International Karachi, Thursday, May 5, 2011, Jumadi-ul-Saani 1, Price Rs12 Pages 12
Pakistan role in WoT undoubted, says Kayani
Devolution paused as Rabbani quits
See Page 12
Pak shares trade affairs with world
See Page 12
SECP nods sugar futures contracts
See Page 12
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
Stocks fall on worries over aid after Osama
$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% $1,051 175.94mn
Will go extra mile for Pakistan: US Moody's says no imminent risk to Pak ratings
Portfolio Investment SCRA(U.S $ in million)
223.55 -2.03 -3.45 2771
Yearly(Jul, 2010 up to 3-May-2011) Monthly(May, 2011 up to 3-May-2011) Daily (3-May-2011) Total Portfolio Invest (23-Apr-2011)
NCCPL (U.S $ in million)
FIPI (4-May-2011) Local Companies (4-May-2011) Banks / DFI (4-May-2011) Mutual Funds (4-May-2011) NBFC (4-May-2011) Local Investors (4-May-2011) Other Organization (4-May-2011)
-0.08 -0.49 3.50 -2.17 0.47 -1.05 -0.18
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 11672.05 10004.20 23323.91 18460.62 2699.88 2866.93 5983.69 12691.75
Change 284.84 154.46 309.34 74.07 10.59 66.17 99.19 115.76
GDR update Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares)
$.Price PKR/Shares 2.60 109.48 14.48 121.94 2.00 42.11 1.70 35.79 10.89 36.67
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
20-Apr-2011 20-Apr-2011 20-Apr-2011 26-Mar-2011 04-May-2011 04-May-2011 04-May-2011 04-May-2011 04-May-2011 04-May-2011 04-May-2011 04-May-2011 04-May-2011 04-May-2011 04-May-2011
13.25% 13.62% 13.87% 14.00% 13.04% 13.36% 13.67% 14.09% 14.19% 14.01% 14.07% 14.14% 14.45% 14.68% 14.91%
Commodities *Crude Oil (brent)$/bbl 120.87 *Crude Oil (WTI)$/bbl 108.93 *Cotton $/lb 151.51 *Gold $/ozs 1522.90 *Silver $/ozs 39.89 Malaysian Palm $ 1,085 GOLD (NCEL) PKR 41,762 KHI Cotton 40Kg PKR 9,645 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 90.80 Canadian $ 87.90 Danish Krone 16.00 Euro 124.40 Hong Kong $ 10.80 Japanese Yen 1.026 Saudi Riyal 22.40 Singapore $ 68.10 Swedish Korona 13.40 Swiss Franc 94.10 U.A.E Dirham 22.90 UK Pound 138.80 US $ 84.30
91.80 88.90 16.40 125.80 11.10 1.052 22.58 69.10 13.70 95.20 23.10 140.00 84.60
Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 90.94 Canadian $ 88.22 Danish Krone 16.69 Euro 124.48 Hong Kong $ 10.82 Japanese Yen 1.039 Saudi Riyal 22.42 Singapore $ 68.37 Swedish Korona 13.85 Swiss Franc 97.34 U.A.E Dirham 22.90 UK Pound 138.49 US $ 84.22 Weather Forecast Cities
Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi
91.16 88.43 16.73 124.78 10.85 1.041 22.48 68.54 13.88 97.58 22.95 138.82 84.40
Max-Temp Min-Temp
39°C 33°C 43°C 42°C 31°C 39°C
21°C 26°C 27°C 24°C 17°C 25°C
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PARIS: Prime Minister Syed Yousuf Raza Gilani addressing the French Businessmen at MEDEF in Paris. -APP
Gilani addresses MEDEF Forum
French investors urged to eye Pak Franco-Pak parliamentary ties urged PARIS: Prime Minister Syed Yousuf Raza Gilani Wednesday told French investors not to be swayed by the negative perceptions about Pakistan and invest in the country that offers lucrative incentives in several sectors. He was addressing the MEDEF forum that was attended by top corporate leaders and heads of major organizations of France on the second day of his visit to France. The MEDEF is a leading network of business confederation of over 700,000 member firms of all sizes. Prime Minister Gilani, who was accompanied by Minister for Water and Power Syed
Naveed Qamar and Minister of State for Foreign Affairs, with additional charge of Ministry of Economic Affairs Hina Rabbani Khar, while sharing his vision asked the investors not to be swayed by the "exaggerated" reports about Pakistan. "I therefore invite you all to come to see Pakistan - the real Pakistan, where people pursue their aspirations for success and prosperity with a modern and progressive outlook." The Prime Minister assured the French investors that Pakistan was not in the category of states where investments were insecure and the investors See # 14 Page 11
Osama aftermath
US alerted on compound in ‘09 LONDON: Pakistan alerted the US to its suspicions about a compound where Osama bin Laden was found hiding as far back as 2009, Pakistani Foreign Secretary Salman Bashir said on Wednesday. Bashir also hit out at "disquieting" comments by CIA Director Leon Panetta that US officials had ruled out informing Islamabad in advance about Sunday's US raid on the Pakistani compound which led to the al Qaeda chief's death. Asked in a BBC radio interview about the compound in Abbottabad where the al Qaeda chief was discovered, Bashir said: "This particular location was pointed out by our intelligence quite some time ago to
the US intelligence. "Of course they have a much more sophisticated equipment to evaluate and to assess." "We had indicated this compound as far back as 2009 as a possible place," Bashir added, although he added it was not known at the time bin Laden was hiding there and there were "millions" of other suspect locations. On Panetta's comments, the Pakistani official said: "I know for sure that we have extended every cooperation to the US including the CIA as well as to other countries so far as the campaign against terror is concerned. "In terms of success in what See # 16 Page 11
Govt imposes tax on wheat sellers ISLAMABAD: The government has imposed 3.5 per cent tax on the wheat purchased by Pakistan Agriculture Storage and Service Corporation (PASSCO) if the seller is not grower. The tax policy regarding wheat purchase by Passco created some confusion not only among buyer and sellers of wheat but also among the officials of the federal as well as provincial food and agriculture departments, sources said on Wednesday. The wheat commissioner in Ministry of Food and Agriculture in Islamabad was unaware about any tax in this
connection when he was contacted by Online. Similarly, officials in the provincial food and agriculture departments in Sindh and Punjab were also confused in this connection when they were contacted. Some of them said, "Yes some tax was imposed but we are not clear of the ratio or a policy in this connection", while other were absolutely unaware of any tax. The farmers were again and again asking officials in food and agriculture in this connection but they were returned with vague answers in this connection, said Allah Bux, a farmer from Hyderabad. -Online
Tankers strike against POL price hike KARACHI: All Pakistan Oil Tankers Association's (APOTA) indefinite strike against hike of POL prices was observed on second consecutive day on Wednesday. The APOTA announced an indefinite strike at the midnight between Monday and Tuesday to express annoyance and displeasure over recent increase in POL prices. Owing to the ongoing strike of oil tankers, oil supply was badly affected across the country including petrol pumps, power generating plants, Nato forces in Afghanistan and other important installations. The spokesman of APOTA, Asrar Shinwari, said while talking to a private television channel that this every month's ongoing increase in POL prices has broken back of the transporters and made it very difficult for them to carry on business in this era of high inflation. -NNI
CNG up Rs1.02/kg ISLAMABAD: The Oil and Gas Regulatory Authority has increased the price of Compressed Natural Gas (CNG) by Rs1.02 per kilogram. According to a private TV channel, a notification has also been issued in this regard by Ogra. Meanwhile, Ogra has adjusted the CNG prices in KhyberPakhtunkhwa, Balochistan, Potohar region; Islamabad, Rawalpindi and Gujar Khan as Rs59.57 per kg. While the price of CNG in Sindh and Punjab excluding Potohar region will be Rs56.80 per kg. The CNG price has been adjusted in accordance with ECC decision no 106/12/2009 dated 28.7.2009. See # 15 Page 11
IMF cancels Pak tour WASHINGTON: An IMF mission's visit to Pakistan next week has been postponed due to security developments, an IMF spokesman said on Wednesday, delaying agreement that would unleash around $3 billion in funding to the country. "An IMF mission to meet Pakistani authorities in Islamabad has been postponed in light of security developments in Pakistan," an International Monetary Fund spokesman told Reuters. "No new dates have been set at this stage." -Reuters
WASHINGTON: Both United States and Pakistan are affected by the "scourge of extremism" and the US will continue its assistance to the South Asian state, US State Department spokesman Mark Toner said on Tuesday. "We're both affected by the scourge of extremism. The vast majority of al Qaeda and bin Laden's victims were Muslim," Toner told reporters at the department, noting that "Pakistan has suffered grievous losses from al Qaeda attacks." Calling US assistance "paid dividends," he said the US "Will continue to pay dividends." "This is assistance that is in Pakistan's long-term interests as well as the United States' national interests and security interests," he added. "We may not see eye to eye on how to approach every issue, but we're going to continue to work with Pakistan, and we believe it's in the best interests of our nation to do so," Toner said. Meanwhile, Pakistani stocks
ended almost 2.4 per cent lower on Wednesday amid concerns that the killing of Osama bin Laden this week could lead to a delay in international aid, dealers said. Karachi Stock Exchange's benchmark 100-share Index was 2.38 per cent, or 284.84 points, lower at 11672.05 on turnover of 89 million shares. The KSE-index has lost 3.2 per cent since the US Raid that killed bin Laden. The index gained about 28 percent in 2010. "There is concern that there may be a delay of aid, especially from the International Monetary Fund (IMF), after news that visits of all missions have been cancelled," said Sajid Bhanji, director at brokers Arif Habib Ltd. One foreign institution official, requesting anonymity, said that there were some delays in missions to Pakistan due to security issues. Dealers said there were also worries over the future of aid from the United States. "Concerns that US may cut aid to Pakistan after the death
PC invites EOI
HEC 88pc shares sale process starts ISLAMABAD: The Privatization Commission ('PC') has invited Expression of Interest (EOI) from prospective investors, industrial companies and groups, consortium of investors with demonstrable ability to own, efficiently manage and operate the company through acquisition of 88 per cent shares on `as is, where is' basis. The Successful Bidder shall continue to operate company's manufacturing facility as going concern. The 12 per cent shares of HEC are allocated for employees of HEC through Benazir Employees Stock Option Scheme (BESOS). The interested parties have been asked to submit EOIs (in duplicate) together with a nonrefundable processing fee of $5000 or PKR 425,000 payable in the form of a bank draft(s)/ pay order(s) in favor of
'Privatization Commission, clearly providing the information i.e. Name of Company / group and its background information; Details of ownership/group structure along with copies of Computerized National Identity Card (CNIC)/ Passport Nos. of the Directors / Partners; Name, Address, Telephone, Mobile, Fax, Email of the authorized Focal Person to be contacted latest by May 20, 2011 during official working hours. Interested parties have also been advised to submit EOIs as early as possible, enabling PC to dispatch/ email the Request for Statement of Qualification (RSOQ). The last date for submission of Statement of Qualification (SOQ) is June 11 next. All the parties, which shall submit EOI, would be sent Request of Statement of See # 11 Page 11
Gilani meets French FM
World blamed for Osama mess PARIS: Pakistan's Prime Minister Yousuf Raza Gilani said Wednesday that spy agencies around the world share the blame for his country's failure to capture al Qaeda leader Osama bin Laden, killed by US forces. "Certainly, we have intelligence failure of the rest of the world including the United States," Gilani told reporters in Paris, where he was meeting with business leaders. "There is intelligence failure of the whole world, not Pakistan alone." Separately France's foreign minister Alain Juppe said he had dined with Gilani on Tuesday and asked him how bin Laden went uncaught living in a city near Islamabad
while being hunted by the United States. "The reply was that it was a failure of the Pakistani intelligence services, which they have addressed," Juppe told news channel France 24. But he moved to ease the pressure on Pakistan, a crucial ally in efforts to track extremist groups. "In any case I think we should avoid any antagonism with Pakistan. It is a big country. We have every interest in keeping good relations with it, and it should cooperate," Juppe said. "I hope this will be a turning point in the right direction. The Pakistani prime minister assured me yesterday of his See # 14 Page 11
of Osama Bin Laden carried market down by more than 2 percent," said Samar Iqbal, a dealer at Topline Securities Ltd. In the currency market, the rupee ended weaker at 84.66/72 to the dollar, compared with the previous day's close of 84.28/35 amid increased demand for dollar for import payments, dealers said. In the money market, overnight rates were flat at 11.10 percent, unchanged from Tuesday's close, and dealers said rates are likely to stay on the lower side amid increased liquidity in the interbank market. Furthermore, Moody's Investors Service said Pakistan does not face an immediate risk of a withdrawal of foreign aid despite international accusations that it gave shelter to Osama bin Laden. Its sovereign credit rating also remained justified, at least for now, said Aninda Mitra, Moody's sovereign analyst for Pakistan. Moody's currently rates the struggling country's See # 10 Page 11
Daughter saw bin Laden killed ISLAMABAD: A young daughter of Osama bin Laden, now in custody with a Yemeni wife of the al Qaeda leader, saw her father shot dead, a Pakistani intelligence official said Wednesday. The official from the InterServices Intelligence (ISI) agency said up to 12 women and children who survived the US raid on their villa were now in custody. The child, reported to be 12 years old, "was the one who confirmed to us that Osama was dead and shot and taken away," said the official. Up to three women and nine children, including the young Yemeni woman who was shot in the leg and a daughter of the Saudi-born mastermind, are in detention, he said. "There are a lot of questions we want to ask them," another official said. The Pakistani government said Tuesday that family members of bin Laden were "being See # 12 Page 11
Osama house contractor arrested ABBOTTABAD: Gul Muhammad, who reportedly built Osama bin Laden's compound here, was arrested on Wednesday. According to a private television channel, he was arrested from Abbottabad. Gul has been shifted to an undisclosed location for questioning. Al Qaeda leader Osama bin Laden had been living in a house in the city of Abbottabad before getting killed in an operation conducted by American commandos late Sunday night. -NNI
2 Thursday, May 5, 2011
BoK to finance KP's wheat procurement
ISLAMABAD: Federal Minister for Interior, Senator A Rehman Malik chairing a high level meeting to review the law and order situation at Ministry of Interior.-APP
Family physicians urged to update their knowledge
7.1mn diabetic patients in Pak KARACHI: Family physicians being the front liner in the healthcare system should constantly update their knowledge and skills for better healthcare delivery to the masses. This was stated by Prof Dr M Umer Farooq, ProVice Chancellor-Dow University of Health Sciences (DUHS) at the Inaugural Session of Dow Continued Medical Education (CME) Program for the Family Physicians 2011 held on Wednesday at Ata-Ur-Rehman Lecture Hall, Dow Medical College. Dow University intended the CME programme for ultimate benefit to the patients by updating the knowledge of family physician about the medical issues that were most commonly encountered by them in their clinical practice. Prof. Umer Farooq further said that Family physicians played a vital role in the healthcare scenario of our country, as they were the ones who provided primary care to the vast majority of our population. Continuing Medical Education (CME) programs were necessary for
honing skills of medical fraternity, particularly family physicians, and keeping them abreast of the latest advancements, he said. Speaking on the "Updates on Diabetes", Dr. Zaman Shaikh, Director, National Institute of Diabetes & Endocrinology said that according to figures of IDF, 285 million people worldwide are affected with diabetes. He said that it was estimated that the figures would reach new height of 438.4 million by the year 2030 (increase of about 54%). Talking about MENA (Middle East and North Africa) region (which includes Pakistan as well), he said the number of people living with DM is 26.4 million. However, forecast for 2030 is 51.7 million (an increase of 94%), he said. Coming to Pakistan, the situation is alarming and with a current diabetic population of 7.1 million, we rank 7th in the world in terms of having number of people with diabetes, he said. He said that with an estimated prevalence of 7.6% at present, it is estimated that by 2030, we will have
4th largest diabetic population in the world (13.8 million). About death rate in Pakistan, he said that country faced approximately 88000 deaths (35615 males and 52397 females) per annum due to diabetes and its related complications. He said that mean health expenditure on DM was sadly only 24 USD / person in Pakistan, in contrast to USD55 person in India. Even in a country like Afghanistan it is 33 USD, Nigeria 47 USD, and Sudan 52 USD and in Turkey the expenditure is as high as 571 USD / person, he said. He mentioned that common endocrine disorders besides Diabetes were Thyroid Diseases, Short / Tall Stature, Brittle Bones (Osteoporosis)/ Calcium Metabolism, Male and Female Infertility, Hirsutism, Gynecomastia, Ambiguous Genitalia, Sexual Problems & Steroid Disorders. Earlier, Prof. Ejaz Ahmed Vohra, Chairman, Deptt of Medicine, Dean PGs Ziauddin Medical University also spoke on the occasion.- NNI
Local assembly of smart phones soon: PTA Qutubuddin KARACHI: The local assembly and manufacturing of low priced "smart phones" will start soon in the country by Pakistani companies in collaboration of chip designer and Chinese manufacturers. His was stated by the chairman Pakistan Te l e c o m m u n i c a t i o n Authority (PTA) Dr Mohammad Yaseen while talking to media persons at the interactive session for ICT stakeholders - Connect ICT Forum 2011, organized by Pegasus Consultancy at Karachi Expo Centre here Wednesday. He said several memorandum of understandings (MoUs) have been signed recently, between local companies and Chinese
manufacturers and chip designer Falcom for producing smart phones in Pakistan. The event was organized by PTA in an effort to start local assembly and manufacturing of smart phones, which are currently being imported. Responding to a question about the misuse of SIMS, he said that PTA has blocked 16.5 million mobile SIMS and during the on-going data cleansing under third phase, PTA is receiving 400,000 quests per day on its complaint number 668. Dr Yaseen hoped that no unidentified SIMS will remain in cellular phone network after 17 May, which is the last to confirm the validity of your SIM and clean your mobile phone record.
He said the sales of handsets will not be affected due to the on-going data cleaning campaign. Replying to a question about smuggled hand sets, he said that PTA has submitted its input to IT Ministry in which we have suggested to two-pronged policy. First, to impose ban on these handsets at Customs stage where IMEI numbers are not mentioned, and second, impose a ban on the sale of such phones in the country. He pointed out that currently imported mobile phones do not contain type approval. During the fast growth period, the government had relaxed this condition in 2005 and therefore these sets were allowed without type approval, he added.
Salim Raza, JJ join IBA as adjunct professors KARACHI: A former governor of State Bank of Pakistan, Salim Raza and an ex-federal minister, Javed Jabbar, have joint the Institute of Business Administration (IBA) Karachi as adjunct professors. A spokesperson of the institution said on Wednesday that the IBA has appointed leading Pakistani Professionals to its Faculty. The IBA Board of Governors (BOG) has appointed four eminent Pakistanis as Adjunct Professors at the IBA, the spokesman added. `In the ever changing world of ours we have to
widen the mental horizons of our students and equip them with the knowledge about the larger global and national economic, political and social environment in which they will be operating. The appointment of these nationally and internationally acclaimed professionals will help in achieving this objective', said Dr. Ishrat Husain, Dean and Director of IBA while welcoming these appointments. The four individuals honoured by IBA Karachi are: Salim Raza, Javed Jabbar, Zaffar Khan and Farrukh Khan. Salim Raza, former Governor State Bank of
Pakistan, has 36 years experience of global banking having worked for Citibank across Middle East, Africa, UK, Central and Eastern Europe. He will be teaching the Global Economic and Political Environment course at the MBA programme besides delivering lectures and seminars for IBA Executive MBA Programme. Javed Jabbar, former Federal Minister for Information and Broadcasting, is a highly respected author, commentator on media, political and international relations.-APP
WIFS 2011 logo unveiled
PESHAWAR: The Bank of Khyber and the Department of Food, Khyber Pakhtunkhwa on Wednesday signed a memorandum of understanding (MoU) for wheat procurement for the current season. Under the agreement, Bank of Khyber will provide an amount of Rs7.5 billion for wheat procurement to the department. Group Head, Credit Management, BoK, Imran Samad and Secretary Food, Khyber Pakhtunkhwa, Khalid Gilani signed the MoU on behalf of the bank and department respectively. Those president on the occasion included Provincial Minister for Finance, Mohammad Hamayun Khan, Provincial Minister for Food, Mohammad Shuja Khan, Secretary Finance, Managing Director, BoK, Bilal Mustafa and other senior officials of the bank. Briefing the ministers, the Managing Director, BoK, Bilal Mustafa said
that the amount sanctioned for the purpose is Rs2 billion more than last year, He said that the provincial government had made the payment on due time. He said that last year the bank extended a credit of Rs1 billion to the government of Punjab for the procurement of wheat. Bilal Mustafa said that the bank has been playing an active role in the economic uplift and development of the province in particular and of the country in general for the last two decades. By providing financial assistance in diverse sectors ranging from micro enterprises to giant corporations, the Bank of Khyber has always been available to support and boost the economy through its innovative, flexible and custom made business solutions and lending products to both the private as well as public sector entities. He said the bank had passed from the process of revamping and re-organizing in recent years and the
results can be judged from the financials report for the year 2010 and quarterly results as of March 31 2011. The advances portfolio grew from Rs14.123 billion as on 31-12-2009 to Rs21.234 billion (gross) as on 31-12-2010 and the Bank further plans to enhance the same by the end of the year 2011. Likewise, over a span of two years the Bank has expanded its network from 34 to 54 branches including four sup-branches across the country including 29 conventional baking and 21 dedicated Islamic banking branches. The Bank is further planning to open 12 new branches during the year 2011 out of which seven branches are conventional while five in Islamic banking group. This would further enhance the outreach of the Bank to all the geographical territories of the country taking the total number of branches to 66. In short, 2010 can be rightly called as year of re-
KARACHI: The World Islamic Finance Summit 2011, will be held in Pakistan on of September 21-22, 2011. This is a highprofiled conference to devise collaborative strategies and solutions for the development and promotion of Islamic financing in Pakistan. A special ceremony was held at Karachi Sheraton Hotel on May 4 to introduce the conference and unveil the attractive corporate-identity Logo of the Summit. This international conference is being organized by Publicitas Pvt. Ltd. with complete support and patronage from the Islamic Banking Division (IBD) State Bank of Pakistan (SBP). The Director IBDSBP, Saleem Ullah addressed the unveiling ceremony, where he invited the stakeholders of Pakistan's financial sector, especially the institutions engaged in Islamic finance, to actively participate in the upcoming summit. A large number of finan- KARACHI: Large number of people buying petrol at fuel station as majority petrol pumps in the city remained closed due to strike called by Oil Tankers Association.-Online cial experts and prominent leaders from numerous financial institutions have PTCL to introduce special internet package for trade & industry already expressed their interest in attending the two-day forum, to share their wisdom and suggest concrete measures to initiate collective efforts for the growth and expansion of M Imran Sharif PTCL which is not available organizations handed over Islamic-Finance in KARACHI: Pakistan to anywhere in the region", to the private sector the loss Pakistan. -PR Te l e c o m m u n i c a t i o n s Abdullah said adding that making units could be turnCompany Ltd (PTCL) business community is around. While expressing would introduce fastest PTCL's first priority and satisfaction over the perinternet and broadband very soon a comprehensive formance of PTCL he said service for trade and indus- and economical package for that Pakistanis are getting try; this was announced by the businessmen will be telecommunications servicthe Senior Executive Vice launched. He said that es even cheaper and better President PTCL, Abdullah though PTCL's relations that Canada. Former KARACHI: After lot of Yousuf. with its subscribers were not Chairman, Mian Zahid clamor, the Muttahida Addressing at a luncheon very good but problems of Husain reiterated his Qaumi Movement (MQM) meeting at Korangi over 60 years can not be demand to hand over public at last agreed again to Association of Trade and resolved overnight. He sector organizations such as rejoin the federal govern- Industry, Abdullah said that announced that PTCL is PIA, Railways, Pakistan ment, a private TV channel PTCL is trying to introduce planning to have further Steel, etc. to the privates claimed here on all telecommunications investments in telecommu- sector entrepreneurs in Wednesday. facilities to its subscribers as nications sector in Pakistan. order to save Rs500 billion Three members of available to the UAE people. The Patron In-Chief, instead of over-burdening (MQM) will take oath "Latest technology is KATI, S M Muneer said the tax payers with additoday(Thursday) as federal being introduced by the that if the public sector tional taxes. ministers, as MQM in principle decided to join the federal government. Farooq Sattar, Hyder Abbas Rizvi and Babar Ghauri are the MQM's ministers who will take ISLAMABAD: Pakistan would have first satellite based broadband operations by end oath tomorrow, sources of this year as a satellite, launched last month requires some time for commissioning. The brand name of the satellite-based broadband is YahClick and this would work in told Wednesday. The portfolios including two scenarios that include urban and rural targets, a news channel reported on Wednesday. ports and shipping, IT and A technical officer of the Company, providing such a service said, charges of Customer science and technology Premises (CP) would be around $700 and in addition, the customer has to pay around $40 will be given to the MQM's monthly for the service. This offer is meant for unlimited access with 2mbps package, while CP includes a 30cm antenna that costs around $350. If duties are relaxed, CP costs ministers.-Online would reduce further. He said the company is offering a plausible package for satellite Sharmila for based network which is an ideal product for the Pakistani market. It will cater broadband services in areas where telecommunication infrastructure does not exist.-APP
Trade leaders want PIA, PR, PSM in private sector
MQM to join federal cabinet
Satellite based broadband service in Pakistan soon
empowerment of women
KARACHI: Pakistan People's Party (PPP) Women Wing Sindh Information Secretary Sharmila Farooqui on Wednesday called for raising socio-economic empowerment of women by ensuring pro-women legislation, pro-women taxation system, more political participation and lucrative education facilities. Remedial measures are required for enhancing the contribution of women in socio-economic and other spheres of life besides eliminating all kinds of discrimination against them so as to provide them equal opportunity in all sectors of life.-NNI
Kundi seeks more PIA flights between Isb, DI Khan ISLAMABAD: Acting speaker of National Assembly Faisal Karim Kundi on Wednesday asked the Pakistan International Airline (PIA) management to increase the numbers of PIA flights between Islamabad and D.I. Khan and enhance the facilities for passengers at D. I.Khan airport. He was talking to MD PIA Capt. Nadeem Yousafzai who called on the Acting Speaker, in Parliament House here. Talking to M.D. PIA the Acting Speaker said that during the Session of National Assembly and
meetings of the Standing Committees Members of the National Assembly were facing problems in traveling from their respective constituencies to Islamabad. He directed M.D to take appropriate measures to accommodate MNAs on PIA flights on priority basis so that they can attend the National Assembly sessions and meetings of the National Assembly Standing Committee conveniently. The Acting Speaker said that mega developmental projects were under progress in D.I.Khan in its surrounding areas and
there was a huge potential and opportunities of investment in the area therefore, a large number of foreign and local investors were traveling between Islamabad and D. I. Khan. He said that there was only one flight was plying between Islamabad and D.I.Khan presently and due to non availability of seat, the passenger traveling between Islamabad and D.I.Khan were facing problems. He also asked for enhancing the quota of PIA tickets for the traveling agencies of D.I.Khan and surrounding areas.-NNI
organizing, revamping and recommitting for the Bank of Khyber. This fact has also been realized by the credit Rating Agencies and that is why BoK's ratings have improved and moved up from BBB+ to A-. It is worth mentioning here that the Bank of Khyber has extended a total of PKR6.125 billion t Food Depart of the country under the auspices of both its conventional and Islamic banking groups during the year 2010. The Bank is now going to finance PKR7.5 billion to the Food Depart of Govt. of Khyber Pakhtunkhwa for the year 2011 under commodity financing facility. The Bank is committed to invest in all viable and feasible propositions according to SBPs PRs and in line with its own credit policy. The Bank has extended its network in all major commercial and trading hubs of the country to play its due role for business and commercial development.-APP
Visa offers rewards on usage of debit cards Staff Reporter KARACHI: Visa, one of the world's leading electronic payments networks, continues to drive debit card usage in the Pakistan with the launch of an exciting and innovative new promotion aimed at rewarding people using their Visa debit cards for everyday use. According to the campaign, Visa debit card holders are entitled to win up to 7000 exciting prices which include mobile phones, mobile top ups and shopping vouchers. The promotion, which runs from April 25 through mid July, is aimed at encouraging people to use their Visa debit cards for all of their grocery shopping needs without the hassle of carrying cash. To enter the draw, Visa Debit Cardholders using their card at any outlets accepting Visa can simply SMS the APP/ to 2121 Talking about the campaign, Amer Pasha Country Manager Visa Pakistan and Afghanistan said, "Through this campaign, we aim to provide consumers more places and reason to use their debit cards especially in everyday spend categories such as gas, groceries, quickservice restaurants, etc." "Visa is continuously looking at new and innovative ways to enhance our customer experiences, and the Visa 'Debit' campaign is a perfect example of our commitment to rewarding customers using their Visa debit cards. It is our hope that people take advantage of this exciting new campaign, and don't miss out on their chance to win big with Visa when doing something as ordinary as their weekly grocery shop," he added. Visa Debit cards are becoming increasingly popular in Pakistan, with more banks introducing debit facilities to their product offering. In Q1 2011, Visa reported growth in debit payment transactions across Pakistan, attributed to the increasingly availability of Visa debit cards in the country. There has been increased education amongst consumers on the benefits of using Visa debit cards as more than just an ATM card. Visa debit cards are more convenient than carrying cash or cheques, and as a 'buy-now, pay-now' tool where transactions are automatically deducted from the cardholders account, Visa debit cards enable you to easily track your spending.
