International Karachi, Friday, January 28, 2011, Safar-ul-Muzaffar 23, Price Rs12 Pages 12
President pledges equality for Fata
Baradei returns to Egypt, joins protest
See on Page 12
Isb, Kabul agree to co-run peace drive
See on Page 12
Perform or quit, Sharif tells govt
See on Page 12
See on Page 12 Economic Indicators Forex Reserves (22-Jan-11) Inflation CPI% (Jul 10-Dec 10) Exports (Jul 10-Dec 10) Imports (Jul 10-Dec 10) Trade Balance (Jul 10-Dec 10) Current A/C (Jul 10- Dec 10) Remittances (Jul 10 - Dec 10) Foreign Invest (Jul 10-Dec 10) Revenue (Jul 10 Dec 10) Foreign Debt (Sep 10) Domestic Debt (Nov 10) Repatriated Profit (Jul- Dec 10) LSM Growth (Nov 10)
GDP Growth FY10E Per Capita Income FY10 Population
$17.30bn 14.61% $10.98bn $19.13bn $(8.15)bn $26mn $5.29bn $1.05bn Rs 638bn $58.41bn Rs 5348.6bn $323.6mn -4.69% 4.10% $1,051 175mn
Yemen joins Egypt, Tunisia drive against dictatorship
US help sought for IMF tranche PM hails US trust on Pak economic system Says planning economic framework for growth
Portfolio Investment
Special Correspondent/ Agencies
SCRA(U.S $ in million)
196.44 1.05 0.37 3065
Yearly(Jul, 2010 up to 26-Jan-2011) Monthly(Dec, 2010 up to-26-Jan-2011) Daily (26-Jan-2011) Total Portfolio Invest (21 Jan-2010)
NCCPL (U.S $ in million)
FIPI (27-Jan-2011) Local Companies (27-Jan-2011) Banks / DFI (27-Jan-2011) Mutual Funds (27-Jan-2011) NBFC (27-Jan-2011) Local Investors (27-Jan-2011) Other Organization (27-Jan-2011)
0.40 -1.32 2.16 -2.11 0.17 0.10 0.60
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12,477.00 10,478.66 23,779.62 18,684.43 2,659.04 2,749.15 5,993.52 11,996.64
Change 6.34 76.76 63.62 285.02 9.62 40.34 24.31 11.20
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)
$.Price PKR/Shares 2.60 111.52 19.32 165.73 2.00 42.89 1.70 36.46 11.48 39.39
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
26-Jan-2011 26-Jan-2011 26-Jan-2011 29-Nov-2010 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011
13.67% 13.71% 13.88% 14.00% 13.55% 13.78% 13.89% 14.23% 14.32% 14.19% 14.22% 14.22% 14.62% 14.81% 14.98%
Commodities *Crude Oil (brent)$/bbl 98.81 *Crude Oil (WTI)$/bbl 87.18 *Cotton $/lb 171.08 *Gold $/ozs 1,336.60 *Silver $/ozs 27.60 Malaysian Palm $ 1,208 GOLD (NCEL) PKR 37,088 KHI Cotton 40Kg PKR 11,360
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 84.80 Canadian $ 85.00 Danish Krone 14.00 Euro 116.00 Hong Kong $ 10.90 Japanese Yen 1.031 Saudi Riyal 22.90 Singapore $ 66.70 Swedish Korona 12.00 Swiss Franc 85.90 U.A.E Dirham 23.30 UK Pound 136.00 US $ 86.00
Sell (Rs)
85.80 86.00 14.70 117.00 11.00 1.057 23.05 67.70 12.10 86.50 23.60 137.00 86.50
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
85.39 86.22 15.77 117.52 11.01 1.044 22.87 67.04 13.29 90.90 23.35 136.48 85.78
85.59 86.42 15.81 117.79 11.04 1.046 22.92 67.20 13.32 91.11 23.40 136.80 85.97
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US Advisor to Obama calls on Gilani
LAHEJ: Protesters march during an anti-government demonstration in Radfan, a district in the southern Yemeni province of Lahej. Reuters
‘Govt preparing economic growth strategies’
Shaikh pledges pro-poor plans ISLAMABAD: Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh said on Thursday that the government is planning to formulate a comprehensive economic growth strategy soon to benefit the people. He stated this while addressing the participants of a growth policy seminar here at local hotel on Thursday. The seminar was jointly organized by Planning Commission and Department for International Development (DFID-UK). Deputy Chairman Planning Commission, Dr Nadeem-ul Haq and officials of the Ministry of Finance and
US citizen kills three persons in Lhr LAHORE: A US national opened fire at civilians, allegedly robbers, on Thursday afternoon and killed three people, police said. The incident occurred in Qartaba Chowk when the foreigner allegedly opened fire on self-defense; as a result, three injured have succumbed to injuries in the hospital. According to details, Steve David, having American nationality, opened fire at two persons riding a motorcycle on a busy road here. David was said to have told police that those two guys were trying to rob him and in his defense he shot them. After the shooting, David, driving rashly, tried to escape the spot and on the way hit many other motorcyclists and rickshaws. One bike rider was killed and many others injured. Police said that pistols were recovered from the deceased. Police arrested the American national and shifted him to district police station. After the incident several peoples came out on road, protesting against the act and chanting slogan against America. Police have also confiscated a pistol with live bullets and three mobile phones from him. Police officer Rana Faisal said David has claimed that he works for the US consulate in Lahore while US counsel in Lahore also confirmed. Taking serious notice of the incident, Punjab Chief Minister Shahbaz Sharif sought a comprehensive report from the authorities concerned. Agencies
Economic Affairs also attended the seminar. Professor Alan Winters, one of the UK Government's Chief Economists on the occasion also delivered a lecture on the topic "growth policy". Dr Hafeez said it is the priority of the government that benefits of its policies should reach to all segment of the society specially the poor for the socio economic prosperity of the country. He said that new growth strategy would also help improve competitiveness, promote investment based on innovation and entrepreneurship and better exploit the potentials of country's large domestic market.
He added the government wanted to pass on the benefit of its policies to all people not the "chosen few." He said that the government is also facilitating the private sector as the engine of the economic growth to achieve this objective. He said it is not the job of the government to do businesses but its job is to make policies and regulations which promote business activities and economic growth for the prosperity of the country. He added that the government has initiated prudent economic policies for the prosperity of the country. The Minister for Finance See # 13 Page 11
Corruption in Hajj arrangements
Evidence points finger at Kazmi ISLAMABAD: The Federal Investigation Agency (FIA) on Thursday told the Supreme Court in its report on the Hajj scandal that proofs have been found regarding involvement of Minister of State for Religious Affairs Shagufta Jamani in corruption and contacts among exminister for Religious Affairs Hamid Saeed Kazmi and the accused of Hajj scandal, Ahmed Faiz and Rao Shakil. A seven-member larger bench of the Supreme Court headed by Chief Justice Iftikhar Muhammad Chaudhry heard the case. When the hearing started the Attorney General told the court that Javed Leghari has been appointed Additional DIG FIA and he will have all the inquiry powers.
Javed Leghari presented the report about the inquiry conducted so far in the case in which it has been stated that evidences have been found about involvement of Shagufta Jamani in the Hajj corruption case and further investigation in this regard is in progress. The report further stated that proofs have been found about contacts among Hamid Saeed Kazmi and the accused of Hajj scandal, Ahmed Faiz and Rao Shakil, former DG Hajj. The FIA official told the court that an FIA team is in Saudi Arabia to arrest Ahmed Faiz and it has been told not to return till the accused is arrested. Javed Leghari also presented the statement of Zain Sukhera, See # 14 Page 11
Dec spreads surge 26bps Year-on-Year Aamir Abidi KARACHI: State Bank of Pakistan (SBP) released lending and deposit rates of the banking system for the month of December 2010. Banking spreads were up 26bps to 7.61 per cent YoY compared with 7.35 per cent in December 2009. The main reason of increase in spread remained higher liquidity in market which resulted into lower cost of deposit, as it decreased by 23bps YoY to 5.91 per cent while they were 6.14 per cent in December 2009, however,
lending cost rose 3bps on yearly basis to 13.52 per cent from 13.49 per cent in same period last year. On the other hand, spread on month on month basis surged 7bps where they were 7.54 per cent in November 2010. Cost of deposits increased by 3bps at 5.91 per cent while they were 5.88 per cent in previous month, likewise, lending cost up by 10bps on monthly basis to 13.52 per cent. On the other hand, average spread during the outgoing year remained almost flat at 7.46 per cent in CY10 versus 7.47 per cent in CY09.
ISLAMABAD: Prime Minister Gilani has appreciated US Government's confidence in the Pakistan's economic system and hoped that other donor countries will also follow the suit as his government had put in place the third party verification and beneficiaries' assessment as well as for public disclosure of programme performance in order to increase donor and public trust in the utilisation of the foreign assistance. He was talking to a US delegation led by David Lipton, Senior Advisor to the US President at the PM House here on Thursday. Prime Minister said that while the government of Pakistan was implementing the IMF programme in the interest of the country, the US influence would be crucial for the disbursement of the next IMF tranche in March this year to help his government prepare for
SC tells Senators not to talk Rekodiq on telly-shows ISLAMABAD: Chief Justice of Pakistan Iftikhar Muhammad Chaudhry Thursday asked senators who were party to the proceedings on award of Rekodiq copper and gold mining project in Balochistan, to desist from commenting over the issue on TV programmes. Chief Justice verbally issued instruction after Abdul Hafeez Pirzada, counsel for a respondent company, appeared and said that contempt notices should also be issued to certain senators appearing on TV programmes and commenting on an issue pending for adjudication. He told the bench that it would be unfair to conduct proceedings since no one had produced chronology of facts. Earlier, the bench directed Chief Secretary Balochistan Ahmad Bakhsh Lehri and Advocate General Salahuddin Mengal to produce on Friday (today) all the relevant record of the contracts over Rekodiq from 1993 to 2007. A four-judge bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Muhammad Sair Ali, Justice See # 15 Page 11
Forex reserves up at $17.3bn Staff Reporter KARACHI: Pakistan's total liquid foreign exchange reserves increased to $17.3001 billion, said a statement from State Bank of Pakistan here Thursday. On January 22, 2011 the foreign reserves held by State Bank amounted to $13.7391 billion. Whereas, net foreign reserves held by banks other than SBP were at $3.561 billion.
the next fiscal year's Budget. Prime Minister added that while the government was working hard to improve internal controls for transparency, the concerns should not become a pretext for withholding or stopping the much needed support, which has already been pledged by the donors to Pakistan. In this context he added that the floods affectees cannot be made to wait for their early rehabilitation. He said that as far as the government of Pakistan was concerned, it had already drastically cut its development and nondevelopment expenditure to divert the resources for providing succour and relief to the flood victims. Prime Minister said that his government was committed to introduce and implement economic reforms. The RGST and flood tax measures had already been introduced and passed through the Senate and intensive consul-
tations were now being held with the major political parties of the country to build the national consensus for their passage through the National Assembly. Prime Minister said that the political dialogue has been initiated over other national challenges like governance, institution building and security situation of the country. Prime Minister underlined that despite Pakistan's current economic difficulties, his government will remain steadfast in its commitment to war against terror. Prime Minister highlighted the positive trend in the national economy as a result of steps taken by his government like substantial increase in exports, record home remittances and all time high foreign exchange reserves, which he said, were reflective of the sound economic fundamentals of the country. David Lipton commended the Prime Minister for clearly See # 11 Page 11
Tariff down Rs2.67/unit in last 5mth
Nepra proposes 58paisa/unit cut ISLAMABAD: National Electric Power Regulatory Authority (Nepra) has approved a reduction of 58 paisa per unit in rates of electricity. The decision to this effect was taken during a meeting here Thursday. The summary notification to this effect has been sent to Federal Government for final approval. According to Nepra the reduction has been made under the monthly fuel adjustment formula, which would be implemented from the month of December. The consumers would be getting relief in the bills of this month. The reduction would be applicable to all consumers with the exception of life line consumers. Meanwhile, a spokesman of the ministry of water and power said Thursday that government has taken all possible steps in power tariff reduction and provided maximum relief of Rs2.67 per unit to the consumers during last five
month. Spokesman said, under the monthly fuel price adjustment, 33 paisa per unit, were reduced for the month of August, 36paisa per unit for the month of September and 32-paisa for the month of October, Rs1.8 per unit for the month of November and 58-paisa has been reduced for the month of December 2010. The reduction in the per unit prices during the last four months (August-November) under the monthly adjustment has already been passed on to the consumers and the relief for the month of December will be given in the forthcoming electricity bills. Minister Raja Pervaiz Ashraf said that the government has itself bore the burden and not raised power tariff keeping in view the economic difficulties of the consumers and tried its best to provide relief in terms of fuel prices adjustments. -Agencies
Margins remain under pressure in Jan
Refiners margins seen green in Feb Ghulam Raza Rajani KARACHI: The recent rise in the international crude oil prices in January, 2011 is expected to adversely affect domestic Gross Refinery Margins (GRMs). With petroleum product prices for January 2011 are already fixed by Ogra, industry GRMs during the ongoing month is likely to be around $2.3 per barrel compared with $1.2 per barrel in December 2010. On the back of relatively chilly winters this time, particularly in eurozone, the benchmark crude oil prices i.e. WTI and Brent saw their prices remained above $90 per barrel for most of the January 2011. Interestingly, Arab Light
crude oil prices rose sharply than the other crudes to average $93.7 per barrel, up 4.4 per cent on MoM. This has adversely affected industry GRMs since product prices have already been fixed during January 2011 by Ogra. As per analyst of Topline Securities, company-wise GRMs indicate that only ATRL margins to remain green, while GRMs of NRL and PRL which were negative during December 2010 are expected to remain in red-zone in January as well. As per estimates, GRMs of ATRL is expected to be around $1.5 per barrel while NRL and PRL likely to be -$3.5 per barrel and -$5 per barrels. This includes the impact of removal of incidental charges See # 12 Page 11
2 Friday, January 28, 2011
Rising poverty, high crimes
MNAs blame inflation ISLAMABAD: Members of the ruling and opposition parties in National Assembly said that the major reason of poverty, unemployment and high crime rate in the country is inflation. Middle class section has vanished because of the deteriorated economy. National Assembly session was held here in Parliament House on Thursday where parliamentarians were of the view that rulers have to face the music if they did not control the inflation. Rana Tanveer Hussain said while participating in the discussion on adjournment motion that flood of price hike should be stopped and if the trend remained the same, circumstances will rapidly move towards uprising. He demanded that cabi-
net must be right sized and increase in members national assembly up to 342 by the Musharraf must also be checked as post enlargement of parliament, expenditures have grown. Raja Asad criticised the government's policies and second-rated them. He said if a dam was constructed instead of spending Rs70 billions on Benazir Income Support Program (BISP) that would have better served the nation. Country needs long-term planning, but government is not understanding the tenderness of the situation as gap between rich and poor has swollen. Khalida Mansoor said good governance does exist in country, different crises emerge on intermittent basis. Government has no control over prices as no effective policy exists, she
added. Raza Hayat Hiraj of PML-Q said commodity prices are sky high and inflation has affected the people of all classes. Agriculture sector of the economy is linked with all sectors and if it is ignored further, 70 percent of the revenue will demolish. PML-N's Sheikh Aftab Ahmed said middle class section of the society has diminished, only poor and rich sections are left, which is the main reason of mounting crimes. He also said Pakistan Railways, PIA, Steel Mills and other corporations are running in deficits, he pointed. MQM's Sheikh Salah-udDin said inflation is the major reason of poverty, crimes and unemployment. Masses want their problems solved, but case is different, he added.-Online
LAHORE: The GSA of Thai Cargo Pakistan recently hosted farewell dinner to Thongchai Ungkasareeruk, outgoing General Manager Lahore and to welcome new GM Lahore. Group photo shows (L-R) Amorn Kasornsiricharoen (Finance Manager), Satit Dumrerng (New General Manager Lahore), Thongchai Tungkasareeruk (General Manager Lahore) Arif Suleman (CEO GSA-Cargo Pakistan), Polapat Neelabhamorn (Country Manager - Pakistan) and Mohsin Masood (Cargo Sales Manager, North, Pakistan).-Staff Photo
Business leaders plea to keep rallies off roads KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) leadership has called upon the political parties to avoid holding demonstrations and rallies on busy roads of the city, especially during working hours. Such political activities badly disrupt routine public life and cause a big loss to trade and industry in and around the metropolis, said Vice President FPCCI, S.Khalid Tawab. Other business leaders also endorsed his opinion. In a meeting with a delegation of Jamaat-i-Islami led by its Secretary General Liaquat Baloch here at Federation House on Wednesday, FPCCI Vice- Presidents Khalid Tawab and Dawood Usman Jakhura emphasised that all political and religious parties should play their role in maintaining peace and harmony in the country particularly in
the city. Deterioration of law and order creates serious problems for the people and damages the economic activities. "Because of law and order problem, our foreign buyers are shy to visit Pakistan," they asserted. Khalid Tawab said the political parties should come up with a unanimous map and a set of policies about the country's economy which should be effective for at least next 10 years. This would help build the confidence of local and foreign businessmen, they said. The FPCCI leaders said the business community of the country wanted the support of all national political parties in campaigning for solution of the problems and resolution of irritants confronting trade and industry. Secretary General of Jamaat- iIslami Liaquat Baloch assured FPCCI leaders
of all possible cooperation and support. He said JI is very clear that industrial growth is the only answer to all problems of the country. The nation can overcome the present challenges to the country by making honest and targeted efforts based on a vision. He said Jamaat- i-Islami in continuity of its policy would be striving for peace and security to life and property of the people especially in Karachi and the country in general. JI leadership would not hesitate to go to any party to achieve the purpose, he added. JI delegation included Senator Farid Paracha, Senator Muhammad Ibrahim, former MNA Muhammad Hussain Mehnati, former MNA Assadullah Bhutto, former senior minister Khyber Pakhtunkhwa province Siraj-ul-Haq.-APP
To achieve growth targets
Govt must promote private sector:LCCI TV PROGRAMMES FRIDAY Time Programmes 7:00 8:00 9:05 11:00 11:30 12:00 13:10 14:10 15:00 16:00 17:30 18:00 18:30 19:00 19:30 20:03 21:00 22:03 23:00 23:30
News News Subah Savere Maya ke Sath News Hal Kya Hai (Rpt) News Newsbeat (Rpt) Tonight With Jasmeen (Rpt) News News Samaa Metro News Samaa Sports News Crime Scene Newsbeat News Awam Ki Awaz News 24
Staff Correspondent LAHORE: If high growth rates have to be achieved, the government needs to promote private sector, entrepreneurship, and globally connected communities. This was stated by LCCI Acting President Sheikh Mohammad Arshad while addressing a 32-member under-training officers' delegation of Pakistan Institute of Trade and Development during their visit to the Lahore Chamber of Commerce and Industry. LCCI Executive Committee Member Mian Zahid Javaid and Chaudhry Wajid Ali also spoke on the occasion. Sheikh Mohammad Arshad said that the failure
to actively promote entrepreneurs have resulted in economic decline. However, a little focused and sector-specific attention on the part of the government could do miracle for the economy. He said the oft-repeated mantra of bad governance could be countered, if the government functionaries perform their duties honestly and diligently. He said that the economic stability will not come on its own rather it is tied into good governance. The LCCI Acting President stressed the need for tightening of belts at official levels to wear off the impact of ongoing economic crisis.
BQATI condemns KESC employees' restoration KARACHI: The Bin Qasim Association of Trade and Industry (BQATI) has condemned the decision to reinstate KESC employees despite the need to make its operations more cost-efficient, and the belligerent and unlawful behavior of the dismissed employees. In a statement, Mian Muhammad Ahmed, BQATI Patron-in-Chief, said that government's insistence upon KESC to reinstate the employees, who KARACHI: Chief Minister Sindh Syed Qaim Ali Shah holding a meeting with China Kingho Group at CM House. -Online had earlier rejected a reasonable voluntary severance offer, would send the wrong message to the world as the government is already under strong pressure to reduce power subsidy from its global lenders.-NNI Staff Reporter Hospital. and mismanaged by clinical Emphasizing on the need practitioners. KARACHI: In an effort to for rational use of antibiotics "The most important way eradicate misuse of antibi- in Pakistan, Dr. Altaf revealed to diagnose the cause of otics and heighten aware- that infectious diseases fever is by taking a thor- KARACHI: Goods worth ness of the importance of remain a major source of ough clinical history from millions of rupees were accurate and effective diag- morbidity and mortality in the patient, studying its burnt to ashes in fire in nosis of infectious diseases, Pakistan where there is not associated experienced LAHORE: Pakistan a seminar focusing on enough reliance on evidence symptoms and performing a two markets of Karachi's commercial Railways (PR) employees 'Rational use of antibiotics based diagnostic methods careful clinical examination important on Thursday protested at primary care setting' was focusing on laboratory testing on the patient. Tests and area. Suspecting sabotage, against the government's organised Thursday by the for prevention, diagnosis and specific medicines, if need- the police have registered privatization plan in Indus Hospital in collabora- treatment of infectious dis- ed, may be ordered after a case and are investigatLahore. They also threat- tion with the Infectious eases. "There is a dire need in careful consideration. ing. ened to suspend all trains if Diseases According to details, a Society of the country for evidence Doctors need to really start the plan was not aborted. Pakistan (IDSP). based treatment methods in listening to their patients, fire suddenly broke out in According to a private Attended by health-care resource limited health-care instead of prescribing tests a spare parts shop in Rafiq TV channel, a large rally of experts from a diverse spec- facilities and community and medicines randomly Plaza on M.A. Jinnah PR workers protested in trum of disciplines includ- based clinics where there is that are not only expensive Road and a commercial front of the DS office in ing clinicians and primary too much reliance on guess- and unnecessary, but very market in Preedy Street on Lahore. President of care physicians, the seminar work and an absence of rele- misleading and harmful in the midnight of Railway Prem Union and was addressed by Dr. Altaf vant clinical trials." the overall patient manageWednesday and Thursday. ex- MNA Hafiz Salman Ahmed, Clinical Highlighting the need for ment," she maintained. The fire intensified rapidly Butt led the protest rally. Microbiologist, Director accurate diagnosis when Sharing her views on the The protesting employees Laboratory Services, Indus approaching patients with use of antibiotics in primary and engulfed many neighrepeatedly chanted passionate Hospital, Dr. Naseem fever, Dr. Naseem care settings, Dr. Afia Zafar boring shops as well. The slogans against PR authorities Salahuddin, Head of Salahuddin mentioned that advocated rational use of fire brigade rushed to the and the government; they Infectious Diseases, Indus although fever is the most antibiotics in the communi- scene and managed to contorched tires and blocked a Hospital and Dr. Afia Zafar, prominent symptom of ty to avoid development trol the fire after hectic road near the DS office.-Online Professor of Microbiology, infections, it is also by far antimicrobial resistance in efforts. No one was hurt in the the Aga Khan University and large misunderstood bacteria. fire, but goods worth millions were burnt to ashes in the incidents. EDO Municipal Services said that 24 fire brigades, 2 ISLAMABAD : Etihad water bowsers and chemiAirways has designated cals were used to extin2011 as "the year of Abu guish the fire. According Dhabi" with the launch of to police, initial reports its "essential Abu Dhabi" suggest that fire was a destination marketing camresult of short circuit. paign. Designed to enhance However, proofs negate Abu Dhabi's place as a top tourist and MICE destina- KARACHI: The Deputy High Commissioner of Bangladesh Ruhul Siddiqui hosted a this theory. The initial report of the incident has tion, the campaign will see dinner at his residence to auction three paintings donated by Foreign Secretary of Etihad unveil a number of been filed in Preedy police Bangladesh Mohammed Mijarul Quayes, for flood victims in Karachi as a goodwill exciting promotional activistation. gesture. Rs3,40,000 were collected from the auction.-Staff Photo ties across the globe. Police said that the fire For the first time, all the could be a result of some major tourism operators in sabotage as it is strange the emirate of Abu Dhabi TFD Report have come together under KARACHI: The Foreign Secretary of Bangladesh Mohammed Mijarul Quayes, donated that how could two fires one showcase umbrella to three paintings of Mahmudul Haque, one of the top contemporary painters of Bangladesh simultaneously engulf two markets. promote the very best UAE's for the flood victims. The auction of the three paintings was held followed by dinner at capital has to offer.- NNI It is worth mentioning Bangladesh house hosted by the Deputy High Commissioner. Ruhul Siddiqui. In his short Anti dumping duty speech Deputy High Commissioner said that Bangladesh Foreign Secretary Mohammed here that the shop keepers Mijarul Quayes, during his recent official tour of Pakistan last year had visited some of of the area are facing the relief camps for the flood victims in Karachi, as a goodwill gesture from him, he demands of 'bhatta' and announced to donate the sale proceeds of three paintings of Mahmudul Haque, a promi- they have also been nent painters of Bangladesh, three prominent businessmen Majyd Aziz, Wahab Jaffer and receiving death threats, in case they don't pay.-Online Hussain Quassim, take part in auction and Rs3,40,000.
Health experts warn on misuse of antibiotics
PR staff protests privatisation plan
Etihad’s Abu Dhabi promotion
BD paintings auctioned for flood victims
Dr Baig seeks PM's intervention
KARACHI: Dr Mirza Ikhtiar Baig, Federal Advisor on Textiles in a letter, has requested Prime Minister Yousuf Raza Gilani to urgently intervene and speak to the Turkish Prime Minster to exclude Pakistan for the imposition of anti dumping duty on the import of Pakistani fabric and garments to Turkey. Dr Baig also spoken to Secretary Commerce Zafar Mehmood and requested him to urgently send a delegation to Turkey including CEO TDAP Tariq Iqbal Puri to take up this issue with Turkish authorities before their Council of Ministers meeting on Jan 28. Hassan Eken, President Turkey-Pak Business Council has also written a letter to Turkish Prime Minister in support of Pakistan on this issue. Dr Baig has also taken up this matter with Turkish Minister for Trade, Zafer Caglayan advising him that imposition of the anti dumping duty will seriously affect our efforts to increase bilateral trade to US$2 billion per annum, a target set by the Turkish Prime Minister and President.- NNI
Market access to Pak products
Kundi hails EU decision ISLAMABAD: Deputy Speaker National Assembly,Faisal Karim Kundi, has appreciated the European Union's decision for allowing market access to Pakistani products in European markets. This was a long standing demand of Pakistan and it will play an important role to revive and stabilize Pakistan's economy, he said while talking to Sajjad Karim, Member European Parliament, who called on him in the Parliament House on Monday.
