International Karachi, Wednesday, May 4, 2011, Jumadi-ul-Awwal 30, Price Rs12 Pages 12
Over 1000 terror bids foiled: Malik
Free press must for democracy: PM Inflation rings ADB alarm bell
See Page 2 See Page 12
Reserve Bank of India raises key rate by 50bps
See on Page 12 Economic Indicators Forex Reserves (23-Apr-11) Inflation CPI% (Jul 10-Mar 11) Exports (Jul 10-Mar 11) Imports (Jul 10 - Mar 11) Trade Balance (Jul 10 - Mar 11) Current A/C (Jul 10- Mar 11) Remittances (Jul 10 - Mar 11) Foreign Invest (Jul 10-Mar 11) Revenue (Jul 10 Mar 11) Foreign Debt (Dec 10) Domestic Debt (Dec 10) Repatriated Profit (Jul- Mar 11) LSM Growth (Jul 10- Feb 11)
GDP Growth FY10E Per Capita Income FY10 Population
President writes in Washington Post
$17.18bn 14.20% $17.80bn $29.02bn $(11.22)bn $99mn $8.02bn $1.32bn Rs 1012bn $58.39bn Rs 5497.4bn $491mn 0.98% 4.10% $1,051 175.92mn
Pak left out of US op: Zardari A decade of cooperation led up to elimination of Osama Highlights Isb role against terror, rejects media aspersions
Portfolio Investment SCRA(U.S $ in million)
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Yearly(Jul, 2010 up to 29-Apr-2011) Monthly(Apr, 2011 up to 29-Apr-2011) Daily (29-Apr-2011) Total Portfolio Invest (23-Apr-2011)
NCCPL (U.S $ in million)
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5.53 -1.59 24.45 -2.79 0.16 -26.08 0.32
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ISLAMABAD: US Special Representative for Afghanistan and Pakistan Ambassador Marce Grossman, shaking hand with Foreign Secretary Salman Bashir. -Online
1QCY11
Corporate sector earning up 16pc Ahmed Siddique KARACHI: Corporate sector profitability showed a decent growth of 16 per cent as country's economy has improved during the period January to March 2011. According to the research, which included 25 companies - representing 77 per cent of the total market capitalisation of KSE 100 Index -- total earning of the companies went up amounted to Rs75.60 billion ($850 million) in 1QCY11 against Rs65.40 billion ($774 million) in the corresponding period last year. As per the TFD analyst, chemicals including fertiliser, textile, exploration & produc-
tion (E&P), refineries, power and banks showed jumped in their profitability, while telecom, oil marketing companies (OMC) and autos remain depressed owing to weakening of fundamentals. During the outgoing quarter, earnings of chemical sector remained impressive with LOTPTA, FFBL and FFC remained the star-earningperformers, as per the research analyst of Topline Securities. Amid higher primary margins, LOTPTA posted highest earnings growth of 170 per cent in his sample companies while FFBL and FFC due to better fertiliser margins posted See # 12 Page 11
Govt warned of law & order
Sugarmills owe growers Rs11bn ISLAMABAD: Government was warned of law and order in near future due to nonpayment to sugarcane growers who owes Rs11.047 billion to sugar mills, sources informed Tuesday. The outstanding payment could not only trigger protests on part of the farmers and sugar mills but could also directly affect the production next year, warns a letter from Pakistan Sugar Mills Association (PSMA) to, Abdul Ghaffar Soomro, secretary of industry and production. In the official letter no PSMA/B-9/2011/048, the PSMA highlighted that the sugar production has crossed
Goods prices up 1.6pc in Apr ISLAMABAD: The monthly Consumer Price Index (CPI) during the month of April registered increase of 1.62 percent as compared to previous month of current financial year. In April, the CPI and Sensitive Price Indicator (SPI) increased by 1.62 percent and 0.55 percent respectively while Wholesale Price Index (WPI) increased by 2.26 percent over March, 2011, according to the data released by the Federal Bureau of Statistics (FBS). FBS collected the retail and the wholesale prices and computes the Consumer See # 10 Page 11
Osama wills his children not to join Qaeda WASHINGTON: Osama Bin Laden's last wish, according to his will, was that his wives not remarry and his children not join al Qaeda. Al-Anbaa, a Kuwaiti newspaper, reported on Tuesday that the will, marked "private and confidential" was dated 14 December 2001, three months after the 9/11 attacks when US forces were hunting him in Afghanistan. See # 11 Page 11
4.10 million tonne mark and the production has surpassed all estimates by the concerned agencies. But amount of Rs11.047 billion was so far not paid to the growers who are repeatedly insisting on payment of the out standing amount, the letter added. The sources said that the total cost of cane was 140.855 billion in 2009-2010 as well as 164.325 billion in rupees in 2010-2011 and Rs140.619 billion was paid to the growers in 2009-2010 while in 2010-2011 Rs153.514 billion were paid to ISLAMABAD: Advisor on them. Rs0.236 billion payment is Petroleum Dr Asim Hussain on Tuesday took oath as Senator in See # 9 Page 11 a simple but dignified ceremony held at the Federal Capital. Delegation meets Zardari Pakistan Chief Election Commissioner Justice Retd Hamid Ali Mirza notified that Dr Asim Hussain was elected unopposed as a result of bye-election to the Senate of Pakistan. Asim was elected unopposed ISLAMABAD: Muttahida order situation in Sindh against a general seat from Sindh Qaumi Movement has agreed province particularly in fallen vacant due to resignation of to join the federal cabinet and Karachi and coalition matters Senator Dr Khattu Mal Jiwan. would be given four ministries. in Sindh were discussed during To this effect, a delegation of the meeting. MQM led by Governor Sindh The MQM delegation also Dr Ishrat ul Ebad Khan called discussed the current economic on Co-Chairman PPP President situation and made some sugAsif Ali Zardari at Aiwan-e- gestions for the upcoming Sadr on Tuesday. budget and to address the critiMembers of the delegation cal economic issues in the ISLAMABAD: A Puma helicopter of Pakistan Army made included Dr Farooq Sattar, country. Senator Babar Khan Ghauri, The President condoled with crash landing near Tarbela base Dr Saghir, Waseem Aftab and. the MQM delegation the death on Tuesday evening as a result Adil Siddiqui. of MQM leader and former a Jawan was martyred and four Senator Rehman Malik, MPA Liaquat Qureshi and others injured. According to Minister for Interior and other party activists assuring ISPR, the chopper was on a Spokesperson to the President that perpetrators of the crime training flight when it crash Farhatullah Babar were also would be taken to custody and landed due to technical fault. The pilot remained unhurt in present during the meeting. brought to justice. the incident. -Agencies Matters regarding law & See # 8 Page 11
Dr Asim sworn-in as Senator
4 ministers: MQM says yes to Govt
Army copter crashes
ISLAMABAD: President Asif Ali Zardari has said that although the events of Sunday in which Osama bib Laden was killed were not a joint operation, a decade of cooperation and partnership between the United States and Pakistan led up to the elimination of al Qaeda leader as a continuing threat to the civilized world. "And we in Pakistan take some satisfaction that our early assistance in identifying an al Qaeda courier ultimately led to this day" the President wrote in an opinion column appeared in the Washington Post newspaper on Tuesday. The President said Pakistan has been perhaps the world's greatest victim of terrorism, joins the other targets of al Qaeda - the people of the United States, Britain, Spain, Indonesia, Afghanistan, Turkey, Yemen, Kenya, Tanzania, Egypt, Saudi Arabia and Algeria - in our satisfaction that the source of the greatest evil of the new millennium has
been silenced, and his victims given justice. He was not anywhere we had anticipated he would be, but now he is gone. Zardari said Pakistan has paid an enormous price for its stand against terrorism. "More of our soldiers have died than all of Nato's casualties combined. Two thousand police officers, as many as 30,000 innocent civilians and a generation of social progress for our people have been lost". He said for him justice against bin Laden was not just political; it was also personal, as the terrorists murdered our greatest leader, the mother of my children. "Twice he tried to assassinate my wife. In 1989 he poured $50 million into a no-confidence vote to topple her first government. She said that she was bin Laden's worst nightmare -- a democratically elected, progressive, moderate, pluralistic female leader. She was right, and she paid for it with her life".
US rejects theories bin Laden is alive
'Osama death, a mutual triumph' ISLAMABAD: US Special Representative for Pakistan and Afghanistan Marc Grossman dismissing conspiracy theories regarding Osama bin Laden not being dead said that the death of bin Laden was a shared achievement of Afghanistan, Pakistan and the United States. "I can't answer every conspiracy theory that arrives in every place. I can tell you that Osama bin Laden is dead. He was killed by Special Forces here. That's what President Obama said", Marc Grossman said while addressing a press conference along with Pakistani Foreign Secretary Suleman Bashir and Afghan Deputy Foreign Minister Jaweed Ludin after trilateral talks with Pakistani and Afghan officials. On the other hand, Foreign Secretary Salman Bashir declined to comment directly
on the US operation which killed Osama bin Laden. Instead, he emphasised that tri-lateral talks marked the beginning of a new chapter in the fight against terrorism. "The three countries that are here share the commitment to an end to violent extremism," he added. Responding to another question, he said, the support of regional countries especially Pakistan is needed for success of Afghan-backed reconciliation measures. Highlighting Pakistan's significant role in the struggle for elimination of terrorism, Grossman assured his country's economic support to Pakistan. When asked about US drone strikes in country's tribal areas, he said, US does not need to disuses this issue in public. The cooperation between Pakistan and US is designed to save See # 5 Page 11
Tripartite meeting reviews issues
Afghan-led peace process greenlit ISLAMABAD: Pakistan, Afghanistan and United States have agreed to support the Afghan-led reconciliation process for regional peace, stability and prosperity. This was stated by Foreign Secretary Salman Bashir, Afghan Deputy Foreign Minister Jaweed Ludin and US Special Representative for Afghanistan and Pakistan Marc Grossman while talking to newsmen after their trilateral meeting here on Tuesday. Salman Bashir said Pakistan is looking forward to engaging deeply the United States and Afghanistan with a view to promoting and achieving a shared objective of stability and peace within our respective countries and region as a
whole. He said in depth conversations have started working together for writing a new chapter for progress and prosperity of our people. The Afghan Deputy Foreign Minister said the talks were held in a very friendly environment. He said we have given a new impetus to our trilateral relations. He said Pakistan and Afghanistan are not only bound by history, geography and common heritage but also common friends like the United States. He said both Pakistan and Afghanistan have a vision of peace and stability for this region but there are challenges See # 6 Page 11
The President said some in the US press have suggested that Pakistan lacked vitality in its pursuit of terrorism, or worse yet that we were disingenuous and actually protected the terrorists we claimed to be pursuing. Such baseless speculation may make exciting cable news, but it doesn't reflect fact. Pakistan had as much reason to despise al Qaeda as any nation. The war on terrorism is as much Pakistan's war as it is America's. And though it may have started with bin Laden, the forces of modernity and moderation remain under serious threat. Zardari said my government endorses the words of President Obama and appreciates the credit he gave us Sunday night for the successful operation in KhyberPakhtunkhwa. He said Pakistan also applaud and endorse the words of Secretary of State Hillary Clinton that we must "press See # 4 Page 11
Pak says no pre-info on Osama raid ISLAMABAD: Pakistan on Tuesday categorically rejected media reports which suggested that the country's leadership, civil as well as military, had any prior knowledge of the US operation against Osama bin Laden. "The Government of Pakistan recognizes that the death of Osama bin Laden is an important milestone in fight against terrorism and that the Government of Pakistan and its state institutions have been making serious efforts to bring him to justice." "However, the Government of Pakistan categorically denies the media reports suggesting that its leadership, civil as well as military, had any prior knowledge of the US operation against Osama bin Laden carried out in the early hours of 2nd May 2011," said a statement issued by the Foreign Office here on Tuesday. "Abbottabad and the surrounding areas have been under sharp focus of intelligence agencies since 2003 resulting in highly technical operation by ISI which led to the arrest of high value al Qaeda target in 2004. As far as the target compound is concerned, ISI had been sharing information with CIA and other friendly intelligence agencies since 2009." The intelligence flow indicating some foreigners in the surroundings of Abbottabad continued till mid April 2011. It is important to highlight that taking advantage of much superior technological assets, CIA exploited the intelligence leads given by us to identify and reach Osama bin Laden, a fact also acknowledged by the US President and Secretary of State, in their statements," the statement said. "It is also important to mention that CIA and some other friendly intelligence agencies have benefitted a great deal from the intelligence provided by ISI. ISI's own achievements See # 7 Page 11
2 Wednesday, May 4, 2011
President directs plan to protect journalists ISLAMABAD President Asif Ali Zardari on Tuesday directed Interior and Information Ministers to devise a plan for the protection of journalists against violence and threats in the line of duty. He made these directions while talking to Robert Dietz, Asia Programme Coordinator, Committee for Protection of Journalists, a nonprofit organization dedicated to the defense of press freedom worldwide, who called on him at the Aiwan-e-Sadr. He was accompanied by Paul Stieger, Chairperson Committee Executive Board and Joel Simon, Executive Director Committee for Protection of Journalists. Senator Rehman Malik, Minister for Interior, Dr. Firdous Ashiq Awan, Minister for Information & Broadcasting, Ms. Farahnaz Ispahani, MNA, Ms Mehreen Anwar Raja, MNA, Taimour Azmat Usman, Secretary Information and Spokesperson to the President Farhatullah Babar were also present during the meeting. The President while expressing solidarity with journalists on the occasion of world press freedom day that was observed Tuesday reiterated commitment of the government and the PPP to uphold freedom of the
press as an essential element of democracy and said the government will take all necessary steps to
protect media persons The President said he from all threats and vio- had already asked the govlence while discharging ernment for vigorously their professional duties. pursuing investigations and prosecution of cases of violence against media persons and punish the perpetrators of crimes in accordance with the law. The President said he has also directed the strongly believe that free Ministry of Information & media and freedom of Broadcasting to devise a press is an essential com- scheme for insurance of ponent of democracy, journalists and photojourtransparency, good gover- nalists and provision of nance and accountability. life jackets to enable them He said the Government to discharge their duties always strongly con- safely and without any demned violence and fear particularly in conflict assaults against the media zones. persons during the disThe President commentcharge of their profession- ed on various steps the al duties. In this regard government is taking for the concerned authorities welfare of journalists and have been directed for tak- ensuring press freedom in ing steps to investigate all the country which he said cases of assault on media include the establishment persons so as to bring the of special fund for journalperpetrators to justice, he ists who lay down their said. lives in the line of duty. The Prime Minister He said a reformed bill emphasised that a free on the Freedom of media is very essential to Information is already unearth serious secret vio- before the Parliament lations of freedoms and which after passage will human rights. He said a allow media persons and Bill for bringing reforms citizens access to informain the Freedom of tion to expose corruption, Information is already wrong doings and violabefore the Parliament. tions of human rights in He expressed the hope the country. that with consensus of all Robert Dietz thanked stakeholders its passage the President for meeting would be expedited so as the delegation and for givto allow journalists and ing directions to set up citizens access to informa- institutional mechanisms tion without unnecessary for the protection of jourhindrance. nalists.-APP
Free media must for democracy: PM Staff Correspondent ISLAMABAD: Prime Minister Syed Yusuf Raza Gilani has said the Government strongly believes in upholding freedom of the press and is taking all necessary steps to provide safe working environment to journalists to facilitate them in the performance of their professional obligations. In a message on the Freedom of Press Day celebrated on Tuesday, the Prime Minister commended the efforts of the journalist community and struggle in upholding the freedom of press in Pakistan. "They have taken every burden on their shoulders and stood like rock in ensuring that the media was freed from the limitations imposed on it by autocratic regimes. They withstood firmly and refused to be deterred by the challenges in their way" the Prime Minister said. Gilani said his Government and party
SAP named world leader in business intelligence ISLAMABAD: Federal Minister for Information & Broadcasting, Dr Firdous Ashiq Awan addressing at aWorld Press Freedom Day function.-APP
Karachi remains tense KARACHI: Several parts of Karachi were shut and businesses at standstill on Tuesday, a day after scores of arson attacks and incidents of firing lefyt at least five people dead, including a political activist. More than 25 vehicles were burnt on Monday following the killing of senior activist of the Muttahida Qaumi Movement in yet another targeted attack. On Tuesday, commuters experienced difficulties due to scarce public transport. Tension initially gripped the city after the MQM activist, Farooq Baig, who was a member of the MQM's core Karachi Tanzimi Committee, was gunned down in Landhi.Nearly a dozen people were also wounded in Monday's violence, police and witnesses said. Moreover, Chief Minister Sindh Syed Qaim Ali Shah took notice of the city's deteriorating law and order situation and directed IG Sindh and CCPO Karachito present him a detailed report on the unrest.-INP
wi-tribe joins TCF to support 'education for all' TFD Report
PESHAWAR: As part of celebrations of 60th anniversary of Sino-Pakistan diplomatic relations, Chinese Counsellor for Culture, Education, Sports and Social Interaction Yang Yinglin hosted a lunch in honour of friends of China in Peshawar. Group photo taken on the occasion shows Yousaf Ayub Khan, Syed Ali Nawaz Gilani, Yang Yinglin, Mrs. Yang Yinglin, Mrs. Chwen, Eng Syed Imtiaz Gilani, Tasleem Hussain, Amjad Aziz Malik, Zafar Ali Shah Chwen, Zhou and Kashifuddin.-Staff Photo
ICCI to set up Young Entrepreneurs Group ISLAMABAD: Pakistan's future lies in the hands of its youth, young entrepreneurs can play a key role in economic prosperity as they are the backbone of a country's economy and the engine that kept the society running. Mahfooz Elahi, President Islamabad Chamber of Commerce & Industry (ICCI) stated this on the occasion of the launch of Young Entrepreneurs Group (YEG)-Pakistan Chapter of Confederation of Asia-Pacific Chamber of Commerce & Industry (CACCI) which would engage the youth of the country for their positive and active participation in entrepreneurship landscape. The Young Entrepreneurs Group AsiaPacific (YEGAP) was created during the 68th CACCI Council Meeting held in May 2004 and it has great pride that CACCI has announced the establishment of first YEG-Pakistan Chapter, Mahfooz said.-NNI
Prize-bond-trade Bill gets Senate approval
PAF jet crashes near Jhang
JHANG: A pilot survived Tuesday when a Pakistan Air Force fighter jet crashed near Jhang in the central Province of Punjab. The aircraft crashed at Muza Jannan, in Kot Shakir, near Jhang. The jet, which took off from Rafiqi airbase, was on operational training exercise at Thal when it crashed. A statement issued by Pakistan Air Force said that a Mirage fighter aircraft, while on a routine operational training mission, crashed near Thal. The Pilot of the aircraft Amad ejected safely and no loss of civilian life or property was reported on ground. A board of inquiry has been ordered by Air Headquarters to determine KARACHI: The Deputy High Commissioner of Bangladesh the cause of accident. Ruhul Alam Siddique, hosted a dinner to meet Suhrab Hossain, Bangladesh High Commissioner in Pakistan and his wife Sources informed Online Rawsanara Hossain at his residence. Picture shows Speaker Sindh technical fault was the reaAssembaly, Nisar Ahmed Khuhro, Senior Minister, Peer Mazhar Ul Haq, former Naib Nazima, Nasreen Jalil, Justice (R) Saeed- Uz son behind the crash of jet fighter.-Online -Zaman Siddiqui, and other guests with host.-Staff Photo
ISLAMABAD: The Upper House of Parliament on Tuesday unanimously passed bill to criminalize fake prize bonds' business [the Criminal Law (Amendment) Bill, 2010]. Minister for Law, Justice and Parliamentary Affairs moved the Bill aims at preventing financial loss to innocent public and securing increased investment in the national saving schemes. Minister for Law, Justice and Parliamentary Affair moved a motion in the House to dispense the Rules of Procedure and Conduct of Business in the Senate to
take into consideration the bill as recommended for the passage by the Senate Standing Committee. Chairman Senate Farooq H Naek put the bill in the House for clause by clause reading which was unanimously passed by the House. The Minister in the statement of objects and reasons said that the bill seeks to criminalize illegal business of and dealing in fake prize bonds. The Bill further seeks to specify the penalty and forum for the adjudication of the offence of illegal dealings in prize bonds.-APP
KARACHI: wi-tribe, Pakistan's No.1 broadband, reinforced its support for education by sponsoring iLMaTHON 2011, under the umbrella of The Citizen's Foundation. Organized by the Supporters of TCF [STCF], iLMaTHON 2011 Funfair-for-a-Cause is an annual event; where thousands of supporting families gather enjoy an exhilarating day of entertainment, food, games, lucky draws and more. All proceeds from this annual event enable free education for over 1,000 children studying at TCF's charity schools. wi-tribe believes that it has a responsibility to give back to the society. Sponsoring iLMaTHON 2011 Funfair-for-a-Cause is just a small step in that direction. wi-tribe firmly believes that the rise of basic education, especially among the youth, can change the country's future for the better. Talking about wi-tribe's support towards iLMaTHON 2011, Director Marketing, witribe Pakistan, Ali Fahd said, "We are playing our part by supporting one of the leading NGOs of Pakistan to achieve its noble cause of promoting education, especially among the youth of Pakistan. This gives witribe a chance to remain involved in creating better opportunities for the less privileged, quenching our need to support education." "We take pride in being part of initiatives dedicated to the wellbeing of the country's future. As a nation, if we embrace the importance of our contribution towards social causes, the impact potential will be immeasurable. Let's take ownership of Pakistan and help realize its true potential from the grass-root level," said Zohare Haider, who looks after Digital Marketing and Corporate Communications at witribe Pakistan.
PPP leaders attend SC hearing ISLAMABAD: Chief Minister Sindh Syed Qaim Ali Shah,Chief Minister Gilgit Biltistan Mehdi Shah and a number of federal and provincial ministers, parliamentarians belonging to Pakistan Peoples Party (PPP) on Tuesday witnessed the proceedings of the Supreme Court on the presidential reference seeking apex court's opinion on reopening of late Zulfikar Ali Bhutto's murder case. Prominent among them were Fedral Minister for Law Justice and Parliamentary Affairs Moula Baksh Chandio, Senator Jehangir Badar, Syed Nayyar Hussain Bukhari, Leader of the House in Senate, Asima Arbab Advisor to Prime
Minister, Abdul Qadir Patel, Nazar Muhammad Gondal, Qamar Zaman Kaira, Raja Parvez Ashraf, Raja Riza, Nisar Ahmed Khoro ,Speaker Sindh Asseembly, Syeda Shehla Raza, Deputy Speaker Sindh Assembly,Pir Mazhar ul Haq, Sindh Education Minister, Sussi Palejo, Sindh Culture Minister, Agha Saraj Durrani,Sindh loacl governemnt Minister, Ayaz Soomro ,Sindh Law minister,Sharjeel Inam Memon ,Sindh Information minister, Shazia Marri, minister for power, Raheem Dad Khan,MNAs' Yasmeen Rehman,Nafees Shah, Malik Azmat, Akhunzada Chattan,Noor Alam Khan and Nadeem Afzal Chan.-Agencies
TFD Report KARACHI: SAP AG (NYSE: SAP) has announced it has been named the overall market share leader in the worldwide business intelligence (BI) market, owning nearly a quarter of the market. According to the report1 issued by Gartner Inc. "Market Share Analysis: Business Intelligence (BI), Analytics and Performance Management, 2010, Worldwide." The combined BI market encompasses BI platforms, corporate performance management (CPM) suites, analytic applications and performance management. In the report, SAP ranks No. 1 with 23 percent share of the worldwide market based on revenue, reflecting a 16.8 percent growth from 2009. SAP recently launched the latest version of its Business Intelligence solutions in Pakistan. "Our business analytics solutions help people, teams and entire organizations run smarter," said Hassan Latif Jamal, Country Head, SAP Pakistan (Liaison Office SAP Malaysia). "It is great to see recognition of our leadership in the business analytics market by Gartner, a leading analyst firm.
US embassy, consulate in Khi opens KARACHI: Sindh Minister, Syead Faisal Sabzwari inaugurating the 6th CONNECT-2011 at Karachi Expo Centre , Chairman Pegasus Consultancy, Aasim Siddiqui and Managing Director, Aamir Khanzada are also seen in the picture.-Staff Photo
Pak-Japan Forum donates for tsunami-hits KARACH: Pakistan-Japan Business Forum displayed solidarity with the Japanese people and government by making a donation of Rs1.72 million on behalf of its members. A four member delegation consisting of Chairman Abdul Kader Jaffer, Senior Vice Chairman S Nakagawa, and Vice Chairman Sohail P Ahmed and Kimihide Ando met the Japanese Consul General Masaharu Sato and presented the cheque on behalf of PJBF Karachi and Lahore to him for the rehabilitation of the victims of the Japanese Tsunami and earthquake.