3
Thursday, May 5, 2011 Top Economic Events
US economic data pushes dollar down vs euro, yen Weak US jobs, services data adds to dollar's woes NEW YORK: The dollar fell to a fresh three-year low on Wednesday and the euro briefly rose above $1.49 as weakerthan-expected US employment data convinced investors that US interest rates would remain low this year. The yen also hit a six-week high against the dollar after data showed the pace of growth in the dominant US services sector also slowed unexpectedly in April, another sign the US economy may be hitting a soft patch. With markets worried about a yawning US budget deficit, traders said signs of slower growth will only add to trouble for the dollar, which fell to a three-year low against major currencies Wednesday. It has lost 7.7 per cent in 2011. "The dollar got beat up pretty badly against the euro," said Firas Askari, head
of foreign exchange trading at BMO Capital Markets. "The US fiscal situation is a concern. Now it seems the US economy isn't just tepid but actually cooling off again. That's not encouraging." But Askari and others said concerns about slower US growth also dulled appetite for commodities and higher-yield assets for fear a US slump would reverberate globally. That sent the safe-haven Swiss franc to a record high against the greenback and drove the US currency up against the Canadian dollar. Canada's economy is heavily depend on exports to its
southern neighbor. The euro remained fairly well supported in anticipation of higher euro-zone interest rates and strong sovereign
demand. Investors brushed off news that Portugal had become the third eurozone country in the last year to need a bailout and drove the euro to $1.4939, a 17-month high. It later eased to $1.4860, up 0.3 per cent and about a
cent above the day's low. Traders said a move above $1.50 was likely but would probably have to wait until after Thursday's European Central Bank meeting, which should offer clues on future rate hikes. The ECB raised rates in April for the first time since 2008 and is expected to do so again this year to tame inflation, even as higher rates make it more difficult for countries such as Portugal to service their debts. The dollar fell 0.3 per cent to 80.68 yen. If it falls further, analysts said it could put markets on alert for official intervention to slow the pace of yen gains. The Australian dollar fell 0.8 per cent to $1.0754, retreating from a post-float high above $1.10 as a decline in silver weakened demand for commodity-sensitive currencies. -Reuters
Yuan rises as China,
Asian currencies
Won, baht down on US reiterate positions unwinding excessive positions rencies) as a buying opportunity as emerging Asian FX remains fundamentally strong," said Dariusz Kowalczyk, senior economist and strategist at Credit Agricole CIB in Hong Kong. The won fell as interbank speculators covered dollar short-positions before a local holiday on Thursday and tried to fill a gap which the South Korean currency saw last month. But exporters did not miss chance to buy it on dips for settlements amid views that the won finds a strong support around 1,078.4 per dollar, its session high of April 27, a day before it gapped up. The peso had weakened past major support of 43.000 per dollar, which the central bank had allowed the market to break
through, as investors covered dollar-short positions and dollar demand linked to sell-off in the peso bonds. The Philippine currency had been expected to weaken to 43.150, the 38.2 per cent retracement level of its MarchMay strengthening trend, as it slid to 43.075. But it recovered to stay stronger than 43.00 amid talk of agents' selling of dollars around 43.100. The baht broke through 30.00 per dollar, which the central bank had allowed to be broken, and weakened past a strengthening trend line of January-May. The baht has room to weaken probably to 30.14, the higher downtrend channel line of dollar/baht during January-May. Reuters
Sterling slips vs Euro, hampered by UK data
Swiss franc off record vs dlr
SINGAPORE: The South Korean won and the Thai baht fell for a second consecutive session on Wednesday as speculators unwound overstretched positions in emerging Asian currencies amid a wider global pullback in riskier assets. Emerging Asian currencies may see further corrections if investors cover additional dollarshort positions, but their longerterm bullish trend remains intact, analysts and dealers said. The Singapore dollar and the ringgit fell to touch and break through support lines, respectively, but they recovered some losses. The recovery came as investors maintained a bullish outlook for emerging Asian currencies. "We see it (a slide in Asian cur-
LONDON: Sterling slipped to a fresh 13-month low against the euro on Wednesday after weak British construction figures boosted views UK interest rates could stay on hold till year-end, in contrast to a hawkish euro-zone outlook. The pound also matched a six-month low versus a currency basket hit on Tuesday as a series of softer data cast a shad-
ow over the UK's economic recovery. Markets are now pricing in a rate hike from the Bank of England around the end of the year, while the European Central Bank is expected to raise rates for the second time this year by July. The euro rose to 90.28 pence, its highest since late March 2010, after UK construction sector activity grew in April at its slowest pace so far this year, below average forecasts in a Reuters poll. "The UK economy is struggling to get any real momentum," said Simon Derrick, head
of currency research at Bank of New York Mellon. "The evidence continues to mount that UK monetary policy is going nowhere this year." The euro was last up 0.1 per cent on the day at 90.05 pence, and analysts said further nearterm gains were likely, with the next target at 91.40/50, the March 2010 high and the 61.8 per cent retracement of the
move down from the 2008 peak. However, the single currency could be reaching levels that are unsustainable, above its long-term average against the pound, analysts said. "Psychologically, it looks like we're heading to 92 pence, but I think we're in the last phase of this euro/sterling rally," said Kit Juckes, currency strategist at Societe Generale. Against a broadly weaker the dollar, sterling rose 0.6 per cent to $1.6565. The dollar index fell 0.5 per cent to 72.758, nearing Monday's 3-year low of 72.722. -Reuters
ZURICH: The Swiss franc pulled off a record high against the dollar on Wednesday, as the greenback clawed back ground against major currencies after a recent slide. The franc, which investors buy in times of heightened uncertainty, has risen some 20 per cent against the dollar over the past 12 months, buoyed by favourable Swiss economic conditions, concerns about US debts and ultra loose monetary policy in the United States. The franc jumped to a record high of 0.8595 francs on trading platform EBS against the dollar during the previous session but then weakened slightly as investors booked profits. But some analysts said there was further room for franc appreciation against the dollar as the Swiss National Bank is likely to tighten monetary policy this year. The franc was largely flat against the dollar from Tuesday's close, trading at 0.8621 francs per dollar at 0755 GMT. Meanwhile, the franc fell 0.3 per cent against the single currency from Tuesday's close to trade at 1.2801 francs per euro. Expectations the European Central Bank on Thursday will signal it is prepared to hike interest rates also put pressure on the franc against the euro. Reuters
Aussie & NZ dlrs soften on reduced risk appetite WELLINGTON/SYDNEY: The Australian and New Zealand dollars came under a bit of pressure on Wednesday as weaker equities and a greater reluctance to take risk prompted investors to book profits on some of the hefty gains made last month. Already hurt by a fall in commodities prices, the Antipodean currencies were further undermined by weak equity markets across Asia. The Aussie drifted to a one-week low of $1.0789, down 2 per cent from a 29-year peak of $1.1012 set on Monday, before recovering some ground to last stand at $1.0827. "Model funds started selling the Aussie ... and once it started to go down, others followed, pushing it further down," said Joseph Capurso, strategist at Commonwealth Bank. Immediate support for the Aussie is seen around $1.0781, a trendline drawn from the March 18 low of $0.9732. But a break below $1.0775 would bring key support at $1.0675/80 in view. Capurso said he expected the Aussie to move back up to $1.1000 next week, ahead of
wage data on May 18. The Reserve Bank of Australia left rates unchanged at 4.75 per cent on Tuesday and gave no sign of an imminent hike. However, it also said underlying inflation was likely to head higher from here, laying the groundwork for a further tightening at some point this year. The euro bounced to multi-week highs against the Australian and New Zealand dollars on expectations the European Central Bank will signal its readiness to rate interest rates again after its policy meeting on Thursday. The euro hit a two-week high of A$1.3694 and a one-month peak of NZ$1.8664. The kiwi fell 0.5 per cent on the day against the US dollar to $0.7940, off a three-year high of $0.8122 on Monday. Kiwi support is seen from the April 19 high of $0.7910, ahead of $0.7881, with resistance above $0.80. On the cross rate, the Aussie rose to a five week high of NZ$1.3649, before steadying around NZ$1.3638 on diverging interest rates outlook for both economies. -Reuters
SHANGHAI: The yuan closed slightly higher against the dollar on Wednesday as the Chinese and US administrations reiterated their positions regarding the value of the two countries' currencies ahead of their top-level talks in Washington next week. In a quarterly monetary policy report late on Tuesday, the People's Bank of China reaffirmed that the government will keep the yuan's exchange rate basically stable - a phrase that implies yuan appreciation against the dollar will be gradual and controlled in line with China's economic conditions. US Treasury Secretary Timothy Geithner said on Tuesday that China is starting to let the yuan rise more rapidly to curb inflation but needs to move even more swiftly toward a market-driven exchange rate. Dealers said these remarks ahead of the US-China Strategic and Economic Dialogue next week appear routine, but added that US pressure for China to let its currency appreciate has significantly eased this year compared with last year. Still, the PBOC has guided the yuan to a slew of
record highs this year, with the currency rising by 0.9 per cent against the dollar in April, accelerating from 0.4 per cent in March, at a time when the dollar sank to three-year lows against a basket of currencies. Policymakers in Beijing have made it clear they will deploy the currency as a weapon to fight inflation, which hit a 32month high of 5.4 per cent in March, partly boosted by surging global commodity prices. Reflecting caution over rising anticipation of yuan gains ahead of the dialogue, the PBOC set the yuan's daily midpoint at 6.5013 against the dollar on Wednesday, slightly weaker than Tuesday's 6.5002. Spot yuan closed at 6.4933 versus the dollar, up marginally from Tuesday's close of 6.4968. It has now appreciated 5.12 per cent since it was depegged from the dollar in June 2010, and 1.48 per cent since the start of this year. Offshore, one-year non-deliverable forwards (NDFs) were bid at 6.3280 at midday, up from 6.3150 at the previous close. Their implied yuan appreciation in a year's time fell to 2.73 per cent from 2.95 per cent. -Reuters
Indian rupee gains as euro strengthens MUMBAI: The Indian rupee rose on Wednesday as euro's march against the dollar helped offset a sustained weakness in local shares, with the euro's moves and importer dollar demand seen providing nearterm directional cues. The partially convertible rupee ended at 44.4650/4750 per dollar, 0.1 per cent stronger than its 44.51/52 previous close. It moved in 44.465044.6000 band intraday. "Rupee will be ranged between 44.30-44.70 for rest of the week," said Sudarshana Bhat, head of forex trading at the state-run Corporation Bank. "We need to see how positives like the rising interest rate differential plays out against factors like likely slowing in growth and in turn (fund) inflows." Foreign funds have invested nearly $3 billion into Indian equities since March after being net sellers in January and February. The rupee had weakened to 44.60 in early trade on Wednesday, but recovered smartly as strong support for the unit emerged at those lev-
els. The euro's gains also aided the rupee's recovery. The one-month onshore forward premium was at 26.00 basis points (bps) versus 27 bps at its previous close. The three-month was at 82.75 bps from 81.25 bps and the oneyear was at 321.75 bps compared with 322.25 bps. The one-month offshore nondeliverable forward contracts were quoted at 44.70, weaker than the onshore spot rate. In the currency futures market, the most traded near-month dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 44.6825, 44.6800, 44.6850 respectively, with total volume at $9.40 billion. -Reuters
Time 3:45 3:45 All Day 5th-6th 13:30 15:00 16:00 16:00 16:45 17:30 17:30
Source NZD NZD JPY GBP GBP EUR GBP GBP EUR CAD USD
Events Employment Change q/q Unemployment Rate Bank Holiday Halifax HPI m/m Services PMI German Factory Orders m/m Asset Purchase Facility Official Bank Rate Minimum Bid Rate Building Permits m/m Unemployment Claims
Forecast 0.5% 6.7%
Source
Events
Actual
Forecast
JPY GBP EUR GBP GBP EUR USD USD USD
Bank Holiday Nationwide HPI m/m -0.2% Final Services PMI 56.7 Construction PMI 53.3 Net Lending to Individuals m/m 0.5B Retail Sales m/m -1.0% ADP Non-Farm Employment Change 179K ISM Non-Manufacturing PMI 52.8 Crude Oil Inventories 3.4M
0.3% 56.9 55.6 1.7B 0.2% 200K 57.9 1.9M
Previous -0.5% 6.8%
0.2% 55.8 0.4% 200B 0.50% 1.25% -1.5% 415K
0.1% 57.1 2.4% 200B 0.50% 1.25% 9.9% 429K
Previous Day Previous
0.5% 56.9 56.4 1.7B 0.3% 207K 57.3 6.2M
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 1.4880 1.4941 0.8587 0.8648 1.6539 1.6573 0.9581 0.9591 1.0793 1.0877 119.94 120.81 0.8994 0.9027 1.2774 1.2829 133.45 134.23 93.96 94.29 1525.65 1542.90
Bid 1.4878 0.8584 1.6535 0.9578 1.0790 119.90 0.8990 1.2770 133.35 93.90 1524.75
Low 1.4778 0.8555 1.6454 0.9506 1.0788 119.50 0.8979 1.2766 133.10 93.54 1524.50
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 04/05/2011 A USD GBP CAD EUR JPY O/N 0.13350 0.57838 0.96083 1.07625 SN 0.11563 1WK 0.17550 0.59088 1.00750 1.16250 0.12250 2WK 0.18725 0.59750 1.04167 1.19350 0.12750 1MO 0.20900 0.62563 1.08167 1.19938 0.14563 2MO 0.23975 0.70000 1.12833 1.23438 0.16000 3MO 0.27025 0.82188 1.19933 1.36625 0.19563 4MO 0.31425 0.89488 1.27483 1.45188 0.24313 5MO 0.37525 1.00188 1.34300 1.54625 0.30000 6MO 0.42850 1.11313 1.40283 1.65575 0.34563 7MO 0.48700 1.19813 1.49000 1.72938 0.39563 8MO 0.54000 1.28375 1.57350 1.80813 0.44250 9MO 0.59000 1.36625 1.64983 1.89063 0.48688 10MO 0.64350 1.44625 1.74383 1.97000 0.51313 11MO 0.69625 1.51625 1.83383 2.03813 0.54000 12MO 0.75625 1.58344 1.92417 2.11813 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 04,2011 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
84.30 138.82 124.78 88.43 97.58 91.16 13.88 1.04 15.90 68.54 16.73 22.48 10.85 307.22 28.29 66.93 23.15 22.95 0.08 2.81
84.10 138.49 124.48 88.22 97.34 90.94 13.85 1.04 15.86 68.37 16.69 22.42 10.82 306.49 28.22 66.78 23.10 22.90 0.08 2.80
83.89 138.11 124.11 87.98 97.09 90.70 13.81 1.04 15.82 68.19 16.65 22.37 10.79 305.68 28.15 66.60 23.04 22.84 0.08 2.79
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for May 04, 2011
0-7days 8-15dys 16-30dys 31-60dys 61-90dys 91-120dys 121-180dys 181-270dys 271-365dys 2-- years 3-- years 4-- years 5-- years 6-- years 7-- years 8-- years 9-- years 10--years 15--years 20--years
KASB 12.20 12.40 12.70 13.00 13.05 13.25 13.40 13.55 13.75 13.98 14.00 14.05 14.08 14.09 14.10 14.10 14.12 14.12 14.45 14.60
BMA 12.10 12.15 12.55 12.70 13.00 13.11 13.27 13.52 13.75 13.95 14.03 14.04 14.07 14.07 14.07 14.07 14.09 14.10 14.40 14.65
ELXIR 12.00 12.40 12.60 12.80 12.97 13.20 13.40 13.55 13.78 13.99 14.02 14.05 14.07 14.10 14.11 14.05 14.04 14.10 14.42 14.68
GSL 12.00 12.20 12.60 13.00 13.10 13.25 13.42 13.64 13.80 13.98 14.03 14.04 14.05 14.06 14.07 14.08 14.09 14.11 14.50 14.80
ICSL 12.25 12.50 12.70 12.95 13.00 13.20 13.45 13.53 13.79 13.96 14.02 14.03 14.05 14.07 14.15 14.10 14.09 14.10 14.45 14.70
JSCM AvgRate 12.10 12.11 12.45 12.35 12.65 12.63 12.95 12.90 13.05 13.03 13.15 13.19 13.40 13.39 13.50 13.55 13.76 13.77 13.95 13.97 14.00 14.02 14.01 14.04 14.05 14.06 14.07 14.08 14.10 14.10 14.09 14.08 14.09 14.09 14.12 14.11 14.45 14.45 14.65 14.68
Currencies Correlation GBP/USD Period 1 1 3 6 1 2
AUD/USD EUR/CHF EUR/GBP EUR/JPY
week month months months year years
0.99 0.97 0.82 0.71 0.89 0.15
0.01 -0.58 -0.23 0.29 -0.62 0.26
0.27 0.52 0.53 0.64 0.50 0.29
EUR/USD NZD/USD
0.63 0.00 0.67 0.84 0.41 0.53
0.95 0.95 0.79 0.91 0.92 0.84
USD/CAD USD/CHF
0.65 0.85 0.69 0.46 0.85 0.16
-0.89 -0.94 -0.78 -0.77 -0.79 0.09
-0.94 -0.89 -0.78 -0.70 -0.93 -0.47
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)04/05/2011 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
ABLN
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
JSBL
12.00
12.50
12.30
12.80
12.60
13.10
13.00
13.25
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
ASPK
0.00
CIPK
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
ASK
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
DBPK 11.90
12.40
12.15
12.65
12.40
12.90
12.90
13.15
13.35
13.60
13.50
14.00
13.65
14.15
13.75
14.25
FBPK
11.90
12.40
12.20
12.70
12.50
13.00
13.15
13.40
13.40
13.65
13.60
14.10
13.80
14.30
13.90
14.40
FLAH 11.90
12.40
12.20
12.70
12.50
13.00
13.10
13.35
13.40
13.65
13.55
14.05
13.65
14.15
13.75
14.25
HBPK 11.90
12.40
12.15
12.65
12.60
13.10
13.15
13.40
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
HKBP 11.90
12.40
12.10
12.60
12.55
13.05
13.15
13.40
13.45
13.70
13.60
14.10
13.70
14.20
13.80
NIPK
11.80
12.30
12.20
12.70
12.50
13.00
13.00
13.25
13.20
13.45
13.30
13.80
13.40
13.90
13.50
14.00
HMBP 12.10
12.60
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 11.90
12.40
12.20
12.70
12.50
13.00
13.10
13.35
13.40
13.65
13.60
14.10
13.75
14.25
13.85
14.35
MCBK 12.10
12.60
12.40
12.90
12.70
13.20
13.15
13.40
13.45
13.70
13.60
14.10
13.70
14.20
13.80
14.30
NBPK 11.90
12.40
12.25
12.75
12.60
13.10
13.10
13.35
13.40
13.65
13.60
14.10
13.70
14.20
13.80
14.30
SCPK 12.00
12.50
12.25
12.75
12.40
12.90
13.10
13.35
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
UBPL 11.90
12.40
12.00
12.50
12.40
12.90
13.05
13.30
13.40
13.65
13.50
14.00
13.65
14.15
13.90
14.40
AVE
12.41
12.21
12.71
12.54
13.04
13.11
13.36
13.42
13.67
13.59
14.09
13.69
14.19
13.81
14.31
11.91
14.30
4 Thursday, May 5, 2011
The Financial Daily International Vol 4, Issue 178
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
Increasing tax rate for banks Feudal lords and farmers turned industrialists, who also enjoy majority in legislative assemblies are not willing to pay income tax but are suggesting enhancing tax rate on banks and insurance companies as well as the accountholders. These groups have been the largest beneficiaries of the commercial banks being the largest borrowers and also contributing the largest share to the non-performing loans. According to a research report by AKD Securities cumulative profit of all 22 listed banks (ex-Bank of Punjab) for January-March 2011 quarter has been reported at Rs24.3 billion, up 17 per cent. The key earnings driver has been strong net interest income (NII) growth with all major sub-groups recording improvements. Year on year profits of Big-Five banks are up 21 per cent to Rs20.2 billion, profits for selected medium sized banks are up by 42 per cent to Rs5.3 billion and the smaller banks have more than halved their aggregate losses. The concerns relating to asset quality have resurfaced with total sector NPLs rising by 23 per cent. One wonders at the reversal of government policy because over the years the corporate tax rate has come down and there were also suggestions to bringing it down further. The tax rate on banks is still higher than other industries Therefore, there seems to be no justification for raising the tax rate penalizing the shareholders, depositors and borrowers. Let one point be very clear that the instead of increasing the tax rate, the government should make efforts to bring down the phenomenal spread earned by the commercials banks, hovering at present around 7.5% to less than 5%. The banks are making this type of hefty spread despite ever rising quantum of non-performing loans, mainly due to charging high interest rate and also exorbitantly high interest rate. One also fails to understand the logic of keeping interest rate high because of two of its immediate adverse impacts: 1) the debt servicing cost of the government has gone phenomenal and 2) banks are mainly investing in government papers, rather than extending credit to the private sector. Added to this has been the colossal interest charged on rolling over credit on credit cards and loans to farmers, SMEs and micro enterprises. Lending to agriculture sector has increased only because the central bank started imposing penalties for not meeting the target. However, the banks have been failing miserably in introducing comprehensive crop insurance schemes, whatever is being done under crop insurance at present is nothing but credit insurance, even that is not done effectively an deficiently. Once comprehensive crop insurance scheme is introduced and risk hedged interest rate being charged on agriculture loans can be down at par with the rates being charged from the industrial borrowers. Reducing interest rate is need of the time for creating new production facilities and job opportunities, alleviate poverty, enhance tax collection and above all produce exportable surplus. Therefore, the government should reduce tax rate for banks and insurance companies, as these entities play a major role in capital formation.
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.
KOREA IS PROVEN TO BE SAFE FROM RADIATION Park Chul (Korea Nuclear Energy Promotion Agency) As around 50 days have passed since the nuclear accident at the Fukushima Daiichi power plant, it has become evident that, unlike the initial concerns about its negative effects, the accident has hardly done direct harm to neighboring countries including Korea. Nevertheless, anxiety over the situation has led to cancellations from some countries of scheduled events in as well as trips to East Asian countries, just on the ground that the countries are neighbors to Japan. This is presumed to have been driven by overstated and distorted reporting by some media outlets as well as unfounded arguments by environmental groups. Against this backdrop, we would like to take this opportunity to present objective data and grounds that prove Korea is safe from radiation. Given the distance, direction of winds, and movement of ocean currents, there is no possibility that a large amount of radioactive materials will reach Korea. Many Europeans and Americans assume that Korea borders Japan as they are both located in East Asia. But Japan is an island nation located in the east end of East Asia adjacent to the Pacific Ocean, while Korea is a nation in the Asian Continent. The two countries are separated by the large East Sea. In particular, the Fukushima Daiichi nuclear power plant where the accident occurred is located in the coast adjoining the Pacific Ocean. The plant is 1,200 kilometers apart from Seoul, the capital city of Korea, and still 1,100 kilometers apart from Busan, a city relatively closer to the plant. In addition, the chances are remote that the radioactive materials from the plant will be carried to Korea by wind since the westerlies blow from Korea to Japan all year round. Of course, atmospheric pressure in the spring and summer at times affects the wind's direction, allowing the wind to blow from Japan to Korea locally. But such wind blows close to the surface and fails to travel a long distance like the westerlies to reach Korea.