The Deputy Speaker said that recent flood had played havoc in the country. He said that the floods had badly affected all the four provinces including AJK and Gilgit-Balistan and dislocated more than 20 million people and devastated infrastructure at a massive scale. he Deputy Speaker said that floods have badly damaged agriculture sector and million acres of agriculture land had been destroyed and standing crops of worth of billion of dollars have been ruined.-APP
KARACHI: Federal Minister of Finance, Dr Abdul Hafeez Shaikh recently visited the Overseas Investors Chamber of Commerce and Industry. Seen in the picture are (from left to right) Dr Nadeem Ul Haque, Deputy Chairman - Planning Commission; Ms Ameena Saiyid OBE, President OICCI; Dr Abdul Hafeez Shaikh, Minister of Finance and Naved A. Khan, Vice-president OICCI.-Staff Photo
Goods worth millions gutted in city
3
Friday, January 28, 2011 Top Economic Events
Yen slides as S&P downgrades Japan’s long-term debt Downgrade raises questions about other rich nations NEW YORK: The yen slid against both the dollar and the euro on Thursday after Standard & Poor's cut Japan's long-term debt rating, a move that raised questions about the risks of downgrades for other developed economies. Although Japan's fiscal troubles are well known, analysts said the downgrade called into question the yen's status as a safehaven currency, boosting the appeal of the dollar and the likes of the Swiss franc. S&P, in downgrading Japan to a rating of AA-minus, said the country's government lacked a coherent plan to tackle its mounting debt. So far, analysts say Japan's situation is unlike that of other nations, though at the very least it has raised questions and sharpened the risk focus of sovereign wealth funds and other investors that might view the yen as a safe-haven curren-
cy. The dollar was up 0.7 per cent at 82.90 yen after rising more than 1 per cent to 83.22 on electronic trading platform EBS. "It is reasonable to expect that the Japanese downgrade will raise concerns over the sovereign rating of the US," said Va s i l e i o s Gkionakis, macro strategist at Fulcrum Asset Management LLP in London, which oversees $900 million in assets. Gkionakis, however, downplayed the risks to at least the United States, pointing out that US gross domestic product is forecast to accelerate while Japan's will likely moderate. In addition, Japan's debt-toGDP ratio is twice as high as that of the
United States. And though deficits in both countries are large, the United States's is expected to
improve more than Japan's, Gkionakis said. Against the yen, the euro rose to 114.02 yen, its strongest since Nov. 22, up around 1 per cent on the day. Other currencies may also be better placed, particularly the Swiss franc, which may now be the favored safe-haven currency. It hit a high around 88.13 yen, its strongest since last April.
Asian currencies
Peso, won rise; inflation fears ease SINGAPORE: The Philippine peso and the Indian rupee rose on Thursday, as dealers bought back the currencies near recent lows on speculation the worst of an inflation-driven selloff in the assets of those countries was nearly over. Uncertainty remained, though, about whether commodity prices will resume an uptrend and further complicate the job of policymakers, trying to lessen the blow of climbing food and fuel prices. "The inflation worries are still there but a lot has been priced in already," said Subodh Kumar, an assistant vice president, covering currencies and interest rates, at Citigroup in Singapore. The price of oil is one of the
key factors for the direction of emerging Asian currencies. If crude climbs back above $90 a barrel, then the rebound in currencies like the rupee could stall, Kumar said. Peso gained 0.4 per cent against the dollar as dealers covered short positions after dollar/peso broke below a support level. Local shares rose and a selloff in the Philippine bills subsided, proving more support to the local currency. The dollar/peso fell to 44.150 from previous close of 44.445. "(There is) possible stop-loss selling after dollar/peso broke 44.30," said a European bank dealer in Manila. "Right now I am not seeing any reason for
Sterling firm on rate hike expectations LONDON: Sterling rose against the dollar on Thursday, drawing support from expectations the Bank of England could raise interest rates by mid-year and underpinned by a broad dollar weakness. The pound also jumped against the yen, which was soldoff after ratings agency Standard & Poor's cut Japan's sovereign debt rating by one notch to AA
minus. Sterling has found support after minutes of the Bank of England's (BOE) January meeting on Wednesday showed BoE policymaker Martin Weale joined Andrew Sentance in voting for a 25 basis point rate rise from a record low 0.5 per cent. Analysts said the additional vote to raise rates prompted investors to price in the rising likelihood of an increase in coming months. However, some said weakness in the UK economy, highlighted by news this week of a shock contraction in gross domestic product late last year,
would cap the pound's gains. Sterling was up 0.26 per cent on the day at $1.5939, having climbed to a to a session high of $1.5991 and tripping buy stops following its break through $1.5945 earlier in the session. Implied interest rate futures based on overnight index swaps were pricing in a roughly 45 per cent chance of a 25 basis point rate rise by May, unchanged
from late on Wednesday. Against the yen, the pound jumped more than 1 per cent on the day to a session high of 132.68 yen. The euro was steady on the day at 86.17 pence, having retreated from a 2 1/2-month high of 86.72 pence hit on Wednesday as traders booked profits from the single European currency's rally so far this month. Sterling saw little reaction to data showing a slowdown in British retail sales this month and a fall in UK house prices. Reuters
dollar/peso to go higher and we could see a test of 44.00." The level 44.30 is a pivot point having served as a good resistance to the dollar's rise earlier. A break below this level neutralises the immediate bullish outlook for the dollar. The won rose for a fourth consecutive session as foreign investors kept buying local stocks and exporters continued to be on the bid. Goldman Sachs expected the won's appreciation of 8 per cent against the dollar over six months to reduce inflation in South Korea by 0.7 percentage points, saying foreign exchange rates have more impact on consumer prices than imported foods and fuel prices. -Reuters
Swiss franc ticks down ZURICH: The Swiss franc traded slightly lower versus the euro and the dollar on Thursday after the US Federal Reserve said it would continue to support the economic recovery, thus encouraging investors to opt for riskier assets. The Swiss franc, considered as a safe-haven currency, had risen strongly over the past year as investors worried about the stability of the European single currency weakened by a debt crisis in the euro-zone. The Swiss magazine Weltwoche on Thursday reprinted a speech from Philipp Hildebrand from last week, in which the Swiss National Bank chairman said the franc's strength was a big burden for exporters but overall the economy was still in robust shape. "The mood today is relatively positive. Asian stock markets are up and risk aversion is not very present. This environment does not support the Swiss franc," Commerzbank analyst You-Na Park said. The Swissie was down 0.1 per cent against the euro compared to the New York close at 1.2928 per euro and fell 0.2 per cent against the dollar at 0.9435 per dollar at 0748 GMT. -Reuters
Aussie dollar dampened by flood tax; NZ$ firm SYDNEY/WELLINGTON: The Australian dollar was robbed of early gains on Thursday after news of a new tax to pay for flood damage was seen further lessening the need for higher interest rates in coming months. The New Zealand dollar fared better after the Reserve Bank of New Zealand said rates there were still likely to rise over the next couple of years, though it would wait for concrete signs of recovery before moving. The Aussie dollar slipped to $0.9960 from an early high of $1.0002, to stand little changed on the day. The kiwi held up at $0.7722, after rising from around $0.7650, and gained on the Aussie to NZ$1.2890. Australian Prime Minister Julia Gillard said the new income tax would last for a year and raise A$1.8 billion to pay for rebuilding after devastating floods. "The levy will put even more strain on households' disposable incomes, which already are under pressure from higher interest
rates, and rising food, utility, and petrol prices," noted Helen Kevans, an economist at JPMorgan. "Setting monetary policy, therefore, will be increasingly challenging for the RBA, but we maintain that the tightening cycle will resume this year, even though the floods probably have delayed the next rate move." Investors had already pushed out the likely timing of any hike following surprisingly benign inflation figures out this week. Now, interbank futures as far out as November all firmed as they further pared the probability of a move. The market has 23 basis points of tightening priced in for the next 12 months, compared to 35 basis points at the start of this week. The RBA holds its monthly policy meeting on Tuesday and is almost certain to keep rates at 4.75 per cent as it assesses the impact of the floods. The central bank also releases its quarterly statement on monetary policy on Friday. Reuters
The euro was also boosted on Thursday by remarks by a European Central Bank policy maker, Lorenzo Bini Smaghi, who warned that an expected rise in imported goods inflation cannot be ignored, supporting the view that euro-zone rates could rise sooner than later. The euro rose to $1.3760 on EBS, its strongest since Nov. 22, keeping intact a strong uptrend from a four-month low below $1.29 hit earlier in the month. It later eased to $1.3729, up 0.1 per cent on the day. The euro pierced resistance around $1.3740, the 61.8 per cent retracement of its two-month decline until early January. Technical analysts said a daily close above that would add to the positive tone. The next target is the Nov. 22 high of $1.3786, and some analysts say a break of this could prompt more gains towards $1.40. -Reuters
Yuan flat vs USD; holiday mood sets in SHANGHAI: China's yuan closed almost unchanged against the dollar on Thursday as activity started to thin ahead of the week-long Lunar New Year holiday which begins next Wednesday. The People's Bank of China set the mid-point at a record high for the third straight day but let it rise only slightly from Wednesday's fixing, signalling the government may be more willing to allow the yuan to appreciate but only at a measured pace, traders said. "Some traders from other provinces have left for the break," said a trader at a Chinese bank in Shanghai. "Most market players believe the yuan will not move much before the holiday." The yuan has jumped 26 per cent on the dollar since and including its landmark revaluation in July 2005. Still, some US lawmakers plan to reintroduce China currency legislation that was overwhelmingly approved last year by the House of Representative but failed to become law, congressional aides said on Wednesday.
The legislation will clear the way for the Commerce Department to treat undervalued currency as a subsidy under US trade law. That will allow companies, on a case-bycase basis, to seek higher countervailing duties against imports from China that compete with US production. Spot yuan closed at 6.5820 against the dollar compared with 6.5819 at Wednesday's close. It has now risen 3.71 per cent to the dollar since its midJune depegging. It touched an intraday low of 6.5844 and a high of 6.5818, just shy of 6.5808 hit on Monday -its highest intraday trading level since China let the yuan be publicly trade in 1994. Traders said they expected the yuan to continue trading narrowly in the near term, awaiting fresh signals from the PBOC. Offshore, benchmark oneyear dollar/yuan non-deliverable forwards were bid at 6.4460 late on Thursday, up from 6.4380 at Wednesday's close. Their implied yuan appreciation in a year's time fell to 2.20 per cent from 2.33 per cent. -Reuters
Indian rupee inches up, but outlook weak MUMBAI: Indian rupee ended marginally stronger, but off the day's high amid choppy trade, as a sharp rise in the euro against majors in late trade outweighed weak local shares and strong demand for dollars from oil importers. But, sentiment remained bearish for most of the day after rating agency Standard & Poor's downgraded Japan 's long-term sovereign debt rating. "The rupee started to slip more after the downgrade of Japan. There was also strong demand for the dollar from oil importers," said Rohan Naik, head of foreign exchange trading at Standard Chartered Bank in Mumbai. "There was massive US dollar sell-off in very late trade. That resulted in the last minute pull back of the rupee," said a dealer at a private bank. The partially convertible rupee ended at 45.57/58 per dollar, 0.3 per cent stronger than its 45.69/71 close on Tuesday. It moved in a band of 45.5350-45.6750 intra-day. The market was closed on Wednesday for a national holiday. Oil importers were buying the greenback at around 45.60-
45.65 level, dealers said. Foreign funds were net sellers of over $755 million worth of shares this year until Tuesday, pushing the rupee down 1.8 per cent. Last year, investments had reached a record $29.3 billion helping the rupee gain 4.1 per cent. One-month offshore nondeliverable forward contracts were quoted at 45.85, weaker than the onshore spot rate, when the local foreign exchange market closed. In the currency futures market, the most traded near-month dollarrupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange closed at 45.81, 45.8075 and 45.80, with the total traded volume on the three exchanges at $563 million. -Reuters
Time 4:30 4:30 4:50 5:01 15:30 18:30 18:30 18:30 19:55 19:55
Source JPY JPY JPY GBP CHF USD USD USD USD USD
Events Household Spending y/y Tokyo Core CPI y/y Retail Sales y/y GfK Consumer Confidence KOF Economic Barometer Advance GDP q/q Advance GDP Price Index q/q Employment Cost Index q/q Revised UoM Consumer Sentiment Revised UoM Inflation Expectations
Source
Events
USD NZD JPY EUR GBP USD USD USD USD
Federal Funds Rate Official Cash Rate Trade Balance German Prelim CPI m/m CBI Realized Sales Core Durable Goods Orders m/m Unemployment Claims Durable Goods Orders m/m Pending Home Sales m/m
Forecast -0.6% -0.3% 0.6%
Previous -0.4% -0.4% 1.5% -21 2.10 2.6% 2.1% 0.4% 72.7 3.3%
2.09 3.5% 1.7% 0.5% 73.1
Previous Day Actual
<0.25% 3.00% 0.71T -0.5% 37 0.5% 454K -2.5% 2.0%
Forecast
Previous
<0.25% <0.25% 3.00% 3.00% 0.53T 0.54T -0.3% 1.0% 37 56 0.9% 4.5% 407K 403K 1.6% -0.1% 0.9% 3.1%
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.3427 1.3761 0.9452 0.9464 1.5944 1.5985 0.9951 0.9986 0.9929 0.9997 113.8100 113.9900 0.8604 0.8626 1.2960 1.2975 132.2900 132.6600 87.7900 88.1100 1336.2300 1347.7000
Bid 1.3724 0.9448 1.5940 0.9947 0.9925 113.7700 0.8601 1.2956 132.2100 87.7300 1335.5800
Low 1.3640 0.9395 1.5881 0.9935 0.9876 112.4600 0.8582 1.2892 130.6100 87.0500 1331.8000
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 27/01/2011 A USD GBP CAD EUR JPY O/N 0.23563 0.55688 0.94667 0.97500 SN 0.10063 1WK 0.25375 0.57063 0.99667 0.86000 0.10850 2WK 0.25656 0.57438 1.03583 0.84625 0.11313 1MO 0.26000 0.59875 1.08500 0.82375 0.12563 2MO 0.28313 0.65750 1.14833 0.87938 0.15125 3MO 0.30438 0.77500 1.22167 1.00000 0.18875 4MO 0.34500 0.85563 1.29000 1.06000 0.24313 5MO 0.40125 0.95938 1.34333 1.14125 0.30000 6MO 0.45469 1.07375 1.41833 1.23313 0.34625 7MO 0.50813 1.15225 1.49500 1.28438 0.39500 8MO 0.56000 1.23625 1.57083 1.34375 0.44188 9MO 0.61625 1.31813 1.63750 1.39563 0.48750 10MO 0.66781 1.39563 1.72333 1.44313 0.51438 11MO 0.72219 1.46375 1.80500 1.49375 0.54125 12MO 0.78125 1.53125 1.89667 1.54500 0.56750
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada March 1, 2011 September 8, 2010 Bank of England February 10, 2011 March 5, 2009 Bank of Japan February 14, 2011 December 19, 2008 Swiss National Bank March 17, 2011 March 12, 2009 The Reserve Bank of Australia February 1, 2011 November 2, 2010 Federal Reserve n/a December 16, 2008 European Central Bank n/a May 7, 2009
Current Interest Rate 1% 0.50% 0.10% 0.25% 4.75% 0.25% 1%
Division of National Bank of Pakistan (NBP) KARACHI, January 27,2011 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.95 136.80 117.79 86.42 91.11 85.59 13.32 1.05 14.91 67.20 15.81 22.92 11.04 13.06 307.46 28.17 66.39 23.61 23.40 0.08 2.79
85.75 136.48 117.52 86.22 90.90 85.39 13.29 1.04 14.87 67.04 15.77 22.87 11.01 13.03 306.74 28.10 66.23 23.55 23.35 0.08 2.78
85.56 136.17 117.24 85.99 90.66 85.17 13.25 1.04 14.83 66.86 15.73 22.81 10.98 12.99 305.94 28.03 66.06 23.49 23.29 0.08 2.78
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for January 27, 2011
KASB
BMA
ELXIR
GSL
ICSL
13.00 13.05 13.15 13.20 13.50 13.62 13.63 13.75 13.80 14.05 14.15 14.15 14.18 14.20 14.20 14.22 14.23 14.24 14.60 14.80
13.15 13.10 13.05 13.28 13.62 13.60 13.66 13.68 13.83 14.15 14.21 14.22 14.25 14.30 14.30 14.28 14.21 14.24 14.60 14.75
13.10 13.10 13.25 13.45 13.64 13.68 13.69 13.80 13.84 14.05 14.19 14.20 14.22 14.27 14.32 14.26 14.18 14.21 14.60 14.75
12.95 13.05 13.12 13.35 13.64 13.70 13.75 13.80 13.88 14.00 14.23 14.24 14.25 14.28 14.30 14.30 14.15 14.20 14.65 14.90
12.90 13.00 13.10 13.18 13.60 13.65 13.70 13.75 13.85 14.05 14.20 14.22 14.20 14.30 14.35 14.23 14.20 14.22 14.55 14.75
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 13.10 13.00 13.10 13.35 13.63 13.65 13.70 13.75 13.85 14.00 14.18 14.20 14.22 14.30 14.35 14.25 14.18 14.20 14.70 14.90
13.03 13.05 13.13 13.30 13.61 13.65 13.69 13.76 13.84 14.05 14.19 14.21 14.22 14.28 14.30 14.26 14.19 14.22 14.62 14.81
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
-0.47 0.65 0.34 0.70 0.17 -0.34
0.31 -0.01 0.55 0.27 0.62 0.68
0.88 0.27 0.54 0.65 0.77 0.63
0.93 0.61 0.81 0.92 0.70 0.53
-0.44 -0.11 0.43 0.51 0.02 -0.08
USD/CAD USD/CHF
-0.44 0.27 0.46 0.62 -0.03 -0.33
0.08 0.56 0.28 -0.43 -0.17 0.42
-0.71 -0.86 -0.12 -0.70 0.00 0.21
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)27/01/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 13.10
13.60
13.00
13.50
13.00
13.50
13.55
13.80
13.70
13.95
13.80
14.30
13.85
14.35
14.00
14.50
JSBL
13.10
13.60
13.15
13.65
13.20
13.70
13.60
13.85
13.75
14.00
13.85
14.35
14.00
14.50
14.20
14.70
ASPK 13.00
13.50
13.10
13.60
13.20
13.70
13.55
13.80
13.65
13.90
13.70
14.20
13.80
14.30
13.90
14.40
CIPK
13.00
13.50
12.90
13.40
12.90
13.40
13.60
13.85
13.70
13.95
13.80
14.30
13.90
14.40
14.10
14.60
DBPK
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
FBPK 13.10
13.60
13.10
13.60
13.10
13.60
13.55
13.80
13.65
13.90
13.70
14.20
13.85
14.35
13.95
14.45
FLAH 13.00
13.50
12.95
13.45
13.00
13.50
13.50
13.75
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
HBPK 12.90
13.40
12.90
13.40
12.95
13.45
13.50
13.75
13.60
13.85
13.70
14.20
13.75
14.25
13.85
14.35
HKBP 13.00
13.50
13.10
13.60
13.05
13.55
13.55
13.80
13.65
13.90
13.70
14.20
13.80
14.30
13.90
14.40
NIPK
13.00
13.50
13.00
13.50
13.25
13.75
13.50
13.75
13.60
13.85
13.70
14.20
13.80
14.30
13.90
14.40
HMBP 12.90
13.40
12.90
13.40
13.00
13.50
13.45
13.70
13.55
13.80
13.60
14.10
13.70
14.20
13.80
14.30
SAMB 13.00
13.50
13.00
13.50
13.10
13.60
13.60
13.85
13.70
13.95
13.80
14.30
13.85
14.35
13.90
14.40
MCBK 13.00
13.50
13.00
13.50
13.00
13.50
13.50
13.75
13.60
13.85
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 13.00
13.50
13.00
13.50
13.10
13.60
13.50
13.75
13.60
13.85
13.75
14.25
13.85
14.35
14.00
14.50
SCPK 12.90
13.40
12.90
13.40
13.00
13.50
13.50
13.75
13.55
13.80
13.65
14.15
13.75
14.25
13.85
14.35
UBPL 12.90
13.40
12.95
13.45
13.10
13.60
13.60
13.85
13.70
13.95
13.80
14.30
13.85
14.35
13.95
14.45
AVE
13.49
12.99
13.49
13.05
13.55
13.53
13.78
13.64
13.89
13.73
14.23
13.82
14.32
13.92
14.42
12.99
4 Friday, January 28, 2011
The Financial Daily International
India: A Failed State
Vol 4, Issue 165
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board
Kamran Saadat
O
ver last few years the criteria for assessing the failure or otherwise of the states have changed marginProf. Zakaria Sajid (KU) ally but the most important among them Akhtar M. Zaidi, FCA continues to be valid even now - the colZahid Bukhari SVP HBL (retd) Dr. A. Hadi Shahid, FCA lapse of the institutions of democracy. The Ismat Sabir Muhammad Arif facts about Indian society as revealed by a former Governor of Tamil Nadu Head office Maharashtra are quite sufficient to dis111-C, Jami Commercial Street 11, Phase VII, DHA Karachi cern, why India is a failed state. The crux Telephone: 92-21-35311893-6 Fax: 92-21-35388428 of the analysis is reflected for a common URL: www.thefinancialdaily.com reader. Email Address: editor@thefinancialdaily.com If some visitors to India from foreign Lahore office countries go by the scenes on TV channels 24- Peshawar Block, Fortress Stadium, Lahore and by to the reports in our newspapers, Telephone: 92-42-6675595 Fax: 92-42-6664349 they may return home convinced that Email Address: editor@thefinancialdaily.com India is already in danger of becoming a failed state. In a survey conducted by the Washington-based Foreign Policy about four years ago, India ranked 97th in the list of 146 countries in the failed States Index. India, though its institutions of democracy have not undergone such devastating distortions as in many other developing' countries, has the additional vulnera-bility of being surrounded by many failed states (Pakistan ranked 9th place, Afghanistan 10th, Burma 18th, Bangladesh 19th and Nepal 25th). Since The present coalition government led by the institutions of democracy are functionPPP will complete three years next month. ing, though with varying degrees of efficiency, India has earned the reputation of The time has come to take into account the being one of the successful democracies failures and achievements. Though, it is of the world. However, certain disturbing have appeared in the working of true that over the year global economy also features certain institutions which make one feel Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
The timeâ&#x20AC;&#x2122;s hotfooting
witnessed downturn but has hardly any thing common to that. On the political front it has not been a smooth ride and friendly opposition didn't contribute to ensure good governance, despite Public Accounts Committee being headed by leader of the opposition. Though, the opposition, at one stag, particularly PML-N enjoying majority didn't bring no-trust' move and insisted if any other party makes the move it would be fully supported. In most probability it was a face saving to say the least it didn't topple PPP government so that in case a similar situation arises in future PPP should also abstain from making such a move. It is feared sooner or later public may resort to violent demonstrations or even initiate civil disobedience. At present the country is enduring the worst energy crisis. POL prices are on the rise, though the last hike was withdrawn it is feared that the increase to be announced on February 1 would be even higher and it will not be possible for the government to withdraw it. And before that the central bank would have announced 50 basis point increase, at least. Experts don't rule out hike in interest rate by one percent. The only positive point is that government borrowing from the central bank is on the decline but borrowing from the commercial banks is on the rise. On top of all price of almost every commodity from flour to vegetables and from edible oil to eggs are on the rise. It seems that the infrastructure responsible for monitoring prices in the retail market does not exist or are also doing the same which others are doing, suffering from the most contentious disease of not following good governance. The latest reports indicate that Sindh may face serious food crisis over the next few months. In Karachi prices of essential items are already skyrocketing and essential items also disappear from the market the situation may turn what Chad and Nigeria have experienced lately or people may try to emulate what Tunisians did lately. Many experts had warned that sectarian and linguistic riots may lead to anarchy, which fortunately did not happen. However, if prices of food items become sky high and these also disappear from the markets, maintaining peace and tranquility will become almost impossible.
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.
doubtful about their survival in good health. While it may be difficult to assess the vulnerability of these institutions and the democratic practices in India, one can easily identify two factors which should cause concern about India's survival in good health as a state. The first and foremost is the all pervasive corruption in practically every sector of activity, public or private. The charges of corruption against those responsible for holding the Commonwealth Games in Delhi in October 2010 is a disgraceful indicator of the extent to which corruption has spread in India. In the early years of Independence, India was ruled by a set of administrators and legislators who weretrained in the Gandhian values of treating public office as an office of trust to serve the people. However, with the rise of a new generation of rulers and legislators, corruption has come to be tolerated as an essential evil in our country. Public offices have always provided ample opportunities to the corrupt to enrich themselves in the short period of their occupying seats of power. This is quite apparent if we glance through the declaration of assets by candidates for election to the legislatures. Those whose assets were nominal just four or five years ago, have unabashedly shown large increases in their assets and no questions have been asked as to how they were able to perform the wonders of multiplying their assets. The reason is obvious. Most corrupt people who have succeeded in misusing their seats of power to enrich themselves know that no one will "cast the
first stone" as everyone is guilty of the same offence. The tragedy of the rapid spread of corruption is indeed acute when we find that today even senior public servants who are expected to be responsible for checking corruption have no shame in satisfying their greed for money by themselves becoming corrupt. The government has reserved for itself the right to grant or deny permission to prosecute corrupt officials and thereby provide protection to the corrupt whenever it chooses to do so. An interesting feature of people's attitude to corruption is that they are shocked when news of corruption breaks but very soon forget that eternal vigilance is the price a nation has to pay for good governance, as it is the case with liberty. Just two years ago, newspapers published a surprising fact that India was on top of the list of depositors of black money in Swiss banks and that if our government requested for the list, the Swiss banks could provide the information. According to the bank's estimate, Indians have $1,456 billion in Swiss banks, which is more money than what the rest of the world has put together in these banks. Nobody appears to be losing sleep over these huge dishonest deposits. The Second factor which has the potential of dragging India to the path of failed states is the absence of a clear policy on the part of the government on how to deal with Maoist terror. Unfortunately, successive governments at the Centre and in the states have been quite confused in their thinking as to
what has to be done to meet this danger to internal security. To begin with, the threat to internal security was treated as a nuisance when violence by Maoist groups started on' a small-scale in three states, namely Andhra Pradesh, Bihar and Jharkhand. Later, more states came to be affected by this menace - they were Madhya Pradesh, Uttar Pradesh, Maharashtra, West Bengal, Orissa and Chhattisgarh. Now it .has spread to Kerala, Tamil Nadu, Karnataka and Uttaranchal. Whenever the question of Maoist terror is discussed in the legislature, it is common to see members of the Cabinet expressing sharp differences about the strategy. In the past, Prime Ministers took very serious objection to any member of the Cabinet expressing his/her views on what should or should not be done after a definite policy had been adopted by the Cabinet. But today no such discipline is being followed. Failure to take decisions in time has been the cause of avoidable delays in several government projects. The Maoists expect that if they hold out longer, government will one day come around to accepting their terms, including non-surrender of arms. Decisions on important issues like dealing with Maoist terror certainly require discussions to know the views of the people but there has to be a limit for such discussions and talks. Otherwise, decisions when taken about issues like Maoist violence may prove to be the proverbial cause for failures on the part of the government, namely too little and too late.
