International Karachi, Wednesday, November 24, 2010, Zil Hajj 17, Price Rs12 Pages 12
Mirza lifts ban on pillion riding in Khi
Roof collapse kills 40 in Buner
See on page 12
No peace talk with Taliban: US
See on page 12
Prince William to get married on Apr 29 next year
See on page 12
See on Page 2 Economic Indicators $16.91bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 411bn $58.41bn Rs 4863bn $124.90mn -3.85% 4.10% $1,051 171.13mn
Forex Reserves (12-Nov-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Oct 10) Foreign Debt (Sep 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Sep 10) LSM Growth (Aug 10)
GDP Growth FY10E Per Capita Income FY10 Population
Portfolio Investment SCRA(U.S $ in million)
154.31 Yearly(Jul, 2010 up to 22-Nov-2010) Monthly(Nov, 2010 up to 22-Nov-2010) 49.59 7.61 Daily (22-Nov-2010) 2589 Total Portfolio Invest (5 Nov-2010)
NCCPL
Committee chairman misses the meeting
RGST passes Senate body FBR could not touch RGST now, Senate informed Govt to bring tax ratio at uniform 15pc: Shaikh Health, education, food items not included
(U.S $ in million)
FIPI (23-Nov-2010) Local Companies (23-Nov-2010) Banks / DFI (23-Nov-2010) Mutual Funds (23-Nov-2010) NBFC (23-Nov-2010) Local Investors (23-Nov-2010) Other Organization (23-Nov-2010)
3.37 -3.88 -3.26 -2.93 -0.41 8.03 -0.92
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11,171.09 10,115.19 22,896.14 19,691.84 2,755.81 2,828.28 5,625.23 11,042.80
Change 34.75 92.80 627.88 265.75 1.87 56.09 55.60 135.78
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 111.02 19.25 164.40 2.00 42.70 1.70 36.30 10.70 36.55
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
03-Nov-2010 03-Nov-2010 03-Nov-2010 29-Sep-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010
12.75% 13.11% 13.24% 13.50% 12.77% 13.03% 13.30% 13.67% 13.75% 13.67% 13.73% 13.81% 14.23% 14.34% 14.51%
Commodities *Crude Oil (brent)$/bbl 83.09 *Crude Oil (WTI)$/bbl 81.10 *Cotton $/lb 112.45 *Gold $/ozs 1,371.30 *Silver $/ozs 27.58 Malaysian Palm $ 1,005 GOLD (NCEL) PKR 37,427 KHI Cotton 40Kg PKR 8,895
Open Mkt Currency Rates Symbols
Buy (Rs)
Australian $ 82.70 Canadian $ 82.70 Danish Krone 16.00 Euro 114.80 Hong Kong $ 10.95 Japanese Yen 1.011 Saudi Riyal 22.58 Singapore $ 65.40 Swedish Korona 12.85 Swiss Franc 87.30 UAE Dirham 23.08 UK Pound 134.80 US$ 85.25
Sell (Rs)
83.70 83.70 16.50 116.30 11.15 1.037 22.88 66.40 13.00 88.30 23.35 136.30 85.60
Inter-Bank Currency Rates Symbols
Australian $ Canadian $ Danish Krone Euro Hong Kong $ Japanese Yen Saudi Riyal Singapore $ Swedish Korona Swiss Franc U.A.E Dirham UK Pound US $
Buying TT Clean
Selling TT & OD
84.17 83.75 15.54 115.88 11.00 1.024 22.76 65.53 12.37 86.25 23.24 136.01 85.40
84.37 83.95 15.58 116.15 11.03 1.027 22.81 65.69 12.40 86.45 23.29 136.33 85.59
Weather Forecast CITIES
ISLAMABAD KARACHI LAHORE FAISALABAD QUETTA RAWALPINDI
MAX-TEMP
25°C 29°C 24°C 25°C 19°C 25°C
MIN
7°C 18°C 10°C 9°C -2°C 9°C
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NKorean artillery strike alarms world powers
Ishaq Dar, Abbasi term RGST as harmful Special Correspondent/ Agencies ISLAMABAD: The Senate Standing Committee on Finance and Economic Affairs approved Reformed General Sales Tax (RGST) on Tuesday. Minister for Finance and Revenue Abdul Hafeez Shaikh said that Reformed General Sales Tax (RGST) is an attempt by the government to bring reforms in 20 years old General Sales Tax system. Informing the Upper House of the Parliament about the salient features of RGST, he said that RGST is not a new bill rather the government tried to bring reforms in the existing GST system. He said this tax would not affect the common person rather it would replace the current GST which is distorted by some influential who are taking benefit from it. He said GST was implemented in 1990 but privileged seg-
Panel OKs Flood Surcharge ISLAMABAD: The Senate Standing Committee for Finance has ratified Finance Amendment Bill 2010 to impose the Reformed General Sales Tax (RGST) and flood tax. Finance Minister Hafeez Shaikh said that Pakistan was following IMF programme as the government was bound to fulfill promises made with international community. Talking in the meeting of the Senate about RGST, Shaikh said that he will not hide anything, tax want the problem of the government, instead it was the problem of the whole country and we have to correct the mistakes See # 6 Page 11 ments and powerful lobbies tions were exempted from taxes made it so weak and disfigured. but we want to bring them "Under the GST certain sec- under the tax net so that there should be a level playing field for all. We want to stand up to those who are powerful and can speak louder," he said. He said that the RGST bill will be passed with the consensus of all the stakeholders including the provincial govISLAMABAD: The Federal ernments. The Finance Minister Board of Revenue (FBR) is said the Reformed GST would estimated to generate additionbe 15 per cent on all items al revenues of Rs42 billion excluding health, education and through measures for meeting some food items. extra budgetary expenditures He said some elements were through flood relief surchargemisguiding the people by giv2010. ing an impression that impleFBR sources told APP that to raise additional resources to mentation of RGST would provide relief to 20 million increase the prices of edible items, and commodities of See # 11 Page 11 See # 7 Page 11
Flood-tax to help raise Rs42bn
Oct textilers export rises to $1.1bn YoY
Textile exports up 32pc in Oct Ahmed Siddique
Oct oil import bill swells 77pc MoM
KARACHI: The export of textile products soared by 31.5 per cent in the month of October 2010 against the same period of the last year, Federal Bureau of Statistics (FBS) reported on Tuesday. According to the official Ghulam Raza Rajani data, export of textile industry has surged to $1.19 billion in the period under review from KARACHI: Country's oil $904 million against the same import bill significantly rose 77 per cent MoM to $902 period of previous year. The improvement in textile million during October 2010 export was mainly attributed to as compared to $509 million surge in textile product prices in the month of September, as knitwear export increased by mainly due to rising demand 39.1 per cent to $207.6 million of petroleum products as See # 18 Page 11 against $149.3 million in per cent to $202 million, $135 October 2009. Similarly, cotton cloth, million and $182 million readymade garments and bed respectively. Similarly, food group export wear exports increased by 37.4 per cent, 37.2 per cent and 14.9
Zardari replies to Sharif’s letter ISLAMABAD: President Asif Ali Zardari has replied to the letter written by Nawaz Sharif. According to sources, the president thanked PML-Q leader Nawaz Sharif for suggesting solutions to various problems faced by the people and said that the suggestions are being looked into. He said that he would give a detailed response to the letter later on. President Asif Ali Zardari conveyed Eid greetings to PML-N Nawaz Sharif and appreciated his efforts in highlighting the problems faced by the people and their proposed solutions. President assured the PML-N leader of his full cooperation in the implementation of charter of democracy. The President informed that suggestions given by the PMLN leader in respect to inflation, corruption and good See # 12 Page 11
YEONPYEONG ISLAND, SOUTH KOREA: In this image provided by a local resident, smoke rises from South Korea's island near the border against North Korea. -Reuters
Kayani clamps down on corruption
Probe started on NLC fiscal scam RAWALPINDI: The Chief of Army Staff General Ashfaq Parvez Kayani has ordered a high-level inquiry into alleged NLC irregularities. According to Army spokesman a serving Corps Commander has been nominated to head the inquiry along with two Major Generals as members. Appropriate action will be taken on completion of the court of inquiry, as per relevant Army rules and regulations. According to sources, the National Assembly Public Account Committee in its recent meeting taking notice of involvement of several senior
army officers in NLC scandal had ordered action against them. The Auditor General of Pakistan had presented its report in the PAC that NLC in negation of rules and regulations had made purchases of vehicles and other stuff, and also invested Rs four billion in stock market against rules and regulations. Sources told that three-member committee has been directed to complete its work as soon as possible and the report would be sent straight to the Army Chief after which action would be taken against the accused. -APP
NICL’s fugitive boss surrenders ISLAMABAD: Former National Insurance Company Limited (NICL) chairman and absconder in the NICL scam, Ayaz Khan Niazi has surrendered, media reported Tuesday. Earlier Tuesday, according to reports, Niazi offered the Federal Investigation Agency (FIA) his conditional arrest through his lawyer. According to reports the accused gave in after hours of negotiations with the FIA officials.
According to FIA sources, Ayaz Khan Niazi's counsel, Hafeez Peerzada, proposed to the FIA authorities that if Ayaz's family is not bothered with repeated raids, he will appear to face an inquiry. FIA lawyers discussed the proposal and rejected the offer, said the sources. Nine of the 12 accused in the NICL scam have already been arrested while raids are being conducted to arrest the remaining three. -Agencies
19th Amendment on cards: Rabbani ISLAMABAD: Constitutional Reforms Committee (CRC) of Parliament has decided to bring change in the procedure with regard to appointment of judges in superior judiciary under 18th amendment in the light of Supreme Court (SC) interim order and recommendations. Committee met here Tuesday under Senator Raza Rabbani to review the interim order of SC and recommendations in connection with the appointment of judges. See # 9 Page 11
Malik vows to eliminate corruption ISLAMABAD: Minister for Interior Rehman Malik said on Tuesday that the anti-corruption drive launched by the government would end this menace from the country. Talking to media persons outside the parliament, he said "the measures taken by the government would end corruption from all the government departments". The minister said that a committee had been constituted comprising Interior Secretary, four provincial home secretaries and representatives of National Accountability Bureau (NAB) and intelligence agencies to address the complaints of citizens and review corruption cases related to other public departments. Malik said that initially major public dealing departments of the Interior Ministry, which are frequented by common people, have been picked. He said heads of all the See # 8 Page 11
UK Shell Petroleum confirms Gas LPG shares sale KARACHI: Shell Petroleum Company Ltd, UK said it has transferred all its share in Shell Gas LPG Ltd to the new buyer OPI Gas (Pvt) Ltd in accordance with the sale and purchase agreement executed between the two companies on June 16, 2010. According to a communique despatched to Karachi Stock Exchange (KSE) here Tuesday, Shell Petroleum Company UK confirmed that it has sold 67.91 percent of its stake or 15.372 million shares in Shell Gas (LPG) Pakistan Ltd. -APP
Bailout pushes Irish govt near collapse DUBLIN: Ireland's political turmoil intensified Tuesday after Prime Minister Brian Cowen promised to call a general election in the New Year once parliament passes a budget at the centre of an international bailout. It could take several weeks for the budgetary process to be completed and Cowen would then have to formally dissolve parliament and set an election date, meaning an election may not be held until February or March. Two independent members of parliament on whom the gov-
ernment depends to pass legislation said they were likely to withhold their support, raising fears that the crucial budget might not be passed at all. Cowen, who entered a coalition government with the Green Party in 2008, on Monday bowed to calls from its disgruntled junior partner to call an election in the wake of Ireland accepting a bailout worth up to 90 billion euros (122.5 billion dollars). The prime minister said the debt-ridden country's priority must be to pass the six-billioneuro budget on December 7.
DUBLIN: Irish Prime Minister Brian Cowen and and the Minister for Finance speak to the media. -Reuters
"It is my intention at the conclusion of the budgetary process, with the enactment of the necessary legislation in the New Year, to then seek the dissolution of parliament," the leader -- alternatively known as the Taoiseach -- told a news conference. "It is imperative for this country that the budget is passed," he added. Opposition parties were angered by Cowen's refusal to call an immediate vote. The main opposition Fine Gael party said the people of Ireland had "absolutely no confidence"
in the government and Sinn Fein party president Gerry Adams demanded immediate action. "I totally disagree with the Taoiseach's assertion that the imperative is to get the budget passed," Adams said. "The budget should be suspended. The Taoiseach should call an election now." Ireland's request for financial assistance initiated a day of drama in Dublin on Monday. Green Party leader John Gormley, whose party has six seats in parliament, called on See # 10 Page 11
2 Shazia Marri talks bilateral ties with Indonesian envoy KARACHI: Sindh Minister for Tourism, Shazia Marri, called on the Consul General of the Republic of Indonesia, Rossalis Rosman Adenan, in his office here on Tuesday and discussed the ways to strengthen further the ties between the two countries in different sectors like trade, culture and tourism. Shazia Marri expressed her deep sorrow over the loss of human lives and properties caused by volcanic eruption in Indonesia. She also expressed her concern over the damages caused by Tsunami. The Minister said that both the countries have strong historical relations and we must ensure
strengthening these brotherly relations by finding ways to exchange trade and promote tourism through which the both nations would come closure to each other. She emphasised that tourism is a basic tool today to promote peace and harmony among the world. Shazia stressed upon the need to take concrete efforts to promote tourism. On this occasion, Rossalis Rosman Adenan explained to Marri that Indonesia is rich culturally. He further told that the Indonesia believes in the policy of "unity and diversity". He supported the idea of exploring different avenues of joint venture in
the fields of trade, tourism and culture and informed that for the purpose the Indonesian Consulate is arranging a solo exhibition followed by a seminar next month in Karachi. In the meeting both sides agreed to enhance people to people contact in farm of exchange delegations of businessmen, tourists and media community with an aim to strengthen cooperation in the fields of economic and culture and create an environment of better understanding of each others perspective. On this occasion the Consul Economic of Indonesian Consulate General Trigustono Supriyanto was also present.-APP
KARACHI: Advisor to Sindh CM on Information Sharmila Farooqi briefs the media persons about post flood measures.-APP
TV PROGRAMMES WEDNESDAY Time Programmes 7:00 News 8:00 News 9:05 Subah Savere Maya ke Sath 11:00 News 12:00 News 13:10 Newsbeat (Rpt) 14:10 Tonight With Jasmeen (Rpt) 15:00 News 16:00 News 17:30 Samaa Metro 18:00 News 18:30 Samaa Sports 19:30 Crime Scene 20:03 Newsbeat 21:00 News 22:03 Tonight With Jasmeen 23:00 News 23:30 24
WEDNESDAY Time 8:00 9:00 9:15 10:00 10:15 11:00 11:05 12:00 12:15 13:00 13:05 14:00 15:02 15:30 16:15 17:05 18:05 19:00 19:05 19:30 20:00 20:05 21:00 22:00 22:05 23:00 23:05 0:00
Programmes Chai Time (Rpt) News Pehla Sauda News Bazaar News Ghar Ka Kharch News Power Lunch News Islamabad Say (Rpt) News Akhri Sauda Aap Ka Paisa (Rpt) Karobari Dunya Ghar Ka Kharch (Rpt) Chai Time News Aap Ka Paisa Mang Raha Hai Pakistan News Islamabad Say Pakistan Aaj Raat News Doosra Pehlu News Badalta Pakistan (Rpt) News
BoR allocates land for solar power plant KARACHI: Sindh Board of Revenue (BoR) has allocated 150 acres of land to leading German company Azur Solar near Dhabeji for setting up $ 150 million solar plant to generate 50 megawatts of power. This was stated at a meeting at the office of Sindh Board of Investment (SBI) here Tuesday. Director Azur Solar Uwe Stormer, Dr Sikandar Kholer and Dr Christian Bouda and secretary Investment Yonus Dhaga attended the meeting. Uwe Stormer said that his company Azur Solar will start the construction
Wednesday, November 24, 2010
Commander 5th Corps calls on Ebad
KARACHI: Corps Commander, 5 Corps calls on Governor Sindh Dr Ishrat Ul Ebad Khan at Governor House.-APP
NSC’s opens new branch in Malir KARACHI: National Savings Centre (NSC) has inaugurated their new branch at Akram Shaheed Road in Malir Cantonment recently. The Director General, National Savings Zafar M Sheikh along with prominent Army and civilian personalities graced the ceremony. The new branch of national savings aims to attract huge investment of the residents of the area due to which they will enjoy attractive returns on their investment on one hand while on the other side. It will contribute to the national economy.-PR
Pillion riding ban lifted in metropolis
work at the site in next six weeks after getting possession of the plot from BoR. It may be noted that Azur Solar had signed a memorandum of understanding (MoU) with SBI in April this year to establish solar power plant in Sindh. The meeting was told that preliminary work was underway for setting up this power plant. The German delegation also informed the meeting that Azur Solar was also ready to set up small solar plants in Badin for school under community development scheme.-APP
KARACHI: Sindh Government has lifted ban on pillion riding in Karachi here on Tuesday. A notification has been issued in this regard. As per the Media Reports, the Secretary, Sindh Home Ministry confirming the lifting of the ban said that the pillion riding ban was imposed in 2008 due to the rising terrorist activities and insecurity in the city under Section-144. He said that the notification would come into immediate effect Besides that the citizens of Karachi expressed their great joy after lifting pillion riding ban. Meanwhile, in an other notification Sindh Home Ministry also issued orders to end the weekly Saturday's holiday from 27 November under the directives of the Federal governKARACHI: Orascom the need for aid, continues ment.-Online Telecom Holding (OTH) for months after the initial and Obopay have part- tragedy. We want to make nered to establish a text- sure that funds continue to to-donate relief effort in flow until the job is done. United States to provide This becomes equally, if continuing funds to the not more, important," he region in order to rebuild added. both the infrastructure and "The aftermath can end the lives of those affected up taking as many lives as Staff Reporter by the disaster, said a the initial disaster if action handout issued here is not continued to restore "There is always an the infrastructure--provid- KARACHI: Ufone carried immediate sympathetic ing food, water and a out a special flood relief and monetary reaction renewed means of earning activity simultaneously in when disasters like this a living. And that is a huge Sukkur and Charsadda as occur," said Naguib undertaking. By employ- part of their Corporate Sawiris, Executive ing Obopay's 'Text-to- Social Responsibility, said Chairman of OTH, which Donate' solution, individu- a statement issued here. Ufone has come out once operates in Pakistan as als can provide truly meanMobilink. "However, the ingful donations which are again to show solidarity with the affectees alongtremendous suffering, and delivered rapidly."-PR side share the religious fervor of Eid. Ufone Volunteers distributed Eid gifts on Eid to ensure that the flood affectees also enjoy this Eid. The distribution comprised of the bare necessities of ghee, atta, sugar and a blanket considering the requirement and climatic change for the affectees. This initiative by Ufone was wideSUKKUR: Ufone carried out an Eid specific flood ly appreciated by the hunrelief activity simultaneously in Sukkur and dreds of families residing Charsadda as part of thier Corporate Social at the camps. Responsiblity.-Staff Photo
Mobilink starts flood relief donation drive
Ufone gives Eid gifts to affectees
Industrialists protest against gas suspension LAHORE: Thousands of Punjab industrialists, trade & labour leaders and industrial workers Tuesday blocked the GT Road to protest the suspension of gas supply to industrial units and warned the government to stage such protests in all cities of the province if the decision to suspend gas supply was not withdrawn immediately. The protesters, carrying banners inscribed with slogans against the government and the SNGPL authorities, demanded of the government to revise its anti-industry and antipeople policies otherwise they would be bound to take the streets. The Lahore, Sheikhupura
Chambers of Commerce and Industry, Pakistan Industrial and Traders Associations Front, All Pakistan Textile Processing Mills Association, Ferozepur Road Industrial Association, Hosiery Manufacturers Association, Lahore Township Industrial Association, Shahdra Industrial Association and Kahna Kacha Industrial Association took part in the protest. The protest, that continued for well over three hours, was jointly led by LCCI Senior Vice President Sheikh Mohammad Arshad, LCCI Vice President Sohail Azhar, LCCI former Presidents Mian Anjum Nisar, Shahid
Hassan Sheikh, Mohammad Ali Mian, Central Chairman All Pakistan Textile Processing Mills Association Maqsood Butt, PIAF Vice Chairman Khawaja Shahzeb Akram, Shahzad Azam Khan of Hosiery M a n u f a c t u r e r s Association, Khawaja Shahzad Nasir, Haroon Shafiq Chaudhry, Nasrullah Mughal, Syed Mehmood Ghaznavi and Fahimur Rehman. Addressing the protesters, the Industry leaders said that the gas suspension plan was a well thoughtout conspiracy against the government and the people sitting at the helm of affairs must take notice of it.-PPI
LAHORE: Residents and businessmen of Lahore and suburbs are protesting against extended Sui gas load-shedding in thier area.-PPI
Global Halal Congress next mth KARACHI: Trade Development Authority of Pakistan (TDAP) in collaboration with Halal Developmental Council (HDC) in organising "Global Halal Congress" to be held on December 4th in Karachi, announced Chief Executive TDAP Tariq Puri here on Tuesday. The main objective of this Conference is to introduce the concept of "Halal Pakistan"& highlight the potential of Halal
Trade- Investment & Joint Venture opportunities in Pakistan. It is a point of concern that despite being a large Muslim country, Pakistan is not known as a supplier of certified Halal Products & thus its share in this trillion dollar global halal business is negligible, he further said. The turnover of the World Halal trade is approximately $2 trillion, out of which Meat / Chicken constitute approximately 40 per
cent. There are 35 subsectors Non-Food consists of more than 25 sub-sectors from Pharma to Personal Care to Textiles & Leather Garments. 15 sub-sectors from Islamic Banking to Takaful, Supply Chain, Logistics & Hospitality and Tourism, 15 sub-sectors relate to Water Purification to Tooth Picks and Pencils. The number of products covered in all these categories comes to more than 300.-APP
FPCCI urges India to ease visa procedures KARACHI: Visiting Federation of Pakistan Chambers of Commerce & Industry President Sultan Ahmed Chawla Tuesday asked Indian government to ease visa procedures to facilitate movement of businessmen and boost economic ties between the neighbouring countries, said a handout issued here. The tough visa norms are hurdles to trade. Visa issue is a major issue and biggest handicap in trade. The way we are treated by immigration authorities. We have to
wait for 20 days to get visa, while Indian friends get it in two hours," FPCCI President Chawla said there after meeting with Indian Commerce & Industry Minister Anand Sharma. "Unless there is no movement, business cannot grow," said Chawla. He said he also raised issue of increasing nontrade barriers between two countries with Indian Commerce Minister. "The minister was very positive... he will take all those steps which are need-
ed to overcome these nontariff barriers," Chawla added. He said both nations should facilitate opening of branches by their banks in each others'' territory. Top ten items exported to Pakistan by India include petroleum, cotton, oil meals, spices, manmade yarn, fabrics, pharmaceuticals, plastics, while top items imported from Pakistan by India are cement, leather, chemicals, petroleum, cotton yarn.-PPI
KARACHI: Corps Commander Lt Gen. Zaheer-ul-Islam on Tuesday called on Sindh Governor, Dr Ishrat-ulEbad Khan, at the Governor House here. The Governor on the occasion lauded the role of the Armed Forces towards the relief and rescue of the flood affectees, says a Governor House statement. He said that the personnel of the Armed Forces played a key role in this respect. Dr Ishrat said that the flood affectees are satisfied that personnel of the Armed Forces along with the civil administration are busy in the rehabilitation works. The Corps Commander assured the Governor that the personnel of Armed Forces are ready to meet the challenge. He said that they are working with the civil administration and the people in this regard.-APP
Ten killed in Karachi firing incidents KARACHI: At least ten people were killed in different firing incidents in Karachi during last 24 hours, a private media channel reported. In first incident two real brothers were killed in firing on Tuesday morning at Dhani Bux Goth in the limits of Sachal police station, police and rescue sources said. ASI of Sachal police Aleem said four armed attackers barged into a house in Bhittai Abad and opened indiscriminate firing. As a result two real brothers, Owais aged 32 and Rizwan aged 27, sons of Mohammad Umar were injured and later succumbed to their wounds. The father of the deceased had received the same fate five month earlier. The cause behind the double murder seemed to be old enmity. The deceased originally hailed from Quetta, official added. The bodies were shifted to Jinnah Postgraduate Medical Center for medico-legal formalities. In another incident bullet-riddled body of a man was found in the wee hours of Tuesday near Anda Morr in the remit of Sir Syed Police station, police and rescue sources said.-PPI
39 more dengue patients admitted KARACHI: Thirty nine new cases of dengue fever were reported at different hospitals in the province on Tuesday. A senior Sindh Health Department official told APP that the virus may persist till December as the winters would finally set in and decline in temperature will ultimately bring an end to the dengue virus causing mosquitoes. Of the fresh cases they said 26 of these were from Karachi and 13 from other parts of the country. The number of dengue positive patients turned to be 3601 since January this year including 3054 from Karachi and 547 from interior parts of the province. Total suspected cases till Tuesday were 5202. These included 4652 from Karachi and 550 from other parts of the province. While no new case of dengue fever induced mortality was reported on Tuesday yet the number of deaths since September this year has been 22.-APP
3
Wednesday, November 24, 2010
Euro hit by Irish uncertainty, contagion fear
Swiss franc climbs vs euro
US GDP data, Korean peninsula tension helps dollar NEW YORK: The dollar rose for a second straight day on Tuesday as fears mounted that Ireland's debt crisis could spread to other weaker members of the euro-zone. Comments by German Finance Minister Wolfgang Schaeuble that the single currency was at stake due to the Irish debt crisis further pressured the euro. The dollar was also boosted after government data showed the US economy grew faster than previously estimated in the third quarter, though analysts said the focus would remain on Europe for now. A shelling exchange in the Korean peninsula, after North Korea fired dozens of artillery shells at a South Korean island, exacerbated the risk aversion ruling financial markets and added to pressure on the euro.
