle Berry said, citing weak Chinese imports, soft Chinese physical buying and LME copper inventories increasing since December. "The market had got a bit ahead of itself ... This is a healthy pullback and I think we can probably expect prices in the very short term to remain under pressure." Concerns about Chinese monetary tightening have caused significant price
volatility since inflation and GDP data were released last week. Also India's central bank, which raised interest rates on Tuesday, said inflation may stay high for longer than earlier anticipated due to rising
Shanghai copper falls Shanghai's benchmark third-month copper futures contract fell 0.4 per cent to 71,500 yuan a tonne on Tuesday. commodities prices and domestic supply pressures that have pushed up food prices. "There is increasing concern about rising interest rates in Asia. It's raising the fear that liquidity in the global markets will continue to shrink," BNP Paribas analyst Stephen Briggs said. Tin hit a record high of $28,200 a tonne. It closed at $28,195 versus Monday's $28,095 close. LME copper inventories rose by 7,575 tonnes to 359,525
tonnes, bringing stockpiles to the highest since midSeptember, the latest data showed, although they are still down by 30 per cent from yearago levels. The backwardation - or premium - for cash copper against the benchmark threemonths contract has also settled at around $15 from $70 just six weeks ago, both signs that 2011 demand has been slow to ramp up. At 134,958 tonnes, nickel stockpiles stand around one fifth below record highs of 166,476 hit early February 2010. Nickel closed at $25,900 a tonne from the $26,150 close. Lead and zinc fell to their lowest in more than one month. Lead was untraded but bid at $2,336 a tonne from $2,405, while galvanising material zinc ended at $2,221 a tonne from $2,302. Aluminium closed at $2,361 a tonne versus $2,413. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for January 24 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1250
January (3rd Wednesday)
1310
1255
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for January 24 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2250 2251 2220 2230 2150 2160 2150 2160
-
9508.5 9509 9479 9480 9245 9255 8835 8845
2485 2490 2390 2395 2320 2325 2265 2270
-
TIN
27700 27705 27675 27700 27115 27165
ZINC NASAAC
2279 2340.5 2280 2341.5 2296 2360 2297 2370 2310 2385 2315 2395 2290 2440 2295 2450
ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 995.00-20.00, Apr11 995.0025.00, May11/Jul11 1000.0025.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1045.00-25.00, May11/Jul11 1035.00-25.00, Aug11/Oct11 970.00-25.00, Nov11/Jan12 970.00-30.00, Feb12/Apr12 980.00-30.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1470.00-20.00, Apr11/Jun11 1465.00-10.00, Jul11/Sep11 1475.00-10.00, Oct11/Dec11 1375.00-15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1580.00+15.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Feb11 1265.00-15.00, Mar11 1265.00-15.00, Apr11/Jun11 1237.50-32.50, Jul11/Sep11 1217.50-15.00. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11 1312.50, Mar11 1300.00, Apr11/Jun11 1277.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1265.00-10.00, Mar11 1252.50-12.50, Apr11/Jun11 1230.00-20.00, Jul11/Sep11 1200.00-12.50, Oct11/Dec11 1190.00-10.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 2240.00-60.00, Feb11/Mar11 2210.00-40.00, Mar11/Apr11 2190.00-30.00, Apr11/May11 2170.00. Reuters
Indian sugar fall further on surging supplies MUMBAI: Indian sugar prices continued to fall for the second straight day this week as cane crushing gathered momentum, dealers said on Tuesday. "On the one hand, cane crushing is in full swing. On the other, stocks limit continue. The fact that exports are on pause has also been weighing on prices," said Mukesh Kuvadia, secretary of the Bombay Sugar Merchants Association. A panel of ministers would review last month's decision to let mills export 500,000 tonnes of sugar. Supplies have improved also because the government has allowed mills to sell more in the open market. The food ministry has made available 1.7 million tonnes of non-levy sugar for January, higher than 1.5 million tonnes it had released for December. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety fell 0.14 per cent to 2,715 rupees ($59.72) per 100 kg. The most-traded M-grade sugar contract for February delivery on India's National Commodity and Derivatives Exchange (NCDEX) settled down 0.8 per cent at 2,742 rupees per 100 kg. -Reuters
Oil futures down; eyes recovery, US inventories India lifts interest rates overnight, UK Q4 GDP shrinks LONDON: Crude futures fell more than $1 on Tuesday as fresh data sparked renewed doubts about the pace of the global recovery, and ahead of an expected build-up in US inventories later. By 1440 GMT, US crude benchmark West Texas Intermediate (WTI) was down $1.16 at $86.71 a barrel, while Brent future prices were down $1.44 to $95.17 a barrel. "Everything is down today, not just crude," Commerzbank's Carsten Fritsch said. In a session thick with data, investors weighed the fifth consecutive fall in US single family home prices in November, according to the Standard & Poor's/CaseShiller index, although the falls were not as sharp as those predicted by economists. A surprise contraction in fourth-quarter UK GDP also weighed on sentiment, pulling the euro off two-month highs. As the Fed's two-day FOMC meeting got underway,
investors also awaited US weekly inventory data, the January reading of US consumer confidence due at 1500 GMT, as well as a slew of earnings reports. Weekly US crude oil inventories probably rose last week as imports increased, a Reuters poll of analysts showed ahead of data from industry body
API on Tuesday and from the US Energy Information Administration on Wednesday. Crude oil and gasoline stocks rose in the week to Jan. 21 by 900,000 barrels and 2.2 million barrels respectively, the poll showed, with distillate stocks down by 200,000 barrels. Brent's premium over West Texas Intermediate (WTI), came in to around $8.46 a barrel by 1441 GMT from yesterday's intraday high at $9.76 a barrel.
