International Karachi, Friday, November 26, 2010, Zil Hajj 19, Price Rs12 Pages 12
Sharmila makes police performance report public
India test fires Agni-I N-missile
See on page 12
PM Gilani speaks highly of SCO
See on page 12
Pak, Iran, Afghanistan agree on joint operation
See on page 12
See on Page 2 Economic Indicators $16.85bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 411bn $58.41bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 171.14mn
Forex Reserves (19-Nov-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Oct 10) Foreign Debt (Sep 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Sep 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
164.28 Yearly(Jul, 2010 up to 24-Nov-2010) Monthly(Nov, 2010 up to 24-Nov-2010) 59.56 13.72 Daily (24-Nov-2010) 2572 Total Portfolio Invest (12 Nov-2010)
NCCPL (U.S $ in million)
FIPI (25-Nov-2010) Local Companies (25-Nov-2010) Banks / DFI (25-Nov-2010) Mutual Funds (25-Nov-2010) NBFC (25-Nov-2010) Local Investors (25-Nov-2010) Other Organization (25-Nov-2010)
3.73 1.83 1.22 -1.61 1.15 -6.57 0.26
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,135.34 10,079.76 23,054.68 19,318.16 2,756.89 2,898.26 5,678.11 11,187.28
Change 19.49 49.65 30.82 141.69 1.02 38.32 21.01 150.91
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)
$.Price PKR/Shares 2.60 111.05 18.50 158.03 2.00 42.71 1.70 36.30 10.57 36.12
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
15-Nov-2010 15-Nov-2010 15-Nov-2010 29-Sep-2010 25-Nov-2010 25-Nov-2010 25-Nov-2010 25-Nov-2010 25-Nov-2010 25-Nov-2010 25-Nov-2010 25-Nov-2010 25-Nov-2010 25-Nov-2010 25-Nov-2010
12.86% 13.20% 13.30% 13.50% 12.79% 13.04% 13.32% 13.69% 13.76% 13.69% 13.76% 13.84% 14.23% 14.33% 14.51%
Commodities *Crude Oil (brent)$/bbl 86.27 *Crude Oil (WTI)$/bbl 84.30 *Cotton $/lb 116.59 *Gold $/ozs 1,374.30 *Silver $/ozs 27.52 Malaysian Palm $ 1,047 GOLD (NCEL) PKR 37,668 KHI Cotton 40Kg PKR 8,895
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 82.00 Canadian $ 83.00 Danish Krone 14.50 Euro 115.00 Hong Kong $ 10.90 Japanese Yen 1.012 Saudi Riyal 22.60 Singapore $ 65.60 Swedish Korona 12.75 Swiss Franc 87.05 U.A.E Dirham 23.05 UK Pound 135.20 US $ 85.40
Sell (Rs)
83.00 83.50 15.00 116.00 11.00 1.038 22.70 65.70 12.85 87.15 23.15 135.30 85.70
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
83.51 84.53 15.26 113.78 11.00 1.022 22.76 65.15 12.30 85.68 23.24 134.56 85.42
83.71 84.73 15.30 114.05 11.03 1.025 22.81 65.30 12.32 85.88 23.29 134.87 85.60
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
26°C 31°C 26°C 26°C 18°C 26°C
MIN
6°C 14°C 10°C 7°C -5°C 8°C
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Chairman Senate dismisses objections over RGST
Pakistan, Russia join hands against terrorism
Senators up to FBR shake-up Committee approves 19 recommendations
Special Correspondent/ Agencies ISLAMABAD: Senators on Thursday called upon the government to take pragmatic measures to eliminate corruption by reorganising the functioning and reshuffling the structure of Federal Bureau of Revenue (FBR) and improve the tax collection system. Taking part in debate on General Sales Tax (GST) Bill 2010 in the Senate, lawmakers suggested that government should also recover written off loans. PML-Q senator S M Zafar said the GST was a new bill and calling it a reformed GST was not correct because it would repeal the 1990 GST Act. Some 700 new articles were included
in the bill. He requested the government to withdraw the bill as it would further burden the poor. MQM Senator Haseeb Khan said that his party had a principled stand on the RGST. It would oppose every move which would burden the poor segments of society. The MQM would support the bill if its suggestions were incorporated in it, he added. He said, "It will be unfair to the masses." He said that performance of Federal Board of Revenue (FBR) was a question mark. How one could expect from the FBR to manage RGST. He said it was need of the hour to streamline the functioning of FBR. Haseeb Khan said that more
Transparent usage of funds
US seeks NAB help over KLB ISLAMABAD: United States Thursday under Kerry-Lugar Bill (KLB) has sought help from National Accountability Bureau (NAB) for proper utilisation of funds provided to Pakistan through NGOs. According to spokesman NAB, a delegation of US Aid officials comprising Daniel P Altman and Charles D Zimmerman met the Chairman NAB justice retired Syed Deedar Hussain Shah at NAB HQ on Thursday to discuss the modalities for ensuring the proper utilization of funds provided to Pakistan by the United States through NGOs under the Kerry-Lugar Bill. The US-Aid officials informed the Chairman that
they had received a significant number of complaints about the misuse and misappropriation of funds by the management of NGOs. Chairman NAB assured the US team about NAB's complete support in ensuring transparent use of funds given by the US Government to Pakistan through the Non Governmental Sector. It may be mentioned that US Government had filed complaints with NAB against certain NGOs also involving US nationals, which were alleged for improper and dishonest use of such funds. The Chairman NAB underscored the need to check acts of See # 8 Page 11
Nepra reduces power tariff by Rs0.32 per unit
Nepra warns of more power cuts Special Correspondent ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) has reduced the power tariff under monthly fuel adjustment by Rs0.32 per unit on Thursday. Owing to the decrease of power production in October, Nepra approved a reduction of Rs0.32 per unit for eight electricity distribution companies of the country. The concerned
consumers will benefit from this power tariff reduction in next month's bills. Nepra Chairman Khalid Saeed demanded, in an open hearing, the details of the power purchase agreement between Karachi Electric Supply Corporation (KESC) and the Central Power Purchase Company. Khalid Saeed said on the occasion that apparently there See # 9 Page 11
revenue could be generated by imposing tax on agriculture and slashing non-developmental expenditures. On the other hand, Chairman Senate Farooq H Naek ruling out opposition's objection on General Sales Tax Bill and Finance Amendment bill 2010 termed both bills as money bills DUSHANBE: Prime Minister Syed Yousuf Raza Gilani shakes hand with his and said that both the bills were Russia counterpart Putin in Dushanbe here on Thursday. -Reuters tabled in the Upper House according to the constitution. Pak slashes development to meet IMF targets Giving his ruling on General Sales Tax bill and Finance bill 2010 during the senate session Farooq H Naek said that both opposition and government point of view were analyzed and they were tabled in Upper ISLAMABAD: Finance House according to constitution Minister Abdul Hafeez Shaikh thus the objections by the ISLAMABAD: Government is after the floods," one source Thursday said that he has some Opposition leader Waseem all set to cut its development said. spendings by 46 per cent, Failure to make the cuts, ideas and proposals to put the See # 7 Page 11 squeezed by worsening econom- however, could endanger rela- country's economy on fast Asian Games ic conditions and International tions with the IMF, which track to progress and he is tryMonetary Fund demands, gov- loaned Pakistan $11 billion in ing hard to take his colleagues ernment sources say, imperiling 2008 to rescue an economy in and stakeholders on board in growth prospects. free fall, because it would not this regard. Talking to state television, Pakistan will cut its Public be able to meet deficit targets Sector Development set as a condition of the loan. minister said Pakistan is blessed Finance ministry sources fur- with the potential to become a Programme (PSDP) budget by almost half to Rs150 billion ther told Online finance secre- progressed and welfare state ($1.75 billion) for fiscal year tary had taken provinces into and days are not far when this GUANGZHOU: Fired-up 2010/11, according to govern- confidence in the third meeting potential would be materialised. Pakistan annexed the Asian ment sources who declined to of Council for Common The journey of country's ecoGames men's hockey gold be identified because they were Interests (CCI) under which the nomic progress was hampered medal after 20 years with a connot authorised to speak to the budgetary priorities had been by the massive devastations in media. reviewed. "We had to cut the PSDP to Federal government would result of recent past floods but it would take a year or few reduce expenditure, especially See # 12 Page 11 months more to come back on BP assets in Pak estimated at $690mn track, he said. "I have strong hope that Pakistan would be progressed and welfare state in near future,” he added. -APP
Govt set to cut PSDP by 46pc
Shaikh says has economy revival plans
Pak win gold in hockey final
vincing 2-0 win over Malaysia in the final on Thursday. Veteran Sohail Abbas put Pakistan ahead with his team's first penalty corner in the 26th minute, before striker Rehan Butt increased the margin three minutes after half-time. Agencies
Rangers raid various areas in Khi KARACHI: Rangers started raids in various parts of Karachi on Thursday night and arrested several suspects and shifted them to undisclosed places for interrogation. According to the media sources, Pakistan Rangers conducted search operations in Sultan Abad Area, adjacent to PIDC, while raids were also conducted on Rabia City in Gulistan-e-Jauhar. Sources added that operation would be carried out in other parts of city too. -Agencies
OGDC, PPL mull BP Pak joint bid
ISLAMABAD: Pakistan's biggest listed firm, Oil and Gas Development Co Ltd (OGDCL), is mulling a joint bid with Pakistan Petroleum Ltd (PPL) for BP's assets in Pakistan and has a Dec 6 deadline to make an offer, sources close to OGDCL said Thursday. BP announced its plans to sell its upstream assets in Pakistan in July, as part of a $10 billion global asset sale
aimed at raising cash to pay for its Gulf of Mexico oil spill. "OGDCL and PPL are together conducting the due diligence and would decide whether to bid after recommendations by its consulting firm Barclays PLC," said one of the sources, speaking on the condition of anonymity. "If OGDCL decides to bid, then its preference will be to do it with PPL. The bid has to be See # 13 Page 11
PAC fails to find record of Rs38bn ISLAMABAD: There is no record of Rs38 billion in the record of national wealth and where this money is gone is anyone's guess. This was disclosed in the meeting of the special committee of the Public Accounts Committee of the National Assembly in which financial irregularities that took place 16 years ago in NHA was reviewed in the audit report. During the meeting of the See # 11 Page 11
Forex reserves shrink to $16.85bn Staff Reporter KARACHI: Pakistan's foreign exchange reserves fell to $16.85 billion in the week ending Nov 19, down from $16.91 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) eased to $13.11 billion from $13.13 billion in the week ending Nov 12, while those held by commercial banks fell to $3.74 billion from $3.78 billion, said SBP chief spokesman Syed Wasimuddin. Pakistan's reserves hit a record high of $17.10 billion in the week ending Oct 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade deficit.
Deal to ease Nato reliance on risky Pakistan route
Nato gets Russia route to enter Afghanistan MOSCOW: Russia will let Nato take armoured vehicles to Afghanistan through its territory under an expanded transit deal that would reduce reliance on volatile Pakistan, its foreign minister said on Thursday. "The transit applies to armoured vehicles with antimine protection," Sergei Lavrov told a news briefing attended by his Afghan counterpart Zalmay Rasul. Lavrov added that existing transit deals, permitting the Western military alliance to
ship non-lethal supplies such as food and fuel to Afghanistan would be expanded to allow for so-called "reverse shipments". The addendum would potentially allow for vehicles in need of repair and refurbishment to be sent back to Nato's countries. Currently, about 80 per cent of Nato's supplies cross through Pakistan. Nato has been trying to reduce its dependence on oil convoy routes through Pakistan because they are exposed to frequent militant attacks. Rasul said Afghan President
Hamid Karzai was planning a visit to the Russian capital in January. Karzai has sought improve ties with Moscow and asked Russian President Dmitry Medvedev on his last Russian trip in August for help in establishing peace and stability in Afghanistan. The transit deal stops short of opening the Russian route for weapons for the Nato mission in Afghanistan, where Moscow fought a disastrous 1979-89 war which still haunts Russia
and which killed 15,000 Soviet troops. Russia's NATO envoy was quick on Thursday to stress that the deal would not allow Nato to ship tanks or combat-ready armoured personnel carriers (APCs) through Russian territory. "We are not talking about APCs or armoured vehicles that could participate in military action, but vehicles with reinforced protection to transport mainly civilian personnel," See # 14 Page 11
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Friday, November 26, 2010
RGST to increase SME’s output cost KARACHI: The Union of Small and Medium Enterprises (UNISAME) in a television interview invited the attention of Dr Abdul Hafeez Shaikh to the apprehensions of the SME sector regarding increase in prices due to imposition of Reformed General Sales Tax (RGST) under legislation. President Unisame Zulfikar Thaver said that there is no doubt and the matter is very simple that the RGST on services and inputs will increase the cost of production obviously and the worst affected would be the common man who is already burdened with
daily inflation and can ill afford any increase in prices. He said the manufacturers and wholesalers will increase their prices due to increase in cost of services amongst which is logistics, electricity, gas, communications, leasing and banking charges and hundreds of inputs and the burden will be passed on to the end consumer. He said Sugar and dairy products have not been exempted from RGST and also all types of processed/packed/branded food items and commodities have not been spared including drinking
mineral water which is disheartening. He appealed to the federal minister finance to note the fact that the cottage industry and the SMEs expected of him to come up with some relief package for them and on the contrary he is subjecting them to this harsh RGST which will make life difficult for them. He said if the finance minister is under pressure to impose RGST then he should at least spare the SMEs in terms of the SME definition and commitment in the SME policy to facilitate, promote, encourage and support them.-PPI
Accountancy expo concludes in Khi Staff Reporter KARACHI: ACCA Pakistan organised Accountancy Futures Symposium here, the twoday event was aimed to surface the challenges facing businesses and in particular the accountancy profession through an exciting mix of four discussions on The Value of Audit in the Modern World, D e m o n s t r a t i n g Responsibility: Reporting Futures, Accountants: SME's Best Friend and Generation Y: Realising the Potential. These innovative discussions were moderated by prominent industry experts, Junaid Iqbal, CEO, BMA Financial, Mahreen Khan, Barrister and Rahila Narejo, CEO and Lead consultant
NHR. Rabia Gareb, editor in chief of CIO Pakistan was the master of ceremony of the event. The two day event featured high caliber delegates and industry experts including, Abrar Hasan, CEO, National Foods Ltd, Dr Afra Sajjad, Head of Education and Policy Development, ACCA Pakistan, Mr Ahmed D Patel, Chairman Executive Board, Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants, Arif Masud Mirza, Head of ACCA Pakistan, Asir Manzur, Group Head Human Resource Management, KESC, Feroz Rizvi, CFO, ICI Pakistan Ltd, Giuseppe Bonanno, Head of Finance & Control, Nestle Pakistan Ltd, Hammad Naqi Khan,
Director Programmes, WWF Pakistan, Haroon A Jan, Head of Business Development, ACCA Pakistan, Haroon Waheed, Director HR, Unilever Pakistan Ltd, Moin M Fudda, Country Director, Centre for International Private Enterprise (CIPE), Monis Rahman, CEO, Rozee.pk (Naseeb Networks), Nadeem Yousuf Adil, Partner, M Yousuf Adil Saleem & Co. Chartered Accountants, Neelofar Hameed, Former Head of Corporate Governance, National Investment Trust, Saeeda Sabah Rashid, Financial Management Specialist, The World Bank, Salim Chinoy, Country Leader Assurance, Ernst & Young Ford Rhodes Sidat Hyder & Co. Chartered Accountants.
TV PROGRAMMES FRIDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Awam Ki Awaz 23:00 News 23:30 24
FRIDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 15:05 16:00 16:02 16:30 17:00 17:05 18:00 18:05 19:00 19:30 Pakistan 20:00 20:05 21:00 22:00 22:05 23:00 23:05 0:00
Programmes Pakistan Aaj Raat (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Power Lunch News Islamabad Say (Rpt) News Siyasat Mana Hai (Rpt) News Akhri Suada Karobari Dunya News Ghar Ka Kharch (Rpt) News Chai Time Headlines Mang Raha Hai Headlines Islamabad Say Pakistan Aaj Raat Headlines Dosra Pehlu News Siyasat Mana Hai (Rpt) News
KARACHI: Intel Pakistan recently began a Channel Preference Campaign in major metros, to create awareness & highlight the unique selling points to the consumers to purchase directly from the channel partners. Seen in the photo is consumer at the mall winning assorted gift items.-Staff Photo
RGST moot held at ICMAP KARACHI: Khawaja Tanveer Ahmad, Commissioner, RTO Karachi, FBR said that the government is going to introduce uniformed standard tax rates by replacing 12 tax rates to make it easy for the common man for understanding new tax regime. Under Reformed GST, the government has short-listed exemptions from 460 items to just 15 items, which would help for increasing revenue collection, Khawaja Tanveer said this while
addressing a seminar on Reformed GST, which was organised by Karachi Branch Council (KBC) of Institute of Cost and M a n a g e m e n t Accountants of Pakistan (ICMAP) and Professional Accountants Forum (PAFO) at ICMAP Head Office. He said Reformed GST would ensure healthy supply chain, which would not only help the government in terms of revenue collection, but also accelerate the process of refunds.-PPI
Japanese eying Pak agri-produce Staff Correspondent LAHORE: Japan Agriculture Cooperatives (JA), the most powerful farm lobby having 996 cooperative unions and one of the strongest cooperatives of Japan, has shown keen interest in Pakistan's Agriculture products and assured maximum cooperation to give boost to Pakistani food items' export to Japan. The assurance was given by Yasuhiro Nakagawa, Vice Chairman JA Japan and President Kyoto Prefecture Union of Agriculture Cooperatives while speaking at a dinner reception on Thursday. LCCI President Shahzad Ali Malik, Senior Vice Sheikh Mohammad Arshad, Vice President Sohail Azhar, Provincial Minister for Agriculture Ahmad Ali Aulokh, former Presidents Mian Tajammal Hussain, Mian Mohammad Ashraf, Sheikh Mohammad Asif, Mian Anjum Nisar, Shahid Hassan Sheikh and Provincial Secretary Commerce Fazl Abbas Maken and CEO PBIT Saadat Muzafar,also attended the function. Yasuhiro Nakagawa, who was heading a nine-member high-powered delegation, said that he was surprised to find out the agriculture land in the Province of the Punjab was one of the most fertile lands and all out support would extended to the Pakistan's farming community so that they could be able to make maximum use of it.
KARACHI: Sindh Chief Minister Syed Qaim Ali Shah called on Sindh Governer Dr Ishratul Ebad Khan at Governer House.-APP
Marri lauds women role in development KARACHI: Sindh Minister for Tourism, Shazia Marri said that women play a pivotal role in a country's development. She said while talking to media-men here on Thursday on the day commemorating the elimination of violence against women. Shazia Marri said that Nov 25 is the day to mark the elimination of all forms of violence against women. She was of the view that it is our responsibility as civilised individuals to help those who are facing violence of any kind. Shazia was of the view
that the most important role that any woman plays is the one at home but unfortunately she is never paid for it. There is also no appreciation of the hard work she puts in. The Minister said that this day also marks the significant role of women as family labour. We condemn all forms of domestic violence against women, she said. Marri said that Pakistan was a signatory to Convention on Elimination of all forms of Discrimination Against Women (CEDAW) and Shaheed Mohtarma Benazir Bhutto envisioned the fulfillment of
this commitment which is being implemented today. She further stated that right from the vision of our founding fathers to the 1973 Constitution of Pakistan which guarantees equal participation of women in all national spheres, there is nothing that can stop our women from achieving their desired goals. Pakistani women are courageous and they have proved their mettle in all fields and all professions, she added. However, Marri said that there still is a mindset that works against the empowerment of women.-APP
Qaim claims ‘no rift’ in PPP Sukkur: Chief Minister (CM) Sindh, Syed Qaim Ali Shah has said that there is no rift in the PPP ranks and the founding day of the party will be celebrated at the Sukkur Bypass ground on November 30. CM expressed these views while presiding over a party meeting here in order to finalise the arrangements for the celebration of the founding day. He said the party is and was united and if Senators Safdar Abbasi and Naheed Khan wanted to celebrate the Yaum-e-Tasees in their personal capacity, it would not affect the party, adding that concerns of the coalition partners and other stakeholders over RGST.-APP
Sharmila makes Police PPL clinches performance public 3rd MAP Award KARACHI: A report regarding performance of Provincial police in containing heinous and serious crimes has informed that one more target killer had been arrested, while an overall of 121 police encounters took place, in which 2 police officials and 5 dacoits were injured, informed Sharmila Farooqi advisor to the CM Sindh.
In a briefing to the press Sharmila Farooqi lauded the cooperation and well coordinated performance of police and intelligence apparatus, to ensure the well-being of life and property of masses. The report which covers the period of 14th Nov to 24 Nov 2010 informs that during police raids of past 11
days, police arrested 241 dacoits, 502 wanted fugitives, and 17 proclaimed offenders. It has also been disclosed that 13 criminal gangs had been exterminated, while 187 guns, 34 shotguns, 10 revolvers, 14 Kalashinkov rifles, 8 rifles, 6 repeaters, and 29 rounds among many other items were also recovered.-APP
Samsung to educate children in Kasur KARACHI: Samsung Electronics has collaborated with SOS Rural Support Programme, for the construction of a modern school at Ladhayke Village in District Kasur, to serve a vast rural area and uplift the standard of education, said a handout issued here on Thursday. Samsung will provide funds for complete construction and furnishing of this girls school, to be completed within a period of 3 months. The institution will be registered as "Samsung Grammar School".-PR
and former governor State Bank of Pakistan Dr. Ishrat Husain, who was chief guest on the occasion. The event, held at the Beach Luxury Hotel, Karachi, drew business leaders and print and electronic media representatives. The MAP Corporate Excellence Awards, now in their 27th year, were instituted in 1982 to recognize companies demonstrating outstanding performance and best corporate governance practices adjudged through a stringent evaluation process by an independent committee.-PPI
KARACHI: Shahid Jawed Qureshi President, (PMFA) and Vice Chairman KATI, presenting a shield to Madam Wong Lai Sum, Deputy Chief Executive Officer, Malaysian external trade development corporaton office Kaula Lumpur.-Staf Photo
KARACHI: Pakistan Maritime Training Institute's Capt Mahmoodi receiving best Training and Crewing Award from chief guest of the occasion.-Staff Photo
LAHORE: President LCCI Shehzad Ali Malik presenting gift to Head of nine member delegation and President Union of Agriculture Coperatives Japan Yashuiro Nakagawa.-Staff Photo
KARACHI: Consul General of the Sultanate of Oman Khamis bin Mohammad bin Abdullah Al - Farsi, hosted a reception on the Occasion of the 40th National day of Oman. Picture shows Chief Guest Sindh Minister of Commerce and Industries Abdul Rauf Siddiqui, Consul General of Qatar Rashid Bin Abdul Rahman Al Naimi, and Dr Imran Y Muhammad.-Staff Photo
KARACHI: Pakistan Petroleum Limited (PPL) achieved another milestone by bagging the prestigious Management Association of Pakistan's (MAP) 27th Corporate Excellence Award in the Fuel and Energy sector for the third consecutive year. This award affirms the company's adherence to best corporate governance practices. Chairman, PPL Board of Directors Hidayatullah Pirzada and MD and CEO Khalid Rahman jointly received the award from Dean and Director, Institute of Business Administration
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Friday, November 26, 2010
Euro soft but off 2-mth lows; dollar gains
Swiss franc weakens
Liquidity thin due to US Thanksgiving holiday LONDON: The euro remained under pressure on Thursday on turmoil surrounding euro-zone debt but held above a twomonth low against the dollar after a push to the downside was stemmed largely by corporate demand. With US markets closed for the Thanksgiving holiday, liquidity was thin and trade was dominated by positioning, traders said, as the greenback climbed above parity against the Swiss franc for the first time in two months and also hit a two-month peak against a currency basket. Sterling also hit a one-month low against the dollar before recovering a bit. The euro fell as low as $1.3287, just shy of a twomonth low of $1.3284 hit on Wednesday. Traders said buying by European exporters sup-
ported the pair, while there was talk a few Middle-eastern accounts bought the single currency. Failure to extend Wednesday's low prompted
players to unwind short positions, traders said. The euro was also supported by gains on crosses, such as against the Swiss franc. "The focus is still squarely on the euro-zone, although it is more of an issue for the fixed income market and the euro is holding up reasonably well today," said Christian
Lawrence, currency strategist at RBC Capital Markets. By 1443 GMT, the euro was up slightly at $1.3340. Traders said option expiries at $1.3350 could check further gains.
Next support was seen at $1.3232, the 61.8 per cent retracement of the August to November rally. A break of that support could test the euro's 200-day moving average at $1.3133. The euro was steady against the yen at 111.40 yen. It fell to 110.32 yen on Wednesday, a level last seen in mid-September.
Asian currencies
Won turns high on exporters; caution remains Concerns remain over Korea tension, euro debt crisis SEOUL: The won returned on Thursday to the level against the dollar held before this week's deadly North Korean attack on a South Korean island, leading a slight rise in Asian currencies. The Taiwan dollar also jumped, recovering from a central bank intervention in the previous session. Still, investors remained worried about more conflict on the Korean peninsula and the eurozone's debt crisis, staying away from riskier assets. The caution is seen putting pressure on Asian currencies, analysts and dealers said.
"Now investors are reducing positions or cutting out risky trades due to the euro-zone' debt problems and Korean tension," said a Kuala Lumpur-based currency dealer. Earlier, South Korea ordered extra troops deployed on islands near North Korea with Pyongyang warning it would follow its latest bombardment with more attacks if its wealthy neighbour tried any "provocations". The won turned higher against the dollar on continuous exporter demand for settlements and bids linked to recent stock
Stg eases against euro, steady vs USD LONDON: Sterling fell against the euro on Thursday with the single currency under pressure on concerns was Ireland's debt crisis may spread, while the pound held steady after briefly falling to a one-month low versus the dollar. Liquidity was thin due to the US Thanksgiving holiday, exacerbating market moves, traders said.