"We're seeing a knee-jerk reaction to Korea but the underlying story is still the European debt crisis and contagian fears," said John Doyle, strategist at Tempus Consulting in Washington. "That
will drive trading for the rest of the month. Korea is a side show." The euro was down 1.1 per cent on the day at $1.3575, after shedding around half a cent when the Korean clash was reported. The session low was $1.3470. Against the yen, the dollar was up 0.1 per cent at 83.35
yen, having risen as high as 83.85 yen. Traders said macro funds buying the dollar after the shelling ran into robust offers from Japanese exporters. The dollar index was up 0.7
per cent at 79.206, but off its intra-day high of 79.256. The US Federal Reserve will release minutes from its last policy meeting on Nov. 2-3 later in the day, and investors are focused on gaining more insight into the Federal Open Market Committee's decision to embark on a second round of quantitative easing to stimulate
Asian currencies
Won tumbles 3.7pc on NKorea; more falls seen Asia seen down more as risk appetite dampened Asian currencies were already under pressure from renewed worries about Ireland's debt crisis. Dollar/won one-month nondeliverable forwards (NDF) jumped more than 4 per cent to 1,180 per dollar after the report of artillery exchange, dealers said. "It's not a missile into the sea and it's not accidental. I think the won may see 1,200 per dollar soon," said June Park, an economist at Woori Investment & Securities. The won was already down when the news broke on worries about Ireland's debt crisis and expected dollar demand linked to Hana Financial Group
Inc's decision to buy Korea Exchange Bank (KEB). Hana's chairman told Reuters the group had decided to acquire a controlling stake in KEB from US private equity firm Lone Star. Local news agency Yonhap said Hana would buy a 51 per cent stake for about 4.7 trillion won ($4.17 billion). The Malaysian ringgit was also down on Ireland the Korean news. Dealers said they expected the ringgit to fall further, dealers said. "Sentiment is seriously damaged. The dollar/ringgit may try 3.15 now," said a Kuala Lumpurbased dealer said. -Reuters
Stg jumps against euro, falls versus $
Taiwan dlr hits 4-wk closing low
SEOUL: The won tumbled against the dollar on Tuesday after a major exchange of artillery fire between the two Koreas, which dragged other Asian currencies lower as investors reduced riskier positions. "The incident prompted investors to close dollar shortpositions against all currencies. This kind of incident can trigger automatic stop-loss selling of non-dollar currencies," said Jeong My-young, a currency strategist at Samsung Futures Inc in Seoul. "That may put pressure on emerging Asian currencies, which have enjoyed strong gains so far this year," Jeong added.
LONDON: Sterling hit a twomonth high against the euro on Tuesday, helped by fears the euro-zone's debt crisis could spread, but it dropped to its lowest in nearly four weeks against the dollar as investors shunned risky assets. North Korea shelling a South Korean island further dented sentiment in a market already worried about debt troubles in
the euro-zone, with participants seeking the perceived safety of the likes of the dollar. With political uncertainty in Ireland leaving the possibility of a delay to any bailout deal and contagion fears growing, sterling gained one per cent against the euro. But it slid versus the dollar as it is still seen as a risky currency. "This is all about 'risk-off' and dollar buying. Both the euro and sterling are down, but the euro is down by more because of contagion fears," said Michael
Hewson, market analyst at CMC Markets. "It is a case of anything but the euro". The euro fell one per cent on the day against sterling to a low of 84.46 pence, its weakest since late September, having earlier dropped below its 100-day moving average around 84.70 pence. Against the dollar, sterling fell 0.9 per cent to $1.5807, its weak-
est since October 28, as it extended falls after breaking below its 55-day moving average around $1.5841. Sterling also fell more than one per cent against the yen, which also benefited from safehaven buying. Meanwhile, there were more negative signs on the state of the UK housing market on Tuesday as the British Bankers' Association said UK mortgage approvals fell to their lowest in more than 1-1/2 years in October. -Reuters
TAIPEI: The Taiwan dollar fell to a nearly four-week closing low on Tuesday, tracking losses in regional peers as risk appetite waned after North Korea fired at a South Korean island. The currency gave up gains during the session to end T$0.171 lower at T$30.799, a level not seen since Oct 28. It had closed at T$30.628 in the prior session. The dollar rose broadly, US Treasuries gained, and European and Asian shares and US stock futures all fell on Tuesday after the exchange of artillery fire on the Korean peninsula. The Taiwan dollar has risen about 3 per cent since late September, reflecting expectations Asian currencies would attract foreign fund inflows amid US monetary easing. Since then, Taiwan central bank has stepped up its verbal commentary over the currency's rally. Deputy governor Chou Ading said last week that local exporters are quoting their prices stronger than T$30, a remark that some strategists took to mean the central bank will hold the currency firm for the time being. -Reuters
Australian, NZ dollars fall on Korea shelling SYDNEY: The Australian dollar fell on Tuesday, hurt by Europe's debt concerns and shelling between North and South Korea, while the New Zealand dollar continued to nurse losses from a ratings warning by S&P. The Australian dollar dropped to $0.9793, well off a $0.9955 high hit in New York. Support was found at hourly low of $0.9817, with resistance at hourly peak of $0.9913. Traders said with Tokyo shut for a holiday, the Australian dollar was held hostage by fluctuations in the euro, which was smarting from worries about the fiscal health of peripheral eurozone nations. News in late trade that the North and South Korea were exchanging fire on the peninsula had taken a further toll on the currency. With many investors wanting to protect their year-to-date profits in coming weeks, some analysts warned the Australian dollar could run into profit-taking and struggle amid a dearth of buyers for the rest of the year. This is because Europe's debt woes and doubts
about whether China would further tighten policy would probably lead traders to turn cautious and shun higher-yielding currencies such as the Australian dollar, which are deemed to be more risky. The New Zealand dollar fared no better. It was pinned at $0.7696, having sunk from $0.7835 on Monday after S&P revised down the country's credit outlook to negative. The warning had caught the market long and triggered a wave of stop-loss sales, taking it as low as $0.7694 before support emerged. Still, some analysts thought the selling was overdone given S&P itself said New Zealand had two to three years to lessen its reliance on foreign debt, and that there was only a one-in-three chance of the country actually being downgraded. "New Zealand is a long way from being Ireland or Greece," Barclays said in a note to clients. It noted New Zealand's gross financial liabilities as a percentage of gross domestic product stood around 40 per cent, well under Ireland's near 100 per cent and Greece's 140 per cent. -Reuters
the economy. "The main thing from the FOMC minutes will be how much support for QE2 was there at the meeting," said Geoffrey Yu, currency strategist at UBS in London. Many investors are not convinced that aid to Ireland will prevent other heavily indebted members of the 16-country bloc from seeking aid. Portugal and Spain are seen as the next weakest links. The euro has lost 5 per cent against the greenback this month, after hitting a ninemonth high on Nov. 4. Support for the euro is seen at $1.3446, the Nov. 16 trough, a break of which could pave the way for a retest of $1.3333, the August high, which some analysts said would confirm a developing downtrend for the single currency. -Reuters
ZURICH: The Swiss franc climbed against the euro on Tuesday, temporarily crossing the 1.34 mark, with the common currency under pressure due to political uncertainty in Ireland and worries about other peripheral euro-zone members. Irish Prime Minister Brian Cowen defied mounting pressure to quit on Monday, saying he would stay in office until parliament passed the budget, then call an early election. Moreover, the market is not convinced that aid to Ireland would prevent other heavily indebted members of the 16-nation bloc from also seeking help, analysts said. Investors regard the franc has a safe haven, and bought into it as a result of the Greek debt crisis, taking it to an all-time high of 1.2763 per euro on Sept. 8. Since then, however, the franc has weakened somewhat. The franc rose 0.5 per cent against the euro compared to the New York close, trading at 1.3417 per euro at 0732 GMT. The franc was up 0.05 per cent against the dollar at 0.9890 per dollar. -Reuters
Yuan finishes down in narrow trade SHANGHAI: China's yuan closed down against the dollar on Tuesday, taking cues from a weaker mid-point that indicates the People's Bank of China is watching the dollar's global performance to guide the currency's recent movements. The central bank appears to be more relaxed lately in fixing the yuan's mid-point, or its reference rate, as there are few major political events remaining this year that could press Beijing to let the yuan appreciate further, traders said. Dealers expect the yuan to remain mostly stable for the rest of this year, but that the PBOC could let it touch 6.6 per dollar at some point this year, possibly when the US Treasury prepares to publish its twiceyearly currency report that was delayed from mid-October and could name China a currency manipulator. In the long term, however, appreciation appears inevitable since China needs to fight against imported inflation and
cushion capital inflows, including those from trade and foreign direct investment. Spot yuan closed at 6.6449 versus the dollar, down slightly from Monday's close of 6.6416 but it was still up 2.73 per cent since the PBOC depegged the currency in mid-June. It moved in a relatively small range of 6.6421 to 6.6521, trading tightly around the day's mid-point of 6.6469, which was slightly weaker than Monday's 6.6389. The midpoint is a level from which the yuan may rise or fall 0.5 per cent against the dollar on a given day. Offshore dollar/yuan forwards rebounded sharply along with the dollar rebound, which was partly driven by tensions in the Korean peninsula. One-year non-deliverable forwards jumped to 6.4980 bid late in the session from 6.4650 at Monday's close, with their implied yuan appreciation in a year's time slumping to 2.29 per cent from 2.81 per cent shown on Monday. -Reuters
Indian rupee retreats from 2-month low MUMBAI: The Indian rupee weakened to its lowest in two months on Tuesday following exchange of artillery fire at the Korean peninsula, but a late recovery in the euro and dollar sales by exporters helped pull the local unit off lows. The partially convertible rupee closed at 45.57/58 per dollar, after having dropped as low as 45.6750, its lowest since Sept. 23 and 0.4 per cent below its 45.405/415 close on Monday. "The rupee saw brisk weakening today, but there was good selling interest from exporters as well. I expect 45.00-45.70 range for this week," said Vikas Chittiprolu, a senior foreign exchange dealer with state-run Andhra Bank in Mumbai. Traders said the rupee sentiment was generally bearish with the Korean tensions adding to the downward pressure. Foreign portfolio funds have snapped up a record $28.9 billion worth of Indian equities so
far this year, helping the benchmark stock index climb nearly 13 per cent and pushing the rupee up 2.1 per cent. One-month offshore nondeliverable forward contracts were quoted at 45.89, 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, MCX-SX and United Stock Exchange closed at 45.6275, 45.6225 and 45.6275 respectively with the total traded volume on the three exchanges at an average $7.6 billion. -Reuters
Top Economic Events Time 14:00 14:30 15:00 18:30 18:30 18:30 18:30 18:30 19:00 19:55 20:00
Source EUR GBP EUR USD USD USD USD USD EUR USD USD
Events German Ifo Business Climate Revised GDP q/q Industrial New Orders m/m Core Durable Goods Orders m/m Unemployment Claims Core PCE Price Index m/m Durable Goods Orders m/m Personal Spending m/m Belgium NBB Business Climate Revised UoM Consumer Sentiment New Home Sales
Source
Events
EUR EUR EUR EUR EUR EUR EUR GBP CAD CAD
German Final GDP q/q French Flash Manufacturing PMI French Flash Services PMI German Flash Manufacturing PMI German Flash Services PMI Flash Manufacturing PMI Flash Services PMI BBA Mortgage Approvals Core CPI m/m CPI m/m
Forecast 107.6 0.8% -2.6% 0.7% 434K 0.1% 0.2% 0.5% -2.7 69.5 311K
Previous 107.6 0.8% 5.5% -0.4% 439K 0.0% 3.5% 0.2% -2.8 69.3 307K
Actual
Forecast
Previous
0.7% 57.5 55.7 58.9 58.6 55.5 55.2 30.8K 0.4% 0.4%
0.7% 55.2 55.0 57.0 55.9 54.4 53.2 31.3K 0.1% 0.2%
Previous Day 0.7% 55.2 54.8 56.6 56.0 54.6 53.3 31.1K 0.2% 0.2%
Currency Rates Name EUR-USD ESD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY
As per 22.00 PST Ask High 1.3378 1.3632 0.9953 0.996 1.5822 1.5964 1.0261 1.0261 0.9716 0.9889 110.94 113.66 0.8461 0.8541 1.3327 1.3489 131.1600 133.3600 83.2800 84.7200
Bid 1.3377 0.9949 1.5818 1.0257 0.9713 110.9 0.8458 1.3323 131.0900 83.2300
Low 1.3372 0.9847 1.581 1.0167 0.9709 110.78 0.8449 1.3299 130.9900 83.1300
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 23/11/2010 A USD GBP CAD EUR JPY O/N 0.23188 0.55313 0.97333 0.44375 SN 0.09188 1WK 0.24953 0.55750 1.01000 0.58375 0.10500 2WK 0.25125 0.56250 1.04667 0.64625 0.10875 1MO 0.25344 0.57500 1.08833 0.76375 0.12125 2MO 0.26828 0.62813 1.13833 0.86000 0.15250 3MO 0.28438 0.73875 1.20167 0.97375 0.19438 4MO 0.33250 0.82250 1.26417 1.03563 0.25688 5MO 0.39219 0.92750 1.33833 1.11500 0.31188 6MO 0.44219 1.03000 1.40417 1.21125 0.36688 7MO 0.49094 1.10875 1.46583 1.26125 0.42938 8MO 0.54469 1.19125 1.55167 1.30625 0.47875 9MO 0.59625 1.27375 1.60750 1.35875 0.52500 10MO 0.64938 1.35000 1.69000 1.40500 0.55250 11MO 0.70406 1.41875 1.76917 1.44875 0.58063 12MO 0.76313 1.48563 1.85000 1.49375 0.61063
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Dec 07 2010 Dec 09 2010 Dec 21 2010 Dec 02 2010 Dec 14 2010 Dec 16 2010 Dec 07 2010
Sep 08 2010 Mar 05 2009 Dec 19 2008 May 07 2009 Dec 16 2008 Mar 12 2009 Nov 02 2010
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
Current Interest Rate 1% 0.50% 0.10% 1% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, November 23,2010 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
85.55 136.33 116.15 83.95 86.45 84.37 12.40 1.03 14.20 65.69 15.58 22.81 11.03 12.87 304.57 27.46 65.92 23.50 23.29 0.08 2.85
85.35 136.01 115.88 83.75 86.25 84.17 12.37 1.02 14.17 65.53 15.54 22.76 11.00 12.84 303.86 27.40 65.76 23.44 23.24 0.08 2.84
85.17 135.70 115.61 83.53 86.02 83.95 12.33 1.02 14.13 65.36 15.50 22.70 10.97 12.81 303.06 27.32 65.59 23.38 23.18 0.08 2.84
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for November 23, 2010
KASB
BMA
ELXIR
GSL
ICSL
12.05 12.15 12.35 12.50 12.70 12.95 13.10 13.20 13.25 13.40 13.65 13.72 13.75 13.75 13.75 13.75 13.77 13.82 14.25 14.35
12.10 12.10 12.30 12.45 12.75 12.95 13.15 13.25 13.25 13.40 13.70 13.70 13.70 13.70 13.70 13.70 13.70 13.72 14.20 14.35
12.15 12.25 12.40 12.50 12.70 12.90 13.16 13.20 13.26 13.45 13.65 13.70 13.75 13.75 13.77 13.78 13.70 13.82 14.25 14.35
12.10 12.25 12.40 12.50 12.80 12.98 13.18 13.26 13.30 13.45 13.68 13.70 13.74 13.75 13.76 13.77 13.65 13.90 14.20 14.35
12.10 12.15 12.30 12.50 12.70 12.85 12.95 13.10 13.20 13.40 13.68 13.73 13.75 13.75 13.75 13.75 13.74 13.80 14.20 14.30
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
JSCM AvgRate 12.10 12.20 12.40 12.50 12.74 12.95 13.12 13.30 13.38 13.50 13.63 13.69 13.70 13.71 13.72 13.73 13.74 13.79 14.25 14.35
12.10 12.18 12.36 12.49 12.73 12.93 13.11 13.22 13.27 13.43 13.67 13.71 13.73 13.74 13.74 13.75 13.72 13.81 14.23 14.34
Currencies Correlation EUR/JPY Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/USD GBP/USD NZD/USD
week month months months year years
0.75 0.47 0.85 0.51 0.04 -0.16
0.92 -0.01 0.77 0.44 0.91 0.84
0.91 0.08 0.83 0.70 0.83 0.52
0.85 0.24 0.89 0.62 0.77 0.74
0.16 0.20 0.81 0.42 0.46 0.46
USD/CAD USD/CHF
0.98 0.48 0.70 0.55 -0.04 -0.14
0.06 -0.32 -0.79 -0.68 0.09 0.22
0.38 -0.28 -0.86 -0.33 -0.04 0.01
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)23/11/2010 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
ABLN 11.90
12.40
12.00
12.50
12.30
12.80
12.75
13.00
12.95
13.20
13.15
13.65
13.20
13.70
13.30
13.80
ABPL
ASK
J S B L 12.10
12.60
12.20
12.70
12.45
12.95
12.80
13.05
13.20
13.45
13.35
13.85
13.35
13.85
13.50
14.00
AS P K 12.15
12.65
12.20
12.70
12.35
12.85
12.70
12.95
13.00
13.25
13.15
13.65
13.20
13.70
13.30
13.80
CIPK
12.10
12.60
12.20
12.70
12.25
12.75
12.65
12.90
13.20
13.45
13.30
13.80
13.40
13.90
13.45
13.95
DBPK 11.80
12.30
11.90
12.40
12.15
12.65
12.70
12.95
12.90
13.15
13.15
13.65
13.25
13.75
13.35
13.85
FBPK
11.95
12.45
12.00
12.50
12.00
12.50
12.80
13.05
13.20
13.45
13.25
13.75
13.30
13.80
13.40
13.90
FLAH 12.10
12.60
12.15
12.65
12.25
12.75
12.75
13.00
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
HBPK 12.05
12.55
12.10
12.60
12.25
12.75
12.80
13.05
13.05
13.30
13.15
13.65
13.25
13.75
13.35
13.85
HKBP 12.10
12.60
12.20
12.70
12.25
12.75
12.75
13.00
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
N I PK 12.20
12.70
12.40
12.90
12.70
13.20
12.85
13.10
13.00
13.25
13.10
13.60
13.20
13.70
13.30
13.80
HMBP 12.00
12.50
12.15
12.65
12.45
12.95
12.85
13.10
13.15
13.40
13.25
13.75
13.30
13.80
13.35
13.85
SAMB 11.85
12.35
11.90
12.40
12.30
12.80
12.80
13.05
13.10
13.35
13.15
13.65
13.25
13.75
13.35
13.85
MCBK 11.90
12.40
12.10
12.60
12.20
12.70
12.85
13.10
13.15
13.40
13.25
13.75
13.30
13.80
13.50
14.00
NBPK 11.90
12.40
12.00
12.50
12.20
12.70
12.80
13.05
12.90
13.15
13.10
13.60
13.25
13.75
13.35
13.85
SCPK
11.90
12.40
11.95
12.45
12.20
12.70
12.70
12.95
12.95
13.20
13.10
13.60
13.15
13.65
13.30
13.80
UBPL 12.20
12.70
12.25
12.75
12.30
12.80
12.80
13.05
13.10
13.35
13.20
13.70
13.25
13.75
13.35
13.85
AVE
12.51
12.11
12.61
12.27
12.77
12.78
13.03
13.05
13.30
13.17
13.67
13.25
13.75
13.34
13.84
12.01
4 Wednesday, November 24, 2010
Banks’ Income Under Pressure
The Financial Daily International Vol 4, Issue 107
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-5311893-6 Fax: 92-21-5388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
SHABBIR H KAZMI
Feudal lords & T taxing the rich Many of the experts have been saying that Pakistan's legislative body mostly dominated by feudal lords is the biggest hurdle in taxing the rich. This time the confession has come from none other than the Federal Finance Minister Dr Abdul Hafeez Shaikh. Reportedly the finance accused the members of a Senate committee on Monday of having a tendency to opposing those taxes that could be imposed on them and proposing the ones that are unlikely to hurt them. He also lamented there are so many powerful people in Pakistan who are attached with one or other kind of business which does not allow the government to levy tax on them. He also admitted all previous governments, both secular and religious, had failed to improve tax-to-GDP ratio. In Pakistan bulk of the taxes consists of indirect tax and even the poorest of poor has to pay through his nose but all the attempts to impose tax on agriculture income have proved futile. Federation says it is the prerogative of provincial government and all the four provinces have declined to tax agriculture income because it would hurt the small farmers the most. One completely fails to understand the logic behind this rationalisation. The rule of thumb is the higher the income the higher the tax liability but there is also a threshold level. Historically, imposing duties and taxes on plant and machinery (front-loaded project cost), enhanced borrowing and financial cost and added to cost of production. On top of this charging duties and taxes on raw material also added to the cost of locally produced products. Ironically, no one ever contested the rationale but feudal lords have been enjoying the benefit of subsidised agriculture inputs. Growers insist on receiving international prices of agricultural produce but are not ready to pay international prices of inputs. Another anti-poor policy is collection of billions of rupees petroleum and gas development levies. High energy cost has been eroding competitiveness of the local manufacturers as well as adding to inflation. The hike in high speed diesel price also having a substantial component of petroleum development levy has been a major cause of inflation and eroding purchasing power of the lower income groups. Going one step forward most of the policies of the government are also influenced by the feudal lords. The most blatant example is persistent increase in sugarcane support price and refusal of the government to allow duty free import of raw sugar. Local sugar mills operate at less than 50 per cent capacity utilisation because of acute shortage of sugarcane, which results in higher cost of production and spending millions of dollars on import of refined sugar. This problem can be overcome by importing raw sugar and refining it at the local sugar mills.
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.
he adverse impact of floods has not reflected in the half yearly results of commercial banks. Since this was an exceptional happening analysts were ready to witness major deviations in the financial results of the commercial banks for the third and fourth quarter. However, the best evaluation of the sector is evident from State Bank report for the first half of CY10. The overall economic environment has been showing the signs of weakness since the latter half of 2008. The slowdown in economic activities and deterioration of borrowers' repayment capacity resulted in increased credit risk and significant growth in Non-performing Loans (NPLs). Banks accordingly adopted riskaverse strategy of assets allocation that incidentally emerged in the backdrop of high credit demand from the government for budgetary support, commodity operations and inter-corporate receivables of public sector enterprises (PSEs) and banking system's asset mix gradually shifted away from loans and advances to investments in government papers and public sector lending. Due to higher loan-loss charges and pressure on profit margins, the earnings of relatively small-sized banks have come under strain. However, after facing a transitory strain in the last quarter of CY08, liquidity profile of banks gradually eased off as their balance sheet composition gradually shifted towards liquid assets. Though the business conditions remained tenuous, the banking system witnessed some letup in the buildup of credit risk as growth in NPLs because of deceleration in lending as well as fresh delinquencies. However, banks maintained their risk-averse asset allocation strategy. Due to adequate provisioning charges the aggregate earnings of the system remained stable
tive bottom line remained higher as compared to last year. In the coming months, the heightened credit risk and increased portfolio of NPLs will be a major challenge for the banking system. The stress test results, however, signify that the system has adequate capacity to withstand any extraordinary, plausible shocks in the key credit as well as market and liquidity risk factors, thus averting the genesis of any systemic crisis from such shocks. However, recent unusually high floods are likely to influence performance of banks. Though their impacts and economic losses are yet to be precisely assessed, the floods could cause additional NPLs mainly in agriculture sector and affect credit activities in sectors allied to Kharif crop. Increase in government's demand for bank credit is most likely. The inflow of donations, grants and assistance and expenditures on the rescue of flood affectees and rehabilitation of infrastructure are likely to accelerate the growth of monetary aggregates. The banking system in aggregate is expected to post steady profits, however, these profits are likely to remain concentratto a contraction during previous lion for first half of CY10 ed in larger size banks having betquarter. The increase in asset base, remained higher than the corre- ter earning profile and competitive which was well supported by sponding period of last year. The advantage in raising the economigrowth in deposits, mainly Return on Assets (ROA) stayed at cal and stable funds. occurred in banks balances, inter- last quarter's level, slightly higher Though, Advances of the banking bank lending, govsystem increased, ernment papers and this growth was public sector comlargely contributed The stress test results, however, modity finance, by growth in pubsignify that the system has while lending to lic sector's comprivate sector came modity finance adequate capacity to withstand any down and moderatwhich increased ed the overall by more than 50%. extraordinary plausible shocks in growth in loan portLending to private folio. Accordingly, the key credit as well as market and sector, after witthe assets mix shiftnessing a slight liquidity risk factors, thus averting ed towards assets growth during last carrying lower risk quarter came the genesis of any systemic crisis weights, reflecting down, reflecting the risk-averse the trend that set in from such shocks strategy of banks the last quarter of that has been in CY08, a gradual vogue since later half of CY08. than the level of corresponding increase in public sector credit and Besides SME and consumer, cor- period of previous year, though contraction in lending to private porate segment also experienced over this period the asset composi- sector. decline in lending rates of banks. tion of the system significantly Disaggregated analysis shows However lending to agriculture shifted towards government papers that Corporate, SME and witnessed some liveliness, while which carry lower return as com- Consumer Finance segments witmost of the leading sectors of the pared with loans and advances. The nessed a marginal decline of economy reduced their bank bor- aggregate earnings of the system around 2.5%. However, this that have been concentrated in rel- decline was more than covered by rowings. During recent quarters, the NPLs atively large-sized banks for the sharp increase in public sector of the banking system had last two years or so showed some commodity finance that was also increased at a significant rate i.e. improvement for individual banks, accompanied by a moderate growth an average quarterly rate of nearly as the number of banks with posi- in lending to farmers. and in satisfactory ranges. The shift in asset mix towards government papers and assets carrying lower risk weights and decline in risk to capital base from any likely impairment in asset quality led to some improvements in solvency indicators. The liquidity position of the system further eased due to liquid-assets-driven growth that was adequately supported by inflow of deposits. The asset base of the banking system increased at to Rs6,782 billion at end June 2010 as compared
10% from June 2008 to March 2010 and their level more than doubled since CY07. However, shift in NPLs from categories requiring partial provisioning to loss category, the loan loss charges exceeded the increase in NPLs. Accordingly, provisioning coverage of NPLs improved to over 73% and risk to solvency of banks lowered as the capital impairment ratio came down by 160 bps. Similarly, the loan infection ratios also lowered. The profit after tax of Rs36 bil-
“
The increase in asset base, which was well supported by growth in deposits, mainly occurred in banks’ balances, interbank lending, government papers and public sector commodity finance, while lending to private sector came down and moderated the overall growth in loan portfolio
How a Quetta Shopkeeper Conned Nato, Kabul, all? T
he New York Times said on Tuesday that a man it had described as a "Taliban leader" who had taken part in "secret peace talks" with the Afghan government was in fact an impostor. The newspaper said the man had held three meetings with Nato and Afghan officials but that US officials had confirmed on Monday "they had given up hope" he was the leader identified as Mullah Akhtar Muhammad Mansour. "The fake Taliban leader even met with President Hamid Karzai, having been flown to Kabul on a Nato aircraft and ushered into the presidential palace," the newspaper said, again citing unidentified officials. On October 20, The New York Times quoted an unidentified source as saying talks to end the war involved "extensive, face-to-face discussions with Taliban commanders." On Tuesday, The Washington Post reported two senior Afghan officials believed the man was a "lowly shopkeeper" from Quetta, the Pakistan town where the Taliban leadership fled in late 2001. A flurry of often unsourced, or at best guardedly sourced, newspaper reports out of the United States and Europe last
includes reintegrating saying the subject was an Taliban foot soldiers and attempt to "throw dust in offering amnesties to senior the eyes" of Afghans. leaders. Nato leaders agreed at a With the war now in its two-day summit in Lisbon 10th year and casualties on last week to set 2014 as a all sides at record target to withdraw all comKarzai said his government had levels, the need for a bat forces from settle- Afghanistan, although some not met anyone named Mansour. negotiated ment to the US and Nato leaders have intractable conflict tried to temper that time"Do not accept reports by foreign is being more wide- line, saying the handover ly recognized, could spill into 2015. media regarding our meeting with including in US President Barack Taliban leaders, it is all publicity and Washington and Obama, who will review his European Nato capi- Afghanistan war strategy lies," he told a news conference next month, wants to begin tals. For their part, the a gradual drawdown of US at his palace on Tuesday Taliban consistently troops from July 2011. The New York Times, reject the idea of US and Nato officials have paper quoted an unidenti- talks until all foreign troops again citing unidentified since said the "talks" were lit- fied Western diplomat in now numbering about sources, said the real Mansour was have left Mullah tle more than initial contacts Kabul, who it said was inti- 150,000 thought to be the second between the two sides that mately involved in the dis- Afghanistan. have been going on for the cussions, as saying. "And Their secretive leader most senior Taliban leader past two years. we gave him a lot of Mullah Mohammad Omar, behind Omar. One man at the third believed to be in hiding in Karzai said his government money." meeting, howevhad not met anyone named er, said he did not Mansour. "Do not accept Their secretive leader Mullah r e c o g n i z e reports by foreign media Mohammad Omar, believed to be in "Mansour," the regarding our meeting with Taliban leaders, it is all pubTimes said. hiding in Pakistan with the rest of the It said White licity and lies," he told a House officials news conference at his palace Taliban leadership, last week again on Tuesday. had asked it to withhold the The Afghan minister ruled out talks, saying the subject was responsible for reintegrating names of Islamist insurgents told "Mansour" and an attempt to "throw dust in the two other Taliban Reuters last month the talks were little more than "netleaders from its eyes" of Afghans October 20 story working." "WE GAVE HIM A LOT Talks with the Taliban are Pakistan with the rest of the about peace talks because it OF MONEY" part of a wider peace plan Taliban leadership, last might put their lives at risk The New York Times said under Karzai which week again ruled out talks, and jeopardize the talks.
