International Karachi, Friday, December 31, 2010, Muharram-ul-Haram 24, Price Rs12 Pages 12
CJP appreciates lower judiciary
100-Index breaks barrier; '12,000pts' at long last
See on Page 5
Pak refuses to let foreign troops step in
See on Page 12
Countrywide strike today
See on Page 12
See on Page 12
Upper House unanimously adopts 19th amendment
Economic Indicators $16.42bn Forex Reserves (27-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)
PM snubs talks of govt-change
$58.41bn Foreign Debt (Sep 10) Rs 5296.7bn Domestic Debt (Nov 10) Repatriated Profit (Jul- Nov 10) $287.9mn -2.81% LSM Growth (Oct 10) 4.10% GDP Growth FY10E $1,051 Per Capita Income FY10 171.44mn Population
Says rumours only impeding country’s development Special Correspondent/ Agencies
Portfolio Investment SCRA(U.S $ in million)
194.00 Yearly(Jul, 2010--29-Dec-2010) Monthly(Dec, 2010--29-Dec-2010) 31.27 5.04 Daily (29-Dec-2010) 2783 Total Portfolio Inv (17 Dec-2010)
NCCPL (U.S $ in million) FIPI (30-Dec-2010)
5.06
Local Companies (30-Dec-2010)
-3.10 9.02
Banks / DFI (30-Dec-2010) Mutual Funds (30-Dec-2010)
-3.13
NBFC (30-Dec-2010)
-1.10
Local Investors (30-Dec-2010)
-5.93
Other Organization (30-Dec-2010)
-0.82
Global Indices Close
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10,228.92
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22,999.34
30.04
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MCB (1 GDR= 2 Shares) 2.60 OGDC (1 GDR= 10 Shares) 23.50
201.47
UBL (1 GDR= 4 Shares) 2.00 LUCK (1 GDR= 4 Shares) 1.70
42.87
HUBC (1 GDR= 25 Shares) 10.87
37.28
36.44
Money Market Update T-Bills (3 Mths) 29-Dec-2010
13.20%
T-Bills (6 Mths) 29-Dec-2010
13.41%
T-Bills (12 Mths) 29-Dec-2010
13.73%
Discount Rate
29-Nov-2010
14.00%
Kibor (1 Mth)
30-Dec-2010
13.32%
Kibor (3 Mths)
30-Dec-2010
13.44%
Kibor (6 Mths)
30-Dec-2010
13.61%
Kibor ( 9 Mths)
30-Dec-2010
13.96%
Kibor (1Yr)
30-Dec-2010
14.12%
P.I.B ( 3 Yrs)
30-Dec-2010
14.15%
P.I.B (5 Yrs)
30-Dec-2010
14.22%
P.I.B (10 Yrs)
30-Dec-2010
14.25%
P.I.B (15 Yrs)
30-Dec-2010
14.53%
P.I.B (20 Yrs)
30-Dec-2010
14.73%
P.I.B (30 Yrs)
30-Dec-2010
14.88%
Commodities *Crude Oil (brent)$/bbl 93.38 *Crude Oil (WTI)$/bbl 90.15 *Cotton $/lb 138.51 *Gold $/ozs 1,407.10 *Silver $/ozs 30.60 Malaysian Palm $ 1,227 GOLD (NCEL) PKR 39,000 KHI Cotton 40Kg PKR 9,645 *Last Updated 20:00 PST
Open Mkt Currency Rates Symbols
Buy (Rs)
Sell (Rs)
Australian $
87.23
87.43
Canadian $
85.79
85.99
Danish Krone 15.22
15.26
Euro
113.72
113.46
Hong Kong $ 11.02
11.04
Japanese Yen 1.053
1.056
Saudi Riyal
22.87
22.92
Singapore $
66.37
66.52
Swedish Korona 12.60
12.63
Swiss Franc
91.02
91.23
U.A.E Dirham 23.35
23.40
UK Pound
132.97
133.28
US $
85.73
85.91
Inter-Bank Currency Rates Symbols
Buying TT Clean Australian $ 87.23 Canadian $ 85.79 Danish Krone 15.22 Euro 113.46 Hong Kong $ 11.02 Japanese Yen 1.053 Saudi Riyal 22.87 Singapore $ 66.37 Swedish Korona 12.60 Swiss Franc 91.02 U.A.E Dirham 23.35 UK Pound 132.97 US $ 85.73
Selling TT & OD 87.43 85.99 15.26 113.72 11.04 1.056 22.92 66.52 12.63 91.23 23.40 133.28 85.91
Weather Forecast CITIES MAX-TEMP ISLAMABAD 12°C
MIN 5°C
KARACHI LAHORE FAISALABAD
25°C 13°C 18°C
9°C 4°C 6°C
QUETTA RAWALPINDI
9°C 11°C
-8°C 1°C
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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani congratulates the Senator Mian Raza Rabbani after the passage of 19th amendment at the Parliament House.-APP
5M exports figure reaches $5.12bn
Textiles export grows by 23pc Staff Reporter KARACHI: The export of textile products showed an improvement of around 22.7 per cent in the initial five months (JulyNovember) of current financial year against the same period of the last year, Federal Bureau of Statistics (FBS) reported Thursday. According to the official data, export of textile industry reached $5.12 billion in the period under review against $4.17 billion during the same period of previous year. The improvement in textile export was mainly attributed to higher per unit price of Pakistan
Oil import bill swells 39pc in Nov Ahmed Siddique KARACHI: Country's oil import bill again rose 39.3 per cent YoY to $979 million during the month of November as compared to $703 million in the month of November last year, mainly because of high demand of petroleum products due to See # 5 Page 11 textile products, otherwise See # 6 Page 11
LSM down 2.07 per cent in 4MFY11
Factory output stays sluggish Ghulam Raza Rajani KARACHI: Pakistan's industrial output continued to show downward trend and contracted by 2.07 per cent in the first fourmonth of the current fiscal year mainly due to decline in production of petroleum, chemical and fertiliser sectors, according to data from the Federal Bureau of Statistics (FBS). During the period, two subsectors decline in production as Oil Companies Advisory Committee (OCAC) reported 13.86 per cent
drop in production, and Ministry of Industries down by 4.55 per cent, while Provincial Bureau of Statistics showed a growth in production by 3.64 per cent. On the other hand, month of October also saw the decline slightly higher by 2.81 per cent over the same period last year, worrying industrial output of the country. The FBS data further reveals that petroleum sector witnessed a decline of 13.86 per cent in 4MFY11 over the corresponding See # 13 Page 11
Co raises urea price by Rs150/50-kg bag
Engro told to justify hike ISLAMABAD: Under the directives of the Federal Minister for Industries and Production Mir Hazar Khan Bijarani, the ministry has taken a serious note of increasing unilaterally the urea price by Rs190 per 50-kg bag by Engro Fertilizers Ltd. "This is indeed alarming", says a statement See # 12 Page 11
Govt oblivious to B'stan issue: Sharif LAHORE: PML-N Quaid, Mian Muhammad Nawaz Sharif has blamed the government for ignoring the Balochistan issue, which would make the situation more severe with the passage of time. Addressing the Workers Convention in Lahore, PML-N Chief Mian Muhammad Nawaz Sharif said that it seemed that Balochistan is not included in the policy of the government, adding that the history of Dhaka-Fall is repeating in the Balochistan. He further said that a committee of senior parliamentarians should be formed to resolve the issues being faced in Balochistan. Mian Nawaz Sharif while congratulating the workers over foundation day said hat those who are calling the revolution are part of the corrupt government. He stated that they would not support the sinking government as only talk of revolution is not enough for change. People are dying due to hunger while the rulings of courts are not See # 11 Page 11
Zardari phones Altaf KARACHI: President Asif Ali Zardai and MQM chief Altaf Hussain held a telephonic conservation late Wednesday night, media reported. Two leaders discussed issues of national interest including prevailing political situation. According to sources, President Zardari, talking to Altaf, said that PPP-led government would not let coalition partners become angry. Government would abolish reservations of MQM soon, president assured. -Agencies
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Thursday has said rumors don't lead the government to exit door but they cause only problems and are impediment on the way to development. PM Gilani said this while addressing Senate session after the passage of 19th amendment. Gilani held 19th amendment was a new-year gift for the people and approval of this amendment had proved the august house was not a rubber stamp. "I had already said that only the House would approve whenever any constitutional amendment would come. Nishan-e-Pakistan would be conferred on the members of constitutional reform committee in January, he announced.
"We have always pursued politics of reconciliation and we will promote it too", he added. This is outcome of joint efforts by the government, opposition, judiciary and all other stakeholders that we have got 19th amendment approved with consensus. "We have found the key to avert any clash between the institutions through passage of this amendment, he underlined. "We will have to represent the aspirations of people and will have to shun the politics of ego. This is prerogative of Parliament whomsoever it gives majority and he stays in the power. If we don't get majority we will sit on opposition benches and extend help. We have eliminated the politics of vendetta and there is no political prisoner in our regime. We have to serve the people no matter we are in opposition or in
Our foreign policy based on national interests: FO
Pak to fight suit against ISI in US ISLAMABAD: Pakistan on Thursday announced to strongly defend the law suit filed against country's elite intelligence agency to seek its dismissal. A statement from the Foreign Office said, "Government of Pakistan has taken a firm decision to strongly contest the suit filed against the ISI, its present and past Directors General." A US court had issued summons to senior Inter-Services Intelligence (ISI) officials including its head Major General Ahmed Shuja Pasha, in response to a lawsuit filed by relatives of two American victims accusing him and some
others of providing material support for the Nov 11 Mumbai attacks. "The Government of Pakistan and the Pakistan Embassy in Washington shall defend the legal suit on behalf of ISI and its Directors General fully and properly," the FO statement said. Prime Minister Syed Yousuf Raza Gilani last week categorically told the National Assembly; "We do not believe the ISI, as an agency of the Government of Pakistan, or its present and former officials could be subjected to civil litigation in the courts of the See # 7 Page 11
During 5MFY11
Domestic debt reaches Rs5.08tn Aamir Abidi KARACHI: Pakistan outstanding stock of domestic debt and liabilities has soared 8.2 per cent or Rs403 billion during the first five-month of current fiscal year (5MFY11), according to the State Bank of Pakistan (SBP). Domestic debt and liabilities recorded at a historical level of
Rs5.296 trillion during the period, from Rs4.89 trillion on June 30, 2010, due to a significant rise in budget deficit. Similarly, domestic debt alone rose by Rs427 billion to Rs5.08 trillion in 5MFY11 as against Rs4.65 trillion in June 2010. The floating debt during the period under review rose by See # 10 Page 11
government, he remarked. "I am saying from the forum of this House that our institutions and parliament are stronger. We will not make any issue a question of our prestige and will extend full cooperation on the matters of national interest. Those who spread rumors about our government should give one deadline when our government would fall" he underlined. "I want to make it clear that 19th amendment will be implemented, he noted. About Aghaz-e-Huqooq-eBalochistan, PM Gilani said he would talk to interior minister on this count. "We want to bring Ehtesab Bill and we will take along all political leadership including Mian Nawaz Sharif with the spirit of reconciliation as it is our endeavor that national interests be given top See # 4 Page 11
MQM MPs resignations challenged in court ISLAMABAD: Resignations tendered by two federal ministers from MQM have been challenged in Supreme Court (SC). Challenging the resignations through a petition filed under article 184(3), Shahid Orakzai, the petitioner has taken the plea that ministers from MQM cannot extend resignations under the directives of a person who is not citizen of Pakistan. The two federal ministers including Dr Farooq Sattar and Babar Ghauri have violated the sovereignty of Pakistan by giving resignations, he pleaded. The court should also inquire See # 8 Page 11
Forex reserves up at $16.42bn Staff Reporter KARACHI: Pakistan's foreign exchange reserves rose to $16.42 billion in the week ending December 25, up from $16.39 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose to See # 9 Page 11
2
Friday, December 31, 2010
EOBI Benefits
Employers urged to register workers Staff Reporter KARACHI: "The Employees Old Age Benefits Institution (EOBI) is a welfare organization and is doing its level best to bring about positive changes in the life of the working community of industrial, commercial and other organization", sated Zafar Iqbal Gondal, Chairman, EOBI while speaking as a chief guest, at a seminar, organized by EOBI to create awareness amongst its stakeholders about the benefits available for the registered employees and workers with EOBI and Workers Welfare Fund (WWF), a
sister organization. Gondal said that EOBI provides Old-Age Pension, Survivors Pension and Invalidity Pension to the registered workers but the benefits of WWF are also available to employees/workers registered with EOBI holding EOBI Registration Card. Elaborating the benefits of available to registered workers, Gondal informed that workers holding EOBI Card become eligible for allotment of presidential plots/housing facilities, scholarships for technical and higher education, Jahez for their daughters. He further informed that the families of registered
workers are entitled to receive death grant from WWB on the demise of their bread earner. He said self employed persons can also register with EOBI by paying their own contribution @ Rs 420 per month and avail these benefits. He said that a satisfied and motivated worker would be more productive and cost effective for his organization. He emphasized that workers can be motivated by providing them and their families social protection by way of old-age and survivors' Pension besides provision of housing, education and medical facilities by the WWF.
Bank holiday on Jan 1 Staff Reporter KARACHI: State Bank of Pakistan and all offices of SBP Banking Services Corporation, inclusive of Public Debt Offices, will remain closed for public dealing on Saturday January 1, 2011 which has been declared as Bank Holiday. All Banks/ DFIs shall, therefore, remain closed for public dealing on above mentioned date.
KARACHI: Zafar Iqbal Gondal, Chairman EOBI addressing the seminar.-Staff Photo
KASB, Alico ink investment agreement
TV PROGRAMMES
Staff Reporter
FRIDAY
KARACHI: KASB Funds Limited and American Life Insurance Company (Pakistan) Limited (MetLife Alico) marked the beginning of a business partnership by signing an investment agreement whereby MetLife Alico will be investing into Funds managed by KASB Funds Limited under its insurance policies. The Agreement was recently inked by Arif S.Mufti, Chairman/ Chief Executive Officer, MetLife Alico Pakistan and Muhammad Imran Khalil, Chief Executive Officer, KASB Funds. "This strategic alliance will open up investment avenues and provide personalized and unique solutions to the regular investor, and consequently promote the growth of the Life Insurance and Mutual
Time Programmes 7:00 News 8:00 News 9:00 News 11:00 News 11:05 Headlines 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Awam Ki Awaz 23:00 News 23:30 24
Fund industry in Pakistan," Imran Khalil commented on the formalization of the investment agreement. Arif S Mufti commenting on the occasion said that "MetLife Alico always looks for creating synergies for the benefit of the industry and consumer at large; this alliance will bring valuable protection and distribution outreach of life insurance coupled with investment expertise of KASB at the doorstep of retail customers". KASB Funds manages a diverse portfolio of mutual funds investing across various asset classes such as Income, Islamic Income, Equity as well as Commodities. KASB Funds is part of the KASB Group and has BlackRock Inc. as one of its institutional shareholders. KASB Group includes KASB Bank, KASB Securities and KASB Modaraba.
Senate business advisory body meets ISLAMABAD: The Senate House Business Advisory Committee comprising heads of Parliamentary Parties represented in the Senate met Thursday morning at the Parliament House under the chairmanship of the Chairman Senate,Farooq H. Naek and discussed modalities for the passage of Bill, 2010. Speaking on the occasion, Farooq H. Naek expressed his delight and profound satisfaction over the passage of Nineteenth Amendment Bill from the National Assembly. He also expressed his resolve to run the House with consensus of opinion in line with the glorious democratic traditions and values of the Upper House. Matters relating to the agenda of the current session and legislative business also came under discussion, specifically debate on Nineteenth Amendment Bill, 2010 already passed by the National Assembly. The meeting was attended by Deputy Chairman Senate, Mir Jan Muhammad Khan Jamali, Leader of the House in the Senate, Syed Nayyer Hussain Bokhari, Leader of the Opposition, Wasim Sajjad, Senators Mian Raza Rabbani, Secretary Senate, Raja Muhammad Amin and members of the committee .-APP
PICIC announces interim bonus
Certificate of Origin
Exporters resent increase in fee SIALKOT: Trade Development Authority of Pakistan (TDAP) has unexpectedly announced to increase the fee for Certificate of Origin by 3900 percent, shocking the already struggling exporters. Exporters of all categories are required to obtain a Certificate of Origin from the TDAP under various schemes such as Generalised System of Preference (GSP) and Free Trade Agreements (FTAs) for the export of goods. Presently, the form for the Certificate of Origin is
KARACHI: Photograph taken at a reception shows from left, Mr and Mrs Andrey V Demidov, Consul-General of Russia, MNA Khusbakht Shujat, Imtiaz Shaikh, Advisor to CM Sindh, Shujat Ali Baig of HBL, Talat Jabeen, Country Manager, Kuwait Petroleum Corp. and Capt Haleem Siddiqui, fromer federal minister.-Staff Photo
Lahore: The Lahore Chamber of Commerce and Industry Thursday felicitated the Businessmen Panel on its unmatched victory in biennial election of Federation of Pakistan Chamber of Commerce and Industry (FPCCI). In a press statement issued here, the LCCI President Shahzad Ali Malik, Senior Vice
Farmers want post flood rehab package Staff Correspondent ISLAMABAD : A large number of farmers, both men and women will gather here Friday to stage a protest demanding a comprehensive post flood agricultural rehabilitation package from the government. Small landholder farmers from Punjab, Sindh, Khyber Pakhtoonkhwa and Balochistan will assemble at China Chowk and protest for fulfillment of their demands. Their key demands include government to announce a long-term Agriculture Rehabilitation and Recovery Program encompassing provision of seed, fertilizer and livestock, land rehabilitation, and support for kitchen gardens for small farmers.-PPI
Final touches given to New Year night security KARACHI: Capital City Police Officer (CCPO) Karachi Fayaz Ahmed Leghari on Thursday said a comprehensive security plan has been devised for the New Year night, adding in this regard police officers and cops have been put on high alert
in the city. He said that extra contingents of police are being deployed in sensitive parts specially focusing on Sea View, Hawkes Bay beach and other recreational places of the metropolitan. Police patrolling, snap checking and intelligence
system have also been enhanced, he added. All Town SPs, SPOs and SHOs would supervise the law and order situation in their respective areas. CCPO Karachi said that aerial firing, carrying weapon is prohibited in city, adding violators
has become inevitable to increase the price of the form for the Certificates of Origin to be issued by the TDAP under various schemes such as GSP and FTAs," said a public notice issued by the authority. Consequently, the price of Certificate of Origin is being enhanced to Rs 1000 with effect from January 1, 2011. Exporters have expressed shock over the many fold increase in the fee by TDAP without taking the stakeholders into confidence.-PPI
LCCI congrats businessmen panel Staff correspondent
KARACHI: The Board of Directors of PICIC Asset Management Company Limited, the Management Company of PICIC Income Fund (PICIC-IF), has approved the following interim payout. A bonus of Rs.2.7500 per unit (2.7454% on the opening Ex-NAV). An investor holding 100 units as of 27thDecember 2010 will get 2.7484 units on the ex-bonus price of Rs.100.0585 per unit, the proportionate will apply to actual holdings. Unit holders who have opted for cash payout will get the cash dividend accordingly. The above entitlement will be paid to the unit holders whose names appeared in the register of unit holders of PICIC-IF at the close of Business day on December 27, 2010.
being issued by the TDAP at Rs 25 per shipment per exporter, however the authority set up for the promotion of the country's exports, on Wednesday officially announced increase in the price of the certificate. The price of form for the certificate to be issued by the TDAP will be Rs 1,000 with effect from January 1, 2011. "It is notified for the all exporters that in view of the cost being incurred by the TDAP on providing services for issuance of Certificate of Origin, it
FPCCI election victory
Staff Reporter
FRIDAY 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 15:05 Siyasat Mana Hai (Rpt) 16:00 News 16:02 Akhri Suada 16:30 Karobari Dunya 17:00 News 17:05 Ghar Ka Kharch (Rpt) 18:00 News 18:05 Chai Time 19:00 Headlines 19:30 Mang Raha Hai Pakistan 20:00 Headlines 20:05 Islamabad Say 21:00 Pakistan Aaj Raat 22:00 Headlines 22:05 Dosra Pehlu 23:00 News 23:05 Siyasat Mana Hai (Rpt) 0:00 News
ISLAMABAD: Cloud hovering over the Margalla Hills after the first rain of winter season in the Capital.-Online
would be taken to task according to law. Meanwhile, Deputy Inspector General (DIG) South Zone Iqbal Mehmood aalso chalked out security plan for New Year night, when a large number of youth visit Sea View beach.-PPI
President Sheikh Mohammad Arshad and Vice President Sohail Azhar said that the unopposed victory on all important FPCCI seats clearly reflects the confidence of business community in judicious policies being followed by the Panel leadership. They said that credit of historic success goes to the top leadership of panel led by Tariq Sayeed and Iftikhar Ali Malik who are working day
and night for the betterment and welfare of the business community. They hoped that FPCCI President-elect Senator Haji Ghulam Ali and VP-elect (Zonal Chairman) Tariq Shafi will take up the issues of energy and gas crisis, unprecedented increase in inflation and interest rates, high prices of petroleum products and Reformed General Sales Tax (RGST) with the government.
BoI Chief visits Overseas Chamber Staff reporter Karachi: The Chairman Board of Investment (BoI) Saleem H. Mandviwalla recently visited the Overseas Investors Chamber of Commerce and Industry (OICCI) to discuss issues faced by foreign investors in Pakistan. He met the President OICCI, Ameena Saiyid and members of the Managing Committee of OICCI. It was decided to strengthen engagement between the government and foreign investors by formulating a committee comprising representatives from OICCI and BOI. This committee would work towards the promotion of FDI by resolving serious concerns of foreign investors. The committee would hold regular quarterly meetings to bridge the gap between investors and the government and devise measures after concurrence of both stakeholders. The prime objective of the committee would be to highlight investor concerns and challenges and submit suggestions and recommendations to the Board of Investment for implementation.
3
Friday, December 31, 2010 Top Economic Events
USD up vs yen after data; Swiss franc enjoys rallies
Time All Day All Day 12:00
Camilla Sutton, chief currency strategist at Scotia Capital in Toronto. "We continue to be Swiss franc bulls, expecting that its status as a European alternative to the euro, a strong sovereign position and relatively solid fundamentals will continue to (make) it an attractive home for investors," she said. In midday trading, the euro fell 0.6 per cent to 1.2435 francs. The dollar dropped 0.9 per cent to 0.9376 francs, after having hit a session trough of 0.9365 on EBS. Swiss implied volatilities ticked higher with the one-month dollar/Swiss franc trading at around 11.80 per cent, a
level last seen in mid-November. Against the US dollar, the euro climbed to a session peak of $1.3315 on EBS after breaking above its 20-day
moving average around $1.3222. It last traded at $1.3261, up 0.3 per cent on the day. The dollar earlier slipped as low as 81.28 yen on EBS -- its lowest in seven weeks -- edging closer to a 15-year low of 80.21 yen hit in November, after a surprisingly strong Treasury auction on Wednesday put pressure on US bond
Taiwan dollar, won up on exporter demand Asian currencies to strengthen in 2011 Economics in Singapore. The path of for many Asian currencies though will not be a straight line up. Asian countries will probably keep trying to check gains in their currencies to maintain export competitiveness, analysts said. "The 2011 will be another year for emerging Asia. But I don't think Asian authorities will just stand still despite higher inflation. They will do whatever is necessary to prevent jumps in their currencies, including intervention and capital controls," said June Park, an economist at Woori Investment & Securities in Seoul. Taiwan central bank was spotted buying dollars to check the Taiwan dollar's strength and the country's market regulator said it
would start looking into the operations of foreign capital in the country. The Taiwan dollar rose more than 4 per cent to a fresh 13-year high against the US dollar, due to US dollar selling by foreign investors and exporters. The Taiwan dollar strengthened to as firm as 29.185 per dollar, the strongest since Oct 1997, from its previous close of 30.367. The won hit the highest in more than three weeks against the dollar, breaking through resistance at 1,140 per dollar on exporters' demand for settlements. The local currency strengthened to as firm as 1,133.2 per dollar, the strongest since Dec. 7. -Reuters
Sterling plunges on year-end selling
Swiss franc hits record high vs USD
SEOUL: The Taiwanese dollar and the South Korean won strengthened on Thursday, driven by exporters' demand for their own currencies and broad-based weakness in the US dollar. Asian currencies are expected to stay firm in 2011, thanks to sustained high economic growth and speculation that monetary authorities in the region will let their currencies strengthen more because of increasing inflation risks. "I would expect that the regional currencies will rise further in 2011 ... While they have intervened to limit appreciation of their currency, emerging Asian FX authorities will tolerate further appreciation as a way to contain inflation," said David Cohen, an economist at Action
LONDON: Sterling fell to a seven-week low against the euro on Thursday, hitting a two-month trough on a trade-weighted basis, with traders citing year-end clearer selling while thin liquidity exaggerated price movements. A 1 per cent drop against the euro in very low volume pushed the pound down across the board, taking it to a near two-year low versus the yen, an all-time low
against the Swiss franc and a multi-year low against the New Zealand dollar. It also lost more than half a per cent against the US dollar, dropping more than one cent below a high touched in early trade that marked its strongest in over a week. The euro is only around 3.6 per cent below a peak above 89 pence reached against the pound in late October before the Irish debt crisis hit, while against the dollar it is nearly 7 per cent below its early November peak. The euro was up 1 per cent at
86.10 pence, having hit a high of 86.24 pence, its strongest since Nov. 10. This helped push sterling's trade-weighted index to a two-month low of 79.1 Sterling was down 0.5 per cent at $1.5420, though it held above support at its 200-day moving average at $1.5402 and a 3-1/2 month low of $1.5345 hit earlier this week, which has seen some sharp moves in choppy trade.
