International Karachi, Thursday, December 30, 2010, Muharram-ul-Haram 23, Price Rs12 Pages 12
Benazir Murder Investigation
Musharraf refuses to appear before Panel
Fazl refuses to rejoin government
See on Page 12
WB’s role in Pak rehab praised
See on Page 12
Indus Motors reduces car prices
See on Page 12
See on Page 12 Economic Indicators
Gilani chairs meeting, reviews progress on decisions
$16.39bn Forex Reserves (18-Dec-10) 14.44% Inflation CPI% (Jul 10-Nov 10) $8.88bn Exports (Jul 10-Nov 10) $15.37bn Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) $(6.49)bn Current A/C (Jul 10- Nov 10) $(504)mn $4.43bn Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Nov 10) $746mn Rs 495bn Revenue (Jul 10-Nov 10)
Cabinet mulls PR, PSM rejig
$58.41bn Foreign Debt (Sep 10) Rs 5234.9bn Domestic Debt (Oct 10) Repatriated Profit (Jul- Nov 10) $287.9mn -2.58% LSM Growth (Sep 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 171.43mn Population
Meeting also accords approval to pacts with China
Portfolio Investment SCRA(U.S $ in million)
198.94 Yearly(Jul, 2010--28-Dec-2010) Monthly(Dec, 2010--28-Dec-2010) 36.21 0.09 Daily (28-Dec-2010) 2783 Total Portfolio Inv (17 Dec-2010)
NCCPL (U.S $ in million) FIPI (29-Dec-2010)
1.75
Local Companies (29-Dec-2010)
-4.31
Mutual Funds (29-Dec-2010)
-0.89
NBFC (29-Dec-2010)
-0.20
Local Investors (29-Dec-2010)
1.05
Other Organization (29-Dec-2010)
0.05
Global Indices Close
Change
KSE 100
11,886.02
37.97
Nikkei 225
10,344.54
51.91
Hang Seng
22,969.30
347.57
Sensex 30
20,256.03
230.61
ADX
2,702.28
0.39
SSE COMP.
2,751.53
18.54
FTSE 100
5,989.80
19.12
*Dow Jones
11,613.00
37.46
*Last Updated 20:00 PST
GDR update Symbols
$.Price PKR/Shares 111.48
MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 23.01
197.31
UBL (1 GDR= 4 Shares) 2.00 LUCK (1 GDR= 4 Shares) 1.70
42.88
HUBC (1 GDR= 25 Shares) 10.78
36.98
36.44
Money Market Update T-Bills (3 Mths) 15-Dec-2010
13.17%
T-Bills (6 Mths) 15-Dec-2010
13.39%
T-Bills (12 Mths) 15-Dec-2010
13.69%
Discount Rate
29-Nov-2010
14.00%
Kibor (1 Mth)
29-Dec-2010
13.34%
Kibor (3 Mths)
29-Dec-2010
13.42%
Kibor (6 Mths)
29-Dec-2010
13.61%
Kibor ( 9 Mths)
29-Dec-2010
13.95%
Kibor (1Yr)
29-Dec-2010
14.12%
P.I.B ( 3 Yrs)
29-Dec-2010
14.15%
P.I.B (5 Yrs)
29-Dec-2010
14.22%
P.I.B (10 Yrs)
29-Dec-2010
14.25%
P.I.B (15 Yrs)
29-Dec-2010
14.53%
P.I.B (20 Yrs)
29-Dec-2010
14.73%
P.I.B (30 Yrs)
29-Dec-2010
14.88%
Commodities *Crude Oil (brent)$/bbl 94.17 *Crude Oil (WTI)$/bbl 91.29 *Cotton $/lb 145.55 *Gold $/ozs 1,407.20 *Silver $/ozs 30.51 Malaysian Palm $ 1,206 GOLD (NCEL) PKR 38,730 KHI Cotton 40Kg PKR 9,645 *Last Updated 20:00 PST
Open Mkt Currency Rates Symbols
Buy (Rs)
Sell (Rs)
Australian $
85.70
87.20
Canadian $
84.70
86.20
Danish Krone 15.00
15.10
Euro
114.00
112.30
Hong Kong $ 10.80
10.90
Japanese Yen 1.028
1.054
Saudi Riyal
22.77
22.95
Singapore $
65.60
66.30
Swedish Korona 12.60
12.80
Swiss Franc
87.20
87.00
U.A.E Dirham 23.27
23.48
UK Pound
131.80
133.50
US $
85.65
85.95
Inter-Bank Currency Rates Symbols
Buying TT Clean Australian $ 86.63 Canadian $ 85.68 Danish Krone 15.09 Euro 112.51 Hong Kong $ 11.00 Japanese Yen 1.041 Saudi Riyal 22.85 Singapore $ 66.06 Swedish Korona 12.49 Swiss Franc 90.11 U.A.E Dirham 23.33 UK Pound 132.00 US $ 85.75
Selling TT & OD 86.83 85.88 15.13 112.77 11.04 1.044 22.91 66.21 12.52 90.32 23.39 132.31 85.93
Weather Forecast CITIES MAX-TEMP ISLAMABAD 16°C
KARACHI: President Asif Ali Zardari addressing the PPP Provincial Cabinet and Assembly members at Bilawal House.-APP
SBP Governor addresses PIDE Conference
2.54
Banks / DFI (29-Dec-2010)
Index
Special Correspondent/ Agencies
MIN -1°C
KARACHI LAHORE FAISALABAD
25°C 21°C 21°C
13°C 1°C 3°C
QUETTA RAWALPINDI
12°C 16°C
-5°C 1°C
Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com
www.thefinancialdaily.com
Kardar terms RGST as revenue-booster ISLAMABAD: Governor of State Bank of Pakistan (SBP) Shahid H Kardar on Wednesday called for raising tax revenue by implementing Reformed General Sales Tax (RGST) for the economic prosperity of the country. "The country desperately needs a tax structure in order to improve its economy. The RGST can be the best option but unfortunately our politicians are not convinced enough to pass it into a law", Kardar said, adding RGST was a very progressive one and it would benefit most segments of the society. He stated this while chairing a session of a three-day annual general meeting and conference of Pakistan Society of Development Economists (PSDE) here at a local hotel in which renowned economists from across the world participated.
The conference has been organised by Pakistan Institute of Development Economics (PIDE). SBP Governor also expressed his concern over low collection of the property-taxes especially by the provinces which were affecting the overall collection of the tax revenue. He said provincial governments were not doing well in collection of tax from different sectors especially in property and agriculture sectors. Meanwhile, addressing the gathering, Paul Ross, mission chief of International Monetary Fund, Islamabad said government must have to raise the level of its national savings which could generate resources for the development of the country. He expressed his resentments over the low tax revenue in the
Governors' appointments challenged in Supreme Court ISLAMABAD: PML-N has challenged the appointment of all the four provincial governors in Supreme Court. According to media reports the petitioner Senator Zafar Ali Shah from PML-N had taken plea in his petition that incumbent four governors were appointed by the former president Pervez Musharraf while such powers had been transferred to prime minister following the implementation of 18th amendment. President has to appoint the governor in consultation with the prime minister, therefore the induction of sitting four governors is illegal and unconstitutional, he added. The appointment of governors be declared null and void and they be restrained from performing their duties, he said. See # 11 Page 11
country, and said that the government should raise the tax revenue by introducing an equity based taxation system. Paul said that decentralisation of the tax collection system could achieve more success and without cooperation between provinces and federal government the country could not generate significant tax revenues. Professor Vito Tanzi, former Director of International Monetary Fund, USA said that the responsibility of tax collection should be assigned to the local governments. In this regard, he said, the local governments should be given enough power and authority to impose the taxes. Dr Hafeez A Pasha, Dean Beaconhouse National University, stressed on the need See # 10 Page 11
KSE members elect directors KARACHI: The annual election of directors of Karachi Stock Exchange (KSE) was held Wednesday, to elect five directors for the next term commencing from January 01, 2011. In all, nine candidates contested the election for which a total of 156 members of the Exchange cast their votes and all the ballots were declared valid. Accordingly, the five candidates who were declared successful, in order of the votes secured, are: Abid Ali Habib (130), Mohammed Sohail (101), Zafar Siddiq Moti (98), Ashraf Bava (93), and Muhammad Qasim Lakhani (90). It should be noted that out of these newly elected directors, three of them i.e. Mohammad Sohail, Ashraf Bava and Muhammad Qasim Lakhani elected for the first time.
After electing as a director KSE for the first time Mohammad Sohail while talking to media said that his priority would be to improve the image of the broker community. He also said that improving financial positions of the members is also one of his priorities. As per Articles of Association of the Exchange, four non-member directors are required to be nominated by the Securities and Exchange Commission of Pakistan (SECP) for the next term amongst whom the next Chairman shall be elected by the Board. Haroon Askari, who is holding the office of Acting Managing Director, by virtue of his office, is the tenth director on the KSE Board. See # 12 Page 11
ISLAMABAD: The Federal Cabinet which met here Wednesday reviewed the status of implementation of Cabinet decisions pertaining to food and agriculture, foreign affairs, health, housing and works and industries and Production decisions. Prime Minister Syed Yousuf Raza Gilani presided the meeting. During the meeting Cabinet deliberated upon the declining performance of Pakistan Railways, Pakistan Steels Mills and other government's institutions including Pepco and PM directed that restructuring plan of these departments be present-
President says PPP won't let MQM go KARACHI: President Asif Ali Zardari Wednesday assured that Pakistan Peoples Party (PPP) will not let Muttahida Qaumi Movement (MQM) quit the coalition and keep respecting the parties' mandate. He was addressing to provincial ministers and members Sindh Assembly in a meeting held here in Bilawal House Karachi. Earlier president was briefed about three year's performance of Sindh government. He said local body's elections would be held in 2011 and PPP would get clear majority in the elections. He reiterated that the reconciliatory policy will be enhanced and reservations of annoyed parties will be addressed including the MQM. He added that PPP will respect the mandate of the MQM in local bodies' elections. During the course of his address, the president said Sindh Government will present bill related to restoration of Commissionerate System after taking all allies including the MQM on board. President Zardari further said that all coalition partners will be consulted in all key decision making. He directed members of the provincial assembly to pay more time in their constituencies to resolve public issues See # 9 Page 11
ed in the next Cabinet meeting. These details were revealed by federal minister for information and broadcasting, Qamar Zaman Kaira while briefing journalists about the Federal Cabinet meeting. Kaira said that while reviewing the status of pending decisions the Prime Minister directed that the process of consultation among various ministries or with foreign countries be expedited to ensure early implementation. All the ministers, he said, should hold monthly meetings to monitor the progress of decisions and MoUs signed with different countries in order to identify the impediments if any. Kaira said that the cabinet ratified Saarc Agreement on Trade
in Services. It also accorded approval to the signing of inter-government framework Agreement with China regarding provision of concessional loan for PAKSAT - IR Ground Control Segment Project. He said Cabinet approved the ratification of additional protocol of the Agreement on simplification of visa procedure for businessmen on ECO member states. It also approved in-principle to negotiate and sign loan offered by the Government of Japan through agreement on Flood Disaster Emergency Import Support Loan, he said. He said that the Cabinet approved the proposed See # 6 Page 11
Tariff down Rs2.09 during 4mth: Spokesman
Nepra tells Discos to reduce tariffs ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) has directed all the power distribution companies to reduce their tariffs by Rs1.08 per unit whereas Rs0.46 for KESC. This has been learnt from a circular issued by Nepra here in Islamabad on Wednesday. According to details, this decision has been taken in monthly fuel adjustment surcharges from the month of November which will be applicable on consumers. Decision has been taken after
publicly hearing complaints regarding monthly fuel adjustments in power tariffs. After hearing, Nepra decided to reduce the power tariff by Rs1.08 for all distribution companies whereas for KESC this reduction will be Rs0.46 per unit, which will be applicable from month of November. Meanwhile a spokesman of the ministry of water and power said that government has taken all the possible steps in power tariff reduction and provided maximum relief of Rs2.09 per unit to See # 7 Page 11
India, BD against EU grants to Pak NEW DELHI: India, Bangladesh and Peru have opposed the European Union's proposal to give duty-free access to Pakistani textiles as a flood relief measure. The countries have informed the World Trade Organisation (WTO) that trade concession was not the right option as it harmed interests of competitors, a government official has said. A decision on EU's proposal to allow duty-free import of 75 items -- 64 of them textiles -from Pakistan was deferred at a recent meeting of the WTO committee on trade in goods
after the three countries raised objections. It will be taken up in the next meeting scheduled for late January, according to Economic Times. "India fully supports EU's intention of helping Pakistan in its time of need, but assistance should be given directly in cash or kind and not by bending trade rules," a commerce department official told ET. The country's textile industry could be hit by the flood relief package as Pakistan is one of India's strongest competitors in See # 8 Page 11
2
Thursday, December 30, 2010
KESC's energy saving activity
KARACHI: Federal Minister for Women Development Dr Firdous Ashiq Awan visited First Women Bank Ltd Head Office. Shafqar Sultana President FWBL, Charmaine Hidayatullah, Shawana Yamin, Shaheen Zamir and other executives are seen with the Minister.-Staff Photo
Interest free loans for students Staff Correspondent KARACHI: An amount of Rs 189.29 million will be disbursed as interestfree loans to deserving students for higher studies within Pakistan for the 2009-2010 session as approved by the Apex Committee for Student Loan Scheme. The Apex Committee for Student Loan Scheme met under the chairmanship of SBP Deputy Governor, Yaseen Anwar in Karachi and approved the interest free loans that will be given to 1,436 deserving students in different disciplines from all over the country for pursuing graduation, Masters and Ph. D studies for the 2009-2010 session.
TV PROGRAMMES THURSDAY Time Programmes 7:00 News 8:00 News 9:00 News 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
THURSDAY Time Programmes 8:00 Chai Time (Rpt) 9:00 News 9:15 Pehla Sauda 10:00 News 10:15 Bazaar 11:00 News 11:05 Ghar Ka Kharch 12:00 News 12:15 Power Lunch 13:00 News 13:05 Islamabad Say (Rpt) 14:00 News 15:02 Akhri Sauda 15:30 Mang Raha Hay Pakistan (Rpt) 16:15 Karobari Dunya 17:05 Ghar Ka Kharch (Rpt) 18:05 Chai Time 19:00 News 19:30 Mang Raha Hai Pakistan 20:00 News 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 News 22:05 Doosra Pehlu 23:00 News 23:05 Siyasat Mana Hai 0:00 News
Police finalises security plan for New Year night Staff Correspondent KARACHI: Deputy Inspector General (DIG) South Zone Iqbal Mehmood said that the security plan has already been finalized for New Year night, when a large number of youth visit Sea View beach. In a statement here on Wednesday, DIG south zone directed relevant police officers to maintain security on the occasion of New Year night on
highest level. He said police should arrest any person who displays weapons, rides on bikes without silencers and creates nuisance. According to security plan, traffic coming from Shahrah-e-Faisal would be diverted to Shahrah-eIran, Three Swords underpass, Two Swords, Park Tower, Abdullah Shah Ghazi Mazar, 26th Street, Khayaban-eShamsheer, MacDonald to Sea View Clifton,
while all markets, petrol pumps, hotels and shops would be closed after 8pm on this route on New Year night. The return route would be through Khyaban-eIttehad and Korangi Road. The Rangers and police would be patrolling and snap checking all routes while the bomb disposal squad would clear the routes. More than two thousand police constables would be deployed on these routes.
Fahmida eulogises Dr Ziauddin's edu services KARACHI: Speaker National Assembly Dr. Fahmida Mirza has has said that Dr. Ziauddin played a vital role in raising awareness among Muslims of sub-continent about education. "Ziauddin forwarded the mission of Sir Syed Ahmed Khan through his hard work. His name will be written in golden
words," she said while speaking as chief guest at the 63rd death anniversary of Dr. Ziauddin. The ceremony was organized by Dr. Ziauddin Memorial Society at Ziauddin University, Clifton campus, Karachi. Provincial Minister for Education Pir Mazhar-ulHaq said that Dr. Ziauddin's grandfather
Pir Illahi Bux was close companion of Quaid-eAzam, whose mission was to see Muslims of the sub-continent as graduates. Ziauddin University Chancellor Dr. Asim Hussain and President Ziauddin Memorial Society Prof. Waqar Ahmed also spoke on the occasion. -PPI
Pak exports surge ahead at robust pace Staff Reporter KARACHI: Pakistan's exports showed continued strength as evident from the latest trade data available. According to the latest trade figu r e s , exports f r o m Pakistan during November, 2010 were $1,776 million, which is 17.04 % higher than that of November of last year, 2009. The cumulative exports for the period JulyNovember, 2010 totaled $ 8,883 million, as against $
7,533 million during the corresponding period of last year, showing an increase of 17.92% Textile sector was the main strength behind this
surge, as all its sub-sectors showed significant increase vis-à-vis November 2009, including Cotton, Cotton Yarn, Cotton Cloth, Knitwear, and Bedwear. Growth in export figures
also saw an increase in import figures, especially in the import of raw materials. Imports in November, 2010 were $ 3,125 million, being 21% higher than imports in November, 2009. For the period JulyNovember, 2010 imports totaled $ 15,374 million as against $ 13,086 million in the same period last year, showing an increase of 17.48%. Major commodities driving import figures higher were Crude Petroleum & Petroleum Products, Sugar, Plastic Materials, Iron & Steel, and Synthetic & Artificial Yarn.
RAWALPINDI: A vehicle carrying the former CPO Saud Aziz and SP Khurram Shahzad enterning into anti-terrorist court number 3 for proceedings.-APP
Karachi: Karachi Electricity Supply Company organized a oneday Energy Conservation activity at Millennium Mall, Gulistan-e-Jauhar. The objective of the Energy Conservation Initiative was to create awareness and eventually transfer the ownership of the movement to the citizens , with KESC working as the lead program driver. KESC also arranged an Energy Conservation display area at first floor where more than 1200 consumers were briefed on the Energy Conservation initiative. Through demonstrations, consumers were informed that every appliance consumes energy on standby mode and Energy Savers save 75% electricity in comparison to a normal bulb. They were informed that even a night bulb, which is perceived as a "Zero Power" bulb, consumes 15 watts..-PPI
India's dam building plans
AJK PM warns of upcoming water crisis Staff Reporter LAHORE: Prime Minster of Azad Jammu and Kashmir Sardar Attique Ahmad Khan has said that India is planning to construct about 250 small and mega dams over river Chenab that would aggra `vate water situation. "If the inflows in the rivers continue to decline, people in the cities like Lahore and Karachi may face the rationing of water in near future." The AJK Prime Minister was speaking at the Lahore Chamber of Commerce and Industry on Wednesday. LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad and
Vice President Sohail Azhar also spoke on the occasion. Sardar Attique Ahmad Khan said that Azad Jammu and Kashmir had hydel power potential of 18,000 megawatt which needs to be harnessed. He said that after upraising of Mangla dam, work on the construction of 1000 megawatt Neelum-Jhelum Valley Hydel Power Project has been initiated. He said that some 301 points on the water channels in Azad Kashmir had been identified for the generation of hydel power while work was in progress at 26 locations. Extending an olive branch to the outer world, he said that conflict had never been a solution of
problems. Only negotiations can bring peace to the region. He invited the Lahore business community to invest in Azad Jammu and Kashmir as the state government was committed to facilitate the local and foreign investors. He said that the Azad Jammu and Kashmir had inherent economic potential to cater to the needs of entire South Asia. He said that his proposal to convert Line of Control into functional Line of Commerce has started giving rich dividends and hoped that such an activity would help bring down tempers in the region. He said that there was huge potential in the fields of religious tourism, medicinal herbs and timber.
TDAP assures support to PLGMEA Staff Correspondent KARACHI: Tariq Puri, Chief Executive of Trade Development Authority of Pakistan has given full assurance to the officials of Pakistan Leather Garments Manufacturers and Exporters Association for supporting marketing activities of PLGMEA. KARACHI: Security personnel check the identities of the visitors after the ban Puri along with on the entry of uncocern people in University of Karachi after the blast inside Secretary Javed Anwer, the University.-Online Director Generals and other officials of TDAP met Fawad Ijaz Khan, Chairman and members of PLGMEA at a local hotel. Puri accepted PLGMEA's proposal of sending 7 Trade Delegations to South America, USA, Eastern Europe, Russia, Japan, South Africa and China PAKISTAN: Intel during 2011-12. Puri also and special teams of rangers Staff Reporter Corporation announced accepted PLGMEA request and police have been formed today the Intel® Solidof participation in 4 Fairs State Drive (Intel® SSD) Karachi: The case of to probe into the case. The for next year. rangers and police teams Tuesday's bomb blast in 310 Series, an ultra-small solid-state drive (SSD) Karachi University in which would investigate the case that delivers Intel® X25- five students were injured under the monitoring of SSP class award-winning SSD has been registered while the SIU Ummer Khitaab, SSP performance, but in one- security of the University Gulshan Iqbal, Naeem eighth the size. has been beefed up and sep- Shaikh and Commander Measuring 51mm-by- arate teams of rangers and Sachal. The security of the 30mm and only 5mm police have been formed to University has been thick, the Intel SSD 310 probe into the matter. According to details, case strengthened while all vehiis a fast, ultra-compact SSD that brings flexibili- number 631-10 against cles would be checked. The KARACHI: Thousands of ty, ruggedness and scala- Tuesday's bomb blast in rangers are searching differ- visitors both males and bility to innovative form Karachi University has been ent faculties of the females coming from all over the province for solufactors and devices. It lodged under Explosive Act University. tion to their problems at can enable highly responSindh Secretariat offices sive dual-drive noteface immense problems as books, innovative singlethe police has blocked the drive tablets and lowMain Court Road in front power, rugged embedded of Sindh High Court main industrial or military gate at Pigeon Chowrangi applications. When by placing barricades of paired with a high-capaciron grills. ity hard disk drive (HDD) After threats of terrorist in a dual-drive system, attacks on Sindh the Intel SSD 310 can last five years. These Karachi: Sri Lanka is next Assembly, buildings of improve overall PC sysdevelopments, had led economic miracle success Sindh Secretariat and tem performance by up to financial other government offices story in Asia and Pakistani international 60 percent. institutions like IMF and businessmen and investors located at the Kamal A solid-state drive uses no moving parts, and thus should enter this promising World Bank to categorise Ataturk Road, the conis more durable and reli- market, Sri Lanka Consul- Sri Lanka as a Newly cerned authorities had able than a mechanical General in Karachi, D.W. Emerging Middle Income blocked the main Court Country. Road by placing heavy HDD, while using less Jinadasa said. He said his government containers, iron grills and Talking to newsmen power and providing betwas keen to promote twoWednesday, he said Sri barricades. ter system responsiveTughlaq House and New ness. The Intel SSD 310 Lankan economy is expect- way trade, as trade volume and figures did not reflect ed to record growth at Sindh Secretariat buildSeries contains 34 very close and friendly ties astounding 8% in 2010 and ings are visited by thounanometer (nm) Intel NAND flash memory and GDP per Capita more than between Pakistan and Sri sands of people including government servants who is available in an m- doubled to over $2,000 in Lanka. -PPI come here for getting SATA form factor in 40 solved their official matgigabyte (GB) and 80GB ters. The head offices of capacities. main ministries including The Intel SSD 310 supEducation, Health, ports SATA signals over a Culture, Tourism, Food, PCI Express (PCIe) miniAgriculture, Home, connector for on-board, Forests, Wildlife, compact storage in sinIrrigation, Finance, Power, gle-drive netbooks, Women development, tablets or handheld Prisons, as well as, devices. Weighing just 10 Provincial Ombudsman grams, the compact size Secretariat, Income Tax also enables dual drive Building, the provincial all-in-ones, notebooks or office of Federal Board of small-form-factor (SFF) KARACHI: Provincial Education Minister Pir Revenue (FBR) are situatdesktops to help accelerMazhar-ul-Haq being presenting a shield by Vice ed in the area, which are ate boot time and access to frequently used appli- Chairman Abdullah Dadabhoy at the third convoca- visited by a large number tion of Dadabhoy Institute.-Staff Photo of people daily.-PPI cations or files.-PR
Intel offers smarter notebooks
Security beefed up at KU after blast
Barricades near Sindh Secretariat irk visitors
Businessmen urged to explore Lanka potential
3
Thursday, December 30, 2010 Top Economic Events
Dollar falls against yen despite higher US yields per cent, while the dollar was down 0.6 per cent at 81.98 yen, near Tuesday's 61/2-week low just above 81.80 yen. Even with London's traders returning from a twoday bank holiday, volume was low, leaving the market susceptible to more exaggerated price fluctuations. Analysts said year-end positioning was driving prices as well. That's been the case with the yen and Swiss franc, both of which have risen over recent days on repatriation flows. But both currencies were attractive
for other reasons as well, traders said. "The Swiss franc is well supported by fundamentals, risk aversion and by
people diversifying out of euros," said Niels Christensen, currency strategist at Nordea in Copenhagen. The euro was at 1.2490 francs, about half a cent from a record low, while the dollar fell 0.2 per cent to 0.9506 francs, near Tuesday's 0.9435 record low.
Yen gains were tied partly to Japanese exporters repatriating earnings before the year ends, a common practice that tends to support the yen. Over the past week, that has caused a splinter in the tight relationship between the dollar-yen rate and US bond yields -- the dollar usually gains as bond yields rise. But some analysts said there may be more to it, saying concern about US finances could hurt the dollar in 2011. A spike higher following a weak fiveyear note auction on Tuesday did help the dollar rebound from a 6-1/2-week low against the Japanese currency. The Australian dollar rose 0.4 per cent to $1.0132, near a 28-year peak hit in November. -Reuters
Yuan up, set for fresh Taiwan dlr, won up despite leg of measured gains Asian currencies
cbank check, more controls SKorea to lower banks FX derivatives positions: Source SEOUL: The Taiwan dollar and the South Korean won rose against the dollar on Wednesday in thin, year-end trading despite efforts by both countries to calm currency volatility and prevent sudden capital flows. Taiwan's central bank has inspected non-deliverable forwards and foreign exchange operations at banks including Citibank. South Korea plans to cut limits on banks' foreign exchange derivatives positions, a regulator source said on Wednesday, following the announcement early this month of a plan to introduce new capital control measures. Emerging countries' economies
are grappling with the flood in capital coming from the advanced economies where stilldepressed demand prompted authorities to keep interest rates near zero and financial system flush with easy money. Capital controls by Asian countries are unlikely to reverse bullish trends of currencies in the region, although the steps may slow down their rise, dealers said. Most of measures have been already factored in the markets, they added. The Taiwan dollar rose over 3 per cent to strengthen to as much as 29.375, the strongest since Oct 1997, continuing its recent upward surge.