Speaking at the occasion Jaffer hoped that Japan would soon recover and rise from the pain and difficulties it faced with these two natural disasters causing much loss to life and property. Pakistan and its people will continue to support the people in its relief efforts to reduce the pain and damage caused due to such natural calamities. The Japanese diplomat thanked PJBF for its generosity and pledged that the Japanese people would soon overcome the tragedy and will come out more stronger and determined to face all challenges.-PR
KARACHI: The Chairman of Pakistan Japan Business Forum, Abdul Kader Jaffer, along with Senior Vice Chairman S. Nakagawa, Vice Chairman Sohail P. Ahmed, and Kimihide Ando, presenting donation of Rs1.72 million, to Consul General of Japan, Masaharu Sato, on behalf of PJBF Karachi and Lahore members for the rehabilitation of the victims of Japanese Tsunami at Japan Consulate.-Staff Photo
Tanners slam POL price hike KARACHI: The Chairman, Pakistan Tanners' Association, Khurshid Alam has strongly condemned further increase in prices of Petroleum Products in Pakistan as it is directly affecting the economy of the country, which is already in severe declining trend in general and to the Leather Industry of Pakistan in particular. Khurshid Alam, Chairman, Pakistan Tanners Association said in a press statement that in repercussion of increased fuel prices in Pakistan, the production cost of Leather Industry would certainly reach to the uncompetitive edge in the
international market. Besides, as experienced in the recent International Leather Exhibitions held in Hong Kong and Italy organized by PTA for its members' participation, the prices of Finished Leather of all s o r t s / L e a t h e r Garments/Products offered by PTA's members are already on higher side rather than the prices of our competitors of neighbor countries such as China, India and Bangladesh and taking benefits of prices up to 100% in making business conclusion with the foreign buyers/customers at International market, he said. -PR
ISLAMABAD: The US Embassy here and the US Consulate General in Karachi were remained open for business on Tuesday. According to the embassy, the US Consulates General in Lahore and Peshawar remained close to the general public for routine business, except for emergency American Citizen Services.- NNI
Samsung launches Galaxy S II KARACHI: Samsung Electronics Co., Ltd., a leading mobile phone maker, has announced the launch of GALAXY S II, its flagship Android-powered smartphone. The Samsung GALAXY S II succeeds Samsung's bestselling GALAXY S, which sold a record of 14 million units since last year. The GALAXY S II features a 1.2GHz dual-core processor, HSPA+ connectivity providing data transfer of up to 21Mbps, a 4.3 inch Super AMOLED Plus touch screen display. At just 8.9mm thick, the new smart phone also presents a powerful evolution in Speed. Samsung Pakistan's Managing Director, Hee Chang Yee said; "The GALAXY S II would continue the success achieved by Samsung in the smartphone market in 2010, to meet the ever-changing needs of consumers. and take Samsung's leadership in speed, screen and content to a whole new level." The GALAXY S II offers exceptional speed in wireless connectivity with the fastest processor using Android 2.3 Gingerbread platform, allowing multitasking capabilities, high speed video uploads and downloads, with some powerful 3D gaming performance. It includes; HDPA+ connectivity, which provides three times faster data than the typical 3G network; the next-generation dual-band Wi-Fi access (2.4GHz/5GHz); Wi-Fi Direct capability, with wireless data transactions of 300Mbps; and Bluetooth 3.0+HS, which transfers data at 24Mbps.-PR
3
Wednesday, May 4, 2011 Top Economic Events
Dollar falls, Sterling slumps on US interest rate outlook Rate outlook, fiscal issues leave dollar vulnerable NEW YORK: The dollar was near a 17-month trough against the euro and hit a record low against the Swiss franc on Tuesday as expectations US interest rates would stay low indefinitely dulled demand for the greenback. Among major currencies, only sterling was down sharply against the dollar, falling after weak factory data cast doubt on when the Bank of England would lift interest rates. The European Central Bank raised rates last month for the first time since 2008 and is expected to do so again this year, though traders expect it to stand pat when it meets this week. The euro was up 0.4 per cent at $1.4874, more than a cent above its session low and near Monday's 17-month high above $1.49. It rose 1.1 per cent to
89.94 pence. "The story has been about divergent rate expectations," said Wells Fargo strategist Vassili Serebriakov. "The Fed is on hold and now the BoE may be coming out of the picture. The ECB is uniquely the only major central bank expected to raise rates, and that benefits the euro." The dollar had earlier posted broader gains as investors took profits after weeks of steady selling took it to a three-year low against major currencies on Monday. But by late morning, it was either flat or weaker against all major
currencies save sterling. The dollar has lost nearly 8 per cent against major currencies this year -almost 4 per cent in April alone -- and
that prompted a brief bit of profit-taking overnight. The dollar hit a record low of 0.8595 Swiss francs and shed 0.3 per cent to trade at 80.98 yen. The Swiss and Japanese currencies often rise when risk appetite fades.
But the US currency hardly looks ready to stage a sustained rally, analysts said, particularly with the US central bank hinting that interest rates will remain at zero for some time and with markets fretting about Washington's ability to get a yawning federal budget deficit under control. The Australian dollar fell after the central bank left interest rates at 4.75 per cent but sounded a bit less hawkish than expected. But it recovered from session lows and was last down just 0.2 per cent at $1.0916, not far from Monday's $1.1011, its highest level in nearly three decades. The Canadian dollar rose up modestly after Canada's ruling Conservatives won a crushing victory in the federal election. -Reuters
Yuan edges lower
Asian currencies
Won, peso down on dlr-short as PBOC signals covers; still seen bullish gradualism SKorea authorities suspected of buying dlr
SINGAPORE: The South Korean won and the Philippine peso suffered as investors reduced their stretched positions in emerging Asian currencies with the dollar struggling to rebound but the regional currencies cut losses as their bullish trend is seen intact. Emerging Asian currencies may experience more corrections in the near term as investors still hold dollar-short positions to cover, analysts and dealers said, although they remain more attractive than currencies of developed markets, given higher yields and better economic fundamentals. Asian foreign exchange authorities may toughen steps to slow down strength in their
currencies, some of the analysts and dealers said. The won recovered some of its earlier losses after South Korean Finance Minister Yoon Jeung-hyun said the government is not considering imposing any restrictions on nondeliverable forward (NDF) currency trades or adopting any fresh capital controls "as of now." The South Korean currency is seen vulnerable to position adjustments, analysts and dealers said, with room to weaken to probably 1,078.4 per dollar. But the level is seen a strong support and exporters bought the won on dips when it weakened past 1,070. The peso fell against the dol-
Sterling tumbles vs euro after UK PMI LONDON: Sterling tumbled to its lowest in over a year versus the euro on Tuesday and also fell against the dollar after disappointing UK manufacturing data prompted investors to push back forecasts of a UK interest rate rise. The euro rose 1 per cent on the day to 90.02 pence, its highest since March 2010, and is now poised to rise further,
analysts said, due to a widening divergence in UK and eurozone monetary policy expectations. The UK Markit/CIPS manufacturing PMI headline index fell to 54.6 in April, its lowest since September, from a downwardly revised 56.7 in March and was well below the 56.9 consensus forecast in a Reuters poll. Sterling's trade-weighted index, which measures the pound's value against a currency basket, fell to 78.8, its weakest reading since October 2010. "Investors were looking for
any excuse to sell sterling this week, and the PMI figures certainly provided that," said Kathleen Brooks, research director at forex.com. "You've got these drags on growth, which is not a very good recipe for sterling strength." Weak UK economic growth has kept the Bank of England from following the European Central Bank in raising interest
rates, pushing the euro about 5 per cent higher versus the pound since the beginning of the year. A clean break above 90 pence would lead euro/sterling to target 93 pence, near its highs from late 2009, though Brooks said gains could be limited by how the euro-zone economies react to tightening monetary policy in the coming months. Against the dollar, sterling was last down 1 per cent on the day at $1.6484, retreating from $1.6747 hit late last week, its strongest since November 2009. -Reuters
lar as interbank speculators covered dollar-short positions, taking profits from its recent gains. Investors are keeping an eye on the central bank's meeting and April inflation data on Thursday. The Philippine currency hit 42.635 versus the greenback, a six-month high, on Monday, after it strengthened past 43.000, which the central bank had been defending. The ringgit suffered from dollar-short covering by leveraged names and interbank speculators, but it found support from macro funds accounts' demand. Earlier, the ringgit weakened to as soft as 2.9790, but recovered much of losses. -Reuters
Swiss franc holds flat ZURICH: The Swiss franc hovered on Tuesday following weaker than expected economic data, after it came off a new all-time high against the dollar as the greenback rallied on news of the death of al Qaeda leader Osama bin Laden. Data out on Monday showed Swiss manufacturing activity in April cooled more than expected for a second consecutive month. The Swiss purchasing managers' index (PMI) fell to a seasonally adjusted 58.4 points from 59.3 points in March, compared with average forecasts for a rise to 60.0 points. The franc was flat against the euro, trading at 1.2822 francs per euro at 0656 GMT. The franc was also unchanged against the dollar compared to Monday's New York close, trading at 0.8649 francs per dollar, compared to a record low of 0.8626 hit on Friday, according to EBS data. Credit Suisse analyst Marcus Hettinger noted that Swiss retail sales data on Monday also weakened more than expected, slipping 0.2 per cent lower in March in real terms. However, Hettinger said he expected the franc to test the record high it hit after Swiss National Bank Chairman Philipp Hildebrand said on Friday inflationary risks are beginning to emerge in Switzerland due to rising oil and commodity prices. -Reuters
Aussie held back by profit taking & RBA, kiwi firm SYDNEY/WELLINGTON: The Australian and New Zealand dollars pared some of their recent hefty gains on Tuesday, with bulls disappointed the Reserve Bank of Australia (RBA) did not sound more hawkish on interest rates after a monthly policy meeting. The Aussie eased to $1.0909, from $1.0940 in New York, though that was not far from its latest 29-year peak of $1.1012. It dipped after the RBA left rates unchanged at 4.75 per cent and failed to signal an imminent hike. "The (RBA) statement was not as bullish as people had expected," said Michael Turner, a strategist at RBC Capital Markets. Likewise, interbank futures slightly pared the probability of an increase in the next few months. A move in August is now considered a 40 per cent chance, compared to 50 per cent earlier in the day. Yet, the central bank did say underlying inflation was likely to head higher from here, laying the groundwork for a further tightening at some point this year.
The central bank has already led the developed world in hiking 175 basis points since late 2009. One trader expected profit-taking to keep the Aussie restrained for the next couple of sessions. Support is seen at $0.10860 and $1.0875 with resistance at $1.0952, then $1.1012. The NZ dollar paused at $0.8054, from $0.8061 in New York. It had dropped a full cent after data suggested there was little wage pressure in the jobs market, leaving the central bank room to hold rates at record lows this year. The kiwi climbed to a three-year high of $0.8122 in the offshore session. Support is seen from $0.8010, with $0.8100 still proving to be the key hurdle to hold ahead of any assault on the 2008 post-float high of $0.8215. More closely-followed jobless numbers are due on May 5, and economists expect the unemployment rate to improve to 6.7 per cent, from 6.8 per cent in the December quarter. On the cross rate, the Aussie held near a one-month highs of NZ$1.3580. It was last traded at $1.3540. -Reuters
SHANGHAI: The yuan pulled back slightly against the dollar on Tuesday from a slew of recent record highs, as the People's Bank of China fixed a marginally weaker mid-point, signalling the central bank will stick to gradualism in reforming the country's currency regime. The consolidation came after the yuan breezed past 6.50 per dollar last Friday, surpassing the psychologically important level for the first time and raising expectations that Beijing will continue to let the currency strengthen quickly to battle stubbornly high inflation. Monday was a public holiday in China. Traders said Tuesday's weaker PBOC fixing indicated again that the government may choose not to conduct drastic reforms, such as a one-off revaluation or to widen the trading band. It may opt to let the yuan rise gradually in line with global market conditions, such as the fluctuation of commodity prices. The indication was in contrast to speculation in overseas mar-
kets since late April that China may unshackle its tightly controlled foreign exchange regime. Rumours have been fanned by a slew of record high PBOC fixings this year, and media reports quoting a PBOC adviser saying that a one-off revaluation could not be ruled out. Spot yuan closed at 6.4968 versus the dollar, down from 6.4910 at the close on Friday. It has now appreciated 5.07 per cent since it was depegged from the dollar in June 2010, and 1.42 per cent since the start of this year. Before trading began, the PBOC set the day's mid-point at 6.5002, marginally lower than Friday's record fixing of 6.4990. The central uses the mid-point to express the governments' intention for the yuan's movements. One-year non-deliverable forwards (NDFs) were bid at 6.3210 in late trade on Tuesday, up from 6.2970 at the previous close. Their implied yuan appreciation in a year's time fell to 2.83 per cent from 3.22 per cent. -Reuters
Indian rupee closed down, bonds jump MUMBAI: The Indian overnight indexed swap (OIS) rates and bond yields jumped on Tuesday, after the central bank raised key rates sharper than expected, with traders expecting the OIS curve to flatten further in coming weeks on more rate hike expectations. The rupee briefly rose to as much as 44.30 per dollar on hopes of more foreign fund inflows, but closed 0.4 per cent weaker on the day at 44.51/52 per dollar, tracking the 2.44 per cent fall in local shares. The RBI lifted the repo rate, at which it lends to banks, and the reverse repo rate, at which banks park funds with it, by 50 basis points each to 7.25 per cent and 6.25 per cent respectively. The one-year rate closed up 21 bps on the day at 8.06 per cent, while the benchmark 5-year rate ended at 8.32 per cent, up 9 bps. The two rates had risen to the day's high of 8.10 per cent and 8.37 per cent, respectively, their highest in more than two-and-ahalf years. Though the rupee weakened on the day following a sharp fall in shares, traders expect the local unit to rise in the medium-to-
long term as higher interest rate differentials would attract foreign fund inflows. "Today's rate hike will possibly strengthen the rupee going forward," said Suresh Kumar Ramanathan, regional rates and foreign exchange strategist at CIMB Investment Bank in Kuala Lumpur. "Among regional currencies, our valuation matrix, considering the YTD (year-todate) gains for these currencies, interest rate and inflation differentials versus the US dollar, indicates the rupee was rather undervalued," he added. The one-year onshore forward dollar premium closed at 322.25 points, after rising to a high of 329.25 points post the policy, compared with its close of 318 points on Monday. -Reuters
Time All Day 11:00 13:00 13:30 13:30 13:30 14:00 17:15 19:00 19:30
Source Events JPY Bank Holiday GBP Nationwide HPI m/m EUR Final Services PMI GBP Construction PMI GBP Net Lending to Individuals m/m GBP Prelim Mortgage Approvals EUR Retail Sales m/m USD ADP Non-Farm Employment Change USD ISM Non-Manufacturing PMI USD Crude Oil Inventories
Forecast
Previous
Source
Events
Actual
Forecast
Previous
JPY AUD GBP EUR GBP USD
Bank Holiday Cash Rate Manufacturing PMI PPI m/m CBI Realized Sales Factory Orders m/m
4.75% 54.6 0.7% 21 3.0%
4.75% 57.0 0.7% 14 1.9%
4.75% 56.7 0.8% 15 0.7%
0.3% 56.9 55.6 1.7B 47K 0.2% 200K 57.9 1.9M
0.5% 56.9 56.4 2.0B 44K -0.1% 201K 57.3 6.2M
Previous Day
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.4887 1.4891 0.8607 0.8672 1.6541 1.6662 0.9487 0.9540 1.0930 1.0952 120.52 120.55 0.9001 0.9005 1.2811 1.2839 133.98 135.33 94.13 94.10 1544.68 1550.79
Bid 1.4884 0.8602 1.6537 0.9483 1.0925 120.50 0.8998 1.2807 133.89 94.07 1543.70
Low 1.4758 0.8598 1.6471 0.9461 1.0850 119.22 0.8885 1.2767 132.99 93.14 1531.08
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 03/05/2011 A USD GBP CAD EUR JPY O/N 0.13400 0.58088 0.96467 1.30750 SN 0.11563 1WK 0.17650 0.59088 1.00750 1.21000 0.12250 2WK 0.18650 0.59750 1.04167 1.20500 0.12750 1MO 0.20950 0.62563 1.08167 1.19938 0.14563 2MO 0.24125 0.70000 1.12833 1.23125 0.16000 3MO 0.27225 0.82188 1.19933 1.35625 0.19563 4MO 0.31588 0.89488 1.27483 1.44375 0.24313 5MO 0.37725 1.00313 1.34300 1.53688 0.30000 6MO 0.43025 1.11500 1.40283 1.64625 0.34563 7MO 0.48875 1.20000 1.49033 1.72063 0.39563 8MO 0.54250 1.28563 1.57383 1.79938 0.44250 9MO 0.59150 1.36813 1.65017 1.87938 0.48688 10MO 0.64500 1.44813 1.74400 1.95938 0.51313 11MO 0.69800 1.51938 1.83417 2.02688 0.54000 12MO 0.75775 1.58656 1.92617 2.10375 0.56313
Major Central Banks Overview Central Bank
Next Meeting
Last Change
Bank of Canada Bank of England Bank of Japan European Central Bank Federal Reserve Swiss National Bank The Reserve Bank of Australia
May 31, 2011 May 5, 2011 May 20, 2011 May 5, 2011 June 22, 2011 June 16, 2011 June 7, 2011
September 8, 2010 March 5, 2009 December 19, 2008 April 7, 2011 December 16, 2008 March 12, 2009 November 2, 2010
Current Interest Rate 1% 0.50% 0.10% 1.25% 0.25% 0.25% 4.75%
Division of National Bank of Pakistan (NBP) KARACHI, May 03,2011 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 KUWAIT MALAYSIA NEWZEALAND QATAR U.A.E. KR WON THAILAND
84.60 140.56 125.21 89.35 97.75 92.28 14.03 1.04 16.11 69.02 16.79 22.56 10.89 308.31 28.48 67.82 23.23 23.03 0.08 2.83
84.40 140.23 124.92 89.14 97.52 92.06 14.00 1.04 16.07 68.86 16.75 22.50 10.87 307.58 28.41 67.66 23.18 22.98 0.08 2.82
84.19 139.85 124.55 88.91 97.26 91.82 13.96 1.04 16.03 68.68 16.71 22.45 10.84 306.77 28.34 67.49 23.12 22.92 0.08 2.81
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for May 03, 2011
KASB 0-7days 12.30 8-15dys 12.60 16-30dys 12.85 31-60dys 13.00 61-90dys 13.08 91-120dys 13.25 121-180dys 13.44 181-270dys 13.58 271-365dys 13.78 2-- years 13.98 3-- years 14.00 4-- years 14.05 5-- years 14.08 6-- years 14.09 7-- years 14.10 8-- years 14.10 9-- years 14.14 10--years 14.15 15--years 14.45 20--years 14.60
BMA 12.00 12.55 12.70 12.80 13.00 13.10 13.40 13.52 13.76 14.00 14.01 14.04 14.06 14.09 14.09 14.09 14.10 14.15 14.40 14.65
ELXIR 12.00 12.40 12.70 13.00 13.05 13.15 13.40 13.55 13.75 13.97 14.02 14.04 14.10 14.12 14.15 14.10 14.10 14.14 14.45 14.70
GSL 12.25 12.60 12.70 13.10 13.18 13.25 13.47 13.66 13.80 13.98 14.03 14.04 14.05 14.06 14.07 14.08 14.10 14.15 14.50 14.80
ICSL 12.50 12.65 12.70 13.05 13.13 13.20 13.45 13.53 13.79 13.96 14.02 14.03 14.05 14.07 14.15 14.10 14.09 14.13 14.45 14.70
JSCM AvgRate 12.20 12.21 12.45 12.54 12.70 12.73 13.00 12.99 13.08 13.09 13.20 13.19 13.48 13.44 13.55 13.57 13.78 13.78 13.95 13.97 14.00 14.01 14.01 14.04 14.05 14.07 14.05 14.08 14.08 14.11 14.09 14.09 14.08 14.10 14.14 14.14 14.45 14.45 14.65 14.68
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
0.70 -0.12 0.84 0.78 0.42 -0.54
0.59 0.60 0.27 0.29 0.18 0.91
0.84 0.17 0.83 0.84 0.72 0.66
0.85 0.07 0.87 0.92 0.60 0.73
0.69 0.02 0.66 0.83 0.39 0.52
USD/CAD USD/CHF
0.25 -0.27 0.68 0.49 0.41 -0.50
-0.41 -0.06 -0.90 -0.78 -0.56 0.61
-0.57 0.25 -0.70 -0.70 -0.30 0.33
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)03/05/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 12.00
12.50
12.20
12.70
12.50
13.00
13.15
13.40
13.40
13.65
13.60
14.10
13.70
14.20
13.90
14.40
JSBL
12.30
12.80
12.50
13.00
12.70
13.20
13.15
13.40
13.55
13.80
13.60
14.10
13.70
14.20
13.80
14.30
ASPK 12.20
12.70
12.30
12.80
12.60
13.10
13.10
13.35
13.40
13.65
13.50
14.00
13.70
14.20
13.80
14.30
CIPK
12.10
12.60
12.30
12.80
12.75
13.25
13.00
13.25
13.30
13.55
13.50
14.00
13.75
14.25
13.90
14.40
DBPK 12.15
12.65
12.30
12.80
12.50
13.00
13.00
13.25
13.35
13.60
13.40
13.90
13.60
14.10
13.70
14.20
FBPK 12.00
12.50
12.30
12.80
12.65
13.15
13.15
13.40
13.45
13.70
13.60
14.10
13.80
14.30
13.90
14.40
FLAH 12.15
12.65
12.35
12.85
12.65
13.15
13.10
13.35
13.40
13.65
13.55
14.05
13.65
14.15
13.75
14.25
HBPK 12.15
12.65
12.30
12.80
12.65
13.15
13.15
13.40
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
HKBP 12.00
12.50
12.25
12.75
12.70
13.20
13.15
13.40
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
NIPK
11.95
12.45
12.20
12.70
12.50
13.00
13.00
13.25
13.30
13.55
13.40
13.90
13.50
14.00
13.60
14.10
HMBP 12.20
12.70
12.40
12.90
12.70
13.20
13.15
13.40
13.45
13.70
13.60
14.10
13.75
14.25
13.85
14.35
SAMB 12.10
12.60
12.40
12.90
12.65
13.15
13.20
13.45
13.45
13.70
13.60
14.10
13.75
14.25
13.85
14.35
MCBK 12.25
12.75
12.40
12.90
12.70
13.20
13.20
13.45
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 12.00
12.50
12.40
12.90
12.65
13.15
13.10
13.35
13.30
13.55
13.60
14.10
13.70
14.20
13.80
14.30
SCPK 12.10
12.60
12.25
12.75
12.60
13.10
13.10
13.35
13.50
13.75
13.60
14.10
13.70
14.20
13.80
UBPL 12.25
12.75
12.35
12.85
12.60
13.10
13.10
13.35
13.35
13.60
13.50
14.00
13.65
14.15
13.90
14.40
AVE
12.62
12.33
12.83
12.65
13.15
13.13
13.38
13.42
13.67
13.58
14.08
13.70
14.20
13.82
14.32
12.12
14.30
4 Wednesday, May 4, 2011
The Financial Daily International
Eyebrows raised at Pakistan after Osama
Vol 4, Issue 177
Publisher & Editor-in-Chief: Amir A. Ashary Editor: Shakil H. Jafri Executive Editor: Manzar Naqvi Honorary Advisory Board Haseeb Khan, FCA
S. Muneer Hussain Rizvi
Asim Abbas Ashary, CPA
Khurram Shehzad, CFA
Akhtar M. Zaidi, FCA
Prof. Zakaria Sajid (KU)
Dr. A. Hadi Shahid, FCA
Zahid Bukhari SVP HBL (retd)
Muhammad Arif
Ismat Sabir Head office
111-C, Jami Commercial Street 11, Phase VII, DHA Karachi Telephone: 92-21-35311893-6 Fax: 92-21-35388428 URL: www.thefinancialdaily.com Email Address: editor@thefinancialdaily.com
Lahore office 24- Peshawar Block, Fortress Stadium, Lahore Telephone: 92-42-6675595 Fax: 92-42-6664349 Email Address: editor@thefinancialdaily.com
From ‘benami’ to clean title One of Pakistan's dilemmas is that its economy is not documented. Some of the experts even go to the extent of saying that the size of undocumented economy is three times the formal economy. The numbers may be enough to make any sensible person crazy but certainly need in-depth probe to find out the reasons why such a situation prevails. However, let one point be very clear that the money that remains in Pakistan, irrespective of being documented or not documented is used in some kind of business activity. Therefore, the real concern should be money leaving Pakistan. According to some experts the assets of Pakistanis being held abroad are many times the debt Pakistan owes to all the multilateral lenders and even the domestic banks. Bulk of this can be very conveniently termed 'ill-gotten'. Therefore, the first efforts should be identify all those people who have billions of dollars assets outside Pakistan. The numbers does not run in hundreds or thousands but in dozens and identifying these 'super elites' pose no problems if a little effort is made to document the assets of top 100 richest people of Pakistan. The experts also so that every year up taxes up to half a trillion are evades with the connivance of tax collection regime. The modus operandi is very simple as all sorts of income are clubbed under those heads which are exempted from paying tax, the most obvious being agriculture income. If one just adds the worth of five majors crops namely cotton, wheat, sugarcane, rice and edible oil seeds the value runs into trillion of rupees. If one also adds livestock, milk, fruits and vegetables the numbers becomes totally mind boggling. Is it not an irony that the world still terms Pakistan a poor country? If all the sectors are documented the size of GDP could be conveniently doubled or tripled over the next five years. Once the sources of income are identified and it is also determined how much the 'super elites' of this country earn and spend, and then doubling the revenues will not be an issue. Looking at the number of tax payers available clearly shows that the largest contribution of income tax is made by the salaried class, because the deduction is made at source. Lately, there was some criticism on one of the president of a commercial bank that payment of his salary and perks exceed Rs10 million per month. There were also suggestions that his remuneration should be curtailed. However, no one appreciated that all his income was 'white money' on which tax is also paid. As against this income of millions of people exceed this amount and they also do not pay any tax. According to some estimates the per capita income of the residents of Karachi, Lahore, Rawalpindi and Islamabad, Faisalabad and Multan exceeds US$25,000 as against an average of US$1,250 for Pakistan. Are they really paying tax on this kind of fortune made year after year?
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.