month sparked interest that high-level talks, sponsored by Nato, had been held between the Afghan government and Taliban leaders. However, senior Afghan,
“
on Tuesday that high-level discussions conducted with the man they thought was Mansour "appear to have achieved little." "It's not him," the news-
5
Wednesday, November 24, 2010
South East Asian stocks
European shares hit six-week closing low
Further pull back; Singapore hits 3-week lows US stocks mid-day
KSE-100 Index Opening Closing Change % Change Turnover (mn)
11,205.84 11,171.09 34.75 0.31 155.11
Wall St falls as Koreas' tensions heat up
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3,537.34 3,510.24 27.10 0.77 8.92
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,894.95 2,857.71 37.24 1.29 0.25
Major Gainers
Symbol
Close
Change
ULEVER 4,125.00 LAKST 340.18 NESTLE 1,976.67 BHAT 239.99 HINO 138.58
74.99 16.19 12.34 10.00 6.59
Major Losers
Symbol RMPL UPFL SIEM BATA NRL
Close
Change
1,927.60 1,040.00 1,318.35 602.72 262.25
-70.35 -47 -30.66 -21.18 -5.56
Top 5 Volume Leaders
Symbol
Close Vol (mn)
JSCL LOTPTA NML BYCO NBP
13.80 11.84 57.83 12.04 67.20
20.63 16.58 16.35 10.90 6.64
Active Issues Plus Minus Unchanged
171 203 23
Sector Updates FERTILISER 000 tonnes
Urea Offtake (Jan to July 10) 3,565 Urea Offtake (July 10) 580 Urea Price (Rs/50 kg) 879 DAP Offtake (Jan to July 09) 374 DAP Offtake (July 10) 49 DAP Price (Rs/50 kg) 2,626
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 09 to June 10) 71,998 Sales (July 09 to June 10) 73,993 Production (July 10) 7,509 Sales (July 10) 4,503
INDUS MOTOR CO Production (July 09 to June 10) 50,557 Sales (July 09 to June 10) 50,823 Production (July 10) 5,162 Sales (July 10) 4,999
HONDA ATLAS CAR Production (July 09 to June 10) 13,500 Sales (July 09 to June 10) 14,120 Production (July 10) 1,560 Sales (July 10) 1,272
DEWAN FAROOQ MOTORS Production (July 09 to June 10)1,218 Sales (July 09 to June 10) 1,371 Production (July 10) 41 Sales (July 10) 40
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (August 20,10) 4,595,176 Advances (August 20,10) 3,304,533 Investments (August 20,10) 1,788,671 Spread (July 2010) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 09 to June 10) MS (July 10) Kerosene (Jul 09 to June 10) Kerosene (July 10) JP (Jul 09 to June 10) JP (July 10) HSD (Jul 09 to June 10) HSD (July 10) LDO (Jul 09 to June 10) LDO (July 10) Fuel Oil (Jul 09 to June 10) Fuel Oil (July 10) Others (Jul 09 to June 10) Others (July 10)
PRICES (Ex-Refinery) MS (1 Sep 10) MS (1 Aug 10) MS % Chg Kerosene (1 Sep 10) Kerosene (1 Aug 10) Kerosene % Chg JP-1 (1 Sep 10) JP-1 (1 Aug 10) JP-1 % Chg HSD (1 Sep 10) HSD (1 Aug 10) HSD % Chg LDO (1 Sep 10) LDO (1 Aug 10) LDO % Chg Fuel Oil (1 Sep 10) Fuel Oil (1 Aug 10)
1,933 188 164 15 1,377 129 7,435 664 75 7 9,259 869 13 1
Rs 40.85 41.22 -0.90% 47.14 46.55 1.27% 47.37 46.78 1.26% 50.61 49.63 1.97% 46.37 45.29 2.38% 39,932 39,723
HONG KONG: A floor trader (top) is reflected in a mirror as he monitors share prices at the Hong Kong Stock Exchange on Tuesday.-Reuters
Indian shares fall on Seoul-Pyongyang row MUMBAI: Indian shares fell 1.3 per cent on Tuesday, as military tensions in Korea, a local corruption scandal and Ireland's financials troubles spooked investors. Traders said the urge was to take money off the table when the going was good, and the market was vulnerable to a pullback after rallying for seven of the past nine months. Financials, which had been among the biggest gainers this year, attracted profit-taking, while laggard energy major Reliance Industries slipped further as the Korean exchange of fire added to the market jitters. "There were problems as it is with Europe issues coming up again and China's tightening measures. Korea added to the fears," said Vaibhav Sanghavi,
director of Ambit Capital. "Such events prompt investors to take risk off the table. There is a negative bias for the market in the near term." The 30-share BSE index dropped 1.33 per cent, or 265.75 points, to 19,691.84. Only two of its components managed to close in the positive territory. The benchmark fell as much as 3.1 per cent at one stage following the Korean firing to its lowest level since Sept. 15. North Korea fired dozens of artillery shells at a South Korean island, setting buildings on fire and prompting a return of fire by the South, Seoul's military and media reports said. Foreign portfolio funds have snapped up a record $28.7 bil-
lion of Indian equities this year, helping the benchmark stock index climb nearly 13 per cent, and the market could be vulnerable if the tensions rattle investors. "If the situation escalates, then we will see a sharp impact on the markets in the region," said K K Mital, head of portfolio management services at Globe Capital in New Delhi. More than two shares declined for every share that advanced in the broader market on moderate trading volume of 405 million shares.-Reuters There were also political worries as the Indian prime minister faced questions in the Supreme Court on Tuesday over his handling of an alleged multi-billion dollar telecoms See # 13 Page 11
HK, China down on profit-taking, Korea HONG KONG/SHANGHAI: Shares in Hong Kong and China fell on Tuesday as a stronger dollar prompted investors to dump metals and mining stocks, while Hong Kong developers extended losses on fears that new property curbs will slash earnings. Investors, already edgy over Beijing's fight against inflation and Europe's debt crisis, were also rattled by news late in the session that North Korea had shelled a South Korean island, prompting a return of fire by the South. The attack, the biggest by the North in years, sent investors fleeing to the safety of the US dollar, further weighing on
commodities prices and shares of resource companies. "The market remains defensive and will be unsettled until year-end," said Howard Gorges, vice-chairman at South China Financial Holdings. "We have a messy Europe and in addition we have this uncertainty on whether there will be another rate increase in China and where tightening measures will lead." Investors continued to unload Hong Kong property shares on expectations their earnings would be hurt by a new stamp duty on residential transactions and other government measures to stem fast-rising real estate prices. The measures were
announced on Friday. The benchmark Hang Seng Index fell 2.7 per cent, its biggest single-day per centage loss in six months, to 22,896.14 pointgs, its lowest in more than six weeks. "The tension in Korea is adding to the negative sentiment and everyone is avoiding risky assets," said Jackson Wong, investment manager at Fulbright Securities. The property sub-index dropped 3.7 per cent and was seen falling further in coming sessions, dealers said. Bigger developers Sun Hung Kai Properties Ltd , Hang Lung Properties Ltd and See # 14 Page 11
NEW YORK: US stocks dropped more than 1 per cent on Tuesday as rising tensions on the Korean peninsula added to worries about how euro-zone debt woes could affect domestic markets. North Korea fired scores of artillery shells at a South Korean island, killing two soldiers and setting houses ablaze, and South Korea returned fire. The iShares MSCI South Korea Index Fund fell 5.5 per cent. Global stock markets tumbled, while the US dollar climbed and US oil futures prices fell 1.1 per cent to $80.89 a barrel. Energy and materials shares were the biggest losers, including Chevron Corp, which fell 2.6 per cent to $81.28. Light volume, with traders away ahead of the Thanksgiving holiday, could also exacerbate moves as fewer people in the market leaves fewer people willing to take the opposite side of a trade. "The sellers are selling into a vacuum because the pros have left, for the most part," said Jeffrey Saut, chief investment strategist of Raymond James in St. Petersburg, Florida. The Dow Jones industrial average dropped 170.40 points, or 1.52 per cent, to 11,008.18. The Standard & Poor's 500 Index shed 19.20 points, or 1.60 per cent, to 1,178.64. The Nasdaq Composite Index lost 45.36 points, or 1.79 per cent, to 2,486.70. Stocks also took their cue from the euro, which slumped to a 7-week low against the dollar. The two assets have moved in tandem in the past with both viewed as proxies for risk. The European Union urged Ireland to adopt an austerity budget on time to unlock promised EU/IMF funding, while Irish Prime Minister Brian Cowen rebuffed calls for a snap election and insisted the budget would go ahead as planned on December 7. Data showed the economy grew faster than previously estimated in the third quarter, but still not enough to reduce stubbornly high unemployment. Another report showed See # 15 Page 11
Institutions take bite into hard-earned gains at KSE Nawaz Ali KARACHI: Karachi Stock Exchange (KSE) ended lower on Tuesday despite continued foreign interest as local institutions booked profits in oil stocks while a decline in regional stock markets also induced traders to sell. The benchmark KSE 100Index lost 34 points to close at 11,171 points, KSE 30-Index fell by 14 points to close at 10,822 points and KSE allshare index was down by 22 points to close at 7,766 points. "Inline with regional markets local bourse also came under selling pressure mainly from local investors", said Samar Iqbal, equity dealer at Topline Securities. It is worth mentioning that the benchmark index gained more than 2 per cent on Monday to close above 11,000 level after a period of about 28 months. Though, market opened the session on a green note touching an intra-day high of 11,248 points (+ve 42 points) during the early minutes, but bull-run failed to sustain itself for long as local institutional investors preferred to book gains at inflated levels. Therefore after showing some resistance, mov-
ing on both sides, the main index finally decided to come to rest in the red-zone due to continued selling pressure mainly in oil stocks where at a moment it touched a lowest level of the day of 11,142 points (-ve 63 points). Further, experts also said the decline in Asian stock markets too affected the sentiments. It should be noted that the Asian markets witnessed a decline on fears of volatility in the region after exchange of artillery shells between the North and South Korea. Foreign investors continued with their buying as according to NCCPL there was a net-foreign buying of $3.36 million on Tuesday. On the local side companies, banks, and mutual funds did a net-selling of $3.87, $3.26 and $2.92 million respectively while individual investors a net buying of $8 million. Volumes however continued to increase as 155.1 million shares traded during the day which is 41.8 million shares more as compared to a turnover of 113.3 million shares on Monday. Out of total 397 active issues 203 declined and 171 advanced while 23 issues remained unchanged.
FTSE at 6-wk low on Europe, Korean fears LONDON: Britain's leading share index dropped to a six-week closing low on Tuesday, weighed down by weak banks and commodity issues on worries over the euro zone debt crisis and rising tensions in the Korean peninsula. The FTSE 100 ended down 99.55 points or 1.8 per cent at 5,581.28, its lowest close since October 4. Banks led the blue-chip fallers, with Standard Chartered the worst off, down 2.7 per cent, as investors already anxious about the euro zone debt situation were unnerved by the Korea situation and sold out of riskier assets. See # 16 Page 11
ANNOUNCEMENTS Company Honda Atlas Cars
Period Half Yearly
Div/Bon/Right PAT (Rs in mn) -156.44
EPS(Rs) -1.10
Dhiyan
MIXED MKT SEEN RECOVERING Tariq Hussain Khan, Head of Portfolio & Research United Capital There might be some technical correction of 200-250 points in the coming days. However outlook of the market is still bullish and it has potential to trade between 11,500-12,000 points by the end of December. However it would be contingent on triggers like rise in international oil prices, improving economic indicators, fresh foreign buying, and early launch of Margin Trading System (MTS). Nevertheless, unexpected increase in interest rates could damage the market. Investors are advised to invest in dividend yielding stocks of fertiliser, E&P, bank and cement sector. Market may recover today.
Syed Faizan Haider, SMH Financial Solution Market is in overbought region therefore we might see some more profit taking ahead. Investors are recommended to buy and order stop loss at the level of 11,125 because penetrating below 11,125 points will exhaust the bulls and prevent them from taking further control in the market. Our top picks for buying are MCB, NBP, and ENGRO. Investors can book profits at 11,550 level. A hike in interest rate in the upcoming monetary policy will bring market under pressure. Today, market may move both ways.
6
Wednesday, November 24, 2010
Market 155,113,062
Value
7,424,870,808
Trades
83,618
Paid up Cap(mn)
Advanced Declined Unchanged Total
Current High Low Change
171 203 23 397
All Share Index
11,171.09 11,249.21 11,142.35 i34.75
Current High Low Change
KSE 30 Index
7,766.50 7,818.64 7,748.02 i22.89
Current High Low Change
KMI 30 Index Current High Low Change
10,822.62 10,880.33 10,787.81 i14.56
17,861.46 18,028.33 17,817.88 i77.71
OIL AND GAS
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index
Performance of SR Industrial Transportation Index
Open 1,474.08 Turnover 10,982,420 P/E (x) 10.78 Company
KSE 100 Index
Symbols
Volume
High Low 1,484.08 1,446.68 Total cos Defaulter cos P/BV (x) ROE (%) 3.51 32.54
PE
Open
High
Low
Attock Petroleum 691 5.49 Attock Refinery 853 7.11 BYCO Petroleum 3921 Mari Gas Company 735 16.45 National Refinery XD 800 3.89 Oil & Gas Development 43009 11.06 Pak Petroleum 11950 8.08 Pak Oilfields XD 2365 6.27 Pak Refinery Limited 350 PSO 1715 4.82 Shell Gas LPG 226 Shell Pakistan 685 10.19
314.42 127.75 11.60 123.57 267.81 166.23 201.81 268.36 82.97 290.09 35.80 200.82
318.10 128.99 12.30 124.50 268.99 166.90 203.40 272.25 82.25 292.15 36.50 202.99
315.00 126.01 11.50 121.00 261.00 163.01 198.25 263.62 81.60 284.15 35.10 198.00
Close Chg 317.09 126.91 12.04 121.37 262.25 163.53 198.62 265.46 81.88 285.10 35.59 198.68
2.67 -0.84 0.44 -2.20 -5.56 -2.70 -3.19 -2.90 -1.09 -4.99 -0.21 -2.14
Close Change 1,451.96 -22.12 Listed cap Market cap 65,194.15 mn 1,137,004.50 mn Payout (%) Div Yield (%) 55.94 5.19 Last 60 days High Low
Volume
685236 374.20 2357444 129.70 10902723 12.30 65137 128.90 167375 273.00 914307 167.00 1145825 214.10 4061864 272.25 16331 87.39 1547267 292.15 6602 40.28 15032 214.00
2009 Div BR (%) (%)
287.99 250 76.20 9.84 106.00 32.17 100B 183.25 125 136.30 82.5 168.70 130 20B 213.17 180 48.26 233.10 50 27.32 182.05 330 -
% Change -1.50 5-Day High 1,474.08 5-Day Low 1,401.64 2010 Div BR (%) (%) 300 31 200 55 90 255 80 40
20 20B -
CHEMICALS
Open 743.02 Turnover 37,183 P/E (x) 5.60 Paid up Cap(mn)
Company Pak Int Cont. Terminal PNSC
1092 1321
High Low 750.37 728.54 Total cos Defaulter cos P/BV (x) ROE (%) 1.43 25.53
Close 737.51 Listed cap 3,242.17 mn Payout (%) 11.08
Change -5.51 Market cap 12,771.69 mn Div Yield (%) 1.98
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.21 38.28
72.35 36.00
73.00 36.51
71.06 35.01
72.07 -0.28 35.22 -0.78
30247 6936
80.00 41.00
60.05 34.50
Company
Paid up Cap(mn)
BOC (Pak) Clariant Pak Dawood Hercules Descon Chemical Descon Oxychem Ltd. Dewan Salman Dynea Pak XD Engro Corporation Ltd Engro Polymer Fatima Fertilizer Fauji Fertilizer XD Fauji Fert. Bin Qasim Gatron Ind Ghani Gases Ltd ICI Pakistan Lotte Pakistan Mandviwala Nimir Ind Chemical Sitara Chem Ind XDXB Sitara Peroxide Wah-Noble XD
PE
Open
High
Low
250 10.99 79.92 273 5.91 154.83 1203 7.07 169.56 1996 2.70 1020 7.99 3663 1.67 94 - 10.80 3277 10.17 184.23 6635 - 13.43 22000 9.91 6785 8.02 109.47 9341 6.45 34.18 384 2.33 42.77 725 9.08 12.12 1388 7.68 136.92 15142 4.23 11.88 74 1.53 1106 1.53 214 9.84 120.27 551 15.32 14.44 90 6.46 33.70
80.90 156.90 171.00 2.69 8.05 1.69 10.50 186.74 13.68 9.92 110.95 34.45 44.88 12.24 138.50 12.19 1.70 1.54 120.01 14.48 34.19
79.01 154.40 169.25 2.57 7.71 1.52 9.83 183.80 13.36 9.79 109.05 33.85 40.71 11.95 136.00 11.79 1.44 1.47 119.00 14.01 33.29
Close Chg 80.00 154.71 170.61 2.60 7.84 1.55 9.83 185.02 13.44 9.84 110.71 34.21 43.45 11.99 136.35 11.84 1.57 1.47 120.00 14.09 33.60
0.08 -0.12 1.05 -0.10 -0.15 -0.12 -0.97 0.79 0.01 -0.07 1.24 0.03 0.68 -0.13 -0.57 -0.04 0.04 -0.06 -0.27 -0.35 -0.10
Close 1,257.29 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 2000 7430 81099 27099 439384 185752 383 3070634 169843 254852 845498 2406491 109 33170 525869 16583010 316021 176016 587 107253 2730
Change 7.04 Market cap 279,524.07 mn Div Yield (%) 6.19
87.99 164.89 182.00 2.98 8.27 1.82 13.79 186.74 15.20 11.74 111.65 34.45 46.59 13.85 138.50 12.19 3.00 1.65 127.20 14.69 46.25
2009 Div BR (%) (%)
% Change 0.56 5-Day High 1,257.29 5-Day Low 1,224.97 2010 Div BR (%) (%)
66.90 90 15 149.72 125 155.38 40 10B 40 1.78 3.20 1.28 9.21 15 15 165.60 6010B 40R 40 11.15 - 27.5R 9.02 102.96 131.5 10B 95 26.59 40 - 17.5 36.95 20 7.41 113.00 80 55 7.44 5 0.80 1.16 101.00 75 25 7.67 32.00 50 50
5B -
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,084.01 Turnover 24,011 P/E (x) 5.58 Company
High Low 1,097.67 1,078.02 Total cos Defaulter cos P/BV (x) ROE (%) 0.42 7.47
Close 1,080.72 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
7.50 6.10
16.71 39.61 39.29
17.00 41.44 39.50
16.40 39.00 39.49
16.50 -0.21 39.00 -0.61 39.50 0.21
23150 501 360
Century Paper Pak Paper Product Security Paper
Change -3.28 Market cap 2,994.45 mn Div Yield (%) 4.53
Last 60 days High Low 21.80 62.85 41.50
15.28 38.61 38.00
% Change -0.30 5-Day High 1,084.90 5-Day Low 1,063.77
2009 Div BR (%) (%)
2010 Div BR (%) (%)
- 425R 20 50 -
25 33.33B 50 -
Open 1,196.64 Turnover 188,159 P/E (x) 4.50 Paid up Cap(mn)
PE
High Low 1,210.50 1,183.55 Total cos Defaulter cos P/BV (x) ROE (%) 1.14 25.35
Open
High
Low
Agriautos Ind Atlas Battery Atlas Honda Dewan Motors Exide (PAK) General Tyre Ghandhara Nissan Ghani Automobile Ind Honda Atlas Cars Indus Motors Pak Suzuki Sazgar Engineering
144 5.15 68.00 101 4.67 156.72 626 7.03 98.70 890 1.49 56 4.38 154.89 598 19.66 22.12 450 3.44 4.87 200 6.73 4.80 1428 - 12.73 786 6.16 272.52 823 12.04 74.71 150 3.62 19.47