Wind Direction near the Korean Peninsula & Trajectory of Radioactive Materials The direction of ocean currents is similar to that of wind. Flowing past the east coast of Japan, the Kuroshio current travels east to the Pacific ? the Western coasts of the United States ? the Pacific ? the South of Japan. Sea currents off the Japan's northeast coast where the crippled Fukushima Daiichi nuclear plant is located nearby always flow northeastward to the Pacific Ocean. Given the distance from Japan, wind and ocean current direction, chances are extremely slim that radioactive materials from Japan will directly travel to the Korean Peninsula.
* The prevailing view among nuclear experts is that while traveling a distance of 1,000km from the site of accident either in the air or in the sea, almost all of radioactive materials get diluted, leaving behind only minuscule amounts.
On the outset of the accident, foreign media and a few think-tanks predicted that Korea would be exposed to massive nuclear fallout, stroking fears among the public and foreigners in Korea alike.
radioactive materials nation wide for over a month, and it has never detected radiations at a level high enough to cause harmful effects on humans. * The level of radiation (iodine-131) at the atmosphere of Korea peaked out 0n 7 April (3.12mBq/?) and has shown a gradual decline. The record currently stands at lower than 0.5mBq/?. Not only in case of the radioactive materials in the atmosphere, but also the amount of radioactive substances in the rain was negligible, while radioactive materials were not detected in either sea water or agricultural products. Results from the simulation assuming the worst case scenario also confirmed that only a minuscule amount
and Trade, the Korean Embassy in your country and the Korea Tourism Organization to easily understand the amount of radioactive materials detected in Korea. These websites are providing data that are far more objective and accurate than those from some of the press release which are inaccurate and from unclear sources. Thus, if you have a plan to visit Korea for travel or business, we recommend that you search and visit these sites. * You need to especially keep in mind that some anti-government media outlets and environmental groups in Korea are distorting and exaggerating the radioactive hazard out of political intents.
Some governments took such projection seriously to advise their public against visiting Korea, and to step up checks on Korean agricultural imports for possible radiation contamination. Over the past 50 days since the accident, however, only minimal amounts of radioactive materials, harmless to humans, have been detected as the Korean government estimated from the day one. You can go check upon the monitoring result at the Korea Institute of Nuclear Safety (KINS) site where the service posts measurements of radioactive materials flowing into Korea on a daily basis since the quake and tsunami hit the Fukushima Daiichi power plant. The KINS has measured
of radioactive materials can reach the Korean Peninsula. In conclusion, the above-mentioned grounds and data clearly and definitely testifies to the fact that Korea is safe from radiation. You can have access to accurate information before visiting Korea. The Korea Institute of Nuclear Safety (KINS), which has been measuring the radioactive materials everyday since the Japanese reactor accident, releases the accurate data to the public exactly as they are: Korea Institute of Nuclear Safety website : http://www.kins.re.kr/ You can also visit the websites of the Korean Ministry of Foreign Affairs
Unlike the time when radioactive materials were first detected on the Korean Peninsula, most of the foreigners in Korea have regained calm and have returned to their usual daily lives as Korea turned out to be safe from radiation. Furthermore, with the spreading perception that the amount of radioactive materials detected in Korea is negligible with no harm to the body, the number of foreign visitors to Korea, which has temporarily fallen, is increasing again. This once again proves that it is nothing more than a groundless fear to think that Korea might also be dangerous because of its closest distance to Japan.
Data of the last 50 days are a testament to the safety of the Korean Peninsula from radiation
Letter to Editor
Bank of Punjab affairs need special attention Our domestic market is full with cases when well earning companies in the category and list of blue chips registered in stock market witness a nose down movement form sky to earth and comes in single digit valued stock of penniless category. The enormous cases are every where in all sectors with reasons again many and mostly insider trading, inefficient handling of accounts and sometime cosmetic books presentation depicting earning much higher than the actual. An individual investor normally fails to comprehend the entire affair right from the outset and ultimately turns their hard earned money into ashes with no prospects for returns. Despite association of regulator hierarchy and management at exchanges to watch such cases and take appropriate measures preemptively things do not move smoothly causing loss to investors and shaking their confidence as well. One of the controversial cases in equity market is of the Bank of Punjab. Established in 1989, bank of Punjab was given the status of scheduled bank in 1994 with government of Punjab a majority share holder. The Bank is working as a commercial bank with its network of 273 branches at all major
business centers in Pakistan. To its share holders the case of bank presents a gloomy and bleak performance. The stock traded on its highest closing price Rs 130.00 between 2004 to 2005 and its lowest closing price now on Apr 29, 2011 is Rs5. Though some reason such as crash of 2008 consequent to recession wave and hard hit banking operation in Pakistan owing to non performing loans, inflation, poor economical scenario and bad debt also contribute the reason but the bank lost the confidence of investor with different issues of irregular financial management. The issue came in limelight when the State Bank of Pakistan expressed its great concern over the Bank's "system and controls", terming them "quite weak" while the internal audit of the Bank had repeatedly cautioned the management on the huge facilities offered to certain companies and individuals. It was also revealed that the recipients of the huge loans include owners of some companies that did not exist at all. In other cases, fake identity cards were used and over-evaluated properties were pledged as collateral. Some of the figures from management and loan defaulters involved in issue were apprehended and taken to court of law
with full recovery efforts still going on bank seems to be lacking confidence of investors now. State Bank Governor Mr Kardar had confirmed during a Senate hearing early this year that the BOP was facing equity problems because of its bad debts and informed the house that negotiations were underway with the stakeholder (the Punjab government) to inject more money. The Bank of Punjab is looking forward to a fresh injection of Rs5 billion by the provincial government, the majority shareholder, to help the bank overcome its equity problems caused by bad debts from the past. To add miseries, BoP is yet to publish its annual statement which is also causing concern to investors. Punjab government is expected to take appropriate measure to put life to bank by injecting necessary funds and making it management more efficient in handling with credible banking operation. The regulators should also play their role and bank must finalize the annual accounts to present before all stake holders. Any further delay in this will eliminate the confidence of investors in totality. Fahim Akhtar Karachi
5
Thursday, May 5, 2011
South East Asian stocks
Mixed, Thailand, Indonesia rebound KSE-100 Index Opening Closing Change % Change Turnover (mn)
LSE-25 Index 3,201.51 3,119.61 81.90 2.56 4.61
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2,685.28 2,610.70 74.58 2.78 0.01
Major Gainers
Symbol
Close
Change
AGTL PSO PMRS DIIL NMBL
223.96 274.46 41.00 9.23 2.45
2.96 1.26 1.10 0.83 0.46
Nawaz Ali KARACHI: Karachi Stock Exchange plunged on Wednesday as panic selling by the local investors due to the rising tension between the bUS and Pakistan after Osama killing and on concerns related to foreign aid eroded nearly 2.4 per cent from the index - its
highest decline of 10 weeks ending below 11,700 points. The benchmark KSE -100 index lost 284 points - 2.38 per cent to close at 11,672 points, KSE 30-index fell by 250 points - 2.16 per cent to close at 11,333 points and KSE allshare index lost 194 points 2.34 per cent to close at 8,127 points.
"Concerns that the US may cut aid to Pakistan after the death of Osama Bin Laden carried market down", said Samar Iqbal, equity dealer of Topline Securities. Trading activities started on a positive note with 29 points up and index during the early minutes touched an intra-day high of 12,010 points (+ve 53) over
ULEVER NESTLE RMPL UPFL BATA
Close
Change
5,000.59 3,435.22 2,702.30 1,350.67 422.03
-128.03 -68.45 -43.86 -39.33 -22.21
Top 5 Volume Leaders
Symbol
Close Vol (mn)
LOTPTA SILK JSCL ANL FFBL
15.17 2.59 4.98 4.53 41.29
14.16 4.31 4.07 3.50 3.29
Active Issues Plus Minus Unchanged
39 250 72 KARACHI: A stockbroker talks on telephone as he sits in his booth and follows the latest share prices during a trading session inside the trading hall of the Karachi Stock Exchange .-Reuters
Sector Updates FERTILISER 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
the news that PSO released some amount to Attock Refinery. But bulls failed to stay for long as after just 15 minutes of the opening bells selling by the local investors pushed the index into red zone. Selling intensified as investor got panicky over news that foreign aid may be stopped as international financial institu-
Wall St falls as data disappoints
tions cancelled Pakistan visit on security concerns after Osama's killing. Further, the rumours that sanctions may be imposed on Pakistan also affected the already bearish investors' sentiments. Murtaza Jafar, equity dealer at JS Global Capital said that questions that Pakistan has See # 9 Page 11
Indian shares down for 8th day
Major Losers
Symbol
US stocks mid-morning
KSE loses 284 points on panic selling
11,956.89 11,672.05 284.84 2.38 89.09
Opening Closing Change % Change Turnover (mn)
European shares hit 2-wk closing low; miners fall
HK, China shares falter HONG KONG: China's stocks fell to a two-month low on Wednesday as investors dumped commodity-related sectors for a sixth straight session, but Hong Kong stocks closed above key chart support, suggesting the market's decline will not accelerate in coming days. Utilities, in particular independent power producers, outperformed for a third session in Hong Kong with the sector subindex closing flat for the day as impending power shortages in China over the summer raise expectations of strong demand for power and possible tariff hikes. The Shanghai Composite Index fell 2.3 per cent to 2,866 points, while the Hang Seng Index shed 1.4 per cent to 23,315. At one point China's main stock index hit its lowest in more than two months as resources stocks led a broad decline, tracking an easing in global commodities prices in a market bereft of positive cues amid heightened fears of fresh policy tightening. In Hong Kong, China
Resources Power Holdings Co Ltd led the charge for utilities, rising 2.9 per cent to a sixmonth high, on over four times its average 30-day traded volume. The China Electricity Council, a group representing power firms that operates under the supervision of the State Electricity Regulatory Commission, forecast around 30 gigawatts of power shortfalls nationwide in summer, but 12 of 31 Chinese provinces alone have forecast some 40 GW deficits, similar to the gap in 2004. But an absence of support from other heavyweight sectors such as financials, which fell 1.3 per cent, and energy, which lost 2.1 per cent, pushed the Hang Seng below its 50-day and 100-day moving averages, at 23,450 and 23,433.5 respectively. The index did find support just before the close at the 50 per cent retracement level of its entire move up from the March low following the Japan earthquake to the 2011 peak of 24,468.6 hit April 8. "Its a game of patience at the
moment. A few people are getting pretty frustrated that the market is ignoring good news such as earnings," said Tom Kaan, a director at Louis Capital Markets in Hong Kong. "At this stage they'd rather lock in gains as some of the long-Aussie and long-commodity trade seems to be unwinding," said Kaan, adding that the next cue for a sustainable leg up for Hong Kong and China is probably going to come from a policy announcement out of Beijing. SHANGHAI SLUMPS The People's Bank of China said late on Tuesday there is no limit to how high Chinese banks' required reserves may go because it is a key tool in managing the volume of cash in the economy and it must be flexibly applied. More talk of tightening by the PBOC and 7-day repo rates starting to climb again above 3% which signals higher funding costs for small, leveraged banks is creating some "noise" in the market, said Christian Keilland of BTIG in Hong Kong in an emailed note. -Reuters
Commodities weigh on FTSE LONDON: Commodity stocks dragged Britain's top share index lower on Wednesday, ending the FTSE 100's recent rally as disappointing US manufacturing data spoiled investors' appetite for risk. The FTSE 100 closed down 98.81 points, or 1.6 per cent, at 5,984.07, with the FTSE volatility index up 11.4 per cent, hitting a near five-week high. The FTSE 100 had climbed 3.6 per cent since April 18, rebounding from a sharp decline following Japan's earthquake, political unrest in the Arab world and European debt concerns. Riskier assets bore the brunt of the day's sell off. Miners tracked falling metals prices, which sagged after top commodities consumer China said it would roll out more measures to fight inflation and after the Reserve Bank of India hiked interest rates. Antofagasta shed 9 per cent after first-quarter copper production missed initial targets and it cut its full-year target for its flagship Los Pelambres mine. The miner also traded for the first time without the attraction of its interim dividend and a 100 cents special payout. Barclays, GlaxoSmithKline and Weir Group also fell after going ex-dividend. Energy issues were weak as oil prices weakened after industry data showed US crude stocks rose sharply last week. BP shed 2 per cent after it paid to settle US federal civil claims from 2006. "In the last few months we have moved more away from cyclical and into defensive positions," Simon Gergel, portfolio manager of the 93 million pound Allianz RCM UK Equity Income Fund. Gergel cited GlaxoSmithKline, Royal Dutch Shell and Scottish & Southern Energy as examples, along with some food producers such as Unilever and Reckitt Benckiser. US CONCERNS Broader sentiment took a further blow after an industry report revealed the pace of growth in the US services sector unexpectedly eased in April. Wall Street was lower as the UK's FTSE 100 closed. Earlier, a survey showed British construction sector activity slowing more than expected last month. Chip designer ARM Holdings shed 7.3 per cent, with traders and analysts pointing to an announcement from Intel due for later on Wednesday, which they say will highlight the competitive threat from the rival chip designer. Technical levels suggested there was room for London's blue chips to rally again. The index remained attractive at around 50 on the Wilder Smoothing 14-day relative-strength index, well clear of the 70 level, which would suggest the FTSE 100 is overbought. See # 8 Page 11
MUMBAI: Indian shares slid for the eighth straight session, their longest losing spell in at least two-and-a-half years, closing 0.4 per cent lower on Wednesday as investors braced themselves for more aggressive actions by the central bank after a hefty interest rate increase. High fuel and commodity prices will keep India's troublesome inflation levels elevated, while the Reserve Bank of India will raise interest rates more aggressively than economists expected just three months ago, a Reuters poll showed. India's central bank raised interest rates by a sharper-thanexpected 50 basis points on Tuesday and said fighting inflation was its top priority, even at the expense of short-term growth. The world's second-fastest growing major economy will find it "tough" to grow at 9 per cent in the current fiscal year if crude prices remain high, Kaushik Basu, the finance ministry's chief economic adviser told Reuters. Financials closed mixed, while IT companies declined on worries over peer Cognizant Technology Solutions Corp's slowing growth rate. Top motorcycle maker Hero Honda dropped 3.5 per cent after it posted a 16.5 per cent fall in quarterly profit, its fourth consecutive quarterly decline, due to higher advertis-
ing spend during the cricket World Cup and rising input costs. The 30-share BSE index dropped 0.35 per cent, or 65.33 points, to 18,469.36 points, with 19 of its components losing ground. "At current levels, most negatives -- other than a likely fuel price hike, if it happens -- are in the price," said Arun Kejriwal, director of research firm KRIS. "The market may stay flat for a while and hover in a narrow band, until there is a solid trigger to lift it up." The 50-share NSE index, or Nifty, slipped half a percent to 5,537.15. Two shares fell for each that gained on a volume of 567 million shares on the NSE, lower than the 90-day average daily volume of 645 million shares. Foreign funds have been net buyers of more than $3 billion of Indian stocks since the start of March. However, they have sold Indian equities in five out of the last six sessions to May 2, leading to concerns they were cautious about investing in Indian stocks, and that this could turn into a short-term trend. Mortgage lender Housing Development Finance Corp and top private lender ICICI Bank slid 3.2 per cent and nearly one per cent, respectively. Leading lender State Bank of India and private lender HDFC Bank gained 1.2 per cent each. See # 7 Page 11
ANNOUNCEMENT Company I.B.L.Modaraba
Period 3rd Qtr
Div/Bon/Right -
PAT (Rs in mn) 10.23
EPS(Rs) 0.51
NEW YORK: US stocks fell on Wednesday as disappointing economic data overshadowed enthusiasm over new merger activity. The weak data sparked more selling from investors worried that a recent rally has reached levels that aren't supported by economic fundamentals. Recent winners, including the energy and materials sectors, were the biggest losers in the early going. The Institute for Supply Management's services index fell last month well below forecasts, while US private employers added fewer jobs than expected in April, disappointing some who hoped for stronger growth ahead of Friday's key jobs report. "The economic numbers were a little on the light side and the market will struggle some once we get out of earnings season and that may be some of what we are seeing now," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. The Dow Jones industrial average dropped 88.70 points, or 0.69 per cent, to 12,718.81. The Standard & Poor's 500 Index fell 9.11 points, or 0.67 per cent, to 1,347.51. The Nasdaq Composite Index lost 9.41 points, or 0.33 per cent, to 2,832.21. Chip equipment maker Applied Materials Inc is snapping up rival Varian Semiconductor Equipment Associates Inc for $63 per share to acquire new technology to meet stronger demand for smartphones and solar equipment. Varian shares surged 51 per cent to $61.23, and Applied Materials dipped 1.1 per cent to $15.07. ConAgra Foods Inc raised its offer for Ralcorp Holdings Inc to $86 a share in cash from $82 in cash and stock in an effort to grow its private-label food business. Ralcorp jumped 7.3 per cent to $89.38, and ConAgra added 4 per cent to $25.73.-Reuters
Dhiyan
SUBDUED SENTIMENTS TO PREVAIL Iqbal Ismail, Chairman, ACE Securities The despair among the investors over the current situation between Pakistan and United States on Osama issue would continue to keep the market under pressure for a few days. Index might go below 11,000 levels. Therefore, investors are advised to sell at current levels as they will get the opportunity to buy at lower levels. Market would remain bearish today.
Zafar Moti, Director, Karachi Stock Exchange We witnessed some panic selling in the market over the rumours of sanction on Pakistan by the US after Osama killing and selling by an institution. Bearish activities may continue in the coming days and index can come down to the support level of 11,500. If no sanctions are imposed on Pakistan then we might see the index to rebound from its support levels and it may once again cross 12,000 levels. Further, imposition of no new taxes in budget could also support the market. Investors are advised to invest in energy stocks at lower levels and hold their current positions. Market would be negative today.
6
Thursday, May 5, 2011
Market
KSE 100 Index
Symbols
Volume
89,086,732
Value
3,513,718,892
Trades
56,356
Advanced Decline Unchanged Total
Current High Low Change
39 250 72 361
All Share Index
11,672.05 12,010.46 11,638.95 i284.84
Current High Low Change
8,127.18 8,356.97 8,103.28 i194.40
OIL AND GAS
Company
Paid up Cap(mn)
PE
Current High Low Change
KMI 30 Index Current High Low Change
11,333.51 11,653.93 11,287.67 i250.34
19,833.25 20,368.11 19,779.01 i384.09
High Low 1,499.02 1,438.27 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.25 32.54
Open
High
Low
Close Chg
Volume
384.99 126.90 8.69 102.50 349.80 148.65 210.40 328.80 86.49 284.50 24.49 211.80
373.36 122.50 7.93 98.50 331.00 141.10 203.10 321.26 81.23 273.50 22.69 207.50
376.36 -6.40 123.56 -0.38 8.14 -0.41 99.93 -2.44 332.79 -10.70 141.86 -5.43 204.01 -5.06 323.04 -3.87 82.50 -3.00 274.46 1.26 24.00 0.12 210.20 0.15
152116 1092126 1135781 38488 314810 2276365 833537 1547303 92968 1389031 3303 19506
Last 60 days High Low 389.90 129.40 10.43 130.45 356.50 173.25 216.50 332.45 110.50 294.49 32.92 217.99
321.00 98.25 7.93 98.50 254.00 128.21 190.10 277.09 81.23 265.00 22.69 186.83
% Change -2.44 5-Day High 1,493.54 5-Day Low 1,446.01
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
2011 Div BR (%) (%)
20B115.00 - 23.43 - 30.00 20B 50.00 -100.00 - 80.00 -
-
CHEMICALS
Open 684.11 Turnover 36,122 P/E (x) 4.81 Company
High Low 692.56 666.79 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.23 25.53
Close 682.47 Listed cap 3,242.17 mn Payout (%) 11.08
Change -1.63 Market cap 11,376.15 mn Div Yield (%) 2.30
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
6.44 7.77
70.00 26.89
71.00 27.00
68.30 26.00
70.00 0.00 26.50 -0.39
33922 2200
76.25 35.30
Pak Int Cont. Terminal PNSC
63.00 26.00
Paid up Cap(mn)
PE
Open
High
Low
Agritech Limited 3924 - 20.90 Bawany Air 75 3.67 8.00 Biafo IndSPOT 200 5.59 49.50 BOC (Pak) XD 250 6.93 94.03 Clariant Pak 341 4.78 162.53 Dawood Hercules 4813 3.31 59.97 Descon Chemical 1996 2.30 Descon Oxychem Ltd. 1020 10.71 7.78 Dewan Salman 3663 2.41 Dynea Pak 94 3.57 10.71 Engro Corporation Ltd 3933 8.61 197.23 Engro Polymer 6635 - 11.66 Fatima Fertilizer 22000 - 12.83 Fauji Fertilizer 8482 8.49 139.62 Fauji Fert. Bin Qasim 9341 6.18 41.95 Ghani Gases Ltd 725 9.99 12.51 ICI Pakistan XD 1388 8.35 153.74 Lotte Pakistan 15142 4.24 15.96 Mandviwala 74 1.19 Nimir Ind Chemical 1106 10.57 2.56 Pak Gum 42 4.67 16.99 Sitara Chem Ind 214 2.48 100.95 Sitara Peroxide 551 5.38 18.38
21.89 8.47 51.97 95.98 161.50 59.99 2.34 7.87 2.41 11.39 198.25 11.75 12.87 140.35 42.00 12.50 154.40 16.06 1.23 2.64 17.00 101.99 18.50
20.00 7.25 51.97 92.00 154.41 56.98 2.27 6.95 2.20 10.05 192.08 10.75 12.33 137.51 41.10 11.66 148.80 15.06 0.52 2.26 16.99 97.50 17.38
Close Chg 20.02 7.31 49.50 92.01 156.47 56.98 2.33 7.28 2.30 10.90 192.74 11.00 12.45 137.94 41.29 11.89 150.32 15.17 1.00 2.43 16.99 99.93 17.39
-0.88 -0.69 0.00 -2.02 -6.06 -2.99 0.03 -0.50 -0.11 0.19 -4.49 -0.66 -0.38 -1.68 -0.66 -0.62 -3.42 -0.79 -0.19 -0.13 0.00 -1.02 -0.99
Close 1,788.16 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 1110 9499 400 3162 13437 208771 28158 825400 819464 569 839367 710839 455960 1772414 3291426 183456 262942 14160694 4014 1361821 1099 7851 448897
Change -35.80 Market cap 369,762.81 mn Div Yield (%) 5.60
24.90 9.45 51.97 98.35 206.79 294.00 3.58 9.60 3.39 11.50 238.50 13.95 13.60 154.49 43.89 14.49 172.00 17.36 1.84 3.40 20.64 112.45 19.99
20.00 6.11 42.90 82.00 140.00 56.98 2.25 6.00 2.20 9.50 189.00 10.75 10.75 108.00 37.86 10.43 142.00 14.05 0.52 2.10 15.05 90.78 11.81
% Change -1.96 5-Day High 1,850.38 5-Day Low 1,788.16
2010 Div BR (%) (%)
2011 Div BR (%) (%)
5 10R 45 - 49.50 60 135 25B 50 300B 15 60 20B - 27.5R 130 25B 45.00 65.5 - 12.50 175 5 25 5B -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,032.16 Turnover 50,641 P/E (x) 5.10 Company
High Low 1,034.87 997.03 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.38 7.47
Close 1,008.96 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 411
6.55
15.15 38.00
15.49 37.50
14.31 37.00
14.83 -0.32 37.00 -1.00
15866 34725
Century Paper Security Paper
Change -23.21 Market cap 2,784.29 mn Div Yield (%) 4.96
Last 60 days High Low 17.50 39.90
13.85 34.00
% Change -2.25 5-Day High 1,048.65 5-Day Low 1,008.96
2010 Div BR (%) (%)
Open 1,138.15 Turnover 192,957 P/E (x) 3.89 Paid up Cap(mn)
PE
Open
50
-
-
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe XD International Ind Siddiqsons Tin
High Low 1,051.99 1,011.78 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.11 33.10
PE
Open
High
Low
565 1.88 675 555 20.46 1199 18.21 785 25.14
28.12 1.98 12.00 51.87 9.00
28.88 2.09 11.90 51.70 9.00
27.66 1.70 11.10 49.99 8.80
Close Chg 27.71 1.84 11.46 50.07 8.80
-0.41 -0.14 -0.54 -1.80 -0.20
Close 1,015.81 Listed cap 3,596.11 mn Payout (%) 30.91
High
High Low 1,142.91 1,110.77 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.99 25.35 Low
Close Chg
Last 60 days High Low
Volume 3518 40455 6405 48507 6399
29.80 2.75 14.90 54.50 9.44
25.67 1.70 11.10 45.81 8.51
% Change -2.85 5-Day High 1,060.57 5-Day Low 1,015.81
2010 Div BR (%) (%) 30 40 7.5
Close 838.57 Listed cap 54,792.74 mn Payout (%) 19.04
Change -30.11 Market cap 61,458.27 mn Div Yield (%) 3.39
% Change -3.47 5-Day High 903.37 5-Day Low 838.57
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1828 866 858
6.44 -
2.55 51.56 2.36
2.90 51.60 2.65
2.50 50.75 2.30
2.70 0.15 50.85 -0.71 2.45 0.09
26987 27852 12043
3.50 56.70 3.00
2.15 48.50 1.99
- 100R 50 -
-
182
-
14.50
14.25
14.01
14.25 -0.25
10360
20.20
14.01
- 122R
-
-
Cherat Cement Dadabhoy Cement Dewan Cement
956 46.67 982 13.77 3891 -
9.60 1.76 1.66
9.90 1.85 1.73
9.70 1.70 1.50
9.80 0.20 1.79 0.03 1.51 -0.15
8293 2205 140902
11.90 2.08 2.19
8.00 1.50 1.50
-
-
-
-
DG Khan Cement Ltd Fauji Cement
3651 29.24 6933 6.93
22.99 4.09
23.20 4.16
21.85 3.99
21.93 -1.06 4.02 -0.07
959686 780345
29.39 4.82
21.20 3.97
-
20R -
-
20R 92R
Fecto Cement Flying Cement Ltd
502 1760
5.59 -
6.94 1.43
6.70 1.49
6.30 1.31
6.49 -0.45 1.40 -0.03
950 23874
8.90 1.95
6.30 1.30
-
-
-
-
Gharibwal Cement Haydery Const
4003 32
-
8.48 0.40
9.40 0.48
7.48 0.41
7.48 -1.00 0.40 0.00
9319 264
13.50 0.90
4.70 0.32
-
-
-
-
1288 13126 70.00
6.36 2.96
6.87 3.05
6.30 2.10
6.34 -0.02 2.80 -0.16
10110 1629417
7.87 3.45
5.11 2.10
-
-
-
-
Company
Paid up Cap(mn)
High Low 880.37 822.82 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.40 7.10
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints
Kohat Cement Lafarge Pakistan Cmt.