T
he greatest casualty of the US operation to kill Osama bin Laden, besides the al Qaeda leader himself, may be the USPakistani relationship. That the mastermind of the Sept. 11, 2001, attacks was found in a three-story house in a Pakistani town prompted umbrage in the US capital, where lawmakers said U.S. aid may hinge on what, if anything, Pakistan knew or suspected of bin Laden's whereabouts. The bin Laden bombshell came as the two countries seek to repair ties frayed by friction over US drone attacks on militants on Pakistan's border with Afghanistan and Pakistan's six-week imprisonment of a CIA contractor this winter. While President Barack Obama and aides said Pakistan had helped lead them to bin Laden's doorstep in a complex in the city of Abbottabad they also said it was fair to question US aid. In the US Congress, the questions were sharp. "The United States provides billions of dollars in aid to Pakistan," said Senator Frank Lautenberg, a fellow Democrat on the Senate Appropriations Committee that apportions government spending. "Before we send another dime, we need to know whether Pakistan truly stands with us in the fight against terrorism." Since 2001, Congress, which holds the U.S. government purse strings, has approved about $20 billion for Pakistan in direct aid and military payments,
making it one of the top recipients of US aid according to the Congressional Research Service. Much of it been spent on building a close relationship with Pakistan's military with the intention that it would help the United States fight militants like bin Laden and stabilize a nucleararmed Pakistan facing its own militant insurgency. "This is going to be a time of real pressure" on Pakistan "to basically prove to us that they didn't know that bin Laden was there," said Senate Homeland Security Committee Chairman Joseph Lieberman, a Democrat turned independent who often sides with opposition Republicans on national security matters. "In terms of the military aid ... support for that will depend on how Pakistan answers some of these questions, which need to be asked, about the presence of bin Laden in such a central location," said Senate Armed Services Chairman Carl Levin, a Democrat. SERIOUS QUESTIONS While Abbottabad is only about 40 miles (65 km) on a map from the Pakistani capital of Islamabad, the drive takes anywhere from two to five hours, depending on traffic, and the final stretch is through mountainous terrain. The town is the headquarters for the Pakistan army's Baluch Regiment and one former resident said the life of the town largely revolves around the mili-
tary, including the Kakul academy, which is Pakistan's equivalent to West Point. The United States and Pakistan have had an uneasy alliance since the Sept. 11, 2001 attacks, with Washington pushing Islamabad to take stronger action against suspected militants launching attacks on U.S. troops in neighboring Afghanistan. Even Democratic Representative Howard Berman, an author of a 2009 law that expanded civilian aid to Pakistan by $1.5 billion a year over five years, said he had doubts about the military aid even before bin Laden was killed. "I am more alarmed about the fact that we are funding and helping to equip a military that doesn't seem to have a view of its enemies that is the same as our view," he told Reuters. Berman described a general pattern emerging with Pakistan maintaining ties with militants such as the Haqqani network and "refusing to take on the Afghan Taliban" as well as criticizing the use of U.S. drone planes to attack militants. "All this raises serious questions about what we are doing, with what is well close to 2 billion (dollars) a year in military assistance to the Pakistan military," Berman said. FADING TO BLACK? Asked if it was plausible Pakistani authorities had no idea bin Laden was in Abbottabad, former U.S. Secretary of State Condoleezza Rice said top
leaders might have been ignorant but left open the possibility lower-level people may have known. "I am surprised that they found him where they did, so close to Islamabad, but it is to me conceivable that at least top-ranking people didn't know that he was there," she told Reuters. "I think a lot is going to come out over the next several weeks about what Pakistani cooperation looked like and that's an extremely important part of this," Rice said. "We need to understand that better." Analysts stressed that ties already were strained. "At a time when United StatesPakistan relations are going south in a hurry over aid, Afghanistan, and U.S. intelligence operations inside Pakistan, bin Laden's death leaves more questions on the table than answers," Shuja Nawaz, an expert on the Pakistan military, wrote on www.foreignpolicy.com. Nawaz said if the operation was not coordinated with the Pakistanis -- and US officials said they told no foreign governments in advance -- the relationship could suffer. "If this operation was carried out in close cooperation with the United States, then the trajectory of this declining relationship may be reversed." he said. "If not, then the velocity of the decline will increase at a time when the mood in Washington seems to be shifting to black toward Pakistan, on the Hill and also in parts of the Obama administration."-Reuters
EU sharpens knives for zero-sum budget battle he knives are out for the European Union's budget even before the bloc's executive presents its proposals in June for the next long-term financial plan, with anti-European populism on the rise in many countries. The European Commission's request for a 4.9 percent increase in EU spending to 132.7 billon euros ($195 billion) in 2012 triggered a predictable chorus of outrage from west European countries that are net contributors to the budget and are struggling to cut their national deficits. "The idea of a 5 percent increase at a time when member states are having to make reductions in difficult public spending programmes at home is completely unacceptable and we'll make sure it doesn't happen," British Prime Minister David Cameron told parliament in London. European Budget Commissioner Janusz Lewandowski struggled to explain that the EU is having to pay bills at the end of the seven-year budget cycle for regional development programmes agreed back in the boom years of the mid-2000s. Cameron may never be able to satisfy hardline skeptics in his Conservative party convinced that the EU budget is squandered on Brussels bureaucrats and French farmers. But with support from France and Germany, he has every prospect of winning the battle to freeze EU spending in real terms until at least 2020 at the current level of less than 1 percentage point of the 27-nation bloc's gross domestic product. The main losers would be poorer ex-communist member states in central and Eastern Europe, which
T
were hoping for the kind of EU-funded catch-up in economic development that Spain, Ireland, Portugal and Greece enjoyed over the last two decades. Given the political mood, their pleas -- and calls by the Commission to channel more EU cash to policy priorities such as fighting climate change, controlling migration and promoting clean energy sources -- are set to fall on deaf ears. The EU budget battle is always an undignified squabble over sums of money that are relatively small in comparison with the average of more than 40 percent of GDP which member states spend through their national budgets. Since unanimous agreement is required, countries can use their veto power to block changes to existing spending patterns. But the economic and sovereign debt crises have made it even more of a zero-sum game than in the past. France, Europe's biggest agricultural producer, is determined to keep its farmers' snouts in the European trough. Britain, which argues that farm subsidies mean it gets far less back from EU coffers than it pays in, is equally determined to preserve the annual rebate that former Prime Minister Margaret Thatcher secured back in 1984. Germany, the EU's biggest paymaster, is no longer willing to sign cheques to keep the budget wheels oiled. "We have never had as difficult a budget round as this," said a Polish diplomat whose country, the biggest prospective beneficiary of EU regional aid, will have to steer negotiations from July 1 as holder of the bloc's rotating presidency.
"We cannot paralyse the European Union for two years with such a devastating debate," said the envoy who is not authorised to speak publicly on the subject. In the eyes of governments and voters, the community budget is now just part of the perceived rising cost of "Europe". That includes tens of billions of euros in interestbearing loans granted to Greece, Ireland and soon Portugal in financial rescues, and planned payments into a permanent crisis resolution fund for the euro zone. Roughly 40 percent of EU expenditure goes on farming and rural development and more than 35 percent on regional aid to poorer parts of the continent, helping build roads, bridges, tunnels and public transport networks. Research and innovation takes 9 percent, development aid and foreign policy nearly 6 percent, and administration -- those infamous Brussels bureaucrats -- 5.7 percent. That leaves only small change for border protection and migration policy. Since the EU's own resources from customs and a share of value added tax are dwindling, most of the common budget comes from national contributions -- a constant source of strife. Populist parties such as the True Finns, which won 19 percent of the vote and a likely seat in a government coalition in Helsinki, campaign on a platform of slashing their country's payments to Europe. The Commission, backed by the European Parliament, wants to give the EU new revenue streams from the proceeds of carbon emissions licence sales, or an airline ticket tax, or a levy on banks or financial transactions, a slice of corporation tax or an extra tranche of value added tax.-Reuters
Yemen’s Qaeda may raise profile after bin Laden Al Qaeda's Yemen-based wing, already at the top of US security concerns, may step further into the spotlight after US forces killed Osama bin Laden, possibly by organising revenge attacks. Al Qaeda in the Arabian Peninsula (AQAP) has staged several foiled strikes on US and Saudi targets, using daring and novel tactics. Such aggression may help AQAP claim symbolic leadership in a global al Qaeda movement that now consists mostly of loosely linked networks of like-minded Islamist militants. "Bin Laden's death is a good thing for AQAP -- no doubt about that," said Jarret Brachman, a senior adviser to the U.S. government on counterterrorism. He said the absence of an overall al Qaeda leader would increase the importance of the organisation's Yemeni wing. "It opens up space for AQAP to exert further influence over the future direction of the global movement," he said. Bin Laden's deputy, Ayman alZawahri, is front-runner to inherit his mantle. But analysts suggest he lacks the charisma to be an inspirational guide as well as an operational leader. Yemen was bin Laden's ancestral homeland and is now in the throes of a stand-off between President Ali Abdullah Saleh, a US ally against al Qaeda, and a protest movement bent on his ouster, threatening political chaos that AQAP could exploit. A former AQAP member who asked not to be named told Reuters in Sanaa that he feared the group would try to boost its standing in the leadership stakes
with a spectacular attack. "They will use this as an incentive for a strike. Not very soon, but sometime, I'm expecting a big operation from them, because there is going to be competition between it and the branches in Iraq, Pakistan and Morocco for leadership." Yemeni political analyst Ali Seif Hassan also anticipated a violent response to bin Laden's killing. "It will have a big effect on AQAP," he said. "I'm expecting revenge attacks." Yet AQAP, with a strong foothold in Yemen's rugged deserts and mountains, has been quiet lately -- apparently waiting out the storm as the impoverished country is wracked by popular protests aimed at toppling Saleh, once an important US and Saudi partner against al Qaeda. Saleh, however, has played an ambiguous game, sometimes manipulating militants for his own advantage, and often seeking to extract more funding and support from the United States as the price for his cooperation in counter-terrorism efforts. The anti-Saleh protests, in which AQAP has only a marginal role, if any, offer a new challenge to the organisation. "What they want to do is regroup and find new strongholds and strengthen their relationships for after Saleh falls," said Barak Barfi of the Century Foundation. "They're not being hunted, they're going to spread out ... knowing the capability of the United States and its Yemeni allies, they're going to try to create a more durable infrastructure that can
withstand and sustain attacks." Yemen welcomed bin Laden's killing, while prodemocracy activists urged protesters not to brandish his image to avoid giving the authorities a pretext for a tougher crackdown. AQAP is unusual among al Qaeda franchises in having not only an effective operational commander but also charismatic members such as the eloquent, U.S.-born cleric Anwar al-Awlaki. Nasser al-Wuhayshi, the head of AQAP, was a close personal aide to bin Laden in Afghanistan in the 1990s, and he has stuck closely to the leader's ideology and operational tactics. He created AQAP after breaking out of a Yemeni prison in 2006. It works largely independently of the original al Qaeda and has won praise from militants after innovative albeit abortive attacks on USbound airplanes in 2009 and 2010. "Bin Laden's death won't have much of an impact at all on AQAP in the short term," said Princeton scholar Gregory Johnsen. But if militants still sought to someone to emulate, "they could raise up Wuhayshi as a man who studied with the master, as someone they should then go and join", he added. Bin Laden himself cemented a leadership role after his influential mentor Abdallah Azzam, a cleric who called for jihad in Afghanistan, died in a bomb blast in the late 1980s. Another useful card in AQAP's hand is Awlaki, who left the United States in
2001 and joined al Qaeda in Yemen. He was in touch with a US Army major who in November 2009 allegedly went on a shooting rampage on a US military base at Fort Hood, Texas that killed 13 people and wounded 32. The cleric, of Yemeni origins, was also linked to a Nigerian man who studied in Yemen and botched an attempt to bomb a US-bound passenger plane in December 2009. "(Awlaki) will rise in the ranks. He is really quite charismatic and one of the few people among the jihadi leaders to have that sort of charisma -- there's something bin Laden-esque about his charisma," said Thomas Hegghammer, senior research fellow at the Norwegian Defence Research Establishment. A fixation on Awlaki by the U.S. government and Western media has raised his profile among militants worldwide and helped gain AQAP a more global profile, analysts say. "That may play in to the position for leadership of the movement now," said William Mccants, founder of the blog Jihadica. "Having that brand name, which is a lot of what bin Laden was about, really helped." AQAP's high profile could attract funds and recruits, as well as increasing its influence with other al Qaeda networks. "Given there is an operational gap in terms of leadership and a gap in terms of charisma (after bin Laden's death), I think maybe de facto it just shifts to AQAP," said Mccants.-Reuters
5
Wednesday, May 4, 2011
South East Asian stocks
Weaker on global recovery worries, led by Thailand KSE-100 Index Opening Closing Change % Change Turnover (mn)
12035.89 11956.89 79.00 0.66 50.67
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3233.83 3201.51 32.32 1.00 2.44
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2707.53 2685.28 22.25 0.82 0.004
Major Gainers
Symbol COLG UPFL RMPL SRVI QUET
Close
Change
730.85 1390.00 2746.16 182.99 72.87
31.04 30.63 21.36 4.45 2.87
European stocks snap winning streak in broad retreat
Nawaz Ali KARACHI: Some bearish activities were observed at the Karachi Stock Exchange on Tuesday pushing the index below 12,000 levels due to low participation of investors as they preferred to stay on the sidelines over deteriorating security situation in the city and results season being almost over. The benchmark KSE-100 index fell by 79 points to
close at 11,956 points, KSE30 index dropped 99 points to close at 11,583 points and KSE all-share index lost 55 points to close at 8,321 points. "Owing to law and order situation in the city, Karachi Stock Exchange witnessed a dull session", said Samar Iqbal, equity dealer at Topline Securities. Market opened on a negative note followed by mixed activities particularly during
the first half an hour. Thereafter, market remained in the positive zone as investors opted to book profits due to tense law and order situation in the city and on absence of immediate triggers. Further, uncertainty after killing of Osama Bin Laden too kept the investors cautious. Apart from the above mentioned issues, conclusion of the results season also kept the investors away from the
Close
Change
BATA SALT NRL ATBA BCL
444.24 60.99 343.49 208.07 46.68
-16.26 -3.13 -2.98 -2.89 -2.20
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA FATIMA SILK FFBL NBP
15.96 12.83 2.50 41.95 51.11
9.59 3.99 2.77 1.74 1.68
Active Issues Plus Minus Unchanged
75 188 94
Sector Updates FERTILISER
NEW YORK: Trader at work at New York Stock Exchange as global stocks eased with investors paying attention to a raft of economic news over the coming days and India's central bank raising interest rate.-Reuters
000 tonnes
Urea Offtake (Jan to Feb 11) 807 Urea Offtake (Feb 11) 413 Urea Price (Rs/50 kg) 1,195 DAP Offtake (Jan to Feb 11) 128 DAP Offtake (Feb 11) 69 DAP Price (Rs/50 kg) 4,041
AUTOMOBILE ASSEMBLER PAK SUZUKI MOTOR Units Production (July 10 to Feb 11) 53,036 Sales (July 10 to Feb 11) 52,067 Production (Feb 11) 5,883 Sales (Feb 11) 6,954
INDUS MOTOR CO Production (July 10 to Feb 11) 33,832 Sales (July 10 to Feb 11) 32,991 Production (Feb 11) 4,754 Sales (Feb 11) 4,698
HONDA ATLAS CAR Production (July 10 to Feb 11) 10,834 Sales (July 10 to Feb 11) Production (Feb 11)
10,444 1,555
Sales (Feb 11)
1,665
DEWAN FAROOQ MOTORS Production (July 10 to Feb 11) Sales (July 10 to Feb 11) Production (Feb 11) Sales (Feb 11)
186 133 0 20
BANKING SECTOR Scheduled bank (Rs in mn) Deposit (March 25,11) 5,046,487 Advances (March 25,11) 3,118,444 Investments (March 25,11) 2,202,311 Spread (Feburay 11) 7.51%
OIL MARKETING CO (000 tons) MS (Jul 10 to Jan 11) MS (Jan 11) Kerosene (Jul 10 to Jan 11) Kerosene (Jan 11) JP (Jul 10 to Jan 11) JP (Jan 11) HSD (Jul 10 to Jan 11) HSD (Jan 11) LDO (Jul 10 to Jan 11)) LDO (Jan 11) Fuel Oil (Jul 10 to Jan 11) Fuel Oil (Jan 11) Others (Jul 10 to Jan 11) Others (Jan 11)
1,300 183 96 14 795 129 4,044 614 38 5 5,007 680 98 15
PRICES (Ex-Refinery)
Rs
MS (1 Apr 11) MS (1 Mar 11) MS % Chg Kerosene (1 Apr 11) Kerosene (1 Mar 11) Kerosene % Chg JP-1 (1 Apr 11) JP-1 (1 Mar 11) JP-1 % Chg HSD (1 Apr 11) HSD (1 Mar 11) HSD % Chg LDO (1 Apr 11) LDO (1 Mar 11) LDO % Chg Fuel Oil (1 Apr 11) Fuel Oil (1 Mar 11)
59.35 53.88 10.15% 68.95 63.31 8.91% 70.88 63.54 11.55% 75.02 66.53 12.76% 65.27 60.96 7.07% 56,777 53,252
market and they remained cautious ahead of the budget. The index breached the psychological barrier of 12,000 at about 1:29 PST and touched the lowest level of the day of 11,894 points (ve 141). Though, market ended on a negative note but some buying at lower levels allowed the index to close with reduced losses. About 50.6 million shares exchanged hands during the
day which was 25.5 million shares less as compared to a turnover of 76.1 million shares a day earlier. Lotte Pakistan was the top traded stock of the day with 9.59 million shares followed by Fatima Fertiliser with 3.99 million shares and Silk Bank with 2.77 million shares. Out of total 357 active issues; 188 declined and 75 advanced while 94 issues remained unchanged.
Indian shares at 6-wk closing low
Major Losers
Symbol
US stocks mid-day
KSE fails to sustain 12,000 level
China stocks inches up HONG KONG: China shares rose on light volume on Tuesday helped by defensive sectors, though may follow Hong Kong stocks lower as investors persistently move money out of commodity-related sectors on uncertainty over the growth outlook. Utilities, in particular independent power producers (IPPs), outperformed on expectations that power shortages in China would boost demand while a stall in the commodity rally continued to weigh on cyclical stocks such as oil and coal producers. Hong Kong's Hang Seng ended down 0.4 per cent as large cap financials shed early gains despite Chinese banks reporting robust first-quarter results last week. The China Enterprises Index of top locally listed mainland companies fell 0.8 per cent. In China, the Shanghai Composite Index ended up 0.7 per cent at 2,932.2 but A-share turnover at 9.6 billion yuan remained 20 per cent below the average over the past month, suggesting a lot of investors were cautious about participating in markets. "The rebound today is not supported by volume, so it's
likely to be a short-term rebound after a sharp dip in some sectors," said Cao Xuefeng, head of research at Huaxi Securities in Chengdu. The Hong Kong utilities sector sub-index was the only sector to end in positive territory on the day. Materials and energy were the top drags. "Equity volumes across the board are quite weak. I wouldn't be surprised if a lot of people right now are sitting on cash," said John Mar, regional head of sales trading at Daiwa Capital Markets in Hong Kong. Mar said some clients had preferred to take bets off the table, expressing concern over China's underperformance and the movement of copper prices, often considered a barometer of global economic growth, in the opposite direction to precious metals. According to Daiwa Capital, Hong Kong, Philippines and Thailand were the only markets to have recorded consistent inflows over the past four weeks; putting these markets most at risk should investor sentiment weaken. China Resources Power led the charge among Chinese IPPs, jumping 5.3 per cent on
over 3.5 times its average 30day volume. The stock is up 7 per cent so far this year after declining 9 per cent in 2010. China Resources Power has heavy exposure to Jiangsu province along the mainland's eastern coast which has been hit by lack of adequate power supplies. About 39 percent of the company's total capacity is spent on the province, the highest share among listed peers, Daiwa analysts said in a note. In a report released last week BNP Paribas forecast severe power shortages, particularly in the Jiangsu and Shandong provinces in China, to lift power demand while possible tariff hikes would benefit producers. The utilities sub-index in Hong Kong was up 9 per cent since mid-March to its highest levels in three and a half years. However, the strong gains in a short period of time suggested that near-term profit-taking is a risk as investors switch in and out of sectors. "In this climate, investors are likely to buy on the dip in defensive stocks, with pharmaceuticals possibly the next to see some interest," said Cao from Huaxi Securities.-Reuters
Pharmas aid FTSE LONDON: Drug makers helped Britain's top share index rise modestly on Tuesday, buoyed by deal activity in the United States, as traders mooted the possibility that a recent equity rally may falter. Miners hampered the FTSE 100's progress though, hurt by easing metals prices on renewed fears about demand, with Rio Tinto off 1.6 per cent on talk that the miner was lining up a bid to buy US aluminum producer Alcoa. Neither Rio Tinto nor Alcoa would comment on the rumours. The UK blue-chip index ended 12.98 points, or 0.2 per cent, firmer at 6,082.88. The index has risen nearly 3.8 per cent since its April lows. "The recent rally appears to be running out of steam around this year's highs at 6,105," Michael Hewson, market analyst at CMC Markets, said.
"Until such time as we see a close above this resistance area, the FTSE will remain susceptible to pull backs towards the 5,800 area," he said. Drug makers were boosted after Israel-based Teva Pharmaceuticals unveiled a $6.8 billion deal on Monday to buy US Cephalon. AstraZeneca was among the top FTSE 100 risers, up 2.4 per cent, recovering its poise after a 3.5per cent drop on Thursday when it reported firstquarter results, with Citigroup saying the numbers are "not as bad as (the) market implies". BUYING OPPORTUNITY Observers said that investor confidence, recently aided by solid corporate earnings from both sides of the Atlantic, may be sapped by macroeconomic fears in the near term, although any weakness could be seized upon as a buying opportunity.
"A number of macro factors could trigger investors to try and book profits; oil price, concern about inflation, worries about overheating in emerging markets, the US debt position," Henk Potts, market strategist at Barclays Wealth, said. "(However), long term, the outlook remains very strong (and) equity markets remain our preferred asset class," he added, seeing the best prospects in cyclical stocks, with industrials and technology his top picks. Weakness was seen on the high street, as data from the Confederation of British Industry highlighted the grim outlook facing retailers. Next, scheduled to issue a trading update on Wednesday fell 0.7 per cent, while Marks & Spencer dipped 0.9 per cent. ITV which relies on advertising from the retailers' fell 2.2 per cent. -Reuters
MUMBAI: Indian shares fell 2.4 per cent on Tuesday to its lowest close in nearly six weeks after the central bank raised interest rates by a hefty 50 basis points, triggering concerns the aggressive tightening will dent corporate earnings. The benchmark stock index also extended slide to a seventh consecutive session, its longest losing run since November 2008. The rate increase was sharper-than-expected and the central bank signalled it would battle stubbornly high inflation even at the expense of the government's economic growth ambitions. "This could eventually taper down expectations for corporate earnings, and hurt the market sentiment," said Deven Choksey, managing director and CEO of KR Choksey Shares. The 30-share BSE index fell 2.44 per cent or 463.33 points to 18,534.69, its lowest close since March 24. Only one of its components managed to close in the green. Financials led the fall, with the banking sector index dropping 3.1 per cent. Expectations for rate increases for the remainder of 2011 have jumped by 50 basis points after the central bank's move on Tuesday, a snap poll found. The 50-share NSE index slid 2.4 per cent to 5,565.25. Losers were more than five times the number of gainers, while 618 million shares
changed hands on the NSE, lower than its 90-day daily average volume of 645 million shares. Foreign funds which have invested a net of more than $3 billion in Indian equities since the start of March, have been net sellers for the last five trading sessions in April, triggering concerns this could turn into a near-term trend. Top lender State Bank of India fell 4.2 per cent, while rivals ICICI Bank and HDFC Bank slipped 2.3 per cent and 2.5 per cent respectively. Other rate sensitive sectors such as real estate and automobile also took a beating. Top-listed real estate firm DLF dropped 2.4 per cent. Automobile majors Tata Motors, Maruti Suzuki, Mahindra & Mahindra and Bajaj Auto fell between 1.2 per cent and 4.8 per cent. Jaiprakash Associates tumbled 8.7 per cent after Goldman Sachs downgraded the stock to neutral from buy. "We see limited areas of potential positive surprise as high debt levels remain a concern on earnings," Goldman said. World stocks fell as investors pocketed gains after a five-session winning run. The MSCI All-Country World Index shed 0.7 per cent by 1015 GMT, and the emerging share index was down 1.3 percent. -Reuters
S&P 500, Nasdaq slip with commodities NEW YORK: The S&P and Nasdaq declined on Tuesday as investors sold commodity-related shares, with the market straying further from a recent rally. Shares of Alcoa Inc, however, shot up 3.7 per cent to $17.86, helping to support the Dow, on market talk that Rio Tinto was lining up a bid to buy the U.S. aluminum producer. Neither Alcoa nor Rio Tinto would comment. The energy sector, which gained 16 per cent in the first quarter, led losses on the S&P 500. The S&P energy index dropped 1.5 per cent Tuesday. "You've had a tremendous run-up here, so you've got some profit-taking and an underlying rotation," out of commodity-related shares into more defensive sectors, such as utilities, said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. The S&P utilities index was up 1.2 per cent. Mendelsohn said any pullback would likely be short term and sees the market staying on an upward trend. The S&P has gained nearly 30 per cent since the start of September. The Dow Jones industrial average rose 16.42 points, or 0.13 per cent, at 12,823.78. The Standard & Poor's 500 Index was down 2.84 points, or 0.21 per cent, at 1,358.38. The Nasdaq Composite Index fell 16.47 points, or 0.58 per cent, at 2,847.61. MasterCard Inc rose 3 percent to $283.40 after the world's second-largest credit card processing network posted a 24 per cent jump in quarterly profit.-Reuters
ANNOUNCEMENTS Company Pak Telephone Fawad Textile Redco Textile
Period Yearly 3rd Qtr 3rd Qtr
Div/Bon/Right -
PAT (Rs in mn) -8.13 -29.00 6.74
EPS(Rs) -4.67 -3.15 0.14
Dhiyan
SECURITY CONCERNS CASTING SHADOWS Salman Naqvi, Head of Sales, Aba Ali Habib Securities Investors were cautious for the last two days over Osama incident and tense security situation in the city. Moving forward we expect range bound activities to continue with low volumes due to budget concerns, capita gains tax issues, and likely increase in interest rates. Investors are advised that in case of a major dip they can invest in oil and gas, fertiliser and selected cement stocks. Market would be dull today.
Mohammad Imran, AVP, Arif Habib Limited
In the absence of triggers, uncertainty over future events after Osama killing and concerns related to budget we would see the market to continue to show lackluster activities till budget announcement. Investors should adopt 'wait & see' stance for the time being new and hold their current positions.
6
Wednesday, May 4, 2011
Market
KSE 100 Index
Symbols
Volume
50,670,977
Value
1,871,665,013
Trades
35,536
Advanced Decline Unchanged Total
Current High Low Change
75 188 94 357
All Share Index
11,956.89 12,046.54 11,894.78 i79.00
Current High Low Change
8,321.58 8,383.19 8,280.29 i55.19
OIL AND GAS
Paid up Cap(mn)
Company Attock Petroleum Attock Refinery BYCO Petroleum
PE
Open
High
High Low 1,500.22 1,471.26 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.34 32.54 Low
Close Chg
691
6.92 382.25
386.40 379.00 382.76
853
4.06 125.67
126.00 122.00 123.94 -1.73
3921
Mari Gas Company
735
National Refinery
-
8.59
4.19 103.71
8.60
8.45
0.51
8.55 -0.04
103.20 102.00 102.37 -1.34
Last 60 days High Low
Volume
% Change -0.77 5-Day High 1,493.54 5-Day Low 1,449.24
2010 Div BR (%) (%)
2011 Div BR (%) (%)
98263
391.50
321.00
300
20B115.00
396247
129.40
98.25
-
-
-
-
278913
10.43
8.20
-
-
-
-
4535
130.75
99.46
31
- 23.43
-
4.74 346.47
347.90 340.70 343.49 -2.98
155434
356.50
254.00
200
-
-
9.97 148.68
149.50 146.00 147.29 -1.39
1197182 173.25
128.21
55
- 30.00
-
Pak Petroleum
11950
7.64 211.04
211.74 208.10 209.07 -1.97
379008
216.50
190.10
90
20B 50.00
-
2365
7.21 327.66
327.75 324.50 326.91 -0.75
740526
332.50
277.09
255
-100.00
-
1.83
154401
110.50
82.75
-
-
-
-
277.45 272.01 273.20 -2.03
301180
294.49
265.00
80
- 80.00
-
350 47.77
P.S.O
1715
Shell Gas LPG
226
Shell Pakistan
685
83.67
3.90 275.23 -
24.93
7.47 210.15
86.50 25.00
82.75 23.80
85.50
23.88 -1.05
211.00 209.00 210.05 -0.10
-
-
800
Pak Refinery Limited
2959
32.92
23.04
-
-
-
-
19695
218.00
186.83
120
-
-
-
CHEMICALS Performance of SR Chemicals Index Open 1,833.78 Turnover 15,339,556 P/E (x) 8.91 Company
High Low 1,838.33 1,809.43 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.12 35.00
Close 1,823.96 Listed cap 52,251.88 mn Payout (%) 48.81
Change -9.82 Market cap 379,151.71 mn Div Yield (%) 5.48
% Change -0.54 5-Day High 1,850.38 5-Day Low 1,823.96
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
3924
-
22.00
22.68
20.90
20.90 -1.10
7110
24.90
20.00
-
-
135
25B
Agritech Limited Clariant Pak
341
2011 Div BR (%) (%) -
61.88
59.55
59.97 -1.65
103848
294.00
59.55
-
-
2.41
2.49
2.25
2.30 -0.11
48455
3.58
2.25
-
-
-
-
Descon Oxychem Ltd.
