International Karachi, Friday, October 29, 2010, Zul-Qa’dah 20, Price Rs12 Pages 12
Malik, Altaf agree to go hand in hand
India-ties not at Pak's cost: USA
See on Page 12
Sharif calls for ‘save Pak plan’
See on Page 12
Pak pins peace hopes on Obama India visit
See on Page 12
See on Page 12
Gilani says govt sticks to reconciliation policy
Economic Indicators $16.88bn 13.77% $5.18bn $9.03bn $(3.85)bn $(545)mn $2.65bn $455.10mn Rs 310bn $55.63bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 170.91mn
Forex Reserves (22-Oct-10) Inflation CPI% (Jul 10-Sep 10) Exports (Jul 10-Sep 10) Imports (Jul 10-Sep 10) Trade Balance (Jul 10-Sep 10) Current A/C (Jul 10- Sep10) Remittances (Jul 10-Sep 10) Foreign Invest (Jul 10-Sep10) Revenue (Jul 10-Sep 10) Foreign Debt (Jun 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Aug 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
76.03 26.81 -0.30 2505
Yearly(Jul, 2010 up to 27-Oct-2010) Monthly(Oct, 2010 up to 27-Oct-2010) Daily (27-Oct-2010) Total Portfolio Invest (15 Oct-2010)
NCCPL (U.S $ in million)
FIPI (28-Oct-2010) Local Companies (28-Oct-2010) Banks / DFI (28-Oct-2010) Mutual Funds (28-Oct-2010) NBFC (28-Oct-2010) Local Investors (28-Oct-2010) Other Organization (28-Oct-2010)
-3.78 0.51 0.69 0.13 0.07 2.90 -0.53
Global Indices Index Close KSE 100 10,634.99 Nikkei 225 9,366.03 Hang Seng 23,210.86 Sensex 30 19,941.04 ADX 2,817.04 SSE COMP. 2,992.58 FTSE 100 5,676.29 *Dow Jones 11,105.51 *Last Updated 20:00 PST
Change 69.17 21.00 46.28 64.33 5.30 4.47 30.27 20.77
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)
$.Price PKR/Shares 2.60 111.57 18.70 160.48 2.00 42.91 1.70 36.47 9.85 33.81
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
12.77% 13.08% 13.22% 13.50% 12.83% 12.99% 13.23% 13.62% 13.72% 13.65% 13.75% 13.84% 14.23% 14.36% 14.52%
20-Oct-2010 20-Oct-2010 20-Oct-2010 29-Sep-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010
Commodities *Crude Oil (brent)$/bbl 83.22 *Crude Oil (WTI)$/bbl 81.74 *Cotton $/lb 122.14 *Gold $/ozs 1,330.50 *Silver $/ozs 23.64 Malaysian Palm $ 986.50 GOLD (NCEL) PKR 36,734 KHI Cotton 40Kg PKR 8,895
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 84.80 Canadian $ 84.90 Danish Krone 14.90 Euro 118.00 Hong Kong $ 11.00 Japanese Yen 1.050 Saudi Riyal 22.90 Singapore $ 65.50 Swedish Korona 12.20 Swiss Franc 88.20 U.A.E Dirham 23.30 UK Pound 134.90 US $ 85.95
Sell (Rs)
84.90 85.00 15.30 119.00 11.30 1.076 23.10 66.50 12.70 88.70 23.50 135.20 86.20
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
83.78 83.55 15.90 118.64 11.06 1.063 22.88 66.06 12.71 86.79 23.36 135.62 85.82
83.97 83.74 15.94 118.91 11.09 1.066 22.93 66.21 12.74 86.99 23.42 135.94 86.00
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
28°C 36°C 30°C 31°C 24°C 28°C
MIN
9°C 19°C 15°C 15°C 7°C 11°C
Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com
www.thefinancialdaily.com
PM vows to pull coalition together MULTAN: Prime Minister Syed Yousuf Raza Gilani Thursday said that government wanted to keep the coalition intact and urged the partMULTAN: PM Syed Yousuf Raza Gilani being briefed by Vice Chancellor ners to work as a group in order to Bahauddin Zakariya University about Gilani Law Collage Girls Hostel.-APP get results, and assist government in the resolution of issues, added that together we can take the country of the prevailing crises. Talking to the media, after a ceremony in Law College here PM Gilani said that talks with PML-Q would not affect their relations with PMLN, to whom PPP is the coalition partner in the Punjab government. PM said government is implementing the policy of reconciliation and would move forward, taking along ISLAMABAD: Chief Justice of this rental powerhouse is currently all the political parties. Pakistan, Justice Iftikhar Muhammed closed owing to the fuel problem. Chaudhry expressing his annoyance The Chief Justice told the counsel for over the tariffs finalised for rental the ministry that he was required to see power plants, said the burden of addi- the relevant clauses about arbitration tional power tariffs would be shifted to issue outside the country, 61 people ISLAMABAD: Pakistan and the general consumers in the last, and holding shares inside the country and Afghanistan on Thursday signed the report of Asian Development Bank the sureties given by the banks. Pak-Afghan Transit Trade (ADB) raised grave concerns over The CJP said finance ministry also Agreement for boosting bilateral rental power projects. shares the responsibility in the rental trade and exports for the benefit of A three-member SC bench headed by power policy, asking 'was government the people of the two countries. Chief Justice of Pakistan Justice told in presentation as to how much According to a message received Iftikhar Muhammed Chaudhry heard rental electricity will cost and how here from Kabul, the agreement was the petitions filed against the rental much general consumer will be burpower projects. dened with it?' When asked by the court, the counsel Khwaja Tariq Rahim said the power of water and power ministry Khwaja tariffs cannot be told in presentation, as Tariq Rahim said Faisalabad's power- this issues comes afterwards during the house was paid out Rs230 million; but, See # 14 Page 11
SC puts off hearing in RPPs issue
RPPs tariffs raise top court’s brows
He further said that country is facing economic problems due to recent flooding, however developmental works are under way in the federation and provinces as well. To a query, he stated that the negotiations with PML-Q would not disturb their relations with PML-N, adding all political parties showed their trust by casting vote of confidence in his favor, thus they wanted to go ahead in same way. Commenting on the NRO beneficiaries, he said that indiscriminate action would be taken all the guilty persons, no mater it is Federal Information Secretary Mansoor Sohail or anyone else. Gilani further said that the MQM
and JUI are still with the government and all allied parties including MQM were participated in Karachi ceremonial. Commenting on the statement of Nawaz Sharif, 'the government should purify itself otherwise masses would be on roads', the PM said that PML-N Quaid would have uttered these words for the Punjab government. Prime Minister passing up the question regarding report of Transparency International, he only said, "no comments". Earlier, Prime Minister Gilani addressing the inauguration ceremony of college said that the legal See # 12 Page 11
Pak-Afghan trade pact inked in Kabul
FAO DG calls on President
Action sought on food security ISLAMABAD: President Asif Ali Zardari on Thursday said that food security was critical for peace and stability and the issue needed to be addressed by the international community on priority basis. He said that the maximising yield per acre, optimal use of water and land resources and adequate storage facilities would ensure food security, and that called for greater international cooperative efforts. During a meeting with Dr Jacques Diouf, Director General Food
and Agriculture Organization (FAO) here at the Aiwan-e-Sadr, President called upon FAO for setting up early warning systems to mitigate the damages of any natural calamity and to assist the government in drainage of water from the fields in those areas that were hit by the devastating floods. The President said," the agriculture sector which contributes 21 per cent share in national GDP and provides employment to about 45 per cent labour force has suffered huge See # 15 Page 11
FFBL Analyst Briefing Highlights
DAP price up at Rs2735/bag Shabbir Kazmi KARACHI: Global hike in DAP prices and its impact on local prices is likely to yield windfall profit for the sole producer of this type of fertiliser in Pakistan. The Company sold sizable quantity of DAP in September and may achieve even higher sales in October. This was the sum of the
presentation made at analysts briefing of Fauji Fertilizer Bin Qasim limited (FFBL) held on Thursday. It also became evident that despite curtailment of gas supply to fertiliser manufacturing plants, there will not be any need to import more urea as the manufacturers as well the government has ample stocks. See # 17 Page 11
KSE AGM approves FY10 annual accounts
Members urge spending-cuts Nawaz Ali KARACHI: Members of Karachi Stock Exchange expressed their serious concerns on heavy expenses of the bourse despite a massive decline
in the income during the annual general meeting on Thursday. The general body of the exchange approved the annual accounts of the exchange for FY10 in the See # 20 Page 11
Forex reserves down at $16.88bn Staff Reporter KARACHI: Pakistan's foreign exchange reserves fell to $16.88 billion in the week ending Oct 22, down from a record $17.10 billion the previous week, the central bank said Thursday. Reserves held by the State Bank of Pakistan (SBP) fell to $13.09 billion from $13.26 billion, while those held by commercial banks also fell to $3.79 billion from $3.84 billion, said Syed Wasimuddin, chief spokesman of the SBP. "These were regular debt payments," said Wasimuddin. Pakistan's reserves hit a record high in the week ending Oct 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade deficit. They were further boosted last month after the IMF sent Pakistan $450 million and said that the money would go toward the budget to help with additional spending See # 16 Page 11
New US envoy
Munter meets Shaikh ISLAMABAD: US Ambassador to Pakistan, Cameron Munter called on Finance Minister Dr Hafeez Shaikh here on Thursday. Finance Minister Shaikh briefed the ambassador about the steps See # 18 Page 11
inked by Pakistani Minister for Commerce Makhdoom Amin Fahim on behalf of government of Pakistan while Afghan Commerce Minister Anwar-ul Haq Ahadi signed the agreement on behalf of his country. US Special Representative for Afghanistan and Pakistan Richard
Holbrooke also witnessed the signing ceremony. After signing of the agreement, Makhdoom Amin Fahim also called on President Hamid Karzai and discussed with him matters of mutual interest with special reference to See # 13 Page 11
2
Friday, October 29, 2010
Govt rewriting security plan for Karachi
HBL asset mgmt declares first interim dividend Staff Reporter KARACHI: The Board of Directors of HBL Asset Management Limited, the Management Company of HBL Income Fund and HBL Money Market Fund, in its meeting held announced first interim bonus Units for 'A' and 'B' Classes of Units and Cash dividend for 'C' Class Units for the year ending June 30. The Board has approved first interim dividend at Rs2.25 per Unit in the form of Bonus Units for 'A' & 'B' Classes of Units and Cash dividend of Rs2.25 per unit for Class 'C' Units for the year ending June 30, 2011. The Board has approved
first interim dividend at Rs2.25 per Unit in the form of Bonus Units for 'A' & 'B' Classes of Units and Cash dividend of Rs2.25 per unit for Class 'C' Units for the year ending June 30, 2011. The bonus Units will be issued based on the ExDividend NAV as on October 31, 2010. Unit holders, who have opted to en-cash the bonus Units at the Ex-Dividend Net Asset Value (NAV), will receive cash payout based on Ex-Dividend NAV as on October 31, 2010. Unit holders whose names are included in the register on October 29, 2010 will be entitled to Cash Dividend / Bonus Units.
Pfizer moots breast cancer KARACHI: In view of October being observed as the Breast Cancer Awareness month, Pfizer held an internal awareness seminar for its employees to educate them regarding Breast Cancer and the importance of its early detection, said a statement issued here on Thursday Prominent Oncologist, Professor Manzoor Zaidi, who is also a professor at Baqai University, delivered a comprehensive lecture on the subject, followed by a question and answer session. Speaking at the occasion, Prof Manzoor high-
lighted the importance of early detection and manual self-examinations, which can increase survival rates. He further shared some statistics as to how breast cancer is the most prevalent and common type of cancer in females, and that women who do not have a family history of breast cancer should also have a mammogram and clinical breast examination by a healthcare provider every year. In Pakistan, 40,000 women die every year due to breast cancer. Early detection is the best way to survive breast cancer.-PR
M Imran Sharif
ISLAMABAD: Newly appointed US Ambassador to Pakistan Cameron Munter pays a visit at Shah Faisal Mosque, Prof Sajid-ul-Rehman is also seen in the picture.-Online
Asian congress of architects at Lahore LAHORE: Asian Congress of Architects, 2010 by Institute of Architects Pakistan (IAP) continues at Lahore Expo Centre. Shaukat Awaz Raja introduced the theme of the congress, "Go Green: The Architecture of the New Order". Sessions were organised by Anna Heringer on "Local solutions for Global Challenges" and Dr Nomana Anjum on "Enabling Sustainable Design Practices Focusing on Build Environment". A large number of corporate visitors attended the Building Material and Products exhibition commenced on 27th October simultaneously with the Congress at the EXPO Centre Lahore.-Online
PQFTL to issue 33pc rights shares KARACHI: The Board of Directors of Pak-Qatar Family Takaful has decided to further invest in the company by issuing right shares upto 33 per cent of the base capital. This was decided in the Board of Directors meeting of PakQatar Family Takaful held in Doha, Qatar recently. The meeting was chaired by H.E. Shaikh Ali bin Abdullah Al-Thani chairman board of director and was also attend by all the members. CEO, PQFTL P Ahmed apprised the Board on the state-of-affairs of the Company and presented the progress report; Shaikh Thani and other members of the board expressed their satisfaction and
RCCI blows out 3-day gas cut plan FRIDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:05 13:00 15:05 14:00 15:15 16:00 16:02 16:30 17:00 17:05 18:00 18:05 19:00 19:30 20:00 20:05 21:00 22:00 22:05 23:00 23:05
Programmes Pakistan Aaj Raat (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Islamabad Say (Rpt) News Siyasat Mana Hai (Rpt) News Power Lunch News Akhri Suada Karobari Dunya News Ghar Ka Kharch (Rpt) News Chai Time Headlines Mang Raha Hai Pakistan Headlines Islamabad Say Pakistan Aaj Raat Headlines Dosra Pehlu News Siyasat Mana Hai
TV PROGRAMMES FRIDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Awam Ki Awaz 23:00 News 23:30 24
RAWALPINDI: The Executive Committee of the Rawalpindi Chamber of Commerce and Industry (RCCI) unanimously rejects the government decision of 3-day gas load shedding for the Industry in a week. The Executive Committee meeting was held here at Khalid Waheed Haal of the Chamber on Thursday. Senior Vice President Mian Muhammad Ateeq and Vice President Dr Shimail Daud were also present on the occasion.
NetSol inks agreement with Chinese firm Staff Correspondent LAHORE: NetSol Technologies announced Thursday signing a contract with the captive finance arm of a major auto company in China to implement its entire NetSol Financial Suite (NFS) solution, which includes both its wholesale and retail platforms. The client company, which is a joint venture between two major Asian auto manufacturers, has selected the NFS platform to manage all of its finance operations.
On the occasion, President RCCI Syed Ali Raza Saeed Shah said that owing to government stance Province would face Rs 1 billion loss and 30 per cent increase in unemployment would also be likely. He stressed that government must focus the load management instead of load shedding. "Government must center the alternate energy resources", he said. Syed Ali Raza said that three days gas load shedding for industries of the Punjab would shatter the
country's economy. He said industrial cities like Sialkot, Faisalabad and Lahore which play vital role in national exchequer would face immense problems due to the said load shedding. He further said that cost of production would increase and it would be intricate for local industry to compete in the international markets. The RCCI President said that adopting of long, medium and short term policies are need of the hour.-APP
LABARD working to uplift disabled LAHORE: As many as 75 disables got registered with Lahore Businessmen Association for Rehabilitation of Disabled (LABARD) during the 3day LABARD camp concluded on Thursday, it has been learnt. The camp was inaugurated by the Senior Vice President of Shahbaz Sharif Secretariat Rahat while Zulfiqar Ahmad and Prof Abdul Qayyum also extended cooperation. LABARD would provide training, education, artificial limbs, tricycles, wheel
chairs and hearing devices to the disables registered during the three-day camp. Talking about the objectives of the establishment of LABARD camps, the LABARD President, Member National Assembly (MNA) and Senior Leader of PML-N Mohammad Pervez Malik said that as a large number of disabled persons did not have access to the free-ofcost services being provided by the Lahore Businessmen Association for the Rehabilitation of the Disabled.
KARACHI: Prof Manzoor Zaidi delivering a lecture on “Breast Cancer Awareness� at Pfizer Pakistan's head-office.-Staff Photo
appreciated the performance so far despite the difficult socio-economic conditions of the country. Shaikh Ali bin Abdullah Al-Thani assured his full support to PQFTL. He said that PQFTL "has the institutional capacity to cater to the protection and longterm investment needs of the people of Pakistan." The sponsors of Pak-Qatar, who are leading financial institutions from the state of Qatar including QNB, Masraf Al-Rayan, QIIB, QIB, QIIC, The Amwal group and German base FWU group, showed their long term commitment to the country and pledged to provide assistance to support the cause of Takaful in Pakistan.-APP
PGJDC romps in matrix design contest KARACHI: Pakistan Gems and Jewellery Development Company (PGJDC) is proud to get Pakistan recognised through another milestone of success in the international arena of gems and jewellery, said an official statement made here on Thursday. Pakistan, through the platform of PGJDC, has secured top two positions in the student category of the "2010 Matrix Design Contest" and international jewellery designing competition through computer aided jewellery designing. The contest was organised by Gemvision Corporation, which is a multinational jewellery technology corporation with facilities in the USA, UK and a global network of authorized dealers, the handout further said. The position holders from Pakistan have been trained and qualified at PGJDC's Gems & Jewellery Training and Manufacturing Centres (GJTMCs) in computer aided jewellery designing and manufacturing in Karachi and Lahore.Agencies
EPZA chips in Rs4mn for victims KARACHI: Chairman Export Processing Zones Authority (EPZA) Aftab Ahmed Memon presented a cheque of Rs 4 million to Chief Minister Sindh Syed Qaim Ali Shah here on Thursday at Chief Minister House for "Sindh Chief Minister's Flood Relief Fund". Chief Minister Sindh appreciated the contribution by EPZA for the assistance and rehabilitation of flood affected people. -NNI
KARACHI: Fifteen police pickets are being set up, equal number of police mobiles are reserved and around 250 police personnel are being deputed in Shershah area of the city to ensure security to the people especially traders there. All humanly possible security arrangements will also be taken in other areas of the city to maintain peace and security to life and property of the citizens which is the prime duty of the government. This was assured by Sindh Minister for Law and Parliamentary Affairs Muhammad Ayaz Soomro in a meeting with representatives of various market associations of the city and leadership of Karachi Chamber of Commerce and Industry during his visit to the Chamber on Thursday. He was accompanied by Advisor to Sindh Chief Minister on Investment and former president KCCI Muhammad
APTMA hails new ITMF head KARACHI: Central Chairman All Pakistan Textile Mills Association (APTMA) Gohar Ejaz has felicitated Bashir Alimohammad, former Chairman APTMA, for his unanimous election as President International Textile Manufacturers Federation (ITMF). The International Textile Manufacturers Federation (ITMF) is a Switzerlandbased textile organization and Alimohammad is firstever Pakistani to be elevated to such an august office globally. Alimohammad is a leading textile entrepreneur and he has earned great respect and honour while serving as Chairman APTMA and recently obtaining market access for textile industry in the EU.-PR
Zubair Motiwala, Sindh Home Secretary Arif Khan and Capital City Police Officer Fayaz Leghari. Among number of businessmen attending this interactive session, the prominent were Chairman Businessmen Group in KCCI and former president KCCI Siraj Kassam Teli, President KCCI Muhammad Saeed Shafiq, Senior Vice President KCCI Talat Mehmood, Vice President KCCI Muhammad Junaid Makda, former presidents KCCI A.Q. Khalil and Haroon Farooki. The Provincial Law Minister assured the business community that all those involved in the terrorist incidents mainly in Shershah, wherein 12 people were killed in the recent violence, would be punished soon. More than one hundred suspects have already been arrested and 3 or 4 of them have admitted their involvement in terrorist incidents in the city. The investigations are in progress and the public will be informed of the results.
Power-cuts hurting exports Staff Reporter KARACHI: Mohammad Danish Khan Chairman Southern Pakistan Leather Garments Manufactures & Exporters Association stated that the extensive load shedding of eight hours by KESC in Tannery Zone of Korangi Industrial Area is hurting exports of Leather Garments. He stated that it is unjustified to the Leather Garment factories and Tanneries situated in this area even though they are paying the Electricity Bills to the KESC regularly. The Electricity losses may be occurring in the Residential Area of Korangi but Industrial Area factories are wrongly
victimized along with these defaulters by resorting to 8 hours load shedding. Leather Garments units and Tanneries of Sector 7/A, Korangi Industrial Area are directly affected by this extensive load shedding of 8 hours. The Leather Garments exporters are unable to run their production smoothly or make shipments on time. Operating factories on generators for 8 hours daily is not viable for industries since they are already overburdened by high cost of inputs. The electricity load shedding results in delay in export orders forcing sea shipments to be sent through Air cargo, which is additional cost to exporters.
Nadra Chief earns performance award for Watan Cards ISLAMABAD: Interior Minister A Rehman Malik Thursday announced Pride of Performance for Chairman National Database and Registration Authority (NADRA) Ali Arshad Hakeem over successful launching and execution of Watan card project. Appreciating the Authority, he said Nadra made it possible for the government to have data of flood affected people and
issue them assistance in a shortest record time. He said Nadra has world largest database of registered population, adding that so far one million Watan cards have been issued to flood affected people, while 300,000 CNICs have also been issued to them. He further said that those employees of the Authority who took part registration of flood affected people
would be sent on Hajj through balloting. He said floods caused one of the largest human displacements in the history and the government had to deal with it efficiently and transparently with the help of Nadra. He said with the issuance of one million Watan Cards Nadra has proved its capabilities ensuring transparent aid disbursement among the flood affected people.-APP
LAHORE: Steve Han, Managing Director Samsung Electronics and Injae Lee, Senior Manager at the 78th Vision Care Eye camp along with the team of Vision Care doctors and patients.-Staff Photo
Samsung donates $10k for eye camp Staff Correspondent LAHORE: Samsung Electronics recently donated $10,000 to the 78th Vision-Care Eye CampPakistan, for Cataract surgeries performed by a delegation of Korean surgeons and medical staff. This medical camp was conducted at UCH-Sambu Korean Eye Center. The Korean Embassy in Pakistan, Lahore Korean Church and the United
Christian Hospital also provided valuable support to this Eye Camp, where 572 Outpatient cases were handled, while 71 Cataract Surgeries were also conducted with the donation funds provided by Samsung. The General Manager of Samsung Pakistan, Steve Han said; "This humanitarian gesture from Samsung is a reflection of Samsung's strong commitment to social wellbeing.