No Tunis in Egypt U
ntil this month, Egyptian President Hosni Mubarak could take for granted that 30 years' hold on power would be extended without fuss when he or a chosen successor, perhaps his son, was easily re-elected in September. But Tunisia's popular uprising and now two days of Egyptian copycat protests have torn up the well-worn script. The sudden outbreak of demonstrations across Egypt by mostly young people trying to repeat Tunisia's overthrow of its president have tested the powerful security forces in a country that is a political bellwether for the Arab world. Suddenly a decades-old emergency law is no longer snuffing out street protests. And Internet activism is no longer the hobby of a chattering class that timidly criticises the state in private, but a vehicle that has mobilised thousands to coordinated protests in cities across Egypt. Any sign that labour union demands for cheaper food and higher wages are combining with middle-class calls for greater
democracy may indeed test the credentials of the 82-year-old Mubarak as the man to hold Egypt together for six more years, or to usher in a successor in the shape of his son Gamal. "Mubarak never experienced this level of public anger and such a rejection of his legitimacy in 30 years of power," said political analyst Issandr El Amrani. "This looks quite bad for him." Father and son both deny that Gamal is being groomed for the job, but the Egyptian street does not believe them. "Gamal, tell your father that Egyptians hate you," protesters were yelling in Cairo on Wednesday. Amrani said the protests "probably suggest that Gamal is less likely to be the (ruling party) candidate in this year's election". Officials from Egypt's ruling party have said repeatedly that Hosni Mubarak himself is their natural candidate and, apart from Gamal, there are no obvious alternatives. NOT TUNISIA But there are plenty of reasons why Egypt might not go the way of Tunisia.
Its Western allies, led by the United States, probably want to avoid adding to political uncertainty in a country of 80 million people by abandoning Mubarak. Egypt's peaceful relationship with Israel is, for them, one bulwark of stability in a region unsettled not only by events in Tunisia but also by Hezbollah's dramatic power grab in Lebanon. Nevertheless, White House spokesman Robert Gibbs declined when asked on Wednesday to offer explicit support for Mubarak, saying Egypt remained a "close and important ally." Egyptians are freer to criticise their leaders than the Tunisians who were demonstrating against one of the world's toughest police states, with one of the worst records on free speech. "Mubarak has allowed for a minimum of opposition voice within the government or within civil society, and that has in effect divided the opposition," said Geoff Porter, risk consultant at GDP Consulting. Political activism in Egypt is weak. An estimated one fifth of its people live in poverty and that has made them less inclined to
demonstrate and risk losing the little they have. Poorer Cairo districts lack basic services and the capital suffers rampant congestion and pollution. In 2008, a rockfall killed over 100 people in a crowded Cairo shantytown. Egypt's armed forces are seen as loyal to Mubarak, a former general, while it was the military's reported decision to withdraw support from Ben Ali that may have triggered his departure. CYNICAL But many Egyptians are cynical about their leaders. Their suspicions seemed to be confirmed in November when parliamentary elections, certified free and fair by the government, were condemned by rights and opposition groups as rigged to ensure a crushing victory for Mubarak's party. Gamal Mubarak, who is head of policy at the National Democratic Party (NDP), has spent several years trying to drum up support for a government programme designed to stimulate the economy and create jobs. But he appears to enjoy little popularity among ordinary
Egyptians, who are suspicious of his close ties to a wealthy business elite that many say is above the law -- a complaint levelled by Tunisians at the business clan of Ben Ali's wife. "If real reforms do not take place within the ruling regime ... I think there will be hurdles on the road. This applies to any presidential candidate," said Nabil Abdel Fattah, political analyst at the alAhram Centre for Political and Strategic Studies. He said reforms would need to address political parties, government ties with business, social programmes and the media. One option for the government now would be to offer concessions to the protesters' demands in an attempt to take the wind out of their sails. "There's a certain logic that says the regime should perhaps do something to appease the public, like changing the interior minister," said Amrani. "The problem is Hosni Mubarak has ruled Egypt the way he wanted to for 30 years now. He does not seem like a man who changes his way of doing things easily."-Reuters
Media: Move the Non Movers Revolution in Pakistan is claimed to be again round the corner. Every Pakistani politician is defining this term of revolution according to his or her own perceptions. Political history of Pakistan has shown a number of times, judicious use of this terminology with very superficial understanding of its literal or actual meaning. Governments have been claiming high for benefits in pipeline after their so called revolutionary changes, and at the same time same changes are said to be detrimental to the State of Pakistan by the opposition. The game of cat and mouse is on since the demise of actual leadership of Pakistan. This all said and done doesn't mean that there has been no revolutionary change in the society of Pakistan. With the
incursions of many ills in our society indeed there are some positive signs of movement in right direction as well. One of those positives is advent of a vibrant, listened and active media of Pakistan. This also does not mean that that the said change is a drawback less preposition as State and media are daggers drawn since their very existence side by side, even in the civilized societies of west. This confrontation has the elements of both positivity and negativity in it. Point here is not to dwell upon the difference between hard core professional journalism and the commercial compulsions of it, but to draw maximum benefits out of this ray of hope i.e. Vibrancy of Media. Media presently is doing an excellent job to expose the dis-
honest, arrogant and incapable leadership of this country; next step to the revolution is not far, but requires a determined effort by perception vendors. It's a sour fact that, Pakistan is always governed by a government, which is elected by total 30 - 35per cent of eligible voters, compared to 65per cent and 63per cent in US and India. Some parts of the world also observe compulsory vote law in their country like Australia and Malta where the vote casting percentage reaches 95per cent. Practically speaking, the only way to revolution in our environment is to get these 65per cent of Pakistani eligible voters moved to the polling stations. This is also statistically proved that the 65per cent (Non Movers) bears an overwhelming majority of sensible and
educated masses. What we call in Urdu "Sonay pey Sohaga" is, that despite of their zero involvement in the sacred affair of elections, they are most active, brutal and look to be most concerned people about the politics of the country. This definitely goes in positively for the ruling elite of Pakistan, as status quo with 35per cent voters is the only option. This option efficiently caters for their supremacy in the political dynamics of the country that to with a cost effect of one plate of 'Biryani' to the voter on polling day. Is this not antagonizing for those 65per cent enjoying holiday on the same very day? It is their fate which is decided on a plate of Biryani for the next five years. One of the so many solutions with Media, to break the polit-
ical stalemate of the country is to launch a massive election education campaign on print, electronic and cyber media. The target audience should be carefully analyzed, before setting off for the mission. We are again around two years from the General Elections of the country. Media masterminds can achieve this nation something which it could not do so in 62 years of life. Special documentaries, talk shows and news of vote casting percentage in contemporary world can become main feature of the said campaign. Media if want to feel it's real strength, it has to make this nation move to the polling stations for electing an honest, real and dynamic leadership, which definitely exists within us. Jawad Raza Khan, Karachi
A good decision! Martial Law in Punjab! In Federal Cabinet meeting on Wednesday, it has been decided to allow import of used cars which will, eventually, bring down rising trend of prices of locally manufactured vehicles. Cabinet has approved the recommendations of the Economic Coordination Committee (ECC), the decision which was earlier reverted by Prime Minister. On Dec 8, last year import of used cars was approved on the recommendation of ECC, but the decision was taken back later, causing blockade of billions of car importers who had booked cars for import. Realizing the gravity of the situation, the ECC again proposed import of used cars to control the cartel of new car manufacturers and the cabinet endorsed it. Allowing import of used cars (maximum 5 years old) will definitely break the cartel of new car manufacturers and ease the market. Pakistan's four largest car manufacturers have total capacity of producing 350,000 cars (800 to 1600cc) annually, whereas, total market needs are around 500,000 cars annually. This gap will be bridged by import of used cars and the menace of "own" will also be removed from business. IFTIKHAR SHAHEEN MIRZA, ISLAMABAD
The suggestion of Altaf Hussain that Martial Law may be imposed in Punjab has brought around much uproar which I fail to understand as Altaf Hussain is the leader who has largest following in Pakistan. MQM is the most organised, disciplined, and democratic political party with set system of command and control. The way it follows the commands as well as footprints of its leader is beyond comparison. The economic bloom, network of highways, overheads and underpasses speaks volumes of how moderation has been brought to city. Altaf Hussain's farsightedness and sagacity has helped country many times to come out of serious political crisis. It is he, who blew the honk and forced government to reduce petroleum prices. His ethical invitation to "some patriotic General" to come forward to save the country created waves but he was
innocent. I am a great admirer of Altaf Hussain, his policies, his followers who can easily see from their abode what is happening in every house of Punjab. Presently, we are facing myriad challenges like, war on terror, energy crisis, water shortage, gas outages, electricity shortfall, unemployment etc. a situation which calls for a national leader fully equipped with outstanding courage, farsightedness, down-to-earth attitude. I request Altaf Hussain to come back to Pakistan immediately and take the reigns of opposition in his hands. The nation wants his presence here so that the worsening conditions of country could be improved. His knowledge, ability, valor, is matchless. He is a leader second to none. Please Altaf Bhai come back to Pakistan and save us from the untold atrocities of politicians. Iftikhar Shaheen Mirza, Islamabad
5
Friday, January 28, 2011
South East Asian stocks
European shares edge higher, led by banks KSE-100 Index Opening Closing Change % Change Turnover (mn)
12,483.34 12,477.00 6.34 0.05 112.37
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,846.44 3,829.41 17.03 0.44 5.44
ISE-10 Index Opening Closing Change % Change Turnover (mn)
3,088.12 3,077.41 10.71 0.35 0.09
Major Gainers
Symbol
Close
Change
NESTLE 3,150.01 SHEZ 167.53 IDYM 226.32 FZTM 411.36 RMPL 2,281.00
148.11 7.96 7.76 7.43 6.73
Major Losers
Symbol COLG UPFL ILTM HINO ISIL
Close
Change
977.47 1,160.00 120.00 125.73 72.34
-29.51 -8 -5 -3.98 -3.73
Top 5 Volume Leaders
Symbol LOTPTA ANL FFC FFBL KASBB
Close Vol (mn) 15.41 11.95 153.66 40.70 1.51
24.92 17.95 7.27 7.06 3.96
Active Issues Plus Minus Unchanged
133 188 61
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
Mostly up as foreign investors return
Khi shares flat ahead of MPS Nawaz Ali KARACHI: Shares ended with marginal losses at the Karachi Stock Exchange (KSE) on Thursday. The reason was low investor participation as they preferred to book profits ahead of monetary policy announcement on Jan 29. The benchmark KSE 100Index ended at 12,477 points after losing 6 points, KSE 30Index fell by 42 points and KSE All Share index was down by 4 points to close at 12,174
and 8,646 points respectively. "As the market awaits the monetary policy due this week, investors booked profits on Thursday", said Mujtaba Barakzai, equity dealer at JS Global Capital. Trading activities began on a positive note with 16 plus points, thereafter market witnessed some mixed activities throughout the day with index moving on both sides between 12,557 points (+ve 74) and 12,455 points (-ve 28). Volumes also stayed low as investors were mainly on the
FFC profits surge 25pc to Rs11.03bn DPS of Rs3.5/share; bonus 25pc Ahmed Siddique KARACHI: Fauji Fertiliser Company (FFC) Thursday posted 25 per cent growth in net profit for the year ended December 31 2010. The net reached Rs11.03 billion compared to Rs8.82 billion in the same period last year (2009). Moreover, earning per share stood at Rs16.25 in CY10 against Rs13 in the same period a year earlier. Company also announced its fourth cash dividend of Rs3.5 per share in addition to three interim dividends of Rs9.5 per share. This brings the cumulative dividend to Rs13/share for
CY10. On top of that company further boosted the investors by recommendation of 25 per cent bonus share as well. As far aw the nitty-gritty is concerned FFC's sales revenue grew by 24.1 per cent to Rs44.87 billion in CY10 as against Rs36.16 billion in CY09. In comparison the cost of sales increased at a slightly lower pace --rising 23.4 per cent to Rs25.31billion in CY10. That's why gross profit surged by 25 per cent to Rs19.56 billion as against Rs15.65 billion in CY09 -translating into a surge of 30bps in its gross margin to 43.6 per cent in CY10.
Nikkei regains on good US earnings TOKYO: Japan's Nikkei average gained 0.7 per cent on Thursday, recouping the previous day's losses as upbeat US earnings brightened sentiment ahead of Japanese corporate results. Stronger-than expected US new-home sales and President Barack Obama's call for lower corporate taxes spurred hopes for higher profits and a sustained recovery in the world economy, also helping the Nikkei and other indices across Asia post gains. Japan's earnings season was kicking into higher gear on Thursday with printer and camera maker Canon Inc, game maker Nintendo Co Ltd and Japan's largest personal computer firm, NEC Corp, announcing October-December earnings after the market's close. High-tech and commodity shares led the advance after US
network technology firm Juniper Networks' quarterly sales beat market expectations and metal processor Allegheny Technologies Inc forecast stronger sales in 2011. "Strong US shares are helping support Japanese stocks but since Japanese companies are now entering their peak earnings period the market is a bit nervous," said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Morgan Stanley Securities. The benchmark Nikkei ended the day up 0.7 per cent or 76.76 points at 10,478.66, with technical sentiment brightening slightly after it broke through its 25-day moving average, now at 10,415. The broader Topix index rose 0.8 per cent to 929.66. Volume picked up from the previous day, with 2 billion shares changing hands on the See # 10 Page 11
sidelines waiting for the announcement of monetary policy on Saturday. The State Bank of Pakistan (SBP) is due to announce monetary policy for the next two months on Jan 29 and analysts expect at least a 50bps increase in interest rate. It is worth mentioning that in the last monetary policy announcement in November central bank had raised the discount rate by 50 bps to 14 per cent. Results season is also in swing where Fauji Fertilizer Company announced a profit
Seoul shares up 0.2pc; foreign buying helps
cymakers voted unanimously to maintain a $600 billion bondbuying plan to fuel an economic recovery. Shanghai's key stock index closed up 1.5 per cent to 2,738.1 after finding support between the 2,655 to 2,700 range, where a gap had opened up in October 2010. This range is widely seen by market players as a level for the index to hold and a breach could open the way for a deeper slide that will hit other regional markets, said analysts. Chinese markets will be closed for a week from February 2 for the Lunar New Year holiday. The index is down 2.1 per cent this year and is North Asia's worst performing major market as a shortage of funds in the financial system and fears over tightening hobbled
Wednesday. Activities of the offshore investors too remained limited where according to NCCPL data they did a net buying of $0.39 million on Thursday. Lotte Pakistan stood as the volume leader with 24.92 million shares followed by Azgard Nine with 17.95 million shares and Fauji Fertilizer Company with 7.27 million shares. Out of total 382 active issues; 188 declined and 133 advanced while 61 issues remained unchanged.
Indian shares fall to 4-½-mth closing low MUMBAI: Indian shares fell 1.5 per cent on Thursday to their lowest close in four-anda-half months as rising borrowing costs dampened the outlook for companies, while improved prospects elsewhere lured foreign funds away. Financials led the decline weighed down by expectations for another rate increase in the next two months after the Reserve Bank of India (RBI) raised rates on Tuesday for the seventh time in a year to cool inflation pressures. Foreign institutional investors, which had been the mainstay of the market in 2010, have pulled out $849 million so far in January and the benchmark index is poised to post its biggest monthly fall in more than two years. Top utility vehicle maker Mahindra & Mahindra dropped 4.9 per cent, its biggest singleday fall in more than eight months, after Goldman Sachs downgraded the stock to "sell" from "buy", saying it has historically moved in line with the demand cycle, and looks likely to correct with moderation in demand growth. The 30-share BSE index shed 285.02 points to 18,684.43, its
lowest close since Sept. 8, 2010. Twenty-eight of its components ended in the red. In the broader market, almost two shares declined for every share that advanced on relatively low volume of 249 million shares. The 50-share Nifty or NSE index shed 1.5 per cent and closed below its 200-day moving average at 5,604.30 points. "It was a follow-up to what happened on Tuesday. After the RBI's 25 basis point hike, people expect more to come," said Neeraj Dewan, director of Quantum Securities. The BSE benchmark is down nearly 9 per cent this month, which if maintained till the end of January would make it the biggest monthly fall since October 2008. In 2010, the index had gained 17.4 per cent on the back of record foreign fund investment of $29.3 billion. While India's central bank has been tightening policy, the US Federal Reserve said on Wednesday it was in no rush to cut short its rescue of the US economy, saying high unemployment still justified its $600 billion bond-buying plan even though the economy has shown some signs of improvement.-Reuters
Wall St ends near 29-mth high NEW YORK: US stock indexes held near 29-month highs on Thursday as buyers took their cues from companies reporting strong results, like Caterpillar, but the short-term technical picture suggested big gains are going to be hard to muster. Netflix also supported the market, but results from major companies such as AT&T and Procter & Gamble disappointed. The S&P 500 faces technical resistance near 1,300, an area that saw a cluster of closing and session highs during August 2008. Technical analysts are also looking at the 12,000 mark on the Dow as a possible sell trigger after eight weeks of gains by the blue-chip average. Caterpillar shares rose 0.5 per cent to $96.26 after it reported a stronger-than-expected quarterly profit. Movie rental company Netflix Inc soared to a lifetime high of $211.30 and electronics test equipment maker Teradyne Inc jumped 10.9 per cent to $16.22. Both posted results Wednesday after the close. "There's a lot of individual stock movements, but things seem to be canceling out," said Giri Cherukuri, head trader at OakBrook Investments LLC in Isle, Illinois. "We have a large number of earnings and the market is processing those one by one." Shares of Dow components AT&T and P&G fell as their profits slid from the year-ago period, and AT&T's wireless subscriber growth came in below consensus. AT&T dropped 3 per cent to $27.88, while P&G lost 2.6 per cent to $64.38. The Dow Jones industrial average shed 1.97 points, or 0.02 per cent, to 11,983.47. The Standard & Poor's 500 dipped 0.79 point, or 0.06 per cent, to 1,295.84. The Nasdaq Composite gained 5.10 points, or 0.19 per cent, to 2,744.60. Thomson Reuters data showed 71 per cent of the S&P 500 companies that have reported earnings so far have beaten estimates. Qualcomm Inc helped lift the Nasdaq, rising 5.2 per cent to $54.57 a day after it raised its outlook for second-quarter and full-year revenue. See # 9 Page 11
SEOUL: Seoul shares ended up 0.2 per cent on Thursday, mere points shy of an earlier record closing high, buoyed by solid foreign buying and robust gains in crude refiners including S-Oil The Korea Composite Stock Price Index (KOSPI) ended up 0.22 per cent at 2,115.01 points, after earlier setting a new alltime intraday high of 2,121.06 points. "Despite some volatilities at the index's current level, market environment is pretty solid. Assurance that the US Federal Reserve will maintain its supportive stance on the economy buoyed buying appetite particularly," said Han Beom-ho, a market analyst at Shinhan Investment Corp. The US Federal Reserve showed on Wednesday that it was in no rush to cut short its rescue of the US economy. "However, the market will face resistance as it nears 2,200 points, as investors adjust, sentimentally, to higher valuation re-ratings at that level," Kim Hyoung-ryoul, a market analyst at NH Investment & Securities said, adding the KOSPI at 2,200 points will offer an overall price earnings multiple of 11. ANNOUNCEMENTS The KOSPI's 12-month forPeriod Div/Bon/Right PAT (Rs in mn) EPS(Rs) ward PE stands at around 10, Company Fauji Fertiliser Co. Yearly35%(F)(D) 25%(B) 11,028.85 16.25 which is still notably lower than Millat TractorsXB Half Yearly 325%(i)(D) 1,188.73 32.47 Half Yearly 115.304 2.8 Taiwan's 13.5 and Asia Ex- Security Paper Ltd. Half Yearly -0.106 -0.01 Japan's 12.6, StarMine data Clover Pakistan Ltd. Colgate Palmol. Half Yearly 496.542 15.72 showed. However, its 60-day Pak Hotels Half Yearly 4.436 0.25 relative strength index (RSI) at Chashma SugarXD 1st Qtr 18.488 0.64 1st Qtr -5.762 -1.54 around 65 was approaching the Premier SugerXD AL-Noor SugerXD 1st Qtr 185.608 9.99 overbought mark of 70. 1st Qtr 53.092 2.48 Foreign investors were buy- Crescent Sugar ers of a net 352.7 billion won ($316.3 million) worth of stocks, the biggest foreign net buying amount in three weeks and picking up shares for a third consecutive session. Trading turnover stood at 7.2 Hamad Aslam, Head of Research BMA Capital trillion won compared with averMarket would witness a gradual correction in the coming days. age daily trading turnover this month of 7.6 trillion won. -Reuters However a rally is likely in those selective stocks which are to announce
Dhiyan
PROFIT MEANS CORRECTION
China mkts rebound; HK rally fades out HONG KONG/SHANGHAI: Chinese shares rose for a second day on Thursday as Shanghai's main stock index bounced off of a key chart support and gains in commodityrelated and telecom counters offset weakness in property. Property shares underperformed after China announced fresh steps to cool the real estate market. The sector subindex fell 1.5 per cent. But gains in Shanghai failed to lift the Hong Kong market, which closed in the red despite earlier gains as a pick-up in short-selling activity suggested investors were looking to sell into any strength. The Hang Seng fell 0.3 per cent. Cyclical plays such as shippers, mining companies and energy firms rose as commodity prices made a comeback after US Federal Reserve poli-
after tax of Rs11 billion with an EPS Rs16.25. The company announced a 35 per cent final cash dividend and a 25 per cent bonus. "Despite handsome payout by FFC its share price went down as it was already built into the share price", said Samar Iqbal, equity dealer at Topline Securities. Investor participation remained on the lower side as 112.3 million shares traded during the day which is 27 million less as compared to a turnover of 139.3 million shares on
US stocks mid-day
any chances of a sustained rebound. "The reason for today's rise is that the index has fallen too much over the past several days," said Wang Aochao, a senior analyst at UOB Kay Hian in Shanghai. "But we don't think it is a real rebound for the index as there are many uncertainties." Gemdale , the most active stock on the Shanghai market, dropped 3.5 per cent, while Shenzhen-listed China Vanke , the country's biggest developer, lost 2.5per cent. Offsetting that weakness were strong gains in small-caps which attracted speculative interest for a second day and nonferrous metals firms after copper prices rose. Jiangxi Copper Co rose 3.8 per cent, while Yunnan Copper was up 5.4 per cent.-Reuters
better than expected corporate results. As far as monetary policy is concerned, a 50bps increase in interest rate has already been incorporated, but market would react accordingly on any deviation other than 50 bps. Investors can invest in FFC, ENGRO, and APL while for trading portfolio PSO is good. Market would see some correction today.
Mohsin Adhi, Director Alfa Adhi Securities Outlook is bullish where we would see a result-based rally provided that economic situation remains stable. Thus there's a likelihood that index can touch 13,000 level in the coming weeks. Investors are advised to wait for the monetary policy announcement and after that they can invest in fertiliser and oil stocks. If the key discount rate is raised by more than 50bps by the central bank then would see a negative reaction from the market. There would be profit-taking today.