Analysts said parliamentary testimony from Bank of England Governor Mervyn King and other policymakers was relatively balanced and gave little indication about monetary policy going forward. "The overall tone of the comments ... maintain the impression that the Bank of England remains perched on the monetary policy fence and is unsure when it will finally come down and on which side," said Howard Archer, chief UK economist at Global Insight. BoE policymakers were split
three ways again in November, with the majority standing ready to move policy in either direction. Dissenters Adam Posen, who wanted more easing, and Andrew Sentance, who voted for a rate rise, advocated their respective stances on Thursday. There was little currency reaction as Confederation of British Industry data showed British retail sales growth
accelerated in November. By 1544 GMT, the euro rose 0.2 per cent to 84.68 pence, still near Wednesday's low of 84.28, a level not seen since Sept. 21. Sterling briefly slipped to a onemonth low versus the dollar at $1.5737 before steadying around $1.5784. The technical outlook for sterling against the dollar had been weakened after the 50-day moving average gave way, coming in at 1.5887 on Thursday, together with a breaking of trendline support at 1.5885. Reuters
purchases by foreign investors. Market players also cleared dollar-long positions and exporters rushed to buy the won when it got closer to 1,150, dealers said. The local currency ended domestic trade at 1,137.8, 0.4 per cent up from Wednesday's close of 1,142.3. Earlier, it weakened to 1,149.9. Foreign investors sold a net 199.7 billion won worth of stocks on the main exchange, but they have bought a combined net 612.0 billion won in shares during the previous four consecutive sessions. -Reuters
Taiwan dlr flat; Cbank caps gains TAIPEI: The Taiwan dollar closed flat for a second straight session on Thursday as the central bank pared intraday prices that steadied despite a decline in the euro and rising tensions between North and South Korea. Taiwan's currency ended the session at T$30.8 per US dollar, exactly where it left off on Wednesday, after the central bank was seen intervening to hold rates in check for the benefit of the island's powerful exporters. The monetary authority has intervened aggressively as the currency gained about 3 per cent since late September, dealers say. The Taiwan dollar surged on expectations that US quantitative easing would attract foreign fund inflows to Asia. Concerns about Irish debt that weighed on the euro and wariness about the Koreas after a deadly exchange of fire on Tuesday had little impact on the Taiwan dollar as intraday prices gelled around T$30.4. Currency prices are expected to remain stable through December as investors are keen on Asia, but normally take profit rather than new positions at this time of the year. -Reuters
Australian dollar drops in jumpy trade, euro gets respite SYDNEY: The Australian dollar fell in choppy trade on Thursday on a host of reasons, including mixed domestic data, policy doubts in China, uncertainties in Europe and the Korean peninsula led nervous investors to shun risk. With investors wary of a sudden worsening in the market mood if events in Europe, the Koreas and China turn against sentiment, analysts said most were keen to shun risky assets. The high-yielding Australian dollar -Australia has the steepest interest rate in the developed world at 4.75 per cent -- is typically seen as a risky currency because it is a play on commodity prices and is prone to abrupt, wild moves. "The risks are skewed to the downside in the days ahead," said John Horner, an analyst at Deutsche. He said the Aussie dollar could fall to $0.9600 in coming days. "It is a fundamentally driven move and it's not purely a taking of profits." By late trade, the Australian dollar was soft at $0.9779, having fallen as far as $0.9762, and compared to $0.9833 seen late in New York. Support was
seen at $0.9710, then $0.9650. It also took the New Zealand currency down with it, with the kiwi dollar pulling back to $0.7577, from New York's $0.7616. Traders said speculators, a fund and Japanese investors who sold the Aussie against the yen had contributed to the Aussie's fall. Some light stop-loss selling kicked in on its way down, with further stop losses seen under $0.9750 and $0.9720. Against the yen, the Aussie dollar struggled at 81.59, down from New York's 81.96. But the Aussie dollar's weakness against the yen and the US dollar offered the besieged euro some reprieve. The common currency managed to bounce to A$1.3614, off a record low of $1.3556 hit offshore on Wednesday. While data showed planned business investment in 2010/11 was still at a historical high, it was less than some had hoped for. That led some analysts to predict the Reserve Bank of Australia (RBA) could tarry a before raising rates from 4.75 per cent. -Reuters
"Contagion doesn't look to be spreading at the moment and the market is in a range for now, with no new news," said Lauren Rosborough, currency strategist at Westpac. Euro-zone periphery bonds were subdued, although fears of contagion from Ireland's debt crisis remained high. Irish and Spanish bonds underperformed with 10-year yield spreads over Bunds up to 10 basis points wider. Ireland's belt-tightening measures released Wednesday did little to dispel fears of its financial crisis spilling over into other euro-zone peripheral countries. European clearing house LCH.Clearnet raised the margin requirements to trade Irish government debt on Thursday, citing widening spreads over triple-A eurozone benchmarks. -Reuters
ZURICH: The Swiss franc was slightly weaker against the euro on Thursday in thin holiday trading as the single currency came off two-week lows against the Swissie despite continuing concerns about euro zone debt. With US markets closed for Thanksgiving, the franc slipped lower against the dollar continuing a week-long flirtation with parity, a level not breached since Sept. 21. "Going into the long holiday weekend and with major uncertainties looming we are not looking for major directional moves on large scale position taking in the days immediately ahead," said UBS economist Reto Huenerwadel. The franc was 0.2 per cent weaker against the euro compared to the New York close, trading at 1.3299 per euro at 0736 GMT. The franc was also down 0.2 per cent against the dollar at 0.9982 per dollar. -Reuters
Yuan closes up on stronger mid-point SHANGHAI: China's yuan closed higher against the dollar on Thursday after the People's Bank of China set a stronger mid-point even in the face of the dollar edging higher overnight. The mid-point setting came after the PBOC let the yuan fall only 0.18 per cent on Wednesday despite a 1.2 per cent jump in the US Dollar Index the day before, signalling the central bank wanted to set a floor for the yuan's fall. Many traders see the PBOC eyeing a floor for the yuan at 6.7 versus the dollar, the limit to which it let the yuan retreat in its latest correction in October. Such a floor will help the government ward off external pressure, mainly from the United States, for it to allow the yuan to appreciate as China's economy powers ahead, partly propelled by its trade surplus with many of its major trading partners. "Political pressure for yuan appreciation has eased recently but it has not evaporated," said a US bank dealer in Shanghai. "On top of that, high inflation at home, partly a result of high
prices of imported commodities, also means China wants to ensure conditions will be ready for further yuan appreciation in the future." Spot yuan finished at 6.6508 against the dollar, up from Wednesday's close of 6.6543. It is now up 2.64 per cent since the PBOC depegged the currency in mid-June. Before trading started, the PBOC set the day's mid-point at 6.6557, stronger than Wednesday's 6.6589. The fixing is the level from which the yuan may rise or fall 0.5 per cent in a day. One-year non-deliverable forwards (NDFs) rose to 6.5240 bid late on Thursday from 6.5000 at Wednesday's close, with implied yuan appreciation in a year's time falling to 2.02 per cent from 2.40 per cent shown on Tuesday. Traders reported a winding down of profitable positions and stop-loss orders when oneyear NDFs reached the psychologically important 6.5 level, after the benchmark NDFs reached as low as 6.4 on Oct. 18, implying yuan appreciation of nearly 4 per cent. -Reuters
Indian rupee gains on export sales; dlr inflows MUMBAI: The Indian rupee strengthened on Thursday as exporters and corporates sold dollars after stops got triggered, prompting banks to liquidate long dollar positions with inflows towards an upcoming share sale also helping. The partially convertible rupee closed at 45.515/525 per dollar, 0.4 per cent stronger than 45.695/705 at close on Wednesday, when it had touched 45.8350, its lowest since Sept. 21 "Exporters were offering to sell dollars in the later part of the day. Present levels look comfortable with the one-year forwards totalling 47.50," said Vikas Chittiprolu, a senior foreign exchange dealer with state-run Andhra Bank. The one-year onshore dollar premium rose to 210.75 points from 204 points on Wednesday, with the outright forward rate at 47.6225. State-run Manganese Ore
India Ltd (MOIL) plans to raise $276 million via an initial public offering starting on Friday and closing on Dec. 1. One-month offshore nondeliverable forward contracts were quoted at 45.82, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contract on the National Stock Exchange, MCX-SX and United Stock Exchange closed at 45.6075, 45.61 and 45.61 respectively, with total traded volume on the three exchanges at an average 6.3 billion. -Reuters
Top Economic Events Time 4:30 All Day 12:45 14:00 14:00 15:30
Source JPY EUR EUR EUR EUR CHF
Events Tokyo Core CPI y/y German Prelim CPI m/m French Consumer Spending m/m M3 Money Supply y/y Private Loans y/y KOF Economic Barometer
Source
Events
JPY JPY AUD CHF GBP
Trade Balance CSPI y/y Private Capital Expenditure q/q Employment Level CBI Realized Sales
Forecast -0.4% 0.0% 0.2% 1.3% 1.4% 2.09
Previous -0.5% 0.1% 1.5% 1.0% 1.2% 2.17
Actual
Forecast
Previous
0.58T -1.2% 6.2% 4.08M 43
0.63T -1.0% 3.2% 3.98M 34
0.61T -1.1% -3.2% 4.06M 36
Previous Day
Currency Rates Name EUR-USD ESD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3371 1.3372 0.9998 1.0016 1.5795 1.5795 1.0097 1.012 0.9822 0.9851 111.8 111.77 0.8472 0.8483 1.3368 1.337 132.0100 132.0200 83.6500 83.9600 0.99 0.99 1373.28 1375.39 27.54 27.56
Bid 1.3369 0.9994 1.579 1.0092 0.9817 111.75 0.8468 1.3364 131.9500 83.5900 0.99 1372.48 27.45
Low 1.3287 0.9944 1.5731 1.0084 0.9765 111.04 0.8436 1.3263 131.4100 83.4800 0.98 1368.55 27.36
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 25/11/2010 A USD GBP CAD EUR JPY O/N 0.55313 0.98167 0.40000 SN 0.09188 1WK 0.25078 0.55938 1.01333 0.55500 0.10125 2WK 0.25250 0.56500 1.05167 0.62875 0.10750 1MO 0.25500 0.57625 1.09000 0.75125 0.11875 2MO 0.27438 0.62813 1.14500 0.85375 0.15000 3MO 0.29188 0.73750 1.21500 0.96875 0.19000 4MO 0.34250 0.82250 1.28417 1.03500 0.25313 5MO 0.40344 0.92750 1.35083 1.11250 0.30625 6MO 0.45625 1.03000 1.42583 1.21000 0.35875 7MO 0.50625 1.10750 1.48917 1.25875 0.41563 8MO 0.55938 1.19000 1.56250 1.30625 0.46250 9MO 0.60969 1.27375 1.62583 1.35625 0.51000 10MO 0.66156 1.35000 1.70500 1.40250 0.53750 11MO 0.71844 1.41875 1.78417 1.44875 0.56813 12MO 0.78025 1.48563 1.87250 1.49375 0.59813
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Dec 07 2010 Dec 09 2010 Dec 21 2010 Dec 02 2010 Dec 14 2010 Dec 16 2010 Dec 07 2010
Sep 08 2010 Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 Nov 02 2010
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, November 25,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.55 134.87 114.05 84.73 85.88 83.71 12.32 1.02 14.04 65.30 15.30 22.81 11.03 12.86 303.97 27.31 64.90 23.50 23.29 0.07 2.85
85.35 134.56 113.78 84.53 85.68 83.51 12.30 1.02 14.00 65.15 15.26 22.76 11.00 12.83 303.26 27.24 64.75 23.45 23.24 0.07 2.84
85.17 134.25 113.52 84.31 85.45 83.30 12.26 1.02 13.97 64.98 15.22 22.70 10.97 12.80 302.46 27.17 64.58 23.39 23.18 0.07 2.83
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for November 25, 2010
KASB
BMA
ELXIR
GSL
ICSL
0-7days
11.90
11.75
12.00
11.75
12.00
JSCM AvgRate 12.00
11.90
8-15dys
12.15
12.15
12.15
12.20
12.20
12.20
12.18
16-30dys
12.30
12.40
12.40
12.45
12.35
12.45
12.39
31-60dys
12.50
12.58
12.55
12.60
12.50
12.56
12.55
61-90dys
12.68
12.75
12.77
12.77
12.75
12.78
12.75
91-120dys
12.95
12.95
12.95
12.98
12.90
13.01
12.96
121-180dys
13.15
13.20
13.18
13.35
13.05
13.12
13.18
181-270dys
13.20
13.25
13.21
13.38
13.15
13.25
13.24
271-365dys
13.25
13.25
13.27
13.45
13.25
13.35
13.30
2-- years
13.45
13.40
13.45
13.50
13.40
13.50
13.45
3-- years
13.65
13.68
13.65
13.74
13.68
13.63
13.67
4-- years
13.72
13.70
13.72
13.78
13.73
13.69
13.72
5-- years
13.73
13.72
13.75
13.80
13.75
13.70
13.74
6-- years
13.75
13.73
13.75
13.81
13.75
13.71
13.75
7-- years
13.75
13.73
13.77
13.82
13.75
13.72
13.76
8-- years
13.75
13.74
13.78
13.85
13.75
13.73
13.77
9-- years
13.78
13.74
13.72
13.86
13.74
13.77
13.77
10--years
13.83
13.76
13.82
13.90
13.85
13.79
13.83
15--years
14.25
14.20
14.25
14.20
14.20
14.25
14.23
20--years
14.35
14.35
14.35
14.35
14.30
14.35
14.34
30--years
14.50
14.50
14.55
14.50
14.50
14.50
14.51
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
0.88 0.22 0.83 0.78 0.28 -0.32
0.84 0.71 0.82 0.14 0.77 0.60
0.95 0.00 0.81 0.71 0.83 0.52
0.94 0.84 0.95 0.84 0.80 0.47
0.74 -0.25 0.66 0.53 0.36 -0.18
USD/CAD USD/CHF
0.82 -0.30 0.61 0.70 0.09 -0.32
-0.99 0.10 -0.70 -0.67 -0.07 0.41
-0.23 -0.37 -0.90 -0.64 -0.20 0.08
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)25/11/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ABPL
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ASK 0.00
ABLN
1165
12.15
11.90
12.40
12.25
12.75
12.75
13.00
12.95
13.20
13.15
13.65
13.20
13.70
13.30
13.80
JSBL
1190
12.40
12.15
12.65
12.50
13.00
12.80
13.05
1320
13.45
1335
13.85
13.35
13.85
1350
14.00
ASPK
1180
12.30
12.10
12.60
12.45
12.95
12.80
13.05
1310
13.35
1320
13.70
13.25
13.75
1335
13.85
CIPK
1170
12.20
12.00
12.50
12.20
12.70
12.60
12.85
1320
13.45
1325
13.75
13.30
13.80
1335
13.85
DBPK
1160
12.10
11.80
12.30
12.10
12.60
12.70
12.95
12.90
13.15
1315
13.65
13.25
13.75
1335
13.85
FBPK
1165
12.15
11.90
12.40
12.25
12.75
12.80
13.05
1320
13.45
1325
13.75
13.30
13.80
1340
13.90
FLAH
1180
12.30
12.10
12.60
12.25
12.75
12.80
13.05
1305
13.30
1315
13.65
13.25
13.75
1335
13.85
HBPK
1175
12.25
12.10
12.60
12.30
12.80
12.80
13.05
1305
13.30
1320
13.70
13.25
13.75
1335
13.85
HKBP
1190
12.40
12.10
12.60
12.30
12.80
12.75
13.00
1300
13.25
1315
13.65
13.20
13.70
1330
13.80
N I PK 1165
12.15
12.20
12.70
12.60
13.10
12.90
13.15
1305
13.30
1310
13.60
13.15
13.65
1320
13.70
HMBP 1190
12.40
12.15
12.65
12.50
13.00
12.85
13.10
1315
13.40
1325
13.75
13.30
13.80
1335
13.85
SAMB 1190
12.40
12.05
12.55
12.30
12.80
12.80
13.05
1310
13.35
1315
13.65
13.25
13.75
1335
13.85
MCBK 1175
12.25
12.05
12.55
12.20
12.70
12.85
13.10
1315
13.40
1325
13.75
13.30
13.80
1350
14.00
NBPK
1175
12.25
12.00
12.50
12.20
12.70
12.80
13.05
12.90
13.15
1310
13.60
13.25
13.75
1335
13.85
S CP K 1155
12.05
11.85
12.35
12.25
12.75
12.70
12.95
12.95
13.20
1310
13.60
13.20
13.70
1330
13.80
UBPL
1170
12.20
12.20
12.70
12.35
12.85
12.80
13.05
13.10
13.35
1320
13.70
13.25
13.75
1335
13.85
AVE
1175
12.25
12.06
12.56
12.29
12.79
12.79
13.04
13.07
13.32
1319
13.69
13.26
13.76
1335
13.85
4 Friday, November 26, 2010
The Financial Daily International Vol 4, Issue 109
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
To tax or not to tax agri income For decades the issue of taxing agriculture income has been lingering on. Some say taxing the farmers would ruin the agriculture sector and others take the plea that it is a provincial subject. Federation seems helpless because the members of legislative, dominated by feudal lords are not ready to make agriculture income taxable. The entire debate regarding imposition of tax on income from agriculture being a deferral or provincial subject is unpromising. The cardinal principal should be 'all types of income should be taxable irrespective of source'. The recent move to impose RGST despite resistance by all, including coalition partners is evidence of the government is adamant on mustering the support it needs to implement it. Therefore, it is right to say that neither the federation nor the constituent units are serious in taxing agriculture income. The perception being created that taxing agriculture income will ruin the small farmers is absolute nonsense. While imposing any tax a minimum threshold is determined and the same should also be followed in case while determining tax liability of farmers. Produce Index Unit (PIU), commonly used for lending to farmers provides one of the dependable parameters. According to some experts, feudal lords holding hundred of acres under 'benami' know well that they will not be able to hide their income. If they declare landholding above the stipulated acreage, they will be in trouble. To avoid this they will have to transfer the land in the name of others, which could have its own repercussion. Some experts also say that millions of rich people having undocumented but huge income sources have also bought barren lands and club such income under agriculture income and very conveniently evade tax. In the past the government allowed establishing industrial estates in 'backward' areas and the incentives offered included duty-free import of plants, machinery and raw materials. Moreover the income form such units also happens to be tax-free. Their worst violation was the use of raw materials imported for tax-exempted areas in tariffed areas --again with their income concealed. The government was required to contain violations and the failure helped in proliferation of undocumented economy. Some of the experts go to the extent of saying that the size of undocumented economy is three times the size of formal economy. Since the rich have been enjoying the benefits of undocumented economy, they have also been frustrating all the attempts to impose tax on them. Many poor Pakistanis appreciated resistance put forward by some political parties against introduction of RGST. However, it is becoming evident that the opponents would be won over sooner or later and already taxpayers will have to bear the burden of new taxes. Groups enjoying tax-exemption will prevail over and poor will have to pay more taxes to finance the extravaganzas of the elites, irrespective of occupying treasury or opposition benches.
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.
Could Yellow Sea Turn Red? C
hina expressed muted concern on Thursday about joint USSouth Korean military exercises in the Yellow Sea while North Korea threatened further attacks on the wealthy South if there were more "provocations". Seoul said it would increase troops on islands near North Korea following Tuesday's bombardment of one of its small islands by Pyongyang's artillery that killed four people and caused a sharp spike in tension in the world's fastest growing region. Washington is putting increasing pressure on China to rein in North Korea, but a foreign ministry spokesman in Beijing said what was needed was a revival of the stalled six-party talks involving the two Koreas, Russia, China, Japan and the United States. "We have noted the relevant reports and express our concern about this," spokesman Hong Lei said, referring to the joint military exercises next week and the involvement of the nuclear-powered aircraft carrier the USS George Washington in the drill. But Beijing has previously used stronger language to signal its displeasure. In August, the People's Liberation Army said earlier plans to send the George Washington to the Yellow Sea would make it lose respect and threatened long-term damage to Sino-US relations. "North Korea will wage second and even third rounds of attacks without any hesitation if warmongers in South Korea make reckless military provocations again," the North's KCNA news agency quoted a statement from the military as saying.
"The US cannot evade the blame for the recent shelling," it added. "If the US truly desires detente on the Korean peninsula, it should not thoughtlessly shelter the South Korean puppet forces, but strictly control them so that they may not commit any more adventurous military provocations." South Korean media reports said Tuesday's artillery attack on Yeonpyeong Island was likely personally ordered by reclusive North Korean leader Kim Jong-il. A bitterly cold wind was blowing through the hilly island on Thursday
South Korea's military was "focusing on the possibility of Kim Jong-il and his son approving the shelling of Yeonpyeong"; the Chosun Ilbo quoted an unnamed member of the National Assembly's Defence Committee as saying. NO ROGUE COMMANDER The government declined comment but, if correct, would rule out one theory that the North's bombardment of Yeonpyeong might have been the decision of a rogue military commander. US officials have said the attack appeared linked to the upcoming
The US cannot evade the blame for the recent shelling," it added. "If the US truly desires detente on the Korean peninsula, it should not thoughtlessly shelter the South Korean puppet forces, but strictly control them so that they may not commit any more adventurous military provocations when reporters were allowed to visit for the first time since the attack. North Korea was clearly visible. Houses were deserted with most residents having fled to the mainland, many with their roofs caved in and charred black. Broken glass was strewn in the narrow alleyways. Kim and his son and designated heir, Jong-un, visited the Yellow Sea coastal artillery base from where shells were fired at Yeonpyeong just hours before the attack, newspapers in Seoul said.
succession in North Korea's leadership. At least four people, including two civilians, were killed and dozens of houses destroyed on the island in the heaviest attack by the North since the Korean War ended in 1953. It marked the first civilian deaths in an assault since the bombing of a South Korean airliner in 1987. North Korea said the shelling was in selfdefense after Seoul fired shells into its waters. South Korean President Lee
Myung-bak convened an emergency meeting early on Thursday to look at how to contain the economic impact from the attack and additional security measures. The military presence on islands in the Yellow Sea near the disputed border will be boosted and an earlier plan to scale down marine troops stationed there will be canceled, a presidential Blue House official said later. South Korea also said it would pursue constructive engagement with China, which also has coast along the Yellow Sea, to use its influence over Pyongyang. That plan looked to have suffered a setback with a later announcement that Chinese Foreign Minister Yang Jiechi had delayed a plan to visit Seoul this week. No reason was given. China has long propped up the Pyongyang leadership, worried that a collapse of the North could bring instability to its own borders. Beijing is also wary of a unified Korea that would be dominated by the United States, the key ally of the South. "If China does not put public pressure on North Korea, provocations by North Korea will continue," Seoul's Chosun Ilbo newspaper said. "If the Korean peninsula is in flames, Chinese prosperity will shake from the bottom." The deaths of civilians have added to anger in the South. While the rhetoric continues, global markets have moved on to other issues after Tuesday's attack. The stock market opened up in Seoul on Thursday but closed almost flat.Reuters
It’s scandal-time in India I
ndia's reputation as a place to do business took another hit after the scandal-tainted government charged top public sector bankers with accepting bribes worth hundreds of millions of dollars. The scandal is one of the biggest to taint India, potentially harming the image of Asia's third-largest economy as destination for foreign investors, especially as it comes a few days after Prime Minister Manmohan Singh has had to defend his government in another graft scandal involving telecoms licenses sold at rock-bottom prices. The federal Central Bureau of Investigation (CBI) on Wednesday arrested five officials from state-run listed lending companies, including the chief executive of LIC Housing Finance, accused of taking bribes to facilitate large corporate loans. Three senior executives from a listed private company were also arrested on charges of handing out the bribes. Indian Finance Minister Pranab Mukherjee said in a statement on Thursday he had asked all banks, financial institutions and insurance firms to look into their exposures to firms named by federal investigators in the case. "The message is not good, both for the market also for the economy," said D.H. Pai Panandiker, head of private think tank RPG Foundation in Delhi. "All these things create a very bad image about the country and it's kind of loss of faith in the system," he said. The scandals are unlikely to deter investors from India, one of the four key BRIC emerging markets in the world and a hot investment destination, analysts say. "Anyone who has been an investor
in India, has to be familiar with issues like these," Vikas Pershad, Chief Executive of Veda Investments in Chicago. "So, if someone is pulling out of India based on the recent events, he or she is really mistaken. The longterm growth story is intact." Investors are keen to tap into a country with a young and fast-urbanizing population of 1.2 billion. Economic growth is forecast at 8.5 percent in 2010-11, and then between 9 and 10 percent every year after that, levels rivaled only by China. India was ranked 87th in Transparency International's 2010 ranking of nations based on the per-
said Montek Singh Ahluwalia, the powerful deputy of India's Planning Commission. The CBI said those arrested included senior officials at state-run Central Bank of India, Punjab National Bank and Bank of India -all major banks with operations across the country. The executives in custody have yet to comment on the charges, but the companies involved have all denied any knowledge of wrongdoing and said they would review their internal regulations. Life Insurance Corp of India (LIC), the country's largest insurer and parent company of LIC Housing Finance, said it would appoint a new
The scandals are unlikely to deter investors from India, one of the four key BRIC emerging markets in the world and a hot investment destination ceived level of corruption. India lies behind rival China, which is in 78th place. Shares in companies affected fell sharply since the scandal broke, underperforming the Mumbai stock index. "The gratifications are huge, more than hundreds of millions of dollars," CBI Joint Director P. Kandaswamy told reporters on Wednesday. The arrests are the culmination of a year-long investigation across five cities in India, the CBI said. The Delhi government, however, sought to play down the scandal, saying it was an isolated incident. "It is very small as the banking system as a whole is concerned. I think our system is pretty well regulated,"
CEO for its housing financing unit. INDIA REELS FROM MORE SCANDALS The CBI said the accused had received bribes from listed private broker Money Matters Financial Services, which acted as a "mediator and facilitator" of corporate loans and other facilities. Lending to developers, which LIC Housing and the other state-run banks in question are heavily involved, has grown considerably in recent years as part of the economic boom. Real estate companies have often used intermediaries to lobby for loans. The CBI declined to disclose details about the size of the loans, but they would have been significantly larger than the alleged bribes.