LLB result announced by KU KARACHI: Karachi University on Thursday announced the result of LLB, Part-I annual examination, 2010. According to a press release issued from the office of controller examination, Karachi University, 1010 students of LLB, Part-I had been enrolled. The press release said that 949 candidates had been appeared in the examination in which 323 students were declared passed and 626 others failed.-APP
3
Friday, October 29, 2010
Dollar falls on talk of aggressive Fed easing
Swiss franc gains vs dollar
Investors ready for next week’s Fed meeting NEW YORK: The dollar fell on Thursday in tandem with Treasury yields, driving back to the weaker end of a wellworn range below $1.40 per euro, on talk Federal Reserve quantitative easing could be larger than expected. A New York Federal Reserve survey of dealers and investors on the size of the stimulus program included scenarios of up to $1 trillion, a figure larger than recent estimates. The bigger the move by the US central Bank to effectively print money, the more it will push down US Treasury yields and reduce the attractiveness of dollar-based assets. Dollar selling against the euro and other currencies by reserve managers also sent the US currency lower. "The issue is whether the
market believes the Fed will deliver significant quantitative easing over a definitive time line," said Peter Frank, a currency strategist at Societe Generale in London. "If they
do, the dollar will weaken." In early New York trade, the euro had risen 0.9 per cent on the day to $1.3898. This helped to push the dollar 1 per cent lower versus a currency basket on the day though it is down only a marginal 0.6 per cent for the year to date. Analysts said the dollar was
also weighed down by a narrowing spread between 10year US and euro-zone government bonds. Euro gains kept it above a one-week low around
$1.3734 hit on electronic trading platform EBS on Wednesday, even as debt concerns in Ireland and Greece and a breakdown in budget talks in Portugal highlighted problems facing periphery euro-zone countries. Frank said support for the euro despite sovereign debt
Asian currencies
Won lead gains on weak dollar; FOMC eyed SEOUL: The Taiwan dollar and the South Korean won led gains in Asian currencies on Thursday against the dollar as a short-covering bounce in the greenback ended. Still, Asian currencies are unlikely to rise further in the short term as investors still see the Federal Reserve's quantitative easing programme would be smaller than expected, analysts and dealers said. Investors also remain wary of potential capital controls as governments may seek to check hot money inflows. "I don't think Asian currencies will rise any more as many investors are worried the Fed's QE programme will not be enough to boost the US econo-
my," said Kim Song-yi, an economist at HSBC in Hong Kong. "Investors are getting more worried about regulation risks," Kim added. Earlier, Malaysia's central bank chief Zeti Akhtar Aziz said Asia was better positioned to deal with capital inflows due to better developed financial markets, rigorous surveillance and a larger regulatory policy toolkit. The Malaysian ringgit underperformed its Asian peers. South Korean Finance Minister Yoon Jeung-hyun also said the government needs to guard against a potential asset bubble caused by excessive liquidity, hinting at more measures to come from Asia's
fourth-largest economy. The won turned higher against the dollar as exporters chased it for settlements and a firm euro prompted investors to clear dollar-long positions to stop losses. The local currency started trade weaker as investors reduced bets against the dollar on expectations the US Federal Reserve's quantitative easing programme would be smaller than initially thought. Some dealers suspected the foreign exchange authorities of buying dollars to stem the won's strength. The Thai baht was largely stable as cautious investors squared positions ahead of the US Fed's quantitative easing decision next week. -Reuters
Stg jumps, helped by sovereign demand
Taiwan dollar holds firm
LONDON: Sterling rose one per cent against a broadly weaker dollar and outperformed the euro on Thursday as investors looked to push the currency higher in a choppy market, offsetting disappointing UK housing data. Nationwide data showing UK house prices in October fell for the third month in four earlier knocked the pound to
session lows, but traders said persistent buying from Middle East accounts helped it rebound higher. The pound climbed to a 10day high of $1.5954, with gains accelerating after stop loss orders were triggered through $1.5900 and $1.5910 as the dollar weakened versus a basket of currencies. By 1504 GMT, it was up 1 per cent at $1.5935. "These are intra-day fast money flows. There's a lot of stop hunting going on, people
are looking for targets and trying to push sterling in the direction they want," said Peter Luxton, a market analyst with Informa Global Markets. Traders said a buy sterling, sell euro order at the 1215 GMT fix also helped the pound rally. The euro traded down 0.1 per cent at 87.25 pence. Sterling's broad gains took it to a three-week high on a trade-
weighted basis of 80.0. Analysts said trading volumes were thin, however, as most investors were sidelined ahead of a key US policy decision next week, with uncertainty about how much quantitative easing the Federal Reserve will opt for keeping them cautious. "No one really wants to stay in extended positions ahead of next week," Luxton said, adding he expected sterling to stay choppy and range-bound between $1.5700 and $1.6000 over the next few days. -Reuters
TAIPEI: The Taiwan dollar rose on Thursday, tracking other Asian assets higher on new global weakness in the US dollar, but suspected central bank intervention rolled back some of the day's gains. The Taiwan dollar ended at T$30.824 to the US currency, compared with its Wednesday final price of T$30.9, after a stronger euro pushed investors to clear US dollar-long positions and stop losses. That pushed the US unit broadly lower, in turn boosting Asian currencies such as Taiwan's. Brisk foreign fund flows into Taiwan stocks, which closed 0.76 per cent higher, also supported the Taiwan currency. The currency is seen lacking strong direction until the US Federal Reserve meets on Nov. 2-3. Analysts say the Fed will decide then on the scale of quantitative easing as a means of revitalising US economic recovery. Taiwan's central bank has bought roughly $5.2 billion in US currency since Sept. 27, according to an IFR Markets survey of traders. It was seen intervening again on Thursday to control volatility. Taiwan's central bank will step up intervention if easing in the United States opens the forex market to hot money, making Taiwan dollars more expensive for exporters, strategists say. -Reuters
NZ$ off lows after RBNZ holds rates, as expected SYDNEY/WELLINGTON: The New Zealand dollar recovered from lows on Thursday, helped by a softer greenback and after the Reserve Bank of New Zealand stuck to a tightening bias despite keeping rates unchanged, as expected. The NZ dollar was up at $0.7477, from $0.7430 before the rate decision. It was seen supported around Wednesday's low of $0.7406, with resistance at the 10- and 21-day moving average of $0.7500. The RBNZ kept rates steady at 3 per cent but said further rate rises will be needed at some stage. Markets reaffirmed their expectations, seeing little chance of a hike until March at the earliest given a disappointing domestic recovery and an uncertain global outlook. Reflecting the slow speed of rate rises amid tame inflation, market is priced for 68 basis points of tightening for the next 12 months, little changed from Wednesday. "With the RBNZ today pretty much saying and doing nothing,
and very comfortable with market pricing, we have to look for offshore direction," said ANZNational senior dealer Alex Sinton. Indeed, a stronger Aussie dollar and a bounce in the euro from lows combined to pushed the NZ dollar up. A dip in the US dollar also helped the Australian dollar climb off lows to $0.9754. It had fallen as far as $0.9651 offshore on Wednesday after surprisingly tame inflation data dimmed the chance of a rate rise next week. Near-term support was seen around Oct 19 and 20 lows of $0.9660, with resistance at an old support level of $0.9745. In late trade, the market was priced for a less than one-in-four chance of rates rising to 4.75 per cent next week. But some analysts warned investors could be under-estimating the chance of a policy move next week as the RBA still sees domestic growth picking up on an Asian-driven trade boom. That means price pressures can only accelerate from here. -Reuters
issues illustrated the resilience of the single currency, and that he expected it to rise back above $1.40 in the near term. But worries about the banking sector and the region's debt problems could check the euro's gains. The European Central Bank's quarterly Bank Lending Survey said more banks expect to tighten their credit standards for corporate loans in Q4. Against the yen, the dollar fell 0.9 per cent to 80.93 yen. Small stop loss were cited by traders in the 80.90 area with bids at 80.60 and 80.40. There are also solid 80.00 barriers. The Japanese currency showed little reaction to a Bank of Japan decision to keep interest rates virtually at zero while holding off from new policy initiatives. -Reuters
ZURICH: The Swiss franc rose against the dollar on Thursday as the greenback paused for breath after its recent rally on doubts about the size of an expected asset purchase programme by the US Federal Reserve. The franc was up 0.3 per cent against the dollar at 0.9875 per dollar. Commerzbank technical analysts said they expected the dollar to continue to recover from the all-time low of 0.9461 set earlier this month with interim support at 0.9683 and resistance at 0.9932, with a medium-term target of parity. The franc was 0.14 per cent weaker against the euro compared to the New York close, trading at 1.3652 per euro at 0634 GMT. UBS economist Reto Huenerwadel noted that volumes in euro/franc trades were off the highs prompted by the Swiss National Bank's (SNB) intervention earlier in the year and said economic fundamentals were playing a bigger role. -Reuters
Yuan closes down; 2-way trade widens SHANGHAI: Spot yuan on Thursday ended at its lowest closing level against the dollar this month after the People's Bank of China set another weak mid-point in a move to create two-way trading for the Chinese currency. The central bank needs to curb speculation on non-stop yuan appreciation after the currency jumped more than 2 per cent to the dollar from early September to mid-October in its quickest pace of appreciation since the landmark revaluation. The government also needs to soothe a domestic audience, many of them opposing yuan appreciation, particularly under pressure from the United States or other China policy critics. "The PBOC takes pains to create an impression of twoway trading," said a dealer at a Chinese commercial bank in Shenzhen. "But for the time being, the yuan's short-term movements are still very much affected by external pressure." Many dealers expect the PBOC to let the yuan resume rises by early next month, allowing it to appreciate to
around 6.60 against the dollar by late November because of a slew of political events that will add yuan appreciation pressure. The yuan closed at 6.6874 against the dollar, down from Wednesday's close of 6.6806. It has now risen 2.08 per cent since the PBOC depegged it from the dollar on June 19. In early trade on Thursday, the yuan hit a low of 6.6918, its weakest intraday level in October. The PBOC set the mid-point at 6.6986 on Thursday, weaker than Wednesday's 6.6912, with traders saying a global dollar rebound on Wednesday gave the central bank an easy excuse to set a weaker fixing. Offshore, benchmark oneyear non-deliverable forwards (NDFs) fell to 6.4770 bid in late trade from Wednesday's close of 6.5000, with their implied 12-month yuan appreciation rising to 3.42 per cent from 2.94 per cent. Traders said there was lingering market talk of more currency reforms to be announced by China soon but the rumours could not be independently confirmed. -Reuters
Indian rupee weakens on weak shares MUMBAI: The Indian rupee edged lower on Thursday weighed by dollar buying from oil refiners and importers and choppy local shares, but sharp losses in the dollar versus majors prevented further rupee weakness. "Spot was fairly stable today and most of the action was in the forwards," a senior dealer with a large state-run bank said.One-year forward premiums closed at 257.5 points compared with 266.5 points at previous close. India's central bank is likely to raise rates for the sixth time this year at its review on Tuesday to batten down stubbornly high inflation pressures in the fast-growing economy, a Reuters poll shows. The partially convertible rupee closed at 44.52/53 per dollar, 0.1 per cent weaker than its close of 44.445/450 on Wednesday, after moving in a narrow band of 44.46 to 44.55. Foreign portfolio invest-
ments of a record $24.7 billion in shares so far this year have been a key driver for the rupee's 4.5 per cent in 2010. One-month offshore nondeliverable forward contracts were quoted at 44.83, weaker than the onshore spot rate. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, MCX-SX and United Stock Exchange closed 44.8350, 44.8450 and 44.8450 respectively, with the total traded volume on the three exchanges at a low $4 billion. -Reuters
Top Economic Events Time 2:45 4:01 4:30 4:30 4:50 11:00 14:00 14:00 14:30 17:30 17:30 17:30 17:30 17:30 18:45 18:55
Source NZD GBP JPY JPY JPY EUR EUR EUR CHF CAD CAD USD USD USD USD USD
Events Trade Balance GfK Consumer Confidence Household Spending y/y Tokyo Core CPI y/y Prelim Industrial Production m/m German Retail Sales m/m CPI Flash Estimate y/y Unemployment Rate KOF Economic Barometer GDP m/m RMPI m/m Advance GDP q/q Advance GDP Price Index q/q Employment Cost Index q/q Chicago PMI Revised UoM Consumer Sentiment
Source
Events
NZD JPY JPY GBP GBP USD
Official Cash Rate Retail Sales y/y Overnight Call Rate Nationwide HPI m/m CBI Realized Sales Unemployment Claims
Forecast -398M -22 0.8% -0.8% -0.5% 0.5% 1.7% 10.1% 2.18 0.3% 1.5% 2.1% 1.9% 0.6% 58.1 68.2
Previous -437M -20 1.7% -1.0% -0.5% -0.4% 1.8% 10.1% 2.21 -0.1% 2.2% 1.7% 1.9% 0.5% 60.4 67.9
Forecast
Previous
Previous Day Actual
3.00% 1.2% <0.10% -0.7% 36 434K
3.00% 3.00% 3.2% 4.3% <0.10% <0.10% -0.3% 0.0% 40 49 453K 455K
Currency Rates Name EUR-USD EUR-GBP EUR-CHF EUR-JPY USD-CHF USD-CAD GBP-USD GBP-JPY
As per 22.00 PST Ask 1.3929 112.85 1.3692 112.85 0.983 1.0198 1.5945 129.17
Bid 1.3928 112.81 1.3688 112.81 0.9827 1.0194 1.5941 129.12
High 1.3942 112.88 1.3707 112.88 0.9903 1.0284 1.5972 129.33
Low 1.3761 112.21 1.3617 112.21 0.9818 1.0183 1.576 128.09
London Inter Bank Offered Rates (LIBOR) Karachi: The following are the London Inter-Bank Offered Rates (LIBOR). British Members Association Interest Settlement Rates. AT 11:00 LONDON TIME 28/10/2010 A USD GBP CAD EUR JPY O/N 0.22563 0.55250 1.02667 0.70875 SN 0.09438 1WK 0.24856 0.55500 1.05000 0.74875 0.10688 2WK 0.25000 0.56125 1.07167 0.76563 0.11250 1MO 0.25406 0.56875 1.10917 0.80375 0.12625 2MO 0.27016 0.62813 1.15750 0.85625 0.15438 3MO 0.28688 0.74225 1.21750 0.98500 0.19688 4MO 0.33781 0.82413 1.27667 1.03938 0.28125 5MO 0.40156 0.92688 1.33333 1.12813 0.33813 6MO 0.44981 1.03000 1.40250 1.22438 0.39750 7MO 0.50094 1.10375 1.46250 1.27313 0.45750 8MO 0.55013 1.18600 1.54750 1.31750 0.50375 9MO 0.60063 1.26688 1.61417 1.37063 0.55375 10MO 0.65238 1.34250 1.68250 1.41625 0.58250 11MO 0.70563 1.41000 1.76250 1.46063 0.61063 12MO 0.76400 1.48038 1.84083 1.50594 0.63813
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia Bank of Japan
Dec 07 2010 Nov 04 2010 Nov 04 2010 Nov 03 2010 Dec 16 2010 Nov 02 2010 n/a
Sep 08 2010 Mar 05 2009 May 07 2009 Dec 16 2008 Mar 12 2009 May 04 2010 Dec 19 2008
Current Interest Rate 1% 0.50% 1% 0.25% 0.25% 4.50% 0.10%
Division of National Bank of Pakistan (NBP) KARACHI, October 28,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
86.00 135.94 118.91 83.74 86.99 83.97 12.74 1.05 14.61 66.21 15.94 22.93 11.09 12.86 305.22 27.66 64.38 23.63 23.42 0.08 2.87
85.80 135.62 118.64 83.55 86.79 83.78 12.71 1.05 14.58 66.06 15.90 22.88 11.06 12.83 304.51 27.59 64.23 23.57 23.36 0.08 2.86
85.61 135.31 118.35 83.33 86.56 83.56 12.68 1.05 14.54 65.88 15.86 22.82 11.03 12.80 303.71 27.52 64.06 23.51 23.30 0.08 2.85
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for October 28, 2010
CMKA
BMA
INVSR
GSL
ICSL
12.35 12.30 12.40 12.50 12.75 12.80 13.00 13.10 13.20 13.40 13.65 13.70 13.75 13.75 13.75 13.75 13.75 13.85 14.25 14.35
12.40 12.30 12.40 12.42 12.70 12.80 12.95 13.02 13.15 13.40 13.68 13.70 13.75 13.75 13.75 13.75 13.75 13.80 14.25 14.50
12.40 12.30 12.40 12.45 12.69 12.79 13.00 13.08 13.10 13.35 13.69 13.70 13.72 13.74 13.74 13.74 13.78 13.80 14.25 14.30
12.30 12.35 12.40 12.45 12.72 12.85 13.02 13.12 13.22 13.40 13.65 13.68 13.74 13.75 13.76 13.77 13.65 13.90 14.20 14.35
12.35 12.30 12.40 12.50 12.70 12.85 13.00 13.10 13.20 13.40 13.60 13.73 13.75 13.75 13.75 13.75 13.75 13.80 14.20 14.30
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 12.45 12.30 12.40 12.45 12.70 12.80 13.00 13.10 13.15 13.35 13.70 13.72 13.74 13.75 13.75 13.75 13.78 13.85 14.25 14.35
12.38 12.31 12.40 12.46 12.71 12.82 13.00 13.09 13.17 13.38 13.66 13.71 13.74 13.75 13.75 13.75 13.74 13.83 14.23 14.36
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
0.21 0.73 0.96 0.57 0.36 -0.16
0.58 0.83 0.31 0.31 0.81 0.53
0.82 -0.22 0.73 0.63 0.86 0.48
0.83 0.85 0.97 0.67 0.83 0.51
-0.84 -0.26 0.63 0.17 0.47 -0.17
USD/CAD USD/CHF
-0.27 0.62 0.91 0.50 0.21 -0.20
-0.15 -0.23 -0.75 -0.48 0.04 0.27
0.22 -0.36 -0.91 -0.31 -0.28 -0.06
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)28/10/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 12.10
12.60
12.10
12.60
12.25
12.75
12.75
13.00
12.90
13.15
13.10
13.60
13.25
13.75
13.35
13.85
JSBL
12.40
12.90
12.35
12.85
13.45
13.95
12.75
13.00
13.05
13.30
13.20
13.70
13.30
13.80
13.50
14.00
ASPK
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
CIPK
ABPL
12.30
12.80
12.40
12.90
12.50
13.00
12.70
12.95
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
DBPK 12.10
12.60
12.15
12.65
12.10
12.60
12.70
12.95
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK 12.15
12.65
12.15
12.65
12.15
12.65
12.65
12.90
13.00
13.25
13.10
13.60
13.15
13.65
13.40
13.90
FLAH 12.30
12.80
12.25
12.75
12.30
12.80
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
HBPK 12.25
12.75
12.30
12.80
12.35
12.85
12.75
13.00
13.00
13.25
13.10
13.60
13.20
13.70
13.35
13.85
HKBP 12.20
12.70
12.20
12.70
12.30
12.80
12.75
13.00
12.95
13.20
13.10
13.60
13.20
13.70
13.30
13.80
NIPK
12.25
12.75
12.30
12.80
12.70
13.20
12.95
13.20
13.05
13.30
13.10
13.60
13.20
13.70
13.30
13.80
HMBP 12.20
12.70
12.20
12.70
12.45
12.95
12.80
13.05
13.00
13.25
13.15
13.65
13.20
13.70
13.30
13.80
SAMB 12.25
12.70
12.25
12.75
12.40
12.90
12.80
13.10
13.00
13.25
13.15
13.65
13.25
13.75
13.35
13.85
MCBK 12.20
12.70
12.25
12.75
12.40
12.90
13.00
13.25
13.05
13.30
13.20
13.70
13.30
13.80
13.50
14.00
NBPK 12.30
12.80
12.25
12.75
12.25
12.75
12.75
13.00
12.80
13.05
13.10
13.60
13.20
13.70
13.30
13.80
SCPK 12.20
12.70
12.20
12.70
12.25
12.75
12.70
12.95
12.95
13.20
13.10
13.60
13.15
13.65
13.35
13.85
UBPL 12.25
12.75
12.15
12.65
12.25
12.75
12.70
12.95
13.00
13.25
13.15
13.65
13.25
13.75
13.35
13.85
AVE
12.73
12.23
12.73
12.33
12.83
12.74
12.99
12.98
13.23
13.12
13.62
13.22
13.72
13.33
13.83
12.23
4 Friday, October 29, 2010
Obama to India with trade
The Financial Daily International Vol 4, Issue 83
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Raja Sahib, the least you can do is resign Electricity load shedding spells have broken all the previous records. They are an outcome of gross mismanagement and in no way can be attributed to limited availability of generation capacity in the country. Leading politician Faisal Saleh Hayat has already filed a case in the Supreme Court of Pakistan regarding gross violation of rules and blatant corruption in granting permissions for establishing rental power plants. Refraining from commenting on the case would be better. However, no one has the slightest doubt that minister for water & power, Raja Pervaiz Asharf has grossly failed in managing his ministry. If he can't do any thing else, he should resign if he can’t put an end to energy crisis. Though, the minister is never tired of accusing the previous governments for all the woes facing electricity consumers today, only one sentence is sufficient to describe his work, “Mr minster whatever you may say, you have failed to deliver”. The charges that could be framed against the minister are: 1) power plants are being run at far lower capacities to save fuel but expensive electricity is being bought from IPPs and RPPs, 2) despite issue of around Rs160 billion term finance certificates, intercorporate debt is still hovering around Rs180 billion and has broken all the previous records, 3) repeated tariff hikes have made electricity expensive by more than 65 per cent since he took over the charge of the ministry but the electric utilities have failed miserably in ensuring uninterrupted supply. The reason for hike in tariff is said to be recovery of full cost from consumers. However, neither his ministry nor Nepra has played any role in containing transmission and distribution (T&D) losses. Sector experts say 'out of stated 40 per cent T&D losses 35 per cent is nothing but blatant theft'. The key reason for increase in illegal connections is 'un-affordability' of the cost by the consumers. However, it is necessary to highlight that the pilferage goes on with the connivance of employees. The present regime has also failed in coming up with a comprehensive Energy Policy. It many be said that such a policy required greater interaction between ministry of water and power and ministry of petroleum and natural resources. The decision to curtail gas supply of fertiliser plants and diverting it to power plants is a bad decision and the longer this policy remains in force the worse it will be for the country. If someone bothers to think, energy crisis is even worse than militant attacks. Suicide or sabotage kill a few persons or cause limited damage but energy crisis is choking the lifeline of country's economy, causing economic assassination of millions of Pakistanis and rendering the country weak and incapable of facing internal and external challenges. Prime minister and president are requested to please ask Raja Sahib to relinquish his charge and find a suitable replacement for him. Energy is the lifeline and no one should be allowed to choke it.
Disclaimer:
All reports and recommendations have been prepared for your information only. Summary and Analysis are not recommendation to buy or sell. This information should only be used by investors who are aware of the risk inherent in securities trading. The facts, information, data, indicators and charts presented have been obtained from sources believed to be reliable, but their accuracy and completeness cannot be guaranteed. The Financial Daily International and its employees are not responsible for any loss arising from use of these reports and recommendations.
U
S President Barack Obama faces a range of trade hurdles when he travels to India in early November to unlock a huge untapped commercial potential that would help ballast the rise of Asian giant China. Despite India's growing global weight, it is only the United States' 14th biggest trading partner and obstacles, from outsourcing controversies to the Doha world trade round, have put the brakes on faster integration. The stakes on trade are high as the United States and India need each other to meet ambitious export targets amid a sluggish US economic recovery, yawning trade deficits with China and fears of global imbalances sparking a standoff. On the issue of global economic imbalances that have raised fears of currency wars, India and the United States often differ. Obama may ask Indian Prime Minister Manmohan Singh for help in Washington's push to prevent countries unilaterally devaluing currency to make exports more competitive in the run-up to the G20 heads of state meeting in Seoul next month. But at the G20 finance ministers' meet in South Korea, India and China shot a US proposal to cap current accounts of countries with quantitative targets linked to their GDP. While ties bloomed during the Bush administration, the two countries have entered what a former Indian envoy to Washington told Reuters was a "sobering phase". "It's only natural that people have high expectations," Naresh Chandra said, adding "now we are coming from the general to the specific. The problem
lies in the detail." "When you start concluding agreements then each side wants to have the best of both worlds and that is where the friction starts. So what we are going through is what I would call a sobering phase of managing the details."
protectionism after the financial crisis, demands on both sides for greater market access and differences over Doha. TRADE DEFICITS The United States can push for deals including billion dollar defence contracts. The powerful lobby group the Federation of Indian Chambers of
“
Despite India's growing global weight, it is only the United States' 14th biggest trading partner and obstacles, from outsourcing controversies to the Doha world trade round, have put the brakes on faster integration
A bilateral trade boom has seen total flows treble to $36.5 billion in goods in the decade to 2009-10, but the United States. slipped from number one to three in India's trade partners. India lags China, which is the United States' third biggest trading partner. The Obama administration wants to double its exports within five years to bolster domestic growth and create jobs. Bilateral trade in goods and services between India and the United States stands at $50 billion, a tenth of America's trade with China, according to Ron Somers, President of the US India Business Council. Indo-US business has basked in the warmth of closer ties underscored by a landmark civilian nuclear deal signed in 2008. But both must work to overcome irritants including fears of growing US
Commerce and Industry (FICCI) has pushed for a relaxation in US export controls to speed up high-tech and defence industry trade. Such controls prevent, for example, Indian pharmaceutical companies buying US biotechnology to make vaccines on the grounds it could be use to make anthrax weapons, FICCI's Secretary General Amit Mitra told Reuters. In the absence of a Doha trade deal, India spread its wings to negotiating trade deals with the likes of the European Union and, in a mark of economic power moving from west to east, the ASEAN bloc of Southeast Asian nations, Japan and Malaysia. "India, at least the businesses here, have been looking at their own neighbourhood much more," said trade commentator Biswajit Dhar.
Indian officials and industry groups have protested what Trade Minister Anand Sharma called a "highly discriminatory" hike in visa fees by Washington, seen as aimed at India's IT industry, as well as perceived non-tariff barriers against Indian goods. In Washington on Wednesday, reporters peppered White House Deputy National Security Advisor Michael Froman with questions on whether Obama would raise outsourcing. "I would simply say that a key part of the message is going to be that we want to make sure there's opportunities for US jobs, US exports," he said. Both sides have accused each other of policy foot-dragging, especially over the Doha trade talks. In India there is a sense that New Delhi is much keener to push for a deal than Washington. The United States complains that India has not accepted the responsibility that comes with its growing economic strength in the world and insists on shielding many sectors. But while temperatures have risen over protectionism, India may take this in its stride given compulsions in Washington ahead of elections, where Obama's Democrats can expect a pasting. Both sides talk up the fact that their trade is relatively balanced, unlike with China. "We understand the need for politicians to react in certain ways under certain democratic circumstances. But we are hoping that this is only a passing phase," FICCI's Mitra told Reuters.Reuters
Saudis into Afghan Peace S
audi Arabia is being drawn into efforts to reach a settlement to the Afghan war, despite its reluctance to become too embroiled with Islamist militants it once backed, diplomats and analysts say. But they say Saudi Arabia would be unwilling to formally mediate in any peace talks. Like other countries involved, it wants Afghans to take the lead with outside players acting more as facilitators. "Everybody has a very bad experience in their efforts to mediate between Afghans," said a senior diplomat in Kabul. "It's very simple, if you try to mediate between them, both sides will push their luck and it will fall, believe me it will fall. The third party cannot hold it," he said. Saudi Arabia has made no public comment on an appeal from Kabul to help mediate in talks with insurgents to try to bring an end to the nine-year war in Afghanistan. But analysts and diplomats say the kingdom, which hosted secret talks with the Taliban in Mecca in 2008, is expected to come under pressure from the United States to help Washington find an exit strategy from an increasingly unpopular war. Saudi Arabia enjoys considerable influence over the Muslim world both because of its authority as home to Islam's holiest sites and its hefty financial clout from oil earnings. "There is a lot of pressure on the Saudis from the US to help mediate in Afghanistan," said one western diplomat in Riyadh. Official sources say that for the first time all the main parties involved, from the government to insurgents, from Washington to Pakistan, are
seriously considering ways to reach a peace deal. They have cited Saudi Arabia, Turkey and the United Arab Emirates as potential intermediaries, along with
peace talks after working hard to shake off any public perception of links to Islamist militancy. Fifteen of the 19 men involved in the Sept. 11, 2001,
in public that they are serious about talks this time," said a senior Western diplomat. "They don't want to put their reputation at risk by backing a peace project that may not work." Afghan diplomats say they hope Riyadh will get involved. "Saudi Arabia has a major role and we hope in Afghanistan that Saudi plays an important role as it did in the past in Afghanistan and in other countries," said Said Anwarshah Ghaffari, Afghanistan's charge d'affaires in Riyadh. "The kingdom has its weight in the Islamic world and we look at it as our older brother," he said. Former intelligence chief Prince Turki al-Faisal, who has dealt with the Taliban before, last week cited reconciliation efforts in the past as a sign of Saudi support for Afghanistan, but he gave no hint about revisiting the talks. Foreign Minister Prince Saud al-Faisal said in January the Taliban must deny sanctu-
Saudi citizenship for activities against the ruling Al Saud family. ALLY Pakistan, RIVAL Iran Diplomats and analysts say Saudi Arabia will be heavily influenced by the approach of Saudi Arabia has made no Pakistan, with which it shares close military and intelligence public comment on an appeal cooperation."If Pakistan supfrom Kabul to help mediate in talks ports peace talks then the Saudis will help but they don't with insurgents to try to bring an want to get too involved," said Haroun Mir, an Afghan anaend to the nine-year war in lyst. Afghanistan. But analysts and Pakistan is keen for a peace settlement in Afghanistan to diplomats say the kingdom, which end a war which it sees as increasing instability at home, hosted secret talks with the Taliban though it is also anxious to curb the influence of rival in Mecca in 2008, is expected to India. At the same time Sunni come under pressure from the Saudi Arabia has to balance out the influence of Shi'ite United States to help Washington Iran, its main rival in the Middle East and a powerful find an exit strategy from an Afghan neighbour. "I think increasingly unpopular war. Saudi Arabia should get more involved in Afghanistan. If we Pakistan, in what are as yet attacks on the United States don't do it then others will," very preliminary "talks about were from Saudi Arabia, and said prominent Saudi journaltalks". al Qaeda shares the kingdom's ist Jamal Khashoggi. "Saudi Arabia, UAE, fundamentalist Wahhabi interBut Saudi Arabia's rivalry Pakistan can make the right with Iran could kind of noises saying: 'we supalso mean that Diplomats and analysts say Saudi Arabia port it' and I think that will Tehran would make a difference," said the will be heavily influenced by the approach look askance at diplomat in Kabul. any Saudi role of Pakistan, with which it shares close military in One source with knowledge helping of talks about Afghanistan and intelligence cooperation."If Pakistan mediate. said Riyadh might be more Dubai based willing to help than before supports peace talks then the Saudis will political analyst since peace efforts now have Theodore help but they don't want to get too involved," Karasik said it the backing of Washington -missing in 2008. was significant said Haroun Mir, an Afghan analyst. REPUTATION AT RISK that Saudi King Saudi Arabia, along with Abdullah had Pakistan and the United pretation of Islam. ary to al Qaeda leader Osama spoken several times to States, backed Islamist insurDiplomats say Western visi- bin Laden before the kingdom Iranian President Mahmoud gents fighting the Soviets in tors have been lobbying the would act as mediator. Ahmadinejad over the past the 1980s, and later become kingdom since last year to Militants using the al Qaeda few weeks to discuss regional one of only three countries to help mediate but it remains name began launching attacks issues. recognise the Taliban govern- wary after the 2008 talks came on Saudi Arabia in 2003. Asked whether Iran and ment that ruled Afghanistan to nothing. Riyadh froze its ties with the Saudi Arabia could reach an from 1996 to 2001. "The Saudis might interme- Taliban in 1998 over their understanding on But it is reluctant to become diate but they want to hear refusal to hand over bin Laden Afghanistan, he said: "It's postoo closely associated with from the Afghan factions first who had been stripped of sible."-Reuters
“
Dengue needs attention
Attitude change needed for media
Dengue fever has again stroked different parts of the country and especially Karachi. Karachiites who were facing the miseries of target killings are being over burdened by this deadly disease Dengue surveillance report issued by the Sindh health department announced that about 3,000 patients are admitted in 46 hospitals in various parts of the city, carrying symptoms of this viral hemorrhagic fever. The serious rising toll of the affectees demands attention from the health ministry so that this epidemic disease could be managed to wipe out from Karachi. Faizan Khan, Karachi.