68.00 157.49 101.00 1.48 153.01 22.99 4.95 5.75 12.83 275.30 76.28 20.46
68.00 156.25 100.00 1.40 153.00 22.73 4.80 4.25 12.31 268.49 74.00 19.40
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe International Ind Siddiqsons Tin XD
PE
Open
High
Low
565 3.95 675 555 9.22 1199 10.20 785 10.43
25.11 2.95 14.73 46.65 9.00
25.39 2.97 15.22 48.98 9.18
24.80 2.86 14.61 46.65 8.76
Close Chg 25.30 2.97 14.75 48.98 9.18
0.19 0.02 0.02 2.33 0.18
Close 962.33 Listed cap 3,596.11 mn Payout (%) 30.91
Change 25.08 Market cap 9,276.69 mn Div Yield (%) 10.46
Last 60 days High Low
Volume 9307 32324 2596 161263 151
26.94 3.39 16.75 64.02 10.80
23.75 1.65 12.25 44.00 8.00
2009 Div BR (%) (%) 10
30B -
% Change 2.68 5-Day High 962.33 5-Day Low 914.19 2010 Div BR (%) (%) 30 40 7.5
Open 1,528.51 Turnover 180,221 P/E (x) 32.85 Company
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar793 AL-Abbas Sugar 174 AL-Noor Sugar 186 Ansari Sugar 244 Bawany Sugar 87 Chashma Sugar 287 Clover Pakistan 94 Crescent Sugar 214 Dewan Sugar 365 Habib Sugar 600 Habib-ADM Ltd 200 Mehran Sugar 143 Mirpurkhas Sugar 70 Mirza Sugar 141 National Foods 414 Nestle Pakistan XD 453 Noon Pakistan XD 48 Noon Sugar 165 Pangrio Sugar 109 Premier Sugar 38 Quice Food 107 Sanghar Sugar 119 Shahmurad Sugar 211 Shakarganj Mills 695 UniLever Pakistan 665
Close Chg
PE
Close 1,192.72 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -3.92 Market cap 42,926.47 mn Div Yield (%) 4.54
Last 60 days High Low
Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dadex Eternit Dandot Cement Dewan Cement DG Khan Cement Ltd EMCO Ind Fauji Cement Fecto Cement Flying Cement Ltd Frontier Ceramics Gharibwal Cement Haydery Const Karam Ceramics Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Pioneer Cement Safe Mix Concrete Shabbir Tiles
PE
Open
High
Low
1828 866 6.67 858 182 956 27.32 982 12.08 108 948 3574 3651 121.21 350 3.33 6933 15.30 502 3.71 1760 77 2319 32 145 11.88 1288 13126 3234 6.85 5261 1.37 2228 200 361 -
3.31 64.11 1.78 17.68 12.19 1.70 24.74 2.91 1.71 29.10 3.45 5.06 7.48 1.91 2.50 3.96 0.70 9.50 8.02 3.02 75.99 2.95 7.73 5.90 8.20
3.45 64.01 1.78 18.40 12.48 1.69 25.00 2.90 1.80 29.54 3.20 5.09 7.87 1.94 3.00 4.96 0.70 9.50 8.70 3.09 76.80 3.00 7.88 5.98 9.00
3.25 63.21 1.10 17.80 12.00 1.52 25.00 2.75 1.65 28.94 2.80 5.00 7.10 1.81 2.00 3.75 0.42 9.50 7.60 2.99 75.75 2.93 7.56 5.52 7.55
Close 1,013.88 Listed cap 54,792.74 mn Payout (%) 19.04
Change -1.64 Market cap 72,775.34 mn Div Yield (%) 2.60
Close Chg
Volume
Last 60 days High Low
3.26 63.35 1.74 18.37 12.02 1.57 25.00 2.75 1.72 29.09 2.80 5.05 7.12 1.89 2.00 4.65 0.60 9.50 7.73 3.01 76.24 2.94 7.58 5.88 7.70
16309 7637 16035 21238 7800 44020 200 1215 207462 4046066 901 620739 9510 15604 47005 58014 1520 150 521558 637009 1463428 311895 9551 2906 103
4.20 69.86 2.05 19.20 12.75 2.20 28.50 3.19 1.99 31.05 4.70 5.50 8.20 2.20 5.00 6.25 1.48 10.75 8.70 3.65 79.98 3.40 8.58 9.47 11.00
-0.05 -0.76 -0.04 0.69 -0.17 -0.13 0.26 -0.16 0.01 -0.01 -0.65 -0.01 -0.36 -0.02 -0.50 0.69 -0.10 0.00 -0.29 -0.01 0.25 -0.01 -0.15 -0.02 -0.50
2.80 57.60 1.01 14.01 9.51 1.30 22.10 1.09 1.30 23.02 2.11 4.52 4.25 1.72 1.18 2.11 0.25 4.50 5.50 2.71 64.30 2.51 6.90 5.25 6.30
2009 Div BR (%) (%) 50 40 -
20B 20R 10B -
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 961.29 Turnover 103,421 P/E (x) 2.71 Company Cherat Papersack ECOPACK Ltd Ghani Glass Merit Pack Packages Ltd Tri-Pack Films
Paid up Cap(mn)
PE
Open
115 2.22 59.29 230 2.10 1067 4.45 48.50 47 43.15 17.26 844 54.61 107.95 300 7.88 109.92
High
High Low 968.97 941.18 Total cos Defaulter cos P/BV (x) ROE (%) 1.19 43.91 Low
Close Chg
62.25 60.10 62.25 2.10 2.00 2.01 49.33 48.35 48.44 17.26 17.26 17.26 108.00 106.00 106.48 110.48 108.05 108.06
2.96 -0.09 -0.06 0.00 -1.47 -1.86
Close 948.88 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 60542 3401 3007 200 17295 18890
Change -12.41 Market cap 35,480.18 mn Div Yield (%) 5.75
Last 60 days High Low 62.25 2.64 61.99 19.00 117.50 111.25
34.00 1.70 45.75 11.81 98.00 91.00
2009 Div BR (%) (%) 30 32.5 100
10B -
% Change -1.29 5-Day High 961.29 5-Day Low 926.02 2010 Div BR (%) (%) 20 25 -
25B 10B -
Company Pak Elektron Singer Pak Tariq Glass Ind
Paid up Cap(mn)
Company AL-Ghazi Tractor Ghandhara Ind Hinopak Motor KSB Pumps Millat Tractors XB
Paid up Cap(mn)
PE
Open
215 5.03 208.05 213 10.21 11.05 124 - 131.99 132 8.27 70.00 366 6.41 485.21
High
Low
Close Chg
210.98 208.20 210.00 1.95 11.40 10.91 11.03 -0.02 138.58 134.99 138.58 6.59 69.90 68.81 69.05 -0.95 495.00 485.00 489.96 4.75
Close 1,531.72 Listed cap 1,336.62 mn Payout (%) 131.49
Volume 15496 8101 1444 1300 222672
227.45 18.80 143.41 88.00 597.90
63.01 131.00 92.00 1.16 121.10 21.00 4.03 3.55 9.65 212.29 69.25 17.92
2010 Div BR (%) (%)
40 100 80 50 100 5 -
90 100 60 20 150 10
20B 30B 20B
20B 20B
High
High Low 1,567.82 1,507.18 Total cos Defaulter cos P/BV (x) ROE (%) 9.95 30.30 Low
Close Chg -0.81 -3.96 -1.21 0.05 0.15 0.01 1.34 -0.09 0.00 0.16 0.30 0.86 1.99 0.42 -0.73 12.34 1.19 0.00 -0.33 2.14 0.05 0.15 0.14 0.12 74.99
Close 1,547.85 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 19.34 Market cap 199,635.57 mn Div Yield (%) 0.93
Last 60 days High Low
307 11.70 3.26 5050 98.10 76.95 1103 52.00 39.25 1000 6.00 4.03 499 2.70 0.85 7130 15.47 8.50 329 54.25 33.33 3000 6.98 5.50 622 1.94 1.11 114636 36.00 25.20 7773 16.98 11.90 1313 60.99 48.50 2744 62.77 54.50 6422 6.48 4.20 3842 57.00 39.01 101 2057.99 1710.00 5051 27.19 17.51 1000 14.84 10.20 703 6.50 4.00 3354 46.21 32.50 3500 3.40 1.60 1430 14.90 12.00 1900 13.20 8.25 6616 6.40 3.02 430 4220.00 3775.00
% Change 1.27 5-Day High 1,547.85 5-Day Low 1,509.66
2009 Div BR (%) (%)
2010 Div BR (%) (%)
40 40 35 40 35 25 600 50 30 10 15 458
15 40 25 12 450 12 178
25B 30B 10B 25B 10B 10B -
10B -
High Low 1,090.60 1,076.44 Total cos Defaulter cos P/BV (x) ROE (%) 0.33 10.64
Close 1,082.94 Listed cap 3,763.71 mn Payout (%) 6.27
Open
High
Low
Close Chg
Volume
1174 3.47 341 20.90 231 2.03
13.94 18.55 16.85
14.00 18.60 17.15
13.70 18.49 16.00
13.77 -0.17 18.60 0.05 16.94 0.09
348008 1026 60611
Change -3.09 Market cap 5,092.75 mn Div Yield (%) 2.00
2009 Div BR (%) (%)
Last 60 days High Low 15.43 24.14 18.80
12.25 16.51 14.50
2009 Div BR (%) (%)
200.00 400 10.55 108.11 17.15 68.81 35 390.00 450
25B
150 650
25B
1,151.84
Total Equity (Rs in mn)
852.00
MA (100-day)
10.49
Revenue (Rs in mn)
MA (200-day)
11.44
Interest Expense
1st Support
10.40
Loss after Taxation
2nd Support
9.95
206.65 0.00 (69.96)
EPS 09 (Rs)
(1.53) 18.63
1st Resistance
11.40
Book value / share (Rs)
2nd Resistance
11.95
PE 10 E (x)
2.25
Pivot
10.95
PBV (x)
0.58
CENI closed up 0.32 at 10.82. Volume was 1,604 per cent above average (trending) and Bollinger Bands were 36 per cent narrower than normal. The company's profit after taxation stood at Rs54.776 million which translates into an Earning Per Share of Rs1.20 for the nine months of current calendar year (9MCY10). CENI is currently 6.6 per cent below its 200-day moving average and is displaying an upward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of CENI at a relatively equal pace. Trend forecasting oscillators are currently bullish on CENI.
Mandviwalla Mauser Plastic Ind Ltd
Fundamental Highlights As on Jun 30, 2009
Technical Analysis RSI (14-day)
48.06
Total Assets (Rs in mn)
233.68
MA (10-day)
1.62
Total Equity (Rs in mn)
(208.12)
MA (100-day)
1.94
Revenue (Rs in mn)
MA (200-day)
1.98
Interest Expense
1st Support
1.40
Loss after Taxation
(22.74)
2nd Support
1.29
EPS 09 (Rs)
(3.092)
1st Resistance
1.66
Book value / share (Rs)
(28.29)
2nd Resistance
1.81
PE 10 E (x)
Pivot
1.55
PBV (x)
233.30 5.02
(0.06)
MWMP closed up 0.04 at 1.57. Volume was 452 per cent above average (trending) and Bollinger Bands were 19 per cent narrower than normal. The company's loss after taxation stood at Rs13.042 million which translates into a Loss Per Share of Rs1.77 for the 1st quarter of current fiscal year (1QFY11). MWMP is currently 20.7 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of MWMP at a relatively equal pace. Trend forecasting oscillators are currently bullish on MWMP.
BankIslami Pakistan Limited
-
10B 10B -
2010 Div BR (%) (%) 17.5
10B -
PERSONAL GOODS Performance of SR Personal Goods Index Open 965.48 Turnover 28,447,102 P/E (x) 6.88 Company
Paid up Cap(mn)
AL-Qadir Textile XD 76 Amtex Limited XD 2415 Artistic Denim XD 840 Azgard Nine 4493 Bannu Woolen XD 76 Bata (Pak) 76 Bilal Fibres 141 Blessed Tex Mills XD 64 Chenab Limited 1150 Colony Mills Ltd 2442 Crescent Jute 238 D M Textile 31 D S Ind Ltd 600 Dewan Farooque Spin. 600 Dewan Khalid Textile 57 Dewan Mushtaq Textile 34 Din Textile 204 Fazal ClothSPOT 188 Gadoon Textile XD 234 Ghani Value Glass 75 Gul Ahmed Textile XD 635 Gulistan Spinning XD 146 Gulshan SpinningXDXB 222 Hira Txt. Mills Ltd. XD 716 Ibrahim Fibres 3105 Ideal Spinning 99 Idrees Textile XD 180 Indus Dyeing XD 181 J K Spinning 184 Janana D Mal 43 Khalid Siraj 107 Kohinoor Ind 303 Kohinoor Textile 1455 Leather Up 60 Masood Textile XD 600 Mehmood Textile XD 150 Mian Textile 221 Mohd Farooq 189 Mukhtar Textile 145 N P Spinning XD 147 Nagina Cotton 187 Nishat (Chunian) XD 1586 Nishat Mills XD 3516 Pak Synthetic 560 Premium Textile XD 62 Prosperity 185 Quality Textile XD 160 Quetta Textile XD 130 Ravi Textile 250 Reliance Weaving 308 Ruby Textile 392 Rupali Poly XD 341 Salfi Textile 33 Sargoda Spinning XD 312 Service Ind 120 Shadab Textile XD 30 Shield Corp XD 39 Suraj Cotton XD 180 Tata Textile 173 Thal Limited 307 Treet Corp 418 Yousuf Weaving 400 Zil Limited XD 53
PE
Open
5.86 11.16 4.87 5.71 20.16 - 11.10 0.46 13.20 5.00 623.90 0.33 1.97 0.71 47.00 3.47 3.92 2.64 0.75 1.50 1.92 4.84 6.90 0.16 2.00 0.15 4.71 0.52 24.18 1.00 53.10 0.57 50.00 9.74 38.00 3.46 24.50 1.32 5.90 0.93 7.57 0.74 4.08 2.93 37.73 0.27 3.48 3.48 3.20 2.40 273.10 0.85 5.68 0.24 15.78 0.88 1.56 3.93 5.60 1.98 2.00 2.11 19.52 0.68 57.00 0.40 0.80 0.57 7.92 22.66 0.77 15.00 2.06 23.98 4.96 55.58 2.20 6.51 0.47 29.45 1.07 14.85 0.70 11.10 0.69 42.29 1.55 0.61 9.00 33.25 4.99 4.46 34.70 0.22 46.02 0.38 2.00 7.58 221.64 0.31 10.18 9.31 72.01 0.79 34.00 0.32 34.43 4.32 99.70 8.39 53.16 0.42 1.35 3.03 45.00
High
High Low 980.91 957.62 Total cos Defaulter cos P/BV (x) ROE (%) 0.59 8.64 Low
Close Chg
6.86 6.00 6.05 0.19 5.08 4.75 4.91 0.04 20.65 20.00 20.54 0.38 11.46 10.87 11.39 0.29 13.38 12.71 13.20 0.00 640.00 595.10 602.72-21.18 1.99 1.15 1.22 -0.75 47.99 47.00 47.00 0.00 3.40 3.25 3.25 -0.22 2.65 2.41 2.51 -0.13 0.95 0.53 0.53 -0.22 1.50 1.50 1.50 0.00 1.96 1.90 1.94 0.02 6.90 6.00 6.00 -0.90 2.10 2.00 2.10 0.10 5.70 4.11 5.00 0.29 24.18 24.18 24.18 0.00 53.20 53.20 53.20 0.10 52.50 50.00 51.80 1.80 37.00 36.55 37.00 -1.00 24.50 24.00 24.10 -0.40 6.90 6.00 6.90 1.00 8.00 7.65 7.65 0.08 4.01 3.93 3.95 -0.13 37.52 36.90 37.29 -0.44 3.15 3.15 3.15 -0.33 3.25 3.20 3.20 0.00 268.00 268.00 268.00 -5.10 5.80 5.00 5.60 -0.08 16.25 14.78 14.78 -1.00 0.75 0.65 0.65 -0.23 1.67 1.50 1.59 0.03 5.85 5.37 5.50 -0.10 3.00 1.66 1.66 -0.34 20.00 19.50 19.99 0.47 55.75 55.75 55.75 -1.25 0.54 0.39 0.54 0.14 1.25 0.69 0.98 0.18 0.50 0.31 0.45 -0.12 22.50 22.50 22.50 -0.16 15.00 15.00 15.00 0.00 25.14 24.00 24.82 0.84 58.35 55.79 57.83 2.25 6.51 6.50 6.50 -0.01 29.40 29.39 29.39 -0.06 14.80 14.00 14.00 -0.85 11.74 11.70 11.74 0.64 42.20 40.18 42.20 -0.09 1.55 1.50 1.54 -0.01 9.89 8.80 8.80 -0.20 3.99 3.99 3.99 -1.00 36.00 35.00 35.50 0.80 48.32 44.50 48.32 2.30 1.95 1.81 1.95 -0.05 232.72 220.15 221.35 -0.29 11.18 10.37 10.98 0.80 75.61 70.00 75.61 3.60 35.70 33.90 35.00 1.00 35.50 32.71 32.75 -1.68 102.49 99.05 101.15 1.45 53.61 52.40 52.69 -0.47 1.75 1.20 1.20 -0.15 45.50 44.50 45.25 0.25
Close 967.41 Listed cap 47,070.70 mn Payout (%) 16.68
Volume
Change 1.93 Market cap 127,043.85 mn Div Yield (%) 2.43
Last 60 days High Low
5500 6.99 1060431 19.70 1600 24.05 4549964 12.32 9853 14.50 1662 747.48 1003 2.80 201 52.05 36920 3.95 23503 3.45 13705 1.90 2051 2.68 22111 2.37 2006 8.00 1899 2.85 112 5.70 2540 30.90 500 56.90 13279 52.50 117 41.20 2502 25.96 150 8.13 501 10.30 190068 4.88 13985 40.30 4000 4.79 3001 5.35 295 274.96 1332 9.90 1110 20.50 1001 1.38 8403 1.93 22328 6.30 1002 3.00 1210 22.88 198 69.00 105019 0.98 11408 1.64 116082 0.98 500 24.66 218 17.50 5479122 25.14 16351903 58.35 5006 7.48 200 31.03 4001 21.47 348 11.74 201 52.29 17375 2.38 10163 12.00 500 0.00 1800 36.75 4022 50.52 1000 2.50 53462 255.29 330 11.50 501 75.61 23503 37.50 1209 35.50 190476 112.80 60725 55.25 2926 1.80 4500 48.75
2.50 4.40 17.55 8.80 7.50 436.00 0.55 40.80 3.00 2.23 0.16 0.99 1.44 2.05 0.26 1.60 20.80 41.00 33.80 26.70 19.99 5.00 5.51 3.21 34.05 2.02 2.56 209.03 4.62 9.95 0.25 1.01 4.30 1.10 18.01 51.46 0.01 0.35 0.16 19.19 12.00 15.25 40.81 5.16 25.71 12.51 7.51 25.80 1.38 8.01 0.00 31.25 20.50 0.50 169.00 7.56 43.29 29.00 14.02 86.50 37.20 0.73 33.00
2009 Div BR (%) (%)
% Change 0.20 5-Day High 967.41 5-Day Low 947.55 2010 Div BR (%) (%)
10 30 20 20 20 120 7.5 50 20 10B -100SD 70 8 400R 25 5 - 12.5 - 10B 10 - 10B 10 20B 10 20 10 15 20 5B 15 15 100R 4050.2257B 60 20 - 20SD - 50R 15 20 25 45R 12.5 7.5 50 20 30 15 - 632R 20 - 25SD 40 40 25 5 200 10 - 30B 10 15 50 25 20 20B 80 20B 40 10B 35 -
PHARMA AND BIO TECH Open 878.52 Turnover 56,577 P/E (x) 6.57
% Change 0.70 5-Day High 1,531.72 5-Day Low 1,515.50 2010 Div BR (%) (%)
Total Assets (Rs in mn)
10.83
% Change -0.28 5-Day High 1,111.89 5-Day Low 1,079.37
Performance of SR Pharma and Bio Tech Index
Change 10.71 Market cap 32,014.46 mn Div Yield (%) 16.28
Last 60 days High Low
72.99 194.25 122.51 1.80 155.99 26.70 6.09 5.75 13.40 279.00 79.99 27.58
PE
Performance of SR Industrial Engineering Index High Low 1,545.28 1,518.01 Total cos Defaulter cos P/BV (x) ROE (%) 3.07 38.02
Open
Open 1,086.04 Turnover 409,701 P/E (x) 3.13
INDUSTRIAL ENGINEERING Open 1,521.02 Turnover 249,063 P/E (x) 8.08
875 2799 1431 26501 550 1512 3246 701 11093 50536 87839 1001
2009 Div BR (%) (%)
49.95
MA (10-day)
Performance of SR Household Goods Index
20B -
% Change -0.16 5-Day High 1,015.51 5-Day Low 986.94
0.00 -0.45 2.29 -0.08 -1.89 0.69 0.08 -0.49 -0.25 -2.58 0.93 -0.07
% Change -0.33 5-Day High 1,196.64 5-Day Low 1,162.27
RSI (14-day)
HOUSEHOLD GOODS
Performance of SR Construction and Materials Index High Low 1,029.15 1,007.31 Total cos Defaulter cos P/BV (x) ROE (%) 0.52 7.10
68.00 156.27 100.99 1.41 153.00 22.81 4.95 4.31 12.48 269.94 75.64 19.40
10.87 6.46 7.19 5.65 5.65 7.46 95.00 94.99 91.00 91.04 5.08 51.21 50.00 50.00 50.00 0.26 5.50 5.60 5.50 5.55 1.50 1.65 1.51 1.65 1.17 14.47 15.47 13.76 14.48 8.16 48.57 50.00 46.15 49.91 12.00 6.45 6.40 6.35 6.36 1.70 1.80 1.70 1.70 7.05 34.04 34.45 34.10 34.20 11.85 12.50 12.80 12.25 12.80 3.40 59.90 60.79 58.50 60.76 6.47 59.50 61.99 60.05 61.49 0.40 6.06 6.48 5.85 6.48 16.67 45.40 46.00 44.05 44.67 21.71 1964.33 2000.00 1950.01 1976.67 3.67 24.49 25.71 25.05 25.68 - 14.00 14.00 14.00 14.00 0.46 6.04 5.76 5.70 5.71 8.47 44.01 46.21 46.00 46.15 2.06 2.11 2.11 2.11 1.00 13.80 13.99 13.90 13.95 18.54 12.65 13.20 12.76 12.79 5.56 6.39 5.40 5.68 19.26 4050.01 4180.00 3950.00 4125.00
CONSTRUCTION AND MATERIALS Open 1,015.51 Turnover 8,064,972 P/E (x) 7.32
-
FOOD PRODUCERS
Performance of SR Industrial Metals and Mining Index High Low 964.91 928.92 Total cos Defaulter cos P/BV (x) ROE (%) 0.98 33.10
40 15
Fundamental Highlights As on Dec 31, 2009
Technical Analysis
Performance of SR Food Producers Index
INDUSTRIAL METALS AND MINING Open 937.25 Turnover 205,641 P/E (x) 2.96
20B -
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,266.35 1,243.88 Total cos Defaulter cos P/BV (x) ROE (%) 2.76 35.00
30
Century Insurance Company Limited
% Change -0.74 5-Day High 754.81 5-Day Low 737.51
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index Open 1,250.25 Turnover 24,953,291 P/E (x) 7.89
2009 Div BR (%) (%)
Alert ! Unusual Movements
Company Abbott (Lab) Ferozsons (Lab) GlaxoSmithKline Highnoon (Lab) IBL HealthCare Ltd Otsuka Pak Searle Pak XD
Paid up Cap(mn) 979 250 1707 165 200 100 306
High Low 888.46 873.07 Total cos Defaulter cos P/BV (x) ROE (%) 1.47 22.31
PE
Open
High
Low
8.75 6.47 12.77 6.84 6.83 7.25 5.57
99.02 85.06 71.25 25.00 8.00 32.94 62.50
101.00 86.90 72.00 24.99 8.54 32.50 62.45
99.50 83.15 70.90 24.61 7.75 32.50 61.28
Close 878.79 Listed cap 3,904.20 mn Payout (%) 44.54
Close Chg
Volume
99.84 85.70 71.01 24.71 8.47 32.50 61.99
2623 4020 9001 2954 762 500 36707
0.82 0.64 -0.24 -0.29 0.47 -0.44 -0.51
Change 0.28 Market cap 29,293.99 mn Div Yield (%) 6.78
Last 60 days High Low 104.00 124.00 76.99 25.50 9.00 34.70 64.50
77.00 82.20 65.00 22.60 6.10 27.50 56.10
2009 Div BR (%) (%) 120 10 50 25 15 15
20B 15B
% Change 0.03 5-Day High 878.79 5-Day Low 871.52 2010 Div BR (%) (%) 20 30
20B -
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
56.37
Total Assets (Rs in mn)
34,286.77
MA (10-day)
3.31
Total Equity (Rs in mn)
4,740.29
MA (100-day)
3.24
Revenue (Rs in mn)
2,193.89
MA (200-day)
4.08
Interest Expense
1,222.17
1st Support
3.32
Loss after Taxation
(478.94)
2nd Support
3.21
EPS 09 (Rs)
1st Resistance
3.51
Book value / share (Rs)
2nd Resistance
3.59
PE 10 E (x)
Pivot
3.40
PBV (x)
(0.907) 8.98 847.50 0.38
BIPL closed up 0.04 at 3.39. Volume was 200 per cent above average (trending) and Bollinger Bands were 47 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 16.9 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into BIPL (bullish). Trend forecasting oscillators are currently bullish on BIPL.
Azgard Nine Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
Total Assets (Rs in mn)
38,525.22
MA (10-day)
11.06
Total Equity (Rs in mn)
18,469.71
MA (100-day)
58.06 10.79
Revenue (Rs in mn)
11,737.86
MA (200-day)
13.11
Interest Expense
1st Support
11.04
Profit after Taxation
60.53
2nd Support
10.66
EPS 09 (Rs)
0.003
1st Resistance
11.63
Book value / share (Rs)
37.85
2nd Resistance
11.84
PE 10 E (x)
Pivot
11.25
PBV (x)
2,424.42
0.30
ANL closed up 0.29 at 11.39. Volume was 125 per cent above average and Bollinger Bands were 31 per cent narrower than normal. The company's loss after taxation stood at Rs488.179 million which translates into a Loss Per Share of Rs1.12 for the nine months of current calendar year (9MCY10). ANL is currently 13.1 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into ANL (bullish). Trend forecasting oscillators are currently bullish on ANL.