Palm oil eases despite resilient exports KUALA LUMPUR: Malaysian palm oil futures fell to one-week low on Tuesday as investors continued to book profits on a rally driven by strong demand and tight supplies. Although cargo surveyors said Malaysian exports hit above 1 million tonnes for the first 25 days of January, some traders were concerned the recent run-up in prices owing to tight supply would eventually slow demand. A bearish technical outlook may have weighed on palm oil. A Reuters analysis showed the Malaysian market could fall to 3,650 ringgit per tonne. "Exports are still relatively good but technicals are negative. Traders may be unwinding positions ahead of a quiet trading next week due to the Lunar New Year" said a trader with a foreign commodities brokerage. The benchmark April 2011 crude palm oil contract on Bursa
Malaysia Derivatives fell as much as 1.6 per cent to 3,690 ringgit ($1,208), a level unseen since Jan 18. The contract then settled at 3,703 ringgit. Traded volume stood at 24,436 lots of 25 tonnes each, slightly lower than the usual 15,000 lots. Cargo surveyor Intertek Testing Services said Malaysian palm oil exports rose 5.7 per cent to 1.06 million tonnes for Jan 125, compared to the same period a month ago. Another cargo surveyor, Societe Generale de Surveillance, said exports in the same period fell 2.1 per cent to 1.01 million tonnes. US soyoil for March delivery dropped 0.9 per cent, reversing gains made earlier in Asian hours. The most-active Sept 2011 soyoil contract on the Dalian Commodity Exchange fell 1.9 per cent on profit taking after hitting a fresh peak of 10,858 yuan the previous day. -Reuters
"The WTI forward curve has steepened further at the front end, because the front-month futures contract has come under greater pressure than the contracts thereafter," Commerzbank analysts said in a note. "The background here is the expectation of an inventory build in the US, which in turn will gain additional support from the contango shape of the forward curve." Despite today's crude futures price correction, analysts polled by Reuters revised their 2011 forecasts upwards by around $4 in January citing Chinese demand, while warning that gains over $100 a barrel would be short-lived as inventories remain strong. Goldman Sachs analysts in a note on Tuesday said cyclical commodities such as oil and copper have entered a bull market after joining the rally in agricultural commodities, even as gold prices have faltered. -Reuters
Tokyo rubber slips on profit-taking BANGKOK: Tokyo rubber futures dipped on Tuesday, retreating from a record high as falling oil prices triggered profit-taking, but limited supplies of physical rubber still provided support, dealers said. The benchmark rubber contract on the Tokyo Commodity Exchange for June delivery fell 5.5 yen to settle at 476.6 yen ($5.78) per kg. It hit a record high of 484.9 yen on Monday. The most active Shanghai rubber contract for May delivery fell 800 yuan from Monday's close to settle at 39,665 yuan ($6,027) per tonne on Tuesday. But TOCOM rubber was unlikely to fall significantly and could rally on Wednesday, given the low supplies of physical rubber and strong demand, dealers said. -Reuters
US cotton limits up on China, tight supplies NEW YORK: US cotton futures finished Monday at its highest level in almost 150 years, spurred by tight supplies in the United States and in China as the market's rally shows no sign of slowing down soon. Cotton prices staged matching rallies, with US fiber contracts hitting a record high after rising nearly 15 per cent since Jan. 14. The Chinese cotton market, on the other hand, gained over 11 per cent since the middle of the month. The key March cotton contract on ICE Futures US rose the 5-cent limit to close at
$1.6194 per lb, with the low for the day at $1.605. Volume though was at 14,800 lots, about a fifth below the 30-day norm, Thomson Reuters preliminary data showed. In China, the key September cotton futures on the Zhengzhou Commodity Exchange was last done at 32,120 yuan per tonne, up 1,620 yuan on the day. 'The market's gone frenzied on Chinese demand, tight supply and fears of drought in the US,' said Keith Brown, president of commodity firm Keith Brown and Co. in Moultrie,
Georgia. Chinese sales of cloth are expected to pick up in the spring amid tight domestic supplies, said Yang Guoqi, an analyst with Jinshi Futures. Despite the high prices, a key US retailer said it should be able to absorb the escalation in cotton values. In the United States, Brown said the deliverable supplies to the old-crop contracts such as March, May and July were very tight because the trade believes 95 per cent of the US cotton crop has been sold. Only US cotton can be delivered at the exchange. -Reuters
National Commodity Exchange Ltd Trading Summary Date
25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011 25-Jan-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 FE11 FE11 MON TUE WED THU FRI MON TUE WED THU FRI 27JA11 FE11 FE11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
88.63 89.60 90.50 27.54 27.54 1348.80 1350.00 1350.00 1347.00 1349.00 1343.50 37196.00 37492.00 37323.00 36813.00 37464.00 43687.00 43687.00 38567.00 38511.00 38525.00 38539.00 38553.00 44033.00 43666.00 44260.00 43932.00 44297.00 3279.00 3301.00 5343.00 86.18 85.45
88.96 90.17 91.59 27.61 27.54 1348.80 1350.00 1350.00 1348.30 1349.00 1349.70 37483.00 37492.00 37510.00 37455.00 37464.00 43687.00 43687.00 38567.00 38511.00 38525.00 38539.00 38553.00 44313.00 44249.00 44265.00 44281.00 44297.00 3279.00 3301.00 5343.00 86.18 85.45
86.36 88.00 90.50 26.56 26.64 1323.00 1323.00 1323.60 1323.00 1325.70 1324.20 36795.00 36859.00 37099.00 36813.00 36831.00 42948.00 42948.00 37912.00 37953.00 37871.00 37884.00 37898.00 43549.00 43597.00 43502.00 43518.00 43534.00 3279.00 3301.00 5267.00 86.17 85.44
86.61 88.31 89.87 26.63 26.64 1325.20 1325.70 1326.60 1325.20 1325.70 1325.70 36850.00 36859.00 36876.00 36822.00 36831.00 42948.00 42948.00 37912.00 37953.00 37871.00 37884.00 37898.00 43549.00 43597.00 43502.00 43518.00 43534.00 3279.00 3301.00 5267.00 86.17 85.44
Traded Volume in lots 355 106 1 294 1,057 3,531 2,305 43 22 93 18 1 6 3 17 7 -
Previous Settlement Price 87.50 89.22 90.75 26.71 26.72 1331.60 1332.30 1333.20 1331.60 1332.30 1333.20 37022.00 37031.00 37048.00 36994.00 37003.00 43149.00 43149.00 38086.00 38128.00 38045.00 38059.00 38072.00 43753.00 43801.00 43705.00 43721.00 43737.00 3279.00 3301.00 5343.00 86.18 85.45
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 86.61 188 88.31 44 89.87 2 26.63 70 26.64 1325.20 1,002 1325.70 3,596 1326.60 2,750 1325.20 14 1325.70 1326.60 1 36850.00 48 36859.00 1 36876.00 8 36822.00 1 36831.00 42948.00 42948.00 37912.00 37953.00 37871.00 37884.00 37898.00 43549.00 6 43597.00 3 43502.00 24 43518.00 37 43534.00 2 3279.00 3301.00 5267.00 86.17 85.44 -
South Africaâ&#x20AC;&#x2122;s Oscar Pistorius wins 200m gold in 2011 IPC Athletics World Championships
10
Wednesday, January 26, 2011
Bharat Ratna for Sachin
Butt wants Misbah to head Pak WC squad
NEW DELHI: The list of numerous accolades won by Indian cricket legend Sachin Tendulkar might just swell up on Tuesday with its most precious possession till date. According to reports, Sachin is almost certain to be honoured with India's highest civilian award - the Bharat Ratna. If he wins, like his numerous other achievements, would be another first as no other sportsperson has ever won the Bharat Ratna. Sachin's name for the honour has been recommended by a number of politicians, which makes the possibility of his winning stronger than ever before this time around. Talking to reporters a few days ago, Member of Parliament Sanjay Nirupam had said, "We have strongly recommended Sachin's name for the Bharat Ratna, and we should know the result in a few days." The demand to decorate the batting maestro with the Bharat Ratna was first made way back in the year 2003 by the Shiv Sena and seconded by the then Human Resource Development (HRD) minister Murli Manohar Joshi.Reuters
ISLAMABAD: Former Pakistan Captain Salman Butt has said that he wants Misbah ul Haq to captain Pakistan cricket team instead of Shahid Afridi because Pakistan needs mentally strong leader. In a interview to a website, Salman Butt said that nothing is going right for the all rounder since last many months. Meanwhile it seems that nothing is going right for the Pakistan one day skipper Shahid Afridi as he is not only criticized by the excricketers but his former teammates have also started criticizing him on his captaincy tactics.
