International Karachi, Tuesday, December 28, 2010, Muharram-ul-Haram 21, Price Rs12 Pages 12
India seizes Adnan Sami's property; fines Rs2 mn See on Page 12 Economic Indicators Forex Reserves (18-Dec-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Nov 10) Remittances (Jul 10 - Nov 10) Foreign Invest (Jul 10-Nov 10) Revenue (Jul 10-Nov 10) Foreign Debt (Sep 10) Domestic Debt (Oct 10) Repatriated Profit (Jul- Nov 10) LSM Growth (Sep 10)
GDP Growth FY10E Per Capita Income FY10 Population SCRA(U.S $ in million)
-0.59 -8.30 8.44 3.25 -1.63 -1.14 -0.04
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,909.73 10,355.99 22,833.80 20,028.93 2,693.89 2,781.40 6,008.92 11,573.49
Change 51.56 76.80 69.17 44.73 10.19 53.76 12.85 45.78
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)
$.Price PKR/Shares 2.60 111.45 23.01 197.26 2.00 42.87 1.70 36.44 10.78 36.97
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
15-Dec-2010 15-Dec-2010 15-Dec-2010 29-Nov-2010 27-Dec-2010 27-Dec-2010 27-Dec-2010 27-Dec-2010 27-Dec-2010 27-Dec-2010 27-Dec-2010 27-Dec-2010 27-Dec-2010 27-Dec-2010 27-Dec-2010
13.17% 13.39% 13.69% 14.00% 13.31% 13.43% 13.61% 13.95% 14.11% 14.14% 14.21% 14.24% 14.53% 14.73% 14.90%
Commodities *Crude Oil (brent)$/bbl 93.46 *Crude Oil (WTI)$/bbl 90.95 *Cotton $/lb 142.12 *Gold $/ozs 1,383.20 *Silver $/ozs 29.22 Malaysian Palm $ 1,217 GOLD (NCEL) PKR 38,102 KHI Cotton 40Kg PKR 9,645
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 85.60 Canadian $ 84.60 Danish Krone 15.10 Euro 112.20 Hong Kong $ 10.90 Japanese Yen 1.011 Saudi Riyal 22.78 Singapore $ 65.60 Swedish Korona 12.60 Swiss Franc 87.00 U.A.E Dirham 23.28 UK Pound 132.20 US $ 85.70
Sell (Rs)
86.60 85.60 15.20 114.20 11.00 1.037 22.95 66.50 12.80 87.20 23.48 134.00 86.00
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 $
CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
NAUDERO: President Asif Ali Zardari, Bilawal, Bakhtawar and Asifa Bhutto Zardari offering dua during the death anniversary of Shaheed Benazir Bhutto. -APP
Ogra may raise prices by Rs4-6
POL prices seen rising next year Ghulam Raza Rajani KARACHI: Government is likely to increase oil prices of different petroleum products by 4 to 6 rupees per litre from 1st January 2011. As per sources, Ogra would surge the price of high speed diesel by Rs4.3 to Rs82.63 and Mogas by Rs5.5 per liter. Similarly, petrol price would surge by Rs5.5 per litre to Rs78.46 per litre from Rs72.96 per litre. Likewise kerosene price likely to be raised Rs3.90 to Rs74.85 per litre from Rs70.95 per litre. TFD analyst also agrees that hike in prices is in line with
Fiscal shortfall may reach 7pc KARACHI: Pakistan's fiscal deficit may exceed 7 per cent of economic output, endangering its standing with international donors, due to a delay in implementing a reformed general sales tax, analysts said on Monday. The RGST, which is supposed to replace the current general sales tax, was originally scheduled for implementation in July but has been delayed several times since then. Even its latest implementation date, Jan 1, seems unlikely now.
Shell, Kapco, Hubco & NML included Staff Reporter
85.96 84.99 15.09 112.45 11.01 1.033 22.84 65.96 12.50 89.11 23.32 132.09 85.73
86.16 85.19 15.12 112.71 11.03 1.035 22.89 66.11 12.53 89.32 23.37 132.40 85.91
KARACHI: Karachi Stock Exchange has recomposed KSE-Meezan 30 index by replacing four companies with new ones, according to a notice issued by the KSE. The notice said that the recomposition exercise has been based on the selection criteria of KMI-30 Index. The revised Index will be implemented from 31st December 2010.
20°C 26°C 19°C 19°C 13°C 21°C
The delays will squeeze revenue while Pakistan's spending is surging to deal with the aftermath of floods that caused almost $10 billion worth in damage. The revenue shortfall could push the budget deficit above 7 per cent of gross domestic product (GDP), analysts estimate, compared with the 4.7 per cent target agreed with the International Monetary Fund for fiscal year 2010/11. "The rising fiscal deficit is squarely against one of the See # 7 Page 11
KSE recomposes Meezan 30 Index
Selling TT & OD
MAX-TEMP
rise of oil prices in the international market as average monthly price of crude oil likely to remain at $87.95 per barrel (Arab Light) in December 2010 against $83.7 per barrel in November -- surged 5.1 per cent on MoM. He said that price computation is carried out by Ogra in accordance with the formula prescribed by the Government. It include the price be based on average Arab Gulf prices for the last month for Naphtha, Kerosene, gas oil and HSFO. Furthermore, government levies viz Petroleum levy and sales tax is added, to arrive at See # 6 Page 11
Govt mulls 'Plan B' to raise revenue
Buying TT Clean
Weather Forecast
According to the list of the incoming companies, Kot Addu Power Company Limited, Nishat Mills Limited, Shell Pakistan limited, and The Hub Power Company Limited. On the other hand, the list of the outgoing companies includes Attock Petroleum limited, Altos Battery limited, Siemens Pakistan Engineering Company Limited and Sitara Paraoxide limited.
MIN
-1°C 11°C 2°C 3°C -8°C 1°C
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See on Page 12
Staff Reporter
NCCPL (U.S $ in million)
Pak, Oman to moot trade ties
Farooq Sattar, Babar Ghauri resign today
198.76 36.03 2.51 2783
FIPI (27-Dec-2010) Local Companies (27-Dec-2010) Banks / DFI (27-Dec-2010) Mutual Funds (27-Dec-2010) NBFC (27-Dec-2010) Local Investors (27-Dec-2010) Other Organization (27-Dec-2010)
See on Page 12
MQM outof Fed Cabinet
Portfolio Investment
Total Portfolio Invest (17 Dec-2010)
See on Page 12
SECP imposes Rs0.2mn fine
Decision to quit Sindh Cabinet to be taken soon
$16.39bn 14.44% $8.88bn $15.37bn $(6.49)bn $(504)mn $4.43bn $746mn Rs 495bn $58.41bn Rs 5234.9bn $287.9mn -2.58% 4.10% $1,051 171.39mn
Yearly(Jul, 2010 up to 24-Dec-2010) Monthly(Nov, 2010 up to-24-Dec-2010) Daily (24-Dec-2010)
Sharif seeks political mileage: Musharraf
India launches Sharia Index MUMBAI: India's Bombay Stock Exchange launched a share index of Sharia-compliant companies on Monday in an attempt to open stock-trading to more Muslims. The BSE TASIS Sharia 50 consists of the largest and most liquid Sharia-compliant stocks
within the BSE 500 index. All the companies have been vetted to ensure they comply with Islamic law, which does not allow investors to put money into firms that benefit from interest or the sale of sinful goods such as alcohol, See # 11 Page 11
Bankislami purchases Citibank's housings unit KARACHI: Bankislami has signed first of its kind deal to acquire Citibank Pakistan's House Financing portfolio amounting to Rs953 million. This is the first time a Bank has acquired mortgage assets of another Bank. It is expected that this transaction will open door for other similar transactions enabling banks to acquire entire business or product lines. The added significance of the transaction is that this is the first time an Islamic bank has acquired business of a conventional bank. The transaction will be viewed closely by Islamic banks and regulators around the world, as globally Islamic banking Industry is more liquid than their conventional counterparts, there by creating an alternate route of deployment of liquidity and further See # 9 Page 11
21 dead in NWA drone attack MIRANSHAH: US missiles killed 21 militants in North Waziristan tribal belt where the United Nations announced Monday it was suspending food handouts in one district after a suicide attack. The missiles destroyed a vehicle and compound in North Waziristan. Local security officials said unmanned US aircraft fired at least six missiles at the targets in Mir Ali village, 25-kilometre east of Miranshah. "At least 15 militants were killed in a US missile strike, which targeted a vehicle and a compound," a senior security official told. "Four missiles hit the vehicle See # 10 Page 11
Summit Bank
nods merger with Mybank KARACHI: The board of directors of Mybank Ltd has approved the draft scheme of amalgamation with Summit Bank Ltd (SBL), formerly Arif Habib Bank Ltd. According to information despatched to Karachi Stock Exchange here Monday, the bank said that the board has also approved valuation and swap ratio for the issuance of 0.80 share of SBL for one share Mybank Ltd. It may be noted that SBL had already acquired Atlas Bank Ltd last week through merger, sanctioned by State Bank of Pakistan. -APP
KARACHI: Muttahida Qaumi Movement (MQM) has decided to sever ties with Federal Cabinet, on Monday night. According to the details, MQM's Central Rabita Committee held its simultaneous meetings in London and Karachi. According to Rabita Committee decision, two MQM ministers will tender their resignation in first phase. Federal Ports and Shipping Minister Babar Ghauri and deputy convener of the MQM, Dr Farooq Sattar are abroad and will tender their resignations today (Tuesday). A decision regarding quitting Sindh cabinet will be made soon. However, MQM said that it will sit on treasury benches. It is relevant to note here that earlier MQM has given Government 10-day time-frame regarding the statements of Zulfiqar Mirza, who while addressing the traders pointed fingers at MQM over various mischievous activities. In return, MQM met with Prime Minister Syed Yousuf Raza Gilani and President Asif Ali Zardari some days back where MQM delegation apprised the government high-ups regarding their reservations and it was said that both President and Prime Minister assured MQM the
Mirza told to watch his words NAUDERO: President Asif Ali Zardari has directed Sindh Home Minister Zulfiqar Mirza to refrain from issuing any statement against coalition partners, media reported on Monday. President Zardari, who is also the co-chairman of PPP, directed Mirza in the meeting of CEC on Saturday, the sources said. 'The policy of reconciliation in vision of Shaheed Benazir Bhutto should not be affected See # 16 Page 11 resolution of their grievances. MQM leader Faisal Sabzwari
Urea prices up Rs190/bag on gas curtailment
Fertiliser sales up 38pc in Nov YoY Gas supply to fertilizer cos to be suspended for 45-day Aamir Abidi KARACHI: Fertiliser offtake depicted a surge of 37.8 cent YoY in November 2010 to 1.21 million tonnes compared with 877k tonnes in same period last year mainly due to dealers pileup inventories on expectation of RGST on fertiliser, and growing demand of farmers as water recede, revealed the recent data of National Fertilizer Development Centre (NDFC). According to the latest fertiliser data, urea sales significantly rose by 75.6 per cent to 879k tonnes against 501k tonnes of identical period last year. On the other hand, Di-
ammonium phosphate (DAP) offtake remained on lower side as its offtake witnessed fall by 36.1 per cent on a YOY basis. DAP sales remained at 180k tonnes compared with 282k tonnes in November 2009. Average retail prices of urea were recorded at Rs867 per bag, showing surge of 1.6 per cent MoM against price of Rs 853 per bag recorded in October 2010. However, average retail price of DAP during November 2010 stood at Rs3085 per bag compared to Rs2713 per bag during September 2010 -- an increase of 12.1 per cent in MoM. On the other hand, cumulative offtake of urea See # 17 Page 11
100-Index up 26pc in CY10 Volumes at 9-year low Ahmed Siddique KARACHI: With only one week to go, Pakistan market nearly gained 26 per cent ($24 per cent) in calendar year 2010. Amongst the local investors there were very few winners. That is few investors have minted money due to low volumes and due to the fact that index gain was mainly driven by heavy-weight OGDC. OGDC, with more than 80 per cent of float is estimated to be owned by foreigners, its
share in KSE 100-Index has jumped to 25 per cent now from 19 per cent at start of the year and is distorting the socalled representative KSE 100Index. The stock that used to be the top traded stocks has fallen to number 5 in 2010 as local investors don't have large quantity of this stock to trade. As per the Mohammed Sohail of Topline Securities, one thing that was missing from Pakistan's largest exchange in 2010 was "volume". See # 18 Page 11
while talking to the media said that MQM never wanted to derail the democratic process in the country, that's why MQM will sit on the treasury benches, while they are quitting over government's policies and not fulfilling MQM's demand. Sabzwari said that if government is serious in resolving masses issues then MQM will definitively support it, otherwise it has become very difficult for MQM to go hand-in-hand with government. On the other hand, President Asif Ali Zardari has immediately summoned Interior Minister Rehman Malik and Chief Minister Syed Qaim Ali Shah to discuss the situation arises out of the MQM departure. PPP leader and Minister for Labour and Manpower Syed Khursheed Shah said that government is carefully analysing the MQM decision.
PPP workers demand BB murderers apprehended GARHI KHUDA BAKHSH: Thousands of PPP activists encircled provincial interior minister Zulfiqar Mirza and provincial minister Agha Siraj Durrani inside mausoleum of Benazir Bhutto chanting slogans "we want neither roti, nor kapra or makan and only want the murderers of Benazir Bhutto. These activists said amid supplications that "This is third anniversary of Benazir Bhutto but killers of Benazir Bhutto have not been arrested so far. For Gods' sake arrest them. We need nothing else than the arrest of assassins." Zulfiqar Mirza while consoling these activists said the day was not far off when the See # 12 Page 11
MQM delegation visits BB's mausoleum GARHI KHUDA BAKSH: Delegation of Muttahida Qaumi Movement (MQM) under the leadership of Provincial Minister Raza Haroon visited the tomb of Shaheed Benazir Bhutto on the third death anniversary of the international leader and laid floral wreath and offered Fateha for the departed soul. During a quick chat with journalists, Raza Haroon said undoubtedly Shaheed BB was an international leader and she gave her life for Pakistan, adding that See # 13 Page 11
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Tuesday, December 28, 2010
Conspiracies can’t weaken PPP, says Ashraf
ISLAMABAD: A woman lighting candles in memory of Shaheed Benazir Bhutto on the eve of her death anniversary at Super Market.-Online
SC summons Sindh Anti-Corruption chief tomorrow KARACHI: Supreme Courtof Pakistan on Monday issued notice tos Chairman Anti-Corruption Establishment Sindh for December 29, 2010 over allegedly unlawfully initiating criminal proceedings against a businessman. Applicant Gul Muhammad of Al-Haram Associates approached apex court, seeking quashment of criminal proceedings against him by AntiCorruption Establishment allegedly at the behest of respondent Ghulam Mustafa Jatoi.
TV PROGRAMMES TUESDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
TUESDAY Time Programmes 8:00 Chai Time (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Dilkash Pakistan (Rpt) 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:05 Aap Ka Paisa 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Kamyab (Rpt) 0:00 News
His counsel submitted applicant Gul Muhammad had purchased a plot No. FP-3/4 in Frere Town, Karachi, in 1994. Later, respondent Ghulam Mustafa Jatoi fraudulently tried to obtain loan Rs 800 million on basis of forged documents of said property. Applicant intimated bank concerned and also moved SHC, which passed order in petitioner's favor in 2008. Later this order was also upheld by Supreme Court. Counsel stated now respondent Ghulam Mustafa
Jatoi in collusion with AntiCorruption officials got registered FIR of same property against the applicant. He contended it was unlawful as high court and the apex court had already decided case in favor of his client. He prayed to order quashment of proceedings by AntiCorruption. A Supreme Court bench, comprising Chief Justice Iftikhar Muhammad Chaudhry and Justice Jawad S. Khawaja issued notices to Chairman Anti-Corruption Establishment Sindh for December 29.-PPI
LCCI urges govt to initiate dialog on RGST Staff Correspondent LAHORE: Lahore Chamber of Commerce and Industry again Monday urged the government to initiate dialogue on Reformed General Sales Tax as its deferment, though quite in line with LCCI demands and a step in desired direction, would not serve the very purpose of turning the economy around through an enabling business atmosphere. In a statement issued here, the LCCI President Shahzad Ali Malik took a strong exception to the government for observing complete silence over LCCI demand for formation of committees for consultation over the issue of Reformed General Sales Tax as was raised by the LCCI at a meeting held in Islamabad on December 1. "The LCCI
was the only chamber of commerce in the country that had called for deferment of the implementation of RGST and demanded the formation of committees for deliberations on the subject. It's very good that one part of LCCI demand has been accepted by the government and deferred a decision on this very controversial issue of the country's history but at the same time it was unfortunate that government has adopted the policy of wait and see on the issue of formation of committees." "It would have been better if the Standing Committee on Finance had accepted the LCCI stance fully vis a vis formation of committees of the stakeholders from trade and industry for the discussion on the issue of RGST with FBR,"he added.
Shahbaz to sign accords in Turkey LAHORE: Chief Minister Punjab Shahbaz Sharif has embarked on his 3-day tour of Turkey, where he would be signing many urban development accords with the Turkish government. Talking to media, at the Allama Iqbal International Airport, before his departure, he said that a solid waste
management accord with the Istanbul mayor, regarding sanitation for Punjab paired with that of exemplary Istanbul, would be signed. Among others, cooperation in developing a transportation system would also be contemplated which would further boost the already brotherly ties with Turkey.-Online
KARACHI: Workers busy in construction of a pedestrian bridge near Jail Chowrangi.-Online
PTA condemns closure of gas to indutries
RAWALPINDI: Federal Minister for Water and Power, Raja Pervaiz Ashraf Monday said that Pakistan People Party (PPP) could not be weakened through conspiracies and propaganda campaign and its candidates still emerge victorious in the by-elections. Addressing a big public gathering on the occasion of third death anniversary of Shaheed Benazir Bhutto at her memorial here at historic Liaqat Bagh, he said, the anti-PPP elements have miserably failed to wipe out the Party founded by Shaheed Zulfiqar Ali Bhutto. He said the present government is fulfilling the promises made by Shaheed Benazir Bhutto with the people of Pakistan adding, President Asif Ali Zardari is following the vision and
mission of Benazir Bhutto in real spirit. Paying glowing tributes to Shaheed Benazir Bhutto, he said she was the politician of international stature and her services for brining a real democracy and strengthening democratic institutions will be long remembered. The Minister said that Shaheed Benazir Bhutto was a brave leader who knew that her live was in danger but she decided to return homeland to serve the country and countrymen. Shaheed Benazir Bhutto not only fought with the dictator for the sake of real democracy but also raised voice in support of the poor people of Pakistan. Leader of House in Senate, Nayyar Bokhari addressing the gathering termed
Shaheed Benazir Bhutto as the most visionary leader of the Sub-Continent. Mohtarma Benazir Bhutto introduced policy of reconciliation and brought all the politicians on one platform against the dictatorial rule, he added. President Asif Ali Zardari also believed in reconciliation policy and took bold decisions for the betterment of the country. Managing Director, Baitul-Maal, Zumard Khan said that despite several threats to her life, Mohtarma Benazir Bhutto did not leave the country and decided to live among the people of Pakistan. He said that under the leadership of President Asif Ali Zardari, the government making efforts for the betterment of poor and down-
DHA board reviews projects
Special Correspondant LAHORE: Mr. Khurshid Alam, Chairman, Pakistan Tanners Association in a press statement Monday strongly condemned the announcement for the closure of Gas supply to Punjab till Dec. 31. He said that on recommendation of Shehbaz Sharif, Chief Minister, Punjab, Prime Minister Yousuf Raza Gilani has already issued directives to all quarters concerned of frequent gass supply to Punjab specially to the Leather Industry to avert their severe grievances confronting in the execution of export orders in time to fulfill their commitments made by PTA's members with their foreign buyers/customers. Chairman PTA, further stated that the recent announcement for the complete closure of gas supply in Punjab particularly to Leather Industry located at Punjab is certainly beyond to the directives of the Prime Minister for immediate restoration of gas supply to Punjab. Khurshid Alam apprehended that complete closure of gas in Punjab may be the great cause of hampering export activities further of PTA's members failing in execution of export orders in time and result in loos of precious foreign exchange.
Big Bird, PBIT MoU to create jobs Staff Correspondent LAHORE: A memorandum of Understanding signed between Big Bird and Punjab Board of Investment and Trade (PBIT) would not only enhance production of poultry products in the country but it would also help pave way of their exports as it envisages establishment of a new meat processing plant near Lahore. The Memorandum of Understanding in this regard was signed with Punjab Board of Investment and Trade in the presence of Chief Minister Punjab Mian Shahbaz Sharif and Senator Ishaq Dar. The Chief Executive Officer Big Bird Abdul Basit inked the MoU on behalf of his group while Vice Chairman PBIT Rizwan Khan represented Punjab Board of Investment and Trade. Speaking on the occasion, the CEO Big Bird said that the MoU would have far reaching impact on the poultry sector because on the one hand it would create new job opportunities while on the other the country would be able to earn much needed foreign exchange.
trodden. He said no one would be allowed to disrupt peaceful atmosphere and PPP is fully determined to serve the nation particularly the poor segments of the society. Member of Central Executive Committee (CEC) of PPP, Qazi Sultan Mehmood said Shaheed Benazir Bhutto's unprecedented services for the democracy and democratic institutions will always be remembered. He said Benazir Bhutto was the asset of the county having great vision and strong command over international issues. Appreciating the reconciliation policy of President Asif Ali Zardari, he said the President is following the vision and mission of Shaheed Benazir.-APP
Staff Reporter
LAHORE: Workers of Pakistan People’s Party reciting Holy Quran on the eve of 3rd death anniversiry of Benazir Bhutto, at Governor House.-Online
Swine Flue Risk
Isolation wards set up in CHK, ASH KARACHI: The provincial health department and City District Government Karachi has set up isolation wards in the Civil Hospital Karachi (CHK) and Abbassi Shaheed Hosptial (ASH)respectively while the federal government run Jinnah Postgraduate Medical Center (JPMC) has yet to establish such a ward. Swine Flu Surveillance
Cell Incharge Dr Suresh Kumar said a 16-bed isolation ward has been set up in the CHK, while a modern virology laboratory also set up in the facility for testing swine flu virus. He said free of cost tests would be conducted in this labs of patients throughout the province. EDO Health Karachi Dr Nasir Javed said that a six-room isolation ward for the swine flu patients
has been set up in the Abbassi Shaheed Hospital. He said the doctors and paramedics have been alerted while medicines for treatment of the swine flu are present. However, administrative officials in the JMPC said so far no separate isolation wards for the swine flu patients has been set up in this largest healthcare facility of Sindh province.-Agencies
Polio drive to cover over 6.5mn infants Staff Correspondent KARACHI: Over 6.53 million children will be administered polio drops across Sindh from Dec 2830 under Micro-Plan 2010, said Sindh Minister for Human Rights, Nadia Gabol. Talking to media on
Sunday, she said her department would keep a close liaison with the provincial Health Department during the three-day campaign. Gabol said all the lessincome areas would be covered with due coordination of the officials of the Health Department, the Human
Rights Department and sought full cooperation of all the town health officers and their field officials and volunteers in this regard. Referring to detailed plans of polio campaign, she said there was a plan to cover over 2.2 million under 5-year age children in Karachi alone.
KARACHI: DHA's Executive Board meeting chaired by its President, Commander 5 Corps Lt. Gen Zahir Ul Islam was held at Corps Headquarters here Monday. The new Corps Commander in capacity of President Executive Board (PEB) DHA took oath of his office and later presided the Executive Board meeting to review the pace of progress of DHA's mega projects and other policy/administrative matters. PEB termed the Executive Board as an important policy making organ formulated to take prudent and appropriate decisions which should contribute to the overall improvement of living standards and provision of better civic amenities to the residents. He also stressed upon the need to take residents on board while undertaking any mega development cum infrastructural improvement venture in DHA for the residents. He said that residents' associations should work in tandem with DHA to achieve the goals of efficient, vibrant and dynamic civic life. The Executive Board took serious notice of non functional status of DHA Cogen Power & Desalination Plant since a prolonged period of time thus exacerbating the problem of water scarcity in DHA. Defence Housing Authority informed the house that despite having no role in the management of the plant, DHA has adopted a proactive role since the last two months and a number of meetings have been held with all stake holders. DHA is looking for all possible options to revive the project at the earliest.
Ibad fetes KPC, Arts Council bodies Staff Reporter
KARACHI: Masood Hashmi, President, Marketing Association of Pakistan presenting a memento to Prof Ehsan-ul-Haque of LUMPS and co-author of the recently launched Marketing Guru-Kotler’s book. Dr Ishrat Hussain, Dean & Director of IBA was chief guest on the occasion. Also seen in the picture are Ali Akber of Engro Foods and Talib of IoBM.-Staff Photo
Karachi: Sindh Governor Dr. Ishratul Ibad Khan has congratulated the newly elected office-bearers of Karachi Press Club and Arts Council of Pakistan Karachi. In a message he said both KPC and Arts Council are important institutions. He hoped their elected representatives would work for their further betterment. He assured them full support from the government.
