International Karachi, Saturday, November 27, 2010, Zil Hajj 20, Price Rs12 Pages 12
FBR can collect Rs600bn tax: Khuhro
Obama injured playing basketball; given 12 stitches in lip Report says M16 paid ‘fraud Taliban leader’
See on page 12
India dead set on 26/11 justice
See on page 12
See on Page 2 Economic Indicators
MQM, JUI-F, 'N', JI oppose RGST, ANP backs; 'Q' walks out
$16.85bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 411bn $58.41bn Rs 4863bn $203.80mn -3.85% 4.10% $1,051 171.15mn
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- Oct 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
Senate blesses RGST Bill 2010 recommendations
Portfolio Investment SCRA(U.S $ in million)
164.44 Yearly(Jul, 2010 up to 25-Nov-2010) Monthly(Nov, 2010 up to 25-Nov-2010) 59.72 0.16 Daily (25-Nov-2010) 2572 Total Portfolio Invest (12 Nov-2010)
NCCPL (U.S $ in million)
FIPI (26-Nov-2010) Local Companies (26-Nov-2010) Banks / DFI (26-Nov-2010) Mutual Funds (26-Nov-2010) NBFC (26-Nov-2010) Local Investors (2-Nov-2010) Other Organization (26-Nov-2010)
-0.41 0.60 -0.48 -0.02 -0.20 -0.10 0.60
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,145.02 10,039.56 22,877.25 19,136.61 2,756.89 2,871.70 5,681.47 11,123.18
Change 9.68 40.20 177.43 181.55 1.02 26.56 17.46 64.10
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)
$.Price PKR/Shares 2.60 111.20 18.90 161.67 2.00 42.77 1.70 36.35 10.57 36.17
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
15-Nov-2010 15-Nov-2010 15-Nov-2010 29-Sep-2010 26-Nov-2010 26-Nov-2010 26-Nov-2010 26-Nov-2010 26-Nov-2010 26-Nov-2010 26-Nov-2010 26-Nov-2010 26-Nov-2010 26-Nov-2010 26-Nov-2010
12.86% 13.20% 13.30% 13.50% 12.82% 13.06% 13.35% 13.69% 13.77% 13.69% 13.75% 13.84% 14.23% 14.34% 14.51%
Commodities *Crude Oil (brent)$/bbl 85.56 *Crude Oil (WTI)$/bbl 83.59 *Cotton $/lb 112.36 *Gold $/ozs 1,357.50 *Silver $/ozs 26.96 Malaysian Palm $ 1,045 GOLD (NCEL) PKR 37,706 KHI Cotton 40Kg PKR 9,109
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 82.30 Canadian $ 83.50 Danish Krone 14.50 Euro 114.00 Hong Kong $ 10.90 Japanese Yen 1.012 Saudi Riyal 22.60 Singapore $ 65.65 Swedish Korona 12.65 Swiss Franc 86.95 U.A.E Dirham 23.05 UK Pound 134.00 US $ 85.50
Sell (Rs)
82.40 83.60 15.00 115.00 11.00 1.038 22.70 65.75 12.75 87.05 23.50 135.00 85.70
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
83.25 84.49 15.27 113.86 11.00 1.022 22.77 65.07 12.26 85.47 23.25 134.54 85.54
83.45 84.69 15.31 114.13 11.03 1.025 22.82 65.23 12.29 85.67 23.30 134.85 85.73
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
26°C 31°C 27°C 28°C 16°C 27°C
MIN
6°C 15°C 11°C 8°C -2°C 9°C
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ISLAMABAD: President Pakistan Muslim League (Q) Chaudhry Shujaat Hussain talking to the media men after party leadership staged walkout against RGST Bill during the Senate session on Friday. -Online
Policy rate seen tightening 50bps KARACHI: State Bank of Pakistan (SBP) is expected by most analysts to raise its policy rate by 50 basis points to 14-15 per cent on Monday, which would be its third such increase since devastating floods in July and August. A Reuters poll found 8 out of 13 analysts expect the central bank to increase its key policy rate by at least 50 basis points to 14 per cent because of continued high government borrowing and persistent inflation. The government had set a target of 9.5 per cent for average inflation in 2010-11. But in September it reached a 17month high of 15.7 per cent and the central bank has said inflation is likely to average between 13.5 per cent and 14.5
per cent this year. The floods destroyed crops and roads, forcing food prices higher. The rupee has fallen sharply in recent years and hit a record low in October, exacerbating the inflationary pressure on the economy from the rising price of world commodities. On top of that, reforms demanded by the IMF following its financial bailout of the country in 2008, are forcing other prices up. The government raised electricity tariffs on Nov 1 and sources said further increases could happen as soon as Dec 1, Reforms to a general sales tax, which is pending in parliament, would raise prices. While the reform could cause See # 8 Page 11
Fed gets 2 weeks in NAB chief case ISLAMABAD: The Supreme Court Friday granted two weeks to the Federation's counsel to appear in the next hearing and defend his client's position on the issue of chairman National Accountability Bureau (NAB) appointment. A three-judge bench headed by Justice Javed Iqbal told the government lawyers that if Abdul Hafeez Pirzada, counsel for the Federation in the case, does not return from abroad, they (Federation)
should engage some other counsel. The bench also directed the Attorney General for Pakistan to submit his concise statement on the issue. Attorney General for Pakistan Molvi Anwarul Haq and Ms Khattak, a counsel, apprised the bench that the counsel for Federation in the case was aboard so some more time must be granted to the Federation. See # 9 Page 11
CCP show-causes DHA, Wateen Tel ISLAMABAD: The Competition Commission of Pakistan (CCP) has issued show-cause notices to Defense Housing Authority (DHA) and Wateen Telecom Ltd (Wateen) for entering into an exclusive agreement prohibited under the Competition Act 2010. A statement issued here
Friday said that notices were issued in the aftermath of an email received by CCP from a resident of DHA Phase V Lahore, complaining about the lack of choices available to residents of DHA for telecom and media services provision for a long period of thirty years. See # 10 Page 11
We give no terror outfit any support: FM MULTAN: Foreign Minister Shah Mehmood Qureshi Friday said that Pakistan does not support any terrorist organisation, however, those who are involved in Mumbai attacks must be brought to justice. Talking to the media persons after inaugurating the Water Supply Project here in Multan, Qureshi said that Pakistan condemned the Mumbai attacks then, condemns it now, and will do so in the future as well. Pakistan wants to bring the culprits to justice, he reiterated. "Pakistan is not supporting any terrorist outfit, we want to remain peaceful and intend to maintain peace and security in the region, he said". Qureshi said, "Pakistan never sought aggression with India; we seek friendly relations with New Delhi. Yesterday's attack on Mirwaiz Umer Farooq is condemnable, he said.-Online
l Senate OKs 19 recommendations on RGST Bill l Senate chairman opts for verbal voting l Rabbani voices reservations
ISLAMABAD: Senate has approved 19 recommendations made by its standing committee on finance regarding Reformed GST Bill 2010 and Finance (Amendment) Bill 2010. The approval was came on Friday amid uproar and a strong protest by the Opposition as well as allies of Pakistan Peoples Party (PPP) including Muttahida Qaumi Movement (MQM) and JUI-F. Some Senators from PPP asked the MQM and JUI-F Senators to quit the cabinet if the bill was not acceptable to them; moreover Sabir Baloch of PPP and Babar Ghauri of MQM as well exchanged bitter remarks. Awami National Party (ANP), however, remained removed from the protest being staged against the said bills but did walk out of the Upper House protesting the the arrests of Pakhtuns in Karachi over their alleged links with the Taliban. Later,
they were convinced to rejoin the Upper House proceedings. The tumult rose higher when the review report on RGST, prepared by Senate Standing Committee for Finance and Revenue, was tabled in the Senate. On this, Chairman Senate Farook H Naek got annoyed and ruled that none of the members would be allowed to violate the rules. Earlier, JUI filed motions against amended both the bills. The motions stated that JUI rejected the said bills outright, while Opposition leader in Senate Wasim Sajjad also moved a motion against RGST Bill. Senator Raza Rabbani too raised his reservations on the bill, saying the report presented by the committee is inappropriate. PML-Q staged walkout at the time of voting on RGST Bill while ANP sided with the government. When Opposition parties and two ruling coalition part-
Agri tax provinces’ domain: finmin
Hard steps, a Attack leaves must: Shaikh Senator Abdi’s guard, minor severely burnt
KARACHI: Unknown men Friday tried to burn Senator Faisal Raza Abdi's security guard and (guard's) son to death in Sohrab Goth Karachi. The critically injured father and son were rushed to Agha Khan Hospital. Talking to newsmen, Abdi confirmed the incident and said his police guard Naeem and his 5-year old son were going on motorcycle when unidentified persons, sought their identification and tried to burn them to death by hurling a burning tyre at them near Al-Asif Square, leaving them critically injured. The injured were first shifted to Abbasi Shaheed Hospital but later moved to Aga Khan Hospital's burn unit. See # 11 Page 11
ISLAMABAD: Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh Friday said that the government has to take tough decisions in the wake of economic challenges including the recent devastating floods in the country. Talking to media outside the Parliament House, after the approval of recommendations by the Senate Standing Committee on Finance regarding the proposed Reformed Genaral Sales Tax (RGST), the minister said this tax has been imposed on rich and would favour the poor. He thanked the Senate Standing Committee on Finance for its valuable suggestions. "This is a historic day", he remarked. The Sales Tax has been around for the last 20 years we have only refined it for the benefit of the country and people. He clarified that no efforts have been made to impose
RGST on health, education, food grains, vegetables, ghee, and edible items for the relief of the people especially the common man. The minister said the government has accepted some of the recommendations immediately. He said that National Assembly Standing Committee on Finance would further deliberate on the recommendations to make the bill even better. Shaikh also stressed the need for creating awareness among the general public regarding the importance of RGST and its fruitful impact on the socioeconomic development of the country. "We will also present the government expenditures before the finance committees", he remarked. Regarding agriculture tax, the minister said that under the Constitution, its imposition is provinces' domain. However, he welcomed a national debate on this issue. -APP
ners including JUI-F and MQM were voicing protest and chanting slogans, PML-Q left the Upper House. ANP sided with the government. Following the walkout Senate chairman started the process of voting ‘verbally’ and later declared the recommendations a approved. Upon this the senators from PML-N, MQM, and JUI-F stood on their benches and chanted "no RGST, no RGST". The house turned into a fish market and during this pandemonium the Senate chairman adjourned the session for indefinite period. Senate would formulate its suggestions within 14 days to be transmitted to the Lower House, which would accept or reject the bills. 15 recommendations and 5 notes of dissent from Opposition are part of the report while 4 recommendations pertain to Finance (Amendment) Bill 2010.-Agencies
India probing 21 cos in loans' scam NEW DELHI: India's federal investigator is probing 21 sizeable companies for links to a bribes-for-loans scandal that has hit lending and infrastructure shares and hurt the country's image as an investment destination. The scandal, in which eight financial executives from the public and private sectors have been arrested, is one of several to dog the government of Prime Minister Manmohan Singh, putting to the test the ability of one of the world's fastest growing emerging economies to crack down on corruption. Many of the companies the federal Central Bureau of Investigation (CBI) has linked to the bribes scandal are connected to the booming infrastructure sector -- builders of dams, hydro-electric plants, energy equipment makers and property developers. Shares in these sectors fell sharply on Friday. See # 7 Page 11
SBP jacks up MCR for microfinancers Staff Reporter KARACHI: State Bank of Pakistan (SBP) has revised the minimum capital requirement (MCR) for microfinance banks (MFBs) and also allowed the existing MFBs to raise their minimum paid-up capital in a phased manner during next three years. According to an SBP circular issued here on Friday, the MFBs shall maintain a minimum paid-up capital (free of
losses) of not less than: l Rs300 million if licensed to operate in a specified district instead of Rs100 million fixed earlier l Rs400 million if licensed to operate in a specified region instead of Rs 150 million prescribed earlier l Rs500 million if licensed to operate in a specified province instead of Rs 250 million fixed earlier l Rs1 billion if licensed to operate at national level instead
of Rs 500 million prescribed earlier. This step of SBP would ensure that only such sponsors venture to establish MFBs which have adequate financial resources to meet the present and future capital requirements. Moreover, MFBs need increased share capital to meet the growing demand for investments in technology intensive infrastructure and information systems. It may be recalled that previous MCR for MFBs were
set in 2001. MFBs, which do not meet the above-mentioned revised MCR, are required to enhance their paid-up capital (free of losses) according to the following transitional arrangement: MFB licensed to operate at national level will require Rs600 million as minimum paid-up capital (free of losses) up to December 31, 2011, Rs800 million up to December 31, 2012 and Rs1 billion up to
December 31, 2013. MFB licensed to operate at district level will require Rs200 million as minimum capital (free of losses ) up to December 31, 2011, Rs 250 million up to December 31, 2012 and Rs 300 million up to December 31, 2013. State Bank has revised the MCR for MFBs in exercise of powers vested under Section 10 of the Microfinance Institutions Ordinance 2001, the circular added.
It may be pointed out that seven microfinance banks with a branch network of 289 are operating in the country. They include five nationwide Microfinance Banks viz Khushali Bank, The First Microfinance Bank, Tameer Microfinance Bank, Pak Oman Microfinance Bank and Kashf Microfinance Bank and two district-wide Microfinance Banks viz Rozgar Microfinance Bank & Network Microfinance Bank.
2
Saturday, November 27, 2010
EU regulation to increase fabric export Staff Reporter KARACHI: European Commission (EC) has adopted the new regulation effective from 1st Jan allowing Pakistan to export fabric to Bangladesh, Vietnam, Cambodia and many other African countries, sources have said. Earlier European Union had allowed 14 Least Developed Countries (LDCs) GSP plus status for exporting duty free to EU countries. Bangladesh was one of the major beneficiary to this concession which has boosted their textile garments export. Bangladesh was the major importer of textile fabric from Pakistan but the duty free concession of garments export to EU was only allowed if the garments are made from local-
ly manufactured fabric ie if the fabric is of Bangladesh origin. This restriction had seriously discouraged their import of fabric from Pakistan. Moreover, to support their local industry, Bangladesh government allowed 5 per cent rebate to their garments exporters if the fabric is procured from the local Mills. Dr Mirza Ikhtiar Baig, Federal Advisor on Textile, had taken up the matter in EU commission on 20th Oct 2009 in Brussels to change the rules of their certificate of origin which eliminates the existing two step process for production of readymade clothing. This would mean that imported fabrics can be used by LDCs and they can still get duty free GSP plus status for exporting to EU coun-
tries. Pakistan will be the main beneficiary of the new regulation. Referring to the regulation Dr Mirza Ikhtiar Baig, Federal Advisor on Textile informed that Bangladesh Textile Mills Association (BTMA) has opposed the new criteria of EU on the ground that substantial investment has been made in BD Primary Textile Sector (PTS) mainly; spinning and weaving to the tune of US$4 billion to get the benefit of GSP facility on supply of yarn and fabric to local garments manufacturers. Dr Baig thanked European Commission and said that the new rules will help the developing countries including Pakistan to benefit from the trade preferences.
TAG Heuer named best watch of 2010 KARACHI: The Tag Heuer Carrera 1887 Chronograph has been named the 2010 Swiss Watch of the Year in the Grand Prix de l'Horlogerie de Genève's prestigious "La Petite Aiguille" ("Small Hand") category, said a handout issued here. The Grand Prix de l'Horlogerie de Genève is the Swiss watch industry's most prestigious award competition. The prize of "La Petite Aiguille" rewards the best watch of the year whose price is under 5,000 Swiss francs ($5; 166USD). The victory marks the sixth time in 10 years that Tag Heuer has been singled out for its engineering and design prowess. "This is great victory for TAG Heuer, and for our Honorary Chairman Jack Heuer," said JeanChristophe Babin, TAG Heuer President and CEO. "Jack is the creative genius behind so many of our icons, among them the Monaco, the Silverstone and, of course the Carrera. He designed the first Carrera in 1964 and has overseen every new generation since.-PR
Pir Mazhar inaugurates medical college KARACHI: Marketing Association of Pakistan recently organised an executive tea series meeting on the Economic Outlook of Pakistan. Massod Hashmi, President, Marketing Association of Pakistan preseting memento to the guest speaker Asad Umar.-Staff Photo
Pakistan grabs maritime award TV PROGRAMMES SATURDAY Time Programmes 7:00 News 8:00 News 9:05 Best of Subah Savere 11:10 Mohaaz (F) 12:00 News 13:10 Newsbeat (Rpt) 14:10 Awam Ki Awaz 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Taxi News 20:05 The Anchor 21:00 News 22:03 Faisla Aap Ka 23:05 Naram Garam
KARACHI: The Maritime Training Institute, Karachi of "M" International Group has won the prestigious Lloyd's List Middle East and Indian SubContinental awards. The awards event, was held in Dubai, UAE recently which was marked by awards' winners and largely attended by shipping and maritime fraternity Numbers of entries were received in category of "The Training and Crewing Award" The judging panel short listed four entries and they were
Emarat Maritime, UAE, GAC Group, UAE, Maritime Training Institute, Pakistan and Varun Shipping Company India. The panel of judges was consisted of Saqr Port Authority General Manager, Colin Crookshank; Maritime Industrial Services Chief Executive, Kevin Hudson; APM Terminals Africa, Middle East and Indian Chief Executive, Charles Menkhorst; DP World UAE Region Managing Director, Mohammed Al Muallem.-PR
SATURDAY Time Programmes 8:00 Chai Time (Rpt) 9:05 Smithsonian Documentry 10:05 Dilkash Pakistan 10:30 Sara jahan(Rpt) 11:15 Karobari Duniya(Rpt) 12:00 News 12:05 Siyasat Mana Hai (Rpt) 13:00 AM News 13:05 Islamabad Say (Rpt) 14:00 News 15:00 News 15:05 Doosra Pehlu (Rpt) 16:00 News 16:05 Filmi Samaa(rpt) 16:30 Red Carpet (Rpt) 17:00 News 17:05 Aap Ka Paisa (Rpt) 17:30 Pakistan This Week 18:00 News 18:05 Sara jahan(Rpt) 18:30 Dilkash Pakistan 19:00 News 19:30 Tijarti Dunia 20:00 News 20:05 Kamyab 21:00 News 21:05 Teesri nazar 22:00 News 22:05 Agenda 360 23:05 Music Scene 23:30 Uff Tv 0:00 News
LAHORE: Jean Christophe Babin, TAG Heuer President and CEO addressing speech at the occasion of TAG Heuer Carrera 1887 Chronograph wins the “La Petite Aiguille” category ”2010 Swiss Watch of the year Award”.-Staff Photo
Sindh Technical Education & Vocational Authority (STEVTA) Manpower & Training Wing St-19, Block-06, Gulshan-e-Iqbal Corrigendum Dates in respect of this office Tender Notice bearing No. INF.KRY.No.3810/10 Published in Daily “Sukkur, Eeman, Jurat and Frontier Post” dated 05.11.2010 and put on Website of SPPRA on 02.11.2010 with ID No. 2394/2010 now may be read as under:1. Sale of Tender document up to 01.12.2010 (office hours) 2. Receipt of Tender duly completed. 02.12.2010 1:00 P.M. 3. Opening of Tender. 02.12.2010 2:00 P.M.
(SYED NAZAR ALI) INF-KRY 3981/10
Director Manpower & Training (STEVTA)
KARACHI: The AlTibri Medical College Hospital was inaugurated in Memon Goth, Malir, here on Friday. The Sindh Minister for Education, Pir Mazhar ul Haq, performed the inauguration. Speaking on the occasion, he lauded the opening of this facility in the suburb of Karachi. He said that this would help provide health facility to the people of the area. Pir Mazhar also appreciated the role of private institutions in the promotion of education. He said that despite its limited resources the government is doing its best for the promotion of education. The minister was of the view that the well to do people should also come to the fore for fostering education in the province. The Vice-Chancellor of Isra university, Prof Dr Ghulam Qadir Kazi, apprised the aims and objectives of the setting up of the Al- Tibri Medical College Hospital.-APP
KARACHI: Malaysian Consul General’s wife Aneezah Khalid presenting a sourvenir toi Sindh Provincial Minister for Tourism Shazia Marri during the inaugural of ceremony of Malaysian Food Festival & Cultural Show at a local hotel. Malaysian Consul General Muhammad Khalid Abdul Razaq and Nasreen Jalil are also present on the occasion.-Online
FBR can collect Rs600bn tax: Khuhro HYDERABAD: While emphasising on the need of imposition of Reformed General Sales Tax (RGST), Speaker Sindh Assembly Nisar Ahmed Khuhro said that Pakistan has the capacity to collect at least Rs 600 billion more in taxes. "Constitution of Pakistan has laid down ways of reforming GST and it has allowed provinces to charge provisional taxes," he said while addressing a press conference here at the Circuit House. Replying to a question the Sindh Assembly Speaker said that the bogey of GST was being
orchestrated so as to create a fear of the tax among them. "What is actually needed is creating awareness in the people about the taxes and reforms that are brought in," he added. Nisar Khuhro while controverting the claim of Musharraf regime about breaking the "begging bowl" said the government referred to IMF for financial assistance after forming consensus among all the major political parties. "After the postponement of elections in 2007 in consequence of assassination of Shaheed Benazir Bhutto flight of capital in billions of
rupees occurred in Pakistan which left the country almost on the verge of bankruptcy," he said. When asked about the dispute between the centre and the provinces on collection of GST on services, he expressed optimism and said the implementation delays would be sorted out before long. About imposition of tax on agricultural sector Khuhro maintained that the reasons for levying of such a tax were misplaced as the growers were already paying several other direct and indirect taxes in their work.-PPI
KARACHI: Advisor to PM Dr Ikhtiar Baig attends condolatory meeting over the sad demise of Senior Journalist Jamil Siddiqui.-Staff Photo
Growers reject sugarcane supply for Mills
PESHAWAR: The sug- a higher rate to woo grow- ment of Ghur is ample armills of Peshawar valley ers for supplying sugar- proof of it. failed to persuade sugar- cane. However, sources in cane growers for supplyThe manufacturers and manufacturers of Ghur say ing their crop even at dou- dealers of Ghur in districts they unexpected higher ble price than last year, Peshawar and Charsadda rate offered by sugarmills said Pakistan Sugar Mills have expressed resentment had increased the cost of Association (PSMA) on the offer of sugarmills, production of Ghur while sources. terming it a conspiracy restrictions on its moveWe had offered purchas- hatched by sugarmills ment has turned situation ing 50 kilogram sugarcane against the growers of the the favourable for the at Rs300, which is double province. sugar industry in the than last year, Taleh Mand, The government in a bid province. an official of Khazana to discourage the producDespite offering higher Sugar Mills (KSM) told tion of Ghur has banned price the supply has still APP when contacted. transportation of Ghur to not gained momentum. The provincial govern- the tribal areas. The Ghur Instead of receiving 300 to ment had fixed minimum manufacturers have 400 tractor trolleys the rate of sugarcane at Rs125 accused the government of mills are getting only 100 KARACHI: The 1,280th for 40 kilogram. However, succumbing to the pres- trolleys sugarcane insuffiUrs of Abdullah Shah the sugar millers are offer- sure of sugarmills, saying cient for consecutive runGhazi will commence ing Rs300 for 50 kilogram, restriction on the move- ning of the mills.-APP from November 27. This was announced by the Sindh Minister for Aquaf, Abdul Haseeb, here on Friday. He said that the threeday Urs would be inaugurated by Sindh Governor, Dr Ishratul Ebad Khan, who will also lay a floral wreath at the mazar. The Minister said that strict security measures are being taken for the Urs. He stated that 18 security cameras, walk through gates and CCTV have been installed. Personnel of Rangers, police, community police as well as private security guards would also perform security duty during the KARACHI: Head of F B Area Association of Trade and Industry Feroze Alam Lari presenting flowers to Honourary Consul General of Mozambeque Khalid Urs, it was further stated.Tawwab. Also present on the occasion is Senator Abdul Haseeb Khan.-Staff Photo APP
Urs of Abdullah Shah Ghazi starts today
Etihad inks deal with Asiana Airlines KARACHI: Etihad Airways has announced a codeshare agreement with Asiana Airlines, the major airline of South Korea, complementing Etihad's own daily return service to Seoul, which commences on December 10, it was announced here on Friday. The new cooperative relationship will see flights between Etihad's homebase Abu Dhabi, Seoul and beyond, operating under an EY (Etihad) and OZ (Asiana) code. This will also facilitate Pakistani passengers travelling to South Korea, by providing additional options for convenient connecting flights from Abu Dhabi to Seoul and beyond. The codeshare fares were made available for purchase from mid-November. The carriers also intend to commence reciprocal rewards programs, where members of each airline's frequent-flyer program can earn and redeem points on the codeshared flights. The codeshare agreement will expand, with time, to add new territories across Europe, Middle East, Africa and Korea.-PR
Melaka cultural week begins KARACHI: A "Melaka Food and Cultural Week" began at a hotel here. The event is organised by the Consul General of Malaysia in Karachi in collaboration with a five star hotel. Sindh Minister for Tourism, Shazia Marri inaugurated the event. She appreciated the holding of such events which help foster understanding between the people. Shazia Marri spoke of the close friendly ties between Pakistan and Malaysia and said that these would grow further in the days ahead. The Consul General of Malaysia in Karachi, Muhammad Khalid Abdul Razak, said that the event was aimed at introducing the Malaysian diverse culture. He said that for this the Melaka State was chosen as this was the area from where the Malaysia started. Melaka is very unique, he added. Razak said that at this event the Malaysian food would be presented by two chefs from the well known Malaysian hotel. The four troupe known as Melaka Cultural Brigade would also perform on the occasion. "This would also reflect the soft image of Karachi", Razak further stated.-APP
3 Saturday, November 27, 2010
Swiss franc gains against euro ZURICH: The Swiss franc gained against the euro on Friday on renewed concerns Ireland's debt crisis could spread to other euro-zone countries, fuelling appetite for the safe haven Swissie. A majority of euro-zone nations and the European Central Bank are urging Portugal to apply for a financial bailout from a European rescue fund, Financial Times Deutschland reported on Friday. Investors stung by Ireland's debt problems have pushed the borrowing costs of Portugal and Spain to record highs. The franc was up 0.7 per cen against the euro compared to the New York close, trading at 1.3279 per euro at 0755 GMT. The franc was 0.1 per cent lower against the dollar at 1.0014 per dollar. The KOF economic institute releases Switzerland's leading growth indicator for November at 1030 GMT.-Reuters
Dollar rallies as widening debt fears weigh on euro
Previous Day
Portuguese govt spokesman denies bailout pressure report NEW YORK: The US dollar rallied on Friday while the euro slid to a new two-month low as growing fears about the euro-zone's debt crisis prompted investors to embrace safety and shun risk. Mounting speculation that Portugal will need to follow Ireland in seeking financial aid unsettled nervous investors. Investors rattled by Ireland's debt problems have pushed the borrowing costs of Portugal and Spain, seen as the next weakest euro-zone peripheral states, to record highs. European officials denied "absolutely false" reports Portugal was under pressure to seek a bailout and Spain ruled out on Friday needing help to manage its finances, despite fears of a spreading euro debt crisis.