But the Taiwan dollar closes each day little changed, as the central bank intervenes at the end of trading. It has risen about 3 per cent so far this year, but without the intervention, it would be up over 8 per cent. The won slightly rose against the dollar in subdued trading on exporters' demand for settlements and despite the government's plan to lower ceilings on bank's foreign exchange derivatives positions. The won strengthened to 1,143.2, but gave up much of earlier gains which were largely due to importers' dollar bids, dealers said. -Reuters
Pound climbs from near Swiss franc at near record 3-1/2 mth low vs USD LONDON: Sterling edged up from near 3-1/2 month lows against the dollar in thin trade on Wednesday, as year-end position adjustments drove trading although a fragile outlook for the UK economy curbed gains. The pound has been under pressure since last week as higher than expected unemployment data, falling house prices, a hike in taxes, cuts in
government spending and softer growth than forecast cloud the economic picture going into 2011. "The best performing assets of the year 2010 will remain in demand as portfolio managers increase the weighting of those assets at the expense of the underperformers," BNP Paribas said in a note. "This should favour playing euro and sterling shorts against the yen, Aussie, Swiss franc and Asian FX in general." Sterling was up 0.3 per cent on the day versus the dollar at $1.5428, with traders attributing the buying to reserve managers. Its move above $1.5410
saw some small stops being triggered. The latest bout of buying also saw it gain past its 200-day moving average at $1.5398. The pound had fallen below that level to hit a low of $1.5344 hit on Tuesday in very thin conditions. That was its lowest level since Sept.10. The euro was slightly lower at 85.08 pence, holding below a four-week high of 85.92 hit
on Tuesday. Traders said there were bids around the 85 pence area. Despite the bounce, investors are gearing up for more bad news from the UK economy which could see the pound underperform against the dollar in the coming months. Latest data from the Bank of England on Wednesday showed Britons put just over 6 billion pounds of equity into their homes in the third quarter of the year as record low interest rates encouraged homeowners to pay down debt. It was the largest net injection of equity since the first quarter of 2009. -Reuters
against euro
ZURICH: The Swiss franc was within striking distance of its record high versus the euro on Wednesday, supported by investors shunning risk after disappointing US data. "A continuation of the holiday mood and the general absence of news-flow kept FX trading activity subdued over the past 24 hours," UBS analysts said in a note. "Weaker US data led to a modest uptick in risk aversion, which helped support the dollar and the other safe havens like the Swiss franc and the yen," they also said. The franc was little changed against the euro compared to the New York close, trading at 1.2489 per euro at 0752 GMT. The franc was up 0.1 per cent against the dollar at 0.9504 per dollar. Swiss corporates and pension funds have also been settling positions, given the end of the year, which has helped boost the franc, traders have said. The Swiss franc, which investors regard as a safe haven, has risen some 15 per cent against the euro this year and touched an all-time high of 1.2435 on Dec. 22 against the common currency on concerns about euro-zone debts. It also surged to an all-time peak of 0.9437 against the dollar on Tuesday, according to Reuters data. -Reuters
Aussie dollar holds atop $1, near new high on euro WELLINGTON/SYDNEY: The Australian dollar hovered near record highs on the euro on Wednesday and held comfortably above one US dollar as surging commodity prices gave it, and its New Zealand neighbour, a lift. Optimism about global growth next year against a background of supply limitations for many resources, helped copper climb to new highs while oil cleared $91 a barrel and the CRB index of commodities reached levels last seen in late 2008. "For months now the knee-jerk reaction was that every tightening would somehow bring the economy crashing down," noted a dealer at a thinly staffed Australian bank. "Well it hasn't happened and our economists are confident it won't next year either," he argued. "The Chinese are really being quite gradual in tightening, with an eye to sustainable growth. There's no need to make such a drama out of it." All of which kept the Aussie dollar well supported at $1.0102, giving it a gain for the year of 14 per cent. It touched a seven-week high of
$1.0153 on Tuesday, having closed before Christmas on $1.0053. Support is seen at $1.0040 and $0.9987, with resistance at the 28-year high of $1.0182 set in November. The local dollar also hit a record peak on the euro around A$1.2959, for a rise of no less than 23 per cent this year, while the single currency slid to a six-month trough on the Kiwi. The New Zealand dollar was firm at $0.7580, having pushed to a three-week high of $0.7609 overnight, with a dip on profit-taking attracting fund buyers. The kiwi ranged between $0.7540 and $0.7600 in holiday-thinned trading. Support was put around $0.7490 and $0.7455 the daily low of Dec. 27, with resistance at $0.7585 and $0.7640. It also managed to recoup a little ground on the Australian dollar at NZ$1.3305 after sliding to a 10-year low last week. "It's a struggle with most players away on holiday, but the kiwi got support from gains against the Aussie," a dealer at a local trading bank said. -Reuters
SHANGHAI: The yuan closed up slightly against the dollar on Wednesday and appeared to be set for a new leg of measured appreciation after the People's Bank of China fixed its mid-point near a record high for the second day. The PBOC set the day's midpoint against the dollar, from which the yuan can rise or fall 0.5 per cent in a given day, at 6.6247, up slightly from Tuesday's 6.6252 and just shy of a record high of 6.6239 on Nov. 12. But the central bank appeared reluctant to let the yuan rise too fast, amid the threat of speculative capital inflows seeking returns on higher interest rates and expectations of yuan appreciation, and that attitude prevented it from letting the yuan's midpoint breach its record on Wednesday, traders said. Spot yuan finished at 6.6212 per dollar, up from Tuesday's close of 6.6248 and now only 39 pips away from the record high of 6.6173 hit on Nov. 11. Many traders expect the yuan to breach the post-revaluation high this year, although they believe it may not be able to effectively breach the psy-
chologically important level of 6.60 to the dollar, with only a couple of trading days left. They see the currency's gains quickening in January ahead of the visit by Chinese President Hu Jintao to the United States in mid-January. As for all of 2010, the yuan's appreciation will still be measured and intermittent, traders say. Offshore, one-year nondeliverable dollar/yuan forwards were bid at 6.4730 in late trade, down slightly from Tuesday's close of 6.4800. The implied yuan appreciation in a year's time edged up to 2.34 per cent from 2.23 per cent. Traders said offshore forwards had lagged in response to the latest signs of yuan appreciation, due mainly to thin holiday trading, but they might in coming weeks increasingly imply greater appreciation over the next year. An informal poll of Chinabased dealers over the last week showed that many expect the yuan to gain roughly 6 per cent next year, hitting 6.25 per dollar in late 2011, as the exchange rate plays an increasing role in the battle against inflation, which rose to a 28-month high in November. -Reuters
Indian rupee inches higher on share gains MUMBAI: The Indian rupee seesawed before closing marginally higher on Wednesday as demand for dollars from oil firms was offset by gains of more than a per cent in the domestic share-market and a weak US unit overseas. The partially convertible rupee closed at 45.04/05 per dollar, 0.1 per cent above its 45.09/10 close on Tuesday. "With month-end demand out of the way on shift into new month, rupee should extend its gains into 44.50-44.65 by end January," said J. Moses Harding, head of global markets at IndusInd Bank. Foreign institutional investors (FIIs) have pulled out a net $500 million from Indian equities this month through Monday. They are, however, net investors of $28.5 billion in 2010, on top of the $17.5 billion pumped in last year. "There are no signs for reversal of flows from Indian capital market given the possible sovereign rating upgrade for India (and downgrade in western economies), off-shore supplies
Source JPY CNY USD USD USD USD
Events Manufacturing PMI HSBC Manufacturing PMI Unemployment Claims Chicago PMI Pending Home Sales m/m Crude Oil Inventories
Source
Events
EUR EUR EUR GBP CHF
German Prelim CPI m/m M3 Money Supply y/y Private Loans y/y Housing Equity Withdrawal q/q KOF Economic Barometer
Forecast
416K 61.2 1.8% -2.8M
Previous 47.3 55.3 420K 62.5 10.4% -5.3M
Actual
Forecast
Previous
1.0% 1.9% 2.0% -6.1B 2.10
0.8% 1.6% 1.7% -5.5B 2.07
Previous Day
Euro slightly higher vs dollar, holds above 200-day MA NEW YORK: The dollar fell against the yen on Wednesday as Japanese exporters brought earnings back home, outweighing higher US bond yields, which rose following the prior session's weak Treasury auction. Commodity gains boosted the Australian and New Zealand dollars, while the euro rose against the US dollar after holding above its 200-day moving average. Worries that the euro-zone debt crisis could spread to Spain and Portugal has most analysts bracing for more euro weakness in early 2011, but the currency's stubborn refusal to break below the 200-day moving average, now at $1.3084, has frustrated bearish investors. The euro was last at $1.3170, up 0.4
Time 4:15 7:30 18:30 19:45 20:00 21:00
into India could only improve," IndusInd's Harding said. "The flows are expected to broad based -- equity; debt and foreign direct investment. The 'hot money' component in the flows should decline with investor appetite for medium/long term investments," he added. One-month offshore non-deliverable forward contracts were quoted at 45.25, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange and MCX-SX closed at 45.2925, with the total traded volume on the two exchanges at $4.4 billion. -Reuters
0.1% 0.9% 1.5% -5.8B 2.13
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY CAD-CHF Gold Silver
As per 22.00 PST Ask High 1.3139 1.3154 0.9513 0.9530 1.5440 1.5446 1.0000 1.0052 1.0149 1.0149 107.7900 108.1400 0.8517 0.8552 1.2499 1.2515 126.6000 126.7800 86.2700 86.6200 0.9514 0.9553 1412.4500 1412.7500 30.6300 30.6100
Bid 1.3136 0.9508 1.5436 0.9995 1.0145 107.7400 0.8514 1.2494 126.5300 86.2100 0.9506 1411.8300 30.5500
Low 1.3086 0.9495 1.5351 0.9975 1.0093 107.6500 0.8504 1.2458 126.1400 86.1800 0.9447 1401.5500 30.1600
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 29/12/2010 A USD GBP CAD EUR JPY O/N 0.24563 0.55750 0.95000 0.36125 SN 0.09813 1WK 0.25438 0.57063 0.99333 0.56750 0.10600 2WK 0.25688 0.57500 1.04833 0.60000 0.11438 1MO 0.26063 0.58750 1.09500 0.72250 0.12625 2MO 0.28250 0.64500 1.15000 0.82500 0.15125 3MO 0.30281 0.75563 1.23000 0.94250 0.18750 4MO 0.34781 0.83813 1.30333 1.01313 0.24438 5MO 0.40313 0.94125 1.36667 1.09750 0.30313 6MO 0.45688 1.04938 1.44167 1.18875 0.34750 7MO 0.51000 1.12875 1.51333 1.23625 0.39875 8MO 0.56063 1.21250 1.58167 1.28750 0.44313 9MO 0.61563 1.29438 1.65000 1.33750 0.48750 10MO 0.66813 1.37375 1.72333 1.38875 0.51313 11MO 0.72219 1.44250 1.80667 1.43125 0.53750 12MO 0.78313 1.50938 1.89667 1.47438 0.56688
Major Central Banks Overview Central Bank Bank of England European Central Bank Swiss National Bank The Reserve Bank of Australia Bank of Canada Federal Reserve Bank of Japan
Next Meeting
Last Change
January 13, 2011 January 13, 2011 March 17, 2011 February 1, 2011 n/a n/a n/a
March 5, 2009 May 7, 2009 March 12, 2009 November 2, 2010 September 8, 2010 December 16, 2008 December 19, 2008
Current Interest Rate 0.50% 1% 0.25% 4.75% 1% 0.25% 0.10%
Division of National Bank of Pakistan (NBP) KARACHI, December 29,2010 Treasury Management Division of National Bank of Pakistan (NBP) Monday issued the following Exchange rates: Countries Selling Buying Buying TT & OD TT Clean OD/T.CHQ U.S.A. U.K. EURO CANADA SWITZERLAND AUSTRALIA SWEDEN JAPAN NORWAY SINGAPORE DENMARK SAUDI ARABIA HONG KONG CHINA KUWAIT MALAYSIA NEW ZEALAND QATAR U.A.E. KR WON THAILAND
85.90 132.31 112.77 85.88 90.32 86.83 12.52 1.04 14.44 66.21 15.13 22.91 11.04 12.98 304.52 27.77 65.20 23.59 23.39 0.08 2.85
85.70 132.00 112.51 85.68 90.11 86.63 12.49 1.04 14.40 66.06 15.09 22.85 11.01 12.95 303.81 27.71 65.05 23.54 23.33 0.07 2.84
85.51 131.70 112.25 85.46 89.87 86.40 12.46 1.04 14.36 65.88 15.05 22.79 10.98 12.91 303.02 27.64 64.88 23.47 23.27 0.07 2.83
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 29, 2010
KASB
BMA
ELXIR
GSL
ICSL
0-7days
13.00
12.85
12.80
12.80
12.65
12.90
12.83
8-15dys
13.00
13.05
12.85
12.80
12.85
JSCM AvgRate 12.90
12.91
16-30dys
13.05
13.00
12.90
12.90
12.95
13.00
12.97
31-60dys
13.10
13.10
13.10
13.05
13.05
13.05
13.08
61-90dys
13.15
13.15
13.10
13.14
13.10
13.13
13.13
91-120dys
13.30
13.33
13.24
13.22
13.20
13.25
13.26
121-180dys
13.35
13.35
13.33
13.32
13.30
13.35
13.33
181-270dys
13.50
13.45
13.48
13.50
13.45
13.50
13.48
271-365dys
13.65
13.65
13.65
13.65
13.65
13.65
13.65
2-- years
13.98
14.00
13.95
13.95
13.90
13.90
13.95
3-- years
14.16
14.19
14.18
14.15
14.11
14.13
14.15
4-- years
14.18
14.20
14.22
14.17
14.20
14.15
14.19
5-- years
14.20
14.23
14.25
14.20
14.21
14.20
14.22
6-- years
14.25
14.27
14.27
14.24
14.30
14.25
14.26
7-- years
14.25
14.30
14.29
14.30
14.35
14.30
14.30
8-- years
14.23
14.05
14.10
14.12
14.00
14.10
14.10
9-- years
14.20
13.98
13.97
14.18
14.20
14.20
14.12
10--years
14.26
14.25
14.24
14.25
14.22
14.25
14.25
15--years
14.50
14.50
14.50
14.55
14.55
14.55
14.53
20--years
14.60
14.75
14.70
14.80
14.75
14.75
14.73
Currencies Correlation GBP/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
-0.72 -0.23 0.27 0.74 0.64 0.56
0.46 0.67 0.75 0.37 -0.06 0.13
-0.88 -0.56 0.34 0.56 0.17 -0.17
EUR/USD NZD/USD
0.76 0.74 0.73 0.60 0.24 0.43
0.71 0.77 0.76 0.85 0.78 0.79
USD/CAD USD/CHF
-0.34 0.51 0.78 0.81 0.71 0.60
0.63 -0.38 -0.23 -0.70 -0.21 -0.49
0.35 0.37 -0.03 -0.63 -0.78 -0.68
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)29/12/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
AB L N 12.65
13.15
12.65
13.15
12.80
13.30
13.15
13.40
1340
13.65
13.45
13.95
13.60
14.10
13.70
14.20
JSBL
ABPL
ASK
12.85
13.35
12.90
13.40
12.85
13.35
13.15
13.40
1340
13.65
1345
13.95
13.70
14.20
14.00
14.50
ASPK 12.70
13.20
12.70
13.20
12.80
13.30
13.15
13.40
1335
13.60
1345
13.95
13.60
14.10
13.70
14.20
CIPK
12.70
13.20
12.80
13.30
12.90
13.40
13.20
13.45
1345
13.70
1360
14.10
13.70
14.20
13.80
14.30
DBPK 12.60
13.10
12.70
13.20
12.75
13.25
12.75
13.00
13.00
13.25
1320
13.70
13.45
13.95
13.60
14.10
FBPK 13.00
13.50
12.85
13.35
12.80
13.30
13.20
13.45
1345
13.70
1360
14.10
13.75
14.25
13.85
14.35
FLAH 12.80
13.30
12.80
13.30
12.85
13.35
13.20
13.45
1340
13.65
1345
13.95
13.60
14.10
13.70
14.20
HBPK 12.75
13.25
12.80
13.30
12.85
13.35
13.20
13.45
1335
13.60
1345
13.95
13.60
14.10
13.70
14.20
HKBP 12.80
13.30
12.80
13.30
12.85
13.35
13.15
13.40
1330
13.55
1340
13.90
13.60
14.10
13.70
14.20
N I PK 12.75
13.25
12.75
13.25
13.25
13.75
13.50
13.75
1360
13.85
1370
14.20
13.80
14.30
13.85
14.35
HMBP 12.90
13.40
13.00
13.50
12.90
13.40
13.25
13.50
1335
13.60
1350
14.00
13.60
14.10
13.70
14.20
SAMB 12.75
13.25
12.80
13.30
12.90
13.40
13.30
13.55
1345
13.70
1345
13.95
13.65
14.15
13.75
14.25
MCBK 12.75
13.25
12.70
13.20
12.75
13.25
13.15
13.40
1330
13.55
1340
13.90
13.50
14.00
13.75
14.25
NBPK 12.80
13.30
12.80
13.30
12.90
13.40
13.10
13.35
1325
13.50
1340
13.90
13.60
14.10
13.70
14.20
S CP K 12.65
13.15
12.65
13.15
12.75
13.25
13.10
13.35
1325
13.50
1345
13.95
13.50
14.00
13.70
14.20
UBPL 12.65
13.15
12.70
13.20
12.80
13.30
13.15
13.40
1330
13.55
1345
13.95
13.60
14.10
13.70
14.20
AVE
13.25
12.77
13.27
12.84
13.34
13.17
13.42
1336
13.61
1345
13.95
13.62
14.12
13.72
14.22
12.75
4 Thursday, December 30, 2010
The Financial Daily International Vol 4, Issue 139
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
Setting Power Sector Priorities There seems gross difference in the Pakistan's requirements and the priorities of the global lenders when it comes to investing in power generation, transmission and distribution. While focus of lenders seems to be on adding new generation capacity and hardly any significant allocation is being made for revamping and upgrading of transmission and distribution (T&D) network, the most depleted component of the electricity supplying system. The key question remains, how funds will be mobilised to finance addition of new capacities and which fuel or combination of fuels will be used? While the Government has decided in principal to wind up Pakistan Electric Power Company (Pepco), it still seems fully asserting itself. Reportedly it has prepared a five-year Public Sector Power Generation Enhancement Plan (2010-2015) whereby 10,000MW generation capacities would be added to the national grid. The plan, first in Pakistan, identifies locations, technologies and fuel that would be used to achieve the envisaged additions. There is consensus that the increased power outages, resulting from reduced reliability of generation companies need urgent repair and revamping. The plan envisages refurbishing four major power generation companies namely JPGC, CPGC, NPGC and LPGC operating in public sector. As against this the international financial institutions (IFIs) have linked their loan programme for Pakistan's power sector with improvement of governance under 'Vision 2020' Programme. The overall investment cost, including interest, to materialise the programme is about $44 billion over the ten-year period. While public sector would contribute $26.2 billion in hydel, Thar coal and T&D infrastructure, private sector would provide funds amounting to $17.7 billion. The programme is aimed at overcoming investment deficit with objective to enhance power generation to tackle energy crisis, All are cognisant that at present Pakistan's power sector is losing Rs250 billion every year due to higher transmission losses. There is also consensus that for lasting benefits, substantial reduction in cost of power generation is required which could only be achieved by switching over from oil-based power generation to gas-based generation in the short term and to hydel and coal-based power in medium to long term. However, the policy planners fail to understand persistent increase in electricity tariff is making electricity unaffordable and eroding competitiveness of the local industries. They also fail to understand that tariff can't be brought down without containing T&D losses, hovering around 40 per cent at present. It is necessary to remind the policy planners that adding new generation capacity is meaningless without containing T&D losses, and pilferage cannot be eradicated without making tariff affordable and ensuring uninterrupted supplies. Let one point be clearly understood that no group should be allowed to use electricity free of cost.
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.
Oil going back to $100? O
il has burst above top exporter Saudi Arabia's preferred $70$80 range and yet OPEC is unlikely to stop the rally, helping to prepare the way for the market to bound above $100 a barrel. At meetings this month -- a full conference of the Organization of the Petroleum Exporting Countries in Quito and talks among Arab oilministers in Cairo -- oil producers stood by OPEC's two-year-old set of output curbs. Even prices of $100 -- not far above a 26-month high of $91.88 hit this week -- need not damage the economy and would not mean OPEC should pump more if they resulted from speculation rather than any shortage, ministers and officials have said. "If it goes to $100 due to speculation, OPEC will not move," OPECSecretary General Abdullah alBadri said this month. He also said the organization did not want oil to rise that far. Analysts are split into those who see fundamental strength as the world economy recovers, driving up fuel consumption, and those who focus on differences between today's relatively well-supplied market and that of 2008, when oil sped to its all-time high of nearly $150 a barrel. "It remains to be seen whether prices are responding to short-term weather conditions or longer term demand and monetary issues," said Sadad al-Husseini, an oil analyst and former top official at Saudi state oil giant Saudi Aramco. That would add to oversupply in a
market, which for all the nominal strength is still in contango for U.S. crude -- a structure in which a relatively cheap front-month contract encourages stock-building. DEJA VU? More bullish analysts say OPEC caution recalls its action ahead of the record bull run of 2008, when it was slow to add oil. "The signal from the latest meeting
terious about $100/barrel," he said. "It equates to no more than $80/barrel in 2005 dollars, once current prices are corrected for inflation." In nominal terms, oil has risen 35 percent from a low hit in May and this week's peak was around 15 percent above the price at the end of 2009. The current rally set in around September after the U.S. Federal Reserve embarked on its latest quan-
Even prices of $100 -- not far above a 26-month high of $91.88 hit this week -- need not damage the economy and would not mean OPEC should pump more in Quito was one in which the producers are still concerned about the downside," Barclays Capitalsaid in a note. "In our view, that means that the upside is more likely to be controlled reactively with a delay rather than pre-emptively." It set its price forecast for U.S. crude to 2011 to $91 a barrel, adding that this average figure implied "a sustained period of trading above $100 at points during the year". Husseini and many inside OPEC have said dollar-denominated oil is cheaper than it seems because the dollar has fallen. "Prices have not yet risen to $100/barrel and there is nothing mys-
titative easing, which has triggered a wave of buying across financial markets. Barclays noted total commodity assets under management had reached an all-time high after investors piled in. Data from U.S. regulator the Commodity Futures Trading Commission released this week showed money managers extended their net long crude oil positions to a record. "The Fed has in a sense been pushing the speculators. OPEC can very well argue it's not its role to add more oil," said Olivier Jakob of Petromatrix. Still oil's strength has been modest
by comparison with commodities that face looming shortfalls, such as copper, which has touched a series of records. As oil began to rise in September, traders were contemplating record fuel inventories in the United States, the world's biggest oiluser. Stocks have since fallen, although a deep draw in crude stockpiles could have been in part because of year-end tax positioning. The latest U.S. data will emerge late on Wednesday and on Thursday. In addition to stocks, OPEC has significant spare capacity, which it has pegged at around 6 million barrels per day (bpd). Iraq, which is exempt from the OPEC system of supply curbs as it recovers from war and sanctions, has huge scope to grow. Analysts have disputed it can meet a capacity target of 12 million bpd in around seven years, but even a slower increase would provide much of the extra oil needed to meet any rise in demand. Its new oil minister said it aimed to increase output to 3 million bpd by the end of 2011, up from around 2.6 million bpd. A Reuters poll saw the call on OPEC, as opposed to non-OPEC oil, increasing by 600,000 bpd in 2011. Overall oil use would rise by 1.5 million bpd. Absolute demand would hit a new high, but the rate of demand growth is slower than the record of 3 million bpd in 2004, according to figures from the International Energy Agency.-Reuters
Fencemending Giants Harsh V Pant
I
ndia hosted Chinese Premier Wen Jiabao earlier this month in an attempt to stabilize Sino-Indian ties, which have undergone great turbulence the past two years. There was no dearth of warm words during the visit: Wen, in a lecture in New Delhi, invoked Mahatma Gandhi as "a man of love and integrity" who "has always lived in my heart." He stressed that although Sino-Indian relations have experienced major turns, they were only a short episode in a 2000-year history of friendly bilateral exchanges. Indian External Affairs Minister S.M. Krishna reciprocated by suggesting that the two nations do not see any contradiction in each other's rise and that both understand the importance of leveraging growth and development with mutual cooperation. As in the past, economic ties ended up being the focus of the visit. The two sides have now set a target of $100 billion in trade expansion by 2015 from the present $60 billion. Wen had come to India with a group of around 300 Chinese executives; business deals worth about $16 billion were signed. But there was no progress on the regional trade agreement as India remains concerned about its growing trade deficit with China. China did not concede to India on any major issue while India decided to play hardball on various issues of importance to China. Wen, for example, refused to acknowledge Indian concerns over China's issuance of stapled visas to the residents of
Jammu and Kashmir, the growing Chinese presence in Pakistan-occupied Kashmir, and anti-India terrorist groups operating from Pakistan. Unlike other major powers, China has refused to unambiguously demand that Pakistan shut down the terrorist infrastructure on its soil. For its part, India this time refused to explicitly state that it recognizes the Tibet Autonomous Region as part of the Chinese territory. There was little movement on a range of concerns that India had flagged before the visit. India had expressed concerns about Beijing
edge that the relationship with China is becoming more contentious. India has adopted a harder line on Tibet in recent weeks by making it clear to Beijing that it expects China to reciprocate on Jammu and Kashmir just as India has respected Chinese sensitivities on Tibet and Taiwan. Ignoring pressures from Beijing, India decided to take part in the Nobel Peace Prize ceremony for Chinese dissident Liu Xiaobo in Oslo. Beijing had asked several countries, including India, to boycott the ceremony, describing the prize as
“
India has adopted a harder line on Tibet in recent weeks by making it clear to Beijing that it expects China to reciprocate on Jammu and Kashmir just as India has respected Chinese sensitivities on Tibet and Taiwan.
damming rivers like the Brahmaputra as well as the nontariff trade barriers to Indian companies in China. India remains keen on gaining access to Chinese markets, especially in the area of pharmaceuticals, information technology and engineering goods. Despite the lackluster nature of Wen's India trip, the newfound robustness in India's China policy in recent months is rather striking. After trying to push significant differences with China under the carpet for years, Indian decision-makers are being forced to grudgingly acknowl-
open support for criminal activities in China. India was among the 44 states that did participate; Pakistan, Russia, Saudi Arabia, Iran and Iraq were among the nations that did not attend. There were rumors that Wen might cancel his India trip in response. India's challenge is indeed formidable as it has not yet achieved the economic and political profile that China enjoys regionally and globally. But it gets increasingly bracketed with China as a rising power, emerging power or even a global superpower.