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Tuesday, December 28, 2010
Swiss franc climbs back towards record vs euro ZURICH: The Swiss franc rose against the euro on Monday, climbing back towards the previous week's record high and some strategists forecast further gains versus the common currency as euro-zone debt woes lingered. Against the greenback, the franc gained a touch on Monday. The franc rose as much as 15 per cent against the euro this year, as worries about eurozone debts prompted investors to seek out safer bets. The Swissie soared to an all-time peak of 1.2435 per euro on Dec. 22, according to Reuters data. "The Swiss franc has reached new historic highs amid eurozone woes and demand for fundamentally strong currencies," UBS wrote in a research note. "Overall positioning does not look extreme yet but your flow data indicates hedge funds have been buying near record amounts." "While the strong trend points to further shortterm gains, positioning suggests rising risks for the aggressive longs," UBS also said. The franc was up 0.1 per cent against the euro compared to Friday's New York close, trading at 1.2608 per euro at 0736 GMT. The franc was up 0.4 per cent against the dollar at 0.9581 per dollar. Technical analysts at Danske said they were looking to sell euro-Swiss, with the first key support for the cross at 1.2457 and then 1.2440. They also said to stay short on dollar-Swiss or sell rallies for a drop to 0.8250. The rallying franc is, however, posing a challenge to Swiss business, many of whom depend on exports. The eurozone is Switzerland's biggest trading partner. Swatch Group chief Nick Hayek told Reuters last week the franc threatened to hamper industry and tourism. Meanwhile, the Swiss government and heads of the country's top banks have met to discuss ways to safeguard exports, Swiss newspaper Sonntag reported on Sunday. The aim of the talks was to encourage the banks to have a currency risk insurance, the paper said without citing any sources. -Reuters
Euro rises vs dollar; China rate hike hits Aussie London holiday, New York blizzard keep trading light NEW YORK: The Australian dollar dipped briefly on Monday after the Chinese central bank's weekend interest rate hike, while the euro rose against the dollar after breaking above its 200-day moving average. Trading ranks were extremely thin. London was closed on Monday and Tuesday for holidays and a blizzard in New York limited activity, ensuring only minor price fluctuations. The Australian currency was the biggest mover out of the gate, falling as low as $0.9987 after China's Christmas Day interest rate hike on Saturday, though it had clawed back to $1.0020 early in New York, down 0.1 per cent. The currency hit a six-week high of $1.0067 last week. The euro managed to rise after falling below its 200-day
moving average, a drop that is usually indicative of more losses. While fears that a euro-zone debt crisis could spread have pushed the euro below the 200-
day moving average --$1.3087, according to Reuters data -- in five of the last six sessions, it has rebounded swiftly each time. It was last up 0.2 per cent at $1.3146. "With no economic news, we're focusing on these technical factors, and that push above the 200-day average has been a catalyst for the euro," said
Omer Esiner, strategist at Commonwealth Foreign Exchange in Washington. "And with London off and the blizzard in New York, things are very subdued."
The euro hit a three-week low of $1.3055 last week, and its outlook is still clouded by Spain and Portugal, which investors fear may have trouble refinancing their debt in the new year. Australia's economy has benefited from strong Chinese demand, and markets fear China's attempts to dampen
inflation with higher interest rates could hurt domestic Chinese demand. But traders said earlier Australian dollar losses had more to do with the timing of the hike, than the move itself. "There was a knee-jerk selloff in the Aussie but investors knew this China move was coming eventually," said Geoffrey Yu, currency strategist at UBS. "Providing Chinese data holds up in 2011, the Aussie should stay supported." Danske Bank analysts said they expect three more Chinese rate hikes in 2011, with all likely coming in the first half. The dollar was flat at 82.88 yen, near the lower end of a recent 82.50-to-84.50 yen range. An auction of $35 billion in two-year US Treasuries later on Monday will be watched closely. -Reuters
Asian currencies Yuan weakens on Taiwan $ cuts gains yr-end dlr demand after tightening NDF rules SEOUL: The Taiwan dollar gave up most of its early gains on Monday after the central bank tightened limits on trading in non-deliverable forwards (NDF), while other emerging Asian currencies consolidated in subdued year-end trading. Currency dealers told Reuters that under the new rules NDF trades would be capped at one fifth of a bank's total foreign exchange trading, down from one third previously. The impact of the rule change would be limited as it only affected banks based in Taiwan, dealers and analysts said. Several Asian economies have been struggling to contain the upward pressure on their currencies and asset markets from rising capital inflows attracted by the region's better growth prospects and higher potential returns than in major developed economies. Other emerging Asian currencies showed muted reactions to China's interest rate hike on
SHANGHAI: China's yuan fell slightly against the US dollar late Monday, after rising to a six-week high Friday, as heavy year-end dollar demand from trading companies settling accounts more than offset the effect of a lower dollaryuan central parity rate. But traders said the Chinese currency will likely continue rising in the medium term as the central bank uses a stronger yuan to help rein in inflationary pressure, complementing its surprise interest rate hike Saturday. On the over-thecounter market, the dollar was at 6.6308 around 0830 GMT, up from Friday's close of 6.6270. It traded between 6.6262 and 6.6348 The People's Bank of China set the dollar-yuan central parity rate at 6.6305, down from 6.6371 Friday. "There has been heavy
demand for dollars from bank customers," said a Shanghaibased trader at a European bank. "But we are very cautious in building long dollar positions, because the market sentiment overall is for the yuan to appreciate further in the medium term." She said the dollar will find strong support around 6.6200 as traders will seek to lock in the yuan's gains at that level. The PBOC on Saturday raised interest rates for the second time this year. "The rate hike indicates the central bank wants to control inflation expectations, and the yuan can be used as one of the policy tools to counter inflation," said a Shanghai-based trader at a Japanese bank. Offshore, oneyear dollar-yuan nondeliverable forwards fell to 6.6330/6.6430 from 6.4970/6.5020 late Friday. Agencies
Top Economic Events Time
Source
Events
Forecast
Previous
All Day
NZD
All Day
AUD
4:30
JPY
National Core CPI y/y
4:30
JPY
Unemployment Rate
5.1%
5.1%
4:50
JPY
Prelim Industrial Production m/m
1.0%
-2.0%
4:50
JPY
Retail Sales y/y
0.4%
-0.2%
6:30
JPY
Average Cash Earnings y/y
0.6%
0.5%
12:00
CHF
UBS Consumption Indicator
All Day
GBP
Bank Holiday
All Day
CAD
Bank Holiday
19:00
USD
S&P/CS Composite-20 HPI y/y
-0.1%
20:00
USD
CB Consumer Confidence
56.3
Source
Events
NZD
Bank Holiday
AUD
Bank Holiday
JPY
CSPI y/y
JPY
Housing Starts y/y
GBP
Bank Holiday
CAD
Bank Holiday
Bank Holiday Bank Holiday -0.5%
-0.6%
1.72
0.6% 54.1
Previous Day Actual
Forecast
Previous
-1.1%
-1.1%
-1.3%
6.8%
5.0%
6.4%
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
Bid 1.3153 0.9596 1.5415 1.0083 1.0020 108.9700 0.8531 1.2628 127.6800 86.2400 0.9516 1381.6500 29.1300
As per 22.00 PST Ask High 1.3156 1.3167 0.9599 0.9643 1.5419 1.5456 1.0087 1.0109 1.0024 1.0057 109.0100 109.0500 0.8535 0.8536 1.2633 1.2696 127.7400 128.0000 86.2900 86.3400 0.9525 0.9578 1382.7000 1386.1000 29.2400 29.2900
Low 1.3074 0.9576 1.5398 1.0062 1.9992 108.4600 0.8482 1.2598 127.5800 85.8800 0.9518 1373.2000 28.8300
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Current Interest Rate
Bank of England
January 13, 2011
March 5, 2009
0.50%
European Central Bank
January 13, 2011
May 7, 2009
1%
Swiss National Bank
March 17, 2011
March 12, 2009
0.25%
The Reserve Bank of Australia
February 1, 2011 November 2, 2010
4.75%
Saturday as Asian shares edged Bank of Canada n/a September 8, 2010 1% up as investors bet China's latest Federal Reserve n/a December 16, 2008 0.25% interest rate hike would not Bank of Japan n/a December 19, 2008 0.10% change the optimistic outlook for the global economy in 2011. Division of National Bank of Pakistan (NBP) China's central bank raised KARACHI, December 27,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: interest rates on Saturday for the Countries Selling Buying Buying second time in just over two TT & OD TT Clean OD/T.CHQ months as it stepped up its battle U.S.A. 85.85 85.65 85.46 to rein in stubbornly high inflaU.K. 132.40 132.09 131.79 tion. Earlier, the Taiwan dollar EURO 112.71 112.45 112.19 jumped as much as 3.4 per cent CANADA 85.19 84.99 84.76 to hit 29.481 per dollar, the SWITZERLAND 89.32 89.11 88.88 strongest since Oct 1997. A central bank deputy goverAUSTRALIA 86.16 85.96 85.73 nor said the central bank would SWEDEN 12.53 12.50 12.47 not force the Taiwan dollar to JAPAN 1.04 1.03 1.03 stay on the weaker side T$30 per NORWAY 14.39 14.36 14.32 dollar following recent gains. SINGAPORE 66.11 65.96 65.79 The South Korean won edged DENMARK 15.12 15.09 15.05 up on exporters' demand for setSAUDI ARABIA 22.89 22.84 22.78 tlements and as foreign investors HONG KONG 11.03 11.01 10.98 kept buying local stocks and bond CHINA 12.96 12.93 12.89 futures. But trading was thin KUWAIT 305.14 304.43 303.62 with dollar/won spot trading volMALAYSIA 27.75 27.68 27.61 ume sliding to $3.02 billion, the NEW ZEALAND 64.23 64.08 63.91 lowest in 2010, according to data QATAR 23.58 23.52 23.46 from Seoul Money Brokerage Services Ltd and Korea Money U.A.E. 23.37 23.32 23.26 Broker Corp. -Reuters 0.07 0.07 0.07 MUMBAI: The Indian rupee "I think thin year-end liquidi- KR WON 2.84 2.84 2.83 reversed early gains and ty is leading to an exaggeration THAILAND slipped on Monday as dollar in moves as oil firms buy dolRevaluation Rates demand from oil firms and lars. I am broadly looking at a Treasury Bills / PIBs / FIBs Holding Applicable for December 27, 2010 importers outweighed the posi- 45.00-45.50 band this week KASB BMA ELXIR GSL ICSL JSCM AvgRate tive sentiment due to weakness with a bias for 45.50, but chop- 0-7days 12.75 13.15 12.85 13.00 12.60 13.10 12.91 in the US unit versus major py trade is likely," said a senior 8-15dys 12.95 12.95 12.90 13.00 12.80 13.00 12.93 currencies overseas. foreign exchange dealer with a 16-30dys 13.05 13.05 13.00 13.00 12.90 13.05 13.01 The partially convertible private bank. 31-60dys 14.14 13.10 13.08 12.99 13.05 13.10 13.24 rupee closed at 45.24/25 per One-month offshore non- 61-90dys 13.17 13.17 13.15 13.19 13.15 13.18 Interest rate increase eases investors' fear of inaction dollar, off its high of 45.0750 deliverable forward contracts 91-120dys 13.30 13.33 13.26 13.22 13.20 13.30 13.17 13.27 and 0.3 per cent weaker than its were quoted at 45.43, weaker 121-180dys 13.36 13.38 13.33 13.36 13.30 13.35 13.35 BEIJING: China was Grinch- mists had predicted that China ernment typically hopes to curb than the onshore spot rate. 181-270dys 13.50 13.47 13.49 13.52 13.45 13.50 13.49 like in raising interest rates on would raise rates by the end of speculation of yuan appreciation close of 45.11/12 on Friday. "Dull markets today, did not In the currency futures mar- 271-365dys 13.65 13.65 13.65 13.65 13.65 13.65 13.65 Christmas Day, but in fact this year and the consensus was right after such a step," said a 14.00 14.00 13.95 13.95 13.90 13.90 13.95 investors have good reasons to be for two more increases in the first senior trader at a major Asian hear of any major outflows. ket, the most traded near- 2-- years Market was quite illiquid but month dollar-rupee contracts grateful. half of 2011. bank in Shanghai. 3-- years 14.15 14.16 14.15 14.15 14.11 14.13 14.14 The government provided Normally apprehensive of "The government appears thus there was small amount of oil on the National Stock 4-- years 14.16 14.17 14.21 14.16 14.20 14.15 14.18 much-needed reassurance that it tightening, investors had begun to be giving a signal that it will related dollar buying," said Exchange, MCX-SX and 5-- years 14.18 14.20 14.25 14.20 14.21 14.20 14.21 was determined to rein in price to worry about the opposite in use both interest rates and the Ashtosh Raina, head of foreign United Stock Exchange closed 6-- years 14.20 14.27 14.27 14.22 14.30 14.25 14.25 pressures -- and a salutary China -- that the government was exchange rate to fight inflation, exchange trading at HDFC at 45.2525, 45.2575 and 7-- years 14.22 14.34 14.30 14.23 14.35 14.30 14.29 Bank. 45.2550 respectively, with the 8-- years reminder that more yuan appreci- delaying the inevitable for too including imported inflation." 14.22 14.05 14.12 14.23 14.00 14.10 14.12 ation than the market expects long and that the ultimate reckonIn its gradual tightening over "Markets should continue to total traded volume on the 9-- years 14.23 14.14 14.06 14.24 14.20 14.18 14.18 could be in the offing. ing with inflation would be more the past year, the central bank has be rangebound through the three exchanges at a low $3.9 10--years 14.23 14.25 14.24 14.25 14.22 14.25 14.24 The key take-away from the painful as a result. made little use of currency appre- week, but cannot really put a billion versus an average of $7 15--years 14.50 14.50 14.50 4.60 14.55 14.55 14.53 rate increase, China's second in "As long as tightening is not ciation and interest rates, relying particular band, as market is billion. -Reuters 20--years 14.60 14.75 14.65 14.90 14.75 14.75 14.73 just over two months, is that too much lagged behind the mainly on quantitative controls. quite choppy," Raina added. Beijing is softly, softly pulling curve, market sentiment should It has restricted commercial lendMost Asian currencies gained every tightening lever within its improve gradually in the first half ing and officially increased versus the dollar which helped reach. of 2011," Shen Minggao, an banks' required reserves six limit sharp losses in the rupee. USD/JPY "The central bank will only economist with Citigroup, said in times. In this month until Friday, Period AUD/USD EUR/CHF EUR/GBP EUR/JPY EUR/USD GBP/USD NZD/USD USD/CAD raise rates in small and steady a research note. Now, both the currency and foreign funds had pulled out a increments in the coming Shen echoed Ba in saying that interest rates may be about to get net $558.55 million from 1 week -0.95 0.59 -0.75 0.98 0.74 0.82 -0.92 0.82 months," said E Yongjian, an ana- faster yuan appreciation would somewhat greater prominence. -0.55 0.17 -0.38 0.43 -0.38 -0.08 -0.70 0.54 lyst at Bank of Communications play a bigger role in the camRequired reserves are already Indian equities. They have, 1 month -0.44 -0.65 -0.78 -0.41 -0.84 -0.56 -0.45 0.09 in Shanghai. paign against inflation. at a record high of 19 per cent for however, pumped in a net 3 months $28.4 billion so far this year on 6 months -0.87 0.03 -0.75 -0.25 -0.84 -0.75 -0.79 0.67 "The yuan will also steadily That view has been notable by big banks and can only go up so -0.65 0.76 0.32 0.66 -0.11 -0.47 -0.68 0.21 climb next year, serving as one its absence in financial markets much higher. Moreover, the cen- top of the $17.5 billion invest- 1 year 2 years -0.69 0.76 0.33 0.70 0.03 -0.20 -0.66 0.61 tool to alleviate the inflationary of late. Investors are pricing in tral bank has struggled to sell ed last year. pressure," he said. just a 2.4 per cent rise in the yuan bills in regular open-market operKarachi Inter Bank Offered Rates (KIBOR) Ba Shusong, an economist with versus the dollar over the next ations in recent weeks because of Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)27/12/2010 the Development Research year, according to offshore for- rising yields. "Inflationary pres1WEEK 2 WEEK 1 MONTH 3 MONTH 6 MONTH 9 MONTH 1YEAR 2YEARS Center, a think-tank under the wards. In 2007-08, when China sure is high and the scope for BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK BID ASK cabinet, provided a neat summary was last battling inflation, the other measures is limited, so it's 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 of the government's strategy for government let the currency normal for them to raise interest ABPL 0.00 taming consumer prices, which climb more than 7 per cent in six rates," said Wang Hu, an econo- ABLN 12.65 13.15 12.65 13.15 12.80 13.30 13.15 13.40 13.40 13.65 13.45 13.95 13.60 14.10 13.70 14.20 rose 5.1 per cent in the year to months. mist at Guotai Junan Securities in JSBL 12.90 13.40 12.80 13.30 12.85 13.35 13.15 13.40 13.40 13.65 13.45 13.95 13.70 14.20 14.00 14.50 November, a 28-month high. Although price pressures are Shanghai. "Raising rates will ASPK 12.65 13.15 12.70 13.20 12.80 13.30 13.15 13.40 13.35 13.60 13.45 13.95 13.60 14.10 13.70 14.20 "The rhythm of policies will less serious now, it would not be help curb inflation expectations. 12.80 13.30 13.20 13.45 13.45 13.70 13.50 14.00 13.70 14.20 13.80 14.30 become regular, something we surprising to see a mini burst of If the central bank resists raising CIPK 12.75 13.25 12.80 13.30 12.75 13.25 13.05 13.30 13.25 13.50 13.35 13.85 13.50 14.00 13.60 14.10 call the simultaneous implemen- yuan appreciation in the coming rates, more bank deposits will DBPK 12.60 13.10 12.70 13.20 tation of the three rates: banks' months. In fact, an informal poll flow into asset markets," he said. FBPK 12.85 13.35 12.85 13.35 12.80 13.30 13.25 13.50 13.45 13.70 13.50 14.00 13.75 14.25 13.85 14.35 required reserve ratios, interest of onshore currency dealers over Whatever the method of tight- FLAH 12.70 13.20 12.75 13.25 12.80 13.30 13.20 13.45 13.40 13.65 13.45 13.95 13.60 14.10 13.70 14.20 rates and the exchange rate," he the last week, showed many of ening, the implementation is sure HBPK 12.70 13.20 12.80 13.30 12.85 13.35 13.20 13.45 13.35 13.60 13.45 13.95 13.60 14.10 13.70 14.20 said in comments published in them expect the yuan to gain to conform to the gradualism that 12.90 13.40 13.15 13.40 13.30 13.55 13.40 13.90 13.60 14.10 13.65 14.15 the Economic Information Daily, roughly 6 per cent over the next has been the hallmark of China's HKBP 12.75 13.25 12.80 13.30 13.25 13.75 13.40 13.65 13.55 13.80 13.60 14.10 13.65 14.15 13.70 14.20 a Chinese-language newspaper, year, hitting 6.25 per dollar by the policy setting over the past three NIPK 13.00 13.50 13.00 13.50 on Monday. end of 2011. decades. Although it has threat- HMBP 12.90 13.40 12.90 13.40 12.90 13.40 13.25 13.50 13.35 13.60 13.50 14.00 13.60 14.10 13.70 14.20 Even as a move on Christmas Some traders thought the cen- ened to impose price controls if SAMB 12.75 13.25 12.80 13.30 12.85 13.35 13.30 13.55 13.45 13.70 13.45 13.95 13.65 14.15 13.75 14.25 Day was a surprise, the 25-basis tral bank hinted at this on necessary, the government is MCBK 12.70 13.20 12.70 13.20 12.70 13.20 13.15 13.40 13.30 13.55 13.40 13.90 13.50 14.00 13.75 14.25 point increase in benchmark one- Monday by nudging the yuan up increasingly confident of its NBPK 12.65 13.15 12.75 13.25 12.80 13.30 13.10 13.35 13.25 13.50 13.40 13.90 13.60 14.10 13.70 14.20 year interest rates announced on against the dollar. chances against inflation. Food 12.70 13.20 13.10 13.35 13.25 13.50 13.45 13.95 13.50 14.00 13.70 4.20 Saturday was in line with a "Letting the yuan rise right prices, the root of the problem, SCPK 12.60 13.10 12.65 13.15 12.75 13.25 13.15 13.40 13.30 13.55 13.45 13.95 13.60 14.10 13.70 14.20 majority view in a Reuters poll after a monetary tightening step have ebbed in recent weeks. - UBPL 12.60 13.10 12.70 13.20 earlier this month. Most econo- is a rare phenomenon, as the gov- Reuters AVE 12.72 13.22 12.76 13.26 12.81 13.31 13.18 13.43 13.36 13.61 13.45 13.95 13.61 14.11 13.71 14.21
Indian rupee slips in thin trade
As China raises rates, don’t forget the yuan
Currencies Correlation
4 Tuesday, December 28, 2010
In pursuit of her dream
The Financial Daily International Vol 4, Issue 137
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
The Stairs & snakes of wheat export There are growing indications that with the active solicitations of business local businessmen may succeed in getting wheat export orders, much above the permitted quantity of one million tonnes. Sellers have been overwhelmed and anticipate orders to exceed three million tonnes. Experts have warned the government to be very cautious and to ensure that exporters do not book orders beyond the stipulated quantity. At present Punjab provincial government seems to be most desperate because carrying around six million tonne wheat stocks on which it is paying Rs70 million per day interest charges alone. Similarly, Sindh provincial government is carrying around one million tonnes stock and paying Rs10 million interest a day. Therefore, it is feared that Punjab government may encourage the exporters to book orders above the stipulated quantity. As against per tonne procurement price of around $275 fixed by the government the current international price of wheat is hovering around $350 and offers incentives for its smuggling to the neighboring countries. Afghanistan faces an acute shortage of wheat particularly during the winter when logistics are hampered. There is specific need to monitor highly porous Pak-Afghan border. Since Russia has imposed ban on export of wheat and Central Asian countries are currently facing limited access to the global sources due to frozen seas Pakistan has an opportunity to sell wheat to the overseas buyers. While Punjab can cater to the needs of Afghanistan and even CIS states, Sindh enjoys better access to the Middle East and Sri Lankan markets. Sindh has proximity to two of Pakistan's sea ports equipped with bulk wheat handling facilities. It is suggested once again that special attention should be paid to selling wheat to Afghanistan, which is desperately in need of the most important staple food. India has offered to supply free of cost wheat to Afghanistan but its transportation cost seems prohibitive unless it passes through Pakistan. Pakistan has achieved wheat sowing target and next crop should be ready around April next year and expectations are actual production will most likely exceed the target. Therefore, the government can also fix wheat export target for next year. However, it will be better if focus is zoomed on export of value-added products rather than wheat. The bakery and confectionery items produced in Pakistan meet the international quality standards. Government of Pakistan should help the private sector exporters in soliciting export orders for bakery products due to higher value-addition. Impediments, if any, must be removed at the earliest to enhance export of confectionery products from Pakistan.
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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.
Shazia Marri Sindh Minister for Tourism
T
hree years ago on December 27, 2007 Pakistanis and their and their children were brutally robbed of their hopes, dreams, and aspirations. On this day an assassin attacked their very survival and snatched the best hope. Our leader, our sister, our future Shaheed Mohtarma Benazir Bhutto was assassinated before millions. Mere words cannot convey the depth and magnitude of our loss and our grief, so stark was the feeling of losing her - the woman who for years courageously bore the tortures inflicted upon her by those of inferior strength and mind. She had become the symbol of hope to millions across the country. She stood up to fight when many others cowed down. She was unquestionably a matchless leader. Since that catastrophic day three years ago, during all the trials, the tribulations, the fears, the challenges; every step of the way, every road on every journey, her memory has been so sharp that she became a tangible force, with great potency of her persona. But even in the midst of the pain, the grief, we were ever mindful of the task with which she left us. A promise made, is a debt unpaid and it is this thought that pushed the Pakistan Peoples Party government to strive towards fulfillment of the promises made by Shaheed Mohtarma. The desire to repay the debt; To deliver on her promises; To realize her dreams - Her dreams for this land, its people, and its future. "My dream," she said, "is for my land and my people to cease fighting and allow our children to reach their full potential regardless of sex, status, or belief." It is the realization of this dream that has been the driving force of our actions. Mohtarma was an advocate of peace, both within and outside Pakistan. And to achieve this peace, she gave her life fighting the existing norms that challenged her vision. Fighting for the people of her country, for their emancipation,
their rights, their progress she endured countless tortures, and saw the murders of her father and brothers. She bore, in a few years, what most don't see in a lifetime. But her resilience and fortitude saw her through the darkest of hours, the bleakest of times. It is this resilience, this courage, this love for her country that is her legacy to us - her nation. Mohtarma was determined when it came to leading fight for democracy in Pakistan. With legendary far-sight and vision, she recognized that true leadership required daring action and necessitated the need to challenge status quo. She appreci-
Her absence has made people realize who she really was! a woman, a mindset, an institution standing for the rights of the people, steadfast and resilient against tyrants. And what does one say of cowardly tyrants who seek to sabotage the road that martyrs have paved with their lives, and kill the hope that they watered with their blood. Such pathetic cowardly parasites must know and understand that never again will the people and Government of Pakistan allow them to resurface and work against the interests of Pakistan. Today Pakistan is blessed to be a democracy - a state reached after so
“
There is no doubt about the fact that no one can ever replace the kind of leadership she possessed. Her abilities and charisma can never be forgotten. People across the world have keenly felt her loss
ated the fact that ultimately leadership was all about the strength of your convictions - and her conviction to stand by the people of Pakistan, to strive for their betterment, their emancipation, and their aspirations - was unyielding. As Mohtarma herself said "You can imprison a man, but not an idea. You can exile a man, but not an idea. You can kill a man, but not an idea." Indeed, the tyrants imprisoned her, exiled her, and finally killed her, but what they couldn't harm was the idea she stood for the idea of an egalitarian Pakistan, without the constraints of bigotry, intolerance and inflexible tradition; the idea of a democratic Pakistan, without the fear of tyrannical oppressors; the idea of a safe Pakistan, where children can grow to their full potential regardless of sex, status and beliefs. Just when she crossed the line from being a leader to being what she was - an ideology and a vision - is disputable. But that was what she was, and what she continues to be - fact is, although she may no longer be with us, her vision for her beloved Pakistan and the spirit she has infused in us, continue to live on in her hearts and minds. There is no doubt about the fact that no one can ever replace the kind of leadership she possessed. Her abilities and charisma can never be forgotten. People across the world have keenly felt her loss.
many and such heavy sacrifices. It is today, the duty of every Pakistani to work together to strengthen this democracy. To ensure that the democratic process is not derailed, and that Pakistan does not ever again, fall victim to treacherous conspiracies. In the words of our dear sister, Shaheed Mohtarma Benazir Bhutto, "It is imperative for all of us to fight to save Pakistan by saving democracy. Democracy brings development and marginalizes the anti-people forces. We must save
vortex of despair and grief, as we mourned an irreparable loss. But those who martyred that courageous, selfless leader, grossly underestimated the strength of her convictions, and the single-mindedness of her followers. On that fateful day, three years ago, when Pakistan was in chaos after losing our leader, one man rose to be the voice of reason. When a nation was wailing from the deep wounds it had sustained, one man chose to dress the wounds and ease the hurt. When the entire country was going up in flames, one man stood up to douse the fire. It was this man, who had, on that day, lost the most. And yet he gave. He gave solace, hope, and direction to a nation reeling from the shock of losing its beloved sister. The Talmud says "There are people whose remembrance gives light in this world, long after they have passed away. This light shines in our darkest nights on the road we must follow." Indeed, the nights after Bibi's assassination were the darkest ever. Yet, it was her thoughts, words, and vision which guided us at that crucial time, and continue to do so. Today, her spirit lives on in us all, impelling us to do our best for her country, and her people. To fulfill the dream she saw, the future she envisioned. Today, three years after she was martyred, her Government follows her footsteps. It remains committed to providing for her people, and with single-minded determination, works to realize her dreams. Sometimes the decisions taken are not popular. Sometimes the critics
those who martyred that courageous, selfless leader, grossly underestimated the strength of her convictions, and the single-mindedness of her followers Pakistan, save democracy and save the fundamental rights of the people." It is these fundamental rights for which today's democratic government is working, and will continue to strive to ensure and to secure. I wish with all my heart that this day had never come. If only there was nothing to commemorate on December 27th. If only this was like any other day. But alas, wishing does not make it so. We commemorate the day assassins extinguished Pakistan's best hope. The day when the entire country, nay, the entire world, was plunged into a
choose to turn towards the negative and become prophets of doom. And yet the Government perseveres. It perseveres because behind its actions is the force and the spirit of Shaheed Mohtarma Benazir Bhutto who said that "leadership requires action: daring to take steps that are necessary but unpopular, challenging the status quo in order to reach a brighter future." And in her footsteps, today's Government continues to take those steps and challenge the existing norms, secure in the belief that she is and will continue to be our guiding light - today and for tomorrows to come.