6
Friday, January 28, 2011
Market 112,373,476
Value
4,205,361,181
Trades
58,146
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
133 188 61 382
All Share Index
12,477.00 12,557.84 12,451.27 i6.34
Current High Low Change
High Low 1,616.10 1,591.56 Total cos Defaulter cos P/BV (x) ROE (%) 3.78 32.54 Low
Attock Petroleum 691 6.75 Attock Refinery 853 7.52 BYCO Petroleum 3921 Mari Gas Company 735 17.89 National Refinery 800 4.62 Oil & Gas Development 43009 11.82 Pak Petroleum 11950 7.81 Pak Oilfields 2365 7.77 Pak Refinery Limited 350 P.S.O 1715 5.09 Shell Pakistan 685 10.74
390.06 136.61 10.74 132.46 313.20 174.73 216.82 328.57 111.56 303.60 212.13
392.37 137.90 10.85 134.48 317.00 175.24 217.90 332.00 112.99 304.20 214.80
387.00 133.75 10.51 131.51 310.00 173.11 213.16 328.40 109.01 300.25 209.00
Close Chg 389.91 134.11 10.57 132.00 311.68 174.64 213.55 328.98 110.27 300.77 209.51
-0.15 -2.50 -0.17 -0.46 -1.52 -0.09 -3.27 0.41 -1.29 -2.83 -2.62
Close Change 1,600.00 -7.87 Listed cap Market cap 65,194.15 mn 1,231,818.79 mn Payout (%) Div Yield (%) 55.94 4.82 Last 60 days High Low
Volume 72978 675877 563571 52305 23701 231229 364310 833850 20503 443518 25794
399.99 146.90 12.49 141.65 333.89 185.00 229.80 341.50 122.22 317.79 222.00
292.01 98.75 10.49 117.00 218.00 152.20 184.00 239.00 74.51 262.70 182.05
% Change -0.49 5-Day High 1,607.87 5-Day Low 1,589.97
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B - 15.00 20B 50.00 -
-
Open 739.06 Turnover 18,468 P/E (x) 5.68
Open 1,608.20 Turnover 43,167,108 P/E (x) 9.75
High Low 1,625.91 1,586.43 Total cos Defaulter cos P/BV (x) ROE (%) 3.41 35.00
Pak Int Cont. Terminal PNSC
PE
Open
High
Low
Agritech Limited 3924 9.21 Bawany Air 68 65.83 BOC (Pak) 250 13.06 Clariant Pak 273 7.18 Dawood Hercules 1203 8.51 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Engro Corporation Ltd 3277 11.65 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 9.46 Fauji Fert.Bin Qasim 9341 7.68 Gatron Ind 384 2.58 Ghani Gases Ltd 725 8.66 ICI Pakistan 1388 8.45 Ittehad Chemical 360 9.92 Leiner Gelatine 75 Lotte Pakistan 15142 5.67 Nimir Ind Chemical 1106 Sitara Peroxide 551 14.49 United Distributors 92 -
24.93 8.00 95.51 188.04 204.90 2.86 8.06 2.90 212.16 13.51 11.70 156.16 41.07 49.49 11.80 150.57 25.32 11.99 15.38 1.73 13.35 13.21
26.09 7.90 98.00 190.90 207.50 2.88 8.15 3.00 213.67 13.68 11.95 157.90 41.37 51.40 11.98 153.00 26.58 11.00 15.69 1.84 13.49 14.10
25.25 7.26 95.00 187.00 204.00 2.77 7.85 2.81 211.10 13.40 11.77 153.10 40.59 48.01 11.31 149.20 24.37 10.99 15.10 1.69 13.30 14.00
Close Chg 25.43 7.90 95.05 187.76 205.31 2.79 7.90 2.85 211.98 13.41 11.87 153.66 40.70 48.02 11.43 149.94 26.58 10.99 15.41 1.71 13.33 14.05
0.50 -0.10 -0.46 -0.28 0.41 -0.07 -0.16 -0.05 -0.18 -0.10 0.17 -2.50 -0.37 -1.47 -0.37 -0.63 1.26 -1.00 0.03 -0.02 -0.02 0.84
Last 60 days High Low
Volume 18176 1426 1303 9182 58823 18730 100089 1533211 996141 339184 1120360 7274617 7059313 326 142569 297472 500 759 24916674 380973 36256 1524
Change -13.62 Market cap 352,316.82 mn Div Yield (%) 5.01
26.73 10.50 103.94 209.98 215.00 3.74 9.25 4.24 222.80 15.87 12.64 157.90 43.99 52.00 13.07 158.49 36.00 24.00 16.49 2.74 14.69 14.10
20.26 7.16 75.00 149.72 165.73 2.11 5.40 1.47 174.70 13.00 9.16 106.01 30.31 39.00 11.00 123.50 23.50 10.99 10.08 1.36 12.08 8.51
% Change -0.85 5-Day High 1,608.20 5-Day Low 1,586.41
2010 Div BR (%) (%) 5 15 40 40 130 52.5 20 55 5 5 -
10R 25B -
2011 Div BR (%) (%) -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,177.60 Turnover 38,114 P/E (x) 5.85
High Low 1,176.03 1,129.73 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 7.47
Close 1,131.01 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.45 7.30
17.84 44.94 43.02
17.98 44.01 42.78
17.30 43.77 40.87
17.32 -0.52 43.96 -0.98 40.90 -2.12
23321 785 14008
Change -46.58 Market cap 3,134.82 mn Div Yield (%) 4.32
Last 60 days High Low 19.69 48.90 47.70
15.28 39.00 38.00
% Change -3.96 5-Day High 1,201.27 5-Day Low 1,131.01
2010 Div BR (%) (%) 2533.33B 50 -
2011 Div BR (%) (%) -
1092 1321
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
Open
High
Low
565 4.56 675 555 9.19 1199 18.61 785 10.24
28.00 2.75 14.99 51.60 9.10
29.40 2.75 14.94 52.99 9.25
27.41 2.62 14.70 51.00 9.00
Close Chg 29.17 2.62 14.70 51.18 9.01
1.17 -0.13 -0.29 -0.42 -0.09
Close 1,030.04 Listed cap 3,596.11 mn Payout (%) 30.91
Change 5.72 Market cap 9,935.44 mn Div Yield (%) 8.92
High
Low
Close Chg
Volume
Last 60 days High Low
7.05 40.70
71.79 36.60
72.10 37.44
70.31 36.52
70.52 -1.27 37.44 0.84
9904 8564
77.77 39.45
Last 60 days High Low
Volume 387604 12526 2800 26864 7003
30.60 3.29 16.51 62.20 10.70
24.00 2.50 13.30 44.00 8.51
2010 Div BR (%) (%) 30 55 7.5
20B -
2011 Div BR (%) (%) -
-
Open 1,296.70 Turnover 636,684 P/E (x) 4.79 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
144 5.85 77.01 101 5.98 197.99 247 32.29 34.45 626 9.34 128.09 890 2.15 56 4.60 191.09 598 20.71 24.50 450 3.33 4.90 1428 - 11.76 786 6.73 294.99 823 10.49 67.32 150 4.28 22.93
78.99 202.00 36.17 134.49 2.20 194.85 24.49 4.89 11.75 296.00 68.00 23.40
76.00 197.20 36.17 131.25 1.93 183.00 24.00 4.70 11.51 292.00 65.50 22.71
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dadex Eternit Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete
PE
Open
High
Low
1828 866 6.10 182 14 956 23.66 982 12.77 108 948 3891 3651 123.63 350 3.46 6933 14.67 502 3.70 1760 32 1288 13126 3234 6.67 5261 1.25 541 3.18 2228 200 -
3.03 58.15 21.05 13.00 10.94 1.75 21.25 1.85 2.10 29.76 2.59 4.99 7.42 1.78 0.55 6.30 3.40 73.46 2.66 4.98 6.88 7.40
3.34 59.48 21.30 12.02 10.75 1.89 21.75 2.70 2.19 29.99 2.94 4.99 7.49 1.89 0.69 6.40 3.48 74.50 2.73 4.80 6.89 7.25
3.02 57.00 21.00 12.00 10.40 1.66 21.25 1.82 2.05 29.60 2.35 4.79 7.05 1.76 0.53 6.20 3.31 73.32 2.65 4.05 6.60 7.00
Close 973.01 Listed cap 54,792.74 mn Payout (%) 19.04
Change -2.48 Market cap 68,669.74 mn Div Yield (%) 2.66
Close Chg
Volume
Last 60 days High Low
3.03 57.93 21.26 12.00 10.41 1.66 21.34 1.85 2.05 29.67 2.91 4.84 7.11 1.76 0.61 6.34 3.32 74.25 2.69 4.33 6.72 7.25
13127 18161 11504 1311 14844 3501 284 112 92293 853190 626 1339549 3001 29123 1613 2281 712257 774109 75004 669 78827 1205
3.98 65.99 24.16 15.50 12.75 2.49 25.75 3.49 3.10 32.30 4.00 5.55 8.20 2.25 0.99 8.70 3.88 79.98 3.30 8.89 8.50 7.95
0.00 -0.22 0.21 -1.00 -0.53 -0.09 0.09 0.00 -0.05 -0.09 0.32 -0.15 -0.31 -0.02 0.06 0.04 -0.08 0.79 0.03 -0.65 -0.16 -0.15
2.80 57.00 15.00 7.91 10.25 1.50 18.51 1.50 1.43 26.60 2.21 4.72 5.44 1.60 0.25 5.92 2.84 70.75 2.65 3.21 6.52 5.25
% Change -0.25 5-Day High 975.49 5-Day Low 960.57
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -
2011 Div BR (%) (%) -
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,044.16 Turnover 331,618 P/E (x) 2.89 Company Cherat Papersack ECOPACK Ltd Ghani Glass Merit Pack Packages Ltd Siemens Engineering Tri-Pack Films
Paid up Cap(mn)
PE
Open
High
High Low 1,071.52 1,030.21 Total cos Defaulter cos P/BV (x) ROE (%) 1.27 43.91 Low
Close Chg
115 2.57 71.69 74.70 71.60 72.09 0.40 230 2.69 2.70 2.16 2.57 -0.12 1067 4.80 51.98 53.00 52.00 52.25 0.27 47 75.20 28.65 30.08 29.03 30.08 1.43 844 71.41 133.14 139.79 133.00 139.24 6.10 82 11.68 1150.00 1157.98 1118.00 1152.21 2.21 300 9.71 136.79 137.00 132.05 133.16 -3.63
Close 1,060.56 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change 16.40 Market cap 39,888.58 mn Div Yield (%) 5.38
Last 60 days High Low
20034 83.23 46.02 3114 3.30 1.82 8600 56.45 45.30 111059 30.08 16.80 178214 139.79 101.00 125 1381.00 1118.00 10470 141.90 100.00
% Change 1.57 5-Day High 1,060.56 5-Day Low 1,040.98
2010 Div BR (%) (%) 20 25 900 -
25B 10B -
2011 Div BR (%) (%) -
-
Open 1,809.00 Turnover 331,602 P/E (x) 44.59 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar793 Adam Sugar XD 58 AL-Noor Sugar XD 186 Bawany Sugar 87 Chashma Sugar XD 287 Clover Pakistan 94 Crescent Sugar 214 Dewan Sugar 365 Fecto Sugar 146 Habib SugarXDXB 750 Habib-ADM Ltd 200 J D W SugarXDXB 539 Mehran SugarXDXB 157 Mirpurkhas Sugar 84 Mirza Sugar XD 141 National Foods 414 Nestle Pakistan 453 Noon Sugar 165 Pangrio Sugar XD 109 Quice Food 107 S S Oil 57 Sanghar Sugar XD 119 Shahmurad Sugar XD 211 Shakarganj Mills 695 Tandlianwala 1177
PE
Company Ados Pak AL-Ghazi Tractor
Paid up Cap(mn) 66 215
PE
Open
High
Low
Close Chg
-
77.18 200.29 36.17 134.49 2.06 194.80 24.02 4.80 11.56 294.97 65.90 22.95
0.17 2.30 1.72 6.40 -0.09 3.71 -0.48 -0.10 -0.20 -0.02 -1.42 0.02
1432 17821 36400 6036 470515 1210 11515 34189 12275 16879 23446 4945
Change 1.69 Market cap 47,669.56 mn Div Yield (%) 4.26
Last 60 days High Low 82.63 204.40 36.17 143.80 2.89 217.44 26.74 5.67 13.40 309.73 77.90 23.40
Change -4.68 Market cap 34,092.80 mn Div Yield (%) 15.64
Last 60 days High Low
Open
High
Open 1,096.51 Turnover 186,331 P/E (x) 2.72 Company
High Low 1,846.48 1,792.96 Total cos Defaulter cos P/BV (x) ROE (%) 13.51 30.30 Low
65.75 152.70 15.00 96.00 1.20 145.00 21.00 4.35 10.90 230.00 65.50 17.92
Close Chg
Close 1,832.13 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
% Change 0.13 5-Day High 1,303.53 5-Day Low 1,292.63
2010 Div BR (%) (%) 90 100 60 20 150 10
2011 Div BR (%) (%)
20B 20B
Change 23.13 Market cap 263,691.62 mn Div Yield (%) 0.69
Last 60 days High Low
233 7.49 4.06 382 20.50 13.00 34067 54.00 42.00 2859 6.73 1.21 205 15.47 9.00 291 78.40 46.15 214550 7.15 5.00 6389 5.59 1.50 2762 55.00 28.00 26974 36.50 22.00 705 13.00 11.50 5559 92.50 68.00 207 68.49 52.60 431 68.22 47.50 1436 7.18 4.26 486 75.50 41.12 245 3151.99 1830.00 5805 14.84 9.00 700 6.99 4.04 9000 3.50 2.02 2000 3.89 2.80 1544 15.01 11.35 10505 13.50 9.00 1506 7.88 4.06 2550 42.52 29.03
High Low 1,113.00 1,079.41 Total cos Defaulter cos P/BV (x) ROE (%) 0.29 10.64
Paid up Cap(mn)
PE
Open
High
Low
134 90 106 1219 231
3.21 3.56 2.53
30.99 9.64 6.05 14.38 20.85
29.96 10.64 6.50 14.50 21.74
29.46 10.00 6.00 14.00 21.00
AL-Abid Silk Diamond Ind Hussain Industries Pak Elektron Tariq Glass Ind
-
-
% Change 1.28 5-Day High 1,832.13 5-Day Low 1,785.10
2010 Div BR (%) (%)
2011 Div BR (%) (%)
25 50 10 15 25 25B 40 7010B 12.5R 35 20B 7.50 15 20B 10 12 450 10 15 10 -
-
Close Chg 29.80 10.00 6.13 14.15 21.12
-1.19 0.36 0.08 -0.23 0.27
Close 1,087.88 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 120 302 1019 143151 41719
Change -8.62 Market cap 5,163.08 mn Div Yield (%) 2.30
2011 Div BR (%) (%)
Total Assets (Rs in mn)
9.82
Total Equity (Rs in mn)
MA (100-day)
7.45
Revenue (Rs in mn)
7.34
1,323.87 880.58 3,280.76
Interest Expense
7.03
1st Support
10.80
Profit after Taxation
51.82
2nd Support
10.15
EPS 10 (Rs)
0.925 15.71
1st Resistance
11.80
Book value / share (Rs)
2nd Resistance
12.15
PE 11 E (x)
3.89
Pivot
11.15
PBV (x)
0.73
PSYL closed up 1.00 at 11.50. Volume was 2,488 per cent above average (trending) and Bollinger Bands were 17 per cent wider than normal. The company's profit after taxation stood at Rs41.538 million which translates into an Earning Per Share of Rs0.74 for the 1st quarter of current fiscal year (1QFY11). PSYL is currently 52.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into PSYL (bullish). Trend forecasting oscillators are currently bullish on PSYL. Momentum oscillator is currently indicating that PSYL is currently in an overbought condition.
Crescent Steel & Allied Products Ltd
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
62.13
Total Assets (Rs in mn)
4,436.30
MA (10-day)
28.87
Total Equity (Rs in mn)
2,622.61
MA (100-day)
25.68
Revenue (Rs in mn)
3,704.39
MA (200-day)
26.43
Interest Expense
121.91
1st Support
27.90
Profit after Taxation
416.55
2nd Support
26.66
EPS 10 (Rs)
7.378
1st Resistance
29.89
Book value / share (Rs)
46.45
2nd Resistance
30.64
PE 11 E (x)
4.56
Pivot
28.65
PBV (x)
0.63
CSAP closed up 1.17 at 29.17. Volume was 548 per cent above average (trending) and Bollinger Bands were 97 per cent wider than normal. The company's profit after taxation stood at Rs90.081 million which translates into an Earning Per Share of Rs1.60 for the 1st quarter of current fiscal year (1QFY11). CSAP is currently 10.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into CSAP (bullish). Trend forecasting oscillators are currently bullish on CSAP.
Telecard Limited
% Change -0.79 5-Day High 1,098.77 5-Day Low 1,087.88
Last 60 days High Low
2010 Div BR (%) (%)
40.00 15.84 11.49 15.88 22.50
-20B 20R - 10B 17.5 -
23.00 7.55 5.20 12.90 15.90
2011 Div BR (%) (%) -
-
PERSONAL GOODS Performance of SR Personal Goods Index Open 1,004.15 Turnover 21,995,618 P/E (x) 7.12 Company
Paid up Cap(mn)
(Colony) Thal AL-Qadir Textile Amtex Limited Artistic Denim Aruj Garments Azgard Nine Babri Cotton Bata (Pak) Bilal Fibres Blessed Tex Mills Chenab Limited Colgate Palm Colony Mills Ltd Crescent Jute D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile J K Spinning Khalid Siraj Kohinoor Ind Kohinoor Spinning Kohinoor Textile Liberty Mills Maqbool Textile Masood Textile Mukhtar Textile N P Spinning Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Prosperity Ravi Textile Reliance Weaving Sally Textile Salman Noman Sana Ind Sapphire Fibre Sargoda Spinning Service Ind Shadman Cot Shahpur Textile Thal Limited Treet Corp Yousuf Weaving
56 76 2594 840 62 4493 33 76 141 64 1150 316 2442 238 600 80 514 57 34 716 3105 99 180 184 107 303 1300 1455 226 168 600 145 147 187 1614 3516 560 185 250 308 88 42 55 197 312 120 176 140 307 418 400
PE
Open
High
High Low 1,014.82 998.41 Total cos Defaulter cos P/BV (x) ROE (%) 0.62 8.64 Low
Close Chg
1.05 1.44 1.20 1.20 0.15 7.80 8.80 7.80 8.00 0.20 9.18 4.06 4.14 4.02 4.04 -0.02 6.35 22.86 23.20 22.85 22.85 -0.01 3.38 4.50 5.00 4.99 5.00 0.50 - 11.48 12.37 11.44 11.95 0.47 0.46 11.24 11.50 11.25 11.40 0.16 5.31 635.26 640.00 638.00 639.96 4.70 0.30 1.60 1.10 1.10 1.10 -0.50 0.86 57.13 59.98 55.50 57.13 0.00 3.02 3.10 2.96 3.07 0.05 31.09 1006.98 1014.49 957.15 977.47-29.51 3.73 2.45 2.74 2.36 2.39 -0.06 1.16 1.19 1.00 1.00 -0.16 1.74 1.77 1.66 1.68 -0.06 3.28 4.00 2.51 3.00 -0.28 48.21 40.64 40.98 40.00 40.98 0.34 0.15 2.06 2.01 1.90 2.01 -0.05 0.21 7.86 8.65 6.86 6.86 -1.00 0.73 3.86 4.05 3.80 3.87 0.01 4.07 50.47 52.00 49.00 51.82 1.35 0.73 8.95 8.53 8.30 8.53 -0.42 3.75 3.23 3.50 3.40 3.45 0.22 0.92 6.30 6.05 5.60 6.05 -0.25 0.67 0.69 0.55 0.67 0.00 1.56 1.57 1.41 1.43 -0.13 0.36 1.05 1.40 0.90 0.98 -0.07 3.61 5.01 5.25 5.02 5.05 0.04 3.58 67.00 70.35 67.00 68.12 1.12 2.57 9.88 9.25 9.25 9.25 -0.63 1.96 18.75 19.70 18.50 18.58 -0.17 0.37 0.65 0.32 0.33 -0.04 8.27 23.50 24.00 23.50 23.50 0.00 0.84 16.34 16.34 15.40 16.34 0.00 1.91 22.97 23.25 22.96 23.01 0.04 5.67 66.50 67.25 65.81 66.00 -0.50 3.89 10.50 11.50 10.50 11.50 1.00 1.04 13.70 13.65 13.65 13.65 -0.05 1.43 1.48 1.32 1.37 -0.06 0.63 8.70 9.20 8.75 9.03 0.33 0.20 3.96 4.29 3.96 3.96 0.00 2.08 5.20 4.90 4.50 4.90 -0.30 3.25 42.56 42.99 42.00 42.75 0.19 1.12 116.00 120.00 119.00 119.98 3.98 0.63 3.42 3.80 3.25 3.25 -0.17 7.85 229.41 231.00 229.00 229.17 -0.24 2.49 13.00 14.00 13.00 13.68 0.68 0.56 0.25 0.40 0.25 0.40 0.15 5.48 125.89 131.89 124.20 128.24 2.35 9.42 58.38 59.80 58.01 59.15 0.77 0.56 1.51 1.80 1.32 1.61 0.10
Close 1,006.23 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 2.08 Market cap 140,074.89 mn Div Yield (%) 2.34
Last 60 days High Low
3058 1.90 5001 9.00 74406 7.75 3503 24.59 1000 5.50 17950671 12.84 700 17.85 429 747.48 500 2.80 508 63.20 2002 3.90 636 1020.00 30004 3.20 5002 1.38 33474 2.37 2007 4.50 646 47.00 11000 3.75 132 8.90 9479 4.47 21539 52.00 718 9.50 3020 3.90 509 9.50 120 1.25 55954 2.00 12031 1.81 6504 5.97 300 71.00 200 9.89 400 21.40 8115 0.95 300 24.00 420 17.10 403632 25.14 744398 71.89 2376112 11.50 500 15.50 13173 1.98 815 10.50 15002 5.00 1301 6.35 115 49.66 5000 131.50 6101 3.80 1309 276.50 1705 14.00 8320 1.00 69110 132.00 93471 63.30 10881 2.00
% Change 0.21 5-Day High 1,006.23 5-Day Low 1,002.44
2010 Div BR (%) (%)
0.52 4.05 10 4.00 30 19.10 20 4.10 9.20 8.10 - 15B 544.00 1.00 45.60 50 2.90 791.05 2.16 0.32 1.62 1.70 36.10 5 0.85 2.90 3.31 10 36.00 20 3.00 2.70 10 4.05 20 5B 0.28 1.10 0.16 5 4.82 55.50 30 6.10 22.5 18.00 15 100R 0.14 20.00 20 13.96 20SD 20.25 15 50.25 25 45R 6.00 12.90 30 1.26 8.50 25SD 3.57 10 2.01 5B 30.50 60 112.00 15 1.50 5 169.00 7.00 0.20 86.50 80 20B 44.28 1.00 -
2011 Div BR (%) (%) -
-
PHARMA AND BIO TECH Open 937.10 Turnover 35,867 P/E (x) 7.22
% Change -0.30 5-Day High 1,582.37 5-Day Low 1,553.81
2010 Div BR (%) (%)
75.99
MA (10-day) MA (200-day)
Close 1,298.38 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
RSI (14-day)
HOUSEHOLD GOODS
Company Abbott (Lab)
Paid up Cap(mn) 979
PE
Open
High
High Low 940.92 925.45 Total cos Defaulter cos P/BV (x) ROE (%) 1.61 22.31 Low
Close Chg
Close 933.68 Listed cap 3,904.20 mn Payout (%) 44.54
Volume
Change -3.42 Market cap 31,293.17 mn Div Yield (%) 6.17
Last 60 days High Low
% Change -0.37 5-Day High 959.79 5-Day Low 933.68
2010 Div BR (%) (%)
2011 Div BR (%) (%)
8.46
97.12
96.99
94.90
96.58 -0.54
16272
112.50
94.90
20
-
-
-
Ferozsons (Lab)
250
6.73
90.35
90.10
88.55
89.16 -1.19
5953
94.90
82.20
-
20B
-
GlaxoSmithKline
1707
14.43
80.77
80.88
79.99
80.25 -0.52
2157
89.98
69.52
-
-
-
17.00 15.80 16.70 0.00 235.00 231.80 234.99 -0.01
1505 1035
18.20 244.95
14.12 201.80
150
-
-
-
Dewan Auto Engineering 214 1.38 Ghandhara Ind 213 11.05 12.34 Hinopak Motor 124 - 129.71
1.50 1.22 1.39 0.01 12.20 11.75 11.93 -0.41 130.00 123.23 125.73 -3.98
13932 3502 308
2.40 13.55 147.89
0.21 10.55 117.80
-
-
-
-
Sanofi-Aventis
Millat Tractors XB
555.00 539.00 542.97 -2.00
226866
568.40
472.00
650
25B325.00
-
Searle Pak
8.36 544.97
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
Performance of SR Household Goods Index
1.08 16.70 5.63 235.00
366
-
Performance of SR Pharma and Bio Tech Index
Close 1,577.69 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
Close Chg
9.82 5.51 6.00 5.50 5.50 -0.01 0.94 15.25 15.10 15.10 15.10 -0.15 1.30 52.00 51.90 49.45 51.89 -0.11 5.94 5.94 5.02 5.94 0.00 4.02 10.30 11.20 10.10 10.30 0.00 - 70.00 70.00 66.50 66.50 -3.50 0.70 6.92 6.95 6.35 6.92 0.00 3.51 3.50 3.15 3.22 -0.29 - 29.25 30.70 28.00 30.70 1.45 5.09 22.76 22.90 22.60 22.64 -0.12 11.21 12.14 12.39 12.01 12.11 -0.03 2.48 68.36 71.65 68.00 70.04 1.68 1.85 56.51 56.70 56.60 56.70 0.19 3.19 51.00 51.00 48.80 51.00 0.00 4.48 5.04 4.60 4.60 0.12 20.93 56.08 57.20 55.05 56.08 0.00 34.60 3001.90 3151.99 3000.00 3150.01 148.11 9.78 10.00 9.21 9.49 -0.29 4.55 4.26 4.26 4.26 -0.29 7.16 3.05 3.20 3.00 3.15 0.10 0.25 2.86 2.86 2.80 2.86 0.00 1.09 12.29 12.30 11.55 12.30 0.01 6.97 10.49 10.75 10.19 10.67 0.18 5.17 5.72 5.00 5.55 0.38 354.91 40.00 40.20 38.00 39.04 -0.96
Performance of SR Industrial Engineering Index High Low 1,608.56 1,562.25 Total cos Defaulter cos P/BV (x) ROE (%) 3.20 38.02
2011 Div BR (%) (%)
FOOD PRODUCERS
INDUSTRIAL ENGINEERING Open 1,582.37 Turnover 247,201 P/E (x) 8.41
2010 Div BR (%) (%) 40 15
Pakistan Synthetics Limited
Performance of SR Food Producers Index
Performance of SR Construction and Materials Index High Low 987.08 962.70 Total cos Defaulter cos P/BV (x) ROE (%) 0.51 7.10
High Low 1,313.21 1,281.01 Total cos Defaulter cos P/BV (x) ROE (%) 1.21 25.35
Open
CONSTRUCTION AND MATERIALS Open 975.49 Turnover 4,025,426 P/E (x) 7.16
68.00 32.36
Alert ! Unusual Movements
% Change -0.90 5-Day High 759.43 5-Day Low 732.43
AUTOMOBILE AND PARTS
-
% Change 0.56 5-Day High 1,085.12 5-Day Low 1,024.32
Change -6.63 Market cap 12,895.68 mn Div Yield (%) 1.95
Open
INDUSTRIAL METALS AND MINING High Low 1,055.82 1,009.00 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 33.10
Close 732.43 Listed cap 3,242.17 mn Payout (%) 11.08
PE
Performance of SR Industrial Metals and Mining Index Open 1,024.32 Turnover 436,800 P/E (x) 3.47
High Low 745.05 726.90 Total cos Defaulter cos P/BV (x) ROE (%) 1.45 25.53
Performance of SR Automobile and Parts Index
Company
Close 1,594.58 Listed cap 52,251.88 mn Payout (%) 48.81
Paid up Cap(mn)
Company
CHEMICALS Performance of SR Chemicals Index
Century Paper Pak Paper Product Security Paper
20,275.88 20,439.93 20,237.66 i80.57
INDUSTRIAL TRANSPORTATION
High
Company
KMI 30 Index Current High Low Change
12,174.47 12,278.91 12,151.46 i42.52
Performance of SR Industrial Transportation Index
Open
Paid up Cap(mn)
Current High Low Change
OIL AND GAS
PE
Company
KSE 30 Index
8,646.87 8,703.15 8,629.99 i4.37
Performance of SR Oil and Gas Index Open 1,607.87 Turnover 2,744,067 P/E (x) 11.61 Company
KSE 100 Index
Symbols
Volume
-
Highnoon (Lab)
165
7.73
28.15
28.34
27.00
27.92 -0.23
8305
30.48
23.50
-
-
-
-
IBL HealthCare Ltd
200
7.66
9.65
9.50
9.16
9.50 -0.15
702
9.88
7.16
-
-
-
-
96 306
12.55 156.85 5.65
62.06
158.00 154.00 157.77 63.80
62.50
62.79
0.92
2256
164.99
116.00
-
-
-
-
0.73
222
69.00
59.00
30
-
-
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
40.07
Total Assets (Rs in mn)
9,610.12
MA (10-day)
2.22
Total Equity (Rs in mn)
3,400.99
MA (100-day)
2.26
Revenue (Rs in mn)
2,414.18
MA (200-day)
2.61
Interest Expense
530.45
1st Support
2.06
Profit after Taxation
698.46
2nd Support
2.03
EPS 10 (Rs)
2.328
1st Resistance
2.18
Book value / share (Rs)
11.34
2nd Resistance
2.27
PE 11 E (x)
0.63
Pivot
2.15
PBV (x)
0.19
TELE closed down -0.04 at 2.13. Volume was 18 per cent below average and Bollinger Bands were 45 per cent narrower than normal. The company's profit after taxation stood at Rs251.746 million which translates into an Earning Per Share of Rs0.84 for the 1st quarter of current fiscal year (1QFY11). TELE is currently 17.9 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of TELE at a relatively equal pace. Trend forecasting oscillators are currently bearish on TELE.