2010 Div BR (%) (%)
2011 Div BR (%) (%) -
Lucky Cement Maple Leaf Cement
3234 5261
5.46 -
70.33 2.10
71.00 2.15
66.93 1.97
67.27 -3.06 2.00 -0.10
872710 609352
73.69 2.89
59.55 1.92
40 -
-
-
-
Pioneer Cement Safe Mix Concrete
2271 200
-
5.14 5.50
5.40 5.73
4.76 5.00
5.00 -0.14 5.00 -0.50
17780 10509
6.90 7.25
4.76 4.41
-
-
-
-
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 973.87 Turnover 242,624 P/E (x) 2.72
High Low 977.29 946.56 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 1.19 43.91
Close 962.95 Listed cap 3,043.31 mn Payout (%) 15.55
Change -10.93 Market cap 35,467.66 mn Div Yield (%) 5.72
% Change -1.12 5-Day High 994.10 5-Day Low 962.95
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
Cherat Papersack
115
2.33
48.88
49.50
46.75
47.46 -1.42
85241
70.00
46.45
20
25B
-
50R
ECOPACK Ltd
230
-
1.52
1.52
1.36
1.38 -0.14
75076
2.77
1.36
-
-
-
-
1067 5.44 389 2.52 47 12.76
53.86 13.33 28.04
53.88 13.98 28.80
52.51 12.60 27.10
53.45 -0.41 12.63 -0.70 28.45 0.41
6359 44860 1026
55.25 14.70 33.80
49.00 3.25 26.65
25 -
10B -
-
-
111.00 106.00 108.00 0.00 161.00 158.10 159.79 -4.21
13352 16670
130.75 172.00
103.01 120.70
32.5 100
-
-
-
Company
Ghani Glass MACPAC Films Merit Pack Packages Ltd XD Tri-Pack Films
844 18.00 108.00 300 6.23 164.00
2010 Div BR (%) (%)
Paid up Cap(mn)
Abdullah Shah Ghazi Sugar 793
Adam Sugar AL-Noor Sugar Crescent Sugar Dewan Sugar Faran Sugar Habib Sugar Habib-ADM Ltd Hussein Sugar J D W Sugar Mehran Sugar National Foods Noon Sugar Pangrio Sugar Premier Sugar Quice Food Sakrand Sugar Sanghar Sugar Shahmurad Sugar Shakarganj Mills UniLever Pakistan
2011 Div BR (%) (%)
INDUSTRIAL ENGINEERING
PE
Close 1,127.28 Listed cap 6,768.53 mn Payout (%) 20.42
Volume
Change -10.88 Market cap 41,799.50 mn Div Yield (%) 5.25
Last 60 days High Low
Company Ados Pak
Paid up Cap(mn) 66
AL-Khair Gadoon
100
AL-Ghazi Tractor
215
PE
Open
3.05
8.32
-
5.85
3.87 221.00
High
High Low 1,552.19 1,540.25 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.95 38.02 Low
Close Chg
8.15
8.10
8.32
4.85
4.85
4.85 -1.00
225.00 217.00 223.96
0.00 2.96
Volume 200 5000 18383
Dewan Auto Engineering 214
-
1.00
0.99
0.99
0.99 -0.01
1000
Hinopak Motor
124
-
96.31
93.00
92.51
93.00 -3.31
503
KSB Pumps XD
132
-
41.50
43.40
39.43
39.55 -1.95
1675
Millat Tractors
366
35832
7.81 515.64
515.35 513.00 513.84 -1.80
Close 1,547.15 Listed cap 1,336.62 mn Payout (%) 131.49
16.20
7.40
-
66.45 180.00 33.73 120.30 31.24 1.50 21.08 2.82 3.11 9.10 205.51 60.00 20.50
% Change -0.96 5-Day High 1,153.59 5-Day Low 1,127.28
2010 Div BR (%) (%) 90 100 50 25 20 150 5 10
2011 Div BR (%) (%)
20B 15B 65.00 - 50.00 20B 10.00
15B -
Open
High
Low
Close Chg
58 186 214 365 217 750 200 121 539 157 414 165 109 38 107 223 119 211 695 665
Close 2,042.79 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change -41.31 Market cap 288,586.95 mn Div Yield (%) 0.62
Last 60 days High Low
399 6.85 4.10 1000 16.25 11.50 110 49.50 39.50 95000 8.30 6.00 27707 3.99 2.65 705 19.94 17.40 45736 24.50 20.25 3026 12.84 10.80 200 12.41 8.00 1150 77.99 68.50 1670 60.49 50.12 2900 66.00 52.01 1410 21.80 10.11 5267 5.08 3.00 9522 46.13 34.23 3500 4.00 2.25 2000 2.21 1.60 500 12.70 11.00 9002 9.90 8.00 138678 7.49 4.01 342 5988.18 4005.01
% Change -1.98 5-Day High 2,087.08 5-Day Low 2,042.79
2010 Div BR (%) (%)
2011 Div BR (%) (%)
25 50 25 25 25B 40 7010B 12.5R 35 20B 7.50 12 10 10 15 10 492 -
-
HOUSEHOLD GOODS Open 765.96 Turnover 207,685 P/E (x) 1.89 Paid up Cap(mn)
AL-Abid Silk Diamond Ind Hussain Industries Pak Elektron Singer Pak XB Tariq Glass Ind
PE
Open
High
Low
134 3.66 90 106 1219 375 141.85 231 1.66
25.00 8.40 5.87 7.84 19.40 12.65
26.25 9.30 4.87 8.29 20.35 12.98
23.80 7.50 4.87 7.31 18.40 12.15
Paid up Cap(mn) 2594 840 70 133 4493 37 76 76 141 64 400 1150 2442 238 31 600 591 34 204 110 100 188 234 326 635 146 222 716 3105 180 181 97 184 48 107 303 1300 2455 221 145 1620 3516 108 560 174 62 185 250 308 341 264 33 88 267 312 120 140 97 86 180 173 307 418 12 400 99 594 53
Close Chg 23.83 9.23 4.87 7.80 18.44 12.55
-1.17 0.83 -1.00 -0.04 -0.96 -0.10
Close 753.61 Listed cap 3,763.71 mn Payout (%) 6.27
-
-
-
-
6.75
4.85
-
-
-
-
199.05
400
-
-
-
2.00
0.71
-
-
-
-
135.00
90.00
-
-
-
-
62.70
39.43
12.5
-
-
-
553.90
466.27
650
25B325.00
-
Total Assets (Rs in mn)
MA (10-day)
2.43
Total Equity (Rs in mn)
MA (100-day)
2.77
Revenue (Rs in mn)
MA (200-day)
3.13
Interest Expense
1st Support
1.75
Loss after Taxation
2nd Support
1.40
EPS 10 (Rs)
1st Resistance
2.35
Book value / share (Rs)
2nd Resistance
2.60
PE 11 E (x)
Pivot
2.00
PBV (x)
19,386.32 556.88 8,857.80 1,308.78 (2,027.97) (17.635) 4.84 0.42
CHBL closed down -0.45 at 2.04. Volume was 351 per cent above average (trending) and Bollinger Bands were 5 per cent wider than normal. The company's loss after taxation stood at Rs2.39 billion which translates into a Loss Per Share of Rs20.78 for the nine months of fiscal year (9MFY11). CHBL is currently 35.0 per cent below 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 very strong flows of volume out of CHBL (bearish). Trend forecasting oscillators are currently bearish on CHBL.
Lafarge Pakistan Cement Limited
Volume 507 583 1000 117357 1962 86276
Company
Paid up Cap(mn)
Abbott (Lab) XD 979 Ferozsons (Lab) 250 GlaxoSmithKlineXDXB 1963 Highnoon (Lab)XDXB 182 IBL HealthCare Ltd 200 Sanofi-Aventis 96 Searle Pak 306
Fundamental Highlights As on Dec 31, 2009
Technical Analysis RSI (14-day)
29.44
Total Assets (Rs in mn)
19,704.24
MA (10-day)
3.04
Total Equity (Rs in mn)
9,763.73
MA (100-day)
3.18
Revenue (Rs in mn)
MA (200-day)
3.08
Interest Expense
1st Support
2.25
Loss after Taxation
2nd Support
1.70
EPS 09 (Rs)
1st Resistance
3.20
8,129.96 1,230.81 (1,278.96) (0.974)
Book value / share (Rs)
2nd Resistance
3.60
PE 10 E (x)
Pivot
2.65
PBV (x)
-
% Change -1.61 5-Day High 868.31 5-Day Low 753.61
Last 60 days High Low
2010 Div BR (%) (%)
28.00 11.94 7.12 14.59 24.09 22.70
-20B 20R - 10B - 10B 17.5 -
23.33 7.11 4.25 7.26 17.82 12.00
2011 Div BR (%) (%) - 200R
Fundamental Highlights As on Jun 30, 2010
Technical Analysis
Total Assets (Rs in mn)
PERSONAL GOODS
MA (10-day)
2.24
Total Equity (Rs in mn)
MA (100-day)
2.54
Revenue (Rs in mn)
Performance of SR Personal Goods Index
MA (200-day)
2.81
Interest Expense
1st Support
1.95
Loss after Taxation
2nd Support
1.87
EPS 10 (Rs)
1st Resistance
2.13
Book value / share (Rs)
2nd Resistance
2.23
PE 11 E (x)
Pivot
2.05
PBV (x)
PE
Open
6.57 1.98 0.45 0.26 0.67 4.97 0.85 0.64 0.52 1.86 0.20 0.57 0.63 0.55 0.91 0.78 0.71 3.16 0.36 0.43 0.84 3.38 1.57 2.83 0.57 0.81 0.47 0.34 0.40 5.77 3.90 5.22 2.17 0.65 0.76 0.95 0.60 2.88 0.31 0.31 0.28 2.44 1.58 3.00 0.68 1.37 0.86 0.74 0.56 6.01 1.06 0.55 4.04 6.29
2.13 21.10 5.20 2.35 4.99 16.00 17.05 444.24 1.09 67.78 1.28 2.49 1.61 0.72 3.70 1.12 37.37 3.85 30.25 27.40 42.75 57.00 84.13 7.00 50.01 6.72 10.57 4.38 48.73 4.50 299.07 8.15 7.80 17.00 1.11 1.39 1.50 4.95 0.45 0.36 26.59 61.06 1.00 17.80 13.94 32.25 15.00 0.80 12.50 39.70 9.62 60.99 7.83 5.00 4.00 182.99 0.44 25.00 20.87 40.28 40.96 100.36 49.72 27.48 1.25 0.42 4.00 58.05
High
High Low 967.83 949.27 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.48 8.64 Low
Close Chg
2.15 1.87 1.98 -0.15 21.00 20.60 20.75 -0.35 5.20 5.20 5.20 0.00 2.50 2.47 2.49 0.14 4.99 4.40 4.53 -0.46 16.25 15.00 15.60 -0.40 17.98 16.05 16.05 -1.00 436.04 422.03 422.03-22.21 1.14 0.75 1.09 0.00 67.09 64.40 67.09 -0.69 1.30 1.25 1.30 0.02 2.25 1.65 2.04 -0.45 1.80 1.61 1.79 0.18 0.68 0.66 0.68 -0.04 3.70 3.70 3.70 0.00 1.12 1.00 1.03 -0.09 37.01 35.60 35.84 -1.53 3.86 3.81 3.82 -0.03 28.75 28.74 28.75 -1.50 26.89 26.03 26.46 -0.94 40.77 40.62 40.62 -2.13 55.00 54.20 55.00 -2.00 81.00 79.93 79.99 -4.14 7.55 7.00 7.00 0.00 50.01 50.00 50.01 0.00 7.25 6.80 6.80 0.08 10.50 10.12 10.35 -0.22 4.57 4.13 4.20 -0.18 47.50 46.30 47.42 -1.31 4.50 4.10 4.10 -0.40 300.00 284.15 296.47 -2.60 7.25 7.15 7.15 -1.00 7.41 7.10 7.40 -0.40 16.80 16.60 16.32 -0.68 1.25 1.11 1.23 0.12 1.48 1.26 1.40 0.01 1.25 1.16 1.16 -0.34 5.20 4.51 5.02 0.07 0.37 0.37 0.37 -0.08 0.34 0.20 0.20 -0.16 26.90 25.27 25.36 -1.23 61.43 58.01 58.87 -2.19 0.56 0.50 0.51 -0.49 18.25 17.01 17.40 -0.40 13.50 13.00 13.14 -0.80 31.30 30.64 31.28 -0.97 14.99 14.70 14.70 -0.30 0.89 0.80 0.81 0.01 12.11 11.55 11.55 -0.95 40.50 38.05 38.27 -1.43 9.90 8.70 8.80 -0.82 62.00 57.95 60.99 0.00 8.74 7.25 7.35 -0.48 5.49 4.10 5.00 0.00 4.49 3.75 3.80 -0.20 184.44 173.86 175.85 -7.14 0.49 0.26 0.49 0.05 26.25 24.50 24.50 -0.50 20.00 20.00 20.00 -0.87 39.00 38.27 38.39 -1.89 41.00 38.92 40.96 0.00 99.95 97.00 97.26 -3.10 49.92 47.95 48.07 -1.65 28.85 27.48 27.48 0.00 1.25 1.24 1.25 0.00 0.25 0.25 0.25 -0.17 3.51 3.11 3.11 -0.89 56.35 56.10 58.05 0.00
Close 955.72 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 322829 5310 10000 5337 3499384 19700 31371 2387 201 300 7690 170050 14501 1001 5000 137707 4304 500 1952 20900 1300 1005 2895 1005 7970 4300 8731 156007 16405 19602 179 6000 6530 5200 5350 2813 550 254368 500 3790 1772973 2254836 66100 90137 2702 3677 2601 53885 2250 8232 33138 161 12225 7014 11490 5388 29700 2700 4950 16003 300 20993 27123 4906 2000 3000 1500 300
Change -15.32 Market cap 124,863.96 mn Div Yield (%) 3.01
Last 60 days High Low 4.24 23.28 5.98 2.98 11.75 18.41 23.27 686.07 1.95 68.09 2.20 3.40 2.95 1.43 4.00 1.85 49.05 6.00 33.69 28.74 43.00 62.89 102.24 7.55 53.65 9.23 11.68 5.20 53.94 6.00 327.80 8.25 9.35 17.80 1.79 1.90 1.59 5.58 0.75 0.81 29.50 67.24 1.98 21.21 15.49 34.40 16.90 1.74 14.00 44.40 11.50 76.43 9.35 7.40 5.01 227.00 0.95 26.29 23.00 42.00 44.10 121.00 58.75 30.36 1.88 0.85 4.80 87.90
PE
Open
5.51 91.10 8.00 96.65 10.28 73.95 5.79 25.85 4.30 11.38 - 148.25 5.84 60.50
High
High Low 972.09 942.25 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.47 22.31
2010 Div BR (%) (%)
% Change -1.58 5-Day High 979.25 5-Day Low 955.72 2011 Div BR (%) (%)
1.87 - 30B 18.55 20 4.41 2.00 7.5 4.40 10.50 - 15B 13.00 20 422.03 280 0.71 58.00 50 0.77 5 1.65 1.50 0.25 2.45 1.00 35.00 5 15B 3.02 27.01 20 10B 20.90 35 34.70 50 51.60 100SD 70.01 70 4.00 10 28.01 12.5 5.02 10 7.00 10 20B 3.50 10 43.02 20 3.05 10 251.00 50 - 50.00 5.00 8 6.15 20 5B 10.00 13.15 0.51 1.11 0.25 5 3.60 0.30 0.13 22.30 15 57.20 25 45R 0.40 12.30 10.20 10 10B 27.36 50 13.60 30 0.40 9.25 25SD 37.56 40 5.00 53.00 25 3.63 10 4.10 - 100R 2.50 5 154.00 75 0.15 19.00 45 19.83 20 35.77 50 35.05 25 97.00 80 20B 44.10 50 900B 27.48 1.08 0.25 2.56 55.00 35 -
Low
Close Chg
91.00 87.26 89.93 -1.17 95.00 93.02 96.65 0.00 73.50 71.00 71.94 -2.01 25.49 25.00 25.02 -0.83 10.51 10.45 10.50 -0.88 146.00 145.00 147.01 -1.24 62.00 59.80 59.85 -0.65
Close 955.45 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 6072 209 4636 16151 6086 611 128234
-
78.59 85.00 68.00 24.50 8.10 134.00 58.05
26,094.94 4,134.21 13,630.51 2,059.48 (2,583.96) (6.941) 11.11 0.18
MLCF closed down -0.10 at 2.00. Volume was 186 per cent above average (trending) and Bollinger Bands were 48 per cent wider than normal. The company's loss after taxation stood at Rs1.565 billion which translates into a Loss Per Share of Rs3.26 for the nine months of fiscal year (9MFY11). MLCF is currently 28.8 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect moderate flows of volume out of MLCF (mildly bearish). Trend forecasting oscillators are currently bearish on MLCF. Momentum oscillator is currently indicating that MLCF is currently in an oversold condition.
TRG Pakistan Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
29.82
Total Assets (Rs in mn)
MA (10-day)
2.61
Total Equity (Rs in mn)
MA (100-day)
3.14
Revenue (Rs in mn)
MA (200-day)
3.54
Interest Expense
1st Support
2.22
Loss after Taxation
2nd Support
2.02
EPS 10 (Rs)
1st Resistance
2.65
Book value / share (Rs)
2nd Resistance
2.88
PE 11 E (x)
Pivot
2.45
PBV (x)
1,072.73 1,015.70 0.72 0.07 (1,616.83) (4.195) 2.64 0.94
TRG closed down -0.06 at 2.47. Volume was 30 per cent above average and Bollinger Bands were 9 per cent narrower than normal. The company's loss after taxation stood at Rs47.542 million which translates into a Loss Per Share of Rs0.12 for the nine months of fiscal year (9MFY11). TRG is currently 30.2 per cent below its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect very strong flows of volume out of TRG (bearish). Trend forecasting oscillators are currently bearish on TRG. Momentum oscillator is currently indicating that TRG is currently in an oversold condition.
BOOK CLOSURES Company
From
To
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
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
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
D/B/R 5 22(III) 350(I) 10(I) 5(I) 7.5(I)
Spot AGM/Date -
14-May 14-May 16-May 16-May 13-May 17-May 16-May 21-May 20-May -
INDICATIONS
Change -16.60 Market cap 30,868.66 mn Div Yield (%) 6.75
Last 60 days High Low 97.99 99.49 90.00 33.50 12.80 174.00 66.15
7.44 0.38
LPCL closed down -0.16 at 2.80. Volume was 10 per cent below average and Bollinger Bands were 25 per cent narrower than normal. The company's profit after taxation stood at Rs13.847 million which translates into an Earning Per Share of Rs0.01 for the 1st quarter of current calendar year (1QCY11). LPCL is currently 9.1 per cent below its 200-day moving average and is displaying a downward trend. Volatility is low as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of LPCL at a relatively equal pace. Trend forecasting oscillators are currently bearish on LPCL. Momentum oscillator is currently indicating that LPCL is currently in an oversold condition.