It is a matter of great concern that the impact of media has not being positive and satisfactory. Over a period of time the ingredient of responsibility is missing from media activists. Its true that once media was considered as the tool of entertainment and information. The situation has taken an exact 180 degree turn now, news channels are pre- occupied by the news of bomb blasts or speeches of powerful leaders. These channels with threatening and alarming news make a person tortured and frustrated. Due to these news channels people's frustration is boiling up. The true definition of media can now be termed as, "it has the ability to make a guilty innocent and an innocent guilty". These house tortures giving news channel should be lessened as its influence on common people and basically youth is negative. Media is the most muscular communicating device on earth; bit its not utilising its powers the right way. It's my humble request through this esteemed newspaper that media channels and the production of programs must be handled with full care and responsibility. Media is a form of expressing views which is becoming free so freedom of expressions erupted which is not the requirement of our media. Tahira Abdul Karim, University of Karachi.
5
Friday, October 29, 2010
South East Asian stocks
European shares buoyed by encouraging earnings
100-Index sheds 69 points
KSE-100 Index Opening Closing Change % Change Turnover (mn)
10,704.16 10,634.99 69.17 0.65 109.93
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,344.12 3,313.50 30.62 0.92 5.85
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,715.87 2,696.37 19.50 0.72 0.17
Major Gainers
Symbol FZTM COLG IDYM ATBA RMPL
Close
Change
435.29 838.14 256.66 161.29 1,651.00
19.96 14.25 9.47 7.68 7.50
Major Losers
Symbol
Close
Change
SIEM 1,205.00 ULEVER 4,025.13 BATA 572.60 SRVI 218.89 LAKST 328.43
-37.36 -24.87 -23.46 -11.52 -10.91
Top 5 Volume Leaders
Symbol
Close Vol (mn)
NBP LOTPTA NPL JSCL NCPL
67.72 10.32 15.56 9.97 14.62
12.17 11.39 7.94 4.99 4.37
Active Issues Plus Minus Unchanged
176 209 22
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
US stocks mid-day
Profit-selling, dull results prove Trojan horses for bears at KSE level with reduced volumes as investors remained cautious ahead of Pakistan-IMF meeting. The top index closed 69 points down at 10,634 points, KSE 30-Index lost 67 points to close at 10,201 points and KSE All Share Index fell by 44 points to close at 7,410 points. Samar Iqbal, equity dealer at
Topline Securities said that profit taking in leading oil and banking stocks brought the index down. Volumes too remained on the lower side as 109.9 million shares traded in the overall market which is 32.2 million less as compared to a turnover of 142.1 millions shares a day earlier.
Indian shares drop; ICICI falls, ONGC up
MTL rakes in 51pc net growth
Nawaz Ali KARACHI: Selling at inflated levels and some below-thanexpected corporate results became Trojan horses that released bears into Karachi Stock Exchange (KSE) on Thursday. The benchmark 100-Index closed under 10,700 points
MUMBAI: The BSE Sensex shed 0.3 per cent on Thursday amid choppy trading mainly on account of monthly derivatives contracts expiry on the National Stock Exchange. Top private lender ICICI Bank led the decline, shedding 1.4 per cent ahead of its JulySeptember earnings announcement on Friday. The bank should post a 12per cent rise in quarterly earnings, a Reuters poll of analysts showed. Top power producer NTPC extended losses and dropped 1.8 per cent. Shares in the state-run utility had logged
its biggest single-day drop in five months on Wednesday, a day after posting nearly flat September-quarter net profit. The 30-share BSE index closed 0.32 per cent or 64.33 points lower at 19,941.04, with 22 of its components declining. It swung in an around 300points range, rising as much as 0.9 per cent and declining as much 0.7 per cent. "Market was volatile today, which is the case on the day of expiry," said Deven Choksey, managing director and CEO of K.R. Choksey Shares. See # 11 Page 11
FFC 9M net surges 5.8pc to Rs7.02bn DPS of Rs2 disappoints investors Ahmed Siddique
Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
Moderately higher; Moody's lifts Thai sentiment
KARACHI: Fauji Fertilizer Company Limited (FFCL) has posted 5.8 per cent growth in its net profit for the nine months ended September 2010. The profit grew to Rs7.02 billion as compared to Rs6.64 billion in the same period last year. Earning per share stood at Rs10.35 in 9MCY10, from Rs9.78 in the same period last year. Furthermore, company also announced its third interim cash dividend of Rs2 per share which disappointed investors as
FFC's share prices plunged after the announcement of results and payout. FFC's sales revenue grew by 10.8 per cent to Rs28.5 billion in 9MCY10 as against Rs25.73 billion in 9MCY09. The cost of sales increased at a higher pace -rising 11.1 per cent to Rs15.78 billion in 9MCY10 on account of higher gas prices. However, gross profit surged by 10.3 per cent to Rs12.72 billion as against Rs11.52 billion in 9MCY09, -- translating into a drop of 2bps in its gross margin to 44.6 per cent in 9MCY10.
ANNOUNCEMENTS Company Dawood Hercules *Fazal Cloth Asian StocksXD Ashfaq Textile Atlas Battery Ltd. Attock Cement XD B.F.ModarabaXB Crescent Steel Crescent Steel(Consolidated) Crescent Tex.XD Dost Steels Ltd. Dynea PakistanXD East West Life Ass. Escorts Bank Eye Television Fazal Cloth Fecto Cement General Tyre Hira Textile XD IBL HealthCare Ltd Ibrahim FibresXD Invest & Fin.Sec.XD J.K.Spinning Mills JS Global Capit.XD Karam Ceramics Media Times Ltd Millat TractorsXB Murree BreweryXDXB Nat.Bank Mod XD Pak EngineeringXD Reliance WeavingSD Sana IndustriesXD Sargoda SpinningXD Shadab TextileXD Shahtaj TextileXD Shield Corp XD Suhail Jute Sui South GasXDXB Treet Corporation Treet Corporation(Consolidated) Wah-Noble XD Wazir Ali(Consolidated) Zephyr Textile Ltd Adamjee Insurance American Life Atlas Insurance Bankislami Pakistan Clariant Pak Cres.Star Insurance IGI Insurance New Jubilee Insuranc Reliance InsuranceXB SilkBank Limited United Insur.XB
Period 3rd Qtr Yearly 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 1st Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr 3rd Qtr
Div/Bon/Right PAT (Rs in mn) 20%(ii)(D) 2176.963 100%SD 526.707 13.528 1.582 84.293 96.868 2.565 90.081 140.466 64.030 -2.221 -1.635 -19.418 -21.841 55.811 249.666 24.016 17.622 94.915 6.175 988.932 0.156 30.122 46.390 2.863 -27.061 559.695 85.555 6.833 0.511 110.451 18.118 40.323 26.571 49.684 7.928 -25.079 1113.771 65.484 78.484 11.736 -12.081 11.134 133.317 111.995 174.367 1.565 535.635 -6.635 290.474 219.659 30.847 -700.335 78.883
EPS(Rs) 18.09 28.08 -0.05 0.23 8.37 1.12 0.38 1.60 2.49 1.30 -0.03 -0.09 -0.43 -0.50 1.12 13.31 0.48 0.29 1.33 0.31 3.18 0.00 1.64 0.93 0.20 -0.20 19.11 5.93 0.27 0.09 3.58 3.29 1.29 8.86 5.14 2.03 -6.70 1.66 1.57 1.88 1.30 -1.51 0.19 1.08 2.24 4.72 0.00 19.62 -0.55 4.04 2.78 1.22 -0.32 2.29
NOTE:*100%SD shares of Fatima Fertilizer Co.ratio of 1:1(D)
Staff Reporter KARACHI: Millat Tractors Ltd (MTL) has posted a higher profit after tax of Rs559.695 million during the quarter ended September 30, 2010 compared to Rs368.483 million in same quarter last year. This translates into an increase of 51 percent in profitability. According to information reaching Karachi Stock Exchange on Thursday, See # 8 Page 11
Attock Cement 1Q profit nosedives
Aamir Abdi KARACHI: Attock Cement Pakistan Limited's (ACPL) net earnings for the first quarter ended September 30, 2010 reached Rs97 million (EPS: Rs 1.12) against Rs236 million (EPS: Rs 2.72) in same period last year, See # 9 Page 11
PIA incurs losses Staff Reporter KARACHI: Pakistan International Airlines (PIA) Thursday reported higher loss after tax of Rs11.693 billion for the third quarter ended Sept 30, 2010. According to financial results of the national carrier dispatched to Karachi Stock Exchange (KSE), the loss per share also declined to Rs4.79 compared to Rs5.03 during the corresponding period last year.
According to experts investors were cautious ahead of Pakistani authorities meeting with IMF next week to discuss the release of the sixth tranche of an $11 billion emergency loan agreed to in November 2008. After a positive beginning, bullish momentum continued till around 12:00 PST during which index touched its highest
level of the day of 10,772 points (+ive 68 points). But it didn't last long as with corporate results' season close to its end and stocks on the upside investors jumped to book profits. However investors' interest in Nishat Power and Nishat Chunian power remained intact as both kept gaining. See # 19 Page 11
Insurers drag Shanghai down
HK up as earnings boost banks stocks HONG KONG/SHANGHAI: Hong Kong stocks ended slightly higher on Thursday as banking shares rose on the back of earnings optimism while insurers dragged Shanghai markets lower. The benchmark Hang Seng index closed 0.2 per cent higher, recovering slightly from Wednesday's sharp 1.9 per cent drop. Turnover was down 23 per cent compared with a day earlier and fell below HK$80 billion for the first time in over a month. "The market is in bottomfishing mode, but I don't see
any strong buying interest yet," said Jackson Wong, investment manager at Tanrich Securities. "I don't expect the market to move significantly from here until after the Federal Reserve meeting next week." Market players will be keenly watching the trading debut of AIA Group on Friday morning in what will be Hong Kong's largest ever listing. Traders said gray market indications call for a 6 to 10 per cent first-day gain. Shares of mainland banks rose after Bank of China (BOC) and Agricultural Bank of China See # 6 Page 11
Nikkei at 6-wk low; BOJ effect fades out TOKYO: Japan's Nikkei average slipped to its lowest close in six weeks on Thursday as a short-covering boost after the Bank of Japan unveiled details of its asset-buying scheme failed to last. The Nikkei briefly touched a session high of 9,413.68 shortly after the BOJ announcement, but investors were unwilling to chase prices higher at the peak of the earnings season and before a highly anticipated US Federal Reserve meeting on Nov. 2-3. Japanese shares were also undermined by profit-taking as the yen edged up against the dollar after dipping to a twoweek low near 82 yen the pre-
vious day. "The overall impact on the stock market from the BOJ decisions was limited, but the news that the central bank is holding another meeting next week to talk about the purchase of ETFs and REITs was slightly positive," said Kazuhiro Takahashi, general manager at Daiwa Securities Capital Markets. "Still, the focus is on how the Fed's meeting will impact currency moves and liquidity in the global market." The benchmark Nikkei ended down 0.2 per cent or 21.00 points at 9,366.03, its lowest close since Sept. 14. See # 7 Page 11
Wall Street falls on 3M; jobless data curbs losses NEW YORK: US stocks slid on Thursday after 3M Co cut its full-year outlook and pulled the industrial sector lower, but an unexpected drop in new jobless claims helped limit broader losses. 3M reported third-quarter earnings that slightly beat expectations, but costs related to recent acquisitions prompted it to trim its outlook. The stock tumbled 6.9 per cent to $84.11 and was the Dow's top decliner. Heavy equipment maker Caterpillar Inc, down 1.7 Per cent at $76.90, ranked as the second-heaviest weight on the Dow. The S&P Industrial Index fell 1.1 per cent and was by far the biggest drag among S&P sectors. New claims for unemployment benefits fell more than expected in the latest week, and this more encouraging read on the labor market, along with a weak dollar, gave stocks an early boost. However, investors remained cautious about making large bets ahead of the outcome of next Tuesday's midterm election and the Federal Reserve's expected monetary easing. Fed policy-makers are set to meet on Tuesday and Wednesday. "We don't know what's going to happen in the election or what the Fed is going to do, let alone how that's going to impact the dollar or commodities, so a lot of investors are laying low until then," said Timothy Harder, chief investment officer of Peak Capital Investment Services in Denver, Colorado. The Dow Jones industrial average fell 62.51 points, or 0.56 per cent, to 11,063.77. The Standard & Poor's 500 Index dropped 4.63 points, or 0.39 per cent, to 1,177.82. The Nasdaq Composite Index slipped 13.41 points, or 0.54 per cent, to 2,489.81. Bucking the downtrend was Dow component Exxon Mobil Corp, the largest US corporation, which rose 0.7 per cent to $66.16 after it reported a betterthan-expected quarterly profit. Motorola Inc's profit also See # 5 Page 11
Dhiyan
CORRECTION TO STAY; SELL WHAT PAYS Mohammad Azam Khan, CEO Sunrise Capital
Technical correction was due in the market and it will continue during the next few days where 10,600 would be the bottom level for the index. Thereafter the bullish trend would revive and index may touch 11,200 levels. Investors are recommended to invest in POL, MCB, NBP, LUCK, ENGRO, NCL, and NPL. The launch of Margin Staff Reporter KARACHI: According to Trading System (MTS), good corporate results and continued buying financial results sent to Karachi by the foreign investors would trigger the market. Correction would Stock Exchange (KSE) here continue in the today.
SSGC 3Q profits rise
Thursday net profit of Sui Southern Gas Company (SSGC) jumped to Rs1.113 billion during the third quarter ended September 30, 2010. AS per details the pre-tax profit went up to Rs1.713 billion as earning per share climbed to Rs1.66 against Rs0.10 during the same period in 2009.
Commodities help FTSE up LONDON: Britain's top share index pushed higher on Thursday, helped by a rally in heavyweight commodity issues, notably oil major Royal Dutch Shell, whose third-quarter results beat market expectations. The FTSE 100 ended up 31.87 points, or 0.6 per cent, at 5,677.89, recovering after it reached its lowest closing level since Oct. 5 on Wednesday. See # 10 Page 11
Muzammil Khan, AVP BMA Capital The correction is likely to stay for the next 2-4 sessions where the apex index could lose further 200-300 points. Investors are therefore advised to adopt 'sell on strength' strategy. However after the end of correction phase they can invest in power stocks, FFC, and FFBL. Positive change in the management of KSE as per brokers' will and launch of MTS would will support the market.
6
Friday, October 29, 2010
Market 109,934,197
Value
3,812,608,321
Trades
64,176
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
176 209 22 407
All Share Index
10,634.99 10,772.71 10,615.58 i69.17
Current High Low Change
KSE 30 Index
7,410.45 7,503.80 7,397.60 i44.55
Current High Low Change
KMI 30 Index Current High Low Change
10,201.18 10,335.44 10,187.87 i67.76
16,749.58 16,924.56 16,727.59 i79.07
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,358.03 Turnover 5,875,359 P/E (x) 11.37 Company
KSE 100 Index
Symbols
Volume
PE
High Low 1,369.25 1,343.96 Total cos Defaulter cos P/BV (x) ROE (%) 4.21 37.01
Open
High
Low
Attock PetroleumXDXB 691 4.57 298.30 Attock Refinery 853 18.44 98.24 BYCO Petroleum 3921 - 10.96 Mari Gas Company 735 16.52 121.89 National Refinery XD 800 3.31 227.40 Oil & Gas Development XD 43009 10.40 154.92 Pak Petroleum 11950 7.59 189.21 Pak Oilfields XD 2365 6.22 242.93 Pak Refinery Limited 350 - 77.09 PSO 1715 4.50 267.02 Shell Gas LPG 226 - 35.00 Shell Pakistan 685 9.38 183.12
300.00 102.39 11.20 123.23 228.00 156.00 190.24 246.45 79.50 268.77 35.85 186.00
296.00 98.75 10.66 121.10 223.00 153.15 186.05 242.71 76.10 265.30 34.00 182.80
Close Chg 296.81 101.44 10.71 121.90 223.69 153.75 186.63 245.00 77.00 265.78 34.45 182.99
-1.49 3.20 -0.25 0.01 -3.71 -1.17 -2.58 2.07 -0.09 -1.24 -0.55 -0.13
Close Change 1,350.17 -7.87 Listed cap Market cap 65,194.15 mn 1,064,048.73 mn Payout (%) Div Yield (%) 68.56 6.03 Last 60 days High Low
Volume 186004 2790961 1208880 16547 82486 216483 681214 1680250 16466 190101 208 14639
374.20 102.80 12.87 136.88 233.50 156.00 214.10 251.24 85.90 286.99 40.28 238.00
% Change -0.58 5-Day High 1,358.03 5-Day Low 1,348.22
2009 Div BR (%) (%)
287.99 250 73.47 9.62 106.00 32.17 100B 183.25 125 133.00 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 182.70 330 -
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 762.05 Turnover 60,459 P/E (x) 5.86 Company
Paid up Cap(mn)
Pak Int Cont.Terminal XD 1092 PNSC XD 1321
High Low 793.81 754.69 Total cos Defaulter cos P/BV (x) ROE (%) 1.50 25.53
Close 762.16 Listed cap 3,242.17 mn Payout (%) 11.08
Change 0.12 Market cap 13,301.85 mn Div Yield (%) 1.89
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.39 40.96
74.07 37.25
77.77 37.75
73.10 37.35
73.86 -0.21 37.68 0.43
59859 600
87.00 41.00
60.05 34.50
Company
Paid up Cap(mn)
Agritech Limited Bawany AirXDXR BOC (Pak) Clariant Pak Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Engro Corporation Ltd Engro Polymer Fatima Fertilizer Fauji Fertilizer Fauji Fert. Bin Qasim Ghani Gases Ltd ICI Pakistan Lotte Pakistan Mandviwala Nimir Ind Chemical Shaffi Chemical Sitara Chem Ind XDXB Sitara Peroxide Wah-Noble XD
3924 68 250 273 1203 1996 1020 3663 3277 6635 22000 6785 9341 725 1388 15142 74 1106 120 214 551 90
PE
Open
High
Low
10.06 76.33 10.74 5.85 7.07 9.00 7.25 5.73 9.14 7.13 3.69 1.92 8.99 13.47 6.90
22.48 9.03 78.92 158.03 169.00 2.48 5.88 1.71 177.61 14.12 9.74 107.60 30.24 11.99 126.58 10.17 1.43 1.45 2.60 108.76 12.94 37.75
23.44 10.03 79.85 161.95 176.00 2.65 5.92 1.82 178.80 14.29 9.85 108.20 30.55 12.40 128.50 10.65 1.60 1.53 2.55 110.00 13.12 37.40
22.25 9.00 77.10 152.55 169.50 2.31 5.45 1.66 175.25 13.30 9.55 106.49 30.31 12.01 126.00 10.25 1.35 1.43 2.55 106.00 12.30 35.88
Close Chg 22.74 9.16 78.20 152.96 170.44 2.45 5.52 1.66 175.56 13.38 9.62 106.56 30.39 12.06 126.53 10.32 1.44 1.43 2.55 109.67 12.39 35.88
0.26 0.13 -0.72 -5.07 1.44 -0.03 -0.36 -0.05 -2.05 -0.74 -0.12 -1.04 0.15 0.07 -0.05 0.15 0.01 -0.02 -0.05 0.91 -0.55 -1.87
Close 1,181.38 Listed cap 52,251.88 mn Payout (%) 48.81
Change -7.69 Market cap 265,547.32 mn Div Yield (%) 6.58
Last 60 days High Low
Volume 111 7054 1712 38294 24583 2987 299418 543529 1002037 1875895 521614 354078 665175 128124 214622 11386507 44247 49698 2650 3864 364415 9700
25.95 16.49 87.99 173.99 183.25 2.98 6.06 2.20 190.80 15.20 12.04 112.60 30.90 13.85 131.40 10.75 3.24 1.74 3.80 128.01 13.79 47.10
% Change -0.65 5-Day High 1,200.05 5-Day Low 1,181.38
2009 Div BR (%) (%)
2010 Div BR (%) (%)
21.15 8.80 5 66.90 90 15 152.55 125 155.38 40 10B 40 1.78 3.20 1.28 165.60 6010B 40R 20 10.62 - 27.5R 9.02 102.96 131.5 10B 75 26.59 40 - 17.5 7.41 109.50 80 55 6.75 5 0.80 1.16 1.80 104.56 75 25 7.67 35.88 50 50
10R 5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,110.95 Turnover 39,730 P/E (x) 5.72
High Low 1,125.73 1,102.09 Total cos Defaulter cos P/BV (x) ROE (%) 0.43 7.47
Close 1,109.34 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Century Paper 707 Pak Paper ProductXDXB 50 Security Paper 411