However, the pound was well below a high of $1.5535 hit in early trade when lower US bond yields put the greenback under pressure. Sterling hit an all-time low versus the Swiss franc of 1.4453 francs and fell to 125.53 yen, its weakest since February 2009, as both currencies benefited from investors seeking safe haven assets. The pound also dipped to a multiyear low of NZ$1.9965 against the New Zealand dollar, which was lifted by gains in commodity prices. -Reuters
ZURICH: The Swiss franc hit a fresh all-time high against the dollar on Thursday as traders took falls in US bond yields, which erode the return on US assets, as a cue to sell the greenback. The franc, which has attracted funds escaping euro-zone debt problems, also traded within reach of a recent peak versus the euro as investors continue to prefer the solid Swiss economy to the potentially unstable euro-zone. The Swissie was 0.3 per cent higher against the dollar compared to the New York close, trading at 0.9431 per dollar at 0731 GMT. The franc earlier hit a new record high against the dollar of 0.9418 franc per dollar, according to Reuters data. The franc was up 0.2 pct against the euro at 1.2481 per euro. "Recent record highs in the Swiss franc are not linked to any event in particular as there has been no news boosting risk aversion over the last few days," analyst said, adding that markets were rather illiquid during the holiday period. Reuters
Aussie dollar at 28-yr top; commodities underpin WELLINGTON/SYDNEY: The Australian dollar touched a fresh 28-year high against a declining US currency on Thursday, while the New Zealand dollar made a six-week peak helped in part by board-based strength in global commodity prices. The Aussie basked at $1.0198, having cleared the overnight high of $1.0184. That brought gains for the month to around 6.4 per cent and left it almost 14 per cent higher for the year. It last traded at $1.0163. The New Zealand dollar also boasted sizable gains to reach a high of $0.7691, having bounced off a low of $0.7585, which now provides support. Next major resistance was at $0.7727. The kiwi was last at $0.7666. The Aussie was not far from a record high on the euro at A$1.3008, bringing its gains for the year to almost 23 per cent, and near a 25-year peak on sterling at A$1.5248. Australia is a major exporter of commodities and the strength of prices is delivering a huge
boost to the country's terms of trade, fuelling profits, investment, employment and incomes. That is a major reason the Reserve Bank of Australia (RBA) is expected to tighten policy further next year even as other developed nations keep their rates around record lows. "As such, Australia's yield advantage versus the major economies will remain historically wide, supporting a strong Aussie dollar," said John Kyriakopoulos, a currency strategist at National Australia Bank. "We expect the AUD to appreciate further against all the major currencies through to around the middle of 2011." He sees the Aussie reaching $1.0500 by midyear and expects it to average $1.0000 over the whole of 2011. For its part, the US dollar was undermined by a sharp drop in Treasury yields following a solid debt auction, and by Japanese selling against the yen. The kiwi edged higher against the Aussie dollar at NZ$1.3250 after sliding to a 10-year low last week. -Reuters
yields. But it recovered to last trade 0.2 per cent higher at 81.76 yen after data showed US initial jobless claims hit their lowest level in more than two years last week and factory activity in the Midwest grew in December at its fast pace since 1988. In a third report, the National Association of Realtors said pending home sales rose 3.5 per cent last month, the second straight month of gains and beating market expectations for a 2 per cent increase. Thinning liquidity ahead of the New Year's holiday likely exaggerated price swings and analysts cautioned against reading too much into the price action. In earlier trading, the Australian dollar hit a fresh 28-year high of $1.0198 against the US dollar, though option barriers at $1.0200 prevented further gains as it eased back to $1.0113. -Reuters
Yuan hits fresh high; more upside seen SHANGHAI: The yuan hit a record high against the dollar on Thursday after the People's Bank of China set a higher mid-point, sparking expectations of more appreciation in the first quarter of next year. Spot yuan hit an intraday high of 6.6000, the highest level since its revaluation and accompanying forex reforms in July 2005. That was up 0.3 per cent from Wednesday's close, the biggest daily per cent rise in around seven weeks. The yuan has now risen 1.2 per cent from a low hit on Dec. 20, marking one of its fastest series of gains since the currency was depegged from the dollar in midJune. It has now gained 3.4 per cent since the depegging. The PBOC set the tone for the strong day by fixing the day's mid-point against the dollar, from which the yuan can rise or fall 0.5 per cent in a given day, at a record high of 6.6229. A number of dealers said they expected the yuan might rise by around 2 per cent in the first quarter of 2011 as China needs to fight imported inflation and
will face heightened political pressure for it to strengthen. Dealers see the currency's gains quickening ahead of the visit by Chinese President Hu Jintao to the United States in mid-January. As for all of 2011, the yuan's appreciation will still be measured and intermittent, traders say. 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 a further yuan rise. Offshore, one-year non-deliverable dollar/yuan forwards were bid at 6.4560 late on Thursday, down slightly from Wednesday's close of 6.4730. The implied yuan appreciation in a year's time edged higher to 2.59 per cent from 2.32 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. -Reuters
India rupee hits 3-wk high on share gains MUMBAI: The Indian rupee rose to a near three-week high on Thursday as gains in domestic shares raised hopes for sustained capital inflows while broad losses in the dollar also supported sentiment. The partially convertible rupee closed at 44.95/96 per dollar after hitting 44.8750, its strongest since Dec. 7, and 0.2 per cent stronger than its close of 45.04/05 on Wednesday. "Lots of selling by exporters has been seen in the last two to three days. Stocks were also positive today, so that helped as well, and overall other Asians also gained," the chief foreign exchange dealer with a foreign bank said. Foreign institutional investors (FIIs) have pulled out a net of around $466 million from Indian equities this month through Tuesday. They are, however, net investors of $28.5 billion in 2010, on top of the $17.5 billion pumped in last year. "As of now for Q1 2011, we expect the rupee to strengthen on the back of the positive fundamental framework which is likely to be supported by the return of FII inflows after a subdued session this month," economists at
Events Bank Holiday German Bank Holiday Nationwide HPI m/m
Forecast
Previous
-0.2%
-0.3%
Previous Day
USD rebounds vs yen as data bolsters recovery hopes NEW YORK: The Swiss franc hit record highs against the euro and dollar on Thursday and looked set to extend gains in the new year as investors sought safety amid persistent concerns about the euro-zone debt crisis. The dollar rebounded from a sevenweek low against the yen after a string of strong-than-expected data bolstered optimism about the US economy and lifted US bond yields. The euro fell as low as 1.2398 Swiss francs on trading platform EBS and was on track to post a record loss of about 16 per cent this year. The US dollar is heading for a decline against the Swiss franc this year of about 10 per cent. "Euro/Swiss franc has dropped to a new low in tandem with dollar/franc highlighting the genuine strength of the Swiss franc as opposed to simply weakness in either the dollar or euro," said
Source JPY EUR GBP
Yes Bank wrote in a note. "As a result, we continue to expect USD/INR to appreciate on a trend basis and reach 43.50 levels by March 2011." Traders said the rupee came off its highs due to some monthend demand from importers and oil refiners, who are the largest buyers of dollars, in the domestic currency market. One-month offshore nondeliverable forward contracts were quoted at 45.16, weaker than the onshore spot rate, suggesting a bearish near-term outlook. In the currency futures market, the most traded nearmonth dollar-rupee contracts on the National Stock Exchange and MCX-SX closed at 45.17 and 45.1675, with the total traded volume on the two exchanges at $2.9 billion. -Reuters
Source
Events
JPY CNY USD USD USD USD
Manufacturing PMI HSBC Manufacturing PMI Unemployment Claims Chicago PMI Pending Home Sales m/m Crude Oil Inventories
Actual
Forecast
48.3 54.4 388K 68.6 3.5%
Previous
47.3 55.3 422K 62.5 10.1% -5.3M
416K 61.2 1.8% -2.8M
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 1.3272 1.3315 0.9394 0.9456 1.5402 1.5533 0.9999 1.0019 1.0124 1.0194 108.5800 108.9100 0.8615 0.8622 1.2466 1.2510 126.0300 126.6800 87.0700 87.1700 0.9400 0.9455 1406.7800 1414.8500 30.6400 30.8900
Bid 1.3269 0.9387 1.5397 0.9995 1.0120 108.5300 0.8611 1.2461 125.9600 87.0200 0.9392 1405.9800 30.5400
Low 1.3216 0.9379 1.5389 0.9992 1.0122 107.6400 0.8520 1.2403 125.5300 86.2000 0.9372 1404.2000 30.5100
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 30/12/2010 A USD GBP CAD EUR JPY O/N 0.24688 0.55875 0.93000 0.35125 SN 0.10000 1WK 0.25438 0.57250 0.98500 0.53750 0.10600 2WK 0.25688 0.57750 1.05000 0.59000 0.11500 1MO 0.26063 0.59000 1.09667 0.71375 0.12625 2MO 0.28250 0.64688 1.15000 0.81938 0.15375 3MO 0.30281 0.75750 1.23167 0.93938 0.18813 4MO 0.34781 0.84000 1.30167 1.01063 0.24413 5MO 0.40313 0.94438 1.36833 1.09625 0.30250 6MO 0.45656 1.05125 1.44500 1.18500 0.34750 7MO 0.50938 1.12750 1.51333 1.23375 0.39750 8MO 0.56000 1.21125 1.58333 1.28625 0.44313 9MO 0.61250 1.29313 1.65000 1.33500 0.48750 10MO 0.66656 1.37375 1.72500 1.38625 0.51313 11MO 0.72125 1.44250 1.80667 1.43000 0.53750 12MO 0.78156 1.50938 1.89500 1.47250 0.56625
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 30,2010 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
85.95 133.28 113.72 85.99 91.23 87.43 12.63 1.06 14.55 66.52 15.26 22.92 11.04 13.00 305.25 27.87 65.98 23.60 23.40 0.08 2.85
85.75 132.97 113.46 85.79 91.02 87.23 12.60 1.05 14.52 66.37 15.22 22.87 11.02 12.97 304.54 27.80 65.82 23.55 23.35 0.08 2.84
85.56 132.66 113.19 85.56 90.78 87.00 12.57 1.05 14.48 66.20 15.18 22.81 10.99 12.93 303.74 27.73 65.65 23.49 23.28 0.08 2.84
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for December 30, 2010
KASB
BMA
ELXIR
GSL
ICSL
0-7days
12.95
12.75
12.60
12.70
12.65
JSCM AvgRate 12.70
12.73
8-15dys
13.00
12.90
12.80
12.70
12.85
12.80
12.84
16-30dys
13.05
12.95
12.90
12.80
12.95
12.90
12.93
31-60dys
13.10
13.05
13.08
13.08
13.05
13.00
13.06
61-90dys
13.18
13.20
13.20
13.20
13.10
13.15
13.17
91-120dys
13.35
13.35
13.28
13.25
13.20
13.25
13.28
121-180dys
13.38
13.42
13.35
13.35
13.30
13.38
13.36
181-270dys
13.55
13.45
13.49
13.52
13.45
13.50
13.49
271-365dys
13.70
13.69
13.65
13.66
13.65
13.70
13.68
2-- years
13.98
14.00
13.95
13.95
13.90
13.90
13.95
3-- years
14.18
14.18
14.18
14.15
14.11
14.13
14.16
4-- years
14.20
14.20
14.22
14.17
14.20
14.15
14.19
5-- years
14.22
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
14.25
14.00
14.10
14.12
14.00
14.10
14.10
9-- years
14.20
13.98
14.00
14.18
14.20
14.20
14.13
10--years
14.27
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
30--years
14.70
14.85
14.85
15.00
15.00
14.90
14.88
Currencies Correlation EUR/GBP Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/JPY EUR/USD GBP/USD NZD/USD
week month months months year years
0.78 0.65 0.06 0.73 0.21 -0.38
0.12 -0.61 0.63 0.24 0.69 0.66
-0.48 -0.38 0.68 0.66 0.79 0.56
0.93 0.07 0.86 0.91 0.75 0.48
-0.22 -0.59 0.34 0.55 0.17 -0.16
USD/CAD USD/CHF
0.78 0.06 0.06 0.70 0.04 -0.37
-0.76 -0.37 0.29 -0.61 -0.20 0.46
-0.42 -0.71 -0.41 -0.75 -0.07 0.19
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)30/12/2010 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
ASK
ABPL
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN
1250
13.00
12.60
13.10
12.80
13.30
13.15
13.40
1340
13.65
13.45
13.95
13.60
14.10
13.70
14.20
JSBL
1270
13.20
12.80
13.30
12.85
13.35
13.20
13.45
1345
13.70
13.50
14.00
13.70
14.20
14.00
14.50
ASPK
1260
13.10
12.70
13.20
12.75
13.25
13.10
13.35
1330
13.55
13.40
13.90
13.60
14.10
13.70
14.20
CIPK
1270
13.20
12.80
13.30
12.90
13.40
13.25
13.50
1350
13.75
13.60
14.10
13.80
14.30
13.90
14.40
DBPK
1255
13.05
12.60
13.10
12.65
13.15
12.85
13.10
1300
13.25
13.20
13.70
13.45
13.95
13.60
14.10
FBPK
1270
13.20
12.80
13.30
12.80
13.30
13.20
13.45
1345
13.70
13.60
14.10
13.75
14.25
13.85
14.35
FLAH
1275
13.25
12.75
13.25
12.80
13.30
13.20
13.45
1340
13.65
13.45
13.95
13.60
14.10
13.70
14.20
HBPK
1260
13.10
12.70
13.20
12.90
13.40
13.20
13.45
1335
13.60
13.45
13.95
13.60
14.10
13.70
14.20
HKBP
1270
13.20
12.75
13.25
12.80
13.30
13.15
13.40
1330
13.55
13.40
13.90
13.60
14.10
13.70
14.20
N I PK 1260
13.10
12.70
13.20
13.20
13.70
13.50
13.75
1370
13.95
13.75
14.25
13.80
14.30
13.85
14.35
HMBP 1275
13.25
12.85
13.35
12.90
13.40
13.25
13.50
1335
13.60
13.50
14.00
13.60
14.10
13.70
14.20
SAMB 1265
13.15
12.75
13.25
12.90
13.40
13.35
13.60
1350
13.75
13.50
14.00
13.65
14.15
13.75
14.25
MCBK 1260
13.10
12.60
13.10
12.75
13.25
13.15
13.40
1330
13.55
13.40
13.90
13.50
14.00
13.75
14.25
NBPK
1275
13.25
12.80
13.30
12.80
13.30
13.20
13.45
1330
13.55
13.40
13.90
13.65
14.15
13.70
14.20
S CP K 12.60
13.10
12.65
13.15
12.75
13.25
13.10
13.35
1325
13.50
13.45
13.95
13.50
14.00
13.70
14.20
UBPL 12.60
13.10
12.70
13.20
12.75
13.25
13.15
13.40
1330
13.55
13.45
13.95
13.60
14.10
13.70
14.20
AVE
13.15
12.73
13.23
12.82
13.32
13.19
13.44
13.36
13.61
13.46
13.96
13.62
14.12
13.73
14.23
12.65
4 Friday, December 31, 2010
The Financial Daily International Vol 4, Issue 140
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
Serving foreign interest There is a growing feeling among Pakistanis that allowing the United States to undertake drone attacks within country's territory is a mistake. Some analysts term bowing down before the US pressure a horrendous mistake. They say if the US has credible evidence that militants are hiding and/or operating from Pakistan, the information must be shared with Pakistan. Allowing the US to undertake such attacks in other areas is tantamount to surrendering sovereignty of the country. Ever since the US under Nato cover attacked Afghanistan, Pakistan has been doing the best but what does it get in return? Country's top intelligence agency has been often accused of not doing enough due to more than cordial relationship with Taliban. Let us remind US that two of its much hyped stances: 1) Osama bin Laden hiding in Afghanistan and 2) presence of weapons of mass destruction in Iraq have proved completely baseless. If those two claims were hoax calls, how can Pakistan believe that the statement of presence of al Qaeda leadership in Pakistan is right? Let us also remind the US that if it is trying to make some deal with Taliban, why is it insisting on weeding out them? It is still not clear whether the war is being fought in Afghanistan against Taliban or al Qaeda? Pakistanis also fail to understand the logic behind good Taliban and bad Taliban. They also wish to know the difference between al Qaeda, Afghan Taliban and Therik-e-Taliban Pakistan. There is a growing perception that all these are the names of CIA supported groups, given the specific mandate both in Afghanistan and Pakistan. It is also suspected that insurgency in Balochistan is also being supported by various foreign intelligence agencies. It is true that the sole surviving superpower has its own agenda and to achieve the objectives it forms as well as topples governments around the world. It's time all the political parties joined their hands to defend the territorial integrity of Pakistan. Recently released cables by WikiLeaks has highlighted one point very boldly that lust for power often encourages people to support those elements which indulge in anti-state activities or become subservient to foreign powers. They even go the extent of saying that the recent political melodrama is also part of the agenda of those who wish to weaken Pakistan. After listening to what the political activists are saying on television channels and reports printed in newspapers it become extremely difficult to determine which party is free of corruption and who is serious in bringing peace and stability in the country.
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.
What’s written on the wall? T
he Pakistan People's Party (PPP) is scrambling to stop its main coalition partner from pulling out of the ruling alliance in the country's latest political storm. President Asif Ali Zardari is leading efforts to pacify the Muttahida Qaumi Movement (MQM), the second largest party in the coalition, which this week pulled its two ministers from the federal cabinet. Following are some possible outcomes of the turmoil which has raised questions over the fate of the US-backed government already under pressure to improve the fragile economy and contain Taliban militants. THE MQM AGREES TO REJOIN CABINET The MQM said the withdrawal of its ministers from the cabinet was a first step to breaking with the coalition. It pulled them out because of what it said was the government's failure to improve security and stamp out corruption, something that is unlikely to happen any time soon and the party is aware of that. The MQM, which has made threats to abandon the coalition in the past, is likely to rejoin the cabinet. A return to the status quo would ease tension, but the crisis will reinforce the impression that Pakistani politicians are highly skilled at
drama and not committed to tackling the country's most pressing issues. To get the MQM back on board, Zardari may have to take decisive steps such as the dismissal of his close aide and Sindh province's
"Everything is in flux, until it appears that nothing may in fact be moving -- that could sum up all the political 'action' the country has seen in recent weeks." THE MQM JOINS
“
Raising the likelihood that the coalition will survive are deepening divisions between the MQM and the main opposition party, led by former prime minister Nawaz Sharif, one of Pakistan's most popular politicians
home minister, Zulfiqar Mirza, a vocal critic of the MQM, which dominates politics in Pakistan's financial capital and biggest city Karachi, capital of Sindh. Raising the likelihood that the coalition will survive are deepening divisions between the MQM and the main opposition party, led by former prime minister Nawaz Sharif, one of Pakistan's most popular politicians. Chances are slim that the MQM will join forces with Sharif's Pakistan Muslim League, the second largest party in parliament. As the influential Dawn newspaper said in an editorial on Thursday:
OPPOSITION BENCHES In that case, the government would lose its majority and fall. Forming a new one would likely be a protracted, delicate process. No political parties have good ties with Sharif and his party's differences with the MQM have started to get ugly, with both sides engaging in public, personal attacks on leaders. If the government collapses, it could mean a call for early elections, which are otherwise due in 2013. That would plunge the country into political uncertainty and distract leaders from tackling security and economic problems.