25.93
Open 972.04 Turnover 162,000 P/E (x) 6.60
2011 Div BR (%) (%)
239.00
30.67
Maple Leaf Cement Factory Limited Change -12.35 Market cap 4,157.61 mn Div Yield (%) 3.31
Performance of SR Pharma and Bio Tech Index
% Change -0.38 5-Day High 1,553.65 5-Day Low 1,547.15
2010 Div BR (%) (%)
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
RSI (14-day)
Open 971.04 Turnover 9,205,429 P/E (x) 5.54
Amtex Limited Artistic Denim Ashfaq Textile Azam Textile Azgard Nine Babri Cotton Bannu Woolen XD Bata (Pak) XD Bilal Fibres Blessed Tex Mills Chakwal Spinning Chenab Limited Colony Mills Ltd Crescent Jute D M Textile D S Ind Ltd D. Lawrencepur XB Dewan Mushtaq Textile Din Textile Ellcot Spinning Faisal Spinning Fazal Cloth Gadoon Textile XD Ghazi Fabrics Gul Ahmed Textile Gulistan Spinning Gulshan Spinning Hira Textile Mills Ltd. Ibrahim Fibres Idrees Textile Indus Dyeing Ishaq Textile J K Spinning Janana D Mal Khalid Siraj Kohinoor Ind Kohinoor Spinning Kohinoor Textile Mian Textile Mukhtar Textile Nishat (Chunian) Nishat Mills Olympia Textile Pak Synthetic Paramount Spinning Premium Textile Prosperity Ravi Textile Reliance Weaving Rupali Poly Saif Textile Salfi Textile Sally Textile Samin Textile Sargoda Spinning Service Ind XD Shahpur Textile Shahtaj Textile Shams Textile Suraj Cotton Tata Textile Thal Ltd Treet Corp United Brands Yousuf Weaving Zahoor Cotton Zephyr Textile Ltd Zil Limited
High Low 800.01 720.56 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.20 10.64
PHARMA AND BIO TECH
Change -5.88 Market cap 31,501.73 mn Div Yield (%) 16.95
Last 60 days High Low
2669 74.97 10959 216.30 3697 43.26 5392 153.93 575 37.99 129000 2.45 2900 26.17 22451 4.99 401 4.60 5358 11.55 2859 291.99 3918 76.90 2772 25.50
High Low 2,091.56 2,021.13 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 14.87 30.30
0.98 5.90 4.90 4.90 5.90 0.00 3.87 13.90 13.00 13.00 13.00 -0.90 1.04 41.63 39.56 39.55 41.63 0.00 0.73 7.25 7.25 7.15 7.20 -0.05 3.03 2.86 2.65 2.66 -0.37 1.48 19.10 18.25 18.25 18.25 -0.85 9.31 23.56 23.75 23.40 23.45 -0.11 4.93 12.50 12.40 12.13 12.23 -0.27 2.86 9.94 8.94 8.94 9.94 0.00 1.29 74.80 73.99 72.75 72.75 -2.05 1.77 56.25 55.50 53.55 54.22 -2.03 10.88 64.25 63.10 62.00 63.00 -1.25 1.94 19.05 18.20 18.05 18.10 -0.95 3.51 3.50 3.50 3.50 -0.01 - 39.90 41.89 39.80 41.00 1.10 5.91 2.86 2.60 2.25 2.60 -0.26 2.21 1.75 1.75 1.75 -0.46 2.32 12.24 12.70 12.50 12.62 0.38 3.03 9.47 9.50 8.75 8.86 -0.61 0.43 6.00 6.00 5.87 6.00 0.00 18.49 5128.62 5149.00 4950.01 5000.59 -128.03
Performance of SR Industrial Engineering Index Open 1,553.03 Turnover 62,642 P/E (x) 7.76
-
Performance of SR Household Goods Index
Company
CONSTRUCTION AND MATERIALS Open 868.68 Turnover 5,142,652 P/E (x) 5.62
Company
-
Performance of SR Construction and Materials Index
2011 Div BR (%) (%)
-
FOOD PRODUCERS
2011 Div BR (%) (%)
- 20.00 25B 15.00 20B 15.00 -
72.35 70.01 71.83 0.29 208.50 206.00 208.00 -0.07 36.20 36.20 36.20 0.00 144.25 142.10 143.68 -1.33 31.26 31.24 31.25 -1.63 1.93 1.60 1.60 -0.05 23.10 22.95 23.00 -0.70 3.75 3.51 3.51 -0.24 3.45 3.11 3.22 0.00 9.40 9.10 9.18 -0.54 219.89 215.10 219.00 -0.53 71.50 67.19 67.64 -1.86 24.00 23.32 23.80 -0.70
Open 2,084.10 Turnover 350,140 P/E (x) 49.08
Company
Change -29.78 Market cap 9,440.43 mn Div Yield (%) 9.20
40 15
Performance of SR Food Producers Index
-
Performance of SR Industrial Metals and Mining Index Open 1,045.59 Turnover 105,285 P/E (x) 3.36
Agriautos Ind 144 4.43 71.54 Atlas Battery 101 5.52 208.07 Atlas Engineering Ltd 247 16.53 36.20 Atlas Honda 626 8.96 145.01 Baluchistan Wheels Ltd. 133 1.46 32.88 Dewan Motors 1087 1.65 General Tyre 598 4.38 23.70 Ghandhara Nissan 450 3.75 Ghani Automobile Ind 200 6.08 3.22 Honda Atlas Cars 1428 9.72 Indus Motors 786 7.56 219.53 Pak Suzuki XD 823 15.23 69.50 Sazgar Engineering 150 1.17 24.50
2011 Div BR (%) (%)
INDUSTRIAL METALS AND MINING
2010 Div BR (%) (%)
Performance of SR Automobile and Parts Index
Company
High Low 1,833.21 1,779.99 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.05 35.00
% Change -0.24 5-Day High 697.52 5-Day Low 682.47
AUTOMOBILE AND PARTS
Performance of SR Chemicals Index
Company
Chenab Limited
Performance of SR Industrial Transportation Index
Close Change 1,446.01 -36.10 Listed cap Market cap 65,194.15 mn 1,068,934.74 mn Payout (%) Div Yield (%) 55.94 5.59
Attock Petroleum 691 6.80 382.76 Attock Refinery 853 4.05 123.94 BYCO Petroleum 3921 8.55 Mari Gas Company 735 4.09 102.37 National Refinery 800 4.60 343.49 Oil & Gas Development 43009 9.60 147.29 Pak Petroleum 11950 7.46 209.07 Pak Oilfields 2365 7.12 326.91 Pak Refinery Limited 350 46.09 85.50 P.S.O 1715 3.92 273.20 Shell Gas LPG 226 - 23.88 Shell Pakistan 685 7.47 210.05
Open 1,823.96 Turnover 24,926,653 P/E (x) 8.72
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,482.11 Turnover 7,759,553 P/E (x) 10.00
KSE 30 Index
2010 Div BR (%) (%) 50 40 25 100 30
% Change -1.71 5-Day High 985.83 5-Day Low 955.45 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
# Extraordinary General Meeting
OTHER SECTORS Symbols Pakistan Cables TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Shezan International Grays of Cambridge Pak Tobacco XD Shifa Int.Hospitals P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
Open 51 2.53 102.93 2 170.04 39.71 94.5 32.99 2.4 37.97 2.9 22.77 3.16
High 51 2.68 101 2 166.9 37.9 94.5 33.9 2.49 37 2.95 22.75 3.1
Low Close 49 2.25 98 2 161.54 37.73 93 32.3 2.3 36.08 2.62 21.64 2.52
50.1 2.47 99 2 161.8 37.87 93 32.5 2.36 36.49 2.83 21.65 3
Change -0.9 -0.06 -3.93 0 -8.24 -1.84 -1.5 -0.49 -0.04 -1.48 -0.07 -1.12 -0.16
Vol 1880 1671144 4523 3000 845 1214 1517 3414 106550 2000 381100 615469 4033
7
Thursday, May 5, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 985.47 Turnover 3,559,049 P/E (x) 5.32 Paid up Cap(mn)
Company
PE
Pak Datacom 78 35.23 Pakistan Telecomm Co A 37740 13.80 Telecard 3000 2.47 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -
Open
High Low 993.27 954.31 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.68 12.84
High
38.56 17.03 1.59 2.20 2.83
Low
36.64 17.20 1.56 2.20 2.90
36.64 16.64 1.40 1.94 2.43
Close Chg 36.64 16.84 1.46 2.13 2.57
-1.92 -0.19 -0.13 -0.07 -0.26
Close 970.88 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 1496 1488823 447181 1621549 94705
Change -14.58 Market cap 67,699.37 mn Div Yield (%) 11.77
Last 60 days High Low 79.77 19.18 2.35 2.89 3.68
36.64 16.05 1.40 1.94 2.43
% Change -1.48 5-Day High 996.58 5-Day Low 970.88
2010 Div BR (%) (%) 80 17.5 1 -
2011 Div BR (%) (%)
- 15.00 -
Atlas Insurance 443 3.33 Central InsuranceXDXB 391 1.48 Century Insurance XD 457 4.44 EFU General Ins. XD 1250 11.04 Habib Insurance 450 7.77 IGI Insurance 970 5.88 New Jub InsuranceXDXB 989 10.22 Pak Reinsurance XD 3000 4.34 Pak Gen Insurance XB 275 31.47 PICIC Ins Ltd 350 6.73 Premier Insurance XD 303 3.66 Silver Star Insurance XB 291 0.90 United Insurance XB 496 1.82
27.38 71.00 8.00 30.48 11.50 72.60 57.85 13.43 5.98 8.99 8.23 5.15 6.10
-
Paid up Cap(mn)
PE
Open
High
Low
Genertech 198 Hub Power 11572 Japan Power 1560 KESC 7932 Kohinoor Energy 1695 Kohinoor Power 126 Kot Addu Power 8803 Nishat Chunian Power Ltd 3673 Nishat Power Ltd 3541 Sitara Energy Ltd 191 Southern Electric 1367 Tri-star Power XD 150
7.41 4.84 2.36 5.45 2.87 2.31 5.33 -
0.52 37.45 1.00 2.49 16.98 3.00 42.86 16.03 16.62 20.25 1.30 1.19
0.65 38.09 1.09 2.50 16.45 3.17 43.00 16.24 16.90 21.26 1.30 1.05
0.52 36.81 1.00 2.35 16.00 2.90 42.10 15.70 16.06 19.24 1.13 0.70
Company
Close 1,329.35 Listed cap 95,369.29 mn Payout (%) 104.13
Change -23.16 Market cap 103,636.76 mn Div Yield (%) 7.75
Close Chg
Volume
Last 60 days High Low
0.52 36.90 1.01 2.35 16.01 3.05 42.45 15.93 16.22 19.24 1.18 0.72
22001 1947053 58064 611431 3102 2003 64805 460138 1091262 25575 331116 3700
0.85 40.75 1.75 2.95 19.10 4.95 44.99 16.90 17.94 22.50 2.19 1.37
0.00 -0.55 0.01 -0.14 -0.97 0.05 -0.41 -0.10 -0.40 -1.01 -0.12 -0.47
0.50 35.90 0.97 2.31 15.41 2.45 40.26 14.05 14.85 15.35 1.13 0.31
% Change -1.71 5-Day High 1,369.64 5-Day Low 1,329.35
2010 Div BR (%) (%) 50 25 50 20 -
-
GAS WATER AND MULTIUTILITIES Performance of SR Gas Water and Multiutilities Index Open 1,262.98 Turnover 143,614 P/E (x) 7.97 Paid up Cap(mn)
Company Sui North Gas Sui South Gas
High Low 1,290.47 1,219.83 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.91 11.41
Close 1,233.40 Listed cap 12,202.80 mn Payout (%) 66.79
Change -29.58 Market cap 27,469.28 mn Div Yield (%) 8.38
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 12.81 8390 4.74
18.54 21.33
18.84 21.90
17.81 20.70
17.94 -0.60 21.00 -0.33
62248 81366
27.14 27.90
17.81 20.52
% Change -2.34 5-Day High 1,279.74 5-Day Low 1,233.40
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,131.77 Turnover 13,133,934 P/E (x) 7.16 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 Network Mic Bank 300 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
5.93 61.68 5.01 11.50 5.25 10.05 6.10 29.22 2.47 5.58 5.04 10.03 3.80 6.89 9.73 7.42 120.49 4.96 17.65 48.60 2.50 1.34 8.02 203.36 6.34 18.94 2.29 3.93 51.11 1.99 1.82 22.63 2.00 16.19 2.50 3.01 6.15 6.57 8.50 3.00 7.28 62.17
High
High Low Close 1,140.65 1,094.73 1,108.68 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.00 13.94 40.49 Low
Close Chg
61.01 60.00 60.10 -1.58 12.00 11.00 11.03 -0.47 10.23 9.60 9.98 -0.07 29.19 28.70 28.80 -0.42 5.55 5.15 5.53 -0.05 5.10 4.56 4.76 -0.28 3.73 3.56 3.71 -0.09 10.09 9.00 9.10 -0.63 120.03 117.00 118.74 -1.75 18.39 17.25 17.25 -0.40 2.51 2.41 2.43 -0.07 1.47 1.22 1.26 -0.08 204.90 196.51 198.55 -4.81 18.70 18.27 18.51 -0.43 2.31 2.26 2.30 0.01 51.22 49.57 49.94 -1.17 2.50 2.45 2.45 0.46 1.86 1.68 1.75 -0.07 1.96 1.81 1.81 -0.19 2.66 2.34 2.59 0.09 6.34 6.00 6.01 -0.14 8.49 8.00 8.15 -0.35 3.07 2.90 3.00 0.00 62.24 61.00 61.93 -0.24
Volume
Change -23.09 Market cap 660,553.98 mn Div Yield (%) 5.66
Last 60 days High Low
56467 72.50 213664 17.30 1242984 11.52 408008 37.38 124304 6.15 1519225 8.68 132702 4.18 107278 14.50 59633 131.00 6884 26.50 88400 3.16 92709 1.79 441453 230.80 12134 19.70 177549 2.99 2023251 81.78 11001 3.49 1438035 2.94 100500 2.20 4308069 2.99 71082 7.37 20199 9.90 174488 3.79 478403 67.25
57.00 11.00 8.75 26.95 3.30 4.56 3.06 9.00 104.16 17.25 2.35 1.20 192.20 16.26 1.70 49.57 0.76 1.68 1.50 2.02 5.00 6.28 2.36 56.70
% Change -2.04 5-Day High 1,156.96 5-Day Low 1,108.68
2010 Div BR (%) (%)
20R -
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 708.37 Turnover 2,181,106 P/E (x) 9.82 Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
High Low 723.62 676.40 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.51 5.20
Close 686.68 Listed cap 11,111.34 mn Payout (%) 79.54
Change -21.69 Market cap 43,717.10 mn Div Yield (%) 8.10
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
6.86
66.25
68.15
63.02
63.94 -2.31
578886
92.50
63.02
% Change -3.06 5-Day High 731.85 5-Day Low 686.68
2010 Div BR (%) (%) 25
Paid up Cap(mn)
Company
PE
2011 Div BR (%) (%)
-
-
-
Open
American Life
500
6.25
17.26
EFU Life Assurance XD
850
7.17
53.38
10562 42.90 2178 115.90 6193 10.85 12273 42.90 16919 16.05 22979 103.00 2825 74.90 1505946 20.80 201 10.00 2860 13.00 5153 13.27 7125 7.51 7006 8.49
26.50 61.30 8.00 29.01 11.00 65.10 52.00 12.43 5.05 8.00 8.01 4.56 4.86
40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 20 25B 30 - 10B 25 - 15B - 24B -
-
UPTO 100 VOLUME Symbols
Open
BUXL
High
Low
Last 60 days High Low
Volume
AMZ Ventures Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities
225 0.92 450 13.41 3750 2.82 150 2.14 250 First Credit & Invest Bank Ltd 650 IGI Investment Bank 2121 8.47 Invest and Fin Sec 600 20.24 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.64 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 5.01 JS Investment 1000 38.42 KASB Securities 1000 Orix Leasing 821 3.33 Pervez Ahmed Sec 775 5.25 Security Leasing 363 Stand Chart Leasing 978 3.52 Trust Brokerage 100 Trust Inv Bank 586 0.37
Open 0.49 13.74 22.17 1.45 1.30 5.00 1.65 7.50 0.40 2.85 1.58 5.68 2.59 18.40 4.99 3.31 5.70 1.65 1.90 2.55 1.48 1.45
2010 Div BR (%) (%)
2011 Div BR (%) (%)
100
0.00
100
HWQS
11.30
12.25
12.25
11.30
0.00
100
7.93
7.50
7.50
7.93
0.00
100
18.17
17.20
17.20
18.17
0.00
100
JOPP THCCL FECM
2.99
2.30
2.30
2.99
0.00
67
MIRKS
44.43
44.90
42.21
43.85
-0.58
60
1390.00
1390.00
1350.00
1350.67
-39.33
60
40.00
0.00
50
41.15
42.00
42.00
41.15
0.00
50
SAPT
111.52
40.00
106.10
106.10
111.52
0.00
40
SIEM
1060.00
1045.00
1025.00
1044.33
-15.67
40
1st Fid Leasing AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds
Open
IDSM
38.00
38.00
8.56
8.25
7.61
8.56
0.00
3503.67
3552.00
3416.01
3435.22
-68.45
GHNI
9.14
9.00
8.52
9.14
0.00
27
WAZIR
6.99
6.20
6.20
6.99
0.00
23
PECO
104.00
99.00
98.80
104.00
0.00
21
GATI
56.03
55.50
53.25
55.50
-0.53
20 20
NESTLE
31 28
16.26 -1.00
571
18.50
14.02
-
-
-
-
MDTL
15.18
15.65
15.65
15.18
0.00
51.02 -2.36
12767
64.50
50.72
50
-
-
-
RMPL
2746.16
2780.00
2611.00
2702.30
-43.86
19
GLPL
54.40
51.86
51.77
54.40
0.00
15
JUBS
3.01
2.05
2.05
3.01
0.00
14
CLOV
64.21
61.01
61.01
64.21
0.00
10
2.50
2.30
2.30
2.50
0.00
High Low 263.05 228.27 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.15 0.91
High 0.50 14.00 22.32 1.50 1.33 5.00 1.80 7.50 0.44 3.27 1.42 5.75 2.70 18.90 5.05 3.99 5.54 1.57 2.30 2.89 1.71 1.51
Low 0.40 12.74 21.07 1.26 1.23 4.99 1.61 7.10 0.36 2.45 1.36 4.82 2.31 17.40 4.60 3.13 5.40 1.45 1.50 2.10 1.71 1.36
Open 1,502.97 Turnover 2,293,859 P/E (x) 19.72 PE
100
0.00
8.07
16.26
Close Chg 0.44 12.74 21.07 1.35 1.25 4.99 1.61 7.49 0.39 2.67 1.42 4.98 2.52 17.42 4.61 3.31 5.50 1.47 1.90 2.50 1.70 1.50
-0.05 -1.00 -1.10 -0.10 -0.05 -0.01 -0.04 -0.01 -0.01 -0.18 -0.16 -0.70 -0.07 -0.98 -0.38 0.00 -0.20 -0.18 0.00 -0.05 0.22 0.05
Close 235.92 Listed cap 30,336.44 mn Payout (%) 99.56
Change -19.28 Market cap 11,830.43 mn Div Yield (%) 5.82
Last 60 days High Low
Volume 68690 24162 2106514 4510 47138 52500 12002 16478 28746 80209 3190 4068074 94777 5511 217266 109077 22258 134276 200 12002 5000 1856
0.93 25.60 26.14 2.10 2.57 6.00 2.59 8.28 0.88 3.74 2.00 11.78 4.00 28.01 6.90 4.97 6.50 2.49 2.55 3.20 5.90 2.00
0.34 12.74 18.75 1.10 1.06 2.30 1.61 5.15 0.30 2.45 1.24 4.82 2.31 17.40 4.60 3.10 5.00 1.21 1.30 1.67 1.11 0.61
% Change -7.56 5-Day High 277.97 5-Day Low 235.92
2010 Div BR (%) (%) 30 11.5 10 50 -
2011 Div BR (%) (%)
20B 10B -
-
-
High Low 1,517.04 1,460.04 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.44 2.21
High
Low
Close Chg
Close 1,476.35 Listed cap 29,771.58 mn Payout (%) 104.74
Change -26.62 Market cap 18,918.15 mn Div Yield (%) 8.25
Last 60 days High Low
Volume
CSUML DSML
2.02
% Change -1.77 5-Day High 1,532.34 5-Day Low 1,476.35
2010 Div BR (%) (%)
2011 Div BR (%) (%)
3.02
3.02
10
2.02
0.00
10
80.66
84.30
84.30
80.66
0.00
10
EXIDE
194.01
190.06
190.05
194.01
0.00
6
TSML
52.00
49.40
49.40
52.00
0.00
5
FNEL
4.30
5.00
3.52
4.30
0.00
3
STCL
5.95
6.40
5.50
5.95
0.00
3
FCONM
1.25
1.47
1.47
1.25
0.00
2
PAKMI
0.78
1.10
1.10
0.78
0.00
2
SIBL
2.01
2.96
2.20
2.01
0.00
2
AHI
22.20
22.50
22.50
22.20
0.00
1
BCL
46.68
47.55
47.55
46.68
0.00
1
SCL
FTSM
1.05
2.00
2.00
1.05
FZTM
303.57
317.98
317.98
303.57
LPGL
22.24
21.13
21.13
22.24
0.00
1
MSCL
13.61
12.99
12.61
12.99
-0.62
1
SHJS
64.20
62.00
62.00
64.20
0.00
1 1
TSMF WYETH
0.00
1
0.00
1.10
1.29
1.29
1.10
0.00
902.26
944.85
944.85
902.26
0.00
1
1
FUTURE CONTRACTS Symbols
Open
POL-MAY
High
328.69
NBP-MAY
330.50
51.57
51.59
Low
Close
321.35
323.25
49.01
-5.44
50.32
-1.25
622000
23.19
22.11
-1.08
527000
61.61
61.70
58.53
59.31
-2.30
487000
ENGRO-MAY 199.07
199.50
193.70
194.28
-4.79
480000
42.15
41.35
41.41
-0.91
429500
42.32
ATRL-MAY
124.64
22.04
Vol 783500
NML-MAY FFBL-MAY
23.20
Change
DGKC-MAY
127.00
122.50
124.13
-0.51
314000
FFC-MAY
140.20
140.59
138.00
138.32
-1.88
280500
MCB-MAY
204.81
205.10
198.00
199.93
-4.88
188000
PPL-MAY
210.68
211.50
204.21
205.19
-5.49
155500
70.99
70.15
67.45
67.65
-3.34
143500
LUCK-MAY
Performance of SR Equity Investment Instruments Index
Company
Vol
0.00
2.08
8.50
50.72
EQUITY INVESTMENT INSTRUMENTS
Paid up Cap(mn)
Change
7.40
2.30
8.50
17.98
Performance of SR Financial Services Index
PE
% Change -3.02 5-Day High 793.11 5-Day Low 752.13
Close
7.20
2.30
8.07
53.70
FINANCIAL SERVICES
Paid up Cap(mn)
Company
Close Chg
Change -23.39 Market cap 8,469.45 mn Div Yield (%) 7.31
Low
7.20
2.08
GLAT
POML
Close 752.13 Listed cap 2,290.72 mn Payout (%) 355.53
High
7.40
CPAL
UPFL
High Low 780.70 749.59 Total cos Defaulter cos 4 P/BV (x) ROE (%) 1.87 3.85
Open 255.20 Turnover 4,955,528 P/E (x) 11.14
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 -
-0.63 -2.87 0.00 -0.90 -0.31 -1.56 0.31 -0.94 0.00 -0.91 -0.03 0.00 -0.85
PPP
Open 775.51 Turnover 13,338 P/E (x) 5.43
2011 Div BR (%) (%)
- 25.00 7.8R - 10.00 - 30.00 - 10.00 -
26.75 68.13 8.00 29.58 11.19 71.04 58.16 12.49 5.98 8.08 8.20 5.15 5.25
Performance of SR Life Insurance Index
ELECTRICITY High Low 1,369.68 1,323.92 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.26 9.35
26.50 67.45 8.00 29.01 11.00 71.00 54.96 12.43 5.11 8.00 8.10 4.90 5.25
LIFE INSURANCE
Performance of SR Electricity Index Open 1,352.51 Turnover 4,620,250 P/E (x) 13.44
27.90 74.00 8.42 31.19 11.25 72.90 59.00 13.60 6.94 9.88 8.85 5.25 7.09
PTC-MAY
17.04
17.21
16.80
16.95
-0.09
136000
UBL-MAY
62.68
62.85
61.50
62.60
-0.08
42500
MTS LEVERAGE POSITION Symbol
Total Volume
Total Value
MTS Rate
2,393,560
40,097,470
20
AHCL AICL
375
18,863
AKBL
46,724
406,126
ANL
30,000
113,130
-
ATRL
5,500
512,473
16
-
264 1375 210 525
4.38 2.29 1.75
1.35 10.25 3.85 6.57
1.52 10.29 3.60 6.49
1.30 10.15 3.60 6.49
1.50 10.20 3.60 6.57
0.15 -0.05 -0.25 0.00
218002 111777 3500 154
2.35 11.50 3.90 6.97
1.22 8.95 2.85 4.62
18.5 5 2.2
-
5.00 -
-
B R R Guardian Mod. Crescent St Modaraba Equity Modaraba First Dawood Mutual F. Golden Arrow
780 200 524 581 760
1.99 3.57 8.26 1.13 2.29
1.91 0.50 1.51 2.10 3.37
2.00 0.50 2.50 1.95 3.62
1.90 0.42 1.56 1.83 3.31
1.91 0.50 1.57 1.89 3.46
0.00 0.00 0.06 -0.21 0.09
61480 5501 166289 25500 7252
2.20 0.75 2.50 2.57 3.95
1.12 0.39 1.51 1.79 2.92
0 1.2 17
-
-
-
FFBL
LUCK
5,000
251,395
16
H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund NAMCO Balanced Fund Nat Bank Modaraba PICIC Energy Fund
397 1008 3180 1186 283 1200 1000 250 1000
3.58 3.91 2.34 0.61 1.61 2.59 3.63 3.80 2.06
7.60 7.75 7.00 6.07 2.26 9.10 4.75 5.06 7.21
7.31 7.99 7.05 6.06 2.50 9.10 4.01 5.06 7.49
7.31 7.50 6.75 5.75 2.50 9.00 4.01 5.06 6.92
7.31 7.55 6.81 5.81 2.50 9.01 4.75 5.06 6.99
-0.29 -0.20 -0.19 -0.26 0.24 -0.09 0.00 0.00 -0.22
2000 5938 701613 47087 2500 635200 340 1500 3942
8.48 8.44 7.45 6.68 3.94 10.24 5.28 6.50 8.83
6.81 6.99 4.76 4.20 1.50 8.12 3.00 4.50 6.81
11 21 12.5 10 2.8 15.5 15 10 10
- 5.00 - 10.00
-
MCB
55,200
8,346,892
20
NBP
672,888
25,882,165
16
NCL
425,000
8,512,158
21
NML
95,000
4,327,204
16
OGDC
59,250
5,802,663
PAKRI
90,000
864,878
21
POL
29,500
7,220,678
16
PPL
26,500
4,159,992
-
PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Punjab Modaraba Stand Chart Modaraba
2835 2841 872 340 454
2.59 2.21 1.49 5.44
13.01 5.73 0.85 1.08 9.90
13.20 5.80 0.94 1.20 9.87
12.53 5.56 0.81 0.80 9.60
12.59 5.60 0.82 0.80 9.85
-0.42 -0.13 -0.03 -0.28 -0.05
110044 142969 1920 22501 16777
16.49 7.95 1.10 1.99 10.63
12.00 5.10 0.80 0.50 9.50
20 10 3 1 17
- 12.50 - 7.50 -
-
PSO
42,000
8,628,926
16
PTC
52,075
657,508
BAFL
97,000
DGKC
264,500
4,605,302
-
ENGRO
931,193
136,040,895
16
32,335
1,005,929
16
HUBC LOTPTA
-
32,000
897,405
-
2,916,250
34,295,355
16
UBL TOTAL
739,486
-
-
11,497
532,269
16
8,313,347
293,919,161
16.90
BOARD MEETINGS
Fauji Fertiliser Bin Qasim Ltd
KSE 100 INDEX
Nishat Mills Ltd
Oil & Gas Development Co Ltd
Company
Date
Time
Husein Sugar Mills Ltd International Industries Ltd Reliance Income Fund Honda Atlas Cars
06-May 10-May 14-May 16-May
10:30 5:00 11:00 11:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
41.08
Support 1
11,537.20
MA (5-day)
11,937.81
Support 2
11,402.30
MA (10-day)
11,936.39
Resistance 1
11,908.70
MA (100-day)
11,971.76
Resistance 2
12,145.35
MA (200-day)
11,164.43
Pivot
11,773.80
KSE 100 INDEX closed down -284.84 points at 11,672.05. Volume was 24 per cent below average and Bollinger Bands were 36 per cent narrower than normal. As far as resistance level is concern, the market will see major 1st resistance level at 11,908.70 and 2nd resistance level at 12,145.35, while Index will continue to find its 1st support level at 11,537.20 and 2nd support level at 11,402.30. KSE 100 INDEX is currently 4.6 per cent above its 200-day moving average and is displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of INDEX at a relatively equal pace. Trend forecasting oscillators are currently bullish on INDEX.
Arif Habib Ltd
Target Price
Recommendations
65
Recommendations
42.2
Brokerage House
Hold
Arif Habib Ltd
AKD Securities Ltd
45.52
Accumulate
AKD Securities Ltd
TFD Research
44.25
Neutral
TFD Research
Technical Outlook Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
49.19 MTS Shares `000 32.335 41.79 MTS Rs `000 1,005.93 40.12 MTS Rate 15.81 35.03 ** NOI Rs (mn) 49.68 Free Float Shares (mn) 326.94 Free Float Rs (mn) 13,499.29 Target price for Dec-11 & **Net Open Interest in future market FFBL closed down -0.66 at 41.29. Volume was 49 per cent below average and Bollinger Bands were 48 per cent narrower than normal. FFBL is currently 17.8 per cent above its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of FFBL at a relatively equal pace. Trend forecasting oscillators are currently bullish on FFBL.
Brokerage House
Target Price
Recommendations
143.2 145 145.25
Brokerage House
Hold
AKD Securities Ltd
Accumulate
TFD Research
Technical Outlook 53.61 141.73 156.45 153.28 Free Float Shares (mn) 630.61
Recommendations
50
59.35
60.75
61.40
60.35
Attock Cement
28.51
50.55
50.20
51.40
51.90
51.05
Arif Habib Corp
27.24
20.65
20.25
21.90
22.75
21.50
Arif Habib Limited
12.76
12.30
11.90
13.60
14.40
13.15
Adamjee Insurance
26.81
61.95
59.90
67.05
70.15
65.05
Askari Bank
20.53
10.70
10.35
11.70
12.35
11.35
Azgard Nine
13.27
4.30
4.05
4.90
5.25
4.65
Accumulate
Attock Petroleum
55.69
371.50
366.60
383.10 389.85 378.25
Positive
Attock Refinery
49.22
121.75
119.90
126.15 128.70 124.30
Bank Al-Falah
43.09
9.65
9.30
10.30
10.55
9.95
BankIslami Pak
42.30
3.60
3.50
3.80
3.85
3.65
Bank.Of.Punjab
16.33
4.50
4.25
5.05
5.35
4.80
Dewan Cement
35.18
1.45
1.35
1.65
1.80
1.60
Recommendations
71.45 78.6
MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
59.25 5,802.66 N/A 89,457.77
Target price for Dec-11 & **Net Open Interest in future market
Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
28.32 MTS Shares `000 95.00 63.44 MTS Rs `000 4,327.20 64.24 MTS Rate 16.00 57.16 ** NOI Rs (mn) 48.17 Free Float Shares (mn) 175.80 Free Float Rs (mn) 10,349.34 Target price for Dec-11 & **Net Open Interest in future market
OGDC closed down -5.43 at 141.86. Volume was 150 per cent above aver- NML closed down -2.19 at 58.87. Volume was 13 per cent below average age (trending) and Bollinger Bands were 34 per cent wider than normal.
and Bollinger Bands were 9 per cent narrower than normal.