Injuries are blessing in disguise: Stewart
Shoaib, Shafiq dropped from 2nd ODI WELLINGTON: Pakistan on Tuesday named its final eleven for the second one-day international against New Zealand, excluding pacer Shoaib Akhtar and middle order batsman Asad Shafiq from the squad. Umar Gull and Ahmed Shahzad have replaced the dropped duo. The match will get underway at 3:00 according to Pakistan Standard Time. Skipper Shahid Afridi told newsmen that his team would team try to level the series by winning the second match. Pakistan lost the first ODI by nine wickets. Meanwhile, dope tests were carried out on Misbah ul Haq, Saeed Ajmal, Shoaib Akhtar and Younis Khan.-Online
PFF chief hailed for boosting football LAHORE: Former Lyaribased international players and referees hailed Pakistan Football Federation (PFF)'s President Makhdoom Syed Faisal Saleh Hayat for taking tangible steps in boosting football in rural and urban areas of the country and making spell from 2003 to 2010 as "Golden Years of Pakistan Football". They called PFF-KESC Lyari Football League 2011 another milestone in Faisal's handsome tenure that ended with Syed Khadim Ali Shah, SVP of SAFF and VP of PFF, presented Champion Lyari Town, Runner up Singolane, bronze-medallist Bihar prizes of Rs. One lac, 50,000 and 25,000 respectively besides Gold, Silver , Bronze and glittering individual prizes and Rs.90,000 to all 16 participants, says a press release. Captain of Pakistan in 1974 RCD Cup, Ali Nawaz praised PFF Chief's dedication, devotion, commitment and true love with football who pushed the football in the such height that Australia had decided to support soccer of Pakistan. Australian High Commissioner Timothy George, announced development grant to PFF Youth Football Development Project in Lyari.
MELBOURNE: Caroline Wozniacki of Denmark celebrates breaking the serve of Francesca Schiavone of Italy during the women's quarter-final match at the Australian Open tennis tournament.-Reuters
Injured Swann back home ADELIADE: Graeme Swann has been forced out of the oneday series against Australia by injury as England's casualty list continues to grow. He picked up a knee problem during the first Twenty20 and has now suffered a back strain and will be returning to the UK to recover for next month's World Cup. Swann played the second T20 and first one-day international in Melbourne but has missed the last two matches. It had been hoped he would be able to take part towards the end of the series, but a back spasm a couple of days ago
added to his problems, leaving England another key bowler short as they aim to bounce back from 3-0 down. Andy Flower, the England team director, said Swann would be taking the earliest flight home. "He's unfortunately got a strain in his lower back and that allied with his knee problem means it's best for him to go home and get ready for the World Cup now," Flower said. It leaves England with Michael Yardy and James Tredwell to fill the spin roles for the remainder of the series but neither offer the attacking
option of Swann and his absence has been felt during the middle overs. "It's a big blow, he's an important part of our side," Flower said. "He's a worldclass performer and full of confidence after the Ashes. But these things happen, we are coming towards the end of a long, hard tour and certainly the physical challenges are starting to take their toll." Swann is the second player to fly home from the one-day series after Tim Bresnan picked up a calf strain in Hobart.-Reuters
LONDON: The former England captain, Alec Stewart, believes that England's World Cup campaign will not be seriously undermined by the prospect of a series defeat in Australia, so long as the frontline bowlers who are currently absent from the team use the opportunity to recharge their batteries midway through their gruelling winter itinerary. Stewart, who was England's most-capped one-day cricketer until Paul Collingwood surpassed his tally of 170 appearances, played in four World Cup campaigns from 1992 to 2003, and captained the side on home soil in 1999. On two of those occasions - in the subcontinent in 1995-96, and in South Africa in 2002-03 the tournament came hot on the heels of gruelling five-match Test series, and that is a pattern that has since been repeated with the World Cup and Ashes falling in the same four-year cycle. The current team is regarded as England's best one-day outfit since 1992, but they once again appear to be suffering from the demands of an overcrowded itinerary.-Reuters
The latest in the list is the former test captain and suspended player Salman Butt, who played under the cap-
taincy of Shahid Afridi for almost six to eight months, has termed Afridi as directionless skipper. "You don't see any planning and innovation in Afridi's captaincy. He is the captain who has no direction and no
vision," said Butt. "Pakistan Cricket Board should appoint Misbah as skipper for the World Cup as he is a born leader and always lead from the front. Pakistan cricket team played exceptionally well under the captaincy of Misbah during the test series and you can see the contrast in the first one day international match against New Zealand as it was almost the same team which participated in the test series," he added. "I have the news that many players don't want to play under the captaincy of Shahid Afridi," Butt claimed.-Online
Sangakkara, Sehwag star in Think Wise DUBAI: They may be rivals on the field of play, but Indiaopener Virender Sehwag and Sri Lanka captain Kumar Sangakkara have joined together to star in a new Think Wise campaign for the ICC Cricket World Cup 2011. The players feature in a public service announcement, released Tuesday and available free to all broadcasters across the globe, encouraging young people to 'get the facts, protect yourself', as part of the ICC's Think Wise partnership with UNAIDS and UNICEF promoting HIV prevention. The campaign would encourage young people to be informed, take appropriate action to prevent HIV infection and stand together against the stigma and discrimination often facing people living with HIV. Although UNAIDS announced that new HIV infections had fallen by 20 per cent between 2001 and 2009, more than 7,000 people were infected each day in 2009 and one out of every three of these was a young person aged between
15 and 24 years. "The ICC Cricket World Cup 2011 provides an opportunity to use our profile as cricketers to deliver important social messages to the hundreds of millions of supporters who will be watching the tournament across the world," said Virender Sehwag. Sehwag and Sangakkara, who are both Think Wise champions, have been active supporters of the partnership since it was formed in 2003, visiting projects at ICC events and promoting global HIV prevention and stigma reduction messages. Other active supporters in the partnership include Graeme Smith (South Africa), Shakib-Al-Hasan (Bangladesh) and Ramnaresh Sarwan (West Indies). "As a Think Wise champion and cricketer, I want to help educate young people on how to protect themselves from HIV. It is important that young people around the world have access to the right information to help them make informed decisions and break down stigma and discrimination. -Reuters
Federer, Wozniacki storm into semis Nadal, Clijisters into Q-finals at Australian Open MELBOURNE: Roger Federer cruised into his eighth consecutive Australian Open semifinal with a dominating straight-sets victory over his Swiss teammate Stanislas Wawrinka on Tuesday. It was a no-contest as the alltime Grand Slam champion cantered to a 6-1, 6-3, 6-3 win against the over-awed Wawrinka in just 1hr 47 min on Rod Laver Arena. On the other side, World number one Caroline Wozniacki recovered from losing the first set to overcome Italian Francesca Schiavone 3-6, 6-3, 6-3 in the Australian Open quarterfinals on Tuesday. Two days after beating Svetlana Kuznetsova in the longest women's match in Grand Slam history, Schiavone showed remarkable powers of recovery but eventually ran out of steam against her younger opponent. Wozniacki, who is now assured of remaining as number one when the new rankings are published next week, moves into a semifinal against China's Li Na,
