International Karachi, Thursday, May 12, 2011, Jumadi-ul-Saani 8, Price Rs12 Pages 12
Pak tells India not to let OBL-mess hurt ties Economic Indicators Forex Reserves (30-Apr-11) Inflation CPI% (Jul 10-Apr 11) Exports (Jul 10-Apr 11) Imports (Jul 10 - Apr 11) Trade Balance (Jul 10 - Apr 11) Current A/C (Jul 10- Mar 11) Remittances (Jul 10 - Apr 11) Foreign Invest (Jul 10-Mar 11) Revenue (Jul 10 Mar 11) Foreign Debt (Mar 11) Domestic Debt (Dec 10) Repatriated Profit (Jul- Mar 11) LSM Growth (Mar)
GDP Growth FY10E Per Capita Income FY10 Population SCRA(U.S $ in million)
232.28 Yearly(Jul, 2010 up to 10-May-2011) 6.70 Monthly(May, 2011 up to 10-May-2011) 2.41 Daily (10-May-2011) 2823 Total Portfolio Invest (30-Apr-2011) (U.S $ in million)
1.56 -1.86 -0.29 0.31 0.16 -0.15 0.27
Global Indices Index KSE 100 Nikkei 225 Hang Seng Sensex 30 ADX SSE COMP. FTSE 100 *Dow Jones
Close 12036.36 9864.26 23291.80 18584.96 2675.79 2883.42 5976.00 12677.37
Change 24.34 45.50 44.20 72.19 4.97 7.21 42.89 82.99
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)
$.Price PKR/Shares 2.60 110.38 15.36 130.42 2.00 42.45 1.70 36.09 10.87 36.92
Money Market Update T-Bills (3 Mths) T-Bills (6 Mths) T-Bills (12 Mths) Discount Rate Kibor (1 Mth) Kibor (3 Mths) Kibor (6 Mths) Kibor ( 9 Mths) Kibor (1Yr) P.I.B ( 3 Yrs) P.I.B (5 Yrs) P.I.B (10 Yrs) P.I.B (15 Yrs) P.I.B (20 Yrs) P.I.B (30 Yrs)
20-Apr-2011 20-Apr-2011 20-Apr-2011 26-Mar-2011 11-May-2011 11-May-2011 11-May-2011 11-May-2011 11-May-2011 11-May-2011 11-May-2011 11-May-2011 11-May-2011 11-May-2011 11-May-2011
13.25% 13.62% 13.87% 14.00% 13.00% 13.23% 13.57% 14.04% 14.18% 14.01% 14.06% 14.13% 14.45% 14.70% 14.91%
Commodities *Crude Oil (brent)$/bbl 115.14 *Crude Oil (WTI)$/bbl 101.38 *Cotton $/lb 148.28 *Gold $/ozs 1,507.50 *Silver $/ozs 36.63 Malaysian Palm $ 1,093 GOLD (NCEL) PKR 41,405 KHI Cotton 40Kg PKR 9,109 Open Mkt Currency Rates Symbols Buy (Rs) Sell (Rs)
Australian $ 91.50 Canadian $ 88.10 Danish Krone 16.10 Euro 121.60 Hong Kong $ 10.80 Japanese Yen 1.035 Saudi Riyal 22.53 Singapore $ 68.40 Swedish Korona 13.40 Swiss Franc 95.50 U.A.E Dirham 23.03 UK Pound 138.40 US $ 84.85
92.50 89.10 16.50 123.00 11.10 1.061 22.73 69.40 13.70 96.50 23.23 139.80 85.15
Inter-Bank Currency Rates Symbols
Buying
Selling
TT Clean
TT & OD
Australian $ 91.80 Canadian $ 88.46 Danish Krone 16.32 Euro 121.70 Hong Kong $ 10.88 Japanese Yen 1.051 Saudi Riyal 22.54 Singapore $ 68.72 Swedish Korona 13.57 Swiss Franc 96.06 U.A.E Dirham 23.02 UK Pound 138.40 US $ 84.91 Weather Forecast Cities
Islamabad Karachi Lahore Faisalabad Quetta Rawalpindi
92.01 88.67 16.36 121.99 10.90 1.053 22.60 68.88 13.60 96.29 23.07 138.73 85.09
Max-Temp Min-Temp
37°C 34°C 44°C 42°C 31°C 38°C
22°C 27°C 25°C 26°C 15°C 25°C
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See page 2
Zardari reaches Moscow
See page 12
Sharif calls for CJP-led probe on US raid
Portfolio Investment
FIPI (11-May-2011) Local Companies (11-May-2011) Banks / DFI (11-May-2011) Mutual Funds (11-May-2011) NBFC (11-May-2011) Local Investors (11-May-2011) Other Organization (11-May-2011)
KCCI urges to document all sectors
Abbottabad Operation
$17.11bn 14.08% $20.15bn $32.26bn $(12.11)bn $99mn $9.05bn $1.32bn Rs 1012bn $59.54bn Rs 5497.4bn $491mn 6.75% 4.10% $1,051 176.00mn
NCCPL
Farmers' stir: Rahul Gandhi arrested
‘N’ rejects PM-announced inquiry committee Says presence of Osama was intelligence failure ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani addresssing the Upper House of the Parliament here on Wednesday. -APP
Unity in diversity to bring stability: PM
Federal Cabinet Oks 3-yr budget strategy Fiscal deficit to be cut down by 0.5pc annually Tax-to GDP ratio to be raised to 10.3pc gradually ISLAMABAD: The Federal Cabinet met under the chairmanship of Prime Minister Syed Yousuf Raza Gilani at PM Secretariat here Wednesday and approved budget strategy for the next three years. This was the first Meeting after induction of PML-Q and MQM into Federal Cabinet. The Prime Minister welcomed the new Ministers and hoped that unity in diversity will bring political stability in Pakistan. The Cabinet took stock of the status of implementation of its decisions pertaining to
Finance Division during the last three years. The Cabinet was informed that so far Cabinet took 92 decisions pertaining to Finance Division out of which 81 have been implemented while 11 are in the process of implementation. The Cabinet approved the decisions taken by the Economic Coordination Committee (ECC) of the Cabinet of its meeting held on April 11 and 26, 2011. A detailed presentation was given during the Cabinet meeting by the Ministry of Finance on the Consumer Price Index
Cabinet takes stock of national issues
Gilani promises pro-poor budget ISLAMABAD: The Federal Cabinet has evolved a mechanism to address concerns, apprehensions and reservations of the people about Abbottabad operation during joint session Friday and discussed proposals to provide relief to the poor and under-privileged sections of the society in the coming budget. Cabinet meeting was held here on Wednesday under the chairmanship of Prime Minister Syed Yousuf Raza Gilani. Briefing newsmen, Minister for Information and Broadcasting Dr Firdous Ashiq Awan said Prime Minister took the cabinet into confidence on different aspects of Abbottabad incident and the strategy to be adopted about the joint session. The cabinet strongly condemned incidents of terrorism
in the country including the one in Peshawar on Tuesday. The Prime Minister gave directions to the finance team on how to adopt macro management strategies during the next budget. Finance Minister shared with the cabinet the road map as to how the Government intends to sustain economic gains and provide relief to the people despite global recession, rising oil prices in the international market, war on terror, law and order situation, flood situation and economic crunch facing the country. He said despite these constrains the budget would contain new initiatives to provide relief to the people. Prime Minister gave directions to take on board different stakeholders including political See # 9 Page 11
Talks with IMF start in Dubai
Pak in tight spot over tax reforms KARACHI: Pakistani officials Wednesday began talks with the International Monetary Fund -- meetings moved to Dubai after Osama bin Laden's death -- aimed at getting agreement on enough reforms in the coming budget to restart a halted IMF bailout loan. The two sides are expected to struggle to reach an accord on targets for the budget to cover the fiscal year that starts on July 1. The talks are expected to last until May 17, and the budget is due to be unveiled on May 28. The talks come at a time
when some US lawmakers have questioned whether Pakistan is serious about fighting militants and called for a suspension of American aid to Islamabad. US support was pivotal to getting an agreement, in November 2008, on an $11 billion IMF loan to financiallystrapped Pakistan. In August 2010, the IMF stopped releasing funds because of Pakistan's patchy implementation of fiscal reforms the government promised to carry out. An official involved in the Dubai talks said the IMF wants See # 11 Page 11
in the country to oversee and discuss the trend of prices of essential commodities. Secretary, Finance informed the Cabinet that the inflation is presently stagnant. The government is determined to reduce the inflationary trend to single digit. The Cabinet was also briefed in detail about the outline of new strategy under consideration for the Budget. The Budget Strategy Paper 2011-2014 was presented during the meeting by the Finance Division. See # 8 Page 11
Pak Army officers on India’s ‘most wanted’ list NEW DELHI: India has named five Pakistani army officers in a list of 50 criminals it wants extradited to stand trial on terror charges, the first time India has directly accused serving Pakistani military officers of being involved with militancy. The "most-wanted list" was handed to Pakistan in March, its contents have only just been released. The timing of the release coincides with increasing pressure on Pakistan over claims it harboured Osama bin Laden. Indian Home Secretary G.K. Pillai presented the list to his Pakistani counterpart, Qamar Zaman Choudhary, during a meeting in March, a senior government official with direct knowledge of the matter told Reuters. New Delhi has long accused Pakistan of harbouring militants such as the those behind the Mumbai attacks in 2008 that killed 166 people, who it says were supported by the country's military intelligence agency, the ISI.
Grenades thrown at SArabia consulate KARACHI: Unidentified attackers threw two hand grenades at the Saudi Arabian consulate in Karachi on Wednesday but no one was hurt, police said. One of the grenades landed inside the compound and one outside, and the attackers then See # 10 Page 11
ISLAMABAD: PML-N Quaid Mian Nawaz Sharif has demanded the formation of a Judicial Commission under Chief Justice of Pakistan within three days to investigate into the Abbottabad raid by US, saying this was essential in view of the extremely serious crisis facing Pakistan and despondency among the people. Addressing a press conference at Punjab House here on Wednesday after meeting of the Central Organising Committee and Parliamentary Party, the PML-N Quaid said the Commission, to be headed by the Chief Justice of Pakistan, should consist of Chief Justices of the four Provincial High Courts and Islamabad High Court as its members. He rejected the inquiry committee announced by the Prime
Minister in his address to the National Assembly. He said presence of Osama bin Laden, and US raid are intelligence failures saying our defence system has become weak. The Commission should also determine whether there are any agreements, explicit or inexplicit for such operations in Pakistani territory and proposed action against persons responsible for the failures to protect dignity, self respect and sovereignty of Pakistan and suggest remedies. He said the Commission should complete its inquiry and submit its report within 21 working days from the date of its notification. Mian Nawaz Sharif said he has written a letter to the Prime Minister for the formation of the Commission and it has been delivered to him.
The PML-N Quaid said if the government avoids such a commission, it would mean that it does not realize the gravity of the situation and then his party would decide on future course of action. He said institutions are never weakened but strengthened by inquiries into their functioning. He said the situation today is more difficult for Pakistan than in 1971. He said except Chinese statement no country spoke in our support. He said had there been democracy, there would not have been menace of extremism and terrorism. He also demanded making the Parliamentary Committee viable which was formed in the light of resolution of 22nd October, 2008 to review the situation, give its finds about drone attacks which are See # 4 Page 11
Nation should know economy status: Sheikh
Kerry to visit Isb to resuscitate ties with Pak
Unplanned projects drained economy ISLAMABAD: Federal Minister for Finance Dr Abdul Hafeez Sheikh has said on the pressure of parliamentarians, billions of rupees are approved for the development projects every year without realizing the condition of national exchequer and these projects hang about uncompleted for years. While addressing to the session of Senate, he said that the nation should know that how much relief they would be provided, how the development budget would cut and what is the actual situation of economy. He said that during last year Rs270 billion were allocated, whereas this year Rs290 billion would be earmarked for the development projects. He said that due to release of Rs350 billion to the provinces, their developmental budget has been enhanced to 82 per cent. He said that Planning
Commission issues the fund for development projects according to availability of funds, which depends upon the revenue collection. On the other hand the Senators form Balochistan and Khyber-Pakhtunkhwa protested in the house over nonreleasing of the funds for road construction in their provinces. Federal Minister for Communication Arbab Alamgir said that bureaucracy is much powerful then ministers. He said that budget of Rs37 billion for Communication Ministry was allocated but later it was cut down to Rs18 billion out of which Rs16 billion were not released. He said that the law and order situation in Baluchistan is very grim so government would have to spend huge fund there. He told the house that projects worth Rs200 billion See # 5 Page 11
Cementmakers eye Rs270m in subsidy LAHORE: Chairman, All Pakistan Cement Manufacturers Association (APCMA), Aizaz Mansoor Sheikh has appealed the Federal Minister for Finance, Dr Abdul Hafeez Sheikh to release Rs270 million against inland freight subsidy, promised by the government to cement exporting mills. In a letter written to the financial head of the government, Chairman APCMA requested him to intervene into the matter to provide relief to the ailing industry, which has been incurring severe losses due to high cost of production, declining exports and slacking local demand of the commodity. He reminded the Finance Minister that the Economic
Coordination Committee (ECC) and Trade Development Authority of Pakistan (TDAP) approved inland freight subsidy on export of cement by sea. Accordingly, the government issued a public notice dated March 26, 2010 allowing inland freight subsidy at the rate of 35 per cent on cement exports till June 30, 2010. Based on this decision, the cement producers have exported a huge quantity of commodity but unfortunately not a single claim was entertained even after a lapse of eight months, he expressed his concerns. The letter pointed out that during these eight months, the overall exports stood at 6.72 million tonnes to different See # 7 Page 11
ISLAMABAD: US Senator John Kerry will travel to Pakistan in coming days to put relations "on the right track" after the killing of Osama bin Laden in a surprise Navy SEALs raid, but he is likely to face fury from the army over what it sees as a breach of trust. Kerry, a Democrat who is close to the Obama administration, said he expected to see "all the main players" in Pakistan to discuss strains in bilateral ties following the May 2 operation that killed the al Qaeda leader in his Pakistani hideout. "A number of people suggested it would be good to get a dialogue going about the aftermath and how we get on the right track," Kerry, chairman of the Senate Foreign Relations Committee, told reporters in Washington. Co-author of a 2009 bill that tripled non-military aid to Islamabad, Kerry is seen as a friend of the country, but he is likely to face the wrath of the powerful security establishment which has been embarrassed by the unilateral US action on Pakistani soil. Militant factions including bin Laden's al Qaeda have vowed revenge for his killing and two hand grenades were thrown at the Saudi Arabian consulate in the Pakistani city of Karachi although no one was hurt, police said. Al Qaeda is violently opposed See # 6 Page 11
MQM to hold referendum on Osama episode Staff Reporter KARACHI: Muttahida Qaumi Movement (MQM) chief Altaf Hussain has announced to conduct referendum in the country on Abattobad operation that killed Osama Bin Laden.
2
Thursday, May 12, 2011
Pre-budget proposals suggest
KCCI urges to document all sectors Qutubuddin KARACHI: Information Secretary Pakistan Peoples Party Women Wing Sindh Sharmila Faruqui addressing a seminar on Child Rights Protection, organised by SPARC at local hotel Wednesday.-Staff Photo
Senate told
KESC playing havoc in Karachi ISLAMABAD: Karachi Electric Supply Company (KESC) is continuously playing havoc with people' lives by excessive billing and long-hours load shedding which have multiplied their sufferings. Speaking on point of order in the Upper House of the Parliament on Wednesday, Senator Col (R) Syed Tahir Hussain Mashhadi said some areas in Karachi were deprived of electricity from last three days. KESC, oblivious of sufferings of people, was not operating the furnace oil generators for which they are getting subsidy from the government, he said. The company has dismissed most of the linemen which is increasing large scale unemployment. However, the head of the company who was contact-
ed several times to discuss the issue, gave no positive response. Senator Khalid Soomro said the resident of Larkana and Sukkur are also facing the similar situation due to 18 hours load shedding per day. However, the officials of Sukkur Electric Supply Company (SESCO) also misbehaved with the member Parliament. Both the senators have submitted privilege motion against these companies. Raising another point, Senator Dr. Abdul Malik said most of the children in federal government schools were deprived of text books. Many parents have complained that the students are facing problems as educational institutes have not provided text books to them.-APP
Ufone enjoys highest SMS traffic
KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) has suggested to the government to tax untapped and undocumented sectors of economy that were not paying their due share to the national exchequer and evading taxes. "It is evident that in spite of having one of the highest tax rates in the world, Pakistan is ranked among countries having lowest Tax to GDP ratio," the KCCI said in its budget proposals for the next fiscal year 20011-12 on Wednesday. "One reason being lack of resources and weakness-
es in documentation while the other is very low or negligible contribution of taxes by the "Services" and "Agriculture" sectors, which is roughly less than even one third of the "Manufacturing" sector, it added. The disparity in tax collection not only creates attraction to evade taxes but is also a disincentive for Investment, it maintained. The KCCI, it said was striving hard to strengthen the economy of the country by promoting both trade and Industry while attracting foreign investment by portraying a bright image of the country and creating job opportunities through increased economic activi-
ties for the existing and future generations of the nation. "Unrest in the economy has been caused by power failures, tax policies, Afghan Transit Trade Agreement, elimination of zero rating and automated Customs clearance system, Audit policies which played a major role," the KCCI budget proposal observed. KCCI, in its proposal further sought quick structural reforms in Collection of Taxes, administration & good governance in taxation departments as well as companies, documentation of economy, elimination of corruption and providing relief to the people at grass
DHL to boost Africa's oil, energsy sector
ISLAMABAD: Sindh Minister for Culture Ms Sassui Palijo visiting an exhibition at National Institute of Folk and Traditional Heritage.-APP
Unsubstantiated claim
Interesting CCP orders to data on cellular traffic released modify anti-hair fall ISLAMABAD: Pakistan is among the top five countries with the highest SMS traffic and Ufone is one of the telecom companies operating in Pakistan which has the highest SMS traffic on the network. According to official data available, Zong and Mobilink have more outgoing traffic than the incoming traffic and Telenor has quite high incoming than its outgoing. When contacted, officials in Pakistan Telecom Authority (PTA) told that total SMS exchanged from July to September in 2010 were 48,846 million. Mobilink has the highest difference in exchange of traffic with ufone. It receives more traffic from Ufone than is sending. Official data further revealed that Mobilink is receiving more SMS messages from Zong than the sent messages, while its sending more messages to Telenor and Warid. As far Telenor is concerned, it is receiving more SMS from all other networks, except Warid, than its sending. According to report of PTA, Ufone SMS traffic is the highest landing traffic at the Telenor network. Furthermore, Zong is also sending more traffic to Telenor than is receiving from it. Zong is also sending more SMS to all the operators than receiving. The difference in exchange of traffic is highest with Warid, followed by Mobilink, then Telenor and Ufone. In 2008-09, Pakistan
had the largest text messaging growth in Asia pacific. Almost 151.6385 billion text messages were exchanged during 2009, generating revenue of Rs40.76 billion. All telecom operators in Pakistan offer very attractive bundle packages. Approximately 80% of the total SMS traffic is exchanged over bundle packages and rest 20% on flat rate of Rs1/SMS. An average bundled package of 700SMS/month is approximately for Rs 60.According to these two rates, the revenue for SMS-traffic is calculated to be approximately Rs40.76 billion. As far international traffic is concerned, Telenor interestingly has its international outgoing not more than 10% of its international incoming SMS and Telenor receives quite handsome number of SMS from the external world. In case of Zong also, it has more international incoming than international outgoing traffic. Its outgoing traffic is around 85% of the international incoming traffic. Our country, despite its low income, seems to be most ready for 3G and other broadband applications because of its subscriber's agility and adeptness in using their mobile phones for data applications. Some experts foresee the texting to die out with coming of 3G but yet, unless costs of service and handsets go down, texting, up to some extent will remain the main mode of communication for many Pakistanis. -APP
root level. The KCCI President Saeed Shafiq in his remarks on budget proposals said that in order to widen the tax base, it was necessary to take effective measures against underdeclaration and tax evasion. "Federal Board of Revenue (FBR) will have to tap new sources and enforce strict tax compliance, plug loopholes in taxation regime, broadening the tax-net for achieving the target," he added. He said the only sustainable way to protect low income groups from inflation is by targeted subsidies and the creation of ample employment opportunities.
product campaign
Staff Correspondent ISLAMABAD: The Competition Commission of Pakistan (CCP) has passed an order against RITS Incorporation to modify their overall marketing campaign for their product "Remaine" so that it complies with Section 10 of the Competition Act 2010 (the 'Act') which deals with deceptive marketing. Earlier, CCP had issued RITS a show cause notice for making absolute unsubstantiated claims "100 percent stop in hair fall in 8-15 days." RITS failed to provide satisfactory documentary evidence in the form of experiments or trials conducted to prove that after
the use of the product "Remaine" not a single hair will fall. A hearing was conducted on February 1, 2011 in which RITS sought guidance from the CCP and agreed to modify the claims in the packaging and advertisements on television in accordance with Section 10. The CCP always appreciates cooperation extended in ensuring compliance with the Act and has therefore taken a lenient view towards RITS by not imposing any penalty for the committed violation. However, the parties are reprimanded to ensure more responsible behavior in future with respect to marketing of the products and making any claims in respect thereof. All adver-
tisements pertaining to "Remaine" whether electronic, printed or otherwise are to be modified as agreed. Any existing marketing or advertising material making an absolute claim in any form with respect to the subject advert must be withdrawn within four weeks. A compliance report in this regard will be submitted by RITS to the CCP no later than 20th June 2011. CCP is actively engaged in taking actions aimed to protect consumers from deceptive marketing practices by enforcing Section 10 of the Competition Act, 2010 along with creating a healthy business environment in Pakistan, says a CCP press release.