D.G.K.Cement
26.99
Dewan Salman
33.05
Dost Steels Ltd
21.45 2.20
21.00 2.10
1.90
EFU Life Assurance
27.23
49.90
48.85
52.90
54.80
51.80
Engro Corp
38.52
190.45
188.20
Faysal Bank
17.94
8.70
8.30
10.50
9.40
49.20
40.90
40.55
Fauji Fertilizer
48.78
136.85
135.75
139.70 141.45 138.60
Habib Bank Ltd
43.59
117.15
115.55
120.20 121.60 118.60
Hub Power
41.94
36.45
36.00
ICI Pakistan
35.34
147.95
145.55
153.55 156.75 151.15
casting oscillators are currently bullish on OGDC.
Indus Motors
42.40
216.10
213.20
220.90 222.80 218.00
J.O.V.and CO
29.14
2.30
2.10
2.70
2.90
2.50
Japan Power
23.77
1.00
0.95
1.10
1.15
1.05
JS Bank Ltd
35.99
2.40
2.35
2.50
2.55
2.45
Jah Siddiq Co
44.21
4.60
4.25
5.55
6.10
5.20
Pakistan Oilfields Ltd
Brokerage House
Target Price
Recommendations
144
Brokerage House
Target Price
Recommendations
359
42.05
3.90
9.80
37.94
Fauji Fert Bin
is currently indicating that NML is currently in an oversold condition.
3.95
196.65 200.55 194.35
Fauji Cement
2.30
2.25
2.45
2.55
2.40
14.80
14.45
15.80
16.45
15.45
Lucky Cement
37.75
65.80
64.35
69.85
72.45
68.40
MCB Bank Ltd
39.22
195.10
191.60
Maple Leaf Cement
25.91
1.95
1.85
National Bank
17.88
49.25
48.60
Nishat (Chunian)
32.49
24.80
24.20
26.40
27.45
25.85
Netsol Technologies
36.11
21.25
20.90
22.40
23.10
22.00
NIB Bank
32.96
Buy
Arif Habib Ltd
Hold
Arif Habib Ltd
Hold
Nimir Ind.Chemical
29.05
42.1
Accumulate
AKD Securities Ltd
120.7
Reduce
AKD Securities Ltd
322.42
Neutral
Nishat Mills
28.34
57.45
56.00
50.3
Positive
TFD Research
129.4
Neutral
TFD Research
363.65
Positive
Oil & Gas Dev. XD
53.60
139.10
136.30
PACE (Pakistan) Ltd.
35.52
2.65
2.45
Technical Analysis
Leverage Position
Technical Analysis
Leverage Position
Pervez Ahmed Sec
34.24
2.25
1.45
1.60 2.05
1.40
43.40
37.25
51.86
TFD Research
42.95
38.55
39.69
AKD Securities Ltd
Technical Outlook
37.75
29.46
Arif Habib Ltd
Technical Outlook
4.05 41.45
Lotte Pakistan
Positive
Technical Outlook
4.25 42.35
K.E.S.C
1.65
41.60
4.15 41.80
Kot Addu Power
Accumulate
Leverage Position
2.30 29.95
Buy
Technical Analysis
22.35
2.25 32.10
92.3
Leverage Position
2.50
2.05 30.85
60.4
Technical Analysis
23.70
1.50 27.75
TFD Research
Technical Outlook
2.40
1.65 28.65
AKD Securities Ltd
Arif Habib Ltd
22.80
38.38
EFU General Insurance 25.82
OGDC is currently 7.5 per cent below its 200-day moving average and is NML is currently 3.0 per cent above its 200-day moving average and is displaying a downward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NML at a relatively equal pace. Trend reflect moderate flows of volume into OGDC (mildly bullish). Trend fore- forecasting oscillators are currently bearish on NML. Momentum oscillator
Fauji Fertiliser Co
Target Price
59.75
Technical Outlook
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
Target Price
1st 2nd Pivot Resistance 2.90 3.10 2.70
43.46
Neutral
Technical Analysis
Hub Power Co Ltd
National Bank of Pakistan
Brokerage House
Target Price
RSI 1st 2nd (14-day) Support 48.24 2.50 2.30
Allied Bank Limited
42.50
203.45 208.40 200.00 2.10 50.90
1.85
2.20 51.90
1.95
2.05 50.25
1.75
2.60
2.80
2.45
60.85
62.85
59.45
146.65 151.40 143.85 3.00 1.55
3.15 1.60
2.80 1.50
P.I.A.C.(A)
37.95
2.25
2.20
2.45
2.55
2.40
Pioneer Cement
23.20
4.70
4.40
5.35
5.70
5.05
Pak Oilfields
48.13
319.95
316.85
327.50 331.90 324.35
Pak Petroleum
36.94
201.30
198.55
208.60 213.15 205.85
Pak Suzuki
44.92
66.05
64.45
P.S.O. XD
49.21
270.50
266.50
P.T.C.L.A
48.09
16.60
16.35
NBP closed down -1.17 at 49.94. Volume was 43 per cent below average HUBC closed down -0.55 at 36.90. Volume was 34 per cent above aver- FFC closed down -1.68 at 137.94. Volume was 29 per cent below average POL closed down -3.87 at 323.04. Volume was 19 per cent below average
Shell Pakistan
50.69
207.85
205.55
and Bollinger Bands were 49 per cent narrower than normal.
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
17.86 MTS Shares `000 672.888 52.79 MTS Rs `000 25,882.17 69.16 MTS Rate 15.99 67.70 ** NOI Rs (mn) 101.51 Free Float Shares (mn) 398.12 Free Float Rs (mn) 19,882.23 Target price for Dec-11 & **Net Open Interest in future market
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
41.93 MTS Shares `000 32.00 37.56 MTS Rs `000 897.41 37.98 MTS Rate 36.42 ** NOI Rs (mn) 0.32 Free Float Shares (mn) 810.01 Free Float Rs (mn) 29,889.30 Target price for Dec-11 & **Net Open Interest in future market
age and Bollinger Bands were 56 per cent narrower than normal. NBP is currently 26.2 per cent below its 200-day moving average and is HUBC is currently 1.3 per cent above its 200-day moving average and is displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators reflect volume flowing into and out of NBP at a relatively equal pace. Trend forecasting oscillators are currently bearish on NBP. Momentum oscillator reflect volume flowing into and out of HUBC at a relatively equal pace. is currently indicating that NBP is currently in an oversold condition.
Trend forecasting oscillators are currently bullish on HUBC.
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
48.76 MTS Shares `000 140.14 MTS Rs `000 135.49 MTS Rate 121.89 ** NOI Rs (mn) 46.29 Free Float Shares (mn) 466.49 Free Float Rs (mn) 64,347.27 Target price for Dec-11 & **Net Open Interest in future market and Bollinger Bands were 79 per cent narrower than normal.
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
48.13 MTS Shares `000 29.50 326.17 MTS Rs `000 7,220.68 316.68 MTS Rate 16.00 278.15 ** NOI Rs (mn) 148.12 Free Float Shares (mn) 107.94 Free Float Rs (mn) 34,869.90 Target price for Dec-11 & **Net Open Interest in future market and Bollinger Bands were 70 per cent narrower than normal.
70.35
73.10
68.80
281.50 288.50 277.50 17.15
17.45
16.90
212.15 214.15 209.85
Sui North Gas
33.33
17.55
17.15
18.60
19.25
18.20
FFC is currently 13.2 per cent above its 200-day moving average and is POL is currently 16.1 per cent above its 200-day moving average and is
Sitara Peroxide
46.55
17.00
16.65
18.15
18.90
17.75
displaying a downward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is relatively normal as compared to
Sui South Gas
29.32
20.50
20.00
21.70
22.40
21.20
volatility over the last 10 trading sessions. Volume indicators reflect volume the average volatility over the last 10 trading sessions. Volume indicators flowing into and out of FFC at a relatively equal pace. Trend forecasting reflect moderate flows of volume into POL (mildly bullish). Trend forecastoscillators are currently bearish on FFC.
ing oscillators are currently bullish on POL.
Telecard
19.64
TRG Pakistan
29.83
2.25
2.05
2.70
2.90
2.45
United Bank Ltd
39.14
61.20
1.40
60.50
1.30
62.45
1.55
62.95
1.65
61.70
WorldCall Tele
31.02
2.00
1.85
2.25
2.35
2.10
1.45
8
Thursday, May 5, 2011
TDCP committed to promote tourism LONDON: Heston Blumenthal, Tracey Emin and Richard E Grant launch the BA Great Britons Heroes programme, offering their skills and mentoring to three talented Brits in the fields of food, art and film at formans fish Island. Reuters
India's Goair to file for $150mn public offer MUMBAI: Indian budget airline GoAir is planning to raise about $150 million through a public offer to fund its operational expenses, repay debt and buy new planes, two sources with direct knowledge of the matter told Reuters. The airline has hired Bank of America Merrill Lynch and Edelweiss Capital to manage the offering and papers will be filed with the capital markets regulator shortly, said the sources, who declined to be named as the information was not yet public. GoAir's chief executive officer Kaushik Khona declined to comment. GoAir is run by Go Airlines (India) Pvt Ltd, promoted by the Wadia group which also runs textiles firm Bombay Dyeing and Manufacturing Company Ltd and biscuit maker Britannia Industries . It ranks sixth in terms of market share amongst domestic airlines with a share of 6.8 percent, according to a government data. Khona had told Reuters in August last year that the airline planned to double its fleet to 20 by end-2013 as it strengthens its route network across the country. "Getting regulatory approval and actually going for an IPO will be 2 or 3 months down the line, in that respect one can assume that crude oil prices having peaked are set to decline. So one can very well understand GoAir's strategy behind filing it now," said an aviation analyst with a domestic brokerage who declined to be named. Fuel, which makes up 35-40 percent -- higher for low-cost carriers -- of cost, forces airlines to raise fares, thereby dampening demand and hitting expansion plans. Oil prices are currently hovering around $125 a barrel. GoAir's public issue will be the first Indian airline issue in five years. The last IPO was by low cost carrier Air Deccan in 2006 which subsequently merged with Kingfisher Airlines . "It remains to be seen whether the IPO will succeed because in the past virtually all major carriers have wanted to do some or the other kind of equity issue. So far airlines have not been successful in raising equity," the analyst said. Last year IndiGo has hired four banks including Citigroup and UBS AG for a public offer. But the issue has yet to be launched and a source said the company is waiting for market conditions to improve. In January, the airline placed a record $15.6 billion jet order to buy 180 planes for Airbus. Jet Airways is still waiting for Indian authorities to clear a share placement of up to $400 million. Kingfisher has said it would prefer to wait for crude to stabilise before launching a proposed $250 million to $350 million global depositary receipts issue. -Reuters
Cathay Sees Passenger Load Factor Returning To Normal HONG KONG: Cathay Pacific Airways Ltd, Asia's No.4 carrier by market value, expects its passenger load factor this year to fall back to typical levels, Chief Executive John Slosar said on Tuesday. Slosar, who took up the helm just five weeks ago, said the load factor in 2010 was extraordinary high as the Hong Kong carrier recovers from falling air travel after the financial crisis. "Last year was incredible and this year is looking like normal, which is 79-80 (percent)," he told reporters. Slosar sees a big opportunity in China, the world's second largest economy. "Chinese people are now having money and they have great desire to travel and that's going to be a huge story." Cathay and its partner Air China have set up a Shanghaibased cargo joint venture, which started operating this year, to tap growth in China's Yangtze River Delta area.
"We will see more and more things coming from the rest of the world into China along with Chinese products going to the rest of the world," Slosar said. China contributed more than 10 percent of Cathay's total revenue and was growing rapidly, he added. Cathay posted a record profit for 2010 but is facing rising competition, higher fuel prices and slower demand in earthquake-hit Japan, which accounts for 7-8 percent of Cathay's revenue. Slosar said oil prices were 50 percent higher than a year ago but the company managed to pass on about half of the increase to passengers through surcharges, while the other half would have to be smoothed out by hedging. High oil prices have knocked down Cathay's shares by nearly one-tenth this year to close at HK$19.38 on Tuesday. It underperformed the main board which rose 2.6 percent since the beginning of 2011.
Slosar also said Cathay's planes to and from Japan were now half full, with the load factor down 25-30 percentage points from normal levels. But its impact to overall load factor will be limited. The airline is spending more than HK$1 billion ($128.8 million) on new business-class cabins to compete with rivals such as Emirates Airline and Singapore Airlines which woo passengers with the doubledecker Airbus A380. Slosar said Cathay's business class segment last year had largely returned to 2007-2008 pre-crisis levels and continued to improve in 2011. Both Hong Kong's strength as an international financial centre and China's links with the rest of the world have brought more people to Hong Kong. Slosar replaced Tony Tyler, who left Cathay at the end of March to become head of industry group the International Air Transport Association (IATA). -Reuters
Jet Airways Says To Pay Dues To Sahara In 2 Weeks MUMBAI: Jet Airways Ltd , India's No. 1 private carrier, will pay the remaining 2.03 billion rupees to Sahara India within two weeks after a court directed it to pay dues incurred for acquiring Air Sahara, a Jet official said on Wednesday. The Bombay High Court asked Jet Airways to pay 4.78 billion rupees to the Sahara Group, including interest at 9 percent per annum. Jet's stock fell more than 6 percent after the court ruling. Jet had made an upfront payment of 9 billion rupees to Sahara in 2007 and has already deposited 2.75 billion rupees more with the court in instalments, said M. Shivkumar,
Senior Vice President, Finance, at Jet Airways. In 2007, Jet Airways acquired Sahara Airlines for 14.50 billion rupees and renamed it as JetLite. But both parties have since been engaged in a legal battle over payment issues. The court on Wednesday rejected Sahara's petition claiming 20 billion rupees as the total amount for the deal, instead of the renegotiated 14.5 billion rupees. Jet had deducted some amount from the pending installments after the income tax department raised certain tax obligations from Air Sahara relating to its pre-acquisition
days, he said. Jet's remaining payment of 2.03 billion rupees includes 870 million rupees the airline had paid to the tax authorities as the deducted amount, which has recently been refunded to the airline, he said. Jet's stand was that the liability should be borne by Sahara, a position that Sahara had refused to accept and then moved the High Court for appropriate relief. "This has been the subject matter of debate in all these years whether we were right in deducting and whether Sahara was right in not giving indemnity obligations," he added. Reuters
LONDON: A Virgin Atlantic aircraft comes in to land at Heathrow Airport, in London. Reuters
LAHORE: Parliamentary Secretary Punjab Tourism Rana Muhammad Arshad has said that the government was taking various measures to promote the tourism industry as well as providing more recreational spots. In a briefing after reviewing the annual development programme 2010-11 here Wednesday, he said that nine development schemes including four new in current fiscal year 2010-11 were in progress. Giving details he said that due to last year's floods, development funds had been slashed, however, all available funds would be utilized to complete these projects. He said that five old schemes including construction of tourism complex in Johar Town, provision of funds for tourism resorts, tourist village in Darwar Cholistan, reopening and safety of BB Geo Lake complex Ouch Sharif, upgradation and renovation of Lal Suhanra Resort. While new four schemes launched by Tourism Development Corporation Punjab include Installation of rope way system from Jhinga Gali to Muree, provision of tourism facilities in Muree,
construction of tourist resort at Khabiki lake in District Khushab, tourist resort at Ochali lake in district Khushab, construction of PIA Park at Kashmir point in Muree, developmental work of Bagh-e-Shaheedan in Muree, Swift Wheel Train and improvement of hiking points in Muree. He further said that tickets for recreational parks were abolished to facilitate the public and added that Chief Minister Punjab was taking keen interest for the promotion of tourism. The parliamentary secretary said that the department would hold Jeep rally in Cholistan in October next adding that Rs 3 million were given for Tourism village. Rana Arshad said that Sakhi Sarwar resort had been upgraded to provide maximum tourism facilities adding that Jallo Park resort which had been completed with Rs 15 million would be leased out and advertisement in this regard had been given in national press. He further said that TDCP was committed to promote and develop tourism industry in Punjab particular and Pakistan in general. -APP
Qatar Airways to buy Cargolux stake DUBAI: Qatar Airways, one of the Arab world's largest carriers, expects to sign a deal for a 33-percent stake in European all-cargo airline Cargolux in a few weeks, its chief executive said on Monday. Cargolux, Europe's largest all-cargo airline, has previously said it was in talks to sell stake to a strategic investor. "We are soon going to sign an agreement with them (Cargolux) ... in a few weeks. We see there are synergies and Qatar Airways would like to expand," Chief Executive Akbar Al Baker told reporters in Dubai.
He did not give a value for the deal. Abu Dhabi-based rival Etihad Airways tried to buy a 33.7 percent stake in Cargolux in 2005. At that time reports put the price of the deal at $130 million (77.9 million pounds). Qatar Airways, half-owned by the Gulf Arab state's sovereign wealth Qatar Investment Authority, will continue to scout for other deals in the future, the chief executive said. "We will only be interested in other airlines if they are healthy, well established and will add value to Qatar Airways," he said. -Reuters
High Oil Prices Boost Airplane Demand CHICAGO: The global airline industry so far is resilient to soaring fuel costs, and carriers are showing strong demand for newer, more fuel-efficient planes, the chief executive of Boeing Co said on Monday. Speaking to reporters after the company's annual shareholders meeting, Jim McNerney said airlines are coping well with their fuel burdens, which have increased sharply as the price of oil has rallied well north of $100 per barrel this year. "I think at the current levels it's actually improving demand, in the sense that our newer products are so much more fuel efficient than the old ones that the equation is favorable to getting newer airplanes faster," McNerney said. "Now at some point there's a tipping point. At some point the oil gets too high -- I'm not sure where that is -- and the overall economic situation is impacted, which slows down fundamental demand," he said. "I don't think we're there yet. I think the world is coping with this." NYMEX crude traded above $113 per barrel on Monday. Boeing, last week, said its first-quarter profit rose 13 percent, topping Wall Street expectations. The world's largest aerospace and defense company, which competes with EADS , has a backlog of commercial airplane orders valued at $263 billion. Boeing splits its business almost evenly between commercial airplanes and defense products. McNerney said the killing of Osama bin Laden on Monday likely would have little immediate impact on government spending for Boeing's defense products and services. "My sense of it is that it is not going to dramatically change what was going to happen anywhere. I mean the threat environment remains significant outside of our country. And I think defense spending is matched up to that right now." McNerney noted ongoing pressure on defense budgets around the world. "I'm not sure the Osama Bin Laden thing will change that dramatically," he said. Shares of Boeing, a Dow component, were down 12 cents at $79.66 on the New York Stock Exchange. -Reuters
Tourist resorts welcome tourists for summer vacations ISLAMABAD: Temperature in the central and southern parts of the country is rising with every passing day while the Loadshedding has increased the miseries of the people as well. However, there are places like Murree, Ayubia, Nathiagali, Azad Kashmir, Kaghan, Swat, Chitral, Gilgit, Hunza and Skardu where the weather is pleasant the air is fresh, the valleys are green and the river waters are refreshingly cool. At most of these hill stations and Valleys, Pakistan Tourism Development Corporation (PTDC) has set up its resorts, hotels, motels and restaurants which are now open from May 1, to welcome tourists with affordable rates. The PTDC has launched a number of discounted tour packages for groups, families and students. Tourist Coach Services to Swat and Kaghan Valley will also be resumed from June 01. Not only that, PTDC has also
set up accommodation facilities at fairy tale places like Rama Lake, Phandar Lake, Gupis, Mastuj, Bunni, Bumburet (Kalash Valley) and Khaplu in Gilgit-Baltistan and Chitral areas. From a modest beginning with 10 units in 1976, PTDC Motels have now expanded its boarding, lodging and restaurant facilities to 43 remote tourist destinations spread across the country. Fourteen motels have been leased out to private parties, whereas remaining units are being operated by PTDC itself. With over 600 rooms, it has now become the largest chain of motels & restaurants in Pakistan. In line with Government's tourism development strategy, PTDC motels were constructed to meet two primary objectives; to open up new areas for tourism and set the pace for the private sector to follow, secondly, to initiate socio-economic development of the area.
The PTDC has been successful to meet these objectives and presents an accessible and affordable facility at the most picturesque sites nature has to offer. The PTDC Motels are set up in areas where private sector is shy to invest or where infrastructure facilities are not yet fully developed. Playing a role of pioneer and trend setter, PTDC Motels have always opened up new and remote places for tourism thus bringing infrastructure (road, water,electricity, telephone etc) facilities and employment opportunities at the door-step of the local communities. The PTDC Motels lead the road to prosperity and development. For facilitation of tourists, PTDC has set up a website: www.tourism.gov.pk on tourist attractions of Pakistan, in addition to its 18 Tourist Information Centres located in main cities and tourist places. APP
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Thursday, May 5, 2011
Oil prices fall after bearish US inventory data LONDON: Oil prices slipped on Wednesday after weekly US inventory data showed a larger-than-forecast increase in crude stockpiles. ICE Brent crude futures fell $1.22 to $121.23 a barrel by 1458 GMT. US light crude futures fell $1.67 to $109.38 a barrel. Weekly US crude stockpiles rose by 3.42 million barrels, according to data from the US Department of Energy on Wednesday. This compared with A m e r i c a n Petroleum Institute's figures on Tuesday showing crude stocks up 3.2 million barrels and with analysts' expectations for a gain of 2.0 million barrels in a Reuters poll. Gasoline stockpiles, meanwhile, fell for an 11th straight week, down 1.05 million barrels, bringing total inventories to the lowest level since June 2009. RBOB futures were down 1.23 per cent. "There's plenty of crude," managing director of IAF Advisors Kyle Cooper said. "It's a little surprising that both gasoline and crude are down roughly equal amounts
in price, considering the draw in gasoline and the large build in crude. One would expect gasoline would exhibit a little more relative strength," he said. "For a long time now, though, price action has not reflected US inventory numbers." Oil has been trading in a stronger inverse correlation with the dollar this week, but the relationship was weaker
on Wednesday as both the dollar and oil slipped. A broader sell-off in commodities, which dragged equities lower on Tuesday, dampened investor appetite for risk-taking on the view that a strong rally over the past month has made everything from oil to silver too costly. "We are continuing to see a growing number of commodity complexes struggle as investors begin to appreciate that the macro environment going into the second half of
the year -- one marked by high inflation and interest rates -- will be far less hospitable for the asset class," MF Global analysts wrote in a note. China is expected to further tighten monetary policy to curb inflation, a move that could dampen demand in the world's biggest energy consumer. The official China Securities Journal cited the central bank vice governor, Yi Gang, as saying China would keep mopping up excess cash in the economy by raising cash reserve requirements for banks. In a separate story, the publication cited industry analysts' predictions that the central bank would raise required reserves again in May, its fifth time this year, to absorb some of the money created from hefty foreign inflows this year. The impact on oil prices is likely to be muted, however, given the strength of Chinese demand, analysts said. Reuters
European vegetable oil prices ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 21:00 PST. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 930.00-30.00, Aug11/Oct11 925.00-15.00, Nov11/Jan12 932.00-13.00, Feb12/Apr12 942.00-13.00. SUNOIL: EU dlrs tonne extank six ports option May11 1385.00-5.00, Jun11 1385.005.00, Jul11/Sep11 1390.0010.00, Oct11/Dec11 1360.00+0.00. LINOIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 1552.50-2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam May11 1142.50-7.50, Jun11 1147.502.50, Jul11/Sep11 1147.502.50, Oct11/Dec11 1137.5010.00. PALMOIL: RBD dlrs tonne cif Rotterdam Jun11 1220.00, Jul11/Sep11 1190.00. PALMOIL: RBD dlrs tonne fob Malaysia Jun11 1165.007.50, Jul11/Sep11 1135.0010.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jun11 1172.50-7.50, Jul11/Sep11 1142.50-10.00, Oct11/Dec11 1130.00-10.00. PALM STEARIN: Dlrs tonne fob Malaysia May11 1130.0010.00. PALM FATTY ACID DISTILLATE: Dlrs tonne fob Malaysia May11 745.00+0.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Apr11/May11 2090.00+0.00, May11/Jun11 2060.00-10.00, Jun11/Jul11 2030.00+0.00, Jul11/Aug11 2020.00+0.00, Aug11/Sep11 1995.00-5.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2695.00+0.00. Reuters
Indian sugar eases on global cues, output ALLAHABAD: Indian farmers transport watermelons on camels towards the market, on the banks of the River Ganges in Allahabad, India. Agencies
Palm oil off 2-wk low on supply build up, external markets KUALA LUMPUR: Malaysian palm oil futures ended off twoweek lows on Wednesday on growing stocks and reduced risk taking, although higher crude oil limited losses. There was some profit-taking in external commodity markets after China Securities Journal cited central bank vice governor Yi Gang as saying that China would keep mopping up excess cash in the economy by raising cash reserve requirements for banks. However, he also said inflation will moderate in the second half of the year as measures taken so far to dampen inflation hit their mark. The benchmark July contract on the Bursa Malaysia Derivatives Exchange dropped as much as 1.3 per cent to 3,228 ringgit ($1,085) per tonne -- a level unseen since April 19, before ending at 3,265 ringgit.
Overall traded volume stood at 24,367 lots at 25 tonnes each, a tad lower than 25,000 lots usually traded. "The market has been dragged lower by improving output, mainly in Malaysia but also in Indonesia," said Standard Chartered analyst Abah Ofon in a note to clients. "We expect these bearish events to dominate in Q2-2011, but our overall outlook remains bullish in anticipation of resurgent demand from China and India, and given firm energy markets," he added. Malaysian palm oil exports have recovered last month, limiting losses in the futures markets and helping to slow a stock build up. "Ten days ago, I would have put Malaysian palm oil stocks for April at 2 million tonnes but exports have changed the scenario a little," said a trader with a plantation house.