who earlier beat German Andrea Petkovic 6-2, 6-4. Nobody expected the 30-yearold French Open champion to recuperate in time to challenge an opponent 10 years her junior and at the top of her game. Federer will now take on either 2008 champion Novak Djokovic or Czech sixth seed Tomas Berdych in Thursday's semifinal. Tuesday's success extended Federer's winning streak to 15 and a record 59th match win at the Australian Open. "I definitely needed a good performance and I've obviously played Stan many times in practice and in matches and there were no real secrets out there for either of us," Federer said. "I think the start was really crucial. It may have been a battle for him to get used to the conditions after playing two such great matches at night. The pair won the men's doubles gold medal for Switzerland at the 2008 Beijing Olympics. From the outset, Federer was never going to lose and he broke
Wawrinka's serve five times and won a high 72 percent of his first serves and 76 percent of his second serves. The 16-time major champion hit 29 winners and dominated the match points 90-66. Federer broke the misfiring Wawrinka twice in taking the opening set which lasted just 29 minutes. Wawrinka had two break points in the sixth game of the second set but badly missed the next three points to pass up the chance, and then with his confidence down easily gave up his service to hand Federer a break. Wawrinka, clearly lacking the belief that he could beat his Swiss Davis Cup teammate, surrendered the set with his fourth service break with a bad backhand miss. He was given a code violation for racquet abuse when he angrily slammed his racquet into the court as he gave up another service break early in the third set. However, the Italian hardly seemed bothered by fatigue in
the first set as she covered the court with speed and agility. Instead it was Wozniacki who seemed to struggle as the wily Schiavone moved her from side to side with precise groundstrokes and a deft touch around the net. Wozniacki opened brightly and put pressure on Schiavone's serve, but was unable to produce a break despite having six chances in the first set. She seemed bewildered at times by Schiavone's court coverage and determination, and when she stumbled serving at 4-5, the Italian pounced to break and take an intriguing opening set. Wozniacki called for a trainer and went off court for treatment, coming back out with her left thigh heavily strapped, but she didn't seem restricted as Schiavone continued to move her around the court. Schiavone broke early and went to 3-1 but finally began to show signs of tiredness and Wozniacki broke back, then went
on a six-game streak to level the match and take an early break in the third. The Italian broke back but she seemed to be feeling the effects of her match against Kuznetsova, with some poor shot selection and simple errors creeping into her game. Wozniacki began to turn the screws and still Schiavone ran, but when the Dane pulled off a miraculous lob to secure break point to go to 5-2, the Schiavone's gallant challenge seemed over. While, the "Rafa Slam" is still alive after Rafael Nadal beat Marin Cilic 6-2, 6-4, 6-3 at the Australian Open on Monday to maintain his chance of owning all four Grand Slam trophies at once. Playing on Melbourne Park's center court that is named for the Australian great, Nadal advanced to a quarterfinal against Spain's David Ferrer. Nadal is attempting to add to the Grand Slam titles he won last year at the French Open, Wimbledon and the US Open.
Spain's Rafael Nadal makes a forehand return to Croatia's Marin Cilic during their fourth round match at the Australian Open tennis championships in Melbourne, Australia, Monday. Kim Clijsters, seeded No. 3 and increasingly looking as if she can add to her US Open crown, also reached the quarterfinals with a 7-6 (3), 6-2 victory over Ekaterina Makarova of Russia. No. 2 Vera Zvonareva advanced as well. Clijsters is in the second full season of a comeback after 2 1/2 years in retirement. She won five singles titles and the US Open last year. "I never thought things would be going well so soon after I started again," she said. In other fourth-round matches, Alexandr Dolgopolov upset No. 4 Robin Soderling, the highest of the seeded players knocked out of the men's draw. No. 5 Andy Murray defeated No. 11 Jurgen Melzer, and No. 7 Ferrer defeated Canadian qualifier Milos Raonic.-Agencies
Recovery builds but EU, inflation pose risks: IMF
British GDP suffers shock Q4 contraction LONDON: Britain's economy unexpectedly shrank in the last three months of 2010, causing a major headache for the government as it embarks on the deepest spending cuts in a generation. Finance minister George Osborne said the shock 0.5 per cent contraction would not derail his austerity plans, blaming the drop in output on the harshest December weather on record. But even without the heavy snow, the economy would have struggled to register any growth, according to the Office for National Statistics, an assessment that spooked financial markets, sending the pound tumbling against the dollar . "This is a horrendous figure. An absolute disaster," said Daiwa economist Hetal Mehta. "It seems that the economy is incredibly vulnerable. And with the fiscal tightening yet to fully bite, we have to brace ourselves for a bumpy ride." Sterling fell 1.5 per cent to $1.5760 and UK shares dropped on the figures, which showed Britain's economy was in trouble even before the government starts to cut public spending in earnest in 2011. January's rise in value-added tax will only add to the economic headwinds, making a strong bounce back at the start of 2011 unlikely. The data, following growth of 0.7 per cent in the third quarter, reverberated beyond Britain's shores, fanning worries about the health of the
global recovery. Britain is the first G7 country to report Q4 GDP data and its results can set the trend. Economists had predicted growth of around 0.5 per cent, with forecasts ranged between 0.1 and 0.6 per cent growth. New IMF figures released on Tuesday forecast UK growth of 2.0 per cent this year, lower than in Germany, the United States and others. That forecast now looks optimistic. STAGFLATION FEARS With UK inflation at 3.7 per cent almost double the Bank of England's target, Tuesday's shock figures raise the ugly spectre of stagflation and leave the central bank with an acute policy dilemma. Investors took the view that the BoE would refrain from an early rate rise, despite coming under attack for failing to curb inflation, and interest rate futures soared. The June short sterling contract leapt 14 ticks -- its biggest one-day gain since last June's Budget and almost completely reversing its losses since the start of this month, as investors took their bets on a May rate hike off the table. "We have been of the opinion that the Bank of England should not raise interest rates until the first quarter of next year," said Stuart Green, economist at HSBC. "I think the data really confirms the idea that, given the headwind the economy is facing, that this monetary stimulus is still required." Although inflation remains