1020 11.44
7.90
8.00
7.65
7.78 -0.12
534840
9.60
6.00
-
-
-
-
Dewan Salman
3663
-
2.46
2.53
2.37
2.41 -0.05
365687
3.39
2.26
-
-
-
-
94
3.51
11.38
11.49
10.51
10.71 -0.67
11.50
9.50
15
-
-
-
238.50
189.00
60
20B
-
-
Engro Polymer Fatima Fertilizer
199.01 196.50 197.23 -1.91
1400 627951
6635
-
11.73
11.90
11.40
11.66 -0.07
229763
13.95
11.40
- 27.5R
-
-
22000
-
12.65
12.97
12.51
12.83 0.18
3991649
13.60
10.75
-
-
-
1176996 154.49
108.00
130
25B 45.00
-
- 12.50
-
-
Fauji Fertilizer
8482
8.59 140.02
Fauji Fert. Bin Qasim
9341
6.28
41.78
42.00
41.45
41.95 0.17
1736695
43.89
37.86
65.5
725 10.51
12.63
12.70
12.36
12.51 -0.12
119820
14.49
10.43
-
-
-
-
91934
172.00
142.00
175
-
-
-
17.36
14.05
5
-
-
-
1.84
0.57
-
-
-
-
-
-
Ghani Gases Ltd ICI Pakistan XD
1388
Lotte Pakistan Mandviwala Nimir Ind Chemical
8.54 155.47
140.25 138.40 139.62 -0.40
155.80 153.00 153.74 -1.73
15142
4.46
16.14
16.26
15.80
15.96 -0.18
74
-
1.20
1.34
0.61
1.19 -0.01
3108
2.56 -0.12
289887
2.68
2.70
Sitara Chem Ind
214
2.50 101.32
101.30
Sitara Peroxide
1106 11.13 551
5.69
18.25
United Distributors
92
-
15.15
Wah-Noble
90
4.91
35.98
2.53
9591534
3.40
2.10
-
-
97.00 100.95 -0.37
1602
117.00
90.78
25
5B
-
-
18.80
18.20
18.38 0.13
449826
19.99
11.81
-
-
-
-
15.75
14.26
15.51 0.36
2101
15.75
12.07
-
-
-
-
35.69
34.19
34.76 -1.22
3702
38.85
34.19
50
-
-
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,028.30 Turnover 3,731 P/E (x) 4.94 Company
High Low 1,048.40 1,015.44 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.37 7.47
Close 1,032.16 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.73
15.00 38.00
15.49 38.50
14.50 38.00
15.15 0.15 38.00 0.00
730 3001
Century Paper Security Paper
20,217.34 20,362.81 20,117.46 i126.67
Change 3.86 Market cap 2,848.05 mn Div Yield (%) 5.12
Last 60 days High Low 17.50 39.90
13.85 34.00
% Change 0.38 5-Day High 1,063.27 5-Day Low 1,028.30
2010 Div BR (%) (%) 50
-
1092 1321
6.44 7.89
70.12 27.92
High 70.00 27.55
Low 69.90 26.85
Close Chg 70.00 -0.12 26.89 -1.03
Volume 2585 28154
Last 60 days High Low 76.25 35.30
63.00 26.85
Open 1,138.92 Turnover 110,685 P/E (x) 3.91 Company
Paid up Cap(mn)
PE
High Low 1,146.95 1,118.37 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.99 25.35
Open
High
Low
Agriautos Ind 144 4.41 72.10 Atlas Battery 101 5.52 210.96 Atlas Engineering Ltd 247 16.53 36.25 Atlas Honda 626 9.05 144.43 Baluchistan Wheels Ltd. 133 1.53 32.88 Dewan Motors 1087 1.70 Exide (PAK) 56 4.75 194.01 General Tyre 598 4.51 23.72 Ghandhara Nissan 450 3.50 Ghani Automobile Ind 200 6.08 3.38 Honda Atlas Cars 1428 9.48 Indus Motors 786 7.58 219.50 Transmission 117 1.25
72.70 211.00 36.20 146.49 31.50 1.95 195.00 24.00 3.80 3.54 9.80 219.99 1.25
70.50 207.00 36.20 144.00 31.50 1.65 195.00 23.50 3.57 3.25 9.25 215.00 1.25
Open 2,087.08 Turnover 171,608 P/E (x) 48.35 Company
Paid up Cap(mn)
AL-Noor Sugar Bawany Sugar Colony Sugar Mills Crescent Sugar Habib Sugar Habib-ADM Ltd Haseeb Waqas Kohinoor Sugar Mehran Sugar Mirpurkhas Sugar Mirza Sugar Mithchells Fruit National Foods Noon Pakistan Noon Sugar Quice Food Rafhan Maize S S Oil Shahmurad Sugar Shakarganj Mills
186 87 990 214 750 200 324 109 157 84 141 50 414 48 165 107 92 57 211 695
PE
Close Chg 71.54 208.07 36.20 145.01 32.88 1.65 194.01 23.70 3.75 3.22 9.72 219.53 1.25
-0.56 -2.89 -0.05 0.58 0.00 -0.05 0.00 -0.02 0.25 -0.16 0.24 0.03 0.00
Close 1,138.15 Listed cap 6,768.53 mn Payout (%) 20.42
Volume 2736 7120 3000 2530 200 11052 125 959 38701 23001 7239 13015 1000
Open
High
High Low 2,108.12 2,052.25 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.65 30.30 Low
Close Chg
1.04 41.63 43.71 42.70 41.63 7.56 8.56 7.57 8.40 6.25 2.50 3.24 2.25 2.50 0.73 7.35 7.26 7.00 7.25 9.35 23.72 24.00 23.52 23.56 5.04 12.78 12.50 12.42 12.50 - 12.10 11.30 11.30 11.30 2.80 3.00 2.80 2.80 1.83 57.69 56.25 56.25 56.25 2.78 43.65 44.80 41.50 44.43 3.00 3.00 2.80 2.80 8.45 72.00 72.00 72.00 72.00 11.10 64.50 64.25 64.00 64.25 5.94 21.26 21.79 20.26 21.79 2.04 19.05 19.05 19.05 19.05 6.50 3.10 2.98 2.80 2.86 12.14 2724.80 2846.90 2625.00 2746.16 0.34 4.95 5.00 4.75 4.75 3.24 9.50 9.50 9.47 9.47 0.43 6.15 6.70 5.25 6.00
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe XD International Ind
PE
565 1.90 675 555 21.43 1199 18.86
Open 28.24 1.96 12.00 51.28
High 28.74 2.00 12.20 52.00
High Low 1,052.45 1,033.77 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.05 33.10 Low 28.01 1.90 11.51 51.27
Close Chg 28.12 1.98 12.00 51.87
-0.12 0.02 0.00 0.59
Close 1,045.59 Listed cap 3,596.11 mn Payout (%) 30.91
Change 5.27 Market cap 9,753.65 mn Div Yield (%) 9.73
Last 60 days High Low
Volume 14417 7500 222 5166
29.80 2.95 14.90 54.50
25.67 1.80 11.51 45.81
% Change 0.51 5-Day High 1,060.57 5-Day Low 1,040.32
2010 Div BR (%) (%) 30 40
Open 773.79 Turnover 708,126 P/E (x) 1.49 Paid up Cap(mn)
PE
Open
High
Low
3.84 1.67
26.27 7.50 1.95 8.03 12.82
25.00 8.41 2.79 8.39 13.64
25.00 8.41 1.95 7.26 12.60
Open 972.55 Turnover 4,811,124 P/E (x) 5.08 Company
Change -19.43 Market cap 63,744.97 mn Div Yield (%) 2.92
% Change -2.19 5-Day High 904.33 5-Day Low 868.68
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
6.53 -
2.55 52.84 2.45
2.56 52.01 2.69
2.56 51.52 2.30
2.55 0.00 51.56 -1.28 2.36 -0.09
477 4804 2429
3.50 56.70 3.00
2.15 48.50 1.99
- 100R 50 -
-
182
-
14.52
14.70
14.41
14.50 -0.02
3628
20.62
14.27
- 122R
-
-
Cherat Cement Dewan Cement
956 45.71 3891 -
10.19 1.69
10.00 1.78
9.53 1.65
9.60 -0.59 1.66 -0.03
4802 36840
11.90 2.24
8.00 1.50
-
-
-
-
DG Khan Cement Ltd EMCO Ind
3651 30.65 350 -
23.56 1.80
23.69 1.75
22.83 1.70
22.99 -0.57 1.70 -0.10
650876 19284
29.50 3.75
21.20 1.70
-
20R -
-
20R -
Fauji Cement Flying Cement Ltd Gharibwal Cement
6933 1760 4003
7.05 -
4.05 1.43 9.48
4.13 1.56 9.40
4.01 1.32 8.48
4.09 0.04 1.43 0.00 8.48 -1.00
215109 27732 5204
4.82 1.95 13.50
3.97 1.30 4.70
-
-
-
92R -
32
-
0.49
0.55
0.40
0.40 -0.09
522
0.90
0.32
-
-
-
-
Kohat Cement 1288 Lafarge Pakistan Cement13126 74.00 Lucky Cement 3234 5.71
6.60 2.97 72.44
6.97 3.05 72.80
6.25 2.94 70.10
6.36 -0.24 2.96 -0.01 70.33 -2.11
13012 78101 1058777
7.87 3.45 73.69
5.11 2.65 59.55
40
-
-
-
-
-
-
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints
Haydery Const
Maple Leaf Cement
2010 Div BR (%) (%)
5261
-
2.14
2.20
2.10
2.10 -0.04
105245
2.89
1.92
-
Mustehkam Cement XR 417 Pioneer Cement 2271 Shabbir Tiles 361
-
9.00 5.25 6.08
8.50 5.23 6.58
8.25 5.01 5.60
8.50 -0.50 5.14 -0.11 5.95 -0.13
1105 27322 8012
13.48 6.96 8.60
8.25 5.01 5.13
- 210R -
2011 Div BR (%) (%) -
- 100R
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 975.44 Turnover 138,917 P/E (x) 2.72
High Low 986.18 945.72 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.20 43.91
Close 973.87 Listed cap 3,043.31 mn Payout (%) 15.55
Change -1.57 Market cap 36,007.64 mn Div Yield (%) 5.71
% Change -0.16 5-Day High 994.10 5-Day Low 973.87
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Cherat Papersack ECOPACK Ltd
115 230
2.40 -
47.37 1.60
49.29 1.63
46.45 1.50
48.88 1.51 1.52 -0.08
92304 23124
73.45 2.77
46.45 1.40
20 -
25B -
-
50R -
Ghani Glass MACPAC Films
1067 389
5.48 2.66
53.86 14.20
53.88 14.20
52.01 13.25
53.86 0.00 13.33 -0.87
322 19272
55.25 14.70
49.00 3.15
25 -
10B -
-
-
153 3700
33.80 172.00
26.65 120.70
100
-
-
-
Company
Merit Pack Tri-Pack Films
47 12.57 28.04 300 6.40 165.61
28.45 26.65 28.04 0.00 166.35 161.05 164.00 -1.61
2010 Div BR (%) (%)
2011 Div BR (%) (%)
INDUSTRIAL ENGINEERING
Paid up Cap(mn)
Al-Qaim Textile Amtex Limited Ashfaq Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) XD Bilal Fibres Chakwal Spinning Chenab Limited Colgate Palm Colony Mills Ltd Crescent Fibres Ltd Crescent Jute Crescent Textile D S Ind Ltd Dar-es-Salaam Data Textile D. Lawrencepur XB Dewan Mushtaq Textile Ellcot Spinning Faisal Spinning Gadoon Textile XD Ghazi Fabrics Glamour Textile Gul Ahmed Textile Gulistan Spinning Gulshan Spinning H M Ismail Hira Textile Mills Ltd. Int Knitwear Island Textile J K Spinning Janana D Mal Jubilee Spinning Khalid Siraj Kohinoor Ind Kohinoor Textile Leather Up Masood Textile Nagina Cotton Nishat (Chunian) Nishat Mills Pak Synthetic Prosperity Quetta Textile Ravi Textile Regent Textile Reliance Weaving Rupali Poly Saif Textile Salfi Textile Sally Textile Salman Noman Samin Textile Sana Ind Sargoda Spinning Saritow Spinning Service Ind XD Shadman Cot Shahpur Textile Shahtaj Textile Thal Ltd Treet Corp United Brands Yousuf Weaving Zil Limited
75 2594 70 4493 37 76 76 141 400 1150 316 2442 124 238 492 600 80 99 591 34 110 100 234 326 116 635 146 222 120 716 32 5 184 48 325 107 303 2455 60 600 187 1620 3516 560 185 130 250 48 308 341 264 33 88 42 267 55 312 133 120 176 140 97 307 418 12 400 53
66.45 180.00 33.73 120.30 31.50 1.50 170.11 21.08 2.82 3.20 9.25 205.51 1.11
0.00 0.84 0.00 -0.10 -0.16 -0.28 -0.80 0.00 -1.44 0.78 -0.20 0.00 -0.25 0.53 0.00 -0.24 21.36 -0.20 -0.03 -0.15
Close 2,084.10 Listed cap 11,335.33 mn Payout (%) 30.57
Last 60 days High Low
High Low 1,558.61 1,540.46 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.95 38.02
Close 1,553.03 Listed cap 1,336.62 mn Payout (%) 131.49
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
66
3.05
8.65
9.00
8.26
8.32 -0.33
3039
16.25
7.40
-
-
-
-
224.99 218.50 221.00 -1.48 48.89 46.44 46.68 -2.20
4866 2612
240.00 52.25
199.05 42.70
400 25
10B
-
-
5177 961
11.90 135.00
8.25 90.00
-
-
-
-
6065
556.97
466.27
650
25B325.00
-
215 104
213 10.88 124 -
3.82 222.48 4.61 48.88
Millat Tractors
366
9.25 94.67
7.83 515.03
9.50 99.40
9.00 90.00
9.14 -0.11 96.31 1.64
516.74 512.50 515.64
0.61
2011 Div BR (%) (%)
20B 15B 65.00 - 50.00 -
% Change -0.14 5-Day High 2,087.08 5-Day Low 2,072.01
2010 Div BR (%) (%) 50 25 40 10 35 15 10 40 12 12 1150 10 -
15B -
2011 Div BR (%) (%)
25B 20B 7.50 20B - 350.00 -
-
Close Chg
Close 765.96 Listed cap 3,763.71 mn Payout (%) 6.27
Volume
Change -7.83 Market cap 4,219.66 mn Div Yield (%) 4.20
2010 Div BR (%) (%)
2011 Div BR (%) (%)
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
56.29
Total Assets (Rs in mn)
MA (10-day)
4.77
Total Equity (Rs in mn)
MA (100-day)
4.87
Revenue (Rs in mn)
MA (200-day)
5.17
Interest Expense
17,057.30
1st Support
4.50
Profit after Taxation
2nd Support
4.10
EPS 10 (Rs)
1.909
1st Resistance
5.20
Book value / share (Rs)
23.10
3,361.27 10,693.34 1,072.77 277.86
2nd Resistance
5.50
PE 11 E (x)
5.71
Pivot
4.80
PBV (x)
0.21
KTML closed up 0.27 at 4.95. Volume was 1,142 per cent above average (trending) and Bollinger Bands were 22 per cent wider than normal. The company's profit after taxation stood at Rs140.023 million which translates into an Earning Per Share of Rs0.65 for the nine months of fiscal year (9MFY11). KTML is currently 4.3 per cent below its 200-day moving average and is displaying an upward trend. Volatility is high as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume into KTML (bullish). Trend forecasting oscillators are currently bullish on KTML.
JS Bank Limited
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
39.78
Total Assets (Rs in mn)
32,894.92
MA (10-day)
2.55
Total Equity (Rs in mn)
5,654.56
MA (100-day)
2.64
Revenue (Rs in mn)
2,527.30
MA (200-day)
2.59
Interest Expense
1,806.71
1st Support
2.45
Loss after Taxation
(594.94)
2nd Support
2.35
EPS 09 (Rs)
1st Resistance
2.70
Book value / share (Rs)
2nd Resistance
2.85
PE 10 E (x)
Pivot
2.60
PBV (x)
(0.98) 9.23 49.60 0.27
JSBL closed down -0.10 at 2.50. Volume was 19 per cent below average (neutral) and Bollinger Bands were 18 per cent narrower than normal. The company's profit after taxation stood at Rs10.254 million which translates into an Earning Per Share of Rs0.0126 for the 1st quarter of current calendar year (1QCY11). JSBL is currently 3.3 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of JSBL at a relatively equal pace. Trend forecasting oscillators are currently bearish on JSBL.
BankIslami Pakistan Limited
25.00 8.40 2.79 7.84 12.65
-1.27 0.90 0.84 -0.19 -0.17
500 600 13000 597362 96664
% Change -1.01 5-Day High 894.71 5-Day Low 765.96
Last 60 days High Low
2010 Div BR (%) (%)
28.50 11.94 2.79 14.59 22.70
-20B 20R - 10B 17.5 -
23.33 7.11 0.25 7.26 12.00
2011 Div BR (%) (%) - 200R
High Low 980.24 960.73 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.44 8.64
Close 971.04 Listed cap 47,070.70 mn Payout (%) 16.68
Open
High
Low
Close Chg
Volume
1.98 0.27 0.71 5.23 0.85 0.52 20.56 1.68 0.68 4.17 0.20 0.65 0.58 0.82 0.71 0.49 3.16 0.36 0.44 0.87 0.22 0.85 0.49 0.30 5.69 9.00 1.62 0.66 4.09 5.42 2.22 0.97 0.93 0.65 2.99 0.34 0.31 0.30 0.55 2.44 3.04 1.66 0.33 3.12 14.80 0.61 1.40 6.22 1.06 0.55 6.29
1.54 2.10 5.35 5.09 16.21 18.05 460.50 1.00 1.16 2.38 699.81 1.91 12.77 0.71 14.60 1.09 2.75 0.39 37.70 3.86 28.25 42.75 84.41 6.85 9.05 50.00 7.71 10.50 1.50 4.38 8.29 244.50 8.56 17.00 3.01 1.13 1.39 4.68 2.71 18.38 17.25 27.02 61.66 18.20 15.73 70.00 0.82 18.90 13.00 40.85 10.24 64.12 7.83 3.19 5.31 40.09 4.07 1.70 178.54 16.00 0.26 25.50 100.78 50.97 27.48 1.25 57.39
0.54 2.18 5.20 5.16 16.00 17.85 465.00 1.09 1.39 2.57 734.80 1.95 11.77 0.77 15.52 1.16 3.20 0.22 38.40 4.67 28.00 43.00 85.70 7.00 9.25 52.50 7.02 10.70 1.50 4.49 8.29 250.00 8.00 16.99 2.02 1.20 1.40 5.10 3.50 17.50 16.25 27.19 62.10 18.85 15.02 73.00 0.93 18.10 12.55 40.05 10.50 65.90 8.05 2.90 5.90 40.89 4.30 1.70 183.25 16.00 0.44 25.50 101.00 50.50 27.48 1.25 59.45
0.54 2.03 4.70 4.90 16.00 17.05 439.00 1.09 1.16 2.10 701.00 1.50 11.77 0.71 15.50 1.01 2.02 0.22 37.01 3.85 27.00 43.00 82.10 7.00 8.05 50.01 6.71 10.40 1.45 4.20 8.29 232.28 7.75 16.00 2.02 1.04 1.39 4.40 1.71 17.38 16.25 26.10 60.80 17.20 15.00 66.51 0.75 18.10 12.50 39.70 9.55 60.92 6.83 2.70 5.00 39.75 4.00 1.70 178.00 15.10 0.25 25.00 99.60 49.55 27.48 1.10 55.00
0.54 -1.00 2.13 0.03 5.20 -0.15 4.99 -0.10 16.00 -0.21 17.05 -1.00 444.24-16.26 1.09 0.09 1.28 0.12 2.49 0.11 730.85 31.04 1.61 -0.30 11.77 -1.00 0.72 0.01 15.50 0.90 1.12 0.03 2.02 -0.73 0.22 -0.17 37.37 -0.33 3.85 -0.01 27.40 -0.85 42.75 0.00 84.13 -0.28 7.00 0.15 8.07 -0.98 50.01 0.01 6.72 -0.99 10.57 0.07 1.50 0.00 4.38 0.00 8.29 0.00 242.33 -2.17 7.80 -0.76 17.00 0.00 3.01 0.00 1.11 -0.02 1.39 0.00 4.95 0.27 3.24 0.53 17.50 -0.88 16.25 -1.00 26.59 -0.43 61.06 -0.60 17.80 -0.40 15.00 -0.73 72.87 2.87 0.80 -0.02 18.90 0.00 12.50 -0.50 39.70 -1.15 9.62 -0.62 60.99 -3.13 7.83 0.00 2.70 -0.49 5.00 -0.31 40.19 0.10 4.00 -0.07 1.70 0.00 182.99 4.45 15.98 -0.02 0.44 0.18 25.00 -0.50 100.36 -0.42 49.72 -1.25 27.48 0.00 1.25 0.00 58.05 0.66
2000 215163 26500 1176464 2500 17206 486 1292 904 26501 496 149579 2000 5102 1005 39232 1002 5000 781 1016 500 400 827 3000 509 2503 2113 42500 25000 263292 1612 295 9998 303 150 5915 502 372130 605 2500 500 728115 955206 569986 3000 510 30610 200 3500 8230 803 1271 28420 5721 5001 2104 2035 481 11294 590 1000 6000 6372 15411 4918 8001 2689
Change -1.50 Market cap 127,574.41 mn Div Yield (%) 3.28
Last 60 days High Low 2.49 4.24 5.98 11.81 18.41 23.27 686.07 1.95 2.20 3.40 945.00 2.95 16.09 1.43 18.69 1.87 4.00 1.10 49.05 6.00 28.74 43.00 102.24 7.50 9.50 53.65 9.23 11.68 2.10 5.20 10.00 250.00 9.35 17.80 3.65 1.79 1.90 5.58 3.50 19.70 17.95 29.50 67.29 21.21 16.90 73.00 1.74 26.25 14.00 44.40 11.50 76.43 9.35 5.75 7.40 45.15 5.01 2.35 227.00 17.68 0.95 26.29 122.00 59.90 30.36 1.88 87.90
2010 Div BR (%) (%)
% Change -0.15 5-Day High 979.25 5-Day Low 965.48 2011 Div BR (%) (%)
0.50 2.03 - 30B 4.41 4.60 10.01 - 15B 13.00 20 439.00 280 0.71 0.77 5 2.05 647.01 135 15B 1.50 10.26 10 0.25 13.00 15 1.01 1.30 0.08 35.00 5 15B 3.02 20.90 35 34.70 50 70.01 70 4.00 10 7.50 28.01 12.5 5.02 10 7.00 10 20B 0.42 3.50 10 8.00 6 99.33 50 6.15 20 5B 10.00 13.15 2.02 0.50 1.11 3.60 1.00 16.81 15 100R 14.50 20SD 22.30 15 57.20 25 45R 12.30 13.60 30 39.00 20 0.40 18.10 9.25 25SD 37.56 40 5.00 53.00 25 3.63 10 1.90 5B 4.32 - 100R 38.00 60 2.50 5 1.22 154.00 75 12.90 5 0.15 19.00 45 99.60 80 20B 44.10 50 900B 27.48 1.08 55.00 35 -
-
Performance of SR Pharma and Bio Tech Index
% Change 0.01 5-Day High 1,553.65 5-Day Low 1,547.41
Ados Pak
Ghandhara Ind Hinopak Motor
90 100 50 25 60 20 150 -
PHARMA AND BIO TECH
Change 0.21 Market cap 31,517.53 mn Div Yield (%) 16.96
Company
AL-Ghazi Tractor Bolan Casting
% Change -0.07 5-Day High 1,153.59 5-Day Low 1,138.15
2010 Div BR (%) (%)
Change -2.98 Market cap 294,337.96 mn Div Yield (%) 0.63
213 49.50 39.50 6050 9.25 5.05 313 4.00 2.11 35000 8.30 6.00 28412 24.50 20.25 552 12.84 10.80 600 18.70 11.00 5000 4.69 2.45 500 60.49 50.12 1134 53.00 40.12 6100 4.99 2.65 601 82.30 65.40 3000 66.00 52.01 3100 27.00 19.75 600 21.80 10.11 1500 4.00 2.55 144 3016.00 2140.00 17000 6.45 2.60 5000 9.90 8.00 56602 7.49 4.01
PE
Performance of SR Industrial Engineering Index Open 1,552.82 Turnover 22,792 P/E (x) 7.75
-
Performance of SR Personal Goods Index
-
1828 866 858
Company
Paid up Cap(mn)
Close 868.68 Listed cap 54,792.74 mn Payout (%) 19.04
-
PERSONAL GOODS
CONSTRUCTION AND MATERIALS High Low 895.45 864.23 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.46 7.10
-
Change -0.77 Market cap 42,237.19 mn Div Yield (%) 5.22
Last 60 days High Low 74.97 216.30 43.26 153.93 37.99 2.45 206.99 26.17 4.99 4.60 11.55 293.00 1.99
Volume
High Low 798.47 738.66 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.16 10.64
AL-Abid Silk 134 Diamond Ind 90 Gauhar Engineering Ltd 22 Pak Elektron 1219 Tariq Glass Ind 231
2011 Div BR (%) (%)
- 20.00 25B 15.00 20B 15.00
40 15
2011 Div BR (%) (%)
Performance of SR Household Goods Index
Company
Performance of SR Construction and Materials Index Open 888.12 Turnover 2,263,289 P/E (x) 6.52
Kohinoor Textile Mills Limiteda
HOUSEHOLD GOODS
-
INDUSTRIAL METALS AND MINING
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Performance of SR Industrial Metals and Mining Index Open 1,040.32 Turnover 27,314 P/E (x) 3.18
Alert ! Unusual Movements
% Change -0.76 5-Day High 697.52 5-Day Low 684.11
AUTOMOBILE AND PARTS
2011 Div BR (%) (%) -
Open
Change -5.27 Market cap 11,427.65 mn Div Yield (%) 2.24
FOOD PRODUCERS
61.62
-
8.81 199.14
Pak Int Cont. Terminal PNSC
PE
Close 684.11 Listed cap 3,242.17 mn Payout (%) 11.08
Performance of SR Food Producers Index
140.00
3.48
3933
-
Paid up Cap(mn)
Company
High Low 686.87 683.14 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.26 25.53
-
206.79
4813 1996
50 300B
Open 689.38 Turnover 30,739 P/E (x) 4.95
-
1654
Dawood Hercules
Engro Corporation Ltd
163.80 160.10 162.53 -0.42
2010 Div BR (%) (%)
Descon Chemical
Dynea Pak
4.96 162.95
Current High Low Change
11,583.85 11,691.99 11,536.19 i99.91
Performance of SR Industrial Transportation Index
Close Change 1,482.11 -11.43 Listed cap Market cap 65,194.15 mn 1,100,797.23 mn Payout (%) Div Yield (%) 55.94 5.44
Oil & Gas Development 43009 Pak Oilfields
Current High Low Change
KMI 30 Index
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,493.54 Turnover 3,449,430 P/E (x) 10.27
KSE 30 Index
Open 969.54 Turnover 26,772 P/E (x) 6.44 Company
Paid up Cap(mn)
Abbott (Lab) XD 979 Ferozsons (Lab) 250 GlaxoSmithKlineXDXB 1963 Highnoon (Lab)XDXB 182 IBL HealthCare Ltd 200 Searle Pak 306
High Low 976.13 957.70 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.44 22.31
Close 972.04 Listed cap 3,904.20 mn Payout (%) 44.54
Change 2.51 Market cap 31,442.27 mn Div Yield (%) 6.92
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5.58 8.00 10.56 5.98 4.66 5.90
92.14 96.65 73.29 26.10 11.46 59.54
92.00 94.00 73.97 26.05 11.49 62.40
90.00 92.55 73.00 25.01 10.47 60.16
91.10 -1.04 96.65 0.00 73.95 0.66 25.85 -0.25 11.38 -0.08 60.50 0.96
4780 108 3429 7380 2849 8125
97.99 99.49 90.00 33.50 12.80 66.15
78.59 85.00 68.00 24.50 8.10 58.05
2010 Div BR (%) (%) 50 40 25 30
% Change 0.26 5-Day High 985.83 5-Day Low 969.54 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
47.05
Total Assets (Rs in mn)
34,286.77
MA (10-day)
3.89
Total Equity (Rs in mn)
4,740.29
MA (100-day)
3.70
Revenue (Rs in mn)
2,193.89
MA (200-day)
3.47
Interest Expense
1,222.17
1st Support
3.76
Loss after Taxation
(478.94)
2nd Support
3.71
EPS 09 (Rs)
1st Resistance
3.85
Book value / share (Rs)
2nd Resistance
3.89
PE 10 E (x)
Pivot
3.80
PBV (x)
(0.907) 8.98 10.22 0.42
BIPL closed up 0.01 at 3.80. Volume was 97 per cent above average and Bollinger Bands were 60 per cent narrower than normal. The company's profit after taxation stood at Rs49.12 million which translates into an Earning Per Share of Rs0.093 for the 1st quarter of current calendar year (1QCY11). BIPL is currently 9.4 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of BIPL at a relatively equal pace. Trend forecasting oscillators are currently bullish on BIPL.