Social Peace Amiss in North Korea Kim Soo Hyun
F
or the leaders and authorities of any society, it is essential to maintain social peace. This is only possible if they make sure that everything is under their control. To keep everything in control, they implement laws and make sure that those who attempt or break these laws must be put to punishment, so that the criminal does not commit the crime and others, who see the punished, do not attempt to break laws. But sometimes, without realization things get out of control. Welcome to North Korea. Let me tell you that North Korea has been in the war since ages now. And this makes it difficult for the Korean leaders to keep an
eye open for criminals and offenders that are present in the Korean state. What is a bit extreme is something very usual for North Korea. Here, public executions are means to build a wall of dread to maintain social control. The executions are only and only in the nation's best interest as perceived by the authorities. Before the decade of 1990's, these public executions took place every now and then for offenders who were found guilty of local intelligence for some other country or loathsome crimes like murder, robbery or political rebellion. During the mid-1990s the economic crisis brought in more crimes to the society. Due to this hazard, North Korea started to execute
those also who were found involved in economic - like stealing grains- and social corruption - like prostitution or distributing obscene materials. While later in the decade (January, 1997), Amnesty International released the "Special Report on Public Executions in North Korea". After the report, due to mounting international pressures, this was the only time when public execution started to diminish a bit. But for the North Koreans, it could not last for long. After the briefest period, since the mid-2000s, these public executions have begun to surface more frequently again as the governments wants to tighten social control and censorship. As a result of flopped cur-
rency reforms, it is since 2009 that potential threats to North Korean system have been emerging. These threats include even the public resistance in the country. According to the records, 16 people were butchered from January to November 2009, while this number took a flight with 52 being executed from December 2009 till November 2010. With the declaration the "Execution of Illegal Distributors of Foreign Currency" introduced in 2009 by the Department of People's Security, more Korean nationals suffered from the capital punishment. The sphere of public execution was broadened with another such decree entitled as the "Execution
by Firing Squad for Leaking Confidential Details through Cellphones" This time it was from the State Security Department a month later, in January 2010. Later in March 2010, Director of Planning and Finance of the party Pak Nam-ki and Deputy Director Ri Tae-il who had led the currency revaluation were executed as scapegoats as a way to maintain the regime. The North Koreans do realize the importance of maintaining control over the public in order to restore social harmony. But then what they really don't realize is the extremes they reach out to every time they punish someone. This dichotomy persists and puts the peace always at stake for them.
If Market Crashes in 2011 Stock market in Pakistan in particular and frontier markets in general come under trouble biannually or even after few years in some indifferent cases and environments. The phenomenon is quite natural following widely taught segments of business cycle from boom to recession and its effects are multiplied by political and economical factors. When market gains lot of inflow comes from within and abroad investors but when falling all technicals and fundamentals becomes a story with no
reality. General perception of people in Pakistani stock exchange is that market can not go for a big crash in the absence of leverage product but this perception is incorrect and wrong. During last one year lot of investment has been made in few index heavy weight items multiplying stock prices double to triple adding bonus and dividends given in same period. Some of these blue chips companies came under consistent controver-
sies with regard to political interference, mismanagement and malpractices but still are heading northward. Imagine a case when these blue chips start finding disinvestment, panic caused amongst investors. Investors should not forget this issue and participate in market taking into account that in the absence of MTS if market gets into trouble where rescue figure will come. Ali Baba Jee, Karachi
5
Tuesday, December 28, 2010
South East Asian stocks
Bombay Stock Exchange launches Islamic index KSE-100 Index Opening Closing Change % Change Turnover (mn)
Two-and-a-half-year high shines on the board at KSE
11,858.17 11,909.73 51.56 0.43 85.16
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,671.84 3,681.69 9.85 0.27 2.61
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,980.36 2,985.61 5.25 0.18 0.19
Major Gainers
Symbol
Close
Change
ULEVER 4,390.01 DAWH 196.04 SHEZ 113.40 SFL 129.25 NRL 267.19
27.77 7.85 5.40 5.40 4.52
Major Losers
Symbol RMPL COLG UPFL IDYM SIEM
Close
Change
2,127.82 925.54 1,100.00 308.48 1,229.00
-62.17 -18.96 -18.04 -16.23 -13.5
Top 5 Volume Leaders
Symbol
Close Vol (mn)
DGKC FFBL LOTPTA FATIMA AHCL
30.27 37.31 13.59 10.80 25.02
6.38 6.29 5.48 4.49 4.21
Active Issues Plus Minus Unchanged
236 144 23
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
S'pore near 2-week high; palm oil firms in demand
Nawaz Ali KARACHI: Karachi Stock Exchange (KSE) Monday started the week on a bullish note finishing above 11,900 level after two-anda-half years as buying in fertiliser stocks --spurred by urea price hike-- coupled with high hopes pinned on corporate results kept investor morale well up the stairs. The benchmark KSE 100Index gained 51 points to close at 11,909 points, KSE 30-Index jumped by 71
points to close at 11,463 points and KSE All-Share Index hopped by 40 points to close at 8,282 points. "Bullish activity continued across the board on strong valuations led by fertiliser scrips after ureamakers hiked prices 23 per cent over gas curtailment and above $91 oil in international markets", said Ahsan Mehanti, Director Arif Habib Investments. Investor sentiment remained positive throughout the trading session on hopes for early launch of
Nikkei up, shrugs Chinese rate hike TOKYO: Japan's Nikkei average rose 0.8 per cent on Monday in thin trade as increased appetite for lagging Tokyo stocks in recent weeks helped to offset concerns over China's weekend interest rate hike. Global stocks and commodities are hovering near multiyear highs on renewed confidence in global growth and investors have been particularly keen on Japanese stocks, which still down 2 per cent in the year to date, are seen as relatively cheap. Investors are raising equity holdings to a 10-month high, increasing exposure to highyield credit and cutting back on government debt, Reuters polls showed last week. Several analysts expect the Nikkei to gain about 20 per cent in 2011. This underlying robust sentiment helped keep the Nikkei on a firm footing despite a volatile day for the Shanghai Composite Index which ended down 1.9 per cent after rising more than 1 per cent at one point in the morning session. Other riskier assets like the Australian dollar dipped on the rate hike. "Sentiment for the Nikkei is strong. In the next few days the market may try to test 10,500-10,600 and see if it can finish the year higher from the previous year's close," said Yutaka Miura, senior technical analyst at Mizuho Securities. The benchmark Nikkei fin-
ished 0.8 per cent or 76.80 points higher at 10,355.99, some 40 points shy of a sevenmonth high reached last Wednesday. It closed at 10,546.44 in 2009. The broader Topix index gained 0.3 per cent to 904.68. The People's Bank of China increased its benchmark lending rate by 25 basis points to 5.81 per cent and the benchmark deposit rate by 25 basis points to 2.75 per cent. "Market players knew that the rate hike was coming and the overall consensus is that China will continue with money tightening into the next year, so the negative reaction is limited," said Mitsushige Akino, general manager at Ichiyoshi Investment Management. Other investors said, however, that with major Asian markets such as Hong Kong and Australia closed on Monday for the holidays, more time was needed to see the full market reaction to the rate increase. Shares of PC memory maker Elpida Memory rose 1.6 per cent after a newspaper report that it will start talks on equity tie-ups with two Taiwanese chipmakers. Volume dropped to 1.25 billion shares on the Tokyo Stock Exchange's first section. It was the lowest level since Aug. 9 and well below last week's daily average of around 1.6 billion shares. -Reuters
ANNOUNCEMENTS Company Sind Abadgar
Period Yearly
Div/Bon/Right PAT (Rs in mn) 10%D 21.70
EPS(Rs) 2.08
leverage products after SECP appoints new chairman, he added. The session began on a positive note with 20 plus points. Gains then gradually increased as buying was witnessed particularly in fertiliser sector as Engro increased urea prices. Impressive growth in urea off-take numbers in November and expectations of some better than expected December-end corporate results also came handy to boost the sentiments. Further, the recent US stocks morning trade
Wall St dips after China rate hike NEW YORK: US stocks slipped on Monday as a surprise interest rate hike from China's central bank over the weekend prompted investors, worried about demand, to sell equities. China's central bank raised interest rates on Saturday for the second time in just over two months as it stepped up its battle to rein in stubbornly high inflation. The People's Bank of China said it will raise the benchmark lending rate by 25 basis points to 5.81 per cent and lift the benchmark deposit rate by 25 basis points to 2.75 per cent. "In the long run, this is going to be healthy for the Chinese economy, but the instinctive market reaction is that this is going to be bad for global demand, giving investors a reason to sell off equities," said Quincy Krosby, market strategist with Prudential Financial in Newark, New Jersey. Trading volumes, already light for the holiday season, are expected to be even thinner as a winter blizzard moved across the northeastern United States on Monday. The storm and its aftermath disrupted air and rail travel and forced motorists to deal with blowing snow and icy roads after the busy Christmas weekend.-Reuters
Shanghai shares fall as rate rise reality sets in
appointment of an Ex-broker Mohammad Ali as the Chairman of Securities & Exchange Commission of Pakistan (SECP) too fanned investors' interest as they are expecting an early launch of much awaited leverage product. On the other hand, investors' interest was also seen in energy sectors as circular debt concerns have eased a bit. Therefore due to continued buying index at one moment touched an intraday high of 11,943 points
(+ve 85 points). Though some profit-taking at higher levels pared some gains but index managed to end the day above 11,900 level. Foreign investment was slow as according to NCCPL data there was a net-foreign selling of $0.58 million on Monday. On the local side, banks and mutual funds net-bought equities worth $8.44 and $3.25 million respectively while companies, NBFCs and individual investors did a net-selling of $8.3, $1.62 and $1.13 million respec-
tively. Volumes remained on the lower side as 85.1 million shares traded during the day which is 1.9 million less as compared to a turnover of 87 million on Friday. DG Khan stayed as the volume leader with 6.38 million shares followed by Fauji Fertiliser Bin Qasim with 6.29 million shares and Lotte Pakistan with 5.48 million shares. Out of total 403 active issues 236 advanced and 144 declined while 23 issues remained unchanged.
Indian shares fall; metals, telcos lose NEW DELHI: The BSE Sensex closed 0.2 per cent lower on Monday as investors locked in some gains, riding on an early rise in a market that had hit a six-week closing high last week, with little direction coming from world markets ahead of the year end. Metal producer Sterlite Industries, top mobile phone operator Bharti Airtel and India's most valuable firm Reliance Industries led the losses. Shares in billionaire Anil Ambani's Reliance Communications closed down 3.6 per cent at 136.85 rupees, after elder brother Mukesh Ambani's Reliance Industries on Friday denied market talk it was planning to invest in India's No. 2 mobile operator. Reliance Comm stock had risen 10.5 per cent on Friday, helped by the market rumour. The 30-share main BSE index closed down 0.22 per cent, or 44.73 points, at 20,028.93, with
19 of its components falling. The index had risen as much as 0.6 per cent in early trade. The main index is up about 15 per cent so far this year on robust foreign fund inflow into Indian equities that stands at $28.4 billion, set to be the highest yearly inflow. A strong growth outlook for India, making it an attractive investment destination, has most market players upbeat about the outlook for domestic equities in 2011. "People are expecting next year's allocation to India to be higher, with specific sectors such as banks and infrastructure benefitting" said Gajendra Nagpal, chief executive of Unicon Financial Intermediaries. On Monday, dealers said metal producers declined as base metal prices were pressured after China's central bank raised interest rates over the weekend in an effort to curb inflation. Sterlite shares fell 3 per cent
to 179.25 rupees, while Hindalco lost nearly 1 per cent, and Tata Steel fell 1.4 per cent. Bharti Airtel lost 2 per cent to close at 341.60 rupees. Reliance Industries, which accounts for a weightage of nearly 12 per cent in the main index, closed 0.4 per cent lower at 1,055.10 rupees. In the broader market, 1,494 gainers were marginally ahead of 1,442 losers on relatively lower volume of 286 million shares. The 50-share NSE index closed 0.2 per cent down at 5,998.10 points. Chinese shares slid and European stocks followed suit on Monday as the impact of China's Christmas Day interest rate rise sunk in to thin markets. The MSCI's measure of Asian markets other than Japan was little changed, while Japan's Nikkei rose 0.8 per cent. By 1053 GMT, European shares were down 0.7 per cent and the MSCI world equity index was trading 0.04 per cent lower.-Reuters
Dhiyan
RANGEBOUNDNESS MAY RULE Kashif Mustafa, NAMCO
The rising international oil prices, continued foreign buying, and expectations of better corporate results would keep market sentiments bullish. However by the end of December we would see rangeboundness due to the absence of holidaying foreign investors. But from the beginning of New Year we would witness some bullish activities which can lead the index to breach 12,300 level by the mid of January. Those investors which have investments in oil and 1st tier SHANGHAI: Chinese ing months. deliverable forwards (NDFs) banking stocks are advised to remain invested there while fresh buyinvestors went from relief to The benchmark Shanghai fell to 6.4750 bid on Monday ing in fertiliser and 1st tier banking stocks is recommended. apprehension of more tightening ahead on Monday after the central bank's surprise Christmas Day interest rate rise, pushing the stock market down 1.9 per cent after earlier gains. The 25-basis-point increase in benchmark lending and deposit rates by the People's Bank of China (PBOC) came somewhat earlier than many investors had expected, suggesting authorities may be front-loading their tightening measures and triggering speculation that yuan strength may be employed to fight price pressures. Stock market punters initially piled into sectors seen as potentially benefiting from higher interest rates, including banks and insurers, but those bets reversed in the last hour of trade, while offshore yuan forwards reflected expectations for greater appreciation in com-
Composite Index ended up closing at 2,781.4 points, easily below the 250-day moving average, a closely watched technical level in the Chinese market. "There was intense stir-frying in the morning," said Chen Shaodan, an analyst at China Development Bank Securities in Beijing, using a Chinese phrase to describe speculation. "But the market did not show an increase in turnover in the morning rally, so together with weak sentiment amid concern over further tightening, there was little else to be expected other than a reversal of the trend in the afternoon." The yuan fell slightly in the spot market, but non-deliverable forwards moved to imply more appreciation in three months and a year's time. One-year dollar-yuan non-
from Friday's close of 6.500, with implied yuan appreciation in a year's time rising to 2.4 per cent from 2.0 per cent shown on Friday. Mid-sized banks and property firms, among investors' favourite policy outlook plays, led the zig-zagging trade. Still, analysts said that the jury was still out on the stock market's direction in the medium term, as tighter monetary policy could bite into companies' margins. "The market dropped more than we expected, with the only reason being that the market is short of liquidity toward yearend," said Lu Yi, managing director of hedge fund Shanghai Qide Investment. "The mid-term outlook of the market is not optimistic, as China faces the risk of stagflation -- characterised by high inflation and stagnant economic growth," Lu said.-Reuters
Mohammad Imran, Vice President Arif Habib Limited Market is likely to show some rangebound activities this week moving between 11,800 and 12,100 points. Higher international oil prices bode well for the oil sector while recent increase in local fertiliser prices will draw investors into the sector. External account is improving on a continuous basis, however, there are some challenges on the fiscal side which are likely to be resolved to some extent once RGST is implemented. Investors are advised to accumulate fundamentally strong scrips in oil, fertiliser and banking sectors.
6
Tuesday, December 28, 2010
Market
KSE 100 Index
Symbols
Volume
85,156,545
Value
4,019,547,981
Trades
56,724
Advanced Declined Unchanged Total
Current High Low Change
236 144 23 403
All Share Index
11,909.73 11,943.96 11,858.17 h51.56
Current High Low Change
8,282.36 8,303.75 8,242.14 h40.22
OIL AND GAS
Company
Paid up Cap(mn)
PE
Open
Attock Petroleum 691 5.73 327.94 Attock Refinery 853 6.82 119.56 BYCO Petroleum 3921 - 11.26 Mari Gas Company 735 16.94 124.58 National Refinery 800 3.96 262.67 Oil & Gas Development XD 43009 11.44 169.32 Pak Petroleum 11950 8.76 214.33 Pak Oilfields 2365 6.92 291.23 Pak Refinery Limited 350 - 110.15 P.S.O 1715 5.01 294.04 Shell Gas LPG 226 - 35.57 Shell Pakistan 685 10.71 207.56
High 333.70 122.31 11.42 126.25 269.00 169.50 217.20 293.84 114.50 299.20 35.73 209.89
High Low 1,543.44 1,527.49 Total cos Defaulter cos P/BV (x) ROE (%) 3.65 32.54 Low 328.25 119.50 11.25 124.25 263.50 168.32 214.50 291.02 106.51 295.25 35.00 207.90
Close Chg 331.08 3.14 121.73 2.17 11.31 0.05 125.03 0.45 267.19 4.52 169.08 -0.24 215.35 1.02 292.86 1.63 110.63 0.48 295.95 1.91 35.49 -0.08 208.91 1.35
Current High Low Change
KMI 30 Index Current High Low Change
11,463.27 11,501.61 11,391.57 h71.70
18,950.43 19,003.51 18,816.29 h134.14
Performance of SR Industrial Transportation Index
Close Change 1,535.49 4.24 Listed cap Market cap 65,194.15 mn 1,191,816.58 mn Payout (%) Div Yield (%) 55.94 4.98 Last 60 days High Low
Volume 319487 1579872 504380 65076 114668 171889 727573 1183609 104283 1350112 7752 18908
374.20 137.20 12.49 128.90 275.40 171.40 221.75 299.00 114.50 299.20 40.28 209.89
287.99 78.51 10.00 106.00 192.25 143.30 169.50 230.50 55.00 261.51 29.10 182.05
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
% Change 0.28 5-Day High 1,535.49 5-Day Low 1,522.92 2011 Div BR (%) (%)
20B - 15.00 20B -
-
CHEMICALS
Open 743.37 Turnover 8,363 P/E (x) 5.47 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
PE 7.25 37.52
Open 73.50 33.88
High 73.93 34.85
High Low 750.88 715.47 Total cos Defaulter cos P/BV (x) ROE (%) 1.40 25.53 Low 70.01 33.90
Close Chg 72.50 -1.00 34.52 0.64
Close 738.03 Listed cap 3,242.17 mn Payout (%) 11.08
Volume 2579 5784
Change -5.34 Market cap 12,726.18 mn Div Yield (%) 2.02
Last 60 days High Low 77.77 41.00
60.05 32.36
Company
Paid up Cap(mn)
PE
Open
High
Low