7.69 6.17
17.32 40.13 39.99
17.90 40.00 40.00
17.01 39.50 40.00
17.26 -0.06 40.00 -0.13 40.00 0.01
36425 705 2600
Company
Change -1.61 Market cap 3,073.75 mn Div Yield (%) 4.42
Last 60 days High Low 21.80 62.85 48.75
17.01 38.61 38.10
% Change -0.14 5-Day High 1,147.10 5-Day Low 1,109.34
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,103.72 Turnover 166,672 P/E (x) 4.04 Paid up Cap(mn)
PE
Agriautos Ind XD Atlas Battery Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Transmission
Open
144 5.15 67.89 101 4.82 153.61 890 1.48 56 4.35 152.38 598 19.25 23.50 450 4.23 1428 - 11.80 786 5.31 231.53 823 11.77 73.80 117 2.00 1.99
Open 934.81 Turnover 350,821 P/E (x) 2.94 Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind
565 675 555 1199
Siddiqsons Tin XD
PE
Open
High
High Low 950.29 922.95 Total cos Defaulter cos P/BV (x) ROE (%) 0.97 33.10 Low
3.85 6.38 4.48
24.95 2.89 14.93 46.40
25.39 3.10 15.90 46.95
24.65 2.56 14.83 45.96
785 10.23
9.05
9.05
9.00
Close Chg 24.65 2.82 14.86 46.02
-0.30 -0.07 -0.07 -0.38
9.00 -0.05
Close 925.98 Listed cap 3,596.11 mn Payout (%) 30.91
Last 60 days High Low
Volume
% Change -0.94 5-Day High 937.93 5-Day Low 925.98
2009 Div BR (%) (%)
High
High Low 1,127.46 1,093.45 Total cos Defaulter cos P/BV (x) ROE (%) 1.03 25.35 Low
Close Chg
28.50 3.39 16.75 70.71
23.75 1.65 12.25 45.50
-
30B -
30 40
20B
25611
10.80
8.00
10
-
7.5
-
Company AL-Noor Sugar Chashma Sugar Colony Sugar Mills Dewan Sugar Habib Sugar Habib-ADM Ltd Ismail Ind XD J D W Sugar Kohinoor Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar Mithchells Fruit National Foods XD Noon Pakistan XD Noon Sugar Quice Food S S Oil Sanghar Sugar Shahmurad Sugar Wazir Ali
Close 1,107.18 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 3.45 Market cap 40,254.21 mn Div Yield (%) 5.05
Last 60 days High Low
Open 971.84 Turnover 6,456,817 P/E (x) 7.81 Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement XD Berger Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Kohat Cement Lafarge Pakistan Cmt. Lucky Cement XD Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
High Low 989.72 960.99 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 7.10
PE
Open
High
Low
1828 866 13.48 182 956 25.84 982 12.85 3574 3651 112.38 350 6933 14.73 502 3.18 1760 2319 32 1288 13126 3234 6.48 5261 1.32 2228 200 361 7981950.00
3.13 63.00 15.77 11.81 1.50 1.52 26.75 2.87 4.91 5.10 1.86 3.02 0.74 6.00 2.82 72.57 2.90 8.05 6.55 8.80 19.94
3.20 62.40 16.35 12.14 1.68 1.60 27.55 2.99 5.00 6.10 2.06 3.24 0.80 6.24 2.99 73.70 2.94 8.50 7.49 8.21 20.00
3.03 59.85 15.76 11.26 1.67 1.52 26.80 2.41 4.84 5.44 1.85 3.00 0.75 5.95 2.87 71.65 2.82 7.80 5.90 7.90 19.02
Close 966.92 Listed cap 54,792.74 mn Payout (%) 19.04
Close Chg
Volume
Last 60 days High Low
3.06 60.41 16.10 11.37 1.67 1.59 26.97 2.87 4.86 6.10 1.90 3.24 0.79 5.96 2.89 72.07 2.84 7.81 6.10 7.92 19.50
28836 887346 1424 22353 5010 22661 3987475 4029 253022 27801 18360 2600 4670 1504 572927 435018 176436 502 153116 3228 1494
4.20 71.50 19.75 12.50 2.74 2.20 28.30 4.70 5.50 7.50 2.30 7.50 2.00 6.60 3.65 74.00 3.48 8.58 9.47 11.00 22.24
-0.07 -2.59 0.33 -0.44 0.17 0.07 0.22 0.00 -0.05 1.00 0.04 0.22 0.05 -0.04 0.07 -0.50 -0.06 -0.24 -0.45 -0.88 -0.44
2.80 59.85 14.01 8.90 1.30 1.30 23.02 2.11 4.51 4.25 1.74 2.11 0.25 5.50 2.60 62.60 2.51 6.80 5.50 7.56 17.74
% Change -0.51 5-Day High 997.78 5-Day Low 966.92
2009 Div BR (%) (%) 50 40 -
20B 20R 10B -
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 907.13 Turnover 69,799 P/E (x) 2.57 Company
Paid up Cap(mn)
High Low 914.15 890.49 Total cos Defaulter cos P/BV (x) ROE (%) 1.13 43.91 Close Chg
Volume
50.66 2.11 48.00 2.80 17.51
2.41 -0.04 0.09 -0.15 1.00
31353 10410 323 790 1100
51.05 2.75 61.99 4.50 19.61
844 52.82 104.04 104.89 102.00 103.00 -1.04 82 9.94 1242.36 1240.00 1205.00 1205.00-37.36 300 7.45 102.11 102.50 100.00 102.15 0.04
10522 181 15120
Open
High
Low
Cherat PapersackXDXB 115 1.80 ECOPACK Ltd 230 Ghani GlassXDXB 1067 4.41 MACPAC Films 389 Merit Pack 47 43.78
48.25 2.15 47.91 2.95 16.51
50.66 2.49 48.75 2.95 17.51
50.66 2.11 47.90 2.35 16.80
% Change -1.20 5-Day High 917.28 5-Day Low 896.20
2009 Div BR (%) (%)
2010 Div BR (%) (%)
34.00 1.70 45.75 1.60 11.81
30 -
10B -
20 25 -
25B 10B -
123.00 98.00 1260.00 1040.01 105.74 91.00
32.5 900 100
-
900 -
-
63.01 131.00 1.16 121.10 21.71 4.03 9.65 212.29 69.25 1.53
Paid up Cap(mn) 186 287 990 365 600 200 505 490 109 143 70 141 50 414 48 165 107 57 119 211 80
High Low 1,516.83 1,481.97 Total cos Defaulter cos P/BV (x) ROE (%) 9.32 30.30
PE
Open
High
Low
4.36 0.77 6.01 11.48 33.79 2.64 3.29 6.32 0.31 7.77 15.90 9.81 1.30 1.00 16.67 -
42.94 9.40 3.99 1.80 29.75 12.45 76.45 77.84 3.75 58.12 60.20 5.00 67.26 43.00 20.52 13.25 2.25 3.01 13.79 11.25 6.00
42.95 9.89 4.00 1.80 29.86 12.40 77.00 80.80 3.80 59.25 60.99 5.00 70.50 43.48 21.09 13.65 2.26 3.01 14.00 11.50 6.88
42.50 9.40 3.00 1.75 29.00 12.23 72.63 78.11 3.70 58.00 57.31 4.95 63.95 42.50 20.00 12.85 2.11 3.01 13.70 11.49 6.40
Close Chg 42.95 9.50 3.18 1.76 29.16 12.40 75.68 79.00 3.80 58.75 60.12 5.00 63.95 42.61 21.09 12.85 2.25 3.01 14.00 11.50 6.87
0.01 0.10 -0.81 -0.04 -0.59 -0.05 -0.77 1.16 0.05 0.63 -0.08 0.00 -3.31 -0.39 0.57 -0.40 0.00 0.00 0.21 0.25 0.87
Close 1,497.25 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 2800 11127 40056 1000 92416 2621 2001 9532 250 1217 6761 1327 123 1831 1405 730 11000 40000 1320 6275 3400
Last 60 days High Low 45.99 11.40 4.49 2.90 32.25 16.98 77.70 80.80 8.50 59.25 65.00 5.70 76.00 65.29 30.85 13.65 3.40 3.50 14.90 11.90 8.74
39.25 8.00 2.40 1.11 25.00 11.90 53.64 60.10 2.80 48.50 54.50 3.55 61.50 39.01 18.95 10.20 1.60 2.51 11.50 7.70 4.75
Open 1,163.87 Turnover 1,713,315 P/E (x) 3.49
AL-Abid SilkXBXR Diamond Ind Pak Elektron Singer Pak Tariq Glass Ind
Paid up Cap(mn)
High Low 1,176.96 1,149.26 Total cos Defaulter cos P/BV (x) ROE (%) 0.37 10.64
PE
Open
High
Low
115 2.83 90 19.82 1174 3.11 341 17.93 231 2.88
30.70 14.28 14.68 18.95 17.26
29.17 14.95 15.09 19.01 18.00
29.17 13.28 14.42 18.99 16.62
Close Chg 29.17 13.28 14.56 19.01 17.68
-1.53 -1.00 -0.12 0.06 0.42
Close 1,157.30 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 150 1013 1666005 3242 42904
Last 60 days High Low 35.00 19.70 15.74 24.14 19.12
26.60 10.10 12.17 16.51 14.50
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Open 953.77 Turnover 13,413,687 P/E (x) 6.47 Paid up Cap(mn)
PE
2010 Div BR (%) (%)
AL-Ghazi Tractor
215
4.89 204.50
205.95 203.15 204.23 -0.27
1113
227.45
200.00
400
-
150
-
Bolan CastingXDXB Ghandhara Ind Hinopak Motor
104 213 124
- 46.90 2.04 13.39 - 136.59
46.95 44.80 46.22 -0.68 13.55 12.99 13.00 -0.39 143.41 136.00 138.83 2.24
188 22646 3440
51.99 19.00 143.41
36.10 11.29 108.11 17.15
20B -
25 -
10B -
KSB Pumps Millat Tractors XB
132 366
8.88 72.50 6.37 486.16
74.18 71.00 74.18 491.60 483.25 486.89
688 190940
89.55 597.90
71.00 390.00
25B
650
25B
1.68 0.73
35 450
Total Assets (Rs in mn)
160,013.18
2.23
Total Equity (Rs in mn)
(20,772.84)
MA (100-day)
2.44
Revenue (Rs in mn)
94,563.77
MA (200-day)
2.66
Interest Expense
1st Support
2.35
Loss after Taxation
2nd Support
2.20
EPS 09 (Rs)
1st Resistance
2.75
Book value / share (Rs)
2nd Resistance
3.00
PE 10 E (x)
Pivot
2.60
PBV (x)
9,243.77 (5,822.43) (2.720) (8.92) (0.28)
PIAA closed up 0.26 at 2.50. Volume was 2,632 per cent above average (trending) and Bollinger Bands were 32 per cent narrower than normal. The company's loss after taxation stood at Rs6.901 billion which translates into a Loss Per Share of Rs2.86 for the half year of current calendar year (1HCY10). PIAA is currently 6.0 per cent below 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 PIAA (bullish). Trend forecasting oscillators are currently bullish on PIAA.
Saif Textile Mills Limited
2009 Div BR (%) (%) 40 35 40 15 40 35 25 20 50 10 15 -
25B 30B 10B 25B 10B 10B -
% Change -0.22 5-Day High 1,500.54 5-Day Low 1,482.95 2010 Div BR (%) (%) 40 17.5 110R 0 12.5R 25 10B 12 12 -
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
65.77
Total Assets (Rs in mn)
MA (10-day)
4.11
Total Equity (Rs in mn)
MA (100-day)
3.46
Revenue (Rs in mn)
4,000.30 317.21 3,727.82
MA (200-day)
4.21
Interest Expense
1st Support
4.32
Loss after Taxation
(560.23)
2nd Support
3.47
EPS 09 (Rs)
(21.210)
1st Resistance
5.70
346.44
Book value / share (Rs)
12.01
2nd Resistance
6.23
PE 10 E (x)
1.79
Pivot
4.85
PBV (x)
0.44
SAIF closed up 0.86 at 5.24. Volume was 2,058 per cent above average (trending) and Bollinger Bands were 3 per cent wider than normal. The company's profit after taxation stood at Rs77.489 million which translates into an Earning Per Share of Rs2.93 for the year ended FY10. SAIF is currently 21.5 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into SAIF (bullish). Trend forecasting oscillators are currently bullish on SAIF.
D. S. Industries Limited
2009 Div BR (%) (%) 7.5 -
10B 10B -
% Change -0.56 5-Day High 1,163.87 5-Day Low 1,149.96 2010 Div BR (%) (%) -20B 20R - 10B 17.5 -
High Low 966.45 938.37 Total cos Defaulter cos P/BV (x) ROE (%) 0.56 8.64
Close 950.01 Listed cap 47,070.70 mn Payout (%) 16.68
High
Low
Close Chg
Volume
(Colony) Thal 56 1.25 Al-Azhar Textile 86 1.56 Ali Asghar Textile 222 0.44 1.02 AL-Qadir Textile XD 76 1.45 4.64 Amtex Limited XD 2415 1.94 7.65 Artistic Denim XD 840 5.03 20.00 Azam TextileSPOT 133 0.51 3.00 Azgard Nine 4493 277.50 11.52 Bannu Woolen XD 76 1.00 11.45 Bata (Pak) 76 4.75 596.06 Bilal Fibres 141 0.42 1.61 Blessed Tex Mills XD 64 0.70 46.21 Chenab Limited 1150 3.31 Colgate Palm 316 31.46 823.89 Colony Mills Ltd 2442 2.62 3.00 D S Ind Ltd 600 1.80 Dar-es-Salaam 80 58.33 3.50 Dawood Lawrencepur 514 45.88 39.90 Dewan Farooque Spin. 600 3.29 3.15 Din TextileXDXB 204 1.35 24.99 Ellcot Spinning XD 110 0.61 20.96 Fazal Cloth 188 0.92 46.63 Fazal Textile XD 62 3.47 415.33 Gadoon Textile XD 234 0.49 42.42 Gulshan SpinningXDXB 222 1.29 7.45 Hajra Textile 138 0.96 Hira Txt.Mills Ltd XD 716 0.74 3.58 Ibrahim Fibres XD 3105 2.91 37.55 Idrees Textile XD 180 2.01 3.49 Indus Dyeing XD 181 3.39 247.19 J K Spinning 179 1.05 7.15 Janana D Mal 43 0.60 18.40 Kohinoor Ind 303 1.58 Kohinoor Mills 509 2.33 Kohinoor Textile 1455 4.21 5.37 Masood Textile XD 600 1.07 20.14 Mehmood Textile XD 150 1.50 55.00 Mian Textile 221 0.50 Mukhtar Textile 145 0.60 Nagina Cotton 187 0.76 14.14 Nishat (Chunian) XD 1586 2.73 21.67 Nishat Mills XD 3516 4.48 52.45 Pak Leather 34 2.95 Pak Synthetic 560 6.68 6.51 Premium Textile XD 62 0.47 28.20 Prosperity XD 185 1.06 13.21 Ravi Textile 250 4.41 1.73 Reliance Weaving 308 0.70 9.69 Rupali Poly XD 341 4.16 34.15 Saif Textile 264 1.79 4.38 Sally Textile XD 88 0.28 4.54 Samin Textile XR 134 6.42 Sana Ind XD 55 2.39 30.00 Sargoda Spinning XD 312 0.37 1.96 Saritow Spinning 133 0.64 2.25 Service Ind 120 5.64 230.41 Shadab Textile XD 30 0.27 10.55 Shahpur Textile 140 1.11 0.70 Shahtaj Textile XD 97 0.83 16.00 Shahzad Textile XD 180 0.38 4.00 Sunrays Textile XD 69 0.97 32.06 Suraj Cotton XD 180 1.10 30.50 Taj Textile 334 0.50 Tata Textile XD 173 0.18 19.00 Thal LimitedXDXB 307 3.84 90.63 Treet Corp 418 7.42 49.06 Tri-Star Poly 215 0.63 Yousuf Weaving 400 6.06 1.26 Zephyr Textile Ltd 594 5.14 3.05 Zil Limited XD 53 3.02 46.00
1.34 2.55 1.05 5.64 7.75 20.50 2.98 11.78 12.38 624.00 1.90 47.50 3.65 863.80 2.95 2.04 4.50 39.99 4.15 26.23 20.99 48.96 436.00 44.54 7.80 0.50 4.05 37.50 3.68 259.54 7.25 18.40 1.50 3.25 5.95 21.13 57.75 0.59 0.55 15.00 22.40 53.33 1.96 6.50 29.61 13.90 1.79 10.23 35.00 5.38 4.75 6.44 31.50 2.00 2.84 231.00 11.50 0.89 17.00 4.00 32.10 31.90 0.60 19.40 91.00 49.35 0.73 1.20 4.05 46.20
0.85 2.54 1.05 5.60 7.11 20.00 2.65 11.05 11.35 566.26 1.55 46.00 3.31 797.01 2.81 1.83 3.00 37.92 3.42 25.00 20.22 45.01 401.00 44.50 7.07 0.42 3.70 36.10 3.30 234.85 6.15 18.40 1.41 1.90 5.20 20.90 57.50 0.59 0.50 13.96 21.25 51.90 1.95 6.15 26.80 12.90 1.66 9.01 33.10 4.00 4.11 6.00 30.60 1.50 2.20 218.89 9.55 0.70 16.51 4.00 32.10 29.00 0.25 18.50 89.01 46.61 0.73 1.01 3.05 45.00
0.99 -0.26 2.55 0.99 1.05 0.03 5.61 0.97 7.27 -0.38 20.00 0.00 2.78 -0.22 11.10 -0.42 11.50 0.05 572.60-23.46 1.57 -0.04 46.50 0.29 3.45 0.14 838.14 14.25 2.83 -0.17 1.90 0.10 3.50 0.00 39.00 -0.90 4.15 1.00 26.23 1.24 20.25 -0.71 48.96 2.33 435.29 19.96 44.54 2.12 7.11 -0.34 0.50 -0.46 3.94 0.36 37.07 -0.48 3.51 0.02 256.66 9.47 6.92 -0.23 18.40 0.00 1.46 -0.12 2.59 0.26 5.89 0.52 20.90 0.76 57.68 2.68 0.59 0.09 0.52 -0.08 14.90 0.76 21.52 -0.15 52.17 -0.28 1.96 -0.99 6.15 -0.36 29.57 1.37 13.90 0.69 1.72 -0.01 10.00 0.31 33.11 -1.04 5.24 0.86 4.33 -0.21 6.02 -0.40 31.50 1.50 1.91 -0.05 2.32 0.07 218.89-11.52 9.56 -0.99 0.80 0.10 17.00 1.00 4.00 0.00 32.10 0.04 31.00 0.50 0.43 -0.07 19.00 0.00 89.82 -0.81 46.61 -2.45 0.73 0.10 1.03 -0.23 3.91 0.86 45.15 -0.85
122002 2000 3000 1346 3621813 200 62572 1708645 8001 8953 13988 105 17025 104 11205 458467 25002 441 5859 12865 1026 4174 226 53200 3452 1100 552712 71204 3049 15166 1408 2500 24782 3500 69117 920 2379 1000 2015 6818 3015560 2535013 1000 1001 112654 7013 50023 18692 902 217387 6300 34842 7461 6001 3500 13537 303 1011 10049 474 308 2102 5000 132808 35686 180188 1000 1952 106399 1806
Open 870.57 Turnover 103,703 P/E (x) 6.53 Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak XD Sanofi-Aventis Searle Pak XD
Paid up Cap(mn) 979 250 1707 165 200 100 96 306
PE
Open
8.77 99.78 6.35 83.96 12.77 69.63 6.74 24.99 6.49 8.40 7.14 30.55 10.38 131.92 5.36 62.84
High
High Low 900.08 867.77 Total cos Defaulter cos P/BV (x) ROE (%) 1.46 22.31 Low
Close Chg
104.00 98.00 100.05 0.27 85.99 84.00 84.02 0.06 72.50 70.51 71.00 1.37 25.00 24.31 24.32 -0.67 8.84 8.05 8.05 -0.35 32.00 32.00 32.00 1.45 134.79 125.33 130.50 -1.42 64.50 62.50 62.52 -0.32
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
66.85
Total Assets (Rs in mn)
838.18
MA (10-day)
1.73
Total Equity (Rs in mn)
(298.62)
MA (100-day)
Open
% Change 0.19 5-Day High 1,557.72 5-Day Low 1,524.26
2009 Div BR (%) (%)
20B -
PERSONAL GOODS Change -3.76 Market cap 121,575.20 mn Div Yield (%) 2.58
Last 60 days High Low 2.00 2.58 2.21 8.40 20.45 24.05 3.45 12.50 14.00 624.00 2.00 52.05 4.61 863.80 4.50 2.49 4.50 50.35 4.15 30.90 25.45 51.66 436.00 48.30 10.30 0.99 4.88 39.00 5.35 269.50 10.30 20.50 1.95 3.79 6.30 23.00 74.50 0.98 0.99 17.50 23.55 54.27 5.95 7.90 30.90 21.47 4.15 12.00 36.75 5.44 6.20 8.69 38.40 2.50 2.99 255.29 11.50 1.90 21.90 9.48 35.00 37.50 0.80 21.42 112.80 52.14 1.00 1.89 4.05 48.75
0.70 0.20 0.70 2.50 6.71 17.55 1.35 8.55 7.50 436.00 0.55 40.80 2.93 615.00 2.23 1.44 2.50 37.00 2.05 20.80 17.21 41.00 303.00 33.80 5.31 0.13 2.52 34.05 2.56 206.11 5.12 9.95 1.01 1.52 4.00 18.51 55.00 0.01 0.25 12.00 14.64 40.81 1.45 5.16 25.71 12.51 1.38 6.91 31.35 2.01 2.74 5.02 27.50 0.31 1.01 176.00 7.60 0.18 14.75 3.25 30.03 29.00 0.25 14.00 88.60 37.20 0.26 0.73 1.50 33.00
PHARMA AND BIO TECH Change 2.91 Market cap 31,931.44 mn Div Yield (%) 16.23
90 100 60 20 150 -
20B -
Performance of SR Personal Goods Index
Performance of SR Pharma and Bio Tech Index
Close 1,541.45 Listed cap 1,336.62 mn Payout (%) 131.49
40 100 50 100 5 2
Change -6.57 Market cap 5,518.49 mn Div Yield (%) 1.79
INDUSTRIAL ENGINEERING High Low 1,555.26 1,525.72 Total cos Defaulter cos P/BV (x) ROE (%) 3.08 38.02
2010 Div BR (%) (%)
Change -3.29 Market cap 193,447.76 mn Div Yield (%) 0.99
Performance of SR Industrial Engineering Index Open 1,538.54 Turnover 219,039 P/E (x) 8.10 Company
Change -10.93 Market cap 33,198.04 mn Div Yield (%) 6.05
Last 60 days High Low
PE
Packages Ltd Siemens Engineering Tri-Pack Films
Close 896.20 Listed cap 3,043.31 mn Payout (%) 15.55
76.98 205.00 2.09 155.99 26.70 6.15 13.44 280.00 89.99 3.25
2009 Div BR (%) (%)
69.18
MA (10-day)
Performance of SR Household Goods Index
Company
Change -4.91 Market cap 68,951.83 mn Div Yield (%) 2.44
3327 57875 60558 251 7330 13002 2720 15312 4608 1604
% Change 0.31 5-Day High 1,123.44 5-Day Low 1,103.72
RSI (14-day)
HOUSEHOLD GOODS
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index
67.99 67.00 67.94 0.05 161.29 153.50 161.29 7.68 1.55 1.48 1.48 0.00 155.50 152.00 152.00 -0.38 23.40 22.33 22.33 -1.17 4.60 4.35 4.45 0.22 11.95 11.40 11.68 -0.12 238.00 230.01 232.59 1.06 75.00 73.80 73.92 0.12 2.88 1.70 2.00 0.01
Open 1,500.54 Turnover 237,369 P/E (x) 30.76
2010 Div BR (%) (%)
10202 227967 78129 8912
-
FOOD PRODUCERS
Company
Change -8.83 Market cap 8,870.98 mn Div Yield (%) 10.51
40 15
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING Performance of SR Industrial Metals and Mining Index
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,203.25 1,178.38 Total cos Defaulter cos P/BV (x) ROE (%) 2.60 35.00
30
Pakistan International Airline Corp Ltd
% Change 0.02 5-Day High 762.16 5-Day Low 723.99
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,189.07 Turnover 17,015,813 P/E (x) 7.42
2009 Div BR (%) (%)
Alert ! Unusual Movements
Close 875.94 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 47566 6879 10468 3201 4607 1100 339 29543
77.00 83.09 65.00 22.10 6.10 27.50 115.90 53.36
2010 Div BR (%) (%)
10 30 20 20 7.5 20 120 7.5 50 115 15B 5 20 10B 7.5 35 -100SD 15 - 100 70 - 10B 10 20B 10 20 10 15 20 5B 15 15 100R 4050.2257B 60 - 20SD - 50R 15 20 25 45R 12.5 7.5 50 20 30 - 25SD 40 40 10 - 100R 35 60 5 200 10 20 45 5 10 15 50 25 20 20B 80 20B 4 40 10B 35 -
Change 5.37 Market cap 29,220.97 mn Div Yield (%) 6.83
Last 60 days High Low 104.00 124.00 82.50 25.79 8.90 33.60 139.50 64.50
2009 Div BR (%) (%)
% Change -0.39 5-Day High 953.77 5-Day Low 936.51
2009 Div BR (%) (%) 120 10 50 25 15 70 15
20B 15B
% Change 0.62 5-Day High 884.49 5-Day Low 870.57 2010 Div BR (%) (%) 20 30
20B -
1.95
Revenue (Rs in mn)
653.74
MA (200-day)
2.51
Interest Expense
1st Support
1.76
Loss after Taxation
(984.14)
130.20
2nd Support
1.69
EPS 09 (Rs)
(16.402)
1st Resistance
1.97
Book value / share (Rs)
2nd Resistance
2.11
PE 10 E (x)
Pivot
1.90
PBV (x)
(4.98) (0.38)
DSIL closed up 0.10 at 1.90. Volume was 359 per cent above average (trending) and Bollinger Bands were 16 per cent wider than normal. The company's loss after taxation stood at Rs23.381 million which translates into a Loss Per Share of Rs0.39 for the year ended FY10. DSIL is currently 24.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into DSIL (bullish). Trend forecasting oscillators are currently bullish on DSIL.
NetSol Technologies Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
54.79
Total Assets (Rs in mn)
2,916.67
MA (10-day)
18.52
Total Equity (Rs in mn)
2,378.92
MA (100-day)
22.34
Revenue (Rs in mn)
1,081.40
MA (200-day)
26.11
Interest Expense
1st Support
18.47
Profit after Taxation
2nd Support
17.93
EPS 09 (Rs)
3.775
1st Resistance
19.44
Book value / share (Rs)
30.53
2nd Resistance
19.87
PE 10 E (x)
1.53
Pivot
18.90
PBV (x)
0.62
19.53 294.11
NETSOL closed up 0.63 at 18.98. Volume was 167 per cent above average (trending) and Bollinger Bands were 59 per cent narrower than normal. The company's profit after taxation stood at Rs951.864 million which translates into an Earning Per Share of Rs12.38 for the year ended FY10. NETSOL is currently 27.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NETSOL (mildly bullish). Trend forecasting oscillators are currently bullish on NETSOL.