Pakistan Synthetics Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
39.07
Total Assets (Rs in mn)
MA (10-day)
18.78
Total Equity (Rs in mn)
MA (100-day)
14.36
Revenue (Rs in mn)
MA (200-day)
10.43
Interest Expense
1,323.87
1st Support
17.05
Profit after Taxation
51.82
2nd Support
16.30
EPS 10 (Rs)
0.925
1st Resistance
18.70
Book value / share (Rs)
15.71
880.58 3,280.76 7.03
2nd Resistance
19.60
PE 11 E (x)
2.22
Pivot
17.95
PBV (x)
1.13
PSYL closed down -0.40 at 17.80. Volume was 281 per cent above average (trending) and Bollinger Bands were 38 per cent narrower than normal. The company's profit after taxation stood at Rs336.90 million which translates into an Earning Per Share of Rs6.01 for the nine months of fiscal year (9MFY11). PSYL is currently 70.3 per cent above its 200-day moving average and is displaying a downward 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 PSYL (mildly bullish). Trend forecasting oscillators are currently bearish on PSYL.
BOOK CLOSURES Company
From
To
Habib Insurance # Atlas Engineering Ltd # Pakistan Paper Products # Crescent & Sugar Mills # Jubilee Spng & Weaving Mills # Crescent Textile Mills # Metropolitan Steel Corp # Flying Cement # United Distributors # Capital Assets Leasing Biafo Industries (TFC) Orix Leasing Pak Arif Habib Investment # Rafhan Maize Products Packages Ltd # IGI Insurance (TFC) Engro Fertilizer JS Value Fund JS Growth Fund MCB Bank Ittehad Chemicals # OGDC Fauji Fertilizer Bin Qasim
04-May 04-May 05-May 06-May 07-May 07-May 07-May 09-May 10-May 10-May 11-May 12-May 14-May 14-May 16-May 16-May 17-May 24-May 24-May 02-Jun 04-Jun 14-Jun 14-Jun
10-May 10-May 14-May 14-May 16-May 16-May 13-May 16-May 16-May 16-May 17-May 25-May 21-May 21-May 20-May 24-May 30-May 30-May 30-May 09-Jun 10-Jun 21-Jun 20-Jun
D/B/R 5 22(III) 350(I) 10(I) 5(I) 7.5(I) 30(I) 15(II) 12.5(I)
Spot AGM/Date -
10-May 10-May 14-May 14-May 16-May 16-May 13-May 17-May 16-May 21-May 20-May 10-Jun -
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Pak Tobacco XD Shifa Int.Hospitals P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
51 2.56 99.97 95 32.9 2.42 39.94 2.91 22.86 2.5
High 50 2.62 104.96 94.5 33.5 2.5 39.98 3.04 23.1 3.35
Low Close 49 2.45 102.78 94.5 32 2.4 37.95 2.85 22.48 2.2
51 2.53 102.93 94.5 32.99 2.4 37.97 2.9 22.77 3.16
Change 0 -0.03 2.96 -0.5 0.09 -0.02 -1.97 -0.01 -0.09 0.66
Vol 331 439132 1206 500 2907 40440 3606 65052 563717 44162
7
Wednesday, May 4, 2011 Atlas Insurance
FIXED LINE TELECOMMUNICATION
Central InsuranceXDXB Century Insurance XD
Performance of SR Fixed Line Telecommunication Index Open 978.99 Turnover 993,107 P/E (x) 5.37 Paid up Cap(mn)
Company
High Low 999.69 969.51 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.69 12.84
PE
Open
High
Low
Close Chg
Pak Datacom 78 37.08 Pakistan Telecomm Co A 37740 13.96 Telecard 3000 2.69 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -
39.89 16.88 1.60 2.23 2.85
38.56 17.24 1.67 2.27 2.95
37.90 16.76 1.57 2.15 2.71
38.56 17.03 1.59 2.20 2.83
-1.33 0.15 -0.01 -0.03 -0.02
Close 985.47 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 155 520497 34420 438035 38726
Change 6.47 Market cap 68,691.29 mn Div Yield (%) 11.65
% Change 0.66 5-Day High 996.58 5-Day Low 978.22
Last 60 days High Low
2010 Div BR (%) (%)
79.90 19.20 2.35 2.89 3.70
80 17.5 1 -
37.90 16.05 1.53 2.15 2.65
2011 Div BR (%) (%)
- 15.00 -
443
3.41
27.20
27.90
27.20
27.38 0.18
3140
42.90
26.60
391 457
Paid up Cap(mn)
PE
Open
High
Low
Genertech 198 Hub Power 11572 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 Kot Addu Power 8803 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 Sitara Energy Ltd 191 Southern Electric 1367
7.52 5.13 5.50 2.88 2.37 5.61 -
0.55 37.99 1.02 2.50 16.67 43.02 16.06 16.58 21.04 1.34
0.66 37.85 1.09 2.54 17.00 43.00 16.30 16.80 20.51 1.45
0.52 37.35 0.97 2.46 16.75 42.53 15.85 16.50 20.25 1.21
Company
Close 1,352.51 Listed cap 95,369.29 mn Payout (%) 104.13
Change -13.55 Market cap 105,334.66 mn Div Yield (%) 7.57
Close Chg
Volume
Last 60 days High Low
0.52 37.45 1.00 2.49 16.98 42.86 16.03 16.62 20.25 1.30
1002 812050 150922 199786 5011 14228 943897 267489 14934 324455
0.86 40.75 1.75 2.99 19.10 44.99 17.00 17.95 22.50 2.22
-0.03 -0.54 -0.02 -0.01 0.31 -0.16 -0.03 0.04 -0.79 -0.04
2010 Div BR (%) (%)
0.50 35.90 0.97 2.31 15.41 40.26 14.05 14.85 15.35 1.21
50 25 50 20 -
7.8R -
-
GAS WATER AND MULTIUTILITIES Open 1,270.53 Turnover 245,160 P/E (x) 8.07 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
PE
5491 13.24 8390 4.81
Open
High
19.01 21.09
19.35 21.84
High Low 1,304.94 1,236.57 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.92 11.41 Low 18.42 20.61
Close Chg 18.54 -0.47 21.33 0.24
Close 1,262.98 Listed cap 12,202.80 mn Payout (%) 66.79
Volume 28284 216876
Change -7.54 Market cap 28,075.60 mn Div Yield (%) 8.28
Last 60 days High Low 27.25 27.90
% Change -0.59 5-Day High 1,286.12 5-Day Low 1,252.68
2010 Div BR (%) (%)
18.06 20.52
20 15
2011 Div BR (%) (%)
25B
-
-
BANKS
Paid up Cap(mn)
Company
Allied Bank Ltd. XDXB 8603 Askari Bank XB 7070 Bank Alfalah 13492 Bank AL-Habib 8786 Bank Of Khyber 5004 Bank Of Punjab 5288 BankIslami Pak 5280 Faysal Bank 7327 Habib Bank Ltd 11021 Habib Metropolitan Bank XB 10478 JS Bank Ltd 8150 KASB Bank Ltd 9509 MCB Bank Ltd 8362 Meezan Bank XB 8030 Mybank Ltd 5304 National Bank 16818 NIB Bank 40437 Samba Bank 14335 Silkbank Ltd 26716 Soneri Bank 6023 Stand Chart Bank 38716 Summit Bank Ltd 7251 United Bank Ltd 12242
PE
Open
6.08 62.39 5.23 11.75 5.29 10.30 6.19 29.08 2.49 5.92 5.07 10.27 3.79 7.37 9.85 7.53 120.88 5.07 17.85 50.00 2.60 1.35 8.22 205.49 6.49 18.50 2.21 4.02 51.96 1.88 25.00 2.00 15.63 2.64 3.08 6.15 6.85 8.49 2.94 7.31 63.30
High
High Low Close 1,153.66 1,121.70 1,131.77 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.02 13.94 40.49 Low
Close Chg
62.95 61.15 61.68 -0.71 11.70 11.43 11.50 -0.25 10.28 10.00 10.05 -0.25 29.30 29.00 29.22 0.14 5.99 5.40 5.58 -0.34 5.16 4.99 5.04 -0.03 3.84 3.75 3.80 0.01 9.90 9.65 9.73 -0.12 121.00 119.12 120.49 -0.39 18.00 17.60 17.65 -0.20 2.75 2.50 2.50 -0.10 1.39 1.28 1.34 -0.01 207.10 202.26 203.36 -2.13 19.49 18.50 18.94 0.44 2.31 2.12 2.29 0.08 51.90 50.85 51.11 -0.85 1.93 1.75 1.82 -0.06 2.05 1.95 2.00 0.00 2.68 2.40 2.50 -0.14 6.24 6.15 6.15 0.00 8.50 8.28 8.50 0.01 3.20 2.85 3.00 0.06 64.20 61.05 62.17 -1.13
Volume
Change -13.04 Market cap 674,237.14 mn Div Yield (%) 5.53
Last 60 days High Low
51748 73.50 122273 17.40 788894 11.54 57388 37.38 69172 6.15 794296 8.68 323746 4.18 27176 14.70 69249 131.00 2920 26.50 393617 3.16 46614 1.79 199834 230.80 53220 19.70 91307 3.22 1676853 81.78 1145885 2.94 34800 2.20 2772544 2.99 137309 7.37 1302 9.90 218338 3.79 82784 67.39
57.00 11.43 8.75 26.95 3.30 4.96 3.06 9.65 104.16 17.60 2.35 1.20 192.20 16.26 1.70 50.85 1.69 1.50 2.02 5.00 6.28 2.36 56.70
% Change -1.14 5-Day High 1,156.96 5-Day Low 1,131.77
2010 Div BR (%) (%)
20R -
NON LIFE INSURANCE
115.90 10.85
61.30 8.00
5492 41874 10280
42.99 16.05 103.00
29.60 11.20 65.10
Pak Reinsurance XD Premier Insurance XD
3000 303
4.66 3.67
13.75 8.20
13.75 8.56
13.20 8.21
13.43 -0.32 8.23 0.03
414196 702
20.80 13.27
13.20 8.01
30 25
-
-
-
Silver Star Insurance XB 291 Universal Insurance 263
0.90 -
5.11 2.25
5.97 2.00
5.11 2.00
5.15 0.04 2.00 -0.25
7.51 3.42
4.56 1.68
-
15B -
-
-
Performance of SR Life Insurance Index Open 780.33 Turnover 9,263 P/E (x) 5.48 Paid up Cap(mn)
Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
PE 7.11
Open 67.57
High 67.10
High Low 722.31 702.38 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.45 5.20 Low 66.01
Close Chg 66.25 -1.32
Close 708.37 Listed cap 11,111.34 mn Payout (%) 79.54
Volume 34883
Change -8.58 Market cap 44,761.86 mn Div Yield (%) 9.13
Last 60 days High Low 92.50
% Change -1.20 5-Day High 733.74 5-Day Low 708.37
2010 Div BR (%) (%)
66.01
25
2011 Div BR (%) (%)
-
-
-
High Low 793.00 776.17 Total cos Defaulter cos 4 P/BV (x) ROE (%) 2.97 3.85
Close 775.51 Listed cap 2,290.72 mn Payout (%) 355.53
Change -4.81 Market cap 8,720.05 mn Div Yield (%) 4.61
% Change -0.62 5-Day High 793.11 5-Day Low 775.51
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
EFU Life Assurance XD
850
7.50
54.05
54.25
53.35
53.38 -0.67
1811
65.49
51.00
50
-
-
-
New Jub Life Insurance
627 13.84
51.33
53.35
51.50
51.50 0.17
7451
54.00
39.05
15
-
-
-
Company
2010 Div BR (%) (%)
2011 Div BR (%) (%)
FINANCIAL SERVICES Performance of SR Financial Services Index Open 260.95 Turnover 1,233,657 P/E (x) 11.18
High Low 268.24 250.78 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.17 0.91
Close 255.20 Listed cap 30,336.44 mn Payout (%) 99.56
Change -5.75 Market cap 12,613.23 mn Div Yield (%) 5.38
PE
Open
High
Low
Close Chg
225
1.02
0.50
0.49
0.40
0.49 -0.01
Arif Habib Investments
360
5.66
22.00
23.10
22.20
22.20 0.20
1805
24.97
20.00
-
20B
-
-
Arif Habib Limited
450 14.46
14.16
14.00
13.65
13.74 -0.42
25956
25.77
13.65
-
20B
-
-
22.49
22.58
22.08
22.17 -0.32
788276
26.24
18.75
3750
2.97
Dawood Cap Mangt. XB 150
Arif Habib Corp
2.30
1.60
1.75
1.45
1.45 -0.15
Last 60 days High Low
% Change -2.20 5-Day High 284.46 5-Day Low 255.20
Paid up Cap(mn)
Company
Volume 37126
0.93
10001
2010 Div BR (%) (%)
0.34
2.10
-
30
1.10
2011 Div BR (%) (%)
-
-
-
-
-
-
-
-
-
Dawood Equities
250
-
1.36
1.31
1.29
1.30 -0.06
772
2.57
1.06
-
-
-
-
Invest and Fin Sec
600 20.27
7.26
7.50
7.47
7.50 0.24
23262
8.28
5.15
11.5
-
-
-
-
-
Ist Cap Securities
3166
38078
3.74
2.51
-
10B
Jah Siddiq Co
7633
-
5.93
6.00
5.65
5.68 -0.25
817400
11.95
5.65
10
-
-
-
JOV and CO
Invest Bank
2849
508
-
2.63
2.63
2.52
2.59 -0.04
18915
4.00
2.52
-
-
-
-
500
5.29
18.51
18.50
17.83
18.40 -0.11
2085
28.01
17.83
50
JS Global Cap
-
0.40
-
2.80
0.46
0.40
3.27
0.40 0.00
2.51
2.85 0.05
552
0.88
0.30
-
-
-
-
-
JS Investment
1000 41.58
5.16
5.35
4.95
4.99 -0.17
113071
6.90
4.95
-
-
-
-
KASB Securities
1000
3.50
3.64
3.10
3.31 -0.19
702
4.97
3.10
-
-
-
-
-
821
3.45
775
5.70
5.89
1.58
5.70
5.68
1.70
5.70 0.00
1.50
1.65 0.07
10001
6.50
131289
5.00
2.49
-
1.21
-
-
-
-
-
-
514
5.03
2.22
2.22
1.82
2.01 -0.21
914
4.20
1.55
-
-
-
-
586
0.36
1.57
1.48
1.45
1.45 -0.12
1662
2.00
0.61
-
-
-
-
EQUITY INVESTMENT INSTRUMENTS Performance of SR Equity Investment Instruments Index Open 1,514.04 Turnover 1,161,132 P/E (x) 20.85 Paid up Cap(mn)
Company
AL-Meezan Mutual F.
High Low 1,531.49 1,500.59 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.46 2.21
Close 1,502.97 Listed cap 29,771.58 mn Payout (%) 104.74
Change -11.08 Market cap 19,261.19 mn Div Yield (%) 7.81
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
% Change -0.73 5-Day High 1,540.24 5-Day Low 1,502.97
751
6.97
4.52
2.2
-
-
-
18501
2.20
1136
0.75
1.12
0
0.39
1.2
2.92
17
-
-
-
11
-
-
-
15449
3.95 8.48
6.81
4.02
7.80
7.70
6.99
21
2.41
7.05
7.10
6.80
7.00 -0.05
261578
7.45
4.76
12.5
-
-
-
1186
0.64
6.15
6.20
6.05
6.07 -0.08
738519
6.68
4.20
10
-
5.00
-
283
1.46
2.89
2.26
2.26
2.26 -0.63
500
3.94
1.50
2.8
-
-
-
2.61
8.12
15.5
3.63
4.75
4.31
4.30
4.75 0.00
120
5.28
3.00
15
-
-
-
-
0.88
1.08
0.78
0.78 -0.10
560
1.49
0.45
3
-
-
-
8.15
59
5.00
9.15 1.00
1000
8.05
18
-
-
-
1000
2.13
7.25
7.55
7.16
7.21 -0.04
31877
8.83
6.81
10
- 10.00
-
2835
2.67
13.21
13.20
13.00
13.01 -0.20
22590
16.49
12.00
20
- 12.50
-
PICIC Inv Fund
2841
5.10
10
5.88
5.79
0.78
5.73 -0.15 1.08 -0.02
16814
7.95
-
7.50
-
-
-
340
6963
1.99
0.50
1
Stand Chart Modaraba
454
5.47
9.88
9.97
9.88
9.90 0.02
10051
10.63
9.50
17
-
-
-
50
0.73
1.10
1.29
1.10
1.10 0.00
125
1.93
0.71
-
-
-
-
298
2.74
2.00
2.00
1.55
1.89 -0.11
740
2.49
1.50
5
-
-
-
Trust Modaraba
1.15
5.70
Punjab Modaraba
Tri-Star Mutual
1.10
9.90
-
PICIC Growth Fund
-
9.15
-
PICIC Energy Fund
2.26
9.15
-
-
1200
Paramount Modaraba
10.24
-
NAMCO Balanced Fund 1000 125
19971
-
-
1008
9.10 0.00
8.44
-
3180
9.10
3300
-
Habib Modaraba
9.20
7.75 -0.05
-
-
JS Growth Fund
9.10
7.79
-
JS Value Fund KASB Modaraba
179500
-2.02
177000
-0.58
165500
ATRL-MAY
126.66
FFC-MAY
126.10
140.78
123.00
140.74
138.90
124.64 140.20
PPL-MAY
212.13
212.00
209.70
210.68
-1.45
MCB-MAY
207.06
207.60
203.76
204.81
-2.25
77000
86500
6000
6.57 0.22
2000
222000
0.17
14500
6.50
0.50 0.03
241000
-0.61
42.32
0.00
6.60
1.91 0.01
-1.08
23.19
41.80
-1.42
6.35
3.37 -0.10
328.69
23.12
42.35
38.47
1.75
7.60 -0.20
326.60
23.72
42.15
62.68
525
0.48
329.20
23.80
FFBL-MAY
38.47
Atlas Fund of Funds
1.91
329.77
DGKC-MAY
62.60
-
3.37
POL-MAY
38.47
-
-
7.60
402000
63.25
5.00
-
0.50
252500
38.47
-
5
1.99
285000
-0.59
64.10
18.5
2.85
3.57
-0.84
Vol
-1.84
61.61
HUBC-MAY
8.95
3.90
7.60
Change
51.57
61.25
35500
11.50
0.47
Close 199.07
62.49
64500
1510
1.90
Low 51.25 198.30
62.20
0.09
7001
3.47
High 52.30 200.10
NML-MAY
17.04
3.85 0.15
7.80
Open 52.41
ENGRO-MAY 200.91
16.90
10.25 -0.01
3.57
FUTURE CONTRACTS Symbols NBP-MAY
17.10
3.71
1.99
100 100 93 78 60 59 50 48 46 46 40 34 33 31 22 20 13 11 10 10 10 10 10 10 10 9 9 8 8 6 5 4 4 4 4 4 3 3 3 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1
16.95
10.25
2.23
Vol
0.00 0.00 0.00 30.63 0.00 0.00 0.02 0.00 0.00 -1.36 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.00 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 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PTC-MAY
3.85
3.73
Change
-1.74
10.26
200
15.18 33.00 49.50 1390.00 32.25 8.56 41.50 0.85 2.55 5128.62 7.20 3503.67 0.43 108.00 104.00 299.07 2.60 1060.00 4.55 1.65 5.99 25.65 4.00 5.90 6.99 3.51 9.00 2.99 1.58 69.50 170.04 1.51 6.10 90.00 3.00 54.40 1.00 1.76 7.93 1.25 1.35 5.00 4.30 8.99 303.57 0.36 21.10 56.03 13.99 0.70 22.24 1.97 2.10 1.25 1.99 1.80 4.50 5.50 16.89 24.50 902.26 94.03 39.71
70.99
3.70
780
Close
70.32
10.26
760
Low 14.30 31.46 51.90 1360.00 30.65 7.56 41.50 0.90 2.52 5055.00 7.20 3434.01 0.49 103.01 99.05 301.50 2.30 1049.00 5.50 1.77 5.99 24.37 3.75 4.90 5.99 3.51 8.80 3.20 1.63 68.03 162.11 1.66 5.27 94.50 3.00 52.74 0.50 1.98 7.95 1.35 1.54 4.50 3.53 9.88 318.00 0.39 21.12 56.00 14.38 0.60 21.13 1.30 2.38 1.34 2.79 2.00 4.51 6.34 17.74 24.35 905.00 93.06 41.50
72.21
2.45
397
14.30 31.46 51.97 1390.00 31.00 8.45 41.81 0.95 2.89 5185.00 7.30 3558.99 0.49 111.00 102.30 301.80 3.50 1060.00 5.50 1.77 5.99 24.37 3.75 4.90 5.99 3.51 8.80 3.20 1.63 70.20 177.00 1.68 6.99 94.50 3.00 52.74 0.50 2.02 7.95 1.35 1.54 4.90 4.50 9.88 318.00 0.40 21.99 56.00 14.38 0.60 21.24 1.30 2.38 1.34 2.79 2.00 4.51 6.34 17.74 24.35 905.00 93.06 41.50
72.73
4.40
Crescent St Modaraba
High
15.18 33.00 49.50 1359.37 32.25 8.56 41.48 0.85 2.55 5129.98 7.20 3503.63 0.43 108.00 104.00 299.07 2.60 1060.00 4.55 1.65 6.99 25.65 4.00 5.90 6.99 3.51 9.00 2.99 1.58 69.50 170.04 1.51 6.10 90.00 3.00 54.40 1.00 1.76 7.93 1.25 1.35 5.00 4.30 8.99 303.57 0.36 21.10 56.03 13.99 0.70 22.24 1.97 2.10 1.25 1.99 1.80 4.50 5.50 16.89 24.50 902.26 94.03 39.71
LUCK-MAY
210
B R R Guardian Mod.