Apart for Money Matters, the CBI did not disclose the names of the other companies that allegedly gave bribes. This is the fourth big Indian corruption scandal to blow up involving the Congress party in the past month and a half. India's government has been jolted by controversy over licenses and radio airwaves that a state auditor says were given out too cheaply, and often to companies not eligible, depriving the government of up to $39 billion in revenues. The telecoms minister was forced to resign and the prime minister has been asked to explain himself to the Supreme Court. Opposition parties want a full parliamentary probe and have blocked proceedings until the government relents. Before that, the Commonwealth Games that India hosted were also riddled with corruption allegations. A large housing scam has also rocked the government where party officials, bureaucrats and military personnel are accused of taking land belonging to war veterans and building luxury flats. The government has resisted additional probes into the telecoms scandal, saying a CBI investigation is under way. Critics say the government fears it will be dragged into a long-running investigation ahead of state elections. Parliament was again adjourned on Thursday as the opposition continues to disrupt business to press their demand for a full parliament inquiry into alleged corruption at the telecoms ministry. That has weakened the government's ability to move key economic measures and delayed legislation in areas such as banking and mining, although the government is not at risk of collapsing.-Reuters
Woes of the Habibians Through your esteem daily I on behalf of students of Habib Public School want to bring to the notice a few but serious problems facing the students. Some of these are: 1) Thousands of students from Nursery to Senior Cambridge come to this school from different parts of the city in dozens of school buses and private cars. In the mornings and afternoons the area faces the worst traffic jam because the main gate and link road has been encroached. There is an immediate need to clear the way by demolishing some of the unauthorized structures as well as half demolished furniture market. 2) A drain also flows next to the school building. Dumping of garbage into the drain obstructs smooth flow of sewerage and has been a major cause of rise of water table in the area. The most appropriate would be to cover this drain, if that is not possible the drain must be cleaned once in three months. 3) Construction of high-rise buildings in the vicinity should also be stopped immediately because these have become a reason of traffic jams on Molvi Tamizuddin Khan Road. 4) KPT warehouses should also be shifted from the vicinity because movement of longchases containers not only causes traffic jams but also are potential moving targets of the terrorists. I hope concerned authorities will take notice of these issues and take immediate remedial steps. Mohammad Irtiza Haider,Student of Habib Public School, Karachi
Youngsters becoming addicts I want to draw the attention of people especially youth of Pakistan towards this matter. Use of drugs among the youngsters in Pakistan is growing at an alarming rate. Our youth is unhappy and dissatisfied and to get temporary relief take narcotics. Why has all this happen? There are many reasons for leading them to out of a wrong way. The primary reason is to be unemployment. Unemployment has risen sharply. The environment is not favorable to do business. New factories are not being set up. An empty mind is devil's work shop and young people have nothing to do. The young people have restarted to taking drugs. Even girls have started to take this. Their health is deteriorates and time is wasted. The future of such young people is very dark or in other words is at stake. It's the duty of our government to take this issue seriously and take immediate remedial actions. The future of a nation belongs to its youth. A long term planning is needed to remove the causes forcing people to take drugs. SARA TABASSUM, KARACHI
5
Friday, November 26, 2010
South East Asian stocks
European stocks end up; Debt woes eased slightly
Mostly up; Indonesia snaps 2-day losing streak
KSE-100 Index Opening Closing Change % Change Turnover (mn)
Sidelinism pushes KSE into red-zone
11,154.83 11,135.34 19.49 0.17 86.15
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,496.50 3,480.08 16.42 0.47 5.71
Nawaz Ali
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,856.25 2,846.24 10.01 0.35 0.18
Major Gainers
Symbol UPFL SRVI BATA RMPL PAKT
Close
Change
1,090.00 224.30 601.00 1,936.00 119.14
50.00 10.68 10.61 8.40 5.64
Major Losers
Symbol
Close
Change
ULEVER 4,138.99 SIEM 1,316.00 IDYM 260.25 COLG 885.00 PSEL 163.67
-40.64 -28 -9.75 -8.5 -8.46
Top 5 Volume Leaders
Symbol LOTPTA AHCL NML JSCL FFC
Close Vol (mn) 11.92 26.49 58.31 13.17 111.58
10.55 8.67 7.77 6.29 3.84
Active Issues Plus Minus Unchanged
163 209 20
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Sep 10) 4,190 Urea Offtake (Sep 10) 324 Urea Price (Rs/50 kg) 851 DAP Offtake (Jan to Sep 09) 680 DAP Offtake (Sep 10) 226 DAP Price (Rs/50 kg) 2,628
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Oct 10) 26,842 Sales (July 10 to Oct 10) 25,279 Production (Octy 10) 7,311 Sales (Oct 10) 7,459
INDUS MOTOR CO Production (July 10 to Oct 10) 17,013 Sales (July 10 to Oct 10) 16,622 Production (Octy 10) 4,827 Sales (Oct 10) 4,830
HONDA ATLAS CAR Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)
5,481 5,172 1,514 1,340
DEWAN FAROOQ MOTORS Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Octy 10) Sales (Oct 10)
186 70 0 18
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (Nov 6,10) Advances (Nov 6,10) Investments (Nov 6,10) Spread (Sep 10)
4,729,932 3,011,868 1,897,426 7.57%
OIL MARKETING CO (000 tons) MS (Jul 10 to Oct 10) MS (Oct 10) Kerosene (Jul 10 to Oct 10) Kerosene (Oct 10) JP (Jul 10 to Oct 10) JP (Oct 10) HSD (Jul 10 to Oct 10) HSD (Oct 10) LDO (Jul 10 to Oct 10)) LDO (Oct 10) Fuel Oil (Jul 10 to Oct 10) Fuel Oil (Oct 10) Others (Jul 10 to Oct 10) Others (Oct 10)
PRICES (Ex-Refinery) MS (1 Nov 10) MS (1 Oct 10) MS % Chg Kerosene (1 Nov 10) Kerosene (1 Oct 10) Kerosene % Chg JP-1 (1 Nov 10) JP-1 (1 Oct 10) JP-1 % Chg HSD (1 Nov 10) HSD (1 Oct 10) HSD % Chg LDO (1 Nov 10) LDO (1 Oct 10) LDO % Chg Fuel Oil (1 Nov 10) Fuel Oil (1 Oct 10)
744 198 53 15 452 122 2,182 664 22 6 3,086 854 3 1
Rs 44.53 40.71 9.38% 51.25 47.31 8.33% 51.48 47.54 8.29% 54.24 50.38 7.66% 49.51 46.13 7.33% 42,046 39,276
SPAIN: Brokers talk at the Stock Exchange in Madrid. .-Reuters
Nikkei’s nose-ups at near 5-mth high TOKYO: Japan's Nikkei average rose 0.4 per cent on Thursday and edged back toward a five-month high hit earlier this week, supported by demand from overseas investors and the yen's recent dip against the dollar. Tokyo shares regained some of the ground lost the previous day, when worries over tensions on the Korean peninsula prompted investors to book profits from a recent rally. The Nikkei edged higher in moderate trade ahead of a US holiday, helped by gains in blue-chip exporters such as Honda Motor Co, Toyota Motor Co and Sony Corp. 'Foreign hedge funds and European pension funds are spurring the demand today, but turnover will be low in the afternoon ahead of Thanksgiving,' said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities. 'The Nikkei is also up because many foreign market players still see Japanese stocks as cheap,' Mr Kuramochi said, adding that a fall in the euro and worries over Ireland's debt could limit the Nikkei's shortterm gains. The Nikkei rose 0.4 per cent to 10,066.04, after previous day's 0.8 per cent fall, edging back towards a five-month intraday high of 10,157.97 hit
on Monday. The broader Topix index climbed 0.4 per cent to 870.31. The benchmark Nikkei average has rallied about 9 per cent this month, helped by shortcovering and year-end portfolio tweaking by overseas investors. Thursday's trading volume was moderate, with some 0.96 billion shares exchanging hands on the Tokyo exchange's first section, suggesting that volume would come in near last week's daily average of roughly 1.9 billion shares. The dollar dipped 0.1 per cent against the yen to 83.47 yen, but was holding near a sevenweek high of 83.85 yen hit earlier this week on trading platform EBS. The dollar was supported after US data the previous day showed a fall in new claims for jobless benefits to two-year lows and another rise in consumer spending, suggesting the US economy is nearing a self-sustaining recovery. Ireland unveiled an ambitious austerity plan to tackle its debt crisis and secure an international bailout on Wednesday, which some analysts said was a step in the right direction. But already the plan's credibility has come under fire for sticking to economic growth assumptions, unveiled earlier this month, seen as too optimistic. See # 15 Page 11
Miners, banks, realty haul FTSE up LONDON: Britain's leading shares pushed higher on Thursday, buoyed by strength in heavyweight miners and banks, and by gains from real estate issues as Capital Shopping Centres bounced on bid interest. At the close, the FTSE 100 was up 41,83 points, or 0.7 per cent, at 5 698,93, dipping back in the closing auction after hitting a late-afternoon peak above 5 700. Volumes were light, however, at 64 per cent of the 90-day moving average, lacking US participants, with Wall Street closed for the Thanksgiving Day holiday. "Markets are quiet, with the American celebrations creating ... a chance for getting in a practice long lunch ahead of the pending entertaining season," said Will Hedden, a sales trader at IG Index. "Much the same can be expected tomorrow, with perhaps a slight improvement in the afternoon when America drags itself out of bed ... to finish early and hit the shops for the official start of Christmas shopping season on 'Black Friday'." Real estate investment trusts were strong risers on the See # 16 Page 11
China shares rise; Hong Kong flat
KARACHI: Profit-taking persisted at the Karachi Stock Exchange (KSE) on Thursday landing it in the red-zone as investors practised strict sidelinism fearing an interest rate hike in the monetary policy statement (MPS) on Nov 29, 2010. The benchmark KSE 100Index ended at 11,135 points level after losing 19 points while KSE 30-Index fell by 12 points to close at 10,755 points and KSE All Share Index was down by 14 points to close at 7,744 points. "Investors preferred to stay sideline ahead of monetary policy", said Samar Iqbal, equity dealer at Topline Securities. The monetary policy is due to be announced on Monday for the next two months and
there are expectations that the key rate would be increased by 50 basis points. Though after a positive opining, market stayed in the green-zone during most of the session but investors preferred to book profits during the later part over threats of an increase in the discount rates in the monetary policy announcement therefore after showing some resistance index surrendered to the bears. Index touched a highest level 11,228 points (+ve 73) and a lowest level of 11,110 points (-ve 44) Further, the ongoing tussle over Reformed General Sales Tax (RGST) and uncertainty regarding arrival of next International Monetary Fund (IMF) tranche too affected the investor sentiments and they held on to caution as was
reflected by a substantial decline in low volumes however some interest was seen in fertiliser sector on higher sales in October. About 86.1 million shares traded during the day which is 67.8 million less as compared to a turnover of 153.9 million shares a day earlier. Foreigners, however returned as net-buyers and according to NCCPL did a net-buying of $3.73 million on Thursday. On the local side; individual investors and mutual funds did a net-selling of $6.57 and $1.61 million respectively while companies, banks and NBFCs did a netbuying of $1.82, $1.21 and $1.14 million respectively. Out of total 392 active issues 209 declined and 163 advanced while 20 issues remained unchanged.
India shares drop as graft scandal weighs MUMBAI: The Bombay Stock Exchange (BSE) Sensex fell 0.7 per cent on Thursday to its lowest close in more than two months as a new corruption scandal rocked the country, hitting shares of banks and other companies allegedly involved in exchanging bribes for large corporate loans. Trade was volatile towards close as monthly derivative contracts expired on the National Stock Exchange. The 30-share BSE index closed at 19,318.16 points, down 0.73 per cent. Money Matters fell 20 per cent, Hindustan Construction dropped 10.9 per cent and DB Realty fell 10 per cent, making them some of the biggest per centage losers. All those companies were named by the Central Bureau of Investigation, which on Wednesday said it arrested eight officials from state-run
listed companies, including the chief executive of LIC Housing Finance, for taking hundreds of millions of dollars in bribes to facilitate large corporate loans. LIC Housing shares were the third-most traded amongst main stocks on the BSE, with a volume of about 8.3 million shares, close to 30 times their average 30-day volume. Senior executives at state-run Punjab National Bank, Bank of India, and Central Bank of India were taken into police custody late Wednesday. Shares in Punjab National and Bank of India fell more than 5 per cent. The India Banking Sector Index closed down 1.4 per cent. "We believe the financial implications may not be materially large, as most of these loans would possibly be backed by real assets," Citigroup said in a note.
However, Citigroup said the impact on perception/sentiment will be larger and will likely lead to some de-rating of the entire public banking sector. LIC Housing Finance said 11.3 per cent of its total loans are to builders and those loans are secured by underlying assets. This is the third big Indian corruption scandal in the past few months. It comes on the heels of a telecoms scandal that forced India's telecoms minister to resign and has paralysed the country's Parliament. Larsen & Toubro shed 3.5 per cent, while Reliance dropped 1.4 per cent. Market breadth was negative as declining shares were more than thrice the number of gainers, in a moderate volume of 417 million shares. The 50-share NSE index declined 1.1 per cent to 5,799.75 points.-Reuters
Dhiyan
PRESSURE IS FORECAST Khalid Waheed, CEO Hum Securities
If market manages to consolidate at 11,000 points for a few more days then we might see bullish activities reviving. Henceforth, we can see the index touching 11,800 points level in the short-term. Investors are advised to invest in sectors like oil, banking, cement, fertiliser at 11,000 level. The continued buying by the foreign investors at the emerging markets --now grown stronger-- would support the local HONG KONG/SHANGHAI: rebound, much larger jumps are Ltd up 4 per cent. market, however an increase in the interest rate may hurt it. Retail investors also bought Shares in China rose on unlikely. Property and bank Thursday as banks and proper- shares have fallen far too much in airlines on expectations a Consolidation is likely to continue today. ty counters rebounded, while exporter Li & Fung Ltd outperformed in Hong Kong on signs that US consumer spending is picking up. Shanghai's main stock index closed 1.3 per cent higher, while Hong Kong's Hang Seng index edged up 0.1 per cent. Overall, however, the mood remained cautious as investors awaited China's next policy moves aimed at cooling inflation. Some dealers said they expected an interest rate rise this week. A number of initial public offerings and dollar debt sales in Asia have been delayed because of bearish sentiment in recent days. Profit taking after a strong rally in recent months has also robbed broader markets of upward momentum, with investors reluctant to stake out fresh positions so close to the year end. "This is only a technical
the past month," said Wen Lijun, analyst at Nanjing Securities. The Shanghai Composite Index closed at 2,898.3 points, rising above its 250-day moving average, now at 2,884, for the first time in three sessions. Large-cap financials and property plays, which had been hit over the past week by fears of more monetary tightening steps, rebounded after the central bank auctioned threemonth and three-year bills at unchanged yields on Thursday, easing fears of further monetary tightening. The central bank is also poised to inject a net 54 billion yuan ($8.1 billion) into the banking system this week, stepping back from weeks of liquidity tightening including bills sales and bank reserve requirement increases. Shanghai's property subindex gained 2.3 per cent with top developer China Vanke Co
strong yuan would cut costs of imports such as aircraft purchases. Air China Ltd jumped 4.2 per cent and China Southern Airlines Co Ltd rose 3.1 per cent. In Hong Kong, China Southern Air rose 1.5 per cent. Hong Kong shares ended marginally firmer at 23,054.68 but sentiment remained fragile, as shown by the deferment of more than $3 billion worth of proposed initial public offerings or IPOs. "Usually, if there is a lot of hot money coming to Hong Kong, these IPOS should be doing well," said Belle Liang, research head at Core PacificYamaichi. "IPOs are being delayed or withdrawn because of lacklustre demand." Turnover dropped to HK$74 billion ($9.5 billion), the lowest in two months and well below the daily average $103 billion for the month.-Reuters
Hamad Aslam, Head of Research BMA Capital If the interest rate is increased in the upcoming monetary policy then we could see some correction which can shove the index down to 10,500 level. Therefore investors should book profits before its announcement, however they can invest only in oil marketing stocks at current levels. An unchanged interest rate and approval of Reformed General Sales Tax (RGST) would spark off a bull-run. Market would be under pressure today.
6
Friday, November 26, 2010
Market Volume
86,149,102
Value
3,841,173,606
Trades
56,886
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
163 209 20 392
All Share Index
11,135.34 11,228.79 11,109.52 i19.49
Current High Low Change
KSE 30 Index
7,744.15 7,808.49 7,729.02 i14.05
Current High Low Change
KMI 30 Index Current High Low Change
10,755.84 10,830.48 10,732.52 i12.67
17,877.31 17,996.78 17,839.34 h19.40
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,453.53 Turnover 5,609,811 P/E (x) 10.73 Company
KSE 100 Index
Symbols
High Low 1,468.37 1,443.85 Total cos Defaulter cos P/BV (x) ROE (%) 3.49 32.54
PE
Open
High
Low
Attock Petroleum 691 5.57 Attock Refinery 853 7.06 BYCO Petroleum 3921 Mari Gas Company 735 16.20 National Refinery XD 800 3.87 Oil & Gas Development 43009 10.98 Pak Petroleum 11950 8.20 Pak Oilfields XD 2365 6.33 Pak Refinery Limited 350 PSO 1715 4.83 Shell Gas LPG 226 Shell Pakistan 685 10.16
320.45 124.30 11.94 120.55 262.28 163.47 200.32 265.45 81.59 284.03 37.00 199.13
325.35 126.74 12.25 122.44 265.00 164.25 205.00 268.40 82.00 286.10 37.50 200.50
320.26 123.80 11.90 119.40 260.25 161.27 201.01 265.51 81.13 283.00 36.50 198.00
Close Chg 321.82 125.92 12.06 119.58 261.31 162.22 201.65 267.93 81.40 285.21 37.00 198.10
1.37 1.62 0.12 -0.97 -0.97 -1.25 1.33 2.48 -0.19 1.18 0.00 -1.03
Close Change 1,452.52 -1.01 Listed cap Market cap 65,194.15 mn 1,135,613.21 mn Payout (%) Div Yield (%) 55.94 5.21 Last 60 days High Low
Volume 459291 1424613 2531153 39510 30723 409220 1137724 1328954 3921 764383 3726 7746
374.20 129.70 12.40 128.90 273.00 167.00 214.10 272.25 87.39 292.15 40.28 206.00
% Change -0.07 5-Day High 1,474.08 5-Day Low 1,419.29
2009 Div BR (%) (%)
287.99 250 76.20 9.84 106.00 32.17 100B 183.25 125 136.30 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 182.05 330 -
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 738.27 Turnover 5,859 P/E (x) 5.63 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 744.99 732.35 Total cos Defaulter cos P/BV (x) ROE (%) 1.44 25.53
Close 733.40 Listed cap 3,242.17 mn Payout (%) 11.08
Change -4.86 Market cap 12,724.00 mn Div Yield (%) 1.97
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.15 38.40
72.07 35.40
72.70 35.80
71.41 35.25
71.50 -0.57 35.33 -0.07
4974 885
78.20 41.00
60.05 34.50
Company
Paid up Cap(mn)
BOC (Pak) Clariant Pak Dawood HerculesSPOT Descon Chemical Descon Oxychem Ltd. Dewan Salman Dynea Pak XD Engro Corporation Ltd Engro Polymer Fatima Fertilizer Fauji Fertilizer XD Fauji Fert. Bin Qasim Gatron Ind Ghani Gases Ltd ICI Pakistan Lotte Pakistan Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind XDXB Sitara Peroxide United Distributors Wah-Noble XD
250 273 1203 1996 1020 3663 94 3277 6635 22000 6785 9341 384 725 1388 15142 74 1106 120 214 551 92 90
PE
Open
High
Low
11.08 5.85 7.25 10.06 8.09 6.42 2.35 8.89 7.62 4.26 10.07 14.68 6.27
80.00 154.95 179.14 2.52 7.48 1.57 10.00 182.34 13.34 9.92 110.62 33.96 44.50 11.90 135.30 11.84 1.66 1.48 2.37 119.98 13.70 10.00 33.05
80.79 155.00 185.00 2.62 7.79 1.64 10.60 184.85 13.50 10.01 112.00 34.27 43.79 11.91 136.50 12.18 1.74 1.54 2.49 123.90 13.94 10.48 32.90
80.45 152.50 174.00 2.52 7.30 1.54 9.80 181.50 13.25 9.85 110.12 33.98 42.28 11.74 134.01 11.87 1.51 1.45 2.25 116.00 13.40 9.95 32.22
Close Chg 80.64 153.06 174.76 2.59 7.40 1.57 10.12 183.11 13.26 9.94 111.58 34.03 43.79 11.74 135.20 11.92 1.51 1.50 2.25 122.86 13.51 10.33 32.59
0.64 -1.89 -4.38 0.07 -0.08 0.00 0.12 0.77 -0.08 0.02 0.96 0.07 -0.71 -0.16 -0.10 0.08 -0.15 0.02 -0.12 2.88 -0.19 0.33 -0.46
Close 1,259.74 Listed cap 52,251.88 mn Payout (%) 48.81
Change 4.31 Market cap 279,979.47 mn Div Yield (%) 6.18
Last 60 days High Low
Volume 6856 5426 104579 46006 125484 90834 704 1609682 155804 976688 3840721 1977516 990 50201 53822 10554387 3558 21644 3301 10353 70158 3663 2088
87.99 164.89 182.00 2.98 8.27 1.82 13.79 186.74 15.20 11.74 111.65 34.60 46.59 13.85 138.50 12.19 3.00 1.65 3.40 127.20 14.69 17.88 46.25
% Change 0.34 5-Day High 1,259.74 5-Day Low 1,240.34
2009 Div BR (%) (%)
2010 Div BR (%) (%)
66.90 90 15 149.72 125 155.38 40 10B 40 1.78 3.20 1.28 9.21 15 15 165.60 6010B 40R 40 11.15 - 27.5R 9.02 102.96 131.5 10B 95 26.59 40 - 17.5 36.95 20 7.41 113.00 80 55 7.44 5 0.80 1.16 1.80 101.00 75 25 7.67 9.22 10 10B 32.00 50 50
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,078.15 Turnover 48,834 P/E (x) 5.52 Company
High Low 1,095.67 1,069.18 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47
Close 1,071.97 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
7.62 6.13
16.30 39.62 39.60
16.75 39.64 40.00
15.95 39.62 39.60
16.00 -0.30 39.63 0.01 39.70 0.10
46304 1130 1400
Century Paper Pak Paper Product Security Paper
Change -6.17 Market cap 2,970.49 mn Div Yield (%) 4.58
Last 60 days High Low 21.80 62.85 41.50
15.28 38.61 38.00
% Change -0.57 5-Day High 1,084.90 5-Day Low 1,071.97
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,195.57 Turnover 162,848 P/E (x) 4.49 Paid up Cap(mn)
High Low 1,216.20 1,189.24 Total cos Defaulter cos P/BV (x) ROE (%) 1.14 25.35
PE
Open
High
Low
Agriautos Ind 144 5.28 Atlas Battery 101 4.76 Atlas Engineering Ltd 247 14.73 Atlas Honda 626 7.54 Baluchistan Wheels Ltd. 133 6.58 Dewan Motors 890 Exide (PAK) 56 4.58 General Tyre 598 19.11 Ghandhara Nissan 450 3.46 Honda Atlas Cars 1428 Indus Motors 786 6.16 Pak Suzuki 823 11.94 Sazgar Engineering 150 3.68
69.91 156.03 16.10 102.06 34.00 1.47 155.76 22.27 4.95 12.40 270.09 75.09 19.98
70.50 163.83 16.50 104.50 34.99 1.49 162.00 22.35 4.98 12.58 275.00 75.98 20.00
69.75 156.85 16.50 102.00 32.30 1.44 157.50 21.75 4.77 12.19 269.00 74.66 19.67
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind
PE
Open
High
Low
565 3.91 675 555 9.08 1199 10.64
25.16 2.95 14.78 51.42
25.20 3.00 14.99 53.99
24.95 2.82 14.50 50.90
Close Chg 25.05 2.95 14.53 51.09
-0.11 0.00 -0.25 -0.33
Close 976.28 Listed cap 3,596.11 mn Payout (%) 30.91
Close Chg
Close 1,196.95 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 1.38 Market cap 43,120.57 mn Div Yield (%) 4.54
Last 60 days High Low
27592 14526 5217 205212
26.20 3.39 16.75 64.02
Open 1,562.76 Turnover 273,799 P/E (x) 34.22 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Noor Sugar 186 Bawany Sugar 87 Chashma Sugar 287 Colony Sugar Mills 990 Habib Sugar 600 Habib-ADM Ltd 200 Hussein Sugar 121 Ismail Ind 505 J D W Sugar 490 Mehran Sugar 143 Mirpurkhas Sugar 70 Mirza Sugar 141 National Foods 414 Nestle Pakistan XD 453 Noon Pakistan XD 48 Noon Sugar 165 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 S S Oil 57 Sakrand Sugar 223 Sanghar Sugar 119 Shahmurad Sugar 211 Shahtaj Sugar 120 Shakarganj Mills 695 Tandlianwala 1177 Wazir Ali 80
PE
Change -1.65 Market cap 9,501.99 mn Div Yield (%) 9.88
% Change -0.17 5-Day High 977.92 5-Day Low 929.07
2009 Div BR (%) (%)
23.75 1.65 12.25 44.00
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Flying Cement Ltd Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Shabbir Tiles
PE
Open
High
Low
1828 866 6.61 182 14 956 27.27 982 12.08 3574 3651 117.79 6933 15.15 1760 2319 32 1288 13126 3234 6.75 5261 1.37 541 4.96 2228 200 361 -
3.25 63.15 19.37 12.00 12.34 1.69 1.71 28.60 5.03 1.81 5.32 0.57 7.36 2.96 75.48 2.95 7.75 7.44 5.90 8.70
3.35 63.50 20.10 11.05 12.20 1.77 1.78 28.98 5.05 1.90 5.50 0.60 7.45 3.04 76.00 3.02 8.74 7.80 5.99 9.00
3.20 62.01 18.50 11.05 11.95 1.57 1.68 28.15 5.00 1.80 4.80 0.60 7.00 2.96 74.75 2.91 6.75 7.01 5.50 8.14
Close 998.63 Listed cap 54,792.74 mn Payout (%) 19.04
-
30B -
Change -9.86 Market cap 71,583.53 mn Div Yield (%) 2.54
2010 Div BR (%) (%) 30 40
20B
% Change -0.98 5-Day High 1,015.51 5-Day Low 998.63
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
3.20 62.75 18.70 11.05 12.00 1.57 1.68 28.27 5.00 1.86 5.25 0.60 7.05 2.98 75.13 2.94 6.75 7.15 5.50 8.58
58504 13450 46783 500 13527 5011 85117 1552762 276880 9301 6912 101 179066 530775 270610 236967 3001 40866 3011 609
4.20 69.86 19.37 14.89 12.75 2.20 1.99 31.05 5.50 2.20 6.25 1.48 8.70 3.65 79.98 3.40 8.89 8.58 9.47 11.00
50 40 9.75 -
-0.05 -0.40 -0.67 -0.95 -0.34 -0.12 -0.03 -0.33 -0.03 0.05 -0.07 0.03 -0.31 0.02 -0.35 -0.01 -1.00 -0.29 -0.40 -0.12
2.80 57.60 14.01 10.00 9.51 1.30 1.30 23.02 4.52 1.72 2.11 0.25 5.50 2.71 64.30 2.51 3.51 7.05 5.25 6.30
20B 20R -
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 956.76 Turnover 371,551 P/E (x) 2.71 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Packages Ltd
PE
Open
115 2.31 65.36 230 2.00 1067 4.48 48.61 389 2.86 844 54.41 106.43
Siemens Engineering Tri-Pack Films
High
High Low 965.54 939.16 Total cos Defaulter cos P/BV (x) ROE (%) 1.19 43.91 Low
Close Chg
68.00 63.40 64.93 2.20 1.82 1.87 49.39 48.50 48.79 2.95 2.90 2.94 107.00 105.00 106.10
-0.43 -0.13 0.18 0.08 -0.33
82 10.86 1344.00 1349.00 1300.00 1316.00-28.00 300 7.80 106.98 108.50 106.50 107.00 0.02
Close 948.86 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 338571 8660 4430 1000 16131 199 2555
Change -7.90 Market cap 35,332.14 mn Div Yield (%) 5.74
Last 60 days High Low 65.36 2.64 61.99 3.99 116.90
% Change -0.83 5-Day High 961.29 5-Day Low 938.95
2009 Div BR (%) (%)
2010 Div BR (%) (%)
34.00 1.70 45.75 1.60 98.00
30 32.5
10B -
20 25 -
25B 10B -
1364.00 1068.75 111.25 91.00
900 100
-
900 -
-
INDUSTRIAL ENGINEERING Performance of SR Industrial Engineering Index Open 1,535.10 Turnover 149,487 P/E (x) 7.60 Company
Paid up Cap(mn)
Ados Pak AL-Khair Gadoon AL-Ghazi Tractor Bolan CastingXDXB Dewan Auto Engineering Ghandhara Ind Hinopak Motor Millat Tractors XB
PE
Open
66 0.96 15.10 100 4.54 215 5.07 211.03 104 - 44.85 214 0.70 213 10.18 11.14 124 - 142.05 366 6.49 490.92
High
High Low 1,556.85 1,532.05 Total cos Defaulter cos P/BV (x) ROE (%) 2.89 38.02 Low
Close Chg
15.10 14.76 14.87 4.00 4.00 4.00 212.00 207.50 211.48 44.80 44.70 44.75 0.70 0.35 0.36 11.39 10.94 10.99 147.89 135.00 136.65 498.89 491.02 496.35
-0.23 -0.54 0.45 -0.10 -0.34 -0.15 -5.40 5.43
Close 1,547.41 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 879 499 2752 4187 1053 12672 2869 128760
Change 12.31 Market cap 32,275.73 mn Div Yield (%) 17.30
Last 60 days High Low 21.89 6.50 227.45 51.99 1.00 18.80 145.50 597.90
1750 39826 500 3279 101 46551 802 1256 25221 16471 20618 3767 2702
72.99 194.25 19.88 122.51 35.69 1.80 155.99 26.70 6.09 13.40 282.45 79.99 27.58
63.01 131.00 16.10 92.00 28.25 1.16 121.10 21.00 4.03 9.65 212.29 69.25 17.92
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 100 20B - 100R 80 30B 15 50 100 5 - 20B
90 100 25 60 20 150 10
20B 20B
41.90
Total Assets (Rs in mn)
59,223.06
MA (10-day)
2.39
Total Equity (Rs in mn)
4,958.87
MA (100-day)
2.74
Revenue (Rs in mn)
5,061.63
MA (200-day)
3.37
Interest Expense
1st Support
2.06
Loss after Taxation
2nd Support
1.92
EPS 09 (Rs)
1st Resistance
2.44
Book value / share (Rs)
2nd Resistance
2.68
PE 10 E (x)
Pivot
2.30
PBV (x)
5,490.40 (4,227.75) (4.446) 5.22 0.43
KASBB closed down -0.09 at 2.26. Volume was 85 per cent above average and Bollinger Bands were 61 per cent narrower 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 33.0 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of KASBB (mildly bearish). Trend forecasting oscillators are currently bearish on KASBB.