India's main security concern is not the increasingly decrepit state of Pakistan but an ever more assertive China, which is widely viewed in India as having a better ability for strategic planning. Indian policymakers, however, continue to believe that Beijing is not a short-term threat to India but needs to be watched over the long term even as Indian defense officials increasingly warn in rather blunt terms about the disparity between the two Asian powers. India's naval chief has warned that India has neither "the capability nor the intention to match China force for force," while the former Indian air chief has suggested that China poses more of a threat to India than Pakistan. It is certainly in the interest of both India and China to stabilize their relationship by seeking out issues on which their interests converge. But strategic problems do not necessarily make for satisfactory solutions merely because they are desirable and in the interest of all. For a long time, India was not very important in China's foreign policy calculus, and there was a general perception that India could be easily pushed around. New Delhi's own actions also cemented a perception in China that it was easier to challenge Indian interests without incurring any cost. New Delhi's latest robustness in its dealings with Beijing should, therefore, be welcomed insofar as it clarifies certain red lines that remain nonnegotiable. Courtesy: The Japan Times
Shahzain Controversy What is the truth? The arrest of Shahzain Bugti caused a stir in the political circles. The media also created a hype presenting it as something unusual. Shahzain may be innocent if we apply the first principle of judgment 'that a person is innocent until proven guilty'. But there are so many questions that really confuse the minds of all Pakistanis. Why Shahzain was carrying such a large number of lethal and sophisticated weapons? Why weapons were of Russian origin? From where did he get money to purchase arms and ammunition? Why somebody be funding at such a large scale? Then again Shahzain created doubts when he was constantly in touch with the media and foreign embassies. Why was he afraid if he was not involved? How was he able to contact people of foreign embassies when it is difficult to approach them? Then why were
they listening to him? This was not the first time that a member of Bugti clan was found involved in anti state activities. But it is the first time that the incident took place in front of the media which also is a big question that how and why media was present when such a sensitive operation was taking place. If it was a political gimmick then why FC was involved? If it was a drama, why it was staged with the help of law enforcing agencies and media? Dealing with provincial issues is sensitive and needs careful handling. It is not a matter of political score settling, dramatizing or involving security forces. Now, whatever the interpretations are given there is something which has muffled-up about all the issue which needs answers and explanations. Anwar Parveen Rawalpindi
Why discriminate? Prophet Muhammad (PBUH) setting the standards of justice and equality hundreds of years ago said in a decision of theft case that if Muhammad's daughter Fatima had done this crime she should also had been given the same punishment. Here in Pakistan we claim to be the followers of the last Prophet and declare to be the true Muslims but we always behave otherwise. In this country that we call Islamic Republic of Pakistan the poor is always punished but the elite cannot be even checked. And to punish him is out of question. I was amazed at the apologetic attitude of the certain politicians on the arrest of Shahzain Bugti by the FC Balochistan. He was entering into his own country from Afghanistan was leading almost cavalcade of 16 vehicles loaded with weapons. One is amazed for what he was transporting that weaponry from Afghanistan and against
whom that was to be used. Baluchistan is already entangled in target killing sort of issues. Still people are of the opinion that Shahzain Bugti being the grandson of Akbar Bugti should had not been checked and apprehended by the FC. When government of Pakistan has given the responsibility to its security forces they have all the rights to check any person who could be of some threat to the law and order and above all threat to the writ of the government. It is often alleged that another grandson of Akbar Bugti (Brahmdagh) who is there in Afghanistan is doing conspiracies to destabilize Baluchistan. Should he be garlanded for this act? No one should be treated as special when it comes to the domain of justice and equality. Crime is crime and who so ever has committed should be punished. Shahbaz Khan Peshawer
5
Thursday, December 30, 2010
Year-end rally in European shares continues
South East Asian stocks
Singapore, Thailand, Indonesia around 2-week high
KSE-100 Index Opening Closing Change % Change Turnover (mn)
“11,900” dodges 100-Index once again
11,848.05 11,886.02 37.97 0.32 99.80
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,667.79 3,686.88 19.09 0.52 4.40
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,968.00 2,977.43 9.43 0.32 0.12
Major Gainers
Symbol
Close
Change
RMPL IDYM ATBA LAKST PECO
2,144.44 306.92 191.90 309.99 255.03
69.61 12.87 8.82 7.90 7.83
Major Losers
Symbol
Close
Change
ULEVER 4,355.96 COLG 916.42 SIEM 1,222.67 BATA 668.29 BHAT 260.00
-37.47 -33.58 -30.26 -11.71 -8
Top 5 Volume Leaders
Symbol
Close Vol (mn)
BAFL FFBL NBP UBL LOTPTA
11.21 36.46 73.88 68.19 13.19
16.22 6.89 6.73 5.22 3.90
Active Issues Plus Minus Unchanged
183 197 28
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to Nov 10) 5,463 Urea Offtake (Nov 10) 845 Urea Price (Rs/50 kg) 870 DAP Offtake (Jan to Nov 09) 121 DAP Offtake (Nov 10) 152 DAP Price (Rs/50 kg) 3,137
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Nov 10) Sales (July 10 to Nov 10) Production (Nov 10) Sales (Nov 10)
33,929 32,092 7,087 6,813
INDUS MOTOR CO Production (July 10 to Nov 10) 20,987 Sales (July 10 to Nov 10) 20,375 Production (Nov 10) 3,974 Sales (Nov 10) 3,753
HONDA ATLAS CAR Production (July 10 to Nov 10)6,626 Sales (July 10 to Nov 10) 6,247 Production (Nov 10) 1,145 Sales (Nov 10) 1,075
DEWAN FAROOQ MOTORS Production (July 10 to Nov 10) 186 Sales (July 10 to Nov 10) 70 Production (Nov 10) 0 Sales (Nov 10) 0
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (December 3,10) 4,824,464 Advances (December 3,10) 3,050,639 Investments (December 3,10) 1,916,917 Spread (October 10) 7.49%
OIL MARKETING CO (000 tons) MS (Jul 10 to Nov 10) MS (Nov 10) Kerosene (Jul 10 to Nov 10) Kerosene (Nov 10) JP (Jul 10 to Nov 10) JP (Nov 10) HSD (Jul 10 to Nov 10) HSD (Nov 10) LDO (Jul 10 to Nov 10)) LDO (Nov 10) Fuel Oil (Jul 10 to Nov 10) Fuel Oil (Nov 10) Others (Jul 10 to Nov 10) Others (Nov 10)
PRICES (Ex-Refinery) MS (1 Dec 10) MS (1 Nov 10) MS % Chg Kerosene (1 Dec 10) Kerosene (1 Nov 10) Kerosene % Chg JP-1 (1 Dec 10) JP-1 (1 Nov 10) JP-1 % Chg HSD (1 Dec 10) HSD (1 Nov 10) HSD % Chg LDO (1 Dec 10) LDO (1 Nov 10) LDO % Chg Fuel Oil (1 Dec 10) Fuel Oil (1 Nov 10)
932 186 66 12 589 124 2,792 612 26 4 3,641 572 3 1
Rs 45.15 44.53 1.39% 52.04 51.25 1.54% 52.27 51.48 1.53% 55.20 54.24 1.77% 50.52 49.51 2.04% 43,019 42,046
Nawaz Ali
NEW YORK: (L-R) Kansas State Wildcats football players Zach Kendall and Alex Hrebec, Kansas State University President Kirk Schulz, Kansas State University football coach Bill Snyder, New Era CEO Chris Koch, NY Yankees President Randy Levine, Syracuse Orange coach Doug Marrone and Syracuse Orange football players Darrell Smith, Rob Long and Ryan Bartholomew visit the NYSE.-Reuters
India shares up on low volumes BANGALORE: Indian shares rose 1.2 per cent on Wednesday, a day ahead of the expiry of monthly derivative contracts, buoyed by firm global markets, but volumes were slack as the year-end holiday season saw most investors staying light. Hindustan Unilever Ltd jumped 3.5 per cent on a report in the Mint daily India's largest maker of household products and consumer goods had put a property in Mumbai for sale. The asset was expected to fetch 2.2-2.5 billion rupees ($49-$55 million), the report added.
Financial lenders rallied, aided by short selling ahead of the expiry, dealers said. Investors are upbeat about the sector on expectations India's fast-growing economy will drive a strong loan demand. The 30-share BSE index ended 1.15 per cent, or 230.6 points, higher at 20,256.03 points, with 27 components gaining ground. The main index is up almost 16 per cent so far in 2010, mainly driven by foreign fund inflows, and most investors are optimistic a robust growth See # 17 Page 11
Nikkei up; yen hits but outlook bright TOKYO: Japan's Nikkei average advanced 0.5 per cent on Wednesday as investors bought on dips amid hopes that Tokyo stocks will stay bullish entering 2011, though a stronger yen limited strong follow-through buying. Stocks started lower due to the firmer yen, but they regained strength by late morning as Chinese shares edged higher and bargain-hunting emerged in thin trade before the year-end holidays, analysts said. Market participants were upbeat heading into next
year, as Japanese stocks are still cheap compared with those in other developed markets even after having gained nearly 10 per cent in the last quarter of 2010. The index is still down 2 per cent for the year. "There is no solid reason to sell Japanese shares actively as the outlook for the market is still bright. Many investors are keen to hold on to their buy positions," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management. See # 18 Page 11
FTSE falls on banks, defensives LONDON: Defensive stocks and banks pulled Britain's top shares slightly lower by close of trade on Wednesday, offsetting gains from miners and energy stocks pushed higher by buoyant commodity prices. The FTSE 100 ended down 12.56 points, or 0.2 per cent, at 5,996.36, having closed at a fresh 30-month high on Friday and above 6,000 for the first time since June 3, 2008. See # 19 Page 11
US stocks mid-day
S&P 500 expects best Dec since 1991 NEW YORK: US stocks advanced in a thinly traded session on Wednesday with the S&P 500 eyeing its best December in nearly two decades as investors remained optimistic about the prospects for equities next year. The S&P 500 has gained 6.7 per cent so far this month and has risen in 17 of the last 20 sessions. However, with volume around the holidays registering some of the lowest levels See # 20 Page 11
HK, China stocks rise amid thin trade HONG KONG/SHANGHAI: Stocks in Hong Kong and Shanghai rebounded in thin trade on Wednesday as investors snapped up financial and property plays after the recent sell off, while China automakers ended up despite an end to tax incentives for small cars. Ending three consecutive days of falls, the Hang Seng Index ended up 1.54 per cent at 22,969.30, its biggest single-day percentage gain in more than a week. Property group Wharf (Holdings) Ltd rose 3.8 per cent in its biggest percentage gain in three weeks. Cheung Kong (Holdings) Ltd climbed 2.8 per cent, and Hang Lung Properties Ltd advanced 2.7 per cent. China Construction Bank Corp rose 2.4 per cent in its biggest percentage gain in four weeks. Industrial and Commercial Bank of China Ltd gained 1.4 per cent. The China Enterprises Index of top locally listed
mainland Chinese companies rose 1.62 per cent to 12,508.52. Turnover was a thin HK$40.6 billion ($5.2 billion), the lowest in nearly six months. "It was a rebound in thin volume as there was no change in fundamentals, while sentiment was still mixed," said Linus Yip, chief strategist at First Shanghai Securities. "Auto stocks were a good example as they experienced a recovery after the recent selloff." China's stock market ended up 0.68 per cent in thin trading, following a near 4 per cent drop over the past two days, as investors started buying property and financial counters after tightening fears triggered by Saturday's interest rate rise pushed down valuations. Consumer stocks rose on expectations they would benefit from government policies, but car makers were hit by news that the government would end tax incentives for small cars next year. Beijing's determination to
curb the real estate market was "unshakable", and the government would continue to crack down on home speculation using a combination of fiscal, financial and regulatory measures, the official Xinhua News Agency reported on Wednesday, citing Vice Premier Li Keqiang. Gemdale Corp, a developer based in China's southern city of Shenzhen, jumped 3.9 per cent, while rival China Merchants Property Development Co Ltd gained 0.3 per cent. Banks, which had been the main drag on the market in the past two days, also rebounded on Wednesday, despite hints from the industry's top regulator that China's biggest lenders might be subject to higher capital requirements. Industrial and Commercial Bank of China Ltd, China's biggest lender, gained 0.7 per cent. Bank of China Ltd, the biggest foreign exchange lender, rose 0.3 per cent.-Reuters
KARACHI: Buying in oil and banking stocks in anticipation of good corporate results and news regarding purchase agreement of UBL allowed the shares to end higher at Karachi Stock Exchange (KSE) on Wednesday; however profit taking forced index to close below 11,900. The benchmark KSE 100Index increased by 37 points to close at 11,886 points while KSE 30-index grew by 43 points and KSE All Share Index rose by 25 points to close at 11,447 and 8,264 points respectively. "Positive activity was due to strong institutional interest in banking & oil sector scrips ahead of year-end close", said Ahsan Mehanti, Director Arif Habib Investments. Renewed foreign interest, Abu Dhabi Group's agreement to sell 20 per cent UBL stake to Bestway Group and higher international commodity prices played a catalytic role in the positive activity at KSE despite concerns for rising political uncertainty, he added. The day began with 10 positive points, thereafter market showed some mixed activities till around the mid-day moving on both sides of the index where at one moment it touched its lowest level of the
day at 11,815 points (-ve 33 points). However, buying mainly in oil and banking stocks in anticipation of better than expected December-ending corporate results and news regarding UBL stake sale finally sent the index bulling ahead. Also higher international oil prices and rise in regional stock markets too invited investors' interest. Therefore index touched an intraday high of 11,941 points (+ve 93 points). However some day-end profittaking reduced the green numbers disallowing the index to end above 11,900 levels. Foreign investors remained on the buying side as according to NCCPL they netbought equities worth $1.75 million. Local companies and individual investors did a netbuying of $2.54 and $1.05 million respectively while banks net- sold $4.3 million shares. Investor participation however stayed on the lower side as 99.7 million shares traded in the overall market which is 10.4 million shares less as compared to a turnover of 110.1 million shares a day earlier. Bank Al-Falah stood as the volume leader with 16.22 million shares followed by Fauji Fertiliser Bin Qasim with 6.89 million shares and See # 16 Page 11
ANNOUNCEMENTS Company Fecto Sugar Shahtaj Sugar Khairpur Sugar
Period Yearly Yearly Yearly
Div/Bon/Right PAT (Rs in mn) -269.09 -69.26 15.24
EPS(Rs) -18.45 -5.77 0.95
Finally, urea comes out of Engro's new plant Staff Reporter KARACHI: The gas efficient new urea fertilizer plant of Engro Fertilizer Ltd has started trial production early Wednesday. According to a notice sent to Karachi Stock Exchange, urea is the largest single train urea plant in the world with the production capacity of 1.3 million See # 13 Page 11
MCB partners with UAE’s EIIE to up remitting ISLAMABAD: MCB Bank has initiated a new remittance service to Pakistan from United Arab Emirates (UAE) and in this regard an agreement was signed here on Wednesday between the MCB and UAE based Emirates India International Exchange (EIIE). See # 14 Page 11
ADG sells 20pc UBL stake to Bestway Staff Reporter KARACHI: Abu Dhabi Group (ADG) has signed a share purchase agreement with Bestway (Holding) Limited on December 28, 2010, for selling 20 per cent of the issued and outstanding ordinary shares of United Bank Ltd, subject to regulatory approvals. In a communiqué sent to Karachi Stock Exchange (KSE) here Wednesday, UBL said that See # 15 Page 11
Dhiyan
CARDS SAY GREEN Kamran Abbas, CEO United Capital So far market outlook is bullish as the inflows from overseas will start pouring in soon after the holidays, therefore in the short-term index could touch 12,300 points level. Investors are strongly recommended to go for oil, gas, and fertiliser sectors. As far as triggers are concerned, the early launch of Margin Trading System (MTS) would support the market. Market would be positive today.
Faisal Dhedhi, Deputy Head of Sales Al-Habib Capital Markets Market would see some bullish activities before the end of 2010 and may touch 12,000 level, nevertheless, it would then move thereabouts mainly due to issues like pending RGST approval and delay in IMF tranche. However, launch of leverage product could revive the bull-run which can take the index up to 12,800 level. For the time being, investors are advised to exercise caution and follow 'wait and see' plus 'sell on strength' policies. Market would be positive today.
6
Thursday, December 30, 2010
Market Volume
99,797,758
Value
4,090,562,907
Trades
57,148
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
183 197 28 408
All Share Index
11,886.02 11,942.93 11,815.20 h37.97
Current High Low Change
KSE 30 Index
8,264.47 8,300.38 8,217.38 h25.37
Current High Low Change
KMI 30 Index Current High Low Change
11,447.27 11,497.95 11,371.67 h43.85
18,860.97 18,941.12 18,775.09 i5.52
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,525.15 Turnover 4,013,448 P/E (x) 11.15 Company
KSE 100 Index
Symbols
PE
High Low 1,539.91 1,517.39 Total cos Defaulter cos P/BV (x) ROE (%) 3.63 32.54
Open
High
Low
691 5.62 326.87 853 6.84 122.35 3921 - 11.10 735 16.76 123.26 800 3.96 268.55 Oil & Gas Development XD 43009 11.41 168.13 Pak Petroleum 11950 8.69 213.26 Pak Oilfields 2365 6.84 290.10 Pak Refinery Limited 350 - 108.22 P.S.O 1715 4.99 294.70 Shell Gas LPG 226 - 34.01 Shell Pakistan 685 10.65 206.18
328.00 123.35 11.40 124.90 271.00 170.59 214.15 290.99 112.98 296.25 34.50 208.45
322.66 121.36 11.07 122.65 266.60 167.50 212.00 288.02 106.51 293.52 33.25 205.74
Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery
Close Chg 324.49 122.00 11.28 123.67 267.11 168.70 213.66 289.61 106.95 294.86 33.49 207.73
-2.38 -0.35 0.18 0.41 -1.44 0.57 0.40 -0.49 -1.27 0.16 -0.52 1.55
Close Change 1,527.44 2.29 Listed cap Market cap 65,194.15 mn 1,186,401.49 mn Payout (%) Div Yield (%) 55.94 5.02 Last 60 days High Low
Volume 140945 763779 955336 28484 94084 944066 499450 880057 176210 436385 10803 39185
374.20 137.20 12.49 128.90 275.40 171.40 221.75 299.00 114.50 299.20 40.28 209.89
287.99 78.51 10.00 107.00 195.65 143.51 171.60 231.01 55.00 261.51 29.10 182.05
% Change 0.15 5-Day High 1,535.49 5-Day Low 1,522.92
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B - 15.00 20B -
-
CHEMICALS
Open 738.09 Turnover 86,524 P/E (x) 5.74 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 750.80 736.43 Total cos Defaulter cos P/BV (x) ROE (%) 1.47 25.53
Close 741.86 Listed cap 3,242.17 mn Payout (%) 11.08
Change 3.77 Market cap 13,026.87 mn Div Yield (%) 1.93
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.13 41.12
71.61 36.24
72.25 38.05
71.00 37.01
71.25 -0.36 37.83 1.59
1890 84634
77.77 41.00
60.05 32.36
Company
Company
Paid up Cap(mn)
High Low 1,413.76 1,373.26 Total cos Defaulter cos P/BV (x) ROE (%) 2.99 35.00
PE
Open
High
Low
Agritech Limited 3924 8.51 Biafo Ind 200 5.99 BOC (Pak) 250 12.26 Clariant Pak 273 6.95 Dawood Hercules 1203 7.96 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3277 10.43 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 9.11 Fauji Fert. Bin Qasim 9341 6.88 Ghani Gases Ltd 725 8.71 ICI Pakistan 1388 8.04 Lotte Pakistan 15142 4.71 Mandviwala 74 Nimir Ind Chemical 1106 Pak Gum 42 Shaffi Chemical 120 Sitara Chem Ind 214 10.38 Sitara Peroxide 551 14.62 Wah-Noble 90 7.18
23.81 58.00 89.56 177.97 194.05 2.92 8.42 3.15 11.39 192.67 14.50 10.99 124.57 37.14 11.51 142.02 13.26 1.88 2.08 20.00 2.65 130.14 13.64 37.95
24.50 55.19 90.00 182.50 194.00 3.00 8.65 3.19 11.30 195.40 14.60 11.18 127.30 37.38 11.55 143.23 13.40 1.88 2.17 21.00 2.73 131.90 13.85 38.47
22.70 55.10 88.02 176.00 191.10 2.84 8.30 2.90 11.00 189.25 14.41 10.75 123.40 36.26 11.40 142.00 13.12 1.61 2.02 20.00 2.13 126.00 13.40 36.20
Close Chg 23.50 55.11 89.27 181.76 192.03 2.85 8.35 2.96 11.25 189.76 14.51 10.89 125.68 36.46 11.50 142.67 13.19 1.80 2.03 21.00 2.41 126.59 13.45 37.36
-0.31 -2.89 -0.29 3.79 -2.02 -0.07 -0.07 -0.19 -0.14 -2.91 0.01 -0.10 1.11 -0.68 -0.01 0.65 -0.07 -0.08 -0.05 1.00 -0.24 -3.55 -0.19 -0.59
Close 1,388.58 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 13544 530 41350 47265 38598 56553 92224 2278310 1595 2510474 360258 1005958 2219505 6885620 69659 127249 3896724 25723 609989 1381 24972 2133 107158 304
Change -4.03 Market cap 304,516.57 mn Div Yield (%) 5.71
24.85 58.17 94.20 182.50 197.94 3.74 9.25 4.24 13.79 200.88 15.20 11.39 127.30 38.05 13.85 145.75 13.83 2.75 2.74 22.29 3.40 139.40 14.69 46.25
20.26 36.10 72.00 149.72 163.55 1.90 3.41 1.28 9.15 173.27 11.92 9.16 104.50 26.95 10.90 116.00 8.17 0.80 1.30 17.01 1.80 101.00 7.67 32.00
% Change -0.29 5-Day High 1,399.39 5-Day Low 1,346.12
2010 Div BR (%) (%) 45 15 40 15 40 95 17.5 55 25 50
2011 Div BR (%) (%)
- 12.50 5B -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,194.23 Turnover 30,680 P/E (x) 6.04 Company
High Low 1,207.89 1,175.76 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,193.40 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
7.02
17.14 45.10
17.20 45.70
16.80 44.50
16.86 -0.28 45.50 0.40
19101 11552
Century Paper Security Paper
Change -0.83 Market cap 3,308.05 mn Div Yield (%) 4.18
Last 60 days High Low 19.93 47.70
15.28 38.00
% Change -0.07 5-Day High 1,217.35 5-Day Low 1,177.87
2010 Div BR (%) (%) 50
-
2011 Div BR (%) (%) -
Paid up Cap(mn)
PE
High Low 1,213.52 1,176.58 Total cos Defaulter cos P/BV (x) ROE (%) 1.11 25.35
Open
High
Low
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
144 5.62 75.00 101 5.73 183.08 626 8.91 123.97 890 2.30 56 4.63 197.90 598 19.61 22.00 450 3.27 4.65 200 6.45 4.44 1428 - 11.10 786 5.90 254.00 823 11.35 69.84 150 3.85 20.60
74.95 192.23 126.38 2.52 198.00 23.10 4.80 4.60 11.74 263.40 72.48 21.00
73.00 184.50 123.00 2.18 191.01 21.00 4.70 4.12 11.15 256.00 70.90 20.50
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind
PE
565 4.26 675 555 9.84 1199 11.98
Open 26.50 2.83 15.69 60.52
High 27.59 2.85 15.79 61.00
Low 26.50 2.70 15.40 57.50
Close Chg 27.29 2.74 15.75 57.50
0.79 -0.09 0.06 -3.02
Close 1,069.71 Listed cap 3,596.11 mn Payout (%) 30.91
Change -16.02 Market cap 10,451.85 mn Div Yield (%) 10.41
Open 1,716.59 Turnover 306,686 P/E (x) 37.95 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar793 Adam Sugar 58 AL-Abbas Sugar 174 AL-Noor Sugar 186 Bawany Sugar 87 Clover Pakistan 94 Colony Sugar Mills 990 Crescent Sugar 214 Dewan Sugar 365 Faran Sugar 217 Habib Sugar 600 Habib-ADM Ltd 200 J D W Sugar 490 Mehran Sugar 143 Mirpurkhas SugarXDXB 84 Mirza Sugar 141 National Foods 414 Noon Pakistan 48 Noon Sugar 165 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 Sakrand Sugar 223 Sanghar Sugar 119 Shahmurad Sugar 211 Shakarganj Mills 695 Sindh Abadgar 104 Tandlianwala 1177 UniLever Pakistan 665
Close Chg
Close 1,192.55 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change 16.64 Market cap 43,771.81 mn Div Yield (%) 4.66
Last 60 days High Low
Last 60 days High Low
Volume 293063 7503 25793 216165
27.59 3.39 16.75 62.20
24.00 1.93 12.25 44.00
2010 Div BR (%) (%) 30 40
20B
2011 Div BR (%) (%) -
-
PE
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Flying Cement Ltd Frontier Ceramics Gammon Pak Gharibwal Cement Haydery Const Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Maple Leaf(Pref) Pioneer Cement Safe Mix Concrete Shabbir Tiles Thatta Cement
PE
Open
High
Low
1828 866 6.63 858 182 14 956 24.93 982 14.85 3574 3651 124.33 6933 15.61 1760 77 283 2319 32 145 11.00 1288 13126 3234 6.79 5261 1.36 541 3.02 2228 200 361 798 450.00
3.22 62.51 2.95 23.60 15.00 10.91 1.94 2.23 29.90 5.01 1.83 1.85 2.20 8.37 0.68 9.80 6.40 3.27 75.26 2.87 4.47 6.66 6.41 8.50 18.50
3.29 62.98 3.46 23.70 15.30 10.98 1.94 2.37 30.14 5.16 1.90 2.10 2.49 8.29 0.75 8.80 6.55 3.27 76.09 2.95 4.63 6.78 6.79 9.00 18.40
3.21 62.20 2.60 23.00 14.00 10.85 1.67 2.16 29.61 5.01 1.81 1.80 1.34 7.86 0.45 8.80 6.26 3.05 74.75 2.85 4.00 6.60 6.00 8.26 18.00
Close 1,005.53 Listed cap 54,792.74 mn Payout (%) 19.04
Change -0.73 Market cap 72,447.15 mn Div Yield (%) 2.47
Close Chg
Volume
Last 60 days High Low
3.23 62.94 3.06 23.17 15.16 10.97 1.93 2.19 29.84 5.15 1.84 2.00 1.53 8.02 0.70 8.80 6.40 3.15 75.53 2.92 4.11 6.66 6.52 8.40 18.00
23828 5114 55308 8778 601 10724 3753 249538 2136629 590005 141342 1402 189 16019 2926 800 4652 1769028 839676 162318 37273 71301 4257 1265 386002
3.98 66.51 4.24 24.16 15.50 12.75 2.49 3.10 32.10 5.55 2.25 5.00 2.49 9.19 1.08 11.50 8.70 3.79 79.98 3.30 8.89 8.58 7.49 9.60 22.24
0.01 0.43 0.11 -0.43 0.16 0.06 -0.01 -0.04 -0.06 0.14 0.01 0.15 -0.67 -0.35 0.02 -1.00 0.00 -0.12 0.27 0.05 -0.36 0.00 0.11 -0.10 -0.50
2.80 57.60 1.10 14.01 7.91 9.51 1.31 1.30 23.40 4.52 1.70 1.18 1.05 2.70 0.42 4.80 5.50 2.71 68.95 2.51 3.21 6.56 5.25 6.30 17.51
% Change -0.07 5-Day High 1,020.30 5-Day Low 1,005.53
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
2011 Div BR (%) (%) -
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,039.16 Turnover 356,184 P/E (x) 2.86 Company
Paid up Cap(mn)
PE
Open
High
High Low 1,053.08 1,018.17 Total cos Defaulter cos P/BV (x) ROE (%) 1.26 43.91 Low
Close Chg
Cherat Papersack 115 2.80 78.18 79.00 77.50 78.73 0.55 ECOPACK Ltd 230 2.38 2.84 2.45 2.57 0.19 Ghani Glass 1067 4.57 49.65 50.00 49.70 49.70 0.05 Packages Ltd 844 64.58 127.98 128.50 125.00 125.94 -2.04 Siemens Engineering XD 82 10.09 1252.93 1290.00 1211.00 1222.67-30.26 Tri-Pack Films 300 8.96 123.27 123.55 122.15 122.87 -0.40
Close 1,025.52 Listed cap 3,043.31 mn Payout (%) 15.55
Volume
Change -13.65 Market cap 38,672.94 mn Div Yield (%) 5.44
Last 60 days High Low
46974 83.23 34.00 172054 3.30 1.70 7986 61.10 45.30 120174 136.74 100.11 228 1381.00 1120.00 8766 128.70 98.10
% Change -1.31 5-Day High 1,045.30 5-Day Low 1,025.52
2010 Div BR (%) (%) 20 25 900 -
25B 10B -
2011 Div BR (%) (%) -
-
Company
Paid up Cap(mn)
Company
Paid up Cap(mn)
AL-Ghazi Tractor 215 Dewan Auto Engineering 214
PE
Open
High
Low
Close Chg
Change 6.23 Market cap 32,715.52 mn Div Yield (%) 15.72
Low
Close Chg
Close 1,710.72 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
90 100 60 20 150 10
20B 20B
Change -5.86 Market cap 228,097.68 mn Div Yield (%) 0.81
Last 60 days High Low
7502 11.70 4.06 103 16.90 11.15 201 98.10 89.00 4142 53.00 39.25 3408 6.73 0.86 868 77.19 42.61 84503 5.70 2.60 7550 6.75 5.00 22545 5.59 1.11 23000 21.50 18.30 29821 36.50 28.50 235 16.50 11.90 2612 89.89 64.56 10028 68.49 50.50 105 68.22 51.01 4201 7.18 4.20 55429 68.49 39.01 1508 27.30 17.51 200 14.84 11.05 3420 6.99 4.25 805 53.81 32.50 14000 3.40 2.02 500 3.90 2.11 10590 14.40 13.00 9114 13.50 9.93 7107 7.88 3.34 2625 8.89 4.75 300 36.75 28.00 126 4610.00 3825.00
AL-Abid Silk Diamond Ind Hussain Industries Pak Elektron Singer Pak Tariq Glass Ind
High Low 1,128.67 1,120.83 Total cos Defaulter cos P/BV (x) ROE (%) 0.34 10.64
Open
High
Low
115 3.28 90 106 1174 3.57 341 21.80 231 2.46
29.02 12.00 7.46 14.10 19.01 20.51
30.47 13.00 8.40 14.22 19.40 20.94
30.46 12.89 7.05 14.10 19.40 20.51
-
-
Last 60 days High Low
2010 Div BR (%) (%)
2011 Div BR (%) (%)
5.41 227.49 1.59
230.00 225.10 225.88 -1.61 1.54 1.40 1.54 -0.05
2116 2505
238.99 2.40
200.00 0.21
150 -
-
-
-
11.69 11.35 11.36 0.05 131.90 130.00 131.41 1.31 62.85 61.56 61.81 -0.21
7702 260 4333
14.89 147.89 87.15
10.55 110.05 60.00
-
-
-
-
Millat Tractors XB
366
500.30 497.30 497.87
24974
584.90
390.00
650
25B
-
-
Total Assets (Rs in mn)
16.29
Total Equity (Rs in mn)
MA (100-day)
15.13
Revenue (Rs in mn)
MA (200-day)
15.58
Interest Expense
4,969.92
1st Support
16.45
Profit after Taxation
1,025.35
2nd Support
16.06
EPS 09 (Rs)
1.710
1st Resistance
17.09
Book value / share (Rs)
13.81
2nd Resistance
17.34
PE 10 E (x)
8.90
Pivot
16.70
PBV (x)
1.22
124,181.73 9,184.46 10,102.06
MEBL closed up 0.35 at 16.85. Volume was 347 per cent above average (trending) and Bollinger Bands were 1 per cent wider than normal. The company's profit after taxation stood at Rs994.738 million which translates into an Earning Per Share of Rs1.42 for the nine months of current calendar year (9MCY10). MEBL is currently 8.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into MEBL (mildly bullish). Trend forecasting oscillators are currently bullish on MEBL.