Bawany Air 68 81.75 Biafo Ind 200 6.02 BOC (Pak) 250 12.23 Clariant Pak 273 6.60 Dawood Hercules 1203 8.13 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3277 10.96 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 8.91 Fauji Fert.Bin Qasim 9341 7.04 Gatron Ind 384 2.41 Ghani Gases Ltd 725 8.81 ICI Pakistan 1388 8.10 Leiner Gelatine 75 Lotte Pakistan 15142 4.85 Nimir Ind Chemical 1106 Pak Gum 42 Sitara Chem Ind 214 10.57 Sitara Peroxide 551 15.13 Wah-Noble 90 7.28
9.43 54.81 89.28 171.08 188.19 3.05 8.90 3.36 10.94 197.13 14.58 9.98 121.39 36.45 44.94 11.52 142.09 15.50 13.50 2.06 18.40 127.11 14.05 36.43
9.85 57.55 90.80 175.75 197.55 3.14 9.10 3.47 11.49 200.88 14.75 10.89 124.40 37.65 45.20 11.70 145.75 16.00 13.67 2.12 19.35 131.00 14.15 38.25
9.00 55.40 89.01 171.00 189.49 2.96 8.76 3.31 10.94 198.00 14.25 10.01 122.60 36.61 44.26 11.50 142.75 14.50 13.50 2.01 18.99 128.60 13.81 35.80
Close Chg 9.81 55.40 89.05 172.65 196.04 3.08 8.78 3.34 11.38 199.56 14.34 10.80 123.02 37.31 44.86 11.63 143.70 14.61 13.59 2.02 19.14 128.99 13.92 37.85
0.38 0.59 -0.23 1.57 7.85 0.03 -0.12 -0.02 0.44 2.43 -0.24 0.82 1.63 0.86 -0.08 0.11 1.61 -0.89 0.09 -0.04 0.74 1.88 -0.13 1.42
Close 1,399.39 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 1296 111 13210 17517 205245 7245 120736 1056834 12391 2325860 521626 4489379 2185559 6285042 577 86357 868203 230 5481468 242701 250 3031 179421 17768
Change 20.59 Market cap 308,185.96 mn Div Yield (%) 5.60
13.99 57.55 94.20 178.20 197.55 3.74 9.25 4.24 13.79 200.88 15.20 11.50 124.40 37.65 46.59 13.85 145.75 24.00 13.83 2.74 22.29 139.40 14.69 46.25
7.73 36.00 72.00 149.72 163.55 1.90 3.41 1.28 9.15 171.55 11.61 9.16 104.50 26.59 38.03 10.06 116.00 7.10 8.17 1.30 17.01 101.00 7.67 32.00
2010 Div BR (%) (%) 5 45 15 40 15 40 95 17.5 20 55 25 50
% Change 1.49 5-Day High 1,399.39 5-Day Low 1,346.12 2011 Div BR (%) (%)
10R - 12.50 5B -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,217.12 Turnover 439,969 P/E (x) 6.06 Company
High Low 1,232.05 1,180.15 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,217.35 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
8.90 7.18
16.67 44.77 47.70
17.60 47.00 46.85
16.55 45.00 45.40
17.26 0.59 46.28 1.51 46.53 -1.17
427313 11935 721
Century Paper Pak Paper Product Security Paper
Change 0.23 Market cap 3,373.86 mn Div Yield (%) 4.17
Last 60 days High Low 20.50 62.24 47.70
15.28 38.61 38.00
2010 Div BR (%) (%) 25 33.33B 50 -
% Change 0.02 5-Day High 1,217.35 5-Day Low 1,165.38 2011 Div BR (%) (%) -
Open 1,166.33 Turnover 365,113 P/E (x) 4.26 Paid up Cap(mn)
Agriautos Ind Atlas Battery Atlas Engineering Ltd Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
PE
High Low 1,186.33 1,162.17 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 25.35
Close 1,175.69 Listed cap 6,768.53 mn Payout (%) 20.42
Open
High
Low
Close Chg
Volume
144 5.69 74.26 101 5.37 175.63 247 16.06 17.01 626 9.01 122.76 890 2.40 56 4.75 198.50 598 18.97 22.40 450 3.31 4.58 1428 - 11.14 786 5.82 252.67 823 10.99 69.10 150 3.82 20.50
75.25 182.00 18.00 125.75 2.46 206.80 22.00 4.86 11.40 258.00 69.10 20.89
73.50 176.25 17.95 122.10 2.37 197.01 22.00 4.72 11.05 252.50 68.50 20.50
75.06 0.80 179.92 4.29 17.99 0.98 124.27 1.51 2.40 0.00 201.03 2.53 22.00 -0.40 4.76 0.18 11.15 0.01 255.10 2.43 69.01 -0.09 20.50 0.00
1800 14363 3898 1858 278627 611 3104 7502 15703 20670 12536 4441
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
565 4.07 675 555 9.91 1199 12.41 785 10.24
Open 26.06 2.76 15.78 56.72 8.91
High 26.40 2.98 16.00 59.55 9.01
Low 25.80 2.81 15.50 56.30 9.01
Close Chg 26.06 2.85 15.85 59.55 9.01
0.00 0.09 0.07 2.83 0.10
Close 1,072.06 Listed cap 3,596.11 mn Payout (%) 30.91
Change 26.81 Market cap 10,641.94 mn Div Yield (%) 9.24
Company
Paid up Cap(mn)
Ansari Sugar 244 Crescent Sugar 214 Dewan Sugar 365 Faran Sugar 217 Habib Sugar 600 Habib-ADM Ltd 200 Hussein Sugar 121 Ismail Ind 505 J D W Sugar 490 Mehran Sugar 143 Mirpurkhas SugarXDXB 84 Mirza Sugar 141 National Foods 414 Nestle Pakistan 453 Noon Pakistan 48 Noon Sugar 165 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 Rafhan Maize 92 Shahmurad Sugar 211 Shakarganj Mills 695 Sindh Abadgar 104 UniLever Pakistan 665
PE
Last 60 days High Low
Volume 27353 9704 24974 407329 2998
27.10 3.39 16.75 59.55 10.07
24.00 1.85 12.25 44.00 8.00
2010 Div BR (%) (%) 30 40 7.5
20B -
2011 Div BR (%) (%) -
-
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Bestway Cement Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Flying Cement Ltd Gharibwal Cement Haydery Const Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 6.63 858 182 3257 14 956 25.52 982 14.31 3574 3651 126.13 6933 15.48 1760 2319 32 145 13.50 1288 13126 3234 6.87 5261 1.37 541 3.29 2228 200 361 798 450.00
3.22 63.00 3.30 23.01 21.15 14.86 11.00 1.75 2.33 29.94 5.13 1.85 7.87 0.68 10.50 6.60 3.46 75.80 2.97 4.01 6.78 6.35 8.80 18.00
3.30 63.00 4.24 24.16 22.20 14.90 11.25 2.03 2.40 30.61 5.16 1.90 8.50 0.88 11.50 6.75 3.59 76.75 3.00 4.50 6.94 6.37 8.45 18.45
3.21 62.60 2.75 23.25 22.20 14.00 11.15 1.63 2.25 29.91 5.10 1.82 7.27 0.60 9.50 6.56 3.35 75.80 2.90 4.35 6.70 5.75 8.15 18.00
Close 1,018.65 Listed cap 54,792.74 mn Payout (%) 19.04
Change 5.01 Market cap 73,663.50 mn Div Yield (%) 2.44
Close Chg
Volume
Last 60 days High Low
3.27 62.96 3.03 24.06 22.20 14.50 11.23 1.86 2.27 30.27 5.11 1.88 7.84 0.62 10.80 6.61 3.36 76.44 2.95 4.47 6.73 6.18 8.33 18.00
20706 7899 1391681 95382 389 1105 500 84012 126342 6377477 288300 73142 1303 157791 3090 10831 226499 1124277 56704 1001 38651 512 6585 102
3.98 67.00 4.24 24.16 27.43 15.50 12.75 2.49 3.10 32.10 5.55 2.25 9.19 1.08 11.50 8.70 3.79 79.98 3.30 8.89 8.58 7.90 10.98 22.24
0.05 -0.04 -0.27 1.05 1.05 -0.36 0.23 0.11 -0.06 0.33 -0.02 0.03 -0.03 -0.06 0.30 0.01 -0.10 0.64 -0.02 0.46 -0.05 -0.17 -0.47 0.00
2.80 57.60 1.10 14.01 21.15 7.91 9.51 1.31 1.30 23.40 4.52 1.70 2.70 0.25 4.80 5.50 2.71 67.70 2.51 3.21 6.56 5.25 6.30 17.71
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
% Change 0.49 5-Day High 1,034.23 5-Day Low 1,013.64 2011 Div BR (%) (%) -
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,039.76 Turnover 318,326 P/E (x) 2.89 Company
Paid up Cap(mn)
PE
Open
High
High Low 1,057.38 1,030.63 Total cos Defaulter cos P/BV (x) ROE (%) 1.27 43.91 Low
Close Chg
Cherat Papersack 115 2.74 76.60 78.45 76.75 77.03 0.43 ECOPACK Ltd 230 2.71 2.84 2.52 2.63 -0.08 Ghani Glass 1067 4.55 48.89 49.60 49.06 49.47 0.58 Merit Pack 47 60.00 23.60 24.69 24.00 24.00 0.40 Packages Ltd 844 67.38 129.39 133.50 130.00 131.40 2.01 Siemens Engineering XD 82 10.14 1242.50 1239.00 1202.00 1229.00-13.50 Tri-Pack Films 300 9.19 125.85 128.70 125.30 126.04 0.19
Close 1,044.18 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change 4.42 Market cap 39,261.51 mn Div Yield (%) 5.37
Last 60 days High Low
40968 83.23 34.00 9054 3.30 1.70 7810 61.99 45.30 101 25.90 13.93 164328 136.74 98.00 547 1381.00 1068.75 95511 128.70 97.50
2010 Div BR (%) (%) 20 25 900 -
25B 10B -
% Change 0.42 5-Day High 1,045.30 5-Day Low 1,009.32 2011 Div BR (%) (%) -
-
INDUSTRIAL ENGINEERING
Company
Paid up Cap(mn)
Ados Pak AL-Ghazi Tractor Dewan Auto Engineering Ghandhara Ind Hinopak Motor KSB Pumps Millat Tractors XB
PE
Open
66 1.10 16.71 215 5.54 232.94 214 1.54 213 11.05 11.41 124 - 131.41 132 7.54 62.77 366 6.49 494.29
High
High Low 1,550.86 1,539.00 Total cos Defaulter cos P/BV (x) ROE (%) 3.21 38.02 Low
Close Chg
17.71 17.00 17.00 0.29 234.94 230.03 231.22 -1.72 1.76 1.33 1.59 0.05 11.95 11.50 11.93 0.52 134.89 132.00 132.05 0.64 64.00 62.56 63.00 0.23 498.89 495.50 496.26 1.97
Close 1,542.05 Listed cap 1,336.62 mn Payout (%) 131.49
Change 9.35 Market cap 43,230.98 mn Div Yield (%) 4.79
Last 60 days High Low
Volume 2501 1058 2612 19652 313 17960 75243
20.85 238.99 2.40 14.89 147.89 87.15 587.00
14.12 200.00 0.21 10.55 110.05 60.00 390.00
75.99 182.00 19.88 128.90 2.89 206.80 25.24 5.67 13.40 282.45 77.90 26.00
65.75 132.00 15.00 92.50 1.20 136.00 21.00 4.03 9.65 215.99 66.75 17.92
% Change 0.80 5-Day High 1,175.69 5-Day Low 1,166.33
2010 Div BR (%) (%) 90 100 60 20 150 10
2011 Div BR (%) (%)
20B 20B
-
-
Low
Close Chg
Close 1,720.04 Listed cap 11,335.33 mn Payout (%) 30.57
Change 5.95 Market cap 229,323.56 mn Div Yield (%) 0.79
Last 60 days High Low
2010 Div BR (%) (%)
1500 6.99 4.03 3001 6.65 5.00 214591 5.59 1.11 115 21.50 18.30 77192 36.50 28.50 2026 16.50 11.90 1072 14.00 9.00 246 81.12 68.60 2033 89.89 64.12 551 68.49 48.50 177 68.22 51.01 3407 7.18 4.20 24666 62.13 39.01 175 2550.00 1800.00 2025 27.30 17.51 13000 14.84 11.05 1499 6.99 4.00 105 53.81 32.50 500 3.40 2.02 23532 2298.00 1233.34 3675 13.50 9.93 6012 7.88 3.21 101 7.90 4.75 5019 4610.00 3825.00
25 25B 40 17.5 110R 0 12.5R 35 20B 15 20B 10 12 450 12 10 600 10 178 -
Volume
% Change 0.35 5-Day High 1,725.83 5-Day Low 1,714.09 2011 Div BR (%) (%) -
-
Company
Paid up Cap(mn)
High Low 1,123.47 1,103.33 Total cos Defaulter cos P/BV (x) ROE (%) 0.33 10.64
PE
Open
High
Low
AL-Abid Silk 115 2.98 Gauhar Engineering Ltd 22 Pak Elektron 1174 3.57 Singer Pak 341 21.35 Tariq Glass Ind 231 2.48 Towellers Ltd 170 -
27.72 0.67 14.19 19.88 20.25 8.10
29.10 0.78 14.40 19.00 20.95 8.00
27.50 0.74 14.08 19.00 20.10 7.10
Close Chg 27.64 0.74 14.18 19.00 20.73 7.32
-0.08 0.07 -0.01 -0.88 0.48 -0.78
Close 1,113.59 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 1100 12500 294012 5915 23775 111
Change -0.33 Market cap 5,154.90 mn Div Yield (%) 2.03
2010 Div BR (%) (%) 150 650
25B
Last 60 days High Low
2010 Div BR (%) (%)
35.00 0.78 15.09 20.45 21.40 20.00
-20B 20R - 10B 17.5 -
23.00 0.15 12.90 16.51 15.90 7.10
-
-
PERSONAL GOODS Open 1,008.66 Turnover 9,211,679 P/E (x) 7.21 Company
Paid up Cap(mn)
Ali Asghar Textile Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chenab Limited Colgate Palm Colony Mills Ltd Crescent Textile D S Ind Ltd Dar-es-Salaam Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Ellcot Spinning Gadoon Textile XD Gillette Pakistan H M Ismail Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing J K Spinning Janana D Mal Khalid Siraj Khurshid Spinning Kohat Textile Kohinoor Ind Kohinoor Mills Kohinoor Textile Maqbool Textile Mehmood Textile Mukhtar Textile Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Premium Textile Prosperity Quetta Textile Ravi Textile Reliance Weaving Rupali Poly Saif Textile Salman Noman Samin Textile Sana Ind Sargodha Spinning Service Ind Shahtaj Textile Suraj Cotton Thal Limited Treet Corp Yousuf Weaving Zephyr Textile Ltd Zil Limited
222 2415 840 133 4493 33 76 76 64 1150 316 2442 492 600 80 514 57 34 110 234 192 120 716 3105 99 180 181 184 43 107 132 208 303 509 1455 168 150 145 1596 3516 560 174 62 185 130 250 308 341 264 42 134 55 312 120 97 180 307 418 400 594 53
High Low 1,019.34 1,003.92 Total cos Defaulter cos P/BV (x) ROE (%) 0.62 8.64
Close 1,012.37 Listed cap 47,070.70 mn Payout (%) 16.68
PE
Open
High
Low
Close Chg
Volume
25.50 9.30 6.68 0.31 0.53 0.46 5.69 0.72 34.74 3.83 4.04 52.52 0.20 0.16 0.65 0.78 0.75 3.02 0.54 3.80 3.00 0.95 0.26 0.74 3.84 2.56 0.71 1.89 5.38 3.13 0.77 0.40 1.13 0.62 0.66 4.59 0.36 1.27 4.84 3.65 0.48 8.01 0.81 5.39 9.88 0.59 5.58 3.78
0.95 4.11 23.75 2.27 10.15 12.00 12.94 687.14 46.50 3.24 944.50 2.38 20.00 1.99 2.35 44.49 2.50 4.47 20.45 68.85 61.08 0.90 4.01 38.84 6.48 3.49 324.71 6.20 16.01 0.89 1.99 1.40 1.62 2.29 5.21 8.25 59.00 0.49 22.65 61.70 9.17 10.50 25.00 14.34 36.21 1.56 9.10 37.00 4.16 3.00 6.69 47.88 2.20 233.33 19.00 37.50 123.95 60.61 1.74 4.24 56.19
1.50 4.22 24.20 2.35 10.43 12.99 13.01 685.99 48.00 3.40 958.00 2.84 21.00 2.04 3.30 45.50 2.60 5.47 21.46 71.40 62.50 0.98 4.24 38.50 6.90 3.50 339.99 6.25 17.00 0.70 1.60 1.40 1.80 2.97 5.49 9.25 58.25 0.64 23.04 62.90 9.35 10.51 26.00 15.00 38.02 1.71 9.40 37.00 4.46 3.00 5.81 48.95 2.60 235.70 19.95 37.50 126.75 63.30 1.70 4.25 57.00
1.01 4.03 23.31 2.15 10.10 12.99 13.00 673.00 47.95 3.21 925.00 2.40 21.00 1.76 2.70 44.55 2.60 3.47 20.20 68.00 62.50 0.72 4.00 37.56 5.80 3.20 308.48 5.20 15.01 0.66 1.60 1.40 1.58 2.39 5.15 8.30 58.25 0.45 22.63 61.85 9.10 10.50 25.00 14.60 37.80 1.52 9.00 36.25 4.05 3.00 5.81 46.60 2.40 228.00 19.10 36.00 123.50 60.50 1.35 4.15 55.05
1.02 0.07 4.09 -0.02 24.03 0.28 2.20 -0.07 10.19 0.04 12.99 0.99 13.01 0.07 685.99 -1.15 47.99 1.49 3.25 0.01 925.54-18.96 2.45 0.07 21.00 1.00 1.88 -0.11 3.30 0.95 44.64 0.15 2.60 0.10 5.09 0.62 21.40 0.95 71.00 2.15 62.50 1.42 0.72 -0.18 4.00 -0.01 38.47 -0.37 6.35 -0.13 3.50 0.01 308.48-16.23 6.20 0.00 15.96 -0.05 0.70 -0.19 1.60 -0.39 1.40 0.00 1.66 0.04 2.40 0.11 5.38 0.17 9.21 0.96 58.25 -0.75 0.55 0.06 22.80 0.15 62.66 0.96 9.25 0.08 10.50 0.00 25.09 0.09 14.84 0.50 38.02 1.81 1.54 -0.02 9.38 0.28 36.56 -0.44 4.46 0.30 3.00 0.00 5.81 -0.88 47.99 0.11 2.47 0.27 234.00 0.67 19.94 0.94 36.03 -1.47 126.17 2.22 62.02 1.41 1.70 -0.04 4.24 0.00 56.40 0.21
7000 129350 3149 1956 3852975 200 2213 959 2900 28605 203 19755 8481 2203552 10000 8227 200 6652 4999 753 1020 1001 190002 5906 2683 102 176 5003 1031 1001 1500 49000 49527 1501 323 1554 2550 5502 305705 1882974 1004 1002 5500 11100 1230 51440 1867 328 69500 500 500 534 6506 2330 2073 2602 28593 215354 515 6000 2732
Change 3.72 Market cap 133,911.76 mn Div Yield (%) 2.31
Last 60 days High Low 1.90 17.39 24.20 3.45 12.32 18.75 14.50 747.48 52.05 3.90 958.00 3.33 23.90 2.37 4.50 47.00 3.75 7.44 24.99 71.40 73.00 1.39 4.88 40.77 7.29 5.35 350.15 9.50 20.50 1.25 3.00 1.50 2.00 3.68 6.10 11.55 68.80 0.95 25.14 64.44 10.45 11.25 31.03 19.75 47.00 2.30 12.00 38.10 6.85 4.74 8.69 48.95 3.00 276.50 21.90 38.52 126.75 63.30 2.00 4.90 58.99
2010 Div BR (%) (%)
0.61 4.00 30 18.50 20 1.32 7.5 9.50 8.10 - 15B 9.05 20 436.00 44.98 50 3.00 673.01 2.26 17.89 15 1.44 1.75 36.10 5 0.26 1.80 17.21 35 38.30 70 58.75 0.27 3.35 10 34.05 20 2.02 2.60 10 209.03 50 4.05 20 5B 13.25 0.26 1.00 0.51 1.01 1.52 4.51 6.10 22.5 51.46 60 0.14 15.66 15 45.81 25 45R 5.16 7.65 10 10B 25.00 50 12.51 30 25.80 20 1.29 8.01 25SD 31.25 40 2.20 1.30 5B 5.08 - 100R 27.50 60 1.04 5 169.00 15.61 45 29.00 50 86.50 80 20B 37.25 0.86 1.76 36.00 35 -
% Change 0.37 5-Day High 1,012.37 5-Day Low 1,004.15 2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index Open 969.92 Turnover 187,199 P/E (x) 7.28
2011 Div BR (%) (%) -
0.74
Total Equity (Rs in mn)
18.45
MA (100-day)
0.88
Revenue (Rs in mn)
MA (200-day)
0.94
Interest Expense
1st Support
0.52
Loss after Taxation
2nd Support
0.42
EPS 09 (Rs)
1st Resistance
0.80
Book value / share (Rs)
2nd Resistance
0.98
PE 10 E (x)
Pivot
0.70
PBV (x)
0.00 0.00 (0.05) (0.008) 2.88 0.22
HADC closed down -0.06 at 0.62. Volume was 575 per cent above average (trending) and Bollinger Bands were 12 per cent narrower than normal. The company's loss after taxation stood at Rs0.073 million which translates into a Loss Per Share of Rs0.01 for the 1st quarter of current fiscal year (1QFY11). HADC is currently 34.3 per cent below its 200-day moving average and is displaying an upward 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 HADC at a relatively equal pace. Trend forecasting oscillators are currently bullish on HADC.
Hira Textile Mills Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
47.55
Total Assets (Rs in mn)
3,356.84
MA (10-day)
4.06
Total Equity (Rs in mn)
1,312.24
MA (100-day)
3.97
Revenue (Rs in mn)
3,116.91
MA (200-day)
3.98
Interest Expense
263.53
1st Support
3.96
Profit after Taxation
248.83
2nd Support
3.86
EPS 10 (Rs)
3.478
1st Resistance
4.20
Book value / share (Rs)
18.34
2nd Resistance
4.34
PE 11 E (x)
0.75
Pivot
4.10
PBV (x)
0.22
HIRAT closed down -0.01 at 4.00. Volume was 16 per cent above average and Bollinger Bands were 56 per cent narrower than normal. The company's profit after taxation stood at Rs94.915 million which translates into an Earning Per Share of Rs1.33 for the 1st quarter of current fiscal year (1QFY11). HIRAT is currently 0.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into HIRAT (mildly bullish). Trend forecasting oscillators are currently bullish on HIRAT.
International Industries Limited
2011 Div BR (%) (%)
Performance of SR Personal Goods Index
% Change 0.29 5-Day High 1,542.22 5-Day Low 1,535.46
-
26.22
MA (10-day)
% Change -0.03 5-Day High 1,113.91 5-Day Low 1,102.25
PHARMA AND BIO TECH
Change 4.47 Market cap 32,887.37 mn Div Yield (%) 15.58
Last 60 days High Low
High
Open 1,113.91 Turnover 337,424 P/E (x) 3.09
Performance of SR Industrial Engineering Index Open 1,537.58 Turnover 119,026 P/E (x) 8.44
-
Total Assets (Rs in mn)
HOUSEHOLD GOODS
Performance of SR Construction and Materials Index High Low 1,030.14 1,010.39 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 7.10
-
41.59
Performance of SR Household Goods Index
CONSTRUCTION AND MATERIALS Open 1,013.64 Turnover 10,093,790 P/E (x) 7.80
Open
High Low 1,755.10 1,678.74 Total cos Defaulter cos P/BV (x) ROE (%) 11.66 30.30
0.24 5.00 5.00 5.00 5.00 0.00 11.60 5.16 6.16 5.05 6.15 0.99 3.53 4.20 3.71 3.89 0.36 3.12 20.00 20.90 19.31 19.31 -0.69 7.55 32.92 33.70 33.00 33.58 0.66 11.58 12.74 12.70 12.40 12.51 -0.23 - 12.40 11.40 11.40 11.40 -1.00 34.18 80.60 77.77 76.57 76.57 -4.03 2.93 87.86 87.50 85.00 87.49 -0.37 3.49 57.96 59.15 59.00 59.08 1.12 4.26 51.25 53.05 51.01 51.08 -0.17 0.62 5.91 6.10 5.95 6.10 0.19 23.18 59.18 62.13 59.50 62.13 2.95 26.91 2450.00 2493.00 2450.00 2450.03 0.03 3.51 25.89 26.90 24.60 24.60 -1.29 - 12.51 13.00 12.00 13.00 0.49 0.88 6.00 6.25 5.90 6.00 0.00 8.35 46.57 48.89 45.50 45.50 -1.07 2.16 2.10 2.10 2.10 -0.06 3.37 2189.99 2260.00 2080.50 2127.82 -62.17 16.70 11.40 11.90 11.50 11.52 0.12 6.40 6.38 5.67 6.00 -0.40 3.80 7.10 7.90 7.90 7.90 0.80 20.49 4362.24 4493.00 4220.01 4390.01 27.77
-
% Change 2.57 5-Day High 1,072.06 5-Day Low 982.73
-
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
FOOD PRODUCERS Open 1,714.09 Turnover 386,473 P/E (x) 38.48
INDUSTRIAL METALS AND MINING High Low 1,078.37 1,038.92 Total cos Defaulter cos P/BV (x) ROE (%) 1.11 33.10
40 15
2011 Div BR (%) (%)
Performance of SR Food Producers Index
Performance of SR Industrial Metals and Mining Index Open 1,045.25 Turnover 472,358 P/E (x) 3.35
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,413.91 1,387.26 Total cos Defaulter cos P/BV (x) ROE (%) 3.05 35.00
% Change -0.72 5-Day High 743.57 5-Day Low 736.50
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,378.80 Turnover 19,625,506 P/E (x) 8.71
Alert ! Unusual Movements Hayderi Construction Company Limited
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,531.25 Turnover 5,643,229 P/E (x) 11.23
KSE 30 Index
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 306
PE
Open
9.64 107.90 6.76 89.08 15.51 82.28 7.51 27.36 6.81 8.30 5.43 61.00
High
High Low 995.72 966.88 Total cos Defaulter cos P/BV (x) ROE (%) 1.62 22.31 Low
Close Chg
110.22 107.30 110.00 2.10 90.00 89.10 89.54 0.46 86.39 82.25 86.25 3.97 27.50 27.05 27.10 -0.26 8.49 8.44 8.45 0.15 60.51 60.00 60.40 -0.60
Close 992.96 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 24988 7898 149632 2252 500 1918
110.99 113.00 87.98 27.90 9.00 64.50
85.10 82.20 66.30 22.60 6.81 59.50
88.48
Total Assets (Rs in mn)
MA (10-day)
53.12
Total Equity (Rs in mn)
MA (100-day)
52.87
Revenue (Rs in mn)
MA (200-day)
55.71
Interest Expense
1st Support
57.35
Profit after Taxation
2nd Support
55.20
EPS 10 (Rs)
1st Resistance
60.60
Book value / share (Rs)
33.27 12.41
2nd Resistance
61.70
PE 11 E (x)
Pivot
58.45
PBV (x)
18,758.17 3,323.60 13,471.78 257.09 1,026.27 10.272
1.79
INIL closed up 2.83 at 59.55. Volume was 469 per cent above average (trending) and Bollinger Bands were 11 per cent narrower than normal. The company's profit after taxation stood at Rs144.059 million which translates into an Earning Per Share of Rs1.20 for the 1st quarter of current fiscal year (1QFY11). INIL is currently 6.9 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 INIL (bullish). Trend forecasting oscillators are currently bullish on INIL. Momentum oscillator is currently indicating that INIL is currently in an overbought condition.
PACE Pakistan Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
43.72
Total Assets (Rs in mn)
MA (10-day)
2.96
Total Equity (Rs in mn)
6,486.15
MA (100-day)
2.87
Revenue (Rs in mn)
1,649.34
MA (200-day)
3.75
Interest Expense
211.21
1st Support
2.72
Profit after Taxation
633.16
2nd Support
2.67
EPS 10 (Rs)
2.370
1st Resistance
2.90
Book value / share (Rs)
23.26
2nd Resistance
3.03
PE 11 E (x)
Pivot
2.85
PBV (x)
10,559.36
0.12
PACE closed down -0.04 at 2.83. Volume was 25 per cent above average and Bollinger Bands were 44 per cent narrower than normal. The company's loss after taxation stood at Rs108.886 million which translates into a Loss Per Share of Rs0.39 for the 1st quarter of current fiscal year (1QFY11). PACE is currently 24.5 per cent below its 200-day moving average and is displaying an upward 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 PACE at a relatively equal pace. Trend forecasting oscillators are currently bullish on PACE.