far from the double-digit rates of the 1970s, economists are dubbing the outlook "stagflation-lite" and predict it could be around for a while. Stagflation is a term coined to describe a toxic combination of moribund growth and rising prices. NO TURNING BACK Tuesday's data is backward looking but economists said it highlighted how vulnerable growth was to negative shocks -- something that will worry the government as it steps up its five-year plan to slash Britain's budget deficit. Construction and service sector output both posted big quarterly falls, the former dropping by 3.3 per cent to record its biggest quarterly decline since the start of 2009 when Britain's economy was deep in recession. Osborne insisted that the shrinking economy was no reason to deviate from his programme of public spending cuts. "There is no question of changing a fiscal plan that has established international credibility on the back of one very cold month," he said. Separate ONS figures showed Britain's public sector net borrowing rose from a year ago to its highest December reading on record, though it fell from the all-time record reached in November. Public sector net borrowing came in at 15.3 billion pounds ($24.47 billion) in December, below the 18.1 billion pounds forecast but above December 2009's total of 14.3 billion pounds.-Reuters
JOHANNESBURG: Europe needs to strengthen its financial rescue fund to reduce the risk of renewed global instability as US tax cuts and buoyant emerging economies help propel the recovery elsewhere, the IMF said on Tuesday. Rich nations should nurture their slower growth rates by keeping monetary policy loose, while inflation pressures may force a number of emerging economies to raise borrowing costs, and global growth engine China should look to revalue its yuan currency sooner rather than later, it said. In an updated World Economic Outlook, the International Monetary Fund said the global economy would likely expand 4.4 per cent this year, a touch higher than the 4.2 per cent forecast in October. It expects growth of 4.5 per cent in 2012. But, in an update to its Global Financial Stability Report, the Fund said the effective size of Europe's financial rescue fund should be increased and that its banks needed rigorous stress-testing to help restore market confidence. "Problems in Greece, and now Ireland, have reignited questions about sovereign debt sustainability and banking sector health in a broader set of euro area countries and possibly beyond," it said as it released the reports in Johannesburg. The worry is that the European Financial Stability Facility, which has a headline value of 440 billion euros but an effective lending capacity of around half that, could be wiped out if a larger European economy needed rescuing.Reuters
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The minister said Pakistan wants support from Afghanistan to eliminate terrorism from the region. He disclosed that the law enforcement agencies have also arrested terrorists who wanted to kill MQM, ANP, PPP leadership and journalists. -Agencies
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Kamran said that the growth in the e-banking, particularly the enhanced ATM network has also been made possible through the joint efforts of the State Bank and the banking sector.
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Giving the salient features and objectives of the bill, Humayun said that after the passage of the 18th amendment, the opposition to this bill was unjustified. Marvi Memon sought permission for introducing the bills, saying her party wants protection of the people. Defense Minister, Chaudhry Ahmed Mukhtar said that Civil Aviation has been working under rules. -APP
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Mumbai Tuesday. India joins South Korea and Thailand in raising rates this month after increasing them six times in 2010, the most by any central bank in Asia. The move will buttress government efforts to cool inflation after Prime Minister Manmohan Singh unveiled plans to reduce food prices by importing onions from Pakistan and keeping a ban on exports of lentils and edible oils."Inflation is becoming an increasingly huge worry at this point in time and the RBI will need to do a major part of the firefighting in containing inflation," said Leif Eskesen, a Singapore-based economist at HSBC Holdings Plc. "The monetary policy needs to be much tighter than its now, given the building up of inflationary pressures." -Agencies
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Top-listed real estate firm DLF dropped 0.7 per cent. Separately, HSBC Securities downgraded DLF to "neutral" from "overweight". Hindustan Unilever, a unit of Anglo-Dutch Unilever Plc, dropped 5.5 per cent to 281.65 rupees, its lowest close in more than four months, after it said its quarterly net profit slipped as mounting costs weighed on margins. Declining shares outpaced advancing ones in a ratio of 1.4:1 on a low volume of 259 million shares. The 50-share NSE index shed nearly 1 per cent to 5,687.40 points. World equities as measured by the MSCI All-Country World Index was down 0.2 per cent by 1036 GMT, while the emerging markets index slipped 0.1 per cent.-Reuters
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International & Continuation
Wednesday, January 26, 2011
points, or 0.47 per cent, to 1,284.78. The Nasdaq Composite Index lost 14.17 points, or 0.52 per cent, to 2,703.38. In the latest economic data, US consumer confidence rose in January to its highest level in eight months, but single-family home prices fell for a fifth straight month in November. "The economic news is mixed and not much of a catalyst one way or the other," said Doug Roberts, chief investment strategist at ChannelCapitalResearch.com. "It's almost like people are stepping back, waiting for what the president says."-Reuters
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Lotte Pakistan stood as the volume leader with 43.58 million shares followed by Fauji Fertilizer Bin Qasim with 24.32 million shares Azgard Nine with 10.85 million shares. As far as active issues are concerned bulls outnumbered the bears as out of total 388 actives 192 closed in the green column and 177 in the red while 19 issues stayed unchanged
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area, the Company had invested $220 million while the initial capital cost stood around $3.299 billion. He said with expansion of Rekodiq project, Pakistani companies doing manufacturing business would be invited to get maximum benefits. Borries further said that other companies who were given contracts had fled from the area but they were staying there with focused task. "I assure you that there are five to eight more Rekodiq like reserves in the area," he added. The CEO said that they had shared feasibility report with the provincial government. Replying to Justice Muhammad Sair Ali's question about re-applying for the license after the company abandoned the area; he said that fortunately they found the area ideal one as they were here with full fledged mining business. -Agencies