Japan Power Generation Limited
% Change -0.34 5-Day High 1,725.83 5-Day Low 1,710.72
2010 Div BR (%) (%)
2011 Div BR (%) (%)
15 25 25B 40 0 12.5R 35 20B 15 20B 10 12 12 10 10 178 -
-
-
Close Chg 30.47 12.99 7.06 14.18 19.40 20.53
1.45 0.99 -0.40 0.08 0.39 0.02
Close 1,123.39 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 226 579 1010 39485 859 46806
Change 8.04 Market cap 5,205.16 mn Div Yield (%) 1.97
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
41.59
Total Assets (Rs in mn)
7,598.16
MA (10-day)
1.77
Total Equity (Rs in mn)
(1,042.83)
MA (100-day)
1.61
Revenue (Rs in mn)
MA (200-day)
1.97
Interest Expense
1st Support
1.51
Loss after Taxation
2nd Support
1.47
EPS 10 (Rs)
1st Resistance
1.64
Book value / share (Rs)
2nd Resistance
1.73
PE 11 E (x)
Pivot
1.60
PBV (x)
2,731.94 691.43 (449.11) (2.878) (6.68) (0.24)
JPGL closed down -0.03 at 1.60. Volume was 496 per cent above average (trending) and Bollinger Bands were 7 per cent wider than normal. The company's loss after taxation stood at Rs403.263 million which translates into a Loss Per Share of Rs2.58 for the 1st quarter of current fiscal year (1QFY11). JPGL is currently 18.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of JPGL at a relatively equal pace. Trend forecasting oscillators are currently bullish on JPGL.
Soneri Bank Limited
% Change 0.72 5-Day High 1,123.39 5-Day Low 1,108.00
Last 60 days High Low
2010 Div BR (%) (%)
35.00 17.98 11.49 15.09 20.45 21.40
-20B 20R - 10B 17.5 -
23.00 7.55 6.45 12.90 16.51 15.90
2011 Div BR (%) (%) -
-
PERSONAL GOODS Performance of SR Personal Goods Index Open 1,009.70 Turnover 5,583,419 P/E (x) 7.02 Company
Paid up Cap(mn)
(Colony) Thal Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Brothers Textile Chenab Limited Colgate Palm Colony Mills Ltd Crescent Fibres Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Dewan Mushtaq Textile Gadoon Textile XD Gul Ahmed Textile Hira Textile Mills Ltd.. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing Kohinoor Ind Kohinoor Mills Kohinoor Textile Leather Up Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Premium Textile Prosperity Ravi Textile Ruby Textile Rupali Poly Saif Textile Sally Textile Salman Noman Sapphire Textile Service Ind Service Textile Shahpur Textile Shahtaj Textile Suraj Cotton Thal Limited Treet Corp Tri-Star Poly Yousuf Weaving Zephyr Textile Ltd
56 2415 840 133 4493 33 76 76 64 98 1150 316 2442 124 238 600 514 34 234 635 716 3105 99 180 181 303 509 1455 60 145 187 1596 3516 560 62 185 250 392 341 264 88 42 201 120 44 140 97 180 307 418 215 400 594
High Low 1,018.13 1,000.43 Total cos Defaulter cos P/BV (x) ROE (%) 0.61 8.64
Close 1,005.61 Listed cap 47,070.70 mn Payout (%) 16.68
PE
Open
High
Low
Close Chg
Volume
9.18 6.46 0.31 0.49 0.46 5.54 0.71 34.40 3.84 0.61 51.99 0.18 0.74 3.88 0.74 3.20 0.47 3.73 2.98 3.64 2.38 0.82 1.83 5.38 3.05 0.41 1.10 33.33 4.55 0.36 0.20 2.06 0.86 7.99 0.69 0.79 5.37 9.65 0.51 5.16
1.25 4.03 23.16 2.43 9.94 13.00 13.01 680.00 48.00 0.38 3.14 950.00 2.65 12.25 0.90 1.85 44.32 6.00 69.18 27.00 3.93 39.68 6.25 3.26 294.05 1.65 2.89 5.15 2.00 0.54 16.95 22.51 63.32 8.95 25.00 14.65 1.52 4.00 36.70 4.48 4.00 4.00 104.35 231.41 0.70 0.40 19.15 36.00 127.50 61.06 0.85 1.70 4.05
1.21 4.18 23.50 2.44 10.05 12.25 13.00 676.00 47.00 0.49 3.19 960.00 2.57 13.25 1.38 1.94 46.00 6.99 68.98 27.01 4.24 40.99 6.00 3.59 308.75 1.74 2.96 5.60 2.00 0.69 16.75 22.75 63.69 9.25 26.00 15.00 1.70 4.00 36.61 4.50 4.00 5.00 101.02 234.50 0.51 0.50 19.70 36.50 127.00 61.97 0.76 1.75 4.10
0.85 4.01 22.51 2.20 9.79 12.00 13.00 660.00 47.00 0.31 3.10 915.00 2.42 13.00 0.89 1.80 43.50 5.75 67.99 27.00 3.91 39.00 5.26 3.40 279.53 1.53 2.10 5.10 1.60 0.36 16.00 22.01 62.60 9.01 26.00 14.15 1.40 4.00 36.15 4.50 3.85 4.25 101.00 231.11 0.51 0.34 19.00 35.00 124.10 60.50 0.76 1.26 3.90
1.21 -0.04 4.04 0.01 23.26 0.10 2.20 -0.23 9.82 -0.12 12.00 -1.00 13.00 -0.01 668.29-11.71 47.00 -1.00 0.49 0.11 3.14 0.00 916.42-33.58 2.46 -0.19 13.25 1.00 0.99 0.09 1.82 -0.03 44.19 -0.13 6.00 0.00 68.00 -1.18 27.00 0.00 3.93 0.00 40.72 1.04 5.53 -0.72 3.43 0.17 306.92 12.87 1.62 -0.03 2.96 0.07 5.10 -0.05 2.00 0.00 0.45 -0.09 16.00 -0.95 22.05 -0.46 62.70 -0.62 9.04 0.09 26.00 1.00 14.34 -0.31 1.44 -0.08 4.00 0.00 36.22 -0.48 4.50 0.02 4.00 0.00 4.85 0.85 101.01 -3.34 233.25 1.84 0.51 -0.19 0.50 0.10 19.12 -0.03 35.42 -0.58 125.76 -1.74 60.63 -0.43 0.76 -0.09 1.47 -0.23 3.92 -0.13
7251 146368 5703 13907 2171250 8000 1000 451 1000 4912 118469 382 17011 2443 86034 72093 1149 9283 205 1200 7502 42101 324 2002 1200 8439 1750 36200 1528 10315 1532 939557 1055173 8300 2000 4479 542278 479 1435 1000 3550 7572 200 807 5000 1116 4100 1116 119720 100490 200 132 3228
Open 989.49 Turnover 34,636 P/E (x) 7.39
% Change 0.40 5-Day High 1,545.79 5-Day Low 1,535.46
213 10.52 11.31 124 - 130.10 132 7.40 62.02
1.06
65.75 135.00 92.50 1.20 136.00 21.00 4.03 4.00 9.65 215.99 66.75 17.92
Change -4.09 Market cap 133,358.41 mn Div Yield (%) 2.38
Last 60 days High Low 2.00 17.21 24.59 3.45 12.32 18.75 14.50 747.48 52.05 1.49 3.90 960.00 3.33 15.50 1.38 2.37 47.00 7.44 71.40 27.50 4.88 40.99 7.29 5.35 350.15 2.00 3.68 6.06 3.00 0.95 17.50 25.14 64.44 10.45 31.03 19.44 2.30 0.00 38.10 6.85 6.20 5.00 115.76 276.50 0.75 1.01 21.90 38.52 130.00 63.30 1.50 2.00 4.90
2010 Div BR (%) (%)
0.52 4.00 30 19.10 20 1.32 7.5 9.50 8.10 9.05 20 436.00 45.25 50 0.12 3.02 673.01 2.26 8.41 10 0.16 1.44 36.10 5 1.80 38.30 70 19.99 12.5 3.35 10 34.05 20 2.02 2.60 10 209.03 50 1.01 1.52 4.51 1.10 0.14 12.80 20SD 15.85 15 45.81 25 5.16 25.00 50 12.51 30 1.29 0.00 31.25 40 2.95 3.52 10 1.80 89.80 50 169.00 0.14 0.18 15.61 45 29.00 50 86.50 80 37.25 0.26 0.86 2.20 -
15B 45R 5B 20B -
% Change -0.41 5-Day High 1,012.37 5-Day Low 1,005.61 2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index
Ghandhara Ind Hinopak Motor KSB Pumps
6.51 496.81
75.99 192.23 128.90 2.89 208.95 25.24 5.67 5.75 13.40 282.45 77.90 26.00
2011 Div BR (%) (%)
PHARMA AND BIO TECH
Close 1,545.79 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
High
High Low 1,735.74 1,663.10 Total cos Defaulter cos P/BV (x) ROE (%) 11.50 30.30
PE
INDUSTRIAL ENGINEERING High Low 1,556.42 1,540.95 Total cos Defaulter cos P/BV (x) ROE (%) 3.18 38.02
Open
Open 1,115.35 Turnover 88,975 P/E (x) 3.18
Performance of SR Industrial Engineering Index Open 1,539.56 Turnover 42,053 P/E (x) 8.37
903 47441 901 744985 111 61630 33479 6503 55626 145990 518445 14901
2010 Div BR (%) (%)
66.49
MA (10-day)
Performance of SR Household Goods Index
Performance of SR Construction and Materials Index High Low 1,015.80 993.80 Total cos Defaulter cos P/BV (x) ROE (%) 0.55 7.10
-0.83 8.82 -0.97 0.10 -1.90 0.75 0.06 -0.31 0.22 4.60 1.45 0.02
9.62 5.00 5.00 5.00 5.00 0.00 0.86 16.25 16.30 15.33 16.20 -0.05 7.55 94.89 94.00 90.20 92.11 -2.78 4.97 48.85 49.40 47.25 48.86 0.01 5.00 6.00 4.20 5.74 0.74 11.92 71.00 73.25 69.00 72.92 1.92 4.00 4.15 3.36 3.70 -0.30 12.74 6.15 6.75 6.75 6.75 0.60 3.69 3.95 3.43 3.56 -0.13 3.23 19.35 20.35 20.00 20.00 0.65 7.55 33.34 33.88 33.36 33.58 0.24 11.76 12.55 12.70 12.35 12.70 0.15 2.91 87.52 87.00 85.00 86.95 -0.57 3.50 59.88 59.95 59.00 59.28 -0.60 4.48 52.85 53.75 51.12 53.75 0.90 0.61 5.95 6.14 6.00 6.00 0.05 25.56 65.23 68.49 65.10 68.49 3.26 3.51 25.65 24.60 24.37 24.60 -1.05 - 13.40 12.91 12.90 12.91 -0.49 0.88 5.99 6.45 6.00 6.04 0.05 8.66 46.56 48.88 44.50 47.19 0.63 2.22 2.29 2.20 2.25 0.03 2.80 3.00 3.00 3.00 0.20 0.99 14.14 14.19 13.60 13.79 -0.35 17.32 11.94 12.19 11.77 11.95 0.01 5.70 6.00 5.02 6.00 0.30 4.09 8.89 8.50 7.89 8.50 -0.39 309.09 34.00 34.00 34.00 34.00 0.00 20.33 4393.43 4445.98 4270.01 4355.96 -37.47
CONSTRUCTION AND MATERIALS Open 1,006.26 Turnover 6,518,595 P/E (x) 7.69
74.17 191.90 123.00 2.40 196.00 22.75 4.71 4.13 11.32 258.60 71.29 20.62
% Change 1.41 5-Day High 1,192.55 5-Day Low 1,166.33
RSI (14-day)
HOUSEHOLD GOODS
-
% Change -1.48 5-Day High 1,085.73 5-Day Low 1,024.02
-
FOOD PRODUCERS
Performance of SR Industrial Metals and Mining Index High Low 1,105.32 1,057.49 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 33.10
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING Open 1,085.73 Turnover 542,524 P/E (x) 2.97
-
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,392.61 Turnover 19,354,602 P/E (x) 8.56
2011 Div BR (%) (%)
AUTOMOBILE AND PARTS Open 1,175.91 Turnover 885,937 P/E (x) 4.38
Meezan Bank Limited
% Change 0.51 5-Day High 743.57 5-Day Low 738.03
2010 Div BR (%) (%) 40 15
Alert ! Unusual Movements
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) Otsuka Pak Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 100 96 306
PE
Open
9.55 109.35 6.68 88.41 15.44 86.04 8.01 28.31 7.32 33.90 11.23 141.25 5.43 60.00
High
High Low 997.53 980.13 Total cos Defaulter cos P/BV (x) ROE (%) 1.65 22.31 Low
Close Chg
110.00 108.25 108.98 -0.37 89.30 88.25 88.47 0.06 86.70 84.80 85.87 -0.17 29.00 27.51 28.91 0.60 34.00 32.81 32.81 -1.09 142.00 140.30 141.14 -0.11 60.60 60.00 60.39 0.39
Close 989.49 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 2336 861 19228 4352 3822 1410 2626
Change -0.01 Market cap 33,293.56 mn Div Yield (%) 6.02
Last 60 days High Low 110.99 113.00 87.98 29.00 35.15 146.40 64.50
85.10 82.20 66.50 23.50 27.50 115.90 59.50
2010 Div BR (%) (%) 20 30
20B -
% Change 0.00 5-Day High 992.96 5-Day Low 969.92 2011 Div BR (%) (%) 15 -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
64.26
Total Assets (Rs in mn)
95,310.27
MA (10-day)
7.82
Total Equity (Rs in mn)
7,803.20
MA (100-day)
6.66
Revenue (Rs in mn)
9,337.28
MA (200-day)
7.29
Interest Expense
6,602.78
1st Support
7.73
Profit after Taxation
2nd Support
7.63
EPS 09 (Rs)
0.290
1st Resistance
8.00
Book value / share (Rs)
15.55
2nd Resistance
8.17
PE 10 E (x)
Pivot
7.90
PBV (x)
145.35
0.51
SNBL closed up 0.01 at 7.87. Volume was 31 per cent above average and Bollinger Bands were 5 per cent wider than normal. The company's loss after taxation stood at Rs17.60 million which translates into a Loss Per Share of Rs0.03 for the nine months of current calendar year (9MCY10). SNBL is currently 8.0 per cent above its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into SNBL (bullish). Trend forecasting oscillators are currently bullish on SNBL.
Dewan Farooque Motors Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
63.70
Total Assets (Rs in mn)
MA (10-day)
2.36
Total Equity (Rs in mn)
(471.36)
MA (100-day)
1.63
Revenue (Rs in mn)
1,557.02
MA (200-day)
1.80
Interest Expense
1st Support
2.18
Loss after Taxation
2nd Support
2.01
EPS 09 (Rs)
1st Resistance
2.52
Book value / share (Rs)
2nd Resistance
2.69
PE 10 E (x)
Pivot
2.35
PBV (x)
4,496.92
105.73 (1,390.03) (15.623) (5.30) (0.45)
DFML closed up 0.10 at 2.40. Volume was 19 per cent above average and Bollinger Bands were 203 per cent wider than normal. The company's loss after taxation stood at Rs41.81 million which translates into a Loss Per Share of Rs0.47 for the 1st quarter of current fiscal year (1QFY11). DFML is currently 33.2 per cent above its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into DFML (mildly bullish). Trend forecasting oscillators are currently bullish on DFML.