Lotte keen to enter Pak mkt TFD Report KARACHI: Lotte believes that the Pakistan has lot of potential, and if the government extends it some facilitation, Lotte will make a commitment to invest another $400 million in the country. This was said by Executive Director Jung Neon Kim of Lotte Pakistan PTA Limited while speaking informally to the media. He said the Lotte Chairman who recently visited Pakistan, and keen to acquire more business in Pakistan, and expand the PTA by investing a further $500m. The PTA plant was acquired by Lotte in September 2009 and renamed Lotte PTA
Pakistan Limited. Jung Neon Kim said Lotte was also in the process of acquiring Kolson so that it could enter the confectionary and food business in the country. He added that Lotte also wanted to concentrate on the beverage industry, as well as expand into the chemical and contruction sectors. He said the Pakistan was a big market and the government could help encourage foreign investment if it backed persistency in tariff rates and offered lower taxes and tax breaks. The Lotte Executive Director said that his company was the tenth largest taxpayer in Pakistan contributing about Rs20 billion
to the exchequer in the form of taxes. He said in his opinion the tax rates in this country were among the highest in the region and should be reduced to attract more investment. He said Lotte Pakistan took CSR (Corporate Social Responsibility) very seriously and had spent Rs400 million on CSR activities last year besides contributing to the relief efforts for flood victims. Giving further details, he said Lotte was intensely involved in education in and around Port Qasim where the Lotte Pakistan PTA plant is located. Lotte, he added was committed to spending Rs60 million annually on education in the area.
KARACHI: Africa and South Asia Pacific CEO of DHL Global Forwarding, the forwarding arm of DHL, the world's leading logistics company, Amadou Diallo, today announced plans to launch four Oil and Energy Centers of Excellence across Africa over the next 12 months in Cape Town, South Africa, Luanda, Angola, Accra, Ghana (for West Africa) and Mombasa, Kenya (for East Africa). The centers will offer customers specialist expertise in oil and energy logistics, as the continent is poised to become a global energy powerhouse. Oil and energy production within Africa grew from 370 million tonnes in 2000 to 459 million tonnes in 2009 and the continent is expected to maintain, if not exceed, this growth rate in the medium-term. African oil production capacity is anticipated to reach 7.4 million barrels a day by 2014 and with the growing global demand for energy Africa has become a key investment destination. Amadou Diallo, CEO, Africa and South Asia Pacific, DHL Global Forwarding said: "With 10% of the world's oil in Africa, a swiftly growing economy, businesses and investors around the world are tapping into the potential of Africa. DHL's Oil and Energy Centers of Excellence will give customers the ability to consult our logistics experts who not only know logistics, but understand the intricacies of the oil and energy sector, to build an effective supply chain solution that can leverage our connections across 220 countries and territories around the world."-PR
No love as pure as mother's: Chhipa KARACHI: Chhipa Welfare Association's patron-in-chief Ramzan Chhipa has said that there is no love and no friendship in the universe that could be as pure as that of a mother's love to her child. Mother is that priceless gift from the divine that the heap of the lucrative and wealth does not carry any weight to it. He said this while addressing a ceremony held at a local school to commemorate the "World Mothers day."-PR
KARACHI: Reza Burney, Country Care Manager, Nokia Pakistan and Afghanistan kicks off Nokia Recycling programme in Pakistan by dropping off an old mobile phone in Nokia Recycle Box.-Staff Photo
Nokia recycling campaign for greener Pakistan TFD Report KARACHI: Nokia recently kicked-off a two month long Mobile Phone Take Back and Recycling Campaign in collaboration with Ufone, Unilever, Radio FM 91, ARY Music, Orient Advertising and United Media. All the companies involved in the campaign joined hands to improve the environmental awareness in Pakistan and to provide an easily accessible solution for responsible recycling of mobile phones, accessories, chargers and mobile batteries of all brands. Recycling is processing old materials into something new in order to prevent wasting useful material, to cut down on energy consumption and to reduce the need for waste land filling that can spoil Pakistan's environment.
People all across Pakistan are contributing to the campaign by recycling old and redundant or even broken mobiles that are no longer of use. Taking part in this campaign is easy: simply bring your old mobile devices, chargers, batteries and accessories of all brands to one of the 33 Nokia Care Centres or Ufone Sales and Service Centres across the country. The campaign will give a free gift hamper from Unilever and a chance to win a brand new Nokia N8 device only if person will drop off a mobile phone for recycling (all brands accepted). Nokia Mobile Phone Take Back and Recycling Program rolled out in Pakistan during 2010. At this point in time, Nokia aims to increase awareness about why it is important to recycle your old phone and how easy it can be done.
FPCCI seminar on plastic technology M Imran Sharif KARACHI: "Having introduced Oxo-biodegradable additive, our trade and industry can not only control plastic pollution caused by shopping and packaging but also comply with the requirements of environment friendly packaging of international market."; said the President of The Federation of Pakistan Chamber of Commerce & Industries (FPCCI) while addressing the seminar on of Oxo-biodegradable plastic technology. Senator Haji Ghulam Ali, President, FPCCI, chaired the seminar in which leaders of business community, Director General of provincial Environmental Protection Agency, and chairpersons of environmental committees of FPCCI and Karachi Chambers participated. Khaled Hameed the Executive Director of Business Dynamics (Pvt) Ltd gave a comprehensive presentation on the Oxobiodegradable plastic technology and stated that it is a pride for the country that the worlds best plastic company has agreed to launch their products and to solve the prevailing problem caused by non-degradable plastic bags and packaging. Business Dynamics (Pvt)
Ltd is the exclusive distributor of a British public company known as Symphony Environmental Ltd. It is the world leader in Oxobiodegradable plastic technology and the brand name they use for this product is d2w-controlled-life plastics. The technology is very simple and needs no changes in the existing manufacturing methods but just requires adding 1% of the additive in the same raw material as for normal plastic. The additive is branded as d2w (degradable to water), which converts the conventional plastics into biodegradable and environment friendly plastics. The plastics will completely degrade at the end of its useful life and will disappear in a short times scale leaving no fragments and no harmful residues behind. The life of the product is set at the time of manufacture according to the user's requirement. The product is tested and certified according to the international standard of ASTM 6954. Amir Younas, CEO and Muhammad Afrasiab, Executive Director (South) were also there to represent their company. Replying to a question the representative of the firm stated that the additives neither affect any of the properties nor recyclability of the waste plastic.
KARACHI: Ramzan Chhipa addressing World Mothers Day Ceremony in a school.-Staff Photo
3
Thursday, May 12, 2011 Top Economic Events
Euro falls, pressured by Greek debt woes; pound up Sterling boosted by BOE inflation forecast NEW YORK: The euro fell to a three week low on Wednesday and is likely to remain pressured by ongoing concerns about whether euro-zone officials will provide timely financial aid to debtladen Greece and Portugal. In Greece, police fired teargas at dozens of youths hurling stones in central Athens on Wednesday. A strike against austerity brought much of the nation to a halt during talks on the next slice of a bailout package. Senior EU and IMF inspectors met Finance Minister George Papaconstantinou at the start of a visit to Athens to press Greece to shore up its finances one year into the EU/IMF deal. The European peripheral nations "have never had their fiscal house in
order," said John Doyle, strategist at Tempus Consulting in Washington. Investors "may have lost focus on that but it is now back in focus." The euro dropped 1.4 per cent to $1.4203 with the session low at $1.4195, its weakest since April 18. Analysts said the euro declines accelerated after the breach of an options barrier at $1.4250. Euro crosses were dumped after a fallout in gasoline futures caused panic about the state of the global economic recovery. Comments from a German deputy
finance minister that euro-zone officials will debate Greece's debt crisis next week but that no decision will be taken added to uncertainty as markets fret
over the potential for a Greek debt restructure. The euro got a brief boost on Tuesday after a Dow Jones news agency report cited a senior Greek government official as saying Athens expects to receive a new aid package totalling nearly 60
Asian currencies
Specs, exporters lift won; Asians seen firm China data sparks some downward pressure SINGAPORE: The South Korean won rose on Wednesday as exporters and speculators took advantage of recent corrections in regional currencies as commodities and stocks rebounded amid a sustained bullish outlook for emerging Asian currencies. Regional currencies cut some of their earlier gains as investors covered dollar-short positions after data indicated China's economy is cooling. They may suffer more falls as investors build up more dollar-short positions to cover, but the bullish trend of regional currencies remains intact, dealers and analysts said. South Korean central bank is expected to raise interest rates on Friday, a private survey of
the country's bond market traders showed earlier. The won rose against the dollar on demand from exporters such as shipbuilders and as speculators entered fresh dollar-short positions. Some local interbank speculators dumped dollar-long positions to stop losses, providing further support to the South Korean currency. But the local unit gave up some of its earlier gains as importers including state-run companies who bought dollars for settlements while investors covered some dollar-short positions after China's data indicating that South Korea's top export market is cooling. The won is expected to stay in the recent range of 1,060 per
Sterling rallies on BoE inflation report LONDON: Sterling climbed to a six-week high against the euro on Wednesday after the Bank of England raised its inflation forecasts, leading markets to bring forward the possible timing of an interest rate hike. A broadly weaker euro fell over 1 per cent on the day to 86.84 pence, its lowest since March 24, with the single currency hurt by uncertainty about
further aid for indebted eurozone members. Technical analysts said euro/sterling could now target 86.64 pence, the 50 per cent retracement of this year's rally, and then its 200-day moving average around 85.57. But others said the pound's rally could reverse as it has not fully priced in lowered interest rate expectations, with sterling also vulnerable to further gloomy news about UK growth. "The market was positioned quite short going into it, expecting a more dovish tone from the BoE, and that's the main reason
sterling rallied, but I wouldn't want to chase that rally much higher," said Chris Walker, currency strategist at UBS. "Sterling still has to play catch-up with the very changed interest rate expectations since the beginning of the year," he said. Markets are now fully pricing in a BoE rate hike for December, compared to January before the
inflation report. But expectations have been volatile. Earlier this year, markets were nearly certain a rate rise would happen this month. Against the dollar, sterling rose almost 1 per cent to $1.6518, its highest in a week, before running into good offers which knocked it back down to $1.6454 in afternoon trade. Lloyds analysts had earlier issued a buy recommendation on sterling/dollar with an initial target of $1.6728. They highlighted the pound holding above trend support around $1.6290. Reuters
dollar and 1,090, dealers in Seoul said. The ringgit gained as interbank speculators entered fresh dollar-short positions amid a rebound in Asian stocks and commodities. But the ringgit gave up some rises after China's data, and after Malaysia's industrial output data showed March factory production growth moderated. Leveraged accounts and interbank bought the Singapore dollar, but they covered short positions later when the euro slid below 1.44 per US dollar. Still, the city-state currency is expected to stay on a bullish trend as Asian policymakers, including the central bank of the city-state, are expected to keep fighting inflation. -Reuters
Swiss franc up vs euro on Greece worries ZURICH: The Swiss franc inched up versus the euro on Wednesday as speculation about another Greek aid package pushed investors towards the safe-haven currency. Analysts at St Galler KB said the Swiss franc might see a short-term correction versus the euro but uncertainty surrounding Greece could then push it back up above the 1.2500 level. "If (the euro) falls below the 1.25 level, a new alltime low might not be too far off," they wrote in a note. At 0735 GMT the franc was trading at 1.2656 against the euro, 0.2 per cent higher compared to the New York close. Against the dollar the franc was flat at 0.8804 per franc. The Swiss franc hit session lows against the euro and the dollar on Tuesday after the Swiss consumer price index rose 0.3 per cent from a year ago, well below forecasts for a 0.7 per cent rise in a Reuters poll, pushing back markets' expectations for an interest rate hike. Swiss interest rate futures now show that markets don't expect the SNB to tighten its ultra-loose monetary policy until March. They had previously pointed towards a high chance of a 25 basis point move in September. -Reuters
Aussie dlr gains ground; RBNZ keeps NZD in check SYDNEY/WELLINGTON: The Australian dollar rose to a one-week high against the greenback on Wednesday, underpinned by strength in stocks and commodity prices, but slightly disappointing Chinese data knocked the currency off the session peak. The Aussie dollar climbed to a high of $1.0873 early in the session, gaining momentum after having broken through $1.0800 overnight. It later slipped to a session low of $1.0836 after Chinese industrial output and inflation data suggested slower activity in Australia's key export market. The Aussie last traded at $1.0857, up from $1.0831 in New York. Support for the Aussie, which struck a fresh 29-year peak of $1.1012 last week, is seen at $1.0770, the May 10-intraday low with resistance pegged at $1.0877. The Australian dollar should remain well-supported around $1.0700-$1.0800 in the next few days, said Grant Turley, strategist at ANZ.