Open
2011 Div BR (%) (%)
1375
Golden Arrow
Symbols MDTL OTSU BIFO UPFL PRET IDSM KSBP PMI SCLL ULEVER ZAHT NESTLE BROT PKGS PECO IDYM DFSM SIEM ASFL IGIBL DWTM RCML ZTL AGSML WAZIR PNGRS STPL FECM FDIBL PSMC SHEZ FEM UNIC AWTX KOHP GLPL OLTM DBCI JOPP FCONM FFLM FCIBL FNEL PIL FZTM MUKT ADMM GATI BWCL SGPL LPGL GAMON FDMF MODAM NMBL EWLA IDRT SMCPL DADX SAZEW WYETH BOC GRAYS
2010 Div BR (%) (%)
AL-Noor Modaraba
H B L Modaraba
UPTO 100 VOLUME
-
Sec Inv Bank Trust Inv Bank
Pak Modaraba
Open 716.95 Turnover 541,040 P/E (x) 8.72
4626 3625
LIFE INSURANCE
Meezan Balanced Fund
Performance of SR Non Life Insurance Index
-
4720 17496
30.48 -0.58 11.50 -0.05 72.60 0.35
2011 Div BR (%) (%)
40 10B - 10B 20 20B - 20B 65 10B - 20B - 33R -105.16R 115 10B 30.00 - 15B 75 25B -154.79R -63.46R - 311R 6 50 -
-
71.00 -0.50 8.00 -0.15
29.60 11.50 72.00
Pervez Ahmed Sec
Open 1,144.81 Turnover 8,942,932 P/E (x) 7.32
-
68.01 8.00
31.89 11.50 73.00
Orix Leasing
Performance of SR Banks Index
50B -
74.88 8.98
31.06 11.55 72.25
AMZ Ventures
Performance of SR Gas Water and Multiutilities Index
25 10
12.5 25 12.5B 30 55B 10.00
71.50 8.15
2011 Div BR (%) (%) 25.00 10.00 30.00 10.00 -
-
1.55 4.44
-
% Change -0.99 5-Day High 1,369.64 5-Day Low 1,352.51
-
1250 11.37 450 7.99 970 6.01
Performance of SR Electricity Index High Low 1,366.35 1,345.84 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.29 9.35
20B
EFU General Ins. XD Habib Insurance IGI Insurance
ELECTRICITY Open 1,366.06 Turnover 2,733,780 P/E (x) 13.75
40
-
UBL-MAY
MTS LEVERAGE POSITION Symbol AHCL AICL AKBL ANL ATRL BAFL DGKC ENGRO FFBL FFC HUBC LOTPTA MCB NBP NCL NML OGDC PAKRI POL PPL PSO PTC UBL TOTAL
Total Volume 2,467,405 375 46,724 30,000 12,000 97,000 264,500 942,193 59,500 5,000 51,500 3,010,000 55,200 672,888 410,000 71,000 59,250 30,000 70,000 41,500 37,000 152,100 2,000 8,587,135
Total Value 42,069,406 19,225 413,757 121,727 1,124,022 742,831 4,716,253 137,666,423 1,868,886 524,480 1,449,664 35,507,104 8,363,356 26,227,432 8,473,675 3,303,597 5,800,074 316,749 17,149,141 6,666,900 7,627,632 1,923,360 95,850 312,171,544
MTS Rate 16 16 16 16 19 16 16 16 16 16 16.20
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Oil & Gas Development Co Ltd
National Bank of Pakistan
Company
Date
Time
Dandot Cement Company Ltd International Industries Ltd Reliance Income Fund Honda Atlas Cars
04-May 10-May 14-May 16-May
3:30 5:00 11:00 11:00
TECHNICAL LEVELS Company
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
55.30
Support 1
MA (5-day)
11,992.89
Support 2
11,814.30
MA (10-day)
11,943.69
Resistance 1
12,037.35
11,885.60
MA (100-day)
11,970.73
Resistance 2
12,117.85
MA (200-day)
11,157.00
Pivot
11,966.05
Arif Habib Ltd
Target Price
Recommendations
42.2
Hold
Arif Habib Ltd
Accumulate
AKD Securities Ltd
60.4
TFD Research
92.3
AKD Securities Ltd
45.52
TFD Research
44.25
Neutral
Technical Outlook Technical Analysis
Leverage Position
RSI (14-day) 55.85 MTS Shares `000 59.50 MA (10-day) 41.86 MTS Rs `000 1,868.89 40.07 MTS Rate KSE 100 INDEX closed down -79.00 points at 11,956.89. Volume was MA (100-day) MA (200-day) 34.97 ** NOI Rs (mn) 56.07 57 per cent below average (consolidating) and Bollinger Bands were Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,715.07 38 per cent narrower than normal. As far as resistance level is conTarget price for Dec-11 & **Net Open Interest in future market cern, the market will see major 1st resistance level at 12,037.35 and FFBL closed up 0.17 at 41.95. Volume was 73 per cent below average 2nd resistance level at 12,117.85, while Index will continue to find its (consolidating) and Bollinger Bands were 48 per cent narrower than nor1st support level at 11,885.60 and 2nd support level at 11,814.30. KSE 100 INDEX is currently 7.2 per cent above its 200-day moving mal. average and is displaying an upward trend. Volatility is relatively nor- FFBL is currently 19.9 per cent above its 200-day moving average and is mal as compared to the average volatility over the last 10 trading displaying an upward trend. Volatility is relatively normal as compared to sessions. Volume indicators reflect volume flowing into and out of the average volatility over the last 10 trading sessions. Volume indicators INDEX at a relatively equal pace. Trend forecasting oscillators are reflect moderate flows of volume into FFBL (mildly bullish). Trend forecastcurrently bullish on INDEX. ing oscillators are currently bullish on FFBL.
Brokerage House
Brokerage House
61.95
51.90
52.20
51.70
Arif Habib Corp
33.57
22.00
21.80
22.50
22.80
22.30
Arif Habib Limited
15.02
13.60
13.45
13.95
14.15
13.80
Adamjee Insurance
31.87
65.80
65.35
66.90
67.55
66.45
Askari Bank
26.17
11.40
11.25
11.65
11.80
11.55
Azgard Nine
15.30
4.90
4.75
5.15
5.30
Recommendations
Attock Petroleum
63.70
379.05
375.30
386.45 390.10 382.70
Hold
Attock Refinery
50.15
121.95
120.00
125.95 128.00 124.00
Accumulate
Bank Al-Falah
44.23
9.95
9.85
Neutral
BankIslami Pak
47.04
Bank.Of.Punjab
19.26
Dewan Cement
48.80
1.60
1.55
1.75
1.85
1.70
D.G.K.Cement
33.69
22.65
22.30
23.50
24.05
23.15
Dewan Salman
37.42
2.35
2.30
2.50
2.60
Dost Steels Ltd
47.11
1.90
1.85
2.00
2.05
Positive
53.95 MTS Shares `000 5.00 140.38 MTS Rs `000 524.48 135.27 MTS Rate 15.99 121.74 ** NOI Rs (mn) 60.65 Free Float Shares (mn)466.49 Free Float Rs (mn) 65,130.96 Target price for Dec-11 & **Net Open Interest in future market
672.888 26,227.43 16.15 94.69 20,348.03
displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NBP at a relatively equal pace. Trend is currently indicating that NBP is currently in an oversold condition.
Brokerage House
Technical Outlook Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
49.64 MTS Shares `000 72.16 MTS Rs `000 70.69 MTS Rate 70.64 ** NOI Rs (mn) 108.43 Free Float Shares (mn)129.35 Free Float Rs (mn) 9,097.19 Target price for Dec-11 & **Net Open Interest in future market
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
20.15 MTS Shares `000 672.888 53.17 MTS Rs `000 26,227.43 69.36 MTS Rate 16.15 67.79 ** NOI Rs (mn) 94.69 Free Float Shares (mn)398.12 Free Float Rs (mn) 20,348.03 Target price for Dec-11 & **Net Open Interest in future market
Target Price 71.45 78.6
and Bollinger Bands were 31 per cent narrower than normal.
5.25
3.80 5.05
2.45 1.95
EFU General Insurance 29.17
29.45
28.35
31.70
32.95
30.65
EFU Life Assurance
32.74
53.05
52.75
53.95
54.55
53.65
Engro Corp
45.05
196.15
195.05
Faysal Bank
24.27
9.60
9.50
10.00
9.75
41.25 137.55
140.45 141.25 139.40
displaying an upward trend. Volatility is extremely high when compared to
Habib Bank Ltd
48.24
119.40
118.30
121.30 122.10 120.20
the average volatility over the last 10 trading sessions. Volume indicators
Hub Power
48.17
37.25
37.05
ICI Pakistan
39.72
152.55
151.40
155.35 157.00 154.20
Indus Motors
43.46
216.35
213.20
221.35 223.15 218.15
J.O.V.and CO
31.27
2.55
2.45
2.65
2.70
2.60
Japan Power
21.99
0.95
0.90
1.05
1.15
1.00
JS Bank Ltd
39.80
2.40
2.35
2.65
2.85
2.60
Jah Siddiq Co
44.21
5.55
5.45
5.90
6.15
5.80
Brokerage House
Target Price
Recommendations
50
Buy
42.1
Accumulate
TFD Research
50.3
Positive
Technical Outlook Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
48.17 MTS Shares `000 51.50 37.57 MTS Rs `000 1,449.66 37.97 MTS Rate 36.40 ** NOI Rs (mn) 0.32 Free Float Shares (mn)810.01 Free Float Rs (mn) 30,334.80 Target price for Dec-11 & **Net Open Interest in future market age and Bollinger Bands were 58 per cent narrower than normal.
FFC is currently 14.7 per cent above its 200-day moving average and is LUCK is currently 0.4 per cent below its 200-day moving average and is NML is currently 6.9 per cent above its 200-day moving average and is dis- HUBC is currently 2.9 per cent above its 200-day moving average and is
4.20
4.10
42.35
41.80
37.75
58.07 40.86
2.45
2.40
2.55
2.60
2.50
49.86
15.75
15.55
16.20
16.45
16.00
Lucky Cement
49.62
69.35
68.40
72.05
73.80
71.10
MCB Bank Ltd
46.06
201.40
199.40
Maple Leaf Cement
30.42
2.10
2.05
2.20
2.25
2.15
National Bank
20.18
50.70
50.25
51.75
52.35
51.30
Nishat (Chunian)
39.58
26.05
25.55
27.15
27.70
26.65
Netsol Technologies
47.39
22.45
22.15
23.10
23.40
22.80
NIB Bank
36.74
Nimir Ind.Chemical
33.92
Nishat Mills
35.32
60.55
60.00
Oil & Gas Dev. XD
66.61
145.70
144.10
PACE (Pakistan) Ltd.
37.80
2.80
2.75
42.95
1.55
1.65 2.45
1.40
43.25
37.55
Lotte Pakistan
2.50
43.05
38.05
K.E.S.C
1.75
42.35
4.15 42.15
Kot Addu Power
Pervez Ahmed Sec
42.60
3.95
9.85
41.60 138.60
casting oscillators are currently bullish on OGDC.
4.05
198.65 200.10 197.60
53.97
AKD Securities Ltd
solidating) and Bollinger Bands were 31 per cent narrower than normal.
3.90
55.85
FFC closed down -0.40 at 139.62. Volume was 53 per cent below average LUCK closed down -2.11 at 70.33. Volume was 21 per cent below average NML closed down -0.60 at 61.06. Volume was 63 per cent below average (con- HUBC closed down -0.54 at 37.45. Volume was 44 per cent below aver(consolidating) and Bollinger Bands were 80 per cent narrower than normal.
5.15
41.65
Arif Habib Ltd
35.30 MTS Shares `000 71.00 63.96 MTS Rs `000 3,303.60 64.24 MTS Rate 57.10 ** NOI Rs (mn) 50.06 Free Float Shares (mn)175.80 Free Float Rs (mn) 10,734.34 Target price for Dec-11 & **Net Open Interest in future market
3.85
Fauji Fertilizer
Positive
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
4.90
Fauji Fert Bin
Accumulate
Leverage Position
3.70
5.00
10.10
Fauji Cement
Technical Outlook Technical Analysis
4.95
10.40
OGDC is currently 3.9 per cent below its 200-day moving average and is
Hub Power Co Ltd
Recommendations
3.75
10.20
age and Bollinger Bands were 33 per cent wider than normal.
forecasting oscillators are currently bearish on NBP. Momentum oscillator reflect moderate flows of volume into OGDC (mildly bullish). Trend fore-
TFD Research
86.15
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
145.25
Technical Outlook
Target price for Dec-11 & **Net Open Interest in future market
AKD Securities Ltd
Technical Analysis
MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
Pivot
51.20
145
Technical Analysis
2nd
51.40
143.2
TFD Research
Positive
Leverage Position
NBP is currently 24.6 per cent below its 200-day moving average and is
Buy
TFD Research
Leverage Position
AKD Securities Ltd
Target Price
1st
Resistance 62.70 63.75
31.84
NBP closed down -0.85 at 51.11. Volume was 53 per cent below average (con- OGDC closed down -1.39 at 147.29. Volume was 35 per cent above aver-
Buy
Neutral
Technical Outlook
Accumulate
solidating) and Bollinger Bands were 53 per cent narrower than normal.
Recommendations
AKD Securities Ltd
Technical Analysis
Arif Habib Ltd
20.15 53.17 69.36 67.79 Free Float Shares (mn) 398.12
97.1
Arif Habib Ltd
Reduce
129.4
Buy
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
87.61
Hold
TFD Research
65
Technical Outlook
Target Price
Recommendations
144 120.7
Recommendations
Nishat Mills Ltd
Target Price
AKD Securities Ltd
Brokerage House
Target Price
Technical Analysis
Lucky Cement Ltd
Fauji Fertiliser Co
Arif Habib Ltd
Brokerage House
RSI 1st 2nd (14-day) Support 51.38 60.90 60.15
Attock Cement
Allied Bank Limited
42.80
206.20 209.10 204.25
1.90
2.00
1.85
2.65
2.75
2.60
61.85
62.60
61.30
149.20 151.10 147.60 3.00 1.75
3.10 1.80
2.95 1.60
P.I.A.C.(A)
39.99
2.40
2.35
2.50
2.55
2.45
Pioneer Cement
25.94
5.05
4.90
5.25
5.35
5.15
Pak Oilfields
55.48
325.05
323.15
Pak Petroleum
48.18
207.55
206.00
Pak Suzuki
50.96
68.30
67.05
P.S.O. XD
45.84
271.00
268.80
P.T.C.L.A
52.92
16.80
16.55
Shell Pakistan
50.19
209.05
208.00
Sui North Gas
38.48
18.20
17.85
19.10
19.70
18.75
Sitara Peroxide
55.02
18.10
17.85
18.70
19.05
18.45
Sui South Gas
31.50
20.70
20.05
21.90
22.50
21.25
328.30 329.65 326.40 211.20 213.30 209.65 70.45
71.40
69.25
276.45 279.65 274.20 17.25
17.50
17.00
211.05 212.00 210.00
displaying a downward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is extremely high when compared to playing a downward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is relatively normal as compared to
Telecard
27.27
volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators
TRG Pakistan
32.48
2.45
2.35
2.60
2.70
2.55
flowing into and out of FFC at a relatively equal pace. Trend forecasting reflect very strong flows of volume into LUCK (bullish). Trend forecasting reflect volume flowing into and out of NML at a relatively equal pace. Trend reflect moderate flows of volume into HUBC (mildly bullish). Trend fore-
United Bank Ltd
40.67
60.75
59.30
63.90
65.60
62.45
WorldCall Tele
34.09
2.15
2.10
2.25
2.35
2.20
oscillators are currently bearish on FFC.
oscillators are currently bullish on LUCK.
forecasting oscillators are currently bearish on NML.
casting oscillators are currently bullish on HUBC
1.55
1.50
1.65
1.70
1.60
8
Wednesday, May 4, 2011
Ebad Institute's First Graduates begin House Job
LAHORE: Faculty member and students of University of Veterinary and Animal Sciences participating in walk to create awareness among general public on the current rabies situation as well as measures that will be carried out for the purpose of the control of rabies. -APP
Veterinary profession celebrates 250th years BAHAWALPUR: The profession and education of veterinary has completed its 250 years and 2011 is being celebrated as International Year for Veterinary Sciences. The University College of Veterinary and animal sciences celebrated the World Veterinary Day by organizing special functions on the directives of the Vice Chancellor (VC), the Islamia University of Bahawalpur (IUB) Prof. Dr. Muhammad Mukhtar. The students of the college organized an exhibition of posters highlighting the significance of this sector in human life. After the exhibition the faculty and visitors admired the creative potential of the students. The poster of Sakina Rubab secured first position, while the joint poster of Abdul Wahab, Adeel Sajid and Junaid Ahmed
got second and Ayesha Ejaz was declared third. A walk was also arranged to create awareness and significance of the day among the students of the university in Baghdad-ul-Jadeed Campus. Prof. Dr. Fazal Mehmood of Agriculture University Faisalabad delivered an extensive lecture on the topic of Rabies to the participants in the Science Faculty Auditorium. On this occasion, an MoU was signed between University College of Veterinary and Animal Sciences and Vets Care Organization, to initiate joint efforts for the development and promotion of live stock. For the purpose a veterinary club will also be established to provide technical assistance and make contacts with other organizations. The VC Prof. Dr. Muhammad Mukhtar said in
his message to mark the day that the University College of Veterinary & Animal Sciences has been contributing a lot for the uplift of the economy of Bahawalpur region with special focus on live stock, poultry and veterinary medicine sector. He said that special measures must be taken for the preservation, conservation and growth of the rare breeds of the Cholistan species. The VC said the UCV&AS was conducting special short courses in summer vacations this year, in which the live stock farmers and general growers would be imparted the relevant knowledge about live stock and poultry. He also stressed the need for co-operation between the government departments and private sector for the promotion of veterinary.-APP
QAU awarded 22 fellowships ISLAMABAD: Higher Education Commission has awarded twenty two needbased scholarships to the Quaid-e-Azam University (QAU), Islamabad for the MBA session 2011. The scholarships have been awarded under a recent agreement signed between HEC and USAID. The scholarship programme for session 2011 is focused toward students hailing from rural areas especially the female students. HEC, in partnership with the US Government, initiated a Merit and Needs Based Scholarship programme, which aims to provide assistance to talented but needy students who are unable to continue their high-
er education because of financial disadvantages. These scholarships are available since 2004 in the field of Business Administration and Agriculture at 11 participating universities/institutions including QAU. To review the progress of already enrolled students under the programme, a delegation of USAID and HEC visited QAU. The delegation included Ms. Asima Rahman Education Management, Education Specialist USAID and Ms. Khola Arooj, USAID along with HEC officials. The monitoring team also noted the issues being faced by the scholarship beneficiaries and assured the early solution of their issues.
Speaking on the occasion, Vice Chancellors QAU Dr. Masoom Yasinzai said that this is the excellent opportunity for those talented students especially females who are unable to continue their higher education because of financial problems. The Quaid-e-Azam University is one of the participating universities, from where 66 needy students have received scholarships for MBA and 49 have successfully completed their degree under this programme. To date, the programme has awarded 1,341 scholarships to financially needy students. The goal of the programme is to award a total of 1,807 scholarships through the eight year life of the project. -APP
Global Action Week starts ISLAMABAD: An international campaign 'Global Action Week' (GAW) will started here with the purpose of giving every girl child and adult an opportunity to get education by 2015. In order to join the international community in this campaign, Pakistan Coalition of Education (PCE) as a member of Global Campaign for Education (GCE) is also organizing activities across the country, said a press release issued here on Sunday. The action for this year will revolve around "story telling". Women and Girls will tell their personal stories about the impact an education or the lack of it has
had on their lives. Civil society organizations, teacher associations, child rights campaigners, teachers, parents and students will join together in these activities to highlight issues regarding girls getting the opportunity to have good quality education and how it affects both their individual life chances and capacity to contribute to economic and social development. Men and boys will also be encouraged to tell their stories but for all of the stories to relate to women's experiences and why all women and girls must have the right to a quality education. It also highlights the factors
that keep girls marginalized, and what can be done to get more girls in the classroom and learning the skills that can transform their lives. The event will be an opportunity to share effective measures to give second chance learning to women who have missed out. PCE is organizing GAW 2011 in more than 60 districts across the country. The activities at Federal level will be carried out in collaboration with GCE and Oxfam GB and at provincial and district level member organizations will be responsible for the execution.-APP
KARACHI: The first batch of Dr. Ishrat ul Ebad Institute of Oral and Dental Health Sciences' graduates. started with their house jobs. Around 40 dental graduates after successful completion of their four years course in Dental Surgery (BDS) have been assigned responsibility at the dental hospital of the institute. The Vice Principal of the Institute, Dr. Mirza Mohammad Shakir told APP that presence of the graduates serving patients, under supervision of qualified staff will be of great help to attend ever growing number of patients. He said the institute, a component of Dow University of Health Sciences (DUHS) and located at the same premises, in compliance to the uniform policy of the university has been offering dental care and treatment facilities to asses at extremely subsidized rates. In reply to a question, he said institute since its inception, in 2007, has managed to maintain a standard not only in terms of quality of education and training but also in context treatment offered to the patients.-APP
Under 18th Amendment
Budgetary allocation needed for compulsory education
KARACHI: Educationists have urged the parliamentarians to ensure adequate budgetary allocation for compulsory education of all five years to 16 years children, during fiscal year 2011-2012. Talking to APP on Tuesday they said the recently made 18th constitutional amendment has made education compulsory for every child aged between 5 to 16. This is an issue that can not be allowed to be swept under the carpet, particularly on the pretext of resource constraints, said the concerned citizens mainly representing the teaching community. They said parliamentarians must brave themselves to the challenge and ensure that adequate funds are made available for the cause in the next budget. "While this was already declared a basic right under our constitution in 1973, little has been done so far to realize it," said Soophia Saleem, a senior teacher. She said that since this very constitutional right has HYDERABAD: Senior been re-emphasized under 18th amendment, Minister of Sindh for the Education Pir Mazharul Haq has clarified that the condition of submitting NADRA issued birth certificate for admission to primary schools was not mandatory for all areas. "Hand-written birth certificates are acceptable in ISLAMABAD: Chairman areas where NADRA facil- National Vocational and Education ity for issuance of birth Technical (NAVTEC) certificates was not avail- Commission able," the minister said this Mohammad Mumtaz Akhtar Kahloon said that the comlast evening while talking mission will provide training to reporters at a functions to the 47,765 jobless youth organized by a private under `President's Fanni school. Maharat Programme'. Some days back the issue The programme will produce was raised by NGOs work- skilled manpower in the next ing in underdeveloped two and half years with the parts of Sindh like Thar. cost of Rs 1.17 billions. The NGOs protested The commission has starting 130 new against the requirement of establishing NADRA issued birth cer- Vocational Training Centres in different 79 uncovered tehsils tificates.-APP
Condition of Nadra certificate for admission flexible, says Pir Mazhar
through article 25 A, it was therefore necessary that those at the helm of affairs are convinced to ensure that children of the country finally get their due right. Dr Ahmed Abbasi said the parliamentarians in particular and people in general would be needed to set their priorities right. "This perhaps is high time that we realize that our children need a proper future based on quality education accessible to all kids living in any part of the country," he said. The two senior teachers in reply to a question agreed that major responsibility also lies on the teaching community itself. "Yes! we also need to be accountable and honest to our professional responsibility in imparting quality education," they said. Soophia Saleem said there would definitely be teething problems in convincing parents to get their children enrolled and to prevent drop-out. "Commitment towards the cause and sincerity of purpose can definitely help us as a nation to overcome these and several other challenges," said Dr Abbasi.-APP
Navtec to train unskilled youth
Three day book fair at Punjab University from May 12 LAHORE: Punjab University Spokesman, while reacting to the announcement of holding of book fair and a cricket match by a student group, has said that the varsity administration had already announced to arrange book fair from May 12-14, 2011. He further said no student organization neither has been permitted nor would be allowed to organize any book fair and cricket match. The PU administration already has announced the date of book fair from May 12 to 14. The three-day book fair will be held from May 12-14 in the Main Corridor of Institute of Education & Research (IER), New Campus.
of Sindh, Punjab, Khyber Pukhtunkhwa, Balochistan, Azad Jammu and Kashmir and Gilgit Baltistan. There was no vocational centre in all these tehsils. The programme has been launched across the country
under the directives of President Asif Ali Zardari. More than 17,000 youth have been trained so far and 7,298 are under training. Mumtaz Kahloon said that President's Fanni Maharat Programme would help create new job opportunities for unskilled and jobless youth of the country. The unskilled manpower will be made useful tool for the economic development of the country. Through this programme, a large number of skilled manpower will be able to get jobs in overseas which would result in rise of foreign remittances to Pakistan. This programme is a sigh of relief for the jobless and hopeless Pakistani youth which would also help to alleviate poverty, he said.-APP
HSC exams to commence from May 16 HYDERABAD: Annual Examinations of Higher Secondary Certificate Part-I and Part-II 2001 will be commenced from May 16, 2001 in nine districts of the province under the management of Board of Intermediate and Secondary Education (BISE) Hyderabad. The authorities of BISE Hyderabad informed here that the examinations which will be conducted for all groups of HSC Part-I and HSC Part-II will continue till June 2, 2011.-APP
Award Night held at St Joseph's College KARACHI: Thousands of students of intermediate and graduate studies in various disciplines of St Josephs College for Women were declared passed at the Award Night here. The disciplines included PreMedical, Pre Engineering, Arts & Humanities and Commerce. Awards under various categories were also given to students, including the best class award, best faculty award, leader teachers award and best teacher award. The students of 2nd year arts performed traditional dance which was appreciated by the audience. Senior official at Sindh Education Department Naheed Shah Durrani was the chief guest on the occasion. While speaking on the occasion, Durrani said institutions like Saint Joseph nurtures human beings as they learnt the lesson of love and cohesiveness from there.-PR
AIOU exams to start on May 9 ISLAMABAD: Examinations for ATTC, PTC, CT and BEd programmes of the Allama Iqbal Open University for the semester Autumn-2010 would begin from May 9. AIOU Controller of Examinations Hafeez-Ullah announced this by here. Roll no slips of PTC, CT, ATTC and BEd programmes are being dispatched to all the eligible/enrolled students at their given address by postal mail services. The students, who will not receive their Roll No. up to May 5, are advised to contact the nearest regional office of the university or Superintendent, Teacher Education Section, Examination Department for issuance of a duplicate roll no slip. For duplicate Roll No slip students are required to bring twopassport size photographs duly attested by the gazetted officer. Roll No. Slip along with date sheet has also been placed on AIOU website www.aiou.edu.pk for the convenience of students. All students are also advised in their own interest to read the instructions mentioned on Roll No. Slip carefully before entering into the Examination Centre.