BOOK CLOSURES Company
From
To
Adil Textile Mills 01-01-2011 BMA Empress Cash F. 01-01-2011 Road Savings Fund 01-01-2011 Atlas Bank 03-01-2011 Chartered Bank 06-01-2011 BOC Pakistan # 11-01-2011 Habib Sugar Mills 15-01-2011 Lakson Tobacco # 18-01-2011 Chartered Bank 19-01-2011 Pangrio Sugar Mills 22-01-2011 Mirza Sugar Mills 22-01-2011 Arif Habib Investments # 01-02-2011 Summit Bank 01-02-2011
07-01-2011 09-01-2011 09-01-2011 10-01-2011 20-01-2011 17-01-2011 29-01-2011 25-01-2011 01-02-2011 31-01-2011 31-01-2010 07-02-2011 08-02-2011
D/B/R 25.25(B) 10 10 20(R)
Spot
AGM/Date
24-12-2010 07-01-2011 14-01-2011 14-01-2011 24-01-2010
07-01-2011 17-01-2011 29-01-2011 25-01-2011 31-01-2011 31-01-2011 07-02-2011 -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Johnson & Philips Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shezan International Pak Tobacco Shifa Int.Hospitals Eye Television P.I.A.C.(A) AKD Capital XD Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 7.56 55 3.64 93.59 119.07 112.3 29.98 20.6 2.34 47.53 2.78 18.35 2.05
High 8.55 55 3.74 97 125.02 114.43 30.2 21.63 2.47 49.5 2.84 18.59 2.29
Low Close 8.01 53.3 3.57 94 121 112.1 29.61 20 2.25 47.59 2.68 18.3 2.02
8.01 53.8 3.61 94.52 125.02 112.17 29.88 21.63 2.34 48.5 2.78 18.33 2.02
Change 0.45 -1.2 -0.03 0.93 5.95 -0.13 -0.1 1.03 0 0.97 0 -0.02 -0.03
Vol 300 1205 619973 3112 10238 155 641 14170 131911 3022 1042525 84271 602
7
Thursday, December 30, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,135.29 Turnover 4,496,467 P/E (x) 6.17 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,159.01 1,130.69 Total cos Defaulter cos P/BV (x) ROE (%) 0.79 12.84
PE
Open
High
Low
Close Chg
78 4.96 37740 12.97 3000 0.67 8606 6175 -
79.12 19.19 2.22 2.84 3.58
80.50 19.58 2.30 2.90 3.74
80.00 19.15 2.20 2.75 3.50
80.40 19.45 2.25 2.76 3.52
Close 1,147.56 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume
1.28 0.26 0.03 -0.08 -0.06
524 3787491 161947 546505 219522
Change 12.27 Market cap 79,258.39 mn Div Yield (%) 10.14
116.00 20.12 2.69 3.45 4.25
76.50 18.21 1.95 2.32 3.35
% Change 1.08 5-Day High 1,147.56 5-Day Low 1,133.57
2010 Div BR (%) (%) 80 17.5 1 -
2011 Div BR (%) (%)
-
-
-
Ask Gen Insurance Atlas Insurance Central Insurance XB Century Insurance EFU General Insurance Habib Insurance IGI Insurance New Jub Insurance Pak Reinsurance Pak Gen Insurance PICIC Ins Ltd Premier Insurance Reliance Insurance XB Shaheen Insurance Silver Star Insurance Universal Insurance
204 6.84 369 6.11 279 7.31 457 6.89 1250 400 3.32 718 17.49 791 15.85 3000 41.10 250 1.67 350 303 6.22 252 4.05 200 253 4.33 210 -
Company
High Low 1,281.79 1,258.79 Total cos Defaulter cos P/BV (x) ROE (%) 1.34 9.35
PE
Open
High
Low
Altern Energy 3426 22.82 Genertech 198 Hub Power 11572 6.78 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 11.56 Kohinoor Power 126 2.68 Kot Addu Power 8803 4.95 Nishat Chunian Power Ltd 3673 3.35 Nishat Power Ltd 3541 25.31 Sitara Energy Ltd 191 3.50 Southern Electric 1367 Tri-star Power XD 150 -
9.11 0.84 36.85 1.63 2.72 20.15 4.40 40.80 15.25 15.50 18.75 2.20 1.07
10.04 0.97 37.05 1.69 2.79 21.10 4.40 41.15 15.50 15.77 18.75 2.27 1.08
9.01 0.85 36.55 1.56 2.70 20.50 4.02 40.60 15.25 15.50 18.75 2.11 0.88
Close 1,274.13 Listed cap 95,369.29 mn Payout (%) 104.13
Change 6.94 Market cap 104,054.72 mn Div Yield (%) 7.29
Close Chg
Volume
Last 60 days High Low
10.04 0.93 37.00 1.60 2.71 20.80 4.40 40.72 15.26 15.69 18.75 2.15 0.90
498 10550 1145415 865210 222014 333 40464 143102 271006 479490 1500 147152 501
11.25 1.45 38.10 2.25 3.29 25.25 5.69 41.95 16.00 16.70 23.49 2.80 1.75
0.93 0.09 0.15 -0.03 -0.01 0.65 0.00 -0.08 0.01 0.19 0.00 -0.05 -0.17
2010 Div BR (%) (%)
9.00 0.60 32.75 1.20 1.98 17.95 4.01 38.35 10.70 11.31 17.98 2.05 0.65
50 15 50 20 -
Open 900.53 Turnover 25,174 P/E (x) 9.91
% Change 0.55 5-Day High 1,274.13 5-Day Low 1,257.44 2011 Div BR (%) (%)
7.8R -
-
-
Paid up Cap(mn)
Company
Company
High Low 1,529.31 1,456.18 Total cos Defaulter cos P/BV (x) ROE (%) 1.07 11.41
Close 1,473.03 Listed cap 12,202.80 mn Payout (%) 66.79
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
7.89 3.05
27.10 21.07
27.34 21.15
26.25 20.02
26.52 -0.58 20.27 -0.80
116335 418295
34.75 30.70
% Change -3.11 5-Day High 1,538.84 5-Day Low 1,473.03
2010 Div BR (%) (%)
26.25 19.95
20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,153.61 Turnover 39,103,342 P/E (x) 8.33 Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.58 64.67 Askari Bank 6427 8.16 17.14 Atlas BankSPOT 5001 1.75 Bank Alfalah 13492 14.37 10.69 Bank AL-Habib 7322 7.65 35.37 Bank Of Khyber 5004 5.59 4.10 Bank Of Punjab 5288 9.59 BankIslami Pak 5280 837.50 3.34 Faysal Bank 7309 4.89 14.64 Habib Bank Ltd 10019 7.44 117.30 Habib Metropolitan Bank 8732 8.47 27.84 JS Bank Ltd 8150 2.54 KASB Bank Ltd 9509 2.45 MCB Bank Ltd 7602 9.97 224.89 Meezan Bank 6983 8.92 16.50 Mybank Ltd 5304 3.00 National Bank 13455 6.45 72.77 Network Mic Bank 300 1.60 NIB Bank 40437 2.76 Royal Bank Ltd 17180 4.78 Samba Bank 14335 1.93 Silkbank Ltd 26716 2.59 Soneri Bank 6023 7.86 Stand Chart Bank 38716 13.08 8.52 Summit Bank Ltd 5000 3.91 United Bank Ltd 12242 8.01 65.05
High
High Low Close 1,179.40 1,147.79 1,167.85 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.16 13.94 40.49 Low
Close Chg
1003863 1081524 93122 16224998 124439 14616 2060714 109174 768830 544723 26817 83737 47726 551204 669866 275507 6732127 13100 1870594 91186 35060 1245008 185483 34253 119217 5215671
Change 14.24 Market cap 710,275.35 mn Div Yield (%) 4.86
Last 60 days High Low
Volume
67.90 64.82 67.73 3.06 17.40 17.02 17.14 0.00 1.84 1.67 1.74 -0.01 11.50 10.51 11.21 0.52 35.81 35.25 35.49 0.12 4.40 4.18 4.19 0.09 10.05 9.57 9.77 0.18 3.45 3.25 3.35 0.01 15.26 14.55 15.16 0.52 119.98 116.51 119.06 1.76 28.20 27.55 27.69 -0.15 2.60 2.42 2.54 0.00 2.62 2.45 2.50 0.05 226.89 223.55 224.93 0.04 16.95 16.31 16.85 0.35 3.10 2.82 3.01 0.01 74.15 72.86 73.88 1.11 1.80 1.60 1.77 0.17 2.84 2.70 2.78 0.02 4.98 4.60 4.75 -0.03 2.05 1.98 2.00 0.07 2.70 2.55 2.59 0.00 8.07 7.80 7.87 0.01 8.61 8.25 8.50 -0.02 4.05 3.90 3.93 0.02 68.30 65.35 68.19 3.14
67.90 18.10 2.55 11.50 36.40 4.70 10.59 3.88 17.10 121.99 29.19 3.00 2.90 228.39 16.95 3.10 74.15 2.40 3.18 8.10 2.65 3.08 8.30 9.04 4.23 68.30
% Change 1.23 5-Day High 1,167.85 5-Day Low 1,143.35
2010 Div BR (%) (%)
50.00 14.23 1.50 7.93 30.52 2.57 8.00 2.77 13.01 93.00 18.02 2.25 2.16 186.74 14.05 1.90 62.58 0.62 2.50 3.91 1.51 2.50 5.05 6.15 2.40 51.03
20 - 20B - 66R 55 -63.46R 10 -
-
-
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance
9950 4322 10823 32600 115450 2620 264 2100 130330 317 10285 17416 1667 200 2650 11087
12.75 39.40 64.80 12.00 48.63 14.45 99.88 60.90 17.20 8.45 8.30 12.00 7.70 14.53 8.17 3.75
9.75 28.52 47.50 9.42 34.76 10.04 70.30 52.25 12.80 5.06 1.85 8.00 6.15 11.65 6.01 2.21
10 10 -
25R 10B 20B -
-
UPTO 100 VOLUME
-
High Low 784.77 769.78 Total cos Defaulter cos P/BV (x) ROE (%) 0.67 5.20
Close 775.57 Listed cap 11,111.34 mn Payout (%) 79.54
Change -2.68 Market cap 48,019.96 mn Div Yield (%) 6.13
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 25.17
87.11
87.87
86.41
86.82 -0.29
224657
91.75
% Change -0.34 5-Day High 778.25 5-Day Low 772.42
2010 Div BR (%) (%)
63.05
10
2011 Div BR (%) (%)
-
-
-
PE
Open
High
High Low 902.83 865.83 Total cos Defaulter cos P/BV (x) ROE (%) 3.35 3.85 Low
Close Chg
Close 895.50 Listed cap 2,290.72 mn Payout (%) 355.53
Change -5.03 Market cap 10,121.91 mn Div Yield (%) 4.09
Symbols
Last 60 days High Low
Volume
2010 Div BR (%) (%)
2011 Div BR (%) (%)
850 41.37
74.50
74.55
72.00
72.81 -1.69
11651
86.95
57.15
-
-
-
-
45.50
45.75
43.55
45.75 0.25
13522
49.31
39.95
-
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 407.87 Turnover 3,701,531 P/E (x) 10.98 Paid up Cap(mn)
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Arpak Int Dawood Equities Grays Leasing IGI Investment Bank Invest and Fin Sec Invest Bank Ist Cap Securities Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Stand Chart Leasing
High Low 414.35 403.61 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 0.91
PE
Open
High
Low
225 1.55 360 3.52 450 13.49 3750 4.65 40 9.14 250 215 2121 18.13 600 700.00 2849 3166 626 0.66 7633 508 500 7.66 1000 27.21 1000 821 4.85 775 452 514 15.88 978 5.98
0.72 17.75 26.65 25.72 14.90 1.95 1.53 2.90 6.69 0.71 3.50 1.81 11.06 4.14 28.55 6.46 4.56 6.70 2.13 0.61 4.33 2.58
0.68 17.94 27.00 26.22 13.90 1.99 1.67 3.00 7.49 0.79 3.84 1.86 11.23 4.25 28.50 6.69 4.56 6.60 2.22 0.70 3.97 2.95
0.64 17.21 26.30 25.16 13.90 1.82 1.26 2.90 6.99 0.65 3.41 1.75 10.90 4.00 28.50 6.41 4.40 6.60 2.11 0.60 3.97 2.45
Close Chg 0.68 17.90 26.44 25.31 13.90 1.83 1.30 2.90 7.00 0.65 3.44 1.85 10.96 4.06 28.50 6.53 4.41 6.60 2.12 0.63 3.97 2.87
-0.04 0.15 -0.21 -0.41 -1.00 -0.12 -0.23 0.00 0.31 -0.06 -0.06 0.04 -0.10 -0.08 -0.05 0.07 -0.15 -0.10 -0.01 0.02 -0.36 0.29
Close 405.62 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 32998 12610 43676 1868070 497 7510 1901 20905 2101 11678 15517 7633 3242678 181690 1000 25064 31938 2019 51039 317 299 8280
Change -2.25 Market cap 28,482.11 mn Div Yield (%) 3.32
Last 60 days High Low
2010 Div BR (%) (%)
0.95 19.98 28.95 27.02 16.00 2.69 2.90 3.00 8.88 0.97 4.80 2.40 14.05 5.38 34.93 7.59 4.90 7.29 2.70 0.90 4.99 3.00
30 11.5 10 -
0.45 13.00 24.40 20.90 4.00 1.51 0.18 1.35 6.16 0.44 3.16 1.05 8.80 1.96 24.25 5.10 3.50 4.52 1.38 0.46 1.65 2.05
% Change -0.55 5-Day High 413.63 5-Day Low 405.62 2011 Div BR (%) (%)
20B 20B 10B -
-
Open
POAF FANM SCM TSBL HAJT BWCL ADOS GLPL TRIBL PECO PAKMI MEHT MTIL NESTLE ELSM SHJS ISIL FECM SALT PPP GATI SMTM ATFF CRTM GUTM EMCO SRSM FNEL UNIC TOWL BAPL DINT SHCM PMI CWSM BWHL NPSM BAFS FECS FCIBL ZIL FHBM SSML RMPL FIBLM SNAI REWM DNCC FECTC PAKL MACFL DCM EWLA BILF DSML FZTM GSPM JKSM KSTM KOSM MQTM SZTM BHAT CLCPS MUBT STML TICL LAKST DADX LPGL IBLHL
% Change -0.56 5-Day High 924.19 5-Day Low 895.50
627 30.70
2011 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 778.25 Turnover 576,748 P/E (x) 12.97
0.29 0.05 2.81 -0.02 -0.31 0.00 -1.75 -0.65 0.03 -0.55 0.43 -0.04 -0.50 0.32 -0.07 -0.40
EFU Life Assurance
Company
Change -47.34 Market cap 31,568.15 mn Div Yield (%) 7.12
Paid up Cap(mn)
Sui North Gas Sui South Gas
11.29 38.45 64.32 11.03 44.07 13.95 94.25 58.80 16.03 7.05 7.83 11.51 6.60 12.30 6.97 3.35
New Jub Life Insurance
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,520.37 Turnover 534,630 P/E (x) 9.38
11.00 38.26 62.90 11.00 43.50 13.36 94.25 58.26 15.99 7.01 7.20 11.48 6.60 12.12 6.97 3.35
Performance of SR Life Insurance Index
Performance of SR Electricity Index
Paid up Cap(mn)
11.29 39.40 64.58 11.30 45.25 13.95 94.25 59.50 16.10 7.39 8.14 11.88 6.60 12.30 7.09 3.75
LIFE INSURANCE
ELECTRICITY Open 1,267.19 Turnover 3,327,235 P/E (x) 14.28
11.00 38.40 61.51 11.05 44.38 13.95 96.00 59.45 16.00 7.60 7.40 11.55 7.10 11.98 7.04 3.75
-
10.10 3.00 9.55 1.75 0.63 22.20 17.03 62.50 1.76 247.20 1.15 58.24 0.38 2435.00 20.95 89.05 72.88 2.90 60.00 47.03 42.91 6.10 4.10 21.79 21.67 2.70 2.47 8.75 6.80 7.10 9.81 26.38 8.60 1.04 1.25 31.50 22.70 58.00 49.64 2.58 55.00 8.09 2.64 2074.83 2.02 46.79 9.30 2.25 7.00 2.60 3.30 1.84 3.25 1.45 2.50 399.93 7.00 6.88 0.74 1.10 9.21 5.75 268.00 2.00 1.00 22.95 94.76 302.09 20.10 13.72 8.00
EQUITY INVESTMENT INSTRUMENTS
Paid up Cap(mn)
Company
1st Fid Leasing AL-Meezan Mutual F. Asian Stocks B F Modaraba B R R Guardian Mod. Constellation Modaraba Crescent St Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow Habib Modaraba JS Growth Fund JS Value Fund Meezan Balanced Fund Mod Al-Mali NAMCO Balanced Fund Nat Bank Modaraba Paramount Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Punjab Modaraba Tri-Star 1st Modaraba Tri-Star Mutual U D L Modaraba
264 1375 900 75 780 65 200 524 581 760 1008 3180 1186 1200 184 1000 250 59 1000 2835 2841 340 212 50 264
High Low 1,340.53 1,291.49 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 2.21
PE
Open
High
Low
8.44 6.73 28.60 2.15 4.07 2.84 1.48 9.69 0.64 2.26 5.81 67.75 16.25 7.12 14.60 6.08 5.63 7.19 1.90 8.13 7.11 2.97 1.73
1.73 8.04 4.73 3.40 1.75 1.25 0.67 1.60 2.00 3.10 6.76 5.38 4.56 7.50 1.43 3.97 6.02 9.20 6.53 12.59 6.17 1.55 1.06 1.39 6.00
1.80 8.10 5.72 3.27 1.83 1.59 0.69 1.74 2.02 3.19 6.80 5.45 4.65 7.40 1.51 3.89 6.70 9.30 6.79 12.79 6.40 1.49 1.06 1.68 6.10
1.35 8.00 3.73 3.27 1.79 1.17 0.59 1.52 1.97 3.10 6.74 5.36 4.50 7.25 1.33 3.15 6.08 9.20 6.40 12.60 6.21 1.24 1.05 1.05 6.00
Close 1,320.79 Listed cap 29,771.58 mn Payout (%) 162.74
Symbols
Change 4.11 Market cap 17,723.29 mn Div Yield (%) 7.70
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
1.35 8.08 5.72 3.27 1.79 1.25 0.59 1.55 2.02 3.17 6.74 5.42 4.55 7.40 1.46 3.89 6.08 9.20 6.55 12.68 6.26 1.49 1.06 1.07 6.08
447 26395 110 302 1020 1539 5032 30951 513 61478 7578 2649729 40450 8949 18742 510 45003 1349 11554 102971 246628 674 1264 2501 15771
2.00 8.59 6.00 4.90 2.37 2.35 1.10 2.37 2.28 3.88 7.00 5.45 4.73 8.25 2.18 4.00 8.00 9.45 7.18 12.94 6.50 2.54 4.50 2.45 6.99
18.5 8.2 0 1.2 17 21 5 10 15.5 15 10 18 10 20 10 1 12.5
-0.38 0.04 0.99 -0.13 0.04 0.00 -0.08 -0.05 0.02 0.07 -0.02 0.04 -0.01 -0.10 0.03 -0.08 0.06 0.00 0.02 0.09 0.09 -0.06 0.00 -0.32 0.08
1.05 5.85 2.50 2.89 0.90 0.90 0.16 0.86 1.30 2.56 5.80 2.65 2.31 5.15 0.56 2.26 4.50 7.51 4.51 7.90 3.50 0.50 0.50 0.86 4.71
Low
Close
9.10 3.25 9.35 1.70 0.40 21.10 17.00 62.50 1.75 250.00 1.22 58.50 0.60 2315.00 21.00 84.60 76.09 2.97 59.00 46.55 43.00 6.00 4.06 21.61 20.61 2.55 2.30 8.80 6.35 7.00 9.44 25.29 9.60 1.00 0.90 30.11 22.70 58.00 47.16 2.20 53.01 7.62 2.80 1980.05 2.00 46.00 9.45 2.13 7.00 2.00 3.30 1.75 2.89 1.74 3.50 394.50 7.58 6.75 0.78 1.19 8.50 5.25 260.00 2.89 0.75 24.09 90.03 309.99 19.71 14.00 8.49
9.10 3.25 9.35 1.70 0.40 21.10 17.00 62.50 1.75 255.03 1.22 58.50 0.60 2430.01 21.25 88.80 76.09 2.97 59.00 47.25 43.00 6.71 4.06 22.16 20.61 3.39 2.39 8.80 7.00 7.00 9.44 26.68 9.60 1.00 1.34 32.21 22.70 58.00 47.16 2.99 56.00 8.08 2.80 2144.44 2.00 46.70 9.45 2.31 7.25 3.30 3.30 1.75 2.89 1.74 3.50 394.50 7.58 6.75 0.78 1.19 8.50 5.25 260.00 2.89 0.75 24.09 90.03 309.99 19.71 14.00 8.49
Change
Vol
-1.00 0.25 -0.20 -0.05 -0.23 -1.10 -0.03 0.00 -0.01 7.83 0.07 0.26 0.22 -4.99 0.30 -0.25 3.21 0.07 -1.00 0.22 0.09 0.61 -0.04 0.37 -1.06 0.69 -0.08 0.05 0.20 -0.10 -0.37 0.30 1.00 -0.04 0.09 0.71 0.00 0.00 -2.48 0.41 1.00 -0.01 0.16 69.61 -0.02 -0.09 0.15 0.06 0.25 0.70 0.00 -0.09 -0.36 0.29 1.00 -5.43 0.58 -0.13 0.04 0.09 -0.71 -0.50 -8.00 0.89 -0.25 1.14 -4.73 7.90 -0.39 0.28 0.49
100 100 100 100 100 100 100 78 70 63 55 51 50 43 40 40 40 33 30 27 26 21 20 20 19 19 18 10 10 10 10 9 8 7 7 7 5 5 5 4 4 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 1 1
FUTURE CONTRACTS
Performance of SR Equity Investment Instruments Index Open 1,316.68 Turnover 3,281,880 P/E (x) 21.13
High 10.40 3.25 9.35 1.70 0.40 21.10 17.00 62.50 1.75 259.00 1.38 60.50 0.69 2468.00 21.25 89.00 76.09 2.98 59.00 48.90 45.05 6.83 4.06 22.85 22.75 3.62 2.60 8.80 7.00 7.00 9.44 26.75 9.60 1.00 1.40 33.07 22.70 58.00 47.16 3.55 57.74 8.23 2.89 2146.00 2.84 47.39 9.70 2.31 7.49 3.30 3.49 1.95 2.90 2.00 3.50 394.50 7.58 6.75 0.80 1.48 8.50 5.25 260.00 2.89 0.75 24.09 90.03 311.99 19.71 14.00 8.68
% Change 0.31 5-Day High 1,320.79 5-Day Low 1,301.92 2011 Div BR (%) (%)
10B -
-
Open
NBP-JAN NBP-DEC DGKC-DEC FFBL-JAN ANL-JAN ENGRO-JAN ENGRO-DEC UBL-JAN NML-DEC POL-JAN NML-JAN DGKC-JAN POL-DEC FFBL-DEC MCB-DEC PSO-DEC PSO-JAN ANL-DEC UBL-DEC FFC-DEC PPL-DEC PPL-JAN MCB-JAN FFC-JAN AICL-DEC OGDC-JAN PTC-JAN NCL-DEC OGDC-DEC LUCK-JAN BOP-JAN PTC-DEC LUCK-DEC AICL-JAN NCL-JAN HUBC-DEC BOP-DEC
-
73.31 72.90 29.97 37.41 10.06 194.28 192.94 65.85 63.45 292.03 63.57 30.19 290.79 37.21 224.89 294.89 296.00 9.95 65.11 124.12 213.41 214.93 225.24 125.86 87.38 168.00 19.30 22.71 168.12 75.95 9.56 19.24 75.13 87.92 22.86 36.94 9.61
High 74.60 74.10 30.14 37.45 10.10 195.59 194.99 69.10 63.45 292.50 63.70 30.30 291.00 37.00 226.85 296.00 297.50 10.00 68.36 126.80 214.05 215.50 227.00 128.00 87.65 169.69 19.65 22.18 169.70 76.00 10.13 19.45 75.50 88.00 22.00 37.15 9.80
Low
Close
73.27 72.90 29.65 36.51 9.91 190.80 189.75 66.00 62.55 289.70 63.00 29.71 288.00 36.20 224.00 294.00 294.50 9.85 65.75 124.00 212.40 213.00 224.01 125.50 86.84 167.00 19.50 22.10 167.11 75.01 9.92 19.40 74.50 87.11 22.00 37.15 9.80
74.35 73.88 30.00 36.73 9.95 191.17 190.14 68.69 62.85 291.19 63.09 30.04 289.89 36.51 225.09 295.28 296.22 9.88 68.00 125.70 213.95 215.11 225.46 127.28 87.07 168.28 19.61 22.12 168.59 75.63 9.93 19.40 75.48 87.25 22.00 37.15 9.80
Change 1.04 0.98 0.03 -0.68 -0.11 -3.11 -2.80 2.84 -0.60 -0.84 -0.48 -0.15 -0.90 -0.70 0.20 0.39 0.22 -0.07 2.89 1.58 0.54 0.18 0.22 1.42 -0.31 0.28 0.31 -0.59 0.47 -0.32 0.37 0.16 0.35 -0.67 -0.86 0.21 0.19
Vol 536000 447500 424500 372000 318500 272500 221000 217500 216500 216000 210000 190000 154500 137500 128000 117000 116000 116000 102000 76000 75500 71000 68500 32500 32500 31500 29000 26000 19500 19500 19000 16500 12500 9000 8500 1500 500
BOARD MEETINGS
Bank Al-Falah Ltd
KSE 100 INDEX
National Bank of Pakistan
Fauji Fertiliser Bin Qasim Ltd
Company
Date
Time
Al-Noor Sugar Mills Ltd Shahmurad Sugar Mills Ltd Faran Sugar Mills Ltd Adam Sugar Mills Al-Abid Silk Mills Highnoon Laboratories Alfalah GHP Value Fund Alfalah GHP Islamic Fund Shaheen Insurance JDW Sugar Mills Ltd Sanghar Sugar Mills Ltd Al-Abbas Sugar Mills Ltd Haseeb Waqas
30-Dec 30-Dec 30-Dec 30-Dec 30-Dec 30-Dec 30-Dec 30-Dec 31-Dec 3-Jan 3-Jan 3-Jan 3-Jan
11.00 3.00 3.30 11.30 11.00 11.00 4.00 4.00 10.00 11.00 11.30 5.30 9.00
TECHNICAL LEVELS Company
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
74.62
Support 1
11,819.85
MA (5-day)
11,858.96
Support 2
11,753.65
MA (10-day)
11,827.09
Resistance 1
11,947.55
MA (100-day)
10,529.17
Resistance 2
12,009.10
*Arif Habib Ltd
10,300.20
Pivot
resistance level at 11,947.55 and 2nd resistance level at 12,009.10, while Index will continue to find its 1st support level at 11,819.85 and 2nd support level at 11,753.65.
Brokerage House
Buy
*Arif Habib Ltd
AKD Securities Ltd
10.25
Accumulate
AKD Securities Ltd
TFD Research
14.01
Positive
TFD Research
Technical Outlook Technical Analysis 68.17 10.77 9.18 9.81
11,881.40
mal. As far as resistance level is concern, the market will see major 1st
Rs Recommendations
13
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 37.97 points at 11,886.02. Volume was 13 per MA (100-day) cent above average and Bollinger Bands were 12 per cent wider than nor- MA (200-day) MA (200-day)
Fair Value
Rs Recommendations
34.7
Sell
*Arif Habib Ltd
Accumulate
AKD Securities Ltd
Negative
TFD Research
32.06 29.1
674.58 7,562.02 N/A 10.98
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
60.97 36.07 30.74 30.02
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
326.94 11,920.18 74.34 36.81
* Target price for Jun-11 & **Net Open Interest in future market
Brokerage House
oscillators are currently bullish on BAFL.
Brokerage House
Fair Value
Rs Recommendations
72.5
Buy
AKD Securities Ltd TFD Research
*Arif Habib Ltd AKD Securities Ltd
56.82
Accumulate
TFD Research
78.44
Positive
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
71.29 65.49 56.84 56.98
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Fair Value
Rs Recommendations
24.04
Buy
*Arif Habib Ltd
Positive
AKD Securities Ltd
30.5
Brokerage House
Technical Outlook
Leverage Position 306.04 20,869.20 12.04 66.72
* Target price for Jun-11 & **Net Open Interest in future market
82.1
Buy
61.96
Neutral
92.3
Positive
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
71.73 72.05 66.41 68.57
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.44 23,526.66 205.77 73.42
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
54.28 19.27 19.01 19.54
playing an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into NBP (bullish). Trend forecasting oscillators are currently bullish on NBP. Momentum oscillator is currently indicating that NBP is currently in an overbought condition.
Fauji Fertiliser Co
Brokerage House
585.00 11,378.24 8.20 19.34
Rs Recommendations
176
Sell
*Arif Habib Ltd
127.8
238.8
Buy
AKD Securities Ltd
122.1
Positive
TFD Research
208.75
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
Fair Value
50.99 193.98 179.89 185.04
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
114.33
Rs Recommendations Hold Accumulate Neutral
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
NBP is currently 9.2 per cent above its 200-day moving average and is dis-
Engro Corporation
TFD Research
Technical Outlook Technical Analysis
ing oscillators are currently bullish on FFBL.
Pakistan Telecommunication Co Ltd
United Bank Ltd
Rs Recommendations
BAFL closed up 0.52 at 11.21. Volume was 506 per cent above average FFBL closed down -0.68 at 36.46. Volume was 220 per cent above average NBP closed up 1.11 at 73.88. Volume was 95 per cent above average and (trending) and Bollinger Bands were 28 per cent wider than normal. Bollinger Bands were 9 per cent wider than normal. (trending) and Bollinger Bands were 12 per cent narrower than normal.
KSE 100 INDEX is currently 15.4 per cent above its 200-day moving aver- BAFL is currently 14.3 per cent above its 200-day moving average and is FFBL is currently 21.5 per cent above its 200-day moving average and is age and is displaying an upward trend. Volatility is low as compared to the displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to 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 reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is reflect very strong flows of volume into BAFL (bullish). Trend forecasting reflect moderate flows of volume into FFBL (mildly bullish). Trend forecastcurrently indicating that INDEX is currently in an overbought condition.