Turley said if the euro-zone sovereign debt problems eases, the Aussie could also get a lift. The New Zealand dollar was hampered by comments from Reserve Bank of New Zealand Governor Alan Bollard, who twice said the currency was too high. It last traded at $0.7946, down from the session high of $0.7972 and little changed from levels seen late in New York. The Aussie touched a one-week high against the kiwi at NZ$1.3674, before edging off to last trade at NZ$1.3656. The Antipodean currencies clocked sharp gains on a depressed euro, with the single currency sinking to a four-month low of A$1.3206, some seven cents below last week's peak. Against the kiwi, it struggled to climb off a two-week trough near NZ$1.8000 plumbed on Monday. The Aussie also outperformed the yen, reaching a one-week high near 88.00 as investors looked for yield. It has gained nearly four yen from last week's trough of 84.27. -Reuters
billion euros ($87 billion) in June. Although Greece denied the report, some market players expect additional funding sooner or later given fears other options -- such as debt restructuring or even an exit from the euro-zone by Greece -- would be more painful and cause more losses among European banks. Sterling hit its highest since March 24 against the euro after the Bank of England raised its mediumterm inflation forecasts in its Quarterly Inflation Report, with markets now expecting a UK rate hike by year-end. Sterling was last little changed against the dollar. The dollar was also little changed against the yen at 80.84 yen but up 0.8 per cent against the Swiss franc at 0.8862 francs. -Reuters
Yuan edges down, but gradual rise seen SHANGHAI: The yuan finished down against the dollar on Wednesday, but traded firmer than the record high mid-point set by the People's Bank of China on expectations it may continue its ascent after stronger-than-expected inflation. Policymakers in Beijing have made it clear they will deploy the currency as a weapon to fight inflation, which eased a touch to 5.3 per cent in the year to April from a 32-month high of 5.4 per cent in March but was still higher than expected, keeping the door open for more tightening steps. "Strong inflation pressure can still trigger a further rise in the yuan," said a trader at a Chinese commercial bank in Shanghai. "But recently the dollar remains at a high level, which has capped a sharp rise." The market, however, still expects the yuan to rise gradually over time due to both domestic and global factors. China's Vice Finance Minister Zhu Guangyao told reporters following the annual US-China Strategic and
Economic Dialogue that the two countries agreed on the direction of exchange rate reform, but not the pace of yuan appreciation. Spot yuan closed at 6.4930 versus the dollar, slightly weaker than Tuesday's close of 6.4919. It has appreciated 5.13 per cent since it was depegged from the dollar in June 2010, and 1.47 per cent since the start of this year. It traded between 6.4905 and 6.4942, higher than the midpoint set by the PBOC at an alltime high of 6.4948 against the dollar, inching up from Tuesday's historical high of 6.4950. The PBOC has guided the yuan to a slew of record highs this year, with a rise of 0.9 per cent in April, accelerating from 0.4 per cent in March, due in part to a general surge in global commodity prices. Offshore, one-year nondeliverable forwards (NDFs) were bid at 6.3370, little changed from 6.3400 at Tuesday's close. Their implied yuan appreciation in a year's time edged up to 2.49 per cent from 2.44 per cent. -Reuters
Indian rupee surges as euro strengthens MUMBAI: The Indian rupee rose on Wednesday, helped by a strong euro, hopes of robust dollar inflows towards a share sale, and as firm global stocks pulled up domestic equities. Importer demand and some corporate dollar buying, however, contained the rupee's rise, dealers said. The partially convertible rupee ended at 44.69/70 per dollar, stronger than Tuesday's close of 44.74/75. Intraday, the rupee had moved in 44.642544.7200 band. "We need to see how the inflation and growth numbers will be to understand how stock markets will behave and, in turn, affect the rupee," said N.S.S. Mani, chief dealer at State Bank of Travancore. Till then, the rupee will continue to move in a narrow band, he said. Factory output data for March is due on Thursday and April's wholesale price inflation will be released on Monday. Traders said inflows towards a share sale by Power Finance Corp will also be crucial in
deciding rupee direction. The one-month onshore forward premium was at 25.75 points versus 27.00 points last close. The three-month was at 81.50 points versus 79.00 points previously and the oneyear was at 304 points compared with 300.50 points. The one-month offshore nondeliverable forward contracts were quoted at 44.9, weaker than the onshore spot rate. In the currency futures market , the most traded nearmonth dollar-rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange were at 44.8500, 44.8475 and 44.8500, respectively, with total volume at $6.69 billion. Reuters
Time 4:30am 4:30am 4:30am 5:00am 5:00am 4:45pm 4:45pm 6:30pm 6:50pm 6:50pm 7:01pm
Source GBP GBP GBP EUR EUR NZD NZD AUD JPY JPY GBP
Events CPI y/y Core CPI y/y RPI y/y German ZEW Economic Sentiment ZEW Economic Sentiment PPI Input q/q PPI Output q/q WMI Consumer Sentiment m/m CGPI y/y Current Account RICS House Price Balance
Source
Events
EUR
French Industrial Production m/m
EUR
Italian Industrial Production m/m
GBP
PPI Input m/m
GBP
Trade Balance
GBP
Forecast 2.30% 1.50% 4.10% -45 -43 1.00% -10.00% 2.70% 1.90T -52.00%
Previous 2.10% 1.40% 4.00% -41.6 -41.7 2.30% 1.60% -8.30% 2.60% 2.16T -49.10%
Actual
Forecast
Previous
0.70%
0.70%
-1.70%
-0.50%
0.50%
-1.10%
2.60%
1.00%
1.40%
-7.6B
-7.4B
-7.9B
DCLG House Price Index y/y
9.10%
8.00%
9.70%
GBP
PPI Output m/m
1.00%
0.50%
0.40%
CAD
New Housing Price Index m/m
0.10%
0.30%
0.50%
Previous Day
Currencies Rate Name EUR-USD USD-CHF GBP-USD USD-CAD AUD-USD EUR-JPY EUR-GBP EUR-CHF GBP-JPY CHF-JPY Gold
As per 22.00 PST Ask High 1.4297 1.4425 0.8836 0.8848 1.6449 1.6517 0.9571 0.9578 1.0764 1.0889 116.07 116.88 0.8695 0.8810 1.2637 1.2702 133.56 134.02 91.88 92.18 1507.78 1526.39
Bid 1.4295 0.8833 1.6444 0.9569 1.0761 116.04 0.8691 1.2634 133.47 91.82 1507.29
Low 1.4279 0.8785 1.6347 0.9515 1.0751 115.95 0.8685 1.2620 132.08 91.61 1505.11
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 11/05/2011 A USD GBP CAD EUR JPY O/N 0.13200 0.57463 0.97917 1.00250 SN 0.11063 1WK 0.16915 0.58838 1.02167 1.14100 0.12000 2WK 0.17975 0.59750 1.05083 1.16375 0.12500 1MO 0.19875 0.62563 1.08500 1.19125 0.14063 2MO 0.23200 0.70000 1.12917 1.23875 0.16000 3MO 0.26225 0.82250 1.20000 1.37688 0.19563 4MO 0.30563 0.89500 1.27583 1.45938 0.24313 5MO 0.36600 1.00125 1.34417 1.54813 0.29750 6MO 0.42050 1.11125 1.40500 1.65950 0.34313 7MO 0.47625 1.19813 1.49250 1.73500 0.39188 8MO 0.52825 1.28500 1.57333 1.81250 0.44000 9MO 0.57875 1.36750 1.65167 1.89625 0.48438 10MO 0.63250 1.44813 1.74417 1.97500 0.51188 11MO 0.68400 1.52063 1.83333 2.04000 0.53750 12MO 0.74250 1.58906 1.92500 2.11500 0.56188
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 June 9, 2011 May 20, 2011 June 9, 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 11,2011 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
84.75 138.73 121.99 88.67 96.29 92.01 13.60 1.05 15.62 68.88 16.36 22.60 10.90 308.07 28.43 67.39 23.27 23.07 0.08 2.82
84.55 138.40 121.70 88.46 96.06 91.80 13.57 1.05 15.59 68.72 16.32 22.54 10.88 307.34 28.36 67.23 23.22 23.02 0.08 2.81
84.34 138.03 121.34 88.23 95.81 91.55 13.53 1.04 15.54 68.54 16.28 22.49 10.85 306.53 28.29 67.06 23.16 22.96 0.08 2.80
Revaluation Rates Treasury Bills / PIBs / FIBs Holding Applicable for May 11, 2011
KASB 0-7days 12.30 8-15dys 12.35 16-30dys 12.45 31-60dys 12.75 61-90dys 13.03 91-120dys 13.20 121-180dys 13.41 181-270dys 13.50 271-365dys 13.71 2-- years 13.95 3-- years 14.03 4-- years 14.05 5-- years 14.07 6-- years 14.08 7-- years 14.08 8-- years 14.11 9-- years 14.13 10--years 14.13 15--years 14.45 20--years 14.70
BMA 12.00 12.40 12.40 12.70 13.00 13.18 13.42 13.55 13.74 13.90 14.02 14.04 14.07 14.09 14.09 14.09 14.08 14.12 14.40 14.65
ELXIR 12.10 12.35 12.65 12.79 13.03 13.22 13.41 13.59 13.71 13.99 14.01 14.07 14.08 14.12 14.13 14.06 14.07 14.13 14.47 14.72
GSL 12.15 12.40 12.65 12.90 13.00 13.22 13.42 13.52 13.71 13.90 14.01 14.02 14.03 14.04 14.10 14.08 14.09 14.13 14.50 14.80
ICSL 12.15 12.34 12.54 12.75 12.99 13.14 13.42 13.50 13.70 13.97 14.00 14.03 14.06 14.07 14.10 14.10 14.09 14.12 14.45 14.70
JSCM AvgRate 12.25 12.16 12.40 12.37 12.65 12.56 12.85 12.79 13.00 13.01 13.10 13.18 13.42 13.42 13.55 13.54 13.72 13.72 13.98 13.95 14.00 14.01 14.02 14.04 14.06 14.06 14.07 14.08 14.08 14.10 14.10 14.09 14.11 14.10 14.13 14.13 14.45 14.45 14.65 14.70
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
0.76 0.95 0.83 0.73 0.89 0.14
0.98 -0.05 -0.30 0.20 -0.62 0.26
0.91 0.41 0.55 0.67 0.54 0.31
EUR/USD NZD/USD
0.97 0.19 0.66 0.84 0.51 0.54
0.95 0.88 0.81 0.91 0.92 0.85
USD/CAD USD/CHF
0.69 0.80 0.74 0.49 0.86 0.14
-0.94 -0.84 -0.80 -0.81 -0.80 0.11
-0.91 -0.74 -0.79 -0.74 -0.93 -0.47
Karachi Inter Bank Offered Rates (KIBOR) Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)11/05/2011 1WEEK
2 WEEK
1 MONTH
3 MONTH
6 MONTH
9 MONTH
1YEAR
2YEARS
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
BID
ASK
ABLN 11.90
12.40
12.10
12.60
12.40
12.90
13.00
13.25
13.40
13.65
13.60
14.10
13.70
14.20
13.90
14.40
JSBL
11.95
12.45
12.25
12.75
12.50
13.00
13.00
13.25
13.50
13.75
13.60
14.10
13.70
14.20
13.80
14.30
ASPK 11.95
12.45
12.20
12.70
12.65
13.15
13.00
13.25
13.30
13.55
13.55
14.05
13.65
14.15
13.80
CIPK
11.80
12.30
12.00
12.50
12.50
13.00
12.80
13.05
13.20
13.45
13.30
13.80
13.50
14.00
13.60
14.10
DBPK 11.75
12.25
11.85
12.35
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
11.85
12.35
12.20
12.70
12.45
12.95
12.95
13.20
13.30
13.55
13.60
14.10
13.70
14.20
13.90
14.40
FLAH 11.85
12.35
12.20
12.70
12.45
12.95
12.95
13.20
13.30
13.55
13.50
14.00
13.65
14.15
13.75
14.25
HBPK 11.85
12.35
12.10
12.60
12.50
13.00
13.00
13.25
13.35
13.60
13.55
14.05
13.70
14.20
13.80
14.30
HKBP 11.90
12.40
12.10
12.60
12.60
13.10
13.00
13.25
13.35
13.60
13.55
14.05
13.70
14.20
13.80
14.30
NIPK
12.00
12.50
12.20
12.70
12.60
13.10
13.00
13.25
13.10
13.35
13.20
13.70
13.30
13.80
13.40
HMBP 12.00
12.50
12.25
12.75
12.50
13.00
13.00
13.25
13.35
13.60
13.55
14.05
13.75
14.25
13.85
14.35
SAMB 11.85
12.35
12.15
12.65
12.50
13.00
13.00
13.25
13.35
13.60
13.50
14.00
13.65
14.15
13.75
14.25
MCBK 12.00
12.50
12.30
12.80
12.50
13.00
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
12.30
12.80
12.50
13.00
13.00
13.25
13.30
13.55
13.60
14.10
13.70
14.20
13.80
14.30
SCPK
11.80
12.30
12.10
12.60
12.50
13.00
12.90
13.15
13.25
13.50
13.50
14.00
13.65
14.15
13.80
14.30
UBPL 11.75
12.25
12.00
12.50
12.50
13.00
12.90
13.15
13.25
13.50
13.50
14.00
13.60
14.10
13.90
14.40
AVE
12.38
12.16
12.66
12.50
13.00
12.98
13.23
13.32
13.57
13.54
14.04
13.68
14.18
13.80
14.30
11.88
14.30
13.90
4
Thursday, May 12, 2011
The Financial Daily International
MENACE OF CORRUPTION IN PAKISTAN
Vol 4, Issue 185
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
Remove all encroachments Almost all the roads in Karachi have been encroached which causes not only worst traffic jams but is also a reason for waste of tons of fossil oil, diesel and CNG and LPG being burnt due to the traffic jams. In fact all sorts of encroachments from all the main roads must be removed at the earliest. However, the roads which must be cleared immediately are M. A. Jinnah Road, New M. A. Jinnah Road, Khalid bin Waleed Road, Tariq Road to name a few. While one may say that the prime reason for encroachment of footpaths and roads is sky rocketing prices of shop, the same does not apply on encroachment of New M. A. Jinnah Road and Khalid bin Waleed Roads by the car dealers. While Kamal Mustafa was City Nazim these roads were relatively much clear but now dealers have not only occupy footpaths but cars are also parked in two/three lanes leaving hardly any space for the smooth flow of traffic. This not only causes worst traffic jams in these areas but also pollutes the environment. Through, hundred of skyscrapers have been constructed on Tariq Road and Khalid bin Waleed Road, the car parked by the owners/occupants of the apartments keeps the roads and even side lanes filled with cars. Most of these building have been constructed in gross violation of Building Control Laws, extended balconies, no reserved parking for the residents/visitors. Since most of these buildings have shops not only goods are kept on footpaths and roads, highly disorganized parking by the customers also cause traffic jams. This is also to remind that civic authorities that in some areas special charged parking zones have been created, which mostly remain empty but vehicles are parked on roads. If any one does not believe he/she should go to the Command & Control Centre established by the City District Government. Since cameras have been installed almost all the 'choke points' one even does not go to various parts of the city but can witness the entire mess in few seconds. The construction of flyovers and underpasses has smoothened traffic in some areas, but hundred of cars, motorcycles and rickshaws can be seen violating the traffic rules. Rising fuel cost has started pinching even the affluent class, not because of long drives but covering of distance of less than 10 kilometers in more than an hour because of traffic moving at snail's speed. Added to this is VVIP movement. Often when president or the prime minister visit Karachi, the city experiences the worst traffic jams. To add to the miseries the width of Dr. Ziauddin Road has been reduced by placing the boulders near the chief minister house. Though, the entire area has been declared 'tow away area' for the commoners' one could see dozens of police mobiles and vehicles of elected representatives parked on this road. These traffic jams are not only eroding Pakistan's precious foreign exchange reserves but become a potential target of terrorists.
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.
Muhammad Arif
T
ransparency International, an international body is publishing an annual Corruption Perceptions Index (CPI) since 1995 ordering the countries of the world according to "the degree to which corruption is perceived to exist among public officials and politicians" The organization defines corruption as "the abuse of entrusted power for private gain" The 2003 poll covered 133 countries; the 2007 onward surveys are now covering 180. As this index is based on polls, the results are fully subjective however no body can deny its trueness on ground realities. According to its rankings Denmark NewZealand, Singapore are at the top i.e. less corrupt. Pakistan stands at 143rd position, even more corrupt than most of the African countries. Maldives, Mauritania are its companion in the standing ladder. India is at 87 and Sri Lanka is at 91. The worst among the survey are Myanmar, Somalia, Afghanistan and Iraq. Other worst countries are Belize. Grenada, Saint Lucia and Saint Vincent. United States is at 22 and China is at 78. Both stand better than India. Like other countries Corruption in Pakistan has gone deep rooted in civil and military servants and Public officials and politicians of Pakistan alike. They all look busy in pocketing public funds or taking bribes from local and foreign individuals, governments and businessmen, getting expensive land at discounted rates, and surrendering barren land in lieu of scores of millions in bank loans. The main threat is now emanating from the fact that every one has accepted it as a part of overall culture. In streets this is common to hear that since top is busy in such activities so why the lower staff should not be allowed to do so. Bribery is the oldest stuff of the human history. It has been mostly considered as a tribute, 'nazar', or some kind of facilitation fee etc. What distinguishes it from a gift is the element of coercion. In our part of the world it has now become an art. Even in our independence movement except Jinnah all other leaders of the Muslim League were land lords or ex Nawabs. In war against independence most of them stood with the English. So after coming to Pakistan they continued with the same attitude. Assassination of Jinnah (through treatment awarded to him during his illness) and Liquate Ali Khan opened the flood gate for conspiracies where every one was favoring other for personal reasons. This strengthened corruption further. Ayub Khan who was ordered by Mr Jinnah for not giving any important assignment unfortunately came in power with the military support in collaboration with the landlord-politicians of the West Pakistan (now current Pakistan). To support his unlawful act, he polluted every segment of the society from top to the bottom. Three rivers were handed over to the India in collaboration with the World Bank that has made now the Pakistan a country short of water. His sons and in-laws took charge of the newly installed industry and finally he continued his rule by rigging 1965 election against Miss Fatima Jinnah. The corruption thus creeped from the low level policemen to the highest ranks, from legal clerks to the judges, from minor revenue officials to the senior administrators, from storekeepers to high-ranking engineers. This also tempted Army officers who by law have
dislodge him using religious section in particular. So this created another stakeholder of corruption i.e. religious leaders. Than came General Zia Ul Haq who introduced army officers from generals to mid-level ranks into civilian jobs. His tenure is full of allowing military officers to sell off their lands got through military means. Trafficking of drugs and armament started under supervision of military governors. By arranging blast at Ojheri Camp in Rawalpindi, the volumes of such movements were concealed for ever. During his time the USA and Pakistan patronized and nurtured Al-Qaida and the Taliban that have now become havoc for Pakistan. Soviets gave Afghans the chemical technology of refining raw opium into heroin. Later on leaving Soviets Pakistan became the leading international drug trafficking highway However this all ended in a blast in air and tenure of Ziaul Haq became part of the history. The civilian rule in between Zia and Musharraf regimes could not stem the tide of corruption, even if they wanted to. We all know about English palaces of Benazir, London West end apartments of Nawaz Sharif (equivalent of upper east side in Manhattan) and Swiss bank accounts of both. A California based Pakistani news magazine, Pakistan link, published a list of Pakistani U.S $ billionaires. Besides Benazir and Nawaz, four Generals and two civil servants were in the list. Deals on power sector during Benazir regime, yellow taxis scheme and Qarz Utaro Mulk Sanwaro schemes during Nawaz Sharif gave further strengths to the corruption in Pakistan. The biggest mistake of Nawaz era was the misuse of accountability system by one of his crony Saifur Rehman. Such misuse lost the credibility of any accountability system in Pakistan. Than came Musharaf whose tenure starts with Kargil incident where hundreds of soldiers lost their life The incident took place during Nawaz time but no inquiry was called. Contrary to this the counterpart in the incident i.e. India instituted enquiry and gave punishments to those who were responsible for their negligence. Musharaf had better opportunities to reform this country as after nine eleven money started coming in to Pakistan but that all was waited. His economic team included some notable names that are still alive. They all forgot that actual strength of the country lies in 95% of its population and most of them are living under poverty line. So to run this country with consumer based policies and to allow big sales of public sector entities to some selected groups was mere corruption and waist of money. Onward 2005, economy started heating up and resultantly fell on grounds in 2008. Businesses are now at their lowest with acute power shortage and no infrastructure. Additionally law and order situation is at its worst. So no future vision is at sight. Pakistan has repeatedly been labeled as a failed state but in reality it is not so. In fact menace of corruption has brought it to this point. By raising slogan that for eradicating corruption Zardari has to go is not the right approach. We have to admit that corruption in Pakistan is rooted in all of its institutions and not in a person or some persons. So structural changes are required in all of its system. But how, this is a big question. Apparently it looks difficult to arrive at some cogent answers but in fact the answers are very simple but obviously they would not bear result overnight and for their response we have to wait for some time.
On split of Pakistan Bhutto took over charge of the West Pakistan, first as Martial Law Administrator than as President and finally as prime Minister. Though he did some formidable jobs in uniting this part of the country in to current Pakistan but as regards to corruption it rose further in his time mainly due to his attitude. He wanted everyone to submit before him. During his time main attraction for new entrants became administrative and custom jobs instead of Foreign service or education or medical practitioner or engineers or scientists. Unfortunately his clash with US pushed him to his end that gave another form of corruption. US distributed millions of dollars to dislodge him using religious section in particular. So this created another stakeholder of corruption i.e. religious leaders. to be the super humans. Ayub Khan left his empire to another General i.e. Yahya Khan who lost one part of the country due to his high handedness and mismanagement after holding somewhat fair elections giving birth to Sheikh Mujib in one part of the country and ZA Bhutto in other part of the country. He was so busy with his General Rani that the word corruption looks small for him On split of Pakistan Bhutto took over charge of the West Pakistan, first as Martial Law Administrator than as President and finally as prime Minister. Though he did some formidable jobs in uniting this part of the country in to current Pakistan but as regards to corruption it rose further in his time mainly due to his attitude. He wanted everyone to submit before him. During his time main attraction for new entrants became administrative and custom jobs instead of Foreign service or education or medical practitioner or engineers or scientists. Unfortunately his clash with US pushed him to his end that gave another form of corruption. US distributed millions of dollars to
The size of corruption has been mentioned by various circles in various ways. Like one of our former finance minister mentioned the amount under leakage to Rs 600-800 billion. Another finance minister in 2008 mentioned all government figures as fudged that took the market in surprise and tempted investors to shift their investments from Pakistan to Dubai. Charging commission and delay in projects also created chance of corruption. Like in 2009-10, delay in construction of five small dams amount around Rs 60-70 billion due to cost of construction going up. Tax to GDP ratio is less than 9% the lowest in the region which also reflects kinds of corruption i.e. wealthy people are not delivering their due share to the revenue. Another economist roughly estimate government leakages to around Rs 90 billion. So we can not arrive at some conceding volume of corruption but it is well conceded that corruption is their in each vein and artery of Pakistan. Now coming to its eradication following steps are very much required. 1. Continuation of Democratic system. For
‘
According to its rankings Denmark New-Zealand, Singapore are at the top i.e. less corrupt. Pakistan stands at 143rd position, even more corrupt than most of the African countries. Maldives, Mauritania are its companion in the standing ladder. India is at 87 and Sri Lanka is at 91. The worst among the survey are Myanmar, Somalia, Afghanistan and Iraq. Other worst countries are Belize. Grenada, Saint Lucia and Saint Vincent. United States is at 22 and China is at 78. Both stand better than India.
instance if somebody or 100% differ with Zardari or Nawaz Sharif than either replacement should come on due time or if done in between than it needs to be done through following complete constitutional requirements. This process can only rehabilitate peoples government in Pakistan. 2. War against terrorism is also creating huge corrupt practices. This can be combated by adopting one and only one viewpoint by all the institutions whether in the Government or outside the government. The view point should be that whoever is terrorist should be treated and considered as a terrorist by all forces. Without reaching on such consensus peace, stability and corruption free society can not be achieved in Pakistan. 3. Rule of law for every one. That is all citizens of Pakistan who ever he may be should come under a single law. No scared cows should be allowed in Pakistan. For this all laws regulations framed either in British rule or at later stages should be dismantled. 4. Cantonments in mushroom form be merged in to City Governments. 5. Currently their exists Prevention of Corruption Act 1947 and National accountability Beurue 2000 as legislation apart from criminal Procedure code for combating corruption. In addition three bodies Anti Corruption Inspection Commission of 1970 (provincial), Federal Investigation Agency 1975 (Federal) and National Accountability Beurue 2000 (Federal) are in function. They all needs to be reformed to get broad based representation at least in bodies. 18th amendments also suggests for that. 6. Revival of City governments by holding their immediate elections. Further role of council of common interest needs to be enhanced to oversee implementation of law, rules, regulations every where in Pakistan in their true spirit. 7. Registration of every citizen above 25 years for tax purpose going forward with RGST or direct taxation including agriculture tax. In this regard FBR needs to devise a practicable plan/procedure.