Nevertheless, with so much uncertainty, investors are hesitant adding euros to their positions. The euro fell 0.85 per cent to $1.3247, having dropped to as
84.18 on trading platform EBS, the strongest level since late September. It was last at 84.10 yen, up 0.63 per cent, rising further from a 15-year low of 80.21 yen hit at the
low as $1.3200 on trading platform EBS, its lowest since late September, and taking out option barriers at $1.3250 along the way. Traders cited reports of major Asian sovereign demand placed into $1.3200. The dollar rose as high as
beginning of this month. Against the yen, the euro was at 111.27, down 0.3 per cent on the day. Camilla Sutton, chief currency strategist at Scotia Capital in Toronto, said the dollar is being buoyed by European contagion fears rise and that
Irish bond holders face risk. Pressure on the euro has intensified as the spiraling debt crisis threatens to ensnare bigger countries such as Spain and Italy, while a small number of experts -- mostly not market participants -- have even begun to speculate about the eurozone's very existence. The Australian dollar fell sharply as Reserve Bank Governor Glenn Stevens dampened any prospect of an imminent interest rate hike, saying rates were just right and the bank might not move on policy for some time. The Aussie was down 1.6 per cent to $0.9663. The dollar index, which tracks the greenback's performance against a basket of six major currencies, rose to a two-month high of 80.522. -Reuters
Yuan slips as banks,
Asian currencies
Growing Korean tension, clients go long dlr euro woes hit won, ringgit Won in largest weekly fall in 5-mth, ringgit at 3-mth low gist at Samsung Futures Inc in Seoul. "The tensions caused investors to book profits from rises in Asian currencies," Jeong added. The won posted the largest weekly loss in over five months, ending down 1.9 per cent versus the greenback at 1,159.5 versus Thursday's close as investors covered dollar-short positions. It weakened to as far as 1,164.5 at one point. The won lost 2.2 per cent for the week, the largest percentage fall since the week ended on June 13, according to Reuters' calculations.
The Malaysian ringgit hit its weakest in more than three months, slipping to 3.1650 at one point, the softest since Aug. 17. "The ringgit is heading to 3.1650 and 3.1800 as North Korea used strong words. No one is taking any chances to short dollar over the weekend," said a Kuala Lumpur-based dealer said. The Philippine peso slid 0.5 per cent, tracking falls in its Asian peers, especially the won. The peso is seen falling further probably to 40.40 per dollar, a Manila-based trader said. -Reuters
Stg hits 2-mth low vs $; euro woes weigh
Cbank, Korea tensions push Taiwan $ lower
SEOUL: Worries about growing tension on the Korean peninsula and the euro-zone's debt crisis pushed down the South Korean won and most other Asian currencies on Friday. Concerns over a military escalation between the two Koreas and the euro-zone woes are expected to continue weighing on Asian currencies next week, analysts and dealers said. "The situation is a tinderbox as we may see a battle in any time. So, it is not a time to buy risk, definitely," said Jeong My-young, a currency strate-
LONDON: Sterling hit a twomonth low against the dollar on Friday on concern about the UK's exposure to euro-zone debt as fears grew that Europe's debt crisis could spread beyond Greece and Ireland. The dollar gained on safehaven flows and stayed supported by recent evidence of an improving US economy. Against the euro, the pound
the dollar -- which came in just above $1.5700 -- for the first time since July, and a weekly close below that level could be seen as a bearish signal. It fell nearly 1 per cent against the dollar to $1.5612, its weakest since late September, before a small recovery to $1.5626. It extended falls after breaking below $1.5650, triggering stop-loss
dipped after earlier hitting a two-month high as investors took profit on short euro positions ahead of the weekend, though sentiment towards the single currency remained negative. "The pound is 'euro light' it's not the euro, but then again it does have some significant debt problems of its own and ultimately the UK's dominant economic links are with Europe," said Michael Derks, chief strategist at FXPro. Sterling traded below its 100day moving average against
orders, traders said. The euro was steady at 84.72 pence, having earlier fallen to a two-month low of 84.20 pence. Traders said there was talk of bids at 84.15 pence, with support seen at 84.00 pence and stop losses below that level. More signs emerged of a shaky UK housing market on Friday, with the UK's Land Registry reporting house prices in England and Wales fell 0.8 per cent in October, the biggest monthly fall since February 2009. -Reuters
TAIPEI: The Taiwan dollar eased on Friday as investors backed away from risky assets following a deadly exchange of fire between North and South Korea and as the central bank moved to cap prices. Taiwan's currency ended at T$30.83 per US dollar, compared with its Thursday close of T$30.80. The day's dip came after suspected central bank selling of the local currency to rein in its 3 per cent rise since late September. The Taiwan dollar had surged on expectations that US monetary easing would attract foreign fund inflows to Asia. The Taiwan dollar also lost ground on Friday to nervousness about joint US-South Korean military drills this weekend after an exchange of artillery fire between the Koreas on Tuesday. Investors bought US currency instead of riskier Asian assets such as the Taiwan unit. "There has been profit-taking ahead of the weekend as markets are jittery about what will happen in the Koreas," said Joanna Tan, economist with Forecast Ltd in Singapore. "Right now we still see demand for the US dollar, because it's safe."-Reuters
Australian dollar sags as RBA signals steady rates for now SYDNEY: The Australian dollar stumbled and bond futures jumped on Friday after the country's central bank signalled interest rates may not rise in coming months, a tone that was slightly less hawkish than some had expected. The Aussie fell as far as $0.9715 after Reserve Bank of Australia (RBA) Governor Glenn Stevens said it was not unreasonable for investors to think the next rate hike could happen in mid2011. "This not-hawkish tone supports near-term curve steepening and is weighing on the Australian dollar," said Annette Beacher, an analyst at TD Securities in Singapore. Interbank future contracts jumped as investors cut bets for a rate hike for months right out to May. The May contract rallied 0.06 points to 95.145, implying a 42 per cent chance that rates could rise to 5 per cent by then, down from a 74 per cent chance seen as recently as Monday. By late trade, the Australian dollar was soft at $0.9720, inching ever closer to support around $0.9710, a low hit on Nov 24. A break of that could see the currency retest its Oct 28 trough of $0.9653.
"The Aussie is going through a period of consolidation. It could go a bit lower but I don't see it collapsing for any fundamental reasons," said Richard Grace, chief currency strategist at Commonwealth Bank in Sydney. "It could go as low as $0.9660/50 over the next week. Our forcast is still $0.9700 by year-end, $1.0200 by end of March and $0.9900 by end of June." The New Zealand dollar eased slightly to $0.7581, from $0.7606 in late London trade overnight. This saw the Aussie dollar fall to NZ$1.2814 from around Thursday's session high of NZ$1.2949 as the kiwi dollar outperformed. The Aussie dollar's losses set it up for its third week of decline against the US dollar since hitting a 28-year peak of $1.0183 earlier this month. All said, its 1.1 per cent drop this week still left it up a hefty 9 per cent for the year, ranking it the second-best-performing major currency after the yen. In contrast, the euro, hurt by the euro-zone debt crisis, was still pinned down near a record low against the Aussie at A$1.3694 . It hit an alltime low of A$1.3553 on Thursday. -Reuters
SHANGHAI/HONG KONG: China's yuan closed down against the dollar on Friday as traders reported banks and their clients built long positions in dollars to bet on a continued near-term rise in the dollar in global markets. The weakening came after the People's Bank of China (PBOC) fixed the yuan's midpoint slightly stronger in a sign that the central bank hopes to keep the currency stable despite the dollar's strength -- a stance likely to set a floor for the yuan's fall. Offshore, dollar/yuan forwards jumped to imply less yuan appreciation, with oneyear non-deliverable forwards (NDFs) effectively breaking through the key 6.5 resistance after the US Dollar Index rose 0.6 per cent in early European trade, having jumped more than 2 per cent so far this week. Spot yuan closed at 6.6675 against the dollar, down from Thursday's close of 6.6508. It is still up 2.38 per cent since
the PBOC depegged the currency in mid-June. The PBOC set the day's midpoint at 6.6553, marginally stronger than Thursday's 6.6557. The fixing is the level from which the yuan may rise or fall 0.5 per cent in a day. 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. One-year NDFs rose to a two-month high on Friday, trading at 6.5580 bid in late trade from 6.5195 at Thursday's close, with implied yuan appreciation in a year's time slumping to 1.48 per cent from 2.08 per cent shown on Thursday. -Reuters
Indian rupee weakens tracking euro, shares MUMBAI: The Indian rupee posted its fourth consecutive weekly decline and fell to its lowest level since midSeptember on Friday, as sharp losses in the euro and domestic shares weighed on sentiment. The partially convertible rupee closed at 45.84/85 per dollar, slightly off the day's low of 45.91 -- its weakest since Sept. 17 -- but still 0.7 per cent weaker than 45.5150/5250 at close on Thursday. "Rupee was mainly tracking the euro today. If further losses are seen in the euro beyond $1.3150, the rupee could drop to 46 levels. But overall, the near term looks choppy and I expect a range of 45.50-46.00," said Naveen Raghuvanshi, an associate vice president with Development Credit Bank. Foreign funds sold shares worth $116.6 million on Thursday as per the latest available official data, taking total portfolio investments in 2010 to a record $28.8 billion, in addi-
tion to last year's $17.5 billion. One-month offshore nondeliverable forward contracts closed at 46.16, weaker than the onshore spot rate, suggesting a bearish near-term outlook. 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 46.1625, 46.17 and 45.7375 respectively, with total traded volume on the three exchanges at $7.7 billion. -Reuters
Source
Events
JPY JPY EUR EUR EUR EUR EUR CHF
Tokyo Core CPI y/y National Core CPI y/y German Import Prices m/m German Prelim CPI m/m French Consumer Spending m/m M3 Money Supply y/y Private Loans y/y KOF Economic Barometer
Actual
Forecast
-0.5% -0.6% -0.2% 0.1% -0.7% 1.0% 1.4% 2.12
-0.4% -0.6% 0.2% 0.0% 0.2% 1.3% 1.4% 2.09
Previous
-0.5% -1.1% 0.3% 0.1% 1.6% 1.1% 1.2% 2.16
Currency Rates Name EUR-USD ESD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3245 1.3363 1.0023 1.0036 1.5639 1.5773 1.0189 1.0243 0.9662 0.9816 111.5 111.81 0.8475 0.8484 1.3291 1.3366 0.98 0.99 1357.70 1375.30 26.88 27.51
Bid 1.3243 1.0019 1.5636 1.0184 0.9657 111.44 0.8471 1.3287 0.98 1356.35 26.78
Low 1.3196 0.9984 1.5616 1.0086 0.9611 110.58 0.8423 1.3235 0.98 1351.48 26.45
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 26/11/2010 A USD GBP CAD EUR JPY O/N 0.23250 0.55313 0.97667 0.39250 SN 0.09188 1WK 0.25203 0.55938 1.01500 0.54250 0.10063 2WK 0.25375 0.56500 1.05500 0.63000 0.10625 1MO 0.25625 0.57625 1.08583 0.75250 0.12125 2MO 0.27594 0.62813 1.14833 0.85125 0.14875 3MO 0.29438 0.73875 1.22167 0.96875 0.18875 4MO 0.34469 0.82250 1.29500 1.03250 0.25188 5MO 0.40469 0.92750 1.35917 1.11250 0.30625 6MO 0.45875 1.03000 1.43333 1.21000 0.35813 7MO 0.51250 1.10750 1.49750 1.25625 0.41375 8MO 0.56531 1.19125 1.57333 1.30500 0.45875 9MO 0.61469 1.27375 1.63500 1.35500 0.50688 10MO 0.66656 1.35000 1.71167 1.40125 0.53625 11MO 0.72281 1.41875 1.79500 1.44750 0.56625 12MO 0.78463 1.48563 1.88750 1.49250 0.59500
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 26,2010 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
85.60 134.85 114.13 84.69 86788.00 83451.00 12.29 1.02 14.03 65.23 15.31 22.82 11.03 12.87 303.93 27.27 64.04 23.51 23.30 0.07 2.84
85.40 134.54 113.86 84.49 85.47 83.25 12.26 1.02 14.00 65.07 15.27 22.77 11.00 12.84 303.22 27.21 64.89 23.45 23.25 0.07 2.84
85.22 134.23 113.60 84.27 85.24 83.03 12.23 1.07 13.96 64.90 15.23 22.71 10.97 12.80 302.43 27.14 64.72 23.39 23.19 0.07 2.83
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for November 26, 2010
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years 30--years
KASB 12.00 12.30 12.45 12.60 12.72 12.98 13.20 13.25 13.30 13.48 13.70 13.72 13.75 13.78 13.80 13.80 13.82 13.85 14.25 14.35 14.50
BMA 12.10 12.25 12.55 12.65 12.80 12.95 13.20 13.25 13.25 13.40 13.75 13.72 13.75 13.75 13.75 13.74 13.74 13.78 14.20 14.35 14.50
ELXIR 12.00 12.15 12.40 12.60 12.77 12.95 13.18 13.21 13.27 13.45 13.65 13.72 13.75 13.75 13.77 13.78 13.75 13.82 14.25 14.35 14.55
GSL 12.00 12.25 12.50 12.75 12.80 13.00 13.28 13.35 13.40 13.47 13.70 13.75 13.78 13.80 13.81 13.82 13.83 13.90 14.20 14.35 14.50
ICSL 12.00 12.20 12.35 12.55 12.75 12.95 13.15 13.20 13.25 13.40 13.68 13.73 13.75 13.75 13.75 13.75 13.74 13.85 14.20 14.30 14.50
JSCM AvgRate 12.10 12.03 12.20 12.23 12.45 12.45 12.56 12.62 12.77 12.77 13.01 12.97 13.12 13.19 13.25 13.25 13.35 13.30 13.50 13.45 13.63 13.69 13.69 13.72 13.70 13.75 13.71 13.76 13.72 13.77 13.73 13.77 13.77 13.78 13.83 13.84 14.25 14.23 14.35 14.34 14.50 14.51
Currencies Correlation EUR/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY GBP/USD NZD/USD
week month months months year years
0.94 0.62 0.94 0.95 0.52 0.33
0.98 0.63 0.89 -0.14 0.59 0.48
0.96 0.86 0.94 0.85 0.80 0.47
1.00 0.33 0.88 0.63 0.76 0.74
0.97 0.55 0.87 0.91 0.84 0.78
0.96 0.31 0.79 0.91 0.44 0.35
USD/CAD USD/CHF -0.25 -0.42 -0.83 -0.75 -0.02 -0.21
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)26/11/2010 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
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 12.00
12.50
12.10
12.60
12.25
12.75
12.75
13.00
12.95
13.20
13.15
13.65
13.20
13.70
13.30
13.80
JSBL
12.00
12.50
12.25
12.75
12.50
13.00
12.80
13.05
13.20
13.45
13.35
13.85
13.35
13.85
13.50
14.00
ASPK 12.00
12.50
12.20
12.70
12.45
12.95
12.80
13.05
13.10
13.35
13.20
13.70
13.25
13.75
13.35
13.85
ABPL
CIPK
ASK
11.90
12.40
12.10
12.60
12.25
12.75
12.60
12.85
13.20
13.45
13.25
13.75
13.30
13.80
13.35
DB P K 11.90
12.40
11.95
12.45
12.20
12.70
12.70
12.95
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK 12.00
12.50
12.10
12.60
12.25
12.75
12.80
13.05
13.20
13.45
13.25
13.75
13.30
13.80
13.40
13.90
13.85
FLAH 12.00
12.50
12.15
12.65
12.30
12.80
12.80
13.05
13.05
13.30
13.15
13.65
13.25
13.75
13.35
13.85
HBKQ 12.00
12.50
12.10
12.60
12.30
12.80
12.80
13.05
13.05
13.30
13.20
13.70
13.25
13.75
13.35
13.85
HKBP 12.00
12.50
12.15
12.65
12.35
12.85
12.85
13.10
13.10
13.35
13.15
13.65
13.20
13.70
13.30
13.80
N I PK 11.90
12.40
12.40
12.90
12.75
13.25
13.00
13.25
13.10
13.35
13.20
13.70
13.30
13.80
13.40
13.90
HMBP 12.00
12.50
12.15
12.65
12.50
13.00
12.85
13.10
13.15
13.40
13.25
13.75
13.30
13.80
13.35
13.85
SAMB 12.05
12.55
12.10
12.60
12.30
12.80
12.80
13.05
13.10
13.35
13.15
13.65
13.25
13.75
13.35
13.85
MCBK 11.90
12.40
12.10
12.60
12.30
12.80
12.90
13.15
13.20
13.45
13.30
13.80
13.40
13.90
13.70
14.20
N B P K12.10
12.60
12.20
12.70
12.30
12.80
12.90
13.15
13.00
13.25
13.10
13.60
13.25
13.75
13.35
13.85
SCPK
11.95
12.45
12.00
12.50
12.25
12.75
12.70
12.95
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
UBPL 12.00
12.50
12.15
12.65
12.35
12.85
12.80
13.05
13.10
13.35
13.20
13.70
13.25
13.75
13.35
13.85
AVE
12.49
12.13
12.63
12.32
12.82
12.81
13.06
13.10
13.35
13.19
13.69
13.27
13.77
13.36
13.86
11.99
-0.38 -0.69 -0.93 -0.91 -0.61 -0.58
4 Saturday, November 27, 2010
The Financial Daily International Vol 4, Issue 110
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi
Boosting canola production
Honorary Advisory Board S. Muneer Hussain Rizvi
Haseeb Khan, FCA 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
Hajjis deserved better Gone are the days when slogan of Pakistan's national carrier was 'ba kamal logue lajawab service'. Now 'safar' by PIA is perpetual suffering and the worst experience are being narrated by the hajjis. Normally commercial airlines prepare schedules to accommodate delays and to minimize hardship of passengers but unfortunately this does not seem to be the practice of PIA, more so for the hajjis. The national carrier operates an extensive twomonth hajj operation each year, to and from Jeddah, transporting more than hundred thousands pilgrims from several Pakistani cities to Saudi Arabia. This is termed confirmed business with no normal business rules applied or followed. It is on record that PIA raised hajj fares by nearly on fifth this year on the grounds terming it necessary because of inflation and high jet fuel prices. However, the hajjis are full of complaints regarding on ground and in-flight services. Reportedly, till November 25 this year total 26 lights carrying 10,883 passengers arrived late. The delays stretched from two to sixteen hours. Flights coming late included 4 to Karachi, 6 to Islamabad, 7 to Lahore, 6 to Peshawar and 3 to Quetta. Commercial airlines prepare schedules to minimize hardships of passengers, but PIA does not seem really concern about the plight of the hajjis. While African and Far Eastern Airlines displayed the delayed timings on their websites and were giving exact details about the delayed flights, PIA even didn't bother to use technology at its disposal. Hajjis already having suffered due to bad arrangements by the government of Pakistan were asked by PIA to report 8 hours before the scheduled departure of flights. They had to endure extreme discomfort of waiting for long hours at Jeddah airport. While other airlines operating from the same airport have made adequate arrangements, PIA failed in booking enough processing bays and counters in an attempt to cut costs. This emerged to be the prime reason of delays in departure from Saudi Arabia. It is also on record that luggage of hajjis was not loaded on the same aircrafts, giving them a big shock that most probably it was lost and then waiting for other flights which could have brought it. Some hajjis complained that they had to go to Karachi airport repeatedly to collect their luggage, miss the connecting flights and bear the extra burden. Since most of hajjis are old their relatives come to see them off and receive them at the airports. Worst scenes were witnessed at the Jinnah International Terminal at Karachi and also at the other airports. The Civil Aviation Authority says that overcrowding, resulting in complaints was not due to any of its faults and were the outcome of mess created by disrupted flights. Still it would have been better if the Authority had been a little more vigilant.
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.
Shabbir Kazmi
S
ome time back State Bank of Pakistan announced a scheme for canola growers, particularly in the flood affected areas. The scheme offers loans to growers at 8 per cent per annum interest rate. It banks will be provided refinancing and the central bank will also share up to 30 per cent of non-payment by the farmers. However, minimizing risk will be the responsibility of lenders through prudent credit risk evaluation and credit insurance. Though, the scheme is in line with the Government of Pakistan policy for revival of agriculture activities in the flood affected areas, real benefits can't be reaped without active participation of the federal ministry of
agriculture and provincial agriculture departments. These entities have to ensure timely availability of hybrid seeds, fertilizer, pesticides and on ground technical guidance to the farmers. To ensure speedy disbursement of loans banks have been advised not to take more than five working days in evaluating an application for credit under the Scheme from the date of receipt of complete information from the borrower. Where the request is declined, the bank will explicitly apprize the applicant reasons for rejecting the application. To ensure the specified use of the funds the bank will be required to obtain an undertaking from the borrower that the disbursed amount shall be utilized strictly for the purpose it has been granted. The positive point is that all categories of farmers (owner, owner-
cum-tenant and tenant) of the specified areas will be eligible for loans under the Scheme. While tenor of the crop production loans and its repayment will be based on the cropping cycle up to a maximum period of six months, banks will be required to extend loans to farmers as per their credit policy and SBP regulations. Keeping in view Pakistan's import
“
lowed by the central bank through specific lending for canola growers. However, some of the quarters are opposing encouraging canola cultivation as they consider it an attempt to force the growers to switchover from cultivation of wheat to canola. They believe the scheme does not bode well for achieving wheat production target of 25 million tons. They also say that farmers also do not have the experience of cultivating canola and their income would be affected. The experts not only categorically reject such apprehension but also term it spreading disinformation by the groups having vested interest. One tends to agree with them because enhancing production of canola, sunflower and corn can help in containing edible oil bill import bill. Some of the experts go to the extent of saying that Pakistan can become a net exporter of edible oil through cultivation of these seeds in the arid zones and also on little inferior lands.