BOOK CLOSURES Company
From
To
Bestway Cement Dar Es Salam Textile Mills Gulistan Spinning Mills Gulistan Textile Mills Hira Textile Mills Latif Jute Mills Mustehkam Cement Nishat (Chunian) Nishat (Chunian) NVCCP Quetta Textile Mills Sally Textile Mills Azam Textile Mills Kohinoor Industries Kohinoor Power Company Salman Noman Enterprises Saritow Spinning Mills The Royal Bank of Scotland Faysal Bank Atlas Fund of Funds First Paramount Modaraba Sapphir Fibres
29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 30-Oct 30-Oct 30-Oct 30-Oct 30-Oct 01-Nov 02-Nov 03-Nov 03-Nov 04-Nov
05-Nov 05-Nov 31-Oct 31-Oct 04-Nov 05-Nov 05-Nov 04-Nov 04-Nov 05-Nov 12-Nov 05-Nov 05-Nov 05-Nov 05-Nov 05-Nov 11-Nov 10-Nov 10-Nov 10-Jan 11-Nov
D/B/R 10 10 10 15 15 20 10 7.5 5B 25(R) 2.20(F) 18 -
Spot AGM/Date 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 21-Oct 22-Oct 22-Oct 26-Oct -
30-Oct 30-Oct 30-Oct 30-Oct 30-Oct 05-Nov 30-Oct 30-Oct 30-Oct 30-Oct 30-Oct 30-Oct 30-Oct 30-Oct 30-Oct 11-Nov 10-Nov 03-Nov 28-Oct 11-Nov
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
Pakistan Cables 53 TRG Pakistan Ltd 4.09 Murree BreweryXDXB 73 Lakson Tobacco 339.34 Pak Tobacco 112.51 Shifa Int.Hospitals 28 Eye Television 21.77 PIAC (A) 2.24 AKD Capital 58.59 Pace (Pak) Ltd 3.14 Netsol Technol XD 18.35 Pak Telephone 1.95
High 53 4.19 75 347.98 112.5 29.39 21.03 2.85 61.51 3.25 19.33 2.48
Low Close 52 4.01 73 325.1 112.5 26.66 21 2.45 60.5 3.1 18.36 1.75
52 4.03 74.54 328.43 112.5 28.45 21 2.5 61.51 3.14 18.98 1.76
Change -1 -0.06 1.54 -10.91 -0.01 0.45 -0.77 0.26 2.92 0 0.63 -0.19
Vol 930 1037295 27199 121 2200 1013 13300 3743985 9838 720995 1453416 15701
7
Friday, October 29, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,127.18 Turnover 3,586,002 P/E (x) 5.98 Paid up Cap(mn)
Company
Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
37740 3000 8606 6175
High Low 1,142.70 1,097.59 Total cos Defaulter cos P/BV (x) ROE (%) 0.77 12.84
PE
Open
High
Low
Close Chg
8.92 1.01 -
19.01 2.46 2.65 3.80
19.23 2.50 2.75 3.93
18.53 2.31 2.55 3.66
18.74 2.35 2.57 3.69
-0.27 -0.11 -0.08 -0.11
Close 1,109.74 Listed cap 50,077.79 mn Payout (%) 62.56
Change -17.44 Market cap 76,660.87 mn Div Yield (%) 10.46
Last 60 days High Low
Volume 2627088 244571 714342 47308
19.77 2.82 2.98 5.85
17.32 1.80 2.30 3.60
% Change -1.55 5-Day High 1,156.57 5-Day Low 1,109.74
2009 Div BR (%) (%) 15 -
-
2010 Div BR (%) (%) 17.5 1 -
Atlas Insurance Central Insurance XB Century Insurance EFU General Ins. XB Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Premier Insurance United Insurance XB Universal Insurance
369 5.33 279 5.87 457 6.57 1250 34.71 400 2.74 718 15.40 791 15.27 3000 303 5.03 400 1.88 210 -
34.97 51.26 11.51 44.10 11.13 84.53 58.54 15.20 9.46 6.20 2.75
Paid up Cap(mn)
Company
PE
Open
High
Low
Hub Power 11572 6.20 Japan Power 1560 KESC 7932 Kohinoor Energy XD 1695 11.94 Kohinoor Power 126 2.34 Kot Addu Power XD 8803 4.83 Nishat Chunian Power Ltd3673 Nishat Power Ltd 3541 25.10 Sitara Energy Ltd XD 191 3.41 Southern Electric 1367 Tri-star Power XD 150 -
33.95 1.70 2.14 22.43 4.84 39.96 13.69 14.56 19.50 2.07 0.89
33.99 1.70 2.28 22.00 4.70 40.00 14.69 15.56 19.12 2.25 0.80
33.80 1.60 2.18 21.31 4.10 39.70 14.02 15.24 19.10 2.09 0.80
Close 1,186.78 Listed cap 95,369.29 mn Payout (%) 104.13
Change 1.85 Market cap 98,212.04 mn Div Yield (%) 8.23
Close Chg
Volume
Last 60 days High Low
33.87 1.64 2.19 21.50 4.70 39.76 14.62 15.56 19.11 2.10 0.80
161350 119207 661497 17104 13924 103731 4373889 7942803 4675 1075164 500
37.24 2.25 2.50 26.50 6.70 43.35 14.69 15.56 23.49 3.05 1.58
-0.08 -0.06 0.05 -0.93 -0.14 -0.20 0.93 1.00 -0.39 0.03 -0.09
32.75 0.70 1.92 21.31 3.90 38.35 9.50 9.25 18.70 2.05 0.33
% Change 0.16 5-Day High 1,192.09 5-Day Low 1,184.93
2009 Div BR (%) (%) 33.5 45 64.5 20 3
2010 Div BR (%) (%)
31R -
50 - 7.8R 15 50 20 -
33.52 51.66 10.51 43.73 11.49 83.00 56.64 14.89 9.30 5.73 3.02
-1.45 0.40 -1.00 -0.37 0.36 -1.53 -1.90 -0.31 -0.16 -0.47 0.27
11507 3191 141522 21384 4125 7012 4184 481504 1058 20131 1000
35.00 64.90 11.99 54.22 13.89 85.00 60.50 18.38 10.30 7.18 4.00
27.10 47.37 9.42 34.76 10.04 66.02 52.21 12.50 8.00 4.02 1.77
Open 849.48 Turnover 8,262 P/E (x) 92.38 Company
Paid up Cap(mn)
PE
Open
High
High Low 843.14 812.88 Total cos Defaulter cos P/BV (x) ROE (%) 3.56 3.85 Low
Close Chg
Close 829.56 Listed cap 2,290.72 mn Payout (%) 355.53
Open 1,820.63 Turnover 1,773,644 P/E (x) 11.52 Company
High Low 1,864.06 1,789.31 Total cos Defaulter cos P/BV (x) ROE (%) 1.31 11.41
Close 1,814.89 Listed cap 12,202.80 mn Payout (%) 66.79
Change -5.74 Market cap 38,883.59 mn Div Yield (%) 5.80
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
9.62 3.80
32.21 25.39
32.97 26.00
32.01 24.76
32.31 0.10 25.20 -0.19
815528 958116
33.40 30.70
Sui North Gas Sui South GasXDXB
25.00 16.00
% Change -0.32 5-Day High 1,820.63 5-Day Low 1,703.08
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
-
20 15
25B
BANKS Performance of SR Banks Index Open 1,037.29 Turnover 21,644,243 P/E (x) 7.24 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.48 56.27 Askari Bank 6427 7.43 15.84 Atlas Bank 5001 1.89 Bank Alfalah 13492 12.93 9.69 Bank AL-Habib 7322 6.89 32.00 Bank Of Khyber 5004 3.54 3.52 Bank Of Punjab 5288 8.74 BankIslami Pak 5280 830.00 3.23 Faysal Bank 6091 3.25 14.16 Habib Bank Ltd 10019 6.38 101.40 Habib Metropolitan Bank 8732 6.25 21.45 JS Bank Ltd 6128 2.65 KASB Bank Ltd 9509 2.36 MCB Bank Ltd 7602 9.01 204.84 Meezan Bank 6983 8.09 15.07 Mybank Ltd 5304 2.11 National Bank 13455 5.69 68.76 Network Mic Bank 300 1.25 NIB Bank 40437 2.88 Royal Bank Ltd 17180 6.50 Samba Bank 14335 2.10 Silkbank Ltd 26716 2.81 Soneri Bank 6023 7.50 Stand Chart Bank 38716 3.19 6.80 Summit Bank Ltd 5000 2.99 United Bank Ltd 12242 6.65 57.27
High
High Low Close 1,052.35 1,022.12 1,027.58 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 0.97 13.45 34.35 Low
Close Chg
57.25 56.05 56.35 0.08 15.90 15.42 15.61 -0.23 1.90 1.71 1.76 -0.13 9.88 9.65 9.70 0.01 32.05 31.90 31.99 -0.01 3.70 3.50 3.54 0.02 8.94 8.60 8.65 -0.09 3.49 3.30 3.32 0.09 14.49 14.05 14.11 -0.05 103.60 100.62 102.16 0.76 20.75 20.38 20.43 -1.02 2.69 2.56 2.65 0.00 2.50 2.36 2.43 0.07 207.00 202.60 203.17 -1.67 15.30 14.86 15.29 0.22 2.29 2.12 2.15 0.04 70.75 67.30 67.72 -1.04 1.46 0.80 0.92 -0.33 2.96 2.79 2.80 -0.08 7.35 6.75 6.88 0.38 2.05 2.00 2.00 -0.10 2.80 2.68 2.69 -0.12 7.75 7.16 7.35 -0.15 6.58 6.40 6.50 -0.30 3.10 2.80 2.90 -0.09 58.45 56.45 56.51 -0.76
Change -9.71 Market cap 623,335.90 mn Div Yield (%) 4.74
Last 60 days High Low
Volume 1086170 736762 179848 1124049 185365 22898 371230 114436 38178 131904 117141 30381 59733 1043723 5700 15619 12173827 3533 540489 273188 344802 1946748 473030 155965 93017 469524
59.10 16.96 2.84 10.19 33.75 3.99 10.49 3.69 15.19 109.10 23.30 2.90 3.70 213.50 15.95 2.79 73.89 1.95 3.28 11.99 2.65 3.30 7.84 8.50 3.78 59.24
48.51 13.99 1.52 7.32 29.10 2.50 7.35 2.31 12.75 92.00 18.02 2.00 2.03 180.40 13.80 1.62 60.51 0.26 2.42 5.20 1.55 2.15 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
% Change -0.94 5-Day High 1,037.29 5-Day Low 1,023.90
20 - 66R 55 -63.46R 10 -
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 693.49 Turnover 1,615,689 P/E (x) 11.26 Paid up Cap(mn)
Company Adamjee Insurance
High Low 700.66 668.97 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 5.20
Close 675.27 Listed cap 11,111.34 mn Payout (%) 79.54
Change -18.22 Market cap 43,125.06 mn Div Yield (%) 7.07
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 47.05
71.31
72.25
67.75
67.75 -3.56
919018
89.50
63.05
2009 Div BR (%) (%) 30
% Change -2.63 5-Day High 711.32 5-Day Low 675.27 2010 Div BR (%) (%)
10B
10
-
10 10 -
UPTO 100 VOLUME
10B 20B -
Symbols FANM SHCM FTSM SHEZ FRCL GRYL QUET GRAYS BWHL PAKMI MQTM ICL PKGI ULEVER NESTLE DATM GLPL DNCC PGCL HUSS CLOV DCM KOSM PECO ATLH FNEL SGML GUTM DYNO RMPL CWSM SAZEW IDSM UDPL NBF LMSM FASM AGSML MDTL GENP AWTX GATM PNGRS SCL SSIC QUAT JUBS CJPL ADAMS GAIL PHDL TSBL AGIC PIL BROT GUSM KSTM SJTM ICCT BHAT CRTM TOWL PASM SHJS MLCFPS ADOS DWAE ATEL PAKD
Last 60 days High Low
Volume
% Change -2.35 5-Day High 887.16 5-Day Low 829.56
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
American Life
500
6.05
17.50
18.50
18.00
18.09 0.59
1713
21.00
17.50
-
-
-
EFU Life Assurance XB
850 38.72
73.04
74.00
70.01
71.24 -1.80
1709
82.99
51.25
5513.33B
-
-
New Jub Life Insurance
627 27.45
42.01
41.00
39.95
40.90 -1.11
4840
45.20
34.50
10
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 375.37 Turnover 9,261,612 P/E (x) 0.45 Paid up Cap(mn)
Company
High Low 387.55 367.58 Total cos Defaulter cos P/BV (x) ROE (%) 0.17 37.22
PE
Open
High
Low
225 360 3.35 450 13.02 3750 4.32 250 441 First Credit & Invest Bank Ltd 650 12.54 IGI Investment Bank 2121 12.75 Invest and Fin Sec XD 600 725.00 Invest Bank 2849 Ist Cap Securities XB 3166 1.53 Ist Dawood Bank 626 0.69 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap XD 500 7.52 JS Investment 1000 24.96 KASB Securities 1000 Orix Leasing 821 4.04 Pervez Ahmed Sec 775 Saudi Pak Leasing 452 Stand Chart Leasing 978 5.40 Trust Inv Bank 586 -
0.63 17.04 25.92 23.76 1.70 2.85 3.10 2.04 7.69 0.74 3.65 1.97 10.07 2.93 28.20 6.02 4.09 5.40 1.73 0.50 2.48 1.65
0.70 17.05 26.45 24.25 1.83 2.44 3.75 2.10 7.25 0.80 3.99 2.05 10.40 3.26 28.48 6.19 4.70 5.51 2.00 0.75 2.59 2.60
0.50 16.99 25.21 23.35 1.65 2.20 3.01 2.01 7.06 0.56 3.60 1.90 9.91 2.93 27.50 5.95 4.11 5.30 1.68 0.54 2.59 1.35
AMZ Ventures Arif Habib Investments Arif Habib Limited XB Arif Habib Securities Dawood Equities Escorts Bank
Close Chg
Close 372.97 Listed cap 30,336.44 mn Payout (%) 4.60
Volume
Change -2.40 Market cap 26,591.24 mn Div Yield (%) 10.15
0.60 17.00 25.51 23.48 1.80 2.25 3.01 2.04 7.25 0.76 3.71 1.92 9.97 3.09 27.97 5.99 4.24 5.50 1.93 0.55 2.59 1.41
-0.03 -0.04 -0.41 -0.28 0.10 -0.60 -0.09 0.00 -0.44 0.02 0.06 -0.05 -0.10 0.16 -0.23 -0.03 0.15 0.10 0.20 0.05 0.11 -0.24
215406 12201 83047 1218487 41551 60000 25506 20040 2001 679 14965 111362 4989094 1480853 26513 83714 300419 28554 548952 23031 116 512
% Change -0.64 5-Day High 387.17 5-Day Low 372.85
Last 60 days High Low
2009 Div BR (%) (%)
1.10 20.99 45.74 34.99 2.91 3.35 4.50 2.30 9.00 1.00 5.29 2.84 13.74 5.71 40.50 7.89 5.25 5.95 2.56 1.70 3.00 3.25
15 25B 30 - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.62 20.90 1.51 1.85 2.00 1.17 6.70 0.44 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 0.40 1.50 1.24
2010 Div BR (%) (%) 20B 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Open 1,059.36 Turnover 2,769,534 P/E (x) 7.36 Paid up Cap(mn)
Company
High Low 1,073.90 1,038.69 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 4.09
PE
Open
High
Low
1st Fid Leasing 264 AL-Meezan Mutual F. XD 1375 5.15 Atlas F. of FundsSPOT 525 1.41 B R R Guardian Mod. 780 2.89 Constellation Mod. 65 5.42 Crescent St Mod. XD 200 1.63 Equity Modaraba 524 First Capital Mutual F 300 4.86 First Dawood Mutual F 581 0.54 Golden Arrow XD 760 2.84 H B L Modaraba XD 397 2.11 Habib Modaraba 1008 5.38 I B L Modaraba 202 2.06 Imrooz Modaraba XD 30 9.12 JS Growth Fund 3180 35.00 JS Value Fund 1186 10.29 Meezan Bal.Fund XD 1200 5.76 Mod Al-Mali 184 Nat Bank Modaraba XD 250 6.44 Pak Prem Fund 1698 11.13 Pak Strat Fund 3000 6.88 Paramount Modaraba XD 59 7.37 PICIC Energy Fund 1000 1.64 PICIC Growth Fund 2835 5.19 PICIC Inv Fund 2841 4.39 Prud Modaraba 1st XD 872 2.58 Punjab Modaraba 340 7.52 Stand Chart Modaraba 454 4.31 Tri-Star Mutual 50 2.43 Trust Modaraba XD 298 2.88 U D L Modaraba XD 264 2.81
1.38 6.15 3.35 1.21 1.34 0.79 1.30 4.30 1.73 2.79 6.22 6.20 2.50 47.63 2.95 2.79 5.55 0.89 7.13 8.01 7.10 8.00 5.65 8.19 3.90 0.89 1.45 8.93 1.99 1.50 5.35
1.57 6.20 3.52 1.40 1.90 0.87 1.30 4.99 1.96 2.85 6.50 6.25 2.00 50.00 2.90 2.98 5.99 1.18 6.95 8.09 7.25 8.25 5.70 8.28 3.99 0.98 1.60 8.80 2.45 2.00 5.39
1.44 6.18 3.05 1.23 0.93 0.62 1.26 4.30 1.70 2.60 6.31 6.20 1.51 49.99 2.80 2.79 5.70 1.00 6.60 7.96 6.70 8.00 5.60 8.03 3.86 0.86 1.49 8.80 1.70 1.50 5.39
Close 1,057.80 Listed cap 29,771.58 mn Payout (%) 104.19
Change -1.57 Market cap 17,372.32 mn Div Yield (%) 24.88
Volume
Last 60 days High Low
2009 Div BR (%) (%)
1.50 6.18 3.50 1.27 1.79 0.65 1.29 4.52 1.70 2.61 6.33 6.24 1.92 49.99 2.80 2.88 5.99 1.00 6.95 8.01 7.15 8.25 5.63 8.09 3.86 0.98 1.58 8.80 1.70 1.50 5.39
100015 510 31508 2153 58704 186799 10500 48900 20508 42358 59155 6259 116 140 975801 655902 111 1010 3526 140101 163051 1705 59344 67811 44240 60002 18509 8500 1011 701 330
2.24 7.25 4.50 1.67 2.99 1.10 1.47 4.99 2.00 3.88 6.80 7.44 2.89 69.95 3.70 3.98 7.00 2.18 8.45 9.86 8.10 9.45 6.00 10.08 4.99 1.20 2.00 10.99 2.87 4.40 6.99
5 20 63 10 15 16.5 10
1.01 5.85 2.53 0.90 0.90 0.16 0.76 0.99 1.30 2.32 4.80 5.56 1.30 42.90 2.65 2.31 5.30 0.56 6.15 7.00 6.01 6.55 4.00 7.60 3.50 0.70 0.57 7.75 0.95 1.00 4.71
Symbols
% Change -0.15 5-Day High 1,062.96 5-Day Low 1,056.87
Close Chg 0.12 0.03 0.15 0.06 0.45 -0.14 -0.01 0.22 -0.03 -0.18 0.11 0.04 -0.58 2.36 -0.15 0.09 0.44 0.11 -0.18 0.00 0.05 0.25 -0.02 -0.10 -0.04 0.09 0.13 -0.13 -0.29 0.00 0.04
Open 2.55 11.95 1.84 94.93 3.01 1.42 30.99 46.90 32.55 0.72 9.22 26.48 6.79 4050.00 1944.94 0.36 70.89 2.00 20.25 10.98 51.21 1.48 1.11 299.98 109.40 9.35 4.72 17.85 12.25 1643.50 1.36 20.94 3.10 11.01 2.50 3.13 29.51 5.01 53.16 0.87 85.00 23.70 5.00 51.01 7.05 8.80 3.94 0.70 13.95 4.84 39.32 2.44 10.06 3.00 0.39 5.36 0.74 1.49 0.81 189.00 22.18 20.00 8.91 65.60 5.98 15.90 0.54 17.90 92.00
High 2.50 12.50 1.94 97.00 3.50 1.10 29.45 48.00 34.00 0.70 9.01 27.48 6.49 4080.00 1987.00 0.36 68.00 1.76 19.25 11.00 51.00 1.45 1.10 300.00 109.00 9.78 5.25 18.80 13.25 1680.00 2.00 21.33 3.49 11.58 2.94 2.13 30.98 6.01 54.90 1.02 89.00 24.88 5.84 49.90 7.89 9.00 3.46 1.00 13.95 4.60 38.01 3.44 10.98 3.25 0.69 5.01 0.90 0.51 0.99 189.00 23.28 20.00 8.26 66.90 6.90 15.98 0.78 18.90 94.50
Low
Close
2.50 12.50 1.94 96.00 2.90 1.10 29.45 46.05 30.93 0.70 9.01 27.48 6.11 4000.01 1900.01 0.36 68.00 1.75 19.24 11.00 51.00 1.43 1.00 295.00 108.00 8.35 4.50 18.00 11.25 1640.00 0.90 20.22 3.48 11.58 2.94 2.13 30.98 6.00 54.00 0.90 89.00 24.70 5.75 48.57 7.06 9.00 2.94 0.95 13.95 4.60 38.01 3.00 10.95 3.00 0.69 5.01 0.85 0.51 0.99 189.00 23.00 20.00 8.25 66.90 6.90 15.90 0.75 18.88 94.50
2.50 12.50 1.94 96.00 2.93 1.10 29.45 46.68 34.00 0.70 9.01 27.48 6.12 4025.13 1949.06 0.36 68.00 1.76 19.24 11.00 51.00 1.43 1.00 299.99 108.00 9.40 4.70 18.05 11.30 1651.00 1.41 20.94 3.48 11.58 2.94 2.13 30.98 6.00 54.90 0.95 89.00 24.70 5.77 49.90 7.06 9.00 3.46 0.95 13.95 4.60 38.01 3.00 10.95 3.00 0.69 5.01 0.85 0.51 0.99 189.00 23.00 20.00 8.26 66.90 6.90 15.90 0.75 18.88 94.50
Change
Vol
-0.05 0.55 0.10 1.07 -0.08 -0.32 -1.54 -0.22 1.45 -0.02 -0.21 1.00 -0.67 -24.87 4.12 0.00 -2.89 -0.24 -1.01 0.02 -0.21 -0.05 -0.11 0.01 -1.40 0.05 -0.02 0.20 -0.95 7.50 0.05 0.00 0.38 0.57 0.44 -1.00 1.47 0.99 1.74 0.08 4.00 1.00 0.77 -1.11 0.01 0.20 -0.48 0.25 0.00 -0.24 -1.31 0.56 0.89 0.00 0.30 -0.35 0.11 -0.98 0.18 0.00 0.82 0.00 -0.65 1.30 0.92 0.00 0.21 0.98 2.50
100 100 99 90 85 71 60 53 51 50 50 50 49 48 39 38 35 34 27 25 25 23 22 22 20 19 16 15 12 12 11 11 10 10 5 5 5 5 5 4 3 3 3 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
FUTURE CONTRACTS
Performance of SR Equity Investment Instruments Index
2010 Div BR (%) (%)
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
10B 25B 8.7B 20B 15B 16B -
Change -19.92 Market cap 9,649.93 mn Div Yield (%) 3.85
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index
40 20 40 35 35 30 30 20 -
Performance of SR Life Insurance Index
Performance of SR Electricity Index High Low 1,195.01 1,181.50 Total cos Defaulter cos P/BV (x) ROE (%) 1.18 9.35
33.51 51.25 10.51 42.65 11.00 81.50 55.62 14.81 9.30 5.23 3.02
LIFE INSURANCE
-
ELECTRICITY Open 1,184.93 Turnover 14,473,848 P/E (x) 12.65
34.95 53.00 11.98 44.75 11.60 85.00 56.64 15.40 9.58 7.18 3.02
NBP-NOV 69.45 DGKC-NOV 26.91 ENGRO-OCT 177.75 MCB-OCT 204.84 NBP-OCT 68.32 ENGRO-NOV 177.65 NML-NOV 53.05 ANL-NOV 11.66 AICL-NOV 71.90 POL-NOV 244.08 POL-OCTB 243.08 MCB-NOV 204.03 DGKC-OCT 26.77 NML-OCT 52.55 NCL-NOV 21.50 ANL-OCT 11.57 LUCK-NOV 73.86 PSO-NOV 267.01 PSO-OCT 267.07 AICL-OCT 71.61 PPL-NOV 190.00 LUCK-OCT 72.50 OGDC-OCT 155.00 FFBL-NOV 30.68 PPL-OCT 189.67 FFBL-OCT 30.25 UBL-NOV 57.50 OGDC-NOV 154.30 UBL-OCT 57.70 PTC-OCT 19.11 HUBC-OCT 34.01 AICL-COCT 71.41
2010 Div BR (%) (%)
- 18.5 2.2 0 1.2 17 11 21 76 5 10 - 15.5 10 - 18.6 - 11.53 18 10 20 10 3 1 17 5 - 12.5
Open
-
High 70.60 27.60 178.70 206.70 70.50 178.55 53.60 11.89 72.49 246.70 246.48 206.00 27.75 53.25 22.00 11.70 74.40 268.00 268.49 71.50 190.51 73.90 155.41 30.60 190.01 30.55 57.00 154.50 57.00 18.60 33.50 0.00
Low
Close
68.00 27.00 175.50 202.75 67.50 175.70 52.50 11.10 68.31 243.50 243.15 202.66 27.00 52.10 21.50 11.00 72.50 266.00 266.00 68.03 187.75 72.01 153.63 30.50 186.65 30.50 56.65 153.02 56.60 18.60 33.50 0.00
68.26 27.09 175.79 203.35 67.79 175.92 52.66 11.13 68.31 245.65 245.07 203.29 27.02 52.16 21.50 11.03 72.56 266.05 266.18 68.03 188.15 72.14 154.03 30.50 186.74 30.55 56.68 153.15 56.60 18.60 33.50 67.75
Change -1.19 0.18 -1.96 -1.49 -0.53 -1.73 -0.39 -0.53 -3.59 1.57 1.99 -0.74 0.25 -0.39 0.00 -0.54 -1.30 -0.96 -0.89 -3.58 -1.85 -0.36 -0.97 -0.18 -2.93 0.30 -0.82 -1.15 -1.10 -0.51 -0.51 -3.66
Vol 545500 326000 277000 228500 218000 211500 206000 180000 178500 159500 159500 155000 154500 99500 92500 84500 83000 57500 52500 37000 34500 26500 23000 20000 14000 10500 10000 8000 4000 3000 1000 0.00
ZERO VOLUME Symbols
Open
High
Low
Close
ACCM BWCL CSIL DMTM EWLA
0.84 23.47 4.01 4.39 2.85
0.79 23.40 4.05 3.99 2.75
0.79 23.40 4.05 3.99 2.75
0.79 23.40 4.05 3.99 2.75
Change
Vol
-0.05 -0.07 0.04 -0.40 -0.10
0.00 0.00 0.00 0.00 0.00
BOARD MEETINGS
National Bank of Pakistan
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
Fair Value
*Arif Habib Ltd
10,517.30
MA (10-day)
10,577.94
Resistance 1
10,733.30
MA (100-day)
9,998.97
Resistance 2
10,831.55
Technical Analysis
MA (200-day)
10,001.99
Pivot
10,674.45
RSI (14-day) MA (10-day) MA (100-day)
TFD Research
Buy
TFD Research
TFD Research
36.85
Positive
Technical Outlook Free Float Shares (mn) 318.37 Free Float Rs (mn) 21,559.81 ** NOI Rs (mn) 77.44 Mean 68.63
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
60.35 26.91 25.46 27.04
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
182.55 4,923.36 25.31 27.02
forecasting oscillators are currently bullish on NBP.