Provision of furniture to KP schools directed PESHAWAR: Deputy Speaker, Khyber Pakhtunkhwa Assembly, Khushdil Khan advocate has directed for provision of furniture to all schools of district Peshawar for ensuring better education environment to the children. He expressed these while addressing a joint meeting of the Department of Education and Accountant General Office here in the Conference Room of the provincial assembly. Those who attended were included Deputy Accountant General, Shah Mahmood Wazir, Account Officer, Mohammad Rahim, Noor Mohammad, Executive Director Officer (EDO), Education, Peshawar, Gohar Khan, Divisional Officer (DO), Iftikhar and other officials concerned. The deputy speaker directed the officials of the Accountant General Office to avoid raising
unnecessary objections on the payment bills of the department of education and ensure its timely release to enable the students to utilize the facilities provided by the government. He said that the provision of quality education to the children is the top priority of the government and asked them to pass the furniture bills of the schools of the district by Tuesday to not only resolve the four month pending issue between AG Office and department of education on the release of bills, but also make the early provision of furniture to schools possible and retrieve the students of the mats. He stressed the EDO education to pay visits to the schools and initiate legal action against the teachers absent from duties since long and also resolve problems relating to the salaries of the female teachers.-APP
9
Wednesday, May 4, 2011
Brent oil dips to $124 on dollar, India rates Risk of retaliation over bin Laden death could support oil LONDON: Brent crude oil dipped more than $1 a barrel to around $124 on Tuesday as the dollar rose from a three-year low and India raised interest rates in an attempt to battle inflation. The dollar index, which tracks the dollar against a basket of major currencies, was up 0.2 per cent but still not far from a near three-year low. "Prices are still down, and that's probably because the dollar strengthening is weighing on prices," said Serene Lim, a commodities analyst with ANZ Bank in Singapore. Brent crude for June was down $1.45 to $123.67 a barrel by 1407 GMT. US crude lost $1.20 to $112.32. Brent had earlier dipped to $122.88. Michael Hewson, an analyst at CMC Markets, cited India's decision to raise interest rates by a larger-than-expected 50 basis points in an attempt to battle inflation as a factor in
oil's retreat. "There are concerns that higher interest rates could be a growth killer and that could be what is weighing down oil prices. India is one of the biggest emerging economies where a lot of global growth will come from." Analysts said the potential
Arabica coffee flats near 34-yr high, cocoa dips
Palm almost flat as output ramp up erases earlier gains
LONDON: ICE arabica coffee futures steadied, after hitting a fresh 34-year high on Tuesday, supported by a tight supply outlook, while ICE cocoa dipped as the firm dollar weighed. ICE sugar rose but gains were capped by improving supply prospects, which were bearish for the market outlook. Arabica coffee prices were supported by a shortage of high quality beans, coupled with strong demand. ICE July arabica coffee was up 0.05 cent or 0.1 per cent at $3.0530 per lb at 1444 GMT. The contract peaked at $3.0890 a lb earlier in the session, a 34-year high for the second month. Brazil, the world's top coffee producer, is set to harvest its largest ever off-year crop, estimated at between 41.9 million and 44.7 million 60-kg bags. Output falls every other harvest as part of arabica's biennial cycle. Liffe July robustas were up $42 or 1.6 per cent at $2,597 a tonne. First notice day on the May robusta contract saw 11,185 lots delivered to broker ABN Amro, in line with the total deliveries against the March contract. Liffe coffee contracts can be tendered against anytime during the month. Cocoa prices were lower, with the firmer dollar weighing on the ICE market in particular. ICE second-month, July cocoa was off $60 or 1.8 per cent at $3,231 per tonne, while London's July cocoa contract was 14 pounds lower, or 0.7 per cent, at 1,967 pounds a tonne. ICE raw sugar futures recovered in a technical bounce from seven-month lows despite a stronger dollar, but dealers said they expected benchmark frontmonth futures to test key support at 20 cents a lb soon because of expectations of ample supplies from Brazil and Thailand. ICE July raw sugar was up 0.37 cent or 1.7 per cent to 22.25 cents a lb, having earlier touched a seven-month low of 21.67 cents a lb. Liffe August white sugar was down $7.60 or 1.3 per cent to $607.20 per tonne. -Reuters
for retaliatory attacks following the death of al Qaeda leader Osama bin Laden, and continued turmoil in the Middle East, would support the market. "The risk premium could even rise again if acts of revenge follow," said analysts at Commerzbank in a report. "As long as the unrest continues in Arab countries, the price of oil should not fall significantly in any case."
KUALA LUMPUR: Malaysian palm oil futures ended almost flat on Tuesday after a long weekend holiday as gains from a rebound in exports last month were erased by prospects of higher output. But continued growth in exports this month could reverse declines in palm oil, which notched its third straight month of losses in April, and rein in strong growth in Malaysian stocks. The tropical oil has lost 13 per cent so far this year on expectations of better yields after two years of declines, a lull in palm oil and an ample South American soy crop flowing into markets. The benchmark July contract on the Bursa Malaysia Derivatives Exchange closed up 1 ringgit to 3,271 ringgit ($1,104)per tonne after going as high as 3,305 ringgit. Overall traded volume stood at 14,358 lots at 25 tonnes each, much lower than the
Olivier Jakob, an oil analyst at Petromatrix, said that the death of bin Laden did not change anything with regard to prompt supply and demand. Supply worries have kept the oil price elevated, trading between $120-$126 over the last two weeks. According to a Reuters survey, OPEC output fell in April as fighting in Libya and field maintenance in Angola cut supplies, despite extra oil from Saudi Arabia and Nigeria. Oil investors will also keep an eye on the latest US oil inventory figures later this week. US crude oil inventories probably increased last week as imports outpaced refinery demand, a Reuters poll showed ahead of weekly industry and government reports. On average, crude stocks were forecast to rise 1.9 million barrels in the week to April 29. -Reuters
usual 25,000 lots as traders take their time to get back into the market after the holidays. Reuters analysis showed palm oil will remain technically neutral before it escapes from a consolidation range of 3,234 ringgit to 3,328 ringgit per tonne, as indicated by a contracting triangle. Malaysia's April palm oil exports rose 13.6 per cent to 1,255,392 tonnes from a month ago, cargo surveyor Intertek Testing Services said over the weekend, snapping four straight months of declines. Another surveyor, Societe Generale de Surveillance reported an 18.2 per cent jump in April exports. Chicago soyoil for May delivery fell 0.1 per cent on prospects of a record Brazilian crop now being harvested. But the most-active January 2012 Dalian soyoil contract rose 0.8 per cent thanks to a slowdown in China's soy imports. Reuters
US cotton ends down in technical trade NEW YORK: Benchmark US cotton futures tumbled on Monday amid professional sales, scuppering a brief recovery late last week and opening the door to further declines this week, analysts said. Dealers said selling by investors and producers was behind the drop in the benchmark July cotton contract on ICE Futures US, which ended down 3.57 cents, or 2.3 per cent, at $1.5445 per lb. Newcrop December cotton fell 3.87 cents, nearly 3 per cent to $1.2706 cents per lb. Volume traded was almost 11,000 lots, over 50 per cent below the norm, Thomson Reuters preliminary data showed. 'You've got technical weakness,' said Mike Stevens, an independent cotton analyst in Louisiana. 'It's acting poorly.'
The level of investor interest in the cotton market is at its lowest level since July 2010 before futures embarked rallied to record highs in early March. Open interest on Friday fell to a 9-1/2 month low at 153,644 lots. Once the July contract failed to extend higher following Friday's strong bounce, the drifting market stumbled into automatic sell-stop orders, dealers said. Stevens said another source of pressure on cotton contracts came from southern hemisphere cotton crops in countries such as Brazil and Australia that are now being marketed by their growers. Volume traded in the cotton market was at 13,852 lots as of April 29, ICE Futures US data showed. -Reuters
Indian sugar nudges lower on higher output view MUMBAI: India's sugar prices nudged lower on Tuesday on higher production estimate for 2010/11 season, though exports of the sweetener under Open General Licence (OGL) scheme and household demand limited the drop, dealers said. India has approved around 30,000 tonnes of unrestricted sugar exports, kicking off overseas sales of a total 500,000 tonnes given an official green light on April 19,
government sources said. "Monthly household demand is there. Millers are also keeping prices firm in tenders as exports have started under OGL," said Harakhchand Vora, vice-president of the Bombay Sugar Merchants Association. Wholesale traders stock up on food articles in the last and first week of the month to prepare for purchases by India's salaried middle class, who buy in the first two weeks of the month after receiving wages.
Demand for the sweetener from ice-cream and cool-drink makers typically goes up during the summer. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety eased 0.26 per cent to 2,653 rupees ($59.7) per 100 kg. The most-active sugar for May delivery on the National Commodity and Derivatives Exchange (NCDEX) fell by 0.48 per cent to 2,716 rupees per 100 kg at 3:08 pm.-Reuters
European vegetable oil prices ROTTERDAM: The following were the Tuesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill May11 885.00+5.00, Jun11 890.00+10.00, Jul11 890.00+5.00, Aug11/Oct11 895.00+5.00, Nov11/Jan12 900.00+5.00, Feb12/Apr12 905.00+5.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 960.00-10.00, Aug11/Oct11 940.00+0.00, Nov11/Jan12 945.00-5.00, Feb12/Apr12 955.00-5.00. SUNOIL: EU dlrs tonne extank six ports option May11 1390.00, Jun11 1390.00, Jul11/Sep11 1400.00-15.00, Oct11/Dec11 1360.00-25.00. LINOIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 1555.00+5.00. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam May11 1150.00-20.00, Jun11 1150.0020.00, Jul11/Sep11 1150.0017.50, Oct11/Dec11 1147.5017.50. PALMOIL: RBD dlrs tonne cif Rotterdam Jun11 1227.50, Jul11/Sep11 1200.00. PALMOIL: RBD dlrs tonne fob Malaysia Jun11 1172.50, Jul11/Sep11 1145.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jun11 1180.00, Jul11/Sep11 1152.50, Oct11/Dec11 1140.00, Jan12/Mar12 1137.50. PALM STEARIN: Dlrs tonne fob Malaysia May11 1140.00, Jun11 1140.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia May11 745.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Apr11/May11 2090.00+10.00, May11/Jun11 2070.00+10.00, Jun11/Jul11 2030.00+5.00, Jul11/Aug11 2020.00+20.00, Aug11/Sep11 2000.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2695.00+0.00. Reuters
SHANGHAI, CHINA: A farmer deals with unsalable cabbages at a field in Shanghai, China. -Agencies
Gold eases as dlr gains; silver extends losses LONDON: Gold fell on Tuesday from record highs above $1,570 an ounce the previous day, as the dollar rose and as safe-haven buying of the metal lost some momentum following the death of al Qaeda leader Osama bin Laden. Spot silver also came under selling pressure after hitting a near two-week low of $42.58 an ounce on Monday, when the precious industrial metal saw its biggest one-day drop in 29 months. Spot gold was bid at $1,537.79 an ounce by 1409 GMT, having hit a record $1,575.79 an ounce on Monday and compared with $1,544.30 late in New York on Monday. COMEX gold futures were down 1.2 per cent at $1,538.50 an ounce. "The dollar is stronger and gold is overstretched at these levels ... There is some profittaking going on," said Walter de Wet, analyst at Standard Bank. Gold might have lost some safe-haven appeal after bin Laden's death, but the bullish trend is intact as fundamentals
of the market remain supportive, said traders and analysts. Concern over rising global inflation and ongoing unrest in the Middle East and North Africa may also continue to attract investors to bullion. Flows of metal into the world's major exchange-traded funds tracked by Reuters staged their second monthly increase in April, rising 2.35 million ounces, or 3.74 per cent, bringing the net flow for 2011 into positive territory, up
77,932.5 ounces. Last week also marked the eighth consecutive week of net inflows into the gold ETFs. Market participants are waiting for the key US non-farm payrolls data due on Friday, which should offer evidence of the ability of the economy to generate jobs, something which the Federal Reserve has flagged as a key concern. Silver fell 1.2 per cent to $43.36 an ounce, having
staged its biggest one-day fall in almost 2-1/2 years on Monday to hit two-week lows. The CME Group Inc raised margin requirements on COMEX silver for the third time since last Monday. It increased maintenance margins for speculators by 11.6 per cent to $12,000 per contract from $10,750 effective Tuesday, May 3. Silver is still one of the topperforming commodities of the year, having risen by almost 45 per cent so far in 2011. B u t investors remained wary of a market in almost chronic surplus and a highly volatile price. Some of this discontent has been reflected in the futures market, where COMEX speculators cut their long position by the biggest amount in two years last week., while ETF holdings of silver fell nearly 4 million ounces. Platinum was steady at $1,855.74 an ounce, while palladium rose 0.5 per cent to $774.00. -Reuters
Copper ends up on US data; China worries cap gains LONDON: Copper climbed off seven-week lows to end positive on Tuesday after better-thanexpected US factory orders underlined a recovery in the world's top economy, although a slowdown in Chinese growth curbed upside momentum. Copper for three-month delivery on the London Metal Exchange (LME) ended at $9,350 a tonne. It earlier fell to a trough of $9,194.75 a tonne, compared with a close of $9,320 on Thursday before a long weekend that ended on Monday. "There was a positive reaction," said analyst Andrey Kryuchenkov, "but at the end of the day, everybody is still looking at China, and weaker than expected PMI numbers (showing) manufacturing growth slowing in April outweigh it." New orders received by US factories climbed robustly in March, posting a fifth straight
monthly gain that pointed to a healthy manufacturing sector that is supporting a continuing recovery, government data on Tuesday showed. Manufacturing growth in China, the world's top consumer of base metals, slowed in April, a survey showed, suggesting that the government's tightening efforts have weighed on the world's second-largest economy more heavily than expected. Although China's PMI for its services sector rose in April, the sub-index for the property sector, a major user of copper, remained below a 50 level that indicates expansion for the seventh month. Matched with data from the US on Monday that showed US manufacturing growth continued in April but at a slightly slower pace, Citigroup said that copper's record high of $10,190 a tonne in February may prove the
top of the cycle. "PMIs reported over the past several days suggest that growth in global industrial pro-
Shanghai copper inches down Shanghai copper inched down on Tuesday under the weight of a firmer dollar and economic uncertainty ahead of US economic data this week, including key non-farm payroll numbers for April due on Friday. The most active Shanghai July copper contract closed 0.3 per cent lower at 69,000 yuan by 0702 GMT, after a three-day weekend in China. London Metal Exchange copper for delivery in three months fell 0.4 per cent to $9,280.
duction will continue to expand at a healthy rate over the next few months, but well off the pace recorded last
year," Citi said in a note. "The PMIs add to the case that suggests that, with China and other major countries now moving to withdraw very stimulatory macroeconomic policies, copper (most probably along with other base metals) has most likely seen its cycle price peak." Also weighing on prices, copper's inventories continue to rise, up by 150 tonnes to 463,800 tonnes, the highest level since last June. Three month aluminium climbed to its highest since August 2008 at $2,803 a tonne before ending at $2,797 a tonne. In other metals, tin ended at $32,300 from $32,050 while zinc, used in galvanizing, was $2,245 from $2,247 at Thursday's close. Battery material lead finished at $2,509 from $2,491 and nickel was at $27,325 from $26,850. -Reuters
National Commodity Exchange Ltd Trading Summary Date
3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011 3-May-2011
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - 500oz SILVER - 500oz GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
JU11 JY11 AU11 JU11 JY11 JU11 JY11 AU11 JU11 JY11 AU11 MY11 JU11 JY11 AP11 MY11 MY11 MY11 MON TUE WED THU FRI MON TUE WED THU FRI 05MY11 AP11 AP11 11-Mar 11-Jun
US$ Per Barrel US$ Per Barrel US$ Per Barrel US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce US$ Per Troy Ounce Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per 10 grms Per Tola Per Tola Per Tola Per Tola Per Tola Per 100 kg Per 100 kg Per Maund Per Rs. 100 Per Rs. 100
112.39 113.84 113.01 45.09 45.10 1552.00 1553.40 1553.30 1552.30 1552.60 1538.00 42208.00 42307.00 42237.00 42181.00 42191.00 49199.00 49199.00 43339.00 43279.00 43294.00 43309.00 43324.00 51500.00 50808.00 51510.00 51300.00 51300.00 3479.00 3491.00 5164.00 86.32 85.37
114.73 115.32 113.41 47.20 47.35 1575.00 1575.50 1576.30 1570.00 1552.60 1553.30 42208.00 42307.00 42237.00 42181.00 42191.00 49199.00 49199.00 43339.00 43279.00 43294.00 43309.00 43324.00 51801.00 50900.00 51510.00 51500.00 51859.00 3479.00 3491.00 5172.00 86.32 85.37
112.12 112.71 113.01 43.00 43.03 1536.10 1536.80 1537.50 1539.20 1539.90 1538.00 41824.00 41955.00 41854.00 41797.00 41807.00 48751.00 48751.00 42935.00 42980.00 42891.00 42905.00 42920.00 49423.00 49474.00 49372.00 49389.00 49406.00 3477.00 3490.00 5164.00 86.32 85.36
112.61 113.12 113.41 43.33 43.34 1539.30 1539.90 1540.50 1539.30 1539.90 1539.90 41824.00 41834.00 41854.00 41797.00 41807.00 48751.00 48751.00 42935.00 42980.00 42891.00 42905.00 42920.00 49423.00 49474.00 49372.00 49389.00 49406.00 3477.00 3490.00 5172.00 86.32 85.36
Traded Volume in lots 201 10 296 690 3,597 3,130 2,394 90 1 26 22 23 39 22 51 -
Previous Settlement Price 112.20 112.71 113.01 45.07 45.08 1552.00 1552.60 1553.30 1552.00 1552.60 1553.30 42208.00 42218.00 42237.00 42181.00 42191.00 49199.00 49199.00 43339.00 43279.00 43294.00 43309.00 43324.00 49893.00 49824.00 49841.00 49858.00 49876.00 3479.00 3491.00 5164.00 86.32 85.37
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 112.61 66 113.12 5 113.41 43.33 10 43.34 94 1539.30 1,445 1539.90 1,253 1540.50 1,080 1539.30 8 1539.90 1540.50 41824.00 2 41834.00 5 41854.00 41797.00 41807.00 48751.00 48751.00 42935.00 42980.00 42891.00 7 42905.00 42920.00 49423.00 15 49474.00 23 49372.00 42 49389.00 3 49406.00 26 3477.00 3490.00 5172.00 86.32 85.36 -
South Korea's Suwon Samsung Bluewings defender Mato Neretljak (L) and Australia's Sydney FC forward Bruno Cazarine (R) jump for the ball during their AFC Champions League Group H football match in Suwon, south of Seoul. The Suwon Samsung Bluewings won the match 3-1
England Team Director Andy Flower renews ECB contract LONDON: England's cricket coach Andy Flower has renewed his contract with English Board and will continue in his current role as the team's Director, it was announced here Tuesday. Zimbabwe-born Flower will remain on a permanent contract and is currently preparing for an international summer that sees England face Sri Lanka, India and Ireland. He was offered the role of England Team Director on a permanent basis in 2009. During this two-year period England has risen from sixth in the ICC Test rankings to third behind India and South Africa and has climbed a place from sixth to fifth in the ICC one day rankings. In 2009 England defeated Australia 2-1 to regain the Ashes and last winter became the first side since 1987 to retain the Ashes with a convincing 3-1 victory in Australia. England has also won a first global title with a seven wicket victory over Australia in the West Indies in 2010 to become the current ICC World Twenty20 Champions. England will face Sri Lanka this summer in a three match Test Series followed by a Twenty20 and ODI Series. England will then face India in a four match Test Series, followed by an ODI against Ireland in Dublin and will end the summer with a Twenty20 and ODI series against India. Speaking about the renewal of his contract, Flower said: "I am delighted to have been given the opportunity to build on the considerable progress we have made to date as a squad and remain fully committed to developing the side and ensuring we are in a position to realise our objective of becoming the number one side in the world." -APP
Ganguly to join Pune for IPL 4 MUMBAI: After going unsold in the players' auction, Sourav Ganguly on Tuesday made a dramatic return to the IPL by signing up for Pune Warriors as replacement for Ashish Nehra. "We were waiting for Ashish Nehra's fitness report and ultimately the report came on Monday. I was already in talks with Ganguly and we decided that the amount of experience that Sourav has in cricket will no doubt help the team. So we finalised Ganguly last night," Pune Warriors Team Director Abhijit Sarkar said referring to the finger injury that Nehra has been nursing. Former India captain Sourav Ganguly, who played for Kolkata Knight Riders for three IPL seasons captaining them in two editions, went unsold in the January players' auction despite a rather modest base price of 400,000 US dollars. The 38-year-old refused a mentor's role with KKR after that and there had been speculation of a possible comeback through another franchise. The left-handed batman was first sought by Kochi Tuskers Kerala but their application was rejected by the IPL's Governing Council. However, he signed on the dotted line for Pune on Monday, giving a major fillip to the side which has lost six matches on the trot after starting promisingly with a couple of back-to-back wins. The IPL governing council had allowed Ganguly to play after the Pune Franchise sent an application on Monday for his signing. Pune Warriors have lost six matches in the IPL this year. NNI
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Wednesday, May 4, 2011
Salman, Junaid and Azam get Test call-ups BARBADOS: Wicket-keeper Mohammad Salman, allrounder Hammad Azam and left-arm seamer Junaid Khan are the new faces in Pakistan's 15-member squad for the upcoming two-Test series against West Indies. Misbah-ul-Haq who led the Test side creditably in the aftermath of the spot-fixing scandal, remains in charge. Salman, Azam and Junaid have all been, in effect, kept on after being blooded in the limitedovers leg of the West Indies tour. The only minor surprise in the squad was the exclusion of Adnan Akmal, who has been the Test wicketkeeper in charge since his elder brother Kamran lost his place in the five-day format in the aftermath of the spot-fixing scandal last summer. Over four Tests against South Africa and New Zealand he performed well with the gloves, generally neat and clean and, importantly
Bridgetown : Pakistani bowler Mohammad Hafeez celebrates with Ahmed Shehzad after taking the wicket of West Indies batsman Ramnaresh sarwan during the fourth ODI between West Indies and Pakistan at the Kensington Oval in Bridgetown. Reuters
Murray: ‘I can compete with Nadal’ LONDON: Andy Murray is optimistic about being able to topple Spanish ace Rafael Nadal on clay after running the world number one close in Monte Carlo last month. Nadal has a phenomenal record on clay, winning 213 of his 229 competitive matches on the surface overall, and claiming 34 successive victories heading into this week's Madrid Open, where he is the defending champion. One of those 34 triumphs came against Murray in the semi-finals in Monte Carlo, but the Scot gave Nadal some food for thought in that match as, despite struggling with an elbow problem, he took a set off the eventual tournament champion before going down to a 6-4 2-6 6-1 defeat. When asked how much that performance had helped him and what more he needed to do in order to challenge Nadal on clay, Murray said: "I still feel I can improve. I said I played well in that match but I still feel I could've done better. "There are things I can improve upon from that match in terms of where I was with my game before Monte Carlo. "That was a big step in the right direction. I practice with Rafa quite a lot. I enjoy playing against him." The Scot, who has won four of his 14 career meetings with Nadal, all of which came on hardcourt, added: "I feel I can definitely compete against him and win against him, but it's a very difficult thing to do because he's one of the best players of all time. "It's difficult, but I think I
can get there." Murray, who is on the opposite half of the draw to both top seed Nadal and number three Roger Federer in the Madrid Open, has not played an official match since that semi-final in Monte Carlo as he withdrew from the subsequent tournament in Barcelona due to his injury. Despite that enforced layoff, though, the world number four insists he is feeling "great" heading into this week's tournament - an event in which he has reached the quarter-finals in the last two years and which he won in 2008, albeit when the event was hardcourt rather than the current clay surface at La Caja Magica. "I feel great," said the 23year-old. "I've been practising really well. I feel good again, got the right mentality just now and that's something I'll have to keep up, but I've been playing very well so hopefully I can keep that up here." Murray has a first-round bye in the Spanish capital, where he is seeded fourth. His opening match will be against either Frenchman Simon or experienced Croatian Ivan Ljubicic in the second round. Murray has won five of his six meetings with Simon including in the 2008 Madrid final and also in Monte Carlo last month - while against Ljubicic, the Scot has a 3-3 record. "I've got a tough first match but definitely one I can win if I play well," he added. -NNI
Ganguly joins Pune Warriors NEW DELHI: Sourav Ganguly, the former India captain, has been signed by Pune Warriors as a replacement for Ashish Nehra, who was ruled out for the remainder of the 2011 season with a finger injury. Ganguly's contract is for a period of one year and is an IPL lifeline to the batsman after he went unsold at the player auction in January, where his base price was $400,000. Ganguly will be vice-captain to Yuvraj Singh and is likely to join the Pune squad ahead of their match against Mumbai Indians at the Wankhede Stadium on May 4. "We were waiting for Ashish Nehra's fitness report and ultimately the report came yesterday," Abhijit Sarkar, Pune's team director, told PTI. "I was already in talks with Ganguly and we decided that the amount of experience that Sourav has in cricket will no doubt help the team. So we finalised Ganguly last night." Ganguly played for Kolkata Knight Riders in the first three seasons of the IPL and led the team in two of them, while Brendon McCullum was captain for the other. Kolkata fared poorly in those years and are the only franchise not to make the semifinals. Kolkata did not bid for Ganguly in January despite his name coming up for sale twice, as they revamped their squad entirely, and the batsman later refused a mentoring role with the franchise. Pune Warriors are bottom of the ten-team league at present, having lost six consecutive matches after winning their first two. Ganguly has an average IPL record 1031 runs at an average of 28 and strike-rate of 110 - and could strengthen an underperforming and short batting order. -Online
given his brother's faltering form, safe in taking 17 dismissals. Though there was no big innings with the bat, there was a handy 44 in Hamilton earlier this year. His replacement has impressed behind the stumps in the ongoing ODI series but hasn't really had an opportunity to do so with the bat, having batted once in three ODIs upto the fourth game between the two sides. There is a fair degree of stability from the last Test squad for New Zealand with the three newcomers the only changes. Sohail Tanvir has been replaced by Junaid and the continuing development of middle order batsmen Asad Shafiq and Azhar Ali means there is no place for Khurram Manzoor. Azam, for the first time since Yasir Arafat's brief Test flirtation in 2007-08, offers Pakistan a genuine Test all-round option - Shahid Afridi's one-Test comeback last year at Lord's notwithstanding.