Southern Electric Power Co Ltd
Open
High
Low
Close Chg -0.45 -0.01 0.94 0.10 -0.55 0.00 -0.10 -0.15 0.87 0.37 1.34 2.84 -2.02 0.01 -0.90 1.49 -0.23 -0.45 -0.48 -1.82 0.32 0.64 -0.20 0.04 -0.09 3.50 0.22 -1.39 1.00
Close 1,557.62 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -5.15 Market cap 201,688.54 mn Div Yield (%) 0.89
Last 60 days High Low
4000 11.70 3.26 610 16.90 10.50 25640 52.00 39.25 200 2.70 0.85 17514 15.47 8.50 1755 4.00 2.54 33903 36.00 25.40 3410 16.98 11.90 103 14.00 5.00 210 77.70 65.00 7511 81.95 60.10 55452 60.99 48.50 446 62.77 54.50 626 6.48 4.20 605 57.00 39.01 250 2057.99 1710.00 1975 27.19 17.51 228 14.84 10.20 17505 6.50 4.00 999 48.00 32.50 500 3.40 1.60 8500 3.89 2.51 500 3.50 2.12 3690 14.90 12.90 1000 13.20 8.25 120 80.39 44.50 67454 6.68 3.02 16900 35.50 27.50 2000 7.96 4.75
% Change -0.33 5-Day High 1,562.76 5-Day Low 1,521.86
2009 Div BR (%) (%)
2010 Div BR (%) (%)
10 40 35 40 15 40 35 25 600 50 30 10 15 100 -
40 17.5 110R 0 12.5R 25 10B 12 450 12 -
25B 30B 10B 25B 10B 10B -
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
47.18
Total Assets (Rs in mn)
11,457.73
MA (10-day)
2.14
Total Equity (Rs in mn)
2,081.08
MA (100-day)
2.54
Revenue (Rs in mn)
5,541.96
MA (200-day)
3.33
Interest Expense
1st Support
2.10
Profit after Taxation
52.68
2nd Support
2.01
EPS 10 (Rs)
987.88 0.385
1st Resistance
2.29
Book value / share (Rs)
15.23
2nd Resistance
2.39
PE 11 E (x)
Pivot
2.20
PBV (x)
0.14
SEPCO closed up 0.03 at 2.16. Volume was 203 per cent above average (trending) and Bollinger Bands were 66 per cent narrower than normal. The company's loss after taxation stood at Rs86.56 million which translates into a Loss Per Share of Rs0.63 for the 1st quarter of current fiscal year (1QFY11). SEPCO is currently 35.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into SEPCO (mildly bullish). Trend forecasting oscillators are currently bullish on SEPCO.
PACE Pakistan Limited
HOUSEHOLD GOODS Open 1,091.31 Turnover 239,176 P/E (x) 2.37 Company Pak Elektron Singer Pak Tariq Glass Ind
Paid up Cap(mn)
PE
1174 3.62 341 20.24 231 1.95
2009 Div BR (%) (%)
14.62 20 3.25 200.00 400 40.30 0.21 10.55 108.11 17.15 390.00 450
20B 25B
14.75 18.30 16.50
Open 967.00 Turnover 13,635,559 P/E (x) 6.81 Company
Paid up Cap(mn)
Amtex Limited XD 2415 Artistic Denim 840 Azgard Nine 4493 Bata (Pak) 76 Bilal Fibres 141 Blessed Tex Mills XD 64 Chakwal Spinning XD 400 Chenab Limited 1150 Colony Mills Ltd 2442 Crescent Jute 238 D S Ind Ltd 600 Dawood Lawrencepur 514 Ellcot Spinning 110 Ghazi Fabrics XD 326 Gillette Pakistan 192 Gul Ahmed Textile XD 635 Gulistan Spinning XD 146 Gulistan Textile XD 190 Gulshan SpinningXDXB 222 Hajra Textile 138 Hira Textile Mills Ltd. 716 Ibrahim Fibres 3105 Ideal Spinning 99 Idrees Textile XD 180 Indus Dyeing XD 181 J K Spinning 184 Janana D Mal 43 Kohinoor Ind 303 Kohinoor Textile 1455 Latif Jute 36 Mian Textile 221 Mukhtar Textile 145 Nagina Cotton 187 Nishat (Chunian) XD 1586 Nishat Mills XD 3516 Pak Synthetic 560 Premium Textile XD 62 Prosperity 185 Ravi Textile 250 Reliance Weaving 308 Rupali Poly XD 341 Salfi Textile 33 Sana Ind 55 Saritow Spinning 133 Service Ind 120 Shadab Textile XD 30 Shadman Cot 176 Shahpur Textile 140 Shahtaj Textile XD 97 Shield Corp XD 39 Suraj Cotton XD 180 Tata Textile 173 Thal Limited 307 Treet Corp 418 Zil Limited 53
PE
Open
11.16 4.96 5.63 20.05 - 11.71 4.98 590.39 0.34 1.75 0.71 46.98 0.50 1.01 3.35 3.83 2.62 0.79 1.86 46.47 40.90 0.61 20.50 0.65 3.90 - 62.99 3.56 24.05 1.41 6.95 1.44 23.15 0.91 7.04 0.50 0.74 4.00 3.05 37.88 0.31 3.25 3.37 3.10 2.33 270.00 0.87 5.71 0.24 15.00 1.57 3.96 5.59 21.88 7.25 0.55 0.44 0.77 15.00 1.99 24.25 5.01 57.52 2.15 6.39 0.46 29.50 1.10 14.00 1.54 0.64 8.88 4.57 36.75 0.22 50.25 2.68 33.90 0.38 2.17 7.68 213.62 0.31 11.98 1.99 11.90 0.76 0.50 - 17.45 10.26 79.35 0.79 35.00 0.30 31.19 4.23 99.20 8.51 53.58 3.18 46.00
Low 14.26 18.00 15.90
Close Chg 14.37 0.15 18.01 -0.14 16.27 0.18
Volume 201024 2667 35484
Change 7.32 Market cap 5,144.07 mn Div Yield (%) 2.64
Last 60 days High Low 15.43 24.14 18.80
12.25 16.51 14.50
2009 Div BR (%) (%) -
10B 10B -
% Change 0.67 5-Day High 1,098.64 5-Day Low 1,079.37 2010 Div BR (%) (%) 17.5
10B -
High
High Low 979.66 956.43 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 8.64 Low
Close Chg
5.08 4.90 4.91 -0.05 21.05 20.20 20.27 0.22 11.87 11.40 11.51 -0.20 616.00 595.00 601.00 10.61 1.26 1.26 1.26 -0.49 46.98 46.98 46.98 0.00 1.30 1.01 1.15 0.14 3.35 3.19 3.27 -0.08 2.60 2.43 2.45 -0.17 0.75 0.60 0.73 -0.06 1.90 1.84 1.84 -0.02 42.94 39.50 39.50 -1.40 20.99 19.50 20.00 -0.50 4.00 3.00 4.00 0.10 60.19 60.01 60.03 -2.96 24.75 24.01 24.75 0.70 7.95 6.85 7.39 0.44 24.30 24.00 24.00 0.85 8.00 7.10 7.50 0.46 0.60 0.60 0.60 0.10 4.00 3.35 3.95 -0.05 38.75 37.70 38.75 0.87 4.00 3.40 3.67 0.42 3.25 3.10 3.10 0.00 277.90 257.00 260.25 -9.75 6.00 5.00 5.71 0.00 15.94 14.05 14.50 -0.50 1.67 1.45 1.54 -0.03 5.89 5.21 5.54 -0.05 7.00 7.00 7.00 -0.25 0.55 0.42 0.55 0.00 0.47 0.34 0.38 -0.06 15.00 15.00 15.00 0.00 24.38 23.77 23.93 -0.32 58.99 57.80 58.31 0.79 6.80 6.36 6.36 -0.03 29.40 29.00 29.00 -0.50 14.75 13.30 14.40 0.40 1.58 1.42 1.54 0.00 9.70 9.00 9.20 0.32 36.76 35.60 36.40 -0.35 50.50 48.00 48.01 -2.24 35.59 34.69 35.22 1.32 2.60 2.15 2.31 0.14 224.30 212.00 224.30 10.68 11.00 11.00 11.00 -0.98 11.98 10.90 10.90 -1.00 0.56 0.55 0.55 0.05 17.35 17.25 17.25 -0.20 83.31 75.39 83.31 3.96 35.89 34.50 35.00 0.00 31.99 30.00 30.93 -0.26 100.99 98.56 99.00 -0.20 55.20 53.12 53.44 -0.14 48.15 46.00 47.54 1.54
Close 965.46 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 489359 7622 2452638 3824 500 500 6100 20001 4209 7007 8854 24159 2180 1000 204 1001 11359 101 3941 150 11003 1510 10110 1001 1001 136 2731 1750 35108 148 7939 11904 282 2444315 7768774 677 810 3672 9719 10474 905 500 33881 5258 30323 500 1100 202 3000 320 12022 657 21016 146364 11049
Change -1.54 Market cap 127,067.37 mn Div Yield (%) 2.45
Last 60 days High Low 19.70 24.05 12.32 747.48 2.80 52.05 2.59 3.95 3.45 1.90 2.37 44.50 25.45 5.00 73.00 25.96 8.13 24.84 10.30 0.99 4.88 40.30 4.79 5.35 274.96 9.90 20.50 1.93 6.30 8.00 0.98 0.97 17.50 25.14 58.35 7.48 31.03 21.47 2.38 12.00 37.25 50.52 38.40 2.99 255.29 11.98 15.00 1.90 21.90 79.35 37.50 35.50 112.80 55.25 48.75
4.40 17.55 8.80 436.00 0.55 40.80 0.56 3.00 2.23 0.16 1.44 36.10 17.21 1.13 57.50 19.99 5.00 17.57 5.51 0.13 3.30 34.05 2.02 2.56 209.03 4.62 9.95 1.01 4.50 6.25 0.01 0.16 12.00 15.25 40.81 5.16 25.71 12.51 1.38 8.01 31.25 20.50 27.50 1.10 169.00 7.56 8.00 0.18 15.61 43.29 29.00 15.00 86.50 37.20 33.00
2009 Div BR (%) (%) 20 120 7.5 7.5 5 15 20 12.5 7.5 20 40 35 200 20 15 20 40
% Change -0.16 5-Day High 967.41 5-Day Low 959.06 2010 Div BR (%) (%)
30 20 50 5 5 35 10 - 12.5 10B 10 10B 10 10B 10 10 20 10 20 - 20SD 50R 15 25 50 30 - 25SD 40 25 60 10 45 30B 10 50 25 20B 80 10B 35
20B 5B 45R 20B -
PHARMA AND BIO TECH Performance of SR Pharma and Bio Tech Index Open 883.60 Turnover 43,336 P/E (x) 6.28
2010 Div BR (%) (%) 10B 25B
14.22 18.15 16.09
High
Close 1,098.64 Listed cap 3,763.71 mn Payout (%) 6.27
PERSONAL GOODS
% Change 0.80 5-Day High 1,547.41 5-Day Low 1,518.71
150 25 650
Open
High Low 1,110.94 1,094.04 Total cos Defaulter cos P/BV (x) ROE (%) 0.25 10.64
Performance of SR Personal Goods Index
Performance of SR Construction and Materials Index High Low 1,016.78 993.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.53 7.10
-0.16 3.21 0.40 1.94 0.99 -0.02 4.14 -0.10 0.03 -0.18 -0.19 -0.09 -0.23
High Low 1,596.85 1,543.13 Total cos Defaulter cos P/BV (x) ROE (%) 10.37 30.30
11.58 6.47 6.99 6.00 6.02 0.89 16.71 16.70 15.80 16.70 5.18 50.00 51.00 50.50 50.94 2.07 2.17 2.17 2.17 1.09 13.98 14.90 13.40 13.43 3.74 3.74 3.26 3.74 6.99 34.00 34.22 33.90 33.90 11.54 12.61 12.52 12.45 12.46 - 10.10 11.10 9.25 10.97 32.98 73.50 73.99 69.83 73.87 2.61 76.66 78.80 78.00 78.00 3.44 58.51 61.43 59.99 61.35 5.94 58.48 58.70 56.03 56.46 0.40 6.37 6.40 6.20 6.38 16.23 44.40 44.00 43.50 43.50 22.05 2006.01 2018.00 1990.00 2007.50 3.68 26.00 27.30 24.71 25.77 - 13.75 13.30 13.15 13.30 0.45 6.00 6.00 5.00 5.52 7.74 44.01 44.90 42.19 42.19 2.13 2.45 2.45 2.45 0.32 3.06 3.70 3.10 3.70 3.20 3.00 3.00 3.00 0.99 13.80 13.90 13.51 13.84 18.49 12.85 12.76 12.75 12.76 - 80.39 84.25 83.00 83.89 6.33 7.00 5.65 6.55 286.45 32.90 34.00 31.50 31.51 5.98 6.98 6.60 6.98
CONSTRUCTION AND MATERIALS Open 1,008.49 Turnover 3,330,745 P/E (x) 7.51
69.75 159.24 16.50 104.00 34.99 1.45 159.90 22.17 4.98 12.22 269.90 75.00 19.75
% Change 0.12 5-Day High 1,196.95 5-Day Low 1,187.25
RSI (14-day)
Performance of SR Household Goods Index
Last 60 days High Low
Volume
-
FOOD PRODUCERS
INDUSTRIAL METALS AND MINING High Low 1,005.32 971.62 Total cos Defaulter cos P/BV (x) ROE (%) 1.04 33.10
40 15
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 977.92 Turnover 252,550 P/E (x) 3.13
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,273.86 1,247.54 Total cos Defaulter cos P/BV (x) ROE (%) 2.77 35.00
30
KASB Bank Limited
% Change -0.66 5-Day High 746.59 5-Day Low 733.40
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,255.43 Turnover 18,691,817 P/E (x) 7.90
2009 Div BR (%) (%)
Alert ! Unusual Movements
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak XD
Paid up Cap(mn) 979 250 1707 165 200 306
PE
Open
High
8.81 100.97 6.31 84.80 13.02 71.94 6.84 24.59 6.44 8.01 5.49 61.50
101.99 85.00 73.00 25.00 8.34 61.60
High Low 892.18 877.54 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 22.31 Low
Close Chg
99.76 100.50 -0.47 83.00 83.60 -1.20 71.81 72.39 0.45 24.40 24.69 0.10 7.99 7.99 -0.02 61.00 61.00 -0.50
Close 882.81 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 2760 4655 9587 15176 497 10602
Change -0.79 Market cap 29,499.78 mn Div Yield (%) 7.09
Last 60 days High Low 104.00 124.00 75.99 25.50 9.00 64.50
77.00 82.20 65.00 22.60 6.10 57.00
2009 Div BR (%) (%) 120 10 50 25 15
20B 15B
% Change -0.09 5-Day High 883.60 5-Day Low 876.89 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
47.28
Total Assets (Rs in mn)
10,559.36
MA (10-day)
2.87
Total Equity (Rs in mn)
6,486.15
MA (100-day)
3.02
Revenue (Rs in mn)
1,649.34
MA (200-day)
4.05
Interest Expense
211.21
1st Support
2.72
Profit after Taxation
633.16
2nd Support
2.63
EPS 10 (Rs)
1st Resistance
2.99
Book value / share (Rs)
2nd Resistance
3.17
PE 11 E (x)
Pivot
2.90
PBV (x)
2.37 23.26 0.12
PACE closed up 0.03 at 2.85. Volume was 38 per cent above average and Bollinger Bands were 9 per cent narrower than normal. The company's loss after taxation stood at Rs108.886 million which translates into a Loss Per Share of Rs0.39 for the 1st quarter of current fiscal year (1QFY11). PACE is currently 29.4 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PACE (mildly bullish). Trend forecasting oscillators are currently bearish on PACE.
Pakistan International Airline Corp Ltd
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
50.35
Total Assets (Rs in mn)
160,013.18
MA (10-day)
2.27
Total Equity (Rs in mn)
(20,772.84)
MA (100-day)
2.38
Revenue (Rs in mn)
MA (200-day)
2.62
Interest Expense
1st Support
2.27
Loss after Taxation
2nd Support
2.22
EPS 09 (Rs)
1st Resistance
2.35
Book value / share (Rs)
2nd Resistance
2.38
PE 10 E (x)
Pivot
2.30
PBV (x)
94,563.77 9,243.77 (5,822.43) (2.720) (8.92) (0.25)
PIAA closed down -0.04 at 2.26. Volume was 7 per cent above average and Bollinger Bands were 41 per cent narrower than normal. The company's loss after taxation stood at Rs11.693 billion which translates into a Loss Per Share of Rs4.79 for the nine months of current calendar year (9MCY10). PIAA is currently 13.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into PIAA (mildly bullish). Trend forecasting oscillators are currently bullish on PIAA.