* Target price for Dec-10 & **Net Open Interest in future market
Brokerage House
Fair Value
AKD Securities Ltd
Rs Recommendations
Brokerage House
65
Buy
*Arif Habib Ltd
59.97
Buy
AKD Securities Ltd
Positive
TFD Research
TFD Research
74.2
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
63.66 52.02 47.11 51.62
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 9,171.48 239.17 52.46
* Target price for Dec-10 & **Net Open Interest in future market
Buy
30.5
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
43.73 19.13 18.66 19.63
Fair Value
Rs Recommendations
261
Buy
*Arif Habib Ltd
296.6
Buy
AKD Securities Ltd
Positive
TFD Research
281.35
Brokerage House
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
58.22 240.24 227.87 231.40
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
584.63 10,956.06 7.60 18.88
PTC is currently 4.5 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PTC at a relatively equal pace. Trend forecasting oscillators are currently bearish on PTC.
Allied Bank Limited
Rs Recommendations
Brokerage House
107.94 26,444.50 118.68 244.27
* Target price for Dec-10 & **Net Open Interest in future market
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
Rs Recommendations
AKD Securities Ltd
55.12
Accumulate
10.25
Accumulate
TFD Research
75.11
Positive
14.01
Positive
Technical Analysis
Technical Outlook
67.03 9.37 8.87 10.37
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
674.58 6,543.41 N/A 9.73
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
71.73 55.19 54.51 58.50
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
78.21 4,407.14 N/A 56.48
* Target price for Dec-10 & **Net Open Interest in future market
NML closed down -0.28 at 52.17. Volume was 2 per cent above average POL closed up 2.07 at 245.00. Volume was 59 per cent above average BAFL closed up 0.01 at 9.70. Volume was 39 per cent below average and ABL closed up 0.08 at 56.35. Volume was 822 per cent above average and Bollinger Bands were 0 per cent wider than normal.
and Bollinger Bands were 5 per cent wider than normal.
Bollinger Bands were 40 per cent wider than normal.
(trending) and Bollinger Bands were 46 per cent wider than normal.
ABL is currently 3.7 per cent below its 200-day moving average and is disNML is currently 1.1 per cent above its 200-day moving average and is dis- POL is currently 5.9 per cent above its 200-day moving average and is dis- BAFL is currently 6.5 per cent below its 200-day moving average and is playing an upward trend. Volatility is low as compared to the average playing an upward trend. Volatility is relatively normal as compared to the playing a downward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to volatility over the last 10 trading sessions. Volume indicators reflect very average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators strong flows of volume into ABL (bullish). Trend forecasting oscillators are reflect very strong flows of volume into NML (bullish). Trend forecasting reflect moderate flows of volume into POL (mildly bullish). Trend forecast- reflect very strong flows of volume into BAFL (bullish). Trend forecasting currently bullish on ABL. Momentum oscillator is currently indicating that oscillators are currently bullish on NML.
ing oscillators are currently bearish on POL.
oscillators are currently bullish on BAFL.
11:30 3:00 3:00 3:00 3:00 11:00 11:30 4:00 11:00 9:30 11:00 3:30 11:30 10:00 10:00 9:30 10:45 12:30 2:00 9:30
TECHNICAL LEVELS
Buy
14
Time
29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct 29-Oct
Company
* Target price for Dec-10 & **Net Open Interest in future market
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Date
Ados Pakistan Ltd AKD Income Fund AKD Index Tracker Fund AKD Investment Management Ltd AKD Opportunity Fund Al-Abid Silk Mills Ltd Amtex Ltd Artistic Denim Mills Ltd Aruj Garment Accessories Ltd Asim Textile Mills Ltd Attock Refinery Ltd Bestway Cement Ltd Biafo Industries Ltd Central Forest Product Ltd Dar es salaam Textile Mills Ltd EFU General Insurance Ltd EFU Life Assurance Ltd Emco Industries Ltd First Capital Mutual Fund Ltd First Constellation Modaraba
Positive
Technical Analysis
Bank Alfalah Ltd
Technical Outlook
Technical Outlook Technical Analysis
oscillators are currently bullish on DGKC.
Pakistan Oilfields Ltd
Nishat Mills Ltd
*Arif Habib Ltd
Rs Recommendations
24.04
NBP closed down -1.04 at 67.72. Volume was 467 per cent above average DGKC closed up 0.22 at 26.97. Volume was 38 per cent above average PTC closed down -0.27 at 18.74. Volume was 67 per cent above average (trending) and Bollinger Bands were 8 per cent narrower than normal. and Bollinger Bands were 27 per cent wider than normal. and Bollinger Bands were 53 per cent narrower than normal.
KSE 100 INDEX is currently 6.4 per cent above its 200-day moving average NBP is currently 1.8 per cent above its 200-day moving average and is dis- DGKC is currently 0.3 per cent below its 200-day moving average and is and is displaying an upward trend. Volatility is relatively normal as compared playing an upward trend. Volatility is extremely high when compared to the displaying an upward trend. Volatility is relatively normal as compared to to the average volatility over the last 10 trading sessions. Volume indicators average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecastreflect volume flowing into and out of NBP at a relatively equal pace. Trend reflect very strong flows of volume into DGKC (bullish). Trend forecasting ing oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an overbought condition.
Fair Value
Technical Outlook
Technical Outlook
Leverage Position
61.75 66.43 65.62 71.68
cent above average and Bollinger Bands were 20 per cent wider than nor- MA (200-day) mal. As far as resistance level is concern, the market will see major 1st
port level at 10,517.30.
43.29
Positive
Support 2
Index will continue to find its 1st support level at 10,576.15 and 2nd sup-
AKD Securities Ltd
92.3
10,670.70
Brokerage House AKD Securities Ltd
Neutral
MA (5-day)
Rs Recommendations Buy
61.96
10,576.15
Fair Value
Pakistan Telecommunication Co Ltd
44
*Arif Habib Ltd
Support 1
resistance level at 10,733.30 and 2nd resistance level at 10,831.55, while
Brokerage House
Buy
70.36
KSE 100 INDEX closed down -69.17 at 10,634.99. Volume was 42 per
Rs Recommendations
78
AKD Securities Ltd
Dera Ghazi Khan Cement Co Ltd
Company
ABL is currently in an overbought condition.
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Limited Arif Habib Securities Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Alfalah Bank Islami Pak Bank Of Punjab Dewan Cement DGK 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 JOV and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power KESC 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 PIAC(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki PSO XD PTCLA Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 42.33 3.00 2.95 71.73 55.85 55.35 32.85 59.40 58.35 38.28 25.00 24.50 49.23 23.15 22.80 42.80 66.25 64.75 57.25 15.40 15.15 57.18 10.85 10.60 33.76 295.20 293.60 73.43 99.35 97.20 67.03 9.60 9.50 54.63 3.25 3.20 55.98 8.50 8.40 52.85 1.50 1.45 60.35 26.65 26.35 59.97 1.60 1.55 61.93 2.55 2.30 59.89 42.65 41.60 55.43 69.50 67.75 47.95 174.30 173.00 55.10 13.95 13.80 45.15 4.80 4.75 65.87 30.30 30.20 44.93 105.95 105.35 57.17 100.65 99.15 50.71 33.80 33.70 60.24 125.50 124.50 57.01 229.05 225.55 61.35 2.90 2.75 55.03 1.60 1.55 61.04 2.55 2.50 44.21 9.80 9.60 41.82 39.65 39.50 56.22 2.15 2.10 53.28 71.25 70.40 62.73 201.50 199.85 44.71 2.80 2.75 61.75 66.45 65.15 66.72 21.05 20.55 54.79 18.45 17.90 47.62 2.75 2.70 48.38 1.40 1.35 63.66 51.60 51.05 67.95 152.60 151.45 58.41 3.05 3.00 61.14 1.75 1.55 69.18 2.35 2.20 46.55 7.60 7.35 58.22 243.00 241.00 50.62 185.05 183.45 46.29 73.50 73.05 47.37 264.45 263.15 43.73 18.45 18.15 23.66 181.85 180.75 59.44 31.90 31.45 74.12 12.10 11.80 44.05 24.65 24.10 50.86 2.30 2.20 49.05 3.95 3.90 69.14 55.85 55.15 45.18 2.50 2.40
1st 2nd Resistance 3.15 3.25 57.05 57.75 61.95 63.45 26.25 26.95 24.05 24.60 70.75 73.75 15.85 16.10 11.55 12.05 299.20 301.60 102.95 104.50 9.85 9.95 3.45 3.55 8.85 9.05 1.60 1.65 27.40 27.85 1.75 1.85 3.10 3.35 44.75 45.80 73.50 75.75 177.85 180.10 14.40 14.65 4.95 5.05 30.55 30.65 107.65 108.80 103.65 105.10 34.00 34.10 128.00 129.50 237.05 241.50 3.25 3.40 1.70 1.75 2.70 2.75 10.25 10.60 39.95 40.10 2.25 2.30 73.30 74.50 205.90 208.65 2.90 3.00 69.90 72.05 22.20 22.85 19.40 19.85 2.90 3.00 1.50 1.55 53.05 53.90 155.45 157.15 3.20 3.30 2.05 2.20 2.75 3.00 8.30 8.75 246.75 248.45 189.25 191.85 74.70 75.45 267.95 270.10 19.15 19.55 185.05 187.15 32.85 33.40 12.90 13.40 25.90 26.55 2.45 2.60 4.15 4.25 57.85 59.15 2.70 2.80
Pivot 3.10 56.55 60.90 25.70 23.70 69.25 15.65 11.30 297.60 100.85 9.75 3.35 8.75 1.55 27.10 1.70 2.85 43.70 71.75 176.55 14.20 4.90 30.40 107.10 102.15 33.90 127.00 233.55 3.10 1.65 2.65 10.10 39.80 2.20 72.45 204.25 2.85 68.60 21.70 18.90 2.85 1.45 52.45 154.30 3.15 1.85 2.60 8.05 244.70 187.65 74.25 266.60 18.85 183.95 32.45 12.60 25.30 2.40 4.10 57.15 2.60
8
Friday, October 29, 2010
Bahrain's Elaf eyes syariah banking licence
Deutsche posts Q3 profit FY10 Annual Report shows economy improved
SBPâ&#x20AC;&#x2122;s FY11 growth outlook gets cuts Staff Reporter/ Agencies
KARACHI: Meezan Bank has inaugurated a new branch at Abul Hasan Isphani road, its 204th branch so far. Picture shows Irfan Siddiqui, President & CEO Meezan Bank Ltd, Ariful Islam, COO Meezan Bank Ltd, along with other .-Staff Photo
SBP, banks/DFIs term it an opportunity
SBP, lenders to action SC bid on waived-loans Staff Reporter KARACHI: State Bank of Pakistan earlier this week convened a meeting of commercial banks and development finance institutions (DFIs) to work out a strategy in response to the observations made by the Supreme Court regarding written-off loans. The meeting, which was chaired by SBP Governor, Shahid H Kardar, discussed at length the issues pertaining to written-off loans. Presidents and chief executives of banks apprised the SBP governor that banks had already issued notices to defaulters in line with the
SBP de-schedules Al Baraka Bank after merger with EGIBL Staff Reporter KARACHI: The State Bank of Pakistan (SBP) Thursday notified the de-scheduling of Al Baraka Islamic Bank Pakistan Operations on account of its merger with and into Emirates Global Islamic Bank Limited (EGIBL). It takes effect from the close of business on October 29, 2010. The State Bank has also notified the change of name of Emirates Global Islamic Bank Ltd to AlBaraka Bank (Pakistan) Ltd with effect from the above mentioned date.
UBL posts record net Staff Reporter KARACHI: United Bank Limited (UBL) has posted a record consolidated profit before tax of Rs7.907 billion for nine months ending September 30, 2010. According to financial results sent to Karachi Stock Exchange (KSE), the pre-tax profit of the bank also surged to Rs12.804 billion as earning per share also improved to Rs6.50 during the period under review compared to Rs5.66 in 2009.
directives of the Supreme Court. The banks' representatives informed the meeting that a write-off is undertaken after all remedies to recover loans have been exhausted. They said that the writes-offs are allowed by their boards. Banks' representatives informed the meeting that a number of prominent industrialists were made to suffer jail sentences and large scale liquidations or auction sales were carried out. At the same time it was also pointed out that a substantial number of borrowers, 47,911 to be precise having loans of Rs500, 000 and below were
allowed write-off under BPD circular No.29. It was agreed in the meeting that the apex court must be facilitated by providing all necessary information/data and all efforts should be made to deal with respect to write-offs. The participants of the meeting were of the view that this initiative of the Supreme Court could be used as an opportunity and hoped that it would result in discouraging willful defaults, improve recovery position and bring stringent laws on recovery. The meeting resolved that they are committed to adhere to the directives of the Supreme Court to satisfy the apex court.
MCB 3Q profit up 12.5pc Staff Reporter KARACHI: Pakistan's biggest lender by market value MCB Bank Ltd has posted a 12.5 per cent increase in its profit for the third quarter of current calendar year said a notice issued to Karachi Stock Exchange (KSE). Bank's net income rose to Rs4.55 billion -- earning per share of Rs5.99 a share from Rs4.05 billion a year earlier. According to details revenue of the bank climbed to Rs15.4 billion from Rs13.5 billion for the period under review.
MCB Bank's interest income rose 12 per cent to Rs13.8 billion in the third quarter, while its interest expense rose 19 per cent during the three months. The notice also revealed that bank's provisions against defaults fell to Rs9.75 million in the third quarter from Rs1.13 billion a year ago. Net income in the nine months ended Sept. 30 rose to Rs12.5 billion, (EPS: Rs16.44), from Rs11.8 billion, (EPS: Rs15.53), a year earlier. Revenue rose to Rs44.8 billion from Rs42.2 billion previously.
Banking spreads up 19bps YoY in Sept Ahmed Siddique KARACHI: Data released by the State Bank of Pakistan (SBP) has revealed that weighted average banking spreads surged by 19bps YoY in the month of September, mainly led by fall in deposit rate. Average spreads of the banks in the country stood at 7.57 per cent in September 2010 against 7.38 per cent witnessed in the same period last year. During the month, outstanding loans issued by banks were
charged at an average interest rate of 13.34 per cent (including zero mark-up) while outstanding deposits were rewarded at an average rate of just 5.77 per cent (including zero mark-up). Month on month basis the spread was also up by 1bps at 7.56 per cent in August 2010. Cost of deposits decreased by 5bps to settle down at 5.77 per cent while it was 5.82 per cent in the previous month. Likewise, lending cost dipped by 4bps on monthly basis to 13.34 per cent.
NBP holds meeting of board executives
KARACHI: State Bank of Pakistan in its Annual Report for fiscal year 2009-10 (FY10) showed country's macroeconomy grew at a rate of 4.1 per cent compared with 1.2 per cent growth in FY09. While, GDP growth for the current fiscal year (FY11) is seen between 2 and 3 per cent, annual average inflation has been predicted to fall between 13.5 to 14.5 per cent or thereabouts. Fiscal and current account deficits are likely to remain between 5 and 6 per cent & 3 and 4 per cent of the GDP, respectively. Workers' remittances are expected to hover at between $9.5 billion and $10.5 billion. Exports and imports value is expected to be between $20-$21 billion and $34-$35 billion respectively. SBP report said that the impact of the floods has
strengthened the inflationary expectations for FY11 --the August 2010 CPI, included a 15.6 per cent year-on-year rise in its food component. However, SBP assessments suggest that the direct impact of the flood-related supply shock is likely to be limited. For example, the impact of flood damages and shortages of minor crops are not expected to persist beyond 2-3 months as supply line improves and fresh crops (e.g., vegetables) enter the market. Similarly, for some other products, any rise in domestic prices would be capped by low international prices. It is important to note that prices of dairy products were already continuing on a secular rise, even prior to the floods, due to sustained strong domestic and external demand. Livestock losses in the See # 4 Page 11
Staff Reporter ISLAMABAD: A meeting of the representative of National Bank of Pakistan's (NBP) all central board executives and management was held to discuss key issues, it is learnt. According to details various issues related to employees' were discussed in the meeting. During the moot all the participants reposed full confidence in the leadership of the President of the Bank and assured maintenance of industrial peace in the institution. The CBA also expressed its gratitude for liberal and highly motivating salary packages earlier announced by the Management.
HBL net swells in 3Q Staff Reporter KARACHI: According to notice issued to the Karachi Stock Exchange (KSE) here Habib Bank Ltd (HBL) has posted a higher profit after tax of Rs12.170 billion for the third quarter ending Sept 30, 2010. AS per details bank's pre-tax profit increased to Rs119.382 billion as earning per share also improved to Rs12.01 for the period under review against Rs10.21 last year.
FWBL promised full govt backing ISLAMABAD: The National Assembly's Standing Committee on Finance, Revenue, Planning, and Development met here under the chair of Fauzia Wahab and discussed the performance of the First Women Bank Limited (FWBL). The Standing Committee took serious note of the problems and the challenges faced and assured its management of solving them at priority basis so that this special purpose public entity could successfully be run and made an asset for Pakistan financial sector and provide fair opportunities to the women of Pakistan. According to National Assembly Spokesman, President, First Women Bank Limited, told the committee that FWBL's paid up capital stands at Rs284 million and the shareholders equity at Rs1093 million. The bank president further stated that FWBL has Rs11,566 million deposits and has advanced Rs7,393 million. The bank has gathered Rs13,596 million as total assets with the profit of Rs44 million and, net asset value of per share
of Rs.38.55, she added. The bank not only provides complete banking service but also some support services exclusively for the women like computer literacy etc and the bank has a collaboration with different national, international private, public and non-governmental organisations like UNDP, MOWD, NRSP etc, she told the body. The standing committee was also informed that since the government has earmarked the bank for the privatisation, its activities have been stopped. She further elaborated that the Bank is facing challenges like implementation of Basel II, minimum capital requirement, organisational restructuring and human resource re-organisation etc wherein it looks forward to the government for immediate intervention. Meeting was attended by, Syed Faisal Saleh Hayat, Abdul Rashid Godil, Nighat Parveen Mir, MNAs Kashmala Tariq and Khwaja Muhammad Asif besides officers from Ministry of Finance, Revenue, Planning and Development and FWBL.-Online
First Gulf Bank Q3 profit down DUBAI: Abu Dhabi-based First Gulf Bank posted a 9.0 per cent drop in net profits for the third quarter on Thursday as it announced allocating new provisions for bad debts. The bank said its net earnings fell to 849 million dirhams (231.3 million dollars) for the quarter ending September 30, compared to 930 million dirhams in the corresponding period last year. Revenues for the core banking operation were up 3.0 per cent in the third quarter to 1.52 billion dirhams, but total revenues for the group as a whole, including its property arm and overseas operation, dropped 8.0 per cent to 1.55 billion dirhams. Revenues from subsidiaries and associates fell 86 per cent to 31 million dirhams in the third quarter, putting pressure on the bank's overall profit. The financial statement to the Abu Dhabi Securities Exchange said that the profit of the bank, excluding subsidiaries and associates, had effectively increased 15 per cent to 821 million dirhams in the third quarter. The statement revealed that the bank has provisioned 406 million dirhams for doubtful debts and impairments, compared to 510 million dirhams in the third quarter of 2009. Agencies
Meezan Bank 9M earnings jump 52pc Staff Reporter KARACHI: Meezan Bank Limited, the largest Islamic Bank in Pakistan has recorded an impressive growth in profitability, deposits and total assets for the first nine months of the calendar year 2010, said a notice issued to Karachi Stock Exchange (KSE). Bank's profit after tax grew by 52 per cent to Rs995 million for the nine months period ended September 30, 2010 as compared to Rs654 million in the corresponding period last year. During the period under review its earnings per share (EPS) also increased to Rs1.42 Rs against Rs1.07 in the same period last year. Meezan Bank's total assets crossed Rs143 billion during the period under review. This growth has been spurred by the increase in the its branch network as a result of which deposits increased from Rs100 billion in December 2009 to Rs119 billion in September 2010, an increase of 19 per cent.
Silkbanks loss down Staff Reporter KARACHI: Silkbank Ltd has reported a lower loss after tax of Rs700.335 million for the third quarter ending September 30, 2010 compared to Rs1.33 billion in the corresponding period last year. According to financial results of the company dispatched to Karachi Stock Exchange (KSE) here Thursday, the pre-tax loss also declined to Rs0.83 billion as loss per share dropped to Rs0.32 compared to Rs0.99 billion in the same period last year.
JAKARTA: A teller helps a customer with a transaction in a branch of CIMB Niaga Syariah bank.-Reuters
9
Friday, October 29, 2010
Oil seesaws on QE2 worry, equities, dollar Doubts about Fedâ&#x20AC;&#x2122;s expected QE2 worry investors NEW YORK: Oil prices seesawed on Thursday as investors weighed positive jobless claims data against worries about the extent of an expected US Federal Reserve monetary easing and weaker equities. All eyes remain on the US Federal Reserve, which is expected to announce a second round of easing after its policy setting committee meets on Nov. 23. By 1625 GMT US crude for December delivery rose 6 cents at $82 a barrel, after dropping earlier to $81.50. ICE December Brent crude gained 24 cents at $83.47. Prices were much higher earlier, supported by a weaker dollar and upbeat jobless benefits first-time filings, which fell last week to a three-month low. "The weekly claims number provided some support to crude Oil but the ruminations over the election and the com-
Tokyo rubber edges lower TOKYO: Key Tokyo rubber futures edged down on Thursday as worries about a global economic slowdown capped rises after other commodities fell the day before, but prices recouped most of their earlier losses and stayed near two-year highs. The key Tokyo Commodity Exchange rubber contract for April delivery ended nearly steady at 336.8 yen per kg compared to the previous settlement of 337.0 yen, after falling as low as 334.0 yen earlier. The April contract had risen as high as 343.3 yen on Tuesday when it debuted, the highest for any benchmark contract since July 2008. The most active Shanghai rubber futures for May delivery closed on Thursday at 32,320 yuan ($4,838) per tonne, up from the previous day when it settled limitdown at 31,210 yuan per tonne. Trading volume inched up further to 1.29 million lots on Thursday from 926,076 lots the day before. -Reuters
ing QE2 regime are acting as head winds," said John Kilduff, partner at Again Capital LLC in New York. "The market looks somewhat directionless until the election and the Federal reserve details next week are known," Kilduff added. Earlier, the Oil market was
also supported by Shell and Eni beating analyst forecasts with sharp gains in third-quarter profits, helped by higher oil and gas prices. The dollar extended losses against a basket of currencies and was down 1.20 per cent. A weaker dollar typically renders dollar-denominated commodities cheaper for non-dollar buyers, but can also signal a tempered growth outlook at the world's largest oil consumer.
Another indication on the pace of growth is due on Friday, when the United States is expected to show a 2 per cent increase in third-quarter GDP growth, up from 1.7 per cent in the prior quarter lifted by an acceleration in consumer spending, a Reuters poll showed. US Oil demand jumped last week resulting in a big 4.4 million-barrel drop in gasoline inventories, the E n e r g y Information Administration reported on Wednesday. Still, the overall bearish effect of the latest inventory data remained as crude stockpiles rose more than 5 million barrels. Strike action at six French Oil refineries ended, but Oil shortages are likely to continue to bite as workers voted to continue protests at France's two largest Oil ports of Fos-Lavera and Le Havre. -Reuters
Palm oil at 2-year highs on dollar weakness, weather KUALA LUMPUR: Malaysian palm oil futures hit more than a two-year high on Thursday on a firmer soy complex driven by lingering weather concerns and the weaker US dollar. The palm oil market, which broke a two-day losing streak, was also supported by the start of the annual monsoon season this month that brings more rainfall and can hamper harvesting in major oil palm growing areas in Indonesia and Malaysia. The benchmark Jan 2011 crude palm oil contract on Bursa Malaysia Derivatives ended 1.6 per cent higher at 3,064 ringgit ($986.5), after rising as much as 3,086 ringgit ($993.5) -- its strongest level since July 28. 2008. Traded volume more than doubled to 20,472 lots of 25 tonnes each.
"The uptrend may continue as edible oil and grain market sentiment was high on dollar weakness and weather concerns," said a trader with foreign brokerage in Kuala Lumpur. "Palm oil will try to hit 3,100 the earliest tomorrow or next week." Reuters technical analysis showed Malaysian palm oil is poised to rise towards a bullish target at 3,194 ringgit per tonne, as the uptrend is still intact. Traders are also on the lookout for end-October exports data due on Nov. 1, which will give the market more direction. In Asian trade on Thursday, US soyoil for December delivery rose 0.8 per cent and China's most active September soyoil contract gained half a per cent. -Reuters
Copper rises but gains capped ahead of Fed LONDON: Copper rose on Thursday helped by renewed dollar weakness, supply threats and strong US jobless claims data, but gains were capped by uncertainty over the scope of possible monetary easing by the US Federal Reserve. Three-month copper on the London Metal Exchange ended at $8,340 a tonne versus $8,300 at the close on Wednesday, having earlier hit a session high of $8,408. "Essentially this market is moving broadly sideways ahead of US Federal Open Market Committee meeting next week. Yes US employment figures have given things a little pop but copper is capped above $8,500," said Credit Suisse analyst Tom Kendall. "Commodities (have been) rallying on the back of quantitative easing expectations, but as uncertainty has grown, you've seen momentum fall away from these markets and that's why we're moving sideways." The US Federal Reserve is expected next week to discuss whether to embark on a new
round of government debt purchases, or quantitative easing, to boost the world's largest economy. The discount for cash copper narrowed to around $8.00 a tonne against the benchmark contract, indicating tightening market conditions and worries about availability of prompt
Shanghai metals fall Benchmark third-month Shanghai copper fell 0.5 per cent to 63,700 yuan. Shanghai zinc also shed 0.2 per cent to 20,330 yuan. metal. The discount had been as wide as $20 a week ago. Copper prices have been benefiting from a tightening market. That can be seen in falling stocks of copper in LME warehouses, down more than 30 per cent since February, when they touched around 555,000. Latest data showed stocks down 575 tonnes to 368,025 tonnes.