Southern Electric Power Co Ltd
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
50.71
Total Assets (Rs in mn)
11,457.73
MA (10-day)
2.20
Total Equity (Rs in mn)
2,081.08
MA (100-day)
2.28
Revenue (Rs in mn)
5,541.96
MA (200-day)
2.89
Interest Expense
1st Support
2.14
Profit after Taxation
52.68
2nd Support
2.10
EPS 10 (Rs)
0.385
1st Resistance
2.24
Book value / share (Rs)
15.23
2nd Resistance
2.30
PE 11 E (x)
Pivot
2.20
PBV (x)
987.88
0.15
SEPCO closed up 0.07 at 2.22. Volume was 25 per cent below average and Bollinger Bands were 63 per cent narrower than normal. The company's loss after taxation stood at Rs86.56 million which translates into a Loss Per Share of Rs0.63 for the 1st quarter of current fiscal year (1QFY11). SEPCO is currently 23.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of SEPCO at a relatively equal pace. Trend forecasting oscillators are currently bearish on SEPCO.
BOOK CLOSURES Company
From
To
J. K. Spng Mills # (TFC) United Bank Khairpur Sugar Mills Husein Sugar Mills Arif Habib Investments # Summit Bank Quice Food Ind. Mubarak Tex Mills # Husein Industries First Cap Mutual Fund # Shaheen Insurance Redo Textiles # United Distributors # (TFC) Saudi Pak Leasing (FTC) Allied Bank Int Ind (Consolidated) Ideal Energy # Olympia Spng. Weaving Mills # Shadman Cotton Mills
28-Jan 29-Jan 29-Jan 29-Jan 01-Feb 01-Feb 01-Feb 05-Feb 06-Feb 07-Feb 07-Feb 07-Feb 08-Feb 10-Feb 14-Feb 16-Feb 18-Feb 18-Feb 19-Feb
02-Feb 12-Feb 05-Feb 04-Feb 07-Feb 08-Feb 07-Feb 12-Feb 12-Feb 14-Feb 14-Feb 14-Feb 14-Feb 27-Feb 24-Feb 26-Feb 26-Feb 26-Feb
D/B/R 20(R) 25 (R) 15 (I) 5
Spot AGM/Date 24-Jan -
31-Jan 29-Jan 29-Jan 07-Feb 07-Feb 09-Feb 10-Feb 14-Feb 15-Feb 14-Feb 26-Feb 26-Feb 26-Feb
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols TRG Pakistan Ltd. Shezan International Grays of Cambridge Pak Tobacco Shifa Int.Hospitals Eye Television Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies
Open 3.22 159.57 50 114 31.06 20.37 20.74 2.49 46 3.39 25.67
High 3.28 167.54 50 114.94 32.25 21.34 20.74 2.5 46.89 3.47 25.88
Low Close 3.12 157.01 47.5 110.1 31.25 19.49 19.71 2.3 45.5 3.22 25.05
3.17 167.53 50 110.73 31.29 20 20.74 2.36 45.92 3.25 25.13
Change -0.05 7.96 0 -3.27 0.23 -0.37 0 -0.13 -0.08 -0.14 -0.54
Vol 715365 71073 1066 2005 1160 28000 1001 239012 679 1089540 345370
7
Friday, January 28, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,133.14 Turnover 3,564,688 P/E (x) 6.15 Paid up Cap(mn)
Company
Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,145.90 1,125.47 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
PE
Open
High
Low
Close Chg
37740 12.75 3000 0.63 8606 6175 -
19.23 2.17 2.69 3.82
19.38 2.24 2.82 3.90
19.11 2.12 2.66 3.75
19.13 2.13 2.71 3.83
-0.10 -0.04 0.02 0.01
Close 1,128.02 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 642818 473774 2448095 38559
Change -5.11 Market cap 78,159.18 mn Div Yield (%) 10.17
% Change -0.45 5-Day High 1,152.56 5-Day Low 1,128.02
Last 60 days High Low
2010 Div BR (%) (%)
20.65 2.67 3.45 4.65
17.5 1 -
18.21 2.12 2.40 3.35
2011 Div BR (%) (%)
-
-
-
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Silver Star Insurance United Insurance XB
204 6.24 369 5.95 279 8.71 457 6.73 1250 400 3.19 718 17.07 791 15.90 3000 46.41 250 2.07 350 303 5.98 253 4.25 400 2.42
10.30 37.30 78.69 10.76 41.55 13.50 93.00 59.65 18.35 8.95 9.10 11.99 7.00 7.39
Company
High Low 1,363.83 1,333.82 Total cos Defaulter cos P/BV (x) ROE (%) 1.37 9.35
PE
Open
High
Low
Genertech 198 Hub Power 11572 7.24 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 10.33 Kot Addu Power 8803 5.28 Nishat Chunian Power Ltd 3673 3.65 Nishat Power Ltd 3541 28.23 S G Power 178 Sitara Energy Ltd 191 3.36 Southern Electric 1367 Tri-star Power XD 150 -
0.76 38.74 1.70 2.88 18.83 43.69 16.65 17.88 1.00 18.25 2.15 0.90
0.85 39.60 1.74 2.94 18.90 43.75 17.00 17.96 1.43 18.00 2.26 1.05
0.76 38.80 1.63 2.83 18.06 43.13 16.25 17.48 0.45 18.00 2.16 0.82
Close 1,354.29 Listed cap 95,369.29 mn Payout (%) 104.13
Change 13.45 Market cap 110,660.63 mn Div Yield (%) 7.12
Close Chg
Volume
Last 60 days High Low
0.81 39.51 1.65 2.84 18.60 43.48 16.65 17.50 0.47 18.00 2.22 0.90
2089 759313 48509 519379 1099 92471 3551391 1795635 17101 1000 295140 401
1.18 41.20 2.15 3.55 22.85 45.85 18.01 18.70 1.70 19.50 2.80 1.75
0.05 0.77 -0.05 -0.04 -0.23 -0.21 0.00 -0.38 -0.53 -0.25 0.07 0.00
10.30 37.40 76.68 10.76 40.20 13.40 92.00 59.00 18.10 8.74 9.10 11.07 6.85 7.39
0.00 0.10 -2.01 0.00 -1.35 -0.10 -1.00 -0.65 -0.25 -0.21 0.00 -0.92 -0.15 0.00
500 2831 10788 62143 35455 250 959 2288 387094 1200 4511 3240 810 2000
12.75 40.00 83.00 12.00 47.90 15.50 99.88 61.80 19.40 9.95 10.75 12.93 8.20 7.49
10.00 32.10 51.25 9.65 39.48 11.00 81.10 53.38 14.00 5.61 2.61 9.00 6.01 5.00
10 10 -
0.73 33.15 1.50 2.07 17.95 39.00 13.01 14.14 0.45 17.89 2.09 0.75
% Change 1.00 5-Day High 1,354.29 5-Day Low 1,331.00
2010 Div BR (%) (%) 50 15 50 20 -
2011 Div BR (%) (%)
7.8R -
-
-
GAS WATER AND MULTIUTILITIES
Open 817.31 Turnover 34,653 P/E (x) 5.68 Paid up Cap(mn)
High Low 823.97 811.34 Total cos Defaulter cos P/BV (x) ROE (%) 3.19 3.85
Close 813.78 Listed cap 2,290.72 mn Payout (%) 355.53
Change -3.53 Market cap 9,540.05 mn Div Yield (%) 4.29
Company Sui North Gas Sui South Gas
High Low 1,620.45 1,579.81 Total cos Defaulter cos P/BV (x) ROE (%) 1.15 11.41
Close 1,585.85 Listed cap 12,202.80 mn Payout (%) 66.79
Change -23.56 Market cap 33,859.56 mn Div Yield (%) 6.60
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.27 3.34
28.30 22.40
28.40 22.65
27.67 22.10
27.79 -0.51 22.17 -0.23
42527 251506
34.75 26.00
25.71 19.95
% Change -1.46 5-Day High 1,632.49 5-Day Low 1,585.85
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index
Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.98 71.85 Askari Bank 6427 8.78 18.45 Bank Alfalah 13492 14.82 11.53 Bank AL-Habib 7322 8.11 37.98 Bank Of Khyber 5004 5.33 4.01 Bank Of Punjab 5288 9.07 BankIslami Pak 5280 975.00 3.92 Faysal Bank 7309 4.87 15.08 Habib Bank Ltd 10019 7.72 122.16 Habib Metropolitan Bank 8732 8.17 27.00 JS Bank Ltd 8150 2.40 KASB Bank Ltd 9509 1.60 MCB Bank Ltd 7602 10.28 233.25 Meezan Bank 6983 10.05 19.00 Mybank Ltd 5304 3.00 National Bank 13455 6.83 78.18 NIB Bank 40437 2.85 Samba Bank 14335 2.00 Silkbank Ltd 26716 2.60 Soneri Bank 6023 7.48 Stand Chart Bank 38716 12.22 7.70 Summit Bank LtdSPOT 7251 3.90 United Bank Ltd 12242 8.07 68.66
High Low Close 1,216.79 1,193.72 1,198.81 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.20 13.94 40.49
High
Low
Close Chg
72.70 71.70 71.87 0.02 18.65 18.20 18.44 -0.01 11.69 11.50 11.56 0.03 39.00 37.50 37.62 -0.36 4.01 3.95 4.00 -0.01 9.17 8.95 8.97 -0.10 4.00 3.88 3.90 -0.02 15.15 15.00 15.09 0.01 125.10 123.10 123.62 1.46 26.71 26.70 26.70 -0.30 2.45 2.37 2.44 0.04 1.71 1.49 1.51 -0.09 235.15 231.30 231.82 -1.43 19.40 18.90 18.99 -0.01 3.00 2.85 2.88 -0.12 79.31 78.01 78.19 0.01 2.90 2.75 2.85 0.00 1.98 1.93 1.95 -0.05 2.68 2.60 2.62 0.02 7.50 7.17 7.30 -0.18 7.99 7.70 7.94 0.24 3.99 3.80 3.82 -0.08 69.40 68.40 68.69 0.03
Volume
Change -4.01 Market cap 721,408.09 mn Div Yield (%) 4.72
Last 60 days High Low
24115 74.00 989535 19.25 1267829 11.97 378456 39.49 19209 4.70 1521990 10.59 14614 4.50 61483 17.10 523617 128.97 6630 29.28 4704 3.00 3957335 2.80 421245 250.48 14701 20.30 17504 3.40 2752825 80.61 1850225 3.35 434369 2.17 683850 3.05 12835 8.48 22294 9.04 276192 4.63 322517 70.65
54.96 14.96 9.11 31.50 3.16 8.34 3.00 14.01 100.50 19.70 2.37 1.49 199.00 14.50 1.90 63.53 2.59 1.51 2.50 7.00 6.33 2.70 55.25
% Change -0.33 5-Day High 1,202.81 5-Day Low 1,191.73
2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -
-
-
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance
Symbols PCAL FFLM GATM ULEVER FZTM ARPAK IGIBL ISIL RMPL KSBP SAIF ILTM NMBL FRSM JOPP SMTM GSPM ICIBL TOWL PASM BGL STJT BWHL CLCPS FRCL BROT GADT CSUML MOON PRET PTEC LAKST FIBLM KOHP LEUL ELSM GUTM IDYM SHCI SITC GAIL GRYL GWLC MWMP MFFL MSCL PECO STCL JDMT MACFL MTIL PMRS QUET SGLL TATM TICL WAHN ZIL BRR CRTM CSIL DINT ESBL FPJM GVGL KML MFTM MUREB
High Low 818.92 800.27 Total cos Defaulter cos P/BV (x) ROE (%) 0.69 5.20
Close 806.34 Listed cap 11,111.34 mn Payout (%) 79.54
Change -6.88 Market cap 49,311.08 mn Div Yield (%) 5.96
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 27.69
94.88
95.85
94.70
95.53 0.65
618247
96.35
66.50
% Change -0.85 5-Day High 814.93 5-Day Low 806.34
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
% Change -0.43 5-Day High 839.42 5-Day Low 813.78
High
Low
Close Chg
Volume
Last 60 days High Low
EFU Life Assurance
850 38.64
68.71
69.00
68.00
68.00 -0.71
5842
86.95
62.75
-
-
-
-
New Jub Life Insurance
627 29.88
44.07
45.00
44.00
44.52 0.45
28811
49.31
39.95
-
-
-
2010 Div BR (%) (%)
2011 Div BR (%) (%) -
FINANCIAL SERVICES Performance of SR Financial Services Index Open 416.34 Turnover 2,939,105 P/E (x) 11.83 Paid up Cap(mn)
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities First National Equity Invest and Fin Sec Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Trust Brokerage
High Low 430.61 410.60 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 0.91
PE
Open
High
Low
225 1.20 360 3.96 450 13.22 3750 4.86 150 1.60 250 575 600 787.00 3166 626 0.58 7633 508 500 7.34 1000 28.08 1000 821 4.79 775 452 514 13.40 100 -
0.55 20.53 26.11 26.67 1.79 2.00 7.32 7.90 3.29 1.65 11.67 3.85 27.99 6.75 4.70 6.52 1.93 0.78 2.76 3.12
0.65 21.19 26.40 26.98 1.79 2.10 7.00 7.90 3.43 1.79 12.14 3.97 28.00 6.97 4.59 6.55 2.00 0.95 3.35 3.95
0.52 20.00 25.81 26.20 1.30 1.51 6.35 7.50 3.15 1.61 11.63 3.80 27.32 6.71 4.16 6.01 1.87 0.58 2.32 3.10
Close Chg
Close 417.13 Listed cap 30,336.44 mn Payout (%) 99.56
Volume
Change 0.79 Market cap 19,295.80 mn Div Yield (%) 3.32
0.53 20.14 25.91 26.44 1.79 1.92 6.99 7.87 3.21 1.61 11.74 3.82 27.32 6.74 4.31 6.52 1.94 0.66 3.35 3.10
-0.02 -0.39 -0.20 -0.23 0.00 -0.08 -0.33 -0.03 -0.08 -0.04 0.07 -0.03 -0.67 -0.01 -0.39 0.00 0.01 -0.12 0.59 -0.02
26537 18088 18635 1605471 9502 1904 602 3401 67316 12654 2597564 52911 1760 28846 20861 7632 69170 333 250 1002
% Change 0.19 5-Day High 429.59 5-Day Low 416.34
Last 60 days High Low
2010 Div BR (%) (%)
0.95 22.40 28.00 30.20 2.14 2.75 10.70 8.98 4.20 2.14 14.05 5.38 32.37 7.59 5.43 7.29 2.70 0.97 4.99 4.00
30 11.5 10 -
0.33 16.00 24.40 22.80 1.15 1.28 6.35 6.16 2.95 1.05 9.54 2.93 25.75 5.80 3.86 5.25 1.68 0.41 2.00 1.42
2011 Div BR (%) (%)
20B 20B 10B -
-
-
EQUITY INVESTMENT INSTRUMENTS
2011 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 813.22 Turnover 1,132,318 P/E (x) 13.35
UP TO 100 VOLUME
-
Open
Company
Paid up Cap(mn)
Open 1,202.81 Turnover 15,301,907 P/E (x) 8.57
-
PE
Company
Performance of SR Gas Water and Multiutilities Index Open 1,609.41 Turnover 294,033 P/E (x) 10.11
25R 10B 20B -
LIFE INSURANCE
Performance of SR Electricity Index
Paid up Cap(mn)
10.30 37.30 74.76 10.35 40.00 13.40 91.00 59.00 18.00 8.74 8.65 11.02 6.85 7.00
Performance of SR Life Insurance Index
ELECTRICITY Open 1,340.84 Turnover 7,083,534 P/E (x) 14.63
10.30 37.40 80.90 10.99 41.60 13.40 92.50 59.99 18.64 9.95 9.10 11.90 7.64 7.39
Paid up Cap(mn)
Company
AL-Meezan Mutual F. AL-Noor Modaraba Constellation Modaraba Crescent St Modaraba Elite Cap Modaraba Equity Modaraba First Capital Mutual F. First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Mod Al-Mali Nat Bank Modaraba Pak Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Stand Chart Modaraba U D L Modaraba
1375 210 65 200 113 524 300 581 760 397 1008 3180 1186 283 1200 184 250 125 1000 2835 2841 872 454 264
High Low 1,399.92 1,367.85 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 2.21
PE
Open
High
Low
7.23 5.08 2.50 1.43 3.44 11.94 8.75 0.71 2.39 2.67 6.04 71.88 19.64 1.98 2.16 15.60 5.75 5.70 2.08 9.29 7.16 2.27 4.67 1.73
8.71 3.10 1.35 0.57 2.74 1.96 3.46 2.24 3.25 8.10 7.01 5.75 5.43 2.38 7.45 1.75 6.45 1.14 7.10 14.20 6.30 1.00 9.90 6.14
8.75 3.10 1.49 0.69 2.95 2.11 3.50 2.25 3.40 8.00 7.01 5.76 5.51 3.38 7.50 1.92 6.21 1.25 7.16 14.72 6.40 1.00 9.52 6.15
8.51 3.05 1.10 0.56 2.75 1.87 3.50 1.99 3.20 8.00 7.01 5.75 5.40 1.82 7.40 1.55 6.21 0.95 7.05 14.00 6.11 1.00 9.51 6.10
Close 1,388.54 Listed cap 29,771.58 mn Payout (%) 104.74
Symbols
Change 4.27 Market cap 18,772.03 mn Div Yield (%) 8.63
% Change 0.31 5-Day High 1,408.18 5-Day Low 1,384.28
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
8.68 3.05 1.10 0.57 2.75 1.91 3.50 2.24 3.35 8.00 7.01 5.75 5.50 2.69 7.50 1.56 6.21 1.14 7.15 14.50 6.30 1.00 9.52 6.10
491455 3000 656 8003 214 7204 5000 5009 170405 1500 205 239426 54735 39940 18300 3503 400 3025 11400 530700 24218 83001 2000 5000
9.15 3.80 1.99 0.87 3.49 2.98 5.50 2.39 3.60 9.00 7.30 6.10 5.70 3.50 8.25 2.50 7.74 2.00 7.80 15.06 7.14 1.20 10.29 6.55
18.5 5 1.2 5 17 11 21 5 10 2.8 15.5 10 3 10 20 10 3 17 12.5
-0.03 -0.05 -0.25 0.00 0.01 -0.05 0.04 0.00 0.10 -0.10 0.00 0.00 0.07 0.31 0.05 -0.19 -0.24 0.00 0.05 0.30 0.00 0.00 -0.38 -0.04
54.00 1.78 30.00 4629.07 403.93 11.15 2.54 76.07 2274.27 59.54 4.66 125.00 1.65 17.25 11.78 6.40 7.24 0.70 6.52 9.70 2.62 19.50 34.10 2.25 1.68 0.45 71.45 3.60 10.34 31.50 2.35 289.80 2.00 4.58 2.00 21.00 18.56 218.56 2.39 117.21 4.58 1.60 7.19 1.44 81.45 13.83 149.99 8.50 14.74 3.10 0.66 41.09 46.18 32.52 39.00 46.62 37.81 51.55 1.73 17.80 4.89 27.00 2.40 1.35 26.00 2.88 1.00 90.25
High 54.06 1.74 30.00 4675.00 415.00 12.15 2.72 72.41 2387.98 60.00 4.99 120.00 1.65 17.90 11.85 6.89 7.35 0.71 7.51 10.49 2.75 20.29 35.80 3.00 1.85 0.59 73.09 3.18 11.33 31.99 2.50 296.99 2.56 4.60 1.70 21.39 19.01 229.30 2.40 119.00 4.95 2.60 7.09 1.48 84.90 13.98 152.00 8.69 15.60 3.24 0.65 43.14 46.18 33.30 37.05 48.95 38.89 51.55 1.74 17.11 5.80 27.45 2.99 1.40 26.00 2.99 1.14 93.00
Low
Close
54.05 1.38 30.00 4601.09 407.50 11.95 2.60 72.28 2175.00 59.23 4.90 120.00 1.37 17.25 10.80 6.35 6.56 0.69 6.52 9.90 2.60 19.40 32.40 2.06 1.52 0.17 69.20 3.18 11.33 31.99 2.35 275.35 2.00 4.11 1.67 21.39 18.56 211.00 2.39 112.50 4.26 1.51 6.35 1.30 80.00 13.98 144.00 7.70 15.40 2.85 0.32 42.90 46.18 32.25 37.05 48.95 37.50 51.55 1.74 17.11 4.89 27.45 2.99 1.40 26.00 2.88 1.14 93.00
54.05 1.56 30.00 4633.50 411.36 11.97 2.64 72.34 2281.00 60.00 4.90 120.00 1.64 17.90 11.48 6.35 7.35 0.70 6.52 10.49 2.69 19.50 34.10 2.37 1.66 0.59 71.45 3.18 11.33 31.99 2.35 289.80 2.47 4.49 1.70 21.39 18.56 226.32 2.39 118.90 4.61 2.02 7.09 1.36 80.00 13.98 152.00 8.65 15.40 3.05 0.49 42.90 46.18 32.78 37.05 48.95 37.50 51.55 1.74 17.11 4.89 27.45 2.99 1.40 26.00 2.88 1.14 93.00
Change
Vol
0.05 -0.22 0.00 4.43 7.43 0.82 0.10 -3.73 6.73 0.46 0.24 -5.00 -0.01 0.65 -0.30 -0.05 0.11 0.00 0.00 0.79 0.07 0.00 0.00 0.12 -0.02 0.14 0.00 -0.42 0.99 0.49 0.00 0.00 0.47 -0.09 -0.30 0.39 0.00 7.76 0.00 1.69 0.03 0.42 -0.10 -0.08 -1.45 0.15 2.01 0.15 0.66 -0.05 -0.17 1.81 0.00 0.26 -1.95 2.33 -0.31 0.00 0.01 -0.69 0.00 0.45 0.59 0.05 0.00 0.00 0.14 2.75
100 99 71 65 60 55 55 52 51 50 38 36 25 24 22 22 21 21 20 18 17 17 16 16 16 14 14 10 10 10 10 8 6 6 6 5 5 5 5 5 4 4 4 4 3 3 3 3 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS
Performance of SR Equity Investment Instruments Index Open 1,384.28 Turnover 1,708,406 P/E (x) 18.85
Open
6.05 2.30 0.93 0.16 1.86 1.06 2.55 1.61 2.56 5.75 6.00 2.70 2.70 1.26 5.15 0.90 4.50 0.46 5.31 8.00 3.67 0.81 8.51 5.21
-
2011 Div BR (%) (%) -
-
Open
ANL-FEB 11.64 FFBL-JAN 41.13 FFBL-FEB 41.40 ANL-JAN 11.55 NBP-FEB 78.64 FFC-FEB 156.80 DGKC-JAN 29.85 FFC-JAN 156.32 DGKC-FEB 30.19 POL-FEB 329.79 ENGRO-FEB 213.70 POL-JAN 328.97 ENGRO-JAN 212.20 NBP-JAN 78.16 NML-FEB 67.18 NML-JAN 66.67 LUCK-JAN 73.03 PSO-JAN 304.30 BOP-FEB 9.22 PPL-JAN 216.69 MCB-JAN 233.66 MCB-FEB 234.75 PSO-FEB 305.96 LUCK-FEB 73.70 PPL-FEB 217.87 AICL-JAN 94.96 BOP-JAN 9.24 HUBC-JAN 38.75 HUBC-FEB 39.33 OGDC-FEB 173.25 UBL-JAN 68.64 OGDC-JAN 174.00 NETSOL-FEB 25.95 AICL-FEB 95.55 UBL-FEB 69.40 NETSOL-JAN 25.85 PTC-FEB 19.50 PTC-JAN 19.23
High 12.40 41.21 41.50 12.30 79.74 158.50 29.90 157.50 30.20 333.00 214.90 331.50 213.60 79.30 67.40 67.05 74.39 303.00 9.16 217.50 235.00 236.05 305.00 74.65 218.70 95.60 9.05 39.45 39.33 174.48 68.99 174.35 25.70 95.98 69.30 25.60 19.31 19.11
Low
Close
11.60 40.50 40.80 11.50 78.70 154.00 29.65 153.15 29.85 329.26 213.00 328.50 211.05 78.00 66.20 65.82 73.10 300.00 9.03 213.10 231.10 233.00 302.00 73.70 215.00 94.80 8.94 38.80 39.33 173.00 68.80 173.10 25.50 95.30 69.00 25.05 19.31 19.11
12.01 40.68 41.00 11.84 78.89 154.55 29.67 153.64 29.89 330.18 213.78 329.18 212.16 78.26 66.37 66.02 74.17 301.07 9.06 213.75 232.13 233.20 303.18 74.52 215.32 95.46 8.94 39.45 39.33 173.63 68.90 174.07 25.60 95.90 69.05 25.49 19.31 19.11
Change
Vol
0.37 1168000 -0.45 905000 -0.40 578000 0.29 493500 0.25 491500 -2.25 386500 -0.18 296000 -2.68 296000 -0.30 272500 0.39 246000 0.08 208500 0.21 203000 -0.04 176000 0.10 170500 -0.81 156500 -0.65 152500 1.14 147500 -3.23 146500 -0.16 112500 -2.94 106000 -1.53 95500 -1.55 89500 -2.78 81500 0.82 51500 -2.55 50500 0.50 50000 -0.30 42000 0.70 29500 0.00 20000 0.38 12500 0.26 12000 0.07 11500 -0.35 10500 0.35 10000 -0.35 7000 -0.36 6500 -0.19 2000 -0.12 1500
BOARD MEETINGS
Fauji Fertiliser Co
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
63.53
Support 1
12,432.90
MA (5-day)
12,443.72
Support 2
12,388.80
MA (10-day)
12,508.17
Resistance 1
12,539.45
11,046.20
Resistance 2
12,601.95
MA (100-day)
10,523.64
Pivot
Brokerage House
Fair Value 5.10
TFD Research
Neutral
TFD Research
44.25
Technical Outlook Leverage Position Free Float Shares (mn) 373.19 Free Float Rs (mn) 57,344.36 ** NOI Rs (mn) 98.07 Mean 155.21
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
381.31 1,845.54 N/A 4.90
* Target price for Jun-11 & **Net Open Interest in future market
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
52.40
Sell
85
326.94 13,306.40 117.06 40.93
92.3
* Target price for Jun-11 & **Net Open Interest in future market
62.13 77.61 68.65 68.32
FFC is currently 36.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into FFC (mildly bullish). Trend forecasting oscilla-
and Bollinger Bands were 118 per cent wider than normal.