THE PRIME MINISTER QUITS Zardari's aides are trying to win back the Jamiat-e-Ulema-e-Islam (JUI), a small coalition partner, which left the government this month over the sacking of one of its ministers and sat with the opposition. While Pakistan's pro-Taliban religious parties don't win significant votes in elections, they have the capability to stir emotions and street protests. The government can't afford to ignore them. The head of the JUI, Fazal-ur-Rehman, has called for the resignation of Prime Minister Yusuf Raza Gilani. While there are no signs yet that may happen, rising difference between Zardari and Gilani have raised speculation that the prime minister is becoming vulnerable. Some analysts say Gilani may opt to resign if the pressure on his government becomes unbearable. MILITARY INTERVENTION A long shot but it can't be ruled out. The military has ruled Pakistan for more than half of its history. If the generals decide the government's failures are stacking up and it is losing control, they may take drastic action. The military may already be stepping in behind the scenes to try to ease tension.-Reuters
Microfinance in Afghanistan I
n a dimly lit room at the back of an Afghan house, 21-year-old Zahara is crouched on a plank of wood weaving a large carpet on a loom that she was able to buy using a microfinance loan of $1,100. Zahara started weaving carpets when she was 10 and did not go to school, but the loan from non-profit development group BRAC allowed her to start her own business about 18 months ago and she has since taken out two more loans of $330 each. "When I first got the money, the carpets I was making were small and now I can make bigger carpets," said Zahara, who heard about microfinance loans from her neighbour in Kabul. "Before I made carpets for other people and now I make them for myself." More than 1.5 million loans worth $831 million have been given out in the past seven years, said the Microfinance Investment Support Facility for Afghanistan (MISFA), which was set up by the government in 2003 to coordinate the sector. Thirty years of conflict have shattered Afghanistan's economy and infrastructure, leaving two-thirds of the roughly 30 million population illiterate and at least a third in dire poverty. Aside from security fears, microfinance is facing a shortage of skilled people to run programmes, as well as challenges in reaching sparsely populated rural areas and religious concerns among conservative Muslims about paying interest. "If you talk to the real vil-
lagers, they need money," said Fazlul Hoque, head of non-profit development group BRAC in Afghanistan, which is responsible for half the country's 430,000 microfinance clients. "We need to establish a credit culture." Unlike traditional bank loans which require paperwork such as proof of identi-
more than 80 percent of BRAC's clients were women. But the independent Afghanistan Research and Evaluation Unit (AREU) said it would take more than access to microfinance to empower women and build their social status. "Credit can be a means to assist women to achieve more
gender in Afghanistan and said that when a loan helped improve a family's economic situation it reduced domestic violence, but when a family found it difficult to repay their loan, the violence increased. Microfinance also faces a religious hurdle because Islamic law prohibits the payment or acceptance of interest fees. Some microfinance organisations try to work around this by calling an interest payment an administrative or service charge. MISFA is working to develop a loan that would be compliant with Islam, while some smaller microfinance groups such as FINCA, which has about 9,000 Afghan clients, already offer such loans. "There are indeed a number of Afghans who do not participate in mainstream microfinance ... for fear of social pressure," said MISFA Managing Director Katrin Fakiri. "Potential borrowers must have a choice between Islamic or conventional loans." LACK OF SKILLS, KNOWLEDGE Fakiri said the Afghan microfinance sector was consolidating to ensure it grows responsibly and to address its challenges, the most obvious of which was poor security limiting expansion. "What makes this worse is the fact that many government entities at the regional level have no adequate knowledge of microfinance, its social mission and the
More than 1.5 million loans worth $831 million have been given out in the past seven years, said the Microfinance Investment Support Facility for Afghanistan (MISFA), which was set up by the government in 2003 to coordinate the sector fication and income, many microfinance lenders simply require borrowers to become part of a support group and verify their ability to repay. The average annual income in Afghanistan is $370, according to the World Bank. But Hoque said the default rate on BRAC loans was low, around 3 or 4 percent. WOMEN NEED MORE THAN CREDIT Microfinance -- developed more than 30 years ago by Bangladeshi economist Muhammad Yunus, who won the Nobel Peace Prize in 2006 for his efforts -- traditionally targets women. MISFA said 60 percent of current Afghan clients are women. "Women are ignored, so one of our social missions is to bring them out, so that there will be a kind of dignity of women, they can have a better position in the family," said Hoque, adding that
decision-making power and autonomy, but there needs to be a purposeful, culturally attuned strategy in place to support this process," said Paula Kantor, an AREU visiting researcher and former director of the unit. There are enduring limits on women's rights across Afghanistan more than nine years after the strict Islamist Taliban were ousted after more than five years in power, during which women were made to wear all-covering burqas and were rarely allowed out in public for education or work. A UN report earlier this month found that millions of Afghan women and girls suffer from traditional practices such as child marriage and "honour" killings, and that authorities are failing to enforce laws protecting them. AREU senior research officer Sogol Zand has been studying microfinance and
fact that it is a governmentsupported national programme," Fakiri said. "As a result, support for microfinance on the ground is weak." But the biggest problem was finding people with the skills to run the programmes. Fakiri and Hoque said a lack of educated staff created other issues such as mismanagement, miscommunications and misperceptions. Fakiri said MISFA was educating local government and microfinance staff about the sector and had teamed up with the Central Bank of Afghanistan, the Afghanistan Banking Association and international donors to create the Afghanistan Institute of Banking and Finance, which offers a basic microfinance course. Safia, 32, took out a BRAC small business loan for 70,000 Afghanis ($1,555) so she could improve her beauty shop in the Kabul neighbourhood of Polisukhta. A large vase with fake pink flowers adorns the window of Stara Beauty Parlor, where Safia and her employee do hair and make-up. Safia had to ask permission from her husband to get the loan, but said her success had earned her more respect from him. Posters of heavily made-up women with elaborate hairstyles decorate the shop walls and a thin curtain in the front window hides customers from people passing on the busy street outside. "When I got the money it helped me to do a lot of work in my shop," said Safia, a mother of two. "I will be able to make an independent future."-Reuters
Adding to Asia’s Inflation
R
ising oil prices present a new inflationary headache for Asia and further complicate the task of policymakers grappling with broader price pressures, an uneven growth outlook and surging dollar inflows. Central bankers in Asia are reluctant to stifle growth by raising rates and are wary of exacerbating yield differentials with western economies and Japan that would further attract potentially destabilising capital flows. At the same time, rising prices are politically fraught in countries such as India and Indonesia, which must decide between taking the fiscal hit of offsetting fuel price increases through subsidies or pass costs onto inflation-wary consumers. Inflation is also a big worry for global economic powerhouse China, whose leadership perceives rising costs of living as a threat to social peace and stability. Beijing's Christmas day rate rise -its second in two months -- underscored how its focus has shifted from nurturing growth to getting prices under control and India is expected to follow, resuming a tightening cycle that has brought six rate
increases since March. Asia's No. 1 and 3 economies can find comfort in signs that growth had sufficient momentum to withstand further policy tightening, but others - particularly those relying heavily on exports -- seem less certain about next year's prospects. Yet South Korea, Indonesia, Thailand and Philippines are all also expected to tighten monetary conditions in 2011. While raising rates can do little to cap cost-driven or imported inflation, it can help cool overall demand and contain inflationary expectations stoked by a broad rally in commodity markets. "It is difficult for individual countries such as South Korea to deal with inflationary pressure coming from these external cost factors," said Lee Sung-kwon, chief economist at Shinhan Investment Corp in Seoul. Lee said lowering tariffs on raw material imports, for example, will have a small impact on easing prices in South Korea, and expects the central bank to raise rates once each in the first and second quarters, to 3 per cent from 2.5 per cent now. "Global prices of oil and raw materials will stabilise if China raises interest rates and the impact
HIGH AND RISING Oil prices have risen steadily this quarter. Benchmark US crude hit a 26-month high on Monday near $92 per barrel and is forecast by some analysts to be headed to $100, driven by quantitative easing in the United States and as robust growth in China and India drive demand. A weak dollar and OPEC's evident reluctance to increase output add to the case for costlier oil in 2011. "We see broad price rises in soft commodities, hard commodities and black commodities (oil and coal), which have translated into imported inflation and imported cost increases," said Chen Xingdong, chief China economist at BNP Paribas. Demand for oil products in China, the world's No.2 consumer, rose 13.9 per cent annually in November, as millions more Chinese bought cars and industrial and petrochemical demand boomed, despite a two-year old fuel pricing system designed to ensure rising crude oil costs were passed on to consumers. BEYOND ENERGY In India, New Delhi this week deferred a decision on whether to lift the state-set price of diesel and cooking fuels, which would add to infla-
tion, annoy the embattled ruling Congress party's rural base and further embolden the political opposition. Headline inflation in India was 7.48 per cent in November, and the central bank's 5.5 per cent inflation target for the end of the fiscal year in March appears increasingly out of reach as food and fuel price rises accelerate. The rise in global crude prices comes on top of high food prices and surging growth in many Asian economies. Chen estimated that while fuels contributed 10 per cent to China's 5.1 per cent November inflation, a 28-month high, food accounted for 74 per cent. Food prices, which like energy tend to be beyond the scope of monetary policy, jumped 11.7 per cent in China in the year to November, while India's food price index rose 14.44 per cent on the year as of Dec. 18. "Rising oil prices will not be the only problem for inflation. Higher food prices and wages, which are seen across Asia, will also push up inflation from the demand side," said Nuchjarin Panarode, economist at Capital Nomura in Bangkok.-Reuters
5
Friday, December 31, 2010
South East Asian stocks
European shares end lower in Santa rally stumble
Jakarta best in 2010 as most close for year
KSE-100 Index Opening Closing Change % Change Turnover (mn)
100-Index breaks big barrier
11,886.02 12,031.46 145.44 1.22 140.04
12,000pts at long last
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,686.88 3,730.62 43.74 1.19 5.75
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,977.43 3,012.43 35.00 1.18 0.19
Nawaz Ali
Major Gainers
Symbol
Close
Change
IDYM NRL COLG POL APL
321.88 280.36 925.00 298.12 332.97
14.96 13.25 8.58 8.51 8.48
Major Losers
Symbol
Close
Change
RMPL 2,086.00 LAKST 295.50 ULEVER 4,343.50 INDU 252.30 WYETH 1,100.00
-58.44 -14.49 -12.46 -6.3 -4.77
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA NBP UBL NIB BAFL
13.75 75.92 68.02 3.08 11.41
17.28 11.19 7.39 7.10 5.32
Active Issues Plus Minus Unchanged
234 146 20
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
SEOUL: South Korea Stock Exchange staff members celebrate during a ceremony to mark the final day of trading for 2010. -Reuters
India shares jump up to 7-week high MUMBAI: Indian shares on Thursday rose 0.7 per cent to their highest close in seven weeks in thin year-end volumes, led by Infosys Technologies, Larsen & Toubro and gains in some automobile shares. State-run oil marketing firms Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum fell between 1.5 to 3 per cent after India deferred a decision on a possible increase in diesel and cooking gas prices. The 30-share BSE index ended up 133.04 points, at 20,389.07, with 25 of its components rising. It traded in a narrow range through the session on thin volumes, despite the expiry of monthly derivative contracts on Thursday. "The build up in open interest is subdued and volatility has been low. The market is a little more than fairly valued at this point, so there is still fear that a downside is round the corner," said Deepak Jasani, head of retail research at HDFC Securities. Traders said volumes had dipped as investors avoided building positions before the year end. For the year, the index is up nearly 17 per cent, helped by record foreign fund inflows of $28.5 billion into local equities and most investors are optimistic that a robust growth out-
look for the Indian economy bodes well for the domestic equities market in 2011. "People are expecting next year allocations to India will be as good or even better," said Gajendra Nagpal, chief executive at Unicon Financial Intermediaries. On Thursday, gains were led by outsourcers on renewed hopes of stability in the US economy, which they count as their largest market. India's No 2 software services firm Infosys closed up 1.2 per cent, while larger rival Tata Consultancy Services gained 1.1 per cent and No 3 Wipro added 0.2 per cent. Larsen & Toubro, India's largest engineering and construction firm, ended 0.9 per cent higher at 1,972.15 rupees, helped by order wins worth $259 million. Shares in automakers Tata Motors and Hero Honda rose 1.9 per cent each, while top carmaker Maruti Suzuki and Mahindra & Mahindra ended marginally higher. Most vehicle makers are expected to announce price increases in early January. State-run fuel retailers were among the worst performers, on worries of under-recoveries. Indian Oil Corp fell 2.8 per cent, while Hindustan Petroleum Corp lost 1.8 per cent and Bharat Petroleum Corp slipped 1.4 per cent.-Reuters
US stocks midday
Wall St rally loses steam NEW YORK: US stocks edged lower on Thursday as the recent rally and light volume left investors reluctant to take on much more risk before the new year. After a 6.5 per cent rally this month even a series of betterthan-expected economic reports was not enough to spark buying activity on the penultimate trading day of the year. Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois said investors will need to see signs of an sustained improvement in the economy to keep the rally alive next week. "It will be interesting to see once we get past the holiday season if this holds up," he said, referring to government data on Thursday that showed claims for jobless benefits fell to a two-year low. "We are stuck in that very narrow range until we start next year." Shares in Monster Worldwide Inc, an employment agency, rose 3.6 percent to $24.48 after the data. The Dow Jones US business training and employment agencies index rose 0.8 per cent. In a sign of investor anticipation of increased merger activity, Anadarko Petroleum Corp jumped 5.8 per cent to $74.85 after the Daily Mail reported BHP Billiton Ltd maybe lining up a $90 per share offer for the company.-Reuters
China Rare Earth at 6-wk high
HK, China stocks edge up; realty rises HONG KONG/SHANGHAI: Shanghai and Hong Kong stocks edged higher on Thursday led by Chinese banks, while property shares slid ahead of year-end. China's stock market ended up 0.29 per cent in thin trading, buoyed by late afternoon rebounds in banking stocks as some investors took advantage of their battered valuations, but property developers and car makers continued to sink on policy concerns. The Shanghai Composite Index ended at 2,759.58 points, reversing an earlier loss as fears over monetary tightening eased during the last few days of trading in 2010. "The market has calmed as many traders chose to stay on the sidelines toward the yearend," said Cao Xuefeng, analyst at Huaxi Securities Co. "Willingness both to buy and sell has waned," he said. After a nearly 4 per cent
drop during the first two days of the week triggered by Beijing's weekend interest rate rise, the market has entered a see-sawing pattern as stock valuations driven down by panic selling attracted bargainhunting. Investors are divided over whether the authorities' efforts to rein in liquidity would be countered by an expected faster rise in the yuan next year, which, along with higher interest rates, could invite more money inflows. Banks, which had been the main drag on the market this week because of the sector's vulnerability to policy tightening, rebounded sharply in afternoon trading, with China's biggest lender Industrial and Commercial Bank of China Ltd jumping 3.2 per cent. Some investors take the view that Chinese banks, which already trade at historically low valuations, will benefit
next year from further interest rate increases that would potentially improve lending profitability. But developers continued their slide after the China Securities Journal published a commentary saying that government real estate curbs would eventually cap property price rises. Investors are also worried that Beijing could start levying property taxes as soon as early next year, sending China Vanke Co Ltd, China's top listed developer, down 1.8 per cent. Investors dumped auto makers after Tuesday's confirmation that China would end tax incentives for small cars next year, potentially hurting the sector's sales. SAIC Motor Corp Ltd, China's top automaker, dropped 2.4 per cent, while smaller rival Tianjin FAW Xiali Automobile Co Ltd lost 1.8 per cent.-Reuters
KARACHI: Berserk bulls Thursday catapulted Karachi Stock Exchange (KSE) above 12,000 points -- the major psychological level-- after around two and a half years. The benchmark KSE 100Index gained 145 points -1.22 per cent-- to close at 12,031 points closing above 12,000 levels for the first time after July 03, 2008. KSE 30-Index jumped by 141 points -1.24 per cent-- to hit 11,588 points and KSE All Share Index jumped 98 points -1.19 per cent-- to reach 8,362 points. It was the buying in oil and
banking stocks spurred by expectations of better corporate results and higher international oil prices that led the main index achieve this feat. "Buying spree was seen across the board with focus on banking sector and Lotpta as investors are expecting healthy earnings and better payouts", said Samar Iqbal, equity dealer at Topline Securities. Bulls were there since the opening bells as market started the session with 23 plus points, gains then kept on the increasing as investors mainly foreigners took positions primarily in oil and banking stocks over hopes of some better than expected
Nikkei falls 3pc this yr under yen pressure TOKYO: Japan's Nikkei average ended the year on a sour note on Thursday, pressured by profit-taking as the yen advanced to a fresh seven-week high against the dollar. The benchmark Nikkei booked a 3 per cent loss for 2010 as the yen's strength over the course of the year stoked worries about the outlook for Japan's export-led economy. In 2009, the Nikkei had gained 19 per cent led by a rally in hightech exporters. Still, Japanese shares have rebounded from the year's lows on buying led by foreign investors, with their recovery having gathered momentum since November following
monetary easing by the Federal Reserve and the Bank of Japan. Overseas investors have been major buyers during this recovery on the view that Japanese shares were undervalued compared with those in other developed markets, analysts said. "Today's move very much symbolises the trend of the year as the fluctuation of the yen basically drove Japanese stocks," said Masaru Hamasaki, a senior strategist at Toyota Asset Management. On the final trading day of the year on Thursday, the Nikkei lost 1.1 per cent or 115.62 points to 10,228.92.Reuters
ANNOUNCEMENTS Company Adam Sugar AL-Noor Sugar
Period Yearly Yearly
Div/Bon/Right PAT (Rs in mn) 25% D 92.79 50% D 254.40
EPS(Rs) 16.10 13.70
December-ending corporate results while investors also hailed the election of new directors of the exchange by going bullish. Further rising international oil prices at around $91 a barrel and rumours of expected discovery in Tal block too triggered buying activities in oil stocks. Therefore index crossed the psychological barrier of 12,000 points and at about 2:25 PST touched an intraday high of 12,048 points (+ve 162 points) and finally closed about it. Foreign investors remained on the buying side where according to NCCPL there was See # 14 Page 11
FTSE off 6,000 level LONDON: Britain's top share index fell on Thursday, drifting away from the 6,000 level in thin volumes on the last full trading session of 2010, pulled down by banks and energy stocks. The FTSE 100 index closed down 25.35 points, or 0.4 percent, at 5,971.01, having lost 0.2 per cent on Wednesday. Trading volume was 30 percent of the 90-day moving average. "(Lack of volume) is leading some longer-term traders to suggest that a more serious correction is imminent once large traders and institutions return after the New Year's holiday," said James A. Hyerczyk, analyst at Autochartist. Banks were lower, with global lender HSBC, down 0.7 percent, and Lloyds Banking Group off 1.0 percent, weighed on by worries over euro zone debt exposure.-Reuters
Dhiyan