While tenor of the crop production loans and its repayment will be based on the cropping cycle up to a maximum period of six months, banks will be required to extend loans to farmers as per their credit policy and SBP regulations of about US$2 billion edible oil annually, focusing on oil seed cultivation in the country can help in saving huge foreign exchange. Experts have been demanding from the government to provide incentives to farmers to focus on cultivation of canola, sunflower and corn. This year first the government announced support for canola, which was fol-
Impostor deepens confusion over Afghan peace process A
fghanistan's protracted move toward talks with the Taliban bordered on farce on Friday with Afghan and foreign officials trading blame after a fake Taliban "leader" left them red-faced. Reports about talks have intensified as US President Barack Obama's December review of his war strategy approaches and as acceptance grows for the need for a negotiated settlement to a war that is widely seen to have gone badly for the United States. They have also come as US and Nato commanders talk up recent military successes since the last of 30,000 extra troops, ordered by Obama last December, arrived over the summer and fighting intensified in the Taliban's southern heartland. Against that backdrop, interest in talks has grown dramatically, although there have been no high-level negotiations confirmed by US, NATO or Afghan officials. Karzai's government maintains the process must be Aghan-led and has established a peace council as part of its wider reconciliation efforts. "The international community, including the US and UK, have been supportive of the peace efforts and have expressed their willingness to help," a senior palace official told Reuters. "We have always stressed any direct efforts by the international community toward reconciliation will not only fail to bring results but could be counterproductive," he said. Some Western leaders have said the conflict cannot be won militarily. Violence is at its worst across Afghanistan since the Taliban were ousted in 2001 by US-backed Afghan
forces despite the presence of about 150,000 foreign troops. With US and NATO leaders agreeing at a summit in Portugal last week to meet Karzai's timetable for foreign combat troops to leave by 2014, the pressure for talks has grown even further. On Tuesday, The New York Times said a man it had described as a "Taliban leader" who it said had taken
assumed he was sent by Pakistan's powerful ISI spy agency, he said. "We are not sure who this man was exactly and what exactly his motives were," the palace official said. "The assumption that he was an ISI asset sent to Kabul to test the waters is the strongest." EMBARRASSED Deepening the farce, Karzai's chief of staff was quoted by The Washington
With US and NATO leaders agreeing at a summit in Portugal last week to meet Karzai's timetable for foreign combat troops to leave by 2014, the pressure for talks has grown even further part in secret peace talks was in fact an Post on Friday as saying that "British impostor. It said the man met Afghan authorities" were responsible for taking President Hamid Karzai and was given the Taliban impostor into Karzai's palace in "July or August." "a lot of money. "This episode has embarrassed The man, identified as Taliban number two Mullah Akhtar Mohammad Afghan and Western officials, and it has Mansour, was likely just a shopkeeper undercut the notion circulated earlier from Quetta, the Pakistan city where this year by senior US officials that the Taliban leadership fled after they there was some momentum toward talks," the were topContacts between Karzai's p a p e r pled in late said. 2001, The government and the Taliban Neither Washington Post said. have been maintained for the B r i t i s h nor US T h e palace offi- past two years and included a officials would cial, who comment asked not to failed attempt to broker talks on the latbe identiin Saudi Arabia in 2009 fied, conest report. firmed the meeting, describing it as a "We don't comment on operational mat"unique case," but said it was clear he ters," a spokeswoman for the British was not Mansour. Afghan officials Embassy in Kabul said.
Britain's Times newspaper reported the man acting as Mansour had been paid and promoted by Britain's Secret Intelligence Service. "Far from being a former Taliban government minister, the individual concerned is now thought to have been a shopkeeper, a minor Taliban commander, or simply a well-connected person from the Pakistani border city of Quetta," it reported. Contacts between Karzai's government and the Taliban have been maintained for the past two years and included a failed attempt to broker talks in Saudi Arabia in 2009. Karzai and Nato describe the contacts as little more than preliminary. Despite blanket denials by Afghan, US and Nato officials, the flurry of guardedly sourced media reports began on October 5 when the Post reported Kabul had started secret talks with the Taliban to negotiate an end to the war. On October 20, The New York Times quoted an unidentified Afghan source as saying leaders from the Taliban's "Quetta shura" and the al Qaeda-linked Haqqani network had held "extensive" talks with the government. Analysts warn that there was likely a high degree of media manipulation being attempted by European and US officials. European Nato leaders are under pressure from an increasingly skeptical public to justify their continued commitment to the costly and unpopular war. Conversely US officials who in the past may have been reluctant on talks now want to be seen to be leading the process. The Taliban routinely say no peace talks are possible until all foreign troops leave Afghanistan.-Reuters
WTO envoys ready for Doha trade deal push in 2011 A
mbassadors at the World Trade Organization (WTO), heeding a call from leaders at the G-20 and Asia Pacific Economic Cooperation (APEC) summits, have agreed to push for an outline deal in the long-stalled Doha trade round by next summer. They face the challenge of translating their upbeat rhetoric into negotiating reality if the new target is not simply to join a long list of missed deadlines in the Doha talks. Leaders of the G-20 rich and emerging economies in Seoul this month called for a conclusion of the Doha round to bolster economic recovery and resist protectionism, saying 2011 offered a narrow window of opportunity for a deal. Leaders of the Asia-Pacific group APEC issued a similar call a few days later. That followed several months in which ambassadors at the WTO got together in small groups to brainstorm on the issues holding up a deal in Doha, launched in November 2001 to open up global commerce and help poor countries
prosper through trade. "The intention is to hit the ground running in January," said an ambassador from a major rich economy, referring to an agreement this week by envoys from 23 key developed and developing powers to push for an outline deal by mid 2011.
modalities, by summer would leave the rest of the year for the details to be filled in, so that an overall deal could be signed at the WTO's next ministerial conference in December 2011. Reaching agreement among 153 countries on fairer and more up-to-date rules on trad-
emerging states like China, India and Brazil are not offering enough to American businesses to sell a deal in Congress. The big emerging powers, on the other hand, say they have already offered enough in a negotiation which after all is
An overall deal is likely to see rich countries opening up their protected farm sectors and cutting trade-distorting agricultural subsidies, in return for emerging economies opening up their markets for industrial goods "People are talking of this by early summer," said the ambassador, who asked not to be named. Whether that meant June or July, and a deal signed off by ambassadors or ministers, is not yet settled. "There is a marked change in atmosphere," said Hamid Mamdouh, the WTO official in charge of services such as banking and telecoms. GIVE AND TAKE An outline agreement, known in trade jargon as
ing everything from fish and cotton to cars and banking services was never going to be easy. An overall deal is likely to see rich countries opening up their protected farm sectors and cutting trade-distorting agricultural subsidies, in return for emerging economies opening up their markets for industrial goods. The United States where trade is increasingly seen as a way of exporting jobs, not importing prosperity has said
supposed to help developing countries. Despite the current positive talk, trade diplomats concede there has been no change in positions so far, but they are now in a better position to start the give and take necessary to reach a deal after working together in small groups. Ambassadors were holding a series of meetings on Friday to finish briefing those among them who chair the different areas of the negotiations on the outcome of the small-group
meetings. WTO Director General Pascal Lamy will bring envoys from major powers, the negotiating chairs and countries representing various developingcountry groupings together on Monday to discuss how to proceed and then present a work plan to all 153 members at a special meeting on Tuesday. "We are going all out and sparing no effort to reach that target," said a senior envoy from a big emerging economy. The deal is far from being in the bag. Indeed, in a speech in New Delhi last week, Lamy raised the possibility of the negotiations collapsing, hurting the WTO and the global system of trade rules it manages -- the first time he has publicly countenanced failure, according to seasoned trade observers. Negotiators know that if they miss 2011, agreement would be almost impossible in 2012 as the United States heads for a presidential election, so a readiness to deal now is vital. "If we don't, then by default it fails," said the rich economy ambassador.-Reuters
5
Saturday, November 27, 2010
South East Asian stocks
Europe shares fall as debt contagion fears persist KSE-100 Index Opening Closing Change % Change Turnover (mn)
100-Index fails to breach 11,200 level
11,135.34 11,145.02 9.68 0.09 84.19
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,480.08 3,473.52 -6.56 -0.19 4.56
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,846.24 2,854.89 8.65 0.30 0.07
Major Gainers
Symbol DREL SIEM IDYM FZTM SRVI
Close
Change
639.99 1,325.62 269.00 430.00 229.59
24.39 9.62 8.75 8.58 5.29
Major Losers
Symbol RMPL UPFL NESTLE ULEVER INDU
Close
Change
1,850.60 1,035.50 1,994.97 4,133.00 265.50
-85.4 -54.5 -12.53 -5.99 -4.4
Top 5 Volume Leaders
Symbol
Close Vol (mn)
PIOC JSVFL BYCO TRG HUBC
6.98 4.62 12.06 4.25 36.33
11.08 7.51 6.74 5.42 4.36
Active Issues Plus Minus Unchanged
176 190 19
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 (Oct 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 (Oct 10) 4,827 Sales (Oct 10) 4,830
HONDA ATLAS CAR Production (July 10 to Oct 10) Sales (July 10 to Oct 10) Production (Oct 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 (Oct 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
Manila leads the loss train
Nawaz Ali KARACHI: Karachi Stock Exchange witnessed subdued activities on the last trading day of the week ending with minor gains with low volumes as investors remained cautious ahead of the monetary policy announcement. The benchmark KSE-100 index ended 9 points up at 11,145 points, KSE allshare index was up 5 points to close at 7,750 levels while KSE 30-index lost 7 points to close at 10,748 points.
"Weekend consideration and upcoming monetary policy dampened sentiment as local investors remained reluctant to participate aggressively", said Samar Iqbal, equity dealer at Topline Securities. The central bank is scheduled to issue monetary policy statement on Monday for the next two month. There are expectations that the policy rate would be increased by 50 basis points. On Friday market opened on a positive note and remained in positive zone
Shanghai shares fall on funding squeeze HONG KONG/SHANGHAI: Shares in China and Hong Kong retreated on Friday, ending a volatile week on a bearish tone as investors remained wary that Beijing may take more aggressive measures to curb inflation. Growing tensions on the Korean peninsula and worries that Europe's debt crisis could engulf Portugal and Spain added to investors' reluctance to hold riskier assets heading into the year end. "There are no catalysts to drive the market higher, so investors are in a wait-andsee mode," said Paul Lee, analyst at Tai Fook Securities. Many investors were expecting another increase in Chinese banks' required reserve ratios and a further interest rate rise by the end of the year. The Shanghai Composite Index ended down 0.9 per cent at 2,871.7 points and was little changed for the week. The Hang Seng Index slipped 0.8 per cent to 22,877.25, its lowest level in almost eight weeks. For the week, it fell 3.1 per cent, its worst weekly performance in four months. Recent steps by monetary authorities to tighten policy caused a temporary funding squeeze on Friday, further deterring investors from taking any new positions in the stock market. With rising funding costs, investors spurned sectors such as banks and steel, which have been the focus of much buying and selling activity recently. Market turnover has slumped since the start of November, with retail investors, easily influenced by policy fears, exited largecap issues and took profits from several months of strong gains. In China, new stock account openings for trading in local-currency shares fell 23 per cent on the week, compared with record highs hit in October, a further indication that investor confidence was rapidly waning. "Many investors may be worrying about potential new measures and are positioning themselves selective-
ly," said Zhang Gang, analyst at Central Securities. Retail investors, who account for two-thirds of turnover, sold out of banks such as China Everbright Bank, which fell 2.3 per cent, and Industrial and Commercial Bank (ICBC), which slid 1.6 per cent. Steel issues were also weak after the Dalian Commodity Exchange said it would raise trading margins and daily trading limits for the second time in 10 days to deter speculators. The Shanghai Futures Exchange is taking similar measures. China's second biggest mill by output, Baosteel , dropped 0.9 per cent, while Inner Mongolia Baotou Steel fell 3.0 per cent. Not all investors were bearish, however. Some buying was seen in small-cap shares that are expected to benefit from government support in the longer term, including new energy and agricultural issues. Electric wire manufacturer for instance, Kinwa High Technology rose by its 10 per cent limit. BANKS, COMMODITIES WEIGH ON HONG KONG "The market will continue to fall next week. The uncertainties in China will not go away soon," said Francis Lun, general manager at Fulbright Securities in Hong Kong. The Hang Seng index has retreated more than 8 per cent since a global market rally helped push it to 29month highs at the start of the month. But it is still up about 5 per cent for the year to date. Turnover fell to HK$66 billion ($8.5 billion), the lowest in two months and below November's daily average of HK$101 billion. Banks and oil counters were among the biggest losers. Industrial and Commercial Bank of China lost 1.8 per cent on speculation of another hike in banks' reserve ratios. PetroChina slipped 1.4 per cent, pressured by stronger US dollar. The flare-up in global risk aversion in recent weeks has buoyed the dollar, weighing on commodity prices and thus shares of resource companies. Reuters
almost throughout the day touching an intra-day high of 11,195 points (+ve 60 points). However, positive activities remained confined to a few scrips as investors preferred to book profits at higher levels ahead of the monetary policy announcement. Many analysts think that the central bank would increase the discount rate by 50 bps to 14 per cent. The approval of RGST proposals by the senate also failed to boost the sentiments. However, some interest was witnessed in oil stocks.
Nikkei falters on profit-taking TOKYO: Japan's Nikkei share average dipped 0.4 per cent on Friday, held back by profit-taking after rallying nearly 10 per cent so far this month on a pick-up in overseas investor demand for Japanese equities. Trading volume was thin after the US Thanksgiving holiday and ahead of the weekend, with about 1.7 billion shares changing hands on the Tokyo exchange's first section, well below the daily average of 2.1 billion shares over the past five sessions. The benchmark Nikkei fell 40.20 points to 10,039.56 but was still up 9.1 per cent so far for November, on track for its biggest monthly percentage rise since a 9.5 per cent gain in March. The broader Topix index dipped 0.3 per cent to 866.81. The Nikkei has outperformed its overseas peers this month, helped by the dollar's rebound against the yen and buying of Tokyo shares by overseas investors. Japanese shares are underperforming globally, however, losing over 4 per cent so far this year, while Hong Kong's benchmark Hang Seng Index has gained 4.6 per cent and Wall Street's Dow Jones index has climbed 7.3 per cent on the year. "Recent purchases by foreign investors are not simply short covering but I think fresh funds being poured into Japanese shares. More follow-through buying could drive up share prices further," said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Morgan Stanley Securities. "Our next major focus would be consumption in the United States during the holiday season. Any strong signals in US economic indicators, especially in consumption and jobs, would prompt more fund flows into share markets." Overseas investors were net buyers of Japanese stocks for a third straight week last week, buying a net 172 billion yen ($2.1 billion) in the week to November 20, finance ministry data showed. That brings their total net buying in November to 464 billion yen. "Even though there's a bit more allocation to Japan, I think it's more to do with portfolio switching," said Michael Newman, head of Japan equity sales at Macquarie Capital Securities. "If you can squeeze 20 per cent out of Japan into the year end, depending on the macroeconomic outlook, in the new year you may want to re-allocate again into Asia," Newman s a i d . See # 6 Page 11
According to a news report, Pakistan's biggest listed exploration and production company OGDC, is mulling a joint bid with Pakistan Petroleum for the acquisition of assets of British Petroleum in Pakistan. December 6 has been set the deadline for submitting the offer. Further, offshore investors' participation too remained on the lukewarm mainly due to some pressure in the regional markets. According to NCCPL, there was a net foreign selling of $0.4 million on Friday.
Volumes saw a minor decline with 84 million shares exchanging hands during the day, which were about 2 million shares less as compared to a turnover of 86 million shares traded on Thursday. Pioneer Cement emerged the volume leader with 11.08 million shares followed by JS Value Fund with 7.51 million shares and Byco Petroleum with 6.74 million shares. Out of total 385 active issues; 190 declined and 176 advanced while 19 issues remained unchanged.
FTSE down as Europe jitters LONDON: Persistent anxiety on Europe's debt crisis dented banks and commodity stocks on Friday, dragging the top share index lower, though gains from defensive pharmaceuticals and tobacco stocks limited losses. Telecoms giant BT Group also provided some support to the index gaining 4.4 per cent after the firm said it is to sell a 5.5 per cent stake in Indian IT services group Tech Mahindra. The FTSE-100 ended 30.23 points lower, or down 1.6 per cent at 5,668.70, but it bounced off a low just below 5,600 set earlier in the session. Banks were the worst blue chip performers on Friday, led by Royal Bank of Scotland, down 5.3 per cent, as worries about European sovereign debt contagion refused to evaporate. European officials denied "absolutely false" reports that Portugal was under pressure to seek a bailout and Spain ruled out on Friday needing help to manage its finances, despite fears of a spreading euro debt crisis. But the lingering worries on the state of Europe's debt pile kept riskier assets in
retreat. "It's a strange situation. There aren't really signs that the economy is turning sour but the fears of a return to a sovereign debt crisis mean that it is all about political noises coming out of European peripherals," said Gilles Moec, senior European economist at Deutsche Bank. Miners suffered as metal prices fell reversing a recent rally on concerns about tightening trading conditions and with China interest rate concerns continuing. Antofagasta was the weakest of the bunch, down 3.8 per cent, while Vedanta Resources lost 3.2 per cent. CHARTIST GLOOM The FTSE-100 is down 1.1 per cent this week, its third consecutive week in negative territory and technical analysts said charts point to plenty of scope for further weakness. "The downside breakout of the 20-day moving average has dampened the bullish sentiment and tarnished the short term outlook," said Nicholas Suiffet, an analyst at Trading C e n t r a l . See # 4 Page 11
US stocks mid-morning
Stocks dip on euro debt woes NEW YORK: Commodityrelated shares led US stocks lower on Friday in a shortened post-holiday session, as investors shook off risky assets on worries that euro zone debt problems may continue to spread. The US dollar rallied while the euro slid to a new twomonth low after a German newspaper reported that a majority of euro zone members and the European Central Bank were pressuring Lisbon to seek a bailout. Portugal and the European Commission denied the report. The S&P materials sector dropped nearly one per cent as key base metals prices fell, pressured by the advancing greenback and after the Shanghai Futures Exchange raised margin requirements, prompting liquidation of speculative positions. Freeport McMoRan Copper & Gold dropped almost 2 per cent to $98.76. "The debt crisis in Europe is attracting a lot of dollar buyers, causing risk aversion," said Peter Cardillo, chief market economist at Avalon Partners in New York. The Dow Jones industrial average fell 72.96 points, or 0.65 per cent, at 11,114.32. The Standard & Poor's 500 was down 5.80 points, or 0.48 per cent, at 1,192.55. The Nasdaq Composite Index lost 5.95 points, or 0.23 per cent, at 2,537.17.More than 80 per cent of the S&P 500 components traded lower. Investors were further rattled after China warned against military acts near its coastline ahead of US-South Korean naval exercises that North Korea said risked pushing the region towards war. The North shelled a South Korean island earlier this week. Cardillo said the tense Korea situation is "very much alive" in investors' minds. Consumer-related stocks were in focus as Black Friday, the time of year when retailers turn a profit kicked off what could be the strongest holiday shopping season in three years See # 5 Page 11
Bribery scandal jolts Indian stock market MUMBAI: Indian shares fell for the third straight week, their longest such losing streak since February, shaken by a bribes-for-loans scandal that sent banks and realty shares plummeting. Weak world markets added to the woes with the main stock index hitting an 11-week closing low, shedding 0.9 per cent on Friday. India's federal investigator told Reuters it was probing 21 companies for possible links to a corporate loans bribery case, in which eight financial executives have so far been arrested. The scandal is one of several to dog the coalition government led by Prime Minister Manmohan Singh. Shares in Hindustan Construction Co., whose hillside township unit Lavasa Corp was mentioned in the initial Central Bureau of Investigation (CBI) report on the bribery case, tumbled as much as 20 per cent to their lowest since May 2009. The stock, which fell about 10 per cent in morning trade, slid more following an inquiry by India's environment ministry into its project built outside the western Pune city. The 30-share BSE Index