BOOK CLOSURES Company
From
To
Sana Industries Punjab Oil Mills # East West Insurance Co Dawood Hercules Chemicals # Askari Gen Insurance Dawood Hercules MCB Bank Dawood Hercules Chemicals Pakistan Premier Fund Engro Corporation (Standalone) Fauji Fertilizer Bin Qasim Oil and Gas Development Co Siemens Pakistan
27-Nov 30-Nov 1-Dec 2-Dec 2-Dec 2-Dec 3-Dec 7-Dec 7-Dec 7-Dec 14-Dec 14-Dec 20-Dec
3-Dec 6-Dec 7-Dec 8-Dec 8-Dec 8-Dec 10-Dec 13-Dec 14-Dec 21-Dec 20-Dec 21-Dec 29-Dec
D/B/R 10(B) 25(R) 30(iii) 20(ii) 20(ii) 12.50(iii) 15(i) 600
Spot AGM/Date 23-Nov 25-Nov 29-Nov 29-Nov -
3-Dec 6-Dec 8-Dec 14-Dec 29-Dec
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
Johnson & Philips 9.7 Pakistan Cables 53 TRG Pakistan Ltd 4.17 Murree BreweryXDXB 75.94 Lakson Tobacco 327.42 Pak Tobacco 113.5 Eye Television 21.05 PIAC(A) 2.3 AKD Capital XD 54.89 Pace (Pak) Ltd 2.82 Netsol Technologies 19.47 Pak Telephone 2.3
High 10.51 54.9 4.23 76.5 343.5 119.17 22 2.33 57.25 3.08 19.65 2.49
Low Close 9.11 52.4 4.11 75.8 325 114 21.49 2.25 54.02 2.81 19.07 2.25
9.15 54.9 4.14 76.5 329.93 119.14 21.99 2.26 54.24 2.85 19.17 2.25
Change -0.55 1.9 -0.03 0.56 2.51 5.64 0.94 -0.04 -0.65 0.03 -0.3 -0.05
Vol 504 5115 731409 4902 6409 368804 1551 145812 1834 993079 169637 501
7
Friday, November 26, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,155.64 Turnover 1,055,028 P/E (x) 6.28 Paid up Cap(mn)
Company
Pak Datacom XD Pakistan Telecomm Co A Telecard XD WorldCall Tele Wateen Telecom Ltd
PE
78 4.94 37740 13.07 3000 0.68 8606 6175 -
Open
High Low 1,165.34 1,146.28 Total cos Defaulter cos P/BV (x) ROE (%) 0.81 12.84
High
80.50 19.63 2.31 2.67 3.71
Low
80.00 19.79 2.35 2.70 3.79
79.00 19.50 2.25 2.63 3.46
Close Chg 80.00 19.60 2.30 2.65 3.50
-0.50 -0.03 -0.01 -0.02 -0.21
Close 1,153.22 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 507 314310 227305 512906 270167
Change -2.42 Market cap 79,729.34 mn Div Yield (%) 9.97
120.61 20.12 2.69 2.98 4.50
78.00 17.32 1.80 2.30 3.35
% Change -0.21 5-Day High 1,169.29 5-Day Low 1,153.22
2009 Div BR (%) (%) 70 15 -
-
Ask Gen InsuranceSPOT 204 Atlas Insurance 369
6.69 5.57
10.51 34.90
11.47 35.39
11.00 34.75
11.04 0.53 35.01 0.11
10356 12853
12.25 35.50
8.45 27.10
40
10B
-
25R -
Central Insurance XB Century Insurance
6.70 7.12
59.86 10.96
62.69 11.40
58.30 11.35
59.00 -0.86 11.39 0.43
4264 15600
59.89 12.00
47.37 9.42
20 -
25B -
10 -
10B -
EFU General Insurance Habib Insurance IGI Insurance
1250 400 2.92 718 15.58
45.06 12.00 84.00
46.90 12.39 84.00
45.15 12.00 83.96
46.06 1.00 12.25 0.25 83.99 -0.01
99730 18842 4510
48.63 12.65 86.69
34.76 10.04 66.41
40 35 35
8.7B -
10
20B
New Jub Insurance Pak Reinsurance
791 15.82 3000 42.33
279 457
59.44 16.68
60.00 16.86
58.00 16.45
58.70 -0.74 16.51 -0.17
210 481601
60.50 17.20
52.21 12.50
30 30
20B -
-
-
2010 Div BR (%) (%)
Pak Gen Insurance PICIC Ins Ltd
250 350
1.65 -
6.10 7.69
7.10 7.50
6.12 7.10
6.96 0.86 7.15 -0.54
9138 12957
7.04 8.30
5.06 1.66
5 -
25B -
-
-
Premier Insurance
303
5.32
10.00
9.85
9.85
9.85 -0.15
7401
10.30
8.00
20
15B
-
-
80 17.5 1 -
Silver Star Insurance Universal Insurance
253 210
4.22 -
6.96 2.91
7.00 3.75
6.80 3.75
6.80 -0.16 3.75 0.84
2009 200
8.17 4.00
6.00 1.77
-
20B -
-
-
-
LIFE INSURANCE Open 944.44 Turnover 159,110 P/E (x) 104.59
Performance of SR Electricity Index
Paid up Cap(mn)
High Low 1,239.86 1,220.03 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 9.35
Close 1,224.99 Listed cap 95,369.29 mn Payout (%) 104.13
Change -9.99 Market cap 99,587.62 mn Div Yield (%) 8.09
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Genertech 198 Hub Power 11572 6.64 Japan Power 1560 KESC XR 7932 Kohinoor Energy 1695 10.39 Kot Addu Power XD 8803 4.83 Nishat Chunian Power Ltd 3673 3.05 Nishat Power Ltd 3541 23.45 Southern Electric 1367 Tri-star Power XD 150 -
0.84 36.72 1.52 2.20 18.89 39.67 13.90 14.82 2.13 0.99
0.93 36.75 1.59 2.29 18.71 39.80 13.99 14.98 2.30 1.05
0.80 36.15 1.50 2.17 18.71 39.70 13.76 14.51 2.11 1.00
0.90 0.06 36.27 -0.45 1.56 0.04 2.22 0.02 18.71 -0.18 39.72 0.05 13.90 0.00 14.54 -0.28 2.16 0.03 1.00 0.01
328 573978 32903 417514 500 47537 46495 2006305 628171 9180
1.45 37.24 2.25 2.50 26.50 42.95 14.85 16.10 2.90 1.75
Company
0.51 32.75 0.70 1.94 18.40 38.35 9.61 9.51 2.05 0.33
% Change -0.81 5-Day High 1,234.98 5-Day Low 1,210.34
2009 Div BR (%) (%) 33.5 45 64.5 3
31R -
2010 Div BR (%) (%) 50 - 7.8R 15 50 -
Company
Close 1,620.61 Listed cap 12,202.80 mn Payout (%) 66.79
Change -21.47 Market cap 34,628.65 mn Div Yield (%) 6.48
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.35 3.45
28.53 23.16
28.69 23.65
27.96 22.75
28.06 -0.47 22.91 -0.25
386535 513178
34.75 30.70
Sui North Gas XD Sui South GasXDXB
25.55 17.02
% Change -1.31 5-Day High 1,668.14 5-Day Low 1,614.20
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index Open 1,052.85 Turnover 11,818,367 P/E (x) 7.55 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.79 59.47 Askari Bank 6427 7.71 16.30 Atlas Bank 5001 1.60 Bank Alfalah 13492 12.35 9.73 Bank AL-Habib 7322 7.16 33.48 Bank Of Khyber 5004 5.68 4.30 Bank Of Punjab 5288 9.93 BankIslami Pak 5280 855.00 3.35 Faysal Bank XB 7309 4.67 14.19 Habib Bank Ltd 10019 6.49 105.51 Habib Metropolitan Bank 8732 7.20 23.55 JS Bank Ltd 6128 2.85 KASB Bank Ltd 9509 2.35 MCB Bank Ltd 7602 9.06 205.04 Meezan Bank 6983 8.32 15.33 Mybank Ltd 5304 2.05 National Bank 13455 5.74 66.16 Network Mic Bank 300 1.24 NIB Bank 40437 3.01 Royal Bank Ltd 17180 4.35 Samba Bank 14335 1.82 Silkbank Ltd 26716 2.69 Soneri Bank 6023 7.11 Stand Chart Bank 38716 11.74 7.33 Summit Bank Ltd 5000 2.85 United Bank Ltd 12242 6.87 58.98
High
High Low Close 1,064.55 1,042.61 1,048.33 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.05 13.94 40.49 Low
Close Chg
60.00 59.26 59.55 0.08 16.45 16.10 16.19 -0.11 1.67 1.51 1.55 -0.05 9.89 9.58 9.63 -0.10 33.74 33.00 33.20 -0.28 4.40 4.21 4.26 -0.04 10.16 9.76 9.86 -0.07 3.47 3.30 3.42 0.07 14.51 14.25 14.49 0.30 106.20 103.71 103.97 -1.54 23.78 23.45 23.56 0.01 2.95 2.81 2.91 0.06 2.54 2.16 2.26 -0.09 206.46 203.60 204.29 -0.75 16.32 15.25 15.73 0.40 2.15 1.90 2.00 -0.05 66.65 65.50 65.72 -0.44 1.69 1.40 1.40 0.16 3.18 2.95 2.99 -0.02 4.65 3.91 4.09 -0.26 1.95 1.81 1.89 0.07 2.78 2.67 2.73 0.04 7.25 7.12 7.17 0.06 7.68 7.47 7.63 0.30 2.90 2.80 2.83 -0.02 59.38 58.30 58.45 -0.53
Volume
Change -4.53 Market cap 635,440.44 mn Div Yield (%) 5.36
Last 60 days High Low
59426 60.79 233856 16.65 60518 2.55 268214 10.19 79965 33.97 27519 4.70 2109776 10.59 17478 3.65 135374 17.10 172805 108.79 110666 24.25 137130 3.00 103370 3.22 635197 210.00 54845 15.95 113621 2.75 1583880 70.75 201 1.46 3343577 3.25 452057 8.70 179486 2.65 1384470 3.08 20142 8.00 12784 8.00 54579 3.15 522010 60.00
48.51 14.00 1.50 7.32 29.10 2.50 7.35 2.31 12.85 92.00 18.02 2.00 2.03 180.60 14.05 1.62 60.51 0.26 2.42 4.20 1.51 2.50 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change -0.43 5-Day High 1,063.59 5-Day Low 1,043.45 2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 747.51 Turnover 1,075,756 P/E (x) 12.37 Paid up Cap(mn)
Company Adamjee Insurance
High Low 759.66 743.30 Total cos Defaulter cos P/BV (x) ROE (%) 0.64 5.20
Close 748.10 Listed cap 11,111.34 mn Payout (%) 79.54
Change 0.59 Market cap 46,327.87 mn Div Yield (%) 6.43
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 23.53
81.23
82.39
81.00
81.17 -0.06
396064
84.45
63.05
2009 Div BR (%) (%) 30
10B
% Change 0.08 5-Day High 748.57 5-Day Low 741.97 2010 Div BR (%) (%) 10
-
Change 17.12 Market cap 11,070.75 mn Div Yield (%) 3.40
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
American Life
500
5.85
17.02
17.50
17.50
17.50 0.48
700
20.45
17.02
EFU Life Assurance New Jub Life Insurance
850 47.22 627 32.11
84.42 46.03
86.00 48.33
83.00 45.10
83.10 -1.32 47.85 1.82
14544 143866
85.87 46.03
51.25 36.10
% Change 1.81 5-Day High 961.55 5-Day Low 881.27
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
-
-
5513.33B 10 -
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 445.34 Turnover 7,191,353 P/E (x) 10.02
GAS WATER AND MULTIUTILITIES High Low 1,666.56 1,611.51 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 11.41
Close 961.55 Listed cap 2,290.72 mn Payout (%) 355.53
Paid up Cap(mn)
Company
Performance of SR Gas Water and Multiutilities Index Open 1,642.08 Turnover 899,713 P/E (x) 10.31
High Low 979.46 928.30 Total cos Defaulter cos P/BV (x) ROE (%) 4.03 3.85
Paid up Cap(mn)
Company
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mngt. XB Dawood Equities Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities XB Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Sec Inv Bank Trust Inv Bank
High Low 453.90 436.09 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 0.91
PE
Open
High
Low
225 1.34 360 3.59 450 13.97 3750 4.87 150 1.31 250 215 2121 16.44 600 650.00 2849 3166 626 0.68 7633 508 500 8.13 1000 29.21 1000 821 5.13 775 514 11.80 586 3.98
0.59 18.50 27.18 25.62 1.61 2.13 0.90 2.78 6.88 0.65 3.72 1.90 13.28 4.34 31.01 7.14 4.35 6.75 2.23 2.50 1.71
0.60 18.70 27.52 26.67 1.75 2.36 1.69 2.78 7.79 0.74 3.89 1.94 13.56 4.43 30.31 7.34 4.50 7.20 2.38 3.00 2.70
0.53 18.00 27.02 25.68 1.47 2.13 1.02 2.60 6.22 0.62 3.60 1.88 13.04 4.20 30.00 6.96 4.20 5.76 2.21 2.25 1.70
Close Chg 0.59 18.23 27.39 26.49 1.47 2.15 1.24 2.63 6.50 0.65 3.68 1.89 13.17 4.22 30.25 7.01 4.30 6.98 2.30 2.95 2.55
0.00 -0.27 0.21 0.87 -0.14 0.02 0.34 -0.15 -0.38 0.00 -0.04 -0.01 -0.11 -0.12 -0.76 -0.13 -0.05 0.23 0.07 0.45 0.84
Close 442.65 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 30506 86651 84531 8668464 20002 1447 11589 21011 3009 4631 39254 2703 6288668 252739 10951 234247 41305 40183 15717 1966 223
Change -2.68 Market cap 30,898.09 mn Div Yield (%) 3.01
% Change -0.60 5-Day High 454.11 5-Day Low 432.41
Last 60 days High Low
2009 Div BR (%) (%)
1.10 19.98 34.00 26.85 2.14 2.70 2.90 2.88 9.00 1.00 4.80 2.84 14.05 5.38 40.00 7.59 4.70 6.75 2.70 3.90 2.98
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.40 20.90 0.86 1.51 0.32 1.17 6.16 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 1.65 1.24
2010 Div BR (%) (%) 20B 20B 10B -
Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. B R R Guardian Mod. Crescent St Mod. XD Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow XD Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund Nat Bank Modaraba XD Pak Modaraba XD Pak Oman Advantage Pak Prem Fund PICIC Energy Fund XD PICIC Growth Fund PICIC Inv Fund Punjab Modaraba XD Stand Chart Modaraba U D L Modaraba XD
PE
264 1375 780 200 524 300 581 760 1008 3180 1186 1200 250 125 1000 1698 1000 2835 2841 340 454 264
9.19 5.43 4.45 1.50 9.81 10.15 0.63 2.02 5.62 51.50 13.32 5.67 5.56 5.00 12.01 1.60 6.11 5.32 4.41 1.61
Open 1.74 6.50 1.93 0.57 1.80 4.10 2.00 2.84 6.53 4.26 3.51 5.55 6.00 0.84 8.40 8.61 5.51 9.47 4.86 1.57 8.90 5.40
High
Low
1.73 6.64 2.20 0.69 1.95 4.50 2.05 2.89 6.52 4.39 3.94 5.95 6.01 1.00 9.00 8.68 5.61 9.75 4.84 1.77 9.00 5.74
Close Chg
1.46 6.46 1.75 0.52 1.50 4.05 2.00 2.76 6.52 4.10 3.67 5.55 5.51 0.90 8.00 8.57 5.50 9.45 4.67 1.45 8.90 5.60
1.47 6.51 1.96 0.60 1.57 4.06 2.00 2.83 6.52 4.12 3.73 5.90 6.01 1.00 8.80 8.65 5.51 9.53 4.68 1.55 8.99 5.65
-0.27 0.01 0.03 0.03 -0.23 -0.04 0.00 -0.01 -0.01 -0.14 0.22 0.35 0.01 0.16 0.40 0.04 0.00 0.06 -0.18 -0.02 0.09 0.25
Close 1,130.49 Listed cap 29,771.58 mn Payout (%) 104.74
Change 2.85 Market cap 16,292.61 mn Div Yield (%) 9.25
Last 60 days High Low
Volume 564 44826 358350 11267 93642 102849 11006 28363 225 149197 1109998 42619 101 5000 162 87354 24000 82073 74302 50751 105000 5700
2.24 7.20 2.37 1.10 2.37 5.50 2.10 3.88 7.25 4.50 3.70 7.00 8.00 1.40 13.98 9.39 5.95 9.53 4.93 1.94 10.99 6.99
% Change 0.25 5-Day High 1,130.49 5-Day Low 1,081.57
2009 Div BR (%) (%)
1.01 5.85 0.90 0.16 0.76 1.02 1.30 2.32 5.56 20 2.65 2.31 10 5.15 4.50 0.30 8.10 9.605 7.00 4.00 7.60 3.50 0.57 7.75 16.5 4.71 10
-
2010 Div BR (%) (%) 18.5 0 1.2 17 21 5 10 15.5 10 3 1.04 18.6 10 20 10 1 17 12.5
2.70 54.10 102.30 0.89 5.45 0.75 1.20 0.50 1090.00 33.75 67.00 4.00 52.90 28.95 40.00 19.85 49.75 49.00 6.59 2.10 4300.00 9.35 885.00 10.00 9.05 9.00 17.50 163.67 432.50 1.65 1.97 1.10 2.50 7.00 17.50 13.50 1.95 1936.00 6.91 3.00 1.28 4.00 70.00 42.00 9.20 34.99 2.49 29.34 3.65 0.26 5.99 1.11 3.01 1.20 117.69 23.00 46.47 22.49 13.17 77.17 52.86 3.24 11.78
Low
Close
2.60 54.10 102.30 0.89 5.45 0.60 0.66 0.50 1090.00 33.74 61.25 4.00 52.90 26.40 40.00 19.05 45.76 49.00 5.45 2.10 4110.00 9.33 850.01 9.31 9.05 9.00 17.50 163.67 405.00 1.50 1.80 1.07 2.50 7.00 17.50 12.60 1.95 1860.00 6.55 2.16 0.99 3.10 68.81 41.00 9.15 34.99 2.20 29.34 3.30 0.26 5.88 1.11 3.01 1.20 117.69 23.00 45.00 22.19 13.17 77.17 52.80 3.20 11.78
2.60 54.10 102.30 0.89 5.45 0.60 0.81 0.50 1090.00 33.74 61.25 4.00 52.90 28.60 40.00 19.46 45.81 49.00 5.45 2.10 4138.99 9.33 885.00 9.89 9.05 9.00 17.50 163.67 421.42 1.50 1.80 1.07 2.50 7.00 17.50 13.25 1.95 1936.00 6.73 2.48 0.99 3.89 69.50 41.33 9.18 34.99 2.20 29.34 3.65 0.26 5.88 1.11 3.01 1.20 117.69 23.00 45.00 22.19 13.17 77.17 52.80 3.20 11.78
Change
Vol
-0.15 -0.22 -2.70 0.84 -1.00 0.06 -0.19 0.24 50.00 1.24 -3.20 0.02 2.40 0.86 0.00 -0.31 -2.15 -2.00 -0.95 -0.89 -40.64 0.33 -8.50 -0.36 -1.00 0.00 -1.00 -8.46 -4.36 -0.10 0.64 0.15 0.20 1.00 0.20 0.23 0.05 8.40 0.33 -0.36 0.14 0.49 0.49 -0.67 0.28 0.99 0.05 -1.54 -0.35 -0.24 0.89 -0.01 0.00 0.00 -6.06 1.01 0.70 0.36 -1.00 3.67 2.45 0.07 0.98
100 100 100 100 80 78 71 66 66 59 53 50 50 49 44 35 32 25 20 15 15 13 13 12 10 10 10 10 8 5 5 5 5 5 5 4 4 4 3 3 3 3 3 3 3 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Symbols
Open
High
Low
Close
NML-DEC
58.28
59.65
58.12
58.79
0.51 1781000
NML-NOV
57.40
59.00
57.95
58.27
0.87
POL-DEC
-
Change
Vol
268.12
270.50
268.00
482500
269.85
1.73
227000
28.60
28.98
27.99
28.33
-0.27
225500
ENGRO-DEC 182.64
184.50
181.50
183.39
0.75
PPL-NOV
200.42
204.70
201.00
201.56
1.14
214500
NBP-DEC
67.00
67.55
66.05
66.54
-0.46
206500
POL-NOV
265.84
268.45
264.00
267.98
2.14
167500
DGKC-NOV
Performance of SR Equity Investment Instruments Index High Low 1,153.64 1,115.34 Total cos Defaulter cos P/BV (x) ROE (%) 0.39 2.21
High
2.75 54.32 105.00 0.05 6.45 0.54 1.00 0.26 1040.00 32.50 64.45 3.98 50.50 27.74 40.00 19.77 47.96 51.00 6.40 2.99 4179.63 9.00 893.50 10.25 10.05 9.00 18.50 172.13 425.78 1.60 1.16 0.92 2.30 6.00 17.30 13.02 1.90 1927.60 6.40 2.84 0.85 3.40 69.01 42.00 8.90 34.00 2.15 30.88 4.00 0.50 4.99 1.12 3.01 1.20 123.75 21.99 44.30 21.83 14.17 73.50 50.35 3.13 10.80
FUTURE CONTRACTS
EQUITY INVESTMENT INSTRUMENTS Open 1,127.64 Turnover 2,387,467 P/E (x) 17.59
Open
FANM MEHT SAPT BAPLR ISTM KSTM MFTM DATM UPFL OTSU BAFS SLYT GRAYS SHFA FECS MSOT BIFO GADT UNIC KML ULEVER BAPL COLG FNEL NATM PASM HWQS PSEL FZTM FCONM FIBLM MODAM SCLL SZTM MERIT BNWM TREI RMPL FHBM ESBL HMIM ZTL KSBP PHDL STPL SUTM FRCL UBDL CSIL BROT DMTM KOSM RUBY YOUW SFL STML QUET AGL NSRM TICL MDTL EMCO DIIL
Performance of SR Life Insurance Index
ELECTRICITY Open 1,234.98 Turnover 3,762,911 P/E (x) 12.87
UPTO 100 VOLUME Symbols
215500
DGKC-DEC
28.95
29.15
28.55
28.65
-0.30
134500
MCB-DEC
203.82
205.30
202.65
203.23
-0.59
126500
ANL-DEC
11.81
11.91
11.60
11.64
-0.17
ENGRO-NOV 182.44
184.85
181.50
183.48
1.04
109500
-0.39
106000
110500
NBP-NOV
66.25
66.50
65.60
65.86
PPL-DEC
200.33
203.75
201.02
202.21
1.88
98500
PSO-DEC
286.08
288.20
284.50
287.06
0.98
98000
ANL-NOV
11.74
11.80
11.41
11.41
-0.33
PSO-NOV
283.92
285.80
283.05
284.78
0.86
86000
AICL-NOV
81.35
82.40
81.00
81.69
0.34
84000
MCB-NOV
205.00
206.25
203.75
204.49
-0.51
LUCK-NOV
75.56
75.59
75.00
75.11
-0.45
50500
AICL-DEC
81.61
82.60
81.50
82.00
0.39
22000
FFBL-DEC
33.18
LUCK-DEC
33.40
33.30
93500
59500
33.35
0.17
20500
75.85
77.00
75.45
75.47
-0.38
18500
OGDC-NOV 162.83
163.01
161.55
162.04
-0.79
OGDC-DEC 161.60
163.00
160.80
161.16
-0.44
12500
16000
UBL-DEC
60.04
59.10
59.10
59.10
-0.94
10000
BOP-NOV
10.01
10.00
9.50
9.97
-0.04
7500
FFBL-NOV
33.99
34.06
34.06
34.06
0.07
5000
BOP-DEC
10.16
10.00
10.00
10.00
-0.16
1000
NETSOL-NOV 19.51
19.25
19.25
19.25
-0.26
1000
UBL-NOV
59.01
59.01
59.01
0.17
500
58.84
ZERO VOLUME Symbols ATFF AZAMT BCML BHAT BWCL CFL COTT DNCC DWSM
Open
High
3.51 2.50 14.85 250.00 24.00 10.25 1.13 3.00 1.78
3.54 2.45 14.40 240.00 22.80 11.25 0.82 2.90 1.74
Low
Close
Change
Vol
3.54 2.45 14.40 240.00 22.80 11.25 0.82 2.90 1.74
3.54 2.45 14.40 240.00 22.80 11.25 0.82 2.90 1.74
0.03 -0.05 -0.45 -10.00 -1.20 1.00 -0.31 -0.10 -0.04
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
BOARD MEETINGS
Nishat Mills Ltd
KSE 100 INDEX
Fauji Fertiliser Bin Qasim Ltd
Fauji Fertiliser Co
Company
Date
Time
Exide Pakistan Limited ICC Textiles Limited Mirpurkhas Sugar Mills Limited
27-Nov 27-Nov 30-Nov
3:00 11:00 11:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day) MA (5-day)
Brokerage House
Leverage Position
71.42
Support 1
11,086.95
11,126.62
Support 2
11,038.60
MA (10-day)
11,025.62
Resistance 1
11,206.25
MA (100-day)
10,206.72
Resistance 2
11,277.15
*Arif Habib Ltd
65
AKD Securities Ltd
10,095.11
Pivot
74.2
Technical Analysis
Brokerage House
Buy
*Arif Habib Ltd
Buy
AKD Securities Ltd
Positive
TFD Research
Rs Recommendations
127
Buy
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
Neutral
TFD Research
122.1 114.33
Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,250.89 ** NOI Rs (mn) 216.16 Mean 58.16
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
62.16 110.38 107.47 108.08
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
373.19 41,640.53 0.01 111.08
* Target price for Dec-10 & **Net Open Interest in future market
oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an overbought condition.
rently indicating that NML is currently in an overbought condition.
port level at 11,038.60. KSE 100 INDEX is currently 10.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting
National Bank of Pakistan
Engro Corporation
Brokerage House
Fair Value
*Arif Habib Ltd
184
AKD Securities Ltd TFD Research
Rs Recommendations
208.75
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
59.41 181.59 178.55 184.70
84
Buy
AKD Securities Ltd
Positive
TFD Research
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
ing oscillators are currently bullish on FFC.
Rs Recommendations Buy
Brokerage House
131.09 24,004.76 116.48 182.95
*Arif Habib Ltd
* Target price for Dec-10 & **Net Open Interest in future market
42
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Rs Recommendations
27.10
26.80
27.60
27.80
27.30
Adamjee Insurance
63.55
80.65
80.15
82.05
82.90
81.50
Askari Bank
61.16
16.05
15.90
16.40
16.60
16.25
Azgard Nine
58.29
11.30
11.10
11.80
12.05
11.60
Attock Petroleum
55.85
319.60
317.40
324.70 327.55 322.50
Buy
Attock Refinery
74.05
124.25
122.55
127.20 128.45 125.50
Accumulate
Bank Alfalah
54.67
9.50
9.40
Negative
BankIslami Pak
57.37
3.35
3.25
3.50
3.55
3.40
Bank Of Punjab
61.44
9.70
9.55
10.10
10.35
9.95
Dewan Cement
56.32
1.65
1.60
1.75
1.80
1.70
DGK Cement
53.94
27.95
27.65
28.80
29.30
28.45
Dewan Salman
48.07
1.55
1.50
1.65
1.70
Dost Steels Ltd
59.19
2.85
2.75
3.00
3.10
2.90
EFU General Insurance 60.67
45.20
44.30
46.95
47.80
46.05
85.05
87.05
84.05
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
326.94 11,125.72 29.88 34.06
14.15
Fauji Cement
52.40
4.95
4.90
5.05
5.10
5.00
Fauji Fert Bin
73.17
33.90
33.80
34.20
34.40
34.10
Fauji Fertilizer
62.16
110.45
109.35
112.35 113.10 111.25
103.05
102.15
105.55 107.10 104.65
184.80 186.50 183.15 14.60
14.70
14.40
35.80
ing oscillators are currently bullish on FFBL. Momentum oscillator is cur-
136.45 137.75 135.25
rently indicating that FFBL is currently in an overbought condition.
Indus Motors
79.57
267.60
265.30
273.60 277.30 271.30
JOV and CO
58.93
4.15
4.05
4.35
4.50
Japan Power
50.08
1.50
1.45
1.60
1.65
JS Bank Ltd
63.89
2.85
2.75
2.95
3.05
2.90
Jah Siddiq Co
44.21
12.95
12.75
13.50
13.80
13.25
Kot Addu Power
46.84
39.70
39.65
39.80
39.85
39.75
KESC
54.62
2.15
2.10
2.30
2.35
2.25
Lotte Pakistan
74.17
11.80
11.70
12.10
12.30
12.00
Lucky Cement
54.91
74.60
74.05
75.85
76.55
75.30
MCB Bank Ltd
54.08
203.10
201.90
Maple Leaf Cement
52.08
2.90
2.85
3.00
3.05
2.95
National Bank
49.24
65.25
64.80
66.40
67.10
65.95
Nishat (Chunian)
63.39
23.70
23.40
24.30
24.65
24.05
Netsol Technologies
52.59
18.95
18.70
19.55
19.90
19.30
NIB Bank
62.89
2.90
2.80
3.15
3.25
Nimir Ind.Chemical
53.77
1.45
1.40
1.55
1.60
1.50
Nishat Mills
70.80
57.75
57.20
58.95
59.55
58.35
Oil & Gas Dev. XD
67.71
160.90
159.60
PACE (Pakistan) Ltd.