BOOK CLOSURES Company
From
To
Sui Northern Gas Pipelines Sui Southern Gas Pipelines Nadeem Textile Mills Fazal Cloth Mills Sana Industries East West Insurance Co MCB Bank Dawood Hercules Chemicals Pakistan Premier Fund Engro Corporation (Standalone) Fauji Fertilizer Bin Qasim Oil and Gas Development Co Siemens Pakistan
24-Nov 24-Nov 24-Nov 26-Nov 27-Nov 01-Dec 03-Dec 07-Dec 07-Dec 07-Dec 14-Dec 14-Dec 20-Dec
30-Nov 30-Nov 30-Nov 03-Dec 03-Dec 07-Dec 10-Dec 13-Dec 14-Dec 21-Dec 20-Dec 21-Dec 29-Dec
D/B/R 20 20 100SD 10(B) 30(iii) 20(ii) 20(ii) 12.50(iii) 15(i) 600
Spot AGM/Date 11-Nov 15-Nov 23-Nov 25-Nov 29-Nov 29-Nov -
30-Nov 30-Nov 29-Nov 03-Dec 14-Dec 29-Dec
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
TRG Pakistan Ltd. 4.25 Murree BreweryXDXB 75.5 Lakson Tobacco 323.99 Pak Tobacco 112.51 Shifa Int Hospitals 28.64 PIAC (A) 2.33 AKD Capital XD 56.01 Pace (Pak) Ltd 2.89 Netsol Technol XD 19.95
High 4.34 77.99 340.18 112.51 29.8 2.38 58.81 2.94 20.1
Low Close 4.15 74.5 323 112.5 27.21 2.22 54.4 2.84 19.6
4.17 76 340.18 112.5 27.72 2.28 55.55 2.85 19.66
Change -0.08 0.5 16.19 -0.01 -0.92 -0.05 -0.46 -0.04 -0.29
Vol 1720420 2998 3852 999 693 63212 216 163569 310775
7
Wednesday, November 24, 2010
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 1,160.21 Turnover 2,375,973 P/E (x) 6.23 Paid up Cap(mn)
Company
Pak Datacom XD Pakistan Telecomm Co A Telecard XD WorldCall Tele Wateen Telecom Ltd
PE
Open
78 4.93 37740 13.25 3000 0.70 8606 6175 -
High Low 1,178.50 1,139.25 Total cos Defaulter cos P/BV (x) ROE (%) 0.80 12.84
High
79.04 19.70 2.34 2.70 3.77
Low
79.99 20.00 2.40 2.75 3.84
79.30 19.35 2.30 2.62 3.70
Close Chg 79.94 19.87 2.34 2.70 3.75
0.90 0.17 0.00 0.00 -0.02
Close 1,169.29 Listed cap 50,077.79 mn Payout (%) 62.56
Last 60 days High Low
Volume 104 1698707 265630 411532 124548
Change 9.08 Market cap 80,957.25 mn Div Yield (%) 10.04
120.61 20.00 2.69 2.98 4.50
78.00 17.32 1.80 2.30 3.35
% Change 0.78 5-Day High 1,169.29 5-Day Low 1,125.76
2009 Div BR (%) (%) 70 15 -
-
2010 Div BR (%) (%) 80 17.5 1 -
-
Ask Gen Insurance
204
6.73
11.75
11.50
11.05
11.11 -0.64
15831
12.25
8.45
-
-
Atlas Insurance
369
5.41
34.21
35.50
34.00
34.03 -0.18
2425
35.50
27.10
40
10B
-
-
Central Insurance XB
279
6.48
58.50
59.89
57.00
57.01 -1.49
693
59.89
47.37
20
25B
10
10B
Century Insurance
457
6.76
10.50
11.50
10.50
10.82 0.32
210170
12.00
9.42
-
-
-
-
1250
-
45.33
46.48
45.00
45.39 0.06
57381
48.63
34.76
40
8.7B
-
-
Habib Insurance
400
2.85
11.99
12.65
11.99
11.99 0.00
5003
12.65
10.04
35
-
-
-
IGI Insurance
718 15.56
84.00
84.45
83.00
83.85 -0.15
1236
86.69
66.41
35
-
10
20B
791 15.55
55.56
1233
60.50
3000 41.67
763556
EFU General Insurance
New Jub Insurance
58.30
56.95
57.69 2.13
52.21
30
16.03
16.35
15.95
16.25 0.22
17.05
12.50
30
-
-
-
250
1.47
6.50
6.21
6.21
6.21 -0.29
465
7.04
5.06
5
25B
-
-
PICIC Ins Ltd
350
-
7.30
8.30
7.10
7.50 0.20
365279
8.30
1.66
-
-
-
-
Premier Insurance
303
5.31
9.88
10.30
9.70
9.83 -0.05
4191
10.30
8.00
20
15B
-
-
Pak Reinsurance
Company
High Low 1,238.04 1,212.37 Total cos Defaulter cos P/BV (x) ROE (%) 1.21 9.35
PE
Open
High
Low
Hub Power 11572 6.66 Japan Power 1560 KESC XR 7932 Kohinoor Energy 1695 10.44 Kohinoor Power 126 2.93 Kot Addu Power XD 8803 4.82 Nishat Chunian Power Ltd3673 3.03 Nishat Power Ltd 3541 23.40 Sitara Energy Ltd XD 191 3.37 Southern Electric 1367 Tri-star Power XD 150 -
36.16 1.55 2.29 18.97 4.84 39.52 13.95 14.79 18.29 2.18 1.15
36.55 1.57 2.34 19.00 4.84 39.99 13.97 14.89 18.45 2.20 1.19
35.80 1.50 2.21 18.80 4.80 39.51 13.71 14.41 18.05 2.12 1.14
Close 1,226.68 Listed cap 95,369.29 mn Payout (%) 104.13
Change 1.66 Market cap 99,630.57 mn Div Yield (%) 8.07
Close Chg
Volume
Last 60 days High Low
36.37 1.53 2.22 18.80 4.80 39.67 13.81 14.51 18.07 2.13 1.14
3138962 59280 202772 569 1000 154690 90551 2713066 2500 218516 6067
37.24 2.25 2.50 26.50 6.27 42.95 14.85 16.10 23.49 2.90 1.75
0.21 -0.02 -0.07 -0.17 -0.04 0.15 -0.14 -0.28 -0.22 -0.05 -0.01
32.75 0.70 1.94 18.80 3.90 38.35 9.50 9.50 17.98 2.05 0.33
% Change 0.14 5-Day High 1,226.68 5-Day Low 1,184.32
2009 Div BR (%) (%) 33.5 45 64.5 20 3
31R -
2010 Div BR (%) (%) 50 - 7.8R 15 50 20 -
Company Sui North Gas XD Sui South GasXDXB
High Low 1,641.57 1,620.15 Total cos Defaulter cos P/BV (x) ROE (%) 1.17 11.41
Close 1,633.71 Listed cap 12,202.80 mn Payout (%) 66.79
Open 883.31 Turnover 33,782 P/E (x) 98.36 Company
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 8390
8.61 3.43
28.10 21.67
29.25 22.75
28.35 22.00
28.92 0.82 22.75 1.08
951690 353697
34.75 30.70
25.55 17.02
% Change 1.21 5-Day High 1,799.13 5-Day Low 1,614.20
2009 Div BR (%) (%) -
-
2010 Div BR (%) (%) 20 15
25B
BANKS Performance of SR Banks Index
Paid up Cap(mn)
Company
PE
Open
Allied Bank Limited 7821 5.76 59.49 Askari Bank 6427 7.73 16.13 Atlas Bank 5001 1.56 Bank Alfalah 13492 12.58 9.82 Bank AL-Habib 7322 7.22 33.50 Bank Of Khyber 5004 5.73 4.50 Bank Of Punjab 5288 9.99 BankIslami Pak 5280 847.50 3.35 Faysal Bank XB 7309 4.57 14.40 Habib Bank Ltd 10019 6.69 107.02 Habib Metropolitan Bank 8732 7.06 22.00 JS Bank Ltd 6128 2.90 KASB Bank Ltd 9509 2.49 MCB Bank Ltd 7602 9.25 206.34 Meezan Bank 6983 8.15 15.14 Mybank Ltd 5304 2.22 National Bank 13455 5.87 67.40 NIB Bank 40437 2.81 Royal Bank Ltd 17180 5.25 Samba Bank 14335 1.90 Silkbank Ltd 26716 2.72 Soneri Bank 6023 7.24 Stand Chart Bank 38716 11.57 7.28 Summit Bank Ltd 5000 2.91 United Bank Ltd 12242 7.00 59.76
High
High Low Close 1,074.94 1,052.67 1,063.59 Total cos Defaulter cos Listed cap - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.07 13.94 40.49 Low
Close Chg
59.90 59.05 59.27 -0.22 16.35 16.00 16.23 0.10 1.70 1.61 1.68 0.12 10.00 9.75 9.81 -0.01 33.50 33.28 33.49 -0.01 4.57 4.20 4.30 -0.20 10.59 10.02 10.09 0.10 3.48 3.29 3.39 0.04 14.35 14.12 14.17 -0.23 108.79 106.60 107.12 0.10 23.10 22.00 23.10 1.10 2.95 2.80 2.88 -0.02 2.49 2.40 2.40 -0.09 210.00 206.00 208.73 2.39 15.49 15.14 15.40 0.26 2.15 2.05 2.10 -0.12 68.15 67.01 67.20 -0.20 2.89 2.77 2.78 -0.03 5.37 4.77 4.82 -0.43 1.90 1.80 1.90 0.00 2.76 2.64 2.68 -0.04 7.43 7.10 7.11 -0.13 7.60 7.40 7.52 0.24 2.95 2.80 2.89 -0.02 60.00 59.40 59.60 -0.16
Volume
Change 4.99 Market cap 644,996.94 mn Div Yield (%) 5.29
Last 60 days High Low
133672 59.90 701880 16.65 3602 2.84 727700 10.19 73915 33.97 50253 4.70 4218080 10.59 322820 3.65 68326 17.10 142655 108.79 264073 23.30 108871 3.00 2700 3.22 3292407 210.00 107028 15.95 42828 2.75 6635501 70.75 648881 3.25 287736 8.98 135074 2.65 967219 3.08 51778 8.00 57466 8.00 69930 3.15 2687538 60.00
48.51 14.00 1.50 7.32 29.10 2.50 7.35 2.31 12.85 92.00 18.02 2.00 2.03 180.60 14.05 1.62 60.51 2.42 4.77 1.51 2.50 5.01 6.00 2.30 49.90
2009 Div BR (%) (%) 40 8 20 60 10 110 75 25
10B 20B 20B 10B 16B 26B 10B 5B 25B 10B
% Change 0.47 5-Day High 1,063.59 5-Day Low 1,031.64
Paid up Cap(mn)
PE
Open
20 - 20B - 66R 55 -63.46R 10 -
NON LIFE INSURANCE
Paid up Cap(mn)
Company Adamjee Insurance
High Low 760.67 738.48 Total cos Defaulter cos P/BV (x) ROE (%) 0.64 5.20
Close 748.57 Listed cap 11,111.34 mn Payout (%) 79.54
Change 6.31 Market cap 46,169.32 mn Div Yield (%) 6.50
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1237 24.06
81.92
84.00
81.50
82.99 1.07
1463805
84.15
63.05
2009 Div BR (%) (%) 30
10B
% Change 0.85 5-Day High 748.57 5-Day Low 726.29 2010 Div BR (%) (%) 10
-
High
High Low 909.26 875.80 Total cos Defaulter cos P/BV (x) ROE (%) 3.79 3.85 Low
Close Chg
Close 907.25 Listed cap 2,290.72 mn Payout (%) 355.53
Change 23.93 Market cap 10,683.93 mn Div Yield (%) 3.61
Last 60 days High Low
Volume
% Change 2.71 5-Day High 907.25 5-Day Low 871.66
2009 Div BR (%) (%) -
2010 Div BR (%) (%)
American Life
500
5.69
17.02
17.02
17.02
17.02 0.00
1000
20.45
17.02
-
-
-
850 46.47
79.90
82.10
77.40
81.79 1.89
10910
82.99
51.25
5513.33B
-
-
New Jub Life Insurance
627 29.42
42.50
43.90
42.75
43.84 1.34
21872
45.20
35.00
10
-
-
-
FINANCIAL SERVICES Performance of SR Financial Services Index Open 440.12 Turnover 22,816,402 P/E (x) 10.59 Paid up Cap(mn)
AMZ Ventures Arif Habib Investments Arif Habib Limited Dawood Cap Mngt. XB Dawood Equities Grays Leasing IGI Investment Bank Invest and Fin Sec XD Ist Cap Securities XB Ist Dawood Bank Jah Siddiq Co JOV and CO JS Global Cap JS Investment KASB Securities Orix Leasing Pervez Ahmed Sec Saudi Pak Leasing Sec Inv Bank Sigma Leasing Stand Chart Leasing
2010 Div BR (%) (%)
Performance of SR Non Life Insurance Index Open 742.26 Turnover 2,891,389 P/E (x) 12.24
-
EFU Life Assurance
Company
Change 19.51 Market cap 34,966.65 mn Div Yield (%) 6.54
Paid up Cap(mn)
Open 1,058.60 Turnover 21,732,011 P/E (x) 7.65
FANM ELSM SIEM RMPL BWHL SHNI ISIL MFFL SHCM FNEL TSMF PASM SAPT TRPOL FRSM BCL SSIC RCML SFL AASM SHJS FNBM CSUML COLG BAFS SNAI SLYT DATM DLL TOWL GRAYS HWQS UPFL SSML ISTM WYETH BAPL NMBL BROT CWSM ILTM FCONM FFLM PTEC ICIBL ETNL BRR SAIF MLCFPS GENP DIIL FTSM AZAMT FZTM GUTM MQTM SHTM ZTL BHAT STML FASM JOPP BUXL ICL LPGL PGCL PHDL
LIFE INSURANCE
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,614.20 Turnover 951,690 P/E (x) 10.22
-
Symbols
Performance of SR Life Insurance Index
Performance of SR Electricity Index
Paid up Cap(mn)
20B
UPTO 100 VOLUME
25R
Pak Gen Insurance
ELECTRICITY Open 1,225.01 Turnover 6,587,975 P/E (x) 12.90
-
High Low 459.90 434.56 Total cos Defaulter cos P/BV (x) ROE (%) 0.30 0.91
PE
Open
High
Low
225 1.34 360 3.64 450 13.75 150 1.46 250 215 2121 16.44 600 694.00 3166 626 0.65 7633 508 500 8.35 1000 31.00 1000 821 4.76 775 452 514 8.60 300 15.63 978 5.79
0.61 18.76 26.90 1.47 1.92 0.66 2.68 6.98 3.80 1.87 12.95 4.48 30.91 7.18 4.30 6.30 2.38 0.70 2.28 9.75 2.88
0.68 18.80 27.25 1.65 2.69 0.90 2.75 7.97 3.89 1.90 13.95 4.55 31.79 7.54 4.48 6.50 2.44 0.75 3.00 10.00 2.78
0.52 18.10 26.80 1.60 1.92 0.90 2.61 6.50 3.45 1.81 12.90 4.38 30.25 7.00 4.30 5.70 2.28 0.69 2.15 10.00 2.50
Close Chg 0.59 18.50 26.95 1.63 2.22 0.90 2.63 6.94 3.83 1.82 13.80 4.44 31.06 7.44 4.40 6.48 2.36 0.70 2.15 10.00 2.78
-0.02 -0.26 0.05 0.16 0.30 0.24 -0.05 -0.04 0.03 -0.05 0.85 -0.04 0.15 0.26 0.10 0.18 -0.02 0.00 -0.13 0.25 -0.10
Close 454.11 Listed cap 30,336.44 mn Payout (%) 99.56
Volume 72511 25181 57363 20000 392189 334 3496 502 33227 78549 20627719 356013 24785 907738 4271 52013 138198 21050 201 500 505
Change 13.99 Market cap 31,349.96 mn Div Yield (%) 2.96
% Change 3.18 5-Day High 454.11 5-Day Low 415.92
Last 60 days High Low
2009 Div BR (%) (%)
1.10 19.98 34.00 2.05 2.70 4.00 2.88 9.00 5.00 2.84 13.95 5.38 40.30 7.54 4.70 6.50 2.70 0.86 3.90 10.00 2.95
15 25B - 11.5 - 10B -243.778B 10 150 -231.08R -
0.42 13.00 24.40 0.86 1.51 0.32 1.17 6.16 2.54 1.17 8.80 1.96 24.25 5.10 3.20 3.66 1.35 0.42 1.65 9.75 1.56
2010 Div BR (%) (%) 20B 20B 10B -
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,095.52 Turnover 7,008,359 P/E (x) 16.29 Paid up Cap(mn)
Company
AL-Meezan Mutual F Crescent St Mod XD Equity Modaraba First Capital Mutual F First Dawood Mutual F Golden Arrow XD H B L Modaraba XD Habib Modaraba I B L Modaraba XD JS Growth Fund JS Value Fund KASB Modaraba XD Meezan Balanced Fund Mod Al-Mali NAMCO Balanced F Pak Modaraba XD Pak Prem Fund Paramount Mod. XD PICIC Energy Fund XD PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba XD Stand Chart Modaraba Trust Modaraba XD U D L Modaraba XD
1375 200 524 300 581 760 397 1008 202 3180 1186 283 1200 184 1000 125 1698 59 1000 2835 2841 872 340 454 298 264
High Low 1,128.80 1,083.06 Total cos Defaulter cos P/BV (x) ROE (%) 0.36 2.21
PE
Open
High
Low
5.24 1.40 9.63 11.18 0.61 2.03 2.17 5.65 12.73 54.63 12.36 0.97 5.12 10.70 5.08 4.20 11.97 6.45 1.60 5.97 5.11 2.09 4.40 2.90 1.59
6.40 0.60 1.53 4.40 2.00 2.75 6.38 6.58 1.66 3.55 3.40 1.60 5.31 1.00 3.00 0.73 8.65 8.00 5.61 9.19 4.44 0.95 1.62 8.95 1.20 5.64
6.45 0.63 1.58 4.50 2.05 2.86 6.51 6.55 2.00 4.50 3.54 1.55 5.32 1.08 3.70 0.84 8.67 8.49 5.64 9.37 4.60 0.95 1.65 8.97 1.51 5.75
6.21 0.51 1.34 4.02 1.92 2.67 6.49 6.45 1.40 3.50 3.36 1.30 5.26 1.00 3.25 0.76 8.60 8.25 5.46 9.19 4.40 0.92 1.41 8.90 1.51 5.61
Close Chg 6.29 0.56 1.54 4.47 1.92 2.84 6.51 6.55 1.40 4.37 3.46 1.32 5.32 1.07 3.25 0.84 8.62 8.25 5.50 9.32 4.50 0.92 1.56 8.97 1.51 5.61
-0.11 -0.04 0.01 0.07 -0.08 0.09 0.13 -0.03 -0.26 0.82 0.06 -0.28 0.01 0.07 0.25 0.11 -0.03 0.25 -0.11 0.13 0.06 -0.03 -0.06 0.02 0.31 -0.03
Close 1,112.10 Listed cap 29,771.58 mn Payout (%) 104.74
Change 16.59 Market cap 16,030.75 mn Div Yield (%) 9.99
% Change 1.51 5-Day High 1,112.10 5-Day Low 1,071.83
Volume
Last 60 days High Low
2009 Div BR (%) (%)
2010 Div BR (%) (%)
84208 22504 16507 115000 214 147661 113100 1630 255 4771567 342988 2500 231375 4032 22002 1006 611151 3189 106200 181993 168769 24719 21780 10116 200 3500
7.20 1.10 1.60 5.50 2.10 3.88 6.80 7.25 2.90 4.50 3.54 2.23 7.00 2.18 3.70 1.40 9.39 9.45 5.95 9.37 4.60 1.20 1.94 10.99 4.40 6.99
5 20 10 5 15 16.5 10
18.5 1.2 17 11 21 3 5 10 2.8 15.5 15 3 18.6 18 10 20 10 3 1 17 5 12.5
5.85 0.16 0.76 1.02 1.30 2.32 4.80 5.56 1.06 2.65 2.31 0.52 5.15 0.56 2.25 0.30 7.00 6.56 4.00 7.60 3.50 0.70 0.57 7.75 1.00 4.71
-
-
Open
High
2.90 19.65 1349.01 1997.95 35.10 14.00 71.39 73.00 10.55 10.20 1.49 9.25 105.70 0.60 20.08 44.86 6.70 33.50 125.00 25.28 73.00 6.86 3.40 878.00 58.80 32.74 4.40 0.25 38.32 13.90 52.74 20.48 1087.00 2.65 6.20 850.00 8.85 1.33 0.20 1.35 99.22 1.52 1.70 1.85 0.63 20.50 1.54 4.83 6.99 0.80 9.83 1.20 2.39 432.67 22.05 7.00 0.59 3.99 229.99 21.51 31.50 9.80 11.10 26.90 20.95 18.49 41.62
2.80 20.50 1359.00 2050.00 33.35 13.00 72.50 69.67 11.55 10.49 1.54 9.48 105.00 1.49 20.95 44.80 6.85 33.50 123.75 26.25 76.65 6.00 3.40 890.00 61.72 32.89 4.44 0.28 39.90 12.90 52.00 21.50 1040.00 2.69 6.50 850.00 9.84 1.46 0.54 1.95 104.18 1.60 1.75 2.45 0.75 20.99 1.49 5.10 7.88 0.95 10.25 1.70 2.90 437.00 23.15 7.15 0.68 3.99 240.00 21.99 33.00 10.70 11.98 27.75 20.95 18.99 40.00
Low
Close
2.80 20.19 1300.01 1898.06 33.35 13.00 72.00 69.35 10.50 9.21 1.49 9.45 105.00 1.20 20.95 44.80 6.85 33.50 123.75 25.71 76.65 6.00 3.40 837.00 61.72 32.75 3.76 0.26 38.02 12.90 52.00 19.50 1032.65 2.69 6.45 850.00 7.92 1.20 0.54 0.90 104.18 1.50 1.75 2.45 0.74 20.05 1.37 5.00 6.98 0.79 10.25 1.69 2.40 432.00 23.15 7.15 0.60 3.99 239.99 21.99 33.00 10.70 11.98 27.75 20.95 18.99 40.00
2.80 20.19 1318.35 1927.60 33.35 13.00 72.50 69.47 11.55 10.15 1.49 9.47 105.00 1.20 20.95 44.80 6.85 33.50 123.75 25.71 76.65 6.00 3.40 883.67 61.72 32.77 4.35 0.28 38.99 12.90 52.00 19.50 1040.00 2.69 6.45 850.00 8.39 1.24 0.54 1.20 104.18 1.50 1.75 2.45 0.74 20.99 1.37 5.00 6.98 0.79 10.25 1.69 2.40 432.00 23.15 7.15 0.60 3.99 239.99 21.99 33.00 10.70 11.98 27.75 20.95 18.99 40.00
Change
Vol
-0.10 0.54 -30.66 -70.35 -1.75 -1.00 1.11 -3.53 1.00 -0.05 0.00 0.22 -0.70 0.60 0.87 -0.06 0.15 0.00 -1.25 0.43 3.65 -0.86 0.00 5.67 2.92 0.03 -0.05 0.03 0.67 -1.00 -0.74 -0.98 -47.00 0.04 0.25 0.00 -0.46 -0.09 0.34 -0.15 4.96 -0.02 0.05 0.60 0.11 0.49 -0.17 0.17 -0.01 -0.01 0.42 0.49 0.01 -0.67 1.10 0.15 0.01 0.00 10.00 0.48 1.50 0.90 0.88 0.85 0.00 0.50 -1.62
100 100 86 79 75 73 63 62 60 54 50 50 50 50 50 50 48 46 45 41 35 30 29 28 26 25 21 20 15 13 12 11 11 10 10 10 9 8 6 6 6 5 5 5 3 3 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
High
NML-DEC 56.57 NML-NOV 55.50 POL-NOV 267.94 ANL-NOV 11.18 PSO-NOV 290.17 DGKC-NOV 29.16 NBP-NOV 67.55 POL-DEC 267.92 FFBL-DEC 33.25 ENGRO-NOV 184.45 NBP-DEC 68.01 MCB-NOV 206.54 DGKC-DEC 29.38 LUCK-NOV 75.90 PSO-DEC 290.58 ANL-DEC 11.31 FFBL-NOV 34.15 MCB-DEC 205.13 AICL-NOV 82.31 ENGRO-DEC 184.09 PPL-NOV 201.46 NCL-NOV 23.80 OGDC-NOV 165.22 PPL-DEC 201.97 BOP-NOV 9.94 BOP-DEC 10.00 AICL-DEC 84.28 LUCK-DEC 76.50 OGDC-DEC 163.50 NCL-DEC 24.43 PTC-NOV 19.75 UBL-DEC 60.50
59.00 58.27 272.00 11.48 292.90 29.50 68.20 272.00 33.49 187.00 68.60 210.00 29.60 76.85 293.00 11.60 34.40 208.99 83.99 186.80 202.00 24.25 166.00 202.00 10.30 10.49 84.00 77.00 163.50 25.00 19.85 59.60
Low
Close
56.30 55.90 264.00 11.03 285.00 29.00 67.20 265.30 33.10 184.00 67.70 206.05 29.25 76.00 287.10 11.15 34.00 205.25 82.00 184.00 198.60 24.10 163.05 199.30 10.10 10.29 83.00 76.02 162.00 24.50 19.77 59.60
58.57 57.93 265.81 11.40 285.29 29.10 67.38 267.63 33.40 185.34 67.76 208.83 29.31 76.09 287.52 11.50 34.30 206.93 83.52 184.17 199.38 24.25 163.44 199.50 10.16 10.30 83.52 76.58 162.00 25.00 19.80 59.60
Change
Vol
2.00 2004500 2.43 1015000 -2.13 436500 0.22 325500 -4.88 313500 -0.06 283000 -0.17 258500 -0.29 234000 0.15 212000 0.89 196500 -0.25 179500 2.29 159500 -0.07 137000 0.19 129500 -3.06 117500 0.19 109500 0.15 105500 1.80 96000 1.21 86500 0.08 57500 -2.08 56500 0.45 48500 -1.78 30500 -2.47 30500 0.22 24000 0.30 23000 -0.76 22000 0.08 17500 -1.50 13500 0.57 10500 0.05 9000 -0.90 3000
ZERO VOLUME Symbols
Open
High
Low
Close
BIFO CSIL ELCM ESBL FAEL FCIBL
46.10 4.00 7.00 2.84 10.30 3.65
46.00 4.25 6.00 2.75 11.30 3.60
46.00 4.25 6.00 2.75 11.30 3.60
46.00 4.25 6.00 2.75 11.30 3.60
Change
Vol
-0.10 0.25 -1.00 -0.09 1.00 -0.05
0.00 0.00 0.00 0.00 0.00 0.00
BOARD MEETINGS
Nishat Mills Ltd
KSE 100 INDEX
Pakistan Oilfields Ltd
National Bank of Pakistan
Company
Date
Time
Atlas Honda Limited Exide Pakistan Limited ICC Textiles Limited Mirpurkhas Sugar Mills Limited
24-Nov 27-Nov 27-Nov 30-Nov
11:30 3:00 11:00 11:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
74.22
Support 1
11,125.90
Fair Value
*Arif Habib Ltd AKD Securities Ltd
Brokerage House
65
Buy
*Arif Habib Ltd
59.97
Buy
AKD Securities Ltd
Positive
TFD Research
TFD Research
74.2
MA (5-day)
11,025.32
Support 2
11,080.70
MA (10-day)
10,955.03
Resistance 1
11,232.75
MA (100-day)
10,178.06
Resistance 2
11,294.40
Technical Analysis
MA (200-day)
10,081.64
Pivot
11,187.55
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
KSE 100 INDEX closed down -34.75 points at 11,171.09. Volume was 108 per cent above average and Bollinger Bands were 1 per cent wider than normal. As far as resistance level is concern, the market will see major 1st resistance level at 11,232.75 and 2nd resistance level at 11,294.40, while Index will continue to find its 1st support level at 11,125.90 and 2nd support level at 11,080.70. KSE 100 INDEX is currently 10.9 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into INDEX (mildly bullish). Trend forecasting oscillators are currently bullish on INDEX. Momentum oscillator is currently indicating that INDEX is currently in an overbought condition.