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government had to bear $ 10 per barrel more from the Gulf market and load was being passed on masses, adding prices should be adjusted according to the international standard of the New York Stock exchange. Federal Minister for Petroleum and Natural Resources Syed Naveed Qamar was the convener of the parliamentary Committee. Other parliamentarians nominated as members of the committee include MNA (PML-N) Sardar Mehtab Khan Abbasi, MNA (PML-N) Engr Khurram Dastgir Khan, Sardar Khan Bahadar Seehar (PML-Q), Suhail Mansoor, MNA(MQM), Munir Ahmad Continued from page 5 No #6 Orakzai, MNA (FATA), Senator Haji Ghulam Ali (JUI-F) and "In times of uncertainty, retailers bear the brunt as when we see Haji Adeel Khan (ANP). the economy hit, households are more cautious," John Stevenson, Besides, Deputy Chairman Planning Commission, retail analyst at Peel Hunt said. Next peer Marks & Spencer fell Secretary Finance, Secretary Petroleum and DG (Oil) will be 2.2 per cent while home improvements retailer Kingfisher lost 0.9 other members of the committee.Annual demand of petroleper cent. Luxury goods firm Burberry, however, added 3.2 per um products in the country is about 20 Million Tons (400,000 cent after a bullish trading update from peer Luxottica. barrels per day) out of which only 13 per cent is being met The luxury goods industry has recovered strongly from its worst through local resources while the balance 87 per cent is slump in decades, thanks to buoyant demand in Asia and renewed through import in shape of crude oil and deficit refined petroappetite in mature markets such as the United States. leum products like Motor Spirit, High Speed Diesel, Furnace US consumer confidence rose more than expected in January to its highest level in eight months. However, Wall Street was lower Oil etc. The import volumes of Crude Oil, HSD and Furnace after a slew of earnings including 3M Co, Johnson & Johnson and Oil were 7.0 million tons, 4.6 million tons and 6.6 million American Express Co, failed to persuade investors to add to the tons respectively during the year 2009-10 for which the previous session's gains. Miners .FTNMX1770 also dragged the import bill was around $10 billion. -Agencies FTSE 100 lower, tracking weaker commodity prices, as risk Continued from page 1 No #11 appetite ebbed. However, precious metals processor Johnson Cheema while talking to the media said that most of the Matthey rallied, up 1 per cent, helped by improving sales trends causalities were that of policemen adding that their personnel in the automotive industry for which it manufactures catalytic are alert on the deployed points and this incident would not convertors, traders said.-Reuters divert their attention. He further said that they are trying to end procession soon. In the second explosion, two policemen Continued from page 5 No #7 recent weeks partly in anticipation of strong corporate results. were killed and five others injured when a suicide motorcyThe rally wilted last week after weak bank earnings, with the S&P clist hit police mobile near Imambargah Hussenia in Malir Karachi.Police said the head of the suicide attacker was ending a seven-week run of gains. The Dow Jones industrial average dropped 51.35 points, or 0.43 recovered from the scene. The injured were shifted to Jinnah per cent, to 11,929.17. The Standard & Poor's 500 Index fell 6.06 Post graduate Hospital.
US consumer morale at 8-mth high; home prices sag WASHINGTON: US consumer confidence improved more than expected in January to its highest level in eight months, underscoring the brightening economic outlook, even though the housing market remains on shaky ground. The Conference Board said on Tuesday its index of consumer sentiment jumped to 60.6 in January, the highest since May, from 53.3 in December. The index, which came in above economists' expectations for 54.3, reflected an improving outlook for employment and manufacturing, and a sense the economy is now on a firmer footing. "We're moving in the right direction and it is consistent with other evidence that the recovery is gaining some traction," said Zach Pandl, a US economist at Nomura Securities International in New York. The government is expected to report on Friday that the economy grew at a solid 3.5 per cent annual rate in the fourth quarter of last year, accelerating from the 2.6 per cent pace in the JulySeptember period. US stocks briefly pared losses on the confidence report, but disappointing corporate earnings weighed on shares. The dollar edged higher against the yen, while Treasury debt prices erased gains. While other sectors of the
economy are showing strength, recovery continues to elude the housing market. Single-family home prices fell for a fifth straight month in November, a separate report showed, and house values were set to drop further against the backdrop of a excess supply. The Standard & Poor's/CaseShiller composite index of 20 metropolitan areas declined 0.5 per cent from October, but the decline was not as sharp as the 0.8 per cent fall expected by economists. Compared to November last year, prices fell 1.6 per cent. Despite a slight improvement in home sales, prices were likely to continue their downward spiral through the year, economists said. OVERSUPPLY OF HOUSES "Given a pipeline of distressed properties that is at least two years of supply, the downward pressure on prices will be with us through 2011 even if we see some improvement in housing demand," said Yelena Shulyatyeva, an economist at BNP Paribas in New York. Sixteen of the 20 cities surveyed showed annual price falls in November, while 19 of 20 cities showed monthly drops. "A double-dip could be confirmed before Spring," said David Blitzer, chairman of the index committee at S&P. Blitzer defined a double-dip as
both the 10 and 20-city composite indices setting new postpeak lows. Economists worry a sustained decline in house prices could impact consumer sentiment, but remain optimistic that this would be offset by the strengthening labor market. The Conference Board's expectations index climbed to 80.3 in January, also the highest since May, from 72.3 in December. The present situation index increased to 31.0, the highest since November 2008, from 24.9. "Consumers rated business and labor market conditions more favorably and expressed greater confidence that the economy will continue to expand and generate more jobs in the months ahead," Lynn Franco, director of The Conference Board Consumer Research Center, said. Consumers' labor market assessment improved. The "jobs hard to get" index declined to 43.4 per cent in January from 46.0 last month, while the "jobs plentiful" index rose to 5.2 per cent from 4.2 per cent. But consumers' expectations for inflation in the coming 12 months rose to the highest since July 2009, a potentially worrying sign for the economy. One-year inflation expectations rose to 5.5 per cent in January, matching the level in July 2009, from 5.3 per cent in December.-Reuters
Japan cbnk sees brighter outlook, keeps easy money TOKYO: The Bank of Japan on Tuesday nudged up its price forecast for the year starting in April and forecast an early escape from the economic doldrums, further dampening any expectations of an imminent monetary easing. But the central bank stuck to its view that the pickup in growth and a pullout from deflation will be slow and moderate, suggesting that its ultra-easy monetary policy will remain in place for years to come. In his most upbeat assessment to date, BOJ Governor Masaaki Shirakawa said factors that had weighed on the export-reliant economy, such as the strong yen, pessimism over the US economy and slowing overseas growth,
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were receding. "It's hard to say with certainty that the timing will be in January-March but Japan's economy will gradually emerge from a slowdown," he told a news conference. That roughly echoed the view by the BOJ's chief economist last week that Japan's economy would emerge from a lull as early as in March. Japan's economy is expected to have contracted slightly in the final quarter of last year and is seen rebounding only modestly in the quarter to March. But some encouraging signs in the economy, such as a rise in factory output, have prompted the government to upgrade its economic assessment and dampened expecta-