BOOK CLOSURES Company
From
To
D/B/R
Spot
AGM/Date
Husein Industries
28-12-2010
04-01-2011
-
-
Balochistan Glass#
28-12-2010
04-01-2011
-
-
Adil Textile
01-01-2011
07-01-2011
-
-
07-01-2011
Summit Bank
01-02-2011
08-02-2011
20(R)
-
-
31-12-2010
Atlas Bank
03-01-2011
10-01-2011
-
-
-
BOC Pakistan#
11-01-2011
17-01-2011
-
-
17-01-2011
Pangrio Sugar
22-01-2011
31-01-2011
10
-
31-01-2011
Mirza Sugar
22-01-2011
31-01-2010
10
-
31-01-2011
Arif Habib Inv#
01-02-2011
07-02-2011
-
-
07-02-2011
04-01-2011
INDICATIONS
Change 23.03 Market cap 33,477.64 mn Div Yield (%) 6.12
Last 60 days High Low
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
2010 Div BR (%) (%) 20 30
20B -
% Change 2.37 5-Day High 996.68 5-Day Low 969.92 2011 Div BR (%) (%) -
-
# Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shezan International Lakson Tobacco Pak Tobacco Shifa Int.Hospitals Eye Television P.I.A.C.(A) Pak Services AKD Capital XD Pace (Pak) Ltd. Netsol Technologies
Open 53.95 3.7 90.1 108 319.24 112.18 28.6 21.39 2.27 177 47.4 2.87 18.45
High 55 3.86 92 113.4 326 115.93 29.95 21.48 2.39 168.25 48.99 2.98 18.79
Low Close 54.01 3.7 90 108 305.01 112 28 20.6 2.3 168.16 47.55 2.8 18.45
55 3.74 91.5 113.4 313.1 112.09 29.5 20.85 2.38 168.25 48.5 2.83 18.49
Change 1.05 0.04 1.4 5.4 -6.14 -0.09 0.9 -0.54 0.11 -8.75 1.1 -0.04 0.04
Vol 1399 830909 7336 354 1346 2189 466 63964 39483 223 1154 986827 166736
7
Tuesday, December 28, 2010 Ask Gen Insurance
FIXED LINE TELECOMMUNICATION
Atlas Insurance
Performance of SR Fixed Line Telecommunication Index Open 1,143.89 Turnover 1,133,422 P/E (x) 6.19 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
PE
78 4.94 37740 12.88 3000 0.69 8606 6175 -
Open
High Low 1,154.12 1,137.18 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
High
81.49 19.27 2.25 2.96 3.61
Low
81.00 19.40 2.33 3.04 3.68
80.05 19.18 2.22 2.92 3.53
Close Chg 80.10 19.32 2.31 2.94 3.63
-1.39 0.05 0.06 -0.02 0.02
Close 1,146.66 Listed cap 50,077.79 mn Payout (%) 62.56
1001 177653 480103 474665 269986
Change 2.78 Market cap 79,006.24 mn Div Yield (%) 10.11
Last 60 days High Low
Volume
116.00 20.12 2.69 3.45 4.25
204
76.50 18.21 1.92 2.32 3.35
% Change 0.24 5-Day High 1,149.68 5-Day Low 1,133.57
2010 Div BR (%) (%) 80 17.5 1 -
2011 Div BR (%) (%)
-
-
-
369
6.67
10.93
11.54
10.66
11.00 0.07
11319
12.75
9.75
Paid up Cap(mn)
Altern Energy Genertech Hub Power Japan Power KESC Kohinoor Energy Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Southern Electric Tri-star Power XD
PE
Open
High
Low
9.00 0.87 36.90 1.77 2.71 20.49 4.83 40.48 15.41 15.44 2.30 1.11
10.00 1.00 37.39 1.79 2.84 21.50 4.99 40.70 15.50 15.70 2.35 1.07
9.10 0.85 36.82 1.69 2.70 20.00 4.41 40.41 15.20 15.30 2.20 0.87
6.08
38.48
38.50
37.44
38.25 -0.23
1970
38.88
27.56
-
-
-
-
279
7.04
62.04
62.46
61.52
61.91 -0.13
1935
64.80
47.50
10
10B
-
-
457
6.87
11.14
11.20
10.82
10.99 -0.15
4720
12.00
9.42
-
-
-
-
Crescent Star Insurance
121
-
4.00
4.86
3.91
4.68 0.68
777
7.00
3.10
-
-
-
-
EFU General Insurance
1250
-
43.47
44.45
43.75
44.00 0.53
48.63
34.76
-
-
-
-
Habib Insurance
400
IGI Insurance Pak Reinsurance
3.33
10.04
-
-
718 17.90
97.14
99.88
95.56
96.47 -0.67
17983
99.88
70.30
10
20B
-
-
3000 41.36
16.02
16.44
16.10
16.13 0.11
281089
17.20
12.80
-
-
-
-
7.10
7.10
7.05
7.05 -0.05
1001
8.45
5.06
-
-
-
-
6.48
11.49
12.00
11.50
11.98 0.49
23398
12.00
8.00
-
-
-
-
200
-
12.10
12.80
12.02
12.07 -0.03
971
14.53
11.51
-
-
-
-
253
4.35
7.05
7.00
7.00
7.00 -0.05
5000
8.17
6.01
-
-
-
-
400
2.23
6.95
6.88
6.36
6.80 -0.15
1462
7.35
4.50
-
-
-
-
Pak Gen Insurance
250
1.67
Premier Insurance
303
Shaheen Insurance Silver Star Insurance United Insurance XB
14.09
Change 2.43 Market cap 103,508.83 mn Div Yield (%) 7.28
Volume
Last 60 days High Low
9.10 0.96 37.00 1.69 2.71 20.77 4.42 40.52 15.24 15.44 2.29 1.07
40500 176 1294154 148920 950240 62569 5528 113418 85195 1375412 193207 14702
11.25 1.45 38.10 2.25 3.29 25.89 5.70 41.96 16.00 16.70 2.80 1.75
9.00 0.60 32.75 1.20 1.95 17.95 4.01 38.35 10.51 11.01 2.05 0.65
2010 Div BR (%) (%) 50 15 50 -
2011 Div BR (%) (%)
7.8R -
-
-a
Paid up Cap(mn)
Company
East West Life EFU Life Assurance New Jub Life Insurance
High Low 1,558.81 1,526.96 Total cos Defaulter cos P/BV (x) ROE (%) 1.12 11.41
Close 1,532.75 Listed cap 12,202.80 mn Payout (%) 66.79
Change -0.04 Market cap 32,826.42 mn Div Yield (%) 6.80
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.14 3.20
27.27 21.27
27.79 21.60
27.33 21.10
27.36 0.09 21.22 -0.05
179376 143620
34.75 30.70
Sui North Gas XD Sui South Gas
26.35 19.95
% Change 0.00 5-Day High 1,538.84 5-Day Low 1,493.50
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,150.65 Turnover 8,181,278 P/E (x) 8.30 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.38 64.25 Askari Bank 6427 8.27 17.40 Atlas BankSPOT 5001 1.73 Bank Alfalah 13492 13.81 10.74 Bank AL-Habib 7322 7.70 35.12 Bank Of Khyber 5004 5.87 4.08 Bank Of Punjab 5288 9.75 BankIslami Pak 5280 820.00 3.28 Faysal Bank 7309 4.74 14.54 Habib Bank Ltd 10019 7.37 116.41 Habib Metropolitan Bank 8732 8.62 27.80 JS Bank Ltd 8150 2.57 KASB Bank Ltd 9509 2.42 MCB Bank Ltd 7602 9.98 224.32 Meezan Bank 6983 8.68 16.19 Mybank Ltd 5304 2.48 National Bank 13455 6.31 72.05 Network Mic Bank 300 1.60 NIB Bank 40437 2.91 Royal Bank Ltd 17180 4.84 Samba Bank 14335 1.99 Silkbank Ltd 26716 2.67 Soneri Bank 6023 7.80 Stand Chart Bank 38716 12.98 8.30 Summit Bank Ltd 5000 3.37 United Bank Ltd 12242 7.74 65.28
High
High Low Close 1,173.35 1,145.87 1,158.68 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.16 13.94 40.49 Low
Close Chg
66.00 64.00 65.65 1.40 17.60 17.31 17.37 -0.03 1.75 1.65 1.67 -0.06 10.86 10.56 10.77 0.03 36.00 35.02 35.73 0.61 4.49 4.20 4.40 0.32 9.97 9.71 9.77 0.02 3.35 3.13 3.28 0.00 14.74 14.55 14.70 0.16 118.50 116.40 118.03 1.62 29.19 27.30 28.18 0.38 2.60 2.50 2.50 -0.07 2.45 2.44 2.45 0.03 228.39 223.52 225.18 0.86 16.49 15.30 16.41 0.22 2.68 2.40 2.65 0.17 72.69 72.20 72.25 0.20 1.63 1.63 1.63 0.03 3.00 2.85 2.88 -0.03 4.90 4.70 4.81 -0.03 2.05 1.97 2.04 0.05 2.79 2.63 2.67 0.00 8.00 7.75 7.79 -0.01 8.49 8.25 8.44 0.14 3.85 3.40 3.75 0.38 66.50 65.42 65.88 0.60
Volume
Change 8.03 Market cap 702,439.30 mn Div Yield (%) 4.88
Last 60 days High Low
319436 66.49 267947 18.10 237510 2.55 1128292 11.10 207554 36.40 29669 4.70 759689 10.59 148815 3.88 33976 17.10 136648 121.99 115266 29.19 52395 3.00 37171 2.90 531723 228.39 20585 16.70 476703 2.95 1680220 73.20 5000 2.40 407365 3.18 38726 8.10 38723 2.65 335045 3.08 58606 8.30 11478 9.04 332333 3.90 1102736 67.39
50.00 14.23 1.50 7.66 30.52 2.50 8.00 2.77 13.01 92.55 18.02 2.25 2.16 183.35 14.05 1.90 62.15 0.62 2.50 3.91 1.51 2.50 5.05 6.00 2.30 50.50
% Change 0.70 5-Day High 1,158.68 5-Day Low 1,143.35
2010 Div BR (%) (%)
2011 Div BR (%) (%)
20 - 20B - 66R 55 -63.46R 10 -
-
-
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 772.42 Turnover 950,966 P/E (x) 12.83 Paid up Cap(mn)
Company Adamjee Insurance
14.00 -0.09
6152
14.45
High Low 789.51 771.56 Total cos Defaulter cos P/BV (x) ROE (%) 0.67 5.20
Close 777.88 Listed cap 11,111.34 mn Payout (%) 79.54
Change 5.46 Market cap 48,157.08 mn Div Yield (%) 6.20
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 25.25
86.32
88.39
86.61
87.11 0.79
562153
91.75
63.05
% Change 0.71 5-Day High 777.88 5-Day Low 772.42
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
High Low 930.28 885.42 Total cos Defaulter cos P/BV (x) ROE (%) 3.83 3.85
Close 924.19 Listed cap 2,290.72 mn Payout (%) 355.53
Change 16.54 Market cap 10,445.76 mn Div Yield (%) 3.57
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
455 850 42.61 627 31.71
2.65 75.00 46.00
2.75 76.45 47.25
2.40 74.51 44.25
2.75 0.10 75.00 0.00 47.25 1.25
2440 25280 1045
4.62 86.95 49.31
-
-
% Change 1.82 5-Day High 924.19 5-Day Low 907.65
2010 Div BR (%) (%)
2.05 57.15 39.95
-
2011 Div BR (%) (%)
20R -
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 410.74 Turnover 4,330,673 P/E (x) 10.30
Performance of SR Gas Water and Multiutilities Index
Company
14.00
Open 907.65 Turnover 28,766 P/E (x) 13.50
% Change 0.19 5-Day High 1,283.40 5-Day Low 1,257.44
GAS WATER AND MULTIUTILITIES Open 1,532.78 Turnover 322,996 P/E (x) 9.83
14.40
30982
UP TO 100 VOLUME
Performance of SR Life Insurance Index
Close 1,270.28 Listed cap 95,369.29 mn Payout (%) 104.13
Close Chg 0.10 0.09 0.10 -0.08 0.00 0.28 -0.41 0.04 -0.17 0.00 -0.01 -0.04
-
LIFE INSURANCE
High Low 1,289.68 1,263.14 Total cos Defaulter cos P/BV (x) ROE (%) 1.34 9.35
3426 20.68 198 11572 6.78 1560 7932 1695 11.54 126 2.70 8803 4.92 3673 3.34 3541 24.90 1367 150 -
-
Central Insurance XB
ELECTRICITY
Company
25R
Century Insurance
Performance of SR Electricity Index Open 1,267.85 Turnover 4,284,047 P/E (x) 14.30
-
Paid up Cap(mn)
Company
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mngmnt XB Dawood Equities Grays Leasing IGI Investment Bank Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Trust Inv Bank
225 360 450 3750 150 250 215 2121 2849 3166 626 7633 508 500 1000 1000 821 775 452 514 586
High Low 421.73 407.85 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 0.91
PE
Open
High
Low
1.59 3.46 13.99 4.60 1.63 18.38 0.64 7.53 27.88 4.93 17.76 2.75
0.70 16.85 26.37 23.83 1.71 1.95 1.12 2.89 0.83 3.50 1.80 11.22 3.93 28.19 6.60 4.48 6.67 2.25 0.81 4.58 1.90
0.80 17.69 27.58 25.02 1.99 2.00 1.73 2.98 0.95 3.77 1.79 11.59 4.10 29.00 6.78 4.70 7.09 2.28 0.70 4.99 1.80
0.66 17.29 25.51 24.14 1.36 1.78 1.11 2.80 0.61 3.54 1.66 11.17 3.91 28.00 6.60 4.44 6.64 2.15 0.60 4.07 1.75
Close Chg 0.70 17.57 27.43 25.02 1.82 2.00 1.50 2.94 0.71 3.58 1.79 11.34 4.01 28.02 6.69 4.59 6.70 2.17 0.70 4.44 1.76
0.00 0.72 1.06 1.19 0.11 0.05 0.38 0.05 -0.12 0.08 -0.01 0.12 0.08 -0.17 0.09 0.11 0.03 -0.08 -0.11 -0.14 -0.14
Close 413.63 Listed cap 30,336.44 mn Payout (%) 99.56
Change 2.89 Market cap 28,842.14 mn Div Yield (%) 3.29
Last 60 days High Low
Volume 3138 3475 121816 4212651 314 502 3802 90015 17794 11604 64757 3442810 80050 304 69187 4603 1259 344212 9095 46001 15900
0.95 19.98 28.95 27.02 2.14 2.69 2.90 2.98 0.97 4.80 2.84 14.05 5.38 36.49 7.59 4.90 7.29 2.70 0.90 4.99 2.98
% Change 0.70 5-Day High 417.55 5-Day Low 410.74
2010 Div BR (%) (%)
0.45 13.00 24.40 20.90 1.05 1.51 0.18 1.32 0.44 2.70 1.05 8.80 1.96 24.25 5.10 3.50 4.52 1.35 0.46 1.65 1.24
30 10 -
2011 Div BR (%) (%)
20B 20B 10B -
-
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,304.15 Turnover 6,192,589 P/E (x) 19.92 Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Crescent St Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba I B L Modaraba XD JS Growth Fund JS Value Fund Meezan Balanced Fund NAMCO Balanced Fund Paramount Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Stand Chart Modaraba U D L Modaraba
264 1375 210 525 780 200 524 581 760 397 1008 202 3180 1186 1200 1000 59 1000 2835 2841 872 454 264
High Low 1,324.46 1,295.20 Total cos Defaulter cos P/BV (x) ROE (%) 0.44 2.21
PE
Open
High
Low
10.19 6.81 5.00 1.64 3.95 1.70 10.56 0.64 2.27 2.58 5.83 18.36 66.88 16.57 7.21 6.20 7.03 1.90 8.08 7.01 2.27 4.65 1.73
1.41 8.04 3.25 4.30 1.75 0.62 1.68 2.00 3.13 8.09 6.64 2.35 5.21 4.62 7.28 3.70 9.23 6.60 12.55 6.09 1.00 9.20 5.90
1.84 8.17 3.15 4.06 1.74 0.70 1.75 2.03 3.20 7.94 6.76 3.30 5.43 4.66 7.50 3.98 9.00 6.87 12.80 6.24 1.05 9.50 6.20
1.43 8.01 2.76 3.84 1.70 0.60 1.51 1.98 3.01 7.50 6.70 2.02 5.20 4.58 7.30 3.95 9.00 6.50 12.58 6.07 1.00 9.20 6.10
Close 1,312.30 Listed cap 29,771.58 mn Payout (%) 104.74
Change 8.15 Market cap 17,597.79 mn Div Yield (%) 8.17
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
1.63 8.17 3.00 4.06 1.74 0.68 1.69 2.03 3.18 7.75 6.76 2.02 5.35 4.64 7.50 3.97 9.00 6.53 12.61 6.17 1.00 9.49 6.10
142 137074 2600 4001 1521 23388 35874 12565 50767 7031 2000001 502 3129550 19468 135760 30002 800 28515 139589 303510 127003 527 2300
2.24 8.59 3.80 4.50 2.37 1.10 2.37 2.28 3.88 8.24 6.90 3.69 5.43 4.73 8.25 4.00 9.45 7.18 12.94 6.50 1.19 10.00 6.99
18.5 5 2.2 0 1.2 17 11 21 3 5 10 15.5 15 18 10 20 10 3 17 12.5
0.22 0.13 -0.25 -0.24 -0.01 0.06 0.01 0.03 0.05 -0.34 0.12 -0.33 0.14 0.02 0.22 0.27 -0.23 -0.07 0.06 0.08 0.00 0.29 0.20
1.05 5.85 2.10 2.70 0.90 0.16 0.86 1.30 2.56 5.11 5.80 1.06 2.65 2.31 5.15 2.26 7.51 4.50 7.90 3.50 0.79 7.75 4.71
Symbols
Open
CHAS GSPM MWMP NJICL HWQS GUTM MOON PAKMI MFFL SEL UPFL CJPL SHJS IFSL KASBM BFMOD SCL EMCO GATM SAPL SFWF FECM FNEL BROT ICCT SANSM SHCI HUSI MACFL CLOV FRCL SCLL DATM FZTM KOSM CWSM BAWS DIIL FCONM MODAM FPJM FTSM RCML DNCC ICL TSMF ALICO DWTM SJTM SLYT SHTM COTT MFTM SFL STML FASM SAPT AGL ALNRS KOHS TICL DADX JOPP PTEC WAZIR GRAYS UDPL
12.12 7.06 1.84 58.00 18.35 23.99 6.49 1.23 66.13 18.75 1118.04 1.00 93.71 6.80 1.85 3.50 87.73 2.95 27.09 139.56 6.28 2.80 8.50 0.84 1.74 14.40 2.45 7.02 3.47 69.00 2.15 2.85 0.48 401.90 1.02 1.11 5.50 10.55 1.09 1.29 1.95 1.65 35.00 2.87 34.34 1.88 18.95 7.78 1.48 4.00 0.49 0.61 1.01 123.85 22.08 33.50 100.00 24.24 47.75 4.50 90.00 21.01 8.02 2.20 8.75 51.97 10.47
12.30 7.15 1.89 58.93 18.90 22.80 5.60 1.24 68.00 18.75 1100.00 1.09 93.67 6.98 1.88 3.50 87.73 3.04 27.49 143.10 5.37 2.90 8.75 0.63 1.75 14.30 2.63 7.44 3.25 70.00 1.71 2.84 0.40 404.00 1.19 1.17 5.80 11.00 1.46 1.40 1.60 1.06 35.90 2.85 34.50 1.79 19.65 8.77 0.49 4.00 0.50 1.29 1.20 129.25 23.05 32.65 104.35 24.47 48.90 5.35 94.00 20.21 7.51 2.35 8.00 51.75 10.09
Change
Vol
0.18 0.09 0.05 0.93 0.55 -1.19 -0.89 0.01 1.87 0.00 -18.04 0.09 -0.04 0.18 0.03 0.00 0.00 0.09 0.40 3.54 -0.91 0.10 0.25 -0.21 0.01 -0.10 0.18 0.42 -0.22 1.00 -0.44 -0.01 -0.08 2.10 0.17 0.06 0.30 0.45 0.37 0.11 -0.35 -0.59 0.90 -0.02 0.16 -0.09 0.70 0.99 -0.99 0.00 0.01 0.68 0.19 5.40 0.97 -0.85 4.35 0.23 1.15 0.85 4.00 -0.80 -0.51 0.15 -0.75 -0.22 -0.38
100 87 59 54 51 48 44 37 32 26 24 22 22 20 17 16 16 12 11 11 10 10 10 10 10 10 10 8 7 6 6 5 5 5 5 4 4 3 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
High
Low
Close
36.53
37.90
36.70
37.55
1.02
951500
61.79
62.90
61.75
62.75
0.96
765000
FFBL-DEC
36.53
37.65
36.60
37.30
0.77
687000
Change
Vol
NML-JAN
61.79
63.25
62.00
63.13
1.34
626500
POL-DEC
291.68
293.97
291.50
293.44
1.76
312500
30.02
30.60
30.00
30.35
0.33
299500
10.20
10.55
10.25
10.31
0.11
289500
291.68
295.50
292.20
294.51
2.83
269000
ENGRO-DEC 197.49
201.25
198.25
199.87
2.38
223500
PSO-DEC
294.85
299.35
295.35
296.56
1.71
220500
NBP-DEC
72.13
72.70
72.16
72.30
0.17
220500
ANL-DEC
10.20
10.45
10.10
10.23
0.03
175000
NBP-JAN
72.13
73.30
72.76
72.87
0.74
164500
ENGRO-JAN 197.49
202.40
199.15
200.67
3.18
140000
ANL-JAN POL-JAN
2011 Div BR (%) (%) -
Close
NML-DEC
DGKC-DEC
-
Low 12.30 7.10 1.71 57.11 17.40 22.80 5.60 1.20 68.00 18.75 1062.14 1.09 89.07 6.76 1.88 3.50 87.73 2.70 27.00 143.10 5.37 2.90 8.75 0.62 1.75 14.30 2.63 7.44 3.25 70.00 1.71 2.84 0.40 382.00 1.19 1.10 5.79 9.62 1.46 1.40 1.60 1.06 35.90 2.85 34.50 1.79 19.65 8.77 0.49 4.00 0.50 1.29 1.20 129.25 23.05 32.30 104.35 24.47 48.90 5.35 94.00 20.21 7.51 2.35 8.00 51.75 10.09
FFBL-JAN
% Change 0.62 5-Day High 1,313.67 5-Day Low 1,301.92
-
High 12.30 7.48 1.90 58.94 19.00 24.00 5.60 1.99 68.00 18.99 1105.01 1.15 95.00 7.60 1.88 3.50 87.73 3.40 27.50 145.40 5.37 2.90 8.75 0.70 1.75 14.30 2.74 7.89 3.59 70.99 2.48 2.88 0.40 410.00 1.51 1.40 5.80 11.00 1.59 1.40 2.00 1.06 35.90 2.85 36.00 1.79 19.65 8.77 0.49 4.00 0.50 1.29 1.23 129.25 23.05 32.65 104.35 24.47 49.00 5.40 94.47 20.21 7.51 2.35 8.00 51.75 10.10
DGKC-JAN
30.02
30.80
30.10
30.50
0.48
131000
PPL-DEC
214.70
217.37
214.70
215.88
1.18
121000
MCB-DEC
224.22
227.60
224.90
225.56
1.34
108000
LUCK-DEC
76.00
76.40
75.50
75.68
-0.32
80500
294.85
301.10
297.99
298.13
3.28
78500
AICL-DEC
86.54
88.40
87.20
87.37
0.83
76000
AICL-JAN
86.54
89.00
87.82
87.94
1.40
70500
MCB-JAN
224.22
227.20
225.06
225.78
1.56
49000
PPL-JAN
214.70
217.50
215.00
216.34
1.64
43500
OGDC-JAN
169.07
169.00
168.10
168.50
-0.57
FFC-DEC
121.47
124.00
122.50
123.51
2.04
OGDC-DEC 169.07
169.10
168.50
169.00
-0.07
35000
76.00
76.11
75.01
76.10
0.10
34000
FFC-JAN
121.47
124.26
124.00
124.15
2.68
17000
UBL-DEC
65.39
66.25
65.71
66.19
0.80
16000
UBL-JAN
65.39
68.05
66.00
2.14
3000
Symbols
Open
PSO-JAN
LUCK-JAN
67.53
39000 38500
ZERO VOLUME BCL BHAT CLCPS CSUML
43.00 269.99 2.95 4.25
High 43.10 268.00 2.45 4.00
Low
Close
43.10 268.00 2.45 4.00
43.10 268.00 2.45 4.00
Change
Vol
0.10 -1.99 -0.50 -0.25
0.00 0.00 0.00 0.00
BOARD MEETINGS
Dera Ghazi Khan Cement Co Ltd
KSE 100 INDEX
Engro Corporation
Fauji Fertiliser Bin Qasim Ltd
Company
Date
Fecto Sugar Mills Ltd
28-12-2010
Kohinoor Sugar Mills Ltd
28-12-2010
11.30
The Thal Industries Corporation Ltd
28-12-2010
Time
10.30
Khairpur Sugar Mills Ltd
29-12-2010
2:30
Shahtaj Sugar Mills Ltd
29-12-2010
11:30
Al-Noor Sugar Mills Ltd
30-12-2010
11:00
Faran Sugar Mills Ltd
30-12-2010
3.30
Shahmurad Sugar Mills Ltd
30-12-2010
3:00
Unilever Pakistan Limited
24-02-2011
2:30
Unilever Pakistan Foods Ltd
28-02-2011
2:30
11.30
TECHNICAL LEVELS Company
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position 11,863.95
Fair Value
*Arif Habib Ltd
42
Buy
*Arif Habib Ltd
43.29
Buy
AKD Securities Ltd
TFD Research
36.85
79.28
Support 1
11,846.88
Support 2
MA (10-day)
11,775.36
Resistance 1
11,949.75
MA (100-day)
10,502.21
Resistance 2
11,989.75
Technical Analysis
MA (200-day)
10,279.86
Pivot
11,903.95
RSI (14-day) MA (10-day) MA (100-day)
11,818.15
11,949.75 and 2nd resistance level at 11,989.75, while Index will continue to
Positive
53.76 30.66 26.89 26.98
34.7 32.06 29.1
Rs Recommendations Sell
*Arif Habib Ltd
Accumulate
AKD Securities Ltd TFD Research
Negative
182.55 5,525.78 48.71 30.18
* 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)
70.00 35.91 30.59 29.98
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
326.94 12,198.08 63.20 37.01
* Target price for Jun-11 & **Net Open Interest in future market
Nishat Mills Ltd
Rs Recommendations
Brokerage House
*Arif Habib Ltd
127.8
Hold
AKD Securities Ltd
AKD Securities Ltd
122.1
Accumulate
TFD Research
TFD Research
114.33
77.06 118.42 109.21 109.12
Fair Value 59.97 74.2
Rs Recommendations
Brokerage House
Buy
*Arif Habib Ltd
Positive
AKD Securities Ltd
Fair Value
Technical Outlook 373.19 45,909.82 13.80 122.85
* Target price for Jun-11 & **Net Open Interest in future market
208.75
Neutral
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
72.19 192.88 179.87 184.97
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
147.48 29,431.42 130.71 198.89
* 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)
63.16 61.27 51.21 51.16
age and Bollinger Bands were 58 per cent wider than normal. ENGRO is currently 7.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into ENGRO (mildly bullish). Trend forecasting oscillators are currently bullish on ENGRO. Momentum oscillator is
Pakistan State Oil Co Ltd
Brokerage House
175.80 11,015.62 98.01 62.28
* Target price for Jun-11 & **Net Open Interest in future market
Rs Recommendations
*Arif Habib Ltd
365.4
Buy
AKD Securities Ltd
276.6
Neutral
92.3
Positive
TFD Research
360.05
Positive
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
Buy Neutral
82.1
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
61.96
TFD Research
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Sell Buy
Technical Analysis
National Bank of Pakistan
Neutral
Technical Outlook Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
176 238.8
currently indicating that ENGRO is currently in an overbought condition.
indicating that FFBL is currently in an overbought condition.
casting oscillators are currently bullish on DGKC.