Fair Value
Technical Outlook
Technical Outlook
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Brokerage House
Fair Value
147.48 27,986.10 162.96 191.77
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
80.73 120.03 109.46 109.32
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
373.19 46,902.50 34.39 125.24
* Target price for Jun-11 & **Net Open Interest in future market
UBL closed up 3.14 at 68.19. Volume was 392 per cent above average PTC closed up 0.26 at 19.45. Volume was 154 per cent above average ENGRO closed down -2.91 at 189.76. Volume was 115 per cent above FFC closed up 1.11 at 125.68. Volume was 206 per cent above average (trending) and Bollinger Bands were 126 per cent wider than normal. average and Bollinger Bands were 41 per cent wider than normal. (trending) and Bollinger Bands were 57 per cent narrower than normal. UBL is currently 19.7 per cent above its 200-day moving average and is PTC is currently 0.4 per cent below its 200-day moving average and is dis- ENGRO is currently 2.5 per cent above its 200-day moving average and is FFC is currently 14.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to playing an upward trend. Volatility is relatively normal as compared to the displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators 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 very strong flows of volume into FFC (bullish). Trend forecasting reflect very strong flows of volume into UBL (bullish). Trend forecasting oscillators are currently bullish on UBL. Momentum oscillator is currently reflect moderate flows of volume into PTC (mildly bullish). Trend forecast- reflect moderate flows of volume into ENGRO (mildly bullish). Trend fore- oscillators are currently bullish on FFC. Momentum oscillator is currently (trending) and Bollinger Bands were 45 per cent wider than normal.
displaying an upward trend. Volatility is extremely high when compared to
indicating that UBL is currently in an overbought condition.
ing oscillators are currently bullish on PTC.
casting oscillators are currently bullish on ENGRO.
indicating that FFC is currently in an overbought condition.
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 46.17 3.20 3.15 74.73 65.75 63.75 49.77 62.45 61.95 56.72 24.90 24.50 50.05 26.15 25.90 59.53 86.20 85.55 58.36 17.00 16.80 39.57 9.75 9.65 51.76 322.10 319.70 55.34 121.15 120.25 68.17 10.65 10.10 54.10 3.25 3.15 51.68 9.55 9.30 51.74 2.10 2.05 49.79 29.60 29.35 55.15 2.85 2.75 42.91 2.65 2.60 49.50 43.30 42.50 35.74 71.70 70.55 50.99 187.55 185.30 57.23 14.70 14.30 54.01 5.05 4.95 60.97 36.00 35.60 80.73 123.60 121.55 66.33 117.05 115.05 59.85 36.70 36.35 64.44 142.05 141.40 56.61 255.25 251.95 53.05 3.95 3.85 41.59 1.55 1.50 45.45 2.45 2.35 44.21 10.85 10.70 59.43 40.50 40.25 58.24 2.70 2.65 59.76 13.10 12.95 50.13 74.85 74.10 68.11 223.35 221.80 47.45 2.85 2.80 71.73 73.10 72.35 46.93 21.80 21.55 39.33 18.25 18.10 42.31 2.70 2.65 58.02 1.95 1.90 61.85 62.30 61.90 62.66 167.25 165.85 40.68 2.70 2.60 43.67 2.10 2.05 52.24 2.25 2.15 31.98 6.60 6.50 62.68 288.10 286.55 61.72 212.40 211.10 51.32 70.65 70.00 64.28 293.50 292.15 54.28 19.20 18.95 63.86 206.15 204.60 33.68 26.05 25.60 50.34 13.30 13.10 35.70 19.80 19.35 45.66 2.20 2.15 34.92 3.55 3.45 71.29 66.25 64.35 45.61 2.70 2.65
1st 2nd Resistance 3.30 3.35 68.80 69.90 63.20 63.50 25.95 26.60 26.85 27.30 87.65 88.50 17.35 17.55 10.00 10.15 327.45 330.40 123.10 124.25 11.65 12.05 3.45 3.55 10.05 10.30 2.30 2.45 30.10 30.40 3.15 3.30 2.80 2.90 45.05 46.00 74.25 75.65 193.70 197.60 15.45 15.70 5.20 5.25 37.15 37.80 127.50 129.35 120.55 122.00 37.20 37.35 143.25 143.85 262.65 266.75 4.20 4.35 1.70 1.75 2.60 2.70 11.15 11.35 41.05 41.35 2.80 2.85 13.35 13.50 76.15 76.80 226.70 228.45 2.95 3.00 74.40 74.90 22.55 23.00 18.50 18.70 2.85 2.90 2.10 2.20 63.40 64.10 170.35 172.00 2.85 2.95 2.20 2.25 2.45 2.55 6.75 6.85 291.05 292.50 214.55 215.40 72.20 73.15 296.25 297.60 19.65 19.80 208.90 210.00 27.15 27.80 13.75 14.00 20.95 21.60 2.30 2.35 3.70 3.80 69.20 70.25 2.85 2.95
Pivot 3.25 66.80 62.70 25.55 26.60 87.05 17.20 9.90 325.05 122.25 11.05 3.35 9.80 2.25 29.85 3.00 2.75 44.25 73.10 191.45 15.00 5.10 36.70 125.45 118.50 36.85 142.65 259.35 4.10 1.60 2.50 11.05 40.80 2.75 13.25 75.45 225.10 2.90 73.65 22.25 18.40 2.75 2.05 63.00 168.95 2.75 2.15 2.35 6.70 289.55 213.25 71.55 294.90 19.40 207.30 26.70 13.55 20.50 2.25 3.65 67.30 2.80
8
Thursday, December 30, 2010
Turkish Airlines Aims for Stars: CEO Qutubuddin KARACHI: Dr Temel Kotil, President and CEO of the Turkish Airlines Wednesday said that he hoped 2011 would be a better year for airline business while the year 2010 was just average. Dr Kotil said this was his third visit to Pakistan and he had plans to further elaborate and determine how to improve relations between Turkish Airline and Pakistan people. Talking to media here, he said, 2008 was the worst year for the industry. Turkish Airlines, he said was a profit-
making company registering a 10 per cent growth this year while others shrank by 5 per cent. Turkish Airlines, he said, was the 8th largest airline of the world having 960 destinations around the globe In Europe alone, it has 72 destinations while its area of operation includes Asia, Russia, Italy and Africa which was now an expanding market. The airline has a fleet of 153 aircraft of which 25 are widebodied and the rest are narrowbodied. The company has ordered 19 more aircrafts out of which eight have already been received and rest would
About Dr Temel Kotil, CEO THY
Born in 1959, Mr. Kotil graduated from Aeronautical Engineering Department at Istanbul Technical University (ITU) in 1983. He received his PhD degree from the University of Michigan, Ann Arbor, in 1991. After founding and managing the Aviation and Advanced Composite Laboratories of ITU, he also served as chair and associate dean of Faculty of Aeronautics and Astronautics Engineering. He served as the Head of Research Planning and Coordination Department in Metropolitan Municipality of Istanbul. Going to US for a second time in 2001, he served as guest professor in the University of Illinois, followed by a position of Research Engineer in Advanced Innovative Technologies Inc, in Troy, New York, between 2002 and 2003. Dr Kotil started his career with Turkish Airlines in 2003, as the Deputy General Manager in Turkish Technic, Inc. He became the CEO of Turkish Airlines in 2005. Dr Kotil has served on the Board of Governors of IATA since 2006.Kotil, married with 4 children, has many articles and publications in the aeronautical science journals, and papers in seminars and conferences.
KARACHI: CEO of Turkish Airlines Dr Temel Kotil snapped with other guests after his press briefing at local hotel.-Staff Photo
Give Gorakh Hill a Go Syeda Mahwish Fatima Naqvi
G
orakh Hill is an under development hill station in Sindh. It is situated at an elevation of 5,688ft in the Kirthar Mountain Range's Sindh segment, 93km northwest of Dadu city. Gorakh is situated on one of the highest plateaus of Sindh, spread over 2,500 acres (10 km-sq), and due to its surroundings is a pleasant adventure point for nature lovers. Gorakh also serves as gateway for the villagers of Khuzdar District, Balochistan, who come over to the village, Wahi Pandi, in Sindh's segment of Kirthar, about a third way downhill from Gorakh Hill Station... for purchasing food and other utilities. The Gorakh Hill summit can only be reached with 4x4 vehicles, which are available in Dadu and Johi. The last small town before the Gorakh Hill is Wahi Pandi, settled in the lap of the Kirthar range. The road thereafter is rises slowly at the milestone of 53km when one enters the "Yaroo Sain Jo Luck". After crossing this pass 2,500ft (760m) above sea level, the journey continues in the mountains and at the milestone 76km one reaches the base camp of another highest pass of the Kirthar range. It is known as Khanwal Pass (KP) on the elevation of 3,000 ft (910 m) and at the top of the KP the elevation is 5,000 ft (1,500 m) above sea level. The distance between the KP base camp and the KP top is four kilometers. The four-kilometer journey is way too zigzag. After reaching the top of KP, the drive
continues to the Gorakh Hill top, which is 13km ahead. At the top of the hill there is a small resthouse, the only facility so far made available. The Sindh segment of Kirthar mountains, has a large number of mountain peaks over 5,500 feet (1,700m) high, and before Shaddan Shah's discovering the highest peak in Kirthar, at a height of 7,056 feet (2,151m) approx, via Google Earth Telemetry, at the exact coordinates of: 27 12.35 10 North, 67 09.33 88 East, another Peak, in Sindh's Northern segment of Kirthar known as Kuttay ji Qabr, nearly at 6850 was considered the highest peak. It is now the second highest peak of Sindh. Shaddan Shah, as the discoverer of the exact location and height of the highest mountain peak in Sindh, over 7,056 feet (2,151 m), has, paying his tribute, named it Koh-iBenazir, honouring Benazir Bhutto.
HOW TO REACH GORAKH HILL You can easily go by car to Dadu or take a bus charging R.450 per person from Karachi. The buses are air-conditioned with comfortable seats and take about five to six hours to make it to Dadu. In Dadu you can find reasonable hotels to stay before moving ahead --available for Rs800 (non-air conditioned) to Rs2,000 (air-conditioned). Beyond Dadu, one can continue travel with car but the last 50km journey (out of total 100km from Dadu to Gorakh) are only be jeeped. The jeeps
can be hired from Dadu city. Depending on the jeep condition and time of the year, the rent may vary from Rs4,000 to Rs5,000 per trip. If you can find one of the contractors working for the hill station going up he would happily take you along and bring back safely. Once there, one must be prepared to sleep in one's own camp or in the open. Similarly, you are advised to bring all food provisions including water. The area is perfectly safe. No robbery has been reported there for the last 10 years. Now this gem of a site now needs to be developed on the lines of Murree Hills so that a new tourist attraction could appear on Pakistan's tourism map.
WORD OF THE PRESIDENT In this regard President Asif Ali Zardari has said that development projects should be started through public-private partnerships to boost growth and employment opportunities in the country and expressed his approval for the initiation of development of Gorakh Hill station. The president took notice of the law and order situation and other hurdles faced by local business community and ensured that addressing these concerns is among government's top priorities." Let's see how soon these commitments come true. Author is associated with Sindh Tourism Development Corporation as Manager Publicity & Promotion
ABU DHABI: Etihad Airways has won the "Airline of the year" title at the Aviation Business Awards-2010 held recently in Abu Dhabi. Picture shows, Etihad Airways' Acting Chief Strategy & Planning Officer, Roy Kinnear and VP Sales-UAE, Hareb Al Muhairy, holidng the award.
be delivered next year. He pointed out that the average age of aircraft operated by Turkish airlines was 6.2 years which compared favorable with the 7 plus year of other European airlines. He said the airlines was focusing on the passenger comfort and has recently introduces comfort class which was close to business class and has 45 inches of space instead of normal 30 inches. The motto of the airlines is to work 25 hours a day and the rule of the thumb is to provide passengers with the service they require, he said adding that smaller cities of Europe
would be added to the destination of the airlines down the line. Temel kotil concluded by saying the personnel of Turkish airlines were striving to make Turk Hava Yollari (THY) one of the best airlines in the world and it was close to achieving this of attaining status of a five-star airline by hard work and dedication. He hoped that their presence in Pakistan would also increase as commercial activity was increasing here. At the press briefing, Dr Temel Kotil was accompanied by Utku Yazan, Country Manager and Adnan S Khan, Marketing Manager Pakistan.
KARACHI: The CEO of Turkish Airlines Dr. Temel Kotil accompanied by Country Manager, Utku Yazan and Marketing Manager Pakistan Adnan Khan addressing a press conference at a local hotel.-Staff Photo
Tourism Dept dislicenses three tour operators LAHORE: Department of Tourist Services, Federal Ministry of Tourism has cancelled 3 licences of travel agents and tour operators for the violation of rules and regulations, non-payment of annual renewal fee and submission of bank guarantee. Provincial Chief, Tourist Services, Punjab Region, Muhammad Nasim Laber told APP here that all defaulters were reminded several times to clear the payment of renewal fee but no positive response was received. There was no other option except to cancel it, he added. He said the licences were cancelled in a transparent manner and in line with government policy across the Punjab province except Rawalpindi Division. Laber said that nearly 1000 travel agents and tour operators are registered, of which 75 per cent are engaged in conducting tours for Umra and Hajj while remaining are concerned with air ticketing. Meanwhile In Charge licensing section Punjab Assistant Controller, Tourist Services, Wazir Ahmad Bosan, has warned travel agents and tour operators to clear their financial liabilities towards Tourist Services Department well in time otherwise their licences will be cancelled.-APP
PIA's Board meets, moots growth
‘PIA winged it to new skies in 2010’ KARACHI: Defence Minister Chaudhry Ahmed Mukhtar has said that PIA has launched new routes to some international destinations during the current year. He was speaking at the inauguration of Shaheed Mohtarma Benazir Bhutto Apna Ghar Scheme for lower grade employees of Pakistan International Airlines (PIA). Sindh Chief Minister Syed Qaim Ali Shah, Information Minister Qamar Zaman Kaira, Labour Minister Syed Khursheed Shah, ministers and advisors were also present on the occasion. He said that C PIA has also enhanced seating capacity at some important international routes to provide more facilities to passengers. He said that for the first time in last four years, PIA has posted an operating profit during 2009 due to reduced expenses and improved efficiency. He said that 1900 apartments will be constructed over 10 acres of land in next two years to provide residential facilities to PIA employees especially female workers. Speaking on the occasion Managing Director PIA, Captain Ejaz Haroon said that the airline has earned an operating profit of Rs3 billion during 2009. During 2009, PIA's revenues surged to Rs80 bil-
lion and we are expecting to reach Rs100 billion mark during 2010, showing a growth of 25 per cent, he added. Talking of the business plan for PIA, Ejaz said the board has accorded the approval to the plan and now it is awaiting the nod of Cabinet and the President. He also urged president Zardari to allow PIA to adjust 3000 daily wages workers against the retiring employees. Meanwhile PIA's 329th Board of Directors meeting was held at its Head Office here. A PIA statement said that the Board has approved the corporate budget for the year 2011 with a revenue target of Rs133 billion which is 22 per cent higher than the expected actual revenues of 2010. Board emphasised that management should take all out steps to meet the assigned target. The Meeting was chaired by Ch Ahmed Mukhtar, Minister for Defence and Chairman PIA, and attended by Captain Muhammad Ejaz Haroon, Managing Director PIA, Syed Naseer Ahmad, Malik Nazir Ahmed, Javed Akhtar, Lt Gen (Retd) Syed Athar Ali, Federal Secretary Defence, Mubashir Iftikhar, Dr Waqar Masood Khan Federal Secretary Finance, and Hussain Lawai.-APP
Air India demands huge bucks for next fiscal MUMBAI: State-run carrier Air India has sought an additional Rs20 billion from the government for FY12, Aviation Minister Praful Patel said this week. The minister also said fund infusion of 12 billion rupees is expected in a few days. "It is a committment of the government of India to ensure that the national carrier is in good health. Some parameters have already improved, but much more needs to be done," Patel said. Passenger traffic at Air India rose 13.3 per cent to 9.05 million in April-November, while revenue rose 22.6 per cent to 72.5 billion rupees in the period, it said in a press release. Air India still has debt of about 190 billion rupees and is trying to cut costs through fleet and route rationalisation. Patel also said that a debt restructuring plan to reduce the interest burden for Air India was expected to be completed by end January. Kingfisher Airlines, India's second largest carrier by market share, is also recasting its debt and plans to convert some of it into equity. The International Air Transport Association (IATA) had in September forecast a combined loss of $400 million for Indian airline companies in 2010. The sector posted a combined loss of $1.7 billion in 2009.-Reuters
9
Thursday, December 30, 2010
Oil dips on profit taking, awaits US inventory data
European vegetable oil prices
Forecasts for warmer US weather pressure oil prices NEW YORK: US crude oil prices fell in light trade on Wednesday but stayed close to recent 26-month highs, pulled down by profit-taking as markets awaited the release of US inventory data. Analysts forecast a drawdown in crude oil inventories and a gasoline stock build last week as refiners took measures to limit stocks for year-end tax considerations. US crude for February delivery edged down 33 cents, or 0.36 per cent, to $91.16 a barrel at 16:29 GMT, while ICE Brent crude fell 24 cents to $94.14. Crude volume on the New York Mercantile Exchange remained thin with many players out due to the holidays. Nearly 120,000 contracts had traded just before midday.
"We're seeing light long liquidation before the end of the year, a day after crude showed amazing resilience, switching courses in the middle of the stream," said Peter Beutel, president of Cameron Hanover.
Indian sugar declines
Copper hits record on ‘11 demand view
NEW DELHI: India sugar futures fell on Wednesday reacting to the government's decision on late Tuesday to continue the stock limit for the sweetener. Traders and analysts said higher cane crushing would also continue to weigh on prices. "The main trigger behind the fall is the decision of the government to extend stock limits. Prices are likely to remain subdued due to crushing. But high international prices would give some support to the local market in the long term," said Chowda Reddy, chief analyst with JRG Wealth Management. A panel of ministers on Tuesday extended stocks limit on sugar for three more months as crushing got delayed due to unseasonal rains. The stock limit was to expire on Dec. 31. The mosttraded sugar-M grade contract for January delivery closed 1.73 per cent lower at 3,015 rupees per 100 kg. Traded volumes were at 23,060 tonnes with 1,494 contracts. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety fell by 11.4 rupees to 2,878.25 rupees per 100 kg. A New Delhi-based trader said extension of stocks limit indicated that the government would go slow on allowing further exports. The country has allowed unrestricted exports of 500,000 tonnes of sugar on Dec. 15. -Reuters
BD tea prices edge up at weekly sale DHAKA: The average price of Bangladeshi teas rose 1.42 per cent to 192.66 taka ($2.72) per kilogram at the weekly auction on Tuesday, brokers said. More than 1.88 million kilograms were sold, leaving 6.47 per cent of the offer to be carried back. Bangladeshi buyers, including exporters mainly to the Commonwealth of Independent States and Pakistan participated in the auction, held in the country's lone auction centre in the main port city Chittagong. "There was more demand this week and prices improved despite a larger offering," said a report by the National Brokers Limited, the largest tea broking firm in the country. Different grades were sold between 170 taka and 226 taka per kg in the auction. The next auction will be held on Tuesday, Jan. 4, 2011, with more than 2 million kg on offer. -Reuters
"Investors will jump either on the weaker Euro or equities once the profit-taking is done," he added. Crude inventories in the world's biggest economy were pegged to have fallen 2.9 million barrels, while gasoline stocks were seen up 1.5 million barrels, according to a Reuters poll of analysts. "There are no economic indicators coming out today so the market is waiting for tomorrow's
LONDON: LME copper hit a record high on Wednesday, playing catch up with US prices on prospects of recovering 2011 demand, while a rate rise in top consumer China at the weekend failed to quell the metal's record run. Three-month copper on the London Metal Exchange finished at $9,400 a tonne, up from $9,360 a tonne on the LMESelect close on Friday. Markets in London were closed on Monday and Tuesday for Christmas bank holidays. The metal used in power and construction earlier hit a new all-time high of $9,447 a tonne, spurring momentum in other metals such as battery material lead and galvanising metal zinc which rallied near four per cent at one point. "The rate rises don't seem to have made much of a difference to copper's upward trend. Of course the market looks overdue for a correction but we may have to wait until next year for that," said analyst Ed Meir of MF Global. Meir sees $10,000 as copper's next target. Copper has rallied with renewed vigour this month, with demand widely expected to outstrip supply next year. The global market was already in a 436,000-tonne deficit for the first nine months of 2010, an industry group said last week. COMEX copper was steady to slightly lower at 431.65.65 cents per lb, just a hair off the record high of 433.50 cents hit on Tuesday and a tad above equivalent prices on the LME. Copper output in the world's top producer dipped 0.3 per cent in November from a year earlier to 467,478 tonnes, a statistics body said Wednesday. Looking ahead, however,
inventory data after which I expect it will push higher," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. The American Petroleum Institute will report its weekly inventory data later on Wednesday, delayed by a day due to the Christmas holiday. The US E n e r g y Information Administration (EIA) will issue its weekly report on Thursday. US oil prices hit a 26month high at $91.88 on Monday after a major blizzard hit the northeastern United States and cold temperatures on the other side of the Atlantic pushed up demand. The gains, however, were later tempered by a Chinese rate increase that threatened to slow demand in the world's second biggest oil consumer. Reuters
signs have emerged that record prices have encouraged investors to reappraise opportunities. The high price will bring further hefty investment into the sector in Zambia next year, keeping it on track to produce
Shanghai copper rises Shanghai's third month copper contract rose 0.7 per cent to 69,510 yuan, not far from last week's 33-month peak of 70,000 yuan an annual 1 million tonnes by 2012, the head of the body representing foreign miners said. In inventories, copper stocks rose by a small 225 tonnes, having grown by over 6 per cent since mid-month. At 370,950 tonnes, total stockpiles are at two-month highs, but still down by one third since they hit a cycle high of 555,075 tonnes in February. Across other metals, lead, zinc and aluminium all rallied to their highest since November. Lead closed at six-week highs of $2,531 a tonne in, up from $2,437.50. Zinc ended at $2,398 from $2,299 a tonne amid good volumes of over 7,500 lots of three-months. A trader said that short-covering was fuelling lead as well as zinc, where trade may also be taking advantage of high prices to sell. Aluminium finished at $2,455 a tonne from $2,430. It earlier reached $2,480 a tonne, closing in on 2010 highs of $2,500. Western world unwrought aluminium inventories fell to 1.249 million tonnes in November from 1.334 million in October, the latest data showed. Stainless steel material nickel cut gains to finish at $23,845 from $23,921. Tin was $26,550 from $26,800 late on LMESelect on Friday. -Reuters
US cotton eases in thin, range-bound trade NEW YORK: US cotton futures closed lower on Tuesday on light investor sales as the market remained trapped in a range, with many big investors expected to stay away for the rest of the year, analysts said. The key March cotton contract on ICE Futures US fell 1.41 cents to finish at $1.4435 per lb, moving from $1.44 to $1.4949. Volume was seen at 7,000 lots, Thomson Reuters preliminary data showed. That would be just above the year low of 5,895 lots traded on June 25, according to exchange data. Cotton is the third-best performer in the Reuters-Jefferies commodity index so far this year, up over 76 per cent as the market reached levels not seen since the US Civil War in the 19th century. "We appear to be in a $1.40-
MINGORA - SWAT: Farmers works on onion sapling at a formerly flooded field in the area of Mingora, a town of Swat valley. -Agencies
Raw sugar hits 30yr peak, cocoa falls LONDON: ICE raw sugar futures rose to a fresh 30-year peak on Wednesday due to tight supplies, while ICE cocoa fell after data on bean arrivals showed ample supplies were getting through despite a power struggle in Ivory Coast. ICE arabica coffee futures edged higher in choppy trade and remained close to last week's 131/2-year peak, supported by limited availability of high-quality beans from Colombia. In the sugar market, dealers said investment funds were pushing futures up in a bid to square books in 2010 with high valuations. They noted cash demand was scarce at high prices. Adverse weather in key producers such as Brazil and Australia contributed to a tight global supply outlook. ICE March raw sugar was up 0.34 cent or 1 per cent at 34.73 cents a lb in a modest volume of 11,554 lots at 1604 GMT, having earlier touched a fresh 30-year peak of 34.77 cents a lb. London March white sugar was up $15.00 or 1.8 per cent at $835.40 per tonne at 1605 GMT, having earlier touched a contract high of $835.80 per tonne. Cocoa futures fell in holidaythinned trade after the latest bean arrivals figures from Ivory Coast showed that steady supplies were reaching the international market. ICE May cocoa traded $23 or 0.8 per cent lower at $3,059 a tonne in thin volume of 914 lots at 1606 GMT. Liffe May cocoa was up 11 pounds or 0.5 per cent to 2,053 pounds per tonne in thin turnover of 841 lots. ICE arabica coffee futures edged higher in volatile trade, underpinned by a soft dollar and tight supplies of high-quality beans. London robusta coffee was higher, tracking gains made in recent sessions on the arabica market while London was closed. Arabica coffee remained near the 13-1/2 year high of $2.435 a lb touched on Dec. 22, supported by tight supplies of high quality beans. ICE second-month arabicas were up 0.35 cent or 0.2 per cent at $2.4100 a lb at 1608 GMT. London second-month robustas were up $27 or 1.4 per cent at $2,024 per tonne in light volume of 11,035 lots. -Reuters
Gold edges up for 2nd day, US outlook clouds
ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil prices at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11/Apr11 1034.00-5.00, May11/Jul11 1038.00-5.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1095.00-5.00, May11/Jul11 1080.00-10.00, Aug11/Oct11 1000.00-10.00, Nov11/Jan12 1010.00-10.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1480.00+0.00, Apr11/Jun11 1440.00-10.00, Jul11/Sep11 1475.00+0.00, Oct11/Dec11 1370.00-10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1365.00-5.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1280.00-10.00, Feb11 1270.0015.00, Mar11 1270.00-7.50, Apr11/Jun11 1240.00-10.00. PALMOIL: RBD dlrs tonne cif Rotterdam Feb11 1270.00, Mar11 1267.50. PALMOIL: RBD dlrs tonne fob Malaysia Feb11 1225.0020.00, Mar11 1222.50-20.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Feb11 1235.00-20.00, Mar11 1232.50-20.00, Apr11/Jun11 1215.00-20.00, Jul11/Sep11 1197.50-20.00. PALM STEARIN: Dlrs tonne fob Malaysia Jan11 1205.005.00, Feb11 1205.00-5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 1875.00-5.00, Feb11/Mar11 1865.00-15.00, Mar11/Apr11 1860.00-15.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Jan11/Feb11 1990.00+10.00, Feb11/Mar11 1980.00, Mar11/Apr11 1980.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters
LONDON: Gold notched up a second straight day of increases to near two-week highs on Wednesday, closing in on a tenth consecutive yearly gain as doubt reemerged over the US economic outlook and weakened the dollar. Palladium hit fresh nine-year highs, driven by expectations for robust demand next year, while silver hovered near three-week
varieties," said Dennis Gartman, author of the Gartman investment newsletter. "Only the courageous or the ill-advised shall choose to 'fade' this trend and we are neither. Certainly we are not the former," he said, adding the group had added to its long position in dollar-priced gold on Tuesday. Gold is on track for a near 30per cent gain this year.