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.44 24,899.15 140.60 78.42
Bollinger Bands were 35 per cent narrower than normal.
FFBL is currently 32.2 per cent above its 200-day moving average and is NBP is currently 14.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is relatively normal as compared to volatility over the last 10 trading sessions. Volume indicators reflect mod- the average volatility over the last 10 trading sessions. Volume indicators
tors are currently bullish on FFC. Momentum oscillator is currently indicat- erate flows of volume into FFBL (mildly bullish). Trend forecasting oscilla- reflect volume flowing into and out of NBP at a relatively equal pace. Trend tors are currently bullish on FFBL. forecasting oscillators are currently bullish on NBP. ing that FFC is currently in an overbought condition.
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
Fair Value
Rs Recommendations
Hold
*Invest Cap
210
Hold
11.8
Hold
*Arif Habib Ltd
224
Hold
Positive
TFD Research
14.01
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Askari Bank Ltd
11.55
59.56 11.50 9.70 9.71
674.58 7,798.12 N/A 11.57
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
59.77 213.63 185.75 186.12
Fair Value 23.67
Rs Recommendations Positive
Positive
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
245.4
Brokerage House TFD Research
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
147.48 31,263.14 271.09 212.23
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
61.09 18.50 16.09 16.16
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
321.37 5,926.10 N/A 18.44
* Target price for Jun-11 & **Net Open Interest in future market
FCCL closed down -0.15 at 4.84. Volume was 109 per cent above average BAFL closed up 0.03 at 11.56. Volume was 62 per cent below average (con- ENGRO closed down -0.18 at 211.98. Volume was 48 per cent below aver- AKBL closed down -0.01 at 18.44. Volume was 16 per cent above averand Bollinger Bands were 43 per cent narrower than normal.
solidating) and Bollinger Bands were 13 per cent narrower than normal.
age and Bollinger Bands were 121 per cent wider than normal.
age and Bollinger Bands were 45 per cent wider than normal.
FCCL is currently 5.8 per cent below its 200-day moving average and is BAFL is currently 19.1 per cent above its 200-day moving average and is ENGRO is currently 14.0 per cent above its 200-day moving average and AKBL is currently 14.1 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to is displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is high as compared to the average 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 mod- volatility over the last 10 trading sessions. Volume indicators reflect modreflect volume flowing into and out of FCCL at a relatively equal pace. reflect moderate flows of volume into BAFL (mildly bullish). Trend forecast- erate flows of volume into ENGRO (mildly bullish). Trend forecasting oscil- erate flows of volume into AKBL (mildly bullish). Trend forecasting oscillaTrend forecasting oscillators are currently bearish on FCCL.
ing oscillators are currently bullish on BAFL.
lators are currently bullish on ENGRO.
10:30 11:00 10:30 11:30 11:30 10:00 3:00 11:00 11:00 11:00 1:00 11:30 4:00 3:00 1:00 11:00 5:00 3:30
Company
* Target price for Jun-11 & **Net Open Interest in future market
Engro Corporation
Time
28-Jan 28-Jan 28-Jan 28-Jan 28-Jan 28-Jan 28-Jan 28-Jan 28-Jan 28-Jan 28-Jan 28-Jan 29-Jan 29-Jan 29-Jan 29-Jan 29-Jan 31-Jan 31-Jan 31-Jan
TECHNICAL LEVELS
Positive
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Date
Pakistan Cables Limited Honda Atlas Cars (Pakistan) Ltd Attock Petroleum Limited Pakistan Oilfields Limited Century Paper & Board Mills Ltd Sanghar Sugar Mills Ltd Noon Sugar Mills Ltd J.K Spinning Mills Ltd Khairpur Sugar Mills Ltd Baba Farid Sugar Mills Ltd Shakarganj Mills Limited Tariq Glass Industries Ltd Habib Sugar Mills Ltd Colony Sugar Mills Ltd Sakrand Sugar Mills Ltd Exide Pakistan Ltd Quetta Textile Mills Ltd Clariant Pakistan Limited Al-Abbas Sugar Mills Ltd Merit Packaging Limited
Hold
FFC closed down -2.50 at 153.66. Volume was 382 per cent above aver- FFBL closed down -0.37 at 40.70. Volume was 38 per cent above average NBP closed up 0.01 at 78.19. Volume was 36 per cent below average and
Technical Outlook
Leverage Position
Leverage Position
59.64 41.70 33.08 30.80
Fair Value
Technical Outlook
Technical Outlook
age (trending) and Bollinger Bands were 275 per cent wider than normal.
*Invest Cap
Hold
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Neutral
139.5
TFD Research
39.50 5.02 4.99 5.14
*Arif Habib Ltd
TFD Research
Technical Outlook RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Sell
37
*Arif Habib Ltd
Technical Analysis
*Invest Cap
*Arif Habib Ltd
74.82 151.09 116.28 112.52
Brokerage House
Hold
Buy
Technical Analysis
Rs Recommendations
39
Bank Al-Falah Ltd
Rs Recommendations
Fair Value
*Invest Cap
164.1
Fauji Cement Co Ltd
*Invest Cap
Brokerage House
Hold
*Arif Habib Ltd
12,495.35
wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 12,539.45 and 2nd resistance level at 12,601.95, while Index will continue to find its 1st support level at 12,432.90 and 2nd support level at 12,388.80. KSE 100 INDEX is currently 18.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX.
Rs Recommendations
149
RSI (14-day) MA (10-day) KSE 100 INDEX closed down -6.34 points at 12,477.00. Volume MA (100-day) was 3 per cent below average and Bollinger Bands were 4 per cent MA (200-day) MA (200-day)
Fair Value
*Invest Cap
National Bank of Pakistan
Fauji Fertiliser Bin Qasim Ltd
Company
tors are currently bullish on AKBL.
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 41.94 2.90 2.80 59.12 71.50 71.10 24.10 56.80 55.65 49.70 26.10 25.75 44.56 25.70 25.45 68.24 94.85 94.20 61.09 18.20 18.00 64.48 11.45 11.00 75.89 387.15 384.40 51.54 132.60 131.10 59.56 11.45 11.40 53.51 3.85 3.80 35.70 8.90 8.80 44.19 2.00 1.95 46.50 29.50 29.35 42.92 2.80 2.70 45.01 2.60 2.55 34.39 39.60 39.00 33.44 67.65 67.35 59.77 210.85 209.70 47.93 15.00 14.95 39.50 4.75 4.65 59.64 40.40 40.10 74.82 151.90 150.10 55.17 122.80 121.95 60.88 39.00 38.50 53.32 148.40 146.90 72.23 292.65 290.30 42.27 3.75 3.70 44.34 1.60 1.55 43.29 2.35 2.30 44.21 11.55 11.35 55.12 43.15 42.85 45.67 2.80 2.75 58.99 15.10 14.80 48.48 73.55 72.85 52.59 230.35 228.90 38.56 2.65 2.60 62.13 77.70 77.20 48.08 22.90 22.80 68.56 24.80 24.50 42.98 2.75 2.70 38.92 1.65 1.60 50.44 65.45 64.90 57.25 173.40 172.20 59.00 3.15 3.05 40.26 1.90 1.80 46.28 2.30 2.20 39.75 6.60 6.45 65.05 327.60 326.20 44.03 211.85 210.15 29.84 64.95 63.95 53.35 299.30 297.80 43.24 19.05 18.95 49.98 207.40 205.30 49.40 27.50 27.20 46.74 13.25 13.20 50.82 21.95 21.75 40.07 2.10 2.05 34.23 3.10 3.05 59.09 68.25 67.85 45.38 2.65 2.55
1st 2nd Resistance 3.25 3.45 72.50 73.10 59.30 60.60 26.90 27.30 26.25 26.65 96.00 96.50 18.65 18.90 12.40 12.85 392.50 395.15 136.75 139.40 11.65 11.75 4.00 4.05 9.10 9.25 2.15 2.25 29.90 30.15 2.95 3.10 2.70 2.75 41.20 42.20 68.65 69.35 213.40 214.80 15.15 15.25 4.95 5.05 41.20 41.65 156.70 159.70 124.80 125.95 39.80 40.10 152.20 154.50 296.65 298.30 3.90 4.05 1.70 1.80 2.45 2.50 12.05 12.35 43.75 44.05 2.90 3.00 15.70 16.00 74.70 75.20 234.20 236.60 2.75 2.80 79.00 79.80 23.20 23.35 25.65 26.20 2.90 3.00 1.80 1.90 66.90 67.80 175.55 176.45 3.40 3.55 2.00 2.05 2.50 2.60 6.90 7.05 331.20 333.40 216.60 219.60 67.45 68.95 303.25 305.70 19.30 19.50 213.20 216.90 28.25 28.70 13.45 13.55 22.50 22.85 2.20 2.30 3.25 3.35 69.25 69.85 2.80 2.90
Pivot 3.15 72.10 58.15 26.55 26.05 95.35 18.45 11.90 389.75 135.25 11.60 3.95 9.05 2.10 29.75 2.90 2.65 40.60 68.35 212.25 15.10 4.85 40.90 154.90 123.95 39.30 150.70 294.30 3.85 1.65 2.40 11.85 43.45 2.85 15.40 74.00 232.75 2.70 78.50 23.05 25.35 2.85 1.75 66.35 174.35 3.30 1.95 2.40 6.75 329.80 214.85 66.45 301.75 19.20 211.10 27.95 13.35 22.30 2.15 3.20 68.85 2.75
8
Friday, January 28, 2011
Kazakhstan eyes second Islamic bank
Salameh urges better indexing of Islamic banks HDFC India Q3 net beats expectations
SHANGHAI: People walk out of ATM booths of a branch of China's banking giant Industrial and Commercial Bank of China (ICBC) in Shanghai.-Reuters
Al Baraka comes to SMEs funding KARACHI: The Union of Small and Medium Enterprises (UNISAME) held a meeting with Al Baraka Bank (Pakistan) Ltd for financing under Islamic mode for SMEs. President UNISAME Zulfikar Thaver welcomed Maqsood Ahmed Credit Manager Al Baraka Bank and his team and requested financing facilities for plant and equipments, raw materials, commercial vehicles and commercial property for SMEs on best terms under Musharaka, Mudaraba, Murahaba and Ijara. Maqsood Ahmed offered to finance the SMEs for both short term and long term financing
facilities and said that Al Baraka can design and offer tailored plans for the entrepreneurs according to their needs and requirements and in this can offer funded and non-funded facilities and services for establishment of inland or foreign letter of credits for the import of raw material or purchase of indigenous material for production or packing of their brands. Speaking on financing of commercial property for shops, factories and warehouses, he said that Al Baraka can finance under diminishing Musharaka whereby the borrower can repay in three to ten years along with
a grace period comprising of six to twelve months subject to nature of business to allow sufficient time to the entrepreneur to establish the business to start earning. Al Baraka officials also discussed financing of renewable energy systems for SME units on project financing basis. He said that Islamic financing is absolutely interest free and not based on compound mark up and is transparent in the sense that the agreed profit amount is determined and the borrower is not burdened to pay other amounts such as default mark up or overdue charges.Agencies
ZTBL to lend for latest agricultural practices ISLAMABAD: Zarai Taraqiati Bank Ltd (ZTBL) is poised to develop agriculture and alleviate rural poverty by enhancing agri-loans for modern farm practices in the country. This was stated by President ZTBL Zaka Ashraf in a meeting with farmers of Sindh. He was on a visit to new district of Benazirabad in Sindh province and met with the farmers and bank's executives, said a press release issued here. Zaka Ashraf said that Agriculture was the mainstay of economy and ZTBL was playing pivotal role to finance entire value added chain of
agriculture sector for rapid economic growth and its sustainability. "The bank has increased its agriculture lending coupled with innovative technology, which would help in increasing field per acre production and small farmer's income", said Zaka Ashraf. He said that in line with the vision of the President for the uplift of small farmers and agriculture through farm mechanisation, ZTBL has been assigned the task to turn around the agriculture sector through rural development and improve small farmers' lot.
The representatives of farmers from Sindh apprised the ZTBL President about their problems needing immediate attention. Zaka instructed the Bank's officials to extend full cooperation to the farmers and said that all complaints or grievances must be addressed promptly. He advised that any leniency or willful negligence by the bank officials will be dealt with strictly. Zaka along with bank's officials also visited district Benazirabad to review the potential areas of agriculture investment there.-APP
ACCA bestows a laurel on TMBL Staff Reporter KARACHI: ACCA Pakistan has awarded Silver Approved Employer status to Tameer Microfinance Bank Limited (TMBL) during an exclusive ceremony held at the head office of Tameer Bank Ltd in the presence of leadership of both organisations. ACCA Approved Employer Award is a validation of Tameer Bank's commitment to enabling Finance and Accounting trainees in their organisations to
attain paramount of accounting skills and knowledge during their on job training. It is also a seal of their relentless commitment towards adopting best practices in financial management, regulation and reporting. While awarding the Silver Approved Employer Certificate, Arif Masud Mirza, Head of ACCA Pakistan commented, "The value proposition of ACCA is the high quality qualification which is a hallmark of ethical accounting practices and superior financial
acumen of ACCA trainees and members. We are confident that all our employer partners will benefit greatly from it." Expressing appreciation for ACCA, Nadeem Hussain, CEO and President, Tameer Bank, said, "We at Tameer Bank highly value ACCA qualification and are obliged to have ACCA trainees and members working at our organization and commend their contribution towards honing internal audit processes and reporting functions."
MUMBAI: HDFC Bank Ltd, India's No 3 lender, beat analysts' estimates with a 33 per cent rise in quarterly profit on Thursday, helped by higher fee income and greater demand for loans. Bigger rivals State Bank of India and ICICI Bank had also beat market expectations with an improvement in asset quality in an economy growing at 8.5 per cent, but rising interest rates is a concern for the sector. India's central bank raised interest rates on Tuesday by a quarter of a percentage point to clamp down on resurgent inflation, and spurred expectations it would raise rates again in coming months to check price pressures. Shares in HDFC Bank ended down 1.7 per cent at 2,052.15 rupees before the results were announced, in the main Mumbai market that fell 1.5 per cent. Rivals State Bank fell nearly 1 per cent, while ICICI Bank closed 2.1 per cent lower. The bank, also listed in New York, said its net profit in the fiscal third-quarter ended Dec. 31 rose to 10.88 billion rupees ($239 million) from 8.19 billion rupees in the year ago period. Net interest income rose 25 per cent to 27.77 billion rupees. A Reuters poll had forecast net profit at 10.6 billion rupees on net interest income of 26.7 billion rupees. HDFC Bank said its gross advances grew 33 per cent to 1.61 trillion rupees as of endDecember. Net interest margin, a key gauge of profitability, was at 4.2 per cent in the quarter, little changed from the preceding quarter. Shares in HDFC Bank, which the market values at $22 billion, jumped 38 per cent in 2010, more than a 33-per-cent rise in the banking sector index and a 17-per cent gain in the benchmark index ($1=45.6 Indian rupees).Reuters
Dubai Islamic Bank names Al-Gebali CFO DUBAI: Dubai Islamic Bank (DIB), the Gulf Arab emirate's third-largest bank by market value, named Ahmed Fathy AlGebali, as chief financial officer, in the bank's latest topmanagement appointment. Al-Gebali was previously chief financial officer at Kuwait's Boubyan Bank and has held senior positions at Global Investment House, Gulf Investment House and Kuwait Financial Center, a statement from Dubai Islamic said. DIB's previous CFO Mohamed Al Sharif was named chief executive officer of the bank's investment banking unit, DIB Capital, in October last year. The lender appointed two deputy chief executives last month as it sets its growth strategy, which includes opening 10 new branches in 2011. In September, Dubai Islamic Bank raised its stake in troubled Islamic lender Tamweel to 57.33 percent, effectively rendering the mortgage lender a subsidiary of the bank, in a move that was expected to help revive lending in Dubai's property market. -Reuters
MCB actions for zero data loss ISLAMABAD: EMC, the world leader in information infrastructure solutions, has announced that it has signed a Memorandum of Understanding (MoU) with MCB Bank Limited, one of the leading banks of Pakistan with a deposit base of over Rs422 billion and total assets over Rs539 billion, to market technology solutions to the bank ranging from storage, enterprise content management, IT infrastructure management, automation, and RSA information security software. The MoU will allow EMC to make technology recommendations that will help the bank make the necessary changes in its technology infrastructure in order to support ongoing data growth, and eventually towards the private cloud in order to meet their business objectives. MCB is building an infrastructure to help it improve its growth strategy and quality of service and deliver next generation financial services. One aspect of the IT infrastructure is designed to increase data availability with an integrated EMC solution that includes a three-site EMC® Symmetrix® VMAX® storage array with EMC's industry-leading SRDF®/Star (Symmetrix Remote Data Facility) business continuance software. EMC Symmetrix VMAX systems will be deployed at MCB's primary site to run a number of mission-critical applications.
These core banking systems will also be replicated to VMAX arrays at two other sites using SRDF/Star. The closest site is designed to provide rapid recovery after a disaster event, and data will also be replicated to a third site to protect against local geographical disaster. This solution was selected by the Bank for its anticipated zero data loss over distance, high levels of data availability, high performance, accuracy and reliability, while enhancing the IT infrastructure efficiency level, reducing costs and enabling operational flexibility. "With a large customer base and numerous branches nationwide, our customers' satisfaction remains our number one priority. MCB is investing in modern technologies and scalable fault tolerant architectures for improved service quality and sustained business growth," said Sajid Awan, Chief Information Officer of MCB. "The choice of EMC's industry-leading technology came after thorough consideration of the quality and reliability of its solutions and the commitment of the EMC team to help us transform our information infrastructure in a way that will enable us to be the leading financial services provider in Pakistan, partnering with our customers for a more prosperous and secure future," he continued.-NNI
Flood Rehabilitation
Citi’s ‘microcare’ going extra mile Staff Correspondent ISLAMABAD: Citi and the Citi Foundation have joined hands with the Pakistan Microfinance Network to launch Phase II of their flood relief efforts. Citi, the Citi Foundation and Citi Alumni have contributed over $425,000 towards the recent flooding disaster in the country.
As part of Citi Pakistan's Phase II flood relief efforts, they have launched a 'Microfinance and Disaster Management Capacity Building Programme' for the microfinance industry with the Pakistan Microfinance Network. Through these programmes Citi, the Citi Foundation and PMN will impact almost 2 million microentrepreneurs in Pakistan
in the aftermath of the floods. As part of this programme launch, Citi and PMN have already conducted a workshop on post-flood products. Another workshop with senior MF and banking experts will be held in April on risk management during disasters. The programme will conclude with publishing a joint MicroNote on best practices for disaster management
in developing countries. Citi and the Citi Foundation enjoy a longstanding relationship with the PMN and have collaborated on a number of microfinance capacity building projects in the past. This year concludes the 3 year Citi Foundation-PMN Microfinance Capacity Building Programme, which was based on an over $650,000 grant from the Citi Foundation.
State Bank organises workshop PESHAWAR: The State Bank of Pakistan Peshawar in collaboration with Pakistan Remittance Initiative (PRI) organised a workshop on "Home and Remittance Business Roles and Responsibilities" here. The PRI is a joint initiative of the State Bank of Pakistan, Ministry of Overseas Pakistanis and Ministry of Finance. More than 100 participants comprising branch managers of remittance rich areas of the Khyber Pakhtunkhwa (KP), regional heads of banks and bank officers dealing in foreign exchange attended the workshop. Home remittance is the second largest source of foreign exchange for the country. Owing to its importance for the economy, it is expected from the banking industry to give priority to this business area. The role and commitment shown by the industry in the recent past, under the auspices of PRI and SBP, to improve upon the remittance services is highly commendable as evidenced by the steady growth of remittances. It is pertinent to mention here that at the moment remittances coming to Pakistan has the highest growth rate in the world. The participants of the workshop shared views on the issue and set a draft of recommendations for further action in the field.-APP
Rs6.6bn reach NBP under PMFR for year 2010 ISLAMABAD: The National Bank of Pakistan (NBP) has received donations worth Rs6,601,973,652 from across the country under "Prime Minister Flood Relief Fund (PMFR) 2010" till mid January. According to NBP data, the highest amount of Rs6,489,951,467 was collected in Federal Capital followed by Sindh province from where the bank received donations amounting Rs69,229,103. NBP received donations worth Rs35,595,478 from Punjab, Rs2,228,323 from Khyber Pakhtunkhwa, and Rs867,421 from Balochistan. Similarly, donations of Rs4,052,860 were received from Azad Jammu and Kashmir and Rs49,000 from GilgitBaltistan. The Amount includes NBP contribution for Rs50 million. Donors can still deposit donations in any branch of NBP throughout Pakistan.-APP
Branch heads honoured for customer care in remittances KARACHI: In light of remittance services rendered and attaining maximum customer satisfaction, top six banks nominated individuals for Certificates of Performance for the year 2010. These certificates were distributed by the Deputy Governor of the State Bank of Pakistan, Kamran Shehzad at a two-day workshop on Payment Systems for Home Remittance Business, recently. The recipients of the certificates were Mohammad Rafiqullah (ABL), Ch. Muhammad Anwar (HBL), Tariq Mahmood (Bank of Punjab), Anwar Abbassi (NBP), Syed Danish Mehdi (MCB), Tariq Javed and Muhammad Amir Malik who jointly received the certificate for UBL. -Agencies
9
Friday, January 28, 2011
Brent spread over US crude hits new 2-yr high
European vegetable oil prices
US weekly jobless claims rise more than expected
ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Mar11 985.00+10.00, Apr11 985.00+10.00, May11/Jul11 990.00+10.00, Aug11/Oct11 995.00+10.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1020.00-5.00, Aug11/Oct11 970.00+2.00, Nov11/Jan12 980.00+10.00. SUNOIL: EU dlrs tonne extank six ports option Feb11 1480.00+10.00, Mar11 1475.00+5.00, Apr11/Jun11 1460.00+20.00, Jul11/Sep11 1470.00+20.00, Oct11/Dec11 1370.00+15.00. LINOIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1587.50+2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1257.50-2.50, Feb11 1265.00+2.50, Mar11 1265.00+2.50, Apr11/Jun11 1237.50+0.00, Jul11/Sep11 1212.50-2.50. PALMOIL: RBD dlrs tonne fob Malaysia Feb11 1252.50+5.00, Mar11 1242.50+5.00, Apr11/Jun11 1217.50+2.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1260.00+5.00, Mar11 1250.00+5.00, Apr11/Jun11 1225.00+2.50, Jul11/Sep11 1192.50+2.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 2250.00+10.00, Feb11/Mar11 2200.00+0.00, Mar11/Apr11 2175.00-5.00, Apr11/May11 2165.00+5.00. Reuters
LONDON: Brent crude oil reached its biggest premium over US oil for two years on Thursday as high inventories weighed on US crude, while Brent remained supported by tight supplies and investors' momentum bets. Brent briefly leapt more than $1 on the day following a larger than expected jump in the US weekly jobless claims but by 1404 GMT it had slipped back and was up just 67 cents on the day to $98.58. The premium of Brent to US crude was at $11.68, after earlier touching $11.89, its highest since January 2009. "Brent is racing away towards $100 a barrel like there is no tomorrow, and the Brent premium to WTI (US crude futures) continues to widen to an unprecedented level," said Olivier Jakob, an analyst at Petromatrix. US benchmark crude oil for March delivery was down 29 cents to $87.04. James Zhang, an energy analyst at Standard Bank Commodities, said in a note that he expected the tug of war
between US crude and Brent to continue. "The latest US DOE inventory report confirmed that US inventories have started their seasonal build-up, which should continue until June, which is likely to weigh on the market," he said. According to the weekly report on Wednesday from the Energy Information Administration,
stocks at the Cushing, Oklahoma terminal rose by 862,000 barrels week-on-week due to a fall in refinery utilisation and rising imports. Overall US crude inventories rose more than expected in the week to Jan. 21, up 4.84 million barrels, compared with a forecast for 1.2 million in a Reuters analyst poll. "In the week before we saw a big increase too. It seems that high prices are now impacting demand," said Christophe Barret,
global oil analyst at Credit Agricole Corporate & Investment Bank. Investors and analysts also attributed the wide spread to a combination of tight supply in Brent and betting that the rising trend in oil prices seen since late last year will continue. "It's partly fundamentals-driven and partly market-driven, as the momentum chasers have been following Brent, but US crude inventories are also more extended," said Gavyn Davies, chairman of Fulcrum Asset Management, a UK-based hedge fund manager. The US weekly jobless claims came in slightly higher than expected, up 51,000 to 454,000 in the week to Jan. 22, ahead of the consensus forecast. "It does show that the recovery is growing in fits and starts," said Peter Tuz, president of Chase Investment Counsel in the US "The market was looking for an improving trend, but we didn't get it." -Reuters
Tokyo rubber climbs on Shanghai rally BEIJING - CHINA: Farmers work in a greenhouse in a farm at Shenjiaying village, in Beijing's Yanqing County. -Reuters
US cotton ends daily limit up in average trade NEW YORK: US cotton futures finished up the daily limit Wednesday on another round of speculative and fund buying as players eyed release of a government sales report to gauge demand for the fiber, analysts said. The cotton market has jumped almost 20 per cent since the middle of January, fueled by robust prices in top consumer China although the Chinese are stepping away for the Lunar New Year festivities which get going next month. The key March cotton contract on ICE Futures US rose the 5.00 cent limit to close at $1.6683 per lb, short of the
new record high at $1.6789 set on Tuesday. The low for the session was at $1.6081. Total volume stood at 17,100 lots, about 5 per cent below the 30-day norm, Thomson Reuters preliminary data showed. 'It's more of the same -- spec and fund buying,' said Sharon Johnson, senior cotton analyst at brokerage Penson Futures in Atlanta, Georgia. She said a touch of mill buying also piled into the market from laggard mills picking up some fiber. The market derived no inspiration from Chinese cotton prices. The key September cotton futures on the Zhengzhou
Commodity Exchange was last done at 31,510 yuan per tonne, down 115 yuan on the day. Analysts said the market was looking toward the US Agriculture Department's weekly export sales report to get an accurate picture of demand for cotton at this time. Cotton brokers estimate total US cotton sales between 200,000 to 300,000 running bales (RBs, 500-lbs each), against sales in last week's report of 457,500 RBs. After the sales report, the market's attention should turn toward a report on potential US 2011 cotton plantings. Reuters
Palm oil rebounds on global supply snags KUALA LUMPUR: Malaysian palm oil futures rebounded on Thursday from one-week lows hit the previous day, buoyed by global commodities markets and stronger demand ahead of Lunar New Year. "Malaysia palm oil tracked firmer overseas soyoil, but there will be some short-covering going on before (Lunar) New Year," said a trader with foreign brokerage in Kuala Lumpur. "Production for this month might remain low, but overseas demand could recover after the festival." The benchmark April crude palm oil contract on the Bursa Malaysia Derivatives exchange
ended up 0.4 per cent at 3,685 ringgit ($1,208) a tonne. Overall traded volume were 25,648 lots of 25 tonnes each, compared to the usual 15,500 lots. Seasonal monsoon rains dragged Malaysian palm oil production to a five month lows the previous month and traders expect yields to fall further in the next two months as heavy rains affect output quality. But concerns over weaker
production may be offset by possibility of a slower demand from China due to the Chinese government's move to freeze cooking oil prices for the first quarter. US soyoil for March delivery edged lower in Asian trade hours after gaining earlier in the day, while the most active Sept. 2011 soyoil contract on China's Dalian Commodity Exchange rose 1.2 per cent. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for January 26 2011 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1310
1250
January (3rd Wednesday)
1310
1255
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for January 26 2011
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2245 2250 2220 2225 2150 2160 2150 2160
2362.5 2363 2388 2389 2452 2457 2497 2502
9375 9376 9369 9370 9175 9185 8795 8805
2443 2444 2390 2393 2335 2340 2285 2290
26150 26155 26125 26130 25310 25410 24355 24455
TIN
ZINC NASAAC
28510 2238.5 28515 2239 28515 2249 28520 2250 27995 2245 28045 2250 2193 2198
2363 2364 2380 2385 2410 2420 2465 2475
TOKYO: Key Tokyo rubber futures rose nearly 4 per cent on Thursday as a rally in Shanghai rubber futures encouraged investors to buy back the commodity after the market hit a near two-week low the day before on profit-taking. The benchmark rubber contract on the Tokyo Commodity Exchange for July delivery, which debuted on Wednesday, settled at 467.3, up 10.1 yen or 2.2 per cent at 457.2 yen. It rose as high as 474.8 yen, up 17.6 yen or 3.8 per cent. The most active rubber contract on the Shanghai futures exchange for May deliver closed at 40,550 yuan ($6,162) per tonne on Thursday, up from Wednesday's 39,280 yuan. The contract rose as high as 40,830 yuan, just below a record high of 41,200 yuan hit on Monday. Volume stood at 630,734 lots. "The rally in Shanghai futures to above 40,000 yuan after yesterday's fall drew Japanese investors back to the market," said an analyst at a Japanese securities firm. "If TOCOM climbs to a fresh high above Monday's level, it is set to top 500 yen," he said, adding that players, while taking profits, were steadily boosting long positions and few appeared to be making losses. -Reuters
Copper up, tin at record on supply woes LONDON: Copper rose on Thursday and tin hit a record high on tightening supplies, but copper's gains looked fragile near-term as a holiday approached in top metals consumer China. Tin hit a record high of $29,300 a tonne, propelled by tightening supply in major exporter Indonesia. Heavy rains and floods caused by the La Nina weather anomaly have hit tin miners there in recent months, squeezing supply. "The supply demand position does look pretty strong we've seen a good bounce back in tin consumption," said Peter Kettle, manager of statistics and market studies, at UK-based consulting firm ITRI." There's not much supply coming on stream." Copper for three-month delivery on the London Metal Exchange ended at $9,441 a tonne from Wednesday's last bid of $9,325 a tonne. Tin was untraded but last bid at $29,075 from $28,625. Investors have worried the likelihood that China would tighten monetary policy to rein in inflation could limit its demand for metals. Nonetheless, analysts remained confident Chinese demand would remain supportive for base metals. "I don't buy into the story that further Chinese tightening is going to significantly negatively impact copper demand," David Wilson, an analyst at Societe Generale, said. China's Lunar New Year holidays also start next week. China accounts for nearly 40 per cent
of global copper consumption estimated at around 21 million tonnes for this year. Comments by the US Federal Reserve also boosted sentiment, analysts said. The Fed showed on Wednesday it was in no rush
Shanghai copper gains Shanghai's most active April copper futures contract rose 1.3 per cent to 71,700 yuan a tonne. The Shanghai Futures Exchange will provisionally raise trading margins and intraday limits for all contracts around the Lunar New Year holiday, to lower trading risk. The exchange said on its website that margin requirements on copper, aluminium, wire rod, gold and fuel oil contracts will be increased to 11 per cent, from 10 per cent currently, effective at the close of business on Jan. 31. to cut short its rescue of the US economy, saying high unemployment still justified its $600 billion bond-buying plan even though the economy had shown some signs of improvement. Stocks of copper in LME warehouses continued a recent climb that has dented investors confidence in the demand outlook, last rising 2,575 tonnes to 397,275 tonnes. Aluminium ended at $2,427 a tonne from $2,387 and zinc was at $2,260 a tonne from Wednesday's last bid of $2,278. Nickel was at $26,495 a tonne from $26,500. It earlier hit its highest since April at $26,862. Lead ended at $2,420 a tonne from $2,376. -Reuters
Gold slides to 3-mth low as investment stalls LONDON: Gold fell more than 2 per cent on Thursday as investor appetite for the metal waned and on growing expectations for rising interest rates that would ultimately make bullion a less attractive investment. A raft of positive economic data from the United States and more hawkish signals from some other central bank officials have sparked speculation that certain major economies would move to raise interest rates sooner than previously thought.