Michael Yardy returns to lead Sussex after depression LONDON: England spinner Michael Yardy made a successful return to competitive action by leading Sussex to a five-wicket CB 40 win over the Netherlands at Hove. The 30-year-old, who returned home early from the 2011 World Cup in late March because of depression, took 136 and then made 39 with the bat. He said: "I'd like to thank all those who have sent messages and to the media for giving me privacy. "I ask that people respect my decision to focus on performances for Sussex." Back on familiar territory at his home ground, he dismissed Netherlands batsman Tom Cooper caught behind down the legside during his eight overs. Yardy also deflected the ball on to the stumps off his own bowling to run out centurion Eric Szwarczynski as the visitors posted 225-7 from their allotted 40 overs in the Group A match. He then contributed 39 as
the Sharks overhauled their target with 19 balls to spare. Yardy was an integral component of the England team that won the ICC World Twenty20 in the Caribbean in May 2010. and was also part of the one-day squad thrashed 6-1 in Australia in January and February. Following that tour, the England players had only four days at home before departing for the World Cup in the subcontinent. Yardy's form suffered in the 50-over competition and his usual brand of economical slow left-arm bowling deserted him. In three matches against India, Ireland and South Africa he took two wickets for 159 runs in 26 overs and made only 19 runs, which resulted in him being left out for England's final two group matches. He announced his decision to leave on 24 March, two days before England's quarterfinal defeat at the hands of Sri Lanka in Colombo. -NNI
Younis Khan, who was rested for the one-dayers, returns for the Tests, as does Umar Gul. The first Test will be played from May 12 at Providence Stadium in Guyana, and the second will be played at Warner Park in St Kitts from May 20. The series is widely regarded as Pakistan's best chance to win their first-ever Test series in the Caribbean, against a weakened West Indies side that might be missing several key players. Pakistan already have an unassailable lead in the fivematch ODI series, having won the first three. West Indies won the lone Twenty20 fixture. Squad: Misbah-ul-Haq (capt), Younis Khan, Taufeeq Umar, Mohammad Hafeez, Asad Shafiq, Azhar Ali, Mohammad Salman (wk), Saeed Ajmal, Abdur Rehman, Umar Akmal, Umar Gul, Wahab Riaz, Tanvir Ahmed, Junaid Khan, Hammad Azam -Online
Australia axe Mike Young as fielding coach SYDNEY: Mike Young, the former American baseballer, is believed to have been sacked as Australia's fielding coach. Cricket Australia has not confirmed the decision, which is thought to have been made before the implementation of the Don Argus-led review into Australia's performance. Young travelled with the squad during the World Cup but did not join the players on last month's trip to Bangladesh. Wade Seccombe, the former Queensland wicketkeeper who has coached at the Centre of Excellence over the past year, was on hand in Dhaka as the fielding coach for the three one-day internationals in April. A former minor-league baseball manager in the United States, Young was made Australia's fielding coach during the tenure of John Buchanan, and was often seen patrolling the boundary rope while the Australians were in the field. He was involved with the Australian side for most of the past decade, and in 2009 also consulted for India. However, at times he has also returned to America, and during 2005 he managed a baseball team in Illinois. -Online
MADRID: Bojana Jovanovski of Serbia returns the ball toCaroline Wozniacki of Denmark during their MadridOpen tennis match in Madrid. -Reuters
India cbank toughens stance, lifts rates by 50 bps n Fighting inflation takes precedence over short-term growth- cbank MUMBAI: India's central bank stepped up its fight against stubbornly high inflation on Tuesday, raising interest rates by a bigger-thanexpected 50 basis points and vowing to battle price pressures even at the cost of some economic growth. The rate rise exceeded forecasts for a 25 basis point rise, although the case for stronger action had been building since data showed March inflation reached nearly 9 percent. It also cast doubt on the government's ambitious growth targets. The Reserve Bank of India has been among the most aggressive central banks anywhere with nine rate rises since March 2010 but its gradual policy tightening has failed to cool inflation initially driven by high food and fuel prices, and more recently by demand pressures. "Current elevated rates of inflation pose significant risks to future growth," RBI Governor Duvvuri Subbarao said in the bank's annual monetary policy statement. "Bringing them down, therefore, even at the cost of some growth in the short-run, should take precedence." The RBI lifted its repo rate at which it lends to banks, to 7.25 percent from 6.75 percent. The reverse repo rate was increased by a similar amount
to 6.25 percent. It warned that wholesale inflation, the main measure of price pressures in Asia's thirdbiggest economy, would remain around March levels in the first half of the fiscal year that began in April, before easing. It set an inflation target of 6 percent, with an upward bias, for the end of the fiscal year. The inflation warning and tough language prompted economists to raise their forecasts for interest rates this year. A snap Reuters poll showed they now expect India's repo rate to reach 8 percent by the end of 2011, a full percentage point higher than expectations in a poll in January. The 1-year overnight indexed swap rate jumped as much as 20 basis points and the 5-year rate rose 11 basis points, flattening the curve after the central bank meeting. The 10year benchmark bond yield rose as much as 8 basis points. Indian shares tumbled 2.44 percent, and banking shares dropped more than 3 percent as investors factored in a hit to earnings from higher credit costs. The central bank's decisive action and comments restore some of the inflation-fighting credibility it lost while sticking with a "calibrated"
approach to tightening in the face of the government's progrowth bias, which some analysts said had underplayed inflation risks. "The RBI is talking more realistically about the inflation trajectory and responding a little more aggressively," said Abheek Barua, chief economist at HDFC Bank in New Delhi. "It is a more adequate action than in the past. In the long term, it will help to curb inflation, but not immediately. We are expecting another 75 basis points hike in 2011," he said. Central banks in other developing markets have also been raising rates as their economies emerged from the global financial crisis much faster than industrialised countries. Data showing slowing manufacturing growth in China indicates that a series of policy measures by Beijing is having an effect. Much of India's stubbornly high inflation is blamed on supply bottlenecks, including in food output, which are beyond the scope of monetary policy. However price pressures have become more widespread prompting the central bank to take more decisive action to prevent the price pressures seeping deeper into the economy. -Reuters
UK retail sales strong in April, outlook poor: CBI LONDON: British retail sales showed solid annual growth in April, but the outlook is grim, with stores planning to cut orders with suppliers in anticipation of a weak May, a survey by the CBI business lobby showed on Tuesday. The CBI distributive trades survey's April sales balance unexpectedly rose to a fourmonth high of +21, up from +15 in March. Analysts had forecast a fall to +13. However, the expected sales balance for May sank to its lowest since June last year at 1, and the reported volume of sales for the time of year was deeply negative at -23, only a shade higher than March's reading. "Despite the slightly better year-on-year sales growth in April, this survey shows things are far from rosy on the high street. For the third month in a row, retailers considered sales to be unseasonably poor," said CBI chief economic advisor Ian McCafferty. Retailers expected sales in May to be their worst since September 2009, once the time of year was taken into account. "With few signs of demand picking up rapidly in the coming months, conditions on the high street look like remaining tough," he added. "Stocks are running quite high and orders with suppliers are expected to fall." The survey was conducted between March 30 and April 13, finishing more than a week before Easter. -Reuters
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crimination against girls and women, closing of schools and burning of books.
Ministry of Commerce in sharing information with respect He said those few months did more to unite the people of to availability of rental places. Pakistan around our moderate vision of the future than anything The directions given by Amin Fahim have started bringing else possibly could. positive results as Trade Corporation of Pakistan acquired a He said together, our nations have suffered and sacrificed. We place at State Life Building in Blue Area, Islamabad, for its have fought bravely and with passion and commitment. -Agencies Regional Office. -APP
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US in the region's future. "The public opinion in the region and even the US are not happy with US presence in the region," the top Iranian diplomat added. Salehi pointed out that Iran opposed the US invasion of Afghanistan under the pretext of tracking down and killing bin Laden from the very beginning. "Our stance on the bin Laden issue was valid since the issue of bin Laden was not resolved militarily and he was killed by commando teams." US President Barack Obama announced in a televised speech on Sunday that bin Laden was killed by US forces after he was found hiding in a compound in Pakistan. The announcement of bin Laden's death comes almost ten years after the September 11 attacks on the United States. This is while analysts and military experts believe that the United States had delayed the killing of bin Laden to continue the presence of US-led forces in war-torn Afghanistan, a Press TV correspondent reported. -Agencies
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minister said the killing of the al-Qaida leader represented a "massive step forward" in tackling terrorism, although the world had to be alert to short-term reprisals. "I don't think it is an eye for an eye. This man was responsible for literally thousands of deaths. The world is incomparably a better place without him in it," he said. "I think the operation was completely justified, lawful and right. "We have to be very vigilant, particularly in the short term, because there will be dangers of reprisals from other parts of alQaida or lone-wolf operators. "But it is definitely a massive step forward in breaking the back of al-Qaida and in defeating this terrorist network." Asked about reports that the information which led the CIA to bin Laden may have come from a suspect at Guantanamo Bay under torture, he said: "We don't yet know that. "The moral question in my view is that torture isn't justified," he said, and often resulted in unreliable information. "When you start to shade it on issues like torture, you do immense harm to your moral authority in the world," he said. Cameron said he had "a hunch" that bin Laden had been killed when he was awoken at 3am to take a terrorism-related call from Barack Obama. "It is not every day that you are awoken in the middle of the night by the President of the United States of America," he said. On the question of a British withdrawal from Afghanistan and whether Bin Laden's death would bring forward the current target of 2015, he said: "It is clearly a helpful development, but I don't think it necessarily changes any timetables." -Reuters
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forward, bolstering our partnerships, strengthening our networks, investing in a positive vision of peace and progress, and relentlessly pursuing the murderers who target innocent people. He pointed out that only hours after bin Laden's death, the Taliban reacted by blaming the government of Pakistan and calling for retribution against its leaders, and specifically against me as the nation's president. "We will not be intimidated. Pakistan has never been and never will be the hotbed of fanaticism that is often described by the media". The President said radical religious parties have never received more than 11 per cent of the vote. Recent polls showed that 85 per cent of our people are strongly opposed to al Qaeda. In 2009, when the Taliban briefly took over the Swat Valley, it demonstrated to the people of Pakistan what our future would look like under its rule - repressive politics, religious fanaticism, bigotry and dis-
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Economy & Continuations
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Pakistan, US and world from terrorism and extremism, he added. Foreign Secretary said there was "no point" getting into the details of whether Pakistan was involved in the US mission to kill bin Laden. "I think it is beside the point," he told the press conference. "I think what we are trying to do here is to look to the future. This issue of Osama bin Laden is history and I think we do not want to keep ourselves mired in the past." Bashir told reporters: "Pakistan looks forward to engaging deeply with our friends and brothers in Afghanistan and our friends in the United States with a view to promoting and achieving the shared objectives of stability and peace within our respective countries and the region as a whole." It is Pakistan's stated policy that it will not allow its soil to be used in terrorist attacks against any country, he said, adding the issue of drone strikes in tribal areas was also discussed with US in the talks. Afghan Deputy Foreign Minister for Political Affairs Jaweed Ludin told the reporters that the region is going through historic transformation. Pakistan, US, Afghanistan, he said, is facing common challenges. The challenges being faced by three countries are creating obstacles to achieve their vision to peace and prosperity in the region. -Agencies
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that impede realization of this vision. He said Pakistan and Afghanistan have different mechanism for interaction and have extensive dialogue on a number of levels and in a number of fora. However, the trilateral process is very significant as it has the potential to address some of the major issues of common interest for the three countries. US Special envoy for Pakistan and Afghanistan Marc Grossman said the end of Osama Bin Ladin was a big achievement for three countries as he killed many innocent people in Pakistan, Afghanistan and the United States. Foreign Secretary Salman Bashir said Pakistan has been taking up the drone issue with the United States at different fora. He pointed out that Pakistan has had robust cooperation in counter terrorism and sacrificed immensely in this campaign, which has been our number one priority. He said it is our determination not to allow our soil to be used by anyone for terrorism. Terrorism has no faith and religion and killing of innocent people cannot be justified by any one. Asked to comment on the statement of Indian Home Minister about terrorism issue in the context of Abbottabad incident, the Foreign Secretary said this mindset of hurling accusations is neither realistic nor desirable. -NNI
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against al Qaeda and in War on Terror are more than any other intelligence agency in the world." The Foreign Office statement also rejected reports about US helicopters taking off from Ghazi Airbase as "absolutely false and incorrect." "Neither any base or facility inside Pakistan was used by the US Forces, nor Pakistan Army provided any operational or logistic assistance to these operations conducted by the US Forces," the statement stressed. -Agencies
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The delegation also raised some issues regarding coalition government in Sindh. Co-chairman PPP President Zardari said that PPP firmly believes in taking along all allies and coalition partners and assured the MQM delegation that their concerns regarding colla-
US March factory orders, shipments climb WASHINGTON: U.S. factory orders surged in March, posting a fifth straight monthly increase that showed a healthy manufacturing sector well placed to support economic recovery. The Commerce Department said on Tuesday new orders for manufactured goods rose 3 percent to a seasonally adjusted $463 billion, well above Wall Street economists' forecasts for a 1.9 percent pickup. In addition, February orders that had been reported as dropping by 0.1 percent were sharply revised to instead show a 0.7 percent increase. A cheaper U.S. dollar has helped export industries and there are signs that producers are boosting investment in plants and equipment to benefit from it. Orders for costly durable goods, items designed to last three years or more, were up 2.9 percent in March, the department said, an upward
revision from a 2.5 percent gain it had earlier reported. Financial markets showed no response to the data. Orders for nondefense capital goods excluding aircraft -often taken as an indicator of businesses' future investment plans -- were revised to show a 4.1 percent rise in March instead of a 3.7 percent gain. That followed a 0.9 percent increase in February. It was the strongest rise in investment plans since a 5.1 percent increase last August. Ian Lyngen, senior government bond strategist at CRT Capital Group in Stamford, Connecticut, called it "a solid report with lingering weakness from early in the first quarter." Excluding volatile transportation goods, March orders climbed by 2.6 percent following a 0.6 percent February rise -- an eighth straight gain in this key orders category. Orders for primary metals, machinery and electrical
equipment all were higher in March though orders fell for fabricated metal products and computers. The strong orders report fit with other recent signs that factories are in a position to bolster recovery from the recession that followed the 2007-2009 financial crisis, provided that costs for energy and other necessary inputs are controlled. On Monday, the Institute for Supply Management said its gauge of factory activity eased to 60.4 in April from 61.2 in march -- still a brisk level since any reading over 50 shows business is expanding. Unfilled factory orders increased in March by 0.8 percent after a 0.7 percent February rise, implying that factories should stay busy. Shipments of finished goods increased 2.7 percent in march, well ahead of February's 0.6 percent rise. Reuters
Eurozone PPI at 2-1/2 yr high firms rate rise case BRUSSELS, May 3 (Reuters) - Surging energy costs drove euro zone producer price inflation to its highest level in 2-1/2 years in March, strengthening the case for more interest rate rises. The European Union's statistics office Eurostat said prices at factory gates in the 17 countries using the euro rose 0.7 percent month-onmonth in March for a 6.7 percent year-on-year increase, the highest since September 2008, when it reached 7.7 percent. Economists polled by Reuters had expected a 0.6 percent monthly rise and a 6.6 percent annual gain. Rises in prices charged by producers, unless absorbed by intermediaries or retailers, mean higher prices for consumers and therefore signal inflationary pressures. The European Central Bank increased its bench-
mark interest rate to 1.25 percent last month from a record low 1.0 percent as inflation rose to 2.8 percent in April from 2.7 percent in March. The ECB has led the way among the big four central banks in raising interest rates, emphasising its determination to bring keep inflation below, but close to 2 percent over the medium term. It meets to review rates again on Thursday. "The further spike up in euro zone producer prices in March will reinforce the ECB's concern that high energy and commodity prices are continuing to exert serious inflationary pressures lower down the supply chain," said Howard Archer, economist at IHS Global Insight. "It will likely fuel the central bank's belief that it needs to raise interest rates further to show it is prepared to take a tough stance
on inflation despite the still difficult economic situations in many euro zone countries and the global economic uncertainties resulting from high oil prices and events in Japan," Archer said. The main driver of higher producer prices in March was energy, the price of which rose 1.9 percent against February, to be 13 percent higher than a year earlier. Without the volatile energy and construction figures, producer prices rose 0.2 percent month-onmonth and 4.5 percent yearon-year. "We currently expect the ECB to lift interest rates by a further 25 basis points to 1.5 percent in July, but there is a very real likelihood that it could act again as soon as June," Archer said. "Further out, we see gradual increases in the ECB's key interest rate to 2.50 percent by the end of 2012," he said. -Reuters
tion government in Sindh will be duly addressed. The delegation assured the Co-Chairman PPP that as coalition partner the MQM will continue to support the government with a view to addressing the problems facing the country. According to Online, President said that MQM is a key ally in our coalition government adding it has always worked in the national interest of the government. He said that whenever we needed MQM it has come to support us. President chalked out all reservations of the MQM adding they will be given four important ministries in the Federal Cabinet. The Ministries include Ports and Shipping, Information Technology. The final shape will be made on the return of PM Gilani from France after four days. PPP believes in politics of reconciliation rather than confrontation, he stressed. He further added that for the sake of flourishing democracy, all the political parties must play a positive role in this regard. -Agencies
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outstanding for 2009-2010 and 10.811 billion for 2010-2011, they said. In 2010-2011 the payment outstanding is Rs7.310 billion in Punjab, 1.879 billion in Sindh, and 1.622 billion in KP. A sugar mill owner on condition of anonymity said that the request was made last month but so far no concrete action was taken in this connection that could cause sugar crises next year. -Online
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Price Index (CPI), Whole Sale Price Index (WPI) on monthly basis and Sensitive Price Indicator (SPI) on weekly basis, respectively. The CPI was recorded at 13.04 percent during last month as compared to the corresponding month of last year. Compared to April of 2010, CPI increased by 13.04 per cent, SPI 16.97 and WPI 25.92 per cent. Inflation is significantly higher than last year. In April, 2009 the annual monthly inflation rate CPI had stood at 13.26 percent SPI 16.72 per cent and WPI 21.99 percent, the data revealed. The indices averaged for the period of July to April, 2010-11 have increased over the same period of 2009-10 by CPI 14.08 per cent, SPI 18.47 per cent and WPI 23.29 percent, it said. -APP
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The four-page document, written on a computer and signed by "your brother Abu Abdullah Osama Muhammad Bin Laden", predicted that he would be killed by the "treachery" of those around him. AlAnbaa does not reveal how it obtained the will or how it was able to authenticate it. In the document, bin Laden lists the assault on New York's twin towers in a sequence beginning with the suicide bombing attack on US marines in Lebanon in 1983, the killing of 19 US marines serving as UN peacekeepers in Somalia in 1993, and the bombing of the US embassy in Nairobi in 1998. But its most striking feature is that he orders his wives not to remarry and his children not to join al Qaeda or go to "the front". He expresses regret to his children for not having spent enough time with them because of his devotion to jihad. -Agencies
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mark improvement of 93 per cent and 51 per cent in their profits respectively. Moreover, refinery sector though volatile also performed well with NRL and ATRL posted highest earnings growth, he added. Major reason behind this was higher deemed duty benefit in absolute terms as international oil prices remained firm. Moreover, NRL's lube business also posted exceptional results. On the other hand, cement & auto sectors were the laggards. Earnings of cement sector remained subdued due to lower cement dispatches both in local markets and exports. Similarly, rising cost pressures on account of rising Japanese yen has kept the margins of local auto assemblers in check.
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Wajid vows probe into Osama in Pakistan
ISLAMABAD: Prime Minister Syed Yousaf Raza Gilani talking to mediamen before his departure for France at PAF Base Chaklala. -APP
Interior Minister visits Passport Office
Over 1000 terror bids foiled: Malik ISLAMABAD: Interior Minister Rehman Malik has said that after the killing of Osama Bin Laden Taliban have threatened to blow up key personalities and installations, adding that with the cooperation of intelligence agencies attempts of suicide bombing and terrorism have been foiled. Talking to media during his visit to Passport office in Islamabad and visa section of Interior Ministry Malik said we would ensure that terrorism is eliminated from the country and we have foiled more than 1000 attempts of suicide bombing and terrorism with the cooperation of intelligence agencies. He said we have received information of terror threat that could target key personalities and installations and in order to avoid any
untoward incident the security has been increased at all sensitive locations. He said that he was receiving numerous complaints regarding some staff members receiving bribery for issuing of passport due to which he visited passport office and issued obvious instructions that whosoever is found indulging in asking for bribes strict action would be taken against them. He said that DG Passport office has been issued clear instructions to review the assets of all employees working in the passport office and a report should be sent to Interior Ministry. Malik further told that by May 14 issuance of more than 85000 pending passports would be issued. He said that a task force consisting of FIA, IB and a representative of media has been formed which will
take strong action against all extortionists working in the passport office. He said that Interior Ministry is reviewing the process of issuing visas to foreigners' especially Afghan nationals, adding any Afghan national who is living in Pakistan on a visit visa are staying illegally. Malik further told that two employees of visa section have been arrested for possessions of foreign passports and the visa section has been sealed and an investigation against them has been ordered. He said that all passports and visas whose entries have not been stamped have been cancelled. He said that all visas which have been given to all NGOs would be reviewed and a report in this regard has been sought from the Interior secretary. -Online
China backs Pak anti-terror efforts BEIJING: China on Tuesday said Pakistan has made "important contributions" to the fight against terror worldwide following the US announcement of Osama bin Laden's death. "We noticed that the Pakistani Foreign Ministry has pledged not to allow its territory to be used for terrorist attacks against any country and it will continue to support the world's anti-terror efforts," Chinese Foreign Ministry spokesperson Jiang Yu told a regular media briefing. Jiang said the South Asian country is at the anti-terror front-line, and its resolve is unwavering and its actions are powerful. China holds that all countries should institute
their own anti-terror strategies and carry them out according to their domestic situation and in line with the United Nations Charter and other broadly-recognised international laws and codes. "So, China will continuously and firmly support Pakistan to lay-out and implement anti-terror strategies based on its own domestic situation," she said. Labeling terrorism "the common enemy of the international community," Jiang said China, like the United States, has been the victim of terrorism. "China and the United States, like other countries, share common interests in the fight against terrorism and thus have maintained sound
cooperation," she said. China has always opposed all forms of terrorism and has actively been participating in global anti-terrorism efforts, she said. "China upholds that the international community should step up cooperation in working together to fight terrorism," said Jiang. "China believes that it is necessary to seek both a temporary solution and a permanent cure in fighting terrorism and to make great efforts to eliminate the soil on which terrorism relies on to breed," she said. She also said China would work with all south Asian states, including Pakistan and India, to jointly safeguard peace in the region. -NNI
Isb has to answer questions: UK
World raises finger over Pakistan's role LONDON: Pakistan's leadership should be backed as it is in the UK's interests to aid "democratic forces" in the country, David Cameron has told the BBC. Pakistan, where bin Laden was found, had "lots of questions" to answer, he said, but warned against a "flaming great row" with a leadership which was committed to tackling terrorism. "There are lots of questions that need to be asked. And we should be tough in
asking those questions," he told BBC Radio. "But we should deal with what we do know. And we do know that the Pakistan political leadership is fighting terrorism, we do know that country has suffered. "We should work with those forces in Pakistan that want us to combat terrorism and extremism and make democracy take hold in that country. That is in our national interest. He said it would be wrong to "throw up our hands in despair and walk
away" and not engage with Pakistan. Britain would continue working with Pakistan to combat militancy. "We could go down the other route of just having a flaming great row with Pakistan over this. I think that would achieve nothing." The mission that led to the death of Osama bin Laden was "justified, lawful and right", David Cameron added. The British prime See # 3 Page 11
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Wednesday, May 4, 2011
LONDON: Pakistan High Commissioner in the UK Wajid Shams-ul Hasan has said that investigation will be launched into how Osama bin Laden came to be living in the compound. In an exclusive chat with Sky News, he said, the country's authorities had not been aware of Bin Laden's presence in Abbottabad until after his death. Wajid Shams-ul Hasan nevertheless insisted that there was "total cooperation" between Pakistani authorities and the US government. "There has been some criticism in the media about having Osama in our midst in Abbottabad; the fact is Osama has been a nomad, a gypsy, who has been traveling from one place to another." He went one: "Abbottabad, probably, has been chosen as a sort of safe haven, in the sense that it was out of the main focus of terrorist activities and it was a peaceful place and he thought that he would mix up with the local people and find refuge there." Agencies
Inflation rings ADB alarm bells
HANOI: Asian governments must keep a tight rein on inflation and may need to consider controls on capital flooding into the region, the Asian Development Bank chief said Tuesday. "Inflation will need to be carefully managed using a mix of policy measures -especially given the harder impact of inflation on the poor, which in Asia still number in the hundreds of millions," ADB president Haruhiko Kuroda told a news conference at the start of the bank's annual meeting in Vietnam. The Manila-based bank, which aims to reduce regional poverty, said last week that governments had already moved to soften the impact of food inflation through measures including tax cuts for food, setting price controls and introducing subsidies. But it said in a report that more needed to be done in the region, which has rebounded rapidly from the 2008 global economic crisis. TEHRAN: Iranian Foreign The bank warned that Minister Ali Akbar Salehi soaring global food prices says the US has no more threaten to push tens of pretexts to remain in the region following Washington's confirmation that al Qaeda leader Osama bin Laden has been killed. "With the killing of bin Laden, there is no excuse for US presence in the region," Salehi said at a press conference in the Qatari capital of Doha on Monday, IRNA reported. "If the US invaded the region under such a pretext, the problem is over now and they had better pull out of the region immediately and stop the killing of people," he added. Salehi returned to Iran early Tuesday after a oneday trip to Qatar. During his short stay in Doha, he discussed regional developments and bilateral ties with Qatari Emir Sheikh Hamad bin Khalifa Al Thani, Crown Prince Tamim bin Hamad Al Thani, Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor Al Thani. Salehi referred to the deaths of "tens of thousands" of defenseless people as a result of US presence in the region and said there was no place for the See # 2 Page 11
US must exit region now: Iran
millions of Asians into extreme poverty and cut the region's economic growth this year. Domestic food inflation in developing Asian nations hit 10 per cent at the start of this year, with double-digit rises in the price of wheat, corn, sugar, edible oils, dairy products and meat. At the same time, global oil prices have also soared. "Rising food and oil prices have been stoked by the unexpected upheaval in the Middle East and North Africa, while the devastating earthquake and tsunami in Japan have created further global unease," Kuroda said. While battling inflation, Asia's governments are also dealing with inflows of capital which Kuroda said might need to be controlled "in some cases, in some countries, in some occasions." But he said such controls should not be a regular policy instrument. "Capital controls are really complicated policy tools, not so easy to implement, and in the long-run capital controls could create distortions in the capi-
tal market," Kuroda said. The International Monetary Fund (IMF) last week said flows of money into Asia's surging economies remain a "key concern" for policymakers already battling inflation. Those flows are "extraordinarily large" in some countries, including China, Indonesia and the Philippines, the IMF said. Several countries -including South Korea, Indonesia and India -have tightened monetary policy to try to head off huge inflows of capital from investors seeking better returns on their money than in the sluggish West. The incoming funds have boosted the values of many Asian currencies. "Currency fluctuation has been a serious problem," Kuroda said. Finance ministers of the 10-member Association of Southeast Asian Nations (ASEAN) last month expressed concern about the surge in capital flows, much of which has been in the form of portfolio funds that can be withdrawn just as fast as they are injected. -APP
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Fahim directs to rent out SLIC offices ISLAMABAD: Federal Minister for Commerce Makhdoom Amin Fahim has directed all the subordinate departments of Commerce Ministry to give up renting private properties unless there is no space available in State Life Insurance Corporation (SLIC) buildings. These directions have been conveyed to all the attached departments through an official notification. "If at all there is an exceptional need for renting private property by any organisation of the Ministry of Commerce then it should seek prior approval from Ministry of Commerce," the notification reveals. The Minister has taken notice of vacant spaces available with the State Life Insurance Corporation and directed that all organizations of the Ministry of Commerce should rent places for their different projects and official needs for the purpose of utilisation of that space. It is pertinent to note that this initiative will minimize to a great extent the expenditure that is undertaken to hire the buildings for offices. State Life Insurance Corporation has also been directed to facilitate all the subordinate/ attached departments of the See # 1 Page 11
Tripartite meeting in Kabul from today ISLAMABAD: Five-member delegation, headed by Eng Shaukatullah Khan has left for Afghanistan on Tuesday to attend Tripartite (Pakistan, Afghanistan and UNHCR) Commission meeting, to be held in Kabul from May 04 to May 07. The issues related to voluntary repatriation and management of Afghan refugees would be discussed during the meeting. Further, the delegation would be holding meetings and consultation with Afghan authorities on the issue of refugees and to see the pull factors for making the sustainable return a success. -NNI
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