tions that the BOJ might soon ease policy further by expanding its asset purchases. "Shirakawa's comments indicate the economy is likely to emerge from a lull and return to a moderate recovery path earlier than previously expected. I think the strong factory output is behind this view," said Susumu Kato, chief economist at Credit Agricole Securities. "There is now less of a chance the BOJ will ease policy further as it's saying worries over the US economy have diminished." As widely expected, the BOJ maintained interest rates at a range of zero to 0.1 per cent and held off on new policy initiatives at its two-day rate review that ended on Tuesday.-Reuters
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Pakistan, Asif Qadir, President and CEO Engro Polymer & Chemicals Limited and Abdul Qadir Memon, President, Pakistan Tax Bar Association. The nominated individuals can be seen as a fair balance of the requisite qualification and skills on the KSE Board, with two of them having national and international banking and capital markets experience. It is expected that the KSE Board of Directors, in particular, and the capital markets in general, will greatly benefit from the mix of extensive knowledge, global experience and diverse expertise. -APP
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million to Monis Elahi, the son of former Punjab chief minister Chaudhry Pervaiz Elahi, from the plundered money. Appearing on notice, Deputy Director of the Federal Investigation Agency (FIA), Zafar Qureshi, told the court that Muhammad Malick, an arrested accused of the NICL scam, had admitted that he had given Rs220 million from the plundered amount to Monis Elahi. He said the accused was the Manager of Al-Tahoor International, a company owned by Monis Elahi. Secretary Interior Qamar Zaman told the court that Zafar Qureshi has been assigned to investigate the scam. The chief justice had expressed annoyance over the transfer of Zafar Iqbal Qureshi, who has been supervising the NICL scam since the last year, but has now been posted at the Police Foundation, Islamabad. -Agencies
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expected activity in the second half of 2010 as well as new policy initiatives in the United States that will boost activity this year," it said. The annual pace, however, would still be slower than the 5.0 per cent seen in 2010. The IMF said a new US fiscal package passed in late 2010 was expected to boost growth in the world's biggest economy by 0.5 per cent. Meanwhile for emerging economies, growth remained "buoyant" but inflation pressures were emerging and there were signs of overheating in part from capital inflows as investors chased higher yields. Growth in the top two Asian engines, China and India, was unrevised at 9.6 per cent and 8.4 per cent, respectively. Sub-Saharan Africa is predicted to produce the strongest growth of any region, at 5.8 per cent. But the IMF warned of risks from the financial and debt crises in peripheral eurozone countries, such as Greece and Ireland, and tepid progress in financial reforms. "The most urgent requirements for robust recovery are comprehensive and rapid actions to overcome sovereign and financial troubles in the euro area and policies to redress fiscal imbalances and to repair and reform financial systems in advanced economies more generally," it said. The IMF called for stepped-up eurozone financial support for member countries in need, among other measures, and better stress tests on banks. "Markets remain skittish about potential losses in the region's banks and have not been assuaged by stress tests conducted to date." Policymakers in the emerging economies, which account for more than two-thirds of global growth, should take steps to keep overheating pressures in check, the 187-nation institution said. -Reuters
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and strengthen the institutions. They said that unanimous adoptions of the 18th and the 19th constitutional amendments as well as 57 bills are fruits of this policy. The current political situation and progress on the development schemes to improve civic amenities in their respective constituencies was also reviewed in the meeting. The meeting was attended by Sardar Saleem Haider, Samina Mushtaq Paganwala, Zil-e-Huma, Ghaus Bakhsh Mehar, Syed Allaudin, Raheela Baloch,Mr.Usman advocate,Shed Zafar,Mr.Tariq Mahmood Bajwa ,Sardar Umar, Changez Jamali,Dewan Ashiq Hussain Bokhari.
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Wednesday, January 26, 2011
India sees no hope in Pak talks
ISLAMABAD: Commander National Guards of Bahrain Lt General Shiekh Muhammad Bin Isa Bin Salman Al-Khalifa called on President Asif Ali Zardari at Presidental House.-Online
25 terrorists nabbed in Jan: Interior Minister
Malik gives thumbs down to Khi operation Says will take up arms-smuggling issue with Kabul ISLAMABAD: Federal Interior Minister Rehman Malik Tuesday ruled out any operation in Karachi but on the other hand, said if needed army could be called in to handle the situation. 'Any operation neither conducted nor would be launched.' He was addressing the media outside the Parliament. The minister pointed out that a conspiracy was hatched to turn Karachi like Lebanon. He blamed the supply from upper
NA adopts two bills ISLAMABAD: The Abolition of Discretionary Quotas in Housing Schemes Bill 2011 and the Constitution Amendment Bill 2011 (Substitution of Articles 251) were introduced in National Assembly on Tuesday, two bills have been deferred and one was rejected. The bills namely The Right to Information Bill 2011 and The Pakistan Penal Code Amendment Bill 2010 were differed due to absence of Sherry Rehman and Minister for Law, Justices and Parliamentary Affairs, Dr. Babar Awan. Another rejected bill - The Civil Aviation Authority Amendment Bill 2011 was moved by Humayun Saifullah Khan. PML-N Zahid Hamid introduced the Abolition of Discretionary Quotas in Housing Schemes Bill 2011 to provide for abolition of all discretionary quotas in housing schemes in the public sector. Giving the silent features and objectives of the bill, Zahid Hamid said that introduction of quota system in the government housing schemes was promoting `plot culture' in the country. He said that there was huge difference between the allotted plots and the plots sold for commercial purposes. He said if the quota system was bound to remain it should be for disable, widows and other deserving people. He stressed the need for bringing transparency in the over all allotment of plots in the housing schemes for the national interest. Speaker National Assembly referred the bill to the concerned committee. Meanwhile, Nawab Abdul Ghani Talpur introduced the Constitution Amendment Bill 2011 (Substitution of Article 251). The speaker also referred the bill to concerned standing committee. On the request of Minister for Information and Broadcasting, Qamar-uz Zaman Kaira, the Right to Information Bill 2011 was deferred due to absence of Sherry Rehman. See # 3 Page 11
northern parts of the country for continued terrorism. At least 25 terrorists were arrested in January from Karachi, he said. Terrorists were planning to kill prominent figures and journalists in Karachi, the minister added. The minister also said key arrests have been made in Wali Babar killing. Malik said the Ranger could act against the miscreants as it had been conferred the authority of police. The terrorist arrest-
ed in Karachi had the plans to target high profile personalities, added he. Stressing the need for the unity among all the major political actors in the country, the minister said that everyone incident of killing should not be called targeted killing, rather it should first be scrutinised. He told that an attempt to smuggle large cache of arms, hidden in the truck of orange, had been foiled by the police.