Rs Recommendations
Technical Outlook
Rs Recommendations
Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,166.51 ** NOI Rs (mn) 156.01 Mean 56.89
* Target price for Dec-10 & **Net Open Interest in future market
Buy
*Arif Habib Ltd
61.96
Neutral
AKD Securities Ltd
92.3
Positive
TFD Research
84
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Leverage Position
57.19 66.38 65.89 70.61
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
318.37 21,394.26 89.04 67.44
rently indicating that NML is currently in an overbought condition.
* Target price for Dec-10 & **Net Open Interest in future market
oscillators are currently bullish on NBP.
MCB Bank Ltd
75.30
58.90
58.55
59.75
60.25
59.40
Attock Cement
52.54
63.05
62.70
63.85
64.30
63.50
Arif Habib Limited
52.55
26.75
26.55
27.20
27.45
27.00
Adamjee Insurance
69.59
81.65
80.35
84.15
85.35
82.85
Askari Bank
62.87
16.05
15.85
16.40
16.55
16.20
Azgard Nine
58.06
11.00
10.65
11.60
11.85
11.25
Rs Recommendations
Attock Petroleum
52.92
315.35
313.65
318.45 319.85 316.75
301
Buy
Attock Refinery
79.13
125.60
124.30
128.60 130.30 127.30
296.6
Buy
Bank Alfalah
60.80
9.70
9.60
BankIslami Pak
56.37
3.30
3.20
3.50
3.60
3.40
Bank Of Punjab
66.90
9.85
9.65
10.45
10.80
10.25
Dewan Cement
59.86
1.65
1.55
1.80
1.85
1.70
DGK Cement
60.89
28.85
28.60
29.45
29.80
29.20
Dewan Salman
46.33
1.50
1.40
1.65
1.75
Dost Steels Ltd
60.35
2.90
2.80
3.00
3.05
2.95
EFU General Insurance 58.66
44.75
44.15
46.25
47.10
45.60
83.45
85.15
80.45
Fair Value
281.35
Neutral
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
1st 2nd Pivot Resistance 3.40 3.50 3.30
Allied Bank Limited
Technical Outlook
NML closed up 2.25 at 57.83. Volume was 425 per cent above average NBP closed down -0.20 at 67.20. Volume was 149 per cent above average (trending) and Bollinger Bands were 12 per cent narrower than normal. (trending) and Bollinger Bands were 31 per cent narrower than normal. NML is currently 13.6 per cent above its 200-day moving average and is NBP is currently 0.4 per cent above its 200-day moving average and is disdisplaying an upward trend. Volatility is extremely high when compared to playing an upward trend. Volatility is high as compared to the average the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume reflect moderate flows of volume into NML (mildly bullish). Trend forecasting oscillators are currently bullish on NML. Momentum oscillator is cur- flowing into and out of NBP at a relatively equal pace. Trend forecasting
Dera Ghazi Khan Cement Co Ltd
Brokerage House
Technical Outlook
Leverage Position
70.57 54.66 48.24 50.92
Fair Value
RSI 1st 2nd (14-day) Support 54.83 3.20 3.10
Leverage Position
65.98 256.30 233.05 232.64
Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
107.94 28,652.88 195.21 267.42
9.95
10.10
9.85
1.60
EFU Life Assurance
66.68
78.75
75.75
Engro Chemical
66.02
183.65
182.25
Faysal Bank
39.30
14.05
14.00
POL closed down -2.90 at 265.46. Volume was 223 per cent above aver-
Fauji Cement
55.82
5.00
4.95
5.10
5.15
5.05
age (trending) and Bollinger Bands were 46 per cent wider than normal.
Fauji Fert Bin
76.49
33.90
33.55
34.50
34.75
34.15
POL is currently 14.1 per cent above its 200-day moving average and is
Fauji Fertilizer
59.10
109.55
108.35
111.45 112.15 110.25
displaying an upward trend. Volatility is high as compared to the average
Habib Bank Ltd
69.61
106.20
105.30
108.40 109.70 107.50
Hub Power
72.86
35.95
35.50
ICI Pakistan
67.99
135.40
134.45
137.90 139.45 136.95
Indus Motors
79.87
267.20
264.45
274.00 278.05 271.25
* Target price for Dec-10 & **Net Open Interest in future market
volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume into POL (mildly bullish). Trend forecasting oscillators are currently bullish on POL.
Engro Corporation
Hub Power Co Ltd
186.60 188.15 185.20 14.30
36.70
14.45
37.00
14.20
36.25
J.O.V.and CO
64.40
4.35
4.30
4.55
4.65
4.45
Japan Power
47.39
1.50
1.45
1.60
1.65
1.55
JS Bank Ltd
63.33
2.80
2.75
2.95
3.05
2.90
Jah Siddiq Co
44.21
13.15
12.50
14.20
14.60
13.55
Kot Addu Power
46.09
39.45
39.25
39.95
40.20
39.70
KESC
54.83
2.20
2.15
2.30
2.40
2.25
Lotte Pakistan
73.22
11.70
11.55
12.10
12.35
11.95
Lucky Cement
58.69
75.70
75.20
76.75
77.30
76.25
MCB Bank Ltd
63.71
206.50
204.25
Maple Leaf Cement
52.19
2.90
2.85
3.00
3.05
2.95
National Bank
57.19
66.75
66.30
67.90
68.60
67.45
Nishat (Chunian)
71.35
24.15
23.50
25.30
25.80
24.65
Netsol Technologies
59.39
19.50
19.30
20.00
20.30
19.80
NIB Bank
50.23
2.75
2.70
2.85
2.95
Nimir Ind.Chemical
51.36
1.45
1.40
1.55
1.60
1.50
Nishat Mills
70.57
56.30
54.75
58.85
59.90
57.30
Buy
Oil & Gas Dev XD
73.38
162.05
160.60
Positive
PACE (Pakistan) Ltd
46.94
2.85
2.80
2.95
3.00
2.90
Pervez Ahmed Sec
60.69
2.30
2.20
2.45
2.50
2.35
PIAC(A)
52.13
2.20
2.15
2.35
2.45
2.30
Pioneer Cement
45.52
7.45
7.35
7.80
8.00
7.65
Pak Oilfields
65.98
261.95
258.50
270.60 275.75 267.10
Pak Petroleum
62.81
196.80
194.95
201.95 205.25 200.10
Pak Suzuki
58.41
74.35
73.05
PSO XD
60.24
282.10
279.15
PTCLA
64.19
19.50
19.10
DGKC closed down -0.01 at 29.09. Volume was 15 per cent above aver- MCB closed up 2.39 at 208.73. Volume was 244 per cent above average HUBC closed up 0.21 at 36.37. Volume was 67 per cent above average ENGRO closed up 0.79 at 185.02. Volume was 224 per cent above average
Shell Pakistan
59.27
196.80
194.90
and Bollinger Bands were 20 per cent wider than normal. (trending) and Bollinger Bands were 59 per cent narrower than normal. HUBC is currently 7.0 per cent above its 200-day moving average and is DGKC is currently 8.2 per cent above its 200-day moving average and is MCB is currently 3.3 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is high as compared to the average displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into HUBC (bullish). Trend forecasting flowing into and out of DGKC at a relatively equal pace. Trend forecasting reflect moderate flows of volume into MCB (mildly bullish). Trend forecast- oscillators are currently bullish on HUBC. Momentum oscillator is current-
Sui North Gas
33.00
28.45
27.95
29.35
29.75
28.85
Sitara Peroxide
70.18
13.90
13.70
14.35
14.65
14.20
Sui South Gas
39.87
22.25
21.75
23.00
23.25
22.50
displaying an upward trend. Volatility is relatively normal as compared to
Telecard
49.82
2.30
2.25
2.40
2.45
the average volatility over the last 10 trading sessions. Volume indicators
TRG Pakistan
49.61
4.10
4.05
4.30
4.40
4.20
reflect very strong flows of volume into ENGRO (bullish). Trend forecast-
United Bank Ltd
73.21
59.35
59.05
59.95
60.25
59.65
ing oscillators are currently bullish on ENGRO.
WorldCall Tele
57.30
2.65
2.55
2.75
2.80
2.70
Brokerage House
Fair Value
Rs Recommendations
Brokerage House
42
Buy
*Arif Habib Ltd
AKD Securities Ltd
43.29
Buy
AKD Securities Ltd
TFD Research
36.85
Positive
TFD Research
*Arif Habib Ltd
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
60.89 28.91 26.04 26.88
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
Rs Recommendations
205
Brokerage House
182.55 5,310.37 31.43 29.17
* Target price for Dec-10 & **Net Open Interest in future market
Rs Recommendations
47
Buy
*Arif Habib Ltd
189.75
Neutral
AKD Securities Ltd
44
Buy
AKD Securities Ltd
218.18
Neutral
TFD Research
Positive
TFD Research
63.71 204.80 196.81 202.14
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
44.9
342.10 71,405.85 71.71 207.77
* Target price for Dec-10 & **Net Open Interest in future market
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
72.86 34.66 34.39 33.98
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
ing oscillators are currently bullish on MCB.
Fair Value
Rs Recommendations
184
Hold
238.8 208.75
Technical Outlook
Technical Outlook 810.01 29,459.99 N/A 36.22
* Target price for Dec-10 & **Net Open Interest in future market
age and Bollinger Bands were 5 per cent narrower than normal.
oscillators are currently bullish on DGKC.
Brokerage House
*Arif Habib Ltd
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Fair Value
Hold
Technical Outlook
Technical Outlook Technical Analysis
Fair Value
ly indicating that HUBC is currently in an overbought condition.
Technical Analysis RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
66.02 180.91 178.45 184.94
Leverage Position Free Float Shares (mn) Free Float Rs (mn) ** NOI Rs (mn) Mean
131.09 24,255.15 101.86 184.95
* Target price for Dec-10 & **Net Open Interest in future market (trending) and Bollinger Bands were 23 per cent narrower than normal. ENGRO is currently 0.3 per cent above its 200-day moving average and is
210.50 212.25 208.25
2.80
165.95 168.35 164.50
76.60
77.60
75.30
290.10 295.15 287.15 20.15
20.40
19.75
201.80 204.90 199.90
2.35
8
Wednesday, November 24, 2010
CM Sindh deems edu as most vital opportunity to pool expertise, KARACHI: Education plays Learning Programme(IELP). The selected schools will be resources and aspirations to an important role in progress awarded to the successful bring about a discernible and prosperity of a nation. This was stated by the Sindh applicants after verification change in the lives of those Chief Minister, Syed Qaim through a rapid survey to who matter the most i.e. the assess the impact of recent children of Sindh. Ali Shah, here . A collaborating and timely He was presiding over a floods on the proposed school initiative of SEF and meeting of the Sindh sites. It was further informed that Government of Sindh, the Education Foundation at the supported by Government of schools established under this CM House. Qaim Ali Shah said that in Sindh, IELP will support scheme will play a vital role accordance with the manifesto 1,500 existing and new pri- in providing educational of Pakistan Peoples Party vate schools across Sindh opportunities to the children KARACHI: Ahmed E H Jaffer Foundation held luncheon at The HUB School. Picture shows Chairman PPL Hidayatullah Pirzada, (PPP), the present govern- through a range of implement- who have been deprived of ment is making efforts for the ing partners including NGOs, formal schooling as a result of M D Khalid Rahman, Chairman Jaffer Foundation Abdul Kadar Jaffer, Deputy Gov SBP Yaseen Anwar and promotion of education. CBO's trusts and individual the recent floods, the Chief Lt Gen (Retd) Moinuddin Haider along with other guests.-Staff Photo Minister Sindh was informed. He stressed the need to provide entrepreneurs. Prof. Anita Ghulam Ali furThe meeting was informed maximum educational facilities in the province particularly in that SEF as the primary ther stated that the Sindh rural areas. A computerised ran- agency will extend financial Education Foundation team dom selection of 1,200 schools and technical support to part- has received continuing supners which will include provi- port and leadership by the was made on this occasion. The Chief Minister Sindh sion of per child subsidy, chairperson of the board of performed the task by press- teachers professional develop- governors, the chief minister, ment, capacity building of constant advice, and interest ing the button. Staff Reporter beings to seek knowledge and --which is a cornerstone of These schools are being stakeholders, research, moni- from the Ex-Officio Vice read in the name of the Lord their public service efforts for ISLAMABAD: The established under an educa- toring and evaluation. Chairperson, Pir Mazhar ul KARACHI: The Hub School and reflect. He pointed out that more than a century-- and his International Islamic tion scheme entitled the Senior Education It was further informed that Haq, will soon open its doors to the it was the foundation's endeav- great grandfather Khan University, Islamabad (IIUI) is Integrated Education IELP presents yet another Minister.-APP people of Balochistan, Sindh, our to transmit knowledge to Bahadur Jaffer Yousuf had set organising a two-day and the rest of Pakistan. the younger generation and the up a girls school in Pune, India International Inter-disciplinary This was said by Abdul only way to do this was way back in 1907, which is Conference at Faisal Masjid Kader Jaffer Chairman Ahmed through the written word and imparting education even Campus on Nov 26-27. E H Jaffer Foundation at the ensure that our children who today. Qamar-uz-Zaman Kaira, plaque unveiling ceremony to are the leaders of tomorrow The Jaffer family, he said Federal Minister for acknowledge the donation get the best education which wants to renew the rich tradiworth Rs50 million given to would enable them to better tion of being closely associat- Information, will be the chief and Prof Fateh the school by Pakistan themselves and coming gener- ed with education and hopes guest Malik, IIUI Staff Reporter future best practices, for emer- processes. Petroleum Limited (PPL). ations and build a prosperous that this tradition would also Muhammad gence of a sustainable and Through the Accountancy Jaffer said the foundation's country. go forward into the future and Rector, will preside over the ceremony, said a press release KARACHI: Association of sound business era. Futures Symposium, ACCA education mission is reflected Abdul Kader Jaffer said the make it bright for not only Chartered Certified ACCA foresees account- aims to bring together high calin the verses of the Holy Jaffer family has been closely Pakistan but the whole South issued here. This multi-disciplinary con- Accountants of Pakistan ants and finance profession- iber delegates and industry Quran which asks human associated with education, Asia as well. ference will explore the poten- (ACCA) is organising an excit- als in all sectors as the true experts to lead a dialogue on tial of women universities to ing event; Accountancy value creators across organi- topics that we see as the most bolster and strengthen women, Futures Symposium - Critical sations; the promoters of important to the future of a segment of society that has issues for tomorrow's profes- sound business practices that accounting, auditing, finance traditionally been margin- sion on the 24- 25 November drive great performance. and management. in Karachi, it was announced More and more businesses The symposium also promisalised. demand from their finance es to deliberate on novel agenIn view of an increasing real- here. In the wake of global eco- function the ability to think da like climate change, carbon isation of the indispensable nomic crises, it has become about the future of the busi- emissions and water shortages, KARACHI: The University of The spokesperson said that edge of the challenges that are role of education in the promohighly important for business ness, scan the horizon for probably a bigger threat to our Karachi has received the excel- for this award Karachi faced by the University in tion of meaningful social leaders and policy gurus to business opportunities, economies than security. lence award for maintaining University outshone all the maintaining the high standards. change, this conference seeks question the corporate short- design new business models Additionally, discussions will the best standard of education other Universities of Pakistan. However, the University is to bring together researchers to comings and public practices and contribute to the innova- also focus on the SME and and research. The Chief Guest of the satisfactorily able to do it, he discuss how women universities can serve as a centre-stage of today and deliberate on the tion of products, services and small business agenda. A spokesperson of the insti- event, Muhammad Azam added. tution said here on Monday Khan Swati, Federal Minister Pro-Vice Chancellor Karachi and launchpad for a prothat the award was given in a of Science and Technology, University, Prof Dr Nasiruddin gramme to interrogate and ceremony held recently to appreciated the efforts of the Khan, received this award on redress gender inequality, to reduce the gender gap, to forobserve the World Standards Vice Chancellor, Prof Dr behalf of the University. Day by the Consumers Eye Pirzada Qasim Raza Siddiqui Later, Dr Pirzada expressed mulate a pedagogy which Pakistan and Standard Gazette for maintaining the high that this award will not only instills critical selfhood and International. quality of research and edu- encourage the teachers and stu- consciousness in women and to The first `Quality Standard cation. dents of the University but it promote higher education and Awards 2010' were distributed He added that being an alum- will also motivate other skill development in women. Staff Reporter cated by USAID for the educa- through use of proper technolSome of the major themes in various fields including edu- nus of this prestigious institu- Universities to work harder for tion and literacy projects of ogy. cation, business etc. tion, he has an in-depth knowl- success and recognition.-APP being explored in the confer- KARACHI: The modern edu- province. The efforts of the planners ence included, 'Women cation system should be adoptThis project could be the should be to optimise the usage Universities: Women ed with sophisticated computer turning point for those unlucky of funds made available for Education', 'Female applications to boost the learn- children who were unable to education sector particularly in Empowerment and Social ing skills of the students partic- get quality education due to the under developed areas of Change', 'Professional ularly in DG Khan, Rajanpur, lack of funds available for edu- Punjab province. Development of Women', Multan, Khanewal, cation sector particularly in Punjab government, through 'Gender Roles and Cultural Bahawalpur and other districts southern Punjab. prudent use of funds last year, INSPIRE RPD explores forms: Media and Literary having lowest literacy rate. ISLAMABAD: Speakers at a Education experts are of the demonstrated that high-tech Regional Policy Dialogue have many critical questions in Representation of women', The Punjab government opinion that at a time when the computer labs could be setup LAHORE: Higher Education said that linkages between knowledge transfer in higher 'Islam and women empower- could establish state-of-the art funds for education are scarce using desktop virtualisation schools to promote education the reach or footprint of technology at affordable cost Commission has conferred upon industry and universities are education and how best prac- ment'. the title of Distinguished imperative to speed up social tices from the region can be The conference will bring at large scale in the cities with USAID in education sector in secondary schools of the implemented in Pakistan. and economic development of National Professor to Dr together a group of 42 interna- the grant of $148 million allo- could be enhanced enormously largest province of the country. The dialogue was formally tional as well as national Shahida Hasnain, Dean of a society. The speakers were taking launched by Adam Thomson, Punjab University Faculty of speakers on a wide range of Life Sciences and Head of part in an International British High Commissioner to themes dealing with pedagogiPartnership in Pakistan. Microbiology & Molecular Strategic Speaking on the occasion the cal, sociological, psychologiGenetics Department in recogni- Research and Education's cal, religious, literary and cultion of her contributions in the Regional Policy Dialogue British High Commissioner (INSPIRE-RPD) launched here said that the higher education tural issues related to women's respective field. was of extreme importance in education, gender studies and The position would entitle her on Tuesday. female empowerment. This regional dialogue had the progress of a country. to receive an amount of Rs There will be five key-note The opening day explored 75,000 per month as a grant for a high-level participation from Afghanistan, the role and responsibilities of speakers from different parts of period of two years, which she Pakistan, government in economic, Bangladesh, Egypt, Iran, the world including Dr Maria would place in a separate account to be opened for this Kazakhstan, Malaysia, Nepal, social and cultural develop- Jaschok from the University of Lanka, Turkey, ment of a country both nation- Oxford, UK, Dr. Sylvia Maier purpose. It would be her discre- Sri tion either to utilise this amount Uzbekistan and the United ally and internationally. from the University of New The second day focuses on York, USA, Dr. Nor Faridah partially or entirely on research Kingdom. The dialogue was jointly the needs and demands of Abdul Manaf from the etc, or to meet her own requirements up to a maximum of Rs organised by the Higher industry and society at large International Islamic Education Commission (HEC) and the external perspective on University Malaysia and Dr 50,000 per month. In addition, she would be and the British Council under Higher Education. The indusAnees Ahmad (Riphah retaining this title even after two the INSPIRE programme of the try perspective will be presented by Rafiqal Islam, CEO International University) and years, however, without any British Council. financial benefit. Pharmaceuticals Dr Shahid Siddiqui (Lahore The British Council has been RAK The PU Vice Chancellor Prof working closely with the HEC Bangladesh, Kumru Adanali, School of Economics) from Dr Mujhaid Kamran has felicitat- since 2004 and has connected MD Carbon Clear Turkey, Pakistan. In addition 37 speakers from KARACHI: Ali Rahim, President, Income Tax Bar Association, presenting ICAP souvenir to Ashfaq ed Dr Shahida on her distinctive 50 universities in Pakistan with renowned industrialist and achievement earned by her in UK's to help the capacity build- Rector of LUMS Abdul Razzak Malaysia, England and all over Yousuf Tola, FCA, Tola & Co, Chartered Accountants, Member Budget Committee FPCCI at the semiview of her research contribution ing of higher education institu- Dawood, and other distin- Pakistan will present their nar on “Reformed GST and ATT- Suggestions on Way Forward” organised by the Southern Regional and scholarly services.-APP Committee of the Institute of Chartered Accountants of Pakistan at ICAP House, Clifton.-Staff Photo papers.-APP guished guests. -APP tions in Pakistan.