declined 0.94 per cent or 181.55 points to 19,136.61, its lowest close since September 9. The index shed 2.3 per cent on the week. Twenty four of its components closed in the red. "The market is reacting to any news flow or talks related to the current developments. But, the scope and extent is not yet known," said Nitin Rakesh, CEO of Motilal Oswal's asset management business. Declining shares were more than five times the number of advancing ones, pointing to the weakness in market amid heavy trading volume of 655 million shares. "People need to look out for opportunities that provide value and quality is always in fashion. Companies with gold standards of governance and strong management repute will be preferred for now," Rakesh said. Most companies named in the bribery case were infrastructure and real estate firms, which pulled the BSE real estate sector index down 4.7 per cent. The index fell nearly 15 per cent on Friday morning. The scandal in the banking sector has tarnished the image of Asia's third-largest economy, coming on the heels of a telecoms scandal that has
paralysed the Indian parliament and also following the corruption-riddled Commonwealth Games. Jaiprakash Power Ventures shed 4.3 per cent as its chairman said it had received a notice from the CBI regarding an ongoing probe into a loanbribery scandal. Jindal Steel & Power closed 2.2 per cent lower after the environment ministry said on its website it has asked the company to prove why it should not cancel a green nod given for the firm's 6 - m i l l i o n - t o n n e - p e r- y e a r Orissa plant. The CBI on Wednesday 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. Senior executives at state-run Punjab National Bank, Bank of India and Central Bank of India were also taken into police custody late Wednesday. LIC Housing, Central Bank of India and Punjab National Bank dropped between 2.8 per cent and 11.9 per cent. Bank of India reversed early losses and closed 2.1 per cent higher. Reuters
6
Saturday, November 27, 2010
Market
KSE 100 Index
Symbols
Volume
84,189,524
Value
3,009,883,108
Trades
50,493
Advanced Declined Unchanged Total
Current High Low Change
176 190 19 385
All Share Index
11,145.02 11,196.02 11,134.42 h9.68
Current High Low Change
7,750.01 7,783.99 7,744.13 h5.86
OIL AND GAS
Company
Paid up Cap(mn)
PE
Attock Petroleum 691 5.51 Attock Refinery 853 7.12 BYCO Petroleum 3921 Mari Gas Company 735 16.20 National Refinery 800 3.86 Oil & Gas Development 43009 11.05 Pak Petroleum 11950 8.22 Pak Oilfields XD 2365 6.26 Pak Refinery Limited 350 PSO 1715 4.79 Shell Gas LPG 226 Shell Pakistan 685 10.33
Open 321.82 125.92 12.06 119.58 261.31 162.22 201.65 267.93 81.40 285.21 37.00 198.10
High 323.99 128.09 12.49 120.97 263.90 164.00 205.00 269.25 82.00 286.97 38.50 204.00
High Low 1,468.54 1,446.77 Total cos Defaulter cos P/BV (x) ROE (%) 3.50 32.54 Low 317.60 125.50 11.95 119.25 260.30 161.90 201.75 264.55 81.23 282.50 35.72 198.26
Close Chg 318.37 127.10 12.06 119.59 260.71 163.34 202.09 265.25 81.74 283.27 37.96 201.34
-3.45 1.18 0.00 0.01 -0.60 1.12 0.44 -2.68 0.34 -1.94 0.96 3.24
Current High Low Change
KMI 30 Index Current High Low Change
10,748.30 10,803.45 10,739.19 i7.54
17,840.60 18,006.15 17,820.05 i36.71
Last 60 days High Low
Volume 230117 3688287 6740333 21071 23343 357714 742375 868977 4787 292369 9403 22408
374.20 129.70 12.49 128.90 273.00 167.00 214.10 272.25 87.39 292.15 40.28 204.00
2009 Div BR (%) (%)
287.99 250 76.20 9.84 106.00 32.17 100B 189.08 125 136.60 82.5 168.70 130 20B 214.75 180 48.26 233.10 50 27.32 182.05 330 -
% Change 0.19 5-Day High 1,474.08 5-Day Low 1,451.96 2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Company
Paid up Cap(mn)
Biafo Ind BOC (Pak) Clariant Pak Dawood HerculesSPOT Descon Chemical Descon Oxychem Ltd. Dewan Salman Dynea Pak 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 Pak Gum Shaffi Chemical Sitara Chem Ind XDXB Sitara Peroxide United Distributors Wah-Noble XD
PE
Open 733.40 Turnover 6,049 P/E (x) 5.53 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
PE 7.21 37.98
Open 71.50 35.33
High 72.75 35.40
High Low 743.72 726.31 Total cos Defaulter cos P/BV (x) ROE (%) 1.41 25.53 Low 71.31 34.00
Close Chg 72.06 0.56 34.94 -0.39
Close 736.26 Listed cap 3,242.17 mn Payout (%) 11.08
Volume 3302 2747
Change 2.86 Market cap 12,733.62 mn Div Yield (%) 2.00
Last 60 days High Low 78.20 41.00
60.05 34.00
High
Low
200 5.16 45.81 250 11.23 80.64 273 5.89 153.06 1203 7.18 174.76 1996 2.59 1020 7.40 3663 1.57 94 - 10.12 3277 10.03 183.11 6635 - 13.26 22000 9.94 6785 8.08 111.58 9341 6.40 34.03 384 2.36 43.79 725 8.70 11.74 1388 7.61 135.20 15142 4.25 11.92 74 1.51 1106 1.50 42 - 19.64 120 2.25 214 9.88 122.86 551 14.70 13.51 92 - 10.33 90 6.50 32.59
47.49 82.00 154.00 177.90 2.64 7.49 1.61 10.89 184.50 13.65 9.99 112.60 34.20 44.00 11.95 136.39 12.03 1.83 1.50 20.63 2.80 123.90 13.70 10.00 33.79
43.57 81.02 153.99 173.00 2.55 7.23 1.52 9.15 181.66 13.25 9.75 111.00 33.82 41.62 11.45 135.00 11.86 1.43 1.45 20.23 2.15 118.21 13.38 10.00 32.90
Close Chg 47.49 81.79 154.00 173.20 2.55 7.36 1.53 10.79 182.57 13.59 9.79 111.54 33.90 43.98 11.48 135.02 11.89 1.64 1.49 20.63 2.45 120.49 13.52 10.00 33.79
1.68 1.15 0.94 -1.56 -0.04 -0.04 -0.04 0.67 -0.54 0.33 -0.15 -0.04 -0.13 0.19 -0.26 -0.18 -0.03 0.13 -0.01 0.99 0.20 -2.37 0.01 -0.33 1.20
Close 1,257.60 Listed cap 52,251.88 mn Payout (%) 48.81
Change -2.14 Market cap 279,337.47 mn Div Yield (%) 6.20
Last 60 days High Low
Volume 501 7160 640 11882 39006 71218 53252 5356 1317431 494299 271857 723323 1419024 165 49591 28279 3463619 58252 25434 202 2601 803 55725 1000 902
49.75 87.99 164.89 185.00 2.98 8.27 1.82 13.79 186.74 15.20 11.74 112.60 34.60 46.59 13.85 138.50 12.19 3.00 1.65 22.07 3.40 127.20 14.69 17.88 46.25
2009 Div BR (%) (%)
% Change -0.17 5-Day High 1,259.74 5-Day Low 1,250.25 2010 Div BR (%) (%)
31.64 40 45 66.90 90 15 149.72 125 157.01 40 10B 40 1.78 3.20 1.28 9.15 15 15 165.60 6010B 40R 40 11.15 - 27.5R 9.11 102.96 131.5 10B 95 26.59 40 - 17.5 37.00 20 7.41 116.00 80 55 7.85 5 0.80 1.16 17.03 10 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 1,071.97 Turnover 5,119 P/E (x) 5.49 Company
High Low 1,091.65 1,063.87 Total cos Defaulter cos P/BV (x) ROE (%) 0.41 7.47
Close 1,065.20 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
7.63 6.10
16.00 39.63 39.70
16.65 39.66 39.90
15.80 39.63 39.50
15.85 -0.15 39.66 0.03 39.50 -0.20
4407 300 412
Century Paper Pak Paper Product Security Paper
Change -6.77 Market cap 2,951.81 mn Div Yield (%) 4.60
Last 60 days High Low 21.80 62.85 41.50
15.28 38.61 38.00
% Change -0.63 5-Day High 1,084.01 5-Day Low 1,065.20
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,196.95 Turnover 165,309 P/E (x) 4.43 Paid up Cap(mn)
Agriautos Ind Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
PE
High Low 1,208.55 1,175.00 Total cos Defaulter cos P/BV (x) ROE (%) 1.12 25.35
Open
High
Low
144 5.30 69.75 101 4.71 159.24 247 14.29 16.50 626 7.54 104.00 890 1.45 56 4.67 159.90 598 18.97 22.17 450 3.35 4.98 1428 - 12.22 786 6.06 269.90 823 11.66 75.00 150 3.61 19.75
70.00 159.50 16.00 104.89 1.50 164.89 22.00 4.99 12.35 274.00 74.90 19.75
69.75 157.24 16.00 101.85 1.41 160.00 21.25 4.77 12.15 264.00 73.00 19.30
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin XD
PE
565 3.89 675 555 9.30 1199 10.73 785 10.01
Open 25.05 2.95 14.53 51.09 9.18
High 25.50 2.99 14.88 52.00 9.20
Low 24.90 2.86 14.50 50.39 8.80
Close Chg 24.90 2.95 14.88 51.48 8.81
-0.15 0.00 0.35 0.39 -0.37
Close 974.09 Listed cap 3,596.11 mn Payout (%) 30.91
Change -2.19 Market cap 9,530.65 mn Div Yield (%) 10.00
Last 60 days High Low
Volume 33857 2504 8869 66262 452
26.00 3.39 16.75 64.02 10.80
23.75 1.65 12.25 44.00 8.00
2009 Div BR (%) (%) 10
30B -
% Change -0.22 5-Day High 977.92 5-Day Low 937.25 2010 Div BR (%) (%) 30 40 7.5
Company AL-Noor Sugar Ansari Sugar Bawany Sugar Chashma Sugar Crescent Sugar Dewan Sugar Faran Sugar Habib Sugar Habib-ADM Ltd Mehran Sugar Mirpurkhas Sugar Mirza Sugar National Foods Nestle Pakistan XD Noon Pakistan XD Noon Sugar Pangrio Sugar Premier Sugar Quice Food Rafhan Maize Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shakarganj Mills UniLever Pakistan Wazir Ali
Paid up Cap(mn) 186 244 87 287 214 365 217 600 200 143 70 141 414 453 48 165 109 38 107 92 223 119 211 695 665 80
PE
Close Chg
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Berger Paints Cherat Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete
High Low 1,014.92 977.48 Total cos Defaulter cos P/BV (x) ROE (%) 0.50 7.10
PE
Open
High
Low
1828 866 6.78 182 956 26.82 3574 3651 117.00 6933 15.15 502 4.14 1760 77 2319 32 1288 13126 3234 6.67 5261 1.34 541 4.41 2228 200 -
3.20 62.75 18.70 12.00 1.68 28.27 5.00 7.30 1.86 2.20 5.25 0.60 7.05 2.98 75.13 2.94 6.75 7.15 5.50
3.30 65.45 19.47 12.40 1.74 28.45 5.05 8.00 1.89 2.45 5.89 0.60 7.25 3.05 75.89 2.96 6.98 8.15 5.99
3.20 62.50 18.62 11.80 1.65 27.90 5.00 7.20 1.70 2.19 4.57 0.50 7.03 2.95 73.85 2.89 5.75 6.56 5.30
Close 993.08 Listed cap 54,792.74 mn Payout (%) 19.04
Close Chg
Volume
Last 60 days High Low
2009 Div BR (%) (%)
3.25 64.44 19.03 11.80 1.69 28.08 5.00 7.94 1.80 2.19 5.70 0.51 7.08 2.96 74.24 2.89 6.00 6.98 5.94
1502 512565 25146 8716 7724 1439129 361023 109 17162 556 7327 35697 78816 626375 356911 33517 11559 11076562 2073
4.20 69.86 20.10 12.75 1.99 31.05 5.50 8.20 2.20 5.00 6.25 1.48 8.70 3.65 79.98 3.40 8.89 8.58 9.47
50 40 9.75 -
0.05 1.69 0.33 -0.20 0.01 -0.19 0.00 0.64 -0.06 -0.01 0.45 -0.09 0.03 -0.02 -0.89 -0.05 -0.75 -0.17 0.44
2.80 57.60 14.01 9.51 1.30 23.02 4.52 4.25 1.70 1.18 2.11 0.25 5.50 2.71 65.20 2.51 3.51 6.56 5.25
20B 20R 10B -
% Change -0.56 5-Day High 1,015.51 5-Day Low 993.08 2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 948.86 Turnover 76,389 P/E (x) 2.72 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Packages Ltd Siemens Engineering Tri-Pack Films
Paid up Cap(mn)
PE
Open
High
High Low 974.77 943.86 Total cos Defaulter cos P/BV (x) ROE (%) 1.20 43.91 Low
Close Chg
115 2.32 64.93 67.50 64.50 65.01 230 1.87 2.38 1.83 2.17 1067 4.55 48.79 49.94 48.70 49.49 389 2.94 3.00 2.50 2.81 844 53.94 106.10 106.50 105.00 105.18 82 10.94 1316.00 1381.00 1315.00 1325.62 300 7.83 107.00 108.89 106.50 107.29
0.08 0.30 0.70 -0.13 -0.92 9.62 0.29
Close 951.68 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 38558 4426 2100 769 23186 852 6483
Change 2.82 Market cap 35,424.85 mn Div Yield (%) 5.71
Last 60 days High Low 68.00 34.00 2.64 1.70 61.99 45.75 3.89 1.60 113.00 98.00 1381.00 1068.75 111.25 91.00
% Change 0.30 5-Day High 961.29 5-Day Low 948.86
2009 Div BR (%) (%)
2010 Div BR (%) (%)
30 32.5 900 100
20 25 900 -
10B -
25B 10B -
Close 1,182.56 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -14.39 Market cap 42,617.63 mn Div Yield (%) 4.61
Last 60 days High Low
Company AL-Ghazi Tractor Bolan Casting Ghandhara Ind Hinopak Motor KSB Pumps Millat Tractors XB
Paid up Cap(mn)
PE
Open
215 5.07 211.48 104 - 44.75 213 10.21 10.99 124 - 136.65 132 8.38 69.50 366 6.46 496.35
High
Low
Close Chg
Volume 8774 1125 18301 604 325 243825
72.99 194.25 19.88 122.51 1.80 164.89 26.70 6.09 13.40 282.45 79.50 27.58
63.01 131.00 16.00 92.00 1.16 121.10 21.00 4.03 9.65 212.29 69.25 17.92
2010 Div BR (%) (%)
40 100 20B - 100R 80 30B 50 100 5 - 20B
90 100 60 20 150 10
20B 20B
High
High Low 1,608.68 1,540.78 Total cos Defaulter cos P/BV (x) ROE (%) 10.10 30.30 Low
Close Chg
Close 1,554.54 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -3.08 Market cap 199,959.52 mn Div Yield (%) 0.92
Last 60 days High Low
10500 52.00 39.25 5000 6.00 4.03 9324 3.17 0.85 11621 15.47 8.50 56000 6.98 5.50 37046 2.17 1.11 1002 20.99 16.01 29089 36.00 25.85 2845 16.98 11.90 15947 64.00 48.50 2077 62.77 53.64 1100 6.48 4.20 1762 57.00 39.01 222 2060.00 1710.00 104 27.30 17.51 2500 14.84 10.20 7406 6.50 4.00 12585 48.00 32.50 2000 3.40 1.60 110 2095.00 1229.00 20500 3.50 2.11 5983 14.90 12.90 4500 13.20 8.25 35198 7.24 3.21 140 4345.00 3775.00 499 7.96 4.75
% Change -0.20 5-Day High 1,562.76 5-Day Low 1,528.51
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 17.5 35 40 35 25 600 50 30 900 10 15 458 -
40 25 12 450 12 600 178 -
25B 30B 10B 25B 10B 10B -
10B -
Company
High Low 1,110.61 1,087.11 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 10.64
Close 1,090.21 Listed cap 3,763.71 mn Payout (%) 6.27
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
1174 231
3.57 1.96
14.37 16.27
14.55 16.90
14.10 16.05
14.16 -0.21 16.39 0.12
80858 3471
Change -8.43 Market cap 5,109.63 mn Div Yield (%) 2.51
2009 Div BR (%) (%)
200.00 400 40.30 10.55 108.11 17.15 68.81 35 390.00 450
20B 25B
8.99
Revenue (Rs in mn)
MA (200-day)
9.82
Interest Expense
18,976.36
Total Equity (Rs in mn)
7,536.40 38,552.26 307.33
1st Support
11.87
Profit after Taxation
2nd Support
11.78
EPS 09 (Rs)
1st Resistance
12.04
Book value / share (Rs)
4.98
2nd Resistance
12.12
PE 10 E (x)
4.25
Pivot
11.95
PBV (x)
3,383.27
2.39
2.234
LOTPTA closed down -0.03 at 11.89. Volume was 59 per cent below average (consolidating) and Bollinger Bands were 85 per cent wider than normal. The company's profit after taxation stood at Rs3.186 billion which translates into an Earning Per Share of Rs2.10 for the nine months of current calendar year (9MCY10). LOTPTA is currently 22.1 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into LOTPTA (mildly bullish). Trend forecasting oscillators are currently bullish on LOTPTA. Momentum oscillator is currently indicating that LOTPTA is currently in an overbought condition.
BankIslami Pakistan Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
56.11
Total Assets (Rs in mn)
MA (10-day)
3.35
Total Equity (Rs in mn)
4,740.29
MA (100-day)
3.25
Revenue (Rs in mn)
2,193.89
MA (200-day)
4.04
Interest Expense
1,222.17
1st Support
3.22
Loss after Taxation
(478.94)
2nd Support
2.99
EPS 09 (Rs)
1st Resistance
3.78
Book value / share (Rs)
2nd Resistance
4.11
PE 10 E (x)
Pivot
3.55
PBV (x)
34,286.77
(0.907) 8.98 850.00 0.38
BIPL closed down -0.02 at 3.40. Volume was 905 per cent above average (trending) and Bollinger Bands were 57 per cent narrower than normal. The company's profit after taxation stood at Rs1.565 million which translates into an Earning Per Share of Rs0.003 for the nine months of current calendar year (9MCY10). BIPL is currently 15.9 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 BIPL (mildly bullish). Trend forecasting oscillators are currently bullish on BIPL.
Royal Bank of Scotland Limited
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
15.43 18.80
12.82 14.50
-
10B -
17.5
10B -
PERSONAL GOODS Performance of SR Personal Goods Index Open 965.46 Turnover 6,673,751 P/E (x) 6.21 Paid up Cap(mn)
(Colony) Thal 56 AL-Qadir Textile XD 76 Amtex Limited XD 2415 Artistic Denim 840 Aruj Garments 62 Azam Textile XD 133 Azgard Nine 4493 Babri Cotton XB 33 Bannu Woolen XD 76 Bata (Pak) 76 Chakwal Spinning XD 400 Chenab Limited 1150 Chenab Ltd Pref 800 Crescent Jute 238 Crescent Textile XD 492 D S Ind Ltd 600 Data Textile 99 Dawood Lawrencepur 514 Dewan Mushtaq Textile 34 Ellcot Spinning 110 Gadoon Textile XD 234 Gillette Pakistan 192 Gulistan Spinning XD 146 Gulshan SpinningXDXB 222 Hira Textile Mills Ltd. 716 Ibrahim Fibres 3105 Ideal Spinning 99 Idrees Textile XD 180 Int Knitwear XD 32 J K Spinning 184 Kohinoor Ind 303 Kohinoor Textile 1455 Leather Up 60 Masood Textile XD 600 Mian Textile 221 Mukhtar Textile 145 Nishat (Chunian) XD 1586 Nishat Mills XD 3516 Pak Leather 34 Premium Textile 62 Ravi Textile 250 Reliance Cotton XD 103 Reliance Weaving 308 Sally Textile XD 88 Salman Noman XB 42 Samin Textile 134 Service Ind 120 Service Textile 44 Shahtaj Textile XD 97 Tata Textile 173 Thal Limited 307 Treet Corp 418 ZahidJee Textile 341 Zil Limited 53
PE
Open
0.82 6.05 10.91 4.91 5.53 20.27 3.71 5.00 0.31 2.45 - 11.51 0.55 14.40 0.48 13.25 4.98 601.00 0.50 1.15 3.27 1.96 0.73 3.80 18.78 1.84 0.50 45.38 39.50 0.15 5.88 0.58 20.00 0.52 49.00 - 60.03 1.59 7.39 0.87 7.50 0.72 3.95 3.03 38.75 0.30 3.67 3.15 3.10 9.00 0.77 5.71 1.54 4.18 5.54 2.38 2.35 2.01 19.46 0.55 0.38 2.00 23.93 4.93 58.31 2.00 0.46 29.00 1.54 0.60 33.00 0.64 9.20 0.18 4.00 0.85 2.90 5.00 5.87 7.86 224.30 0.26 - 17.25 0.30 30.93 4.23 99.00 8.59 53.44 0.44 3.44 3.25 47.54
High
High Low 979.13 961.10 Total cos Defaulter cos P/BV (x) ROE (%) 0.54 8.64 Low
Close Chg
1.10 1.10 1.10 0.28 7.05 5.26 6.28 0.23 4.98 4.75 4.80 -0.11 20.80 19.90 19.90 -0.37 5.49 4.25 5.49 0.49 2.90 1.45 2.25 -0.20 11.62 11.10 11.14 -0.37 14.35 13.40 13.40 -1.00 13.70 13.00 13.70 0.45 611.00 593.20 600.35 -0.65 1.29 1.00 1.13 -0.02 3.49 3.13 3.20 -0.07 2.25 1.72 1.72 -0.24 1.34 0.52 0.85 0.12 19.78 18.75 19.78 1.00 1.95 1.82 1.84 0.00 0.90 0.11 0.50 0.00 39.96 38.50 38.57 -0.93 6.88 4.88 4.90 -0.98 20.50 19.10 19.16 -0.84 48.00 47.25 47.44 -1.56 60.55 60.50 60.50 0.47 8.34 7.00 8.34 0.95 8.50 7.05 7.15 -0.35 4.00 3.63 3.85 -0.10 39.00 37.20 38.49 -0.26 4.25 3.15 3.50 -0.17 3.15 2.90 2.90 -0.20 9.50 9.50 9.50 0.50 6.70 5.05 5.07 -0.64 1.59 1.41 1.54 0.00 5.85 5.52 5.85 0.31 2.79 2.00 2.00 -0.35 19.88 19.00 19.02 -0.44 0.75 0.40 0.45 -0.10 0.47 0.36 0.45 0.07 24.48 23.95 24.04 0.11 58.85 57.20 57.47 -0.84 1.65 1.55 1.60 -0.40 29.00 29.00 29.00 0.00 1.54 1.50 1.52 -0.02 34.00 34.00 34.00 1.00 9.90 8.60 9.23 0.03 4.00 3.61 3.72 -0.28 2.01 2.01 2.01 -0.89 6.00 5.50 6.00 0.13 235.51 224.00 229.59 5.29 0.50 0.50 0.50 0.24 17.35 17.10 17.35 0.10 32.30 30.10 30.48 -0.45 100.90 99.00 99.05 0.05 54.85 52.50 53.93 0.49 3.30 3.30 3.30 -0.14 48.49 47.50 48.49 0.95
Close 967.34 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 1.88 Market cap 126,794.23 mn Div Yield (%) 2.69
Last 60 days High Low
2010 2.00 226 7.05 282558 19.24 201 24.05 501 6.50 4080 3.45 1320314 12.32 101 18.75 630 14.50 1364 747.48 2204 2.59 3312 3.95 3296 2.61 1103 1.90 1021 23.90 29065 2.37 2707 0.96 4146 44.50 730 6.88 3802 25.45 5475 52.50 136 73.00 501 8.34 2503 10.30 314022 4.88 3082 40.30 4038 4.79 6000 5.35 394 10.99 176 9.90 8529 1.93 1502 6.30 3001 3.00 568 22.75 2006 0.98 9564 0.97 2013407 25.14 1993283 58.99 1500 5.95 1000 31.03 30203 2.38 100000 34.00 50322 12.00 2841 6.20 500 3.11 3002 8.69 43996 255.29 5000 0.75 1191 21.90 1596 35.50 38308 112.80 351397 55.25 999 4.00 10101 48.75
0.52 2.50 4.40 17.55 3.50 1.35 8.80 9.50 7.50 436.00 0.56 3.00 1.21 0.16 17.89 1.44 0.02 36.10 1.60 17.21 33.80 57.50 5.00 5.51 3.35 34.05 2.02 2.60 7.98 4.62 1.01 4.51 1.10 18.01 0.01 0.16 15.25 40.81 1.55 25.71 1.38 21.38 8.01 2.92 1.30 5.02 169.00 0.14 15.61 15.00 86.50 37.20 2.00 33.00
2009 Div BR (%) (%) 20 120 7.5 15 20 7.5 200 20 20 40
% Change 0.19 5-Day High 967.41 5-Day Low 965.46 2010 Div BR (%) (%)
10 30 20 7.5 - 15B 20 5 15 5 35 70 10B 10 10B 10 20B 10 20 10 6 20 5B 15 100R 50R 15 25 45R 50 20 - 25SD 10 5B - 100R 45 25 20B 80 20B 10B 35 -
Open 882.81 Turnover 63,348 P/E (x) 6.93
2010 Div BR (%) (%)
Company
150 25 650
Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 96 306
PE
Open
8.67 100.50 6.27 83.60 13.16 72.39 6.97 24.69 6.14 7.99 9.71 125.00 5.52 61.00
High
High Low 891.09 876.61 Total cos Defaulter cos P/BV (x) ROE (%) 1.55 22.31 Low
Close Chg
100.00 98.80 98.87 -1.63 84.20 83.00 83.08 -0.52 73.89 72.25 73.17 0.78 25.68 24.94 25.17 0.48 8.77 7.51 7.61 -0.38 122.00 120.00 122.00 -3.00 61.40 61.00 61.40 0.40
Close 882.69 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 13811 1001 17473 28048 676 448 1813
Change -0.12 Market cap 29,448.07 mn Div Yield (%) 6.42
Last 60 days High Low 104.00 124.00 75.99 25.68 9.00 139.50 64.50
78.00 82.20 65.00 22.60 6.10 115.90 57.00
2009 Div BR (%) (%) 120 10 50 25 70 15
20B 15B
% Change -0.01 5-Day High 883.60 5-Day Low 878.52 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
Pak Elektron Tariq Glass Ind
% Change -0.33 5-Day High 1,547.41 5-Day Low 1,521.02
10B 25B
11.86
MA (100-day)
% Change -0.77 5-Day High 1,098.64 5-Day Low 1,082.94
Performance of SR Pharma and Bio Tech Index
Change -5.11 Market cap 32,187.65 mn Div Yield (%) 17.25
Last 60 days High Low 227.45 51.99 18.80 147.89 88.00 597.90
680 2272 300 702 91856 162 2501 5704 5647 12450 28550 20031
2009 Div BR (%) (%)
PHARMA AND BIO TECH
Close 1,542.30 Listed cap 1,336.62 mn Payout (%) 131.49
215.48 211.00 211.64 0.16 46.65 44.70 44.70 -0.05 11.06 10.95 11.03 0.04 137.95 133.11 133.50 -3.15 69.95 69.00 69.95 0.45 504.45 492.00 494.18 -2.17
0.25 -1.44 -0.50 0.00 -0.03 3.07 -0.17 -0.15 -0.06 -4.40 -1.75 -0.42
% Change -1.20 5-Day High 1,196.95 5-Day Low 1,182.56
MA (10-day)
HOUSEHOLD GOODS
INDUSTRIAL ENGINEERING High Low 1,570.74 1,535.88 Total cos Defaulter cos P/BV (x) ROE (%) 2.90 38.02
Open
Open 1,098.64 Turnover 84,339 P/E (x) 2.50
Performance of SR Industrial Engineering Index Open 1,547.41 Turnover 272,957 P/E (x) 7.62
-
Total Assets (Rs in mn)
Performance of SR Household Goods Index
Company
Change -5.55 Market cap 71,409.13 mn Div Yield (%) 2.70
70.00 157.80 16.00 104.00 1.42 162.97 22.00 4.83 12.16 265.50 73.25 19.33
5.08 50.94 52.00 50.00 50.00 -0.94 0.24 5.55 5.15 5.00 5.07 -0.48 2.17 3.17 2.34 2.42 0.25 1.08 13.43 14.00 12.50 13.35 -0.08 10.38 6.36 5.61 5.50 5.50 -0.86 1.74 2.17 1.82 1.82 0.08 3.32 20.55 20.99 20.55 20.55 0.00 6.91 33.90 33.90 33.51 33.53 -0.37 11.56 12.46 12.80 12.00 12.49 0.03 3.45 61.35 64.00 60.95 61.60 0.25 6.12 56.46 59.23 53.64 58.19 1.73 0.40 6.38 6.44 6.25 6.39 0.01 16.12 43.50 43.21 43.20 43.20 -0.30 21.91 2007.50 2060.00 1965.00 1994.97 -12.53 3.71 25.77 27.02 24.65 26.00 0.23 - 13.30 12.90 12.31 12.44 -0.86 0.46 5.52 5.86 5.50 5.65 0.13 8.12 42.19 44.29 43.80 44.28 2.09 2.45 2.10 2.10 2.10 -0.35 2.93 1936.00 1878.00 1840.00 1850.60 -85.40 3.00 3.00 2.11 2.32 -0.68 0.95 13.84 13.61 13.25 13.25 -0.59 18.32 12.76 12.78 12.64 12.64 -0.12 6.55 7.24 6.50 6.55 0.00 19.29 4138.99 4345.00 4130.00 4133.00 -5.99 6.98 6.90 6.90 6.90 -0.08
CONSTRUCTION AND MATERIALS Open 998.63 Turnover 14,600,525 P/E (x) 7.04
40 15
73.12
FOOD PRODUCERS Open 1,557.62 Turnover 275,082 P/E (x) 33.34
20B -
Performance of SR Construction and Materials Index
20B -
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING High Low 991.86 962.66 Total cos Defaulter cos P/BV (x) ROE (%) 1.02 33.10
30
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Performance of SR Industrial Metals and Mining Index Open 976.28 Turnover 111,944 P/E (x) 3.09
2009 Div BR (%) (%)
% Change 0.39 5-Day High 743.02 5-Day Low 733.40
AUTOMOBILE AND PARTS
Company
High Low 1,271.44 1,251.28 Total cos Defaulter cos P/BV (x) ROE (%) 2.76 35.00
Open
Lotte Pakistan PTA Ltd
Performance of SR Industrial Transportation Index
Close Change 1,455.22 2.70 Listed cap Market cap 65,194.15 mn 1,140,059.82 mn Payout (%) Div Yield (%) 55.94 5.20
Performance of SR Chemicals Index Open 1,259.74 Turnover 7,790,663 P/E (x) 7.87
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,452.52 Turnover 6,260,851 P/E (x) 10.76
KSE 30 Index
40.78
Total Assets (Rs in mn)
MA (10-day)
5.23
Total Equity (Rs in mn)
MA (100-day)
8.19
Revenue (Rs in mn)
MA (200-day)
11.53
93,437.66 6,936.51 11,583.40
Interest Expense
6,385.85
1st Support
4.41
Loss after Taxation
(1,338.05)
2nd Support
3.71
EPS 09 (Rs)
1st Resistance
5.45
Book value / share (Rs)
2nd Resistance
5.79
PE 10 E (x)
Pivot
4.75
PBV (x)
(0.80) 4.04 1.26
RBS closed up 1.00 at 5.09. Volume was 754 per cent above average (trending) and Bollinger Bands were 30 per cent wider than normal. The company's loss after taxation stood at Rs1.815 billion which translates into a Loss Per Share of Rs1.11 for the nine months of current calendar year (9MCY10). RBS is currently 55.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of RBS at a relatively equal pace. Trend forecasting oscillators are currently bearish on RBS.