47.28
2.75
2.65
3.00
3.20
2.90
Pervez Ahmed Sec
56.94
2.20
2.15
2.40
2.45
2.30
PIAC (A)
50.35
2.25
2.20
2.35
2.40
2.30
Pioneer Cement
38.30
6.85
6.55
7.65
8.10
7.30
Pak Oilfields
67.64
266.15
264.40
269.05 270.15 267.30
Pak Petroleum
66.18
200.10
198.55
204.10 206.55 202.55
Pak Suzuki
54.21
74.45
73.90
PSO XD
59.94
283.45
281.65
PTCLA
57.85
19.45
19.35
Shell Pakistan
57.32
197.25
196.35
Sui North Gas
29.79
27.80
27.50
28.50
28.95
28.25
Sitara Peroxide
61.14
13.30
13.10
13.85
14.15
13.60
Sui South Gas
41.33
22.55
22.20
23.45
24.00
23.10
Telecard
47.33
2.25
2.20
2.35
2.40
TRG Pakistan
48.12
4.10
4.05
4.20
4.30
4.15
United Bank Ltd
62.13
58.05
57.65
59.10
59.80
58.70
WorldCall Tele
53.48
2.60
2.55
2.70
2.75
2.65
Pakistan Oilfields Ltd
Brokerage House
Fair Value
Rs Recommendations
301
Buy
296.6
Buy
281.35
Neutral
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
67.64 259.40 234.06 232.97
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 28,919.48 201.91 266.82
* Target price for Dec-10 & **Net Open Interest in future market Bollinger Bands were 55 per cent wider than normal.
the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ENGRO (mildly bullish). Trend fore- flowing into and out of NBP at a relatively equal pace. Trend forecasting flowing into and out of DGKC at a relatively equal pace. Trend forecasting reflect moderate flows of volume into POL (mildly bullish). Trend forecastoscillators are currently bullish on DGKC.
179.80
14.35
132.75
displaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is extremely low when compared to
oscillators are currently bullish on NBP.
81.05
181.45
43.50
36.05
ENGRO is currently 0.7 per cent below its 200-day moving average and is NBP is currently 1.9 per cent below its 200-day moving average and is dis- DGKC is currently 5.3 per cent above its 200-day moving average and is POL is currently 15.0 per cent above its 200-day moving average and is
casting oscillators are currently bullish on ENGRO.
82.05
59.41
Faysal Bank
134.00
Technical Outlook
(consolidating) and Bollinger Bands were 5 per cent narrower than normal.
66.45
Engro Chemical
64.12
TFD Research
and Bollinger Bands were 33 per cent narrower than normal.
EFU Life Assurance
68.01
ENGRO closed up 0.77 at 183.11. Volume was 69 per cent above average NBP closed down -0.44 at 65.72. Volume was 40 per cent below average DGKC closed down -0.33 at 28.27. Volume was 55 per cent below average POL closed up 2.48 at 267.93. Volume was 5 per cent above average and and Bollinger Bands were 21 per cent narrower than normal.
1.60
53.48
Positive
* Target price for Dec-10 & **Net Open Interest in future market
9.70
ICI Pakistan
36.85
182.55 5,160.68 30.73 28.50
10.00
Hub Power
Technical Outlook Leverage Position
9.80
Habib Bank Ltd
TFD Research
* Target price for Dec-10 & **Net Open Interest in future market
55.93
reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast-
Positive
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
26.30
Arif Habib Limited
the average volatility over the last 10 trading sessions. Volume indicators
92.3
53.94 28.93 26.14 26.86
62.75
27.25
displaying an upward trend. Volatility is relatively normal as compared to
AKD Securities Ltd
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
59.60
64.25
26.90
FFBL is currently 15.9 per cent above its 200-day moving average and is
Buy
318.37 20,923.08 93.36 66.01
60.35
63.50
25.30
Bollinger Bands were 54 per cent wider than normal.
43.29
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
59.95
61.25
25.90
* Target price for Dec-10 & **Net Open Interest in future market
AKD Securities Ltd
49.24 66.47 65.93 70.45
58.85
62.00
66.54
FFBL closed up 0.07 at 34.03. Volume was 6 per cent above average and
*Arif Habib Ltd
Buy
Technical Analysis
59.20
50.25
Arif Habib Corp
Leverage Position
73.17 33.56 29.15 29.62
Neutral
Leverage Position
32.06 29.1
61.96
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
76.39
Attock Cement
Rs Recommendations
35
Technical Analysis
Dera Ghazi Khan Cement Co Ltd
Technical Outlook
Technical Outlook Technical Analysis
Fair Value
*Arif Habib Ltd
Hold
238.8
Brokerage House
Fair Value
1st 2nd Pivot Resistance 3.30 3.40 3.25
Allied Bank Limited
Technical Outlook
NML closed up 0.79 at 58.31. Volume was 144 per cent above average FFC closed up 0.96 at 111.58. Volume was 650 per cent above average and Bollinger Bands were 7 per cent wider than normal. (trending) and Bollinger Bands were 8 per cent narrower than normal. NML is currently 14.6 per cent above its 200-day moving average and is FFC is currently 3.2 per cent above its 200-day moving average and is disdisplaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is relatively normal as compared to the the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NML (mildly bullish). Trend forecastreflect moderate flows of volume into FFC (mildly bullish). Trend forecasting oscillators are currently bullish on NML. Momentum oscillator is cur-
Index will continue to find its 1st support level at 11,086.95 and 2nd sup-
Brokerage House
Fair Value
Technical Outlook
Leverage Position
70.80 55.72 48.53 50.86
11,157.90
resistance level at 11,206.25 and 2nd resistance level at 11,277.15, while
Rs Recommendations
Technical Outlook
KSE 100 INDEX closed down -19.49 points at 11,135.34. Volume was 13
normal. As far as resistance level is concern, the market will see major 1st
59.97
TFD Research
RSI (14-day) MA (10-day) MA (100-day) per cent above average and Bollinger Bands were 8 per cent wider than MA (200-day) MA (200-day)
Fair Value
RSI 1st 2nd (14-day) Support 50.53 3.15 3.10
ing oscillators are currently bullish on POL.
36.65
37.00
36.40
4.30 1.55
205.95 207.65 204.80
3.05
163.90 165.55 162.60
75.75
76.55
75.20
286.55 287.85 284.75 19.75
19.90
19.65
199.75 201.35 198.85
2.30
8
Friday, November 26, 2010
Barclays to ramp up private banking business; sets up HK centre
Senegal to launch first Islamic bond
Jobbery scam hits India banks
LONDON: A man uses an automated teller machine (ATM) outside a branch of the Royal Bank of Scotland (RBS).-Reuters
Industry leadership award for IFSB Shabbir Kazmi KARACHI: Professor Datuk Rifaat Ahmed Abdel Karim, Secretary General of the Islamic Financial Services Board (IFSB) has been conferred the 2010 Industry Leadership Award for Outstanding Contribution to Islamic Banking. Convened under the Patronage of HRH, Prime Minister of Kingdom of Bahrain, the World Islamic Banking Conference (WIBC) Awards are among the oldest and most prestigious in the world. Selection of the award recipient is based on a number of criteria assessed by the WIBC Awards Committee. The Award was presented by Rasheed Al Maraj, Governor of the Central Bank of Bahrain at the Gala Dinner and Awards
Ceremony of the 17th Annual WIBC held in Bahrain. In his acceptance speech, Professor Abdel Karim said, "I am truly honoured and privileged to be the recipient of the prestigious 2010 Industry Leadership Award for Outstanding Contribution to Islamic Banking. The Award certainly enhances my motivation to continue my contribution to the development of the Islamic financial services industry." Earlier this year, Professor Abdel Karim also received the Royal Malaysian Honorary Award of Darjah Kebesaran Panglima Jasa Negara which carries the title 'Datuk', the Prize of the Islamic Development Bank in Islamic Banking and Finance 1431H (2010) and the 2010 London Sukuk Summit Islamic Finance Award.
Dec 15 maybe Sindh Bank’s 1st business day KARACHI: The second meeting of the Board of Directors (BoD) of the Sindh Bank held here. The Provincial Chief Secretary, Ghulam Ali Pasha, who is also the chairman of the board, presided over the meeting. Finance Secretary Dr Siddique Memon, briefed the board members about the progress made so far regarding the tentative start of operation by December 15 this year. He also informed that formal
application for the banking licence and commencement of business has been submitted to the State Bank of Pakistan on November 16. Muhammad Bilal Shaikh, president of Sindh Bank, said that the procurement for the site for head office and five branches as well as the related acquisition such as IT system and furniture, fixtures etc for the branches is underway and hopefully would be completed by the middle of next month.-APP
DIB enters in Islamic REIT co-venture DUBAI: Dubai Islamic Bank DISB.DU (DIB) launched the emirate's first Shariah-compliant real estate investment trust to aid in the recovery of the country's battered real estate sector, top executives said on Tuesday. Emirates REIT, a joint venture between DIB and French property firm Eiffel Management, looks to attract Shariah-compliant property such as office buildings, warehouses, schools and car parks and convert the rental income into dividends for investors, said Adnan Chilwan, chief of retail banking at DIB.-Reuters
Lower interbank rates must: UAE cbank UAE: UAE banks need to raise deposit levels to reduce interbank lending rates and put them more in line with London Interbank Offered Rates (Libor), the central bank governor was quoted as saying on Thursday. UAE interbank rates (EBOR) AEIBOR= have stayed high over past months, sparking criticism from the central bank, although debt restructuring and a flood of dollar liquidity on global markets have helped to ease some of the pressure. "The gap between the two prices (of EBOR and LIBOR) must be bridged," Sultan Nasser al-Suweidi told local daily al-Ittihad. Deposits should rise by 40 billion dirhams ($11 billion) in order to achieve this, he said, which would also help to narrow the loans-to-deposit ratio in the Gulf Arab state. "This is not a big amount in comparison to the more than 1 trillion dirhams' worth of deposits in the banking sector in the UAE," he said.-Reuters
NEW DELHI: Shares in Indian state-run financial firms named in a bribery scandal fell sharply on Thursday, a day after eight top officials were arrested in India's third biggest corruption scandal in the past few months. The Delhi-based Central Bureau of Investigation (CBI) said on Wednesday the officials received bribes valued at hundreds of millions of dollars. The arrests come on the heels of an alleged multi-billion dollar telecoms corruption scam that has forced the telecoms minister to resign and has paralysed the Indian parliament. The government and one of the companies whose executive was arrested said the alleged corruption were of an individual nature. "It is an insignificant amount... it is individual personal greed, it is not systematic failure," R. Gopalan, secretary financial services told NDTV broadcaster late on Wednesday. Those arrested included the chief executive of LIC Housing Finance and senior officials at state-run Central Bank of India, Punjab National Bank and Bank of India, the CBI said. Shares in LIC Housing Finance fell more than 10 per cent, while Punjab National Bank and Bank of India were down 3 per cent and 2.3 per cent respectively. Stocks later rebounded.
Government officials contacted by Reuters said there were no special meetings planned to discuss the bribery case. The officials, who asked to remain anonymous, said the federal investigative agency CBI would be handling the case. The individuals under arrest received bribes from private finance firm Money Matters Financial Services, which acted as a "mediator and facilitator" of corporate loans and other facilities, the CBI said on Wednesday. The CBI did not provide financial details of the charges. Analysts said many corporate houses could also be probed for possible involvement. Analysts said they did not expect any major repercussions from the scandal, although the government is already on the defensive over a separate telecoms scandal and a corruption scam involving the Commonwealth Games last October. "We don't think it'll turn into a major political issue, although the Indian government's reputation has been damaged," said Taipei-based Michael Huang, portfolio manager of Yuanta India Fund. "Banking shares and the broader stock market will continue to be hit. We'll take this chance to buy Indian shares at
dips," he said. Telecoms Minister Andimuthu Raja was forced to resign more than a week ago after a state audit accused his ministry of selling licenses and spectrum too cheaply in 20072008, potentially depriving the state of $39 billion in revenues. The opposition has disrupted business in parliament since November 9, demanding the Congress party-led coalition government agrees to a full parliamentary investigation into alleged corruption in the telecoms ministry. That has weakened the government's ability to move key economic measures and delayed legislation, although the government is not at risk of collapsing. Corruption has long been a major problem in Asia's thirdlargest economy, although the recent scandals are seen as among the biggest in the country's history. "Anyone who has been an investor in India, has to be familiar with issues like these," Vikas Pershad, Chief Executive of Veda Investments in Chicago. "This would lead to preference toward quality stocks in the near term, but the larger picture is attractive. The long-term growth story is intact," Pershad said.-Reuters
Rasheed faces charges of Rs200mn fraud, power-misuse
Askari Bank Lhr VP lands in NAB hands LAHORE: National Accountability Bureau (NAB) Punjab has arrested Vice President Askari Bank Ltd Lahore and Ex-Manager Bank Al-Falah Ltd under the charges of embezzlement of Rs200 million, misuse of authority and breach of trust. According to NAB spokesman here Wednesday, the accused Khawar Rasheed was arrested after cancellation of his bail application by the Lahore High Court. The accused will be produced before Accountability Court for custody on physical remand on
November 25 (Thursday) to interrogate him. The NAB initiated investigation against the accused and others on a complaint filed by Sikandar Raja, Account Holder Bank Al-Falah Ltd. After detection of fraud and internal inquiry, the bank also logged formal complaint with NAB Punjab. It came to light during the investigation that the accused while posted as Manager Operations in 2006 at Bank AlFalah Ltd Taufal Road, Lahore Cantt in connivance with Muhammad Sajjad Khan, Misbah Shaukat and others
made withdrawals from various Pakistani and foreign currency bank accounts. The accused Khawar Rasheed and Misbah Shaukat being employees of bank were found involved in facilitating withdrawals without proper verification and other codal formalities. Khawar Rasheed has confessed his offence before Fraud Investigation Unit of the Bank. The accused was arrested on apprehension of exit from the country thus hindering investigation or may alienate properties/illegal gains or tempering prosecution evidence.-APP
HSBC Egypt offers Visa Platinum Debit Cards DUBAI: HSBC Bank Egypt announces the launch of its Visa Platinum Debit Card to its Premier and Advance customers. The Visa Platinum Debit Cards are globally recognized Visa debit cards and feature free purchase protection, extended warranty insurance and higher spending limits, as well as being subject to exclusive Visa offers. HSBC Bank Egypt offers its Premier clients the Visa PayWave Platinum Debit Card, which beyond being the first Visa contactless card in the market, offers consumers a faster, more efficient way of making transactions. "At Visa, one of our core values is innovation; not only in the tailor-made products and services we offer through our client banks, but also in the development of technology that helps cardholders simplify their lives," said Tarek Elhousseiny, Visa's General Manager for North and West Africa. "After much success in global markets, we're excited to introduce Visa's contactless technology in Egypt as a means to facilitate electronic payments and the migration from cash to card. This advanced payment feature offers even greater convenience, while still providing the same secure, flexible, globallyaccepted benefits cardholders have come to rely on in Egypt and around the world." "As the world's local bank, it's our responsibility to contribute to the development of the financial sector in Egypt and to help introduce international technology to the local market," said Nevine Taher, HSBC's Head of PFS and Branches. "HSBC is a global Visa account and a great partner to launch the HSBC Visa PayWave contactless debit card in Egypt and across the region. By working closely with Visa, we're looking forward to continuing the trend of providing technologically-advanced products to our clients that meet and exceed their expectations." Visa PayWave is a groundbreaking new feature that will change the way electronic payment cards are used. The card is simply waved in front of a secure scanner and all of the information the merchant needs for the payment is transmitted automatically. There's no need for cardholders to fumble for cash or even sign for small purchases, just wave it and go. -Agencies
SYDNEY: A customer uses an ATM at a suburban Westpac Bank branch as the company reported a full-year net profit of $6.34 billion.-Reuters
9
Friday, November 26, 2010
Oil up in light volume; Europe debt, China in focus
European vegetable oil prices
Volume light, US markets close for federal holiday
ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST, SOYOIL: EU degummed euro tonne fob exmill Feb11/Apr11 930.00+28.00, May11/Jul11 932.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 920.00+8.00, May11/Jul11 930.00+10.00, Aug11/Oct11 915.00+10.00. SUNOIL: EU dlrs tonne extank six ports option Jan11 1455.00+10.00, Feb11/Mar11 1440.00+15.00, Apr11/Jun11 1400.00+15.00, Jul11/Sep11 1425.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1252.50-2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Dec10 1127.50+20.00, Jan11/Mar11 1120.00+22.50, Apr11/Jun11 1097.50+22.50. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1140.00, Jan11 1145.00, Feb11/Mar11 1132.50. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 1095.00, Jan11 1100.00, Feb11/Mar11 1087.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 1110.00, Jan11 1110.00, Feb11/Mar11 1097.50, Apr11/Jun11 1075.00+17.50, Jul11/Sep11 1065.00+17.50. PALM STEARIN: Dlrs tonne fob Malaysia Dec10 1090.00+10.00, Jan11 1090.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Nov10/Dec10 1520.00+20.00, Dec10/Jan11 1520.00+20.00, Jan11/Feb11 1510.00+10.00, Feb11/Mar11 1510.00+20.00, Mar11/Apr11 1510.00+20.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Nov10/Dec10 2050.00+0.00. Reuters
LONDON: Oil inched up on Thursday, holding a tight range in thin trading due to a US holiday, with the upside capped by persistent worries about the euro-zone and concerns about China's inflation prospects. By 1437 US crude for January was up 46 cents at $84.32 a barrel by 1132 GMT, after plumbing lows of $83.45 earlier. ICE Brent rose 41 cents to $86.25. A f t e r Wednesday's 3.2 per cent gains, analysts expect prices to remain range-bound in thin volume, as the New York Mercantile Exchange (NYMEX) combines trades for Nov. 25 and Nov. 26 into one trading session because of Thursday's Thanksgiving holiday. Continued worries about the ability of peripheral euro-zone members to manage their debt weighed on the euro, which remained close to a two-month low.