Books to be opened shortly at Hub School
IIUI moot, ‘women varsities’ role’ on 26th
ACCA, technocrats to debate accountancy future on 24th
Fresh laurels make it to Karachi University
USAID encouraging IT-literacy in Pakistan
Dr Shahida becomes National Professor
Industry-varsity ties imperative: experts
9
Wednesday, November 24, 2010
European vegetable oil prices
FRESNO - CALIFORNIA: Sandy Smith carries a box of persimmons at her stand at a farmers market in Fresno, California. -Agencies
Indian sugar ends steady in thin trades MUMBAI: India's spot sugar price ended steady amid lower volume trades on Tuesday as demand was weak from bulk consumers, dealers said. "Demand was weak from bulk buyers. Millers also kept prices unchanged," said a member of the Bombay Sugar Merchants Association. Unseasonal rains over the two key Indian sugar producing states have pared the recovery rate by nearly 1 per cent, initial reports show, and government and industry officials worry persistent rains could potentially hit output and trim exports. In Kolhapur, a key market in top-producing Maharashtra state, the most traded S-variety ended steady at 2,800 rupees ($61.4) per 100 kg. India is likely to produce 24.5 million tonnes of sugar in 2010/11, the junior farm minister said last week, lower than a previous trade estimate and below a likely threshold for exports. -Reuters
Sugar, coffee fall as $ rally LONDON: ICE sugar, coffee and cocoa futures fell on Tuesday as the dollar gained after an exchange of fire between North and South Korea and as the euro fell on fears Ireland's debt crisis might lead to problems elsewhere. ICE March raw sugar extended losses as the dollar gained and stood 0.55 cent or 2 per cent lower at 25.95 cents a lb at 1458 GMT. Liffe March white sugar fell $5.20 or 0.8 per cent to $668.50 per tonne in light volume of 1,993 lots. Outside markets were key drivers of soft commodity futures, dealers said. Sugar markets, meanwhile, are underpinned by tight export availability from top producer Brazil. ICE cocoa futures edged lower in light volumes with second-month March down $7 or 0.3 per cent at $2,832 per tonne in turnover of 3,068 lots. London March cocoa was up 3 pounds or 0.2 per cent to 1,872 pounds per tonne in low volume of 3,821 lots. "We've seen light hedging and light long liquidation," a London-based cocoa futures dealer said. ICE arabica coffee futures fell as the dollar rose across the board after tensions in the Korean peninsula prompted investors to trim risky assets. ICE March arabicas stood at $2.0390 per lb, down 3.25 cent or 1.6 per cent. Robusta coffee futures on Liffe were lower, weighed partly by an improving outlook for the harvest in Vietnam. Liffe second-month robusta coffee futures slipped $28 or 1.50 per cent to $1,820 per tonne. Rains falling in Vietnam's Central Highlands coffee belt in the past week are forecast to end early next week, a state-run newspaper said, enabling coffee cherries to ripen before the harvest starts in earnest in about 10 days. -Reuters
US cotton tracks China to lower close NEW YORK: US cotton futures ended lower on Monday, after falling by the daily 6-cent limit for a second straight session, as weak overnight prices in No. 1 consumer China fed through to the New York open and a firmer dollar added to the weaker tone, dealers said. The benchmark March cotton contract on ICE Futures US ended down 5.36 cents, or 4.4 per cent, at $1.1779 per lb but above an earlier 6-cent downside limit move to $1.1715 per lb. That daily trading limit will remain in place for business conducted on Tuesday, Nov. 23, according to the Ice Futures US website. Limits do not expand beyond 6 cents, the website said. The March cotton contract is down nearly 23 per cent from its alltime peak at $1.5195 per lb on Nov. 10. Volume was relatively strong at 30,806 lots by 1950 GMT, above Friday's final count of
25,293 lots but nearly 18 per cent below the 30-day average 37,440 lots, Thomson Reuters preliminary data showed. Cotton has been hit hard in recent days by mounting fears that China may take aggressive action to curb inflation running at 25-month high, raising interest rates or capping domestic prices with measures that could crimp commodity demand or drain liquidity from bubbling domestic markets. In China, the Zhengzhou Commodity Exchange's key May cotton contract was last traded Monday at 25,870 yuan per tonne, down 1,315 yuan on the day. Turning to the fundamentals, cotton arrivals into India during the 2010/11 season declined to 4.69 million bales as of Nov. 21, from 4.81 million bales during the same period a year ago as unseasonal rains dampened harvesting, state-run Cotton Corp of India said on its website on Monday. -Reutersa
Copper dips on dollar, eurozone debt worries LONDON: Copper fell near a one-week low on Tuesday, as worries about a debt crisis in Europe and conflict on the Korean peninsula boosted the dollar, deterring non-US investors. Benchmark copper on the London Metal Exchange was last bid at $8,140/$8,145 a tonne against Monday's $8,290. Earlier on Tuesday, the metal used in power and construction fell to $8,050 a tonne, its lowest since Nov. 17 and 10 per cent below its record high of $8,966 a tonne hit on Nov. 11. Global financial authorities agreed at the weekend to save debt-swamped Ireland, fanning concerns that debt problems could emerge elsewhere in Europe. Copper extended losses briefly in afternoon trade, however, after data showed sales of previously owned homes in the United States fell more than expected in October. Investors also fretted about the demand outlook in China, as the market expects the world's top consumer of base metals to tighten monetary policy further, locking up cash. Data this week showed that copper imports in China fell by almost a third in October, but analysts said the monthly fall was driven by supply rather than by demand. But analysts maintained confidence in Chinese demand. Signs have emerged of a tightening copper market next month as LME inventories
have dropped steadily since the start of the year, with metal for delivery on Dec. 15 trading at
Shanghai copper weakens Copper prices fell more than two per cent in London and 3 per cent Shanghai, weighed down by a rally in the dollar on reports that North Korea had fired artillery shells at a South Korean island. Three-month copper on the London Metal Exchange fell $194 to $8,096 a tonne by 0800 GMT, extending the previous session's 1.4 per cent loss. Shanghai copper fell 3 per cent to 61,430 yuan. "pretty brutal" premiums over those for one week later, a trader said. Across other metals, aluminium closed at $2,255 a tonne from $2,288 a tonne, while stainless steel material nickel closed at $21,600 flat from Monday's close, which was also $21,600. Zinc, used in galvanising, closed at $2,085 a tonne from $2,138, while lead, used in the battery sector, fell to as low as $2,164 from $2,250, as funds responded to a worsening chart picture. It later closed at $2,186.5 a tonne. Tin fell to as low as $23,815 a tonne, approaching near twomonth lows. It closed at $23,900 from $24,300 late on Monday. Inventories reached their highest levels since early September, LME data showed, as industry winds down towards the end of the year. Reuters
LONDON METAL EXCHANGE (PLASTIC) LME Official Prices, US$ per tonne for November 22 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 November 22 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
2235 2245 2205 2215 2150 2160 2150 2160
2265 2265.5 2288 2290 2348 2353 2403 2408
8405 2225.5 8405.5 2226.5 8375 2252 8376 2255 8165 2225 8175 2230 7805 2187 7815 2192
21610 21615 21720 21725 21460 21560 20875 20975
TIN
ZINC NASAAC
25150 2132 25200 2133 25000 2150 25100 2150.5 24600 2193 24650 2198 2168 2173
2210 2211 2235 2245 2250 2260 2305 2315
ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 22:00 PST. SOYOIL: EU degummed euro tonne fob exmill Feb11/Apr11 872.00-17.00, May11/Jul11 874.00-19.00. RAPEOIL: Dutch/EU euro tonne fob exmill Feb11/Apr11 890.00-10.00, May11/Jul11 900.00-10.00, Aug11/Oct11 890.00+0.00, Nov11/Jan12 900.00. SUNOIL: EU dlrs tonne extank six ports option Feb11/Mar11 1425.00, Apr11/Jun11 1375.00-5.00, Jul11/Sep11 1415.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam Nov11/Dec11 1260.00-20.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Dec10 1090.00-15.00, Jan11/Mar11 1077.50-17.50, Apr11/Jun11 1062.50-12.50. PALMOIL: RBD dlrs tonne cif Rotterdam Jan11/Mar11 1100.00. PALMOIL: RBD dlrs tonne fob Malaysia Jan11/Mar11 1055.00-10.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jan11/Mar11 1065.00-10.00, Apr11/Jun11 1040.00-15.00, Jul11/Sep11 1030.00-20.00. PALM STEARIN: Dlrs tonne fob Malaysia Dec10 1065.0010.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia Dec10 985.00+5.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Dec10/Jan11 1465.00-25.00, Jan11/Feb11 1465.00-25.00, Feb11/Mar11 1460.00, Mar11/Apr11 1460.00, Apr11/May11 1460.00. PALMKERNEL OIL: Mal/Indon dlrs tonne cif Rotterdam Nov10/Dec10 1660.00-10.00, Dec10/Jan11 1630.00-20.00, Jan11/Feb11 1605.00-35.00, Feb11/Mar11 1605.00-35.00, Mar11/Apr11 1605.00, Apr11/May11 1605.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Nov10/Dec10 1925.00+0.00. Reuters
BD tea edges up at wkly sale DHAKA: The average price of Bangladeshi teas edged up to 199.55 taka ($2.84) per kg at the weekly auction on Tuesday, brokers said. Nearly 1.79 million kg were sold at the sale, leaving 4.8 per cent of the offer to be carried back. Bangladeshi buyers including exporters, mainly to the Commonwealth of Independent States and Pakistan, participated in the auction, held in the main port city Chittagong. "A strong demand prevailed in the sale that took place after a fortnightly break due to Eid al-Adha holidays," said an executive of the National Brokers Limited, the largest tea broking firm in the country. The previous sale was held on Nov. 9. Different grades were sold between 170 taka and 237 taka per kg in the auction. The next auction will be held on Tuesday, Nov. 30, with some 1.88 million kg on offer. Reuters
Crude oil falls as dollar rises on Korea, euro crisis Book-squaring before US Thanksgiving accelerates decline LONDON: Oil fell below $81 on Tuesday as the dollar gained after an exchange of artillery fire between North and South Korea and as the euro fell on fears Ireland's debt crisis might lead to problems elsewhere in Europe. US crude for January fell $1.46 to a low of $80.28 per barrel but then recovered some ground and by 1411 GMT was trading around $81, after losing 71 cents on Monday. ICE Brent was down $1 at $82.96 a barrel. The euro came under further pressure as political uncertainty in Ireland and worries about other heavily indebted members of the 16-nation euro-zone snuffed out optimism over a bailout plan for Dublin. Analysts said the Korean shelling and Irish meltdown had come at a time when risk aversion could be expected to rise anyway ahead of the Thanksgiving weekend in the
United States. "We are in front of a very long weekend," Olivier Jakob at Petromatrix said. "Long weekends usually lead to short-covering, but the recent political uncertainties in Ireland and the military escalation between North and South Korea would plead for reduction of risk in
front of the holidays." "Given that the main area of growth is out of emerging Asia, the escalation of tensions between North and South Korea is not a positive development for oil markets," Jakob added. Christopher Barret, global oil analyst at French bank Credit Agricole, said the flight to safety in financial markets could be hastened by end-year accounting by some funds.
"A lot of funds are clearing positions for reporting purposes at this time of the year anyway and this will encourage them to reduce exposure even more quickly," Barret said. Expectations of a drawdown in US crude stocks, reflecting demand in the world's top energy consumer, could support prices. Industry data from the United States due at 2130 GMT is expected to show a third week of decline for crude inventories following a surprise heavy drawdown in the previous week, a Reuters poll showed on Monday. The market is also keeping an eye on the political situation in Saudi Arabia as the country's ageing King Abdullah arrived in the United States for medical treatment on Monday, while a frail Crown Prince Sultan hurriedly returned from abroad to govern the world's largest oil exporter. -Reuters
Palm at 3-wk lows on Korea tensions, China KUALA LUMPUR: Malaysian palm oil futures hit three-week lows on Tuesday, tailing losses in global commodity markets, as dollar surged after two Koreas exchange fire in a disputed maritime border. Commodity markets were already under pressure from the firming greenback on anxiety about euro-zone debt, but the attack, lifted the dollar by half a per cent and US 10-year Treasury futures up 20/32. The benchmark Feb. 2011 crude palm oil contract on Bursa Malaysia Derivatives lost 2.2 per cent to settle at 3,115 ringgit ($1,005) a tonne, after going as low as 3,103 ringgit --
a level unseen since Nov. 3. Overall traded volume almost tripled to 26,496 lots of 25 tonnes each. "What happened in Korea has dragged many Asian equity markets down, eventually pulling Malaysia's palm oil prices lower," said a trader with foreign brokerage in Kuala Lumpur. Malaysia palm oil market is weighed further on China's pledge to step up controls on money supply and credit last week. A Reuters technical analysis showed Malaysian palm oil is likely to fall towards 3,079 ringgit per tonne. The most active Sept. 2011 soyoil contract on China's Dalian Commodity Exchange dropped 1.8 per cent
in Asian hours, as concerns over Beijing's inflation-cooling measures continued to shadow. "Firmer US dollar and conflict in Koreas do little to impact China's soyoil market. Chinese government's plan to cap food inflation still the major reason that drove market downward," said Zhan Zhi Hong, an oil analyst with China Merchant Futures in Shenzhen, after China's financial market closed for the day. China's central bank said on Friday it will raise banks' reserve requirements for the second time in fortnight, stepping up its battle to rein in prices before inflation has a chance to take off. -Reuters
Gold nears 2-wk high on safe-haven buying LONDON: Gold neared twoweek highs on Tuesday as an artillery clash between North and South Korea and Europe's debt crisis prompted safe haven buying and eroded the metal's traditional inverse link with the US dollar. The US currency reaped the benefit from the euro's decline, rising by over 1 per cent against a basket of major currencies, while gold rose by as much as 1 per cent earlier in the day to a session high of $1,379.95, before retreating to show a 0.7 per cent gain on the day at $1,375.00. US gold futures rose some 1 per cent to $1,372.7. Gold's negative correlation to the dollar softened for the
first time since last Thursday, echoing the events of May this year, when Greece asked for financial aid and bullion's relation to gold turned strongly positive as investors shed their holdings of euros. Gold priced in euros was at 1,025.89 euros an ounce, up
over 2 per cent on the day, having broken through the 1,000euro mark on Monday for the first time in a week. Traders in London also cited strong buying of gold futures related to the expiry of COMEX December options on
Tuesday. Speculators in New York have cut their exposure to gold futures by 4 million ounces in the last month and holdings of gold in the world's largest bullion-backed exchange-traded fund, the SPDR Gold Trust, have fallen by 1.5 per cent. Spot silver fell by 1.5 per cent to $27.45 an ounce, as the precious metals c o m p l e x remained under pressure, although holdings of metal in the iShares Silver Trust, the world's largest physically-backed exchangetraded fund, hit a record high. Platinum fell by 1 per cent to $1,643.74 an ounce, while palladium was down by 2 per cent at $677.22. -Reuters
National Commodity Exchange Ltd Trading Summary Date
23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010 23-Nov-2010
Commodity
Contract Date
CRUDE100 JA11 CRUDE100 FE11 CRUDE100 MA11 SILVER - SL500 DE10 SILVER - SL500 JA11 GOLD 01oz DE10 GOLD 01oz JA11 GOLD 01oz FE11 GOLD 100oz DE10 GOLD 100oz JA11 GOLD 100oz FE11 GOLD DE10 GOLD JA11 GOLD FE11 Kilo GOLD DE10 Kilo GOLD JA11 Tola Gold50 DE10 Tola Gold100 DE10 Mini Gold 1-Aug Mini Gold 2-Aug Mini Gold 3-Aug Mini Gold 4-Aug Mini Gold 5-Aug TolaGold MON TolaGold TUE TolaGold WED TolaGold THU TolaGold FRI TT Gold 3-Sep IRRI6W 25NO10 Rice IRRI - 6 DE10 RBD Palm Olein DE10 KIBOR3M 10-Dec KIBOR3M 11-Mar
Price Quotation
Open
High
Low
Close
US$ 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 Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
82.02 82.54 83.57 27.28 27.41 1355.50 1355.00 1357.00 1352.00 1356.40 1357.50 37115.00 37183.00 37289.00 37117.00 37246.00 43443.00 43443.00 38333.00 38282.00 38295.00 38307.00 38320.00 43995.00 43989.00 44004.00 44019.00 44034.00 44055.00 2402.00 3326.00 4596.00 86.74 86.16
82.18 82.78 83.57 27.80 27.41 1369.70 1370.20 1371.50 1367.00 1357.40 1357.50 37625.00 37600.00 37289.00 37332.00 37246.00 43443.00 43443.00 38333.00 38327.00 38295.00 38307.00 38320.00 44154.00 44041.00 44004.00 44019.00 44034.00 44055.00 2402.00 3326.00 4596.00 86.75 86.16
80.60 81.39 81.68 27.05 27.09 1349.30 1349.00 1350.00 1348.80 1356.40 1357.40 37050.00 37166.00 37256.00 37117.00 37202.00 43405.00 43405.00 38287.00 38282.00 38248.00 38261.00 38274.00 43850.00 43989.00 43950.00 43965.00 43980.00 43950.00 3277.00 3300.00 4535.00 86.74 86.03
80.56 81.16 81.68 27.06 27.09 1356.40 1357.40 1358.40 1356.40 1357.40 1357.40 37230.00 37241.00 37256.00 37202.00 37202.00 43405.00 43405.00 38287.00 38327.00 38248.00 38261.00 38274.00 43995.00 44041.00 43950.00 43965.00 43980.00 43950.00 3277.00 3300.00 4535.00 86.75 86.03
Traded Volume in lots 178 39 232 418 2,711 1,320 43 28 18 5 10 1 -
Previous Settlement Price 81.44 82.01 82.51 27.62 27.64 1361.80 1362.80 1363.90 1361.80 1362.80 1363.90 37427.00 37438.00 37454.00 37400.00 37411.00 43635.00 43635.00 38487.00 38526.00 38448.00 34861.00 38474.00 44228.00 44273.00 44183.00 44198.00 44213.00 44183.00 3303.00 3326.00 4596.00 86.74 86.03
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 80.56 101 81.16 14 81.68 27.06 41 27.09 2 1356.40 197 1357.40 1,707 1358.40 1,136 1356.40 2 1357.40 1358.40 37230.00 12 37241.00 21 37256.00 37202.00 1 37213.00 43405.00 43405.00 38287.00 38327.00 38248.00 38261.00 38274.00 43995.00 10 44041.00 43950.00 43965.00 43980.00 43950.00 1 3277.00 3300.00 4535.00 86.75 86.03 -
Kazakhstan’s Yakovleva beats China’s Bai to score a try during their gold medal Rugby Sevens match at Asian Games
10
Wednesday, November 24, 2010
Marsh extends his assistance to Kamran
Akbar’s takes Pak to Asian hockey final Goalie revives hockey history after 20 years
Monitoring Desk KARACHI: Former Australia wicket-keeper Rodney Marsh has offered to help Kamran Akmal with his problems behind the stumps and reminded the out-of-favour Pakistani that consistency was the key to becoming a better glovesman. Akmal was omitted from the UAE-bound squad and has been subject to a lot of criticism for his poor wicket-keeping, especially in Test matches. "I have no idea about Pakistan selection and its not my decision but they might have some extremely talented wicket-keepers who don't get a chance," Marsh told a local daily. "I personally believe that Kamran is very good and an experienced one but I think there are things needed to be done for improvement." Kamran, who has been on ICC's radar after Pakistan's surprise defeat to Australia in the Sydney Test earlier this year, was dropped from the team during the England tour over poor performance, paving the way for Zulqarnain Haider's debut. An injury to Haider, however, earned Kamran a recall for the final Test. The selectors again chose Haider for the UAE series and after his abandoning the team, Adnan Akmal, Kamran's younger brother, was instead sent as a replacement. Marsh backed Pakistan's regular wicket-keeper and said that consistency was his only problem. "I don't see any problem with the way he keeps but consistency is the issue. To be a great wicketkeeper, you must be consistent."
India eyes 2012 MotoGP crown NEW DELHI: The promoters of India's inaugural Formula One Grand Prix in 2011 are in talks with MotoGP bosses to bring the world motorcycling championship to the country, a company spokesman said on Tuesday. "We are negotiating with Dorna Sports (MotoGP commercial rightholders) to bring MotoGP to India but it's quite an early stage and we have not reached a deal yet," a Jaypee Sports International spokesman told Reuters. The 5.14 km track being built at Greater Noida, some 35km from Delhi, will host the 18th leg of next year's Formula One championship on Oct. 30, subject to final approval, and the race promoters are looking at other options to make the track financially viable. "We have been talking to Dorna as we have been talking to others to explore various other opportunities. Yes, MotoGP might come to India but it's definitely not before 2012," the spokesman said. Indian automaker Mahindra Group is enthused by the development and will launch a team in the 125cc category, the Times of India newspaper reported on Tuesday.-Reuters
GUANGZHOU: Goalkeeper Salman Akbar of saves last goal against South Korea in their field hockey semi-final match at the 16th Asian Games.-Reuters
Miandad urges foreign teams to tour Pak GUANGZHOU: Former Pakistan great Javed Miandad has pleaded with foreign teams to tour the troubled Asian nation, saying cricket there is suffering because of the absence of top-level competition. Pakistan have been forced to play home series overseas because of security fears in the country, where thousands have been killed in suicide attacks and bombings blamed on homegrown Taliban and other Islamist extremist networks. No foreign side has toured Pakistan since an attack by
armed militants on the Sri Lankan team bus in Lahore last year, which left eight people dead and injured seven visiting players and their assistant coach. Even before that incident, foreign teams had been refusing to tour Pakistan due to security concerns. But Miandad, director general of the Pakistan Cricket Board, said that the whole world faced the scourge of terrorism and "nobody can say which place is safe," arguing that if one team came to Pakistan it might get the ball rolling again.-APP
KARACHI: Group Photo of Dow University & Bahria College Girls Throwball Teams along with Maqbool Ahmed Secretary Pakistan Throwball Federation, Eijaz-ul-Haq, Qudaisa Raja, M Arshad, Muhammad Ali at the opening ceremony of Culligan throwball Girls Championship 2010.-Staff Photo
Chelsea coach quashes quit rumours LONDON: Chelsea coach Carlo Ancelotti moved to quash rumours about his future on Monday, saying he had no intention of quitting the club despite coming under pressure following his team's dip in form. British media widely reported that the 51-year-old Italian was on the verge of leaving the Premier League champions but Ancelotti emphatically denied having any such intention as he spoke at a media conference before Chelsea's Champions League match against Zilina on Tuesday. "These rumours are totally untrue," he said. "I don't know why these rumours came out today in the papers. "I have a contract here until 2012, I would like to stay here, I love this club and these players, I have a lot of confidence in the squad. "Obviously I am under pressure because at a team like Chelsea we want to win every game, but I am focused on (getting) my team to play better than we are doing at this moment."-Reuters
Cash prizes for women cricketers ISLAMABAD: President Asif Ali Zardari on Tuesday announced award of Rs0.5 million each to the players and Rs0.2 million each to the coaches of the national cricket team of women which won gold medal in the 16th Asian Games in Guangzhou, China. He made this announcement at a reception hosted for the players at the Presidency to felicitate them on their victory. The reception was also attended by coaches, managers, officials of Pakistan Cricket Board (PCB) and the newly appointed Chairperson Women Wing PCB Bushra Aitzaz. Mir Aijaz Hussain Jakhrani,
Federal Minister for Sports, Qamar Zaman Kaira, Federal Minister for Information & Broadcasting, Dr Firdous Ashiq Awan, Federal Minister for Population Welfare, Asma Arbab Alamgir, Shehnaz Wazir Ali, Fouzia Wahab, Fouzia Habib and Chairman of Zari Taraqiati Bank Ltd TBL Zaka Ashraf were also present on the occasion. The President hoped that the precedent set by the national women's cricket team during 16th Asian Games would provide impetus to other potential women athletes to bag more victories thus bringing laurels to the country.
`Ours is a talented nation', the President remarked, `with potential to rise in every field. The important factor is how the talent is groomed and guided to maximize its true potential', he said. The President while interacting with the team members, congratulated them for their historic victory and hoped that they would continue to make their mark in the field and win more laurels for themselves and the country. He said that the whole nation was proud of the young athletes not only for their victory but also for introducing Pakistani women as a symbol of talent and great potential.-APP
GUANGZHOU: Pakistan goalkeeper Salman Akbar saved the last shot of a penalty shoot-out against South Korea to steer his team into the Asian Games men's hockey final on Tuesday. Both teams were locked 1-1 in 70 minutes of regulation time and failed to break the impasse after 15 minutes of extra-time in an absorbing semi-final at the Aoti Hockey Centre. Waqas Muhammad put Pakistan ahead in the 22nd minute, before Kang MoonKyu drew level four minutes into the second session. When the first five penalty shots produced a 3-3 deadlock, the sudden death rule was applied, which produced even more drama. Sohail Abbas and Jang Jonghyun saw their shots saved, but Haseem Khan scored off the next to put Pakistan 4-3 ahead. Jang Jong-ho stepped in for the next shot amid mounting tension and his feeble push was easily saved by Akbar to carry Pakistan into their first Asiad final since 1990. "I have never played such a nerve-wrecking game in my life," said Akbar, a veteran of 300 internationals. "When the penalties began, my only thought was of my parents back home and I think it is their prayers which helped me and Pakistan win. "This win will certainly boost our morale for the final."