Fair Value
Rs Recommendations
DGKC closed up 0.33 at 30.27. Volume was 56 per cent above average FFBL closed up 0.86 at 37.31. Volume was 215 per cent above average ENGRO closed up 2.43 at 199.56. Volume was 110 per cent above aver-
Fauji Fertiliser Co
Brokerage House
Fair Value
Technical Outlook
Leverage Position
(trending) and Bollinger Bands were 3 per cent narrower than normal. KSE 100 INDEX is currently 15.9 per cent above its 200-day moving aver- and Bollinger Bands were 5 per cent wider than normal. age and is displaying an upward trend. Volatility is extremely low when DGKC is currently 12.2 per cent above its 200-day moving average and is FFBL is currently 24.6 per cent above its 200-day moving average and is compared to the average volatility over the last 10 trading sessions. displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators Volume indicators reflect moderate flows of volume into INDEX (mildly bullthe average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into FFBL (bullish). Trend forecasting ish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an reflect moderate flows of volume into DGKC (mildly bullish). Trend fore- oscillators are currently bullish on FFBL. Momentum oscillator is currently overbought condition.
Brokerage House
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
TFD Research
Technical Outlook
below average and Bollinger Bands were 26 per cent wider than normal. As far MA (200-day) as resistance level is concern, the market will see major 1st resistance level at find its 1st support level at 11,863.95 and 2nd support level at 11,818.15.
Brokerage House
AKD Securities Ltd
MA (5-day)
KSE 100 INDEX closed up 51.56 points at 11,909.73. Volume was 16 per cent
Rs Recommendations
66.02 71.53 66.38 68.79
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.44 23,007.60 169.99 72.30
* 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)
66.86 289.98 270.84 280.19
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
74.16 21,948.56 183.77 296.11
* Target price for Jun-11 & **Net Open Interest in future market
FFC closed up 1.63 at 123.02. Volume was 230 per cent above average NML closed up 0.96 at 62.66. Volume was 52 per cent below average (con- NBP closed up 0.20 at 72.25. Volume was 49 per cent below average PSO closed up 1.91 at 295.95. Volume was 79 per cent above average (trending) and Bollinger Bands were 88 per cent wider than normal.
solidating) and Bollinger Bands were 16 per cent narrower than normal.
(consolidating) and Bollinger Bands were 23 per cent wider than normal.
and Bollinger Bands were 36 per cent narrower than normal.
FFC is currently 12.7 per cent above its 200-day moving average and is NML is currently 22.5 per cent above its 200-day moving average and is NBP is currently 6.8 per cent above its 200-day moving average and is dis- PSO is currently 5.6 per cent above its 200-day moving average and is disdisplaying 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 FFC (bullish). Trend forecasting
displaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is low as compared to the average playing an upward trend. Volatility is extremely low when compared to the the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod- average volatility over the last 10 trading sessions. Volume indicators
oscillators are currently bullish on FFC. Momentum oscillator is currently reflect moderate flows of volume into NML (mildly bullish). Trend forecast- erate flows of volume into NBP (mildly bullish). Trend forecasting oscilla- reflect moderate flows of volume into PSO (mildly bullish). Trend forecasting oscillators are currently bullish on PSO. tors are currently bullish on NBP. ing oscillators are currently bullish on NML. indicating that FFC is currently in an overbought condition.
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 47.68 3.20 3.15 73.27 64.45 63.20 49.65 62.70 62.45 55.56 24.45 23.85 59.40 26.10 24.75 60.65 86.35 85.60 64.29 17.25 17.15 45.12 10.05 9.90 62.48 328.30 325.55 55.05 120.05 118.35 62.31 10.60 10.45 49.33 3.15 3.05 51.64 9.65 9.55 55.07 2.20 2.15 53.76 29.90 29.55 67.14 3.25 3.20 49.23 2.80 2.70 49.12 43.70 43.35 41.86 74.20 73.40 72.19 198.10 196.60 48.55 14.60 14.45 52.27 5.05 5.00 70.00 36.75 36.15 77.06 122.30 121.55 65.45 116.80 115.55 60.59 36.75 36.50 70.01 142.40 141.05 52.21 252.40 249.70 51.87 3.90 3.80 46.40 1.65 1.60 42.62 2.50 2.45 44.21 11.15 10.95 57.02 40.40 40.25 58.46 2.65 2.60 69.45 13.50 13.40 54.58 75.90 75.40 68.82 223.00 220.85 48.88 2.90 2.85 66.02 72.05 71.90 54.72 22.60 22.40 42.52 18.35 18.25 47.75 2.80 2.75 58.55 2.00 1.95 63.16 62.05 61.40 65.48 168.45 167.80 43.72 2.75 2.70 46.30 2.10 2.05 55.24 2.35 2.25 33.82 6.65 6.55 67.67 291.30 289.75 65.68 214.15 213.00 35.62 68.65 68.25 66.86 294.40 292.85 50.94 19.20 19.10 69.86 207.90 206.90 40.52 27.20 27.05 61.65 13.75 13.60 43.64 21.00 20.80 49.26 2.25 2.20 40.54 3.70 3.60 67.47 65.35 64.85 55.12 2.90 2.85
1st
2nd
Resistance 3.30 3.35 66.45 67.20 63.10 63.25 25.30 25.60 28.15 28.90 88.15 89.15 17.55 17.70 10.40 10.55 333.75 336.45 122.85 124.00 10.90 11.05 3.35 3.45 9.95 10.10 2.35 2.45 30.60 30.95 3.45 3.55 2.95 3.05 44.40 44.75 76.15 77.25 200.95 202.35 14.75 14.85 5.15 5.20 37.75 38.25 124.10 125.15 118.90 119.75 37.30 37.65 145.40 147.05 257.90 260.70 4.10 4.20 1.75 1.80 2.60 2.65 11.55 11.80 40.65 40.85 2.80 2.90 13.70 13.75 76.85 77.30 227.90 230.55 3.00 3.05 72.55 72.85 23.00 23.25 18.70 18.90 2.95 3.05 2.10 2.15 63.10 63.50 169.60 170.15 2.95 3.05 2.25 2.35 2.40 2.45 6.90 7.05 294.10 295.40 216.85 218.40 69.25 69.45 298.35 300.75 19.40 19.50 209.90 210.90 27.65 27.95 14.10 14.30 21.50 21.80 2.35 2.40 3.85 3.95 66.45 67.00 3.00 3.10
Pivot 3.25 65.20 62.85 24.75 26.85 87.35 17.45 10.25 331.00 121.20 10.75 3.25 9.80 2.30 30.25 3.35 2.90 44.05 75.30 199.50 14.65 5.10 37.20 123.35 117.65 37.05 144.05 255.20 4.00 1.70 2.55 11.35 40.55 2.75 13.60 76.35 225.70 2.95 72.40 22.80 18.60 2.90 2.05 62.45 168.95 2.85 2.20 2.35 6.80 292.55 215.70 68.85 296.80 19.30 208.90 27.50 13.95 21.30 2.30 3.75 65.95 2.95
8
Tuesday, December 28, 2010
PTCL’s new touch to up ‘connection’ with loyalists
HELSINKI : A girl tests out the new Nokia N8 mobile phone at the Nokia flagship store in Helsinki.-Reuters
Professionals Network Pakistan
US-based IT co to invest $12.1mn KARACHI: There will be an investment to the tune of $12.1 million in the IT infrastructure. This was announced by the Professionals Network Pakistan on Monday. It said that with this investment, the Network will establish business centres in the country. The first such centre will become operational in Karachi in a week's time. The statement said that the Professionals Network Pakistan Private Limited, a
subsidiary of Washington, DC based Professionals Network LLC, has secured $12.1 million from a syndicate of high net worth individual investors in Karachi. Professionals Network is commonly known as Resbase Group globally. The funds will be exclusively channeled into the company's new Hexaoffice brand. Hexaoffice operates on a model similar to that of Regus, a company listed on the London Stock Exchange. According to Abdul Aziz, a
board member at Professionals Network Pakistan, although the investment is spread over two years, the company has been conditionally committed additional $21 million by late 2011, based on how sales pick up in the first two quarters of the next year. As the investment is in the Pakistan operations alone, Resbase Group retains full ownership and rights outside Pakistan, including rights for the Hexaoffice brand, the statement added.-APP
India 2G scam lands ex-min in cop-query NEW DELHI: Indian federal investigators questioned a former minister at the heart of one of the biggest corruption cases in the country's history. Ex-telecom minister A. Raja quit last month over the 2008 cut-price sale of second-generation (2G) mobile phone licences that India's government audit watchdog said cost the treasury as much as 40 billion dollars. A spokesman for the Central Bureau of Investigation (CBI) said Raja
was being questioned at its headquarters in New Delhi. Raja, who has denied any wrongdoing, is accused of changing rules to help certain companies, many of which, according to the auditor, were ineligible to apply for wireless permits. His lawyer said his client feared he already stood "condemned, charge-sheeted, tried and convicted by the media." The questioning came after police raided Raja's home and offices along with those of
current and retired telecom ministry officials and a highprofile corporate lobbyist. The CBI has said the searches recovered allegedly "incriminating documents". Indian media reports say the CBI is probing the possibility of kickbacks being paid by some of the firms bidding for 2G licences. The scandal paralysed parliament for the entire winter session and has brought opposition calls for Prime Minister Manmohan Singh's resignation. -Agencies
Ufone debuts BlackBerry Torch 9800 KARACHI: Ufone has become the first in Pakistan to introduce the much anticipated and latest BlackBerry Torch 9800 smartphone for its valuable customers, said a handout issued here. This is Ufone's 8th consecutive feat to be the first to launch the latest BlackBerry handsets in the country. The Torch 9800 is Pakistan's first
slider plus QWERTY pad BlackBerry smartphone which is loaded with the new Version 6 BlackBerry operating system and a 5 mega pixel camera. The handset allows multi tab browsing, it supports multiple video and audio formats and has an integrated social networks & RSS feeds in one simple view. Unlike the previous 512 MB
on board memory the 9800 smartphone comes with an 8 GB storage memory which is expandable to 32 GB. Ufone's exclusive and dynamic BlackBerry services are packed with a dedicated 24/7 helpline service, the largest international roaming data network, the largest application portal offering a one stop shop and genuine accessories.-PR
Mobilink, Samsung prescribe Galaxy Tab KARACHI: Mobilink in collaboration with Samsung Electronics, a global market leader and award-winning innovator in consumer electronics, semiconductors and telecommunications, launched the Samsung Galaxy Tab, a compact tablet computer in Pakistan. Available through Mobilink sales and service centers in
major Pakistani metropolitan cities, the Samsung Galaxy Tab comes with free GPRS for 3 months on the Mobilink network as well as a complimentary leather book cover. The Tab supports Adobe Flash 10.1 offering varying multimedia content accessibility to the user, DivX, MPEG-4, WMV and Xvid (H.263, H.264). IT also fea-
tures a calendar, email and instant messaging applications. A launcher for e-reading applications starts Press Display (an online newspaper kiosk) when reading newspapers, Kobo (e-book reader) when reading ebooks, and Zinio (a publishing technology and services company) when reading magazines.-PR
SKorea Telecom to undergo boss-change SEOUL: SK Telecom Co Ltd, South Korea's top mobile operator, has said that it plans to replace its chief executive in a reshuffle aimed at boosting its new businesses. SK Telecom said it has appointed Ha Sung-min and So Jin-woo to lead the company and take over from Jung Man-won who has been appointed vice-chairman of parent SK Group. Ha is a former president of SK Telecom's wireless business, while So is ex-president of SK Telecom's convergence and internet businesses. SK Telecom's board will decide on new management in the first quarter of next year, a spokesperson said. The reshuffle comes as SK Telecom, which controls about half of the country's nearly saturated mobile market, faces challenge of developing new growth engines. The major seller of Samsung Electronics Co Ltd's Galaxy S smartphone also faces intensifying competition in the fast-growing smartphone segment against KT Corp, the exclusive seller of Apple Inc's iPhone.Reuters
Nokia Siemens in deal with Indian Idea MUMBAI: Idea Cellular, India's No 6 mobile phone operator, said here it has commissioned Nokia Siemens Network to build and manage its 3G network in four telecom zones and supply equipment. Under the contract, NSN will deploy its base stations, provide network implementation, project management, care and maintenance services, and give support to the operator in managing its 3G network. Idea did not disclose the financial details of the deal. Idea spent $1.3 billion this year to acquire 3G wireless radio spectrum in 11 of India's 22 telecoms zones, and has earlier said it would spend $675 million over the next 12 to 15 months to rollout the premium services.-Reuters
ISLAMABAD: Pakistan Telecommunication Company LTD (PTCL) has upgraded its contact centers for the maximum facilitation of its customers. PTCL Contact Centers which previously were man-reliant have now been advanced and developed into a process-oriented Contact Centers with multi-segmented approach to handle both in-bound and outbound customers according to their needs by using state-ofthe-art technology. The Contact Centers have been improvised by settling guidelines together for efficiencies and effectiveness and keeping in mind the aim to provide First Call Resolution and better customer services, said a press release issued here Monday. PTCL is also in the process of developing an effective online interface through which customers would be able to order PTCL's products. This unique web portal will enable customers to manage their accounts and billing as per convenience of their time and location. Customers will be facilitated to submit their suggestions and feedback regarding all services provided by PTCL. Furthermore, an online complaint form would enable customers to register their complaints using web-based services. The four Contact Centers, two in Lahore, one in Karachi and one in Rawalpindi work round the clock 24/7, 365 days a year ensuring support to the customers at all times with a staff of 1200.
To ensure that quality services are provided to our customers regular training are also given at the Contact Centers and today PTCL has become the obvious choice for people and this upgradation would further enhance PTCL image as a customer oriented organisation. To provide improved customer care in the Regions, PTCL has also established Service Support Centers (SSCs) throughout the country. These centers perform core functions such as communication with customers, analysis and follow service provisioning regarding all PTCL services. The SSCs also coordinates with local exchanges for expediting Customer Service issues. Hamid Farooq SEVP Business Development on the up gradation of customers contact centers said that, PTCL has always strived for providing its valuable customers with the best services and offers majority of its services through its contact centers gives customers the convenience of utilising PTCL services and products without leaving their homes or offices. Mohammad Kamran Malik EVP Customer Care said that this step will have a very positive impact on our performance all over the country. PTCL as per the need of time and keeping in mind the needs of customers will also keep on upgrading the customers contact centers in future, so that the concerns and needs of our customers are met instantly.APP
PTA, ZTE holding seminar today
Mooters to talk “3G Coming” ISLAMABAD: To sensitise stakeholders on importance of 3G technology, Pakistan Telecommunication Authority (PTA) is organising a seminar with the collaboration of ZTE Corporation (Zhongxing Telecom) in Lahore on December, 28, 2010 Tuesday (today). The theme of seminar is “To be or not to be is not the question: 3G is coming". This high-tech seminar would aim to highlight various aspects of 3G mobile broadband services and 3G spectrum auction in Pakistan, said a press release issued on Monday. During the seminar, speakers of national and international fame will focus on the benefits of 3G to businesses, education, government, national economy, urban/rural populace, indigenous software houses
and local contents development. Live Mobile TV and 3G video call scenarios would be demonstrated. It may be mentioned that most of telecom operators world-wide have already embraced 3G technology, enabling them to provide their customers with diverse and rich voice and data services, thereby sparking social and economic growth and increasing their revenues. 3G networks can act as segue to proliferation of broadband in Pakistan. 3G Mobile Broadband will ensure availability of number of data intensive value added services such as real-time access to medical records, on demand TV, e-education, cloud computing, video calls, real-time weather forecasts, advisory for farmers etc.APP
LAHORE: Irfan Akram, Vice President Customer Care Mobilink (R) handing over Rs1 million cheque to Muhammad Naveed Sarwar (L), the first monthly winner of Mobilink Jazz SMS Khazana Round IV from Lahore.-Staff Photo
Special children smile with Mobilinkers ISLAMABAD: Pakistan International Airlines (PIA) organised an exciting cricket match at the PIA Cricket Academy in Karachi in collabration with Mobilink Pakistan, part of Orascom Telecom. Volunteering Mobilink and PIA employees collaborated to bring smiles to the students of two prominent special education institutions, Al-Shifa school, which runs under the supervision of PIA, and Estanara Think-Tank School, said a press release issued here. Cricket legend and Mobilink Brand-Ambassador, Wasim Akram was also there to provide tips to the young players. Divided into two teams, the young souls enjoyed a fun filled day with their peers and Mobilink and PIA employees. At the end of the match, miniature cricket bats, personally signed by Wasim Akram, were distributed as souvenirs among the players of the winning team. Wasim also went out on the ground and played a few friendly overs with the students, who were overjoyed to see this world-class fast bowler amongst them. Praising the efforts of the participating children Wasim shared, "I find it delightful to see so much talent and spirit among these children who are boldly meeting all the challenges of life with so much courage and passion. It is a commendable initiative by Mobilink and PIA and I am grateful for getting the opportunity to spend some time with them." Corporate Social Responsibility is a core value at Mobilink and the company actively contributes to give back to the community it operates in. Corporate Social Responsibility is a core value at Mobilink and the company actively contributes to give back to the community it operates in. The Al-Shifa School for Special Children's Team won the match by 30 runs.-APP
Mexico's 2 telcos face fine MEXICO CITY: A company controlled by billionaire Carlos Slim as well as an affiliate of broadcaster Televisa could be lightly fined for providing poor service, a Mexican regulator said here. In a report, telecommunications watchdog Cofetel also said it will ask lawmakers to change the law to boost such sanctions. Cofetel said it found that more than half of all the calls handled by Telcel, the commercial brand under which Slim's America Movil operates in Mexico, failed to connect. Telcel's cell phone network, which is by far the largest in Mexico, "suffered a glitch that hurt customer service" in November and did not report it promptly, Cofetel said. The regulator also said Televisa's cable affiliate Cablevision did not get permission to carry out a network overhaul that left thousands of customers with no cable television or Internet services across Mexico City between October and November. Cofetel will hand the communications ministry a report on the problems. The ministry will ultimately decide whether to apply fines that could range between $93,000 and $187,000. America Movil had $1.85 billion in third-quarter earnings and Televisa posted a profit of $174 million in the same period. -Reuters
9
Tuesday, December 28, 2010
Oil eases after 26-month high, China action weighs Chinese rate rise could slow demand; No OPEC action expected LONDON: Oil fell on Monday, unraveling gains that took it to a 26-month high, after uncertainty about Chinese fuel demand following a surprise interest rate rise countered the impact of a blizzard in the US Northeast. US crude for February traded down 55 cents at $90.96 a barrel by 1444 GMT, after hitting an intraday peak of $91.88 -- the highest since October 2008. ICE Brent crude eased 26 cents to $93.51 a barrel. Floor trading on the New York Mercantile Exchange was delayed until 11 a.m. EST after a snowstorm snarled travel in the US Northeast. Oil prices have climbed 35 per cent since this year's low in May, driven by the combination of a weakened US dollar and then unusually cold weather in Europe and the United States that has boosted heating fuel demand and eroded inventories. The rise in the price of oil and other commodities has raised concerns of inflation in major fuel-importing countries. As it strives to prevent its economy overheating, China, the world's second-biggest oil burner after the United States, on Saturday raised interest rates for the second time in
just over two months. Markets had expected a rate rise, but the timing came as a surprise. When China last raised interest rates in midOctober, oil fell 4 per cent, although the market soon recovered. Analysts said this time the
immediate impact was difficult to judge because trade is very thin over the year-end holiday period, but in general a slower Chinese economy implied reduced oil consumption. "What it does show is that China is serious when it says 2011 is going to be the year of prudent fiscal policy," said Olivier Jakob of Petromatrix. "Further Chinese interest rate hikes will now be expected for 2011." Longer-term and especially for other commodities with more fundamental strength than oil, analysts predicted a raw materials rally had further to run. "This certainly doesn't spell the end of the commodities boom or the strong China story. It's a smart move that may have caught the market off guard," said Mark Pervan,
senior commodities analyst at ANZ. Any real increase in demand and a subsequent drop in inventories could eventually persuade oil producers' group OPEC to act. But at a conference in Quito earlier in December, OPEC left existing output targets unchanged. Ministers have said they would not increase output if a price rally were based on speculation rather than fundamentals of supply and demand. Arab members of the Organization of the Petroleum Exporting Countries met at the weekend in Cairo when Kuwait's oil minister said the global economy could withstand an oil price of $100 a barrel. Other exporters indicated OPEC might decide against increasing output throughout 2011 as the market was well supplied. Regardless of OPEC output policy, production could rise from Iraq, which is excluded from OPEC's system of supply curbs as it recovers from war and sanctions. Iraq's new Oil Minister Abdul Kareem Luaibi on Monday said the nation's production exceeded 2.6 million barrels per day for the first time in 20 years. -Reuters
Tokyo rubber hits record high on bargain-hunting TOKYO: Key Tokyo rubber futures hit a record high on Monday to reverse earlier losses, helped by back of firm Shanghai rubber futures and strong demand at a time when supply is limited, dealers said. The key Tokyo Commodity Exchange rubber contract for June delivery rose to a record 419.3 yen per kg before settling at 417.6 yen, up 1 yen or 0.2 per cent. The contract fell as much as 7.7 yen or 1.8 per cent to 408.9 yen in early trade, when other commodities markets were hit by the rate rise announced by China's central bank on
Saturday. Traders said the fall offered bargain-hunting opportunities for investors. The most active Shanghai May rubber futures contract closed at 37,110 yuan per tonne on Monday, down 190 yuan from Friday's close. Volume stood at 858,082 lots, down from Friday's 998,258 lots. Asian physical rubber prices were offered higher on Monday, supported by rising TOCOM futures prices and limited supply. US crude prices rose to an intraday high of $91.88 a barrel on Monday, the highest level
since October 2008, on freezing weather in the US Northeast. The tight natural rubber supply situation in the world market "is likely to be aggravated further" in February-May 2011, the group responsible for 92 per cent of global output said, as it is seasonally the lean period for tapping. Japan's Nikkei average rose 0.8 per cent on Monday in thin trade as an increased appetite for global equities in recent weeks lent support and helped to offset concerns over China's interest rate hike at the weekend. -Reuters
Shanghai metals pare losses, equity slide weighs SINGAPORE: Shanghai base metals futures fell half a per cent on a volume weighted average basis on Monday, but prices closed off their early lows struck following China's Christmas Day interest rate rise, underpinned by a positive fundamental outlook. The three-month copper contract on the Shanghai Futures Exchange ended 240 yuan lower at 68,710 yuan per tonne, having slipped as low as 68,310 yuan at the start of trade. Zinc dropped 165 yuan to 18,695 and aluminium shed 45 yuan to 16,695 yuan. A late fall in Shanghai's equity market , which closed 1.9 per cent lower, prompted investors to sell metals that had crept back into positive territory in the afternoon after the early losses. China's central bank raised interest rates on Saturday for the second time in just over two months as it stepped up its battle to rein in stubbornly high inflation.