With worries that future oil demand growth from China could be tempered by measures to curb inflation, analysts currently see oil price support at around $80 a barrel. "The risks for the market, including Ireland and (the threat of conflict in) Korea are still there, and yesterday's DOE report was also quite
bearish, so I can't find any convincing reason why oil prices climbed to $84," Commerzbank oil analyst Carsten Fritsch said, although he sees support at $80 a barrel. "Technically, the action of the last two days definitely print out a very strong defence of 80.50 $/bbl as a support," Petromatrix' Olivier Jakob said in a note. Trading volume was over
28,200 lots by 1434 GMT, compared to an average daily trading of around 315,000 lots over the past year, according to Reuters calculations, held down by Thursday's US Thanksgiving holiday. "Changes throughout the trading session may prove to be more erratic due to lower liquidity as result of US markets being closed for Thanksgiving," BNP Paribas' head of commodity markets' strategy Harry Tchilinguirian said. "Once again, we saw a disconnect between the dollar and commodity prices in yesterday's trading," MF Global senior commodities analyst Edward Meir said. Oil tumbled to 2010 lows under $65 in May as the Greek debt crisis dampened confidence about the global economic recovery, and rebounded to a two-year high of $88.63 on Nov. 11. -Reuters
RAJASTHAN - INDIA: Indian camel traders' cook food at the largest camel fair in the world, in Pushkar, in the northern Indian state of Rajasthan. -Agencies
US cotton ends up on China demand NEW YORK: US cotton futures bounced to a firmer finish on Wednesday, as technically oversold conditions and prospects of greater Asian demand growth helped prices snap a two-week losing streak that shaved more than 26 per cent from the market. 'I think it was just oversold as much as anything else,' Jobe Moss, an analyst for brokers and merchants MCM Inc in Lubbock, Texas, said of the market rebound. The benchmark March cotton contract on ICE Futures US climbed 4.80 cents, or 4.3 per cent, to settle at $1.1659 per lb, near the upper end of its
$1.1113 to $1.1771 session range. Volumes were relatively firm ahead of the US Thanksgiving Day holiday on Thursday. The total stood at 27,038 lots by 2028 GMT, up more than 50 per cent from year-ago levels, Thomson Reuters preliminary data showed. Momentum began to build in the overnight session in China after the country's Banking Regulatory Commission (CBRC) urged easier bank practices for the agriculture sector due to a severe shortage of cotton, among other crops. 'This is the first official admission from a Chinese
authority that they are indeed facing shortages,' said Sterling Smith, an analyst for Country Hedging Inc. in St. Paul, Minnesota. 'I think it's going to give cotton a good bullish underpinning.' The Zhengzhou Commodity Exchange's May cotton contract was last traded Wednesday at 25,755 yuan per tonne, up 190 yuan on the day. US Census Bureau data showed cotton mill consumption fell to 302,582 bales in October from a revised 350,985 bales a month earlier. Year-over-year in October, mill consumption increased by 16 per cent. -Reuters
Palm oil up on strong demand, weather concerns KUALA LUMPUR: Malaysian palm oil futures advanced for a second day on Thursday as export data signalled a strong recovery in demand at a time when heavy rains may curb production. Strong Chinese demand for US soybeans, which are crushed into oils, also lifted vegetable oil markets and allayed some fears that actions to rein in food-driven inflation will slow purchases. The benchmark Feb. 2011 crude palm oil contract on the Bursa Malaysia Derivatives Exchange rose as much as 3.7 per cent to 3,284 Malaysian ringgit ($1,047) per tonne, the highest in three days. The contract settled at 3,276 ringgit
Traded volume stood at 20,047 lots at 25 tonnes each. Cargo surveyor Intertek Testing Services reported Malaysian exports for Nov. 125 rose 18.9 per cent from the same period a month ago, driven by strong Chinese and European Union demand. Another surveyor, Societe Generale de Surveillance, said exports rose 24.9 per cent to 1,363,256 tonnes in the same period. Demand appears to be pick-
ing up at a time when the monsoon rains hit Malaysia, the second largest palm oil producer. The Malaysian weather office said the La Nina weather condition made the rains heavier and plantation officials expect yield quality of the palm fruits to go down. The most-active Sept soyoil contract on Dalian Commodities Exchange ended up 1.6 per cent. US soy and soyoil futures were closed for Thanksgiving holiday. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for November 24 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1260
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for November 24 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2180 2200 2150 2170 2110 2120 2110 2120
2241 2242 2262.5 2263.5 2325 2330 2383 2388
8254 8254.5 8240 8245 8055 8065 7710 7720
2198 2199 2220 2223 2202 2207 2170 2175
21875 21900 21900 21950 21675 21775 21100 21200
TIN
ZINC NASAAC
24345 2093 24350 2093.5 24345 2106 24350 2107 23975 2155 24025 2160 2142 2147
2230 2240 2250 2260 2265 2275 2315 2325
Copper gains, tight supplies in focus
Cocoa falls on hedge selling, coffee dips
LONDON: Copper rose on Thursday as support from persistent supply concerns and a bout of upbeat US data offset investor worries about the potential of sovereign debt problems spreading in the eurozone. Copper for three-months delivery on the London Metal Exchange closed at $8,340 a tonne, up from Wednesday's last bid of $8,250. The metal, used in power and construction, earlier hit a high at $8,345. "The underlying fundamentals are still pretty good," said BNP Paribas analyst Stephen Briggs. "It's prospective tight supply. It's not that tight today, but the likelihood is the market will be very tight next year." In other base metals, battery material lead rallied about five per cent, tracking a wider rally in base metals, while traders also cited technical buying in holiday-thinned trade. Lead, which hit its highest in almost a week at $2,334 a tonne, closed at $2,331 a tonne, up from a close of $2,222. "It's copper that drives things, so the other base metals are benefitting from the very bullish outlook for copper," Briggs said. The premium for cash copper over the three-month contract hit $41, its highest since October 2008, with a trader saying short positions for the December contract scrambled to find material. Meanwhile, investors kept an
LONDON: Cocoa futures on Liffe fell on Thursday, weighed by producer selling of main crop cocoa out of West Africa, while robusta coffee edged lower on an ample harvest in Vietnam, and sugar firmed. Volumes in Liffe soft commodity markets were modest as ICE raw sugar, arabica coffee and cocoa markets were shut for the US Thanksgiving holiday. Cocoa futures drifted lower on selling by West African producers, dealers said. Dealers said there was growing tension in top grower Ivory Coast before Sunday's presidential run-off. Many fear street violence if the result is disputed, potentially disrupting the flow of cocoa to ports. March cocoa on Liffe was down 5 pounds or 0.3 per cent at 1,857 pounds ($2,927) a tonne in modest turnover of 5,097 lots at 1537 GMT. Robusta coffee futures edged down, pressured by harvesting in top producer Vietnam. "The robusta harvest appears to be quite good -- good quality and plenty of it," said one Londonbased dealer. Liffe second-month robusta coffee futures stood at $1,826 per tonne, down $8 or 0.4 per cent in thin volume of 1,179 lots at 1538 GMT. Liffe white sugar futures edged higher in tiny volumes, supported by rainfall in Australia and India, and tight export availability from top producer Brazil. Liffe front-month white sugar was up $6.30 or 0.9 per cent at $716.00 per tonne in slim volume of 132 lots. "The general consensus is that it is algo (algorithmic, systemfund) traders who are pushing the market around with large trade/producer/industrial participation seemingly absent," said Thomas Kujawa of broker Sucden Financial. -Reuters
eye on a dominant position controlling between 50-80 per cent of cash warrants for both copper and nickel, subject to LME lending guidance. Nickel hit a ten-day high at $22,875 a tonne, its highest since Nov. 15. Investors were edgy, with the euro near a two-month low as
Shanghai copper edges lower Shanghai's benchmark third-month copper ticked down 350 yuan to close at 62,100 yuan a tonne, having rallied as high as 62,850. Shanghai aluminium was little changed at 16,240 yuan a tonne. the euro-zone debt crisis showed little signs of abating, with fears of contagion still high after Ireland unveiled an ambitious austerity plan. Investors worried that demand from top metals consumer China may soften, as it battles to stem inflation. The country might have to raise inflation targets for next year. Among other base metals, aluminium closed at $2,281 from $2,259 a tonne on Wednesday, while zinc ended at $2,200 a tonne from $2,122 a tonne. Tin was untraded at the close but last quoted at $24,300/$24,350 a tonne versus $24,300 at the close on Wednesday, and nickel was untraded but last quoted $22,800/$22,825 a tonne from $22,500. -Reuters
Gold flat; EU debt worries, Koreas support
Indian sugar edges up on lower recovery rate
LONDON: Gold was flat on Thursday, lacking strong impetus due to the US Thanksgiving holiday but backed up by some safe haven buying amid Europe's debt crisis and heightened tensions between North and South Korea. Spot gold eased $1.00 to $1,372.71 an ounce by 1512 GMT - well below a lifetime high around $1,424 struck in early November. It had hit an intraday low around $1,367 an
to invest in other than commodities, and that's not just gold." South Korea said on Thursday it would increase troops on islands near North Korea with Pyongyang, warning it would follow its bombardment earlier in the week with more shelling if its wealthy neighbour tried any "provocations". Bullion barely reacted to news that Vietnam's central
MUMBAI: India's spot sugar price edged up on Thursday on concerns over lower recovery rate in the ongoing crushing season and as firmness in the overseas markets bolstered sentiment further, dealers said. "Crushing season is not progressing well in Maharashtra and Uttar Pradesh. Initial reports are indicating a drop in recovery," said a member of the Bombay Sugar Merchants Association. Unseasonal rains over the two key Indian sugar producing states have pared the recovery rate by nearly 1 per cent, initial reports show, and government and industry officials worry persistant rains could potentially hit output and trim exports. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety edged up by 0.36 per cent to 2,816 rupees ($61.9) per 100 kg. India is likely to produce 24.5 million tonnes of sugar in 2010/11, the junior farm minister said last week, lower than a previous trade estimate and below a likely threshold for exports. -Reuters
ounce. US gold futures were flat around $1,372.6 an ounce. Market watchers highlighted profit-taking and book-squaring ahead of Thursday's US holiday and next month's Christmas break as a driver behind recent erratic trading and predicted gold was likely to be rangebound for the rest of the week. "It's been the quietest of days...Gold seems to be consolidating generally and quite resilient," said Peter Hillyard, head of metals sales at Anz Investment Bank, noting that the market was likely to be quiet until Monday. "Investors still seem to be of the opinion in general that...there's generally fear about global economies, there's generally a perception that there's not much you can trust
bank had granted additional quotas for domestic companies to import gold between now and the year end, but dealers noted buying on dips from consumers in Hong Kong and Southeast Asia. In the United States, data on Wednesday showed initial jobless benefits claims fell to their lowest level in more than two years last week while consumer spending rose for a fourth straight month in October, fueling hopes the economic recovery is strengthening. The rest of the precious metals complex was also lower on Thursday. Silver fell to $27.48 from $27.55 late on Wednesday, platinum dipped to $1,652.99 an ounce against $1,659.99 and palladium was trading at $693.97 versus $692.53. -Reuters
Tokyo rubber edges up in thin trade TOKYO: Tokyo rubber futures edged up on Thursday after being dragged lower the previous day by heightened tensions on the Korean Peninsula, but the market lacked strength ahead of the US Thanksgiving holiday, traders said. The most active April contract, the previous benchmark, inched up 0.9 per cent or 3.1 yen to settle at 362.6 yen. The contract had settled down 10.3 yen or 2.8 per cent at 359.5 yen per kg on Wednesday as global financial markets were rattled by rising tensions after a North Korean artillery attack on a South Korean island near the border. The key Tokyo Commodity Exchange rubber contract for May delivery, which debuted on Thursday, settled at 362.7 yen. Deliveries against the November futures contract fell 25 per cent from last month to 214 lots or 1,070 tonnes. The nearby November contract expired at 354.9 yen per kg. In Shanghai, the most active rubber contract for May delivery closed at 31,280 yuan ($4,702) per tonne, down 1,005 yuan from Wednesday's close of 32,285 yuan per tonne. Volume stood at 1.54 million lots. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
25-Nov-2010 CRUDE100 25-Nov-2010 CRUDE100 25-Nov-2010 CRUDE100 25-Nov-2010 SILVER - SL500 25-Nov-2010 SILVER - SL500 25-Nov-2010 GOLD 01oz 25-Nov-2010 GOLD 01oz 25-Nov-2010 GOLD 01oz 25-Nov-2010 GOLD 100oz 25-Nov-2010 GOLD 100oz 25-Nov-2010 GOLD 100oz 25-Nov-2010 GOLD 25-Nov-2010 GOLD 25-Nov-2010 GOLD 25-Nov-2010 KILOGOLD 25-Nov-2010 KILOGOLD 25-Nov-2010 TOLAGOLD50 25-Nov-2010 TOLAGOLD100 25-Nov-2010 MINIGOLD 25-Nov-2010 MINIGOLD 25-Nov-2010 MINIGOLD 25-Nov-2010 MINIGOLD 25-Nov-2010 MINIGOLD 25-Nov-2010 TOLAGOLD 25-Nov-2010 TOLAGOLD 25-Nov-2010 TOLAGOLD 25-Nov-2010 TOLAGOLD 25-Nov-2010 TOLAGOLD 25-Nov-2010 IRRI6W 25-Nov-2010 RICEIRRI - 6 25-Nov-2010 RBD PALMOLEIN 25-Nov-2010 KIBOR3M 25-Nov-2010 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
JA11 FE11 MA11 DE10 JA11 DE10 JA11 FE11 DE10 JA11 FE11 DE10 JA11 FE11 DE10 JA11 DE10 DE10 1-Aug 2-Aug WED THU 5-Aug MON TUE WED THU FRI 25NO10 DE10 DE10 10-Dec 11-Mar
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
81.73 82.32 82.77 27.35 27.43 1374.00 1378.80 1379.20 1376.50 1376.30 1372.00 37650.00 37700.00 37802.00 37748.00 37600.00 44042.00 44042.00 38826.00 38866.00 38879.00 38800.00 38813.00 44624.00 44670.00 44685.00 44594.00 44609.00 2402.00 3294.00 4493.00 86.74 86.14
84.32 84.88 85.06 27.51 27.54 1378.00 1379.00 1380.00 1376.50 1376.30 1377.40 37780.00 37787.00 37802.00 37748.00 37759.00 44042.00 44042.00 38826.00 38866.00 38879.00 38800.00 38813.00 44624.00 44670.00 44685.00 44594.00 44609.00 2402.00 3294.00 4733.00 86.75 86.14
81.40 82.26 82.77 27.15 27.19 1370.00 1370.00 1371.00 1369.00 1372.50 1372.00 37550.00 37700.00 37714.00 37660.00 37600.00 43939.00 43939.00 38724.00 38763.00 38776.00 38789.00 38711.00 44505.00 44550.00 44565.00 44580.00 44491.00 3260.00 3283.00 4493.00 86.74 86.02
83.99 84.56 85.06 27.40 27.43 1371.70 1372.50 1373.60 1371.70 1372.50 1372.50 37687.00 37699.00 37714.00 37660.00 37660.00 43939.00 43939.00 38724.00 38763.00 38776.00 38789.00 38711.00 44505.00 44550.00 44565.00 44580.00 44491.00 3260.00 3283.00 4733.00 86.75 86.02
Traded Volume in lots 374 38 123 249 223 1,349 1,222 15 4 12 1 1 -
Previous Settlement Price 83.79 84.36 84.86 27.46 27.48 1371.50 1372.30 1373.50 1371.50 1372.30 1373.50 37668.00 37679.00 37695.00 37641.00 37652.00 43916.00 43916.00 38705.00 38744.00 38757.00 38771.00 38692.00 44483.00 44528.00 44543.00 44558.00 44468.00 3271.00 3294.00 4493.00 86.74 86.02
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 83.99 72 84.56 7 85.06 27.40 4 27.43 77 1371.70 173 1372.50 1,366 1373.60 1,057 1371.70 4 1372.50 1373.60 37687.00 5 37699.00 21 37714.00 37660.00 37671.00 1 43939.00 43939.00 38724.00 38763.00 38776.00 38789.00 38711.00 44505.00 20 44550.00 44565.00 44580.00 44491.00 3260.00 3283.00 4733.00 86.75 86.02 -
England's Poulter tees off during the Dubai World C’ship European PGA golf tourney
10
Friday, November 26, 2010
Vettel has ‘lap of honour’ thru Berlin BERLIN: New Formula One world champion Sebastian Vettel will drive his Red Bull on a lap of honour through central Berlin on Saturday in front of tens of thousands of German fans, his team said. Vettel, due to compete in the exhibition Race of Champions in Duesseldorf later that day, will make a stop in the capital to drive his F1 car down the Strasse des 17 Juni boulevard that ends at the Brandenburg Gate in the heart of the city. "We will rock Berlin," the 23-year-old German, who became the sport's youngest champion when he clinched the title in the final race of the season in Abu Dhabi this month, said in a statement on Wednesday. Red Bull said the driver wanted to thank his fans for the support throughout the season. The wide, tree-lined boulevard that slices through the city, is often used for sports celebrations, playing host to millions of fans during the 2006 soccer World Cup in Germany and again during the national team's run to a third place finish at this summer's World Cup in South Africa.Reuters
Rooney carries United through GLASGOW: Wayne Rooney showed his mental strength remains fully intact -- if not his fitness and touch -- as he coolly slotted home a late penalty to take Manchester United into the Champions League knockout phase. Wednesday's 1-0 win over a Rangers team hoping for a repeat of their surprise goalless draw at Old Trafford and playing with a similarly defensive approach, will be quickly forgotten. Rooney, however, will be relieved that his first start since September following an ankle problem went off without mishap and was capped by a crucial spot kick after 87 minutes in Group C. Certainly Alex Ferguson was happy to focus on a positive from his key player who has endured a torrid few months by any standards including media stories of marital infidelity followed by a bizarre episode in which he threatened to quit the club only to pocket a new fiveyear deal instead. The United manager, a former Rangers centre forward himself, said: "He's never been short of courage and it was a fantastic penalty, a very good penalty.Reuters
Hockey gets green signal for national games PESHAWAR: Pakistan's national game Hockey has been included in the 31st National Games, to be held from December 25th to December 31st here, it was learnt on Thursday. Earlier, hockey, football and cycling were excluded from the Games sports list without giving any solid reason but the sources in the Pakistan Olympic Association confirmed that hockey has been included while high level talks have been continued of including football, wishing not to be named.-APP
Asian hockey gold earned after 2 decades
Jubilations for Pak hockey GUANGZHOU: Fired-up Pakistan annexed the Asian Games men's hockey gold medal after 20 years with a convincing 2-0 win over Malaysia in the final on Thursday. Veteran Sohail Abbas put Pakistan ahead with his team's first penalty corner in the 26th minute, before striker Rehan Butt increased the margin three minutes after half-time. It was Pakistan's eighth Asiad hockey gold, ending a drought that stretched back to Beijing in 1990, and handed them their first major title since winning the World Cup in Sydney in 1994. Pakistan ended the year on a high after a disappointing eight-month period in which they finished a humiliating 12th out of 12 at the World Cup in March and took sixth place at the Commonwealth Games in October. The Pakistanis kneeled in prayer after the final whistle, before lifting their Dutch coach Michel van den Heuvel over their shoulders to loud applause from the stands. Malaysia, often dubbed the sport's perennial under-achievers, had to settle for silver in their maiden appearance in the title clash after winning the bronze medal six times. The entire Malaysian team, barring Sikh player Baljit Singh, shaved their heads in a practice called 'nazar' to ward off evil spirits in the final, but failed to produce the spark that won them the semi-final against India. Amin Rahim, whose two late goals sank India, faltered in all three penal-
ty corners his team earned in the second half. Malaysia had gone into the final as the only unbeaten team in the competition with four wins and a draw.
India had not won an Asiad hockey medal for the first time in Doha and paid the price when they failed to qualify for the Beijing Olympics two years ago.
"I think we were the best side in the competition, winning five of our six matches," said Brasa. "I can't say I am happy, but at least the boys will not return home empty-handed."
Meanwhile, India returned to the Asiad podium after missing out in Doha four years ago when they defeated favourites South Korea 1-0 in the bronze medal play-off. Tushar Khandekar netted the winner four minutes into the second session as India dominated the lacklustre Koreans through the 70-minute encounter.
The Indian players were involved in a heated argument with Pakistani umpire Haider Rasool over a disputed penalty corner in the second half, which the South Koreans ultimately wasted. India's Spanish coach Jose Brasa, whose contract is up for renewel after this match, said the bronze medal was not a just reward for his team.
India, who won all their four league matches, were knocked out by a Malaysian golden goal in the semifinal. South Korea, winners at the last two editions in Busan and Doha, were denied a hat-trick when they lost to Pakistan in a penalty shoot-out in the other semi-final.The last time the Koreans finished fourth was in
Afghans reach Asian Kochi team games cricket final pulls out GUANGZHOU: Afghanistan beat Pakistan by 22 runs today to reach the final of the Asian Games cricket tournament as the war-torn nation`s battling team continued their fairytale rise in the sport. In the first meeting between the two sides, Afghanistan scored 125-8 in their 20 overs before limiting Pakistan`s flamboyant batsmen to just 103-7. "It`s a big win for Afghanistan. Every person there is watching the match and everybody is happy about this win," said captain Mohammad Nabi. Afghanistan`s score did not look enough as Pakistan made a lightning start to their reply, racing to 30 off just three overs. Opening batsman Sharjeel Khan set the tone, hitting 12 off the first over bowled by Sahpur
Zadran before he was lbw to Mirwais Ashraf for 23 off 16 balls with four boundaries and a six. But Afghanistan managed to apply the brakes in mid-innings as wickets tumbled. As tensions rose there was a fierce verbal exchange between Pakistan captain and opener Khalid Latif and Afghanistan wicketkeeper Mohammad Shahzad, which needed the intervention of the umpires. Naeemuddin Qazi was run out to leave Pakistan on 60-3 and two wickets in the same over by Karim Sadiq left them struggling at 68-5. Naeem Anjum holed out as Pakistan tried in vain to find the boundaries that would ease the pressure and they failed to put themselves in a position to launch a final assault.-APP
Cash reward for hockey team ISLAMABAD: Cash prize amounting to Rs five million will be given to the national hockey team for bringing gold in the event and lifting Pakistan's name," Minister for Sports Mir Ejaz Hussain Jakhrani told APP. Jakhrani was brimming with delight, like the rest of the Nation, after Pakistan won back-to-back gold medals in hockey and squash at the 16th Asian Games at Guangzhou .
Minister hoped that past sins, if any, of Pakistan Hockey Federation would now be forgiven and that squash too will get a new lease of life in the country. He said that the Pakistan Hockey team will be rewarded with a cash prize of Rs. five million as they annexed the Asian Games men's hockey gold medal after 20 years with a convincing 2-0 win over Malaysia in the final on Thursday.-APP
of IPL 3
NEW DELHI: 'Keralites' dream of having an IPL team of their own might be finally over with reports that the investors behind IPL`s Kochi franchise have finally decided to pull out of the venture are a long and controversial build-up even before it could formulate a team on paper. It is learnt that the investors have yesterday informed this to the BCCI, three days before the 30-day termination notice ends. According to reports, they have sent a letter of withdrawal to BCCI president Shashank Manohar. The BCCI last month gave a 30-day notice to Kochi IPL consortium to sort out its internal differences and get its ownership structure in order. This will also pave the way for the Cricket Board to have a discussion on inviting tenders for a new franchisee, which will ensure that at least eight franchisees participate in the next edition of the IPL. The BCCI had last month also terminated its contract with the Kings XI Punjab and Rajasthan Royals franchisees alleging that they have violated the contractual agreement and changed their share-holding pattern without informing the Cricket Board.Online
Beijing in 1990.
People fete hockey win Big crowds of fans, who were watching final hockey match between Pakistan and Malaysia on television, thronged the streets and roads to celebrate national team's first gold medal in 20 years in Asian Games. Prior to the current victory, Pakistan had won the Asian Games seven times in 1958, 1962, 1970, 1974, 1978, 1982 and 1990. This is also the highest number of victories of a country. Pakistan had also won two silver and three bronze medals during Asian Games. Soon after Pakistan crushed Malaysia 2-0 to clinch the gold medal, the atmosphere in the entire country became electric. With each hour passing by, hockey fans in the Capital and other cities celebrated with national flags, jerseys and other hockey gear. The horns of vehicles honked rapidly and the jubilant crowds were cheering and smiling all around. "It's really a huge success for us and it's very, very good news for the entire nation," said Nawaz Ali as he waved national flag at one of the streets of Capital along with scores of other youth. "It is good to see our team winning. We are happy because this is our national game," said another man. He said the victory would boost players' morale and help them get more victories in future.-APP
Squash gold for Pakistan at Asiad GUANGZHOU: Aamir Atlas Khan avenged his singles final loss to Mohamad Azlan Iskandar as Pakistan won the men's team title Thursday, preventing Malaysia from sweeping the Asian Games squash golds. But world number one Nicol David grabbed her fourth Asiad gold medal as she powered Malaysia to a 2-0 win over Hong Kong in the women's team final. It was Pakistan's third gold of these Games after the women's cricket and men's hockey title. It was also their second squash gold since the racquet sport
made its Asiad debut in 1998 when they won the men's singles. "I feel really fantastic because I defeated Iskandar," the 20year-old Khan said after whipping his Malaysian rival 14-12, 15-13, 11-4. "After losing to Iskandar in the singles, I was mentally down and thought to myself that we could not get to the gold medal. "My coach taught me a few things to prepare myself mentally and physically. I don't want to mention them because this is confidential." The squash team events were
held for the first time at the Guangzhou Games.In the first men's match against Malaysia, Farhan Mehboob breezed past 2002 and 2006 singles champion Ong Beng Hee 11-4, 11-4, 11-7. Khan then went tit-for-tat against Iskandar to take the first two sets 14-12, 15-13. He took the third set 11-4 when a visibly tired Iskandar dropped his racquet in a return effort. In the women's final, Low Wee Wern saw off 2002 Asiad women's champion Rebecca Chiu 11-4, 7-11, 11-6, 11-9 in the first match.-APP
GUANGZHOU: Aamir Khan, Yasir Butt, Danish Khan and Farhan Mehboob pose with their gold medals during the award ceremony in the squash men's team contest in Asian Games.-Reuters
Siddle demolishes England Ashes lineup BRISBANE: Australian Peter Siddle made an explosive return to test cricket with six wickets, including a hat-trick, on the first day of the Ashes on Thursday -- not a bad day for a fast bowler many thought should not be in the side. Siddle, who took 60 wickets in 17 tests before a stress fracture to his back forced him into rehabilitation for 10 months this year, was a controversial choice ahead of fellow quick bowler Doug Bollinger for the Ashes opener.
After fully vindicating the selectors' faith in him by putting Australia in charge at the Gabba -- on his 26th birthday to boot -- the Victorian said he never doubted that he would get back in the wickets at test level. "I knew that if I could do something for the team, be patient and consistent, things would happen at some stage in this series," he said. "I knew if I could work hard enough and got everything right, I could come back a bet-
ter cricketer and I've done that," he added. "I know not every day is going to be like this, that's for sure, but I'm going to make the most of it now." Siddle spent part of his recuperation at Australian Rules club Carlton, which confirmed his initial impression that his own lack of professionalism had contributed to the problem. "It was disappointing to get the injury last year, I knew there were things I had to
change, my body wasn't in good shape for the rigours of test cricket," he said. After claiming the wickets of Kevin Pietersen and Paul Collingwood in his second spell of the day, Siddle's inspired third spell accounted for Alastair Cook, Matt Prior, Stuart Broad and Graeme Swann, taking England from 197-4 to 228-8. Debutant spinner Xavier Doherty picked up the last two wickets to leave England all out for 260. Australia were 25
without loss at the close of play. Watching England parade the Ashes around the Oval last year had been a great motivation, Siddle said. "It's a massive part of it, you never want to lose any game, let alone the Ashes. I remember it now, the last wicket falling at the Oval test and going out on the field for the presentation. "That's something you ...definitely don't want to see again." While "honoured" to join
spin-bowling great Shane Warne and England's Darren Gough as the only three players to have taken Ashes hattricks in the last century, the bigger satisfaction for Siddle was just to be back playing for his country. "I just want to be out there with the baggy green on, play consistent cricket, be out there with the boys and win the cricket matches," he said. "It's a good start but there's still 24 days to go and anything could happen in that time."
No risk of euro zone breakup in Irish crisis BERLIN: Senior euro zone officials dismissed any risk of the single currency area breaking up after financial markets, alarmed by Ireland's debt crisis, forced the borrowing costs of Portugal and Spain to record highs. "There is zero danger," Klaus Regling, chief of the euro's financial safety net, European Financial Stability Facility (EFSF), told German daily Bild in an interview published on Thursday when asked if the euro zone could break apart. "It is inconceivable that the euro fails," he said. Some economists and commentators, mostly in Britain and the United States, have suggested the 16-nation common currency launched in 1999 could split because of peripheral members' high debts and deficits, and a loss of competitiveness with Germany. But Regling said: "No country will give up the euro of its own will: for weaker countries that would be economic suicide, likewise for the stronger countries. And politically Europe would only have half the value without the euro." Greece received a three-year 110-billion-euro EU/IMF bailout in May, leading to the creation of the EFSF, which Ireland has now applied to tap to cope with the devastating impact of a banking crisis on its public finances. The cost of insuring Irish debt against default continued to rise on Thursday amid market doubts about Dublin's aus-
terity plan. In another sign of waning confidence, European clearing house LCH.Clearnet increased the deposit it requires traders in Irish government bonds to post for the third time this month. The euro tumbled this week after German Chancellor Angela Merkel alarmed markets by saying the single currency was in an "exceptionally serious" situation. German Bundesbank chief Axel Weber, a powerful member of the European Central Bank's governing council, said he was convinced EU leaders would do whatever it takes to repel what he called an "opportunistic attack" on the currency area. Weber noted that the EFSF and other EU rescue funds had enough money, if necessary, to cover the borrowing needs of the four financially troubled members of the euro zone -Greece, Ireland, Portugal and Spain. "If that is not enough, I am convinced euro zone states will do what is necessary to protect the euro," Weber told French business and political leaders in Paris on Wednesday evening. "But 750 billion (euros) should be more than enough to see off an attack on the euro zone." Currency and credit markets have been unnerved by German proposals to force bond holders to share the cost of any future default by highly indebted euro zone countries, as well as by the alarmist tone
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International & Continuation
Friday, November 26, 2010
of recent comments by Merkel and European Council President Herman Van Rompuy. ECB policymaker Ewald Nowotny voiced irritation at Merkel for not "differentiating between the euro as a currency and the problems of individual (euro zone) states". Euro zone policymakers are hoping that Spain and Portugal can stave off an Irish- or Greek-style debt meltdown. A Reuters poll this week showed 34 out of 50 analysts surveyed believe Portugal will be forced to follow Ireland and ask for help. In a separate survey only four out of 50 economists thought Spain would seek external aid. "Of course the situation is serious," Regling said when asked about Merkel's comments. But Regling said there was no way France and Italy were in danger. "Italy has come through the crisis well and has its state deficit in hand. And France has the same credit standing as Germany," he added. To help a euro zone country, the EFSF would issue bonds on the market which would be backed by up to 440 billion euros ($585.9 billion) worth of guarantees from euro zone governments. Regling said he had spoken about such issues with 150 of the largest investors in the world including sovereign funds, pension funds, central banks, insurers and commercial banks.-Reuters
Air freight rises by 14.4pc in October: says IATA GENEVA: International air cargo traffic picked up in October after falling since May to stand 14.4 per cent higher than a year earlier, the airline industry body IATA said on Thursday. October's year-on-year increase in air freight -- an important indicator of trade and economic recovery -- was below September's 15.5 per cent rise but the monthly rise followed a 5 per cent fall since May, the International Air Transport Association said in its monthly analysis of air traffic. "Freight appears to be at a turning point," IATA said. "But a single month does not make a trend. And it remains to be seen if this is the stabilisation in freight volumes or the start of an upward trend," its directorgeneral, Giovanni Bisignani, added in a statement. Freight traffic, which accounts for 35 per cent of the value of goods traded internationally, is now 1 per cent above pre-crisis levels of early 2008, IATA said. Passenger demand -- a reflection of business and consumer confidence -- was 10.1 per cent higher in October than a year earlier, slightly below September's 10.7 per cent rise, and is now 5 per cent above precrisis levels. IATA said airlines were reacting to this year's rebound in demand with cautious increases in capacity. In the first 10 months of this year an 8.5 per cent increase in passenger demand was matched by a 4.0 per cent increase in capacity, while a 24 per cent increase in freight demand led to only a 9.2 per cent rise in cargo capacity.-Reuters
Japan exports slow, BOJ member warns of risks TOKYO: Japan's annual export growth slowed for an eighth straight month in October due to a stronger yen, and a central banker said downside risks to the Japanese economy outweigh upside risks due to uncertainties abroad. Slowing exports bode ill for an economy bracing for a possible contraction in the final quarter of this year as a temporary boost from stimulus-driven consumption tapers off. Overseas demand for Japanese goods is likely to pick up again next year and help Japan avoid recession, economists say, but China's monetary policy tightening, European sovereign debt woes and developments in the US economy pose risks to the outlook. Bank of Japan (BOJ) board member Seiji Nakamura said exports could recover next year, but he warned of growing
risks facing the US and European economies and said he remained on alert for a possible spike in the yen stemming from problems in major economies. Nakamura sounded less upbeat than Governor Masaaki Shirakawa, who has described risks to Japan's economy as evenly balanced, suggesting Nakamura would not dissent if the BOJ were to boost its 5 trillion yen ($59.87 billion) asset-buying scheme in response to a worsening in the economy. "Overall, downside risks (to the Japanese economy) seem somewhat stronger than upside risks," Nakamura told a news conference, citing strong uncertainties about the outlook for the US economy. "There are worries ... sovereign debt problems in peripheral Europe could affect the European economy by triggering spikes in bond yields and
worsening sentiment," he said in a speech. "We tend to think that the economy could rebound as early as January-March, because leading indicators for Japanese exports, such as US new orders, are stabilising," said Satoru Ogasawara, an economist at Credit Suisse in Tokyo. "If Nakamura sees further downside risks, it could mean he's worried new orders overseas will start falling, and that would be a risk to our economic forecasts." One of the BOJ's two deputy governors, Hirohide Yamaguchi, also said this month that the central bank needs to be mindful of downside risks to Japan's economy. Exports rose 7.8 per cent in October from a year earlier, the finance ministry said on Thursday, less than the median forecast for a 10.7 per cent rise.-Reuters
China current account above Geithner goal BEIJING: China's current account surplus in the third quarter doubled from a year earlier to $102.3 billion, leaving it adrift of the cap of four per cent of GDP floated by US Treasury Secretary Timothy Geithner. The surplus for the first three quarters, largely made up of China's merchandise trade surplus, reached $204 billion, the State Administration of Foreign Exchange said on Thursday. That equates to 5.1 per cent of Gross Domestic Product, based on GDP of 26.866 trillion
yuan in the first nine months as reported by the National Bureau of Statistics and assuming an average exchange rate of 6.75 yuan per dollar. China chalked up a current account surplus of 6.0 per cent of GDP in 2009, down from a peak of 10.6 per cent in 2007. Yi Gang, a deputy governor of the People's Bank of China, has expressed confidence that the surplus is on track to shrink to four per cent of GDP -- a benchmark suggested by Geithner to indicate an economy is out of balance.