highs. The latest US data, which showed consumer confidence unexpectedly worsening in December and a drop in prices of single-family homes in October, was at odds with other signs suggesting recovery was accelerating in the world's largest economy. Spot gold rose 0.3 per cent to $1,409.85 an ounce by 1624 GMT, after hitting a two-week high of $1,406.75 on Tuesday. US gold futures for February delivery were up $5.4 an ounce at $1,411.00. "Is gold a bubble? Perhaps, but the trend is still clearly 'from the lower left to the upper right' on the charts and in all currency
Trading on the physical market was thin, with many market players sidelined over the holiday period, dealers said. Spot silver hit a three-week high of $30.64 an ounce, and was last at $30.26, still up 1.0 per cent on the day, led by a broad push higher across the commodities complex, with copper at record highs and crude oil steadying above $91 a barrel. Spot palladium reached a session peak of $793.50, its highest since March 2001, before trading at $791.50, up 0.8 per cent on the day. Platinum was trading at $1,745.49, down 0.4 per cent, but still near seven-week highs. SINGAPORE: Tokyo rubber -Reuters futures ended higher on Wednesday as crude oil held steady ahead of inventory data, but a firm yen capped gains as trading activity began to slow down ahead of year-end holidays. The most active contract on the Tokyo Commodity rose over the last few days," key Exchange, currently June 2011 , said a trader in Kuala Lumpur. The benchmark March 2011 settled 3.3 yen a kg a higher at crude palm oil contract on 411.1 yen, having fallen more Bursa Malaysia Derivatives than 2 per cent the previous day. Tokyo futures rallied to a settled 1.2 per cent lower to 3,733 Malaysian ringgit record of 419.3 yen on Monday. "Since we are heading towards ($1,206). The previous day, the contract hit the highest since the year-end holidays, I would expect some profit taking activiMarch 14, 2008. Overall traded volumes stood ties to set in," said Ker Chung at 11,599 lots of 25 tonnes Yang, an investment analyst at each, compared to the usual Phillip Futures in Singapore. "The yen is actually strength15,000 lots. US soyoil for January 2011 delivery fell 0.7 ening against the dollar. This is per cent in Asian trading hours. not a good sign for TOCOM The most active Sept. 2011 rubber to gain further momensoyoil contract on China's tum upward." In Shanghai rubDalian Commodity Exchange ber futures, the most active dropped 2.2 per cent after hit- May contract ended at 36,255 ting a 29-month high a day yuan per tonne, up from before. Traders said the market Tuesday's close of 36,030 yuan. was overbought but fundamen- Volume was moderate at tals were supportive. -Reuters around 704,000 lots. -Reuters
Tokyo rubber bounces after 2pc drop
Palm oil weakens, supply concerns linger KUALA LUMPUR: Malaysian palm oil futures snapped a seven-day winning streak on Wednesday, as traders booked profits although concerns over weak global vegetable oil production persisted. Palm oil, which hit a 33month high the day before, continued to draw support from heavy rains disrupting some harvesting in Malaysia and Indonesia. The market, up 40.2 per cent so far this year, has also been boosted by La Nina-driven hot weather potentially curbing soy production. "Palm is down on weaker Dalian's soyoil and US soy complex as traders were squaring positions before year-end since most commodity prices
National Commodity Exchange Ltd Trading Summary Date
Commodity
29-Dec-2010 CRUDE100 29-Dec-2010 CRUDE100 29-Dec-2010 CRUDE100 29-Dec-2010 SILVER - SL500 29-Dec-2010 SILVER - SL500 29-Dec-2010 GOLD 01oz 29-Dec-2010 GOLD 01oz 29-Dec-2010 GOLD 01oz 29-Dec-2010 GOLD 100oz 29-Dec-2010 GOLD 100oz 29-Dec-2010 GOLD 100oz 29-Dec-2010 GOLD 29-Dec-2010 GOLD 29-Dec-2010 GOLD 29-Dec-2010 KILOGOLD 29-Dec-2010 KILOGOLD 29-Dec-2010 TOLAGOLD50 29-Dec-2010 TOLAGOLD100 29-Dec-2010 MINIGOLD 29-Dec-2010 MINIGOLD 29-Dec-2010 MINIGOLD 29-Dec-2010 MINIGOLD 29-Dec-2010 MINIGOLD 29-Dec-2010 TOLAGOLD 29-Dec-2010 TOLAGOLD 29-Dec-2010 TOLAGOLD 29-Dec-2010 TOLAGOLD 29-Dec-2010 TOLAGOLD 29-Dec-2010 IRRI6W 29-Dec-2010 RICEIRRI - 6 29-Dec-2010 RBD PALMOLEIN 29-Dec-2010 KIBOR3M 29-Dec-2010 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
FE11 MA11 AP11 JA11 MA11 JA11 FE11 MA11 JA11 FE11 MA11 JA11 FE11 MA11 JA11 FE11 JA11 JA11 MON TUE WED THU FRI MON TUE WED THU FRI 30DE10 JA11 JA11 10-Dec 11-Mar
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
91.23 91.94 92.59 29.75 29.57 1399.00 1397.20 1398.00 1396.60 1405.00 1398.20 38786.00 38704.00 38584.00 38532.00 38541.00 44943.00 44943.00 39639.00 39682.00 39596.00 39610.00 39625.00 45568.00 45900.00 45519.00 45900.00 46000.00 2402.00 3375.00 5263.00 86.56 85.37
91.64 92.30 92.59 30.42 30.53 1407.80 1409.00 1410.70 1404.60 1408.00 1405.50 38786.00 38781.00 38796.00 38744.00 38753.00 45190.00 45190.00 39839.00 39883.00 39897.00 39810.00 39825.00 45802.00 45900.00 45869.00 46175.00 46334.00 2402.00 3375.00 5263.00 86.57 86.19
90.80 91.60 92.35 29.56 29.55 1396.60 1396.50 1397.20 1396.60 1397.20 1398.20 38560.00 38569.00 38584.00 38532.00 38541.00 44943.00 44943.00 39639.00 39682.00 39596.00 39610.00 39625.00 45568.00 45618.00 45519.00 45535.00 45552.00 3351.00 3373.00 5261.00 86.56 85.37
91.00 91.75 92.35 30.42 30.50 1404.60 1405.50 1406.60 1404.60 1405.50 1405.50 38771.00 38781.00 38796.00 38744.00 38753.00 45190.00 45190.00 39839.00 39883.00 39897.00 39810.00 39825.00 45802.00 45852.00 45869.00 45769.00 45786.00 3351.00 3373.00 5261.00 86.57 86.19
Traded Volume in lots 69 31 18 123 163 1,487 1,473 16 1 2 1 15 3 -
Previous Settlement Price 91.30 92.04 92.63 30.16 30.19 1403.20 1403.70 1404.80 1403.20 1403.70 1404.80 38730.00 38740.00 38755.00 38703.00 38712.00 45142.00 45142.00 39798.00 39841.00 39856.00 39769.00 39783.00 45754.00 45804.00 45820.00 45721.00 45737.00 3352.00 3375.00 5263.00 86.56 86.20
$1.50 trading range," said Mike Stevens, an independent cotton analyst in Mandeville, Louisiana. "There's nothing driving it." Many large investors will not return to the market until after the New Year, he said. Those who remain are content to maintain or defend their outstanding positions in fiber contracts. Cotton prices in China fared marginally better, with the May cotton futures on the Zhengzhou Commodity Exchange last traded at 27,745 yuan per tonne, up 85 yuan on the day. Analysts said the market's subdued tone may persist into early next month because many players will be attending annual industry meetings in Atlanta, Georgia, in January as well as in San Antonio, Texas, Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day in February. -Reuters
Current Open Interest Settlement in Lots Price 91.00 101 91.75 29 92.35 30.42 1 30.50 57 1404.60 160 1405.50 1,105 1406.60 1,593 1404.60 1405.50 7 1406.60 38771.00 31 38781.00 17 38796.00 38744.00 38753.00 45190.00 45190.00 39839.00 39883.00 39897.00 39810.00 39825.00 45802.00 45852.00 5 45869.00 45769.00 15 45786.00 2 3351.00 3373.00 5261.00 86.57 86.19 -
Inter Milan's coach Leonardo smiles during an presentation at team's training center
10
Thursday, December 30, 2010
I haven’t dropped my pace, says Akhtar KARACHI: Fast bowler Shoaib Akhtar, who recently made a return to Pakistan squad against South Africa after almost two years' gap, said he has not dropped his pace and is looking to play a match-winner's role for Pakistan in the World Cup February-April. Shoaib, who was once discarded as a spent force, said he can still bowl at 150 kmph. Shoaib said Wednesday he has modified his run-up and is feeling comfortable even after bowling longer spells. 'I have shortened my run-up but am still bowling at almost 150 kmph. It would have been great for my career had I modified my run-up 10 years ago,' said the 35-year-old from Rawalpindi. 'But I am still bowling well and am confident of playing a match-winner's role in the World Cup and will try to make it a memorable event for Pakistan,' said Shoaib, who took three wickets in three overs in the Twenty20 match against New Zealand at Auckland Sunday. Akhtar said that he wants to make a difference for Pakistan, currently experiencing a cricketing turmoil because of spotfixing allegations against some of the country's top players. 'I'm always an optimist when it comes to my fitness, I just want to make a difference and lead this team to some good results,' said Akhtar, who is currently in New Zealand with the Pakistan team.-Online
Pakistan football aims high Monitoring Desk LAHORE: The Pakistan Football Federation (PFF) President Faisal Saleh Hayat is eyeing a berth in the London Olympics and the World Cup qualifiers. Pakistan are to participate in a host of important events including the fourth AFC Challenge Cup and the SAFF Championship next year, which can help the side to secure a place in the high-profile tournaments. “We’ve made significant progress in promoting football in Pakistan,” said Hayat. “We’re optimistic about the sport gaining more popularity in the coming years.” The PFF Congress approved the calendar for 2011 with a budget amounting to more than Rs55 million. The federation also made several amendments in the constitution on the instructions of the AFC’s Vision Asia team, which aims to promote football in developing countries. “The PFF is committed to implement Vision Asia’s principles of football development in systematically developing the game in Pakistan. We have taken a lot of positives from the Vision Asia principles. Pakistan football made a giant leap when it was steered into AFC’s Vision Asia plan.” Hayat congratulated Wapda for winning the ongoing Pakistan Premier League and earning a place in the seventh AFC President’s Cup, and asked the PFF’s operation cell to accommodate two more teams in the tournament’s format. He also praised Young Rising Star for lifting the sixth National Women Championship, and generally lauded the efforts of female footballers for earning a semi-final spot in their second international assignment during the SAFF Women Championship.
Eng retain Ashes against Aussies MELBOURNE: England stormed to an imperious innings and 157-run victory in the fourth test to retain the Ashes on Wednesday and plunge a declining Australia side into a painful period of introspection. The victory, completed before lunch on the fourth day, gave holders England an unassailable 2-1 lead in the five-test series and made Andrew Strauss's team the first to take the Ashes home since the Mike Gatting-led triumph of 1986/87. Then, as now, the venue of the decisive victory was the Melbourne Cricket Ground, a hulking coliseum where England had enjoyed precious few victories in preceding years. On Wednesday, however, it resembled a Lord's or a Headingley, with thousands of English supporters clad in white and red chanting joyously in the stands as the tourists completed a stunning rout of their former tormentors. The England players embraced and pumped their fists in the air upon the dismissal of the hapless Ben Hilfenhaus, caught behind for a duck off Tim Bresnan's bowling, as Australia were all out for 258. "I think winning the Ashes has always been a bit of a holy grail for English sides," said Strauss, whose 'no complacency' mantra has been taken fully to heart by his business-like side. "We haven't won the Ashes
yet but we've obviously retained the urn which has certainly been one of our primary goals. "The guys deserve everything
now feeling like a lot of hard work has paid dividends for us." Ricky Ponting was gracious in defeat, but it was all pain and regret for the Australian skipper,
tinue to fight for Australia's leadership, even as the side faces years of rebuilding to regain their former standing. "It's out of my control," the
MELBOURNE: Andrew Strauss of England gestures to the crowd after England won the match during day four of the Fourth Test match between Australia and England.-Reuters
they get, the players have stood up and performed when it matters, the back-room staff have prepared us well and we sit here
who also lost on tour in 2005 and last year, as his woeful form at the crease mirrored the side's greater batting struggles.
T20 series winners NZ to rest McCullum
Shankar, Ehsaan-Loy compose song for WC
WELLINGTON: New Zealand's Brendon McCullum will miss Thursday's third and final Twenty20 international against Pakistan, having missed the first two with a back injury, New Zealand Cricket said on Wednesday. With New Zealand winning both the Twenty20 matches in Auckland and Hamilton, the Christchurch match has been rendered inconsequential, prompting the selectors to provide McCullum further rest ahead of the two-match test series against Pakistan starting on Jan 7, followed by six oneday internationals against the same opponents.
"Hopefully I'm not just remembered as that guy, the guy who lost those three Ashes series... I guess this result here is not one of my proudest."
"Brendon got through the fitness test well and we are pleased with the progress he has made," selector Glenn Turner said in a statement. "Although the signs are good the selection panel think the sensible approach is to rest Brendon for the final Twenty20 international against Pakistan. "This is in view of the heavy workload Brendon will shoulder in the upcoming test and (one-day) series. We believe the extra rest will be of benefit in the longer term." McCullum sustained the back injury during New Zealand's tour of India in November.-Online
PESHAWAR: A view of playing a valleyball match in connection 31st National Games at Qayyum Stadium.-Online
DUBAI: There will be a touch of Bollywood in next year's cricket World Cup in the subcontinent with the celebrated Indian musical trio of ShankarEhsaan-Loy composing the event's official theme song titled 'De Ghumaa Ke' with versions in Hindi, Bangla and Sinhalese. All three versions will feature in the build-up to and during the tournament that will run from February 19 to April 2 in India, Sri Lanka and Bangladesh. The three are one of the most popular and critically acclaimed music directors of Bollywood. "'De Ghumaa Ke' is a passionate expression that creatively captures the fierce sense of competition and the desire to win. It literally means Hit It Hard. This local cricket euphemism is every fan's wish and every cricketer's intention. It encapsulates all that it takes to win a match," the ICC said in a statement. The song will be released on December 31 via various radio networks in India and also on ESPN STAR Sports, the ICC's global production and broadcast rights holder.-Reuters
Speculation has been rife that the 36-year-old might relinquish the captaincy in disappointment, but Ponting said he would con-
under-fire skipper said of his tenure at the helm, as selectors prepare to choose the side for the fifth test in Sydney.
Australia had resumed on 169 for six, still facing a 246-run deficit to make England bat again but lost their remaining wickets shortly before lunch with a day and a half left to play. Chris Tremlett shattered Mitchell Johnson's stumps for six, while Peter Siddle defiantly slogged his way to 40 before belting a lofted drive off Graeme Swann straight to Kevin Pietersen at long on. The injured Ryan Harris did not take his place in the side, while wicketkeeper Brad Haddin, who had refused to gift his wickets cheaply like so many of his playing partners at the top of the order, was left stranded on 55 not out. Bresnan, called into the side for Steve Finn, was the pick of England's bowlers in the second innings, finishing with 450 after ripping through Australia's top order after tea on day three to quash the hosts' slim hopes of salvaging a draw. He and Tremlett, who replaced the injured Stuart Broad for the Perth test, made vital contributions in an England side whose collective efforts trumped an Australian team too often forced to rely on brilliant cameos. The win was also a stunning turnaround from the third test in Perth, where England slumped to a 267-run defeat that levelled the series 1-1.-Reuters
Afridi should not criticise players in public: Moin Khan Karachi: Former Pakistan captain Moin Khan has advised current skipper Shahid Afridi to stop criticising his own players in public. Afridi rapped his batsmen for Pakistan's defeat in their opening Twenty20 International against New Zealand in Auckland last Sunday and then turned his guns on his bowlers after the tourists crashed to a 39-run loss in the second T20 game in Hamilton Tuesday. Moin, a former Pakistan Test wicket-keeper, said the bowlers were below-par but was quick to add that instead of rapping them at the presentation ceremony, Afridi should talk to them in the dressing room. 'A captain should refrain from criticising his players in public because it can affect team spirit. Afridi is a very experienced player and should be aware of it,' said Moin Khan. Pakistan allowed New Zealand to post 185-7 at
Seddon Park and never really came close to achieving a much-needed win to level the series. The worst performance of the day came from pacer Umar Gul, who was milked for runs by the Black Caps. Gul, one of the most successful bowlers in the shortest format of the game, gave away 47 runs from three overs at 15.66. Fellow fast bowler Shoaib Akhtar was also quite expensive as he gave away 42 runs from his quota of four overs. 'We were let down today by our bowlers,' said Afridi, whose team has lost in all three of its matches played on the tour so far. 'I was expecting a much better performance from them but they were unable to bowl well in the match,' he added. Meanwhile, Ramiz Raja, another former Pakistan captain, suggested that Afridi should bat down the order instead of playing as an opener. 'The team needs his experi-
ence in the middle order,' he said. Afridi has promoted himself as an opener for the T20 series against the Black Caps but has so far failed to make much of an impact at the top of the order. Tuesday's loss means that Pakistan have already lost the three-match Twenty20 series but Afridi was confident that his team will now allow the hosts a clean sweep. 'We have to raise our game and I'm confident that we will do it in the next match. The team is going to improve in the coming games,' he stressed. Pakistan will meet New Zealand in the last match of the T20 series in Christchurch Thursday (tomorrow). It will be followed by two Tests and six ODIs. Experienced batsman Misbah-ul-Haq will take charge of the team as Test captain Friday while Afridi and a few other teammates will head back home.-Online
Ponting says losing vim after Ashes loss MELBOURNE: Heart-broken after failing to regain the Ashes on Wednesday, Ricky Ponting was forced to admit the captaincy issue was out of his hands and his powers with the bat may be on the wane. His team lost their remaining wickets before lunch to concede an innings and 157-run defeat to England in the fourth test, allowing the tourists to forge an unassailable 2-1 series lead and take the Ashes home for the first time in 24 years. Ponting, whose struggles with the bat have mirrored Australia's underwhelming campaign, became his country's first captain in 120 years to lose the Ashes three times. "I guess the fact that I lost
those three series is disappointing for me, hopefully I'm not only remembered as that guy, the guy that lost those three Ashes series," the 36-year-old told reporters. "As a player in the series I haven't achieved what I needed to achieve for the team to be in with a chance to win the Ashes back which I'm very disappointed about." Ponting scored 10 and 20 in both innings in Melbourne and as Australia's bowlers were put to the sword in England's innings of 513, his frustration spilled over into a heated tirade against the umpires over a failed video review on Monday. He was fined part of his
match-fee and later apologised but may find little forgiveness from a shattered Australian public after the team's slump in the five-test series. Ponting holds the record of 48 test wins at the helm, but has never been perceived as a great captain at home, where Ashes defeats to bitter rivals England are regarded as virtually unforgivable. He led Australia to a 5-0 whitewash of the tourists in 2006/07, but the triumph was bookended by losses on tour in 2005 and last year. Criticism of his captaincy has been his cross to bear and he has worn it defiantly amid his team's long decline following the retirements of greats
like Shane Warne and Glenn McGrath. But his sublime gifts with the bat, which have yielded 39 test centuries over the course of a glittering 15-year career, have never been in question. That they are now following a series in which he has scored a solitary half-century from eight innings, has proved almost as galling to the Tasmanian as defeat to bitter rivals England. "I wish I knew," Ponting told reporters with furrowed brow, when asked to explain his form lapse. "I've trained the same way, I felt like I've been well prepared for every game." "We've had four tests and
eight innings, a few of those I probably felt I hadn't done a lot wrong to be dismissed. "When you're having a run like I'm having at the moment, you tend to try and find ways of getting out and the game can just really grab hold of you and you feel like you're unlucky all the time." MOVE DOWN? Ponting has stuck barnaclelike to the number three position for most of his career, but admitted that selector Greg Chappell had talked to him about a possible move down the order to number four before the opening Brisbane test. The notion was a "twominute" conversation at the
time, Ponting said, but conceded the following three tests had taken their toll. "I guess there's been a few doubts creeping into my mind over the last couple of weeks, I'm not going to hide that," he said. "I definitely have to re-evaluate where I'm at as far as where I bat in a test match is concerned." The free-scoring Usman Khawaja, an untried Pakistanborn cricketer, had been floated as his successor. Ponting praised Khawaja as one of Australia's most technically-gifted players, but suggested his place at number three would not be conceded without a fight.-Reuters
International & Continuation
Thursday, December 30, 2010
China cbank: rate reforms can tame inflation BEIJING: China should hasten the liberalisation of its interest rate market to rein in accelerating inflation in the world's second-biggest economy, a senior Chinese central bank official said on Wednesday. Sheng Songcheng, the head of statistics at the People's Bank of China, said Beijing should lift the ceiling on deposit rates as it reforms the nation's financial markets by easing government control. Higher deposit rates will favour savers and drain the market of excess cash, seen by many as the main driver of inflation, which hit a 28-month high of 5.1 per cent in November. "China should allow the upward floating of deposit rates. It will gradually enable the mar-
ket to price in expectations on interest rate rises," he said in an article published on the central bank's website. www.pbc.gov.cn "That will help change the negative real deposit rates and curb inflation." Beijing controls China's interest rate market by setting a ceiling on deposit rates and a floor on lending rates. This protects banks from competition and ensures they have a decent interest rate margin, which is around three per centage points now. Public discontent over rising prices in China has led the Chinese government to adopt a tough anti-inflation stance. The nation's top leaders have said repeatedly that taming inflation is among their top priorities next
China cbank: rate reforms can tame inflation
year. Sheng said the central bank should consider asset prices and China-US interest rate differentials when setting monetary policy. Speculative demand in China's property market has pushed prices to record peaks. This increasingly worries the government as high consumer prices have stirred social unrest in the past. "The central bank should not only pay close attention to prices of general goods, but also asset prices," Sheng said. "Price changes in the stock and property markets affect Chinese people's wealth. Asset prices should become an important variable when setting our monetary policy," he said.-Reuters
German Dec inflation quickens; eyes on euro zone BERLIN: German consumer prices rose at their fastest annual pace in more than two years in December, signalling that inflation in the broader euro zone may be edging above the European Central Bank's target rate. The CPI index rose by 1.7 per cent, Statistics Office data showed on Wednesday, its highest rate since October 2008 and higher than analysts polled by Reuters had expected. The preliminary German reading -- based on data from six states -- provides the first indication of price trends across the euro area, where inflation is expected to inch up to 2.0 per cent in
December from 1.9 per cent last month. That would take the rate above the ECB's target of close to but below 2.0 per cent, though an analyst said price gains remained within acceptable limits. "The figures for December came out stronger than anticipated, driven by seasonal components such as package holidays, energy and foodstuffs. That was rather above average however, so the cold weather appears to have taken its toll," said Jana Meier of HSBC Trinkaus. "The ECB does not need to worry, though, since underlying price rises are moderate." Europe's dominant economy
is growing faster than its euro zone peers, some of which remain in or close to recession, making setting appropriate monetary policy a challenge for the ECB. At the bank's most recent policy meeting on Dec 2, its president Jean-Claude Trichet said euro zone inflation risks were broadly balanced, with energy and commodity prices weighing on the upside. In Germany's most populous state of North RhineWestphalia, consumer prices jumped 1.1 per cent on the month, up from a rate of 0.1 per cent a month earlier, while annual inflation picked up to 1.8 per cent from 1.5 per cent in November.-Reuters
BEIJING: China should hasten the liberalisation of its interest rate market to rein in accelerating inflation in the world's second-biggest economy, a senior Chinese central bank official said on Wednesday. Sheng Songcheng, the head of statistics at the People's Bank of China, said Beijing should lift the ceiling on deposit rates as it reforms the nation's financial markets by easing government control. Higher deposit rates will favour savers and drain the market of excess cash, seen by many as the main driver of inflation, which hit a 28-month high of 5.1 per cent in November. "China should allow the upward floating of deposit rates. It will gradually enable the market to price in expectations on interest rate rises," he said in an article published on the central bank's website. www.pbc.gov.cn "That will help change the negative real deposit rates and curb inflation." Beijing controls China's interest rate market by setting a ceiling on deposit rates and a floor on lending rates. This protects banks from competition and ensures they have a decent interest rate margin, which is around three per centage points now. Public discontent over rising prices in China has led the Chinese government to adopt a tough anti-inflation stance. The nation's top leaders have said repeatedly that taming inflation is among their top priorities next year. Sheng said the central bank should consider asset prices and China-US interest rate differentials when setting monetary policy.-Reuters
CONTINUATION No #1
Continued from page 12
ignored on important national issues but no heed was paid to it. He said that PM Gilani himself sabotaged the reconciliatory process. Maulana Fazl said that his decision to part ways with the govt is final and his party would not become part of any unconstitutional step to destabilize the democratic system. Sources further told that Maulana Fazl made it clear on Interior Minister Rehman Malik that he still stands by his decision of parting ways with govt and his decision was endorsed by the JUI-F CEC hence it is now impossible that he would reconsider his decision. Maulana Fazl said that the ball is now in the court of the govt and it should take action against those who sabotaged the reconciliatory process. He said that without punishing those who had back out from their promises and agreements matters cannot be settled. -Agencies
No #2
Continued from page 12
and an insurer in Mumbai were arrested over bribes totaling more than 200 million dollars paid to sanction loans to property developers. -Agencies
No #3
Continued from page 12
to do that," he said in response to a question. "You can look at this as a defence in depth, whereby you have your front line defenders, which are -- which really starts on the Pakistani side of the house, by the way. They have hundreds of border checkpoints across, backed up by dozens of checkpoints on our side that's manned by Afghan border police, and then we back those guys up with US and ANA forces, really to hand over the border piece to the Afghan border police," he observed."You can get more effects by defending in depth than you are in line. So we pick and choose where -- the best places that we can defend the border, and then be able to target those guys where they feel safe in. I think that's been the key to our success," he said. -Online
No #6
Continued from page 1
amendments in the original Ordinance of National University of Modern Languages Islamabad. It also accorded approval for signing of two agreements on Economics and Technical Cooperation for Grant Assistance of two hundred million dollars. Kaira said that the cabinet approved the instrument of ratification of agreement between the Governments of Pakistan and Indonesia and Pakistan and Sri Lanka and Tunisia, on the abolition of visa for diplomatic and official passport holders. Information Minister said that a detailed presentation was made to the cabinet on the Ministry of Railways, its current affairs immediate needs and future plans. The Cabinet agreed to support Pakistan Railways in meeting its immediate needs to keep it running till the finalization and implementation of restructuring plan, he said. He said that the Cabinet approved a financial package of eleven point one Billion rupees for repairs and rehabilitation of 145 locomotives, improvement of tracks, maintenance of coaches and strategic reserves to buy oil. Kaira said that the Cabinet also agreed to enhance over draft facility to Pakistan Railways by the State Bank to the tune of Ten Billion rupees which would be converted into long term loan. He said that the Cabinet was apprised that the relief given to Pakistan Steels in June this year, the production of Pakistan Steel Mills has been raised from 18 to 48 per cent and the losses have been reduced substantially. Regarding GST Reform, the Minister said that there was need to make legislation to eradicate corruption and reform the tax system. He said tax reforms were in the interest of the country and the economy was being restructured. To a question regarding blasphemy, he said it was a baseless movement as no Muslim can think to compromise on this issue.