IT’S AN ALL-TREND DAY Zia Shaafi, Equity dealer Pearl Securities The bullrun is likely to continue till the index touches 12,500 points level at which we might see some correction doing rounds. Fully invested investors are advised to hold positions while fresh buyers can spend 10-20 per cent of their cash only on blue chip stocks, however they should avoid 2nd and 3rd tier stocks. Early launch of Margin Trading System (MTS), better corporate results and improvement in the political situation would touch off bullishness. Market would remain bullish today.
Syed Faran Rizvi, Technical analyst Invisor Securities Bullishness seems to persist in the coming days and this bullish wave would rise as high as 12,345 points level. We recommend traders to book profits at such levels while they should employ stop loss at 11,971 points. Investors can take positions in banking and oil sector stocks. Market would show some mixed activities today.
6
Friday, December 31, 2010
Market 140,044,550
Value
7,158,655,777
Trades
77,490
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
234 146 20 400
All Share Index
12,031.46 12,048.52 11,886.02 h145.44
Current High Low Change
KSE 30 Index
8,362.85 8,373.81 8,264.47 h98.38
Current High Low Change
KMI 30 Index Current High Low Change
11,588.97 11,606.88 11,447.27 h141.70
19,098.32 19,127.27 18,860.97 h237.35
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,527.44 Turnover 12,440,644 P/E (x) 11.23 Company
KSE 100 Index
Symbols
Volume
PE
High Low 1,557.19 1,528.54 Total cos Defaulter cos P/BV (x) ROE (%) 3.66 32.54
Close Change 1,549.92 22.48 Listed cap Market cap 65,194.15 mn 1,202,119.41 mn Payout (%) Div Yield (%) 55.94 4.98
Open
High
Low
Close Chg
Volume
691 5.77 324.49 853 7.04 122.00 3921 - 11.28 735 16.94 123.67 800 4.15 267.11 Oil & Gas Development XD 43009 11.53 168.70 Pak Petroleum 11950 8.82 213.66 Pak Oilfields 2365 7.04 289.61 Pak Refinery Limited 350 - 106.95 P.S.O 1715 4.99 294.86 Shell Gas LPG 226 - 33.49 Shell Pakistan 685 10.63 207.73
337.00 126.69 11.77 125.90 280.46 170.85 218.50 299.74 109.49 297.49 34.00 209.80
325.49 122.60 11.35 124.11 267.50 168.60 214.50 290.10 107.45 294.26 33.50 207.01
332.97 8.48 125.66 3.66 11.55 0.27 125.01 1.34 280.36 13.25 170.45 1.75 216.97 3.31 298.12 8.51 108.44 1.49 295.01 0.15 33.85 0.36 207.36 -0.37
624897 3151830 2262592 47895 553774 460702 1303074 5260865 62920 895728 12395 66564
Attock Petroleum Attock Refinery BYCO Petroleum Mari Gas Company National Refinery
Last 60 days High Low 374.20 137.20 12.49 128.90 280.46 171.40 221.75 299.74 114.50 299.20 40.28 209.89
287.99 78.51 10.00 107.00 198.00 144.00 171.60 231.01 55.00 261.51 29.10 182.05
% Change 1.47 5-Day High 1,549.92 5-Day Low 1,525.15
2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
2011 Div BR (%) (%)
20B - 15.00 20B -
-
CHEMICALS
Open 741.86 Turnover 162,739 P/E (x) 5.84 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 762.68 742.58 Total cos Defaulter cos P/BV (x) ROE (%) 1.49 25.53
Close 754.98 Listed cap 3,242.17 mn Payout (%) 11.08
Change 13.12 Market cap 13,261.04 mn Div Yield (%) 1.90
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.25 41.92
71.25 37.83
73.00 39.45
71.11 38.27
72.50 38.57
113853 48886
77.77 41.00
1.25 0.74
60.05 32.36
Company
Company
Paid up Cap(mn)
High Low 1,415.26 1,389.97 Total cos Defaulter cos P/BV (x) ROE (%) 3.01 35.00
PE
Open
High
Low
Agritech Limited 3924 8.35 Bawany Air 68 72.33 BOC (Pak) 250 12.51 Clariant Pak 273 6.97 Dawood Hercules 1203 7.95 Descon Chemical 1996 Descon Oxychem Ltd. 1020 Dewan Salman 3663 Dynea Pak 94 Engro Corporation Ltd 3277 10.53 Engro Polymer 6635 Fatima Fertilizer 22000 Fauji Fertilizer 6785 9.27 Fauji Fert.Bin Qasim 9341 6.85 Gatron Ind 384 2.35 Ghani Gases Ltd 725 8.75 ICI Pakistan 1388 8.16 Lotte Pakistan 15142 4.91 Mandviwala 74 Nimir Ind Chemical 1106 Pak Gum 42 Sitara Chem Ind 214 10.49 Sitara Peroxide 551 14.61 Wah-Noble 90 7.13
23.50 9.44 89.27 181.76 192.03 2.85 8.35 2.96 11.25 189.76 14.51 10.89 125.68 36.46 43.00 11.50 142.67 13.19 1.80 2.03 21.00 126.59 13.45 37.36
24.23 9.70 91.48 184.69 193.00 3.04 8.50 3.02 11.46 192.20 14.76 11.04 128.50 36.84 44.50 11.75 146.80 13.82 1.96 2.15 22.05 128.75 13.90 38.50
22.75 8.55 90.00 179.55 189.75 2.85 8.00 2.90 11.00 190.50 14.41 10.75 126.26 36.20 41.66 11.49 143.00 13.27 1.62 2.02 22.04 126.05 13.40 37.00
Close Chg 23.05 8.68 91.04 182.44 191.86 2.97 8.19 2.94 11.46 191.62 14.50 10.94 127.89 36.30 43.84 11.55 144.82 13.75 1.88 2.07 22.05 128.00 13.44 37.07
-0.45 -0.76 1.77 0.68 -0.17 0.12 -0.16 -0.02 0.21 1.86 -0.01 0.05 2.21 -0.16 0.84 0.05 2.15 0.56 0.08 0.04 1.05 1.41 -0.01 -0.29
Close 1,405.65 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 44104 11942 113291 27874 80681 30250 1768104 880751 5200 908934 190030 1095717 1253986 4525795 993 34740 875283 17276475 59800 267355 483 901 61679 17689
Change 17.06 Market cap 307,664.18 mn Div Yield (%) 5.68
24.85 13.99 94.20 184.69 197.94 3.74 9.25 4.24 13.79 200.88 15.20 11.39 128.50 38.05 46.59 13.85 146.80 13.83 2.75 2.74 22.29 139.40 14.69 46.25
20.26 7.73 72.00 149.72 163.55 1.90 3.41 1.29 9.15 173.27 11.93 9.16 104.50 26.95 38.03 10.90 116.00 8.17 0.80 1.30 17.01 101.00 8.00 32.00
% Change 1.23 5-Day High 1,405.65 5-Day Low 1,378.80
2010 Div BR (%) (%) 5 15 40 15 40 95 17.5 20 55 25 50
10R 5B -
2011 Div BR (%) (%) -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,193.40 Turnover 22,023 P/E (x) 6.08 Company
High Low 1,205.28 1,185.04 Total cos Defaulter cos P/BV (x) ROE (%) 0.45 7.47
Close 1,187.43 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
9.13 6.99
16.86 47.25 45.50
17.00 47.75 46.00
16.70 46.50 45.30
16.73 -0.13 47.45 0.20 45.30 -0.20
18342 481 3200
Century Paper Pak Paper Product Security Paper
Change -5.97 Market cap 3,291.63 mn Div Yield (%) 4.16
Last 60 days High Low 19.93 61.99 47.70
15.28 38.61 38.00
% Change -0.50 5-Day High 1,217.35 5-Day Low 1,187.43
2010 Div BR (%) (%) 2533.33B 50 -
2011 Div BR (%) (%) -
Paid up Cap(mn)
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
PE
High Low 1,204.13 1,186.21 Total cos Defaulter cos P/BV (x) ROE (%) 1.09 25.35
Close 1,194.10 Listed cap 6,768.53 mn Payout (%) 20.42
Open
High
Low
Close Chg
Volume
144 5.69 74.17 101 5.76 191.90 626 8.99 123.00 890 2.40 56 4.67 196.00 598 20.16 22.75 450 3.49 4.71 1428 - 11.32 786 5.76 258.60 823 11.20 71.29 150 3.91 20.62
76.70 194.75 125.90 2.44 197.90 23.64 5.18 11.40 259.00 71.90 20.95
73.26 190.25 122.20 2.30 195.00 22.75 4.80 11.25 251.00 70.20 20.57
75.08 0.91 192.73 0.83 124.02 1.02 2.40 0.00 197.90 1.90 23.38 0.63 5.02 0.31 11.28 -0.04 252.30 -6.30 70.34 -0.95 20.95 0.33
4783 14656 592 139623 831 17946 97712 11292 74393 16218 510
Change 1.55 Market cap 43,340.29 mn Div Yield (%) 4.76
Last 60 days High Low
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin
PE
565 4.27 675 555 9.88 1199 12.39 785 10.48
Open 27.29 2.74 15.75 57.50 9.00
High 27.60 2.88 16.01 60.37 9.34
Low 26.95 2.72 15.71 55.60 9.00
Close Chg 27.30 2.72 15.80 59.47 9.22
0.01 -0.02 0.05 1.97 0.22
Close 1,089.59 Listed cap 3,596.11 mn Payout (%) 30.91
Change 19.87 Market cap 10,707.30 mn Div Yield (%) 9.21
Open 1,710.72 Turnover 309,527 P/E (x) 38.87 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793 Adam Sugar 58 AL-Noor Sugar 186 Chashma Sugar 287 Clover Pakistan 94 Colony Sugar Mills 990 Dewan Sugar 365 Faran Sugar 217 Habib Sugar 600 Habib-ADM Ltd 200 Haseeb Waqas 324 J D W Sugar 490 Mehran Sugar 143 Mirza Sugar 141 National Foods 414 Noon Pakistan 48 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 Sakrand Sugar 223 Sanghar Sugar 119 Shahmurad Sugar 211 Shak(RCPf)8.5 Perc 346 Shakarganj Mills 695 Sindh Abadgar 104 Tandlianwala 1177
Last 60 days High Low
Volume 382084 9627 15000 397537 1300
27.60 3.39 16.65 62.20 10.07
24.00 1.93 12.25 44.00 8.00
2010 Div BR (%) (%) 30 40 7.5
20B -
2011 Div BR (%) (%) -
PE
Open
High
Low
5.00 16.20 48.86 12.25 72.92 3.70 3.56 20.00 33.58 12.70 18.00 86.95 59.28 6.00 68.49 24.60 6.04 47.19 2.25 3.00 13.79 11.95 3.78 6.00 8.50 34.00
6.00 17.20 51.30 13.10 76.55 3.66 3.97 20.75 33.95 12.70 18.90 85.00 60.00 6.19 71.91 25.40 6.44 49.54 2.20 3.00 14.70 12.25 4.78 6.20 9.00 34.00
6.00 15.20 47.00 12.00 71.00 3.22 3.58 20.50 33.51 12.35 17.00 85.00 58.90 6.00 70.01 24.00 6.15 44.85 2.20 3.00 13.90 11.26 4.78 5.42 8.50 34.00
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Buxly Paints Cherat Cement Dadabhoy Cement Dandot Cement Dewan Cement DG Khan Cement Ltd Fauji Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement 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 6.60 858 182 14 956 24.57 982 14.46 948 3574 3651 124.83 6933 15.64 1760 77 2319 1288 13126 3234 6.75 5261 1.34 541 3.05 2228 200 361 798 449.50
3.23 62.94 3.06 23.17 15.16 10.97 1.93 2.31 2.19 29.84 5.15 1.84 2.00 8.02 6.40 3.15 75.53 2.92 4.11 6.66 6.52 8.40 18.00
3.29 62.98 3.06 23.90 15.50 11.00 1.89 2.50 2.35 30.21 5.20 1.88 2.48 8.50 6.55 3.32 75.90 2.98 4.30 6.70 7.00 9.40 18.99
3.21 62.00 3.01 22.81 14.50 10.81 1.87 2.40 2.10 29.75 5.10 1.81 2.20 7.60 6.30 3.18 74.92 2.86 4.14 6.54 6.35 8.00 17.76
Close 1,004.06 Listed cap 54,792.74 mn Payout (%) 19.04
Change -1.47 Market cap 72,377.71 mn Div Yield (%) 2.80
Open 1,123.39 Turnover 252,813 P/E (x) 3.16 Company
Paid up Cap(mn)
Close Chg
Volume
Last 60 days High Low
3.25 62.72 3.05 23.45 14.50 10.81 1.88 2.45 2.16 29.96 5.16 1.81 2.20 7.96 6.40 3.23 75.11 2.88 4.15 6.61 6.74 8.30 17.98
6765 23712 7602 16934 5456 1619 7001 2000 172005 2506186 628981 70405 1000 215 15034 1413650 1113337 108250 8500 38378 5007 8191 400201
3.98 66.51 4.24 24.16 15.50 12.75 2.49 3.49 3.10 32.10 5.55 2.25 5.00 9.19 8.70 3.79 79.98 3.30 8.89 8.58 7.49 9.60 22.24
0.02 -0.22 -0.01 0.28 -0.66 -0.16 -0.05 0.14 -0.03 0.12 0.01 -0.03 0.20 -0.06 0.00 0.08 -0.42 -0.04 0.04 -0.05 0.22 -0.10 -0.02
2.80 57.60 1.10 14.01 7.91 9.51 1.31 1.11 1.30 23.40 4.52 1.70 1.18 2.70 5.50 2.71 68.95 2.51 3.21 6.54 5.25 6.30 17.51
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 50R
2011 Div BR (%) (%) -
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 1,025.52 Turnover 959,033 P/E (x) 2.86 Company Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Merit Pack Packages Ltd Tri-Pack Films
Paid up Cap(mn)
PE
Open
115 2.79 78.73 230 2.57 1067 4.58 49.70 389 3.30 47 59.75 24.00 844 66.01 125.94 300 9.05 122.87
High
High Low 1,051.57 1,019.45 Total cos Defaulter cos P/BV (x) ROE (%) 1.26 43.91 Low
Close Chg
79.50 78.00 78.29 2.77 2.05 2.19 50.25 49.21 49.80 3.80 3.10 3.11 25.20 23.90 23.90 132.22 126.00 128.72 126.50 123.00 124.02
-0.44 -0.38 0.10 -0.19 -0.10 2.78 1.15
Close 1,035.12 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 31640 448960 2643 10279 151 405840 59461
Change 9.60 Market cap 39,098.73 mn Div Yield (%) 5.43
Last 60 days High Low 83.23 3.30 61.10 4.05 25.90 136.74 128.70
34.00 1.76 45.30 1.60 14.05 100.11 98.10
% Change 0.94 5-Day High 1,044.18 5-Day Low 1,025.52
2010 Div BR (%) (%) 20 25 -
25B 10B -
2011 Div BR (%) (%) -
-
INDUSTRIAL ENGINEERING
Hussain Industries Pak Elektron Singer Pak Tariq Glass Ind Towellers Ltd
Open
High
Low
106 1174 3.55 341 22.37 231 2.49 170 -
7.06 14.18 19.40 20.53 7.00
7.89 14.30 20.00 20.90 7.00
6.10 14.06 19.90 20.30 6.00
Company Ados Pak
Paid up Cap(mn) 66
AL-Ghazi Tractor 215 Bolan Casting 104 Dewan Auto Engineering 214
PE 1.10
Open 17.00
5.43 225.88 - 43.20 1.54
High 17.00
High Low 1,559.40 1,544.02 Total cos Defaulter cos P/BV (x) ROE (%) 2.99 38.02 Low 17.00
Close Chg 17.00
0.00
Close 1,546.12 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 200
-
6.00 17.20 50.50 12.99 74.50 3.39 3.58 20.70 33.70 12.36 18.90 85.00 59.74 6.04 71.91 25.08 6.19 44.88 2.20 3.00 14.36 11.96 4.78 5.90 8.75 34.00
1.00 1.00 1.64 0.74 1.58 -0.31 0.02 0.70 0.12 -0.34 0.90 -1.95 0.46 0.04 3.42 0.48 0.15 -2.31 -0.05 0.00 0.57 0.01 1.00 -0.10 0.25 0.00
Close 1,708.83 Listed cap 11,335.33 mn Payout (%) 30.57
Volume 500 12768 80154 15917 188 43493 2112 7000 35781 670 18547 550 11371 14264 33702 2112 6201 852 3000 500 5110 10527 500 1913 200 1339
Change -1.89 Market cap 227,814.40 mn Div Yield (%) 0.79
Last 60 days High Low 11.70 17.20 53.00 15.47 77.19 5.70 5.59 21.50 36.50 16.50 22.78 89.89 68.49 7.18 71.91 27.30 6.99 53.81 3.40 3.90 14.70 13.50 4.78 7.88 9.00 36.75
4.06 11.15 39.25 8.50 42.61 2.60 1.11 18.30 28.50 11.90 16.50 64.56 50.50 4.20 39.01 17.51 4.25 32.50 2.02 2.11 13.00 9.93 2.36 3.34 4.75 28.00
2010 Div BR (%) (%) 25 50 15 25 25B 40 0 12.5R 35 20B 10 12 12 10 10 -
% Change -0.11 5-Day High 1,720.04 5-Day Low 1,708.83 2011 Div BR (%) (%) -
-
Close Chg 6.52 14.10 19.91 20.81 6.26
-0.54 -0.08 0.51 0.28 -0.74
Close 1,121.80 Listed cap 3,763.71 mn Payout (%) 6.27
Volume 8497 165373 251 78415 175
Change -1.59 Market cap 5,092.19 mn Div Yield (%) 1.99
2010 Div BR (%) (%)
Open 1,005.61 Turnover 10,672,322 P/E (x) 7.35 Company
Paid up Cap(mn)
Amtex Limited Artistic Denim Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) Blessed Tex Mills Chenab Limited Chenab Ltd Pref Colgate Palm Crescent Fibres Ltd Crescent Jute D S Ind Ltd Dawood Lawrencepur Dewan Khalid Textile Dewan Mushtaq Textile Ellcot Spinning Faisal Spinning Gadoon Textile XD Ghani Value Glass Gillette Pakistan Hira Textile Mills Ltd. Ibrahim Fibres Ideal Spinning Idrees Textile Indus Dyeing J K Spinning Janana D Mal Kohinoor Ind Kohinoor Mills Kohinoor Textile Liberty Mills Masood Textile Mohd Farooq Mukhtar Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Paramount Spinning Prosperity Ravi Textile Reliance Weaving Rupali Poly Salman Noman Samin Textile Saritow Spinning Service Ind Shadab Textile Shadman Cot Shahpur Textile Sunrays Textile Suraj Cotton Thal Limited Treet Corp ZahidJee Textile
Last 60 days High Low
2010 Div BR (%) (%)
11.49 15.09 20.45 21.40 20.00
17.5 -
6.10 12.90 16.51 15.90 6.00
10B -
2011 Div BR (%) (%) -
-
3139 840 133 4493 33 76 76 64 1150 800 316 124 238 600 514 57 34 110 100 234 75 192 716 3105 99 180 181 184 43 303 509 1455 226 600 189 145 187 1596 3516 560 174 185 250 308 341 42 134 133 120 30 176 140 69 180 307 418 341
High Low 1,020.21 996.57 Total cos Defaulter cos P/BV (x) ROE (%) 0.64 8.64
PE
Open
High
Low
10.09 6.53 0.34 0.51 0.46 5.58 0.69 34.72 0.61 52.38 0.20 0.18 0.62 0.80 0.75 7.37 0.74 3.23 0.46 3.64 3.13 0.92 0.26 3.71 3.15 2.14 0.82 1.87 5.46 3.05 0.76 1.13 0.64 4.57 1.95 4.98 0.38 8.21 0.38 1.57 0.47 0.74 0.80 5.47 9.67 0.47
4.04 23.26 2.20 9.82 12.00 13.00 668.29 47.00 3.14 2.89 916.42 13.25 0.99 1.82 44.19 2.60 6.00 21.25 32.80 68.00 28.69 62.50 3.93 40.72 5.53 3.43 306.92 6.75 15.51 1.62 2.96 5.10 58.59 20.25 1.17 0.45 16.00 22.05 62.70 9.04 10.55 14.34 1.44 9.45 36.22 4.85 6.71 2.80 233.25 12.99 9.60 0.50 38.01 35.42 125.76 60.63 3.78
4.68 24.24 2.60 10.08 12.50 13.02 675.00 46.15 3.25 2.50 955.00 14.25 1.29 1.90 45.60 2.60 6.88 20.50 32.80 68.99 28.00 62.50 4.00 42.75 6.53 3.60 322.26 6.10 16.50 1.79 2.90 5.20 61.51 20.25 1.79 0.50 16.10 22.97 64.11 9.05 10.50 14.84 1.60 9.65 36.87 4.95 6.00 2.30 244.00 13.50 10.60 0.50 36.11 35.50 128.00 61.69 3.50
4.00 23.50 2.10 9.85 12.50 13.00 670.00 46.00 3.08 2.50 916.00 13.01 0.92 1.77 43.50 2.40 5.56 20.20 32.00 68.20 27.30 62.50 3.92 40.10 4.60 3.35 319.99 6.00 15.61 1.55 2.23 5.05 59.25 20.25 0.80 0.44 16.10 22.11 62.87 9.01 10.30 14.25 1.39 8.95 36.01 4.00 5.90 2.00 231.01 13.50 8.60 0.33 36.11 35.50 120.05 60.42 3.50
Close Chg 4.44 23.51 2.47 9.88 12.50 13.02 672.64 46.15 3.08 2.50 925.00 13.11 0.95 1.82 44.52 2.60 6.02 20.30 32.55 68.50 28.00 62.50 3.95 41.14 5.40 3.35 321.88 6.03 16.00 1.58 2.23 5.19 59.97 20.25 0.80 0.44 16.10 22.53 63.66 9.04 10.36 14.80 1.41 9.23 36.40 4.60 5.97 2.30 239.90 13.50 8.62 0.34 36.11 35.50 127.91 60.75 3.50
0.40 0.25 0.27 0.06 0.50 0.02 4.35 -0.85 -0.06 -0.39 8.58 -0.14 -0.04 0.00 0.33 0.00 0.02 -0.95 -0.25 0.50 -0.69 0.00 0.02 0.42 -0.13 -0.08 14.96 -0.72 0.49 -0.04 -0.73 0.09 1.38 0.00 -0.37 -0.01 0.10 0.48 0.96 0.00 -0.19 0.46 -0.03 -0.22 0.18 -0.25 -0.74 -0.50 6.65 0.51 -0.98 -0.16 -1.90 0.08 2.15 0.12 -0.28
Close 1,011.28 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 2415604 6536 6988 1804449 5600 13000 132 3143 261503 10001 263 9332 11505 89927 27461 2157 1604 1303 3268 154 241 300 13000 55006 15015 2402 131 3548 1004 15092 781 37013 1300 1000 418 14900 988 1171073 4099988 5900 5800 3132 202678 10891 478 22857 5200 14858 9516 5000 10194 1532 500 500 149755 108081 8000
Change 5.67 Market cap 135,081.74 mn Div Yield (%) 2.27
Last 60 days High Low 17.21 24.59 3.45 12.32 18.75 14.50 747.48 52.05 3.90 2.99 960.00 14.99 1.38 2.37 47.00 3.75 7.44 22.25 36.75 71.40 41.20 73.00 4.88 42.75 7.29 5.35 350.15 9.50 20.50 2.00 3.68 6.06 61.51 22.54 2.08 0.95 17.50 25.14 64.44 10.45 11.25 19.25 2.30 12.00 38.10 5.00 8.69 2.99 276.50 15.09 15.00 1.01 39.84 38.52 130.00 63.30 4.87
2010 Div BR (%) (%)
4.00 30 19.10 20 1.32 7.5 9.50 8.10 - 15B 9.50 20 436.00 45.25 50 3.02 1.21 680.00 8.41 10 0.16 1.44 36.10 5 0.26 1.80 17.21 35 29.00 50 38.30 70 26.70 25 58.75 3.35 10 34.05 20 2.02 2.60 10 209.03 50 4.05 20 5B 13.25 1.01 1.52 4.51 54.55 30 18.01 15 100R 0.50 0.14 12.80 20SD 15.85 15 45.81 25 45R 5.16 7.65 10 10B 12.51 30 1.29 8.01 25SD 31.25 40 1.80 5B 5.11 - 100R 1.10 169.00 7.56 10 7.00 0.18 30.51 30 29.00 50 86.50 80 20B 37.25 2.00 -
% Change 0.56 5-Day High 1,012.37 5-Day Low 1,005.61 2011 Div BR (%) (%) -
-
Performance of SR Pharma and Bio Tech Index Open 989.49 Turnover 514,623 P/E (x) 7.77
2011 Div BR (%) (%)
20.85
14.12
-
-
-
-
227.77 226.00 226.85 0.97 43.16 43.15 43.16 -0.04 1.55 1.30 1.42 -0.12
3122 495 16034
238.99 51.99 2.40
200.00 41.50 0.21
150 25 -
10B -
-
-
213 10.68 11.36 124 - 131.41
11.65 11.51 11.53 137.98 132.00 132.97
0.17 1.56
11210 263
14.89 147.89
10.55 110.05
-
-
-
-
KSB Pumps Millat Tractors XB
132 366
61.98 60.55 60.63 -1.18 502.50 497.51 498.11 0.24
25842 82070
87.15 573.99
60.00 390.00
650
25B
-
-
34,286.77
Total Equity (Rs in mn)
4,740.29
3.22
Revenue (Rs in mn)
2,193.89
MA (200-day)
3.78
Interest Expense
1,222.17
1st Support
3.45
Loss after Taxation
(478.94)
2nd Support
3.28
EPS 09 (Rs)
1st Resistance
3.72
Book value / share (Rs)
2nd Resistance
3.82
PE 10 E (x)
Pivot
3.55
PBV (x)
(0.907) 8.98 0.40
BIPL closed up 0.26 at 3.61. Volume was 792 per cent above average (trending) and Bollinger Bands were 27 per cent narrower than normal. The company's profit after taxation stood at Rs1.565 million which translates into an Earning Per Share of Rs0.003 for the nine months of current calendar year (9MCY10). BIPL is currently 4.4 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into BIPL (mildly bullish). Trend forecasting oscillators are currently bullish on BIPL.
NIB Bank Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
59.12
Total Assets (Rs in mn)
208,118.96
MA (10-day)
2.91
Total Equity (Rs in mn)
41,643.27
MA (100-day)
2.81
Revenue (Rs in mn)
18,272.36
MA (200-day)
3.28
Interest Expense
12,872.36
1st Support
2.86
Profit after Taxation
2nd Support
2.67
EPS 09 (Rs)
0.171
1st Resistance
3.19
Book value / share (Rs)
10.30
2nd Resistance
3.33
PE 10 E (x)
Pivot
3.00
PBV (x)
691.05
0.30
NIB closed up 0.30 at 3.08. Volume was 467 per cent above average (trending) and Bollinger Bands were 25 per cent narrower than normal. The company's loss after taxation stood at Rs3.559 billion which translates into a Loss Per Share of Rs0.88 for the nine months of current calendar year (9MCY10). NIB is currently 6.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into NIB (mildly bullish). Trend forecasting oscillators are currently bullish on NIB.
Pakistan Reinsurance Co Ltd
% Change -0.14 5-Day High 1,123.39 5-Day Low 1,113.59
Performance of SR Personal Goods Index
% Change 0.02 5-Day High 1,546.12 5-Day Low 1,537.58
Ghandhara Ind Hinopak Motor
7.26 61.81 6.52 497.87
-
PHARMA AND BIO TECH
Change 0.34 Market cap 32,770.36 mn Div Yield (%) 16.69
Last 60 days High Low
20B 20B
PERSONAL GOODS
Performance of SR Industrial Engineering Index Open 1,545.79 Turnover 139,236 P/E (x) 7.88
Close Chg
High Low 1,137.31 1,117.49 Total cos Defaulter cos P/BV (x) ROE (%) 0.34 10.64
PE
-
% Change -0.15 5-Day High 1,018.65 5-Day Low 1,004.06
90 100 60 20 150 10
Total Assets (Rs in mn)
3.33
MA (100-day)
Performance of SR Household Goods Index
Performance of SR Construction and Materials Index High Low 1,016.70 998.13 Total cos Defaulter cos P/BV (x) ROE (%) 0.48 7.10
High Low 1,733.50 1,678.62 Total cos Defaulter cos P/BV (x) ROE (%) 11.78 30.30
11.54 1.07 3.69 1.05 12.17 3.34 7.57 11.44 2.85 3.53 0.61 26.83 3.58 0.90 8.23 1.03 17.33 4.21 309.09
CONSTRUCTION AND MATERIALS Open 1,005.53 Turnover 6,555,426 P/E (x) 6.80
65.75 136.00 94.00 1.20 136.00 21.00 4.03 9.65 215.99 66.75 17.92
2011 Div BR (%) (%)
67.23
MA (10-day)
HOUSEHOLD GOODS
-
% Change 1.86 5-Day High 1,089.59 5-Day Low 1,045.25
76.70 194.75 128.90 2.89 208.95 25.24 5.67 13.40 282.45 77.90 26.00
2010 Div BR (%) (%)
% Change 0.13 5-Day High 1,194.10 5-Day Low 1,166.33
RSI (14-day)
FOOD PRODUCERS
Performance of SR Industrial Metals and Mining Index High Low 1,105.09 1,048.27 Total cos Defaulter cos P/BV (x) ROE (%) 1.11 33.10
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING Open 1,069.71 Turnover 805,548 P/E (x) 3.36
-
Performance of SR Automobile and Parts Index
Performance of SR Chemicals Index Open 1,388.58 Turnover 28,406,095 P/E (x) 8.59
-
2011 Div BR (%) (%)
AUTOMOBILE AND PARTS Open 1,192.55 Turnover 304,165 P/E (x) 4.29
BankIslami Pakistan Limited
% Change 1.77 5-Day High 754.98 5-Day Low 738.03
2010 Div BR (%) (%) 40 15
Alert ! Unusual Movements
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Sanofi-Aventis Searle Pak
Paid up Cap(mn) 979 250 1707 165 200 96 306
PE
Open
9.63 108.98 6.65 88.47 15.92 85.87 8.03 28.91 6.65 8.49 11.22 141.14 5.44 60.39
High
High Low 1,013.37 984.83 Total cos Defaulter cos P/BV (x) ROE (%) 1.73 22.31 Low
Close Chg
110.00 108.50 109.84 0.86 89.80 88.10 88.10 -0.37 89.98 85.50 88.53 2.66 29.50 28.70 29.00 0.09 8.80 8.25 8.25 -0.24 143.00 141.00 141.00 -0.14 60.50 60.00 60.49 0.10
Close 1,003.31 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 13369 2237 468270 11143 7504 548 11540
Change 13.82 Market cap 33,814.11 mn Div Yield (%) 5.73
Last 60 days High Low 110.99 113.00 89.98 29.50 9.00 146.40 64.50
85.10 82.20 66.50 23.50 7.00 115.90 59.50
2010 Div BR (%) (%) 20 30
20B -
% Change 1.40 5-Day High 1,003.31 5-Day Low 969.92 2011 Div BR (%) (%) -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
55.35
Total Assets (Rs in mn)
12,372.62
MA (10-day)
16.12
Total Equity (Rs in mn)
6,785.66
MA (100-day)
15.18
Revenue (Rs in mn)
2,170.95
MA (200-day)
18.13
Interest Expense
1st Support
16.01
Profit after Taxation
2nd Support
15.77
EPS 09 (Rs)
1st Resistance
16.54
Book value / share (Rs)
22.62
2nd Resistance
16.83
PE 10 E (x)
42.18
Pivot
16.30
PBV (x)
0.00 269.91 0.90
0.72
PAKRI closed up 0.28 at 16.31. Volume was 134 per cent above average and Bollinger Bands were 77 per cent narrower than normal. The company's profit after taxation stood at Rs88.468 million which translates into an Earning Per Share of Rs0.29 for the nine months of current calendar year (9MCY10). PAKRI is currently 10.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of PAKRI at a relatively equal pace. Trend forecasting oscillators are currently bearish on PAKRI.