5
Thursday, May 12, 2011
South East Asian stocks
Mostly higher, banks in demand KSE-100 Index Opening Closing Change % Change Turnover (mn)
12012.02 12036.36 24.34 0.20 84.43
LSE-25 Index Opening Closing Change % Change Turnover (mn)
3229.72 3224.60 5.12 0.16 2.91
ISE-10 Index Opening Closing Change % Change Turnover (mn)
2696.64 2701.64 5.00 0.19 0.05
Major Gainers
Close
Change
NESTLE 3599.48 UPFL 1399.22 WYETH 855.72 RMPL 2778.78 ATLH 145.89
Symbol
135.99 34.93 18.72 8.38 2.64
Major Losers
Symbol
Close
Change
ULEVER 5185.39 IDYM 289.70 BATA 425.66 GADT 75.24 BTL 63.26
-81.27 -15.17 -9.47 -3.37 -3.27
Top 5 Volume Leaders
Symbol
Close Vol (mn)
BAFL LOTPTA FFBL KASBB JPGL
10.68 15.62 42.07 1.40 1.21
10.55 10.11 4.25 3.65 3.64
Active Issues Plus Minus Unchanged
121 141 103
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) Sales (July 10 to Feb 11) Production (Feb 11) Sales (Feb 11)
10,834 10,444 1,555 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)
PRICES (Ex-Refinery) 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)
1,300 183 96 14 795 129 4,044 614 38 5 5,007 680 98 15
Rs 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
European shares boosted by earnings news US stocks late-morning
E&P scrips save KSE from going flat Nawaz Ali KARACHI: Continued interest of foreigners and buying in oil stocks made the Karachi Stock Exchange to end on a positive note for the third straight session on Wednesday. However profit taking by the local investors reduced the
intra-day gains. The benchmark KSE-100 index rose by 24 points to close at 12,036 points, KSE all-share index increased by 16 points to close at 8,365 points while KSE 30-index lost 8 points to close at 11,655 points. "Positive close witnessed on continued foreign interest",
Nikkei gains on net year outlook TOKYO: Japan's Nikkei rose on Wednesday for a second straight day, boosted by gains in companies that provided positive outlooks for the current business year such as Orix Corp and NEC Corp, while investors largely shrugged off slightly stronger-than-expected inflation data from China. The market was also bolstered by resilient commodity shares, gained despite a brief drop in Brent crude prices after Chinese output and loan data hinted at slowing demand. Orix gained 4 per cent and NEC jumped almost 5 per cent after predicting rises in their net profits for the current business year. Many Japanese companies have failed to provide annual forecasts following the massive earthquake on March 11. "Investors are aware that these figures are still rough estimates, but the fact that the firms decided to publish forecasts boosted investor confidence -- hence such big gains in them," said Hideo Arimura, a senior fund manager at Mizuho Asset Management. The benchmark Nikkei average closed up 0.5 per cent at 9,864.26, while the broader Topix gained 0.1 per cent to 857.62. The Nikkei stayed above its 200-day moving average, now at 9,823, which has become an immediate support level. Volume was moderate, with 2.1 billion shares changing hands on the Tokyo Stock Exchange's main board, slightly above Tuesday's 1.9 billion shares. After the closing bell, Toyota
Motor Corp posted a 52 per cent fall in quarterly operating profit and gave no annual forecasts as it struggles to measure to scope of the ongoing disruption to production after the March 11 earthquake. "The Nikkei may be heading for a correction towards the end of May, which is when hedge funds reshuffle their portfolios after midyear earnings reports, and if we see further unwinding in commodities markets," Fujito said, adding that the Nikkei may temporarily dip below 9,500. Some market players, however, said the Nikkei may target key psychological resistance at 10,000, though it may not be able to stay there unless there are favourable indications on how companies performed in the first quarter and how quickly they get back to normal after the March 11 disaster. Japanese shares have dropped about 5 per cent since the quake, while Asian stocks outside Japan have gained about 8 percent in the last two months. COMMODITY STOCKS UP Analysts added that while both the Nikkei's 25-day and 200-day moving averages are gradually rising, suggesting an upward trend in the market, investors remain cautious about chasing the index higher. "Foreigners are buying, but they are still looking for fundamental reasons to invest in Japan," said Hiroichi Nishi, general manager at SMBC Nikko Securities. Foreigners have been net buyers of Japanese stocks for the past 26 weeks, according to See # 15 Page 11
said Ahsan Mehanti, Director Arif Habib Investment. According to NCCPL data, offshore investors did a net buying worth $1.56 million on Wednesday. Uncertainty gripped the sentiment ahead of Pak-IMF officials meeting to discuss federal budget proposals and fiscal
FTSE falls on euro zone debts, global growth doubts LONDON: Commodity and banking stocks dragged Britain's FTSE 100 below the 6,000 level on Wednesday, with these sectors pressured by Greece's debt problems and uncertainty over global economic growth. London's blue chip index closed down 42.89 points, or 0.7 per cent, at 5,976.00, having hit a one-week closing high on Tuesday. Atif Latif, director of trading at Guardian Stockbrokers said: "Most of the weakness is based on selling on the back of more fiscal tightening expected in China post CPI numbers ... coupled with chatter around Greece, in particular that there is still no consistent message coming through from EU officials." Bank of England Deputy Governor Charles Bean warned of the potential for messy consequences from the eurozone debt crisis that is currently centered on Greece. He also said commodity price volatility was very much on the radar of the G20, as the Bank of England raised its mediumterm inflation forecast. Integrated oils and miners topped the list of blue chip fallers, sliding in tandem with commodity prices as risk appetite faded. Banks were also down. Global heavyweight HSBC fell 1.5 per cent after the publication of a strategic review which followed Monday's first-quarter results. See # 14 Page 11
HK, China shares down on HSBC weakness HONG KONG: China shares edged lower on Wednesday as high inflation and tighter liquidity kept investors cautious, while a slide in HSBC pulled the Hong Kong's broader market lower and may keep the benchmark below its 100-day moving average in the near term. China's higher-than-forecast inflation in April and expectations the central bank will have to continue to take steps to mop up funds from the financial system, analysts see few catalysts for a sustained rally in the markets. Hong Kong's Hang Seng ended the day down 0.2 per cent as a 1.4 per cent slide in shares of index heavyweight HSBC more than offset the rebound in the oil plays. CNOOC closed up 1.3 per cent. The benchmark index struggled to stay above its 100-day moving average, currently at 23,435.5 which is now seen as a near-term resistance. "With CPI coming in higher than expected again today, I think that inflation concerns will continue to plague risk
appetite," said a head trader at Hong Kong-based broker. "Funds are not willing to invest in a market bereft of any direction at this point," said Zhang Qi, an analyst with Haitong Securities in Shanghai. "This is neither a bear nor a bull market. It's a monkey market, jumping up and down." HSBC Holdings fell 1.4 per cent after the bank said it was eyeing cost savings of $2.5 billion-$3.5 billion and is mulling the sale of its US credit card business, according to a statement. In a bearish sign, volume in the counter, which commands a 15 per cent weighting on Hong Kong's benchmark Hang Seng index, picked up as losses deepened. Traders expect further weakness after the shares go ex-dividend next week putting a lid on gains for the broader market. SHANGHAI WEAK China stocks shrugged off midday gains to finish lower on Wednesday after government data pointed to persistently high inflation with analysts forecasting inflation pressures
easing only in the latter half of the year. The benchmark Shanghai Composite finished at 2,884.4, about 10 points below its 125day moving average which it tested during the short-lived bounce earlier in the day. China's inflation eased in April to 5.3 per cent, though was higher than forecast, while industrial output and retail sales slowed more than expected. A-share turnover on the Shanghai bourse increased from Tuesday low levels but remained under its 20-day average for the thirteenth straight session, barely hitting RMB 10.6 billion. Financial stocks weighed the most on the benchmark, with Industrial and Commercial Bank of China Ltd (ICBC) the biggest weight, losing 0.7 per cent on the day. Auto stocks were also broadly weaker with SAIC Motor, down 2.6 per cent, after the outlook for car sales in China dimmed after two years of rapid expansion partly driven by government incentives.Reuters
review for release of IMF tranches of $3.3bn for Pakistan Economic Support, he added. Market started the session on a positive note and gains gradually increased as investors continued to take positions mainly in oil stocks over the ongoing rumors regarding resumption in exploration activities at
Energy stocks weigh on Wall Street
Maramzai field. This would benefit E&P companies especially Pakistan Oilfields. Further, news of government receiving US$500 million under Coalition Support Fund (CSF) also supported the market. The index at about 11:13 a.m. touched an intra-day high See # 16 Page 11
Indian shares up 0.4 per cent MUMBAI: Indian shares ticked 0.4 percent higher on Wednesday, buoyed by firm world equities, but the gains lacked conviction as foreign funds mostly passed up Indian equities on concerns rising interest rates could stifle the pace of economic growth. Financials rebounded after declining earlier this month. The banking sector index recovered 0.5 per cent in the day, but is still down 3.7 per cent for the month. Ranbaxy Laboratories jumped 6.1 percent after the top drug maker by sales reported a lower-thanexpected fall in quarterly net profit late on Tuesday. The 30-share BSE index climbed 0.39 per cent, or 72.19 points, to 18,584,965 points, with 23 of its components closing in the green. It swung between positive and negative territory in the day. The 50share NSE index, or Nifty, firmed 0.4 per cent to 5,565.05. "It looks like the Indian market gained today as world stocks were doing good," said Sunder Subramaniam, senior manager of sales at brokerage Sharekhan. "Also, there are some expectations being built ahead of tomorrow's IIP data," he said, referring to the industrial output data for March. Industrial output in Asia's third-largest economy probably rose 3.8 per cent in March from
a year earlier, helped by strong exports and infrastructure output but weighed by a high base effect, the median forecast in a Reuters poll showed. Foreigners have dumped more than $1 billion of stocks in nine out of the 11 sessions to Monday, latest data from the market regulator showed. "FIIs (foreign institutional investors) know that the Indian market is not going to run up in a big way any time soon," said Arun Kejriwal, director of research firm KRIS. "With average earnings and interest rate issues, which may hurt economic growth, where is the bullishness?" Last week, the Reserve Bank of India stepped up its fight against rising prices, increasing interest rates more than expected and vowing to battle price pressures even at the cost of some economic growth. After the market closed for trade, Finance Minister Pranab Mukherjee said the economy may not grow around 9 per cent in the current fiscal year to endMarch 2012 due to volatility in international commodity prices and other supply constraints. Gainers beat losers in the ratio of 1.4:1 in the broader market on a volume of nearly 500 million shares on the NSE, lower than the 30-day average daily volume of 659 million shares. See # 13 Page 11
ANNOUNCEMENTS Company Int.Ind.Ltd. (Consolidated) Int.Ind.Ltd.
Period 3rd Qtr 3rd Qtr
Div/Bon/Right -
PAT (Rs in mn) 307.84 501.84
EPS(Rs) 2.57 4.19
NEW YORK: US stocks faltered on Wednesday after a three-day rally as falling crude prices hurt energy stocks and disappointing Disney earnings dragged down the Dow industrials. The market's decline was broad, with five stocks falling for every one rising on the New York Stock Exchange. Of the 10 S&P 500 sectors, only two defensive sectors -- health care and consumer staples -- were trading higher. Energy and materials, sectors that have been laggards of late, led the decline as US crude futures dropped. Concerns about slowed growth in China hit the cyclical sectors, which have teetered on worries about global demand. "Oil prices are down and that is affecting energy stocks today," said Giri Cherukuri, head trader at OakBrook Investments in Lisle, Illinois. The S&P energy sector dropped 2.2 per cent and was the worst performing S&P sector. Chevron Corp was off 1.8 per cent to $102.45, and Exxon Mobil Corp lost 1.5 per cent to $81.61. The Dow Jones industrial average slid 73.87 points, or 0.58 per cent, to 12,686.49. The Standard & Poor's 500 Index fell 6.69 points, or 0.49 per cent, to 1,350.47. The Nasdaq Composite Index shed 6.92 points, or 0.24 per cent, to 2,864.97. Before Wednesday's declines, the benchmark S&P had risen 1.7 per cent during the threeday run-up. Dow component Walt Disney Co tumbled 3.8 per cent to $42.26 a day after its quarterly revenues missed expectations. "Today, I don't think it's any big surprise (the market is down) with Disney reporting not such good numbers. Boy, they really missed it," said Terry Morris, senior equity manager for National Penn Investors Trust Company in Reading, Pennsylvania. Among the bright spots, Macy's Inc jumped 8.3 per cent to $28.51 after its profit topped estimates. The department store See # 12 Page 11
Dhiyan
AMBIGUITY ON FUTURE DIRECTION Samar Iqbal, Equity Dealer, Topline Securities I foresee the index swinging between 12,000 and 12,400 points. Further, the outcome of meeting between government and IMF will also help the market to set its future direction. Positive outcome of the IMF meeting, visit of Senator John Kerry to Pakistan and imposition of no new taxes in budget could trigger the market. Investors are advised to invest in oil and fertiliser sectors where our top picks are POL and FFBL. Today's market activity will depend upon the outcome of the IMF meeting.
Muzammil Khan, AVP BMA Capital Market would be moving between 11,800 and 12,150 levels in the coming days with low volumes as investors are cautious over current Pak-US relations and budgetary concerns. Any positive news from these fronts and issuance of convertible bonds by OGDC could boost the market activity. Investors are recommended to adopt 'buy on dips' strategy and invest in oil and power sector stocks. Market would show mix performance today.