Hira Textile Mills Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
42.14
Total Assets (Rs in mn)
3,356.84
MA (10-day)
3.99
Total Equity (Rs in mn)
1,312.24
MA (100-day)
3.94
Revenue (Rs in mn)
3,116.91
MA (200-day)
3.92
Interest Expense
263.53
1st Support
3.70
Profit after Taxation
248.83
2nd Support
3.48
EPS 10 (Rs)
3.478
1st Resistance
4.07
Book value / share (Rs)
18.34
2nd Resistance
4.22
PE 11 E (x)
0.72
Pivot
3.85
PBV (x)
0.21
HIRAT closed down -0.10 at 3.85. Volume was 107 per cent above average and Bollinger Bands were 32 per cent narrower than normal. The company's profit after taxation stood at Rs94.915 million which translates into an Earning Per Share of Rs1.33 for the 1st quarter of current fiscal year (1QFY11). HIRAT is currently 1.9 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 volume flowing into and out of HIRAT at a relatively equal pace. Trend forecasting oscillators are currently bearish on HIRAT.
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
Pakistan Cables 54.9 TRG Pakistan Ltd. 4.14 Murree BreweryXDXB 76.5 Shakarganj Food 0.9 Pak Tobacco 119.14 Shifa Int Hospitals 28.6 Eye Television 21.99 PIAC(A) 2.26 AKD Capital XD 54.24 Pace (Pak) Ltd 2.85 Netsol Technologies 19.17
High 57.64 4.4 78.5 1.1 125.09 29.5 22.9 2.34 56.79 2.95 19.47
Low Close 53 4.1 75.4 1.1 118 27.17 21.5 2.22 52.85 2.84 19
54.01 4.25 77.07 1.1 118 27.79 22.46 2.23 53.39 2.86 19.03
Change -0.89 0.11 0.57 0.2 -1.14 -0.81 0.47 -0.03 -0.85 0.01 -0.14
Vol 2806 5421479 1823 1000 3668 6953 619 38701 2706 144149 111443
7
Saturday, November 27, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,153.22 Turnover 861,776 P/E (x) 6.24 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard XD WorldCall Tele Wateen Telecom Ltd
High Low 1,156.65 1,139.82 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
PE
Open
High
Low
Close Chg
78 4.99 37740 13.02 3000 0.66 8606 6175 -
80.00 19.60 2.30 2.65 3.50
82.99 19.63 2.34 2.66 3.68
79.01 19.40 2.21 2.61 3.56
80.90 19.53 2.23 2.61 3.56
0.90 -0.07 -0.07 -0.04 0.06
Close 1,147.48 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 3297 145132 224039 489308 23464
Change -5.74 Market cap 79,453.84 mn Div Yield (%) 10.02
117.99 20.12 2.69 2.98 4.50
78.00 17.32 1.80 2.30 3.35
% Change -0.50 5-Day High 1,169.29 5-Day Low 1,147.48
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
-
Ask Gen InsuranceSPOT Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI Insurance Pak Reinsurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB United Insurance XB Universal Insurance
204 7.10 369 5.56 279 6.59 457 7.11 1250 400 2.87 718 16.35 3000 41.64 350 303 5.32 252 3.99 400 1.89 210 -
Paid up Cap(mn)
PE
Open
High
Low
Altern Energy 3426 22.95 Genertech 198 Hub Power 11572 6.65 Japan Power 1560 KESC XR 7932 Kohinoor Energy 1695 10.56 Kohinoor Power 126 2.57 Kot Addu Power 8803 4.81 Nishat Chunian Power Ltd 3673 3.02 Nishat Power Ltd 3541 23.27 Southern Electric 1367 Tri-star Power XD 150 -
Company
9.10 0.90 36.27 1.56 2.22 18.71 4.55 39.72 13.90 14.54 2.16 1.00
10.10 0.95 36.80 1.59 2.27 19.00 4.85 39.89 13.96 14.74 2.24 1.00
10.10 0.80 36.00 1.50 2.16 19.00 4.20 39.31 13.70 14.40 2.15 1.00
Close 1,227.47 Listed cap 95,369.29 mn Payout (%) 104.13
Change 2.47 Market cap 99,763.48 mn Div Yield (%) 7.86
Close Chg
Volume
Last 60 days High Low
10.10 0.85 36.33 1.54 2.18 19.00 4.22 39.60 13.76 14.43 2.18 1.00
1001 13603 4363172 16002 176709 5000 6397 344083 130248 820253 28603 2000
12.25 1.45 37.24 2.25 2.50 26.50 6.10 42.95 14.85 16.10 2.90 1.75
1.00 -0.05 0.06 -0.02 -0.04 0.29 -0.33 -0.12 -0.14 -0.11 0.02 0.00
8.57 0.51 32.75 1.20 1.94 18.40 3.90 38.35 9.65 9.60 2.05 0.33
% Change 0.20 5-Day High 1,234.98 5-Day Low 1,224.99
2009 Div BR (%) (%) 33.5 45 64.5 3
31R -
2010 Div BR (%) (%)
Open 961.55 Turnover 27,610 P/E (x) 105.63
GAS WATER AND MULTIUTILITIES Open 1,620.61 Turnover 677,696 P/E (x) 10.21 Company
High Low 1,631.83 1,595.28 Total cos Defaulter cos P/BV (x) ROE (%) 1.16 11.41
Close 1,610.51 Listed cap 12,202.80 mn Payout (%) 66.79
Change -10.10 Market cap 34,422.42 mn Div Yield (%) 6.54
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.33 3.42
28.06 22.91
28.38 23.00
27.68 22.52
27.99 -0.07 22.71 -0.20
464919 212777
34.75 30.70
25.55 18.71
% Change -0.62 5-Day High 1,642.08 5-Day Low 1,610.51
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index Open 1,048.33 Turnover 9,305,220 P/E (x) 7.53 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.84 59.55 Askari Bank 6427 7.69 16.19 Atlas Bank 5001 1.55 Bank Alfalah 13492 12.32 9.63 Bank AL-Habib 7322 7.15 33.20 Bank Of Khyber 5004 5.56 4.26 Bank Of Punjab 5288 9.86 BankIslami Pak 5280 850.00 3.42 Faysal Bank XB 7309 4.65 14.49 Habib Bank Ltd 10019 6.51 103.97 Habib Metropolitan Bank 8732 7.53 23.56 JS Bank Ltd 6128 2.91 MCB Bank LtdSPOT 7602 9.06 204.29 Meezan Bank 6983 8.35 15.73 Mybank Ltd 5304 2.00 National Bank 13455 5.73 65.72 Network Mic Bank 300 1.40 NIB Bank 40437 2.99 Royal Bank Ltd 17180 4.09 Samba Bank 14335 1.89 Silkbank Ltd 26716 2.73 Soneri Bank 6023 7.17 Stand Chart Bank 38716 11.63 7.63 Summit Bank Ltd 5000 2.83 United Bank Ltd 12242 6.86 58.45
High
High Low Close 1,059.98 1,040.29 1,048.08 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.05 13.94 40.49 Low
Close Chg
60.38 59.12 60.08 0.53 16.28 16.10 16.14 -0.05 1.65 1.51 1.52 -0.03 9.80 9.55 9.61 -0.02 33.50 33.10 33.18 -0.02 4.49 3.65 4.17 -0.09 9.97 9.51 9.58 -0.28 3.88 3.32 3.40 -0.02 14.60 14.20 14.40 -0.09 105.25 102.55 104.22 0.25 24.73 23.50 24.61 1.05 2.85 2.50 2.58 -0.33 205.50 204.00 204.38 0.09 16.24 15.50 15.78 0.05 2.14 2.00 2.01 0.01 66.05 65.55 65.62 -0.10 1.31 1.23 1.23 -0.17 3.05 2.84 2.86 -0.13 5.09 4.05 5.09 1.00 1.90 1.80 1.81 -0.08 2.75 2.62 2.65 -0.08 7.25 7.12 7.14 -0.03 7.70 7.35 7.56 -0.07 2.89 2.77 2.81 -0.02 58.99 58.00 58.35 -0.10
Volume
Change -0.25 Market cap 636,863.73 mn Div Yield (%) 5.38
Last 60 days High Low
137821 60.79 265274 16.65 20626 2.55 228219 10.19 164066 33.97 36770 4.70 1371433 10.59 1226375 3.88 349987 17.10 54220 108.79 191714 24.73 207380 3.00 1081806 210.00 45007 16.32 16000 2.75 1031909 70.75 502 1.69 814567 3.25 664883 8.40 9251 2.65 745718 3.08 3281 8.00 34960 8.00 21368 3.15 603385 60.00
48.51 14.00 1.50 7.32 29.10 2.50 7.56 2.60 12.85 92.55 18.02 2.00 180.60 14.05 1.62 60.51 0.26 2.42 3.91 1.51 2.50 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 10B 5B 25B 10B
% Change -0.02 5-Day High 1,063.59 5-Day Low 1,048.08
20 - 20B - 66R 55 -63.46R 10 -
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance
High Low 758.36 737.69 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 5.20
East West Life
455
-
2.89
EFU Life Assurance
850 46.85
83.10
Close 749.58 Listed cap 11,111.34 mn Payout (%) 79.54
Change 1.48 Market cap 46,541.68 mn Div Yield (%) 7.38
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 23.35
81.17
81.80
80.05
80.56 -0.61
278470
84.45
63.05
2009 Div BR (%) (%) 30
10B
% Change 0.20 5-Day High 749.58 5-Day Low 742.26 2010 Div BR (%) (%) 10
-
11.72 34.95 58.00 11.37 46.78 12.04 88.14 16.24 7.45 9.85 6.50 5.76 2.96
0.68 -0.06 -1.00 -0.02 0.72 -0.21 4.15 -0.27 0.30 0.00 0.00 0.31 -0.79
11382 151 1035 202 99534 2000 63716 149031 6312 3373 500 357 1300
12.25 35.50 62.69 12.00 48.63 12.65 88.17 17.20 8.30 10.30 7.70 7.18 4.00
8.45 27.10 47.37 9.42 34.76 10.04 66.41 12.50 1.66 8.00 6.10 4.02 1.77
40 20 40 35 35 30 20 -
10B 25B 8.7B 15B 16B -
10 10 -
UPTO 100 VOLUME
25R 10B 20B -
Open
High Low 969.29 930.92 Total cos Defaulter cos P/BV (x) ROE (%) 4.07 3.85
High
Low
Close Chg
Close 959.71 Listed cap 2,290.72 mn Payout (%) 355.53
Change -1.84 Market cap 11,039.03 mn Div Yield (%) 3.37
Last 60 days High Low
Volume
2.85
2.85
2.85 -0.04
21000
3.00
2.05
84.74
82.00
82.46 -0.64
6607
86.00
51.25
% Change -0.19 5-Day High 961.55 5-Day Low 883.31
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
10R
-
20R
5513.33B
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 442.65 Turnover 4,916,613 P/E (x) 10.89 Paid up Cap(mn)
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Equities Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Stand Chart Leasing Trust Inv Bank
High Low 449.55 433.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 0.91
PE
Open
High
Low
225 1.27 360 3.62 450 13.69 3750 4.83 250 215 2121 16.25 600 730.00 2849 3166 626 0.66 7633 508 500 8.05 1000 29.58 1000 775 452 514 12.00 978 5.83 586 3.13
0.59 18.23 27.39 26.49 2.15 1.24 2.63 6.50 0.65 3.68 1.89 13.17 4.22 30.25 7.01 4.30 2.30 0.69 2.95 2.50 2.55
0.70 18.40 27.65 27.02 2.30 1.85 2.74 7.50 0.74 3.70 1.96 13.40 4.41 30.90 7.34 4.60 2.34 0.65 3.01 2.80 2.00
0.49 18.02 26.65 26.21 2.15 1.10 2.60 6.30 0.57 3.44 1.85 12.82 4.11 29.05 7.00 4.23 2.22 0.52 3.00 2.50 1.55
Close Chg 0.56 18.39 26.84 26.29 2.15 1.10 2.60 7.30 0.69 3.49 1.86 12.93 4.16 29.95 7.10 4.36 2.29 0.56 3.00 2.80 2.00
-0.03 0.16 -0.55 -0.20 0.00 -0.14 -0.03 0.80 0.04 -0.19 -0.03 -0.24 -0.06 -0.30 0.09 0.06 -0.01 -0.13 0.05 0.30 -0.55
Close 437.97 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 1166 3720 59719 3642203 3541 1508 505 671 1514 82583 4633 4015260 208903 17552 303320 57513 75767 54034 13209 1005 10483
Change -4.68 Market cap 30,582.22 mn Div Yield (%) 3.03
% Change -1.06 5-Day High 454.11 5-Day Low 437.97
Last 60 days High Low
2009 Div BR (%) (%)
1.10 19.98 34.00 27.02 2.70 2.90 2.88 9.00 1.00 4.80 2.84 14.05 5.38 40.00 7.59 4.70 2.70 0.86 3.90 2.95 2.98
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.40 20.90 1.51 0.32 1.17 6.16 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 1.35 0.42 1.65 1.56 1.24
2010 Div BR (%) (%) 20B 20B 10B -
Symbols
Open
SMTMR TREI GVGL JVDC KASBB STCL OTSU WYETH BILF SCL GRAYS LAKST MERIT KOSM JDMT FCONM FIBLM CML ICCT PTEC DIIL DFSM DKTM SHJS SNAI SSML PRWM JDWS DINT BAPL NAGC STML CSUML JOPP KASBM FNEL NJLIC CSIL SSIC AATM BROT FZTM AASM AGSML BAFS DBCI DWAE COLG BFMOD FNBM CPAL OLPL ESBL DCM ALICO AZTM DMTX IDYM KSTM SAIF SALT YOUW BHAT HUSI KML BTL FASM QUET KOHS THCCL
0.08 1.95 35.55 59.98 2.26 8.58 33.74 870.00 1.26 83.31 52.90 329.93 17.50 1.11 14.50 1.50 1.80 2.45 1.00 2.25 11.78 6.00 2.10 83.89 35.22 2.31 14.40 78.00 25.38 9.33 15.00 23.00 3.74 9.15 1.79 9.89 47.85 3.65 6.80 0.65 0.26 421.42 25.76 6.02 61.25 1.57 0.36 885.00 3.50 6.01 1.98 6.98 2.48 1.47 17.50 2.24 1.50 260.25 0.60 5.00 48.01 1.20 240.00 9.70 2.10 46.98 34.00 45.00 4.11 19.88
Performance of SR Equity Investment Instruments Index Open 1,130.49 Turnover 9,008,400 P/E (x) 16.43 Company
Paid up Cap(mn)
1st Fid Leasing AL-Meezan Mutual F. AL-Noor Mod. B R R Guardian Mod. Crescent St Mod. XD Elite Cap Mod. XD Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow XD H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund Mod Al-Mali Pak Prem Fund Paramount Modaraba PICIC Energy Fund XD PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba XD Stand Chart Modaraba Tri-Star Mutual U D L Modaraba XD
264 1375 210 780 200 113 524 300 581 760 397 1008 3180 1186 1200 184 1698 59 1000 2835 2841 872 340 454 50 264
High Low 1,168.15 1,120.78 Total cos Defaulter cos P/BV (x) ROE (%) 0.36 2.21
PE
Open
High
Low
9.38 5.61 4.18 4.11 1.38 3.06 10.75 10.50 0.61 2.04 2.30 5.60 53.63 16.50 5.76 10.20 12.10 6.25 1.61 6.14 5.30 2.16 4.41 2.39 1.63
1.47 6.51 2.60 1.96 0.60 2.40 1.57 4.06 2.00 2.83 6.73 6.52 4.12 3.73 5.90 1.07 8.65 8.25 5.51 9.53 4.68 0.96 1.55 8.99 1.44 5.65
1.80 6.97 2.70 2.25 0.70 2.69 1.90 4.20 2.10 2.88 6.90 6.50 4.35 4.73 5.99 1.15 8.71 8.50 5.60 9.62 4.90 0.98 2.54 8.99 0.86 5.75
1.32 6.55 2.51 1.80 0.55 2.45 1.55 4.06 1.82 2.80 6.50 6.50 4.09 3.76 5.82 1.00 8.60 8.00 5.40 9.45 4.50 0.83 1.30 8.90 0.86 5.55
Close Chg 1.50 6.73 2.51 1.81 0.55 2.45 1.72 4.20 1.93 2.85 6.89 6.50 4.29 4.62 5.99 1.02 8.71 8.00 5.55 9.58 4.66 0.95 1.59 8.99 0.86 5.75
0.03 0.22 -0.09 -0.15 -0.05 0.05 0.15 0.14 -0.07 0.02 0.16 -0.02 0.17 0.89 0.09 -0.05 0.06 -0.25 0.04 0.05 -0.02 -0.01 0.04 0.00 -0.58 0.10
Close 1,147.82 Listed cap 29,771.58 mn Payout (%) 104.74
Symbols
Change 17.33 Market cap 16,527.95 mn Div Yield (%) 9.90
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
2.24 7.20 3.80 2.37 1.10 3.09 2.37 5.50 2.10 3.88 6.91 7.25 4.50 4.73 6.69 2.18 9.39 9.45 5.95 9.75 4.93 1.20 2.54 10.99 2.87 6.99
4.5 5 20 10 15 16.5 10
18.5 5 0 1.2 5 17 11 21 5 10 15.5 18.6 18 10 20 10 3 1 17 12.5
-
Open
High
NBP-NOV 65.86 NML-DEC 58.79 DGKC-NOV 28.33 NBP-DEC 66.54 MCB-DEC 203.23 ENGRO-DEC 183.39 POL-DEC 269.85 ANL-DEC 11.64 MCB-NOV 204.49 NML-NOV 58.27 ANL-NOV 11.41 DGKC-DEC 28.65 POL-NOV 267.98 AICL-NOV 81.69 LUCK-NOV 75.11 ENGRO-NOV 183.48 PPL-DEC 202.21 LUCK-DEC 75.47 PSO-NOV 284.78 FFBL-DEC 33.35 OGDC-NOV 162.04 PSO-DEC 287.06 PPL-NOV 201.56 FFBL-NOV 34.06 AICL-DEC 82.00 OGDC-DEC 161.16 BOP-NOV 9.97 NETSOL-DEC 19.49 NETSOL-NOV 19.25 UBL-DEC 59.10 UBL-NOV 59.01 NCL-NOV 23.94 BOP-DEC 10.00
% Change 1.53 5-Day High 1,147.82 5-Day Low 1,095.52
10049 30504 14900 441896 7776 137476 69605 1087 182 152266 17650 9455 103023 7510798 15102 600 198262 5001 98045 83825 73370 23003 488 2011 1500 502
1.01 5.85 2.10 0.90 0.16 1.65 0.76 1.02 1.30 2.32 4.80 5.56 2.65 2.31 5.15 0.56 7.00 7.00 4.20 7.60 3.50 0.76 0.57 7.75 0.86 4.71
High 0.08 2.00 37.30 60.00 2.40 9.44 34.19 870.00 1.97 87.45 55.23 337.99 18.38 1.60 15.48 1.98 2.00 2.65 1.53 2.65 12.59 6.90 2.90 87.89 35.99 2.82 14.88 79.25 26.35 9.65 15.10 24.00 3.85 10.00 1.78 8.89 47.85 4.60 7.72 1.35 0.74 430.00 26.98 6.75 64.00 1.90 0.70 899.99 3.95 6.75 2.49 7.10 3.47 1.75 17.99 2.97 2.45 269.00 0.80 5.90 50.41 1.30 239.99 9.90 2.50 46.99 34.40 46.00 3.46 19.80
Low
Close
0.08 2.00 35.65 57.00 2.25 8.05 34.10 870.00 1.35 80.00 52.99 320.00 17.10 0.16 13.52 1.69 1.40 2.43 1.48 1.77 10.80 5.00 1.50 80.76 35.99 2.82 14.88 79.25 26.30 8.95 15.10 22.00 3.40 8.15 1.26 8.89 45.60 3.75 7.14 1.00 0.68 430.00 25.25 6.60 63.00 1.65 0.70 885.00 3.95 6.75 2.49 7.10 2.90 1.75 17.99 2.97 2.45 269.00 0.79 5.90 50.41 1.30 239.99 9.90 2.50 46.99 34.40 46.00 3.46 19.80
0.08 2.00 35.65 59.97 2.25 9.10 34.15 870.00 1.35 86.98 53.43 329.04 17.88 0.90 14.21 1.98 2.00 2.44 1.48 2.09 10.80 5.00 1.50 87.89 35.99 2.82 14.88 79.25 26.30 8.95 15.10 24.00 3.40 10.00 1.26 8.89 47.85 3.75 7.14 1.00 0.71 430.00 25.25 6.60 64.00 1.65 0.70 885.00 3.95 6.75 2.49 7.10 2.90 1.75 17.99 2.97 2.45 269.00 0.79 5.90 50.41 1.30 239.99 9.90 2.50 46.99 34.40 46.00 3.46 19.80
Change
Vol
0.00 0.05 0.10 -0.01 -0.01 0.52 0.41 0.00 0.09 3.67 0.53 -0.89 0.38 -0.21 -0.29 0.48 0.20 -0.01 0.48 -0.16 -0.98 -1.00 -0.60 4.00 0.77 0.51 0.48 1.25 0.92 -0.38 0.10 1.00 -0.34 0.85 -0.53 -1.00 0.00 0.10 0.34 0.35 0.45 8.58 -0.51 0.58 2.75 0.08 0.34 0.00 0.45 0.74 0.51 0.12 0.42 0.28 0.49 0.73 0.95 8.75 0.19 0.90 2.40 0.10 -0.01 0.20 0.40 0.01 0.40 1.00 -0.65 -0.08
100 100 98 74 66 51 50 28 22 17 17 15 15 14 12 10 10 10 7 7 7 6 6 6 5 5 5 5 4 4 3 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
EQUITY INVESTMENT INSTRUMENTS
2010 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 748.10 Turnover 617,367 P/E (x) 10.78
PE
Company
Paid up Cap(mn)
Sui North Gas XD Sui South GasXDXB
Paid up Cap(mn)
Company
50 - 7.8R 15 50 -
Performance of SR Gas Water and Multiutilities Index
10.65 34.52 58.00 11.02 45.75 12.04 81.10 16.20 7.10 9.65 6.50 5.00 2.80
LIFE INSURANCE
Performance of SR Electricity Index High Low 1,243.72 1,217.69 Total cos Defaulter cos P/BV (x) ROE (%) 1.24 9.35
11.75 34.95 60.00 11.40 47.34 12.10 88.17 16.55 7.75 9.85 6.50 6.00 3.48
Performance of SR Life Insurance Index
ELECTRICITY Open 1,224.99 Turnover 5,907,073 P/E (x) 13.24
11.04 35.01 59.00 11.39 46.06 12.25 83.99 16.51 7.15 9.85 6.50 5.45 3.75
-
66.00 59.50 28.40 66.75 204.24 184.30 270.80 11.60 205.25 58.75 11.60 28.60 268.75 81.50 75.56 184.00 204.15 75.85 285.65 33.25 164.99 287.90 204.26 34.15 81.50 162.20 9.80 19.60 19.35 59.00 58.60 24.50 9.90
Low
Close
64.85 57.81 27.95 66.20 202.50 181.99 267.70 11.25 202.50 57.05 10.45 28.21 265.00 79.51 74.00 182.00 202.20 74.55 282.50 33.01 162.00 285.50 202.00 33.80 80.81 160.70 9.50 19.44 19.20 59.00 58.35 24.31 9.66
65.54 58.00 28.15 66.30 203.04 182.43 268.07 11.28 204.38 57.63 11.15 28.36 265.65 80.45 74.72 182.41 202.66 74.91 283.49 33.09 163.24 285.83 202.27 33.82 81.06 161.57 9.56 19.51 19.26 59.00 58.35 24.41 9.69
Change -0.32 -0.79 -0.18 -0.24 -0.19 -0.96 -1.78 -0.36 -0.11 -0.64 -0.26 -0.29 -2.33 -1.24 -0.39 -1.07 0.45 -0.56 -1.29 -0.26 1.20 -1.23 0.71 -0.24 -0.94 0.41 -0.41 0.02 0.01 -0.10 -0.66 0.47 -0.31
Vol 541000 427000 370500 327500 292000 251000 249000 232000 230000 197500 182500 168500 120500 115500 109000 88500 78000 74500 72000 71000 69500 66000 65500 62000 61000 51000 44500 25000 19000 8000 5500 4000 3000
ZERO VOLUME Symbols
Open
High
Low
Close
AABS CFL EMCO MDTL PASM
95.00 11.25 3.20 52.80 9.00
94.99 11.30 3.00 50.16 8.99
94.99 11.30 3.00 50.16 8.99
94.99 11.30 3.00 50.16 8.99
Change
Vol
-0.01 0.05 -0.20 -2.64 -0.01
0.00 0.00 0.00 0.00 0.00
BOARD MEETINGS Company
Hub Power Co Ltd
KSE 100 INDEX
Dera Ghazi Khan Cement Co Ltd
Nishat Mills Ltd
Date
Time
Exide Pakistan Limited
27-Nov
3:00
ICC Textiles Limited
27-Nov
11:00
Mirpurkhas Sugar Mills Limited
30-Nov
11:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
71.74
Support 1
11,120.95
MA (5-day)
11,162.42
Support 2
11,096.90
MA (10-day)
11,040.90
Resistance 1
11,182.55
MA (100-day)
10,220.86
Resistance 2
10,102.17
11,220.10
Pivot
11,182.55 and 2nd resistance level at 11,220.10, while Index will continue to find its 1st support level at 11,120.95 and 2nd support level at 11,096.90.