"Though the Fed's firm commitment to buy $600 billion of bonds is a bullish factor for bullion, preferences for riskier assets like stocks and high interest rate currencies has also increased on the back of this," said Pradeep Unni, an analyst at Richcomm Global Services. "This seems to be dampening gains in gold. In the medium term to long term, gold's direction is northward biased. Data in the coming week should give us further clues on the underlying strength in US economy."
Spot gold prices fell as low as $1,316.21 an ounce, their weakest since Oct. 22, and were at $1,320.60 at 1634 GMT, against $1,346.36 late in New York on Wednesday. US gold futures for February delivery slid $15.10 to $1,317.90. Holdings of gold in the SPDR Gold Trust, the world's largest gold-backed exchange traded fund, were unchanged after recording their biggest ever one-day fall on Tuesday. ETF Securities' London-listed gold fund saw outflows worth nearly 65,000 ounces on Thursday and has seen metal leave the fund every week since the start of the year.
Among other precious metals, silver was bid at $26.80 an ounce against $27.59. Data showed holdings in the largest silver ETF, the iShares Silver Trust, fell to 10,447.70 tonnes on Wednesday from 10,478.08 tonnes. ETF selling has helped pressure silver prices more than 11 per cent so far this month, taking the gold:silver ratio -- the number of silver ounces needed to buy an ounce of gold -- to its highest since late November this month. Platinum was at $1,788.99 an ounce against $1,810.50, while palladium was at $801.72 against $812.50. -Reuters
Sugar near 30-yr high; Cocoa firm LONDON: Sugar futures probed near a 30-year high on Thursday as an EU body said it would approve extra imports, while cocoa hit a one-year peak after a call for an export ban in Ivory Coast fuelled concerns about supply. Coffee futures were little changed near multi-year peaks, with support from a weak dollar and underlying supply tightness. Sugar futures also rose on uncertainty over whether Russia would bring forward an import duty cut, and questions over how much "open general licence" sugar India would export in 2010/11. The March raw sugar contract on ICE climbed 0.60 cents or 1.8 per cent to 33.73 cents per lb at 1523 GMT, below its 30-year peak of $34.77 a lb, touched on Dec. 29. London's March white sugar futures rose $12.90 or 1.6 per cent to $812.00 per tonne. Cocoa futures on ICE scaled their latest one-year peak on Thursday, in a fourth straight day of gains since a call for a monthlong export ban in top grower Ivory Coast ignited concerns about the global cocoa supply. ICE second-month cocoa gained $17 or 0.5 per cent to $3,355 at 1529 GMT, its highest since January 2010, fuelled by news that sales of cocoa beans and products from Ivory Coast had virtually stopped, while smuggling picked up. London's May cocoa contract rose 3 pounds or 0.1 per cent to 2,182 pounds per tonne, approaching Monday's six-month high of 2,269 pounds a tonne. Coffee also benefited from the dollar's fresh two-month low against the euro on views that euro-zone rates could rise faster than US rates. ICE March arabicas traded down 0.7 cent or 0.3 per cent at $2.3680 per lb at 1532 GMT, below its Jan. 12 high of $2.4450 a lb. Liffe March robusta coffee was down $4 or 0.2 per cent at $2,092 per tonne. -Reuters
Indian sugar weakens MUMBAI: Indian spot sugar prices fell on Thursday as the markets were flooded with non-levy stocks to be sold by the month-end, while futures rose on bargain-buying, dealers and analysts said. The Indian government released 1.7 million tonnes of non-levy sugar to be sold by millers this month, up from 1.5 million tonnes in December. "It will be difficult for mills to sell allocated quota for January. Some carry forward will remain there for February from this month's quota," said a member of Bombay Sugar Merchants Association (BSMA). Nonlevy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the federal government on a monthly basis. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety fell 0.59 per cent to 2,700 rupees ($59.2) per 100 kg. The most-traded M-grade sugar contract for February delivery NSMG1 on India's National Commodity and Derivatives Exchange (NCDEX) ended up 0.8 per cent at 2,767 rupees per 100 kg. -Reuters
National Commodity Exchange Ltd Trading Summary Date
27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011 27-Jan-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
MA11 AP11 MY11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 FE11 FE11 MON TUE WED THU FRI MON TUE WED THU FRI 27JA11 FE11 FE11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
86.78 88.54 90.19 26.89 26.89 1333.40 1332.70 1332.50 1332.70 1331.50 1335.00 36889.00 37011.00 37150.00 36974.00 36983.00 43126.00 43126.00 38053.00 38094.00 38108.00 38025.00 38039.00 43924.00 44210.00 43778.00 44021.00 43800.00 3301.00 3324.00 5228.00 86.19 85.47
87.74 89.49 91.34 27.67 27.39 1346.80 1347.00 1347.50 1339.20 1333.20 1345.40 37324.00 37011.00 37375.00 36974.00 36983.00 43126.00 43126.00 38053.00 38094.00 38108.00 38108.00 38039.00 44307.00 44550.00 43778.00 44025.00 44269.00 3301.00 3324.00 5237.00 86.19 85.47
86.03 87.92 90.19 26.68 26.89 1327.20 1325.30 1325.60 1327.00 1331.50 1326.90 36800.00 37010.00 37000.00 36973.00 36982.00 43125.00 43125.00 38037.00 38080.00 38094.00 38025.00 38023.00 43697.00 43746.00 43762.00 43682.00 43681.00 3300.00 3323.00 5228.00 86.09 85.32
87.08 89.39 91.34 27.38 27.39 1336.20 1333.20 1333.90 1336.20 1333.20 1333.20 37001.00 37010.00 37027.00 36973.00 36982.00 43125.00 43125.00 38037.00 38080.00 38094.00 38108.00 38023.00 43697.00 43746.00 43762.00 43778.00 43681.00 3300.00 3323.00 5237.00 86.09 85.32
Traded Volume in lots 334 94 303 631 3,974 2,187 10 71 47 56 14 4 2 4 -
Previous Settlement Price 87.41 89.48 91.23 27.61 27.62 1342.30 1343.00 1343.70 1342.30 1343.00 1343.70 37304.00 37313.00 37331.00 37277.00 37286.00 43479.00 43479.00 38345.00 38387.00 38401.00 38415.00 38331.00 44055.00 44103.00 44119.00 44135.00 44039.00 3301.00 3324.00 5228.00 86.19 85.47
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 87.08 149 89.39 18 91.34 2 27.38 54 27.39 1336.20 347 1333.20 3,094 1333.90 2,529 1336.20 1333.20 1333.90 3 37001.00 26 37010.00 1 37027.00 55 36973.00 1 36982.00 43125.00 43125.00 38037.00 38080.00 38094.00 38108.00 38023.00 43697.00 40 43746.00 10 43762.00 2 43778.00 4 43681.00 20 3300.00 3323.00 5237.00 86.09 85.32 -
Keisuke and Tadanari attend training session for Asian Cup soccer tournament
10
Friday, January 28, 2011
It was a friendly match, says Aamir ISLAMABAD: Pakistan's pacer Mohammad Aamir suspended for alleged involvement in spot-fixing has said that the match he played in Rawalpindi was a friendly match and was not organised by the Pakistan Cricket Board (PCB) adding that I did not intend to violate the suspension. Amir said he wasn't aware of the ban's extent and thought he could play matches not organised by the PCB. "The PCB wasn't involved at all. I thought I could play," he was quoted as saying by blogs.bettor.com. Amir's statement comes on the reports that the International Cricket Council (ICC) has asked an explanation from the PCB over the incident. The ICC's code of conduct bars a suspended player from taking part in any match organised by his or her country's cricket board or any of it affiliated units.-Agencies
Haider urges govt to provide jobs ISLAMABAD: Government should provide jobs to the gold medalists of Paralympics as they need encouragement like the other gold medalists, said an athelete Haider Ali who won gold medal in long jump at Asian Para Games in China last year. "Different departments of the country propose jobs to best players of games and we too should be treated the same way," he said while talking to APP here. Haider's colleague Mudassir Baig, bagged gold medal in 400 metre race while Muhammad Awais won silver medal in javelin. He said government announced attractive incentives for Pakistan hockey team and other winning players just within week of their achievements but ignored them.-APP
I'll definitely be fine for WC from the start: Swann ADELAIDE: England offspinner Graeme Swann, who has been ruled out of the ODI series against Australian due to a back injury, is confident that he will be fit for the upcoming World Cup in the Indian subcontinent. Swann suffered a severe back spasm that made walking, sitting down and even standing up extremely painful.He already had a knee injury, which had kept him out of action since January 16."I've had a bad back for years and, every now and again, it gives me problems. But I know from previous experience that I'll definitely be fine for the World Cup from the start," he said. "It happened when I was getting changed in Hobart. I bent down and felt a twinge, there was nothing more to it than that. It's improved already, but would not be 100 per cent right to play in any of the remaining one-dayers.""It was decided it was best if I went home so I could rest, recover, spend some time with (wife) Sarah and get back into training," he added.-Online
ICC transfers WC matches from Kolkata
LAHORE: A view of a cricket match played between the teams of Wahdat Road College and Ravi College at Ravi Club during PCB Inter Regional Women Cricket Tournament Lahore District at Lahore Kinnaird College for Women.-Online
Martin Guptill cherishes new role
Zimbabwe’s Ervine leaves WC squad
slumped further in the trination tournament in Sri Lanka, where he made just 11 runs from three games, which included two ducks. He was dropped for the tour of Bangladesh and was picked in the New Zealand A squad for their trip to Zimbabwe instead. "It was extremely difficult," Guptill told NZPA. "You feel like everything is running against you, whether it be on or off the field. You beat yourself up inside, trying to get that confidence, and it just doesn't work. You've got to try and stay as confident as possible and hopefully the results come from that. I just went back and had a look at what I was doing well and what I wasn't, and just started doing the little things right."-Reuters
HARARE: Allrounder Sean Ervine pulled out of Zimbabwe`s squad for personal reasons, dealing the team`s World Cup hopes a major blow.Ervine quit English County side Hampshire two weeks ago to play for Zimbabwe for the first time in seven years, but he intended to return to Britain. His younger brother Craig remained in the World Cup squad.Sean Ervine was replaced by Tinotenda Mawoyo, an opening batsman and wicketkeeper who received two one-day international caps against Bangladesh in 2006. Zimbabwe head selector Alistair Campbell said he was saddened by Ervine`s withdrawal."Zimbabwe Cricket was very excited about Sean coming back into the setup.-Reuters
WELLINGTON: From being dropped for the ODI series in Bangladesh last October, Martin Guptill is now an integral part of the New Zealand team. He opened the innings in all three formats during the ongoing series against Pakistan and, in the last six months, has transitioned from being someone struggling to find a place in the team to a key cog in the setup. Guptill began 2010 with 189 against Bangladesh in the Hamilton Test. He made 91 against them in the third ODI in Christchurch but his form fell away after that knock. He scored only 85 runs in the fivematch Chappell-Hadlee series and a solitary half-century in the two Tests that followed against Australia. His form
DUBAI: A venue inspection team of International Cricket Council (ICC) Thursday transferred the world cup match from Eden Gardens Kolkata which was scheduled on February 27. The expert report determined that Eden Gardens would not be ready within an acceptable time frame to host the India v England ICC Cricket World Cup match. A venue inspection team which included the Tournament Director, members of the Central Organising Committe (COC) and the ICC, have Thursday reported on the readiness of five outstanding venues scheduled to host matches in the ICC Cricket World Cup 2011. Following the inspection tour, the three Sri Lanka venues - Colombo, Hambantota and Pallekele - as well as
Wankhede Stadium in Mumbai have been approved subject to minor finishing work being completed within specified time frames not exceeding 14 days, says a press release. Of particular concern was the fact that host venue obligations in relation to cricket operations, media, broadcast and sponsorship facilities were not finalized and/or confirmed by the venue. The ICC Chief Executive Haroon Lorgat informed the Board of Control for Cricket in India (BCCI) of the decision and, as host, the BCCI will now consider an alternate venue for approval by the ICC. Mr Lorgat said: "All venues had ample time in which to prepare for world cup matches. We had been understanding and had provided exten-
sions to the deadline dates but unfortunately we are now at a point where we must carefully manage our risks. "The COC had provided venues with a deadline of 30 November 2010 to complete all construction work and then to be match-ready by 31 December 2010. An extension was granted by the ICC for five venues, which were again inspected over the past week. Sadly, Eden Gardens in Kolkata was unable to meet the final deadline date of 25 January 2011. "Regrettably, Eden Gardens has not made sufficient progress to justify the level of confidence required to confirm that the venue would be ready in good time. This was no easy decision to take and while it is most unfortunate, it is absolutely necessary," said Lorgat.Reuters
Alain Prost rejoins Dream Team of TAG Heuer Brand Ambassadors KARACHI: TAG Heuer is proud to announce that four-time World Champion Alain Prost is rejoining the prestigious dream team of TAG Heuer Brand Ambassadors. The French motor-racing legend, will play a prominent role alongside Vodafone McLaren Mercedes stars Lewis Hamilton and Jenson Button for the Swiss watch brand's "150 Years of Motor-Racing" celebrations in 2011. "It is great to be back!" said Prost after winning on Sunday December 5th at Val Thorens / French Alps the 1st Race of the ''Trophée Andros'' Ice Championship.
"I've been a friend of TAG Heuer since my earliest days in F1 and we have worked very closely when I drove for McLaren. It's a privilege and an honor to be back by being associated with Lewis and Jenson to commemorate their 150 year-long contribution to motor-sports'' mentioned Alain Prost. Alain Prost was wearing TAG Heuer colors and chronographs when he won three of his four FIA Formula One World championships for McLaren in the late 80s. The second most prolific winner in F1 history, Prost took a total of 51 victories, 33 pole positions, 41 best laps and 106 podiums in 199 races between 1980 and 1993.-PR
Australian Open Tennis Championship
It’s the showdown Li Na vs Kim Clijsters in women’s final Federer, Nadal knocked out of event MELBOURNE: China's Li Na will face off Belgian triple Grand Slamwinner Kim Clijsters in Final after a historic win against world number one Caroline Wozniacki 3-6, 7-5, 6-3 in the Australian Open semifinals on Thursday to become the first Asian woman to reach a Grand Slam final. Now Li becomes first Chinese player into Grand Slam final. Li courageously saved a match point before clawing her way back into the encounter, her second straight Australian Open semi-final, dashing Wozniacki's hopes of winning a maiden major title. Coincided Li Na succeed, Belgian
overnight after an elbow injury. But the result meant more frustration for Zvonareva, who was a beaten finalist at the previous two Grand Slam finals, including September's US Open loss to Clijsters. The 28-year-old Li from Wuhan now has a golden opportunity to bring home China's first Grand Slam singles title, which would be expected to ignite the sport's popularity in the giant Asian country. Li, China's number one, fought back from a poor start where she made error after error to give Wozniacki easy points, to gradually overhaul her younger opponent in hot conditions
triple Grand Slam-winner Kim Clijsters hit top form on Thursday as she thrashed Russian world number two Vera Zvonareva to reach the Australian Open final. The third seed advanced to her second Melbourne final, after losing in 2004, with an impressive 6-3, 6-3 win in just 1hr 13min. The US Open champion said she played her best tennis of the tournament. In 2004, Clijsters was runnerup to countrywoman Justine Henin, who announced her retirement
on Rod Laver Arena. When asked what had inspired her gritty fightback, the crowd favourite laughingly replied: "Prize money", adding that her husband-coach Jiang Shan's snoring had disturbed her sleep. The 20-year-old Wozniacki had gone into the tournament having to fend off accusations that she wasn't a deserving world number one because she is yet to win a Grand Slam. But for the first set-and-a-half, as she systematically picked apart Li's
game and broke down the Chinese player's fierce forehand, she looked every bit the world's best player. However, just when Li looked down and out, she cut down her error rate and began to find her range with her groundstrokes, before overwhelming a tiring Wozniacki to set up a final against either Kim Clijsters or Vera Zvonareva. By reaching the semis Li was already assured of returning to the top 10, after becoming the first Chinese player to crack the elite group following last year's semifinal, when she was beaten by eventual champion Serena Williams. The trailblazing Li, China's first WTA champion, also remains unbeaten in 2011 after winning this month's Sydney International, when she shocked three-time US Open winner Clijsters in the final. But victory had looked out of reach for the out-of-sorts Li during the first set, as the far steadier Wozniacki chased everything down and kept the pressure right on her opponent. Aided by Li's 17 unforced errors, Wozniacki broke the Chinese number one twice to close out the opening set in 39 minutes. Li was broken but struck back at 4-3 to get the set back on serve, only to be broken again to leave Wozniacki serving for a place in her second Grand Slam final, after the 2009 US Open. But on Wozniacki's match point, Li fired a blistering forehand down the line and then broke back, and broke again to level the match. Both women appeared fatigued by the hot conditions but it was Li who cracked first at 1-1 in the third as the errors came back into her game. Li was anguished to be broken early in the seesawing deciding set, yelling in frustration at Jiang, but with both players struggling to hold serve the Chinese clinched it on her first match point as Wozniacki's forehand went long. Zvonareva, 26, got off to a perfect
start when she broke Clijsters in the opening game, but from there on the Belgian dominated. The Russian struggled on her first serve early in the match and a wild smash in the ninth game helped Clijsters close out the set. Zvonareva had two break points in the eighth game to level the set, but pushed two shots just wide to enable Clijsters to scramble out of trouble. Her spirit was broken and the Belgian needed just one match point in the Russian's next service game to seal the win. MEN'S OPEN CHAMPION Novak Djokovic once again mas-
of the tournament amid doubts over his fitness and now Federer beaten, Djokovic's triumph may have signalled a changing of the guard at the top of men's tennis. It was Djokovic's third win over Federer in a Grand Slam semifinal, and he now leads the Swiss great 3-2 in their encounters at the majors. The world number three repeated his classic straight-sets win over Federer in the semifinals in Melbourne three years ago, when he went on to beat Frenchman JoWilfried Tsonga in the final for his maiden Grand Slam title. Djokovic continued his terrific form
tered defending champion Roger Federer to reach the final of the Australian Open on Thursday. Djokovic will showdown with Andy Murray or David Ferrer in Final. The resurgent Serbian third seed wore down Federer 7-6 (7/3), 7-5, 6-4 in three hours to repeat his semifinal win over the Swiss great in the 2008 Australian Open on the way to winning his lone Grand Slam title. It will be the first Grand Slam without Rafael Nadal or Federer since the 2008 Australian final. With world number one Nadal out
at the tournament and has dropped just one set leading into Sunday's final Djokovic opened shakily with two double faults before holding, as Federer looked looked stronger on serve as the first set went into a tiebreaker. But Federer played a poor tiebreak with a couple of backhand misses and Djokovic took the set on the first of his four set points in 57 minutes. The Serb was fired up by his early advantage and broke Federer in the third game of the second set when a Federer backhand was long.-Agencies
S&P cuts Japan credit rating; warns rich world TOKYO: Standard & Poor's cut Japan's credit rating on Thursday for the first time since 2002, saying Tokyo lacked a plan to deal with its mounting debt, in a warning that will rattle other heavily indebted rich nations. The agency reduced Japan's long-term sovereign debt rating by one notch to AA minus, three levels below the highest possible rating. It said Japan's fastageing population, persistent deflation and the loss of the coalition's upper house majority had compounded the government's fiscal challenge. Politicians and credit ratings agencies have been warning for years that Japan needs to lower its public debt, by far the worst among rich nations at double the size of its $5 trillion economy, but progress has proved elusive. The ratings cut is a forceful reminder of the fragile financial state some rich nations are in following the global credit crisis. The US budget deficit is expected to blow out to a record $1.5 trillion this year and debt worries in Europe have already prompted financial rescues of Greece and Ireland. Japanese Prime Minister Naoto Kan has made tax and social security reform top priorities and the S&P downgrade adds pressure on him to galvanise a divided parliament. Julian Jessop, chief international economist at Capital Economics in London, warned of the consequences if Tokyo failed to get its fiscal house in order. "If it looks like making a mess
of this, further downgrades will surely follow. Given the size of Japan's economy and the current sensitivity of global financial markets to sovereign debt concerns, the impact would be felt worldwide," he said. "It supports our fear that 2011 could be the year when Japan's dire fiscal position finally impacts markets both at home and internationally." The yen and Japanese government bond prices fell and the credit default swaps spread on Japan widened after the announcement. But markets in the past have not worried too much about the country's high debt because it is well serviced by ample domestic savings and few foreign investors hold Japanese government bonds (JGBs). However, Japan's society is ageing quickly, so social welfare costs will take up an increasing proportion of the budget in the absence of reforms, which S&P said reduces Japan's already weak fiscal flexibility. S&P's downgrade leaves its credit rating on Japan one notch below both Fitch and Moody's and on a par with countries including China and Saudi Arabia. The new level is one notch below Spain. "The downgrade reflects our appraisal that Japan's government debt ratios -- already among the highest for rated sovereigns -- will continue to rise further than we envisaged before the global economic recession hit the country and will peak only in the mid2020s," S&P said in a statement. "In our opinion, the
11 ECB warns of price pressure as loan demand rises
International & Continuation
Friday, January 28, 2011
Democratic Party of Japan-led government lacks a coherent strategy to address these negative aspects of the country's debt dynamics, in part due to the coalition having lost its majority in the upper house of parliament last summer." Analysts say a Japanese debt default is unlikely because of Japanese household assets of some 1,400 trillion yen, which at three times the size of economic output provide a healthy pool of savings to fund the borrowing. "Japan's public finance problems are a long-fuse issue. The downgrade doesn't mean a crisis is imminent. It signals increased vulnerability," said Tim Condon, head of research in Asia for ING Financial Markets in Singapore. "Foreigners don't buy Japanese government bonds so the crisis risk comes from Japan's death-spiral demographics. The downgrade is bad for G3 government debt because it spotlights their weak public finances." Japan's debt has been growing for years as it tried to revive the economy after a property bubble burst in the early 1990s, while other developed countries are tackling massive public debt built up during the global financial crisis. Debt markets have punished fiscally weak countries in Europe, which led to the bailouts of Greece and Ireland and even raised questions about the future of the euro currency. Fears of contagion have put both Portugal and Spain in the spotlight.-Reuters
Snow boosts US jobless claims, durables mixed WASHINGTON: New US claims for jobless benefits surged last week as snowstorms in some parts of the country kept workers at home, but the underlying trend pointed to an only gradual labor market improvement. Initial claims for state unemployment benefits jumped 51,000 to a seasonally adjusted 454,000, the highest since late October, the Labor Department said on Thursday. That was the largest weekly increase since September 2005. The rise exceeded economists' expectations for a slight gain to 405,000. A Labor Department official said four states had reported an increase in claims that was due to snow. In addition, he said, seasonal volatility also affected the data. Still, the four-week moving average of unemployment claims -- a better measure of underlying trends, rose 15,750 to 428,750 last week, implying a gradual labor market recovery that could compel the Federal Reserve to complete its $600 billion bond buying program aimed at bolstering the economy. "I'll buy that it can be blamed on the weather. But it does show that the recovery is growing in fits and starts," said Peter Tuz, president at Chase Investment Counsel in Charlottesville, Virginia. A separate report from the Commerce Department showed a nearly 100 per cent drop in civilian aircraft orders led to orders for long-lasting manufactured goods dropping 2.5 per cent in December. Reuters
FRANKFURT/BOLOGNA: Rises in imported goods prices carry an inflationary threat, European Central Bank policymaker Lorenzo Bini Smaghi said on Thursday, adding to recent hawkish comments from the ECB and pushing up the euro and Bund yields. Some ECB policymakers have sounded increasingly aggressive on inflation over the last month after euro zone data showed it jumped to 2.2 per cent in December, the first time in two years it has topped the ECB's preferred level of just under 2 per cent. Bini Smaghi, one of the ECB's six-member executive board, became the latest bank member to underline the problem in a speech in Bologna, warning that sharper price rises in Asian and other emerging economies' goods could push up broader euro zone inflation unless domestic prices were controlled. "To avoid the second-round effects, it is necessary for the dynamics of costs and prices in advanced countries, including those in the euro area, to be significantly more contained than those of emerging countries," he said in his speech. The euro hit fresh two-month highs against the dollar and yen and two-year Bund yields hit their highest since October 2009 after Bini Smaghi's comments. Financial markets have brought forward when they expect the ECB to start hiking rates from their current 1 per cent record low in recent weeks following the ECB change in tone, with economists polled by Reuters seeing the bank waiting until Q4.