6
Thursday, May 12, 2011
Market
KSE 100 Index
Symbols
Volume
84,426,903
Value
3,093,252,333
Trades
50,987
Advanced Declined Unchanged Total
Current High Low Change
121 141 103 365
All Share Index
12,036.36 12,143.75 12,007.83 h24.34
Current High Low Change
8,365.94 8,437.32 8,347.24 h16.60
OIL AND GAS
Company
Paid up Cap(mn)
PE
High Low 1,512.09 1,485.98 Total cos Defaulter cos 12 P/BV (x) ROE (%) 3.38 32.54
Open
High
Low
Attock Petroleum 691 6.80 377.40 Attock Refinery 853 4.10 124.68 BYCO Petroleum 3921 8.50 Mari Gas Company 735 4.19 102.45 National Refinery 800 4.60 334.80 Oil & Gas Development 43009 10.09 148.21 Pak Petroleum 11950 7.56 207.32 Pak Oilfields 2365 7.24 328.70 Pak Refinery Limited 350 48.08 87.08 P.S.OSPOT 1715 4.04 281.53 Shell Gas LPG 226 - 24.23 Shell Pakistan 685 7.54 210.39
379.90 126.25 8.55 103.40 338.00 152.70 208.50 331.00 87.64 284.35 25.00 213.00
376.25 124.28 8.32 101.90 332.51 148.70 206.52 328.00 85.76 281.00 23.75 209.31
Close Chg 376.36 125.00 8.44 102.37 333.03 149.07 206.73 328.23 86.06 282.46 23.76 212.07
-1.04 0.32 -0.06 -0.08 -1.77 0.86 -0.59 -0.47 -1.02 0.93 -0.47 1.68
Current High Low Change
KMI 30 Index Current High Low Change
11,655.03 11,760.33 11,635.47 i8.68
20,243.86 20,455.09 20,227.72 i21.77
Last 60 days High Low
Volume 84971 368367 421707 11330 121917 3591384 630676 1631059 27305 368134 4738 8511
387.98 129.40 10.43 127.50 356.50 170.44 216.50 332.45 110.50 294.49 30.45 217.90
321.00 98.25 7.93 98.50 254.00 128.21 190.10 277.09 81.23 265.00 22.69 186.83
2010 Div BR (%) (%) 300 31 200 55 90 255 80 120
% Change 0.17 5-Day High 1,489.31 5-Day Low 1,473.55 2011 Div BR (%) (%)
20B115.00 - 23.43 - 30.00 20B 50.00 -100.00 - 80.00 -
-
CHEMICALS
Company
Paid up Cap(mn)
Open 686.51 Turnover 1,538 P/E (x) 4.86 Company Pak Int Cont. Terminal PNSC
High Low 691.68 679.30 Total cos Defaulter cos 4 2 P/BV (x) ROE (%) 1.24 25.53
Close 682.99 Listed cap 3,242.17 mn Payout (%) 11.08
Change -3.52 Market cap 11,349.47 mn Div Yield (%) 2.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
1092 1321
6.47 7.64
70.83 25.88
71.00 26.79
70.10 25.55
70.30 -0.53 26.05 0.17
709 829
76.25 34.27
63.00 25.18
PE
Open
High
Low
92.00 161.90 66.00 2.59 8.09 2.44 10.70 199.65 11.74 12.64 141.75 42.25 12.50 157.60 23.27 15.94 1.12 2.59 2.34 102.00 19.12 14.78 35.65
91.01 160.05 63.50 2.25 7.75 2.33 10.26 197.65 11.40 12.55 140.00 41.85 12.01 154.51 23.27 15.56 0.91 2.44 2.00 101.90 18.30 14.78 35.50
Close Chg 92.00 160.12 63.98 2.26 7.81 2.34 10.94 198.01 11.41 12.56 140.19 42.07 12.08 154.92 23.27 15.62 0.95 2.46 2.24 102.00 18.38 15.78 35.65
0.00 -0.71 -0.95 -0.05 -0.13 -0.06 0.00 -0.54 -0.23 0.01 -0.79 0.02 0.03 -1.35 1.10 -0.10 -0.06 -0.04 0.00 1.64 -0.30 0.00 0.89
Close 1,829.13 Listed cap 52,251.88 mn Payout (%) 48.81
Last 60 days High Low
Volume 2708 5653 416733 20204 290076 198810 106 992076 55406 468716 996794 4251826 53606 176119 525 10114473 2508 125268 238 9000 1763233 180 598
Change -8.14 Market cap 380,109.86 mn Div Yield (%) 5.50
98.35 206.79 294.00 3.35 9.60 3.10 11.50 238.50 13.95 13.60 154.49 43.89 14.49 172.00 29.85 17.36 1.84 3.40 2.99 112.45 19.99 16.00 38.85
82.00 140.00 56.10 2.10 6.00 2.20 9.50 189.00 10.75 10.75 108.00 37.86 10.43 142.00 20.11 14.05 0.40 2.10 1.55 90.78 11.81 12.07 34.19
2010 Div BR (%) (%)
% Change -0.44 5-Day High 1,837.27 5-Day Low 1,802.58 2011 Div BR (%) (%)
60 135 25B 50 300B 15 60 20B - 27.5R 130 25B 45.00 65.5 - 12.50 175 5 5 5 25 5B 50 -
-
FORESTRY AND PAPER Performance of SR Forestry & Paper Index Open 1,019.28 Turnover 50,460 P/E (x) 5.20 Company
High Low 1,060.37 1,014.40 Total cos Defaulter cos 4 1 P/BV (x) ROE (%) 0.39 7.47
Close 1,047.91 Listed cap 1,186.83 mn Payout (%) 25.28
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
707 50 411
1.71 6.82
14.91 39.59 37.73
15.74 40.01 39.00
14.85 39.65 37.50
15.53 0.62 40.00 0.41 38.53 0.80
32178 5051 13231
Century Paper Pak Paper Product Security Paper
Change 28.63 Market cap 2,890.97 mn Div Yield (%) 4.86
Last 60 days High Low 17.50 44.49 39.90
13.85 35.17 34.00
2010 Div BR (%) (%) 2533.33B 50 -
% Change 2.81 5-Day High 1,047.91 5-Day Low 1,019.12
Open 1,132.42 Turnover 276,436 P/E (x) 3.52 Paid up Cap(mn)
PE
Open
Atlas Battery 101 5.58 210.05 Atlas Honda 626 9.10 143.25 Baluchistan Wheels Ltd. 133 1.53 32.81 Dewan Motors 1087 1.80 General Tyre 598 4.48 23.50 Ghandhara Nissan 450 3.41 Honda Atlas Cars 1428 9.44 Indus Motors 786 7.59 219.09 Pak Suzuki XD 823 15.26 67.75 Sazgar Engineering 150 1.18 24.75
High
High Low 1,143.04 1,121.92 Total cos Defaulter cos 19 4 P/BV (x) ROE (%) 0.89 25.35 Low
Close Chg
Close 1,134.32 Listed cap 6,768.53 mn Payout (%) 20.42
Company
Paid up Cap(mn)
Crescent Steel Dost Steels Ltd Huffaz Pipe XD International Ind Siddiqsons Tin
PE
565 1.86 675 555 21.14 1199 8.84 785 26.71
Open 27.60 1.79 11.96 51.56 8.99
High 27.96 1.89 12.43 51.10 9.40
High Low 1,037.72 994.80 Total cos Defaulter cos 7 1 P/BV (x) ROE (%) 1.02 33.10 Low 27.27 1.70 11.80 49.00 8.55
Close Chg 27.43 1.88 11.84 49.44 9.35
-0.17 0.09 -0.12 -2.12 0.36
Close 1,011.56 Listed cap 3,596.11 mn Payout (%) 30.91
212.30 210.00 210.04 -0.01 147.90 143.75 145.89 2.64 32.50 32.50 32.81 0.00 1.84 1.71 1.72 -0.08 23.50 22.35 23.50 0.00 3.40 3.01 3.20 -0.21 9.49 9.16 9.24 -0.20 219.99 219.15 219.82 0.73 69.44 65.00 67.76 0.01 24.75 23.90 23.95 -0.80
Last 60 days High Low
Volume 26097 28509 2100 108550 78753
29.75 2.55 14.90 54.50 9.44
25.67 1.70 11.10 45.81 8.51
2010 Div BR (%) (%) 30 40 7.5
% Change -2.01 5-Day High 1,041.28 5-Day Low 1,011.56
Company Ansari Sugar Chashma Sugar Colony Sugar Mills Crescent Sugar Dewan Sugar Habib Sugar Habib-ADM Ltd J D W Sugar Kohinoor Sugar Mirpurkhas Sugar National Foods Nestle Pakistan Noon Pakistan Pangrio Sugar Punjab Oil Shahmurad Sugar UniLever Pakistan Wazir Ali
Paid up Cap(mn) 244 287 990 214 365 750 200 539 109 84 414 453 48 109 54 211 665 80
PE
Volume
Last 60 days High Low
8042 216.30 21789 153.93 200 37.99 175354 2.45 7104 26.17 39028 4.90 3625 11.40 254 288.50 13012 76.90 8028 25.50
Open
High
High Low 2,163.36 2,066.83 Total cos Defaulter cos 61 16 P/BV (x) ROE (%) 15.07 30.30 Low
Close Chg
7.09 7.50 7.50 7.50 0.41 3.71 9.00 9.50 9.50 9.50 0.50 6.25 2.50 2.97 2.50 2.50 0.00 0.77 7.66 7.57 7.50 7.66 0.00 2.70 2.99 2.31 2.60 -0.10 9.33 23.50 23.74 23.50 23.51 0.01 5.04 12.25 13.00 12.50 12.50 0.25 1.31 73.50 74.22 74.00 74.00 0.50 2.80 3.25 3.00 3.25 0.45 2.56 40.98 41.00 41.00 41.00 0.02 11.44 67.17 67.90 65.00 66.26 -0.91 27.33 3463.49 3600.00 3415.00 3599.48 135.99 5.74 20.06 21.06 20.84 21.06 1.00 3.50 3.51 3.50 3.50 0.00 3.20 40.00 42.00 40.00 41.66 1.66 3.08 8.73 9.50 8.90 9.00 0.27 19.18 5266.66 5449.00 5155.55 5185.39 -81.27 7.48 7.00 7.00 7.00 -0.48
-
CONSTRUCTION AND MATERIALS Performance of SR Construction and Materials Index Open 861.84 Turnover 4,399,834 P/E (x) 7.00 Company
Paid up Cap(mn)
Al-Abbas Cement Attock Cement Balochistan Glass Ltd Berger Paints Cherat Cement Dadabhoy Cement Dadex Eternit Dewan Cement DG Khan Cement Ltd Fauji Cement Fecto Cement Flying Cement Ltd Gharibwal Cement Haydery Const Javedan Cement Kohat Cement Lafarge Pakistan Cmt. Lucky Cement Maple Leaf Cement Mustehkam Cement Pioneer Cement Safe Mix Concrete
1828 866 858 182 956 982 108 3891 3651 6933 502 1760 4003 32 581 1288 13126 3234 5261 417 2271 200
High Low 877.31 852.70 Total cos Defaulter cos 37 6 P/BV (x) ROE (%) 0.50 7.10
PE
Open
High
Low
6.53 46.10 15.38 21.34 30.45 6.98 5.60 73.75 5.73 -
2.60 52.25 2.35 14.97 10.00 2.00 16.89 1.47 22.72 4.07 6.51 1.43 6.36 0.40 61.37 6.48 3.00 69.89 2.07 7.75 4.68 5.00
2.69 52.58 2.30 15.00 9.75 2.00 17.89 1.58 23.30 4.10 6.84 1.48 7.34 0.50 61.80 6.64 2.99 70.95 2.10 8.75 4.97 5.44
2.60 51.49 2.15 14.51 9.51 1.90 17.01 1.45 22.50 4.01 6.20 1.33 6.80 0.38 61.00 6.30 2.90 69.36 2.04 7.51 4.60 4.90
Close 865.50 Listed cap 54,792.74 mn Payout (%) 19.04
Change 3.66 Market cap 62,993.89 mn Div Yield (%) 2.72
Close Chg
Volume
Last 60 days High Low
2.60 51.56 2.17 14.58 9.68 2.00 17.07 1.50 22.84 4.05 6.50 1.43 7.09 0.44 61.37 6.30 2.95 70.59 2.05 7.75 4.97 4.95
302 1528 11506 1750 11226 7692 1130 67905 2717411 517265 1703 41126 1908 12618 101 55185 240998 357876 192256 486 157749 20765
3.50 56.70 3.00 18.60 11.90 2.24 20.94 2.19 27.40 4.82 8.90 1.84 13.50 0.90 63.52 7.87 3.45 73.69 2.89 13.48 6.45 7.25
0.00 -0.69 -0.18 -0.39 -0.32 0.00 0.18 0.03 0.12 -0.02 -0.01 0.00 0.73 0.04 0.00 -0.18 -0.05 0.70 -0.02 0.00 0.29 -0.05
2.15 48.50 1.99 13.55 8.00 1.50 16.06 1.45 21.20 3.97 6.10 1.30 5.00 0.32 56.72 5.11 2.10 59.55 1.92 7.25 4.50 4.41
2010 Div BR (%) (%) - 100R 50 - 122R - 20R 40 - 210R -
% Change 0.42 5-Day High 865.50 5-Day Low 854.94 2011 Div BR (%) (%) -
20R 92R -
GENERAL INDUSTRIALS Performance of SR General Industrials Index Open 960.53 Turnover 106,173 P/E (x) 1.90 Company
Paid up Cap(mn)
Cherat Papersack ECOPACK Ltd Ghani Glass MACPAC Films Packages Ltd XD Tri-Pack Films
PE
Open
115 2.36 47.99 230 1.53 1067 5.47 53.40 389 2.79 14.44 844 18.00 109.05 300 6.37 162.60
High
High Low 969.54 954.11 Total cos Defaulter cos 13 2 P/BV (x) ROE (%) 0.83 43.91 Low
Close Chg
48.60 47.61 48.13 1.59 1.50 1.52 56.07 53.50 53.75 14.50 14.00 14.00 108.49 107.50 108.00 163.89 161.00 163.21
0.14 -0.01 0.35 -0.44 -1.05 0.61
Close 958.79 Listed cap 3,043.31 mn Payout (%) 15.55
Volume 45808 21424 5143 22880 4026 6870
Change -1.74 Market cap 35,562.36 mn Div Yield (%) 8.20
Last 60 days High Low 63.50 2.77 56.07 15.21 130.75 172.00
46.45 1.31 49.00 3.55 103.01 124.01
2010 Div BR (%) (%) 20 25 32.5 100
25B 10B -
% Change -0.18 5-Day High 960.53 5-Day Low 958.79 2011 Div BR (%) (%) -
50R -
INDUSTRIAL ENGINEERING
Company
Paid up Cap(mn)
Ados Pak AL-Khair Gadoon AL-Ghazi Tractor Bolan Casting Dewan Auto Engineering Ghandhara Ind Hinopak Motor Millat Tractors Pak Engineering
PE
Open
66 3.07 8.30 100 5.05 215 3.88 224.50 104 4.49 46.68 214 1.08 213 10.55 8.84 124 - 90.18 366 7.84 516.66 57 - 97.00
High
High Low 1,557.12 1,541.33 Total cos Defaulter cos 11 1 P/BV (x) ROE (%) 2.98 38.02 Low
Close Chg
8.40 8.06 8.38 5.25 5.25 5.25 226.00 224.50 224.60 48.45 45.50 45.50 1.24 0.81 0.81 9.45 8.40 8.86 89.99 88.50 89.27 518.00 514.00 516.07 97.98 93.00 97.98
0.08 0.20 0.10 -1.18 -0.27 0.02 -0.91 -0.59 0.98
Close 1,548.30 Listed cap 1,336.62 mn Payout (%) 131.49
Volume
180.00 120.30 31.24 1.50 21.08 2.82 9.00 205.51 60.00 20.50
2011 500 1303 1050 14801 2669 560 33334 765
16.20 6.75 239.00 52.25 2.00 11.25 128.00 546.75 144.99
7.40 4.25 199.05 42.70 0.71 8.20 88.35 466.27 92.00
2010 Div BR (%) (%) 100 50 25 20 150 5 10
% Change 0.17 5-Day High 1,134.32 5-Day Low 1,127.50 2011 Div BR (%) (%)
20B 15B 65.00 - 50.00 20B 10.00
15B -
Close 2,108.27 Listed cap 11,335.33 mn Payout (%) 30.57
Volume
Change 6.78 Market cap 299,339.43 mn Div Yield (%) 0.61
Last 60 days High Low
500 8.65 5.00 1000 10.20 8.00 227 3.80 2.11 300 8.99 6.02 25434 3.99 2.31 32027 24.50 20.25 5702 13.00 10.80 502 77.99 68.50 501 4.69 2.52 3000 53.00 39.60 2412 67.90 52.01 1273 3700.00 2891.68 9885 27.00 19.75 400 5.08 3.00 2338 45.00 38.00 1003 9.90 8.00 140 5988.18 4210.01 5500 8.00 5.50
2010 Div BR (%) (%)
% Change 0.32 5-Day High 2,108.27 5-Day Low 2,043.28 2011 Div BR (%) (%)
10 25 25B 40 7010B 12.5R 15 20B 12 750 12 10 15 28R 10 10 492 -
10B -
Open 746.16 Turnover 41,144 P/E (x) 1.85
High Low 759.46 732.86 Total cos Defaulter cos 15 7 P/BV (x) ROE (%) 0.20 10.64
Close 746.35 Listed cap 3,763.71 mn Payout (%) 6.27
Paid up Cap(mn)
PE
Open
High
Low
Close Chg
Volume
90 1219 231
1.65
9.73 8.03 12.60
9.85 8.30 12.85
8.75 7.91 12.30
9.73 0.00 8.05 0.02 12.50 -0.10
103 29238 11802
Change 0.19 Market cap 4,098.31 mn Div Yield (%) 3.39
2010 Div BR (%) (%) 400 25 650 100
Diamond Ind Pak Elektron Tariq Glass Ind
Last 60 days High Low
2010 Div BR (%) (%)
11.11 14.50 19.95
17.5
7.11 7.26 12.00
10B -
2011 Div BR (%) (%) - 200R
PERSONAL GOODS Performance of SR Personal Goods Index Open 962.55 Turnover 3,731,978 P/E (x) 6.24 Company
Paid up Cap(mn)
(Colony) Thal 56 Ali Asghar Textile 222 Amtex Limited 2594 Apollo Textile XD 83 Artistic Denim 840 Aruj Garments 62 Azam Textile 133 Azgard Nine 4493 Babri Cotton 37 Bannu Woolen XD 76 Bata (Pak) XD 76 Blessed Tex Mills 64 Brothers Textile 98 Chakwal Spinning 400 Chenab Limited 1150 Crescent Jute 238 Crescent Textile 492 D S Ind Ltd 600 Dawood Lawrencepur XB 591 Dewan Farooque Spin. 978 Dewan Mushtaq Textile 34 Ellcot Spinning 110 Faisal Spinning 100 Gadoon Textile XD 234 Ghani Value Glass 75 Gul Ahmed Textile 635 Gulistan Spinning 146 Gulshan Spinning 222 Hira Textile Mills Ltd. 716 Ibrahim Fibres 3105 Ideal Spinning 99 Indus Dyeing 181 Janana D Mal 48 Kohinoor Ind 303 Kohinoor Mills 509 Kohinoor Spinning 1300 Kohinoor Textile 2455 Leather Up 60 Masood Textile 600 Mehmood Textile 150 Mohd Farooq 189 Mukhtar Textile 145 Nishat (Chunian) 1620 Nishat Mills 3516 Olympia Textile 108 Pak Synthetic 560 Premium Textile 62 Ravi Textile 250 Reliance Weaving 308 Saif Textile 264 Sally Textile 88 Samin Textile 267 Sargoda Spinning 312 Saritow Spinning 133 Service Ind XD 120 Suraj Cotton 180 Tata Textile 173 Thal Ltd 307 Treet Corp 418 Zephyr Textile Ltd 594
PE
Open
6.85 2.59 0.45 0.24 0.73 5.01 0.61 0.58 3.63 1.65 0.20 0.63 0.55 0.73 6.19 3.16 0.35 0.42 0.85 3.36 0.56 2.76 0.44 0.52 5.23 8.33 1.64 0.95 3.92 5.23 2.20 0.66 0.58 0.29 0.27 2.45 1.49 0.31 3.09 0.75 0.49 6.39 4.22
1.55 1.10 1.96 5.75 21.00 5.01 2.50 5.72 15.30 17.46 435.13 66.53 0.43 1.45 2.00 0.68 13.50 1.17 37.61 3.00 3.55 26.50 40.62 78.61 22.00 50.05 6.56 10.40 4.29 47.07 7.56 304.87 15.37 1.19 1.05 1.38 4.76 3.00 17.50 58.97 0.82 0.40 25.77 59.01 0.64 17.96 28.58 1.01 11.28 8.60 7.05 5.00 3.60 1.60 182.42 38.00 37.01 100.54 50.63 3.25
High
High Low 965.04 954.53 Total cos Defaulter cos 211 73 P/BV (x) ROE (%) 0.54 8.64 Low
Close Chg
1.70 1.55 1.55 0.00 1.01 1.01 1.01 -0.09 2.04 1.93 1.96 0.00 4.75 4.75 4.75 -1.00 21.65 21.00 21.65 0.65 5.20 5.15 5.20 0.19 2.55 2.50 2.50 0.00 5.80 5.29 5.31 -0.41 16.00 14.30 14.49 -0.81 18.43 17.36 17.46 0.00 435.00 425.00 425.66 -9.47 63.28 63.21 63.26 -3.27 0.30 0.23 0.30 -0.13 1.50 1.08 1.45 0.00 2.20 2.00 2.15 0.15 0.97 0.61 0.61 -0.07 13.50 12.65 13.50 0.00 1.22 1.09 1.15 -0.02 37.84 37.00 37.18 -0.43 2.51 2.50 2.51 -0.49 4.20 3.80 3.80 0.25 26.50 26.50 26.50 0.00 40.26 40.25 40.26 -0.36 79.50 75.00 75.24 -3.37 23.10 23.10 23.10 1.10 50.79 50.01 50.01 -0.04 6.99 6.50 6.60 0.04 10.50 10.01 10.08 -0.32 4.42 4.20 4.28 -0.01 47.25 46.70 47.12 0.05 8.20 6.71 7.56 0.00 289.76 289.65 289.70-15.17 15.50 15.49 15.37 0.00 1.24 1.05 1.13 -0.06 1.99 1.23 1.51 0.46 1.49 1.49 1.49 0.11 4.83 4.55 4.55 -0.21 2.85 2.85 3.00 0.00 17.75 17.20 17.75 0.25 61.00 61.00 61.00 2.03 0.84 0.75 0.75 -0.07 0.39 0.23 0.27 -0.13 26.24 25.35 25.51 -0.26 59.50 58.75 58.97 -0.04 0.64 0.60 0.60 -0.04 18.40 17.26 17.66 -0.30 27.17 27.16 27.17 -1.41 1.05 0.87 0.90 -0.11 11.50 11.50 11.28 0.00 8.80 8.20 8.25 -0.35 7.24 7.00 7.10 0.05 5.50 4.50 5.02 0.02 4.00 3.75 3.60 0.00 1.61 1.60 1.60 0.00 183.90 179.00 181.14 -1.28 39.40 37.25 38.81 0.81 38.00 36.05 36.23 -0.78 102.00 99.05 101.17 0.63 51.90 50.50 51.15 0.52 3.25 3.25 3.25 0.00
Close 959.05 Listed cap 47,070.70 mn Payout (%) 16.68
Volume 2502 1000 193577 500 13002 2242 5539 1790727 16485 39294 189 610 1481 6002 5289 7502 205 24065 5132 600 10799 861 514 4734 500 6872 15126 10005 30009 3016 204 105 263 10978 552 1500 4999 200 1000 814 4697 10514 395488 932077 2200 28116 5639 27691 200 4260 22431 1553 202 4000 627 1105 1101 21009 49218 334
Change -3.49 Market cap 125,345.06 mn Div Yield (%) 2.67
Last 60 days High Low 2.70 1.45 4.05 5.75 23.13 5.44 2.98 10.90 18.41 23.27 686.07 68.09 0.99 2.20 3.40 1.43 17.88 1.85 49.05 5.00 5.50 28.74 43.00 102.24 24.67 53.65 9.23 11.68 5.20 51.44 10.90 327.80 17.80 1.90 2.90 1.98 5.58 3.50 19.70 62.96 1.69 0.77 29.50 66.75 1.98 21.21 33.07 1.74 14.00 11.50 9.35 7.40 5.01 2.33 220.00 42.00 44.10 120.88 56.50 4.80
2010 Div BR (%) (%)
% Change -0.36 5-Day High 962.55 5-Day Low 957.01 2011 Div BR (%) (%)
0.50 0.61 1.81 - 30B 4.75 18.55 20 4.00 2.00 7.5 4.40 10.90 - 15B 13.00 20 411.00 280 58.00 50 0.13 0.77 5 1.65 0.25 12.65 15 0.95 35.00 5 15B 1.81 3.02 20.92 35 35.00 50 70.01 70 21.90 25 29.50 12.5 5.52 10 7.00 10 20B 3.50 10 43.02 20 6.66 251.00 50 - 50.00 13.15 1.05 0.67 0.25 5 3.60 1.00 16.70 15 100R 53.68 60 0.51 0.13 22.30 15 57.20 25 45R 0.40 12.30 27.16 50 0.40 9.25 25SD 5.38 3.64 10 4.10 - 100R 2.50 5 1.22 154.00 75 35.77 50 35.05 25 97.00 80 20B 44.10 50 900B 2.56 -
-
Performance of SR Pharma and Bio Tech Index
% Change -0.12 5-Day High 1,554.39 5-Day Low 1,548.30
Open 976.90 Turnover 37,304 P/E (x) 6.88
2011 Div BR (%) (%)
10B 25B325.00 -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
52.32
Total Assets (Rs in mn)
7,598.16
MA (10-day)
1.08
Total Equity (Rs in mn)
(1,042.83)
MA (100-day)
1.47
Revenue (Rs in mn)
2,731.94
MA (200-day)
1.55
Interest Expense
1st Support
0.90
Loss after Taxation
2nd Support
0.63
EPS 10 (Rs)
1st Resistance
1.57
Book value / share (Rs)
691.43
2nd Resistance
1.97
PE 11 E (x)
Pivot
1.30
PBV (x)
(452.35) (2.899) (6.68) (0.18)
JPGL closed up 0.11 at 1.21. Volume was 1,007 per cent above average (trending) and Bollinger Bands were 34 per cent wider than normal. The company's loss after taxation stood at Rs1.175 billion which translates into a Loss Per Share of Rs7.53 for the nine months of fiscal year (9MFY11). JPGL is currently 21.9 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 into JPGL (bullish). Trend forecasting oscillators are currently bearish on JPGL.