Pakistan await the winner of Tuesday's second semi-final between India and Malaysia in Thursday's gold medal match. Pakistan, who won the last of their seven Asian Games gold medals in Beijing in 1990, have not bagged a major title since the World Cup triumph in Sydney in 1994. Zeeshan Ashraf's men are desperate to make amends in Guangzhou after finishing an embarrassing last at the World Cup and lowly sixth at the Commonwealth Games this year. The Koreans had the only penalty corner in the first half, which was wasted, and a swift Pakistani counter-attack saw Waqas pounce on a pass from the left and sound the boards from the top of the circle. Veteran Abbas, the world's leading scorer with 312 goals, missed three successive penalty corners early in the second half. Pakistan were reduced to 10 men when Muhammad Imran was sent off with a yellow card, and the Koreans seized the advantage when Kang pushed the ball in past Akbar to make it 1-1. South Korea had a chance to seal victory when they earned a penalty corner in extra-time, but Jang's stinging shot was saved by defender Muhammad Rashid. The Koreans, whose hopes of bagging a hat-trick of titles ended, will return on Thursday to fight for the bronze medal.Agencies
Last year Ashes defeat ‘burning’ Aussie team BRISBANE: The loss of the Ashes in last year's series is burning inside the Australian players and is motivating them to win the urn back against England, batsman Marcus North said on Tuesday. North said his team-mates were spurred on by the emotions experienced at The Oval in August last year as the England players were presented with the Ashes urn following their 2-1 series victory. The West Australian number
six batsman said it was all about controlling the angst at losing the trophy and channeling it into winning this year's series, getting under way at Gabba ground on Thursday. "I certainly felt numb and a little bit in disbelief and I think that was a reflection of the series, how tight it was," North recalled. "I remember a lot of us talked about that night and the days after that. There's going to be a burning desire in a lot us
for the next couple of years. "It would've been disappointing having that experience in 2009 and not being able to have some sort of impact on winning the Ashes back. "It's certainly been burning inside all of us. It's now about controlling that and using it well." North, like fellow West Australian Michael Hussey, heads into the first Test under pressure to justify his place in the team.-APP
Proteas lead by 323 runs n Amla hits 1,000 test runs this year ABU DHABI: South Africa lost momentum after a brisk start to their second innings but will take a lead of 323 runs over Pakistan into the final day of the second and final test at the Sheikh Zayed Stadium. Hashim Amla, who became the third batsman after India's Sachin Tendulkar and Virender Sehwag to score a thousand test runs a calendar year, hit a run-aball 62 as South Africa reached
173 for four at the close on Tuesday. Amla's departure in the sixth over after tea resulted in a loss of momentum with slow left-armer Abdur Rehman and off-spinner Mohammad Hafeez applying the brakes with economical spells. Pakistan's tailenders had earlier frustrated South Africa who had dismissed Misbah-ul-Haq (77) with the first ball of the day,
trapped lbw trying to drive a Dale Steyn in-swinger. Rehman made his highest test score of 60 as Pakistan surpassed the follow-on mark of 385 before being bowled out for 434. Rehman put on 59 with Tanvir Ahmed (30), who hit some swashbucking drives, in an entertaining and crucial ninthwicket stand. The first test in Dubai was drawn.-Reuters
ABU DHABI: Ashwell Prince plays a shot as Adnan Akmal and Younis Khan look on in their second innings on the fourth day of the second Test match between South Africa and Pakistan.-Reuters
Euro zone recovery accelerates this month
US third-quarter growth revised up on spending WASHINGTON: The US economy grew faster than previously estimated in the third quarter, but still not enough to reduce stubbornly high unemployment and lift very low inflation. Gross domestic product growth was revised up to an annual rate of 2.5 per cent from 2.0 per cent as spending and exports were stronger than initially thought, the Commerce Department said in its second estimate on Tuesday. Gross domestic product growth was revised up to an annual rate of 2.5 per cent from 2.0 per cent as spending and exports were stronger than initially thought, the Commerce Department said in its second estimate on Tuesday. Optimism over the acceleration in growth, which was touch above economists' forecasts for a 2.4 per cent pace, was dampened somewhat by news of a bigger-than-expected drop in sales of previously owned homes in October. "It's a step in the right direction, but it's not strong enough to make a dent in the unemployment rate," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "It supports the Fed's decision to resume quantitative easing." Concerns about the slow growth pace and low inflation spurred the Federal Reserve early this month to ease monetary policy further through controversial purchases of $600 billion worth of government bonds, also known as
quantitative easing, to drive ultra low interest rates even lower. There are signs economic activity picked up mildly as the fourth quarter started, but growth will likely remain below the 3.5 per cent rate that economists say is needed to appreciably reduce a 9.6 per cent unemployment rate. GDP growth, which measures total goods and services output within US borders, increased at a 1.7 per cent rate in the second quarter. US financial markets were little moved by the data as investors kept a wary eye on the rising tensions on the Korean peninsula. Stocks on Wall Street fell, with all three indices down more than 1.0 per cent in morning trade. Prices for US Treasury debt were higher, while the dollar rose against the euro. Sales of existing US homes fell 2.2 per cent to a seasonally adjusted 4.43 million unit rate in October, worse than economists' expectations for a 1.0 per cent drop. Housing remains one of the weak spots in the economy as it recovers from the worst recession since the 1930s. The Fed is expected to cut growth forecasts for this year through 2012 when it releases minutes of its Nov. 2-3 meeting later on Tuesday. The government revised third-quarter growth to reflect sturdy consumer, government and business spending. Consumer spending, which accounts for more than two-
thirds of US economic activity, grew at a 2.8 per cent rate in the July-September period instead of 2.6 per cent. It was still the fastest pace since the fourth quarter of 2006 and was an acceleration from the second quarter's 2.2 per cent pace. Government spending increased at a 4.0 per cent rate rather than 3.4 per cent, due to an upward revision in state and local expenditures. "The rise in consumption suggests that household spending may be starting to gain some traction," said Paul Dales, a US economist at Capital Economics in Toronto. Business investment was a touch higher than initially estimated, lifted by much stronger spending on equipment and software, though investment in structures was weak. Business spending increased at a 10.3 per cent rate instead of 9.7 per cent. That was still a step down from the second quarter's brisk 17.2 per cent rate. Spending on software and equipment grew at a 16.8 per cent rate instead of 12.0 per cent. The contribution from business inventories was surprisingly smaller than initially estimated, the report showed. Business inventories increased $111.5 billion, instead of $115.5 billion in last month's estimate, adding 1.3 per centage points to third-quarter GDP. Excluding inventories, the economy expanded at a 1.2 per cent pace rather than 0.6 per cent.-Reuters
LONDON: Economic recovery in a divergent euro zone accelerated this month as a strong resurgence in private sector growth in Germany and France offset persistent stagnation in periphery members, surveys showed on Tuesday. Markit's Eurozone Flash Services Purchasing Managers' Index, made up of surveys of around 2,000 businesses ranging from banks to hotels, bounced to 55.2 in November from a final reading of 53.3 in October. The index comfortably exceeded consensus expectations in a Reuters poll, which were for it to fall to 53.1. The services PMI has now been above the 50.0 mark that divides growth from contraction since August 2009. "They surprised to the upside largely due to the strength of the core of the euro area, in particular Germany," said Ken Wattret at BNP Paribas. "Although we inevitably focus on the euro zone as a whole, I think we are seeing a persistent divergence between the core countries and those on the periphery, and that is here to stay." The European Union and International Monetary Fund agreed on Sunday to help bail out Ireland with loans to tackle its banking and budget crisis in a bid to protect Europe's financial stability. It will be the second euro zone bailout in six months, after Greece accepted help in May and there are concerns that this may not be the last rescue package in the region.Reuters
CONTINUATION to take benefit from the technology improved during the last 20 Continued from page 12 No #1 fighter to the area.YTN showed pictures of plumes of smoke years, and for the purpose the government is introducing automapouring from the island and quoted a witness as saying fires were tion system. He said those who are afraid of automation were creating burning out of control. -Reuters wrong conception about RGST. He said when the PPP-led Continued from page 12 No #2 government came into power there was economic recession in army for doing the operation. The government should be realis- the world and the country was also passing through economtic towards these military operations and accept that it will not ic crunch, adding that rupee was devaluing, inflation was prove positive for the country. increasing. JUI leader said that it is the prime responsibility of the government He said that the government had an agreement with the to provide peace and security to the people. Maulana further told the International Monetary Fund to implement the reformed General media that he is very disappointed with the remarks of Ansar Burney Sales Tax (GST). He clarified that IMF was a lending institution regarding imposing a ban on his entry to Britain as he always con- that provides bail out packages to the countries facing balance of sidered him a friend although he cannot do much about the British payment crisis. The Minister said the impression that IMF is diclaws but can talk to his own government if he pleases. tating the government is not right, adding that as per its rules, the It is relevant to mention here that former federal minister and IMF has to consider how a country asking for a loan could repay chairman Ansar Burney Trust Ansar Burney has requested the UK and for this purpose it proposes measures for mobilizing the Government 'not to allow' entry into the country of Pakistani internal resources. Earlier, a consensus was reached as expected politician Maulana Fazlur Rehman due to his nefarious and on the reformed general sales tax (RGST) at a meeting of the extremist political background and known links with the Taliban. Senate's standing committee on finance.The legislation process The head of the UK based law firm 'Burney Legal Solicitors', on RGST will commence on November 27, said Finance Ansar Burney, sent legal representations to the British Home Secretary Salman Siddique, while addressing the Senate commitSecretary Theresa May demanding the curtailment of any permis- tee.Pakistan Muslim League-Nawaz (PML-N) Senator Ishaq Dar sion granted to Maulana Rehman to enter the UK and requested criticised the decision to impose the tax, saying that businessmen that the extremist politician be banned from ever entering the and traders were not consulted on the issue even six months after country. -Agencies the proposal was presented. Continued from page 12 Pakistan Peoples Party's (PPP) Safdar Abbasi said the RGST No #3 bill stands to weaken provincial autonomy.The chairman of the However, the rescue operation is in progress while the DPO committee, Muttahida Qaumi Movement (MQM) senator Safdar declared emergency in hospitals to cope with the situation. Ahmad Ali, did not show up in the meeting.Addressing the senOnline ate's standing committee on finance, Finance Minister Dr Abdul Continued from page 12 No #4 Hafeez Shaikh said that the economy would not be affected siggovernment had appointed their members on important posts, nificantly if the International Monetary Fund (IMF) did not on its personal likes.He said that government should respect man- release the sixth financial tranche.He said, however, that state date of other parties as it likes discipline in its own party. He fur- institutions would be affected by such a decision by the IMF. ther said that if the government thinks that our team was good then it should admit it openly. -Online Continued from page 1 No #8 departments of Interior Ministry have been categorically asked Continued from page 12 No #5 to curb corruption in their respective departments."The governWarraich on this post and directed to federal minister to use all ment will not allow corruption in any form and there will be zero capacity to make it more popular, active and effective in province. tolerance in this regard," Malik said. He assured that action would It is patently mention here that Imtiaz Safdar played key role in be taken against those elements only, who were found involved in the success of PPP candidate in by-election and defeated the PML corrupt practices not against law-abiding officials. -Agencies (N) candidate. -APP
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Talking to media men after the meeting, Senator Raza Rabbani said option for introducing 19th amendment was there to change the procedure for induction of judges. Under article 267-A of the constitution, the difficulties if faced in any constitutional issue can be removed by presenting a resolution in the joint sitting of both the houses of parliament, he pointed out. The SC recommendations would be included for changing the procedure for appointment of judges and no member of committee had raised any objection on this count.He hoped the committee would soon complete its work in this respect and present its report to parliament. 19th amendment could be tabled if need be, he added.The other options were also being considered. The work Continued from page 1 No #7 in connection with change in the procedure for appointment of basic use, adding in fact the government seeks a reduction in judges would be finalized with consensus. "We hope no dissident the GST rate to 15 per cent from 17 per cent, doing away with note would come from any member of the committee in this multiple rates. "We want to simplify the things. We want stabili- regard", he added. -Agencies ty in rates so that no body, FBR or any body else could increase Continued from page 1 No #10 or decrease these taxes." He said under the RGST the retailers limit has been increased Cowen to name a date for the country to go to the polls, saying from five million rupees to 7.5 million rupees with an aim to pro- the Irish people needed "political certainty." vide concessions to the low income people. Hafeez Shaikh said In a sign of the anger about the bailout a hundred protesters there were some serious discrepancies in the taxation of the coun- forced their way through the gates of the parliament building try and the government intends to do away with these discrepan- before being pushed back by police.Cowen's party faces a bycies with implementation of RGST. He said that a wrong concep- election on Thursday in the northern constituency of Donegal tion was being projected and professed amongst the masses as if South-West which it is likely to lose.Ireland's request for aid was the government was implementing some new taxes whereas the approved by EU officials who were desperate to quell fears that case was the other way round and the government just wanted to other heavily-indebted euro economies such as Portugal could be reform the taxes already present. He said the government wants sucked into the crisis. -Agencies committed in the past. He said that taxes have to be imposed if facilities are to be provided to people. He said that the country was facing financial crunch since 2007 as rupee value started falling, foreign loans got increased and forex reserves fell instantly. There was no way, instead getting loan from IMF, he added. He said that IMF was not dictating the country but some method has to be chalked out to return the loans.He said that no new tax was being imposed, and politicians should avoid point scoring and the matter should be discussed in a positive manner. He said that no one wanted to pay taxes but time has come to get taxes from the affluent class.
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International & Continuation
Wednesday, November 24, 2010
Canada inflation at 2-yr high, stirs rate talk OTTAWA: Canada's annual inflation rate unexpectedly jumped to a two-year high of 2.4 per cent in October, but analysts differed on whether the data would prompt the Bank of Canada to raise interest rates sooner than expected. The October figure, released by Statistics Canada on Tuesday, was higher than the 2.2 per cent forecast by market operators. Higher prices for gasoline and energy explained much of the year-on-year increase. The closely watched core rate, which strips out volatile items and the effects of tax changes, rose to 1.8 per cent from 1.5 per cent in
September. The Bank of Canada kept interest rates on hold last month after three consecutive hikes and said it would think carefully about raising them again. It also predicted both measures of inflation would rise to its 2.0 per cent target by the end of 2012. Benjamin Reitzes, an economist at BMO Capital Markets, said October's overall figure was much higher than expected. "(There was) strength across the board here. If that continues, that would put some doubt on the fact that the Bank (of Canada) would be able to stay
on hold for as long as people are currently expecting," he said. Before Tuesday's data were released, a Reuters survey had showed virtually all market operators expected the Bank to keep rates steady next month. Craig Alexander, chief economist at Toronto-Dominion Bank, said he doubted whether the central bank would move soon. "There is still an awful lot of uncertainty related to the economic outlook as we're looking at unsettled financial markets related to what's going on in Ireland and continued concerns about the US economy," he said.-Reuters
German growth eases in Q3 but outlook upbeat BERLIN: Germany's growth rate slowed in the third quarter as a construction boom ran out of steam, but the outlook stayed upbeat as a more balanced recovery took hold and a survey showed business activity accelerated in November. Quarterly gross domestic product growth in Europe's largest economy eased to 0.7 per cent from 2.3 per cent in the second quarter, seasonally adjusted figures from the Federal Statistics Office on Tuesday, confirming prelimi-
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nary data. But a detailed breakdown pointed to an increasingly balanced recovery, with export expansion easing and foreign trade playing a smaller role in an overall positive growth picture that stands in increasingly stark contrast to the economic gloom enveloping many other parts of the euro zone. A separate report surveying purchasing managers suggested the economy perform better than expected going into 2011, as growth in the services sector helped add jobs and reduce
unemployment. The GDP data showed that spending on the seasonally volatile construction sector contributed nothing to growth, having added 0.7 points in the second quarter. The new growth mix was welcomed by economists and ministers. "Germany will remain the growth engine of the euro zone in 2011 -- we're expecting a self-sustaining upturn that will be increasingly supported by domestic demand," said Ulrike Kastens from Sal. Oppenheim.-Reuters
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flood affectees and to fund the rehabilitation and reconstruction work, extra budgetary revenue measures are required. They said that introduction of the Flood Relief Surcharge and increase in Special Excise Duty on imports as well as on domestic produce or manufactures under the Federal Excise Act, 2005 is estimated to generate additional revenues to the extent of Rs42 billion for the remainder of financial year 2010-11.Giving details of the proposed measures and estimated revenue collection, they informed that a surcharge called, "Flood Relief Surcharge" may be payable by every taxpayer at the rate of 10 per cent of the income tax payable. This surcharge, they added may be applicable with pro-rata till the period ending on June 30, 2011. "This is estimated to yield about Rs31 billion for the remaining period of the current financial year.
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governance will be considered on a priority basis. He also appreciated the support of PML-N in strengthening the democratic institutions. PML-N member Ishaq Dar has confirmed the reply letter of the president and said this is a positive gesture and he hopes that the President considers the suggestion given by Nawaz Sharif seriously and implements them as well. -Online
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scam, while the parliament remained paralysed over demands by the opposition for a full probe. Banks, which have been the second-best sector performer for 2010 after healthcare, declined as investors booked profits. The banking sector index shed 1.3 per cent, but is up 38.4 per cent yearto-date. Top lender State Bank of India fell 2.8 per cent, while rival ICICI Bank lost nearly 2 per cent. Reliance Industries, which has the highest weighting on the Sensex , shed 1.7 per cent, taking its losses so far this year to 8.7 per cent. The negative sentiment also weighed on Oil and Natural Gas Corp, which fell 2 per cent shrugging off an Economic Times report the government had approved a two-for-one stocks split proposal by the state-run explorer. The 50-share NSE index shed 1.25 per cent to 5,934,75. Elsewhere in the region, China's Shanghai Composite Index and Hong Kong's Hang Seng dropped 1.9 per cent and 2.7 per cent respectively, while the Korea Composite Stock Price Index (KOSPI) lost 0.8 per cent.-Reuters
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Swire Pacific Ltd were much more expensive than their peers. Sun Hung Kai trades at 15.4 times forward 12-month price-to-earnings compared with the average 11.1 times for the sector, according to Thomson Reuters Starmine data. Swire Pacific is trading at 15.8 times and Hang Lung at 21.4 times.Sun Hung Kai dropped 3.3 per cent, while Hang Lung fell 3.2 per cent and Swire shed 2 per cent. China's key stock index fell 1.9 per cent to a six-week closing low, weighed down by metals firms and miners The Shanghai Composite Index closed at 2,828.3 points, trading well below its 250-day moving average, now at 2,886 points. It fell by more than 3 per cent at one point in early afternoon trade. Recent falls may be overdone, with the 14-day Relative Strength Index (RSI) trading at 39, near oversold territory.Retail investors, who account for more than two-thirds of turnover, piled into the stock market in October, sending volume to multi-year highs. They are now taking profits after the market started to slump in the wake of monetary tightening.-Reuters
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existing home sales fell more than forecast in October after two months of gains. Paul Ballew, chief economist at Nationwide in Columbus, Ohio, said that while there were some positives in the GDP report, it didn't change the market's expectations for where the economy is heading and was overshadowed by international events. On the upside, J Crew Group Inc surged 16.4 per cent to $43.83 after the retailer agreed to a $2.86 billion buyout by two private equity firms. Minutes of the Federal Reserve's November 3 Open Market Committee meeting that included its decision for more quantitative easing will be released at 2 pm EST.-Reuters
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North Korea fired dozens of artillery shells at a South Korean island on Tuesday, killing two soldiers and prompting a return of fire by the South. Meanwhile, Ireland's government was on a knife-edge on Tuesday with damaged Prime Minister Brian Cowen challenging the opposition to let an austerity budget pass and trigger an EU/IMF bailout before early elections.European partners and the International Monetary Fund agreed in principle on Sunday to rescue Ireland with an expected 80 billion (67.7 billion pounds) to 90 billion euros (76 billion pounds) in loans to tackle a banking and budget crisis. "Markets are trading 'risk off' today on a trifecta of different factors; Irish bailout fears and political uncertainty (and) Korean military tensions," said Michael Hewson, market analyst at CMC Markets. "This has made for a rather heady cocktail for investors to digest, and has caused significant risk aversion today, with banks and commodity stocks the primary movers to the downside." US blue chips were hit by the same worries, shedding 1.4 per cent by London's close, with news of a slight upward revision in US third-quarter GDP offset by weak October existing home sales.-Reuters
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registered an increase of 19.2 per cent to $274 million in October versus $230 million in identical period last year.In food group, rice export registered a jump of 30.6 per cent to $ 179 million against $137 million export of rice witnessed in October 2009. Whereas fish and fish-preparation-export surged 24.6 per cent and meat & meat-preparation rose 25.4 per cent over the same period last year.
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power generation demands more furnace oil. 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 up 80.8 per cent to $656 million against $363 million witnessed in September. Similarly, crude oil import hiked 67.4 per cent to $246 million versus $147 million in September.In food group, import registered a marginal increase of 1 per cent to $482 million in October 2010 against $478 million witnessed in last month. Highest import was seen in sugar which registered a surge of 29.7, spices import increased 16 per cent, and pulses import bill registered a hike of 14.3 per cent over the last month.
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Despite repeated warnings South fired first, says Pyongyang
Two Koreas swap shells, two killed
PARIS: US and NATO commander in Afghanistan General David Petraeus, addresses political science students, in Paris. -Reuters
‘Qaeda high-ups hiding in AfPak border areas’
Not talking peace with Taliban: US WASHINGTON: Special US representative to Afghanistan and Pakistan Richard Holbrooke Tuesday said that top leadership of al Qaeda terrorist network is in the AfPak border region. "Al Qaeda is in many places, but its leadership is in the border areas between Afghanistan and Pakistan," Holbrooke told the MSNBC news in an interview. During the course of his interview, the US diplomat ruled out any negotiations with Taliban. "There's no negotiation going on. There's nothing that comes close that word - There is no single enemy out there in the way that there was a Ho Chi Minh or Yasser Arafat or a Slobodan Milosevic to negotiate with," he argued. "It's a lot of different people. One
group al Qaeda, there's no negotiating with, the others the AfghanTaliban, the Pakistani-Taliban, other groups are split and they're in contact regularly with Karzai and his people," he said. "They'll continue to and I want to stress because everyone knows there's no simple military solution to this. That we support Afghan-led discussions of that sort, but don't use the word negotiations because there's nothing remotely resembling it going on," Holbrooke said. "If domestic and European opinion were to force a precipitous withdrawal, it would be an international triumph for the al Qaeda and Taliban which would deeply damage Americas' interest throughout the world," he said in response to a question. -Online
William, Kate to tie knot on April 29 next LONDON: Prince William and Kate Middleton will marry April 29 in Westminster Abbey, the historic London church where Princess Diana's funeral was held. Royal officials said Tuesday that the couple chose the venue for its beauty, intimacy and historic royal
connections, and the date because they wanted a spring wedding. It also the feast day of St. Catherine of Siena, whose name Middleton shares — though that is a coincidence. The government said the day, a Friday, would be a public holiday.
Prince William's private secretary, Jamie Lowther-Pinkerton, said the couple chose the 1,000-year-old abbey in central London because despite its size — it holds 2,200 people — it has a sense of intimacy. "Even at the altar, it seems like a parish church," he said.
It also has centuries of royal history. William's grandmother, Queen Elizabeth II, and her mother both married at the abbey, where British kings and queens are crowned and where 17 monarchs are buried. -Agencies
Project to help Pak social uplift: TTC
14 die as cesspit lid collapses in Buner BUNER: At least fourteen persons including 10 women and a child died while more than 40 sustained injuries in an area of Jorre, Buner when the cesspit lid collapsed, upon which they were sitting. As per details, an incident took place here on Tuesday morning, when the people of village Jorre gathered in a house to express their condolence with the bereaved family. An eyewitness told that mayhem occurred when more than 50 people were in the house out of which mostly were sitting on the roof of the house when suddenly the roof of the house collapsed. The roof crumbled due to its dilapidated condition. As a result 14 persons died on-thespot including 10 women, a child and 3 men while more than 40 sustained injured, they have been rushed in hospitals of Bonair and Dagger for medical treatment. From where doctors informed that some of them are in critical condition. While 13 who were in critical conditions have been shifted to Peshawar. Meanwhile, Deputy Police Officer (DPO) Buner, Falak Naz has confirmed the accident. The dead bodies of 14 people have been recovered and shifted to the nearby hospitals. See # 3 Page 11
INCHEON: North Korea Tuesday fired dozens of artillery shells at a South Korean island, killing two soldiers and setting houses ablaze, in one of the heaviest attacks on its neighbor since the Korean War ended in 1953. The attack, with South Korea returning fire came as the reclusive state has been pressing regional powers to return to negotiations about its nuclear weapons program, and it follows revelations at the weekend that Pyongyang is fast developing another source of material to make atomic bombs. It also follows moves by iron leader Kim Jong-il to make his youngest son heir apparent to the family dynasty. Experts say that for decades the Korean leadership has played a carefully calibrated game of provocations to win concessions from the international community and impress his own military. The risk is that the leadership transition has upset this balance and that events spin out of control.
South Korean President Lee Myung-bak, who has pursued a hard line with the reclusive North since taking office nearly three years ago, said a response had to be firm following the attack on Yeonpyeong island, just 120 km (75 miles) west of Seoul. "Houses and mountains are on fire and people are evacuating. You can't see very well because of plumes of smoke," a witness on the island told YTN Television before the shelling ended after about an hour. News of the attack rattled global markets, already unsettled by Ireland's debt woes and shifting to less risky assets. North Korea said its wealthy neighbor started the fight. "Despite our repeated warnings, South Korea fired dozens of shells from 1 pm, and we've taken strong military action immediately," its KCNA news agency said in a brief statement. South Korea has been conducting military exercises this week but it was not clear whether there had been
any drills near the island that could have triggered the incident. Russian Foreign Minister Sergei Lavrov said the latest rise in tension represented a "colossal danger." China, the impoverished North's only powerful ally, was careful to avoid taking sides, calling on both Koreas to "do more to contribute to peace." "China hopes that the relevant parties will do more to contribute to peace and stability in the region, it is imperative now to resume the sixparty talks," a spokesman for the Chinese Foreign Ministry, Hong Lei, told reporters. YTN said at least 200 North Korean shells hit Yeonpyeong, which lies off the west coast of the divided peninsula near a disputed maritime border. Most landed on a military base there. South Korea's military said two soldiers were killed in the attack, 17 were wounded and three civilians were also hurt. South Korean military returned the fire and sent a jet See # 1 Page 11
Burney writes to UK to ban Fazl’s entry
JUI-F greenlights Reformed GST LAHORE: JUI chief Maulana Fazlur-Rehman has said that he will support Reformed General Sales Tax if it's not burdening the nation. JUI leader Maulana Fazl-urRehman talking to the media after condoling the death of PML-Q leader Mushahid Hussain Syed's mother, said military operation is not in Pakistan's favour, he elaborated that America can never be successful
in this region and Pakistani military operation cannot achieve positive outcome unless a policy is formulated according to the resolution of the parliament. Maulana said when asked about the RGST that "I am in the process of dialogue with the government on the tax issue, if the government had taken us into confidence on this issue before, a lot of hue and cry could be
avoided but never the less we will see if there is no burden on the people, we will support the implementation of RGST." Maulana said that military operation within the country is very unfortunate villages after villages are being destroyed and none of the political party is saying anything instead they are appreciating the See # 2 Page 11
No deal over Hiraj job: ‘Q’ LAHORE: President Pakistan Muslim League-Q Senator Chaudhry Shujaat Hussain has refuted that the PML-Q was consulted on appointment of MNA Hamid Yar Hiraj as Chairman ERRA saying that he has neither talk to Prime Minister nor has Prime Minister discussed the matter with him. According to details, President Pakistan Muslim League-Q Senator Chaudhry Shujaat Hussain said that it is wrong to say that Hamid Hiraj has been appointed as result of deal between PML-Q and PPP because we are not from those who deal in night. He said that if any deal would be made then deed would come in front of public. He said "We can't imagine making any step or decision without taking party leaders into confidence". Chaudhry Shujaat Hussain said that it is not first time that the See # 4 Page 11
Riko diq project made still under cloud Warraich PPP Punjab
ISLAMABAD: The Tethyan Copper Company Pakistan Limited (TCC) has strongly denied the allegations and misrepresentation of facts about the company and the Riko diq project which have been appearing in news in a section of press. A company spokesperson said in a press release issued here Tuesday, that it was unfortunate that a project of great national importance was being sabotaged through misrepresentation of facts. She said it was a good sign for Pakistan that despite problems being faced by it on account of low trend of FDI, two major mining companies were interested in making an investment in the country's mining sector after having undertaken the full risk of mineral exploration. She said Chaghi district, where the project was being developed, was one of the most backward and least-developed areas of Pakistan with very low human development indicators.
It was in this context that a project like Riko diq could really boost the economy and social uplift by employing and training local people, promoting local procurement, community investment programmes, and revenue generation for the provincial government through profits, taxes and royalties and transferring technology. The estimations of the minable quantity of resource for the Riko diq project and calculations of projected prices of copper and gold have not been done by TCC but through one of the world's top three engineering firms which prepared the feasibility study along with long-term prices worked out by international analysts of copper and gold pricing, she said, adding bankable feasibility study was submitted to the Government of Balochistan more than two months ago to be examined by themselves or by independent external experts on their behalf. -Agencies
president ISLAMABAD: Co-chairman of the Pakistan Peoples Party President Asif Ali Zardari has appointed Imtiaz Safdar Warraich Minister of State and presently divisional coordinator of the PPP Gujranwala as provincial President of the PPP Punjab. A notification to this effect has been issued by Political Secretary Fauzia Habib. PPP sources told that the charge of President of Punjab PPP was vacated after Qasim Zia and several names were under consideration for this post including Punjab Finance minister Tanvir Ashraf Kaira. However co-chairman of PPP appointed the federal minister for communication Imtiaz Safdar See # 5 Page 11
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