"Our economists had expected a rate rise before the end of the year, but releasing the news on Christmas Day itself came as a little surprise to the market," said Chen Xin Yi, associate vice president at Barclays Capital in Singapore. "Nevertheless, we believe that the well-calibrated timing reflects consideration for minimizing unwanted financial market volatility and reducing potential capital movement to the extent possible," she said. "Overall, this is actually quite positive. The rate rise before the end of the year shows that there seems to be some consensus building that Beijing will engage interest rate hikes to control inflation risks." The London Metal Exchange was closed on Monday for Christmas holidays and trade
will only resume on Wednesday. When Shanghai closed on Friday, LME copper stood at $9,345 a tonne. US copper futures rose 0.7 per cent on Monday to 428.95 cents per lb ($9,457 a tonne) from Thursday's settlement. At that time, LME copper stood at $9,300. In the short term, an accident at a key export port in Chile was likely to underpin sentiment, with disruptions to shipments expected to last for over a month, Anglo American Chile CEO Miguel Angel Duran said on Thursday. Longer term, expectations of a supply deficit in 2010, estimated by Barclays Capital at more than 800,000 tonnes, was expected to keep prices up near $10,000 a tonne. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 24 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1260
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for December 24 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2250 2260 2205 2215 2160 2170 2160 2170
2401 2402 2413 2413.5 2462 2467 2495 2500
9390 9391 9331 9332 9040 9050 8585 8595
2435 2440 2435 2436 2378 2383 2325 2330
23850 23855 23850 23875 23375 23475 22600 22700
TIN
ZINC NASAAC
26850 2272 26900 2272.5 26825 2286 26850 2287 26375 2315 26425 2320 2290 2295
2280 2290 2340 2350 2365 2375 2420 2430
European vegetable oil prices ROTTERDAM: The following were the Monday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jan11/Mar11 1045.00, Apr11/Jun11 1048.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 1085.00+12.00, Aug11/Oct11 1000.00-5.00, Nov11/Jan12 1005.00-3.00, Feb12/Apr12 1010.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1465.00+10.00, Apr11/Jun11 1440.00+10.00, Jul11/Sep11 1470.00+30.00, Oct11/Dec11 1370.00+20.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1362.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Feb11 1280.00+35.00, Mar11 1275.00+30.00, Apr11/Jun11 1250.00+30.00, Jul11/Sep11 1240.00. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11 1285.00, Mar11 1280.00. PALMOIL: RBD dlrs tonne fob Malaysia Feb11 1240.00+30.00, Mar11 1235.00+25.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1250.00+30.00, Mar11 1245.00+25.00, Apr11/Jun11 1230.00+32.50, Jul11/Sep11 1212.50+32.50. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Jan11 1050.00+15.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 1880.00+50.00, Feb11/Mar11 1880.00+50.00, Mar11/Apr11 1880.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters
Softs market slip thin trade NEW YORK: Soft commodity markets were marginally easier in slow, post-Christmas trade on Monday and business may stay slow because many players are away through the yearend holidays, analysts said. New York soft commodity markets were shut Friday for Christmas. With the white sugar, robusta coffee and cocoa markets in London closed through Tuesday, Smith said New York soft commodities would likely remain "directionless" and choppy. On a macroeconomic level, traders said the soft markets may have run into a little pressure from news of a Chinese interest rate increase aimed at combating inflation. The benchmark March raw sugar contract on ICE Futures US was down 0.53 cent at 33.45 cents per lb at around 1510 GMT. On the year, sugar is up about 25 per cent year to date in the Reuters-Jefferies commodity index, with most of the gains chalked up when the market rallied over the past month. The benchmark March cocoa contract slipped $5 to $3,015 per tonne. The March arabica coffee contract fell 0.95 cent to $2.3495 per lb. -Reuters
SWAT VALLEY: Farmers pack oranges at a shop in Barkot. -Agencies
Gold recovers after dip on China rate rise NEW YORK: Spot gold regained lost ground on Monday, as bargain hunting trickled in after prices dropped about 1 per cent in early trade in response to China's interest rate increase on Saturday. Spot gold slipped $2.85 an ounce to $1,381.40 by 1646 GMT, sticking within the narrow range of the past two weeks after this year's over 26 per cent rally
moves. US Treasury debt prices weakened on Monday, and twoyear note yields broke above recent technical supports as dealers set up for a $35 billion auction, which analysts expect will need to price at a concession to generate interest. The day's main news point was the Chinese central bank's decision to raise interest rates on Saturday for the second time in
to a series of record highs began to run out of steam. US gold futures pulled back from a 0.4-per cent decline to rise by 0.14 per cent to $1,382.40. "Gold continues better even though China raised rates as at the same time they now have a program allowing retail accumulation of gold-retail sales...and as some people look at treasuries again lower rates mean cheaper holding of gold is possible," said George Gero of RBC Wealth Management. With liquidity reduced both by London holidays on Monday and Tuesday as well as a massive snowstorm in the US eastern seaboard that disrupted New York area transit, most financial markets saw thin trade and small
just over two months as it steps up its battle to rein in stubbornly high inflation. Commodity markets pared early losses after the initial selling-off, focusing instead on positive fundamentals and threats to supply. "The market had been worried about more tightening moves from China. Now that the news is out, it almost came as a relief," said Li Ning, an analyst at Shanghai CIFCO Futures. Spot gold is technically neutral as it is rangebound between $1,360 and $1,392 per ounce, but the bias seems to be with the bulls, Reuters market analyst Wang Tao said. Robust physical demand in the region was seen supporting the sentiment in the precious metals market.-Reuters
Sugar contracts re-list on India exchanges; spot flat MUMBAI: Sugar futures took off at their relaunch on India's National Commodity and Derivatives Exchange (NCDEX) on Monday, with interest from end-users and institutions pushing volumes nearer to the levels seen in 2009 when they last traded. The most-active sugar Mgrade for January delivery on the NCDEX closed at 3,044 rupees per 100 kg, after hitting a contract high of 3,079 rupees. Volume recorded in the frontmonth contract was at 22,280 tonnes, breaching the sixmonth average of 2009 of 19,050 tonnes. Total recorded volumes were at 27,530 tonnes. India banned trade in sugar futures in May 2009 when prices were rising as it faced shortages. The government finally decided to allow them again from the end of September. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety closed flat at 2,875.30 rupees per 100 kg due to weak demand, and millers are unwilling to lower prices hoping the government to soon allow shipments of the sweetner. India has made available 1.7 million tonnes of non-levy sugar for January, higher than 1.5 million tonnes it had released for December, the government said in a statement on Friday. Reuters
Palm hits 33-mth high on tight supply KUALA LUMPUR: Malaysian crude palm oil futures hit 33month highs on Monday as hopes of strong China demand and erratic weather helped shrug off Beijing's surprise interest rate hike. China soyoil recovered some losses, after dropping earlier in the day, on expectations that the government would restock food staples next year and prospects of stronger demand ahead of the Lunar New Year. Traders said the main driver for palm oil futures include heavy rains hurting yields and disrupting harvesting in Malaysia and Indonesia as well as a dry spell potentially cutting into South
American soybean production. Benchmark March 2011 palm oil on the Bursa Malaysia Derivatives Exchange rose as much as 2.8 per cent to 3,767 ringgit ($1,217) per tonne, the highest since March 14, 2008 and confirming an earlier Reuters technical analysis. The contract settled at 3,756 ringgit. Traded volume almost doubled at 18,543 lots of 25 tonnes each. Palm oil will rise to 3,766 ringgit per tonne as an upward wave "3" is advancing, Reuters technical analysis showed. Malaysian palm oil exports for Dec. 1-25 fell 23.9 per cent from the same period a month
ago, said cargo surveyor Intertek Testing Service, on slower imports from India and China. Another cargo surveyor Societe Generale de Surveillance reported a 23.7 per cent drop for palm oil exports over the same period. The most active Sept 2011 soyoil contract on Dalian Commodity Exchange rose as much as 0.7 per cent after falling earlier in the day. US soyoil for January delivery rose 0.6 per cent in Asian trade, reversing losses earlier in the day as traders focused on dry weather cutting supplies in Argentina, the world's largest soyoil exporter. Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
27-Dec-2010 CRUDE100 27-Dec-2010 CRUDE100 27-Dec-2010 CRUDE100 27-Dec-2010 SILVER - SL500 27-Dec-2010 SILVER - SL500 27-Dec-2010 GOLD 01oz 27-Dec-2010 GOLD 01oz 27-Dec-2010 GOLD 01oz 27-Dec-2010 GOLD 100oz 27-Dec-2010 GOLD 100oz 27-Dec-2010 GOLD 100oz 27-Dec-2010 GOLD 27-Dec-2010 GOLD 27-Dec-2010 GOLD 27-Dec-2010 KILOGOLD 27-Dec-2010 KILOGOLD 27-Dec-2010 TOLAGOLD50 27-Dec-2010 TOLAGOLD100 27-Dec-2010 MINIGOLD 27-Dec-2010 MINIGOLD 27-Dec-2010 MINIGOLD 27-Dec-2010 MINIGOLD 27-Dec-2010 MINIGOLD 27-Dec-2010 TOLAGOLD 27-Dec-2010 TOLAGOLD 27-Dec-2010 TOLAGOLD 27-Dec-2010 TOLAGOLD 27-Dec-2010 TOLAGOLD 27-Dec-2010 IRRI6W 27-Dec-2010 RICEIRRI - 6 27-Dec-2010 RBD PALMOLEIN 27-Dec-2010 KIBOR3M 27-Dec-2010 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
FE11 MA11 AP11 JA11 MA11 JA11 FE11 MA11 JA11 FE11 MA11 JA11 FE11 MA11 JA11 FE11 JA11 JA11 MON TUE WED THU FRI MON TUE WED THU FRI 30DE10 JA11 JA11 10-Dec 11-Mar
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
91.51 92.12 92.79 29.24 29.26 1383.00 1380.00 1383.50 1384.90 1384.40 1386.20 38181.00 38228.00 38260.00 38161.00 38217.00 44565.00 44565.00 39267.00 39309.00 39323.00 39337.00 39351.00 45135.00 45343.00 45200.00 45413.00 45232.00 2402.00 3369.00 5145.00 86.54 85.42
91.91 92.43 92.79 29.26 29.32 1386.30 1387.00 1388.20 1384.90 1385.40 1386.20 38254.00 38250.00 38260.00 38208.00 38217.00 44565.00 44565.00 39267.00 39309.00 39323.00 39337.00 39351.00 45135.00 45343.00 45200.00 45413.00 45232.00 2402.00 3376.00 5265.00 86.55 86.19
91.05 91.70 92.41 29.24 29.19 1381.00 1380.00 1381.50 1380.50 1381.80 1380.90 38162.00 38127.00 38146.00 38161.00 38103.00 44432.00 44432.00 39209.00 39153.00 39167.00 39181.00 39195.00 45067.00 45002.00 45018.00 45034.00 45051.00 3347.00 3369.00 5145.00 86.54 85.42
91.13 91.80 92.41 29.14 29.15 1380.50 1380.90 1382.00 1380.50 1380.90 1380.90 38121.00 38131.00 38146.00 38094.00 38103.00 44432.00 44432.00 39209.00 39153.00 39167.00 39181.00 39195.00 45067.00 45002.00 45018.00 45034.00 45051.00 3354.00 3376.00 5265.00 86.55 86.19
Traded Volume in lots 110 31 3 36 95 692 791 6 10 4 1 7 1 -
Previous Settlement Price 91.18 91.86 92.47 29.08 29.09 1379.50 1380.00 1381.00 1379.50 1380.00 1381.00 38102.00 38111.00 38127.00 38074.00 38084.00 44409.00 44409.00 39189.00 39133.00 39147.00 39161.00 39175.00 45043.00 44979.00 44995.00 45011.00 45027.00 3347.00 3369.00 5145.00 86.54 86.15
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 91.13 135 91.80 23 92.41 29.14 8 29.15 43 1380.50 290 1380.90 1,145 1382.00 1,483 1380.50 1380.90 8 1382.00 38121.00 34 38131.00 14 38146.00 1 38094.00 38103.00 44432.00 44432.00 39209.00 39153.00 39167.00 39181.00 39195.00 45067.00 45002.00 7 45018.00 45034.00 5 45051.00 3354.00 3376.00 5265.00 86.55 86.19 -
An athlete falls after her successful high jump during 31st National Games at Qayyum Stadium
10
Tuesday, December 28, 2010
Dravid registers record 200th Test catch DURBAN: Indian middleorder batsman Rahul Dravid on Monday achieved a rare milestone in his career when he took his 200th catch in Test matches to stay on top of the list in the five-day format of the game. An accomplished slip fielder, Dravid achieved the feat when he brilliantly caught Dale Steyn off Harbhajan Singh, diving in a flash to his left, during South Africa's first innings in the ongoing second Test against India at Sahara Kingsmead Stadium. Dravid tops the list of most number of catches in Tests. He registered the feat in his 149th match. Former Australia opener Mark Waugh is at the second spot with 181 catches from 128 Tests, followed by Australia skipper Ricky Ponting (174), former New Zealand captain Stephen Fleming (171) and West Indian batting great Brian Lara (164). Nicknamed "The Wall" for his stubborn and gritty display with the bat that holds the foundation of his team's batting line up, Dravid is also considered to possess the safest pair of hands in world cricket. Apart from his exploits with the bat and in the slip cordon, Dravid is a handy wicket-keeper who has don the hat many a times for the Indian ODI side in times of necessity. Dravid also ranks third in the list of top run-scorers in Tests with a total of 12,025 runs in 149 matches.-Reuters
Tanvir to Join Pak Squad in NZ Lahore: Pakistan Cricket Board has decided to send all rounder Sohail Tanvir to join the Pakistan Squad in New Zealand. Tanvir had initially been selected for the National Squads for T20 and Test matches against New Zealand for the ongoing series however he could not get fitness clearance for the T20matches. PCB Spokesman says that according to Sohail Tanvir, he had no pain, discomfort anywhere in the body. However he was having stiffness in his lower back and legs during the last concluded camp for which he was treated appropriately.Online
Steyn’s six wraps Ind innings at 205 DURBAN: South African pacer Dale Steyn claimed a sixwicket haul as he helped his team wrap up the Indian first innings at 205 on the second day of the second Test, here at Kingsmead, Durban on Monday. Resuming from their overnight score of 183/6, India lost their remaining three wickets in the first session of the day itself. After having already claimed four wickets on the first day, Dale Steyn jumped back to action on Monday as well, as he dismissed Harbhajan Singh for 21 runs. Steyn got Bhajji caught by AB de Villiers at third slip as he went on to claim his fifth wicket of the match. Soon after Harbhajan's departure, Morne Morkel was quick enough to dismiss Zaheer for a duck as he got the Indian tailender caught by wicketkeeper Mark Boucher.Reuters
Ashes referrals infuriate Ponting, save Prior
Ponting fined for ICC Code of Conduct breach KARACHI: Australia captain Ricky Ponting has been fined 40 percent of his match fee after being found guilty of breaching the ICC's Code of Conduct during the Boxing Day Test against England in Melbourne on Monday. "Ponting was charged with a Level 1 offence under article 2.1.3 (h) of the code which relates to "arguing or entering into a prolonged discussion with the umpire about his decision," said ICC statement received here. Ponting pleaded guilty to the charge and as such, under the provisions of the code, the matter was determined by Ranjan Madugalle of the Elite Panel of ICC Match Referee without the need for a full hearing. The match referee imposed a fine equivalent to 40% of the player's match fee. The charge was brought by on-field umpires Aleem Dar and Tony Hill, third umpire Marais Erasmus, all from the Elite Panel of ICC Umpires. Explaining his decision, Madugalle said "Ricky's actions as captain of his country were unacceptable. A captain is expected to set the example and not get involved
in a prolonged discussion with the on-field umpires and question their decision. "While pleading guilty to the charge, Ricky understood that the discussion went far too long. He apologised for his action and stated that he has nothing but respect for the umpires and his on-field actions were not intended to show disrespect to Aleem Dar or Tony Hill". Offences included in Level 1 of the ICC Code of Conduct can range from an official reprimand up to 50 per cent of his or her match fee. Australia captain Ricky Ponting's frustration over a TV referral decision boiled over into an ugly row with umpire Aleem Dar on the second day of the fourth Ashes Test on Monday. Ponting, whose team face a huge task to save the Test and keep alive their hopes of winning back the Ashes, spent more than a minute remonstrating with Dar after demanding a review of a not out decision against England batsman Kevin Pietersen. Wicketkeeper Brad Haddin had launched a loud but solo appeal for caught behind, convinced Pietersen, who was on
49, had nicked the ball from quick Ryan Harris. A review of the decision revealed no "hot spot" where the ball passed Pietersen's bat but a furious Ponting, who was joined by finger-jabbing seamer Peter Siddle, argued long and hard with Dar, prompting jeers from the crowd. Pakistani Dar, widely regarded as one of the best umpires in world cricket, later called on the technology to save England's Matt Prior after he was caught behind. Prior, who was on five, walked but was called back to the crease as Dar consulted the third umpire, whose review of the footage showed bowler Mitch Johnson had planted his heel on the line and the delivery was a no ball. Pietersen made just two more runs after the first appeal before falling lbw to the firedup Siddle but Prior went on to form a formidable partnership with Jonathan Trott. Ponting, who has been critical of the referral technology being used for the first time in an Ashes series, could be fined part or all of his match fee for arguing with the umpire's decision.-Agencies
Trott century leads Eng to 444-5 on day 2 LONDON: Jonathan Trott hit a masterful, unbeaten century to lead England to 444-5 at stumps and an emphatic 346run lead after the second day of the fourth Ashes test against Australia on Monday. Trott will resume the third day on 141 with Matt Prior on 75, sharing a 158-run partnership. England will retain the Ashes with a win here. Seam bowler Peter Siddle claimed three wickets and took two catches before tea to revive Australia's slim hopes, but could only go part-way toward making up for the home side's disastrous start to the match on Sunday when it was sent in to bat and bundled out for 98 - its lowest ever score against England at the MCG. After a watchful start, Trott brought up his second century of the series and third from five tests against Australia when he cut a Ryan Harris ball through mid-wicket for four. His innings came off 278 balls with 13 boundaries. "I would definitely say all (centuries are) pretty special," Trott said. "But Boxing Day, the hype around it and the sort of support from the English fans. Obviously it puts it right up there."
Trott overcame an injury scare while on 76 when he edged a Ben Hilfenhaus delivery into his knee. He lay on the ground for several minutes and received attention from England medical staff before continuing without a runner. "It was probably one of the most painful things I've ever felt in my life," he said. Prior reached his 50 off 81 balls with six boundaries before going on to guide four more in a confident display during the third session. "It's going to be tough to win from here. That's pretty obvious. It's going to be hard work and we need to get five more wickets," Siddle said. "But there's definitely an opportunity to get out there and get some runs ourselves." After dismissing openers Alastair Cook and Andrew Strauss to start the day, Siddle (3-58) trapped a dangerouslooking Kevin Pietersen for 51 after lunch. Pietersen brought up his half century an over earlier off 85 balls with seven boundaries. Pietersen survived a brief scare while on 49 when Australian wicketkeeper Brad Haddin persuaded captain Ricky Ponting to call for a
video review after an edged Harris delivery. The subsequent not out decision prompted an angry reaction from Ponting, who argued at length with the on-field umpires. Ponting was later fined 40 percent of his match fee over the incident, after pleading guilty to breaching the ICC's code of conduct. Mitchell Johnson (2-103) maintained Australia's momentum by dismissing Paul Collingwood for 8, caught by Siddle at fine-leg. Johnson, who took 9 wickets in Australia's 267-run win at Perth in the third test, has been far less effective in Melbourne, conceding 57 runs from 12 overs before his first dismissal. Siddle took his second catch off Johnson's next over when he dived for a low chance at deep fine-leg to end Bell's innings at just 1 run. "I think they bowled pretty well today and things went our way. It was a good day for us as England," Trott said. "But it's important because we know they'll obviously come at us in the morning and try and get themselves right back, and try and get as many wickets as possible." -Reuters
DURBAN: Indian Harbhajan Singh celebrates dismissing of South African Paul Harris on the second day of the second Test at Kingsmead Stadium.-Reuters
MELBOURNE: Ricky Ponting and Ryan Harris of Australia complain about the ball shape to umpire Aleem Daar during day two of the Fourth Test match between Australia and England at the Melbourne Cricket Ground. -Reuters
Talpur set to become new PBF President KARACHI: Bridge Ace and MNA Nawab Yousuf Talpur is set to become the new President of Pakistan Bridge Federation (PBF) for the year 2011-12. Veteran player Yousuf Talpur, who had represented Pakistan in Bridge Federation of Asia and Middle East (BFAME) and Bermuda Bowl -World Bridge Championship, was elected as the member Board of Directors at the Annual General Meeting of PBF held at Aslam Hall housed at National Stadium here on Sunday. Now newly elected members of Board of the federation which included Gulzar Bilal, Masood Mazhar, Muhammad Azwer-ul-Haque, Muhammad Ismail, Nasim Arzoo, Shahin Iqbal and Wajahat Suri are set to elect Yousuf Talpur as the new head of PBF for two-year term. During the AGM which was also attended by PBF Treasurer Raza Naqvi, paid rich tributes to outgoing former Secretary and President Tariq Rasheed Khan for his role in the promotion and development of bridge in the country. Pakistan successful staged 7-nation BFAME championship here in 2007 under the leadership of Rehana Saigol and Tariq Rasheed Khan.Modern technology like bridge-mates for the first time were used during the championship. "I have tried to serve Pakistan bridge and bridge community to the best of my abilities as a player and administrator," the outgoing President PBF said. He expressed the hope that new body will continue to work for the promotion of the game in all areas of the bridge particularly youth.-APP
Eden Park OK for T20s, not fit for ODIs: Afridi AUCKLAND: Pakistan cricket captain Shahid Afridi has said that the redeveloped Eden Park cricket ground here is okay for Twenty20 internationals, but not for 50over one-day internationals. The pitch at the Auckland ground has been rotated 45 degrees clockwise, so that it runs parallel to where the halfway line of the rugby field would be. The result is longish boundaries square of the wicket, but short ones down the ground, a New Zealand website reports. "I must say it's small, but the people who are coming for Twenty20 cricket, they want to see some big shots, so
for Twenty20 I think it's a perfect ground." Afridi didn't think the new layout made the arena of adequate standard for one-dayers. New Zealand skipper Ross Taylor had a different view. Taylor believed bowlers would still get reward in ODIs if they bowled well and to a plan. "Those boundaries square are some of the bigger ones in the world." He also said the previous alignment made Eden Park a ground that favoured lefthanded batsmen, whereas now things had probably been evened up.-Online
Wapda, Army, PAF, Navy in football semis LAHORE: Khyber Pakhtunkhwa (KP) and Pakistan Railways were eliminated from 31st National Games football Tournament when National title holder WAPDA were held to a 2-2 draw by PAF at outside Jinnah Stadium ground Islamabad on Monday. Meanwhile, five times National Games Gold Medallist Pakistan Army clinched Group-A by beating Navy 1-0. Front runner Shakil Yousof netted the all important goal in the 18th minute. Wapda dominated the GroupB game as PAF came back twice to fire the leveller. Arif Mehmood put Wapda in front with 18th minute strike but Muhammad Mjahid reduced the arrears with 59th minute strike past keeper Abdul Aziz. Tauseef Ahmed restored Wapda's advantage with brilliant 64th minute strike. PAF came back strongly with all out surge and once again Mujahid
did the damage with 82nd minute gal. On Tuesday, Army and Wapda will play first semifinal at Ground No. 1, 1 p.m), while Group. B winner PAF will collide with Runner Group A Navy in other penultimate round match at Ground No.2, 2 p.m). The final of the event will ne played on Wednesday, Dec 29 at 1 p.m after bronze medal match at same venue earlier at 11 a.m.. The soldiers, already in last four, will attempt to make it fourth in a row, having completed triumphs of gold in soccer of National Games three years ago, overwhelming host Sindh in final of 30th National Games Football Tournament at Karachi's Peoples Sports Complex. They earlier won the gold in 2001 Games at Lahore and 2004 Games. Karachi's gold was overall their fifth gold, having won top slot on 1995 and 1997.-APP
China vows lending control to tame inflation BEIJING: China's central bank took aim at inflation once again on Monday by saying it will control lending and money growth in the world's secondbiggest economy to head off price pressures and asset bubbles. In a statement on the central bank's website (www.pbc.gov.cn), Hu Xiaolian, a deputy governor, said China had been normalising policy and will explore new ways to manage excess cash, which is seen as a major driver behind 28-month high inflation. Her remarks reinforced statements from China's top leaders that the task of taming inflation will be a priority for Beijing
next year. "An implementation of prudent monetary policy is helpful in strengthening the management of inflationary expectations and in fending off asset bubbles," Hu said. On Saturday -- Christmas Day -- the central bank surprised investors with a 25basis-point rate rise in benchmark deposit and lending rates, its second increase in just over two months. Hu reiterated the central bank's determination to drain excess cash from the financial system by using all tools at its disposal: interest rates, reserve requirement ratios, open market operations and more. "We will explore new tools ...
to keep a good control on the gate of liquidity," she said, but did not indicate what these might be. A steady stream of anti-inflation talk from the Chinese central bank has led many investors to bet on more rate increases in 2011. A Reuters poll showed investors see the benchmark one-year deposit rate rising to 3.25 percent by the end of next year, from 2.75 percent now. The spectre of more tightening cast a pall over Chinese stocks on Monday, though investors abroad were more sanguine, in part due to confidence that China's steady tightening is a sign of solid growth in its vast economy.-Reuters
UK retailers fear lower sales in 2011 LONDON: Most UK retailers are expecting lower sales in 2011 on the back of weak consumer demand and inflationary pressures, a survey by the British Retail Consortium (BRC) said on Monday. The BRC's survey said nearly two-thirds of retailers it had contacted expected sales to worsen from 2010, and many also expected next year's rise in the VAT (value added tax) levy to impact consumers' spending.