Pioneer Cement Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
34.04
Total Assets (Rs in mn)
MA (10-day)
5.06
Total Equity (Rs in mn)
2,218.22
MA (100-day)
6.16
Revenue (Rs in mn)
3,872.83
MA (200-day)
6.86
Interest Expense
10,325.49
1st Support
4.73
Loss after Taxation
2nd Support
4.48
EPS 10 (Rs)
1st Resistance
5.10
Book value / share (Rs)
2nd Resistance
5.22
PE 11 E (x)
Pivot
4.85
PBV (x)
392.66 (590.93) (2.653) 9.96 0.50
PIOC closed up 0.29 at 4.97. Volume was 276 per cent above average (trending) and Bollinger Bands were 69 per cent wider than normal. The company's loss after taxation stood at Rs196.945 million which translates into a Loss Per Share of Rs0.85 for the nine months of fiscal year (9MFY11). PIOC is currently 27.5 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 moderate flows of volume out of PIOC (mildly bearish). Trend forecasting oscillators are currently bearish on PIOC.
Southern Electric Power Co Ltd
% Change 0.03 5-Day High 761.51 5-Day Low 744.23
PHARMA AND BIO TECH
Change -1.87 Market cap 31,495.31 mn Div Yield (%) 16.76
Last 60 days High Low
-
Performance of SR Household Goods Index
Performance of SR Industrial Engineering Index Open 1,550.17 Turnover 57,093 P/E (x) 7.85
-
HOUSEHOLD GOODS
2011 Div BR (%) (%)
- 20.00 25B 15.00 20B 15.00 -
2011 Div BR (%) (%)
FOOD PRODUCERS Open 2,101.49 Turnover 90,178 P/E (x) -
Company
Change -20.77 Market cap 9,384.41 mn Div Yield (%) 10.08
-
Change 1.89 Market cap 42,137.51 mn Div Yield (%) 5.79
Performance of SR Industrial Metals and Mining Index Open 1,032.32 Turnover 244,009 P/E (x) 3.07
40 15
Performance of SR Food Producers Index
-
INDUSTRIAL METALS AND MINING
2010 Div BR (%) (%)
AUTOMOBILE AND PARTS
2011 Div BR (%) (%) -
% Change -0.51 5-Day High 686.51 5-Day Low 682.99
Performance of SR Automobile and Parts Index
Company
High Low 1,849.30 1,824.80 Total cos Defaulter cos 36 6 P/BV (x) ROE (%) 3.11 35.00
BOC (Pak) 250 6.93 92.00 Clariant Pak 341 4.89 160.83 Dawood Hercules 4813 3.71 64.93 Descon Chemical 1996 2.31 Descon Oxychem Ltd. 1020 11.49 7.94 Dewan Salman 3663 2.40 Dynea Pak 94 3.59 10.94 Engro Corporation Ltd 3933 8.85 198.55 Engro Polymer 6635 - 11.64 Fatima Fertilizer 22000 - 12.55 Fauji Fertilizer 8482 8.63 140.98 Fauji Fert. Bin Qasim 9341 6.30 42.05 Ghani Gases Ltd 725 10.15 12.05 ICI Pakistan 1388 8.61 156.27 Ittehad Chemical 360 3.38 22.17 Lotte Pakistan 15142 4.36 15.72 Mandviwala 74 1.01 Nimir Ind Chemical 1106 10.70 2.50 Shaffi Chemical 120 28.00 2.24 Sitara Chem Ind 214 2.53 100.36 Sitara Peroxide 551 5.69 18.68 United Distributors 92 - 15.78 Wah-Noble 90 5.04 34.76
Japan Power Generation Limited
Performance of SR Industrial Transportation Index
Close Change 1,489.31 2.46 Listed cap Market cap 65,194.15 mn 1,106,480.83 mn Payout (%) Div Yield (%) 55.94 5.38
Performance of SR Chemicals Index Open 1,837.27 Turnover 19,456,076 P/E (x) 8.88
Alert ! Unusual Movements
INDUSTRIAL TRANSPORTATION
Performance of SR Oil and Gas Index Open 1,486.85 Turnover 6,848,392 P/E (x) 10.40
KSE 30 Index
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
PE
Open
5.59 90.68 7.58 91.66 11.15 77.66 5.95 25.70 4.10 10.00 - 146.00 5.85 59.50
High
High Low 993.07 972.79 Total cos Defaulter cos 9 P/BV (x) ROE (%) 1.53 22.31 Low
Close Chg
91.90 91.00 91.25 0.57 90.65 90.61 91.59 -0.07 79.90 77.10 78.08 0.42 25.70 25.35 25.70 0.00 10.99 9.73 10.00 0.00 143.50 143.15 143.15 -2.85 60.00 59.41 60.00 0.50
Close 981.98 Listed cap 3,904.20 mn Payout (%) 44.54
Volume 7236 624 11857 1200 14001 850 1501
Change 5.08 Market cap 31,980.07 mn Div Yield (%) 6.47
Last 60 days High Low 97.00 99.49 90.00 33.50 12.80 168.00 66.15
78.59 85.00 68.00 24.50 8.20 134.00 58.05
2010 Div BR (%) (%) 50 40 25 100 30
% Change 0.52 5-Day High 981.98 5-Day Low 958.67 2011 Div BR (%) (%)
20B 12.50 15B 10B -
-
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
43.44
Total Assets (Rs in mn)
MA (10-day)
1.31
Total Equity (Rs in mn)
2,081.08
MA (100-day)
1.84
Revenue (Rs in mn)
11,457.73 5,541.96
MA (200-day)
2.13
Interest Expense
1st Support
1.26
Profit after Taxation
52.68
2nd Support
1.08
EPS 10 (Rs)
0.385
1st Resistance
1.58
Book value / share (Rs)
15.23
2nd Resistance
1.72
PE 11 E (x)
Pivot
1.40
PBV (x)
987.88
0.09
SEPCO closed up 0.04 at 1.37. Volume was 199 per cent above average (trending) and Bollinger Bands were 26 per cent wider than normal. The company's loss after taxation stood at Rs310.261 million which translates into a Loss Per Share of Rs2.27 for the nine months of fiscal year (9MFY11). SEPCO is currently 35.8 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 volume flowing into and out of SEPCO at a relatively equal pace. Trend forecasting oscillators are currently bearish on SEPCO.
Telecard Limited
Fundamental Highlights As on Jun 30, 2010
Technical Analysis RSI (14-day)
35.58
Total Assets (Rs in mn)
MA (10-day)
1.55
Total Equity (Rs in mn)
3,400.99
MA (100-day)
1.98
Revenue (Rs in mn)
2,414.18
MA (200-day)
2.17
Interest Expense
9,610.12
530.45
1st Support
1.50
Profit after Taxation
698.46
2nd Support
1.48
EPS 10 (Rs)
2.328
1st Resistance
1.57
Book value / share (Rs)
11.34
2nd Resistance
1.62
PE 11 E (x)
2.63
Pivot
1.55
PBV (x)
0.14
TELE closed unchanged at 1.54. Volume was 47 per cent above average and Bollinger Bands were 3 per cent narrower than normal. The company's profit after taxation stood at Rs133.059 million which translates into an Earning Per Share of Rs0.44 for the nine months of fiscal year (9MFY11). TELE is currently 29.0 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 volume flowing into and out of TELE at a relatively equal pace. Trend forecasting oscillators are currently bearish on TELE.
BOOK CLOSURES Company
From
To
(TFC) Orix Leasing Pak Shell Pakistan # United Brands # Arif Habib Investment # Rafhan Maize Products NIB Bank Packages Ltd # IGI Insurance (TFC) Engro Fertiliser Mybank Ltd # Pakistan State Oil Pakistan Refinery # Husein Sugar Mills Fauji Cement Shifa Int Hospitals J.K Spinning Mills (TFC) Telecard Fauji Fertiliser JS Value Fund JS Growth Fund Shakarganj Mills # Pakistan Telephone Cables Haydari Construction #
12-May 12-May 13-May 14-May 14-May 14-May 16-May 16-May 17-May 17-May 18-May 18-May 20-May 20-May 20-May 20-May 21-May 23-May 24-May 24-May 24-May 25-May 26-May
25-May 26-May 20-May 21-May 21-May 21-May 20-May 24-May 30-May 23-May 25-May 31-May 26-May 26-May 26-May 25-May 27-May 29-May 30-May 30-May 31-May 30-May 02-Jun
D/B/R 350(I) 154.79(R) 10(I) 30(II) 40.49(R) 92(R) 15(II) 10(I) 45(I) 5(I) 7.5(I) -
Spot AGM/Date 06-May 06-May 06-May 10-May 12-May 12-May 12-May 13-May 16-May 16-May -
26-May 20-May 21-May 20-May 24-May 31-May 31-May 30-May 02-Jun
INDICATIONS # Extraordinary General Meeting
OTHER SECTORS Symbols
Open
TRG Pakistan Ltd. Murree Brewery Co. Shakarganj Food Grays of Cambridge Pak Tobacco Co. Media Times LtdXR P.I.A.C.(A) AKD Capital Limited Pace (Pak) Ltd. Netsol Technologies Pak Telephone
2.67 104 2.98 31.63 90.75 13.32 2.35 39.66 2.81 21.77 3.16
High 2.69 105.44 2.5 33 92 14 2.38 39.98 2.87 22 3.18
Low Close 2.57 101.1 2.5 30.06 89.1 14 2.28 38 2.51 21.25 3
2.6 101.63 2.5 30.37 91.25 14 2.35 38 2.61 21.58 3.01
Change -0.07 -2.37 -0.48 -1.26 0.5 0.68 0 -1.66 -0.2 -0.19 -0.15
Vol 384222 2892 2500 1170 2706 1000 40256 1093 1094219 562134 19641
7
Thursday, May 12, 2011
FIXED LINE TELECOMMUNICATION Performance of SR Fixed Line Telecommunication Index Open 983.07 Turnover 1,420,944 P/E (x) 5.39 Paid up Cap(mn)
Company
High Low 989.54 970.21 Total cos Defaulter cos 5 P/BV (x) ROE (%) 0.69 12.84
PE
Open
High
Low
Close Chg
Pak Datacom 78 30.19 Pakistan Telecomm Co A 37740 13.89 Telecard 3000 2.61 WorldCall Tele 8606 Wateen Telecom Ltd 6175 -
31.40 17.07 1.54 2.14 2.56
31.20 17.17 1.60 2.15 2.70
31.00 16.87 1.53 2.06 2.41
31.40 16.95 1.54 2.09 2.59
0.00 -0.12 0.00 -0.05 0.03
Close 975.47 Listed cap 50,077.79 mn Payout (%) 62.56
Volume 383 865733 386421 168407 87739
Change -7.60 Market cap 68,075.35 mn Div Yield (%) 11.60
% Change -0.77 5-Day High 983.07 5-Day Low 975.38
Last 60 days High Low
2010 Div BR (%) (%)
78.50 19.18 2.35 2.89 3.50
80 17.5 1 -
30.56 16.05 1.40 1.94 2.41
2011 Div BR (%) (%)
- 15.00 -
-
Ask Gen Insurance XB 280 3.64 Atlas Insurance 443 3.37 Central InsuranceXDXB 391 1.48 Century Insurance 457 4.61 EFU General Insurance 1250 12.72 Habib Insurance 450 7.85 IGI InsuranceSPOT 970 5.95 New Jub InsuranceXDXB 989 9.61 Pak Reinsurance XD 3000 5.50 PICIC Ins Ltd 350 7.37 Premier Insurance XD 303 3.64 Reliance Insurance XB 284 4.18 Shaheen Insurance 250 8.51 United Insurance XB 496 1.85 Universal Insurance 263 -
Paid up Cap(mn)
Company
Altern Energy Genertech Hub Power Japan Power KESC Kohinoor Power Kot Addu Power Nishat Chunian Power Ltd Nishat Power Ltd Sitara Energy Ltd Southern Electric Tri-star Power XD
PE
3426 198 11572 1560 7932 126 8803 3673 3541 191 1367 150
7.43 2.33 5.61 2.95 2.43 6.21 -
Open
High Low 1,359.12 1,337.07 Total cos Defaulter cos 15 1 P/BV (x) ROE (%) 1.30 9.35
High
8.30 0.55 37.00 1.10 2.40 2.91 43.52 16.33 16.99 21.51 1.33 1.00
8.75 0.64 37.30 1.70 2.43 3.40 44.00 16.75 17.20 22.55 1.54 1.24
Low 8.20 0.53 36.90 1.03 2.33 2.95 43.55 16.30 16.80 21.74 1.22 0.80
Close Chg 8.50 0.20 0.60 0.05 36.98 -0.02 1.21 0.11 2.35 -0.05 3.00 0.09 43.67 0.15 16.42 0.09 17.04 0.05 22.42 0.91 1.37 0.04 1.14 0.14
Change 0.53 Market cap 105,242.51 mn Div Yield (%) 7.47
Last 60 days High Low
4002 47879 1186318 3636061 508960 16400 261715 1802854 1628933 509671 604149 36316
10.89 0.85 40.75 1.70 2.90 4.95 44.99 17.00 17.75 22.55 2.08 1.37
8.05 0.49 35.90 0.97 2.31 2.11 40.26 14.05 14.85 15.35 1.13 0.31
% Change 0.04 5-Day High 1,342.30 5-Day Low 1,340.43
2010 Div BR (%) (%) 50 50 20 -
Open 799.69 Turnover 59,670 P/E (x) 5.56
2011 Div BR (%) (%)
- 25.00 7.8R - 30.00 - 10.00 -
-
Paid up Cap(mn)
Company
American Life EFU Life Assurance New Jub Life Insurance
Paid up Cap(mn)
Company Sui North Gas Sui South Gas
Close 1,275.42 Listed cap 12,202.80 mn Payout (%) 66.79
Change 23.38 Market cap 28,451.77 mn Div Yield (%) 8.08
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
5491 13.14 8390 4.94
18.14 21.39
18.99 22.45
18.25 21.65
18.40 0.26 21.87 0.48
59437 186287
25.69 26.45
17.64 20.52
% Change 1.87 5-Day High 1,275.42 5-Day Low 1,241.22
2010 Div BR (%) (%) 20 15
2011 Div BR (%) (%)
25B
-
-
BANKS Performance of SR Banks Index Open 1,147.98 Turnover 23,605,894 P/E (x) 7.42 Paid up Cap(mn)
Company
PE
Open
Allied Bank Ltd. XDXB 8603 6.19 62.56 Askari Bank XB 7070 5.24 11.38 Bank Alfalah 13492 5.62 10.02 Bank AL-Habib 8786 6.24 29.69 Bank Of Khyber 5004 2.66 5.62 Bank Of Punjab 5288 5.23 BankIslami Pak 5280 9.84 3.74 Faysal Bank 7327 7.39 9.85 Habib Bank Ltd 11021 7.64 122.09 Habib Metropolitan Bank XB 10478 5.06 17.76 JS Bank Ltd 8150 46.20 2.40 KASB Bank Ltd 9509 1.30 MCB Bank Ltd 8362 8.30 205.93 Meezan Bank XB 8030 6.01 17.57 Mybank Ltd 5304 2.15 National Bank 16818 4.10 52.43 NIB BankSPOT 40437 1.81 Samba Bank 14335 25.50 1.95 Silkbank Ltd 26716 16.88 2.62 Soneri Bank 6023 3.00 6.07 Stand Chart Bank 38716 6.85 8.50 Summit Bank Ltd 7251 2.92 United Bank Ltd 12242 7.56 64.69
High
High Low Close 1,163.20 1,135.87 1,148.52 Total cos Defaulter cos Listed cap 27 - 257,548.02 mn P/BV (x) ROE (%) Payout (%) 1.03 13.94 40.49 Low
Close Chg
63.45 62.21 62.74 0.18 11.69 11.21 11.52 0.14 11.02 10.00 10.68 0.66 29.65 29.01 29.45 -0.24 6.20 5.10 5.96 0.34 5.32 5.12 5.17 -0.06 3.69 3.63 3.64 -0.10 9.98 9.72 9.75 -0.10 122.80 121.00 122.39 0.30 18.00 17.50 17.60 -0.16 2.50 2.25 2.31 -0.09 1.42 1.30 1.40 0.10 207.20 204.50 205.44 -0.49 18.10 17.55 17.55 -0.02 2.30 2.10 2.19 0.04 53.15 51.92 52.15 -0.28 1.88 1.80 1.81 0.00 2.04 2.00 2.04 0.09 2.75 2.66 2.70 0.08 6.17 5.90 6.00 -0.07 8.50 8.22 8.50 0.00 3.05 2.80 3.00 0.08 64.97 64.01 64.32 -0.37
24296 565265 10553448 843386 90810 1313066 29751 87660 164300 36790 188923 3654016 216078 5211 32047 2295069 1612427 30020 1133459 378833 14720 157852 336316
Change 0.53 Market cap 683,774.55 mn Div Yield (%) 5.46
Last 60 days High Low
Volume
70.50 16.38 11.20 37.38 6.25 8.23 4.18 14.44 131.00 26.50 3.16 1.73 230.80 19.70 2.99 81.78 2.94 2.20 2.99 7.00 9.90 3.68 67.25
57.00 10.90 8.75 26.95 3.30 4.51 3.06 9.00 104.16 17.25 2.25 1.16 192.20 16.26 1.70 49.57 1.68 1.50 2.02 5.00 6.28 2.36 56.70
% Change 0.05 5-Day High 1,148.52 5-Day Low 1,127.51
2010 Div BR (%) (%)