NetSol Technologies Limited
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
40.92
Total Assets (Rs in mn)
2,916.67
MA (10-day)
18.51
Total Equity (Rs in mn)
2,378.92
MA (100-day)
19.29
Revenue (Rs in mn)
1,081.40
MA (200-day)
23.75
Interest Expense
1st Support
18.25
Profit after Taxation
2nd Support
18.07
EPS 09 (Rs)
3.775
1st Resistance
18.63
Book value / share (Rs)
30.53
2nd Resistance
18.83
PE 10 E (x)
1.74
Pivot
18.45
PBV (x)
0.60
19.53 294.11
NETSOL closed up 0.05 at 18.38. Volume was 4 per cent above average and Bollinger Bands were 64 per cent narrower than normal. The company's profit after taxation stood at Rs194.76 million which translates into an Earning Per Share of Rs2.64 for the 1st quarter of current fiscal year (1QFY11). NETSOL is currently 22.7 per cent below its 200-day moving average and is displaying a downward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NETSOL at a relatively equal pace. Trend forecasting oscillators are currently bearish on NETSOL.a
BOOK CLOSURES Company
From
To
Adil Textile Mills Atlas Bank BOC Pakistan Buxly Paints # Shadman Cotton Mills # Ellcot Spng Mills # Prosperity Weaving Mills # Mehran Sugar Mills Habib Sugar Mills Lakson Tobacco # Nagina Cotton Mills # Sindh Abadgar's Sugar Mills Pangrio Sugar Mills Thal Ind Corp Mirza Sugar Mills D.M Textile Mills # Kohinoor Sugar Mills Arif Habib Investments #
1-Jan 3-Jan 11-Jan 11-Jan 12-Jan 14-Jan 14-Jan 14-Jan 15-Jan 18-Jan 19-Jan 19-Jan 22-Jan 22-Jan 22-Jan 24-Jan 1-Feb
7-Jan 10-Jan 17-Jan 19-Jan 18-Jan 20-Jan 20-Jan 21-Jan 29-Jan 25-Jan 25-Jan 28-Jan 31-Jan 28-Jan 31-Jan 31-Jan 7-Feb
D/B/R 25.25(B) 10 10 15 10 -
Spot AGM/Date 24-Dec 7-Jan 14-Jan 14-Jan -
7-Jan 17-Jan 19-Jan 18-Jan 20-Jan 20-Jan 21-Jan 29-Jan 25-Jan 25-Jan 28-Jan 31-Jan 28-Jan 31-Jan 31-Jan 31-Jan 7-Feb
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols Climax Eng. Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shezan International Grays of Cambridge Lakson Tobacco Pak Tobacco Shifa Int.Hospitals Eye Television P.I.A.C.(A) AKD Capital XD Pace (Pak) Ltd. Netsol Technologies
Open 5.5 53.8 3.61 94.52 125.02 51 309.99 112.17 29.88 21.63 2.34 48.5 2.78 18.33
High 5.5 55.5 3.83 94.49 126 51 305 111.04 30.5 22.71 2.4 49.95 2.85 18.65
Low Close 5.5 54.7 3.61 90.21 119.95 48.6 294.5 111.02 29.6 22.5 2.26 47.05 2.76 18.27
5.5 54.82 3.62 91.6 122.08 50.32 295.5 111.03 29.68 22.71 2.33 49.01 2.8 18.38
Change 0 1.02 0.01 -2.92 -2.94 -0.68 -14.49 -1.14 -0.2 1.08 -0.01 0.51 0.02 0.05
Vol 1000 305 3364233 9263 700 234 10632 300 2481 25614 57549 2060 467774 484007
7
Friday, December 31, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,147.56 Turnover 4,006,011 P/E (x) 6.24 Paid up Cap(mn)
Company
Pak Datacom Pakistan Telecomm Co A Telecard WorldCall Tele Wateen Telecom Ltd
High Low 1,168.70 1,141.96 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
PE
Open
High
Low
Close Chg
78 4.94 37740 13.01 3000 0.68 8606 6175 -
80.40 19.45 2.25 2.76 3.52
80.50 19.77 2.32 2.88 3.79
80.00 19.36 2.22 2.75 3.55
80.00 19.51 2.27 2.79 3.66
-0.40 0.06 0.02 0.03 0.14
Close 1,151.74 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 1100 3413655 137650 453606 261459
Change 4.17 Market cap 79,599.96 mn Div Yield (%) 10.03
116.00 20.12 2.69 3.45 4.25
76.50 18.21 1.95 2.32 3.35
% Change 0.36 5-Day High 1,151.74 5-Day Low 1,135.29
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 United Insurance XB Universal Insurance
204 6.78 369 6.26 279 7.67 457 6.88 1250 400 3.33 718 17.76 791 15.69 3000 41.82 250 1.84 350 303 6.22 252 4.12 200 253 4.38 400 2.19 210 -
Paid up Cap(mn)
Genertech Hub Power Ideal Energy Japan Power KESC Kohinoor Energy Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
High Low 1,287.80 1,271.98 Total cos Defaulter cos P/BV (x) ROE (%) 1.34 9.35
PE
Open
High
Low
198 11572 6.80 80 1560 7932 1695 11.81 8803 4.92 3673 3.48 3541 25.98 191 3.45 1367 150 -
0.93 37.00 9.00 1.60 2.71 20.80 40.72 15.26 15.69 18.75 2.15 0.90
0.97 37.25 10.00 1.69 2.79 21.40 40.85 15.95 16.25 18.75 2.25 1.06
0.86 37.00 10.00 1.60 2.65 21.00 40.50 15.30 15.76 18.50 2.15 0.93
Close 1,279.76 Listed cap 95,369.29 mn Payout (%) 104.13
Change 5.62 Market cap 104,458.83 mn Div Yield (%) 7.28
Close Chg
Volume
Last 60 days High Low
0.86 37.15 10.00 1.67 2.69 21.25 40.52 15.87 16.11 18.50 2.17 1.00
7703 1630663 975 69792 1007876 670 302289 1201441 2683532 10254 114144 2492
1.45 38.10 12.00 2.25 3.29 25.25 41.95 16.00 16.70 23.49 2.80 1.75
-0.07 0.15 1.00 0.07 -0.02 0.45 -0.20 0.61 0.42 -0.25 0.02 0.10
0.60 32.75 9.00 1.20 1.98 17.95 38.35 10.75 11.45 17.98 2.05 0.65
2010 Div BR (%) (%) 50 2 15 50 20 -
Open 895.50 Turnover 52,622 P/E (x) 10.90
% Change 0.44 5-Day High 1,279.76 5-Day Low 1,267.19 2011 Div BR (%) (%)
7.8R -
-
-
Paid up Cap(mn)
Company
PE
Company Sui North Gas Sui South Gas
High Low 1,514.67 1,470.95 Total cos Defaulter cos P/BV (x) ROE (%) 1.08 11.41
Close 1,490.84 Listed cap 12,202.80 mn Payout (%) 66.79
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
7.96 3.10
26.52 20.27
27.00 20.99
26.65 20.15
26.74 0.22 20.57 0.30
92063 339710
34.75 30.70
26.25 19.95
% Change 1.21 5-Day High 1,532.78 5-Day Low 1,473.03
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index
Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 6.85 67.73 Askari Bank 6427 8.33 17.14 Atlas BankSPOT 5001 1.74 Bank Alfalah 13492 14.63 11.21 Bank AL-Habib 7322 7.72 35.49 Bank Of Khyber 5004 5.75 4.19 Bank Of Punjab 5288 9.77 BankIslami Pak 5280 902.50 3.35 Faysal Bank 7309 5.05 15.16 Habib Bank Ltd 10019 7.79 119.06 Habib Metropolitan Bank 8732 8.77 27.69 JS Bank Ltd 8150 2.54 KASB Bank Ltd 9509 2.50 MCB Bank Ltd 7602 10.10 224.93 Meezan Bank 6983 8.90 16.85 Mybank Ltd 5304 3.01 National Bank 13455 6.63 73.88 NIB Bank 40437 2.78 Royal Bank LtdSPOT 17180 4.75 Samba Bank 14335 2.00 Silkbank Ltd 26716 2.59 Soneri Bank 6023 7.87 Stand Chart Bank 38716 13.35 8.50 Summit Bank Ltd 5000 3.93 United Bank Ltd 12242 7.99 68.19
High
High Low Close 1,202.80 1,169.09 1,190.40 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.19 13.94 40.49 Low
Close Chg
71.11 68.30 70.50 2.77 17.75 17.25 17.50 0.36 1.77 1.60 1.64 -0.10 11.49 11.27 11.41 0.20 35.99 35.50 35.84 0.35 4.50 4.00 4.31 0.12 10.11 9.90 9.92 0.15 3.65 3.38 3.61 0.26 16.15 15.19 15.64 0.48 125.01 118.62 124.74 5.68 28.99 27.56 28.68 0.99 2.60 2.50 2.58 0.04 2.62 2.50 2.59 0.09 228.90 225.80 227.81 2.88 17.00 16.70 16.83 -0.02 3.04 2.80 2.96 -0.05 76.20 74.19 75.92 2.04 3.14 2.81 3.08 0.30 4.80 4.10 4.28 -0.47 2.09 2.00 2.01 0.01 2.71 2.60 2.66 0.07 8.35 7.90 8.30 0.43 8.75 8.50 8.68 0.18 4.01 3.90 3.96 0.03 70.65 67.75 68.02 -0.17
Volume
Change 22.55 Market cap 726,720.28 mn Div Yield (%) 4.76
Last 60 days High Low
1036833 71.11 1573043 18.10 79060 2.55 5319261 11.50 178767 36.40 96758 4.70 2141023 10.59 1366409 3.88 2665644 17.10 1836162 125.01 119481 29.19 232829 3.00 59356 2.90 735462 228.90 1052043 17.00 84015 3.10 11194499 76.20 7096174 3.18 527006 8.10 128670 2.65 3440221 3.08 499350 8.35 48454 9.04 101557 4.23 7387711 70.65
50.00 14.23 1.50 7.93 30.65 2.57 8.00 2.77 13.01 93.00 18.02 2.25 2.16 186.74 14.05 1.90 62.58 2.50 3.91 1.51 2.50 5.05 6.15 2.40 51.03
% Change 1.93 5-Day High 1,190.40 5-Day Low 1,150.65
2010 Div BR (%) (%) 20 - 20B - 66R 55 -63.46R 10 -
-
-
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance
1200 19476 6798 26322 24582 9710 2029 10790 1334551 14572 64028 9111 295 3601 11799 19889 252
12.75 39.90 67.53 12.00 48.63 14.45 99.88 60.90 17.20 8.45 8.30 12.00 7.70 14.53 8.17 7.35 3.75
10.00 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 4.55 2.21
10 10 -
25R 10B 20B -
-
UP TO 100 VOLUME
-
High Low 792.23 775.36 Total cos Defaulter cos P/BV (x) ROE (%) 0.68 5.20
Close 784.13 Listed cap 11,111.34 mn Payout (%) 79.54
Change 8.55 Market cap 48,486.76 mn Div Yield (%) 6.10
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 25.51
86.82
88.80
87.31
88.00 1.18
906659
91.75
63.05
% Change 1.10 5-Day High 784.13 5-Day Low 772.42
2010 Div BR (%) (%) 10
2011 Div BR (%) (%)
-
-
-
Open
High
High Low 937.13 874.78 Total cos Defaulter cos P/BV (x) ROE (%) 3.73 3.85 Low
Close Chg
Close 913.19 Listed cap 2,290.72 mn Payout (%) 355.53
Change 17.68 Market cap 10,277.83 mn Div Yield (%) 3.67
Symbols
Last 60 days High Low
Volume
2010 Div BR (%) (%)
2011 Div BR (%) (%)
850 41.81
72.81
76.45
73.40
73.59 0.78
3100
86.95
57.15
-
-
-
-
45.75
47.90
43.75
46.90 1.15
49521
49.31
39.95
-
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 405.62 Turnover 3,003,278 P/E (x) 11.31 Paid up Cap(mn)
High Low 414.13 405.04 Total cos Defaulter cos P/BV (x) ROE (%) 0.27 0.91
PE
Open
High
Low
225 1.57 360 3.54 450 13.46 3750 4.69 250 First Credit & Invest Bank Ltd 650 13.13 Grays Leasing 215 IGI Investment Bank 2121 18.50 Invest and Fin Sec 600 700.00 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.66 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 7.60 JS Investment 1000 27.67 KASB Securities 1000 Orix Leasing 821 5.00 Pervez Ahmed Sec 775 Sec Inv Bank 514 13.64 Stand Chart Leasing 978 5.94
0.68 17.90 26.44 25.31 1.83 2.99 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 3.97 2.87
0.80 18.25 26.70 25.70 2.00 3.30 1.88 2.99 7.28 0.79 3.60 1.90 11.29 4.15 29.01 6.74 4.59 6.80 2.20 4.20 2.87
0.64 17.00 26.32 25.33 1.80 3.00 0.43 2.90 7.00 0.65 3.47 1.81 11.00 4.04 28.00 6.48 4.40 6.51 2.11 3.41 2.65
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Equities
Close Chg 0.69 17.96 26.38 25.49 1.94 3.15 1.70 2.96 7.00 0.75 3.50 1.85 11.17 4.06 28.28 6.64 4.42 6.80 2.15 3.41 2.85
0.01 0.06 -0.06 0.18 0.11 0.16 0.40 0.06 0.00 0.10 0.06 0.00 0.21 0.00 -0.22 0.11 0.01 0.20 0.03 -0.56 -0.02
Close 409.82 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 50754 17632 63848 1130749 21538 15373 5701 153405 30557 17508 12366 43570 2340247 51302 3351 149375 6204 1815 30429 774 2746
Change 4.20 Market cap 28,733.00 mn Div Yield (%) 3.29
% Change 1.03 5-Day High 413.63 5-Day Low 405.62
Last 60 days High Low
2010 Div BR (%) (%)
0.95 19.98 28.95 27.02 2.69 4.50 2.90 3.00 8.88 0.97 4.80 2.40 14.05 5.38 34.90 7.59 4.90 7.29 2.70 4.99 3.00
30 11.5 10 -
0.45 13.00 24.40 20.90 1.51 2.15 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 1.65 2.05
2011 Div BR (%) (%)
20B 20B 10B -
-
-
Company
Paid up Cap(mn)
1st Fid Leasing Allied Rental AL-Meezan Mutual F. B R R Guardian Mod. Constellation Modaraba Elite Cap Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Nat Bank Modaraba Pak Modaraba Pak Oman Advantage Paramount Modaraba PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Stand Chart Modaraba Trust Modaraba U D L Modaraba
PE
Open
High
Low
264 9.19 600 3.18 1375 6.79 780 4.07 65 2.66 113 3.49 524 10.13 581 0.63 760 2.31 397 2.72 1008 5.84 3180 69.00 1186 16.43 283 1.03 1200 7.21 250 5.79 125 6.05 1000 59 6.88 1000 1.92 2835 8.28 2841 7.20 872 2.27 454 4.61 298 3.83 264 1.71
1.35 14.81 8.08 1.79 1.25 2.97 1.55 2.02 3.17 8.08 6.74 5.42 4.55 1.41 7.40 6.08 1.22 9.10 9.20 6.55 12.68 6.26 1.00 9.35 1.75 6.08
1.75 15.00 8.15 1.79 1.69 2.81 1.71 2.05 3.25 8.24 6.90 5.55 4.68 1.41 7.50 6.40 1.29 10.00 8.95 6.69 13.01 6.44 1.02 9.45 2.00 6.15
1.45 15.00 8.09 1.60 1.17 2.75 1.60 1.99 3.14 7.54 6.70 5.43 4.60 1.35 7.40 6.02 1.21 9.90 8.60 6.45 12.70 6.26 1.00 9.07 1.98 6.01
Close 1,338.22 Listed cap 29,771.58 mn Payout (%) 104.74
Change 17.43 Market cap 18,040.15 mn Div Yield (%) 7.72
% Change 1.32 5-Day High 1,338.22 5-Day Low 1,304.15
Close Chg
Volume
Last 60 days High Low
2010 Div BR (%) (%)
1.47 15.00 8.15 1.79 1.17 2.79 1.62 2.00 3.24 8.15 6.78 5.52 4.60 1.40 7.50 6.25 1.21 9.90 8.80 6.60 12.91 6.34 1.00 9.41 1.99 6.01
7753 500 72500 15620 7017 7774 22736 69324 255660 910 5610 1716063 81155 1583 18600 123655 119 200 2511 24153 427267 264515 5292 9021 3165 200
2.00 16.00 8.59 2.37 2.35 3.09 2.37 2.28 3.88 8.49 7.00 5.55 4.73 2.23 8.25 7.99 2.00 13.98 9.45 7.18 13.01 6.50 1.19 10.00 4.40 6.99
22.5 18.5 0 5 17 11 21 5 10 2.8 15.5 10 3 1.04 18 10 20 10 3 17 5 12.5
0.12 0.19 0.07 0.00 -0.08 -0.18 0.07 -0.02 0.07 0.07 0.04 0.10 0.05 -0.01 0.10 0.17 -0.01 0.80 -0.40 0.05 0.23 0.08 0.00 0.06 0.24 -0.07
1.05 14.01 5.85 0.90 0.90 1.73 0.86 1.30 2.56 5.11 5.80 2.65 2.31 1.26 5.15 4.50 0.30 8.00 7.57 4.52 7.90 3.50 0.81 7.81 1.15 4.71
2011 Div BR (%) (%)
-
-
1.39 23.00 5.50 31.99 0.70 6.50 1227.00 73.15 76.00 1.76 9.01 4.50 2214.99 1.74 2465.00 0.69 1.80 1.44 4409.49 28.00 2.62 1100.00 8.80 4.39 57.90 0.63 3.30 1.40 2.54 47.00 37.94 54.15 1.60 3.99 404.00 0.49 2.40 1105.00 0.87 2.75 2.69 10.04 17.40 13.99 36.33 4.29 4.00 1.03 1.70 19.00 1.41 4.50 6.10 19.58 180.00 8.60 27.00 5.00 33.00 1.77 60.95 25.00 94.90 19.31 2.13 14.88 8.79
Low
Close
1.39 22.85 5.50 31.99 0.65 5.02 1210.00 71.00 72.42 1.76 7.77 4.50 2045.01 1.74 2420.00 0.59 0.90 1.39 4226.51 27.89 2.45 1100.00 8.80 4.39 57.90 0.63 3.30 1.05 2.35 44.61 34.35 54.15 1.51 3.04 375.00 0.49 2.40 1048.01 0.74 1.79 2.69 10.04 16.99 11.99 33.02 4.29 4.00 1.03 1.70 19.00 1.41 4.50 6.10 19.58 180.00 8.60 27.00 5.00 33.00 1.70 60.95 25.00 94.90 19.31 2.13 14.88 8.79
1.39 22.85 5.50 31.99 0.65 5.60 1227.00 71.00 76.00 1.76 8.43 4.50 2086.00 1.74 2434.67 0.65 1.75 1.39 4343.50 27.89 2.58 1100.00 8.80 4.39 57.90 0.63 3.30 1.17 2.44 46.58 36.18 54.15 1.60 3.96 401.00 0.49 2.40 1105.00 0.74 1.79 2.69 10.04 17.20 11.99 36.33 4.29 4.00 1.03 1.70 19.00 1.41 4.50 6.10 19.58 180.00 8.60 27.00 5.00 33.00 1.70 60.95 25.00 94.90 19.31 2.13 14.88 8.79
Change
Vol
0.33 0.69 -0.10 1.52 0.02 -0.14 4.33 1.00 -0.09 0.01 0.42 0.10 -58.44 0.25 4.66 0.06 0.00 0.32 -12.46 0.89 0.12 -4.77 0.00 0.39 -0.10 -0.13 0.03 -0.17 0.05 -0.12 0.03 0.40 -0.40 0.07 6.50 0.00 -0.01 4.00 0.04 -0.21 -0.06 0.00 -0.79 -1.00 1.73 0.23 0.22 -0.97 -0.05 0.35 -0.33 0.30 -0.64 -1.03 -0.57 0.10 1.00 1.00 -1.50 0.23 2.45 0.91 2.79 -0.40 0.11 0.88 0.79
100 100 100 100 99 63 59 50 48 43 40 30 29 26 25 24 22 20 20 16 14 12 10 10 10 8 7 7 7 6 5 5 5 4 4 4 4 4 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Performance of SR Equity Investment Instruments Index High Low 1,348.23 1,318.55 Total cos Defaulter cos P/BV (x) ROE (%) 0.47 2.21
High
1.06 22.16 5.60 30.47 0.63 5.74 1222.67 70.00 76.09 1.75 8.01 4.40 2144.44 1.49 2430.01 0.59 1.75 1.07 4355.96 27.00 2.46 1104.77 8.80 4.00 58.00 0.76 3.27 1.34 2.39 46.70 36.15 53.75 2.00 3.89 394.50 0.49 2.41 1101.00 0.70 2.00 2.75 10.04 17.99 12.99 34.60 4.06 3.78 2.00 1.75 18.65 1.74 4.20 6.74 20.61 180.57 8.50 26.00 4.00 34.50 1.47 58.50 24.09 92.11 19.71 2.02 14.00 8.00
Open
NBP-JAN POL-JAN NBP-DEC POL-DEC NML-JAN NML-DEC UBL-JAN FFBL-JAN DGKC-JAN ANL-JAN ANL-DEC MCB-DEC MCB-JAN PPL-DEC DGKC-DEC ENGRO-JAN PSO-JAN PSO-DEC PPL-JAN AICL-DEC ENGRO-DEC UBL-DEC AICL-JAN FFBL-DEC FFC-JAN OGDC-JAN LUCK-JAN OGDC-DEC FFC-DEC PTC-DEC BOP-JAN PTC-JAN LUCK-DEC NCL-JAN HUBC-DEC
EQUITY INVESTMENT INSTRUMENTS Open 1,320.79 Turnover 3,143,088 P/E (x) 21.09
Open
FTSM CRTM MOON AASM SPLC BAWS SIEM MFFL ISIL TRIBL JOPP KOHP RMPL FPJM NESTLE CSM ICCT TSMF ULEVER GATM CML WYETH FNEL SLYT BAFS TRPOL BFMOD CWSM SRSM SNAI QUET MIRKS LEUL NBF FZTM SJTM SHCI UPFL HADC FIBLM ESBL ALTN ATEL DIIL PHDL ATFF CPMFI SLCL DCM ALICO BILF DFSM GUSM GUTM ILTM MQTM PRET RUBY TATM YOUW MEHT STML AABS DADX PTEC LPGL WAZIR
% Change 1.97 5-Day High 924.19 5-Day Low 895.50
627 31.48
2011 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 775.57 Turnover 2,465,664 P/E (x) 13.05
-0.10 0.95 3.21 -0.02 0.20 0.05 1.47 -0.60 0.28 0.72 0.26 -0.01 0.11 0.52 0.08 -0.33 0.03
EFU Life Assurance
Company
Change 17.81 Market cap 31,940.65 mn Div Yield (%) 7.04
Paid up Cap(mn)
Open 1,167.85 Turnover 48,898,231 P/E (x) 8.50
11.19 39.40 67.53 11.01 44.27 14.00 95.72 58.20 16.31 7.77 8.09 11.50 6.71 12.82 7.05 6.67 3.38
New Jub Life Insurance
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,473.03 Turnover 431,773 P/E (x) 9.48
11.00 38.48 66.50 11.00 44.03 13.71 94.25 57.21 16.06 7.00 7.99 11.20 6.71 11.70 6.95 6.01 2.81
Performance of SR Life Insurance Index
Performance of SR Electricity Index
Company
11.50 39.90 67.53 11.38 44.88 14.00 96.49 59.00 16.59 8.05 8.10 11.50 6.71 13.29 7.05 7.00 3.40
LIFE INSURANCE
ELECTRICITY Open 1,274.13 Turnover 7,031,863 P/E (x) 14.31
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 7.00 3.35
-
High
74.35 291.19 73.88 289.89 63.09 62.85 68.69 36.73 30.04 9.95 9.88 225.09 225.46 213.95 30.00 191.17 296.22 295.28 215.11 87.07 190.14 68.00 87.25 36.51 127.28 168.28 75.63 168.59 125.70 19.40 9.93 19.61 75.48 22.00 37.15
76.65 300.25 76.19 299.40 64.30 64.05 70.95 37.00 30.36 10.23 10.05 228.40 228.50 218.30 30.25 193.45 298.90 297.50 218.75 89.50 194.02 70.35 89.24 36.80 129.00 169.69 76.01 170.00 128.05 19.65 10.05 19.60 75.89 22.50 37.10
Low
Close
74.55 291.99 74.35 291.51 63.35 63.00 68.30 36.50 30.00 9.95 9.80 226.00 226.31 214.90 29.80 191.50 296.35 294.25 216.25 87.50 190.90 68.01 87.85 36.30 128.50 168.50 75.40 169.00 126.11 19.50 10.05 19.60 75.00 22.25 37.10
76.36 299.54 75.99 298.41 64.14 63.65 68.60 36.55 30.04 10.00 9.90 227.81 228.10 216.99 30.00 192.92 296.64 295.22 217.84 88.44 191.55 68.01 88.83 36.37 128.97 169.56 75.57 169.95 128.00 19.65 10.05 19.60 75.20 22.46 37.10
Change
Vol
2.01 1193500 8.35 777500 2.11 684500 8.52 530000 1.05 526500 0.80 401500 -0.09 307000 -0.18 290500 0.00 257000 0.05 218500 0.02 211000 2.72 188500 2.64 174500 3.04 143000 0.00 140000 1.75 114500 0.42 102000 -0.06 97500 2.73 83000 1.37 70000 1.41 55000 0.01 55000 1.58 48000 -0.14 46000 1.69 39500 1.28 30000 -0.06 23000 1.36 12000 2.30 10000 0.25 7000 0.12 5500 -0.01 5000 -0.28 4500 0.46 3500 -0.05 500
ZERO VOLUME Symbols
Open
High
Low
Close
EMCO FML FZCM GAIL
3.39 14.02 72.71 4.13
3.29 13.02 70.00 4.20
3.29 13.02 70.00 4.20
3.29 13.02 70.00 4.20
Change
Vol
-0.10 -1.00 -2.71 0.07
0.00 0.00 0.00 0.00
BOARD MEETINGS Company
National Bank of Pakistan
KSE 100 INDEX
Technical Outlook Technical Analysis RSI (14-day) MA (5-day)
Brokerage House
Leverage Position
78.75
Support 1
11,928.80
11,906.69
Support 2
11,826.15
MA (10-day)
11,862.97
Resistance 1
12,091.30
MA (100-day)
10,545.75
Resistance 2
12,151.15
10,310.23
Pivot
resistance level at 12,091.30 and 2nd resistance level at 12,151.15, while
Brokerage House
Fair Value
Rs Recommendations
72.5
Brokerage House
Fair Value
*Arif Habib Ltd
Buy
*Arif Habib Ltd
AKD Securities Ltd
56.82
Accumulate
AKD Securities Ltd
10.25
Accumulate
92.3
Positive
TFD Research
78.44
Positive
TFD Research
14.01
Positive
Technical Outlook Technical Analysis 77.04 72.51 66.44 68.45
Free Float Shares (mn) 318.44 Free Float Rs (mn) 24,176.29 ** NOI Rs (mn) 188.33 Mean 75.05
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
70.31 65.68 56.94 56.98
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
13
Buy
Technical Outlook
Technical Outlook
Leverage Position
306.04 20,817.18 15.28 68.65
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
70.64 10.83 9.20 9.80
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
674.58 7,696.94 N/A 11.35
* Target price for Jun-11 & **Net Open Interest in future market
NBP closed up 2.04 at 75.92. Volume was 215 per cent above average UBL closed down -0.17 at 68.02. Volume was 548 per cent above average BAFL closed up 0.20 at 11.41. Volume was 96 per cent above average (trending) and Bollinger Bands were 19 per cent wider than normal. (trending) and Bollinger Bands were 39 per cent wider than normal. and Bollinger Bands were 28 per cent wider than normal. port level at 11,826.15. KSE 100 INDEX is currently 16.7 per cent above its 200-day moving average NBP is currently 12.2 per cent above its 200-day moving average and is UBL is currently 19.4 per cent above its 200-day moving average and is BAFL is currently 16.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is high as compared to the average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect very Index will continue to find its 1st support level at 11,928.80 and 2nd sup-
reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting reflect very strong flows of volume into NBP (bullish). Trend forecasting reflect very strong flows of volume into UBL (bullish). Trend forecasting strong flows of volume into BAFL (bullish). Trend forecasting oscillators are oscillators are currently bullish on INDEX. Momentum oscillator is currently oscillators are currently bullish on NBP. Momentum oscillator is currently oscillators are currently bullish on UBL. Momentum oscillator is currently currently bullish on BAFL. Momentum oscillator is currently indicating that indicating that INDEX is currently in an overbought condition.
Fauji Fertiliser Bin Qasim Ltd
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
*Arif Habib Ltd
317.2
Hold
*Arif Habib Ltd
AKD Securities Ltd
296.6
Buy
AKD Securities Ltd
Neutral
TFD Research
TFD Research
281.35
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
69.44 292.01 247.27 238.71
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
34.7
Sell
AKD Securities Ltd
Accumulate
TFD Research
29.1
Brokerage House
107.94 32,179.71 314.62 294.39
* Target price for Jun-11 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
59.39 36.16 30.80 30.04
Brokerage House
Fair Value
Rs Recommendations
59.97
Buy
AKD Securities Ltd
Positive
TFD Research
74.2
Fair Value
Rs Recommendations
24.04
Buy
30.5
Positive
Negative
Technical Outlook
Technical Outlook
Pakistan Telecommunication Co Ltd
Nishat Mills Ltd
Fair Value
32.06
BAFL is currently in an overbought condition.
indicating that UBL is currently in an overbought condition.
indicating that NBP is currently in an overbought condition.
Pakistan Oilfields Ltd
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Technical Outlook
Technical Outlook
Leverage Position 326.94 11,867.87 81.37 36.45
* 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)
64.73 62.39 51.55 51.26
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
175.80 11,191.42 95.45 63.34
* 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)
55.72 19.30 19.01 19.53
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
585.00 11,413.34 8.23 19.52
* Target price for Jun-11 & **Net Open Interest in future market
POL closed up 8.51 at 298.12. Volume was 242 per cent above average FFBL closed down -0.16 at 36.30. Volume was 107 per cent above aver- NML closed up 0.96 at 63.66. Volume was 3 per cent above average and PTC closed up 0.06 at 19.51. Volume was 130 per cent above average and (trending) and Bollinger Bands were 18 per cent wider than normal.
age and Bollinger Bands were 16 per cent narrower than normal.