Brokerage House
47
Buy
*Arif Habib Ltd
AKD Securities Ltd
44
Buy
AKD Securities Ltd
Positive
TFD Research
TFD Research
44.9
Technical Outlook Technical Analysis
Fair Value
Rs Recommendations
65
Buy
*Arif Habib Ltd
59.97
Buy Positive
74.2
Free Float Shares (mn) 810.01 Free Float Rs (mn) 29,427.59 ** NOI Rs (mn) N/A Mean 36.35
* 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
66.09 55.87 48.67 50.84
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
175.80 10,103.22 214.01 57.96
* Target price for Dec-10 & **Net Open Interest in future market
ing oscillators are currently bullish on NML.
Engro Corporation
Fauji Fertiliser Bin Qasim Ltd
58.60
60.60
61.10
59.85
Attock Cement
56.18
62.80
61.20
65.75
67.10
64.15
Arif Habib Corp
64.16
26.00
25.70
26.80
27.30
26.50
Arif Habib Limited
50.87
26.45
26.05
27.45
28.05
27.05
Adamjee Insurance
61.48
79.80
79.05
81.55
82.55
80.80
Askari Bank
59.93
16.05
16.00
16.25
16.35
16.15
Azgard Nine
52.51
10.95
10.75
11.50
11.80
11.30
Attock Petroleum
53.11
316.00
313.60
322.40 326.40 320.00
125.70
124.30
128.30 129.50 126.90
Attock Refinery
75.06
AKD Securities Ltd
43.29
Buy
Bank Alfalah
54.00
9.50
9.40
9.75
9.90
9.65
TFD Research
36.85
Positive
BankIslami Pak
56.11
3.20
2.95
3.75
4.10
3.55
Bank Of Punjab
55.22
9.40
9.25
9.85
10.15
Dewan Cement
57.02
1.65
1.60
1.75
1.80
1.70
DGK Cement
52.38
27.85
27.60
28.40
28.70
28.15
Dewan Salman
44.70
1.50
1.45
1.60
1.65
1.55
Dost Steels Ltd
59.19
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
52.38 28.69 26.18 26.85
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 5,125.99 27.68 28.18
* Target price for Dec-10 & **Net Open Interest in future market
(consolidating) and Bollinger Bands were 5 per cent narrower than normal.
EFU General Insurance 63.13
81.40
80.35
57.80
181.30
180.05
Faysal Bank
42.60
Fauji Cement
52.40
Brokerage House
Fair Value 35 32.06
TFD Research
29.1
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
Negative
TFD Research
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
71.12 33.59 29.23 29.63
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
184 238.8 208.75
Rs Recommendations
Brokerage House
326.94 11,083.22 30.80 33.99
* 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)
57.80 181.66 178.63 184.60
Fair Value
Habib Bank Ltd
54.42
102.75
101.30
105.45 106.70 104.00
volatility over the last 10 trading sessions. Volume indicators reflect volume
Hub Power
flowing into and out of DGKC at a relatively equal pace. Trend forecasting
ICI Pakistan
Brokerage House
Hold
*Arif Habib Ltd AKD Securities Ltd
Positive
TFD Research
218.18
Neutral
TFD Research
* Target price for Dec-10 & **Net Open Interest in future market
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
54.24 204.40 197.15 201.99
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value 84
Rs Recommendations Buy
61.96
Neutral
92.3
Positive
Technical Outlook
Technical Outlook 131.09 23,933.96 133.14 182.96
342.10 69,917.73 72.92 204.54
* 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)
48.72 66.27 65.94 70.37
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.37 20,891.24 83.25 65.74
* Target price for Dec-10 & **Net Open Interest in future market
FFBL closed down -0.13 at 33.90. Volume was 23 per cent below average ENGRO closed down -0.54 at 182.57. Volume was 38 per cent above MCB closed up 0.09 at 204.38. Volume was 12 per cent above average NBP closed down -0.10 at 65.62. Volume was 60 per cent below average (conand Bollinger Bands were 51 per cent wider than normal.
average and Bollinger Bands were 19 per cent narrower than normal.
and Bollinger Bands were 59 per cent narrower than normal.
solidating) and Bollinger Bands were 36 per cent narrower than normal.
the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast-
68.42
35.95
35.60
63.47
134.55
134.10
135.95 136.85 135.45
71.29
261.65
257.85
271.65 277.85 267.85
57.44
4.05
3.95
36.75
37.20
36.40
Indus Motors JOV and CO Japan Power
48.40
JS Bank Ltd
43.77
2.45
2.30
2.80
3.00
2.65
Jah Siddiq Co
44.21
12.70
12.45
13.30
13.65
13.05
Kot Addu Power
45.20
39.30
39.00
39.90
40.20
39.60
KESC
50.61
Lotte Pakistan
73.12
Lucky Cement
51.87
73.45
72.60
MCB Bank Ltd
54.24
203.75
203.15
48.32 48.72
1.50
2.15 11.85
2.85 65.45
1.45
2.10 11.75
2.80 65.25
4.35 1.60
2.25
4.55 1.65
2.30
4.25 1.55
2.20
12.00
12.10
11.95
75.45
76.70
74.65
205.25 206.15 204.65 2.95 65.95
3.00 66.25
2.90 65.75
Nishat (Chunian)
63.95
23.85
23.65
24.35
24.70
24.15
Netsol Technologies
50.75
18.85
18.70
19.35
19.65
19.15
NIB Bank
53.11
Nimir Ind.Chemical
52.81
Nishat Mills
66.09
56.85
56.20
Oil & Gas Dev XD
69.86
162.15
161.00
PACE (Pakistan) Ltd
47.97
2.85
2.80
Pervez Ahmed Sec
56.44
PIAC(A)
48.05
Pioneer Cement
35.82
6.30
5.65
Pak Oilfields
63.98
263.45
261.65
268.15 271.05 266.35
Pak Petroleum
66.67
200.90
199.70
204.15 206.20 202.95
Pak Suzuki
44.22
72.55
71.80
PSO XD
57.20
281.55
279.80
PTCLA
56.19
19.40
19.30
Shell Pakistan
63.03
198.40
195.45
Sui North Gas
29.53
27.65
27.30
28.35
28.70
28.00
1.45
2.20 2.20
2.70 1.40
2.15 2.15
3.00
3.15
2.90
1.55
1.60
1.50
58.50
59.50
57.85
164.25 165.20 163.10 2.95
3.00
2.90
2.35
2.40
2.30
2.30
2.40
2.25
7.90
8.80
74.45
75.60
7.25
73.70
286.00 288.70 284.25 19.65
19.75
19.50
204.15 206.95 201.20
61.24
13.35
13.20
13.70
13.85
13.55
Sui South Gas
40.35
22.50
22.25
22.95
23.20
22.75
Telecard
43.06
2.20
2.15
2.30
2.40
the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume
TRG Pakistan
53.60
4.10
3.95
4.40
4.55
4.25
United Bank Ltd
61.22
57.90
57.45
58.90
59.45
58.45
WorldCall Tele
50.46
2.60
2.55
2.70
2.75
2.65
ing oscillators are currently bullish on FFBL. Momentum oscillator is cur- reflect moderate flows of volume into ENGRO (mildly bullish). Trend fore- reflect volume flowing into and out of MCB at a relatively equal pace. Trend flowing into and out of NBP at a relatively equal pace. Trend forecasting oscillators are currently bullish on NBP. forecasting oscillators are currently bullish on MCB. casting oscillators are currently bullish on ENGRO. rently indicating that FFBL is currently in an overbought condition.
Sitara Peroxide
2.80
displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is low as compared to the average
FFBL is currently 15.4 per cent above its 200-day moving average and is ENGRO is currently 1.0 per cent below its 200-day moving average and is MCB is currently 1.2 per cent above its 200-day moving average and is NBP is currently 2.1 per cent below its 200-day moving average and is disdisplaying an upward trend. Volatility is relatively normal as compared to
5.00 33.95
displaying an upward trend. Volatility is high as compared to the average
Neutral
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
14.40
5.10 34.35
112.40 113.30 111.70
189.75
Leverage Position
14.80
5.05 34.10
33.60 110.10
*Arif Habib Ltd
Technical Analysis
14.60
33.75 110.80
AKD Securities Ltd
Leverage Position
4.90
83.05
61.92
National Bank of Pakistan
Rs Recommendations
14.00
2.95 46.60
85.80
71.12
Hold
205
4.95
3.05 48.20
84.15
Fauji Fertilizer
Buy
Technical Outlook
Technical Outlook Technical Analysis
Fair Value
14.20
3.00 47.50
184.15 185.75 182.90
Fauji Fert Bin
National Bank
AKD Securities Ltd
2.80 45.05
64.87
Engro Chemical
Maple Leaf Cement
*Arif Habib Ltd
2.85 45.90
EFU Life Assurance
9.70
DGKC is currently 4.6 per cent above its 200-day moving average and is
oscillators are currently bullish on DGKC.
MCB Bank Ltd
59.35
Buy
HUBC closed up 0.06 at 36.33. Volume was 125 per cent above average NML closed down -0.84 at 57.47. Volume was 37 per cent below average DGKC closed down -0.19 at 28.08. Volume was 58 per cent below average
casting oscillators are currently bullish on HUBC.
1st 2nd Pivot Resistance 3.30 3.35 3.25
78.44
42
Technical Outlook
KSE 100 INDEX is currently 10.4 per cent above its 200-day moving aver- and Bollinger Bands were 57 per cent wider than normal. and Bollinger Bands were 13 per cent wider than normal. age and is displaying an upward trend. Volatility is relatively normal as HUBC is currently 6.7 per cent above its 200-day moving average and is NML is currently 13.0 per cent above its 200-day moving average and is compared to the average volatility over the last 10 trading sessions. displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is relatively normal as compared to Volume indicators reflect moderate flows of volume into INDEX (mildly bullthe average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators ish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an reflect moderate flows of volume into HUBC (mildly bullish). Trend fore- reflect moderate flows of volume into NML (mildly bullish). Trend forecastoverbought condition.
Brokerage House
Technical Outlook
Leverage Position
68.42 35.40 34.52 34.06
11,158.50
as resistance level is concern, the market will see major 1st resistance level at
Rs Recommendations
*Arif Habib Ltd
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 9.68 points at 11,145.02. Volume was 12 per cent MA (100-day) below average and Bollinger Bands were 12 per cent wider than normal. As far MA (200-day) MA (200-day)
Fair Value
RSI 1st 2nd (14-day) Support 53.82 3.20 3.15
Allied Bank Limited
2.25
8
Saturday, November 27, 2010
I enjoy my dancing: Katrina Kaif
K
LAHORE: Models walking on podium during International Fashion Show at a local hotel in the provincial capital. -Online
atrina Kaif says working with a female director - Farah Khan in Tees Maar Khan - has been a nice experience. "I've had wonderful experiences of working with male directors as well, but it's definitely nice working with a female director. The vibe is different and there is a different way that you would bond or gel with a director who is a woman," Kaif said. The actor is all praises for choreographer-turned-director Farah Khan, who helmed Main Hoon Naa and Om Shanti Om. "She is so clear about what she wants to do and is not a hard taskmaster on the sets at all. She never wastes a minute of your time and will never call you earlier (than needed). She is a phenomenal director and I think she is fantastic," she gushed. Tees Maar Khan, which releases on December 24, is an action-comedy and stars Akshay Kumar opposite Kaif. Akshaye Khanna also has a pivotal role in the film. The 26-year-old said, "I play a wannabe actor in the film who is a very innocent girl." "She doesn't see that a person might be doing something wrong. So Akshay is constantly running after her to save her from situations that she gets herself into because she is too trusting. "She is very ambitious too, but in a simple way, not in a very intelligent way. It was fun to play this character. I just kind of went with the flow," added Kaif, whose item song "Sheila Ki Jawaani" is already something of a hit. "I didn't have to lose weight (for the song). I just wanted to set a different kind of target for myself in terms of fitness.
No Bollywood for Freida Pinto
S
lumdog Millionaire" star Freida Pinto has ruled out plans of starring in Bollywood films as she is interested in more real cinema rather than the song and dance routines. She has been offered several "stereotypical" roles for "a girl from India" since finding fame - but she's adamant she will avoid parts in all-singing, alldancing Bollywood movies. "I wouldn't want to do a Bollywood film per se, but I would like to do an Indian language film. For some reason I think Bollywood has become synonymous with commercial cinema, which is song and dance and everything that is larger than life. I am interested in the reality," she said to a
magazine. "It is great to have entertainment, but I think there needs to be something that also makes you want to go back and think about what you've seen," she added.
Raj gifts Burj Khalifa flat to Shilpa
O
n their first wedding anniversary, Raj Kundra gifts Shilpa Shetty an apartment in Burj Khalifa in Dubai. During a visit, Shilpa desires to have an apartment at the world's tallest building and Raj fulfills her wish on their first anniversary as an anniversary gift. He gifted her the keys in Mumbai a week ago. She had visited Dubai a few months ago, had loved the building and expressed a wish of staying there. The couple has taken a threeday break to celebrate their first wedding anniversary there. Raj also has something else planned for Shilpa - a lavish dinner with a few surprises thrown in. Shilpa will design the interior after she returns from Bangkok where she will shoot a shampoo ad. Unfortunately, the
actress developed pharyngitis the day before she left for Dubai. Despite ill-health, she traveled to Dubai with Raj as Shilpa does not want to spill water on their wedding anniversary plans.
Potter film breaks Now Salman turns music composer box office records S T he new Harry Potter film has broken box office records around the world, taking some $330 million globally in one of the biggest opening weekends of all time, its makers and estimates said on Sunday. Harry Potter and the Deathly Hallows: Part One made $125.1 million in the US and scored Britain's biggest ever opening weekend with $28 million, said Warner Brothers, the studio behind the franchise. In Australia the film made $15 million while it earned $12 million in Russia - both the highest opening weekends of thePotter series. "This is truly a motion picture phenomenon, and it is just the beginning for the penultimate release of the franchise," said Dan Fellman, head of US distribution.
Veronika Kwan-Rubinek, head of international distribution, added, "We are thrilled by the enthusiastic response of international audiences. It's a testament to the extraordinary vision of JK Rowling;the talent of the filmmakers, cast and everyone involved in the production including the hard work of our entire distribution and marketing teams around the world." Hollywood Reporter also hailed the latest Potter triumph. "The box-office wizard has outdone himself. Hallows: Part 1 has a good shot at mounting a year's best theatrical run if the film maintains momentum through the upcoming Thanksgiving span and beyond," it said, reporting the box office smash. In the new film - the sixth and penultimate in the series -
evil Lord Voldemort and his evil henchmen control huge swathes of the wizarding world and Harry is constantly in danger. Much of the film revolves around a road trip. The trio travel around Britain in attempt to safe, and focuses on the close friendship between the main characters, in particular the budding romance between Hermione and Ron. However, the film ends on a cliff-hanger, as the final resolution will not be known until Part Two, which will be released in July. The next and final instalment will cover an explosive battle between Potter, his allies and Voldemort's dark forces. In the US, the Potter movie's $125 million take dwarfed the rest of the top 10 in box office tracker Exhibitor Relation's weekly estimate of weekend takings.
LAHORE: Models walking on podium during International Fashion Show at a local hotel in the provincial capital. -Online
alman Khan might be known for his histrionics and of course style, but there more to the actor than meets the eye. Salman has a keen sense of music and he his showing his musical side in his upcoming film READY. It's learnt that Salman Khan is taking active interest in the
music composition of READY. Adds our source, "Salman Khan is showing big interest in the composition of his next film. Sallu Bhai is seen composing with Pritam on the sets of the film. Since, READY will be Salman's first release post DABANGG, the actor is making sure that the music of the
film captures the heart of his audiences. For this Salman is personally getting involved in the making of the music for READY." After setting a few new records with his last film DABANGG, let's hope Salman's dedication to READY results in some new ones.
John Abraham wants to direct films
H
aving worked in more than 30 films over the past seven years, John Abraham says people have become more accepting of his style of acting. He also intends on directing his first film soon. "I have good friends around me who are directors and writers. They are all willing to sit with me, help me and formulate screenplays. I have ideas and I want to become a director very soon and when I become one, I will be damn good at it," Abraham said. "Probably, five to eight years down the line, I'll direct a film. I've only been in the industry for seven years. I want to first settle down properly and prove myself in a big way and then I will get into direction," added the actor who will turn 38 next month. Abraham has done films of different genres - from Deepa Mehta's gritty Water to comedies like Garam Masala and Dostana and the issue-based New York. Explaining his evolution as an actor, he said, "After all these years, I think I've become very comfortable with the medium, but more than myself I've seen a change in the perception of the audience towards me. "I've always been an understated actor. I'm not into overprojection. When I joined the industry, there was a section of the audience that felt I was too understated. Today the same audience has a different perception and somehow that same style of acting is working for them now. "I haven't changed. I'm following my director's brief and I'm doing exactly that. But peoples' perception have changed. The sense of reality has prevailed in the mind of the audience and I think that's the change I have seen." His last release Jhootha Hi Sahi failed at the box office, but the Bollywood hunk has not given up. He is all set to play the boy-next-door in a new film. "I'll be starting the film in March, which will be directed by Kapil Sharma, a first time director. He is the best chief assistant director we have in the country," said Abraham. "The film is about a regular guy who gets busted by all the women in his life. It's about a guy who learns life through the women he is with his mother, sister, his boss, his neighbour, his girlfriend, his ex-girlfriend. It's just about this journey. It's amazing."
Interior Decor Ideas for Winter Decorating for winter is a fun part of bringing in the holiday season; cold weather lends itself to a number of interior decorating ideas. Winter decorating should include elements that keep the house comfortable, while bringing in elements of the season. Use light blue elements to give the house a touch of snow and ice inside – a bathroom is a great place to include these elements, as light colors can make small spaces feel larger. Light peppermint scented soy candles throughout the house to give it a wintry, holiday smell. Peppermint, gingerbread and cinnamon scented candles are perfect to use throughout the winter season, as the warm smells complement the cold weather. Choose decorations that bring cold weather to mind while keeping guests and family members warm. Decorate the mantle of a fireplace with candles, snow globes and a pine garland while sitting around the warmth of the fire. Place a few blankets throughout the house that match the winter dÊcor, so that people can warm up after a day of
sledding and building snowmen. Outside Winter Decorating Add a string of lights along the roof of the house to make the house sparkle and look like a gingerbread house brought to life. Hanging lights is a simple way to decorate a house for winter or Christmas. Additionally, decorating garden trees for Christmas is a fun way to bring the holiday spirit to the yard. Build a few snowmen with
your kids to give the yard even more personality before venturing inside for a warm mug of hot chocolate and marshmallows. A beautifully decorated house is a simple pleasure that anyone can enjoy, and decorating for winter and Christmas is easy and fun for the whole family. Winter Colors It's probably not practical to paint your room every season. You may want to decorate a bright yellow or orange room
for winter. Accent the room with rich colors like eggplant, chocolate brown or burgundy. Bring these colors onto accessories such as throw pillows and candles. Changing accessories easily and inexpensively transitions your home into the different seasons. Consider the colors of snow and ice for a modern winter room. White, silver and turquoise create a sleek winter design. Accent the room with mirrors, tree branches and crystals for an enchanted forest theme. Winter Fabrics Fabrics make a room feel richer and warmer. Organza and cotton fabric work well for spring. Transition this fabric out winter. Instead, hang velvet drapes and place a faux fur throw on the sofa. Shop for winter fabrics in the spring (and vice versa) when they are on sale to save money. Winter Art Change your artwork with the seasons. Cheerful prints and floral paintings may make your room seem too bright for winter. Take your own blackand-white photographs of nature for a winter room.