The said truck was destined for Karachi. Interior Minister said that the weapon smuggling issue would be taken up with Afghanistan as illegally imported arms were being used in terror incidents here in the county. He said terrorism cannot be countered in a more effective way until and unless smuggling of weapons from Afghanistan is not stopped." See # 1 Page 11
NEW DELHI: Indian Foreign Secretary Nirupama Rao categorically stated that no headway is expected in the Indo-Pak foreign secretaries meeting. Talking to Pakistani media men in New Delhi, Rao said that India seeks positive and result-oriented talks and not another photo session, reported a private TV channel. "We'll take up issues including visa problems, trade and others; Nirupama said, added both nations should repose trust in each other, the door of negotiation is never closed". To tackle the menace of terrorism is the need of hour for both India and Pakistan, the Indian Foreign Secretary asserted. -Online
6 killed in a bomb attack in Dera Adam DERA ADAM KHEL: A house has been targeted with a bomb which killed six including a woman and injured seven here on Tuesday. As per details, a bomb from an unknown direction targeted the house of Muhammad Aslam in a village Shahbaz Khel of Sunni Khel. The explosion killed five children and his wife instantly, namely Farhan, Suma, Obaid, Zayad and Shazma were among the dead, whereas seven have suffered severe injuries. The injured include women and children as well. They have been shifted to the Lady Reading Hospital where a child is said to be in critical condition. -Agencies
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PAC takes notice of occupation on PR land
Committee presses for fiscal check ISLAMABAD: Public Accounts Committee (PAC) has taken serious notice of occupation of Railway land by Army, Rangers and Janbaz Force without any payment and directed defense ministry, interior ministry and Pakistan Railways to settle the matter with mutual understanding within three months. PAC met here Tuesday under its chairman Chaudhry Nisar Ali Khan to review the audit objections in respect of ministry of communication and railways ministry for the year 2007-08. Audit told the committee Pakistan Rangers and Pakistan Army had occupied 1050 acres land of railways. Committee directed if Railways land was being used then its rent be paid, whosoever is found responsible for nonpayment of rent will be summoned in the committee. Chaudhry Nisar said some people were running DHA in Rawalpindi. One among them was Qabza group and if some thing was said against this group, it was considered against army. Land is owned by railways while army and rangers were earning money out of it, he remarked Quarter Master General should get recover railway land from army occupation other wise he would be sum-
moned in PAC, he said. Secretary railways told comparison of Pakistan railways be not made with Indian railways. Trillion of rupees had been invested in railways in India. On the other hand we can not even meet our expenses from the funds provided to us, he added. Auditor General of Pakistan told the committee that project allowance was permissible in government departments under certain conditions that the project should be worth of more than 100 million rupees and approval was required to be obtained from Ecnec or CDWP. Only regular employees could be allowed project allowance, he told. Chaudhry Nisar said no government department could violate financial discipline in the name of autonomy. No one could formulate separate rules and regulations, he added. Secretary finance said money being provided to NHA was in fact loan. NHA could not violate financial rules and regulations set by government despite being autonomous. Auditor General said that if government had no money then CDWP be restricted in extending approval to projects. There was no money in national kitty but CDWP was approving projects of billion of rupees on the other side. -Online
'N' afraid of our growing popularity: MQM
'N', MQM swap barbs in House ISLAMABAD: The National Assembly session has been prorogued till today (Wednesday) due to a nasty trade of barbs between the member of two big political parties - PML-N and MQM, media reported on Tuesday. Later, while talking to media Ahsan Iqbal of PML-N maintained that talk of peace in Karachi won them a strong reaction from MQM. "MQM's leadership is violating the Article 6 of the Constitution;" why to abuse the Army and talk of martial laws", Iqbal said scathingly, added it seemed as if Musharraf needed Muttahida. Meanwhile, MQM's Asif Husnain alleged the PML-N of having no interest in Karachi peace; they just want Army's hold of the metropolis. Muttahida Qaumi Movement has made it clear that PML-N Punjab is afraid of our growing popularity in Punjab and the day is not far off when there would be a revolution in Punjab and Takht Lahore would go. Flanked by Khush Bakht Shujaat,
Iqbal Mohammad Ali and others MQM leaders, Asif Husnain talking to media outside the Parliament House said currently Punjab has the highest crime rate and the govt of Punjab has failed to control the rate, hence Punjab should be handed over to the army for the safety and protection of the public. He said that Article 6 should be implemented on those who had given a go-ahead for an army operation in which blood of 15000 innocent people was shed. He said that PML-N dream of overtaking Karachi would never materialise, added MQM is doing public service in Karachi and we would expose those elements responsible for blood shed in Karachi He said that PML-N is afraid of MQM growing popularity in Punjab and we want to clear on them that one day revolution will come and Takht Lahore would go. He added that MQM rally in March in Punjab would prove to be historical. -Online
E-banking is the future, says SBP Staff Reporter KARACHI: Muhammad Kamran Shehzad, Deputy Governor State Bank of Pakistan Tuesday said that electronic banking has become the need of the hour, as it will not only enhance business volumes of banks but also increase their outreach to unbanked areas. Speaking as the chief guest at a symposium on 'Managing ATM Security and Risks in its Operations' which was organised by Messrs Phoenix Armor at a local hotel in Karachi, Kamran said that the use of enhanced technology has improved the retail banking model and spurred the development of new electronic retail products through alternate delivery channels including the ATMs, mobile phones/branchless banking and the point of sales (POS). He pointed out that the statistics show that the Automated Teller Machines (ATMs) is the predominant alternate delivery channel of e-banking being used by the customers and
lead the retail level e-banking/online services in terms of volume. Of the total e-banking transactions during July-September 2010, ATM transactions represented 59 per cent of the total volume; he said added development of robust and reliable system providing easy access throughout 24/7 and readily supply of quick cash without waiting in long queue is the key behind high volume of ATM transactions. "As the number of ATMs continues to grow with increasing branch network, volume of ATM transactions is also expected to grow further," he observed. SBP Deputy Governor informed the participants that as of September 2010, banks have 4270 onsite ATMs. He, however, emphasised upon the banks to ensure provision of uninterrupted ATM services to their customers and take responsibility for resolution of all types of issues emerging from outsourcing of ATM replenishment. See # 2 Page 11
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