Reuters will issue a poll on Malaysia's April palm oil stocks, production and exports on Thursday, ahead of official industry data release on May 10. Reuters analysis showed palm oil continues to be technically neutral as it is rangebound between 3,234 ringgit to 3,328 ringgit per tonne. Brent crude futures turned positive on Wednesday as the dollar index slipped in a volatile trading session, while the focus remained on the latest weekly reading of United States oil stocks due out later in the day. Higher crude supported vegetable oil markets. Chicago soyoil for May delivery edged higher but traders still focused on waning demand for US soybeans from the world's No.1 buyer China as bumper crops are harvested. China's most-active January 2012 Dalian soyoil contract edged lower. -Reuters
NY cotton closes firm as weather hounds US crop NEW YORK: US cotton futures finished higher Tuesday on investor buying inspired in part by floods in parts of the US Delta, and drought in Texas provided support for fiber contracts, analysts said. The key July cotton contract on ICE Futures US rose 3.06 cents to close at $1.5751 per lb, trading from $1.5356 to $1.4887 cents. The new-crop December cotton futures added 1.31 cents to close at $1.2837 cents per lb. Volume traded stood at almost 11,500 lots, over 50 per cent below the
30-day norm, Thomson Reuters preliminary data showed. Despite Tuesday's surge in values, open interest in the cotton market dropped to 151,977 lots as of Monday, May 2, its lowest level since October 12, 2009, data from ICE Futures US showed. "Cotton is looking at floods in Missouri," said Keith Brown, president of commodity firm Keith Brown and Co. in Moultrie, Georgia, when asked about the steadiness of fiber contracts. Brown said the floods were caused by the decision of the
MUMBAI: India's spot sugar prices eased on Wednesday following a drop in overseas markets and as the market was expecting the country to produce surplus in 2010/11 season, dealers said. "Production in all key producing countries is going to rise this year. This is not good news for our mills. They are not likely to get higher price in the international market," said a member of the Bombay Sugar Merchants Association. 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. At 5:10 pm, London's August white sugar futures were trading 1.43 per cent lower at $600.8 per tonne, after losing $5.60 per tonne in the previous session. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety eased 0.34 per cent to 2,650 rupees ($59.6) per 100 kg. The most-active sugar for May delivery on the National Commodity and Derivatives Exchange (NCDEX) provisionally ended unchanged at 2,717 rupees per 100 kg. -Reuters
Copper falls after US data, China concerns LONDON: Copper fell to its lowest since mid March on Wednesday as investors worried that tightening monetary measures in China, signs of slowing US growth and high energy prices will restrain growth and constrict demand. Three-month copper on the London Metal Exchange touched $9,100, its lowest since March 15, before recouping some losses to close at $9,124 compared with Tuesday's close at $9,350 a tonne. The metal used in construction and power fell sharply after data flagged weakness in the US economic recovery, with reports showing a sharp slowdown in the vast services sector and less hiring by private companies in April. This added to concerns that China, the world's top consumer of copper, plans to further tighten monetary policy, despite manufacturing data that showed its economy is cooling. "It's inevitable that the tightening of monetary policy will be starting to impact on industrial manufacturing output," said Natixis head of commodities research Nic Brown. "On top of that you have the potential damage being done by high energy prices, where we would expect that on its own to act as a kind of tax on industry as well as households." Oil fell on Wednesday, but is still near 2-1/2 year highs. Copper had been trading in a
strong inverse correlation with the dollar, but the link has weakened recently and on Wednesday both the metal and the currency fell. "For us if copper prices fall to mid to high $8,000s that kind of makes sense, those levels are not
Shanghai copper weakens Copper fell on Wednesday on fears of further credit tightening in China after the central bank said it would roll out more measures to fight inflation. Three-month copper on the London Metal Exchange fell 1.4 per cent to $9,220 a tonne by 0740 GMT. The mostactive July copper contract on the Shanghai Futures Exchange dropped 1.6 per cent to close at 67,910 yuan. unreasonable," Brown said. Copper stocks hit an 11month high, the latest data showed, continuing a rise so far in the second quarter, which is typically a strong seasonal quarter for demand. Aluminium closed at $2,750 from $2,797 at the close on Tuesday, with rising energy costs and automotive sales preventing further losses. Battery material lead closed at $2,455 from $2,509. Nickel fell more than 5 per cent to close at $25,825 from $27,325. Tin, untraded at the close, was bid at $30,950 from $32,300, while zinc was $2,190 from $2,245. -Reuters
Silver, gold under pressure after rally LONDON: Silver and gold recovered some losses on Wednesday as the dollar wilted on US data however precious metals remained under pressure after a strong rally in the last few weeks. Mexico became the latest emerging economy to ditch some of its holdings of US dollars in favour of gold, buying over $4 billion worth of bullion between January and March, while the currency of its biggest trading partner sits at 2-
Spot silver was bid at $41 versus $41.64 in New York late on Tuesday. It earlier fell more than 3 per cent to $40.30 an ounce, its lowest since midApril. "At the moment, we're just consolidating especially for silver after such a strong retreat at the start of the week," VTB Capital analyst Andrey Kryuchenkov said. "The fact that the greenback has started coming off again is an additional factor to keep the
1/2-year lows. "The size (of the purchase) is certainly pretty chunky to have been accomplished in that space of time. So it certainly gives another sizeable layer of support to gold's position in the international reserves system," said Credit Suisse precious metals analyst Tom Kendall. US silver futures have lost 14 per cent over the past four sessions, wiping out gains from the previous three weeks that took the price to a 31-year top just below $50 on April 25. US July silver futures fell to $40.96 an ounce by 1340 GMT, extending an 8-per cent slide on Tuesday, when CME Group raised margin requirements on silver futures for the third time in a week.
metals here." Spot gold was bid at $1,536.40 an ounce, having hit a record $1,575.79 on Monday, and compared with $1,540.38 the previous day. COMEX gold shed 0.2 per cent to $1,536.9. US private employers added 179,000 jobs in April, coming in shy of economists' expectations, a report by a payrolls processor showed on Wednesday. Holdings of the largest goldbacked exchange-traded-fund (ETF), New York's SPDR Gold Trust, fell 0.42 per cent from Monday to Tuesday, while the largest silver-backed ETF, New York's iShares Silver Trust, fell 0.95 per cent. Platinum was lower at $1,831.74 an ounce, while palladium fell more than 3 per cent to $756.47. -Reuters
Coffee, sugar fall in commods sell-off LONDON: ICE arabica coffee futures extended losses in a commodities sell-off on Wednesday but remained within sight of the prior session's 34-year peak, while sugar fell, weighed by an ample supply outlook. Cocoa futures consolidated, with upside potential limited by easing political tensions in top grower Ivory Coast and prospects for a pick-up of cocoa exports later this week. In coffee, arabica futures fell below Tuesday's 34-year high of $3.0890 a lb, buoyed by tight supplies and strong demand. ICE July arabica coffee was down 6.65 cent or 2.2 per cent to $2.9950 per lb at 1438 GMT. The contract peaked at $3.0890 on Tuesday, a 34-year high. Liffe July robustas were down $38 or 1.5 per cent at $2,573 a tonne in moderate volume of 5,272 lots, having earlier hit a contract high of $2,624. World coffee exports rose 15.4 per cent in the first half of 2010-11 from the same period a year earlier, the International Coffee Organization said on Wednesday. Sugar futures fell in the commodities sell-off, weighed by expectations of ample supplies from Brazil and Thailand, the possibility that India could authorise more unrestricted exports of the sweetener, and a cancelled Egyptian buying tender. Some traders said ICE frontmonth July raw sugar futures could soon test psychological support at 20 cents a lb. July futures were down 0.47 cent or 2.1 per cent at 21.58 cents a lb at 1439 GMT, having dipped to 21.45 cents on Monday, the lowest level for the front month since September 2010. Cocoa prices were little changed, supported by a bullish options position on the ICE market, after a participant bought July call options at $3,300 a tonne last week. ICE July cocoa was up $8 or 0.2 per cent to $3,279 per tonne at 1442 GMT, while London July cocoa was unchanged at 1,984 pounds per tonne in modest volume of 4,904 lots. "What's unusual at the moment is that prices are being driven by New York. There's been a sharp movement higher on the US market over the past 10 days, led by a massive options trade," said Eric Sivry, head of the agri options brokerage at Marex Financial. Historically New York cocoa trades at a discount to the London market, due to the difference in the quality of the cocoa the two markets attract. But last week London switched from trading at a premium to trading at a small discount as dealers eyed the imminent restart of exports from Ivory Coast. -Reuters
National Commodity Exchange Ltd Trading Summary Date
4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-2011 4-May-11
Commodity
CRUDE100 CRUDE100 CRUDE100 SILVER - 500oz SILVER - 500oz GOLD 01oz GOLD 01oz GOLD 01oz GOLD 100oz GOLD 100oz GOLD 100oz GOLD GOLD GOLD KILOGOLD KILOGOLD TOLAGOLD50 TOLAGOLD100 MINIGOLD MINIGOLD MINIGOLD MINIGOLD MINIGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD TOLAGOLD IRRI6W RICEIRRI - 6 RBD PALMOLEIN KIBOR3M KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
JU11 JY11 AU11 JU11 JY11 JU11 JY11 AU11 JU11 JY11 AU11 MY11 JU11 JY11 AP11 MY11 MY11 MY11 MON TUE WED THU FRI MON TUE WED THU FRI 05MY11 AP11 AP11 11-Mar 11-Jun
US$ 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
112.58 112.69 113.41 43.39 43.35 1540.00 1539.90 1540.70 1540.00 1539.90 1542.20 42008.00 41685.00 41854.00 41797.00 41807.00 48751.00 48751.00 42935.00 46000.00 42891.00 42905.00 42920.00 49423.00 50770.00 49372.00 50500.00 50600.00 3477.00 3490.00 5172.00 86.32 85.36
112.80 113.12 113.41 44.18 44.17 1548.80 1549.10 1549.00 1548.00 1539.90 1549.10 42019.00 41834.00 41854.00 41797.00 41807.00 48751.00 48751.00 42935.00 46000.00 42891.00 42905.00 42920.00 49423.00 50788.00 49372.00 50500.00 50630.00 3477.00 3490.00 5172.00 86.32 85.36
110.18 110.96 111.14 40.38 40.39 1528.00 1528.00 1528.60 1528.70 1534.60 1535.00 41520.00 41680.00 41751.00 41695.00 41705.00 48632.00 48632.00 42817.00 42861.00 42875.00 42788.00 42803.00 49285.00 49335.00 49352.00 49252.00 49268.00 3426.00 3438.00 5149.00 86.29 85.34
110.37 110.86 111.14 40.81 40.81 1534.00 1534.60 1535.20 1534.00 1534.60 1534.60 41722.00 41732.00 41751.00 41695.00 41705.00 48632.00 48632.00 42817.00 42861.00 42875.00 42788.00 42803.00 49285.00 49335.00 49352.00 49252.00 49268.00 3426.00 3438.00 5149.00 86.29 85.34
Traded Volume in lots 268 15 522 418 2,578 2,548 1,614 97 16 13 3 3 17 4 11 -
Previous Settlement Price 112.61 113.12 113.41 43.33 43.34 1539.30 1539.90 1540.50 1539.30 1539.90 1540.50 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
US Army Corps of Engineers had blown up a levee which flooded 130,000 acres of farmland in some southern US states. He added that a drought in Texas, the top cotton growing state in the country, has also buoyed the market. The market took note of a government report that showed US cotton plantings in 2011 continued to lag the norm. Volume traded in the cotton market was at 12,623 lots as of May 2, versus the previous tally of 13,852 lots, ICE Futures US data showed. -Reuters 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 110.37 54 110.86 6 111.14 40.81 23 40.81 62 1534.00 1,329 1534.60 1,247 1535.20 1,087 1534.00 10 1534.60 1535.20 2 41722.00 2 41732.00 8 41751.00 41695.00 41705.00 48632.00 48632.00 42817.00 42861.00 3 42875.00 42788.00 2 42803.00 49285.00 17 49335.00 26 49352.00 2 49252.00 11 49268.00 15 3426.00 3438.00 5149.00 86.29 85.34 -
BARCELONA: Elliot Saltman of Scotland on the practice range during the pro-am event prior to the Open de Espana at the the Real Club de Golf El Prat
Talented players being neglected: Iqbal Qasim
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Thursday, May 5, 2011
steers Mohsin Khan, Saleem Jamshoro in Sindh T20 PCB end cricket final differences
LAHORE: While questioning the wisdom of the Pakistan Cricket selection committee, the former chief selector Iqbal Qasim has said that talented players are neglected in the name of rebuilding. " For one series a youngster is selected and neglected in the following assignment. Adnan Akmal is a glaring example who was not picked despite an impressive performance in the last series, his omission is highly questionable. This is not the way of rebuilding a side", he said here on Wednesday. The national selection committee, after meeting at an undisclosed location in Karachi on Monday, announced the 15member squad for the test series against the West Indies starting from May 12. "In the name of rebuilding the selection committee has been making incredible errors, this is beyond logic. A young player should be given due chances. The policy of the selection committee is simply inconsistent",said Iqbal Qasim, a former chief selector " Against a weak West Indian side experienced players like Younis or Misbah could have been rested to give way to youngsters", added Iqbal who played 50 Test matches for Pakistan from 1976 to 1988. -APP
All Sports Helpline launched KARACHI: A local sports patron has launched an All Sports Helpline to cater needy sportsmen and look for their welfare and support. "Its my endeavor to create importance of sports in their lives and divert their energies in excelling in sports," he said. Elaborating his plans, he said soon he will be starting different sports in the city with his personal contribution and later would like to see philanthropists and different companies joining hands in his effort. "In the first stage school level events in athletics, cricket, football, hockey, squash etc will be launched to unearth talent and groom their talent," Burney said. He said school student showing promise and talent will be picked after the competition and will be trained and coached by expert in their respective sports. Reuters
20th National Karate Championship begins ISLAMABAD: As many as two events were contested on the first day of the 20th National Karate Championship that started here on Wednesday at Rawalpindi. The opening ceremony of the event was inaugurated by Director General Military Training Farooq Rashid accompanied by Brig. Iqtidar Naseer Ahmed, Director, Service Sports Control Committee, Army Sports Directorate, Shamim Hashmi, Secretary, Pakistan Karate Federation (PKF) and other PKF officials. On the first day individual and team kumite were contested in which Irshad of Pakistan Army got first position (gold), Abdul Khaliq (Railway) was second (silver) and Jawad of Wapda secured third place (bronze) in the individual kumite.
LAHORE: Pakistan Cricket Board (PCB) and Chief Selector Mohsin Khan have ended their differences over selection matters. Earlier, PCB barred Khan from holding a press conference without permission. In a press release issued here on Wednesday, the PCB said Khan did not get the board's approval for his planned press conference in Karachi. According to the board, if Khan goes ahead with his press conference, he will be violating PCB's disciplinary laws.
A PCB spokesman explained that the selection of players for any series is the selector's job, but its final approval is the prerogative of the board's chief. "If Khan has any complain, he can convey it directly to PCB's chief," he said. The press release also appreciated the past performance of the cricket selection committee. According to reports, Mohsin Khan was upset with the interference of PCB's chief over the team's selection and had planned to hold a press conference on the issue. NNI
Malik upbeat on return to nat’l team MADRED: Iveta Benesova of the Czech Republic returns the ball to Li Na of China during their Madrid Open tennis match. -Reuters
Sprite Cricket Next 2011 holds
‘Gali Cricket’ Karachi win final KARACHI: Cricket enthusiasts in large numbers turned up at the Bagh-e-lbne-Qasim in Clifton, Karachi, to witness the the final zonal match between Karachi's best gali cricketers, organized under the Sprite Cricket Next 2011 banner. The Chief Guest on the occasion, Secretary Sports Sindh, Shoaib Saddique, accompanied by the Director Sports Sindh, presented cheques to the winners and runners up. First launched in 2010 and again being held this year, Sprite Cricket Next is an innovative campaign that aims to unearth hidden talent and pick the best "Gali" (street) cricketers Pakistan has to offer. The 2011 Sprite Cricket Next format has teams of 4 players contending with each other to be crowned the first ever National Gali Cricket Champions of Pakistan. Spread across 13 cities, the campaign offers cricketing technology that previously was only available to professionals of the sport. Street cricketers from across Pakistan are now getting the opportunity to prove their mettle and demon-
strate their ability, while being scored through the technology provided. This is an opportunity for street cricketers to gauge their batting ability through wagon-wheels and action replays, which generate real time statistics such as runs made per over and areas where their shots have travelled. Bowlers will also have the incentive of knowing the quality of their performance, as information on their bowling speed and accuracy of delivery through pitch maps and speed guns is made readily available. Expressing his views at the event, Fahad Qadir, Public Affairs & Communications Manager of Coca-Cola said, "Gali cricket is at the heart of cricket in Pakistan. It is the nursery that has produced countless national team players and even several world-ranking players. Sprite Cricket Next is a tribute to gali cricket and gali cricketers, and Sprite is proud to have brought this technology to the street level, so that maximum number of cricket enthusiasts can benefit." -Reuters
ICA organizes U-19 cricket tournament ISLAMABAD: Under-19 cricket tournament would start under the supervision of Islamabad Cricket Association(ICA) today on Thursday. Islamabad Cricket Association is organizing U-19
cricket tournament from today that would last till 12th May in Islamabad. Tournament organizers told that teams from all over the country participate in the event and it would last for eight days. -Online
Djokovic wins in madrid MADRID: World number two Novak Djokovic continued his blistering start to 2011 with a 6-3 6-4 victory over unseeded South African Kevin Anderson in the Madrid Open second round on Wednesday. The Australian Open champion has won all 28 matches this season and is closing in on Ivan Lendl's record of 29 victories at the start of the 1989 campaign. "It's a great honour and very flattering to be part of that elite but it's not my priority," the 23year-old Serbian, who has won five titles this year, told a news conference. "I am just taking each match at a time and hoping I can win," he added. "It's kind of a surprise but I always believed that I have the quality to beat any player. "I am a more mature player and I have more self-belief which is very important for this level." -Reutes
Pakistan to face NZ in Azlan Shah Hockey Tournament KUALA LUMPUR: Pakistan Hockey Team would play its first match against New Zealand in the 20th Azlan Shah Hockey Tournament today(Thursday) in Malaysian city of Ipoh. As per details, five teams including Pakistan are participating in Twentieth Azlan Shah Hockey Tournament that would start from 5th of May and last till 15th of the same month. Captain National Hockey Team Muhammad Imran said that his team would face India on 11th May and determined to take revenge of the lost cricket match to India in the semi-final of WC Cricket 2011. -Online
KARACHI: Former Pakistan captain Shoaib Malik remains hopeful of making his international return in spite of reports that he has been sidelined by his country's cricket authorities because of match-fixing suspicions. Malik, who hasn't played for Pakistan since the Test series against England in August 2010, said that he is working hard on his game and is confident of returning to international cricket soon. 'Cricket is my passion and I am completely focusing on it right now,' said the all-rounder, who is reportedly on a PCB blacklist for suspected links to bookies. Malik, who is married to Indian tennis star Sania Mirza, said he is also taking extensive yoga classes along with his
wife to keep himself in shape. 'I am keeping myself busy by playing club cricket to maintain my form and fitness. I have also attended 40-hour yoga classes recently and I am fit as ever. 'I only believe in my game and I am hopeful I will win my place (in the national team) by proving my worth.' There have been reports that Malik has not been cleared for national duty by the PCB Integrity Committee. But the Sialkot-born player made it clear that he hasn't been told anything about his case by the PCB. 'There is no official version by PCB on my case and I cannot comment on it further. I did my job and now it is up to the board to decide my case,' he said.-Online
Barcelona enters into Champions League final BARCELONA: Barcelona qualified for the Champions League final here on Tuesday after drawing 1-1 in their semi-final second leg clash with bitter rivals Real Madrid to progress 3-1 on aggregate. Barcelona took the lead through Pedro in the 54th minute while Marcelo lev-
elled for Real 10 minutes later. Barcelona will play either Manchester United or Schalke 04 at Wembley on May 28 - the English side have a 2-0 lead from the first leg heading into their second leg match at Manchester on Wednesday. -APP
KARACHI: Talented Muhammad Saleem smashed a brilliant half century to steer Jamshoro into the final of the All Sindh Inter District T20 Cricket Tournament by beating Kashmore by four wickets at Niaz Stadium. Saleem blasted nine boundaries in his 57 as Jamshoro romped home for the loss of six wickets. Earlier batting first Kashmore were 92 all out in the 18th over. Sanaullah top-scored with 33. Kamran Qureshi grabbed three wicket for ten runs. Karachi Dolphins will meet Karachi Zebras in the second semifinal at Asghar Ali Shah Stadium on Thursday. Summarized scores: Kashmore 92 all out in 17.2 overs (Sanaullah Malik 33, Kamran Qureshi 3-10, Omair Qambrani 2-7, Waseem Burfat 2-25) Jamshoro 93-6 in 18.1 overs (Muhammad Saleem 57, Faraz Ahmed 2-12, Muhammad Akram 2-17). -APP
Army wins gold in national karate C’ship LAHORE: Pakistan Army launched their campaign of the 20th National Karate Championship on a positive note winning the individual kata gold on Wednesday at Army Martial Art Hall, Rawalpindi. According to information made available here,teams from all the affiliated units of Pakistan Karate Federation including Punjab, Sindh, Baluchistan, KPK, Islamabad, FATA, Army, Railways, WAPDA, Police and PAF are participating in the event. Maj Gen Farrukh Rashid, Director General Military Training was the chief guest at the opening ceremony. Also present were Muhammad Jahangir, President,PKF,Brig Iqtidar Naseer Ahmed, Director Army Sports Directorate and Secretary, Col Qaiser Mustafa. Muhammad Arshad led Amry to first gold medal and Railways Abdul Khaliq took the silver followed by Jawad from Wapda for the bronze. Preliminary bouts and the finals of individual Kumite above 84 Kg, below 84 kg, below 75 kg, below 67 kg and below 60 kg will be held tomorrow,Thursday. -APP
MADRED: Vera Zvonareva of Russia returns the ball to Petra Kvitova of Czech Republic during their Madrid Open tennis match. -Reuters
Economy & Continuations
Thursday, May 5, 2011
China to keep up inflation fight -deputy finmin
Eurozone takes 3rd debt crisis patient into care n Portugal PM puts 78 billion euros total on EU bailout BRUSSELS: Portugal and Greece talked up the benefits of Lisbon's decision to accept a multi-billion euro bailout from the European Union and IMF on Wednesday, but the outlook for both countries and Ireland remains highly uncertain. Portugal's caretaker Prime Minister Jose Socrates announced late on Tuesday he had reached preliminary agreement with the EU, IMF and the European Central Bank for a three-year package of support, including help for Lisbon's banks. Portuguese government officials said the aid would total 78 billion euros, with 12 billion of that going to Portugal's banks. But a senior euro zone source said the range EU officials were working with was still 75-90 billion euros, depending on how much the banks ended up needing. The figures are expected to be finalised in talks in the coming days, the source said. The bailout means three of the euro zone's 17 countries are now effectively in financial intensive care -- Greece accepted 110 billion euros of bilateral loans a year ago and Ireland signed an 85 billion euro bailout last November -with the long-term fiscal and economic prognosis for all three clouded. Financial markets reacted cautiously but positively to the Portuguese deal, even though key details have yet to be formally announced, including
the interest rate on the loans and the precise measures Lisbon must enact in exchange for aid. Yields on Portuguese government debt fell, with the spread of 10-year government bond yields over German Bunds tightening by around 20 basis points to 675, an indication of lower risk, although it remains at extremely high levels. Socrates, who is seeking reelection on June 5, said he had secured a good deal, although he added: "There are no financial assistance programmes that are not demanding." Greece, which has raised the possibility of renegotiating elements of its package and which many analysts believe may be forced to restructure its debts despite its bailout, said the aid to Portugal should help settle financial markets. "This agreement will contribute to reducing uncertainties in the markets, which is something all of Europe needs," said government spokesman George Petalotis. But there were less positive noises about the package from other quarters, with Ireland concerned Lisbon may be getting a better deal than Dublin received five months ago. Portugal's bailout must still be agreed by opposition parties and signed off by euro zone finance ministers at a meeting on May 16. There, Finland,
where the anti-bailout True Finns party did well in an election last month, could throw a spanner in the works. The euro zone has three patients on three different medicine regimes: Greece's loans must be repaid over seven years at an average interest rate of 4.2 percent, Ireland's over seven years at an average rate of 5.8 percent (although it is pushing to change the rate), and Portugal's will be finalised in days. "I think the terms inevitably are going to be different in each country because the circumstances are ... different," said Eamon Gilmore, Ireland's minister for foreign affairs. "The government would be very fed up too if another country was getting a bailout deal better than the terms that we are getting," he told state broadcaster RTE. More than a year into the sovereign debt crisis, which at its peak threatened to tear the single European currency apart, EU leaders still find themselves battling to get on top of the problem, rather than bedding down reliable longterm solutions. Many analysts still expect Greece, whose debts will climb to around 340 billion euros, or 150 percent of annual output, this year, to have to restructure its debts, either by writing off a portion of them or by rescheduling the repayments. -Reuters
HANOI: China will keep working to rein in stubbornly high inflation, which was being driven by rising fuel and commodity prices and strong domestic demand, Vice Finance Minister Li Yong said on Wednesday. China's consumer price index rose an annual 5.4 percent in March, the biggest increase in nearly 3 years, and authorities have taken a series of policy steps to contain inflation. "(Rises in) interest rates and deposit ratio and also some other measures are being taken recently, and we will continue this process to curb inflation as well," Li told a news conference in Hanoi at the end of a meeting of ASEAN+3 finance chiefs. "We will continue our implementation of those policies to curb inflation until we reach the inflation target set at the beginning of this year," he added. The government has a target of 4 percent annual inflation, but some analysts said it could be tough to achieve that goal given increasing labor costs and rising commodity and fuel prices. Since October, the central bank has raised interest rates four times. Reserve requirement ratios for big banks have been raised seven times to a record high of 20.5 percent. China's vice central bank governor Yi Gang said on Wednesday that domestic inflation would moderate in the second half of the year as measures to rein in price rises took effect. Yi added that China would keep mopping up excess cash in the economy by raising banks' required reserves and issuing central bank bills. -Reuters
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The Chief Justice said the people who acted did not know what Leading software companies Tata Consultancy Services and they had been doing. Infosys Technologies and Wipro declined 0.1 per cent and 1.4 per Further hearing was adjourned till Thursday. -APP cent, respectively. Oil and Natural Gas Corp advanced 5.3 per cent after Continued from page 12 No #2 Bloomberg reported the energy explorer is in talks to acquire oil The enrichment of commodities portfolio at the exchange will sands reserves in Canada and may increase its investments in also assist in bringing PMEX in comparison with other com- Kazakhstan to help offset declining production. modities exchanges internationally.-NNI An ONGC spokeswoman could not be reached for a comment by Reuters. Continued from page 12 No #3 Auto stocks suffered a double whammy as they digested the The draft report highlights the challenges and risks that lie in the interest rate increase, while already grappling with slowing sales path of Asia achieving its development potential by the middle of growth. Tata Motors, Maruti Suzuki, Bajaj Auto and Mahindra & this century and outlines the corresponding strategic decisions and Mahindra declined between 0.3 per cent and 4.7 per cent. -Reuters actions facing Asian policy makers at the national, regional, and global levels. -APP Continued from page 5 No #8
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Meanwhile, American experts say elimination of al Qaeda chief Osama bin Laden has removed a major symbol of terror and is likely to significantly affect the future course in Afghanistan, where the US spends billions of dollars every year. The White House says President Obama's plan to begin transfer of responsibility to Afghan security forces and withdrawal of American forces in July this year remains very much on course. In his statement, Kerry looked at the possibilities. "In two months, President Obama will unveil his strategy for drawing down our forces; so Afghans can assume greater responsibility for their country. Our military is making significant inroads clearing the south of insurgents. "But we expect a significant Taliban counter-attack this spring to regain some of these areas. We also know insurgents are spreading into other areas of Afghanistan as we drive them from their bases in the south. "But the challenge is not only on the battlefield. Despite the tremendous skill and sacrifice of our troops, there is no purely military victory to be had in Afghanistan. What we face is a political resolution. What we need is a discussion with our partners about how this war ends, what an acceptable end-state looks like, and what steps we need to take to get there. We must determine to what extent we are willing to let the Taliban be a part of an acceptable end -state, and with what red lines." -Agencies
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In his first interview with Time magazine since leading the operation that resulted in the killing of bin Laden near the Pakistani garrison city of Abbottabad, Panetta said US officials feared Pakistan could have undermined the mission by leaking word to its targets. Bashir said the compound in Abbottabad, where bin Laden was found, had been identified as suspicious some time ago by Pakistan's Inter-Services Intelligence agency. It took the CIA's greater resources to determine that it was the al-Qaeda leader's hideout, he said. The principle of sovereignty should be observed, Bashir added, and even though this time his government understood an exception had been made for a unilateral operation against such a high value target, the exception, the foreign minister said, could not become a rule. This was not the time to enter into recriminations, he told the BBC, and Pakistan did not need to prove its credentials in the war on terror. Pakistan's Foreign Office yesterday issued a statement that said the country's civil and military leadership had no prior information of the US raid, which it described as an "unauthorised unilateral action" that should not be repeated. -Online
"I am quite constructive on the FTSE relative to other markets, especially as sterling is continuing to weaken," said Lex van Dam, hedge fund manager at Hampstead Capital, which has $500 million of assets under management. -Reuters
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been providing shelter to the most wanted extremist close to Pakistan Army's terrain led the investors to profit taking. Apart from the decline in Asian capital markets and fall in global commodity prices too supported the bears as oil stocks contributed major part in the index losses. Therefore losses accumulated and index at about 12:22 PST touched its lowest level of the day of 11,638 points (-ve 317). Finally, the index closed the session close to its lowest levels. Volumes witnessed some improvement as 89 million shares traded during the day which was 38.4 million shares more as compared to a turnover of 50.6 million shares a day earlier. Lotte Pakistan was the top traded stock with 14.16 million shares followed by Silkbank with 4.31 million shares and Jahangir Siddiqui Co. with 4.07 million shares. Out of total 361 active issues; 250 declined and 39 advanced while 72 issues remained unchanged.