Bollinger Bands were 26 per cent narrower than normal.
Bollinger Bands were 56 per cent narrower than normal.
POL is currently 24.9 per cent above its 200-day moving average and is FFBL is currently 20.9 per cent above its 200-day moving average and is NML is currently 24.2 per cent above its 200-day moving average and is PTC is currently 0.1 per cent below its 200-day moving average and is disdisplaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is relatively normal as compared to playing an upward trend. Volatility is relatively normal as compared to the the 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 average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into POL (mildly bullish). Trend forecast- reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast- reflect moderate flows of volume into NML (mildly bullish). Trend forecast- reflect moderate flows of volume into PTC (mildly bullish). Trend forecasting oscillators are currently bullish on POL.
ing oscillators are currently bullish on FFBL.
ing oscillators are currently bullish on NML.
10.00
3-Jan
11.00
Sanghar Sugar Mills Ltd
3-Jan
11.30
Al-Abbas Sugar Mills Ltd
3-Jan
Haseeb Waqas
3-Jan
9.00
Quetta Textile Mills Ltd
4-Jan
11.00
Baba Farid Sugar Mills Ltd
4-Jan
11.30
Husein Sugar Mills Ltd
4-Jan
11.30
Dewan Sugar Mills Ltd
5-Jan
3.30
Alfalah GHP Principal Protected Fund
6-Jan
Alfalah GHP Principal Protected Fund II
6-Jan
4.00
Crescent Sugar Mills & Distillery Ltd
6-Jan
10.30
Unilever Pakistan Limited
14-Feb
2.30
Unilever Pakistan Foods Ltd
17-Feb
2.30
ing oscillators are currently bullish on PTC.
5.30
4.00
TECHNICAL LEVELS Company
Buy
TFD Research
Time
31-Dec
JDW Sugar Mills Ltd
Rs Recommendations
Neutral
82.1
11,988.65
mal. As far as resistance level is concern, the market will see major 1st
Rs Recommendations
61.96
*Arif Habib Ltd AKD Securities Ltd
RSI (14-day) MA (10-day) KSE 100 INDEX closed up 145.44 points at 12,031.46. Volume was 57 per MA (100-day) cent above average and Bollinger Bands were 10 per cent wider than nor- MA (200-day) MA (200-day)
Fair Value
Bank Al-Falah Ltd
United Bank Ltd
Date
Shaheen Insurance
Al-Abbas Cement Allied Bank Limited Attock Cement Arif Habib Corp Arif Habib Limited Adamjee Insurance Askari Bank Azgard Nine Attock Petroleum Attock Refinery Bank Al-Falah BankIslami Pak Bank.Of.Punjab Dewan Cement D.G.K.Cement Dewan Salman Dost Steels Ltd EFU General Insurance EFU Life Assurance Engro Chemical Faysal Bank Fauji Cement Fauji Fert Bin Fauji Fertilizer Habib Bank Ltd Hub Power ICI Pakistan Indus Motors J.O.V.and CO Japan Power JS Bank Ltd Jah Siddiq Co Kot Addu Power K.E.S.C Lotte Pakistan Lucky Cement MCB Bank Ltd Maple Leaf Cement National Bank Nishat (Chunian) Netsol Technologies NIB Bank Nimir Ind.Chemical Nishat Mills Oil & Gas Dev. XD PACE (Pakistan) Ltd. Pervez Ahmed Sec P.I.A.C.(A) Pioneer Cement Pak Oilfields Pak Petroleum Pak Suzuki P.S.O. XD P.T.C.L.A Shell Pakistan Sui North Gas Sitara Peroxide Sui South Gas Telecard TRG Pakistan United Bank Ltd WorldCall Tele
RSI 1st 2nd (14-day) Support 47.19 3.20 3.15 80.36 68.85 67.15 48.24 62.15 61.60 58.25 25.30 25.15 49.51 26.25 26.10 62.56 87.30 86.55 64.34 17.25 17.00 40.91 9.80 9.70 61.38 326.65 320.30 61.97 123.25 120.90 70.64 11.30 11.15 67.23 3.45 3.30 55.48 9.85 9.75 50.47 2.05 1.95 50.95 29.75 29.50 54.58 2.90 2.85 41.84 2.65 2.60 50.95 43.90 43.55 39.20 72.50 71.45 53.90 190.70 189.75 63.95 15.15 14.70 54.47 5.10 5.05 59.39 36.05 35.80 83.23 126.60 125.30 74.64 120.55 116.40 61.67 37.00 36.90 68.91 142.95 141.05 48.00 249.20 246.10 53.05 4.05 4.00 46.47 1.60 1.55 48.41 2.50 2.45 44.21 11.00 10.85 55.10 40.40 40.25 56.88 2.65 2.55 67.11 13.40 13.05 48.09 74.70 74.35 71.73 226.10 224.40 44.88 2.85 2.80 77.04 74.70 73.45 51.79 22.10 21.70 40.92 18.20 18.05 59.12 2.90 2.70 59.50 2.00 1.95 64.73 63.00 62.30 67.23 169.10 167.70 42.53 2.75 2.70 45.78 2.10 2.05 51.43 2.25 2.20 30.59 6.55 6.45 69.44 292.25 286.35 65.95 214.80 212.65 46.13 69.70 69.10 64.49 293.70 292.35 55.72 19.35 19.15 62.71 206.30 205.25 36.76 26.60 26.45 50.12 13.25 13.10 39.49 20.15 19.75 47.24 2.20 2.15 35.70 3.55 3.45 70.31 66.95 65.90 47.31 2.75 2.70
1st 2nd Resistance 3.30 3.35 71.65 72.80 63.15 63.55 25.70 25.90 26.60 26.85 88.75 89.55 17.75 18.00 10.05 10.15 338.15 343.35 127.35 129.05 11.50 11.60 3.70 3.80 10.05 10.20 2.30 2.45 30.20 30.45 3.00 3.05 2.80 2.95 44.75 45.25 75.55 77.55 192.40 193.15 16.15 16.60 5.20 5.25 36.70 37.10 128.85 129.80 126.95 129.20 37.25 37.40 146.75 148.65 257.20 262.10 4.15 4.20 1.70 1.75 2.60 2.65 11.30 11.45 40.75 40.95 2.75 2.85 13.95 14.15 75.70 76.30 229.20 230.60 2.95 3.05 76.70 77.45 22.95 23.40 18.60 18.80 3.20 3.35 2.15 2.20 64.25 64.80 171.35 172.20 2.85 2.90 2.20 2.25 2.40 2.45 6.70 6.80 301.90 305.65 218.80 220.65 71.40 72.50 296.90 298.80 19.75 19.95 209.10 210.85 26.95 27.15 13.75 14.10 21.00 21.40 2.30 2.35 3.75 3.90 69.85 71.70 2.85 2.95
Pivot 3.25 69.95 62.55 25.50 26.45 88.05 17.50 9.95 331.80 125.00 11.40 3.55 10.00 2.20 29.95 2.95 2.75 44.40 74.50 191.45 15.65 5.15 36.45 127.55 122.80 37.15 144.85 254.10 4.10 1.65 2.55 11.15 40.60 2.70 13.60 75.30 227.50 2.90 75.45 22.55 18.45 3.00 2.10 63.55 169.95 2.80 2.15 2.35 6.60 296.00 216.65 70.80 295.60 19.55 208.05 26.80 13.60 20.55 2.25 3.70 68.80 2.80
8
Friday, December 31, 2010
Dubai Islamic Bank announces key appoints to support growth
Standard Chartered Sadiq named best int’l bank 2010 Banks’ Quarterly Performance
SBP exacts out-of-box gameplans gainst NPLs NAUDERO: Bakhtawar Bhutto Zardari launching Mobile Phone Banking under Benazir Income Support Programme (BISP). President Zardari, Farzana Raja and Asifa Bhutto Zardari are also present on the occasion. -Online
MCB’s new hookup to ease UAE remitters 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 between the MCB and UAE based Emirates India International Exchange (EIIE). 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. Agencies
Kardar speaks to PIDE moot
RGST tied with economic growth ISLAMABAD: Governor of State Bank of Pakistan (SBP) Shahid H Kardar has 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 propertytaxes especially by the provinces which were affecting the overall collection of the tax revenue. He said provincial govern-
ments 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 country, and said that the government should raise the tax revenue by introducing an equity based taxation system. -Agencies
Citibank’s housing arm, now a Bankislami asset KARACHI: Bankislami has signed first of its kind deal to acquire Citibank Pakistan's House Financing portfolio amounting to Rs953 million. This is the first time a Bank has acquired mortgage assets of another Bank. It is expected that this transaction will open door for other similar transactions enabling banks to acquire entire business or product lines. The added significance of the transaction is that this is the first time an Islamic bank
has acquired business of a conventional bank. The transaction will be viewed closely by Islamic banks and regulators around the world, as globally Islamic banking Industry is more liquid than their conventional counterparts, there by creating an alternate route of deployment of liquidity and further accelerating the growth of the Industry. Speaking on the occasion CEO Bankislami, Hasan A Bilgrami said that this acquisition will serve as a
milestone for the Islamic banking industry in Pakistan and elsewhere. Further, he stated that the acquisition of the housing portfolio is in line with Bankislami's growth strategy in this segment. Citi Bank's housing finance customers will now required to be switched to Islamic mode of financing. "The transition for the customers to Bankislami will be made easy and convenient" CEO BankIslami said. Online
President inaugurates Sindh Bank NAUDERO: President Asif Ali Zardari has inaugurated the Sindh Bank's branch. This is the first bank set up in the province by the Government of Sindh. The initial investment in the Sindh Bank by the provincial government is Rs10 billion. The Sindh Bank has been established in a shorter span of one and a half months. It will generate job opportunities for 1,000 people including the women. The Sindh Bank will provide services including the agricultural and consumer loans, microfinance and seasonal advance for the crops. There will be one branch each of the Sindh Bank in the 23 districts of the province whereas two branches each would be set up at the divisional headquarters. As many as 19 branches of the Sindh Bank will be established in other parts of the country. NNI
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 , UBL said that 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.
ISLAMABAD: State Bank of Pakistan (SBP) has stressed upon the banks to devise ingenious strategies to deal with the high level of Non-Performing Loans (NPLs). According to SBP's Quarterly Performance Review report of the Banking System for the quarter ended on September 2010 released here, the directive has been issued to support promising businesses continue to contribute in economic growth and service their obligations in an orderly manner which are facing transitory difficulties due to a constrained macro environment. The Report pointed out that the growth in NPLs, which decelerated during the first two quarters of CY10, grew by 7.4 per cent during the quarter under review reaching Rs 494 billion as banks' lending portfolio, to some extent, was effected by recent unprecedented floods and torrential rains. "This coupled with over-thequarter decline in lending portfolio amplified the deterioration in infection ratios," it said and added that however, since these fresh NPLs required only partial provisioning coverage, the system's baseline earning indicators remained positive. The Report highlighted that the SBP has responded to the changed and challenging circumstances and rationalized its regulatory requirements on loan loss recognition in respect of advances in
flood-affected areas. It said that asset base of the banking system contracted by 2.3 percent to Rs 6,626 billion which was in line with the established trend for the July-September quarter. "The Ramadan and pre-Eid withdrawals and increase in currency in circulation during the quarter led to a narrowing of the deposit base," it added. The Report pointed out that the shrinking of the asset base, particularly advances, resulted in a decline in size of the RiskWeighted Asset (RWA) over the quarter. However, the higher regulatory deductions from Tier-1 capital reduced the eligible capital as well as riskbased capital adequacy ratio (CAR), which deteriorated marginally to 13.8 per cent, while staying above the regulatory requirement of 10 percent, it added. The report forecast that the usual inventory build up, particularly by Kharif crop-based industries, during the last-calendar quarter will create additional demand for bank credit. It added that banks will need to reduce their large portfolio of government paper and lending to the public sector agencies so as to reduce their sovereign exposure as well as to make credit available to the private sector for maintaining economic growth, and thereby enhance and diversify revenues of the banking system. -NNI
Nov spreads tad higher YoY Staff Reporter KARACHI: State Bank of Pakistan (SBP) released lending and deposit rates of the banking system for Nov 2010. Banking spreads rose 21bps to 7.54 per cent compared with 7.33 per cent in Nov 2009. The main reason of increase in spreads was higher liquidity in market which resulted into lower cost of deposit, as it decreased by 37bps YoY to 5.88 per cent while they were
6.25 per cent in Nov 2009. Similarly, lending cost dipped 16bps on yearly basis to 13.42 per cent from 13.58 per cent in same period last year. On the other hand, spread on month-on-month basis surged 5 bps where they were 7.49 per cent in Oct 2010. Cost of deposits increased 5bps to 5.88 per cent while they were 5.83 per cent in previous month. Likewise lending cost up 10bps on monthly basis to 13.42 per cent.
President inaugurates Benazir Bhutto Mobile Banking NAUDERO:President Asif Ali Zardari has said that Mobile Banking named after Shaheed Mohtarma Benazir Bhutto is being started in Pakistan for the first time. The Mobile Banking will help promote E-banking, he further said. Addressing a ceremony to inaugurate Benazir Bhutto Mobile Banking here, a day prior to the third death anniversary of the martyred leader, the President said that the value of one card of Benazir Mobile Banking is equivalent to Rs 3,000. The President said the facility of Women Protection and Rescue will also be incorporated in this Card which will enable the user to register a complaint against any police personnel or any one committing excess. This mobile phone will provide every kind of product, he added. President Asif Zardari said that GPRS has been introduced for the purchase of buffaloes through the phone to help prevent illegal disposal of the purchased buffaloes. The President said that he will continue to serve the masses without caring about the political actors. The provinces, the President said have a right over their resources which shall be provided to them. Sindh has right over its natural gas, Punjab has right over its gas reserve and Balochistan has right over the natural gas there, the President said. Eliminating poverty from the destiny of future generations is our duty, President Asif Ali Zardari said. He said no appreciation was extended to them when Shaheed Zulfikar Ali Bhutto and Shaheed Benazir Bhutto were alive however appreciation was being showered on them now. Shaheed Zulfikar Ali Bhutto had given the slogan of "Roti, Kapra, Makan" and the Party is striving for the implementation of this slogan, President Zardari said. "We are pressing ahead for the country's progress in light of the philosophy given by Shaheed Zulfikar Ali Bhutto", he said and added "The government of Shaheed Benazir Bhutto and Shaheed Zulfikar Ali Bhutto is present even today." He said industrial zones will be established for addressing the issue of unemployment. -APP
State Bank of Pakistan Report
Banking going more and more electronic Staff Reporter KARACHI: The scope of payment systems infrastructure in the country increased during the first quarter (JulySeptember) of the current 2010-2011 fiscal year (FY11) as a total of 99 automated teller machines (ATMs) were added to the e-banking infrastructure bringing the total number of ATMs to 4,562 in the country. According to State Bank's First Quarterly Report on Payments Systems released here, 60 more bank branches have been upgraded to Real Time Online Branches (RTOBs) while the number of plastic cards (i.e. ATM, Debit
and Credit Cards) also increased by 5.23 per cent compared to the previous quarter. The Report said that the value of ATM transactions increased by about 5 per cent to Rs262,524 million while maintaining the number of transactions at the level of the previous quarter; thus increasing the average value per transaction to Rs8,486 compared to Rs8,037 in the previous quarter. It said the contribution of other modes of e-banking is also on the rise despite comparatively insignificant numbers and aggregates value of
transactions, added utility bills payments through available modes (ATMs, internet, mobiles etc) of e-banking transactions are also growing. According to the Report, the number of cross-border transactions increased by 154 per cent in volume and 19 per cent in value during the quarter under review. The large value payments settled through Pakistan Realtime Interbank Settlement Mechanism (PRISM), however, decreased by 6.51 per cent in volume and 11.35 per cent in value of transactions in comparison to the previous quarter.
9
Friday, December 31, 2010
European vegetable oil prices
BARKOT - SWAT: Farmers pack Orange at a shop in Barkot, a village of Swat valley. -Agencies
Robustas hit 2-1/4-yr top; sugar down LONDON: London robusta coffee futures touched a 2-1/4year high on Thursday, underpinned by a delayed Vietnamese harvest, while ICE raw sugar edged down from this week's 30-year peak as high prices were seen reducing cash demand. Arabica coffee futures drifted further from last week's 13-1/2year high, although buoyed by limited availability of high-quality Colombian beans, while ICE cocoa fell as concerns over the supply pipeline from Ivory Coast eased despite a power struggle. London second-month robustas were up $60 or 3 per cent at $2,084 per tonne in moderate volume of 7,373 lots at 1525 GMT, having earlier touched a 2-1/4-year peak of $2,152. ICE second-month arabicas were down 1.8 cent or 0.75 per cent at $2.3920 a lb. ICE raw sugar futures edged down and stood below a 30-year high of 34.77 cents a lb touched on Wednesday. Physical demand is expected to decline due to the current high prices, senior trade sources said. ICE March raw sugar was down 0.19 cent or 0.6 per cent at 33.64 cents a lb at 1527 GMT, while London March white sugar was down $9.40 or 1.1 per cent at $817.00 per tonne in low volume of 1,104 lots. ICE May cocoa traded $40 or 1.3 per cent lower at $3,041 a tonne in slim volume of 287 lots. London second-month cocoa was down 24 pounds or 1.2 per cent to 2,039 pounds per tonne in low turnover of 384 lots. -Reuters
Weak $ helps boost silver, palladium LONDON: A weaker US dollar and a year-end flurry of investment in commodities pushed silver to new 30-year highs on Thursday, while palladium neared its highest in almost ten years and gold held above $1,400 an ounce. Spot silver was last at $30.60 an ounce, up 0.4 per cent on the day by 1500 GMT, having risen by as much as 1 per cent earlier to a session peak at $30.88, pushing
the gold/silver ratio, which denotes each metal's relative performance, to its lowest in four years."These last few days it seems as if silver has been the main driver and gold is just trotting along with a lack of sellers," said Saxo Bank senior manager Ole Hansen. "Once something has a firm trend established, it's easy to push ... there has to be a story behind it to justify it otherwise you would have seen profit-taking setting in a while back," he added. Silver is at its highest since early 1980, on course for an 83 per cent gain this year, its strongest performance in at least 27 years. Investors have flocked into silver this year as a cheaper safe-haven alternative to gold, which hit a record high of $1,430.95 an ounce in early December. Holdings of silver in the
iShares Silver Trust, the world's largest exchange-traded fund backed by physical silver, have risen to 10,903.34 tonnes, from 9,492.97 tonnes at the end of last year, while open interest in US silver futures has risen by 8,801 contracts, or 44.0 million ounces. Gold eased by 0.3 per cent to $1,406.75 an ounce after a gauge of business activity in the autointensive US Midwest region far outstripped expectations in
December. The gold price is also is set for its tenth consecutive annual gain, having risen by nearly 30 per cent in 2010, its strongest yearly performance since a 31 per cent rise in 2007 when the global financial crisis began to manifest itself. Holdings of gold in the SPDR Gold Trust, the world's largest exchange-traded fund backed by physical bullion, have risen 15 per cent this year to 1,284.062 tonnes, and a near 20 per cent rise in open interest in US gold futures also reflects some of this investor desire to hold gold. Spot palladium rose to a nineyear high of $795.00 before trading back at $794.47, up 0.5 per cent on the day, while platinum rose to a session high of $1,767.5, its highest since Nov 11, before holding largely steady at $1,753.99. -Reuters
Copper makes record on dollar, deficit view LONDON: Copper rose to a record on Thursday and was on track to finish 2010 nearly one third higher as a weaker dollar and widening market deficit seen for next year burnished the metal's allure for investors. Benchmark copper on the London Metal Exchange closed at $9,490 a tonne, up from a close of $9,400 on Wednesday. The metal used in power and construction earlier hit a record $9,550 a tonne before paring gains after US data beat expectations. Copper has climbed almost thirty per cent during 2010, up from $7,375 at the end of December 2009, with just one more day of LME trade on Friday before the new year. "The economic data were uniformly well above expectations, still mixed, but definitely on the positive side in recent weeks, showing US economic improvement," said BNP Paribas analyst Stephen Briggs. "If anything base metals prices and gold have slightly softened (on the view), the better the data, the less need there is for further quantitative easing. But we are bang up against the end of the year and I think positioning is more important, given expectations of a (copper) deficit in 2011."
The global market for refined copper stood in a 436,000 tonne deficit between January to September, an industry body said last week, while analysts more generally expect a widening deficit next year as emerging
Shanghai copper climbs Shanghai copper futures leapt to a 41-month peak on Thursday as buy orders were triggered after early support from investors in Japan looking to take advantage of strength in the yen. Metal rallied to 70,850 yuan, its strongest since July 2007. market demand eclipses output pinned back by a decline in giant mines. Stockpiles of most metals have grown in LME-bonded warehouses during December as industry and trade destock to cut storage and insurance costs over the year end. Copper stockpiles rose by 5,050 tonnes, the latest data
showed, and at 376,000 tonnes stand at the highest since late September. However, they have still fallen by one third from cycle highs of over 550,000 tonnes hit in February. In other metals, zinc inventories popped above the 700,000 tonne mark to the highest levels in six years, amid lack of demand for the metal used by the steel galvanising sector. Inventories of nickel and tin are near the highest in six months, while lead inventories are not far from the highest in 10.5 years. Three-month aluminum finished at $2,454 a tonne, having closed at $2,455 on Wednesday. Lead and zinc hit new six-week highs, before paring the advances. Lead ended at $2,517, up from $2,531, while zinc was at $2,409 from $2,398 a tonne. Stainless steel material nickel wound up at $24,350, having finished on Wednesday at $23,845, while tin, used in electrical solder, was seen at $26,525 from $26,550. -Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for December 29 2010 POLYPROPYLENE(PP)
LINEAR LOW (LL)
Cash & Settlement
1310
1250
December (3rd Wednesday)
1320
1260
January (3rd Wednesday)
1320
1260
LONDON METAL EXCHANGE (METALS) LME Official Prices, US$ per tonne for December 29 2010
ALUMINIUM ALUMINIUM COPPER LEAD NICKEL ALLOY
Cash buyer Cash seller 3-months buyer 3-months seller 15-months buyer 15-months seller 27-months buyer 27-months seller
2260 2280 2215 2235 2175 2185 2175 2185
2436 2436.5 2447 2448 2497 2502 2530 2535
9464.5 9465 9425 9430 9140 9150 8685 8695
2530 2535 2525 2530 2463 2468 2413 2418
24270 24275 24285 24290 23800 23900 23025 23125
TIN
ZINC NASAAC
27150 2363 27200 2368 26900 2378 27000 2378.5 26475 2405 26525 2410 2378 2383
2300 2301 2320 2330 2345 2355 2400 2410
ROTTERDAM: The following were the Thursday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11/Mar11 1033.00, Apr11/Jun11 1035.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 1090.00-5.00, May11/Jul11 1075.00-5.00, Aug11/Oct11 1000.00+0.00, Nov11/Jan12 1005.00-5.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1490.00+10.00, Apr11/Jun11 1450.00+10.00, Jul11/Sep11 1480.00+5.00, Oct11/Dec11 1380.00+10.00. LINOIL: Any origin dlrs tonne extank Rotterdam Dec11/Jan12 1375.00+10.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jan11 1285.00+5.00, Feb11 1282.50+12.50, Mar11 1275.00+5.00, Apr11/Jun11 1255.00+15.00, Jul11/Sep11 1245.00. PALMOIL: RBD dlrs tonne cif Rotterdam Jan11 1287.50, Feb11 1285.00, Mar11 1285.00. PALMOIL: RBD dlrs tonne fob Malaysia Jan11 1242.50, Feb11 1240.00+15.00, Mar11 1240.00+17.50. PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11 1252.50, Feb11 1250.00+15.00, Mar11 1250.00+17.50, Apr11/Jun11 1230.00+15.00, Jul11/Sep11 1210.00+12.50. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Jan11/Feb11 1880.00+5.00, Feb11/Mar11 1870.00+5.00, Mar11/Apr11 1860.00+0.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Feb11/Mar11 1925.00+0.00. Reuters
Tokyo rubber finishes higher SINGAPORE: Tokyo rubber futures ended higher on Thursday, heading for their 9th annual rise since the start of the decade, as bargain hunting and persistent worries about supply defied pressure from a strong yen. The most active contract on the Tokyo Commodity Exchange, currently June 2011, settled 3.4 yen a kg higher at 414.5 yen after a volatile session in the last trading day of the year. Tokyo futures rallied to a record of 419.3 yen on Monday on supply disruptions blamed on rains in Southeast Asia, which has sent prices of tyre grade to all-time high at $5 a kg for the benchmark Thai RSS3 grade. TOCOM rubber was also heading for its biggest monthly rise since late 2009. The market will be shut on Dec. 31 and Jan. 3 for year-end break. Shanghai rubber futures bounced from lows. The most active May contract ended at 36,545 yuan a tonne, up from Wednesday's close of 36,255 yuan. The contract struck a record around 38,900 yuan a tonne in November. -Reuters
Oil slips under $91; US inventory data in focus US jobless claims at lowest in more than two years LONDON: Oil prices slipped under $91 in thin trading volumes on Thursday ahead of the release of the latest weekly US oil inventory data, expected to show a drawdown in crude stocks for the fourth consecutive week. US crude for February delivery fell 57 cents to $90.55 a barrel by 1415 GMT. ICE Brent crude shed 41 cents to $93.73. Oil prices brushed off a positive reading of new US jobless claims, which fell to their lowest levels in two years, suggesting the labour market could be regaining strength. Prices have traded range-bound near $91 a barrel after touching 26-month highs of $91.88 a barrel at the start of the week, but weakened during the penultimate trading session of 2010. "The market environment is still very solid but you will see a bit of taking off risk
before year end," Barclays analyst Amrita Sen said. Investors awaited the latest US Energy Information Administration's weekly data due at 1600 GMT, with analysts forecasting a 2.6 million barrel drawdown in crude inventories, potentially marking the fourth straight weekly fall.