9
Saturday, November 27, 2010
US oil falls towards $83 as euro crisis spreads Pressure on Portugal, Spain as euro-zone crisis widens LONDON: US oil prices fell towards $83 per barrel on Friday as Europe's debt crisis pushed the euro to a twomonth low against the dollar and as investors worried about tensions in Korea. European officials denied as "absolutely false" reports on Friday that Portugal was under pressure to seek a bailout and Spain ruled out needing help to manage its finances, despite fears of a spreading euro debt crisis. The dollar index hit a twomonth high, while the euro extended losses, shedding 1 per cent on the day and falling to a two-month low against the US currency as peripheral euro-zone debt worries intensified. US crude for January looked set for a small -- 1-2 per cent - weekly rise after posting the largest daily gain in four months on Nov. 24 on positive
US economic data. The contract fell $1.08 from its pre-Thanksgiving close to a low of $82.78 before recovering to around $83.70 by 1445 GMT. ICE Brent futures for January were down 50 cents at $85.60 per barrel. The situation in the Korean peninsula was tense as China
Indian sugar rises on low recovery
Palm slips, but weather concerns cap loss
MUMBAI: India's spot sugar price rose for a second straight day on Friday on increased demand and concerns over lower recovery rate in key producing states in the ongoing crushing season, dealers said. "Higher moisture level due to rains has been keeping recovery rate on the lower side. If Maharashtra gets more rains in next fortnight, things will become difficult for mills," 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 persistent rains could potentially hit output and trim exports. "Today demand was also good due to the month-ending," the member said. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety rose by 0.96 per cent to 2,843 rupees ($62) per 100 kg.Reuters
warned against military acts near its coast ahead of USSouth Korean naval exercises that North Korea, days after shelling a South Korean island, said risked pushing the region towards war. China may step up measures to curb accelerating inflation following a recent crackdown on commodity prices in the world's second-largest oil con-
KUALA LUMPUR: Malaysian palm oil futures slipped on Friday as a stronger dollar prompted some profit taking although concerns over monsoon rains hurting output curbed losses. Strong China demand for US soybeans, which are crushed into oils, supported vegetable oil markets amid the government's call for banks to support the agriculture sector facing shortages in corn and other crops. The benchmark February 2011 crude palm oil contract on the Bursa Malaysia Derivatives Exchange settled down 0.1 per cent to 3,274 ringgit ($1,045) per tonne. The market jumped to its highest in three days the previous day. Traded volume stood at 12,214 lots of 25 tonnes each. "Palm oil is just drawing back a little on profit taking because of the stronger dollar and since the market rose a little too high the day before," said a trader with a local commodities brokerage. But palm oil demand has been
sumer. China has intervened to control fast-rising consumer prices, raising widespread market talk of an impending interest rate rise, reinforced by an actual increase in banks' required reserve ratios last Friday. On Thursday, the country's top economic planner said a crackdown on commodity prices contributed to a widespread fall in futures in the last two weeks. China's commodities exchanges have announced measures to raise margin requirements and widen daily price movement limits to curb speculation. Separately, India has said it will step up crude imports by over 500,000 barrels per day (bpd) in the next fiscal year to feed new refineries and fill up storage tanks. -Reuters
recovering with cargo surveyors reporting up to 24.9 per cent rise in Malaysian exports for Nov. 125 from a month ago. Demand appears to be picking 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. US soyoil for Dec delivery fell 0.8 per cent in Asian trade after Thanksgiving holiday the previous day. The most-active September soyoil contract on the Dalian Commodities Exchange fell 1.6 per cent in part due to the exchange raising margin requirements on soy meal and soy oil to 7 per cent from close of business on Nov. 23, and the daily trading limit to 5 per cent. Oil, which provides direction to vegetable oils due to their growing use in the biofuel sector, fell on Friday as ongoing concerns about a wider debt crisis in Europe, China's inflation and tensions in Korea pushed up the dollar. -Reuters
Copper falls on firm $, China demand worry LONDON: Copper slipped on Friday, as concerns about the debt crisis in Europe boosted the dollar, and the potential for further interest-rate rises in China stoked worries about demand from the world's top metals consumer. Three-month copper on the London Metal Exchange ended the session at $8,239 a tonne, versus Thursday's close of $8,340 a tonne and closing out its third consecutive weekly loss. The red metal, used in power and construction, earlier hit a low at $8,150. "The Chinese look likely to raise rates again this year," John Meyer, an analyst at investment bank Fairfax, said. "The Chinese have slowed their buying (and) any slowing of Chinese activity pulls prices down." China's central bank said last week it would raise banks' reserve requirements for the second time in two weeks, stepping up its battle against inflation in a move that could limit future Chinese industrial metal consumption. Also hitting base metals, the euro fell to a fresh two-month
low against a resurgent dollar as euro zone debt worries intensified and European
Shanghai copper declines Shanghai's third month benchmark copper futures contract dropped 0.6 per cent to 61,750 yuan. Copper in Shanghai earlier rallied to 62,690 yuan.
shares were also down. A stronger U.S. currency makes dollar-priced commodities costlier for holders of other currencies. "It's very much about risk sentiment in general ... and with the euro down, that's largely what is driving base metals down," Christin Tuxen, analyst at Danske said. "We also have equities markets in the red in Europe, that's hurting risk sentiment." Prospective tightening in the copper market, with many analysts predicting a large market
deficit, has supported prices in recent weeks, pushing the red metal to a record high at $8,966 a tonne earlier this month. Concerns about copper supplies in the near term have pushed the premium for cash metal over the three-month contract to about $50, its highest since October 2008. Indicating ongoing demand, copper stocks in LME warehouses have fallen more than 30 percent since mid-February. However, latest LME data showed stocks rose 450 tonnes to 357,000 tonnes, the first build in nearly three weeks. Earlier this week, the International Copper Study Group said world refined copper consumption exceeded production by 363,000 tonnes between January and August this year, versus a deficit of 47,000 tonnes in the same year-ago period. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for November 25 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 25 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
2210 2220 2180 2190 2135 2145 2135 2145
2238 2238.5 2271 2272 2335 2340 2395 2400
8289 8290 8250 8251 8065 8075 7715 7725
2220 2221 2242 2250 2223 2228 2187 2192
22605 22610 22675 22680 22375 22475 21800 21900
TIN
24270 24275 24250 24275 23925 23975
ZINC NASAAC
2118 2119 2135 2137 2183 2188 2170 2175
2206 2207 2225 2235 2240 2250 2285 2295
Sugar rises, coffee falls, focus on euro debt crisis LONDON: ICE sugar futures reversed early losses on Friday due to fund buying, while coffee and cocoa fell as Europe's debt crisis pushed the euro to a 2-month low against the dollar and as investors worried about conflict in Korea. ICE raw sugar futures pushed higher in choppy dealings after drifting lower early. Dealers said the softs had disconnected from market fundamentals due to the uncertain outlook for the euro and the threat of fresh hostilities on the Korean peninsula. ICE March raw sugar futures hovered above key support at 25-26 cents a lb, underpinned by diminished crop outlooks in top producers Brazil and India. "Concerns that total sugar recovery levels will fall in India's cane are leading to fears that the country may not have the necessary surplus required to lift exports to a world that is crying out for more sugar," Macquarie Bank said in a report. Dealers said the market faced stiff resistance above 30 cents a lb, having touched a 30-year high of 33.39 cents a lb on Nov. 11, underpinned by low global stock levels. ICE March raw sugar was up 0.22 cent or 0.8 percent to 28.17 cents a lb at 1609 GMT. Liffe March white sugar was down 50 cents or 0.07 per cent to $717.80 per tonne in thin volume of 911 lots. Robusta coffee futures eased with the harvest in top producer Vietnam expected to gather pace over the next few days. Liffe January robusta coffee futures slipped $10 or 0.6 per cent to $1,819 tonne at 1611 GMT. ICE arabicas also fell, weighed down by the firmer dollar with investors still concerned about contagion stemming from the euro-zone's debt problems. ICE March arabicas were down 2.9 cents or 1.4 percent to $2.0455 per lb at 1611 GMT. Cocoa futures on ICE were lower in thin trade with March down $7 or 0.25 per cent at $2,786 a tonne at 1612 GMT. Liffe March cocoa was up 26 pounds or 1.4 per cent to 1,873 pounds per tonne in moderate volume of 3,398 lots. -Reuters
LOS ANGELES - CALIFORNIA: Sergio Alexander pours molten gold to make a 6.5 kg bar of gold at his melting laboratory. -Agencies
Gold weaker, focus on dlr gains, EU crisis LONDON: Gold fell more than 1 per cent on Friday as the dollar pushed to fresh twomonth highs against the euro on worries that Ireland's debt crisis would spread and on growing speculation of an imminent Portuguese bailout. However, gold was underpinned by some modest safe haven buying amid investor nervousness over the European
strengthening dollar environment," said David Wilson, analyst at Societe Generale. Gold's traditional inverse relation to the US dollar broke down in May this year when the eurozone's debt problems became apparent, prompting investors to dump the single European currency, but the dynamic has since reasserted itself. In euro terms, gold was easier at 1,023.05 euros
debt crisis after a newspaper report that euro-zone nations were pressuring Portugal to follow Ireland's lead and seek a bailout. Portugal and Germany's finance ministry denied the report. Spot gold was trading 1.26 per cent lower at $1,356.6 an ounce by 1523 GMT, off an intraday low of $1,350.27. Gold futures were down around the same amount at $1,355.9. Trade was thin following the US Thanksgiving holiday. "Investors are eyeing a strengthening dollar and see no reason to hold gold in a
an ounce compared with 1,028.76 euros late on Thursday, but still firmly above the 1,000 euros mark it broke through on Monday for the first time in a week. A stark warning by North Korea following its shelling of the South earlier this week added to an uncertain geopolitical picture which could lend gold some support from more risk-averse investors. The rest of the precious metals complex was also weaker. Silver fell 2.3 per cent to $26.88 from $27.54 late on Thursday, platinum shed 1 per cent to $1,640 an ounce and palladium was down 1.9 per cent at $682. -Reuters
Tokyo rubber falls 3pc as Shanghai slumps TOKYO: Key Tokyo rubber futures tumbled on Friday, dragged lower by a slump in Shanghai rubber futures that prompted investors to take profits. The key Tokyo Commodity Exchange rubber contract for May delivery, which debuted on Thursday, fell as much as 11 yen or 3 per cent to 351.7 yen per kg. The May contract settled at 355.2 yen, down 7.5 yen or 2.1 per cent from the previous settlement, posting a weekly loss
of 4.3 per cent, the biggest since early July, according to Reuters data. "The market succumbed to profit-taking as investors were wary of the recent rally and high price levels," said a trader at a Japanese commodity brokerage. "The move in the Shanghai Futures Exchange also probably weighed on investors' sentiment and prompted them to close long positions. But the yen's weakness lent some support," he said.
The Shanghai Futures Exchange said on Thursday it will raise margin requirements and widen daily price move limits on its contracts from next week. Traders said such a move could trigger liquidation of speculative positions. The most active Shanghai rubber futures contract for May delivery fell by its limit and settled at 30,375 yuan ($4,567) per tonne on Friday, down from Thursday's close of 31,280 yuan. Volume stood at 764,610 lots. -Reuters
European vegetable oil prices ROTTERDAM: The following were the Friday's Rotterdam vegetable oil price's at 18:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jan11 918.00, Feb11/Apr11 923.007.00, May11/Jul11 926.006.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 925.00+5.00, May11/Jul11 930.00+0.00, Aug11/Oct11 920.00+5.00. SUNOIL: EU dlrs tonne extank six ports option Apr11/Jun11 1375.00-25.00, Jul11/Sep11 1405.00-20.00. LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1242.50-10.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Dec10 1125.00-2.50, Jan11/Mar11 1105.00-15.00, Apr11/Jun11 1085.00-12.50. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1130.00, Jan11/Mar11 1112.50. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 1085.0010.00, Jan11/Mar11 1067.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 1095.00-15.00, Jan11/Mar11 1077.50-5.00, Apr11/Jun11 1060.00-15.00, Jul11/Sep11 1050.00-15.00. PALM STEARIN: Dlrs tonne fob Malaysia Dec10 1080.0010.00, Jan11 1080.00-10.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Nov10/Dec10 1515.00-5.00, Dec10/Jan11 1515.00-5.00, Jan11/Feb11 1515.00+5.00, Feb11/Mar11 1510.00+0.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Nov10/Dec10 1660.00-20.00, Dec10/Jan11 1650.00-10.00, Jan11/Feb11 1645.00-5.00, Feb11/Mar11 1640.00-10.00, Mar11/Apr11 1630.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Nov10/Dec10 2050.00+0.00. Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
26-Nov-2010 CRUDE100 26-Nov-2010 CRUDE100 26-Nov-2010 CRUDE100 26-Nov-2010 SILVER - SL500 26-Nov-2010 SILVER - SL500 26-Nov-2010 GOLD 01oz 26-Nov-2010 GOLD 01oz 26-Nov-2010 GOLD 01oz 26-Nov-2010 GOLD 100oz 26-Nov-2010 GOLD 100oz 26-Nov-2010 GOLD 100oz 26-Nov-2010 GOLD 26-Nov-2010 GOLD 26-Nov-2010 GOLD 26-Nov-2010 KILOGOLD 26-Nov-2010 KILOGOLD 26-Nov-2010 TOLAGOLD50 26-Nov-2010 TOLAGOLD100 26-Nov-2010 MINIGOLD 26-Nov-2010 MINIGOLD 26-Nov-2010 MINIGOLD 26-Nov-2010 MINIGOLD 26-Nov-2010 MINIGOLD 26-Nov-2010 TOLAGOLD 26-Nov-2010 TOLAGOLD 26-Nov-2010 TOLAGOLD 26-Nov-2010 TOLAGOLD 26-Nov-2010 TOLAGOLD 26-Nov-2010 IRRI6W 26-Nov-2010 RICEIRRI - 6 26-Nov-2010 RBD PALMOLEIN 26-Nov-2010 KIBOR3M 26-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 FRI MON TUE WED THU FRI 02DE10 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
84.00 85.00 85.06 27.58 27.41 1373.00 1373.20 1373.60 1374.00 1372.50 1375.50 37510.00 37542.00 37714.00 37656.00 37700.00 43939.00 43939.00 38724.00 38763.00 38776.00 38789.00 38711.00 43978.00 44368.00 44565.00 44580.00 44129.00 2402.00 3283.00 4733.00 86.75 86.16
84.50 85.00 85.06 27.58 27.60 1375.10 1375.30 1376.20 1374.00 1372.50 1376.00 37687.00 37699.00 37714.00 37660.00 37700.00 43939.00 43939.00 38724.00 38763.00 38776.00 38789.00 38711.00 44505.00 44550.00 44565.00 44580.00 44491.00 2402.00 3307.00 4733.00 86.75 86.16
82.79 83.40 84.23 26.90 26.59 1358.50 1358.60 1359.70 1364.50 1360.90 1360.00 37510.00 37350.00 37425.00 37450.00 37371.00 43602.00 43602.00 38421.00 38460.00 38473.00 38486.00 38500.00 43978.00 44196.00 44211.00 44226.00 44100.00 3260.00 3283.00 4681.00 86.73 86.02
83.20 83.75 84.23 26.59 26.70 1358.50 1360.90 1362.00 1358.50 1360.90 1360.90 37399.00 37410.00 37425.00 37371.00 37371.00 43602.00 43602.00 38421.00 38460.00 38473.00 38486.00 38500.00 44151.00 44196.00 44211.00 44226.00 44241.00 3292.00 3307.00 4681.00 86.73 86.02
Traded Volume in lots 218 12 18 317 214 1,944 1,141 7 17 2 10 3 1 10 1 4 -
Previous Settlement Price 83.82 84.39 84.88 27.45 27.47 1372.60 1373.40 1374.50 1372.60 1373.40 1374.50 37706.00 37717.00 37733.00 37679.00 37690.00 43961.00 43961.00 38731.00 38770.00 38783.00 38796.00 38809.00 44513.00 44558.00 44573.00 44588.00 44603.00 3260.00 3283.00 4733.00 86.75 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 83.20 48 83.75 10 84.23 26.59 1 26.70 41 1358.50 64 1360.90 1,755 1362.00 1,299 1358.50 3 1360.90 1362.00 5 37399.00 5 37410.00 22 37425.00 37371.00 1 37382.00 43602.00 43602.00 38421.00 38460.00 38473.00 38486.00 38500.00 44151.00 30 44196.00 1 44211.00 44226.00 44241.00 4 3292.00 3307.00 4681.00 86.73 86.02 -
Daniyar Yeleussinov of Kazakhstan fights Santhosh Kumar Virothu of India during at 16th Asian Games
10
Saturday, November 27, 2010
Miandad appointed batting consultant KARACHI: Former skipper and current Director General of the Pakistan Cricket Board (PCB) Javed Miandad was on Friday appointed the batting consultant for the national cricket team. Miandad will be accompanying the team in its tour of New Zealand in the third week of December. Pakistan will be playing two Test matches, six One Day Internationals and three Twenty20 matches in the upcoming tour. The three time former coach in his career scored 8,832 runs in 124 Test matches and 7,381 runs in ODIs.
National cricket team returns home LAHORE: Pakistan Cricket team on Friday returned from Abu-Dubai after completing a home series with South Africa in which it lost the ODI series but drawing both test matches. Talking to media at Allama Iqbal International Airport Team manager Intikhab Alam said that confidence level of players have been improved after drawing the Test series and credit goes to Capitan Misbah-ul-Haq. He said that Misbah played very well in pressure and proved his qualities as a Captain in trying conditions. Replying to a question Intikhab said that Facts and Finding committee would submit its report on former wicket keeper batsman Zulqarnain issue within three days. He said that Wahab Riaz is best alternate for discarded fast bowlers Asif and Amir. He said that Selectors would choose a team for tour of New Zealand in December. He refused to talk about spot-fixing.Online
B’desh clinch historic cricket gold in Asiad
GUANGZHOU: Bangladesh players celebrate their win over Afghanistan in the cricket gold medal match during the victory ceremony at the 16th Asian Games.-Reuters
Federer, Murray reach Pakat defeated Soccer ATP World Tour semis grounds in LONDON: Roger Federer and Andy Murray avoided the need for fiddly mathematics Thursday as they both produced dominant displays to qualify for the semi-finals of the ATP World Tour Finals. World number two Federer topped Group B with a classy 7-6 6-3 victory over Sweden's Robin Soderling in front of another near-capacity crowd at the 17,500-seat O2 Arena before Murray joined him as runner-up by beating David Ferrer 6-2 6-2. Federer's three victories mean the 16-times grand slam champion is two wins away from a record-equalling fifth title at the year-end showpiece and a $1.6 million jackpot for winning the tournament undefeated.
keep it up. The tournament's not over yet. This is really when it starts for me." Federer and Murray were in the same group in London last year when calculators were needed to work out the top two places and Murray missed out by a game to Juan Martin del Potro. Mercifully it proved simpler this time with Federer gaining the solitary set he required to progress from Group B courtesy of a crucial error of judgement by Soderling. Leading 6-5 in the tiebreak Federer found himself pinned in the corner by a meaty Soderling forehand and could only float back a defensive backhand which looked ripe for the picking.-Reuters
Mourinho can easily come over Barca
Monitoring Desk
MADRID: If there is one man who should know how to end Barcelona's four-match winning streak in the 'Clasico' it is Jose Mourinho. His inside knowledge of the club is second to none after working as assistant to Barca coaches Bobby Robson and Louis van Gaal in the late 90s but his record against them is mixed. He has knocked Barca out of the Champions League twice - once with Chelsea and last season in the semi-finals with Inter Milan -- although the overall statistics read three wins, three draws and four defeats as manager of Chelsea and Inter. On top of that, Mourinho has never won at the Nou Camp. However, the 'special one' is
KARACHI: It seems loverat Tiger Woods is back to his old tricks a year after the infamous Thanksgiving weekend car wreck that ignited golfer's sex scandals. "He's seeing different girls, creeping around in a low-key way," UsMagazine.com quoted a Woods insider as saying. "I don't think you can call it 'dating.'" The source continued that Woods is adding a grottostyle pool - like the one at the Playboy Mansion - to his $50 million Jupiter, Fla. home. He probably won't break it in over the next couple weeks, however. Says the insider, "The kids and his mom will join him for Thanksgiving." His ex-wife Elin Nordegren, meanwhile, is "not dating, but is in great spirits," the source added.
BRISBANE: Reports of the impending demise of Mike Hussey's test career proved a little premature on Friday when he hit 81 not out to keep Australia in the first Ashes test at the Gabba. Despite a test average of 49.75, Hussey was one of the thirty something middle order batsmen perceived to be under threat from Callum Ferguson and Usman Khawaja when the young guns were named in the original 17-man squad to face England in the first test. The 35-year-old, nicknamed "Mr Cricket", responded with a century in a Sheffield Shield match for Western Australia last week and on Friday took the fight to England when his country were on the rack. "In the lead up there was plenty of speculation but I just
Woods “seeing different girls” after scandal
They will learn who they meet in Saturday's semi-finals on Friday when Group A concludes with undefeated world number one Rafael Nadal taking on Czech Tomas Berdych and Novak Djokovic up against winless Andy Roddick. "So far it's been good," the 29-year-old Federer told reporters after following up impressive wins against Ferrer and Murray by beating Soderling, the man who stopped him in his tracks in the quarter-finals of the French Open this year. "I won against top 10 players in straight sets. That's going to make me feel obviously awfully good for the weekend. But I hope I can
supremely confident that he has the tactics to get the better of his former employers. "I know how to play against Barca, from memory," Mourinho said in an interview back in September. "You can deactivate them by imposing your style. If you want to play the way they do, you will lose... because individually and collectively they are the best (at that style)." TACTICAL DISCIPLINE Inter's 3-2 aggregate win over Barca in the Champions League semis points the way forward and the watchwords are tactical discipline, physical fitness and psychological strength. "You can't let them catch you out in the first phase of possession," he said. "You have to go
direct from the defensive area to the second or third phase with a long movement of the ball to surprise them. "Barca have many more problems when they have to do steady build ups." Real's standard lineup this season, with Xabi Alonso and Sami Khedira in the midfield holding roles, will be bolstered by the tracking back and harrying of Angel Di Maria, Mesut Ozil, Cristiano Ronaldo and Gonzalo Higuain in Monday's 'Clasico'. Mourinho has said he prefers zonal rather than manto-man marking and through strict adherence to this he will seek to cut the supply lines from Xavi and company to the number one dangerman, Barcelona's top scorer Lionel Messi.-Reuters
Asian games ISLAMABAD: Pakistan Football team's defeat at the outset of 16th Asian Games competition at Guangzhhou in China has badly disappointed the nation and football lovers who are expecting a respectable position in the event. Defeat in the opening match from Thailand by six goals was very unfortunate and a record itself whereas loosing to Oman by two goals and playing drawn game with Maldiev is also not justified after wasting seven millions rupees of a poor nation, which is striving to survive out of historic falsh floods in the country, said Col Mujahid Tareen, former General Secretary Pakistan Football Federation (PFF)/ National captain/ Member FIFA, in a press statement. Prior to the Asian Games, he said,"I appealed to President and Prime Minister of Pakistan and PFF, not to send the Football team in Asian Games as no worth mentioning performance was expected and instead the funds to be spent wasted on team's visit may be contributed for the rehabilitation of flood affected people. Nobody listened to me at that time as PFF was all out to waste money without any achievement, which could have been used for a better cause. It is a matter of shame that we have earned nothing rather we have gone further down in ranking after wasting huge amount of a poor nation". Col Mujahid Tareen further said, it is a matter of great concern for all football lovers who want to see Pakistan football team doing well as it used to do in the past.-APP
GUANGZHOU: Bangladesh cricketers won their nation's first ever Asian Games gold medal by ending Afghanistan's dream run in the inaugural final on Friday. Mohammad Ashraful's men ensured their place in history with a five-wicket victory in a thrilling Twenty20 final in front of 2,000 excited spectators at the Guanggong cricket stadium. The Afghan bravehearts, who had stunned Pakistan by 22 runs in Thursday's semi-final, fought till the end despite being restricted to 118-8 after they won the toss and elected to bat. Bangladesh were reduced to 75-5 by the 16th over, before the sixth-wicket pair of Naeem Islam and Mohammad Shabbir put on an unbeaten 44-run partnership to secure a memorable win. With 19 needed off 12 balls, the pair hammered 17 runs in the penultimate over bowled by off-spinner Karim Sadeq, including two towering sixes by Shabbir, to seal Afghanistan's fate. Naeem returned unbeaten on 34 and Shabbir smashed 33 not out off 18 balls to clinch victory that will spark wild celebrations in the cricket-mad South
Asian nation. "I had a good talk with Naeen before the 19th over and we went for it," said Shabbir. "Luckily, it came good. There was no pressure on me, but I am sure my team-mates in the dressing room were tense." Ashraful admitted he had given hope towards the end. "I was feeling a bit low but then Shabbir came and did the job for us," the Bangladesh captain said. "It is thrilling to be part of a gold medal winning team. "There was a bit of pressure because Afghanistan is a very good side and this was our first major final." Afghanistan, a non-Test playing nation, took part in the World Twenty20 in the Caribbean this year and narrowly missed qualifying for the 2011 World Cup. Naeem had earlier taken two wickets for eight runs from three overs to keep Afghanistan down to a modest total. Afghanistan were 66-6 by the 13th over, before Mohammad Asghar revived their chances with an unbeaten 38 off 36 balls, sharing a crucial stand of 44 for the seventh wicket with Shabbir Ahmed (25).-APP
Pakistan slams India over Games no-show GUANGZHOU: Pakistan reopened old wounds with India on Friday by insisting their bitter rivals were wrong to snub the Asian Games by refusing to send a cricket team. Pakistan coach Sadiq Mohammad insisted that more pressure should have been put on India to respect the Guangzhou tournament, the first time the sport has featured at the Asiad. "India said they would come and they said cricket should be in the Asian Games. God knows why they are not here. Somebody should have put added pressure on them," said Sadiq.
India snubbed the Asian Games because of international commitments faced by their team with a home series against New Zealand and an eagerly-awaited tour of South Africa about to get underway. Sadiq said that despite Pakistan, Sri Lanka and Bangladesh also having Test and one-day international programmes to respect, all three still sent second-string teams to both the men's and women's events in Guangzhou. "India said they had to play New Zealand, but our main team had matches to play against South Africa," added Sadiq.-APP
KARACHI: Winning Teams of Culliagan Throwball Girls Championship are present with Chief Guest Iqbal Sheikhani, Maqbool Ahmed Aijazul Haq, Muhammad Imran and others.-Staff Photo
Hussey rescues Aussies at the Gabba tried to block it out as much as I possibly could and prepare as well I could to play for WA," he said. "Until you are named in that final eleven players, you are bit nervous. I thought I was playing well enough to be in the team. "Getting a hundred down in Melbourne last week gave me a boost of confidence I needed to prove to myself again that I could get a big score with the red ball." Hussey said blocking out distractions had helped him recover from a spell of poor form.