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debt as B3, or "highly speculative". "As worrying as some of the headlines may be on the nature of relationship between Pakistan and the US, I don't see any huge near-term impact that could affect the rating," Mitra told Reuters on the phone from Hanoi. "There is enough unpredictability here for me to make a definitive comment as to what will happen one year from now or six months from now. But for now, we don't think that the money is suddenly going to stop or the IMF programme is completely going to be disrupted. Nor do we see Pakistan completely walking away from this alliance." "No matter what you see in the press, arguments about the credibility of the Pakistani government, of the armed forces. I think the co-dependency between Pakistan and the US is still very high," he said. "Pakistan still is needed for supplying the war effort in Afghanistan, bases for drone attacks and so on," he said. "I think the rating is appropriately positioned to capture a lot of instability and unpredictability within the policy framework, or any political risks that could weigh on the policy framework," he said. -Agencies
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Qualification (RSOQ) for response, which shall form the basis of pre-qualification. Information Memorandum, Bid documents and Time Frame for the Pre-Bid conference and Bidding Date will be provided to pre-qualified parties only. The HEC is one of the industrial units of State Engineering Corporation (SEC) engaged in the manufacturing of power transContinued from page 12 No #6 formers of different types (total annual capacity 3000 MVA) with and fate of Higher Education Commission has to be decided. primary voltage rating of 66 and 132 KV. Raza Rabbani has made it clear on President and Prime In addition, HEC undertakes repairs and refurbishment of old Minister that he would quit the chairmanship of implementation and damaged power transformers up to 500 KV. commission if the process of devolution of ministries to HEC was incorporated as a private limited company in year provinces is blocked on the demand of PML-Q. -Online 1991 and commenced commercial operations in year 1997.
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Data signals weakness in US recovery in April NEW YORK: Signs of weakness in the U.S. economic recovery mounted as reports on Wednesday showed a sharp slowdown in the vast services sector and less hiring by private companies in April. The Institute for Supply Management said its services sector purchasing managers' index fell to its lowest level since August 2010, coming in at 52.8 last month from 57.3 in March. The reading was well below economists' forecasts for 57.4. A reading above 50 indicates expansion in the sector.
The ADP Employer Services report showed private payrolls rose by 179,000 jobs last month, less than economists' expectations for a gain of 198,000. March's figure was revised up modestly. Economists said the jobs figure was a mild disappointment ahead of the government's much more comprehensive labor market report on Friday. That report is also expected to show payroll growth eased last month. Higher gasoline prices and slower economic growth in the first quarter likely tempered hiring. -Reuters
HEC is located in Hattar Industrial Estate about 65 Km from country's capital Islamabad. The HEC has six main manufacturing shops namely Machine shop, Winding shop, Insulation shop, Core shop, Fabrication shop and Assembly shop. In addition HEC has an oil purification shop, high voltage test laboratory equipped with overhead traveling cranes. The HEC can diversify its manufacturing range by including other products such as instrument transformers, high voltage circuit breakers and other grid stations equipment for meeting demand of the products in domestic and foreign markets. On the other hand Federal Minister for Privatization, Ghaus Bux Khan Mehar said that the Privatization Commission (PC) must take all stakeholders on board prior to initiating the privatization process. Addressing PC officers here, the federal minister also underlined the need for removing doubts of the workers of the State Owned Entities (SOEs) before initiating any such process. The Minister directed the PC to strictly follow all laid down rules and procedures during the privatization process of SOEs saying that all phases of the process must be open, transparent and up to maximum satisfaction of the people. -Agencies
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looked after" and would be handed over to their countries of origin. -Agencies
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will to cooperate," Juppe added. "There will be no solution in Afghanistan, no long-lasting political solution, if we do not manage to work in trust with Pakistan." He added that France was considering a target date of 2014 to withdraw its troops from Afghanistan, where it currently has about 4,000 serving in a NATO force. Prime Minister Syed Yousuf Raza Gilani on Wednesday hinted at a probe into the "intelligence failure" to nab the al-Qaeda founder and 9/11 mastermind Osama bin Laden, hiding near Pakistan's elite military training academy. Gilani was responding to a question, when asked to comment on the incident that led to the death and extraction of the body and family members of world's most wanted terrorist. Talking to reporters after attending a business forum here, Gilani was asked whether the fact that Osama was able to hide so close to the Pakistan Military Academy was an intelligence failure, Gilani said, "there can be an intelligence failure." -Agencies
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shun these areas to avoid unbearable risks. "I am here to assure you, Pakistan does not fall in the category of such states," Prime Minister Gilani said. He said unfortunately images, perceptions are built and then reinforced by "rather misleading narratives." "If you see Pakistan only through the prism of terrorism and the ongoing conflict in Afghanistan, then you will never see the real Pakistan. Pakistan is much more than, and it is there to be seen and experiences," he said. Gilani pointed that over 700 foreign companies, including more than 30 from France were present in Pakistan, besides companies from US, Germany, UK, China, Sweden, the Netherlands, Switzerland, Japan, South Korea, Denmark, UAE, Turkey, Saudi Arabia, Malaysia, Hungary, Czech Republic, Poland and several other countries who are doing lucrative business in Pakistan. "I have yet to come across a foreign company that has suffered losses in Pakistan. Companies that have entered our market even recently are doing good business and expanding their operations," the Prime Minister added. He said Pakistan was the largest market west of India up to the Atlantic Ocean and was rich in human and natural resources. He pointed that Pakistan's geo-strategic location provided unmatched business and export opportunities to foreign investors. He said foreign companies were expanding their activities in energy, petrochemical and chemical industries, infrastructure development, housing, agriculture and agro-based industries, education, health, banking, information and communication technologies. Gilani said Pakistan would like others to explore in hydro, thermal and renewable energies, power transmission networks, oil and gas exploration and pipelines and roads and motorways projects. He mentioned the Turkmenistan-Afghanistan-Pakistan-India and the Iran-Pakistan-India gas pipeline projects, besides the CASA 1000 that were in the pipeline in the energy sectors. The prime minister said Pakistan offers most attractive incentives to foreign investors including 100 percent equity and full repatriation of profits and dividends. Pakistan had bilateral investment protection with 48 countries and avoidance of double taxation with 52 countries. The prime minister termed poverty as the root causes of violent extremism. We face common threats, which can only be addressed through cooperative efforts. No country can single handedly address these challenges and threats on its own." "He said the people of Pakistan count on your support. The best way to help is to invest in Pakistan and trade with Pakistan." He said Pakistan can learn a great deal from France and the two countries have grown closer to each other in the past three years. Gilani said involvement of corporate sector was crucial in building a stronger partnership and invited the investors to avail the opportunities that Pakistan offers. Gilani hoped that the Joint Economic and Trade Committees would complement each others work and serve as a close interface for creating synergies and public-private partnerships to open new vistas of economic activity. He said the natural calamities, including the 2005 earthquake added to Pakistan's woes. But by generating national resources and with the help of friends like France, the resilient nation has risen to occasion and confronted the challenges head on. The Prime Minister said Pakistan today was going through a rapid transformation towards stability and prosperity and expressed the hope that the country would soon regain its place in the region as hub of economic and commercial activities. GDF Suez to bid for LNG contract PARIS: Prime Minister Syed Yusuf Raza Gilani on Wednesday said his government fully respects the courts and its decisions and urged the French energy company to compete in the open bidding process for import of LNG to Pakistan. To a question by a representative of the GDF Suez regarding its bid for a multibillion Liquefied Natural Gas project in Pakistan, Gilani said his government fully respects the decision of the court and urged the company to compete in the open bidding process, he said in response to a question at a forum by French business forum - MEDEF. The Diplomatic Adviser and Senior Vice President for International Relations Denis Simonneau told the prime minister that his company was stopped to proceed on the contract without any reason, but it was still willing to continue its operations. The Prime Minister appreciated the company for investing and expanding its operations into Pakistan and urged it to compete again in the fresh bidding process that was likely to start soon. Minister of Water and Power Syed Naveed Qamar also noted the role of the company in undertaking several power projects in the country and hoped it would continue to inject more investment and help the country meet its energy shortfall. The Paris-based GDF Suez is involved in electricity generation and distribution, exploration and production of natural gas and LNG project-related activities.
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Adjustment in CNG consumer price has been envisaged owing to hike in electricity tariff, increase in the prices of petroleum products and increase in electricity loadshedding across the country. These prices will stay in vogue till the further notification. -Agencies
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is called global anti-terror, Pakistan has played a pivotal role so it is a little disquieting when we hear comments like this." On the decision not to inform Pakistan about the raid, Panetta told Time magazine that "it was decided that any effort to work with the Pakistanis could jeopardise the mission: They might alert the targets." -Agencies
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A UN source said no request had been made to the United States so far. The United States revealed late Monday that Bin Laden was unarmed when US commandos shot him dead, although there was strong resistance during a firefight in the compound. But officials did not clearly explain why he was shot dead and not captured given that he was unarmed, fuelling speculation that the elite Navy SEAL team had been ordered on a kill mission. Pillay described bin Laden as a "very dangerous man who had glorified his involvement" in attacks by Al Qaeda and "claimed command responsibility for the most appalling acts of terrorism."-Agencies
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"Hundreds of Libyan civilians had also tried to board the ship in desperation to get out of Misrata. But with a limited capacity, the ramp of the boat had to be pulled up so that the ship could pull away from the dock in safety," the IOM said. The port is a lifeline for Misrata, where food and medical supplies are low and where snipers shoot from rooftops. Other rescue ships are waiting offshore but there was no news of their movements. About 12,000 people have so far been rescued by 12 ships. -Reuters
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Supreme Court upset on hiatus in ZAB record PARIS: A view of meeting between Pakistani delegation and a representative group of French Senators. Prime Minister Syed Yousuf Raza Gilani and President French Senate are also present on the occasion.-APP
ADB Draft Report
3bn Asians seen affluent by 2050 ISLAMABAD: By the middle of this century, an additional 3 billion Asians could enjoy higher living standards, but only if Asia sustains its present growth momentum and addresses daunting multigenerational challenges and risks, says a new report commissioned by the Asian Development Bank (ADB). The draft report says that as the global economy's center of gravity shifts toward Asia, the region could account for about half of global output in 2050, up from the current 27 per cent, as well as half of global trade and investment. The overview of the draft report, "Asia 2050-Realizing the Asian Century," was unveiled at ADB's 44th Annual Meeting in Ha Noi, Viet Nam. The draft report compares the
potential outcomes for Asia under two competing scenarios: the Asian Century and the Middle Income Trap. In the more optimistic Asian Century scenario, the region's gross domestic product (GDP) would soar to $148 trillion and account for 51 per cent of global output in 2050. On a purchasing power parity basis, GDP per capita in Asia would rise to $38,600, compared with the projected 2050 global average of $36,600. The alternative scenario assumes that Asia's fast-growing economies will fall into the middle income trap of slowing growth rates and stagnating income levels over the next 5 to 10 years. Furthermore, none of Asia's slow-growing economies would manage to accelerate its growth rate under this scenario.
If these events occur, Asia would account for only 32 per cent, or $61 trillion, of global GDP in 2050. On a purchasing power parity basis, GDP per capita would rise to only $20,300, or just over half of that under the Asian Century scenario. Under the Asian Century scenario, almost 3 billion additional Asians would enjoy the fruits of prosperity at least one generation earlier than under the Middle Income Trap scenario. While developing Asia has made significant strides in tackling income poverty, nonincome poverty still remains pervasive. For example, half of all Asians live without basic sanitation while 900 million people in the region have no access to electricity. See # 3 Page 11
Isb concerns must be addressed: Kerry
Pak disquiet over Afghan exit plan WASHINGTON: Senator John Kerry, chairman of US Foreign Relations Committee, has said the United States must help addressing Pakistan's concerns about the end-state in Afghanistan as the international partners move towards a drawdown from the conflict-hit country. "While we have been working closely with our Pakistani allies to address our common threats, ultimately, we must address Pakistani concerns about what the end-state in Afghanistan looks like,"
Desperate Libyans stranded in Misrata TRIPOLI: An aid ship defied lethal shell-fire to rescue African and Asian migrant workers from the besieged port of Misrata on Wednesday but was forced to leave behind hundreds of Libyans desperate to flee the fighting. Aid workers had earlier scrambled to embark the migrants, along with journalists and the wounded, on the ship bound for rebel-held Benghazi as the Misrata port came under heavy fire from forces loyal to Muammar Gaddafi. "The bombing has caused so many casualties among Libyans and people of other nationalities waiting for evacuation," Gemal Salem, a rebel spokesman told Reuters. "So far we have five killed and ambulances are rushing to the scene." The Red Star One, chartered by the International Organization for Migration, picked up 800 people caught up in the civil war who had been waiting for days to escape Misrata's worsening humanitarian crisis. It had hoped to take 1,000 people. See # 18 Page 11
Senator Kerry said in a statement at the start of a hearing on Afghanistan. The key Democratic lawmaker did not elaborate on Islamabad's concerns but Pakistani officials have repeatedly said they want a friendly government in Kabul and that they stand for a stable and peaceful neighbor in their west. Islamabad has affirmed its support for an Afghan-led reconciliation process in Afghanistan. Pakistan also does not want India to have an influential
presence on its western border and has often pointed to Indian role in stoking unrest in Balochistan province. Testifying before the panel, former US ambassador Ronald Neumann, made a reference to factors that shape Pakistani strategy toward Afghanistan and said these include "fear of India, including the ability of India to threaten it from Afghanistan. "The issue is likely to remain dominant in Pakistani strategic calculation". See # 4 Page 11
CIA chief's remarks 'disquieting': FO
Pak, US engage in recrimination ISLAMABAD: Pakistan has described as ''disquieting'' CIA chief Leon Panetta's revelation that no intelligence about the US raid that killed Osama bin Laden was shared with Islamabad for fear that the operation would be jeopardised. "Most of these things that have happened in terms of global anti-terror, Pakistan has
played a pivotal role, so it's a little disquieting when we have comments like this," Foreign Secretary Salman Bashir said. Bashir told the BBC that Pakistan had a "pivotal role" in fighting terrorism. He said Panetta was entitled to his views but Pakistan had cooperated extensively with the US. See # 5 Page 11
Devolution paused as Rabbani quits ISLAMABAD: Process of devolution of 8 ministries to provinces stands suspended after Senator Raza Rabbani has resigned as minister for interprovincial coordination. The meeting of implementation commission on 18th amendment was also postponed following the resignation of Senator Raza Rabbani. Sources told the Commission had reiterated the resolve to complete the 3rd phase of transferring of ministries to provinces by the first week of May.
Devolution of ministries of sports, woman development and environment has been delayed. In line with 18th amendment the commission has to complete the work of transferring of 18th ministries to provinces till June. During the 4th and final phase commission has to devolve 5 more ministries including health ministry. Sources told 10 ministries had been shifted to provinces so far but their certain financial matters have yet to be settled See # 6 Page 11
Pakistan role in WoT undoubted, says Kayani RAWALPINDI: Army Chief General Ashfaq Parvez Kayani Wednesday stated that Pakistan's role in the war against terror should not be doubted, media reported. Kayani was speaking during a meeting at GHQ where the army top brass was gathered to discuss the situation after Osama bin Laden's killing in Abbottabad. During the meeting, DG ISI Lieutenant General Shuja Pasha also gave a briefing regarding the security situation after the operation. A new strategy on Pakistan's security will also be devised in the next few days by the Corps Commanders. -Agencies
UN eyes details of Osama death GENEVA: UN human rights Chief Navi Pillay is keeping an eye on details of the US military operation that killed Osama bin Laden as they emerge from Washington, her office indicated on Wednesday. Pillay underlined in a statement earlier that al Qaeda's leader had assumed responsibility for planned acts, including mass murder that amounted to crimes against humanity. "I note that the United States has clearly stated that their intention was to arrest bin Laden if they could, I fully understand that this was always likely to have been difficult," she added. "This was a complex operation and it would have been helpful if we knew the precise facts surrounding his killing," the High Commissioner for Human Rights said. All counterterrorism operations had to respect international law, she added. A spokesman for her office noted that since the remarks had been prepared more details had emerged from the United States on the killing of bin Laden by US commandos during a raid on his hideout in the Pakistani garrison town of Abbottabad. Pillay said: "If he was captured and brought before a court I have no doubt he would have been charged with the most serious crimes, including the mass murder of civilians on 9/11, which were planned and systematic and amounted to crimes against humanity." See # 17 Page 11
KSE now tax free entity KARACHI: Federal Board of Revenue (FBR) has exempted Karachi Stock Exchange (KSE) from Income Tax under Section 153(4) of the Income Tax Ordinance 2001. According to KSE here Wednesday, the premier exchange has requested the members not to deduct tax on payments made to the Exchange against acquiring of services subject to tax deductions at source. -APP
ISLAMABAD: Supreme Court of Pakistan on Wednesday expressed its displeasure and dissatisfaction over the absence of much required police investigation documents of October 1, 1974 which was consigned to record on basis of untraced evidences against late Zulfikar Ali Bhutto. Chief Justice Iftikhar Muhammad Chaudhry expressing his annoyance over attitude of DIG Police Punjab told him that he even did not know where the four copies of Ichira police station record were. "We feel complete responsibility to secure record. A larger bench is sitting here and waiting for record but this police official does not know how to proceed," he added. An eleven-Judge bench headed by the Chief Justice resumed hearing of a Presidential Reference sent to it by the President under Article 186 by invoking its advisory jurisdiction over trial of late ZAB. Khwaja Haris, Advocate General Punjab, appeared and apprised that the Register 9 was available but the investigation record was handed over to FIA. He said Mohammad Aslam Sahi, ASI Lahore at that time handed over the record to
Muhammad Akram, a former judge of the Supreme Court during 1978 and afterwards police file of 112 pages was not returned. He said the file was declared as untraced. The Chief Justice expressing his displeasure told him that they were not satisfied with this version. He said it was probably a period when the trial had commenced then what was the need to summon that file. He emphasized that for proceeding on the issue, the availability of the file was very vital as it contained untraced evidences against ZAB and the case was closed in 1975. He questioned when there was no criminal case in 1975 then how it could be revived in 1977. He said under law the reinvestigation process of a case rested with the IGP but the incident explained how decisions had been made. He told Advocate general Punjab that he should go through the FIR book and would not even find the original one. Khwaja Haris, however, assured the bench that he had instructed police officials who would be trying to locate the missing file at three places and expressed his optimism that
they might come up with positive result. Dr Babar Awan, counsel for referring authority, read out events from the judicial record of Lahore High Court proceedings against late ZAB. The Chief Justice observed that district magistrate had also admitted that there was no evidence available. Dr Babar said that the missing record from Ichira police station was handed over to CIA which was a department of Punjab police. He said from the first page of judicial record, the issue of bias was apparent. The Chief Justice told him that he should also procure FIR registered in September 1981 over a firing incident on Chaudhry Zahoor Elahi and Maulvi Mushtaq, in which the former was killed while the latter was injured. The counsel said that a special bench was constituted while special prosecutors were brought to execute a design of which the judiciary was a part. He said a Commission was also formed to find out facts behind all the nonsense against the former prime minister but it could not find anything. See # 1 Page 11
Pakistan Mercantile Exchange Limited
SECP nods sugar futures contracts ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), as part of its mandate to develop and strengthen the commodities market in Pakistan, has granted approval to the Pakistan Mercantile Exchange Limited (PMEX) for introduction of the futures contract in sugar. The new futures contract adds to the existing agriculture futures contracts portfolio of the PMEX which consists of rice and palm olein involving physical delivery. The approval to the sugar futures contract was granted subsequent to stakeholder consultation carried out by PMEX wherein the exchange had sought feedback and concurrence from various segments of the sugar industry. The new delivery-based futures contract will meet the
hedging needs of all the market participants including the millers, retailers, wholesalers, corporate buyers and even consumers among others. It will benefit the sugar industry, the agricultural sector in particular and the capital market in general from various perspectives. The trading of futures contract in sugar will allow more efficient price discovery by providing a regular platform for the stakeholders' participation in the price discovery process. The said contract is also expected to assist the policymakers by giving the demand, supply and price signals which will be helpful in formulating policy decisions for the sugar industry. At least three contracts will be available for trading concur-
rently, i.e., one contract in the current month and two in the subsequent months. The contract is delivery based with minimum contract size of 10 metric tons. In order to facilitate settlement of the contract delivery can be made at either at designated warehouses; tendering ex-sugar mill delivery order by the sellers or the respective buyer and seller can mutually settle their trade outside the exchange. Further, the quality of physical delivery shall be certified by the approved analyzers. With another commoditybased contract available for trading, the local commodity market is expected to contribute more positively towards broadening the investor base and the overall economic growth of the country. See # 2 Page 11
Shaikh attends ADB meeting in Hanoi
Shaikh shares trade affairs with world ISLAMABAD: Dr Abdul Hafeez Shaikh, Minister of Finance, Revenue, Planning & Development, who is leading Pakistan's delegation to the 44th Annual Meeting of the Board of Governors being held from 3-6 May 2011, in Hanoi, Vietnam, held a series of meetings with leading heads of delegation of other countries attending the meeting. The heads of delegation with whom the finance minister met included Dr Nguyen Van Giau, Governor State Bank of Vietnam and Chairman of the Board of Governors of the ADB Meeting, Dier Reyners, Deputy Prime Minister and Minister of Finance of Belgium, Ms. Elena Salgado, Vice President and Minister of Economy and Finance of Spain, Christine Lagarde, Finance Minister of France, Cesar Purisima, Secretary of Finance of Philippines and
Abdul Qadeer Fitrat, Governor of the Central Bank of Afghanistan. During these meetings Dr Abdul Hafeez Shaikh exchanged views on issues of bilateral and mutual interest and briefed the leaders of the delegations on the economic progress made by Pakistan, the challenges being faced by Pakistan in the economic and development sectors and the steps being taken by the present government to overcome them. Later the finance minister attended on the sidelines of the ADB Governing Board, a meeting of the Finance Ministers of the Saarc member countries. Prior to this meeting, Haruhio Karuda, President of the Asian Development Bank briefly addressed the Finance Ministers. Later finance minister Dr
Shaikh attended a closed door meeting of the Finance Ministers of Saarc member countries, which was also attended by the Secretary General of Saarc during which while addressing his Saarc counterparts the Minister spoke at length on the challenges of food inflation and the policy responses by Pakistan to mitigate its impact including cash transfers through BISP. He also highlighted that as a result of right price incentives, Pakistan was expecting a bumper crop. Finance minister suggested that the whole issue of food inflation has to be looked at as an integrated way including the impact of energy prices, which is beyond national control on food prices. He emphasised on sharing regional best practices on enhancing productivity and other such areas.-Agencies
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