According to the survey, middle distillate stocks are expected to have fallen 600,000 barrels as abnormally cold weather stimulated demand; while gasoline stocks are forecast up 1.4 million barrels. But Wednesday's report by industry group American Petroleum Institute (API) confounded analysts' expectations with a 3.1 millionbarrel rise in crude stocks.
The API data also showed a build of 4.1 million crude barrels in the MidWest, or PADD 2. "If the DOE was to confirm the API, then at 99.1 million barrels it would be the highest level ever for crude oil stocks in the Midwest (Padd2)," Petromatrix's Olivier Jakob said, which could pressure prices. Vo l u m e s were thin with 33,799 deals by 1416 GMT compared with a daily average of a r o u n d 105,369 over the past three days. "It's relatively quiet trading today with a very short range and low volatility, (the prices have done) just a few cents in both directions," Commerzbank commodities analyst Daniel Briesemann said. "We must wait until beginning of next year to get a clearer picture of where prices will go." -Reuters
Palm up, logs weakest Indian sugar annual gain in 2 years closes down KUALA LUMPUR: Malaysian crude palm oil futures rose on Thursday as traders took positions ahead of the long weekend, while they posted their lowest annual gains in two years. Palm oil, which has climbed 42.2 per cent this year, was underpinned by concerns of heavy rains curbing supply in Malaysia and Indonesia as well as dry weather sapping soybean yields in South America. Traders said the earlier correction in palm oil during the day could set the stage for another rally if the weather issues persist. "There was liquidation in the morning for palm oil but some players covered back their positions due to the long weekend holiday and on some expectation of tight supplies in vegetable oil markets," said a Malaysian trader The benchmark March 2011 crude palm oil contract on
Bursa Malaysia Derivatives rose as much as 1.6 per cent to 3,792 Malaysian ringgit ($1,227) per tonne, revisiting a 33-month high, before settling at 3,788 ringgit. Overall traded volumes stood at14,510 lots of 25 tonnes each, compared to the usual 15,000 lots, ahead of Malaysian financial markets closing for a public holiday on Friday (Dec 31). Malaysian palm oil prices have rallied over concerns that rains will affect yield quality and disrupt harvesting but annual gains in 2010 are lower compared to the 57 per cent rise in 2009 as worries over the speed of the global economic recovery linger. US soyoil for January delivery gained 0.7 per cent in Asian trade hours. China's most active Sept. 2011 soyoil contract on Dalian Commodity Exchange ended up 0.3 per cent after falling earlier in the day. -Reuters
MUMBAI: India sugar futures extended losses for a second day on Thursday as higher cane crushing continued to weigh on prices, along with the federal government's decision to extend stock limit for the sweetener. "The government decision to extend stock limit is still weighing, as of now sugar cane crushing is going on very well, which is also adding pressure," said Veeresh Hiremath, senior analyst with Karvy Comtrade. The most-traded sugar-M grade contract for January delivery closed 0.59 percent lower at 3,004 rupees per 100 kg. Traded volumes were at 19,400 tonnes with 1,337 contracts. Support is placed at 2,980 rupees, said Hiremath, adding resistance is at 3,020 rupees. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety fell by 11.9 rupees to 2,920.35 rupees per 100 kg.-Reuters
US cotton ends down for 2nd straight day NEW YORK: US cotton futures finished lower Wednesday for the second straight session on investor liquidation although the market managed to hold the lower end of its trading range, analysts said. The key March cotton contract on ICE Futures US declined 3.93 cents or 2.72 per cent to finish at $1.4043 per lb, moving from $1.4038 to $1.4635. Volume was seen around 12,800 lots, about 50 per cent below the 30-day norm, Thomson Reuters preliminary data showed.
'We're trying to break out on the downside,' said Mike Stevens, an independent cotton analyst in Mandeville, Louisiana. 'It's (the cotton market) is trying to confirm the direction is down.' Traders said many investors have fled their desks and will not be back until after the New Year. Those who remain are content to maintain or defend outstanding positions in cotton futures. Cotton prices in China were slightly softer, with May futures on the Zhengzhou Commodity Exchange last traded at 27,645
yuan per tonne, down 100 yuan on the day. Analysts said the market will be looking toward the US Agriculture Department's weekly export sales report due out on Thursday to gauge how much demand there is going forward for US cotton. Cotton brokers expect total US cotton sales to range from 150,000 to 250,000 running bales (RBs, 500-lbs each) as business thinned out due to the Christmas holidays. Last week, total US cotton sales stood at 405,400 RBs. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
30-Dec-2010 CRUDE100 30-Dec-2010 CRUDE100 30-Dec-2010 CRUDE100 30-Dec-2010 SILVER - SL500 30-Dec-2010 SILVER - SL500 30-Dec-2010 GOLD 01oz 30-Dec-2010 GOLD 01oz 30-Dec-2010 GOLD 01oz 30-Dec-2010 GOLD 100oz 30-Dec-2010 GOLD 100oz 30-Dec-2010 GOLD 100oz 30-Dec-2010 GOLD 30-Dec-2010 GOLD 30-Dec-2010 GOLD 30-Dec-2010 KILOGOLD 30-Dec-2010 KILOGOLD 30-Dec-2010 TOLAGOLD50 30-Dec-2010 TOLAGOLD100 30-Dec-2010 MINIGOLD 30-Dec-2010 MINIGOLD 30-Dec-2010 MINIGOLD 30-Dec-2010 MINIGOLD 30-Dec-2010 MINIGOLD 30-Dec-2010 TOLAGOLD 30-Dec-2010 TOLAGOLD 30-Dec-2010 TOLAGOLD 30-Dec-2010 TOLAGOLD 30-Dec-2010 TOLAGOLD 30-Dec-2010 IRRI6W 30-Dec-2010 RICEIRRI - 6 30-Dec-2010 RBD PALMOLEIN 30-Dec-2010 KIBOR3M 30-Dec-2010
Contract Date
Price Quotation
Open
High
Low
Close
FE11 MA11 AP11 MA11 AP11 FE11 MA11 AP11 FE11 MA11 AP11 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
91.18 91.67 92.00 30.40 30.50 1405.60 1406.40 1416.40 1409.40 1406.60 1406.60 38700.00 39041.00 38796.00 38744.00 38753.00 45190.00 45190.00 39839.00 39883.00 39897.00 39810.00 39825.00 45802.00 46545.00 45869.00 45769.00 46437.00 2402.00 3373.00 5261.00 86.57 85.37
91.40 92.17 92.35 30.91 30.81 1415.40 1416.10 1417.10 1414.00 1413.40 1413.40 38970.00 39041.00 38994.00 38942.00 38951.00 45421.00 45421.00 40025.00 40069.00 40083.00 40098.00 40011.00 46020.00 46545.00 46086.00 46103.00 46437.00 2402.00 3397.00 5261.00 86.57 86.22
90.64 91.50 91.50 30.37 30.50 1401.80 1403.50 1406.60 1405.50 1406.60 1406.60 38700.00 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 5259.00 86.56 85.37
90.75 91.56 92.22 30.79 30.81 1412.30 1413.40 1414.50 1412.30 1413.40 1413.40 38970.00 38979.00 38994.00 38942.00 38951.00 45421.00 45421.00 40025.00 40069.00 40083.00 40098.00 40011.00 46020.00 46069.00 46086.00 46103.00 46003.00 3375.00 3397.00 5259.00 86.56 86.22
Traded Volume in lots 75 10 2 186 972 1,267 71 11 2 7 1 3 -
Previous Settlement Price 91.21 91.99 92.65 30.68 30.71 1413.70 1414.90 1416.20 1413.70 1414.90 1416.20 39000.00 39009.00 39025.00 38972.00 38982.00 45457.00 45457.00 40056.00 40100.00 40115.00 40129.00 40042.00 46056.00 46106.00 46123.00 46139.00 46039.00 3351.00 3373.00 5261.00 86.57 86.19
Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day
Current Open Interest Settlement in Lots Price 90.75 90 91.56 31 92.22 1 30.79 62 30.81 1412.30 1,180 1413.40 1,740 1414.50 70 1412.30 8 1413.40 1414.50 38970.00 30 38979.00 12 38994.00 38942.00 38951.00 45421.00 45421.00 40025.00 40069.00 40083.00 40098.00 40011.00 46020.00 46069.00 6 46086.00 46103.00 46003.00 3 3375.00 3397.00 5259.00 86.56 86.22 -
Luger races down ice track during training session in Schoenau
10
Friday, December 31, 2010
Aisam to start new year with Chennai Open Monitoring Desk KARACHI: Pakistan tennis star Aisamul Haq Qureshi left for India where he will start his new year's campaign with participation in the Chennai Open that starts from January 1. Aisam will feature in the singles and doubles competition with Indian partner Rohan Bopanna. "I had a good rest and I'm feeling more fit for the tournament," Aisam told The Express Tribune ahead of his departure. "My biggest aim is to win a grand slam in the coming year for which we need a good start to the season." The 30-year old said he would also focus on his individual rankings in 2011.
Wapda win football gold after eighteen yrs Peshawar: National Champions Pakistan WAPDA added another feather to their winning cap when they kept their spot kick goal alive to beat Pakistan Air Force 1-0 in the final of 31st National Games football Tournament 2010 on Wednesday at grassy field, outside Jinnah Stadium, Quaid-i-Azam Sports Complex, Islamabad. It was another triumphant day for WAPDA booters this as on Dec 12 they captured Pakistan Premier League title at Karachi. WAPDA regained the title after a lapse of 18 years and their jubilant coach from Faisalabad’s Muhammad Habib, is a qualified and international coach attach with AFC AID-27 Coaching Strategy. WAPDA’s last triumph was recorded in 1992 under late Muhammad Aslam Japani.-APP
Accept we’re no longer top team , Warne to Aussies London: Instead of panicking and making knee-jerk changes losing the Ashes to England, spin legend Shane Warne feels Australia should accept that it is no longer the top Test side that it used to be and needs a "long period of reflection"."...where do Australia go from here? First of all, don`t panic. Now is not the time to make the serious changes and I would like to see the same side play in Sydney, apart from a spinner coming into the team for Ryan Harris," Warne wrote in his column for the `Daily Telegraph` after Australia`s loss in the fourth Ashes Test in Melbourne that has helped England retain the coveted urn." "The next Test series is not until August, when we play Sri Lanka in Sri Lanka. That is the time to make rational judgment calls," he suggested.Warne said embattled skipper Ricky Ponting should be given time to think about his future. "This way it gives Ricky Ponting six months to think about what he wants to do next, and he and the selectors have to work out what is the best thing for Australian cricket and not individuals," he said.-Online
NZ take series 2-1
‘Serial losers’ Pakistan warn NZ with final win CHRISTCHURCH: Captain Shahid Afridi and All Rounder Abdul Razaak took seven wickets between them as Pakistan outclassed the Kiwis in the third Twenty20 in Christchurch on Thursday. New Zealand team was all out at 80 runs defeated by 103 runs big margin in the last Twenty20 of the series. The home side won the series 2-1. Captain Afridi grabbed four wickets for 14 runs but the star of the match was undoubtedly Abdul Razzaq, who hammered 34 off 11 deliveries before taking three top-order wickets for 13. Pakistan set 184 runs target after winning the toss and elected to bat first, however New Zealand team was all out for just 80 runs as only veteran Scott Styris scored 45 runs. Ahmed Shahzad and Hafeez provided good opening to the visitors. Shahzad scored fifty in the match. Earlier Pakistan set New Zealand a challenging total for victory in the third Twenty20 in Christchurch after an explosive opening
partnership and some late Abdul Razzaq fireworks propelled them to 183, despite a mini collapse in the middle overs. Ahmed Shehzad and Mohammad Hafeez capitalised on errant lengths from the New Zealand pacemen to get the innings underway, and an 11-ball Razzaq special launched Pakistan to a total that seemed far out of reach, mid-way through the 19th over. Pakistan were away with a boundary off the first ball for the third match running, but this time the openers ensured the start wasn't wasted with an 81-run partnership. Shehzad smashed Adam Milne for three consecutive boundaries in his second over, before repeating the dose for Tim Southee soon after. The midwicket fence was pinged repeatedly as Shehzad got under anything on a length, but he was good enough to cash in on the fuller deliveries as well, sending them rocketing through cover. Hafeez didn't take too long to get going either, unfurling
Henin hopes no miracles after elbow injury Perth: Former world No 1 Justine Henin admits she is probably six months away from recapturing her best form, as she prepares for her second Antipodean comeback in as many years. The seven-times Grand Slam winner took almost two years off from tennis to grapple with her personal life before coming back at this year's Australian Open in January, amazingly reaching the final, where she was beaten by Serena Williams in three sets. Just under 12 months on and this time Henin is preparing to return from a serious elbow injury that threatened to end her career for good. The 28-year-old Belgian has not played competitively since injuring her right elbow in her fourth round loss to countrywoman Kim Clijsters at Wimbledon in June. Now ranked 12th in the world, Henin will take her first steps in her latest return at the mixed teams Hopman Cup, starting in Perth on Saturday, ahead of the Australian Open in Melbourne.
Speaking in Perth today, Henin said she was a long way short of the fitness she needed to consistently win tournaments again. "I hope I can build my condition this year by playing tournaments, and hope to be really ready around June-July, which would be great for me," she said. "My elbow is getting better. It is six months since the injury and I can't say I am 100 per cent." "I am working very hard on it and I spend two hours every day on my rehabilitation." "Now step by step I can improve, but it will probably take a few more weeks and maybe months before I can be 100 per cent." "I am not feeling free of all the pain, but I am going in the right direction." Although she has not won a Grand Slam title since 2007 and does not expect to ever again reach the heights of that year, when she won both the French and US Opens, Henin believes she is still capable of adding to her tally, and would not totally rule herself out of contention in Melbourne. -Online
his own repertoire of aggressive strokes, including an over-the-shoulder scoop off Mills and a wristy leg-side swat which sailed into the stands. The pair brought up the fifty in 4.5 overs and pummeled 14 boundaries during the fielding restrictions to set Pakistan racing towards an impressive total, but the New Zealand slow bowlers were on hand to haul back the run-rate once the field spread. Nathan McCullum's first over cost four runs and the wickets began to tumble in the middle as the run-rate dived. Hafeez couldn't quite clear Ross Taylor at extra cover, and another tight over from McCullum had Shehzad attempting to resume the frenetic pace against James Franklin. He was caught plumb in front though, immediately after he had reached his fifty. Younis Khan was run out having set out for a suicidal single and Asad Shafiq perished shortly after, trying to hit out after using up 15 deliveries to score eight runs. -Online
Sehwag out of ODI series against SA CAPE TOWN: In a major jolt to the Indian team preparing for the ODI series against South Africa after the last Test is over, star opener Virender Sehwag was virtually ruled out of the 50over series owing to injury problems.Sehwag has been advised to pull out of the ODI series starting in January and would be replaced by Rohit Sharma. Murali Vijay has also been asked to stay back after his duties with the Test squad are over."Virender Sehwag has been advised to withdraw from the ODI series against South Africa to tend to his shoulder. Rohit Sharma will replace him in the squad," the BCCI said in a statement. "Murali Vijay will stay back in South Africa for the ODI series, as the 17th playing member of the squad," Board secretary N Srinivasan added.The previous shoulder problem had forced the 32-year-old out of the ICC World Twenty20 Championships in May. India is currently playing a three-Test series against the Proteas, which is locked 1-1 after the visitors notched up an 87 run win in the second Test yesterday.-Online
CHRISTCHURCH: Shahid Afridi of Pakistan celebrates with team mate Tanvir Ahmed after bowling during game three of the Twenty20 series between New Zealand and Pakistan at AMI Stadium.-Reuters
Bring on a green pitch, Dhoni says Durban: Fresh from leading India to only their second Test win on five tours of South Africa, Mahendra Singh Dhoni said he would welcome playing the decisive third and final Test in Cape Town on a lively pitch. "It will be interesting to see what kind of wicket is prepared," said Dhoni. "The greener the track the better it may be for us." Dhoni was speaking after India levelled the series with an
87-run win midway through the fourth day of the second Test at Kingsmead, traditionally the pitch with the most pace and bounce in South Africa - and a surface which had been expected to aid South Africa`s fast bowlers. Instead of India succumbing to pace, it was the home side who crashed to 131 all out in the first innings, a collapse which South African captain Graeme Smith said cost his team the
match. Dhoni said the Indian bowlers relied on skill rather than express pace. "They are swing bowlers which means the greener the wicket the better it is for the bowlers." The win ensured that India would retain their number one ranking in Test cricket, irrespective of the result in the final Test. Second- placed South Africa needed to win the series 3-0 to displace the tourists. -Online
De Villiers’ out pinned on umpire’s insobriety Monitoring Desk JOHANNESBURG: South African cricketers have alleged that they spotted umpire Steve Davis drunk on the eve of India's series-levelling Durban Test and are now mulling lodging a complaint against the Australian who controversially ruled AB de Villiers out in the hosts' second innings. The Proteas reportedly saw
the 58-year-old umpire "in a drunken condition" at the Umhlanga hotel where both teams and match officials had stayed during the Durban Test. Sources in the Proteas camp, on condition of anonymity, told the Afrikaans daily "Beeld" that Davis was regularly seen in a particular bar over the past week. They said he was also seen stumbling into the Sandton hotel in the
early hours of the morning during the first Test in Centurion last week. Proteas team manager, Mohammed Moosajee, referred the daily's query to Vincent van der Bijl, head of the ICC referees Panel, who said he was aware of the "stunning" allegations but declined to comment on whether Davis would face any disciplinary action.
Ponting out of Sydney Test MELBOURNE: Australia captain Ricky Ponting is out of the last Ashes Test in Sydney after fresh problems emerged with his injury.Ponting first fractured the little finger of his left hand during the third Test in Perth and played in Melbourne with it heavily strapped. But an X-ray on Wednesday revealed it had been damaged again during his side's defeat in the fourth Test. Vice-captain Michael Clarke will take over in Sydney next week, with Usman Khawaja coming in for his Test debut. The setback now means Australia must attempt to square the series without
their figurehead and best batsman of the last decade. England retained the Ashes on Wednesday after beating the Australians by an innings and 157 runs in the fourth Test at the MCG with a day to spare. The news completes a miserable few months for Ponting, who scored only 113 runs in eight innings in the series with an average of 16.14 and faced a barrage of criticism in his own country for his team's dismal performances as well as his own form and personal conduct."I'm devastated to tell you the truth, it was the news I was dreading," said Ponting, who broke the fin-
ger attempting a catch during the third Test in Perth. "During the game I didn't think I'd done too much more to it."With Clarke taking over as skipper for the Sydney showdown which starts on Sunday night UK time, other Australian changes see the introduction of Pakistan-born batsman Khawaja, 24, and Doug Bollinger replacing another injury victim, Ryan Harris. Khawaja, a left-hander who plays for New South Wales, has a first-class average of 51.70 and will be the first Muslim to play for Australia. Wicketkeeper Brad Haddin has been named as vice-captain for the
match, while Cameron White will take on that role for the one-day and Twenty20 internationals. With Ponting now 36 and Australia's next Test match not scheduled to take place until August 2011, there must now be a real possibility that his long and stellar Test career could be at an end. Ponting has played for his country 152 times in the longest form of the game and recorded 99 wins, and while he will hope to be part of the Australian team for the one-day World Cup this spring, the selectors may decide to rebuild the Test team without him."As such he needs to commence
treatment immediately to achieve a satisfactory outcome. The treatment options include surgery or aggressive splinting and immobilisation of the injured finger. A decision on the treatment option will be made in the next 24 hours after further consultation with the hand specialist. "His return to cricket will be based on how quickly the fracture heals and he will hopefully commence training in the later part of the Australian summer. He is expected to be fully fit for the ICC Cricket World Cup." Chairman of selectors Andrew Hilditch said there was disappointment at fail-
ing to win back the Ashes but they were looking forward to the challenge of trying to level the series at the Sydney Cricket Ground. "With Ricky being unavailable for this match we are sure that both Michael and Brad will lead this Australian side with great professionalism and the full support of the team as we strive for a victory in Sydney," Hilditch added. "We look forward to Ricky completing his recovery and leading this team to a fourth successive World Cup on the sub-continent at the completion of the Australian summer." Online
US jobless claims,factory data buoy recovery hopes WASHINGTON: New US claims for jobless aid hit their lowest level in more than two years last week and factory activity in the Midwest grew in December at its fast pace since 1988, evidence the recovery was gaining steam. Views economic activity accelerated in the fourth quarter were hardened by another report on Thursday showing pending sales of previously owned homes rose more than expected in November, even though the housing market remains in distress. Initial claims for state unemployment benefits fell 34,000 to a seasonally adjusted 388,000, the lowest reading since early July 2008, the Labor Department said. That was well below economists' expectations for 415,000. Separately, the Institute for Supply ManagementChicago's business barometer jumped to 68.6 from 62.5 in November, beating economists' expectations for a dip to 61.0. A reading above 50 indicates expansion in the regional economy. Although analysts said the data could have been distorted by the Christmas holiday season, the reports still backed perceptions the recovery from the worst recession since the 1930s was gaining traction after a pause earlier in the year. "There's a certain seasonal bias in some of these things ... but there's no denying that the
economy is improving," said Wayne Kaufman, chief market analyst at John Thomas Financial in New York. Signs the economy was improving helped to push prices for US government debt lower, while the dollar rose to a session high against the yen. Stocks on Wall street were little changed. In a third report, the National Association of Realtors said its pending home sales index based on signed contracts to buy previously owned houses rose 3.5 per cent last month to 92.2. The second straight month of gains beat market expectations for a 2 per cent increase. Analysts have forecast economic growth at an annual pace of between 3 and 3.5 per cent in the current quarter after a 2.6 per cent expansion rate in the third quarter, and there is optimism that this would encourage more hiring. Underscoring the nascent labor market strength, the fourweek average of new jobless claims, considered a better measure of underlying labor market trends, fell 12,500 to 414,000, also the lowest level since July 2008. "This adds to the idea that the jobs picture is improving ... this is another feather in the cap of the idea of recovery," said Adam Sarhan, chief executive of Sarhan Capital in New York. Even more encouraging, the
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International & Continuation
Friday, December 31, 2010
Chicago factory report showed the employment gauge rose to 60.2 from 56.3 in November. That and the steady decline in claims in recent weeks likely indicates the pace of job creation picked up this month, after the Labor Department's non-farm payrolls report showed employers added a paltry 39,000 jobs in November. The December employment data is due on Jan. 7, and a preliminary Reuters survey shows economists expect non-farm payrolls increased 126,000 this month. However, that is still not enough to significantly reduce the unemployment rate. The jobless rate is expected to have edged down to 9.7 per cent from 9.8 per cent in November. The claims data also showed the number of people still receiving benefits under regular state programs after an initial week of aid rose 57,000 to 4.13 million in the week ended Dec. 18, above market expectations for 4.10 million. The prior week's figure was revised slightly up to 4.07 million. The so-called continuing claims data covered the survey week for the December employment report's household survey from which the unemployment rate is derived. The jobless rate is likely to remain elevated as the improving labor market and general economic conditions lure discouraged job seekers back into the labor force.-Reuters
IMF sees slow growth in 2011 for rich nations WASHINGTON: A two-speed global recovery will extend into 2011, with developed countries growing slowly while emerging-market economies power ahead, the International Monetary Fund's chief economist predicted on Thursday. In an interview with the lender's online magazine, IMF Survey, Olivier Blanchard said the necessity for countries to rebalance their economies by letting exchange rates adjust more freely while taking steps to control debt remains vital. "Without this global rebalancing, there will no healthy recovery," he said. The IMF has been calling for countries like the United States that relied on consumer spending for past growth to save and invest more, and for exportreliant countries like China to encourage more consumption at home. China has piled up huge surpluses on trade by selling goods cheaply in US and European markets, drawing complaints that it deliberately keeps its yuan currency undervalued to gain an unfair advantage. Blanchard didn't mention China by name but left no doubt that he believes Beijing needs to let its yuan appreciate more freely than it has done as its economic might increases. "Rebalancing is a complex process. No single measure, no one country holds the solution on its own," he said. "But exchange rate adjustment is an integral part of the process."Reuters
China factory inflation eases, yuan hits record BEIJING: Chinese inflation showed signs of cresting in a manufacturing survey on Thursday, an early indication that the government will be able to stick to its course of gradual rather than aggressive monetary tightening. An easing of price pressures could also cap this week's jump in the yuan to a record high against the dollar, which the central bank said had played an important role in taming inflation. HSBC's China Purchasing Mangers' Index fell to a three month-low of 54.4 in December from 55.3 in November, suggesting that the pace of business expansion in the factories of the world's second-largest economy was moderating but still strong. The headline figure offers an early clue about the direction of overall economic growth, but all eyes now are on Chinese inflation, which is running at its fastest in more than two years, and Beijing's policy response to price pressures. In that arena, the HSBC survey offered a modicum of relief. The input cost sub-index fell to a three-month low of 72.3 from 80.8 in November, while the output cost sub-index edged down to a four-month low. But both figures were still well in expansionary territory, indicating that firms were passing higher raw material costs onto their customers rather than absorbing them and taking a hit on earnings. "Inflation rather than growth still remains the top policy concern, despite the modera-
tion in December's manufacturing PMI reading," said Qu Hongbin, HSBC's chief economist for China. Yuan set for fresh leg of measured gains Yuan in focus as China tightens "We expect Beijing to continue to rely on quantitative tightening measures to curb inflation and counter the impact of QE2 (US monetary easing), while modest interest rate hikes are also needed to anchor inflation expectations in the coming months." The People's Bank of China raised benchmark interest rates on Saturday for the second time in just over two months. Analysts polled by Reuters expect it to raise rates twice more in the first half of 2011. Consumer price inflation raced to a 28-month high of 5.1 per cent in the year to November. The yuan rose to a record of 6.613 against the dollar on Thursday after a senior official from the central bank said gradual appreciation would help curb inflation and rebalance the economy. China will continue to push forward reform of the exchange rate mechanism, Sheng Songcheng, head of the central bank's statistics department, told the Financial News, an official newspaper. "The positive impacts of China's yuan reform on the domestic economy have significantly outweighed negative impacts," Sheng said. The yuan has gained just over 3 per cent since its depegging from the dollar in
June. But in the past two weeks alone, it has jumped 1 per cent and traders think it is set for a new leg of measured gains. The appreciation of the past half year had dragged down domestic inflation by around one per centage point, Sheng said. He also said a survey of 5,000 manufacturers and 2,100 exporters had found that a stronger yuan was essential to rebalancing the economy toward greater reliance on domestic demand, a top objective of China's leaders. "If we allow the yuan to appreciate 3 per cent a year against the dollar, it can boost imports by 0.3 per cent, reduce exports by 0.6 per cent and cut the trade surplus by 6 per cent," he said. 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. The central bank is more hawkish than other state agencies on inflation, but it lacks policy independence when it comes to key decisions on interest rates and the yuan. If inflation is indeed nearing a peak, then the central bank's push for heftier appreciation could soon run out of steam. Nevertheless, Gao Shanwen, chief economist at China Essence Securities, warned that inflation could come unhinged next year if growth takes off.-Reuters
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It is noticeable to mention here that the government has ensured the parliament that amendments would not be made in blasphemy law and federal minister for Law and justice, Dr Babar Awan played vital role in this regard. -Online
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enforcing intellectual property rights and for its indigenous innovation policies that discriminate against foreign companies. Prices have surged for rare earth minerals since the authorities in Beijing slashed exports by 40 per cent this summer. Beijing said the curbs were aimed at ensuring supplies for Chinese clean energy companies it is trying to promote internationally, but it has also said its dominance as a producer should give it more control over global prices. A European Commission spokesman said the European Union had noted the latest quota figures and expected China to respect recent assurances of a guarantee of rare earth supplies to Europe. Wind turbines and hybrid cars are among the biggest users of rare earth minerals, a little-known class of 17related elements that analysts say facing a global supply crunch as demand swells. The minerals also are used in some weapons systems. US makers of high-tech products such as Apple Inc's iPads and various Japanese companies have been scrambling to secure reliable supplies of the minerals outside of China as Beijing steadily reduces export allocations. Beijing has long insisted that other countries should share the responsibility for developing rare earths. "The international community has a joint responsibility to ensure the supply of rare earths," Jiang said. "Other nations that have rare earth resources should proactively develop and make use of them, to jointly shoulder responsibility for global supplies." -Reuters
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durability and aesthetic quality of banknotes. -Online
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priority", he maintained. To a question about reduction in the strength of ministers he said the reservations of all the members of Fata would be removed and when cabinet would be reconstituted the allied parties would be given proper representation. He maintained "we would have to take along the politics of reconciliation as future governments would be coalition governments. Earlier, Upper House of the Parliament unanimously approved the 19th amendment bill despite hot political temperature all over the country. 67th Senate session was held here in parliament house under the chairmanship of Chairman Senate Dr Farooq H Naik holding the top agenda of 19th amendment's approval. As the Senate session proceed leader of the House Senator Nayyar Hussain Bukhari requested to postpone the question hour session, which was accepted by chairman of the house. Shortly, the chairman of constitutional amendment committee Senator Raza Rabbani tabled the 19th amendment bill before the House. Before its approval, House participated in the debate where Senator Wasim Sajjad while commenting on this bill said transfer of powers from president to prime minister is a significant achievement. He wished as political leadership is united on political issues will also unite for the outcome of public issues. ANP's senator Haji Adeel added that aspirations of apex court are fulfilled so as to ensure maximum presentation of judges in judicial commission. While participating in debate, PML-Q chief Chaudhry Shujaat criticised the current political climate and said parties are involved in blame game and shameful statements are being exchanged. Senator Mohammad Ali Durrani demanded for 20th amendment and said that new provinces and districts are established all over the world, we must also adopt this practice as time necessitates. He also demanded for the abolishment of LFOs and other black laws made by previous regimes. Senator S M Zafar suggested that education and health portfolios must perform under the supervision of central government and we should start working on 20th amendment in this regard. Senator Afrasyab Khattak was of the view that ministers being
affected by the devolution of portfolios to provinces are erecting hurdles in the way of 18th amendment, government must take notice. Upon completion of debate Chairman Senate Farooq Naik moved ahead towards the clause wise approval of 19th amendment. Later the 19th amendment was unanimously approved by the upper house whereas 80 members attending the said session voted for this. After its approval, Chairman Senate Farooq H Naik adjourned the session sine die.