Three-month zinc ended at $2,494 a tonne versus Wednesday's close of $2,510, retracing from nine-month peaks of $2,638.75 touched on Tuesday. LME data showed zinc stocks rose 5,325 tonnes to 616,850, with a second day of large inflows into LME-bonded warehouses in New Orleans weighing on prices. Tin ended at $26,250 a tonne from $26,050 a tonne. The Chinese commerce ministry said on Thursday China will cut export quotas of tin products in 2011 to 18,900 tonnes from 21,000 tonnes this year. Among other metals, aluminium ended at $2,347 a tonne versus $2,323 at Wednesday's close. Lead ended at $2,505.50 a tonne versus $2,543. Nickel was last bid at $23,100 from $22,805 a tonne. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for October 27 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1240
1180
October (3rd Wednesday)
1250
1160
November (3rd Wednesday)
1265
1160
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for October 27 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 2255 2220 2230 2185 2195 2185 2195
2331 2332 2361 2362 2405 2410 2462 2467
8465 2540.5 8466 2541 8473.5 2568 8474.5 2569 8305 2535 8315 2540 7940 2503 7950 2508
23180 23185 23295 23300 22800 22900 21750 21850
TIN
ZINC NASAAC
26545 2556 26550 2556.5 26500 2584 26550 2585 26000 2608 26050 2613 2563 2568
2281 2282 2295 2305 2345 2355 2400 2410
European vegetable oil prices ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Nov10/Dec10 878.00, Jan11/Mar11 875.00, Apr11/Jun11 872.00. RAPEOIL: Dutch/EU euro tonne fob exmill Nov10/Jan11 875.00, Feb11/Apr11 868.00+16.00, May11/Jul11 870.00+13.00, Aug11/Oct11 860.00+20.00. LINOIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 310.00+12.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Nov10 1050.00+20.00, Dec10 1045.00+15.00, Jan11/Mar11 1040.00+15.00, Apr11/Jun11 1040.00+12.50. PALMOIL: RBD dlrs tonne cif Rotterdam Dec10 1070.00, Jan11/Mar11 1067.50. PALMOIL: RBD dlrs tonne fob Malaysia Dec10 1025.00+12.50, Jan11/Mar11 1022.50+15.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Dec10 1035.00+12.50, Jan11/Mar11 1032.50+15.00, Apr11/Jun11 1035.00+15.00, Jul11/Sep11 1035.00. PALM STEARIN: Dlrs tonne fob Malaysia Nov10 1010.00+5.00, Dec10 1010.00+5.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Nov10 905.00+10.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Oct10/Nov10 1445.00+15.00, Nov10/Dec10 1445.00+15.00, Dec10/Jan11 1445.00+15.00, Jan11/Feb11 1445.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Oct10/Nov10 1925.00+0.00. Reuters
Indian sugar edges higher MUMBAI: India's spot sugar rose for the first time in four days on Thursday on an improvement in retail demand and tracking a rise in the overseas markets, dealers said. "Retail demand was good today. It should remain strong in next few days due to Diwali," said a member of Bombay Sugar Merchants Association (BSMA). Demand for sugar usually goes up ahead of Diwali, the Hindu festival of lights, which falls in the first week of November. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety rose 0.35 per cent to 2,589 rupees ($58.2) per 100 kg. Firmness in overseas markets and hopes government will allow exports also supported sentiment, the member said. New York raw sugar futures prices pushed up to a ninemonth high of 29.59 cents a lb as dealers predicted the market was likely to break above the key 30 cents a lb level soon. India is likely to take a decision on sugar exports after the second week of November, Farm Minister Sharad Pawar said on Wednesday. -Reuters
JAKARTA: Farmers carry their crops in Babadan, one of the most dangerous villages located on the north side of the Mount Merapi volcano. -Agencies
Gold rises as $ slips ahead of Fed meet
Coffee, sugar hit fresh peaks, dollar supports
LONDON: Gold rose back above $1,345 an ounce on Thursday as rising uncertainty over the scope and impact of potential US monetary easing to be announced by the Federal Reserve next week knocked the dollar sharply lower. Spot gold touched a high of $1,345.50 an ounce and was bid at $1,341.94 an ounce at
Bank trader Michael Blumenroth. "Everything is dependent on the Fed meeting... but in general, I would think we have seen a large part of the correction. "In the medium term gold should trade higher because the fundamentals are strong regardless of what the Fed will do," he said. "This is a time of the year
1540 GMT, against $1,324.70 late in New York on Wednesday. US gold futures for December delivery rose $20.00 to $1,342.60. Spot prices quickly retreated after hitting a record high at $1,387.10 an ounce earlier this month, as concerns that potential US quantitative easing was too heavily priced into the financial markets led to a bounce in the dollar. Support came for gold on Thursday, however, as the dollar fell 1 per cent against the euro and slipped against a currency basket. All eyes are on the Fed meeting on Nov. 2-3. "(Gold) is just tracking the dollar now until next Wednesday," said Deutsche
when physical demand is pretty good, and at the end of the day we should trade higher again." Gold's recent price drop tempted buyers back to the market in India, the world's biggest bullion consumer. Traders hunted bargains to meet ongoing festival and wedding demand, aided by a strong rupee, while scrap sellers in the region held back after prices retreated from record levels. Among other precious metals, silver was bid at $23.91 an ounce against $23.53. Platinum was at $1,685.67 an ounce against $1,672, while palladium was at $627.05 versus $612.63. The metals are currently well supported by fundamentals, analysts said. -Reuters
LONDON: Robusta coffee hit a two-year high on Thursday, while raw sugar futures prices peaked at their highest level in nine months and looked set to test 30 cents a lb soon, as commodity markets rose on a weaker dollar. Cocoa prices were steady as dealers tracked political developments in top grower Ivory Coast before its October 31 election. Robusta coffee eased in light volumes, trading down $22, or 1.1 per cent at 1510 GMT, having earlier touched a two-year high of $1,975 a tonne. ICE December arabica coffee was down 2.20 cent or 1.1 per cent at $1.9810 a lb, below the 13-year peak of $2.0460 a lb touched on Tuesday. Both markets are underpinned by supply concerns and a strong appetite by investment funds, dealers said. ICE raw sugar futures prices pushed up to a nine-month high of 29.59 cents a lb as dealers predicted the market was likely to break above the key 30 cents a lb level soon. ICE March raw sugar futures were up 0.74 cent or 2.6 per cent at 29.33 cents a lb. London December white sugar traded up $14.70 or 2.1 per cent at $726.20 per tonne in modest volume of 2,042 lots. ICE December cocoa was down $5 or 0.2 per cent at $2,878 per tonne. Liffe secondmonth March cocoa was down 8 pounds or 0.4 per cent at 1,942 pounds a tonne in thin turnover of 1,901 lots. -Reuters
US cotton ends lower on profit-taking NEW YORK: US cotton futures closed Wednesday six cents lower after dropping by their trading limit at the open and remaining there for much of the day. Brokers said, speculative profit taking triggered a rush to the exits, a day after fiber contracts pushed up to record prices, reaching their upside limit on heavy volume. Traders said cotton futures fell limit-down on technical selling and in reaction to a stronger dollar. ICE Futures US key December cotton contract tumbled their 6.0-cent limit to end at $1.2359 per lb, a 4.63 per cent decline. On Tuesday, December futures ran up to a new all-time record of
$1.2854 per lb on sizable vol- December sold off 144 points ume by mill and speculative and March by 132 points in the fund buyers. Tuesday's futures 15 minute post-close, a sign of tally jumped to 52,707 lots and exhaustion." followed Monday's 17,012-lot March cotton finished 5.67 volume. Tuesday's open interest cents, or 4.52 per cent, lower at grew by 1,176 lots to 239,499. NY cotton early-trade "The market appears to be ICE December cotton futures down on speculative profit tak- fell 1.57 cents to $1.2202 per lb ing that began yesterday. All the on volume of 17,605 lots. signs of a high volume, panic blow-off were there, including $1.1964 per lb. The contract fell options reaching 60 per cent as low as $1.1931, also reachvolatility in a frustrating, panic ing its 6-cent downside limit. Overnight in China prices effort to grab anything for protection," said Mike Stevens, an were higher. Many market playindependent cotton analyst in ers have been keeping an eye on the pace of buying in the Mandeville, Louisiana. Most important, he added, Chinese market, where cotton "even after being locked limit demand has been rapidly heatup at (Tuesday's) close, ing up. -Reuters
National Commodity Exchange Ltd Trading Summary Date
28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010 28-Oct-2010
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - SL500 SILVER - SL500 GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD Kilo GOLD Kilo GOLD Tola Gold50 Tola Gold100 Mini Gold Mini Gold Mini Gold Mini Gold Mini Gold TT Gold TT Gold TT Gold IRRI6W Rice IRRI - 6 RBD Palm Olein KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
DE10 JA11 FE11 DE10 JA11 DE10 JA11 FE11 DE10 JA11 FE11 NO10 DE10 JA11 NO10 DE10 NO10 NO10 1-Aug 2-Aug 3-Aug 4-Aug 5-Aug 1-Sep 2-Sep 3-Sep 28OC10 NO10 NO10 10-Dec 11-Mar
US$ 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 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
81.92 82.35 82.26 23.57 23.66 1330.00 1329.80 1328.00 1323.80 1331.30 1331.00 36599.00 36600.00 36758.00 36704.00 36713.00 42821.00 42811.00 37775.00 37815.00 37828.00 37749.00 37762.00 43393.00 43439.00 43454.00 2402.00 3347.00 4500.00 86.77 86.19
82.52 83.20 83.79 23.81 23.80 1337.50 1338.30 1338.90 1336.70 1336.80 1336.80 36922.00 36931.00 36948.00 36894.00 36903.00 43033.00 43033.00 37955.00 37994.00 38008.00 38021.00 37941.00 43603.00 43649.00 43664.00 2402.00 3347.00 4528.00 86.77 86.19
80.62 81.30 82.26 23.40 23.66 1319.30 1320.00 1325.30 1321.80 1331.30 1331.00 36559.00 36600.00 36758.00 36704.00 36713.00 42821.00 42811.00 37775.00 37815.00 37828.00 37749.00 37762.00 43393.00 43439.00 43454.00 3310.00 3331.00 4500.00 86.74 85.80
82.47 83.18 83.79 23.78 23.80 1335.80 1336.80 1338.60 1335.80 1336.80 1336.80 36922.00 36931.00 36948.00 36894.00 36903.00 43033.00 43033.00 37955.00 37994.00 38008.00 38021.00 37941.00 43603.00 43649.00 43664.00 3310.00 3331.00 4528.00 86.74 85.80
Traded Volume in lots 162 45 210 1,164 1,686 132 17 5 1 -
Previous Settlement Price 82.08 82.82 83.44 23.69 23.71 1329.10 1330.00 1331.00 1329.10 1330.00 1331.00 36734.00 36743.00 36760.00 36707.00 36715.00 42814.00 42814.00 37765.00 37804.00 37817.00 37831.00 37752.00 43382.00 43427.00 43442.00 3326.00 3347.00 4500.00 86.77 85.79
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 82.47 54 83.18 7 83.79 23.78 37 23.80 1335.80 637 1336.80 1,503 1338.60 107 1335.80 6 1336.80 1338.60 36922.00 49 36931.00 10 36948.00 36894.00 1 36903.00 43033.00 43033.00 37955.00 37994.00 38008.00 38021.00 37941.00 43603.00 43649.00 43664.00 3310.00 3331.00 4528.00 86.74 85.80 -
Samantha Stosur serves to Elena Dementieva of during WTA Tour C'ships in Doha
10
Friday, October 29, 2010
India’s Saina getting Rs10mn per ad deal Monitoring Desk KARACHI: After her thrilling victory in Commonwealth Games women's badminton singles final Saina Nehwal became probably India's best loved sportsperson after Sachin Tendulkar. Corporate India seems to agree. India's badminton sensation, riding high after three consecutive tournanment wins, apart from the CWG triumph, is now being signed up by major brands for an annual fee which is touching the Rs10 million mark. To put that in perspective, Saina now commands a fee that was earlier the preserve of only cricket superstars like Virender Sehwag. Only MS Dhoni and Tendulkar get significantly more than her. Dhoni, apparently, is now offering advertisers the option of paying him by the day, rather than charging an annual fee. Interestingly, Sania Mirza, who was once eagerly sought after by advertisers, is now said to get a fee of around Rs2.5 million. Industry sources say her brand value has been hit by her indifferent form as well as her marriage to Pakistani cricketer Shoaib Malik. Barely a couple of years ago, Saina's brand equity was valued at a mere 1-1.5 million per endorsement and she didn't have any top brands in her kitty. From being a brand ambassador of Cancer Society of India and a herbal product, Saina has come a long way to now have on her list companies such as Airtel, Adani Wilmar, Yonex, Jaypee Cements and Star Plus. And the word is that the queue is getting longer by the day, at the head of which is a famous noodle company.
German captain Lahm waiting for Bayern’s offer BERLIN: Germany defender Philipp Lahm said Thursday he is waiting for a signal from Bayern Munich's bosses to extend his contract past 2012 and wants to commit his longterm future to the German giants. Lahm, 26, who has been nominated for FIFA's Ballon d'Or award, is under contract at Bayern until June 2012 and wants to sign an extension. "Things are going well at the moment and I am waiting for a signal from the board," he told Munich newspaper TZ. Lahm and fellow Ballon d'Or nominee Bastian Schweinsteiger, also 26, are in a special category, according to Bayern's sporting director Christian Nerlinger. "We will do everything we can to keep them - preferably for their entire careers," said Nerlinger. Bayern traditionally use January's winter break to discuss contracts with players. Lahm has said he wants to win titles at Bayern and says he is happy with the way the team are playing under coach Louis van Gaal. He has won 75 caps for his country and with regular captain Michael Ballack injured, Lahm led Germany to third place at the World Cup in South Africa. Bayern are currently 11th in the Bundesliga and 12 points behind leaders Mainz after a poor start to the season, but are top of their Champions League group with three wins.-APP
Pak keen to revive hockey with India KARACHI: Pakistan's Hockey Chiefs plan to push for the revival of bilateral matches against India during next month's International Hockey Federation (FIH) meeting in Switzerland. Pakistan Hockey Federation (PHF) Secretary Asif Bajwa Thursday said he will be meeting his Hockey India counterpart Narinder Batra in Montreux (Switzerland) to explore the possibilities of holding a Pakistan-India Test series in the near future. "We are all for reviving bilateral hockey series with India," Bajwa said. "Such matches, if held on a regular basis, will benefit hockey in both the countries." Pakistan and India have exchanged bilateral tours in the past but sporting ties between the two nations are suffering because of an unofficial freeze
following the Nov 26, 2008 terrorist attacks in Mumbai. In the last couple of years, Pakistan and India have played against each other on the hockey field but only in international tournaments run by the FIH or the Asian Hockey Federation (AHF). Even though hockey which was once a very popular sport in the sub-continent has lost its gloss, matches between Pakistan and India continue to draw huge crowds. Earlier this month, a packed stadium witnessed an electrifying clash between the former Asian giants during the Commonwealth Games in New Delhi. Even the event's final failed to produce a similar atmosphere. Bajwa, a former Olympian, believes that unless Pakistan and India resume exchanging home-and-away matches on a regular basis, hockey will find
it difficult to regain its lost glory in the sub-continent. "For hockey to regain its lost popularity we have to attract fans and one great way to do that is to have regular PakistanIndia matches," he told The News. The problem, however, is that the Indian government seems unwilling to allow its team to travel to Pakistan, the PHF secretary said. Security of players is a concern, especially after the March 3, 2009 attack by terrorists on a bus carrying Sri ISLAMABAD: National hockey team players busy in exercise at Lankan cricketers in Lahore. Sports Complex in Islamabad .-October Bajwa is of the view that the two teams can play at neutral Asian Games Volleyball draws announced venues like Dubai, Doha or Kuala Lumpur. "It would be great if we can have Pakistan-India matches in Lahore, Karachi, Delhi or Chandigarh but if that's not possible then we can stage the ABU DUBAI: United Arab Emirates (UAE) has assured its series on neutral soil.-Agencies full cooperation to Pakistan ISLAMABAD: The 16th Asian Vietnam, India and Kazakhstan Cricket Board (PCB) for organ- games would start in China next are in pool "B" and Saudi ising the Pakistan cricket home month and games organising Arabia, Iran, Indonesia, series in UAE in future. committee has announced the Turkmenistan and Magnolia As per sources, after the attack draw of Volleyball matches. are in pool "C", however Qatar, on Sri Lankan cricket team in Pakistani team will play its first Japan, Kuwait, Malaysia and Lahore, International cricket match against the China on Hong Kong are in pool "D". teams are avoiding to visit of November 13. Pakistan would play its first Pakistan, however under the As per details that Asian match against China on International Cricket Council ments, and he will not return games will start from the November 13, Second against (ICC) future tour programme Sri November 12 to 27 in the Thailand on November 14 and till the situation alters." Abdi denied that Modi was Lankan and England cricket Ghuwanzo city in China. 18 third against Taiwan on "absconding". "He is commu- teams will play home series Wali Ball teams would partici- November 17. nicating with ED and other against Pakistan in 2012. According to the schedule, Sources further revealed that pate in event and organizers authorities from London," he first quarter final of the event official of UAE cricket Board dived in four pools. said. China, Pakistan, Taiwan and would be played on November has confirmed to PCB that it Abdi said that even on would provide its grounds to Thailand are in pool "A" and 20, semi finals on 22 and final Thursday he sent a "reminder" defending champion Korea, on November 26.-Online PCB.-Online to RPO, seeking clarification about deadline, but no response came. Two days ago, Abdi had said that his client was ready to make himself available in London for interrogation by Enforcement Directorate and ZURICH: FIFA's executive Other than that, we don't see he would bear the expenses of committee begins a two-day any impact. We are still conED personnel travelling to the meeting on Thursday with the centrating on presenting our ISLAMABAD: Suspended Pakistan captain Salman British capital to question him task of reducing the confusion case." for alleged FEMA violations surrounding a World Cup bidLast week, FIFA provisional- Butt believes he will be able by IPL franchises.-Agencies ding process being played out ly suspended two members of to return to play for his against the backdrop of a cor- the executive committee -- country this weekend. Butt was provisionally susruption scandal. Amos Adamu of Nigeria and FIFA's executive committee Reynald Temarii of Tahiti --- pended by the ICC along is due to choose the hosts for over allegations they offered to with team-mates Mohammad the 2018 and 2022 World Cups sell their votes to undercover Aamer and Mohammad Asif. in Zurich on December 2 but, newspaper reporters from the International Cricket with barely more than one Sunday Times. Council will hold a two-day month to go, the voting process FIFA's ethics committee is investigation of the allegahas not been announced and it due to make a definitive decitions against the trio in Doha is not clear how many voters sion on the pair by mid SYDNEY: Australia's Simon there will be. November. It could extend the on October 30-31. Katich, Doug Bollinger and Butt said in an interview The bidders -- Russia, suspensions, meaning that Ryan Harris should be fit for England, Spain/Portugal and there will be only 22 or 23 vot- with an overseas TV News the first Ashes test against Belgium/ Netherlands for 2018 ers at the December 2 election. Channel," I hope soon the England, Cricket Australia and Japan, South Korea, FIFA are also investigating allegations and suspension (CA) said on Wednesday. Australia, United States and claims of collusion and vote- will be over and I will be eliReliable opening batsman Qatar for 2022 -- say they are swapping between unnamed gible to play again for my Katich damaged a thumb and carrying on regardless of the bidders for the 2018 and 2022 country. I hope it (the chance left-arm fast bowler Bollinger troubles. bids, which is banned by the to play for Pakistan) will suffered a stomach injury dur"Actually, it hasn't had any rules. The ultimate penalty for come again one day, that's ing the recent tour of India but effect," Alexei Sorokin, the this is disqualification. something I can say. God has they are on course to face Russian bid's chief executive This week, the Swiss parliaEngland in Brisbane starting on officer, told the International ment's legal committee said it given me one chance and I am pretty sure he will give Nov 25. Football Arena conference in was considering an amendment "Simon Katich injured a Zurich. to the country's anti-corruption me another one." "I am sure that these things thumb ligament prior to the first "We're doing as we did laws, which do not currently test in India," team physiother- before. Today, we don't know cover officials from the inter- come up in life and you have apist Alex Kountouris said in a the number of executive com- national sports organisations to stand up and take them," statement.-Reuters he added.-APP mittee members who will vote. based in the country.-Reuters
UAE assures full support to PCB
Pakistan to play China on Nov 13
Modi won’t return till life threat ends MUMBAI: Former Indian Premier League commissioner Lalit Modi perceives threat to his life from "unwanted elements" and won't return to India till the situation improves, his lawyer said on Thursday. Advocate Mehmood Abdi also said that in response to Regional Passport Office's show cause notice to Modi as to why his passport should not be cancelled, his client had sought clarification as to when the deadline for response expires. "We have also asked the RPO what documents they have relied on while issuing the notice on October 15," Abdi said.
He said that before responding to the notice, Modi must know what was the "reference of Enforcement Directorate" to the RPO, following which notice was issued. Notice requires that Modi file reply within 15 days, but Abdi said that the period of 15 days should start from the date of receipt, which was October 20. "So according to us, deadline expires on November 4. We have sent a letter to RPO seeking clarification on October 26, but there has been no reply," he said. Asked when Modi would return to India, Abdi said, "There is threat to his life from some unwanted ele-
Tax raids in India over CWG graft NEW DELHI: Hundreds of tax inspectors raided scores of offices across India on Thursday probing allegations of corruption linked to the Delhi Commonwealth Games, reports said. Companies contracted to provide sports surfaces, training equipment and landscaping for the Games were visited in New Delhi, Kolkata, Bangalore and Mumbai, television news channels reported. The budget for the Games, which were held in the Indian capital earlier this month, ballooned to an estimated six billion dollars but the event was still hit by delayed venues and organisational problems. Prime Minister Manmohan
Singh set up a panel to investigate claims of financial irregularities, and two other government bodies are also running separate probes. "The raids are aimed at unearthing unaccounted income," the NDTV news channel reported, saying 300 tax inspectors had raided 60 premises in total. Tender and contract documents were being seized, reports said, though the tax department declined to comment when contacted by AFP. The Central Vigilance Commission (CVC) watchdog has received complaints alleging up to 1.8 billion dollars of Games money was "misappropriated", officials said last week.-APP
FIFA untangles WC voting fiasco
Salman hopeful for return
Injured Oz players to be fit before Ashes
Arsenal crush Newcastle in League Cup LONDON: Theo Walcott and Nicklas Bendtner made goalscoring returns from injury on Wednesday as Arsenal thrashed Newcastle United 4-0 away to reach the last eight of the League Cup. Also through to the quarterfinals are West Ham United, who came from behind to beat Stoke City 3-1, and Aston Villa, who beat Championship (second division) Burnley 2-1 at Villa Park, both after extratime. Despite the lure of a Europa League place for the winners of England's "third trophy", most clubs continue to treat it as a chance to try out young players and give run-outs to squad members -- as well as those on
night when he collected a pass the comeback trail from injury. September, broke clear to put into the second half. Bendtner completed his busy from substitute Cesc Fabregas That certainly worked out Arsenal two up eight minutes to cut in and curl home well for Arsene an excellent third goal Wenger, without a trofour minutes from phy for five years. time, with Walcott At the end of a franadding a breakaway tic first half, Bendtner, fourth in stoppagemaking his first start time. West Ham of the season after briefly lifted some of recovering from a the gloom surrounding groin problem, the Premier League's thumped a header bottom club with their goalwards and Ryan win. Taylor's attempt to Kenwyne Jones clear it ended with the headed Stoke into an ball bouncing off his early lead, Scott goalkeeper Tim Krul Parker equalised six and over the line. minutes from time and Walcott, in his first Mark Noble proved start since injuring his ankle playing for NEWCASTLE: Arsenal's Bendtner prepares to shoot against Newcastle United the key man in extratime as he set up goals England in early during their English League Cup soccer match.-Reuters
for Manuel da Costa and Victor Obinna. Emile Heskey came off the bench to fire Villa ahead in the 86th minute of their game against Burnley but Clark Carlisle equalised in the last minute. Winger Stewart Downing blasted Villa back into the lead after six minutes of extra-time but they had to hang on for the last 20 after Marc Albrighton was sent off. Birmingham City, Wigan Athletic, West Bromwich Albion, Manchester United and Championship Ipswich Town were already through to the last eight and the draw for the quarter-finals will be made on Saturday.-Reuters
US jobless claims fall to three month low WASHINGTON: New claims for unemployment benefits unexpectedly fell last week to a three-month low but the underlying trend still points to labor market stagnation. Initial claims for state unemployment aid dropped 21,000 to a seasonally adjusted 434,000, the Labor Department said. Economists had forecast they would edge up to 453,000. The prior week's figure was revised up to 455,000 from 452,000. Thursday's data, however, will likely carry little weight at the Federal Reserve's policy meeting on Tuesday and Wednesday, where further monetary stimulus for the sluggish economy is expected to be announced. The weak recovery is hanging over congressional Democrats, who appear likely to lose their majority in the US House of Representatives in elections on Tuesday. Their Senate majority is also seen at risk. Some analysts said difficulties adjusting the data, which followed the Columbus Day holiday, for seasonal factors may have skewed the numbers but others disagreed. Claims tend to rise in the week after a public holiday and a department official noted that the rise in applications had not been as large as the model used to smooth the data had expected, leading to a decline. "My sense is today's number was organic, there weren't any weird quirks in it," said Neil Dutta, an economist at Bank of America Merrill Lynch in New York. The four-week average of
new jobless claims, considered a better measure of underlying labor market trends, fell 5,500 to 453,250, but remained in the range seen for much of this year. "That's consistent with a labor market that is fundamentally stagnant. Anecdotally there is huge uncertainty hanging in the market right now, there really is no impetus for a leg up in job growth," said Dutta. US financial markets remained focused on the Fed's Nov. 2-3 meeting, with traders on Wall Street shying away from taking big bets. Stocks were also hurt by diversified manufacturer 3M Co, which trimmed its fullyear forecast, citing costs related to a recent buying spree. Prices for US government debt traded higher, while the dollar fell against the euro and yen. The US economy's painfully slow recovery from the worst recession since the Great Depression has left the labor market subdued and the unemployment rate at 9.6 per cent. TARGET INTEREST RATES The US central Bank cut overnight interest rates to near zero in December 2008 and has bought about $1.7 trillion worth of Treasury and mortgage-related debt since then in an effort to stimulate the sluggish economy by making money cheaper. But it is concerned about the high level of unemployment and the low level of inflation, and analysts look for the Fed to launch a fresh round of bond purchases next week.