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 -
20R -
NON LIFE INSURANCE Performance of SR Non Life Insurance Index Open 738.59 Turnover 2,994,785 P/E (x) 10.70 Paid up Cap(mn)
Company
Adamjee Insurance XD
1237
High Low 752.55 725.03 Total cos Defaulter cos 34 22 P/BV (x) ROE (%) 0.56 5.20
0.32 0.03 -1.11 -0.10 0.17 -0.42 -1.06 0.89 0.22 0.28 -0.34 -0.60 -0.95 0.27 0.10
11331 12.49 840 42.90 4296 115.90 3504 10.85 58698 39.91 1077 16.05 7595 103.00 502 74.90 2669522 20.80 4465 13.00 7281 13.27 5234 8.25 523 14.49 797 8.49 1503 3.42
9.25 26.50 61.30 8.00 29.01 11.00 65.10 51.16 12.43 7.08 8.00 5.76 8.85 4.75 1.55
Close 735.20 Listed cap 11,111.34 mn Payout (%) 79.54
Change -3.39 Market cap 45,542.42 mn Div Yield (%) 7.44
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
7.27
68.75
68.74
67.15
67.76 -0.99
217616
86.49
62.00
% Change -0.46 5-Day High 738.59 5-Day Low 697.45
2010 Div BR (%) (%) 25
2011 Div BR (%) (%)
-
-
-
High Low 821.24 791.87 Total cos Defaulter cos 4 P/BV (x) ROE (%) 3.32 3.85
Close 809.53 Listed cap 2,290.72 mn Payout (%) 355.53
-10B 25R 40 20B 25 50B 10 12.5 25 12.5B 30 55B 10.00 20 25B 30 25 - 12.5B - 24B -
Change 9.84 Market cap 9,040.66 mn Div Yield (%) 4.12
PE
Open
High
Low
Close Chg
Volume
Last 60 days High Low
500 6.30 850 8.17 627 13.68
16.55 56.95 50.88
16.39 59.79 50.50
16.39 57.20 49.00
16.39 -0.16 58.18 1.23 50.88 0.00
3000 56333 337
17.98 64.50 54.00
25R -
% Change 1.23 5-Day High 809.53 5-Day Low 757.45
2010 Div BR (%) (%)
14.02 50.70 40.85
50 15
2011 Div BR (%) (%)
-
-
-
FINANCIAL SERVICES Open 274.79 Turnover 2,930,474 P/E (x) 11.20
GAS WATER AND MULTIUTILITIES High Low 1,312.52 1,263.72 Total cos Defaulter cos 2 P/BV (x) ROE (%) 0.94 11.41
9.75 27.13 67.99 8.30 34.08 11.30 71.83 54.68 15.85 8.84 8.15 6.85 12.60 5.33 1.65
Performance of SR Financial Services Index
Performance of SR Gas Water and Multiutilities Index Open 1,252.04 Turnover 245,724 P/E (x) 8.27
9.75 27.00 67.50 8.02 33.65 11.26 71.61 51.16 15.60 8.80 8.15 6.85 12.60 5.05 1.65
Performance of SR Life Insurance Index
Close 1,342.30 Listed cap 95,369.29 mn Payout (%) 104.13
Volume
10.43 27.20 68.50 8.37 35.60 11.85 72.30 56.00 16.39 9.56 8.90 6.85 12.60 5.50 1.99
LIFE INSURANCE
ELECTRICITY Performance of SR Electricity Index Open 1,341.76 Turnover 10,243,358 P/E (x) 13.94
9.43 27.10 69.10 8.40 33.91 11.72 72.89 53.79 15.63 8.56 8.49 7.45 13.55 5.06 1.55
Paid up Cap(mn)
Company
High Low 281.75 260.71 Total cos Defaulter cos 41 6 P/BV (x) ROE (%) 0.17 0.91
PE
Open
High
Low
225 1.04 360 5.80 450 15.56 3750 2.97 150 2.86 250 First Credit & Invest Bank Ltd 650 First National Equity 575 IGI Investment Bank 2121 8.95 Invest and Fin Sec 600 22.97 Invest Bank 2849 Ist Cap Securities 3166 Ist Dawood Bank 626 0.69 Jah Siddiq Co 7633 JOV and CO 508 JS Global Cap 500 5.66 JS Investment 1000 41.00 KASB Securities 1000 Orix Leasing 821 3.36 Pervez Ahmed Sec 775 5.46 Saudi Pak Leasing 452 Stand Chart Leasing 978 4.15
0.55 22.53 15.16 22.41 1.80 1.32 5.00 3.41 1.70 8.01 0.35 2.93 1.40 6.52 2.88 19.60 5.04 3.50 5.35 1.70 0.64 2.87
0.53 22.97 15.90 22.66 1.75 1.34 6.00 3.55 1.90 8.87 0.40 3.03 1.58 6.59 3.06 20.00 5.14 3.87 5.60 1.77 0.74 2.95
0.43 22.75 14.51 22.10 1.37 1.30 4.27 2.61 1.70 8.00 0.30 2.60 1.46 6.15 2.50 18.60 4.91 3.26 5.27 1.51 0.62 2.95
AMZ Ventures Arif Habib Investments Arif Habib Limited Arif Habib Corp Dawood Cap Mangt. XB Dawood Equities
0.50 22.75 14.78 22.17 1.80 1.34 4.99 3.07 1.70 8.50 0.35 2.80 1.54 6.18 2.59 19.69 4.92 3.30 5.54 1.53 0.74 2.95
-0.05 0.22 -0.38 -0.24 0.00 0.02 -0.01 -0.34 0.00 0.49 0.00 -0.13 0.14 -0.34 -0.29 0.09 -0.12 -0.20 0.19 -0.17 0.10 0.08
Volume 30621 2827 113491 609043 154 25939 5806 801 2305 47279 29308 30889 36121 1774746 602778 8673 34162 5007 2101 180974 1198 1000
Change -9.04 Market cap 13,105.08 mn Div Yield (%) 5.20
% Change -3.29 5-Day High 278.50 5-Day Low 240.71
Last 60 days High Low
2010 Div BR (%) (%)
0.93 24.97 25.25 26.14 2.10 2.57 6.00 5.80 2.56 8.87 1.20 3.67 2.00 11.17 3.98 28.01 6.75 4.97 6.44 2.49 0.98 3.20
30 11.5 10 50 -
0.34 20.10 12.01 18.75 1.10 1.06 2.30 2.46 1.61 5.15 0.26 2.45 1.24 4.82 2.31 16.42 4.60 3.10 5.00 1.21 0.47 2.03
2011 Div BR (%) (%)
20B 20B 10B -
- 140R -
Symbols
Open
EMCO HWQS ILTM KSBP MRNS PCAL SFL SLCL SGPL BAPL GLAT MODAM JKSM FPJM TRPOL HUSS SUTM AGL IDRT WYETH ISIL TSML UPFL JOPP MERIT SALT SGML RMPL NONS SHFA STCL COLG THCCL FECM MUBT NMBL FCONM FFLM HAJT KOHE PAKMI PGCL ADAMS BWCL CSM FRSM FZTM ICCT INKL ISTM JATM JUBS LPGL PMRS SANSM SHEZ SING SSIC TSMF YOUW ZIL
High
1.80 10.38 230.22 38.24 54.22 50.10 115.76 1.89 0.70 7.31 8.07 1.25 7.40 0.90 0.80 9.94 36.01 19.36 4.32 837.00 82.13 49.50 1364.29 7.38 28.34 52.76 6.45 2770.40 16.59 33.70 6.13 746.53 18.14 2.99 0.55 2.49 1.10 1.30 0.45 16.00 0.78 16.99 13.00 13.99 0.57 18.25 288.95 0.63 8.01 7.00 2.10 3.01 21.50 40.00 12.46 152.56 16.51 5.40 1.10 1.26 59.74
2.09 11.00 220.00 39.98 54.50 51.00 115.07 1.96 0.99 8.25 8.50 1.20 8.00 1.14 0.90 10.15 37.81 19.50 4.98 860.00 78.05 51.96 1400.00 8.38 28.50 54.22 6.75 2780.00 16.02 33.25 6.50 721.00 17.70 3.00 0.52 2.59 1.45 1.48 0.63 16.60 1.04 17.00 13.00 14.99 0.59 18.00 301.00 0.80 8.01 6.50 2.90 3.95 21.39 42.00 11.90 152.00 16.34 4.90 1.22 1.49 60.85
Low
Close
2.09 11.00 220.00 39.98 54.50 51.00 110.00 1.50 0.99 8.25 8.50 1.06 6.60 1.09 0.65 10.15 37.81 19.50 3.85 845.01 78.05 48.00 1385.00 7.03 28.00 54.22 5.85 2651.00 16.02 33.25 5.41 721.00 17.70 2.62 0.52 2.26 1.45 1.48 0.63 16.49 1.04 16.99 13.00 14.99 0.59 18.00 301.00 0.80 7.02 6.50 2.90 3.95 21.39 42.00 11.90 152.00 16.34 4.90 1.22 1.49 60.85
1.80 10.38 230.22 38.24 54.22 50.10 115.07 1.89 0.70 7.31 8.07 1.25 7.40 0.90 0.80 9.94 36.01 19.36 4.32 855.72 82.13 49.50 1399.22 7.38 28.34 52.76 6.45 2778.78 16.59 33.70 6.13 746.53 18.14 2.99 0.55 2.49 1.10 1.30 0.45 16.00 0.78 16.99 13.00 13.99 0.57 18.25 288.95 0.63 8.01 7.00 2.10 3.01 21.50 40.00 12.46 152.56 16.51 5.40 1.10 1.26 59.74
Change
Vol
0.00 0.00 0.00 0.00 0.00 0.00 -0.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18.72 0.00 0.00 34.93 0.00 0.00 0.00 0.00 8.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100 100 100 100 100 100 100 100 98 97 91 65 54 51 51 50 50 40 38 35 28 25 25 22 22 20 19 11 10 9 7 5 5 4 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
FUTURE CONTRACTS Symbols
Open
DGKC-MAY
22.81
High
Low
23.18
22.56
Close
Change
22.87
0.06
Vol 765500
NBP-MAY
52.63
53.16
52.15
52.38
-0.25
528500
POL-MAY
328.28
329.90
327.60
327.96
-0.32
349000
ENGRO-MAY 198.86
199.40
198.00
198.37
-0.49
252000
0.04
227000
NML-MAY
59.29
59.73
59.01
59.18
-0.11
112500
PPL-MAY
208.25
209.45
207.27
207.67
-0.58
110500
ATRL-MAY
125.34
126.39
125.36
125.49
0.15
90500
EQUITY INVESTMENT INSTRUMENTS
FFC-MAY
140.96
141.60
140.30
140.44
-0.52
86500
PTC-MAY
17.20
17.20
17.01
17.10
-0.10
Performance of SR Equity Investment Instruments Index
MCB-MAY
205.95
206.90
204.50
205.61
-0.34
UBL-MAY
64.98
65.20
64.50
64.54
-0.44
47500
FFC-MAYB
137.50
138.00
137.00
137.00
-0.50
45500
LUCK-MAY
69.99
70.79
69.71
70.41
0.42
37000
37.33
37.20
36.53
36.53
-0.80
8000
Open 1,493.27 Turnover 554,526 P/E (x) 21.81 Paid up Cap(mn)
Company
Close Chg
Close 265.75 Listed cap 30,336.44 mn Payout (%) 99.56
UPTO 100 VOLUME
Allied Rental AL-Meezan Mutual F. AL-Noor Modaraba Atlas Fund of Funds B R R Guardian Mod. Equity Modaraba First Dawood Mutual F. Golden Arrow H B L Modaraba Habib Modaraba JS Growth Fund JS Value Fund KASB Modaraba Meezan Balanced Fund Pak Oman Advantage PICIC Energy Fund PICIC Growth Fund PICIC Inv Fund Prud Modaraba 1st Stand Chart Modaraba Trust Modaraba U D L Modaraba
600 1375 210 525 780 524 581 760 397 1008 3180 1186 283 1200 1000 1000 2835 2841 872 454 298 264
High Low 1,515.23 1,483.03 Total cos Defaulter cos 52 11 P/BV (x) ROE (%) 0.48 2.21
PE
Open
High
Low
4.37 4.48 2.52 1.72 2.05 7.95 1.20 2.17 3.73 4.02 2.46 0.64 1.61 2.67 2.14 2.63 2.27 1.65 5.41 2.90 2.23
19.33 10.40 3.90 6.11 1.97 1.50 2.28 3.28 7.70 7.75 7.17 6.05 2.50 9.30 5.75 7.10 12.56 5.55 0.94 9.90 2.00 6.31
18.50 10.60 3.95 6.45 2.05 1.75 2.24 3.47 7.70 7.89 7.25 6.05 2.99 9.30 5.75 7.25 12.89 5.75 0.99 9.82 2.00 6.52
18.50 10.45 3.57 6.40 1.97 1.51 2.01 3.25 7.60 7.36 7.10 6.05 2.40 9.30 5.75 7.15 12.55 5.60 0.89 9.62 2.00 6.52
Close 1,501.82 Listed cap 29,771.58 mn Payout (%) 104.74
Change 8.55 Market cap 19,226.74 mn Div Yield (%) 7.46
Close Chg
Volume
Last 60 days High Low
18.50 10.45 3.95 6.45 1.97 1.51 2.01 3.27 7.60 7.75 7.17 6.05 2.50 9.30 5.75 7.25 12.83 5.74 0.91 9.80 2.00 6.52
500 166425 2006 9860 8500 3009 3402 21196 6492 9801 26993 20000 5800 86786 70707 30378 41226 31229 3195 2613 1820 2460
19.50 11.20 3.95 6.97 2.91 2.50 2.49 3.95 8.48 8.44 7.45 6.68 3.94 9.49 9.75 8.50 13.94 6.80 1.10 10.63 2.49 7.25
-0.83 0.05 0.05 0.34 0.00 0.01 -0.27 -0.01 -0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.15 0.27 0.19 -0.03 -0.10 0.00 0.21
15.30 8.95 2.85 5.00 1.12 1.50 1.79 2.92 6.81 6.99 4.76 4.20 1.50 8.12 5.75 6.92 12.00 5.10 0.80 9.50 1.50 5.67
% Change 0.57 5-Day High 1,506.34 5-Day Low 1,486.00
2010 Div BR (%) (%) 22.5 18.5 5 2.2 0 17 11 21 12.5 10 2.8 15.5 1.04 10 20 10 3 17 5 12.5
2011 Div BR (%) (%)
- 5.00 - 5.00 - 10.00 - 12.50 - 7.50 - 7.50
-
FFBL-MAY
42.27
HUBC-MAY
42.45
42.17
42.31
80000 49500
MTS LEVERAGE POSITION Symbol AHCL AICL AKBL ANL ATRL BAFL DGKC ENGRO FFBL FFC HUBC KAPCO LOTPTA LUCK MCB NBP NCL NML OGDC PAKRI POL PPL PSO PTC UBL TOTAL
Total Volume 2,458,285 25,250 50,649 45,000 35,000 183,937 370,500 59,750 89,335 32,000 37,000 5,000 3,087,200 10,000 42,700 541,336 410,000 236,000 5,500 30,000 85,500 27,500 78,525 22,055 14,500 7,982,522
Total Value 39,657,004 1,283,036 424,125 163,266 3,275,325 1,434,974 6,258,492 8,731,214 2,806,647 3,367,131 1,031,789 161,495 35,632,940 525,911 6,470,652 20,396,409 7,874,783 10,446,198 596,295 285,188 21,019,561 4,229,036 16,410,931 279,402 679,714 193,441,518
MTS Rate 20 21 16 16 16 16 16 16 16 20 19 16 15 16 16 15.84
BOARD MEETINGS
Bank Al-Falah Ltd
KSE 100 INDEX
Fauji Fertiliser Bin Qasim Ltd
Oil & Gas Development Co Ltd
Company
Date
Time
Husein Sugar Mills Ltd Habib Sugar Mills Ltd Invest Capital Investment Reliance Income Fund Hinopak Motors Ltd Honda Atlas Cars
12-May 14-May 14-May 14-May 16-May 16-May
10:30 12:00 11:00 11:00 12:00 11:00
TECHNICAL LEVELS Company Al-Abbas Cement
Technical Outlook Technical Analysis RSI (14-day)
Brokerage House
Leverage Position
57.25
Support 1
11,981.55
MA (5-day)
11,953.54
Support 2
11,926.75
MA (10-day)
11,945.68
Resistance 1
12,117.45
MA (100-day)
11,984.24
Resistance 2
12,198.55
MA (200-day)
11,208.58
Pivot
12,062.65
Arif Habib Ltd
Target Price
Recommendations
11.6
Hold
Arif Habib Ltd
Accumulate
AKD Securities Ltd
Positive
TFD Research
AKD Securities Ltd TFD Research
11 14.01
Technical Outlook Technical Analysis
Leverage Position
RSI (14-day) 56.89 MTS Shares `000 183.937 MA (10-day) 10.18 MTS Rs `000 1,434.97 10.51 MTS Rate 16.00 KSE 100 INDEX closed up 24.34 points at 12,036.36. Volume was MA (100-day) MA (200-day) 9.80 ** NOI Rs (mn) N/A 26 per cent below average and Bollinger Bands were 31 per cent Free Float Shares (mn) 674.58 Free Float Rs (mn) 7,204.49 narrower than normal. As far as resistance level is concern, the marTarget price for Dec-11 & **Net Open Interest in future market ket will see major 1st resistance level at 12,117.45 and 2nd resistBAFL closed up 0.66 at 10.68. Volume was 441 per cent above average ance level at 12,198.55, while Index will continue to find its 1st sup(trending) and Bollinger Bands were 26 per cent narrower than normal. port level at 11,981.55 and 2nd support level at 11,926.75. KSE 100 INDEX is currently 7.4 per cent above its 200-day moving BAFL is currently 8.9 per cent above its 200-day moving average average and is displaying an upward trend. Volatility is extremely and is displaying a downward trend. Volatility is extremely high when high when compared to the average volatility over the last 10 trading compared to the average volatility over the last 10 trading sessions. sessions. Volume indicators reflect volume flowing into and out of Volume indicators reflect volume flowing into and out of BAFL at a INDEX at a relatively equal pace. Trend forecasting oscillators are relatively equal pace. Trend forecasting oscillators are currently currently bullish on INDEX. bearish on BAFL.