No #7
Continued from page 1
the consumers during the last four month. Spokesman stated that under the monthly fuel price adjustment, 33 paisas per unit were reduced in August, 36 paisas per unit in September, 32 paisas in Continued from page 12 No #4 October and Re 1.08 per unit in November, 2010. Thus the total strategies was made possible by World Banks proactive support reduction during the last four month is calculated to Rs2.09 per for capacity building and Erra DRR program. unit which is major reduction. The reduction in the per unit prices World Bank team highly appreciated Erra's efforts and empha- during the last three months (August-October) under the monthly sised the need for mainstreaming disaster risk management and adjustment has already been passed on to the consumers and the building capacity of the government to cope with future disas- relief for the month of November will be given in the forthcomters.Later talking to media Hiraj said that while Erra is playing a ing electricity bills Furthermore, minister for water and power, key role in reconstruction of earthquake affected areas, rehabilita- Raja Pervaiz Ashraf in a press statement said that the government tion of affectees of Balakot remains a priority. is determining to provide relief to the consumers in the electricity In this regard Hiraj is likely to meet Chief Minister KPK in tariff. He said that all the resources are being utilised to generate coming days to jointly resolve the land issue with locals. cheaper electricity sources. He said that the government had Erra has already paid an amount of Rs1.5 billion for purchase of decided to change its present energy mix to enhance hydel, coal land, and all affectees of old Balakot who have been provided and power generation. -Agencies with moveable prefab houses, will be adjusted in new Balakot, Continued from page 1 where work on one block has already started. -Agencies No #8 the European market. EU can give concessions to Pakistan only if Continued from page 12 No #5 the WTO gives it a waiver from its obligation of treating all member Prices have surged for these minerals, also used in making flucountries the same way, under a provision known as the most orescent light bulbs, since authorities in Beijing slashed their rare favoured nation clause. "The EU is appearing to be helping Pakistan, earth exports by 40 per cent this summer, saying China needed but in reality the bill is being transferred to competing countries that them for its economic development. Last week, Hitachi Metals would lose market share," said DK Nair, secretary general of indusLtd signed a joint venture with US-based Molycorp Inc to help try body Confederation of Indian Textiles Industries. According to ensure a steady supply -- an announcement that sent its shares up EU's plans, it would allow duty free import of 75 items for three 15 per cent in a single trading session. years starting January 2011, amounting to almost euro 900 million That followed word earlier this month that Sumitomo Corp in import value. Although India's garments and textiles exports to the agreed to invest $130 million in Molycorp to secure a seven-year EU in 2009 at $5.9 billion was more than double Pakistan's $2.2 bilsupply of the materials. Since debuting in late July at $14, lion, it could lose a market share to its neighbour if duty-free access Molycorp's stock price has nearly quadrupled. Molycorp owns a is allowed as import duties range between 6 and 12 per cent. A numrare-earth mine in Mountain Pass, California, which is scheduled ber of textile producing countries within the EU such as Portugal, to resume production next year after a 10-year hiatus. Spain and Italy have also expressed unhappiness. "Eurotextiles, Japan's trade minister, Akihiro Ohata, told reporters he believed which is the apex textiles industry body in Europe, has said that it Japan would still be able to secure enough rare earth supplies in does not favour the move," the official said. With opposition from 2011 even after China's quota cuts, but said the situation would within and outside to the zero-duty proposal, the EU may be forced need further study. -Reuters to look at other options to help out Pakistan. -Online
No #9
11
Continued from page 1
and to arrange seat adjustments with coalition partners for local bodies' elections. He said that PPP came into power bearing huge public mandate and caring for their mandate we will continue serving the nation. President annoyed on the performance of provincial ministers and said that he himself would monitor their progress from now and ministers showing unsatisfactory progress will surely be replaced. After the meeting, advisor to CM Sindh Sharmila Farooqi told that the president directed PPP members to collectively work with coalition partners and stressed provincial ministers and members' assembly to take interest in resolving public issues. She said that the president urged Sindh government to provide more and more employment opportunities.
No #10
Continued from page 1
of equal distribution of funds on the inter-region as well as intra region level. He said that unfortunately in the country there was a clear disparity in resources distribution in the provinces.-APP
No #11
Continued from page 1
Federation, provincial governments and all the four governors have been made respondents in the petition. -Online
No #12
Continued from page 1
The KSE management appreciated the contribution made by the outgoing directors during the year 2010 and welcomed the incoming directors on the KSE Board for the next term.
No #13
Continued from page 5
tonne per annum using sophisticated modern technology. Engro Fertiliser is a 100 per cent subsidiary of Engro Corporation Ltd.
No #14
Continued from page 5
According to a press release, the service further strengthens the legal means of remittances to Pakistan, and EIIE's money transfer services across its 16-branch network in the UAE would be available for MCB's remittance services. It said that the new tie-up, set up with the support of the Bank's Transaction Banking Division would help Pakistani expatriates remit money from EIIE free of cost. The company would undertake diverse services including issuance of Telegraphic Transfers from the UAE and MCB would deliver payments in accounts, as well as instant cash, in Pakistan, it said. Commenting on the benefits of the new agreement, the MCB President M U A Usmani underlined the fact that in today's environment, customers require rapid and efficient money transfers. He said that the association with Emirates India International Exchange, a top ranked payment services company in the region, would facilitate meeting such requirements. CEO Emirates India International Exchange Santosh Tandem said that with one of the best and largest branch networks in Pakistan, the MCB would help the company in expanding their services across the country. "We are proud to be associated with Pakistan's leading bank and are looking forward to offer our services to MCB's customers," he said.-NNI
No #15
Continued from page 5
Bestway Holding Ltd is also the shareholder of the bank. It may be noted that ADG had earlier initiated contacts with certain buyers to sell its shares in United Bank. The Abu Dhabi Group comprising of Sheikh Suroor Bin Mohammad Al Nahayan, Sheikh Nahayan Mabarak Al Nahayan, Omar Ziad Jaffar Al Askari, Mana'a Saeed Al Otaiba, Al Jaber Transport & General Contracting LLC, Shaikh Mohammad Butti Al Humid; Mohammad Abdul Aziz Al Rubayea, and Sheikh Hamdan Bin Mubarak Al Nahayan are the shareholders of UBL, holding approximately 25.5 per cent of the issued and outstanding ordinary shares of the Bank and 4.8 per cent of the Global Depository Receipts issued by the Bank.
No #16
Continued from page 5
National Bank with 6.73 million shares.Though market closed on a positive note but most of the scrips ended negative as out of total 408 active issues 197 declined and 183 advanced while 28 issues remained unchanged.
No #17
Continued from page 5
outlook for the Indian economy bodes well for the domestic equities market in 2011. "I think the next year is going to be good," said K.K. Mital, head of portfolio management services at Globe Capital. "Hiring is rising, this will raise consumption demand and savings. If further investment is coming into infrastructure, there will be growth." Foreign funds have been net sellers of about $500 million this month through Monday, but for the year, they have purchased a record $28.5 billion of Indian equities. "By and large, there is nothing negative except that there have been some selling pressure from the foreign institutional investors' (FII) side," said R.K. Gupta, managing director at Taurus Asset Management. "But FIIs have been more or less dormant recently," he said, referring to the year-end holiday lull. "I feel markets will remain stable with an upward bias, but no big move (is expected) either way." On Wednesday, HDFC Bank rose 3.2 per cent and mortgage lender Housing Development Finance Corp climbed 2.4 per cent. Top lender State Bank of India gained 0.9 per cent, while No. 2 ICICI Bank added 1.3 per cent. Metal counters shone, reflecting a rally in global base metal prices on a weaker dollar, dealers said. Aluminium and copper producer Hindalco Industries gained 1.7 per cent, while Sterlite firmed 3.4 per cent. India's top mobile operator Bharti Airtel rose 3.5 per cent on Wednesday after adding very little in the previous session following a 2-per cent fall on Monday. Energy major Reliance Industries, which has the highest weight in the main index, closed up 0.1 per cent at 1,048.30 rupees.-Reuters
No #18
Continued from page 5
"Investors will be entering 2011 on a bullish note, so I think there is still a chance for the Nikkei to test 10,500 in the near term." The benchmark Nikkei closed the day up 51.91 points at 10,344.54. The broader Topix index gained 0.6 per cent or 5.18 points to 908.01. Trading volume picked up slightly by the close after it had fallen to the lowest since December 2008 the previous day. A total of 1.31 billion shares changed hands on the Tokyo Stock Exchange's first section, up from a two-year low of 1.08 billion shares on Tuesday, but turnover was still well below last week's average of 1.64 billion shares. Market participants may be still keen to push the Nikkei above last year's close of 10,546.44 by the final trading day on Thursday, analysts said. Many foreign players stayed on the sidelines, but they have been active buyers the past few months. Finance Ministry data showed last week that foreigners' net purchases of Japanese stocks hit their highest since April, rising to a net 224.4 billion yen in the week to Dec. 18. Foreign investors were net buyers of Japanese stocks for a seventh straight week, with total net purchases during those seven weeks of 1.05 trillion yen. Japanese shares are trading around 1.1 times book value, with Greece, Italy and Ireland the only developed markets trading at lower valuations, according to Thomson Reuters' Starmine data.-Reuters
No #19
Continued from page 5
Commodity stocks have powered much of the FTSE 100's gains this year, and they looked set to end 2010 on a strong note. Miners have gained almost 30 per cent so far this year, compared with a 10.8 per cent gain for the FTSE 100, and rose 108 per cent in 2009, bouncing from a 56 per cent drop in 2008. Precious metals operators African Barrick Gold and Randgold Resources rose 6.3 per cent and 3.4 per cent, respectively, lifted by higher gold prices. Energy stocks were also broadly firmer as crude held above $91 per barrel, with Royal Dutch Shell up 1.3 per cent. London-listed shares were trading for the first time since Christmas and to some extent caught up with the decline on mainland Europe earlier in the week, partly due to China's move to raise interest rates on Christmas Day. However, holiday-season volumes were low, with less than half of the average daily volume of the last 90 trading days. The index has gained 25 per cent since it touched the year's low at the start of July. Elsewhere, Smith & Nephew shed 1.3 per cent after news on Tuesday that the US Food and Drug Administration warned the British orthopaedic device maker that it failed to establish adequate manufacturing validation procedures for a hip replacement device. "It's all about sentiment rather than any big problem," a trader said. "You've also got to bear in mind that S&N shares have had a good run recently on vague takeover speculation, so investors only need a small excuse to bail." "Traders seem to be content with the market at this level, feeling neither too bullish nor bearish ... This could be a sign that traders are becoming concerned about the strength and direction of this index."-Reuters
No #20
Continued from page 5
of the year, some investors are waiting for January to see if the trend holds. "People are hoping that the consumer is back and that will help fuel the engine and grow some earnings so that companies will start hiring," said Frank Ingarra, a portfolio manager at Hennessy Funds in Stamford, Connecticut. "The next quarter will be the interesting quarter. Does the euphoria from Christmas and the holidays carry forward or not." The Dow Jones industrial average gained 23.42 points, or 0.20 per cent, to 11,598.96. The Standard & Poor's 500 Index rose 2.31 points, or 0.18 per cent, to 1,260.82. The Nasdaq Composite Index added 4.70 points, or 0.18 per cent, to 2,667.58. The S&P 500 has risen above levels reached on Sept. 12, 2008, the last trading day before Lehman Brothers collapsed, and is on course for its biggest December gains since 1991 when it rose 11.2 per cent. Retailers rose, with BJ's Wholesale Club Inc jumping 6.5 per cent to $47.36 after the New York Post reported buyout firm Leonard Green & Partners remained interested in buying the warehouse club operator and may launch a hostile bid. The Morgan Stanley Retail index climbed 0.8 per cent, and the S&P Retail index gained 0.4 per cent. Sears Holdings Corp rose 6.1 per cent to $74.30 after it said it launched an on-demand video service to compete with companies like Netflix Inc. Netflix fell 1 per cent to $181.84 but are up 230 per cent this year. Molycorp Inc, which owns a rare-earth mine in Mountain Pass, California, was up 6.5 per cent to $49.18 after China cut export quotas on the minerals, threatening to reduce already-tight global supplies and risking US action. Private equity company Blackstone Group LP made a preliminary offer for Centro Properties Group's 600 US shopping center properties, the Wall Street Journal reported. Blackstone added 1.6 per cent to $14.36.Noble Energy Inc and its Israeli exploration partners confirmed earlier estimates that the offshore Leviathan prospect was Israel's largest natural gas find. Noble shares rose 2.8 per cent to $87.35.-Reuters
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
Thursday, December 30, 2010
JUI-F Chief refuses to rejoin government
Malik, Rabbani fail to lure Fazl ISLAMABAD: Government cronies on Wednesday made other effort to woo back JUI-F Chief Maulana Fazl-ur Rehman back into the fold of the government however the JUI-F Chief has refused to review of his decision. According to sources Interior Minister Rehman Malik, Head of Parliamentary Committee on Constitutional Reforms Raza Rabbani, and 10-member Parliamentary Delegation from Fata led by Munir Khan Orakzai met JUI-F Chief Maulana Fazl separately at his residence and asked the Maulana to Fazl reconsider his
decision. However their attempts to make Maulana Fazl change his mind proved futile.
been unanimously elected for the premiership and even the JUI-F has supported and now this same party is demanding
Fazl leaves for Umrah ISLAMABAD: JUI-F chief Maulana Fazl-ur Rehman departed for Saudi Arabia on Wednesday to perform Umrah. As per details, before leaving the country Maulana met some important government officials and the official once again assured Maulana that their grievances would be addressed, after that, he left the country for Umrah. -Online Sources told that in these meetings, govt cronies requested Maulana that Prime Minister Yousuf Raza Gilani is the only PM of the country who has
removal of PM which could derail the democratic process. Hence Maulana Fazl should take back his demand. The cronies assured the JUI-F chief
that govt would remove all their reservations and would take them on board on national issues while govt specially the PM respect the mandate of the JUI-F. Sources told Online that Maulana made it clear on the govt cronies that despite being an ally the govt attitude towards them was not good and his party has endorsed the decision of parting ways with the govt. He said that many times he had relayed his reservations to the govt especially to the President and PM of being See # 1 Page 11
LAHORE: A large number of vehicles standing in queues at a CNG station after the 2 days of the closure of the stations in the provincial capital due to Gas Load Management Programme.-Online
Securing AfPak border, a tall order: Pentagon W A S H I N G T O N : Acknowledging that terrorist have a safe haven inside the tribal areas of Pakistan from where they operate and cross over to Afghanistan, a top Pentagon official said that it would be a tough job to seal the AfPak border. "As far as the border itself, I think it is naive to say that we can stop, you know, forces coming through the border," said Col Viet Luong Commander, Task Force
Rakkasan and 3rd Brigade Combat Team, 101st Airborne Division. "In order to secure the border, as well -- as you know, it takes a lot. It takes effort on the other side, by the Pakistanis," said Luong, who is responsible for eastern Afghanistan which includes the volatile Khost province and 261-km of AfPak border. In a special video-conferencing with Pentagon reporters from Kabul, he said, "As our
footprint is expanded along the security line of effort, it's harder and harder for these guys to come and bed down in these villages." "To secure the border in the traditional sense, if you're talking about, you know, like what we would do along our own border with Mexico down in the southwestern United States, that's not what we're doing. It takes an inordinate amount of resources and force to be able See # 3 Page 11
WB's Review Mission visits Erra office
World Bank’s role in rehabilitation hailed ISLAMABAD: A high-level World Bank mission visited Erra where they were given a detailed update on utilisation of funds by Erra. The mission headed by Raja Rehan comprised of procurement, social sector, disaster risk reduction and finance specialists, who also met the chairman Erra, Hamid Yar Hiraj, and deputy chairman Erra, Lt Gen Haroon Aslam. World Bank has been one of
the major partners in reconstruction and rehabilitation activities after the 2005 earthquake, specially, the rural housing program which is a success, and also in supporting Erra rural housing, livelihood cash grant and capacity building programs. Appreciating the role of donors and sponsors and specifically of World Bank, chairman Erra appreciated the technical support provided by
World Bank, which Hiraj said was one of the catalysts in successfully achieving reconstruction goals. Terming World Bank and Erra partnership as an example to turn disaster into opportunity, deputy chairman Erra Lt Gen Haroon said Erra and World Bank partnership spreads over five years and the efforts to mainstream disaster risk reduction into Erra See # 4 Page 11
Kardar-signed banknotes from Jan 3 KARACHI: The State Bank of Pakistan would start issuing banknotes bearing the signature of State Bank of Pakistan (SBP) Governor, Shahid Kardar with effect from January 3, 2011 from the field offices of SBP Banking Services Corporation. According to a press release issued here on Wednesday, the banknotes bearing the signatures of his predecessors shall continue to remain in circulation as legal tender. NNI
Snowfall interrupts PIA flights PESHAWAR: Flights bound for Chitral from Peshawar have been cancelled due to severe fog and heavy snowfall over the Lowari top, severely restricting passengers bound for Chitral. Schedule of many other airlines from Peshawar, with flights bound for Karachi, Quetta, Saidu Sharif, Dera Ismail Khan, Lahore, besides international flights has also been affected, while food shortages have also hit the area. Online
Pak, India trade fire on LoC NAROWAL: Indian Border Security Forces opened indiscriminate firing at Control Line, Sialkot Shaker Garh sector here on Wednesday while Pakistani Punjab Rangers retaliated the firing. According to media reports, Indian security forces targeted Pakistani control line from Ram Pur (India) and opened indiscriminate firing at Imran Shaheed check post, Shaker Garh sector. The Indian security forces used heavy weapons as 35 hand grenades and hundreds of bullets fired while the Pakistani Punjab rangers retaliated the firing. Sources told that the issue would be raised in flag meeting with Indian forces. The incident created panic in the area. -Online
India probes Citibank staff fraud NEW DELHI: Indian police said on Wednesday they were investigating Citibank staff in Gurgaon, a booming satellite city outside New Delhi, over a multi-million-dollar scam targeting wealthy clients. Employees at the bank in Gurgaon, where many international companies are based, allegedly forged letters to sell a fake investment scheme to about 40 wealthy clients, the Economic Times newspaper reported. Nearly 4 billion rupees (88 million dollars) was handed over, according to the paper. The alleged fraud came to light earlier this month when one of the clients mentioned the scheme to a senior bank manager. Citibank and police confirmed the probe but gave no further details. The investigation is the latest financial scandal to hit India. Last month several senior executives of state-run banks See # 2 Page 11
RIAZ NEWS AGENCY Cell # 0333-5373137
SHAKIL NEWS AGENCY Cell # 0333-4400472
Indus Motors cuts car prices KARACHI: Indus Motors announced Wednesday that they will reduce the prices of Daihatsu Cuore and Toyota Corolla Sedans effective December 29, 2010. The reduction ranges between Rs15000 to Rs40k per vehicle. The Company spokesperson added over last several months IMC has made major capital investments amounting Rs 2 billion in the phase2 of Press Shop project and also in the engine assembly and testing facilities. These projects are now reaching implementation and start-up stage that enables the Company to pass the benefits of enhanced localisation and assembly to our valued customers, accruing from these projects. The price reduction will be valid on all orders, received after December 29, 2010. The new selling price of the popular Corolla Xli will be Rs1,337,000 down from Rs1,354,000
and the new price of Gli will be Rs1,462,000 from the previous price of Rs 1,479,000. The Altis MT (including sun-roof variant) price will be reduced by Rs35,000. Altis AT (including sun-roof variant) will be reduced by Rs40,000. Daihatsu Cuore prices will be reduced by Rs 15,000 across the range of vehicles. It may be recalled that the auto industry and the GOP have been in dialogue over car prices for some time. Weakening of the economic environment in the post floods scenario and strengthening of Yen adversely affected the business profitability for the Company to consider any price reduction earlier. IMC is grateful to the Ministry of Industries and the Engineering Development Board for their support which has enabled IMC to pass the benefit to the customers. -Online
Benazir Murder Commission
Musharraf refuses to appear before panel ISLAMABAD: Former president General (Retd) Pervez Musharraf has refused to appear before any commission set up regarding the murders of Benazir Bhutto and Akbar Bugti. During an interview with a private television channel, Musharraf maintained, "It was not my responsibility to provide security to Benazir Bhutto; who told her to come out of the rooftop of her vehicle"? He said that President was not supposed to provide security to anyone.
"I feel bad when the security agencies are being accused of having a hand in BB's murder, they did nothing of sort", Musharraf asserted. "Only people like Jehangir Badar alleged me of the murder", the former COAS stated. Replying to a question on Akbar Bugti's murder, he said that "Frontier Constabulary has been established to defend the country but Akbar Bugti was fighting with it on the mountains. -NNI
Saud Aziz being victimised in BB murder: Counsel
‘Malik turned a blind eye to security plan’ RAWALPINDI: Counsel of former DPO Rawalpindi Saud Aziz -- nominated accused in the Benazir Bhutto Assassination case -has disclosed that Benazir Bhutto was assassinated due to non-implementation of the security plan whose responsibility lies on Rehman Malik and Major Imtiaz. Addressing a press conference here Wednesday, the Counsel Waheed Anjum told that prior to one day before December 27, 2007 public gathering, the security plan was made on December 26 and SSP Yaseen Farooq was in-charge of it and questioned, why his statement was not made part of the FIR. According to the security plan, Benazir Bhutto was advised not to come out from
the vehicle after the public gathering and she was informed about possible danger incase of coming out from the vehicle. Police officials had informed Rehman Malik and Major Imtiaz about theses dangers and advised them to stop BB from coming out from the vehicle and Rehman Malik took responsibility to prevent her from coming out from the vehicle, Waheed Anjum underlined. He said that Saud Aziz did not advise SP Ashfaq Anwar to leave the public gathering place and he was near there when BB was attacked and the martyred place was washed out after collecting all evidence. Waheed Anjum said that alleged culprits were being made a victim of media trial
and suggested BB personal bodyguard should be included in the investigation to identify the real culprits and questioned why Rehman Malik and Major Imtiaz were not included in the interrogation process. He further said that SP Ashfaq Anwar was sent abroad for three-year leaves while Dr Mussaddiq was also not present in the country. He noted that police officials requested Sindh Home Department for postmortem after her death but President Asif Ali Zardari did not allow it and Makhdoom Amin Fahim also refused to conduct her postmortem. He pointed out that BB vehicle sunroof was not automatic and it was made in Pakistan. -Online
China cuts rare earths exports quota SYDNEY: China has raised fresh international trade concerns after slashing export quotas on rare earths minerals, risking action from the United States at the World Trade Organization. China, which produces about 97 per cent of the global supply of rare earth minerals, cut its export quotas by 35 per cent for the first half of 2011 versus a year ago, saying it wanted to preserve ample reserves, but warned against basing its total 2011 export quota on the first half figures.
The US Trade Representative's office was "very concerned" about China's export restraints on rare earths and had raised its concerns with China, a spokeswoman said. A European Commission spokesman said the European Union "notes the latest quota figures and expects China to respect its recent assurance of a guarantee of rare earth supplies to Europe." US makers of high-tech products such as Apple Inc's iPads, along with Japanese companies have been scrambling to secure
reliable supplies of the minerals outside of China as Beijing steadily reduces export allocations. Japan's Sony Corp said China's move to cut export quotas was a hindrance to free trade and that it would work to reduce its reliance on Chinese supplies. "At this point in time there is no direct impact on our company. But further restrictions could lead to a shortage of supply or rise in costs for related parts and materials," Sony said in an email statement in
response to questions from Reuters. "We will watch the situation carefully." Sony, maker of Bravia brand flat TVs, Vaio PCs and the PlayStation 3 videogame console, will look for ways to cut its use of rare earths, including developing alternative materials, Sony spokeswoman Ayano Iguchi said. China's move, however, came as a shot in the arm for some companies. Lynas Corp, which owns the world's richest known nonChinese deposit of rare earths,
jumped over 10 per cent even though it will be at least a year before it is capable of mining any material from a new lode in Australia. Other rare earths companies, including China Rare Earth Holding Ltd, Arafura Resources, Alkane Resources and Greenland Minerals and Energy Ltd also gained between 8 per cent 10 per cent. "Export quotas continue to be a tool for the Chinese government to limit the export of China's strategic resource," Lynas Executive Chairman
Nick Curtis said in a statement. "The growth in the Chinese domestic market coupled with a decrease in production of rare earths in China is a likely cause for the tightening of export regulations," said Curtis, whose company is aiming to start production in about a year and has already forged supply contracts with Japanese traders. World demand for rare earths at present is about 110,000 tonnes a year, with China accounting for about 75 per cent of total demand with the remainder split between Japan,
the United States and Europe, in descending order. Demand for rare earths is set to more than double to 250,000 tonnes by 2015, according to industry estimates. "Concerned parties should not estimate full-year quotas for rare earth minerals just by looking at the first set of quotas," China's Ministry of Commerce said. Final quotas will take into account domestic production and demand both at home and abroad, according to the ministry. See # 5 Page 11
Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.