But International Monetary Fund staff economists have said they see potential for significant surpluses to reappear over the medium term, albeit not on the scale of 2007. In the third quarter alone, China's surplus was more than 7 per cent of GDP, calculated at a dollar/yuan rate of 6.7. The United States failed to win support for a numerical target for maximum current account surpluses and deficits at a summit of the Group of 20 major economies in Seoul this month.-Reuters
CONTINUATION intertwined in the dynamics of the region and the continuing influContinued from page 12 No #1 ence, both positive and negative, of Afghanistan's neighbors." Russian entrepreneurs for investment.Prime Minister Gilani The report also noted that "India's presence in Afghanistan canthanked the Russian counterpart for his support in the wake of the not be understood without considering the tense, fragile relationdevastating floods in Pakistan. The Russian Prime Minister ship between Pakistan and India." expressed his condolences over the losses to lives and the heavy Continued from page 1 damages to the infrastructure due to flooding. -APP No #7 Sajjad are incorrect. Earlier, Senate standing committee on Continued from page 12 No #2 finance has approved the 19 unanimous recommendations on up-gradation of our status as full members of the SCO. He said Pakistan was on the ancient Silk route. We would be RGST and finance amendment bill 2010 while ANP, MQM, JUI happy to contribute to the revival of Silk route concept under the and PML-N have submitted their 15 dissenting notes. The session of the committee was presided over by chairman SCO framework. He said that, Pakistan believes that the SCO can play an important role in promoting peace and stability in Senator Ahmed Ali while Senator Ilyas Bilour, Ishaq Dar, Haroon Afghanistan. Trans-regional development cooperation holds the Akhtar, Prof Khursheed Ahmed, Kalsoom Parveen, Waqar Ahmed key to promoting durable stability based on Afghanistan's eco- Khan along with State Minister for Finance Hina Rabbani Khar were also present in the meeting. The committee approved 15 recnomic development. He said we wish President Karzai, every success in his historic ommendation on RGST and 4 unanimous recommendations on endeavours to overcome the challenges that Afghanistan and our Finance bill. The standing committee unanimously exempted the food items, edibles, medicines, education and related stationary region face. -Agencies from the RGST. In his dissension note Prof Khursheed Ahmed Continued from page 12 No #3 said it is a violation of article-141 for presenting the bill in the par"In fact they were not and never did." liament, the bill should have been presented in the provincial The complaint alleges 23 counts of fraudulent transfers and assemblies for approval first. This bill was presented in accorother misconduct. In a statement, UBS called Picard's allega- dance with IMF; this is a form of value-added tax. After the tions "completely unfounded. -Reuters approval of RGST bill 700 new items will come under tax and inflation will increase. In his dissension note Haroon Akhtar said Continued from page 12 No #4 rich sector of the society should be taxed, legal reforms should be finance minister Pranab Mukherjee told reporters. India's national assembly has grown increasingly raucous in the made for the safety of farm workers and agricultural revenue past decade, with concern growing that legislation does not should be taxed as well. MQM Senator Ahmed Ali in his dissenreceive proper scrutiny amid posturing, shouting and even minor sion note said that zero-rating should be maintained in the textile scuffles among lawmakers. Data collected by PRS Legislative sector and the right to impose tax on agriculture revenue should Research, a New Delhi-based think-tank, showed that of the be given to the provinces. Ishaq Dar of PML-N said our dissension note is the same as the scheduled 170 working hours of the last session of parliament, letter written to President by Nawaz Sharif, and he further added 100 hours were lost to adjournments, protests and walkouts. Because so much time is wasted, the final days or sometimes that Rs400 billion corruptions should be eliminated and Rs300 hours of any session are often spent voting through bills without billion deficits should be decreased. any genuine debate. The current winter sessions are set to end on Continued from page 1 No #8 December 13.The government had intended to pass a new law on corruption and strict action against those who cheat the public for the prevention of torture, which needs approval in the upper personal gains. Spokesman added that a meeting between house, while a key piece of legislation on forced land acquisition Chairman NAB and Inspector General US Aid will take place in for infrastructure projects was also mooted. -APP December this year to further strengthen the cooperation between
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unemployment and loans and not able to bear burden of further taxes. He further said that there is no advantage to introduce new taxes, as government could not reformed the taxes, which already existed. -Online
NAB and US Aid. NAB has decided to take prompt action on complaints received against NGOs dealing with US funds. -Online
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is no chance of ending load-shedding in the next two years. Power consumers provided relief during past three months: Continued from page 12 No #6 spokesman Meanwhile, a spokesman of the Ministry of Water Defense Representative) and Coalition presence at the Pakistan and Power said Thursday the government has taken all possible military 12 Corps HQ in Quetta," the report apprised Congress. steps for power tariff reduction and provided relief to the conAccording to the report, the Pakistan Military operational main sumers during last three months. He said under the monthly fuel effort during the first half of the reporting period centered on price adjustment, 33 paisas per unit were reduced for August, operations in Orakzai, in the FATA. The Pakistani military report- 36 paisas per unit for September and 32 paisas per unit for ed clearing 60 per cent of the geographical area before they shift- October 2010. ed to stabilisation operations, which continue. Clearing operations The reduction in the per unit prices during the last two months continue in Bajaur, Mohmand, and South Waziristan, but the under the monthly adjustment has already been passed on to the Pakistani military primary effort shifted during the reporting peri- consumers and the relief for October will be given in the forthod to flood relief operations. coming electricity bills, he added. He said that the government "Despite changing priorities (due to floods), Pakistan military is determined to provide relief to the consumers. The reduction cooperation and coordination with Afghan and ISAF Forces con- provided under the fuel price adjustment will definitely give tinues to improve. The Pakistan military Frontier Corps main- relief to the common man.He said that all the resources are tained a presence along Afghanistan's southern border to comple- being utilized to generate cheaper electricity. -Agencies ment ISAF and ANSF operations in southern Afghanistan." Continued from page 1 The tripartite cooperation between the ANSF, ISAF, and the No #10 PAKMIL was strengthened with several important cross-border their shoulders to loud applause from the stands. military-to-military visits designed to share information and Malaysia, often dubbed the sport's perennial under-achievers, strengthen coordination efforts, it said. With regard to improve- had to settle for silver in their maiden appearance in the title clash ment in cooperation between Pakistan and Afghanistan, the after winning the bronze medal six times. Pentagon also counted the signing of the Afghanistan-Pakistan Pakistan has won the gold medal in Asian Games squash after Transit Trade Agreement as an important development. beating Malaysia by 2-0. The team has won the gold medal after On regional dimension of the engagement, the report empha- 12 years. Former world champion Jansher Khan termed this sized that the "long-term stability and security of Afghanistan is achievement as a welcome one. -Agencies
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special committee of PAC Thursday presided over by Hussain Pirzada it was disclosed that there are no records available for the deficit of Rs38 billion in the national funds. The committee ordered investigation to probe the embezzlement of Rs54.6 million given to a contractor by some company officials and ordered to recover the money in 20 days, while according to an audit para an additional sum of Rs40 million given to a contractor was also questioned and the recovery was ordered. PAC ordered the chairman NHA to remove all the hurdles deployed outside the head office saying everyone is venerable to terrorism, and to stop scaring off general people with these hurdles just to allow only the contractors and MNA's to enter the building, and to put an end to feudal mentality because this is intolerable. DG audit said that NHA is not seriously taking the orders of the PAC regarding irregularities in the organisation and its' been four years and nothing has been done so far, he also said that the contractors are so powerful that they don't even let the officers come in front of the PAC. Online
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make saving to the tune of Rs24 billion while provinces would make saving of Rs20 billion to keep the running expenses under control. Sources further told federal government would keep Annual Development Program (ADP) within the limits of Rs140 to Rs150 billion while the provinces would make overall reduction of Rs143 billion in their respective PSDP and the amount to be saved would be spent on the rehabilitation and reconstruction of flood hit areas. -Agencies
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submitted by Dec 6." OGDCL already has some stakes in BP's Pakistan assets. OGDCL declined to comment and officials at PPL, the country's second-largest listed firm by market value, were not immediately available. A BP spokeswoman declined to elaborate, saying that the transaction is expected to be completed by the end of the year. "The process is underway and when something happens we will announce it. That's all actually we are going to share," she said. BP's upstream assets and related operations, which it plans to divest, include nine producing and exploration onshore blocks and four offshore exploration blocks in the Arabian Sea, the sources said. UBS analysts estimated the worth of BP's fields in Pakistan at $690 million in a research note in July. The Times newspaper in London reported last month that UK-based explorer Premier Oil may also be mulling a $500 million bid for BP's Pakistan gas production business. The Pakistani sources declined to comment on the value of any bid. "OGDCL will have two options - to bid, or do nothing and wait for the BP offer to match the bids in concessions where it has pre-emptive rights," the second source said. The decision on the bid is likely to be made next week, he said. BP's main assets are in Badin in the southern Sindh province, comprising four concessions Badin- I, Badin-II, Badin-II R and Badin-III, the sources said. Of the four concessions, OGDCL has pre-emptive rights in all but Badin- I block which, the sources said, has the "biggest value".
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envoy Dmitry Rogozin told Moscow's Ekho Moskvy radio station. Lavrov also said Russian counter-narcotics experts would continue to participate in joint anti-drug raids with Nato in Afghanistan, after the first such operation last month, in a sign of easing ties between the former cold war foes.Russia has been vocally critical of what it views as Nato's failure to stem the Afghan opium trade, the bulk of which flows north to Russia through Central Asia's porous borders, fuelling an HIV/ AIDS epidemic from heroin addicts who inject the drug. -Reuters
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Major electric wire and cable manufacturer SWCC Showa Holdings jumped 16.4 per cent to 85 yen and Sumitomo Electric Industries Ltd, a major producer of electric wires and cables, climbed 4.2 per cent to 1,125 yen after the Nikkei business daily said the companies would start mass production of superconducting wire next year for use in smart power grids and car motors.-Reuters
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blue-chip and mid-cap leaderboards after the largest US mall owner Simon Property flagged a potential offer for Capital Shopping Centres (CSC) in which it currently holds a 5.6 per cent stake, sending CSC's shares up 12,9 per cent. On Wednesday, CSC said it was in talks to buy Manchester's Trafford Centre shopping mall for ÂŁ1,6bn from Peel Group, which would see Peel end up with around a 20 per cent stake in CSC. The CSC bid speculation boosted sentiment towards the sector, with blue chips Hammerson and British Land up 4,8 and 2,9 per cent, while mid-cap Capital & Counties gained 4.6 per cent. Bank were higher as recent concerns over European sovereign debt exposure eased further, with Lloyds up 0,5 per cent, Royal Bank of Scotland up 0,7 per cent and global sector heavyweight HSBC up 0.6 per cent. Mining was the strongest sector, extending Wednesday's rally as metal prices recovered. Anglo American added 2.7 per cent, Rio Tinto gained 2.2 per cent, and Xstrata firmed 2,1 per cent. Insurer Old Mutual added 2.12 per cent, with traders citing an upgrade in Goldman Sachs's investment recommendation to "buy" from "neutral" as part of a European sector review. A broker upgrade also aided Marks & Spencer, up 2.4 per cent, with Arden Partners raising its rating on the shares to "buy" from "neutral", citing supportive trading conditions. Oil explorer Cairn Energy gained 3.5 per cent as Oriel Securities upgraded its rating to "add" from "hold". Cairn also got a lift after an Indian oil ministry source said the firm had sought the Indian government's approval to switch control of three producing blocks to Vedanta Resources, a key step in sealing the sale of its Indian assets. Also brightening the market mood was a survey by the Confederation of British Industry showing that British retail sales growth accelerated in November.-Reuters
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Prime Minister attends Shanghai Org Moot
Gilani speaks highly of SCO
ISLAMABAD: Federal Minister for Interior Senator Rehman Malik addresses at National Counter – IED Seminar at a local hotel here on Thursday. -Online
Common strategy needed to fight extremism
Bearing brunt of terror: Malik ISLAMABAD: Interior Minister Rehman Malik terming terrorism as a cancer for the entire world stressed that a common strategy needs to be evolved at the world level to counter this menace. Addressing the National Counter IED seminar organised by the Interior Ministry at a local hotel here Thursday, and later talking to reporters Malik said Pakistan is a frontline state in the war against terrorism and instead of asking us to "do more" the world community should support us; Taliban, al Qaeda and all the other extremist organisations are working on the same footage to imply their own agenda on us, we shall not let the children being used for terrorism. He said that Pakistan has
New Erra head attends PAC meeting ISLAMABAD: New Chairman of Earthquake Reconstruction and Rehabilitation Authority (ERRA) Hamid Yar Hiraj attended the meeting of special committee of Public Account Committee (PAC) of National Assembly, here Thursday while, Committee Chairman Riaz Hussain Pirzada felicitated Hamid Yar for assuming new charge. Committee Chairman Riaz Hussain Pirzada said that several constructors have been given contracts in Erra and PAC would monitor it, on which Hamid Hiraj said that special audit of ERRA has already been prepared. After attending the meeting, talking to media Hamid Hiraj said that he would formally assume charge of Chairman Erra within one or two days. He further said that he would try his level best to perform his duties in an amicable manner. Online
incurred huge losses after the incident of 9/11 while thousands of Pakistani military personnel have sacrificed their lives for the cause of eliminating terrorism. He said that Taliban could not be distinguished as good or bad. He said that all Taliban have the same agenda. The minister said that the terrorists are using fear as a weapon to translate their devilish aims into reality. Rehman Malik also laid emphasis on the need of having a common strategy against the menace of terrorism. He said that terrorists are entering from Afghanistan into Pakistan and by laying down land mines are causing damage to our forces, and in spite of this our soldiers are braving the
IEDs. Malik also said that the government wishes to organise the Madressah's under the supervision of government. Meanwhile Chief of General Staff Lt Gen Waheed Arshad addressing the seminar said that due to affective strategy of the Pakistani Army the incident of terrorism through IED devices has been reduced by 70 per cent. Speaking on the occasion UK Chief of General Staff Gen David Richard lauded Pakistan's efforts in countering terrorism and IED terror incidents and said that UK stands by Pakistan in its time of need and all its needs would be taken care of. He said that we have to devise a common strategy for peace in the region. Online
Revamped ties striking blows to terrorists
Pak, US hand in glove: Pentagon WASHINGTON: Citing improvement in US-Pakistan military relations, the Pentagon has reported a "positive trend line toward achieving the overall strategic goals" by the two anti-terror allies. "Overall, US relations with Pakistan military have improved.” “There have been many positive steps taken to dismantle extremist networks and deny terrorists safe havens in Pakistan," the Pentagon informed Congress in a report on "Progress toward security and stability in Afghanistan." "There is still much work to be done, but there is a positive trend line toward achieving the overall strategic goals," the document said of US-Pakistan cooperative ties while covering progress made in Afghanistan from April 1, 2010 to September 30, 2010. The US Defence Department noted that Pakistan military has been involved in nearly contin-
uous operations since June 2009 in the KhyberPakhtunkhwa and the federally administered tribal areas maintains about 140,000 personnel in the region. The Pakistani military has successfully disrupted insurgent networks in parts of the Fata and KP. The report said the "US Government recognises the tremendous effort continuous PAKMIL operations represent for the Pakistan government" but claimed the "insurgent safe havens along the border will remain the primary problem to achieving a secure and stable Afghanistan." "One initiative toward this end is increasing the cooperation between Afghanistan, ISAF, and Pakistan Forces along the border to provide a more comprehensive approach to eradicating the insurgency. Pakistan Army General Headquarters recently approved an ODRP (Office of See # 6 Page 11
Report on corruption in Hajj affairs soon ISLAMABAD: Federal minister for religious affairs Hamid Saeed Kazmi said whoever is involved in the Hajj corruption will be dealt sternly and the report in this regard will soon be presented to the President
DUSHANBE: Prime Minister Syed Yousuf Raza Gilani has underlined that Pakistan takes great pride in associating itself with the Shanghai Cooperation Organization stressing the SCO has made remarkable progress in a short span of time. He said that Tajikistan is Pakistan's closest neighbour in Central Asia and our two peoples are bound by age-old cultural, historic and civilisation affinities. Prime Minister Gilani expressed these views in a speech at the meeting of the SCO council of heads of government in Dushanbe on Thursday. Gilani thanked Tajik Prime Minister Akilov Akil, Government and the people of Tajikistan for the warm reception. He said "I bring warm greetings and sentiments of sincere friendship from the people of Pakistan". He said the stability and prosperity of the SCO region is critical to global security. It also holds great promise for ensuring sustained global economic growth. He said that, the ongoing processes of profound transformation in global strategic and economic landscape impact directly on the future well being of the peoples of our region.
Pak-Russia agree on coaction against terror DUSHANBE: Pakistan and Russia on Thursday expressed resolve for enhanced cooperation against terrorism through closer interaction. Prime Minister Gilani and his Russian counterpart Vladimir Putin met on the sidelines of the SCO heads of government meeting here at the capital of Tajikistan. The meeting of the two leaders went far beyond the scheduled time of 30 minutes and they covered a wide range of issues, including Pakistan's role in the war against terror, global economic recession and bilateral cooperation in diverse fields. Gilani said the total losses suffered by Pakistan against terrorism far exceeded the combined losses of the Nato-troops. Pakistan that seeks more Russian role in the expansion of its Steel Mills said it would welcome See # 1 Page 11 He said that, in conformity with the trends of our times, it is important that our countries play their rightful role in determining the trajectory of regional and inter-regional cooperation in a holistic and comprehensive manner and it is essential that these processes are tailored to suit the needs of our peoples and are in accordance with their aspirations for peace and development. He said, in the realm of security, SCO's focus on counter terrorism and interdicting illicit drug trafficking are important. Pakistan is already shouldering its responsibilities and is happy to associate itself closely with SCO's endeavors.
Pak, Iran, Afghanistan agree on joint operation
21 points adopted to curb narcotics and Prime Minister. Talking to the media upon his arrival at the airport Kazmi said Saudi government has not given compensation or fine to the people but it is a nice gesture on their behalf to please the hajis in order to maintain good relations between the two countries. He also informed the media that he is going to present the report on Hajj corruption and mismanagement in the Hajj operation to the President and PM and anyone involved in it will be liable for prosecution after the completion of the investigation. -Online
India test fires
N-capable missile NEW DELHI: India on Thursday tested a nuclear capable surface-to-surface Agni-I missile from a test range in Orissa, eastern India, reported the Indo-Asian News Service. The news service quoted defence sources as saying the missile can strike a target 700km and was tested as part of user-trials from a facility on Wheeler Island in the district of Bhadrak, about 200-km from the state capital Bhubaneswar. -NNI
NEW YORK: The trustee seeking to recover money for defrauded Bernard Madoff investors has sued UBS AG and others for more than $2 billion, accusing them of collaborating in the imprisoned swindler's massive Ponzi scheme. UBS was accused of sponsoring foreign feeder funds that sent client money to the oncerespected money manager, lending them "an aura of legitimacy" while shielding itself from liability through secret side agreements. Despite iden-
tifying red flags at Bernard L. Madoff Investment Securities LLC, the Swiss bank and feeder funds "chose to enable Madoff's fraud for their own gain," collecting at least $80 million in fees, court-appointed trustee Irving Picard said in a 107-page complaint. "Madoff's scheme could not have been accomplished unless the UBS defendants had agreed to look the other way and to pretend that they were truly ensuring the existence of assets and trades," the complaint said. See # 3 Page 11
Opposition refuses to let anyone speak
India’s Parliament deadlock continues NEW DELHI: India's veteran finance minister admitted Thursday that the government did not know how to resolve a standoff with the Opposition over a telecom scandal that has paralysed the national parliament. The lower and upper houses of the national assembly were adjourned for a 10th day as Opposition stormed the floor of both houses -- shouted slogans and refused to let anyone speak. The protesters, led by the right-wing Bharatiya Janata
Party (BJP), are calling for a cross-party probe into telecom licences being sold in 2007-08 at a fraction of their value, causing a loss of up to 40 billion dollars. The government has refused to agree to a probe, stressing that the police and state anticorruption bodies are both looking into the tainted sales, which could be India's biggest ever corruption case. "We have not been able to find a solution. I don't know how to resolve this impasse," See # 4 Page 11
It is important that the SCO's framework of cooperation on issues of security, stability and peace is advanced in a comprehensive manner. It must focus on bringing durable peace and stability to the larger SCO region. He said that, development is high on Pakistan's priorities. We are keen to participate actively in promoting SCO's economic agenda. We wish to associate ourselves with SCO's Entrepreneurs Council, the SCO Inter-Bank arrangements, and closely link up with SCO's transportation, communication and customs cooperation. We also look forward to early See # 2 Page 11
Fauzia advocates RGST as a big-step ISLAMABAD: Secretary Information PPP, Fauzia Wahab supporting Reformed General Sales Tax (RGST) bill termed it as a big-step to make masses financially self-sufficient and made it clear that it is not an enmity whatsoever with the masses. Talking to private TV channel here Thursday, Secretary Information PPP, Fauzia Wahab said opposition is democratic right of everyone but positive criticism should be adopted instead of making disagreement for the sake of agreement, to keep the country on way of development. She said that purpose of Reformed GST is not putting burden on the masses but the government wanted to strengthen the democracy and institutions. She said that a country couldn't be successful without financial self-sufficiency while, financial self-sufficiency and effective communication system are inter-linked. The basic purpose of Reformed-GST is to make an effective system. Spokesman to PML-N Siddiq-ul Farooq said that PML-N's stance over Reformed GST is clear "It is open enmity with the innocent masses" while he cited that the masses are already suppressed under the load of inflation, See # 5 Page 11
Don't drag ISI into 26/11 trial, Pak tells USA Special Correspondent ISLAMABAD: Pakistan Thursday dismissed as preposterous a US court decision to summon officials of the country's intelligence agency in the 2008 attacks in the Indian commercial city of Mumbai. "Pakistan is committed to bringing the perpetrators of Mumbai terror attacks to justice, so dragging intelligence agencies into this in any manner is preposterous," said
Foreign Ministry spokesman Abdul Basit while addressing weekly press briefing. Pakistan would take action against those found responsible in Mumbai attack, he said, adding 7 persons were arrested in connection with this incident. It was not correct to drag ISI in this matter, he maintained. The spokesman said he has no exact or more details of the American court decision. However, he pointed out that trial against seven accused in
the Mumbai attack is underway in Pakistan. Pakistan respects all the international laws and it has not violated even a single international law, he underlined. He said Pakistan will welcome pull out of US-led Coalition Forces from Afghanistan but it will not be correct to leave Afghanistan alone in the state of war. "Pakistan is a staunch supporter of peace and stability in Afghanistan. It will welcome coalition forces pull out
there from in 2014. A peaceful and stable Afghanistan is in the interest of the whole region. However it will not be appropriate to leave it in state of civil war he said. Pakistan stance on drone attacks was very clear, he said, adding Pakistan would not allow extending the scope of these attacks in any way. Government was raising this issue with sincerity as such attacks were causing harm in war on terror, he held. He indicated that Prime
Minister Raza Gilani was present in summit conference of Shanghai Cooperation Organization (SCO) at Tajikistan. He had met several heads of the states therein, he told. "We hope Pakistan will be accorded status of permanent member of SCO, he remarked. Pakistan had already had expressed its stance in clear terms on US support for making India permanent member of UN Security Council (UNSC), he held.
Responding to a question he said Pakistan wanted meaningful and result oriented talks with Indian on all outstanding issues. However the restoration of relations between Pakistan and India stands ruled out without resolution of Kashmir issue, he added. India was fully alive to the fact that peace would remain elusive in the region without addressing Kashmir issue, he added. It is opportune time that
India moves forward on this count, he held. Abdul Basit said investigation process was underway on the matter of dispatching a letter by Saudi prince to Supreme Court with reference to Hajj corruption. However inquiry had not so far been finalised. Foreign ministry had also taken notice of Pakistan ambassador in Saudi Arabia allegation in respect of minister for religious affairs Hamid Saeed Kazmi, he pointed out.
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