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high consumption of furnace oil for power generation to meet shortfall of electricity. According to the sector-wise trade data, in petroleum sector, the import of both crude and manufactured products went up significantly. Imports of manufactured petroleum product went rose 49.3 per cent to $578 million against $387 million witnessed in identical period last year. Similarly, crude oil import hiked 27 per cent to $401 million versus $315 million in November 09. In food group, import bill ballooned 96.1 per cent in November 2010 in which sugar import registered a hike of 734 per cent. Likewise, pulses import increased by 142.7 per cent and palm oil import bill registered surge of 58.1 per cent over the corresponding period of last year.
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quantity exported of mostly all the products under the category witnessed decline. As per details available, ready-made garments export increased by 33.1 per cent to $653 million against $490 million in 5MFY10. Similarly, cotton cloth, knit-wear, bed wear and towel exports increased by 27.9 per cent, 20.7 per cent, 14.2 per cent and 7.3 per cent to $901 million, $928 million, $822 million and $293 million respectively. Similarly, food group export registered an increase of 7.3 per cent to $1.19 billion in 5MFY11 versus $1.11 billion in 5MFY10. In food group, rice export registered a jump of 11.9 per cent to $ 779 million against $696 million export of rice witnessed in 5MFY10, whereas fish and fish preparation export surged 34.3 per cent and fruits by 0.5 per cent over the same period last year.
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United States and we intend to take appropriate steps to obtain dismissal of this action." Meanwhile, Foreign Office Spokesman addressing a weekly press briefing said that Pakistan has pursued foreign policy based on national interests and under the guidance of the country's leadership with diligence, honour and dignity to promote bilateral relations with all the regional and other countries during 2010. Spokesman Abdul Basit said," The year 2010 has been a very busy year for Foreign Office. We have been able to inject more vigour and substance into our efforts towards pursuing our broad foreign policy objectives of peace and development." The spokesman said that Pakistan's foreign policy continued to be driven by its national interests and guided by the purposes and principles enshrined in the United Nations Charter. He said the year 2010 was ending on a high note as the visit to Pakistan by the Chinese Premier this month reaffirmed the allweather friendship between the two countries. "The visit amply demonstrated that relations between the two countries have been evolved from bilateral to regional and global planes," he added. The spokesman said, "We are proud of this unique relationship and confident that our ties with China will continue to achieve ever new heights in the times to come." "We have also been able to sustain the momentum in expanding our ties with the United States (US) on the basis of mutual respect, trust and interest. The third round of the Pakistan-US Strategic Dialogue held in Washington in October helped push the process forward," he added. The spokesman said, "We are looking forward to an official visit by our President Asif Ali Zardari to the United States in the first half of next year and President Barack Obama's visit to Pakistan in the second half of 2011." He said, "Our relations with the European Union have also moved forward with the second Pakistan-EU Summit in Brussels in June which from our side was led by the Prime Minister." The European Union, he said, following the unprecedented floods in Pakistan, approved trade concessions to provide greater market
access to 74 tariff lines and the matter now rested with the World Trade Organization. The spokesman said that the European Union (EU) also hosted the Third Ministerial Meeting of the Friends of Democratic Pakistan (FoDP) in Brussels on October 15. He said that the Brussels meeting, among other things, endorsed the Integrated Energy Task Force Report and Plan as well as approved the establishment of FoDP Task Force on Water Management. The spokesman said that the bilateral relations with EU and NATO countries also expanded and deepened with high-level meetings and visits. He said at the initiative of the Foreign Minister, the Pakistan-UK Foundation was launched in London on October 16. He said "We are looking forward to giving a warm welcome to the French President and the British Prime Minister in Pakistan next year."
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if Altaf Hussain was holding any office of any political party under political parties order, he said. The petitioner requested the court to intervene in the matter immediately. The court should maintain that both the federal ministers had violated the sovereignty of Pakistan by tendering resignations. Therefore both of them should be declared disqualified for any office and the allowances and perks allowed to these two ministers withdrawn immediately. The offices of these ministers should be not allocated to someone else till the case is decided by the SC, he submitted. The federation, both the ministers and chief election commissioner have been made respondents in the petition. -Online
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$12.71 billion from $12.63 billion in the week ending Dec 25, while those held by commercial banks fell to $3.71 billion from $3.76 billion, said Syed Wasimuddin, chief spokesman of the central bank. "The $633 million from the United States will be included in the forex reserve data released next week," said Wasimuddin. Pakistan's reserves hit a record high of $17.10 billion in the week ending Oct 15 because of an increase in remittances from overseas Pakistanis and a narrowing trade deficit.
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Rs364 billion to Rs2.76 trillion against Rs2.39 trillion in June 2010, while the unfunded debt increased by Rs56.1 billion to Rs1.51 trillion as compared to Rs1.45 trillion. Furthermore, permanent debt rose by Rs8.1 billion in 5MFY11 to Rs802 billion during the period under review. Within the floating debt category, government borrowed Rs249 billion through MTBs for replenishment. Similarly, it further borrows Rs115 billion through market treasury bills.
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implemented with later and spirit. The PML-N chief stated that the corruption is all around and most corrupt people are being offered key posts in the country. He stated that the President has not respected their loyalty of which is the main reason behind the ongoing political crises. Everything in the country is moving wrong and the nation as a whole have to put thing on the right track and hopefully they will do it, he added. -Agencies
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issued by the Ministry of Industries and Production here Thursday. The statement said that it has been further ascertained that only one urea manufacturer has introduced this price increase, adding manufacturer has been asked to explain this increase immediately to the Fertilizer Price Review Committee (FPRC). Moreover, the government fully believes that, when sufficient stocks of urea are available in the country then there is no justification, at all, of increasing urea prices by one manufacturer, the statement added. It is pertinent to mention here that, as per commitment made by the manufacturers in the last meetings held in the Ministry, the manufacturers/ dealers were bound to print retail price on the urea bags. But the manufacturers/ dealers have not so far followed the decisions and thus committed a clear cut violation of the decisions and CCP rules & regulations. The government is fully aware of the domestic need to make urea available at affordable rates to the growers. Furthermore the government has provided free of cost imported urea to all flood affected farmers. Whereas, at present, one lac tonnes of urea is also available with NFC for Rabi crops and more than 2 lac tonnes of urea is being imported by TCP which is arriving well in time next month i.e. in January, to cater to shortages in domestic urea production foreseen due to energy crunch leading to 20 per cent gas curtailment since May 2010 and the extended winter gas load shedding for 45 days in 2010-11, the statement said. -APP
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period of last financial year mainly due to circular debt and devastating floods in the country. The output of furnace oil declined 16.3 per cent to 784.54 million liters from 937.47 million liters. Similarly, production of high speed diesel declined 15.18 per cent to 1.13 billion liters from previous year's same period of 1.34 billion liters. The figures showed that in industries sector buses production reduced by 34.58 per cent, and tractors declined 4.29 per cent, pig-iron, nitrogen fertilizer and cements decreased 28.58 per cent 6.75 per cent and 12.44 per cent in July-October 2010 over the same period of last financial year.
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a net foreign buying of $5 million on Thursday. On the local side; banks did a stock-buying of $9.01 million while individual investors, mutual funds, companies and NBFCs net-sold shares worth $5.93, $3.12, $3.1, and $1.1 million respectively. Volumes too remained impressive throughout the day as 140 million shares traded in the overall market which is 40.3 million shares more as compared to a turnover of 99.7 million a day earlier. Lotte Pakistan stood as the volume leader with 17.28 million shares followed by National Bank with 11.19 million shares and United Bank with 7.39 million shares. Out of total 400 active issues; 234 advanced and 146 declined while 20 issues held status quo.
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Army focused against militants: ISPR
Pak refuses to let foreign troops step in KARACHI: President Asif Ali Zardari presiding over a meeting regarding Rehabilitation and Development projects in Sindh Province at Bilawal House. Chairman PPP Bilawal Bhutto Zardari was also present in the meeting.-Online
White House urges probe into abuses claims
Shahzain's bail
Pak warned over Army ‘rights abuse’
ATC reserves verdict
WASHINGTON: The Obama administration is expressing alarm over reports that thousands of political separatists and captured Taliban insurgents have disappeared into the hands of Pakistan's police and security forces, and that some may have been tortured or killed, reported The New York Times. The issue came up in a State Department report to Congress last month that urged Pakistan to address this, and other human rights abuses. The concern is over a steady stream of accounts from human rights groups that Pakistan's security services have rounded up thousands of people over the past decade, mainly in Balochistan, a vast and restive province far from the fight with the Taliban, and are holding them incommuni-
Rs500 banknote ceases to be legal from Oct 1, 2011 ISLAMABAD: The Federal Government has declared that the old-design banknote of Rs500, which was introduced in April 1986, shall cease to be legal tender with effect from 1st October, 2011 and hence cannot be exchangeable from this date. Accordingly, State Bank has asked the general public to exchange the old-design banknote of Rs500 from the field offices of SBP Banking Services Corporation and the branches of all commercial banks throughout the country up to 30th September, 2011. It may be pointed out here that the State Bank has already completed the issuance of new design banknote series of all denominations (including Rs 500), which started with the launching of Rs20 denomination banknote in 2005, to improve the security features, See # 3 Page 11
cado without charges. Some US officials think that the Pakistanis have used the pretext of war to imprison members of the Baloch nationalist opposition that has fought for generations to separate from Pakistan. Some of the so-called disappeared are guerrillas; others are civilians, the paper reported. "Hundreds of cases are pending in the courts and remain unresolved," said the congressionally mandated report that the State Department sent to Capitol Hill on Nov 23. A congressional official provided a copy of the eight-page, unclassified document to the New York Times. Separately, the report also described concerns that the Pakistani military had killed unarmed members of the
Taliban, rather than put them on trial. After the Sept. 11, 2001, attacks, the administration of President George W Bush urged Pakistan to capture militants and Islamic extremists linked to the Taliban and al Qaeda. Since then, human rights groups have said that Pakistan's security forces used that campaign as a cover to round up hundreds, if not thousands, of political activists and guerrilla fighters in Balochistan and hold them in secret detention. Precise numbers of disappearances are difficult to pin down, human rights advocates say, partly because family members fear that reporting missing relatives could endanger the relatives or even themselves. -Online
Justice Iftikhar addresses SHC judges
CJP appreciates lower judiciary KARACHI: Chief Justice of Pakistan (CJP), Justice Iftikhar Muhammad Chaudhry has expressed his satisfaction over the performance of the judges of Sindh High Court and district judiciary. "During the last one year the judges of High Court and district judiciary have taken responsibility to discharge their duty to the best of their ability," he said while addressing all the judicial officers posted in all the five districts and judicial officers posted in Special Courts of Karachi at the Sindh High Court (SHC) on Thursday. The Chief Justice observed that coming to the court was not the only duty of the judges but more important is to provide justice to the needy. "It is satisfactory to note that people are now overwhelmingly reposing trust on the institution and faith is increasing day by day," he noted. The increase in disposal of cases shows the performance of the courts, however, there was
always room for improvement, he added. The CJP said that judiciary was most important pillar of the country. He said there were complaints, but as compared to the past, the number of complaints was on the decline. "You being part of district judges should also keep an eye on your subordinate staff," he added. Referring to the financial constraints and issue of salaries, he said any comment on the issue could not be made as it is subjudice because the issue was pending in the court of law. However, he observed that the provincial government should also realise its responsibility in this regard as the judicial officers and para-legal staff were facing financial problems. The Chief Justice of SHC, Justice Sarmad Jalal Osmany and judges of Supreme Court and High Court were also present.-Agencies
QUETTA: A special AntiTerrorism Court (ATC) Thursday has reserved its decision regarding bail of the arrested leader of Jamhoori Watan Party Shahzain Bugti till today (Friday). On Thursday, Shahzain Bugti's lawyer, W N Koli, presented his arguments for the approval of bail in ATC and requested the court to give him more time for further investigation. After hearing arguments of both sides' lawyers, the ATC reserved its decision, on Bugti's bail, till today. Hundreds of Bugti's supporters attended the hearing and they protested, outside the court, against the arrest of their leader. -Online
Fake degree
EC orders to file cases against 5 MPs ISLAMABAD: Election Commission of Pakistan Thursday ordered to register cases against 5 Parliamentarians on charges of having fake degrees. According to private TV channels, Election Commission Punjab directed to register case against 5 Parliamentarians including three Parliamentarians of Punjab Assembly and two of National Assembly, on charge of having fake degrees. First of all EC Punjab directed to register case against Farah Deeba (PML-N) but Punjab police did not register the case. The Parliamentarians of National Assembly having fake degrees are Syed Muhammad Salman Muhsin (PML-N), MNA Bahawalpur Amir Yardwan (PPP), while 3 Parliamentarians of Punjab Assembly are including Muhammad Afzal Gul (PML-N Sargodha), Shaukat Aziz Bhatti (Rawalpindi) and Sardar Mir Badshah Kisani. -Online
ISLAMABAD: Director General, Inter-Services Public Relations Major General Athar Abbas said no foreign troops would be allowed to launch ground offensive in tribal areas and operation is continuing in tribal areas to maintain law and order. Talking to private TV channel here Thursday, Army Spokesman Major General Athar Abbas said foreign troops had neither been allowed to conduct ground operation in Pakistan nor they would be allowed in future. He said that arrival of terrorists from border cross is main reason behind deteriorating law and order in Bajaur and Mohmand Agency, especially
terrorists hideouts in Kantor are creating problems. The spokesman further told that Pak Force and law and order agencies gained many achievements during 2010 but the fact could not be neglected here that a terrorist could blow himself anytime anywhere. He said that 5 Army Brigadiers are present in North Waziristan. He said that operation is going on in North Waziristan against the militants while 90 per cent areas have been cleared in this connection. He said that following the situation and resources it would be decided whether there is need to launch grand operation in North Waziristan.
Malik hopes to sway dissenters ISLAMABAD: Federal interior minister Rehman Malik Thursday underlined that government will soon convince dissident parties not to part ways with the govt, urging undoubtedly government will complete its five-year term. The government will soon remove the reservations of all the coalition partners, as we believe in politics of reconciliation rather than vengeance, Federal interior minister Rehman Malik expressed these views while talking to host of journalists on Thursday.
Those who want to disturb the democratic set up and put fuel on fire will be disappointed, Rehman held. Government will complete term of five years while masses will again vote for PPP in 2013 general elections, he pointed. We want that all the parties show some flexibility and soften their stance in the larger national interests of the country, he maintained. Parties must refrain from personal attacks, adding no one can drive a wedge between PPP and other parties, Rehman added. -Online
Answering the question, Major General Abbas said that almost 900 check posts have been set up on Pak-Afghan border but it is not only our responsibility to check illegal movements on the check posts but also all citizens should take vigilant eye on illegal border crossing. He said that our operations are focused on our region and against the militants but foreign forces would not be allowed to conduct operation on our land, as it is our personal matter. He said that the operation is being launched against those elements that challenged the government writ and also fights against the state institutions. -Online
Forces kill 20 militants in Kurram HANGU: At least 20 militants have been killed and 25 wounded in recent offensive launched by the security forces against the terrorists in Kurram Agency. According to media reports, in gunship helicopters' shelling 20 miscreants were killed and 25 injured, a vehicle full of ammunition was also destroyed in the attack at Chanarak, Kurram Agency. According to authorities the death toll could rise. Meanwhile six people have been killed and numerous wounded in a clash between two groups in central Kurram. Reason of conflict is yet to be found. -Agencies
China backs Countrywide rare-earth strike today quota-cut
Tahaffuz-e-Namoos-e-Risalat
Says quota cut in line with WTO BEIJING: China defended its export controls on rare earth minerals on Thursday, saying that they were in line with World Trade Organization rules, after a government move to slash export quotas on rare earths sparked trade concerns. China, which produces about 97 per cent of the global supply of the metals used in the production of numerous high-tech products, cut its export quota by 35 per cent for the first half of 2011 compared with a year earlier, saying it wanted to conserve reserves. Foreign Ministry spokeswoman Jiang Yu reiterated at a regular news briefing in Beijing that the quotas were necessary for environmental protection. "This accord with relevant WTO rules," she said. "In the
future, China will continue to supply rare earths to the international market and will take effective management steps over their export in accordance with WTO rules." The foreign ministry does not set China's policy on rare earths. China has refused US requests to end export restraints on rare earths that have alarmed trade partners, and Washington could complain to the WTO, which judges international trade disputes, the US Trade Representative office said last week. The rare earths issue adds to the growing list of trade-related disputes between China and the United States, which has accused China of poorly See # 2 Page 11
ISLAMABAD: A complete shutter down strike would be observed in all over the country on Friday in connection with Tahaffuz-e-Namoos-e-Risalat (sanctity of prophet). As per details, in wake of possible amendments in blasphemy law, the religious parties would stage protest rallies and observe shutter down strike in all over the country while PML-N has announced to favor the strike call given by campaign for Tahaffuz-e-Namoose-Risalat. On the other side, Sunni Itehad council would stage protest rally led by leader of the council and member National Assembly, Sahibzada Fazal Kareem, in Karachi in this regard. Sahabzada Fazal Kareem said that amendment in Tahaffuz-e-Namoos-e-Risalat would not be tolerated at any cost. He said that it is responsibility of the religious parties and the government to protect sanctity of prophet. See # 1 Page 11
Central bankers of both nations meet today
Iran, India oil payment-row heats up NEW DELHI: A payments dispute between India and Iran escalated after Tehran refused to sell oil to India under New Delhi's prohibitive new rules, sources on both sides said on Wednesday. The Indian sources said officials from the central banks of the two countries will meet on Friday (today) as Iran seeks to rescue trade worth around $12 billion (£7.7 billion) a year, at risk from rising US pressure on countries trading with Iran to abandon all dealings.
Last week, the Reserve Bank of India said deals with Iran must be settled outside the Asian Clearing Union (ACU) system, used by central banks of member nations to settle bilateral trades. Analysts predicted talks would be tough and that New Delhi may face a costly bill if it abandons Iranian oil imports. Iran is under global pressure over its nuclear programme, and though United Nations sanctions do not forbid the purchase of Iranian oil, the United
States has pressed hard for governments and companies to stop dealing with Tehran. India is the biggest buyer of Iranian crude among ACU members, with state-owned refiners and privately owned Essar Oil taking around 400,000 barrels per day. Two Indian industry sources said on Wednesday that National Iranian Oil Co (NIOC) had turned down Indian oil firms' request for payments outside the ACU. The ACU includes the central
banks of India, Bangladesh, Maldives, Myanmar, Iran, Pakistan, Bhutan, Nepal and Sri Lanka. "Indian firms had asked Iran to immediately nominate a bank in Europe through which payment can be made. But NIOC refused," said one of the sources. When asked if NIOC was willing to accept any mechanism outside the ACU, a NIOC source said: "It is not acceptable to NIOC as this exercise has been in place for so many
years." Ambika Sharma, Deputy Secretary General at the Federation of Indian Chambers of Commerce and Industry, said: "The two central banks could look at settling the trade transaction in a currency other than the euro and the US dollar" Indian analysts said the oil dispute was the result of US pressure on the international community to stop dealing with Tehran to force it to abandon its nuclear programme.
The White House on Wednesday praised the Reserve Bank of India for reducing its dealings with Iran's central bank. "We think the Reserve Bank of India has made the right decision to carefully scrutinise and reduce its financial dealings with the Central Bank of Iran," White House spokesman Tommy Vietor said in an email. "This latest action adds to the growing list of companies, financial institutions and gov-
ernments that are increasingly concerned about Iran's misuse of trade and financial relationships to support illicit activity, including its nuclear programme." "Iran is already struggling to place their crude in the market, and any stoppage of supply to India will further escalate the problem specially when series of sanctions are imposed on them," said Praveen Kumar, who heads consultancy FACTS Global Energy's South Asia oil and gas team.-Agencies
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