Some analysts believe it could also begin targeting interest rates to ward off the possibility of deflation -- a pernicious downward spiral in prices. "The Fed is going to be more novel than most people believe," said Haag Sherman, chief investment officer at Salient Partners in Houston, Texas. "They may actually target interest rates and leave the actual amount of bond purchases vague, which will allow them to save some of their ammunition. The market will recalibrate the (Treasury) yield curve based on their interest rate targeting." The government is expected to report on Friday that the US economy expanded at a 2 per cent annual rate in the third quarter, a touch faster than the second quarter's 1.7 per cent but too sluggish to make a dent in the ranks of the jobless. "We think the slow pace of hiring will not be sufficient to absorb growth in the labor force and that the unemployment rate will tick up to 9.7 per cent," said Julia Coronado, an economist at BNP Paribas in New York. In the week ended Oct. 16, the number of people still receiving benefits after an initial week of aid dropped 122,000 to 4.36 million, the lowest since November 2008. The continuing claims data covered the period for the household survey from which the unemployment rate is derived. The number of people on emergency benefits fell 258,102 to 3.78 million in the week to Oct. 9.-Reuters
Indonesia death toll raised up to 500 JAKARTA: The death toll from a tsunami which struck western Indonesia this week is likely to pass 500, an official said Thursday as hopes faded for many of the 338 listed as missing. The official death count rose to 370 but disaster management official Ade Edward said the toll would climb possibly by as much as 200. "Of those missing people we think two-thirds of them are probably dead,either swept out to sea or buried in the sand," he told AFP. "When we flew over the area yesterday we saw many bodies. Heads and legs were sticking out of the sand, some of them were in the trees. If we add another 200 to the toll it would be at least 543 dead." The tsunami roared through the remote Mentawai islands off Sumatra after a powerful 7.7 magnitude earthquake on Monday, wiping out entire villages.-APP
German inflation dips to 18-year low NUREMBERG: German unemployment fell to an 18year low in October, data showed, breaching a key threshold and offering fresh evidence of a sustained recovery by Europe's top economy increasingly fuelled by domestic demand. The number of unemployed fell, in unadjusted terms, to 2.945 million, the Labour Office said on Thursday, confirming a headline figure announced a day earlier. The reading was the first below the politically sensitive 3 million mark since November 2008, and the lowest since October 1992.-Reuters
CONTINUATION BOC shares closed up 2.2 per cent while larger rival China Construction Bank, which reports on Friday, rose 1.1 per cent. Banking shares have seen strong interest from investors since mid-September on robust loan growth, China's strong economy and as the broader markets rallied. Some traders and analysts, however, are concerned trade in the sector was getting a little stretched, and are cautious about it in the short-term. Insurers dragged down Shanghai markets, with China's key stock index slipping 0.2 per cent on lighter volume. Disappointing earnings from Ping An weighed on the sector, with its shares falling 0.8 Continued from page 12 No #2 per cent while rival China Life dropped 1.2 per cent. Insurers' earnAudit officials further told that gun club has been established on ings have been hit by uncertain conditions in the domestic market, 300-acre land adjoined to sports complex, against the rules and but a rise in interest rates this month is expected to boost their returns regulations. PAC also took notice of the situation and directed to in the coming quarters as yields on bond investments rise.-Reuters present the report within one month. The committee took review Continued from page 5 No #7 of audit objections of ministry of sports, ministry of religious The broader Topix fell 0.4 per cent to 814.33. affairs and ministry for tourism for year 1990-91 and 2001-02 and Traders said the Nikkei initially gained support after the central settled many audit objection. -Online bank announced details of its asset-buying scheme unveiled on Oct.
No #1
Continued from page 12
been taken on an individual rather than a coordinated basis," he said. "So we feel that if we talk to each other more and perhaps coordinate our efforts more then they would be more effective." Washington has long accused China of keeping the yuan artificially low. Beijing in turn says the Federal Reserve's loose monetary policy risks undermining emerging economies, now grappling with an influx of hot money as investors seek higher returns amid low interest rates elsewhere. -Reuters
No #3
Continued from page 12
very important countries. "Obviously, the pace, scope and character of that dialogue is something that Indians and Pakistanis have to shape. But we'll continue to both welcome and encourage it," Burns said in response to a question. "We do support efforts by India and Pakistan to pursue a dialogue with one another, so we'll express support for that, as we always do," Rhodes said. "We believe that a positive relationship between the US and Pakistan, a deepening relationship between the US and India, does not in any way, shape or form have to be seen through a zero-sum lens as it relates to India, and that we want to take the US-Indian relationship to a new level on this visit," he said. -Online
No #4
Continued from page 8
flood would exacerbate this rising trend, but only to a small extent, the report added. It also acknowledged that the worsening in most of the Pakistan's macroeconomic variables has further complicated the monetary debate in FY11. "On the one hand, there is the argument that the central bank should respond to the rising inflationary pressures and excessive increase in the fiscal deficit, and on the other, the demand-shock stemming from the flood damages argues for a countervailing monetary easing to help revive the faltering economy," it added. It said that while developments marked an improvement from the FY09, fundamental structural weaknesses in the economy remained un-addressed. The report pointed out that the principal structural problem, however, was the weak fiscal performance -the fiscal deficit bounced back to 6.3 per cent of GDP in FY10, i.e. 1.1 per centage points higher than in the previous year (FY09). FY10 fiscal performance was characterised by continuing expansion in fiscal and quasi-fiscal operations that crowded out and otherwise undermined private sector activities, supported the persistence of double-digit inflation, and increased the total public debt and liabilities substantially, from 68.7 per cent of GDP in FY09 to 69.5 per cent in FY10, the report asserted.
No #5
Continued from page 5
topped consensus, and the stock gained 2.1 per cent to $8.26 and "Earnings have largely been strong, but the market isn't exuberant about them right now because we're all waiting for the big news next week," Harder said. Most leading economists expected the Fed to buy between $80 billion and $100 billion in assets per month under a new program to bolster the struggling economy, a Reuters poll found.-Reuters
No #6
Continued from page 5
posted record third-quarter profits that pointed to a strong yearend for the sector.
11
International & Continuation
Friday, October 29, 2010
5. The BOJ said it would buy 1.5 trillion yen ($18.4 billion) in longterm government bonds and 2 trillion yen in short-term government securities. As widely expected, the BOJ decided to keep interest rates unchanged at a range of zero to 0.1 per cent by a unanimous vote. The central bank also said it would bring forward its next policy board meeting to Nov. 4-5 from Nov. 15-16 to make arrangements to start buying exchange-traded funds and J-REITs at an early date. Still, property-related shares fell after the BOJ said it plans to spend 50 billion yen to buy REITs as part of the asset-buying scheme, disappointing some investors who had expected a larger purchase amount. Nippon Building Fund Inc fell 4.1 per cent to 772,000 yen. Global shares prices have been under pressure as investors shift away from risk assets on speculation that US monetary easing will not be as pronounced as originally thought, and this has also hurt stocks, some market participants said. "Investors are selling stocks to lighten their risks on speculation about the Fed. Global share prices have been under pressure and weighing on the Nikkei," said Kenichi Hirano, operating officer at Tachibana Securities.-Reuters
No #8
Continued from page 5
the pre-tax profit of the company surged to Rs804.915 million during the period under review as earning per share also climbed to a record Rs19.11.
No #9
Continued from page 5
a decrease of 58.9 per cent YoY. The decline was mainly due to slow cement dispatches owing to devastating floods which hampered construction activities. In addition, globally, cement prices remained weak around $42 per tonne which further dragged the earnings down, as per TFD analyst. On account of lower dispatches net sales fell by 2.9 per cent at Rs1.75 billion as against Rs1.807 billion during 1QFY10. Gross profit declined by 45.9 per cent to Rs253 million against Rs467 million. Administrative expenses remained in control as they fall by only 0.9 per cent to Rs44 million compared with Rs44.5 million during same period last year. Distribution cost increased by 23.8 per cent to Rs99 million as against Rs80 million recorded corresponding period last year.
No #10
Continued from page 5
Energy issues were in demand as Shell, up 0.5 per cent, posted an 18 per cent jump in third-quarter profits thanks to higher oil and gas prices, setting a benchmark for the sector. Peer BG Group added 0.8 per cent after saying it had begun production from Tupi, one of its key fields, in the Santos basin off the coast of Brazil. Miners found support as investors switched out of the dollar following recent strength boosting metal prices, with BHP Billiton the best off, up 2.7 per cent.
BOJ holds fire and says boosting asset buying an option TOKYO: The Bank of Japan held fire on policy on Thursday, but said boosting its 5-trillionyen (38 billion pounds) asset buying plan was a "strong option" if the outlook for the economy sharply deteriorated. The BOJ brought forward its next policy review to November 4-5, right after the US Federal Reserve meets, which markets took as a sign it was ready to act swiftly if the outcome of the Fed's November 2-3 meeting triggered heavy dollar selling. Governor Masaaki Shirakawa said, however, the change of the date from the originally planned mid-November had nothing to do with the Fed and aimed at
speeding up the roll-out of the bank's asset buying plan, particularly purchases of less conventional instruments. "If there is a big change in our economic and price outlook, expanding it is a strong option," Shirakawa told reporters when asked whether the BOJ would top up its asset purchases. The BOJ unveiled the scheme early this month when it also pegged its benchmark rate at 00.1 per cent and vowed to keep it near zero until the end of deflation was in sight. Its updated price and growth forecasts were slightly more optimistic than markets had expected, but still showed it
could take perhaps two years before prices started rising at a pace the BOJ wants to see before lifting rates. While new economic powers such as China, India and Brazil have swiftly recovered from the global financial crisis and the economic slump that followed, Japan, the United States and other rich nations have struggled to sustain economic growth. Furthermore, the side effects of the trillions of dollars they spent on economic stimulus and record low lending rates have aggravated strains in currency markets, fuelling fears of currency and trade wars.-Reuters
The UK blue-chip index drifted off a session peak above the 5,700 level late in the afternoon as Wall Street turned lower after opening gains.-Reuters
No #11
Continued from page 5
"But the market will not go down in a hurry. It will be rangebound in the near term, eyeing how the QE2 pans out," he said referring to the US Federal Reserve's expected second tranche of quantitative easing. He said he expects support at 5,900 points Nifty level. The benchmark BSE-30 index is up 14.2 per cent year to date, but is down 0.6 per cent this month. Foreign funds have poured in $24.7 billion in Indian equities so far this year, of which nearly half has arrived since the start of September. So far in 2010, India's benchmark index has outperformed the broader MSCI's index of Asia exJapan stocks and MSCI's emerging markets index which have risen 10.4 per cent and 11.4 per cent respectively. Top mobile operator Bharti Airtel recouped 2.6 per cent after sliding 4.5 per cent over the previous two sessions. Bharti and smaller rival Aircel are in a race to buy Qualcomm's wireless broadband business in India, the Economic Times reported. Oil & Natural Gas Corp rose 0.4 per cent ahead of its quarterly earnings announcement likely after market hours, on hopes of robust performance. The state-run explorer is expected to report a 15-per cent rise in quarterly net profit on higher oil prices and helped by an increase in gas price, a Reuters poll showed. -Reuters
No #12
Continued from page 1
fraternity played vital role in the recent past in restoration of democracy and rule of law in the country. Therefore, promotion of legal education and strengthening of legal institutions is of paramount importance for the progress of our society, he added. -Agencies
No #13
Continued from page 1
strengthening of trade relations between the two brotherly countries. It may be mentioned here that the cabinets of the two countries have accorded approval to the new Pak-Afghan Transit Trade which was formally signed by the two countries in Kabul Thursday. -Online
No #14
Continued from page 1
bid. CJP said the Asian Development Bank in its report had leveled serious allegations, which could not be ignored. He said "We have to keep a collective thinking over such an issue of national importance. If you succeed over the transparency issue, it will be good enough and if not we have to depend upon petitioners." Justice Ramday said out of 19 rental power plants (RPPs) only one was functional. "You should consider the issue. On Feb 18 2008, the new government was set up, on Feb 24 RPPs were signed and on March 17 approval was given for release of Rs 30 billion. Probably, fall-out of the previous government was telling upon you," he added while addressing the counsel. Chief Justice remarked why alternate resources in the country were not used instead of banking upon such costly projects. The case hearing was adjourned till November 29. -Agencies
No #15
Continued from page 1
losses during the recent floods and needs to be accorded priority for not only rehabilitation of the lands but also to re-engage the huge labour force that lost their livelihood due to devastation by the floods". The President said that there was an urgent need for establishment of R&D (Research and Development) facilities in Pakistan on the impact of climate change on agriculture so that any such situation in the future could be dealt with effectively. The President said that the government was encouraging the farmers to sow canola in the flood affected areas by assisting them with seed, inputs and land preparation to make optimal utilization of the land. The President said that the establishment of rain water harvesting and water lifting schemes in water deficit areas for increasing agricultural productivity was another area where Pakistan needed assistance of international bodies especially FAO.Dr Jacques Diouf thanked the President for meeting and assured that the FAO would continue its operation in the agricultural sector and would continue to assist the Government of Pakistan in overcoming the impacts of unprecedented havoc. -APP
No #16
Continued from page 1
for flood relief and immediate foreign exchange needs. This was separate from the $11 billion IMF bailout programme, agreed in 2008.
No #17
Continued from page 1
However, some solution has to be found to ensure running of plants at optimum capacity utilisation. Average retail price of DAP during October 2010 stood at Rs2735 per bag compared to Rs2628 per bag in September 2010. FFBL is expected to register DAP sale of 285,000 tonnes in 4QCY10 as compared to an offtake of 172,000 tonnes during the corresponding quarter last year, a whopping growth of 67.5 per cent YoY.For the first nine months of CY10 the Company posted profit after tax of Rs2.93 billion (EPS: Rs3.14) against profit of Rs1.8 billion (EPS: Rs1.93) for the corresponding period last year, a substantial growth of 62.4 per cent. The factors contributing to this stellar performance also include better DAP margin, lower financing cost and profit from Pakistan Maroc Phosphore (PMP), a subsidiary of FFBL. However, picture for the industry is not all that rosy for the industry as urea offtake during the 4QCY10 is likely to be down by 14.4 per cent to 1.58 million tonnes against sale of 1.849 million tones during the corresponding quarter last year.Against this, DAP offtake is expected to grow by 9.2 per cent to 620,000 tonnes compared to 568,000 tonnes in 4QCY09. For the full year cumulative, urea offtake is likely to decline by 10.9 per cent to 5.77 million tonnes in CY10 compared to 6.48 million tonnes in CY09.However, DAP sales is expected to decline by 20.2 per cent to 1.3 million tonnes as compared to 1.63 million tonnes in CY09.
No #18
Continued from page 1
taken by the government for the improvement of national economy. The ambassador assured the finance minister that his country would continue to support Pakistan in the field of trade and investment.Senior officials of the ministry of finance were also present on the occasion. -APP
No #19
Continued from page 5
On the other side, lower-than-expected result announcements by some fertiliser and insurance sectors stocks too triggered the selling wiped off all the gains the index had made during the day. The index did show some resistance for at least a couple of hours moving on both sides but eventually succumbed to bears and closed red. Therefore during the last half an hour of the session it touched an intra-day low of 10,617 points (-ive 86 points) and called it a day near this level. "Most of the results announced including Engro, FFC, AICL, and UBL were slightly below expectation that's why investors preferred to trim their positions", an analyst said commenting on Thursday's stock movements. Out of total 407 active issues 209 declined and 176 advanced while 22 remained unchanged.
No #20
Continued from page 1
annual general meeting which was presided by the Chairman Zubyr Soomro and the Managing Director Adnan Afridi while about 60-70 members attended the meeting. According to the details, members of the exchange raised many questions on the heavy expenses of the exchange including bonuses for the MD despite substantial decline in exchange's income. It should be noted that profit after tax of the exchange heavily fell by 78.3 per cent to Rs68.09 million in FY10 as compared to a profit of Rs314.085 million in FY09. The total income of the exchange reduced to Rs730.55 million declined Rs183 million as compared to a total income of Rs913.64 million in FY09. However, the expenses of the exchange increased by Rs157.51 million to Rs692.22 million during the year as compared to the expense of Rs534.71 million in FY09. These expenses include a bonus of Rs11 million in FY10; and of Rs14.4 million in FY09 for the managing director of the exchange. It is worth mentioning here that MD Adnan Afridi's tenure is going to end on October 31 and according to sources he will not continue for the post due to his other commitments.The members of the exchange were told that the management would try to reduce the expenses by 20-25 per cent through a number of actions like reducing the employee benefits and other extra expenses while downsizing may also be carried out if needed. Further, a resolution was passed in the meeting that the Chairman of the Human Recourse Committee of the exchange should be an elected member while it was also demanded to change the auditors for the exchange but finally it was decided to retain the current auditors for FY11.
www.asharys.net
For Subscription
Manager Circulation Ahmad Omer
1.Classic News Agency Abdul Mutalib Ph: 0333 -230 07 66 2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838 4. Contact Phone: 35 31 18 93 - 6
Italian Kitchens Karachi
Lahore
tel: 92(21)5860794-5
tel: 92(42)5694061-2
12
Friday, October 29, 2010
RIAZ NEWS AGENCY Cell # 0333-5373137
SHAKIL NEWS AGENCY Cell # 0333-4400472
US can play role for regional peace: FO weekly briefing
Pak pins peace hope on Obama India visit
ISLAMABAD: Federal Minister for Interior Senator Rehman Malik addressing a press conference regarding Watan Card at Nadra Headquarter. -Online
Easing currency woes
Asia cbanks ready to boost coactions HANOI: Southeast Asian leaders, faced with rocketing exchange rates that risk destabilising their economies, called Thursday for more cooperation between regional central banks to calm the currency tensions. While China has kept a tight grip on the yuan, many emerging Asian economies have seen their currencies soar against the US dollar, making their exports less competitive and inviting a massive inflow of foreign capital. The leaders of Thailand and the Philippines believe stronger coordination would give Association of Southeast Asian Nations (Asean) countries more clout as China and the United States trade blows over currency. "It's important for us to be more coordinated and speak with one voice, particularly with regard to things like currency," said a spokesman for Philippine President Benigno Aquino on the sidelines of the Asean summit. Currency tensions were set to be a hot issue at the meeting of the 10-member Association of Southeast Asian Nations, and wider 16-nation talks Saturday that also include China,
Japan, South Korea, Australia, India and New Zealand. Host nation Vietnam is something of an anomaly as its dong currency is under pressure amid spiraling inflation. Aquino and Thailand's Prime Minister Abhisit Vejjajiva discussed their concerns on rising exchange rates at two-way talks Wednesday, said spokesman Ricky Carandang. "The agreement (with Abhisit) was that central bankers and finance ministers talk a little bit more frequently because right now the actions have See # 1 Page 11
US vows equality in Pak, India ties WASHINGTON: Maintaining that it is for India and Pakistan to decide on the pace and scope of their bilateral ties, Obama Administration has said that its relationship with New Delhi would be not be flourished at the cost of Pakistan. "The President Barack Obama believes that the US ties with India and the US relationship with Pakistan does not take place within any kind of zerosum dynamic," Deputy National Security Advisor for Strategic Communication Ben Rhodes told reporters. However, it is often been viewed that way in the past, that if the US become closer to one it's at the expense of the other, he noted. "And we've tried to send the signal that it's the opposite with this administration; that, in fact, actually you see that borne out in the fact that we had a very successful strategic dialogue here,
with the Pakistanis in town last week, discussing greater security cooperation in governance and economic issues," Rhodes said. "As a part of that, the President met with the Pakistani delegation and ended up speaking to President Asif Ali Zardari to discuss that strategic dialogue and said that he'd very much like to visit Pakistan next year and is planning to visit Pakistan next year," he said. I think the strategic dialogue speaks to the fact that we're cooperating closely with Pakistan just as this visit speaks to a deepening relationship with India," Rhodes said. Under Secretary of State for Political Affairs Bill Burns said the Obama Administration has always welcomed dialogue between India and Pakistan and certainly encouraged efforts to improve relations between those two See # 3 Page 11
Minister assures to act against Shershah incident culprits
Malik, Altaf agree to go hand in hand LONDON: Interior Minister Rehman Malik has assured the MQM chief Altaf Hussain that exemplary punishment would be awarded to criminals involved in Shershah incident and affectees would be compensated. Interior Minister Rehman Malik held a detailed telephonic conversation with MQM chief Altaf Hussain on the Shershah incident. MQM leader Altaf Hussain told Malik that the culprits involved in the Shershah incident are threatening the shopkeepers of Shershah scrap market not to open their shops again or else they will share the same fate as the deceased. Due to the threats shopkeepers are afraid to open their businesses and because of that they are facing financial crunch and unable to provide food
to their families, he also said that it's the job of the provincial government to take effective immediate steps to provide safety, and families of the deceased should be given financial help and those injured in the incident should be treated on official level. Interior Minister also assured the MQM leader that he shall go to Karachi himself to get the first hand knowledge about the whole scenario and will also advise the Karachi administration to do a full inquiry and that police and rangers should be deployed at once in the area. He also appreciated the measures taken by MQM for ensuring peace in the city and said that he is expecting that in the future also PPP and MQM would cooperate in making the Karachi situation better. -Online
PAC seeks Jinnah Park tourist village scam report ISLAMABAD: Special Committee of Public Accounts Committee (PAC) taking notice of awarding of contract of tourists village in Jinnah Park to Zardari group has sought report from ministry of tourism in this connection. As per details, meeting of special committee of PAC presided by Zahid Hamid was held here on Thursday. During the meeting audit officials told that Pakistan Tourism Development Corporation started establishment of tourist village in Jinnah Park with collaboration of Cant Board in 1977. Tourist's village limited company was given the land at Rs0.8 million at lease for 30 years but the money has not yet been recovered from the company. Audit objections were reviewed in DAC in which it has been told that the company issued the tender and give responsibility to Hakim Ali Zardari but he tried to construct a petrol pump as against the village. The tourist village company objected the construction of petrol pump due to which the construction of the village stopped. The company raised the issue with NAB but further action on the issue stopped due to issuance of NRO. Now the company has directed that NRO has been abolished therefore this case should be reopened and the report should be presented to the committee. See # 2 Page 11
ISLAMABAD: Pakistan on Thursday expressed hope that during his forthcoming visit to India, US President Barack Obama would take up issues that are central to ensuring peace and stability in the region. Addressing weekly briefing here at Foreign Office, spokesman Abdul Basit said," Pakistan hopes that the US being a big power can play its role for regional peace". Commenting on the Indian Prime Minister's statement expressing readiness for dialogue with Pakistan to resolve all issues, the spokesman pointed out that there was marked difference between what Indians say and what they do. He said had this not been the case the two countries would surely have been able to normalise relations by settling bilateral disputes including Jammu and Kashmir.
The spokesman said, "Dialogue doesn't mean that we sit across the table and reiterate our respective positions." "Pakistan wants a meaningful and result-oriented dialogue process and it will welcome if India moves beyond rhetoric and blame game, but there is nothing on the ground to inspire hope," he said. The spokesman also pointed out that India was killing innocent Kashmiris and hoped that New Delhi would bridge the gap between its words and deeds. Commenting on the Indian Defence Minister's remarks about ISI and its involvement in different incidents in his country, the spokesman said, "Unfortunately India seems to be obsessed with the ISI and loses its capacity to be objective." He said India should shun the tendency of accusing ISI for all its
problems, including Naxalite insurgency which is spread over a large number of Indian districts. Replying to another question he reiterated Pakistan's stand that drone attacks constitute breach of its sovereignty and the United States must revisit the policy that is also counterproductive. The spokesman told a questioner that there was no linkage between American assistance for Pakistan and operation in FATA. The two countries are finalizing projects that would be funded through American assistance under KerryLugar-Berman act, he added. He hoped that the situation in Afghanistan would improve allowing project for import of gas from Turkmenistan to complete. He said, "Our missions are in touch with those countries where majority of Pakistanis are in jails to seek consular access to them." -Agencies
‘N’ leader urges unanimous agenda for next 25 years
Sharif calls for ‘save Pak plan’ LAHORE: PML-N Quaid Nawaz Sharif has underscored the need to formulate a unanimous 25-year agenda to steer the country out of the prevalent crisis. Talking to media men at Lahore after meeting senior journalists of South Asia Free Media Association, Sharif said "National reconciliation policy is need of the hour to take the country out of the crises." He said to expect from an opposition party to set a 25-year agenda for country is unprecedented anywhere in the world but we believe that in order to save the country a national
consensus is needed as we are all Pakistanis. We are judges, generals, politicians and journalists, but after we are Pakistanis. "Meesaq-e-Pakistan (Pakistan Charter) is the name that I give to the agenda to be formulated soon in which all the stakeholders would have their say", Sharif said. Sharif said that a unanimous strategy would be hammered out for the good of the nation, adding that everyone should put his share into Pakistan Charter (Meesaq-ePakistan) to put the country on the path of progress and prosperity.
He called to give due respect to the ballot for the sovereignty of parliament and the Constitution. When his attention was diverted to the probable merging of PML, Sharif asked, "Is it so, who is getting the parties merge?" He said in his meeting in SAFMA it was decided that we would meet again in a couple days to review the Meesaq-e-Pakistan agenda. He said that all stakeholders should be included and no one should attempt to become a sacred cow than we can move forward. Online
Attack on Japanese consulate car leaves 2 hurt KARACHI: Two people, including a security guard and an embassy employee were injured when unknown armed men attacked a vehicle of Japan consulate in Cantonment Board area of the city. Officials said the incident occurred near the Cantt Station where two unidentified gunmen riding a motorbike opened fire on an official vehicle of Japan's consulate in Karachi, injuring two people sitting in the car. The injured -- identified as security guard and an official of the consulate -- were immediately rushed to Jinnah hospital for treatment where medics say their condition was serious. Talking to media men at the spot TPO Saddar, SSP Javed Akbar Riaz said that according to initial reports gathered from the injured persons, the guard and embassy employee were coming from the money exchanger and stopped for purchasing the breads in Cantt area when a motorcyclist fired at their vehicle as a result of which both consulate employees identified as Gul Mohammad and Ghulam Haider were injured. TPO further said that he cannot say something about incident before completion the investigation. -Online
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.