ECB President Jean-Claude Trichet said at the weekend that the ECB was paying close attention to rising oil and commodity prices because of the possible knock-on price effects. On Thursday he said the ECB has delivered price stability and will continue to do so over the next 10 years. Separately, the ECB's latest bank lending survey published on Thursday showed that banks expect demand for loans to continue to pick up in the coming months, a sign that the recent rebound in the euro zone economy is beginning to fuel a renewed hunger for credit. The data was not all good news, however. Banks still expect to impose slightly stricter lending rules on firms, consumers and house buyers in the first quarter of the year overall, despite keeping them steady in Q4. On top of that, only a net 1 per cent of banks expect higher demand for mortgage loans, an area of lending seen by some economists as a leading indicator of overall trends. "Euro area banks expect a very slight further tightening, in net terms, of credit standards for all categories of loans in the first quarter of 2011," the ECB survey said. Analysts said that although the data supported signs that the euro zone economy will continue to pick up, it was unlikely to be enough to push the ECB towards an earlier rate hike than had previously been expected. "This (lending data) bodes well for the broadening of the euro area recovery," said UniCredit chief euro zone econ-
omist Marco Valli. "However, this is unlikely to be enough for the ECB to seriously start considering a rate hike soon. The ECB tightening cycle should begin only towards year-end," he added. CHALLENGES Inflation picked up in four German states in January, other figures on Thursday showed, in an early sign that consumer prices in the broader euro zone may be rising fast enough to raise concerns for the ECB. Trichet and his colleagues face an increasingly complex policy dilemma as they weigh fast rising prices in euro zone sweetspots like Germany against the recession and banking sector fears facing debtstrained members such as Greece, Ireland and Portugal. Bini Smaghi said the euro zone and the ECB faced a number of major challenges in the period ahead. ECB lending support held problems whichever way you looked at it, he said. Keeping it in place for too long could create dependency and prolong problems in the region's banking sector, while removing it too quickly was likely to lead to problems for the troubled parts of the banking system. "An abrupt withdrawal of the liquidity support measures could cause excessive or too rapid adjustments by financial institutions," Bini Smaghi said. "Sound financial institutions might have to sell significant parts of their assets in a relatively short time. This, in turn, could lead to an excessive depression of prices of financial assets."Reuters
CONTINUATION No #1
Continued from page 12
State Minister Samsam Bukhari told the house that the cable operators are violating the ban imposed on Indian channels by Pemra. He said that code of conduct has been given to all TV channels because we do not want to impose ban on these channels, as PPP's government is democratic government. Speaker Fehmida Mirza has said that the journalists coming to Parliament for coverage are part of Parliament and giving them all facilities is our duty. -Online
No #2
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The President expressed the hope that the federal government will help the provincial government in the implementation of a special package for the area and that Kala Dhaka will no longer remain a less developed area and will soon become the advanced and developed part of the province. The ceremony was attended among others by Governor KP Awais Ahmad Ghani, Chief Minister KP Amir Haider Khan Hoti, Deputy Speaker National Assembly Faisal Karim Kundi, federal ministers, provincial ministers, members of Parliament, elders of the area and other government officials. -Agencies
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He said, "We understand the culture and people of each other's country. Therefore, cooperation between the two countries can play important role in promoting peace in the region." Replying to a question regarding a trilateral meeting among Pakistan, Afghanistan and the United States in Washington, Qureshi said that it would open a new chapter of political process. Highlighting the importance of regional and international consultation to find a peaceful solution to the Afghan problem, Qureshi said that efforts being made by Turkey in this regard could be ignored. The trilateral summits organized by Turkey helped bring Pakistan and Afghanistan closer. Referring to the importance of the trilateral meeting being held in Washington, both the foreign ministers agreed that international cooperation was necessary for economic development in Afghanistan. Qureshi said that the international assistance was also necessary in Afghanistan for the development projects, including completion of road and rail network and Turkmenistan-Afghanistan-Pakistan-India gas pipeline. To a question on the process of reintegration and reconciliation, Zalmay Rassoul said that those militants and Taliban leaders, who had respect for the constitution of Afghanistan, human rights, and women-rights, could become part of the reconciliation process on some terms and conditions. He said that the reconciliation process was very difficult.-Agencies
No #4
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The CJ observed that the culture of nepotism should end and appointment should be made as per merit and sought list of FIA and OSD officials. The statement of Zain Sukhera was read in the court in which he admitted that he met with Rao Shakeel in Saudi Arabia in 2010 while Abdul Qadir Gilani was his class fellow in Aitcheson College. On this, Chief Justice Chaudhry observed that the investigation seemed wanting as links are not cleared yet. Justice Javed Iqbal maintained that it seemed as if facts are being ignored due to some influence. -NNI
No #5
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He has created a wave of support from reformists, but insists he would not run in this year's presidential election unless restrictions on who is eligible to contest are lifted and far reaching political reforms are introduced. ElBaradei's homecoming could provide a much needed figure for protesters to rally around as they continue to press for change, but there have been persistent questions about the depth of his commitment to bringing change. ElBaradei, according to his detractors, spends too much time away from Egypt and may be lacking a thorough understanding of life in Egypt because of the decades he has lived abroad, first as an Egyptian diplomat and later with the United Nations. The unrest of the past two days continued Thursday to take its toll on the country's economy. Trading halted on the stock exchange after the market plunged 6.25 per cent in 15 minutes on Thursday morning.-Agencies
would attract international community's support to Pakistan. He assured the Prime Minister that US administration will remain engaged with Pakistan in confronting the two major challenges to Pakistan's economy i.e. budget and power deficit. He said that he was looking forward to Pakistan-US Energy Dialogue later in the day to fast track the energy projects being funded under the Kerry Lugar Assistance Programme and for reviewing the electricity demand and supply situation in the country on remedial measures. Minister for Finance Dr Abdul Hafeez Sheikh, Minister for Petroleum Syed Naveed Qamar, Minister for Water & Power Raja Pervez Ashraf, Minister of State for Finance & Economic Affairs Hina Rabbani Khar, Senator Syeda Sughra Imam, Deputy Chairman Planning Commission Dr Nadeem-ul Haq, US Ambassador Cameron Munter, and other senior officials were also present in the meeting. Meanwhile talking to a British delegation led by Professor Alan Winter, Chief Economist for the UK Department for International Development at his chamber in the Parliament House, PM said Government is formulating a new economic frame-work to put Pakistan on a trajectory of sustainable economic growth and development. In this connection, he added, the Government is going to take its coalition partners and opposition into confidence for introducing a consensual long-term national economic strategy. He observed that any new strategy can only be successful if it is backed by a broad-based consensus. Furthermore, Prime Minister Gilani instructed the minContinued from page 12 No #7 istries and divisions to post full information on their websites in order to keep the citizens abreast of Air Chief Marshal said that he is proud of police because they their working and projects. perform duties very well. Meanwhile, he further said that 9 JF-17 Continued from page 1 No #12 Thunder jets are in final phase and manufacturing. There are 21 recently done by the government, he added. Going forward in February 2011, with international JF-17 jets in the fleet of PAF. He said that PAF would continue crude oil prices expected to remain stable, we expect domestic GRMs to pull back into green, as exercises with foreign countries. -Agencies domestic petroleum prices are expected to be increased by 6-8 per cent inline with rise of internaContinued from page 12 No #8 tional petroleum prices. Assuming crude oil prices to remain at current levels during February, 2011, The minister informed the House that they have reached the we believe GRMs to turn green in February 2011. Under prevailing conventions, the monthly consensus on the proposed amendment and the government has domestic petroleum prices are set based on average international oil product prices during the preno objection over it. Chaudhry Saud Majeed proposed amend- ceding month. Hence with prices of diesel and HSFO, two major refinery products, are up 4.0 per ment in the clause-2 of the bill and said that boiler engineer has cent-5 per cent MoM during January 2010, this would improve GRMs in February 2011. to produce fitness certificate duly signed by recognised doctor However, the company-wise GRMs analysis shows that ATRL would be the major beneficiary in after 60 years for continuing his job. The statement and objects February with GRMs of $5.0 per barrel while PRL's GRMs are expected to remain in negative zone. and reasons of the bill said that the bill seeks to amend clause NRL and PRL GRMs are expected at $0.5/bbl and -$0.6/bbl, respectively. (e) of section 6 of the Boiler and Pressure Vessels Ordinance, Continued from page 1 No #13 2002 to enable the Boiler Engineers who possess good health expressed the hope that during current financial year the exports of the country would cross $22 duly certified by a recognised physicians to renegotiate their contract with their employers for seeking fresh employment billion. He also stressed the need for adopting long term result oriented policies for the economic growth and prosperity of the country. In his lecture Professor Alan Winters stressed the need for the after attaining the age of sixty years. -Agencies inextricable link between economic growth and poverty reduction. Continued from page 5 No #9 He said that economic growth and poverty reduction go hand in hand, getting more people in the Initial jobless claims surged to 454,000 in the latest week, rising jobs lift them out of poverty and creates more consumers, driving more production and demand for services. He added that as more people in work helps increase tax returns, allowing the government to the highest level since late October, the government said. In other economic news, new orders for US manufactured goods to improve everyone's living standards by investing in schools, hospitals and other infrastructure. He fell unexpectedly in December and contracts for pending home also called for promoting both male and female education for the economic development of Pakistan. He said that Pakistan has talent and potential for economic growth and there is vast mine resales rose faster than expected in December.-Reuters of latent talent and productivity which needs to be developed and tapped. Continued from page 5 No #10 Minister for Finance Dr Abdul Hafeez Shaikh and Deputy Chairman Planning Commission Dr Tokyo Stock Exchange's main board, slightly below last week's Nadeem-ul Haq thanked the visiting UK professor to Pakistan and his lecture on growth policy to average of 2.15 billion shares. benefit the policymakers and development experts.-Agencies Some market players said that after aggressively adding laggard Continued from page 1 No #14 banking and property stocks, foreign investors, who now account central figure of the scandal, in the court in which he (Sukhera) has stated that PM's son Abdul for over 60 per cent of the Tokyo market, were picking up hightech shares. One of them, industrial robot maker Fanuc Ltd, Qadir Gilani is his childhood friend while he met Rao Shakil in July 2010. He said the PM's son surged 4.6 per cent to 13,250 yen in heavy trade after the factory brought a new model bullet-proof vehicle from Dubai. He said the allegations of Imran Shah were robot maker said its net profit for the October-December quarter wrong as he did not bring any vehicle from abroad. Chief Justice Iftikhar Chaudhry in his remarks said that blame game would not be allowed and more than doubled from a year earlier to 30.8 billion yen ($375 million) on strong demand in China, but left its full year forecast action would be taken if these allegations were not proved. He said Zain Sukhera's statement clarifies everything. He said investigation should be made about the loss of passport from Sukhera. unchanged.-Reuters Justice Javed Iqbal in his remarks said the FIA report seems incomplete. He said it seems many Continued from page 1 No #11 things are left under pressure. He said the court should be informed if the investigators were facing communicating the message to the rest of the world that his gov- any hindrance. The lawyer for former minister Azam Swati told the court that transfer orders of ernment was not undertaking the reforms because the donor com- Pakistani envoy in Saudi Arabia have been issued. Chief Justice said the court has nothing to do with munity so wanted but was doing it in the long term interest of this matter and will not issue any stay order in this regard. Pakistan's economy. He stated that US recognised the government Continued from page 1 No #15 of Pakistan's efforts to overcome security and economic chalGhulam Rabbani and Justice Khalil-ur Rehman Ramday resumed hearing of the case. The bench lenges and agreed with the Prime Minister that any economic strategy can only be palatable for the people in a democratic sys- directed them to settle the issue of prospecting license by BHP, a mining company. To Raza Kazim's arguments, counsel for Maulana Abdul Haq Baloch, a petitioner, over award of contract, Justice tem when embedded into a political strategy. He appreciated that Government of Pakistan in true democratic Khalil-ur Rehman Ramday remarked that no party could sell its shares to third party without govertraditions was doing its utmost to take all the political stakehold- nor's approval. Justice Ramday observed it was intriguing that a company drilled about 20,000 meters ers in the country on board through the process of consultations before obtaining prospecting license. He said under Mining Rules 1970, a company had to look for for the introduction of much needed economic reforms in the prospects of minerals after obtaining a prospective license. He said the company was not a national country. He further stated that the success of the political consul- and the rules did not allow foreign companies. Advocate general told that Balochistan Development tation process in the country and signs of improving economy Authority had moved an application on their behalf. The Chief Justice observed that it would be illegal mining act without having a license. The bench adjourned further hearing till Friday. -APP
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Sources told Online that provincial secretaries adopted the stance we are ready to adopt the ministries and its departments under the 18th amendment and we would also take on all the projects that are being carried out by these ministries, however we would not accommodate the federal employees as still the employees of ministries devolved in the first phase are not yet accommodated. On this the committee decided to send the affected employees to surplus pool. Talking to media after the meeting Raza Rabbani said that no employee of the ministries that have been devolved would be unemployed. He said that the committee is carrying out its work in amicable way and the provinces are ready to accept the responsibilities of ministries that are to be devolved in second phase. He said that an important meeting of federal and provincial bureaucracy with regard of devolution of ministries has been summoned for Monday. -Agencies
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Friday, January 28, 2011
Qureshi meets Afghan counterpart Zalmay
Isb, Kabul agree to co-run peace drive
ISLAMABAD: Foreign Minister Shah Mehmood Qureshi shakes hand with his Afghan counterpart Zalmay Rassoul before their meeting.-APP
ISLAMABAD: Pakistan and Afghanistan on Thursday agreed to establish a joint commission as part of their efforts to enhance mutual consultation process to fight the menace of terrorism and move forward for peace and security in the region. It was decided at a meeting of Foreign Minister Shah Mehmood Qureshi and his Afghan counterpart Zalmay Rassoul at Foreign Office here. The commission will have officials from the foreign offices, military and intelligence of the two countries to give impetus to the on-going engagement process and promote understanding for peace and security in the region. Addressing a joint news conference along with his Afghan counterpart,
Foreign Minister Shah Mehmood Qureshi said, "The process of consultation between the two countries has helped build trust and a relationship to achieve our shared objectives." Qureshi reiterated Pakistan's commitment to eradicate terrorism. The Foreign Minister said, "We are writing a new chapter in Pak-Afghan relations." He said, "We discussed the entire gamut of bilateral relations, including upcoming trilateral summit in Washington." Qureshi said that Afghan-Pakistan Transit Trade agreement was also discussed in the meeting and Pakistan reaffirmed the commitment for its implementation in letter and spirit. He said that the two sides also agreed to establish a process of consultation
between the Planning Commission of Pakistan and the Afghan Ministry of Economy to work out mutually beneficial projects to enhance socioeconomic conditions of their people. Describing his talks with Pakistani counterpart as positive and productive, the Afghan Foreign Minister said that the engagement process would further strengthen bilateral relations and help achieve the objective peace in the region. Qureshi said there had been a qualitative change in the bilateral relations of the two brotherly countries and hoped that mutual consultations would further improve them. He said both the sides discussed in detail the prospects of the forthcoming trilateral meeting being held in Washington next month. See # 3, Page 11
Ministries Shift
Kala Dhaka given settled-areas-status
Employees to be sent to surplus pool
President vows equality for Fata
ISLAMABAD: Parliamentary Commission for implementation of 18th amendment has decided to send the employees of devolved ministries to surplus pool after the refusal by provinces to accommodate them. Meeting of the Parliamentary Commission chaired by Senator Raza Rabbani was held at Parliament House on Thursday in which chief secretaries of the four provinces were also present. Matters related to devolution of ministers in the second phase and future of federal employees was discussed in length. The five ministries that are to be devolved in 2nd phase include ministry of tourism, ministry of social welfare and special education, culture, education and health. These ministries would be devolved to the provinces in February, 2011. See # 6, Page 11
Sacrifices would not go waste: PAF head ISLAMABAD: Air Chief Marshal Rao Qamar Salman said Thursday that the cancer of terrorism would be eliminated from the country at any cost. Talking to media after attending the Islamabad Police passing out ceremony, Air Chief Marshal said that Police and PAF are standing shoulder to shoulder with Pakistan Army in war against terrorism. He said that 45 F-16 jets are being upgraded in Turkey while PAF would set up new squadrons of the jets in March. He said that the martyrdoms rendered by the police would not go waste added maintenance of law and order in the cities is responsibility of the police and our police are standing by with Pak-Army in this connection. See # 7, Page 11
Lower House passes Boiler Vessels Bill ISLAMABAD: National Assembly Thursday while incorporating amendment proposed by Opposition in clause-2 of the bill unanimously passed the Boiler and Pressure Vessels (Amendment) Bill 2009. Minister for Industries and Production Mir Hazar Khan Bijarani had moved the Bill to amend the Boiler and Pressure Vessels Ordinance 2002 (The Boilers and Pressure Vessels Amendment Bill 2009) in the House on Wednesday. However, the Deputy Speaker Faisal Karim Kundi has deferred the bill for further consultation. See # 8, Page 11
Says govt will bring far-flung areas into mainstream ISLAMABAD: President Asif Ali Zardari Thursday reiterated firm resolve of the government to bring the far-flung areas of the country into the mainstream of national life, and said that government has decided for reforms in tribal areas that included Political Parties Act to the tribal areas and suitable amendments to the Frontier Crimes Regulation (FCR) in accordance with the wishes of the people of tribal areas which will be implemented as soon as the security situations in the
tribal areas improve. The President said this while addressing the gathering during a signing ceremony of changing the status of Kala Dhaka of Khyber-Pakhtunkhwa from a Provincially Administered Tribal Area (PATA) to that of a settled area here at the Aiwan-e-Sadr. President congratulated the people of Kala Dhaka on the fulfillment of their desire for changing the status of Kala Dhaka from a Provincially Administered Tribal Area (PATA) to that of a settled area and said that democracy is all about honoring the wishes of the people. "If the people of Kala Dhaka want to change the status of their area for attracting better facilities they have every right
to demand and be given the new status" , he said. Spokesperson to the President Farhatullah Babar said that the President complimented the Governor and the government of KP for having initiated the process of changing the status of Kala Dhaka in accordance with the wishes of the people of the area. President said that we believe in the politics of consensus and would take all stakeholders on board. It was through consensus that the government restored the 1973 Constitution and gave the new NFC Award and increased the share of the provinces in it, he said added we will continue this policy of consensus and make
progress. The President while commenting on the problems faced by the country said challenges are so huge that no single party or any single institution can solve on their own. "We can best resolve our problems through collective action that is based on consensus. This is the political philosophy of the PPP and this is what we will pursue." The spokesperson said that the President urged both the federal and provincial government to take special interest in the uplift and development of Kala Dhaka and said that there should be a special development package for Kala Dhaka. See # 2, Page 11
SHAKIL NEWS AGENCY Cell # 0333-4400472
Ministries transfer to be end by June, NA told ISLAMABAD: Federal Minister Syed Khurshid Shah has said that process of shifting of ministries to the provinces under 18th amendment would be completed by 30th June. Responding to a question of Salahuddin during question hour in National Assembly here on Thursday, federal minister said that process of the shifting ministries to the provinces would be completed till 30th June 2011, added it was decided in the Cabinet's meeting held on 1st December 2010 that the office buildings of the shifted ministries, furniture and transport would also be shifted to provinces. State Minister on Information and Broadcasting Syed Samsam Bukhari told the National Assembly that media has got freedom but it should show responsible role. Answering to question raised by Abdul Rasheed, Nawabzada Ghazanfar Gull replied that CDA has invested Rs1.15 billion in stock exchange in 200708 and 2008-09 and now after selling shares worth of Rs249 million it has reduced to Rs1261 million. Answering to question raised by Hameed Hayat Rokhry, Advisor of Cabinet Division said that uniform rates of CNG cannot be fixed all over the country. The CNG prices have been fixed Rs57 per kg in KhyberPakhtunkhwa, Balochistan and Potohar region while CNG rates in Sindh and Punjab has become Rs57 per kg with ratio of 950 BTU. See # 1, Page 11
10-point agenda
Perform or quit, Sharif tells govt ISLAMABAD: PML-N Chief Mian Nawaz Sharif has categorically emphasised that either the government should implement the 10-point agenda or be ready to pack up and go home. In an interview with a private TV channel, Nawaz Sharif said that the agenda is not to form his own government but has been formulated for the best of national interest. He said that the agenda would be implemented even if we have to hold midterm elections. Nawaz Sharif said that if the government fails to implement this agenda than it would have to go home and
another government would complete the agenda. He said for a change either midterm election would be held or opposition parties inside the national assembly would form a government together to fulfill this agenda. He said we have no desire to become a commander for implementation of this agenda. "Our only purpose is to implement the agenda irrespective of who does it," he said, added if govt fails to fulfill its promises in 45-day then we would announce our strategy. -NNI
Hajj Scam:
Govt told to end contractual jobs ISLAMABAD: Supreme Court of Pakistan Thursday directed the Attorney General to contact the government for removal of contractual officials while hearing the Hajj corruption case. A seven-judge special bench, headed by Chief Justice Iftikhar Mohammad Chaudhry, had taken notice of a plethora of complaints about corruption and irregularities in Hajj arrangements, a private TV reported. Federal Investigation Agency (FIA)
has informed the apex court that contacts of former religious affair minister Hamid Saeed Kazmi have been provided with the accused Ahmed Faiz and Rao Shakeel in Hajj scandal. The Attorney General produced list of contractual police officials including Salahuddin Khattak, Waseem Ahmed, Tariq Jameel, Khurram Gulzar, Nadir Hussain Khosa, Din Muhammad Baloch, Lt Col (Retd) Farman Ali, Mian Akhtar Hayat and Asghar Muhammad. See # 4, Page 11
Baradei returns to Egypt, joins protest CAIRO: Egyptian activists are staging demonstrations for a third day in the capital Cairo and at least one other city, keeping up the momentum of the largest anti-government protests in years. Media saw scores of protesters outside the downtown Cairo offices of Egypt's lawyers' union, which has been one of the flashpoints of this week's unrest calling for the ouster of longtime President Hosni Mubarak. About 100 people were also protesting outside police headquarters in the city of Suez east of Cairo, another hot spot.
Egyptian pro-reform advocate and Nobel peace laureate Mohamed ElBaradei returned home Thursday to take part in the anti-government protests gripping his country. A spokesman for the pro-reform leader, Abdul-Rahman Samir, said ElBaradei was expected to join protests planned for after Friday prayers across the country. ElBaradei, the former head of the UN nuclear watchdog, has emerged as a prime challenger to President Hosni Mubarak's regime since he first returned home last year. See # 5, Page 11
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