BRISBANE: England's Prior attempts to run out Australia's Hussey during the first Ashes test.-Reuters
"It's probably just a time where my mind is a bit clearer and I'm seeing the ball clearer out of the bowler's hand," Hussey said. "I guess just probably through experience knowing you have done it before and believing you can do it again." After almost giving England a catching chance on the first ball he faced, Hussey took on English spinner Graeme Swann with a flurry of boundaries, including a
towering six, that set the tone for his innings. "I wanted to be positive, I can get into problems if I get a bit tentative or a bit negative," he said. "I think Graeme is an outstanding bowler when he's allowed to bowl. I guess my plan was to be a bit positive, try and use my feet and at least get him thinking about something different." Hussey estimated that 220 was only about half of a good first innings for Australia, and there was plenty more work to do on Saturday morning when England, who made 260, were expected to take the new ball. "The first hour or two are going to be interesting and could prove to be the pivotal time in the game," he said.Reuters
Taiwan cbank to strengthen fund flow monitoring
Portugal adopts budget, denies bailout pressure LISBON: Portugal approved its 2011 austerity budget on Friday, vowing to spur growth and apply tough spending cuts as it seeks to avoid an Irishstyle bailout. Parliament adopted the budget hours after a Financial Times Deutschland report said that most euro zone countries and the European Central Bank (ECB) were pressing Lisbon to seek an international rescue package as Greece and Ireland had done. But Prime Minister Jose Socrates said the budget's passage, which concluded many months of political bickering which at one point threatened the government's survival, removed Portugal from the crosshairs of the euro zone crisis. Socrates told reporters that the budget approval will allow Portugal to leave "the centre of a large-scale financial crisis". He said the budget placed Portugal among the countries with the lowest budget deficits in Europe next year. "As of now, the government's priorities is meeting the budget and boosting growth," he said. Portugal's risk premiums, measured by its 10-year bond
yields compared to safer German Bunds, had hit record highs this week as concerns rose after Ireland requested a bailout. The spread rose 10 basis points to 464 basis points on Friday before parliament passed the budget, but declined later to 447 basis points. The country's PSI20 <.PSI20> stock index slid 0.6 per cent with banks leading the decline. Earlier on Friday, the FT Deutschland said a majority of euro zone states and the ECB were leaning on Portugal to follow the example of Ireland and Greece and seek aid from the European Union and International Monetary Fund. A government spokesman said "this news article is completely false" while European Commission President Jose Manuel Barroso, a former Portuguese prime minister, said there was no talk of a bailout for his home country. "I can tell you that it's absolutely false, completely false," Barroso said in Paris, adding that an aid plan for the country had neither been requested nor suggested. Economists have said
Portugal is the likely next weak euro zone country to need a financial helping hand as it struggles with low competitiveness and a high budget deficit. A Reuters poll of economists this week found a majority expect a bailout. "The market is now assuming a bailout for not just Portugal but also Spain, but it is moving slowly with the officials reluctant to concede it will happen," said Peter Chatwell, a rate strategist for Credit Agricole in London. Chatwell said the "the market does not really see a timeline for this," adding that pressure will continue in debt markets. "There is no announcement expected this weekend." Socrates has repeatedly denied that his country needs a bailout and has underlined that Lisbon will do everything possible to meet goals to cut the budget deficit. Finance Minister Fernando Teixeira dos Santos said in an interview with the daily Jornal de Noticias that some countries in the euro zone think the best way of defending the euro is to push countries to seek aid.Reuters
TAIPEI: Taiwan's central bank said on Friday it will strengthen mechanisms for monitoring foreign fund flows and adjust market rates to appropriate levels to help boost price stability and economic health. The remarks, mentioned in a report to parliament seen by Reuters, come as the central bank has stepped up its vigilance amid a recent surge of short-term foreign fund inflows into Taiwan and other emerging markets. Central bank governor Perng Fai-nan will answer questions in parliament on Monday. The report did not specify what market rates or what mechanism it was referring to, but the central bank said this month it will impose order in the foreign exchange market if it finds "irregularities", joining a chorus of emerging market voices seeking defences against an expected influx of money. Taiwan was one of the first countries to impose capital controls late last year, and has taken a series of other small measures against what it called "hot money" this year along with other emerging markets. The Taiwan dollar has strengthened by over 5 per cent against the US Dollar this year.Reuters
German inflation ticks up; pointer for euro zone BERLIN: The annual inflation rate in four German states increased in November, data showed on Friday, offering an early indication that price pressures in the euro zone may be firmer than expected. Figures from German states offer a first hint of price trends within the 16-nation single currency area, where the annual inflation rate was expected to slow by a tenth of a point to 1.8 per cent in November, a Reuters poll of economists showed. A separate survey forecast
Germany's consumer price index (CPI) would show annual inflation holding steady at 1.3 per cent. Prices were seen unchanged on the month. Aline Schuiling, an economist at ABN AMRO, said the German data so far suggested annual inflation in Europe's largest economy would in fact accelerate to 1.5 per cent this month. "Looking forward, we expect the headline inflation rate to remain close to its current level in the coming months, with food, energy and other com-
11
International & Continuation
Saturday, November 27, 2010
modity prices probably remaining on an upward trend, but core inflation falling modestly," she said. In North Rhine-Westphalia, Germany's most populous state, annual inflation accelerated to 1.5 per cent, its highest so far this year and up from 1.2 per cent in the previous month. The increase in NRW, which accounts for nearly a quarter of the German price index, was larger than in the other three states that have reported so far, where inflation rose by between 0.1 and 0.2 per cent-
age points. Month-on-month, prices were unchanged in two states and rose 0.1 per cent in the other two, the data showed. Preliminary pan-German data are due later in the day. Within the euro zone, the annual growth rate of M3 money supply, a measure of cash readily available to spend that the ECB sees as a leading indicator for inflation, fell slightly to 1.0 per cent on an annual basis, against expectations of a 1.3 per cent rise.Reuters
Japan passes extra budget, focus shifts to next FY TOKYO: Japan passed an extra budget on Friday, paving the way for officials to begin compiling next fiscal year's budget amid pressure to delay spending cuts needed to soothe bond investors' worries. The extra budget, which expands the social safety net and brings forward public works, will have a small economic impact partly because the government limited spending to avoid selling debt. This show of fiscal discipline is welcome as public debt is almost twice the size of Japan's $5 trillion economy, but maintaining spending and debt caps for next fiscal year's budget will be more difficult. The Democratic Party-led government is struggling with a combative opposition in a split parliament. Ruling party members could resist spending cuts as they seek to improve the cabinet's low public support, but that would risk unsettling investors who are already
on edge as Europe's debt crisis unfolds. "It will be extremely difficult for the government to keep new bond issuance down to 44 trillion yen as pledged in the next fiscal year," said Yuichi Kodama, an economist at Meiji Yasuda Life Insurance in Tokyo. "The problem with Japan is its weak revenue structure, as tax rates are low. The public is unaware of the impending crisis, unlike people in Europe." Opposition parties that control the upper house rejected the extra budget for the current fiscal year to March 31, which contains 4.4 trillion yen ($52.64 billion) in actual spending. But the legislation became law since it had already been approved by the more powerful lower house, which has overriding power on budget bills. The budget for the fiscal year starting next April 1 will be a test of Prime Minister Naoto
Kan's ability to stick to his target of 44 trillion yen in new debt issuance and 71 trillion yen in general spending, excluding debt servicing costs, which mirrors the current fiscal year's budget. Japanese bond yields are already on the rise, so signs the government will forgo the debt cap could push yields even higher and weigh on the economy. Public finances are very much in the spotlight as Ireland's negotiations for a bailout due to the cost of saving its banking sector push up borrowing costs for other European countries with weak finances. The enactment of Japan's extra budget on Friday comes after much jousting between ruling and opposition parties in the divided parliament. The opposition only agreed to vote on the bill after the justice minister quit this week over a gaffe.-Reuters
Australia cbank suggests rates on hold for now SYDNEY: Australia's central bank chief signalled on Friday that interest rates will remain steady for the next few months, leading markets to push out the timing of any tightening to mid-2011 and knocking the Australian dollar lower. Still, Reserve Bank of Australia (RBA) Governor Glenn Stevens warned inflation risks over the medium term were on the high side, suggesting it was not done tightening policy. The central bank lifted its official cash rate by 25 basis points to 4.75 per cent earlier this month , and noted many commercial lenders had raised their loan rates by even more, leaving the overall policy setting "a little tighter than average".
"For the period in which we're going to in the near term, I think this is about the right level," Stevens told a parliamentary committee. "At the moment most commentators and market pricing does not anticipate any further near-term tightening by us for quite some time. And I think that's probably a reasonable position for them to have, based on the information we have now." Interbank futures out to May rallied as the market pushed out the chances of a rate hike, while the Australian dollar shed about half a cent to $0.9743 , further away from its 28-year high of around $1.0182 set early this month. Stevens said it was reasonable not to expect a rate hike imminently.
Markets are giving virtually no chance of a rate rise at the next policy meeting on Dec. 7, and assume just 32 basis points worth of tightening over the next 12 months. "We think they won't move till quarter one next year at the earliest," said John Peters, senior economist at Commonwealth Bank. Stevens reiterated the central bank expected economic growth to be a little over 3 per cent in 2010 and then to accelerate to 3.5 per cent in 2011 and 2012. Inflation was likely to stay within the central bank's 2-3 per cent target range over the coming year, he said, but little spare capacity in the economy and a likely record surge in resource investment meant pressure was building.-Reuters
CONTINUATION No #1
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Angela Merkel has said that the debt crisis has put the eurozone in "an extremely serious situation" and her finance minister, Wolfgang Schauble, warned that the single currency's very survival is at risk. Meanwhile, the Financial Times Deutschland reported the European Central Bank and some eurozone countries were pressing Lisbon to tap the European Union's 500-billioneuro (664-billion-dollar) bail-out fund. Lisbon rejected the report as totally false and Berlin stressed that there was no such pressure. Although Lisbon denies it needs help, markets fear the debt-stricken southern European state could be the next domino to fall in a chain that started in Greece earlier this year and led to Ireland this week. "I fear that the markets are looking at Portugal, which has similar fundamentals to Greece," Thomas Mayer, chief economist at Deutsche Bank, told the Frankfurter Allgemeine Zeitung daily in an interview. "Market movements are pointing to the expectation that Portugal will take cover under the shield," he said. Greece was bailed out in May and Ireland was forced to seek help at the weekend after the markets turned against Dublin because of its debt and deficit problems, despite their governments taking austerity measures. -Agencies
impact investor sentiments towards India from a medium-term perspective," Jain said.But the revelaContinued from page 5 "As long as the highs reached in early November are not sur- tions of one scandal after the other in recent months marks a change from the days when corruption passed, the risk will remain on the downside. Expect a further cor- and graft would never make it onto the front page on most of the country's top media outlets.-Reuters rection move towards the support base around 5,440 and 5,330," Continued from page 1 No #8 Suffiet said. Among individual UK blue-chip fallers, DIY retailer a temporary rise in inflation, the central bank is worried that they could fuel an increase in inflation Kingfisher shed 2 per cent. Traders cited the impact of a down- expectations, such as through wage demands. It will be difficult given inflationary pressures and grade by BofA Merrill Lynch to "underperform" from "neutral" demands from the IMF in exchange for its loans. But growth is weak. Following the floods, the govwith an unchanged 230 pence price target. ernment cut its economic growth forecast to 2.5 per cent for fiscal year 2010-11, almost half the origInvestec Securities also cut its stance on Kingfisher to "sell" from inal target of 4.5 per cent. However, the current account has swung to a surplus in September and "hold" in a review of British general retailers in which it downgrad- October, which could support the currency. A sustained pick up in the currency could persuade the ed the sector overall to "underweight." However, Marks & Spencer central bank that it can ease up on the pace of rate rises. Reconstruction can spur growth and comadded 0.4 per cent as Investec raised its rating to "buy" from "hold" modity prices have doubled, pushing up the incomes of those working in agriculture, which is about in the review. Capital Shopping Centres was the top riser, up 5.3 per 40 per cent of the population. Since hitting a record low of 86.40 per dollar in early October, the rupee cent as speculation mounted that Simon Property may bid for the has risen close to 1 per cent, helping offset import price rises and so providing some relief to inflacompany after it made a potential offer on November 24. Reuters tionary pressures. However, the currency is still down 1.5 per cent since the end of 2010.-Reuters
No #4
No #5
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"From every indication we've gotten so far in consumer spending, I think the consumer will be out there, and it will be a good holiday season" for retailers, said Cardillo. Still, retail shares were sluggish. Discount retailers Wal-Mart dipped 0.4 per cent to $53.82 and Target Corp fell 0.7 per cent to $56.86, while Macy's, operator of its namesake retail chain and upscale Bloomingdale's, Continued from page 12 edged 0.3 per cent lower to $25.95. Volume was very thin at midNo #2 can approve the expenses later in this regard. While answering morning with US stock markets set to close earlier following the to Secretary, Audit officials told the committee that there is no US Thanksgiving holiday on Thursday. Reuters such rule in government departments. Audit Officials also pointContinued from page 5 No #6 ed out NHA officials hide their record from Audit officers. Overall sentiment in the market remains bullish, with many Riaz Peerzada said that if the record will not be produced before market players now predicting the Nikkei is likely to end the year the audit officers then PAC will take serious action against the around the 10,500 mark. Tokyo shares now look attractive based responsible officers. Riaz Peerzada also remarked that injustice on valuations, said Nicholas Smith, director of equity research at prevails at NHA in the "lordship" of Chaudhry Altaf. He said that MF Global FXA Securities in Tokyo. "We'll get a real test of the Chairman should suspend those officers who are not performing global economy through the next two to three quarters, but I think their duties.But unfortunately ministry and NHA are not giving valuations are extremely good in Japan," Smith said, referring to importance to PAC directives, he added.-APP gauges such as the price-to-book ratio as well as the gap between dividend yields and yields on government bonds. Continued from page 12 No #3 "Broadly we're sitting at one times book, against the S&P 500's well-connected chancer from the Pakistani border city of 2.1 and London's 1.9," Smith said. Shares in Hitachi dropped 1.5 Quetta," it said. "The British were convinced of the man's bona fides and flew "Mansour" from Quetta to Kabul on a British C130 per cent to 396 yen after Britain's government delayed until next year a decision on how to replace ageing Intercity express trains, transport aircraft on a number of occasions," it reported. a project analysts believe will cost around 7.5 billion pounds US newspapers including The New York Times said earlier this ($11.82 billion). Agility Trains, a consortium consisting of Hitachi week that a man described as a "Taliban leader" who had taken and British infrastructure project manager John Laing, is the prepart in "secret peace talks" with the Afghan government was in ferred bidder on the contract. Reuters fact an impostor. On Tuesday, The Washington Post reported two senior Afghan officials believed the man was a "lowly shopkeepContinued from page 1 No #7 er" from Quetta, the Pakistan town where the Taliban leadership India's stock market regulator SEBI has also stepped in with its fled in 2001. Asked for comment, a Foreign Office spokesman own investigation into related possible insider trading, a source at said: "We can neither confirm nor deny details of operations." SEBI told Reuters. The Indian bond and rupee markets remained Newspaper reports in the United States and Europe last month unaffected as traders did not view it as a risk to the banking sysraised interest that high-level talks, sponsored by Nato, had been tem. Analysts said the scandal, which comes just a few days after held between the Afghan government and Taliban leaders. Singh had to defend his government in another case involving Karzai said his government had not met anyone named mobile phone licences sold for below-market prices, could harm Mansour. The Times quoted a senior Afghan government official investor sentiment. "This is just unfolding at this point in time. as saying on Thursday: "British Intelligence was naive and there These are very serious issues which impact investor sentiments," was wishful thinking on our part."Bill Harris, who retired this said Nitin Jain, Singapore-based principal of fund manager Kotak month as the most senior US representative in Kandahar province, Mahindra. "If we can clearly say that we have done something told The Times on Thursday that it was not British intelligence right at this point in time and do proper things at this point in time then it's salvageable but otherwise it does have a potential to officers alone who were responsible for the error.-Reuters
No #9
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The bench took up a constitutional plea of Leader of the Opposition in National Assembly Chaudhry Nisar Ali Khan and a separate plea of Shahid Orakzai. Ch Nisar Ali Khan in his plea moved by Muhammad Akram Sheikh, had contended that NAB chairman's appointment was made without consultation with the Leader of the House, Leader of the Opposition and the Chief Justice of Pakistan. The NAB chairman's appointment could be made through meaningful consultation as envisaged under Article 48-A in which the President could make appointment after advice from the prime minister. He stated that by making such appointment, the mandatory consultation with the Chief Justice of Pakistan was also neglected which stood revived after Asfandyar Wali Khan and NRO cases. He prayed in order to secure the fundamental rights of life, liberty, and law Justice (R) Syed Deedar Hussain Shah should be directed to relinquish his office forthwith with the said office being declared vacant. The Court further directed the concerned authorities that a regular appointment to the vacant office of NAB chairman be made within 30 days.-APP
No #10
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Upon preliminary probe, the CCP found out that the choices of residents are being restricted due to an exclusive agreement between Wateen Telecom and DHA effective from January 1, 2008. This agreement gives Wateen Telecom the sole and exclusive right to procure, provide, install, set up and establish telecommunication equipment/system and infrastructure within DHA Lahore. In accordance with the agreement, telecommunication and media services provided by Wateen Telecom include Long Distance and International (LDI), Wireless Local Loop (WLL), Optical Fibre Cable (OFC), Telecom Infrastructure, Hybrid Fibre, and Cable (HFC) services. The CCP further examined the contents of the exclusive agreement which revealed that certain clauses are prima facie potentially anticompetitive having the object and effect of restricting or distorting competition in the relevant market. Apart from granting Wateen exclusivity in the area of telecommunication and media service provision the agreement also grants Wateen the last right of refusal to any competing undertaking for a period of thirty (30) years. In its Show Cause Notice, the CCP has stated that DHA appears to have entered into an agreement with Wateen Telecom which prima facie violates Section 4 of the Act. DHA and Wateen have been asked to submit their written arguments and justifications for entering into the exclusive agreement within fourteen days and to appear before the Commission on 21st December 2010. It is the responsibility and obligation of the CCP under the Act to ensure free competition in all spheres of commercial and economic activity to enhance economic efficiency and to protect consumers from anti-competitive behavior. The CCP is of the view that any or all residents of DHA having concern in this regard may contact the Commission.
No #11
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Abdi said he has been receiving life threats every day. To a question, he said Taliban and militants were behind these threats, he, however vowed to handle these monsters with iron hands. According to eye witnessed, at least four unidentified persons came in a vehicle and intercepted the bike riders and hurled a burning tyre at them, causing them severe burn injuries.-INP
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Nation would have to sacrifice for flood affectees: minister
Flood tax for but 6mths, Kaira says Agriculture sector inputs also taxed
SEOUL: A South Korean activist holds a placard during a protest in Seoul .-Reuters
EDB Authority Ord all penned for perusal ISLAMABAD: The Engineering Development Board (EDB) committee has drafted EDB Ordinance which would be forwarded shortly to board's Review Committee for finalisation, said a statement issued here. The draft ordinance, once finalised by the Review Committee, would be forwarded to Law Division through Ministry of Industries and Production. The ordinance is aimed at
providing more autonomy to the board for better performance and decision making, said the EDB press statement adding the conversion of EDB into an Authority was approved in March, 2007 by the then prime minister. An ordinance for establishment of EDB as an Authority was drafted and placed before the Board of Management (BoM) of EDB, it said adding subsequently, the draft ordinance was cir-
culated to the members of BoM, Pakistan Engineering Council, ministries of finance, commerce and establishment division for their comments and input. In August, 2010 an in-house committee of senior EDB officers was assigned to look into the draft ordinance in the light of comments and inputs received from different quarters. The core functions of the EDB has been classified as,
Krishna in SL presses Pakistan to step on it
India dead set on fast 26/11 justice COLOMBO: Underlining its commitment to resolving all bilateral issues through dialogue, India Friday asked Pakistan to dismantle the terror machinery and bring the perpetrators of the 26/11 Mumbai attacks to speedy justice. "On the second anniversary of the barbaric terrorist attack in Mumbai, the nation pays respectful homage to its sons, daughters and foreign guests, whose innocent lives were cruelly snuffed out," External Affairs Minister SM Krishna, who is on a four-day visit to Sri Lanka, said here. "The day is a stark reminder that no cause can ever justify terror, either by state or non-state actors," he said. "Once again I call upon Pakistan to
dismantle the terror machinery operating with impunity in territories under its control and to bring all the perpetrators of the Mumbai terror attack to speedy justice," the minister said. Alluding to his talks with his Pakistani counterpart Shah Mehmmod Qureshi July 15 in Islamabad, Krishna said India is seeking "peaceful, stable and cooperative relations with Pakistan". "India is committed to resolving all outstanding issues with Pakistan through dialogue," he said. Krishna said he has invited Qureshi to New Delhi for further discussions. Qureshi is expected to visit India early next year.-Online
PAC’s hammer falls heavy on NHA scams ISLAMABAD: The special Public Accounts Committee (PAC) Friday took strong notice of financial embezzlements and overpayments under different projects of NHA and sought detailed report in two weeks. Committee met here under the chairmanship of Riaz Pirzadah to review the audit report of Ministry of Communications for the fiscal year 1997-98. Members including Hamid Yar Haraj, Nadeem Afzal Chan, Aftab Shaban Meerani, Secretary Communications, Chairman NHA Chaudhry Altaf, and high-ups from the office of Auditor General of Pakistan attended the meeting. The PAC snubbed the Secretary
Communication for giving extension to contractor in Indus Highway project for five times. Secretary Muhammad Sharif apprised the committee that due to the shortage of funds, the ministry has to give extension to the contractors. Audit officials told committee that Chaudhry Nisar has written a letter to the audit office and apprised them that from the last several years some government departments have been practicing the unlawful act of taking approvals for the expenditures after disclosing irregularities. Secretary informed the committee that according to rules and regulation, the board of government department See # 2 Page 11
Report says M16 paid ‘fraud Taliban leader’ LONDON: A man posing as a Taliban leader who had talks with Afghanistan's president was paid and promoted by British intelligence, a newspaper said on Friday. British Secret Intelligence Service (SIS) agents paid Mullah Akhtar Mohammad Mansour from May this year, believing they had achieved an
"historic breakthrough" in forging contacts between the Taliban and the Afghan government, The Times said. "Far from being a former Taliban government minister, the individual concerned is now thought to have been a shopkeeper, a minor Taliban commander, or simply a See # 3 Page 11
tariff rationalisation, policy formulation and business/export development. EDB was established in 1995 as an autonomous body and the original objective of the board was a Policy formulation and Implementation for facilitating and encouraging development of Engineering Industry. EDB was transferred from P&D Division to Ministry of Industries and Production in September, 2000.-APP
ISLAMABAD: Information Minister Qamar Zaman Kaira has said that the flood tax is being levied only for a period of six months and the revenue collected through it will be spent on the rehabilitation and reconstruction of the flood affected areas. Talking to the media persons here on Friday he said imposition of agriculture tax falls under the ambit of the provincial government. Kaira said the tax has also been imposed on the inputs of agriculture sector. The minster added the RGST was approved by the provinces and the Council of Common Interest. He said it would bring conformity in the tax system and the masses would not be affected by
it. He said the government would welcome positive suggestions/recommendations form the Opposition. The information minister said the government has tried to address fundamental problems of security and brought reforms in the constitution. He said the government believes in complete transparency and in this connection reforms were being introduced in Pakistan Railways, Wapda, and other departments. Kaira said the government has brought about reforms in industrial, tourism, and agriculture sectors as well. He said improved security situation would usher in fresh foreign investment. Responding to a question
Japanese parliament passes $58bn stimulus budget
Portugal not on Ireland trail: EU
TOKYO: The Japanese parliament on Friday passed an extra budget worth 58 billion dollars to cover a new stimulus package aimed at averting the threat of a "double-dip" recession. The powerful lower house, dominated by PM Naoto Kan's ruling Democratic Party of Japan, overruled a vote in the opposition-controlled upper house earlier Friday against the budget, which amounts to 4.8 trillion yen. -Agencies
PARIS: European states are not pressing Portugal to seek aid to finance its debt, the head of the European Commission Jose Manuel Barroso said on Friday, criticising certain EU leaders for stirring panic. "No reference to an aid plan for this country has been asked for and none has been suggested," the commission president told reporters in Paris, playing down reports that Portugal might follow Ireland in seeking a bailout.
about RGST, he said it was aimed at progress and development. To another question, he said the government has objections to the method of survey employed by Transparency International which desperately needs to expand its survey up to every segment of the society. To another question he advocated the audit of the NGOs saying they should also audit their accounts like government departments. Regarding blasphemy law, he said in a Muslim society no one can tolerate the sacrilege of the Holy Prophet (PBUH). Kaira observed that if there were problems in implementation and application of the law, the lacunas could be removed through discussions.-NNI
"I think one of the problems that we have had recently has been that some political leaders have been making declarations every day instead of taking decisions," he added, in an apparent swipe at German officials. "I think that it's important that in this economic and financial domain that political leaders don't take themselves for commentators," he said. Germany's Chancellor See # 1 Page 11
China warns as US-SK naval war-games near start SEOUL: China warned on Friday against military acts near its coastline ahead of US-South Korean naval exercises that North Korea, days after shelling a South Korean island, said risked pushing the region toward war. Beijing's warning came as the Seoul government named a career soldier as its new defense minister amid mounting criticism of the response to Tuesday's attack by North Korea, its heaviest bombardment since the 1950-53 Korean War. North Korean artillery shells rained down on the small South Korean island of Yeonpyeong on Tuesday, killing four people and destroying dozens of houses. "The situation on the Korean peninsula is inching closer to the brink of war due to the reckless plan of those trigger-happy elements to stage again war exercises targeted against the (North)," the North's official KCNA news agency said. -Reuters
More than 100 Khi-action arrestees released KARACHI: More than 100 persons, arrested in a flash operation here, have been released after investigation while the remaining lot is still under interrogation. Sources said that, Rangers launched operation against criminals in different areas of Karachi including Gulistan-e-Johar, Sultanabad, and Bhittaiabad nabbing many suspects. Many of them were released after initial investigation due to lack of evidence while some of them are still being questioned, sources said. According to ANP, the operation was launched in the area of Pakhtun population and in this connection more than 250 ANP activists were arrested. ANP sources added that more then 100 workers were released on Friday morning. ANP showed concerned over the arrest of its workers.-Reuters
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