"Our snapshot shows retailers expect a difficult December to be followed by a tough 2011. They believe the VAT rise will contribute to higher prices and, with fears about government cuts and the wider economy, people will be put off spending," BRC director general Stephen Robertson said in a statement. The BRC added that retailers were still expected to create new jobs in 2011, although 24 percent of those surveyed said
they expected to employ fewer people. Britain's retailers are hoping that shoppers will have turned out in force for the traditional Christmas holiday sales period, despite weather and transport problems. On Sunday, John Lewis said sales in the week to Christmas Day had risen by 30.6 percent compared to the same period last year, to reach 97.1 million pounds ($149.9 million).Reuters
Euro zone economic index rises in November BRUSSELS: The Conference Board leading economic index (LEI) for the euro zone rose 0.7 percent to 114.3 in November, a sharper rise than October's 0.3 percent and one that points to continued economic recovery. The index, which indicates economic development up to six months ahead, aggregates eight economic indicators that measure activity in the euro area as a whole. "The LEI for the Euro Area reaccelerated in November and points to a continued expansion in economic activity during the first half of 2011," said JeanClaude Manini, the Conference Board senior economist for Europe. "But the strengths have not been very widespread." "Downside risks still dominate the outlook, and the planned government budget cuts will increasingly create a drag on growth. The divergence between the LEIs for Germany and Spain is a further reminder that the improvement in economic conditions will remain uneven." The index includes parts of the European Commission's economic sentiment index, Eurostat's index of residential building permits granted and its index of capital goods new orders as well as the Dow Jones EURO STOXX Index. It also takes into account the European Central Bank's money supply data and interest rate spreads, as well as the euro zone Manufacturing Purchasing Managers' Index from Markit Economics and its euro zone Service Sector Future Business Activity Expectations Index.Reuters
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Sonmiani which had hit their targets precisely. information as a director of Pattoki Sugar Mills that PSML He was of the view these missile tests would not only board of directors has decided to acquire BASF. SECP also directed Sarwar to ensure full compliance all the enhance defence capabilities of Pakistan Navy but these applicable laws in future to avoid any serious punitive action also had fortified the defence of country's coastal lines. He held Pakistan Navy was not oblivious to defence of its under law. -APP maritime borders and it would take all possible steps for the Continued from page 12 No #2 sake of defence of the country. -Online Trade on the New York Stock Exchange was expected to take place as normal, and the US Treasury Department said auctions of threeand six-month bills and of two-year notes would proceed as scheduled on Monday. "Everything is business as usual," an NYSE spokeswoman said, and the market opened promptly at 9:30 am. But trading on all the financial markets was thinned by the storm, which also kept shoppers away from the malls on the day after Christmas, the final act of the holiday shopping season. "Volume usually picks up a bit after a long weekend but that is not going to be the case today with the snow storm... nobody can get into their offices in the Northeast and basically there is really lack of anything going on Wall Street," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon. Six states declared a state of emergency as the first widespread blizzard of the season hit Americans returning to work after one of the busiest travel weekends of the year. New York City was covered in snow -- knee deep in many areas with giant piles on the sidewalks where snow plows cleared the streets. Some motorists who were able to dig their cars out from the snow were left spinning their wheels on unplowed streets. Skies started clearing just before the morning commute, providing ideal play conditions and an extra treat for children after school was canceled. But there was no fun for thousands of people stranded in the airports. At Philadelphia International Airport, some 1,200 stuck passengers were given pillows, blankets, water, juice and diapers from the airport's assistance program, a spokeswoman said. New York subway traffic was sporadic and the Metro-North commuter rail connecting the city to its northern suburbs was suspended. One New York subway train was stuck on a frozen track for seven hours before being rescued. Amtrak passenger rail service between New York and Boston was suspended on Sunday night but resumed with a limited schedule on Monday morning. Snow drifts dropped 3 to 5 feet on north-facing structures thanks to winds of up to 49 mph, NY1 said. Major airlines including Delta Air Lines, American Airlines, JetBlue Airways, Continental Airlines and United Airlines all canceled large numbers of flights. One caller seeking to reschedule a flight on US Airways was told by an automated phone message: "Your wait time is now 170 minutes." The blizzard had been predicted, allowing cities time to crank out the salt and snow plows and shoppers to stock up on basic necessities. In a sign of the severity of the storm, an NFL football game scheduled on Sunday night in Philadelphia was postponed, forcing the Philadelphia Eagles and Minnesota Vikings to reschedule the contest for Tuesday. The move sparked criticism, especially as the sport loves to glorify games in snow. "It's an absolute joke," Pennsylvania Governor Ed Rendell, a big Eagles fan, told Fox News. "I was looking forward to this. It would have been a real experience. This is what football is all about." -Reuters
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issued to the Inter Services Intelligence chief by US court in connection with a lawsuit filed by relatives of two Jewish victims of the Mumbai attacks, Musharraf endorsed the government's stance on not asking the spy agency's head to appear in court. "The ISI chief should never appear before any US court. This is impossible, we are an independent country," he said. The US court's action "is just like the Supreme Court of Pakistan summoning the head of America's CIA", he said. -Online He said," Pakistan's policies are very liberal without having any defect in them but the issue is their implementation." The Indian government policies for businessmen, he said, are very difficult and it takes time for an investor to enter the Indian market. Mandviwalla said that to solve problems of investors "we have created boards of investment in Punjab, Sindh, Khyber-Pakhtunkhwa (KP) and Balochistan. We have a framework of investment policy but on the ground level investment actually goes to a province. That is why we refer different investors to the provinces where our provincial BOI offices can facilitate them and act as a bridge between the government and them by providing all necessary government permissions and certifications to start work. Regarding the criteria used by BOI for investors, he said that there were no limitations. There were investors with more than Rs100 crore who were being helped by BOI and there were also some businessmen who have an investment of Rs one crore. He attributed a decline in the foreign investment in the last two years to global economic crises. -Onlnie
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International & Continuation
Tuesday, December 28, 2010
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state minister for ports and shipping Nabeel Ahmed Gabol are accompanying the PM on his visit. -Online
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the notified prices. He further said last month, Ogra has slightly changed the formula by fixing OMCs and dealer margin and dropping the petroleum levy to keep the price unchanged otherwise average product prices would increase by 3 per cent.
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main covenants of the agreement with the IMF, which is likely to delay future tranches," said Asad Iqbal, chief investment officer at Faysal Asset Management Ltd. "If the IMF loses confidence in the government's ability to manage this deficit, funding from other foreign institutions is also likely to dry up, resulting in severe consequences for the country." The delay in the sixth IMF tranche, a lack of foreign aid and the cost of rebuilding after August's floods has more than trebled government borrowing from the central bank, to a provisional 324.64 billion rupees ($3.785 billion) from Jul 1 to Dec 11, compared with 106 billion rupees in the same period last year. To try and make up the shortfall, the government is considering a "Plan B", according to media reports. This would end the current general sales tax exemptions that have been given to sectors such as textile and fertiliser production. And while the government has not said there are alternatives being worked out -- "There is no Plan B as far as I know," said a senior government official, who requested anonymity because of the sensitivity of discussing tax reforms -- analysts said the exemptions may be quietly removed to avoid the kind of opposition that has greeted the RGST. Reform would help curb Pakistan's endemic tax evasion -- its tax-toGDP ratio is around 10 percent, one of the lowest in the world. But the RGST bill, introduced in November after months of delay, is vigorously opposed by almost every political party. And while it will probably eventually pass, no one can say when or in what form.-Reuters
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Wapda Member (Water) Syed Raghib Abbas Shah dilated upon the significance of Golen Gol Hydropowr Project and expressed the hope that the joint venture would complete the works in accordance with the schedule. Golen Gol Hydropower Project is a part of least-cost energy generation plan, being executed by Wapda on priority basis to harness the indigenous hydropower resources of the country with a view to improving the ratio of hydel electricity in the national grid. The project is located on the River Golen Gol, a major tributary of the River Mastuj in Chitral district of Khyber Pakhtunkhwa province about 380 kilometers from Islamabad. On its completion, Golen Gol Hydropower Project will generate about 436 million units of electricity (Gwh) to earn revenue of about Rs1 billion annually. Being an environment friendly hydropower project, it will help reduce dependence on expensive thermal power, thereby saving foreign exchange amounting to $34 million per annum to the country.-Online
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accelerating the growth of the Industry. Speaking on the occasion CEO Bankislami, Hasan A Bilgrami said that this acquisition will serve as a milestone for the Islamic banking industry in Pakistan and elsewhere. Further, he stated that the acquisition of the housing portfolio is in line with Bankislami's growth strategy in this segment. Citi Bank's housing finance customers will now required to be switched to Islamic mode of financing. "The transition for the customers to Bankislami will be made easy and convenient" CEO Bank Islami said. -Online
Taiwan cbank tightens FX rules as currency surges TAIPEI: Taiwan's central bank tightened limits on trading in non-deliverable forwards (NDF) on Monday in what traders said was a fresh effort to curb a surging Taiwan dollar. Under the new rules, NDF trades -- commonly used by banks to hedge currency exposure -- would be capped at one fifth of a bank's total foreign exchange trading, down from one third previously, the central bank said. It said in a later statement the change was "to preserve order in the market and prevent disruption by foreign funds." In common with several of
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its Asian peers, Taiwan's central bank has been waging a running battle against surges in the domestic currency, prompted by concerns a strong Taiwan dollar will destabilise the export-dependent economy and could create asset bubbles. Capital inflows to the region have risen sharply, attracted by better growth prospects and higher potential returns than in major developed economies. The Taiwanese central bank also has a track record of making minor adjustments to currency market regulations as a way of exerting pressure on what it considers speculation. Currency dealers said the
impact of the latest rule change would be limited as it would only impact banks based in Taiwan, while the Central Bank said the measure did not affect the currency forward operations of Taiwanese exporters. "Most local banks are not actively engaged in NDF trading, so the market impact is manageable," said Pin Ru Tan, emerging markets forex and rates strategist at the Royal Bank of Scotland in Singapore. The Taiwan dollar has also attracted buyers on widespread expectation the bank will raise interest rates at its next quarterly policy meeting on Dec 30.Reuters
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and two struck the compound," he added. Security officials had initially put the death toll at six. -Agencies
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tobacco or firearms. The managing director and chief executive of the Bombay Stock Exchange, Madhu Kannan, said the index would attract Islamic and other "socially responsible" investors both in India and overseas. "This index will create increased awareness of financial investments among the masses and help enhance financial inclusion," he said in a statement. "The index will also build a base for licensing for the construction of Sharia-compliant financial products, including mutual funds, ETFs (exchange traded funds) and structured products." Several studies have found that the majority of India's 160 million Muslims have been excluded from the country's formal financial sector due to the restrictions imposed by Islamic law. Companies included in the index have been screened by Taqwaa Advisory and Shariah Investment Solutions (TASIS), an Indian Islamic finance company based in Mumbai, whose board members include Islamic scholars and legal experts. TASIS said the index would "unlock the potential for Sharia investments in India". "Bombay Stock Exchange has the largest number of listed Sharia-compliant stocks in the world," said Shariq Nisar, director of research and operations at TASIS. "All Muslim countries of the Middle East and Pakistan put together do not have as many listed Shariacompliant stocks as are available on the BSE."Stocks will be reviewed every month to ensure continued compliance. Any stocks that do not meet the criteria will be removed.-Agencies
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murderers would be arrested. Talking to journalists, Dr Zulfiqar Mirza said remarkable headway had been made in the investigation into assassination of Benazir Bhutto. Letter given to Benazir Bhutto would also be made part of investigation and her murderers would be brought to justice." -Online
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we will continue her goals and manifesto along with President Asif Ali Zardari. The killers of BB will not be spared at any cost, he held. He said MQM is holding the manifesto given by Mohtarma Benazir Bhutto and we have implemented her vision to a great extent. He further reiterated that we would expose the assassins of BB tooth and nail. -Online
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portfolio amplified the deterioration in infection ratios," it said and added that however, since these fresh NPLs required only partial provisioning coverage, the system's baseline earning indicators remained positive. The Report highlighted that the SBP has responded to the changed and challenging circumstances and rationalized its regulatory requirements on loan loss recognition in respect of advances in flood-affected areas. It said that asset base of the banking system contracted by 2.3 percent to Rs 6,626 billion which was in line with the established trend for the July-September quarter. "The Ramadan and pre-Eid withdrawals and increase in currency in circulation during the quarter led to a narrowing of the deposit base," it added. The Report pointed out that the shrinking of the asset base, particularly advances, resulted in a decline in size of the Risk-Weighted Asset (RWA) over the quarter. However, the higher regulatory deductions from Tier-1 capital reduced the eligible capital as well as risk-based capital adequacy ratio (CAR), which deteriorated marginally to 13.8 per cent, while staying above the regulatory requirement of 10 percent, it added. The report forecast that the usual inventory build up, particularly by Kharif crop-based industries, during the last-calendar quarter will create additional demand for bank credit. "Although the banks are expected to remain liquid; the heightened demand for credit from the public sector will mean that the banks ability to finance additional private sector loans will be predicated upon mobilization of fresh deposits and retirement of commodity finance by government-owned agencies which continues to be extremely high," the report said. It added that banks will need to reduce their large portfolio of government paper and lending to the public sector agencies so as to reduce their sovereign exposure as well as to make credit available to the private sector for maintaining economic growth, and thereby enhance and diversify revenues of the banking system. Nevertheless, the aggregate earnings of the system are expected to be satisfactory, although these will continue to be concentrated in banks endowed with a wide network and competitively better placed to raise stable and relatively cheap funds, the Report said. -NNI
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them, who asked Shaheed Benazir Bhutto that first PPP and then PML-N would rule the country. He said that they had come to Garhi Khuda Bakhsh for the first time and they invited them in the elections. The president also asserted that PPP has been reinstated the deposed CJP, Iftikhar Muhammad Chaudhry of whom house Shaheed BB marched the flag. He further said that to restore after Justice Dogar was political strategy of the time. President Zardari revealed that he asked Benazir Bhutto not to go back to Pakistan knowing threats to her life given by Taliban terrorists. He said their children are witnesses of it.According to media reports, while his address to the central executive committee of Pakistan Peoples Party (PPP), he said many proofs have been collected in BB's murder case and assailants would soon be exposed.Zardari urged the party members to work hard as there are only two years to go to next elections.
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by the statements against coalition partners', President directed Mirza. He asked Mirza that problems should not be created for coalition by these statements. The President further said that directives of the Prime Minister pertaining to coalition partners in Sindh must be complied. -Agencies
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decreased 1.2 per cent to 5.49 million tonnes in 11MCY10 compared with 5.56 million tonnes in 11MCY09.While DAP sales down 18.7 per cent at 1.23 million tonnes against 1.51 million tonnes in 11MCY09 mainly due to higher average prices. Meanwhile, gas supply to Sui network plants is likely to remain suspended for 45 days from the January 7th as part of the gas load-management programme. Extended gas curtailment during winter (45 days scheduled outages) is a major concern for fertiliser players, whereas outages are expected to get back to the originally announced levels, which is 20 per cent on Sui network and 12 per cent on Mari network. To recollect, urea price per bag was increased by Rs75/bag across-the-board to cater for originally notified curtailment level, which was later reverted to Rs830/bag since actual curtailment was lower than notified. In a recent instance, Engro has increased its urea prices by Rs190/bag, which appeared unprecedented in nature and somewhat above industry expectations. As per the research analyst of InvestCap, gas curtailment is an ongoing issue, our discussion with industry sources reveals that other players, including FFC, have not yet increased their prices. He said Engro is passing through crucial time as its plant is in start-up phase and trial production is expected to start by the beginning of next year, if all goes well. The delay in commissioning has also resulted in cost overruns for the project, to the tune of $10 million a month. In this manner, recent increase in urea prices is expected to address liquidity concerns of the company amid cost overruns and gas curtailment.On the other hand, such an increase by FFC will have a noticeable impact, since urea business is the biggest contributor to its bottom-Online.
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He said Pakistan's once actively traded stock market saw trading activity declining to 9-year low in the calendar year 2010 mainly due to absence of investor-friendly derivative product and imposition of capital gain tax at a time when investors are still risk averse after the infamous 2008 crisis. Interestingly the extent of how dull the trading activity was can be judged from the fact that investors bought and sold shares worth Rs1.06 trillion in last 52 weeks which is equal to 3 weeks trading seen in Feb 2005, he added. The year 2010 saw volumes declining to 9 year low. Average daily volume of 122 million shares was down 29 per cent from 2009 and 47 per cent from 10-year average. In value terms daily business of Rs4.4 billion ($51 million) was lower by 41 per cent from 2009 and 73 per cent from last 10-year average. Though in 2001 the volume was 96mn shares (Rs3 billion) a day but at that time the market size was also small with average market capitalisation of Rs337 billion ($5.4 billion) compared to average market value of Rs3 trillion ($35 billion) in 2010. The imposition of capital gain tax and the uncertainties on its modalities affected the trading activities of investors who were already missing the investor friendly leverage product. That is why volumes in second half of 2010 fell 40 per cent from first half volumes. In terms of turnover velocity (volume divided by market cap) which is a better and relative measure of market depth, Pakistan's turnover velocity in 2010 was 37 per cent compared to an average of Asian markets of more than 100 per cent. Pakistan's turnover velocity in 2003 was at record 490 per cent compared to Asian average of 80 per cent making it one of the most actively traded markets at that time. Thus the once most liquid market of Asia is suffering from low volumes thereby making impossible to execute large orders. And that is why we believe that foreign flows of $1.9 billion (gross buy of $1.2 billion and gross sell of $0.7 billion) was lower in relative terms than what was observed in other similar markets.
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President addresses gathering on BB anniversary
BB killers won’t escape: President Says UN’S investigation report incomplete Special Correspondent /Agencies NAUDERO: President Asif Ali Zardari has said that investigation report of United Nation was incomplete and they showed their reservations in this regard. President Asif Ali Zardari said in his address to a mass gathering on the occasion of third martyrdom anniversary of his slain wife and PPP co-chairperson Benazir Bhutto Monday. "We have fulfilled our promises we made with the nation and Benazir Bhutto," he said, adding that "the constitutional reforms, autonomy to provinces, NFC awards, packages of Balochistan and struggle against corruption and poverty are achievements of Peoples Party." About UN report into BB assassination, he said "it was unclear and incomplete."
He said "we know the killers but we don't consider our enemy, either he is Baitullah Mehsud or anyone else, it is an ideology which we should eliminate." True to her words Benazir Bhutto led the fight against militancy and embraced martyrdom, he added. Zardari urged political opponents to let the government complete it five-year term, vowing that upcoming elections would be 'free' and 'fair'. Zardari urged party workers, youth and people to join hands and work together for the realisation of hopes and dreams of Benazir Bhutto. "We pay tribute to her courage and leadership we also vow to continue to fight for the values she upheld and laid down her life for," he said. He said that Pakistan Peoples Party (PPP) is following the path of Shaheed Zulfiqar Ali Bhutto and Shaheed Mohtarma Benazir Bhutto, who sacrificed
their lives for the democracy. He further said Bhutto is the name of revolution, adding that he is torch-bearer of democracy from last three years. PPP is implementing over the vision of Shaheed Benazir Bhutto, who, believed that democracy is best revenge. Zardari maintained that he over the wishes of Shaheed Mohtarma Benazir Bhutto passed resolution in the support of women and launched a scheme to assist the hapless segments of the society particularly the women. Commenting about the former president Pervez Musharraf, he said that time is a big revenge as the one, who was not allowing Benazir Bhutto to comeback Pakistan is on exile and could not return back to the country. Zardari stated that the good governing in Punjab is due to them as they are working with See # 15 Page 11
Musharraf accuses Sharif of supporting Baloch nationalists ISLAMABAD: Former president Pervez Musharraf has accused Nawaz Sharif of supporting Baloch nationalist leaders, charging that PML-N chief was trying to draw "political mileage" from the Baloch unrest. Musharraf, who has in the past alleged that India was backing the Baloch rebels, has once again said that Jamhoori Watan Party leaders Shahzain Bugti and Brahamdagh Bugti were "getting arms from India through Afghanistan." Participating in a talk show on a TV news channel, he also alleged that India was involved in fomenting unrest in Balochistan, according to The Asian Age. Musharraf claimed Shahzain Bugti's group and other Baloch
factions had acquired missiles and anti-aircraft guns to battle the frontier corps and the Pakistan Army. He criticised the PML-N's government in Punjab province and Nawaz Sharif for supporting Baloch nationalists, describing it an act of "political mileage." "They (Shahzain and his father Talal Bugti) get state protocol when they come to Punjab and stay at Sharif's residence Raiwind House as guests. Nawaz is supporting them just for his political mileage," Musharraf said. The former president, who lives in self-exile in Britain, claimed: "India is also supporting various separatists and insurgent groups of the province and fuelling insur-
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Tuesday, December 28, 2010
gency to destabilise Pakistan." Musharraf had recently claimed in an interview that Pakistan had evidence of India's involvement in the unrest in Balochistan, where nationalist leaders have been waging a campaign for a greater say in decision-making. His claims were an apparent reason for the Indian government's recent decision to refuse him a visa to attend a conference in Delhi. Musharraf further alleged during the talk show that Shahzain Bugti, who was recently arrested in Quetta for alleged possession of unlicensed weapons, was involved in the killing of Punjabis in Balochistan. Asked about the summons See # 3 Page 11
India confiscates Adnan Sami's property MUMBAI: The Enforcement Directorate in India on Monday confiscated eight properties and five parking spaces belonging to singer Adnan Sami under the Foreign Exchange Management Act. According to Indian law, a Pakistan national cannot acquire immovable property in India other than on lease, not exceeding five years. The Time of India reported that singer had acquired eight properties in 2003, totaling 25 million Indian rupees in a housing society in Andheri, Maharashtra. The properties now belong to the Indian government. The Enforcement Directorate has also imposed a fine of 2 million Indian rupees on the singer.-Agencies
SECP imposes Rs0.2mn fine KARACHI: Securities and Exchange Commission of Pakistan (SECP) has imposed a fine of Rs200,000 on Muhammad Sarwar, director of Pattoki Sugar Mills Ltd (PSML) on charges of insidertrading. According to a communiqué sent to KSE here Monday, SECP said the director made purchase of scrips of Baba Farid Sugar Mills (BAFS) through Foundation Securities, raising its price from Rs5.50 to Rs16.44 per share. SECP said that Muhammad Sarwar had the inside See # 1 Page 11
Heavy snow disrupts life in New York NEW YORK: A blizzard pummeled the northeastern United States on day, dumping up to 29 inches of snow, disrupting air and rail travel and challenging motorists with blowing snow and icy roads at the end of the busy Christmas weekend. New York City, eastern New Jersey and western Long Island were the hardest hit by the storm, which blew up the Atlantic Coast on Sunday night and continued up to the Monday morning commute, unleashing powerful winds and grounding cities to a halt. See # 2 Page 11
During Three Years
54 attacks on gaslines cause
Rs382mn loss ISLAMABAD: During the last three year as many as 54 gas pipelines were attacked in the country resulting in a loss of Rs382.63 million. An official source said that major steps were taken to avert such incidents and the services of security personnel in sensitive areas had been hired. He said that the number of attacks had decreased due to effective security measures. He continued that the local companies including Oil and Gas Development Company Limited (OGDCL) and Sui Northern Gas Pipelines Limited (SNGPL) had been directed to start work on the projects assigned to them however the foreign companies were hesitating to start the work.
The contracts of the foreign companies had been extended, however, if they didn't start work in near future, the contracts would be cancelled, he added. To a question regarding the profit of OGDCL, he informed that the company's profit during 2008-09 was Rs55.539 billion while it rose to Rs59.177 billion during 2009-10. He told that Sui Southern Gas Pipelines Limited earned a profit of Rs258 million during 2008-09. He further stated that the company was in loss of Rs306 million during the first nine months from July 2009 to March 2010 while the company was expecting a net profit of over Rs2 billion at the end of this year. -APP
Golen Gol Hydropower Project
Rs7.5bn pact for 106MW JV inked LAHORE: An agreement worth Rs7.52 billion was signed between Pakistan Water & Power Development Authority (WAPDA) and SAMBU-SARCO joint venture comprising a Korean and a Pakistani firm, here at Wapda House for Lot-II of 106-MW Golen Gol Hydropower Project. General Manager (North)
Projects Fazl-e-Mabood and SAMBU Board of Representatives Chairman Oh Sung Hoon signed the agreement. Golen Gol Lot-II involves construction of diversion weir, intake, gravel trap, sand trap, headrace tunnel, pressure shaft, pressure tunnel and roads. Speaking on the occasion, See # 8 Page 11
Banks told to devise policy
SBP urges banks to restrict NPLs ISLAMABAD: State Bank of Pakistan (SBP) has stressed upon the banks to devise ingenious strategies to deal with the high level of NonPerforming Loans (NPLs). According to SBP's Quarterly Performance Review report of the Banking System for the quarter ended on September 2010 released on Monday, the directive has been issued to support promising businesses continue to contribute in economic growth and service their obligations in an orderly manner which are fac-
ing transitory difficulties due to a constrained macro environment. The Report pointed out that the growth in NPLs, which decelerated during the first two quarters of CY10, grew by 7.4 per cent during the quarter under review reaching Rs 494 billion as banks' lending portfolio, to some extent, was effected by recent unprecedented floods and torrential rains. "This coupled with over-thequarter decline in lending See # 14 Page 11
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RBI further curbs deals with Iran MUMBAI: India's central bank Monday further curbed transactions with Iran, saying all current account transactions including trade deals with the Islamic Republic should be settled outside the Asian Clearing Union (ACU). Reuters had reported Friday that the Reserve Bank of India will not facilitate payments for Iranian crude imports, in another blow to the Islamic Republic's oil business as global pressure on Tehran grows over its nuclear programme. "In view of the difficulties being experienced by importers / exporters in payments to/ receipts from Iran, it has been decided that all eligible current account transactions including trade transactions with Iran should be settled in any permitted currency outside the ACU mechanism until further notice," the central bank said in a release. The ACU involves the central banks of India, Bangladesh, Maldives, Myanmar, Iran, Pakistan, Bhutan, Nepal and Sri Lanka. Although United Nations sanctions do not forbid buying Iranian oil, the United States has pressed hard for governments and companies to stop dealing with Tehran. Many oil majors and banks have abandoned their dealings since then. US President Barack Obama visited India last month and said he supported its bid for a permanent UN Security Council seat. The sanctions make it difficult to open letters of credit, which are often required for the buyer and seller of a cargo to guarantee payment upon delivery or at an agreed future date. -Reuters
FIA raids Moonis Elahi's office LAHORE: FIA raids Moonis Elahi's office. The team of FIA Lahore wing raided into the office of Moonis Elahi, son of former Punjab Chief Minister and arrested his manager Abdul Malik. According to media reports, Moonis Elahi is considered as a companion of Mohsin Warraich, a main accused of NICL case. The raid was linked as a continuation of the investigation of NICL case. -Agencies
Testfires surface-to-air missiles
Pakistan Navy flexes muscles KARACHI: Pakistan Navy has test fired surfaceto-air missiles successfully in the area of Sonmiani. As per sources surfaceto-air missiles were test fired in Sonmiani and they have hit their targets with precision. Naval Chief Admiral Noman Bashir was also present on the occasion. Congratulating the officers and jawans of Pakistan Navy on conducting missile tests successfully said
these tests had fortified the defence of country's coastal line. Pakistan navy would leave no stone unturned to defend its maritime borders. Coastal lines of the country would be protected at every cost, he underlined. Pakistan Navy spokesman told 3 surfaceto-air missile tests had been carried out by Pakistan Navy in the area of See # 4 Page 11
Uplift of Gwadar Port to be discussed: Gilani
Pak, Oman to moot trade ties ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani has said that Oman is an important regional country which has close ties with Pakistan. Talking to media at airport prior to leaving for Muscat for a two-day official visit to Oman PM Gilani said during his visit he would be holding talks on strengthening of bilateral ties and enhancing cooperation in various sectors. He said that special
impetus would be given on development of Gwadar Port and increasing Pakistani manpower to Oman. Prime Minister Gilani during his visit would also exchange views on bilateral relations and key regional affairs. PM was seen off by senior officials. Foreign Minister Shah Mehmood Qureshi, Chief Minister Balochistan Nawab Aslam Raisani and See # 5 Page 11
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