Target Price
Recommendations
Brokerage House
Target Price
Recommendations
65
Brokerage House
Target Price
Recommendations
42.2
Hold
Arif Habib Ltd
45.52
Accumulate
AKD Securities Ltd
44.25
Neutral
TFD Research
Technical Outlook Technical Analysis
Target Price
62.15
61.55
63.40
64.05
62.80
Attock Cement
38.67
51.20
50.80
52.25
52.95
51.90
Arif Habib Corp
41.25
21.95
21.75
22.50
22.85
22.30
Arif Habib Limited
38.09
14.20
13.65
15.60
16.45
15.05
Adamjee Insurance
45.13
67.00
66.30
68.60
69.45
67.90
Askari Bank
38.28
11.25
11.00
11.75
11.95
11.45
Hold
Azgard Nine
35.52
5.15
4.95
5.65
6.00
Accumulate
Attock Petroleum
54.48
375.10
373.85
378.75 381.15 377.50
Neutral
Attock Refinery
52.55
124.10
123.20
126.10 127.15 125.20
Bank Al-Falah
56.88
10.10
9.55
Recommendations
143.2 145 145.25
Technical Analysis
Leverage Position
3.75 5.40
3.65 5.20
1.65
1.50
23.70
22.90
Dewan Salman
37.18
2.30
2.25
2.40
2.50
2.35
Dost Steels Ltd
44.53
1.75
1.65
1.95
2.00
1.80
EFU General Insurance 56.72
33.30
32.50
35.25
36.40
34.45
EFU Life Assurance
56.30
57.00
55.80
59.60
61.00
58.40
FFBL closed up 0.02 at 42.07. Volume was 32 per cent below average and OGDC closed up 0.86 at 149.07. Volume was 264 per cent above average
Engro Corp
48.91
197.25
196.45
Bollinger Bands were 50 per cent narrower than normal.
Faysal Bank
38.12
Fauji Cement
40.94
4.00
3.95
Fauji Fert Bin
56.22
41.85
41.65
Fauji Fertilizer
54.61
139.55
138.90
141.30 142.40 140.65
121.30
120.25
123.10 123.85 122.05
Target price for Dec-11 & **Net Open Interest in future market
(trending) and Bollinger Bands were 50 per cent wider than normal.
FFBL is currently 19.0 per cent above its 200-day moving average and is OGDC is currently 2.8 per cent below its 200-day moving average and is displaying an upward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is high as compared to the average the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod-
9.65
9.55
199.25 200.45 198.45 9.90
10.10
9.80
4.10
4.15
4.05
42.25
42.45
42.05
Habib Bank Ltd
53.68
reflect moderate flows of volume into FFBL (mildly bullish). Trend forecast- erate flows of volume into OGDC (mildly bullish). Trend forecasting oscil-
Hub Power
43.25
36.80
36.65
ing oscillators are currently bullish on FFBL.
ICI Pakistan
45.22
153.75
152.60
156.85 158.75 155.70
Indus Motors
45.59
219.30
218.80
220.15 220.50 219.65
J.O.V.and CO
40.15
2.40
2.15
2.95
3.30
Japan Power
52.32
0.90
0.65
1.60
2.00
JS Bank Ltd
30.49
2.20
2.10
2.45
2.60
Jah Siddiq Co
44.21
6.05
5.85
6.45
6.75
6.30
Kot Addu Power
63.43
43.50
43.30
43.95
44.20
43.75
K.E.S.C
34.69
2.30
2.25
2.40
2.45
2.35
Lotte Pakistan
46.50
15.50
15.35
15.85
16.10
15.70
Lucky Cement
52.17
69.65
68.70
71.25
71.90
70.30
MCB Bank Ltd
51.03
204.20
203.00
Maple Leaf Cement
34.79
2.00
1.95
National Bank
35.77
51.65
51.20
Nishat (Chunian)
35.89
25.15
24.80
26.05
26.60
25.70
Netsol Technologies
36.81
21.20
20.85
21.95
22.35
21.60
NIB Bank
39.27
Nimir Ind.Chemical
36.53
Nishat Mills
31.37
58.65
58.30
Oil & Gas Dev. XD
62.23
147.60
146.15
PACE (Pakistan) Ltd.
29.69
2.45
2.30
lators are currently bullish on OGDC.
Hub Power Co Ltd
Pakistan Oilfields Ltd
Brokerage House
Target Price
Recommendations
Brokerage House
Target Price
Recommendations
50
Buy
Buy
Arif Habib Ltd
Hold
Arif Habib Ltd
60.4
Accumulate
AKD Securities Ltd
322.42
Neutral
AKD Securities Ltd
42.1
Accumulate
92.3
Positive
TFD Research
363.65
Positive
TFD Research
50.3
Positive
Technical Outlook Leverage Position
5.30 1.55
TFD Research
35.76 MTS Shares `000 541.336 51.87 MTS Rs `000 20,396.41 68.21 MTS Rate 19.24 67.25 ** NOI Rs (mn) 91.87 Free Float Shares (mn) 398.12 Free Float Rs (mn) 20,762.08 Target price for Dec-11 & **Net Open Interest in future market
3.70
23.25
AKD Securities Ltd
Technical Analysis
5.00 1.40
Arif Habib Ltd
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
3.55
22.10
Buy
Leverage Position
5.10 1.45
Positive
39.12 MTS Shares `000 370.50 23.04 MTS Rs `000 6,258.49 26.40 MTS Rate 15.84 26.58 ** NOI Rs (mn) 122.67 Free Float Shares (mn) 200.80 Free Float Rs (mn) 4,586.38 Target price for Dec-11 & **Net Open Interest in future market
3.60
22.45
62.24 MTS Shares `000 5.50 146.26 MTS Rs `000 596.30 155.49 MTS Rate 15.25 153.29 ** NOI Rs (mn) N/A Free Float Shares (mn) 630.61 Free Float Rs (mn) 94,004.43 Target price for Dec-11 & **Net Open Interest in future market
Accumulate
Technical Analysis
37.14 37.87
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
36.45
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
40.23
5.45
10.55
39.12
89.335 2,806.65 15.57 59.67 13,754.30
28.72
Technical Outlook
Bank.Of.Punjab
11.60
D.G.K.Cement
MTS Shares `000 MTS Rs `000 MTS Rate ** NOI Rs (mn) Free Float Rs (mn)
TFD Research
30.1
BankIslami Pak
11.15
Dewan Cement
56.22 41.88 40.44 35.35 Free Float Shares (mn)326.94
AKD Securities Ltd
Arif Habib Ltd
1st 2nd Pivot Resistance 2.70 2.75 2.65
56.99
Technical Outlook
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
National Bank of Pakistan
Dera Ghazi Khan Cement Co Ltd
Brokerage House
Brokerage House
RSI 1st 2nd (14-day) Support 45.58 2.60 2.55
Allied Bank Limited
359
Technical Outlook
Technical Outlook Technical Analysis
Leverage Position
RSI (14-day) MA (10-day) MA (100-day) MA (200-day)
56.05 MTS Shares `000 85.50 326.37 MTS Rs `000 21,019.56 318.46 MTS Rate 15.50 280.55 ** NOI Rs (mn) 193.54 Free Float Shares (mn) 107.94 Free Float Rs (mn) 35,430.12 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)
43.24 MTS Shares `000 37.00 37.26 MTS Rs `000 1,031.79 37.99 MTS Rate 36.50 ** NOI Rs (mn) 0.52 Free Float Shares (mn) 810.01 Free Float Rs (mn) 29,954.10 Target price for Dec-11 & **Net Open Interest in future market
1.80 2.40
1.45
1.75 2.35
37.45
37.05
2.70 1.30 2.35
206.90 208.40 205.70 2.10 52.90
1.90
2.15 53.65
1.95
2.05 52.40
1.85
2.55
2.65
2.50
59.40
59.80
59.05
151.60 154.15 150.15 2.80
3.00
2.65
Pervez Ahmed Sec
41.98
P.I.A.C.(A)
39.10
Pioneer Cement
34.05
4.75
4.50
Pak Oilfields
56.04
327.15
326.10
330.15 332.10 329.10
Pak Petroleum
44.96
206.00
205.25
208.00 209.25 207.25
Pak Suzuki
45.71
65.35
62.95
P.S.O. XD
63.79
280.85
279.25
2.30
1.35
37.20
2.25
1.70
1.85
1.60
2.40
2.45
2.35
5.10
5.20
69.80
71.85
4.85
67.40
284.20 285.95 282.60
P.T.C.L.A
50.11
16.85
16.70
Shell Pakistan
57.86
209.90
207.75
Sui North Gas
41.65
18.10
17.80
18.85
19.30
18.55
DGKC is currently 14.1 per cent below its 200-day moving average and is NBP is currently 22.4 per cent below its 200-day moving average and is POL is currently 17.0 per cent above its 200-day moving average and is HUBC is currently 1.3 per cent above its 200-day moving average and is
Sitara Peroxide
54.31
18.10
17.80
18.90
19.40
18.60
displaying a downward trend. Volatility is relatively normal as compared to displaying an upward trend. Volatility is extremely high when compared to displaying an upward trend. Volatility is low as compared to the average displaying an upward trend. Volatility is low as compared to the average
Sui South Gas
43.51
21.55
21.20
22.35
22.80
22.00
Telecard
35.57
1.50
1.45
1.60
1.65
TRG Pakistan
43.27
2.55
2.50
2.65
2.75
2.60
United Bank Ltd
57.38
63.90
63.45
64.85
65.40
64.45
WorldCall Tele
34.52
2.05
2.00
2.15
2.20
2.10
DGKC closed up 0.12 at 22.84. Volume was 6 per cent below average and NBP closed down -0.28 at 52.15. Volume was 29 per cent below average POL closed down -0.47 at 328.23. Volume was 12 per cent below average HUBC closed down -0.02 at 36.98. Volume was 18 per cent below averBollinger Bands were 20 per cent narrower than normal.
and Bollinger Bands were 64 per cent narrower than normal.
and Bollinger Bands were 71 per cent narrower than normal.
age and Bollinger Bands were 54 per cent narrower than normal.
the average volatility over the last 10 trading sessions. Volume indicators the average volatility over the last 10 trading sessions. Volume indicators volatility over the last 10 trading sessions. Volume indicators reflect mod- volatility over the last 10 trading sessions. Volume indicators reflect modreflect moderate flows of volume into DGKC (mildly bullish). Trend fore- reflect volume flowing into and out of NBP at a relatively equal pace. Trend erate flows of volume into POL (mildly bullish). Trend forecasting oscilla- erate flows of volume into HUBC (mildly bullish). Trend forecasting oscillacasting oscillators are currently bearish on DGKC.
forecasting oscillators are currently bullish on NBP.
tors are currently bullish on POL.
tors are currently bullish on HUBC.
17.15
17.30
17.00
213.60 215.15 211.45
1.55
8
Thursday, May 12, 2011
MD PIA says last yr proved to be challenging
DUBAI: Sheik Ahmed bin Saeed Al Maktoum,Chairman and Chief executive of Emirates Airline & Group delivers The Emirates Group Annual Results 2010-2011 during a press conference at the Emirates Group Headquarter.-Reuters
Emirates posts record earning DUBAI: The Emirates Group has marked its 23rd consecutive year of profit with a record performance of AED 5.9 billion (US$ 1.6 billion) net profit, despite a challenging business climate. The 2010-2011 Annual Report of the Emirates Group - comprising Emirates Airline, dnata and their subsidiary companies -was released in Dubai today at a news conference hosted by His Highness Sheikh Ahmed bin Saeed N Maktoum, Chairman and Chief Executive, Emirates Airline and Group. "This year's record results represent our drive to push the boundaries of aviation, questioning the norms and advocating for open and fair competition. Despite unforeseen challenges in the form of political instability and shocking natural disasters we have managed, through sheer determination, nimbleness and quick thinking, to produce our best ever result," said Sheikh Ahmed. In the face of many
challenges, both political and environmental, the Group's revenue increased by 26.4 percent reaching a remarkable new level at AED 57.4 billion (US$ 15.6 billion). Strong revenue has been the main driver for the Group's record financial performance. The Group's cash balance rose substantially to hit a record high at AED 16 billion (US$4.4 billion). During the year dnata forged forward with its international expansion through its proven strategy of acquisition, taking ownership of'Npha Flight Group Ltd, a leading caterer with operations in 61 airports globally, By being open to new business opportunities and continually seeking growth dnata has now become the world's forth largest air services provider. "A clear indication of our strength, this year's financial result represents the tireless work of our 57,000 strong workforce. Operating without subsidy and through a well thought out business model we have, as a team,
been able to confront adversity on many levels," added Sheikh Ahmed. Customers' continued preference for Emirates' products has helped achieve sharp sales growth, record return for the financial year and the airline's highest ever passenger numbers. "Emirates continues to dismiss the perceived limitations of the aviation industry, advocating for an open skies environment that stimulates competition, an undeniable positive for the customer. The customer is at the heart of our operations, evident in the 3 1.4 million passengers that flew with us throughout the financial year, an increase of 14.5 percent or 4 million passengers on last year." Emirates Airline's revenues grew by an outstanding 25 percent from last year to reach AED 54.4 billion (US$ 14.8 billion). Airline profits of AED 5.4 billion (US$ 1.5 billion) marked an increase of 5 1.9 percent over 2009-10's profits of AED 3.5 billion (US$964 million).-Reuters
PIA pays ex-boss’ Rs3mn phone bill ISLAMABAD: The former Managing Director of PIA had made calls form cellular phone worth of Rs2.87 million whereas in addition to this used land line phone and made calls worth Rs0.25 million for which all the payment were made by PIA from national exchequer during his stay in office for approximately two years and nine months. This was told to Senate by Ministry of Defence during the
question hours. It was informed to the house that Ex MD of national airlines, PIA Capt Ijaz Haroon was provided four direct land line connections, whereas he was using nine mobile numbers from April 2008 to January 2011. "PIA had to pay the dues of Rs2.87 million on accounts of nine mobile phones used by former MD, whereas it has to pay another Rs0.256 million for four landline telephones"
Senate was also told that at present PIA fleet has 40 planes in running condition whereas it has the strength of 18282 employees, which means that the air line has some 457 employees per aircraft. The Senators form Baluchistan and Khyber Pathunkhuwa protested for not inducting air hostess from their provinces on which the matter was handed over to special committee for defence.-Online
KARACHI: Etihad Airways has announced the winner for its online promotion where the airline was offering their web customers in Pakistan the chance to win a free 3-night stay with breakfast for a couple at the exclusive Park Rotana Hotel, Abu Dhabi. Picture shows (L-R): Tariq Mehmood from Etihad Airways presenting complimentary stay voucher to the winner Kashif Rehman.-Staff Photo
European airlines eye more cost cuts FRANKFURT: Political unrest in North Africa, an earthquake and subsequent nuclear crisis in and European debt problems are adding to a toxic mixture of high oil prices and fierce competition among airlines fighting to make a profit. German flagship carrier Lufthansa said on Thursday cost cuts could still help it achieve higher operating profits than last year, as it reiterated its 2011 outlook. The airline hedges its exposure to fuel prices, has installed lighter seats on some of its planes to reduce their weight and plans to replace older aircraft with newer, more fuel-efficient ones to cut down on its expenses. "We are working on many topics. There are more than 60 projects that deal just with reducing fuel consumption at the passenger airlines," Lufthansa finance chief Stephan Gemkow told reporters during a conference call. Fuel costs account for about a third of its overall expenses, and it sees the bill continuing to rise.-Reuters
American Airlines flight diverted to Vegas over smoke LOS ANGELES: American Airlines Flight 431, carrying 159 passengers and seven crew members, was headed to San Francisco from Miami when it was diverted to Las Vegas, American Airlines spokesman Ed Martell said. "The pilots noted a whiff of smoke in the cockpit and procedure says anything like that you put the plane down as quickly and safely as you can," Martell said. Martell said the Boeing 757 landed without incident at McCarran International Airport in Las Vegas, where passengers were being accommodated on other flights. The plane was taken out of service while the airline determined what caused the smoke. A spokesman for the Federal Aviation Administration, which initially listed the incident as Flight 131 and the jet as a Boeing 737, said the agency would work with American Airlines to determine the cause of the smoke.-Reuters
KARACHI: The year 2010 proved to be a challenging one for the Pakistan International Airline. This was stated by the Managing Director of the PIA, Nadeem Khan Yousufzai. He was addressing the PIA's 54th Annual General Meeting (AGM) held at a local hotel. This was Nadeem Khan Yousufzai's first address to the shareholders at the AGM meeting. He pointed out that 2010 proved to be a challenging year while the global economy is gradually moving out of recession, the aviation industry has still not been able to fully recover from the crisis that engulfed it in the wake of the oil price hike. Yousufzai was of the view that due to recent events in the Middle East, oil prices have again started to climb which is affecting the aviation industry to return to profitability. He maintained that PIA is also affected by the oil prices coupled with inflation in the country. PIA does not get any subsidy from the government on oil purchase, he added. Yousufzai said that PIA is going into expansion and is in the process of getting additional aircraft and discussions are underway with PIA Board of Directors and Government of Pakistan. The airline has also implemented Web Ticketing for the convenience of the passengers. This, he said, will also result in savings for the airline. He said PIA is now focusing on revenue increase, network expansion and savings. Yousufzai further pointed out that PIA has already submitted its Business Plan to the Government of Pakistan. Based on the financial projections contained in the business plan, the airline is expected to start earning profits provided the Business Plan is approved and significant financial support is
provided to the Corporation. President of the AGM and Member PIA Board, Husain Lawai, informed the shareholders that during the year 2010 the airline achieved highest revenue in excess of Rs. 107.532 billion as compared to Rs. 95.564 billion in 2009, with a revenue growth of 12.52%. The airline also registered an increase in seat factor from 70 % in 2009 to 74 % in 2010 and achieved an operating profit of Rs. 720 million. With the World GDP forecast to rise by 3.1% during 2011, it is expected that demand for air travel (both Passenger and Cargo segments) would increase by 5.6% and 6.1% respectively in the year 2011. He said that the airline achieved an operating profit of Rs. 720 million. However, the overall financial position of the airline was mainly affected by the fuel prices; from 149.39 Rs. Per US gallon in 2009 to 194.57 Rs. Per US gallon in 2010. Fuel cost constitutes 42% of the total airline operating cost. The Yearly basket of crude oil price increased to US $ 77.45 per barrel in 2010 from US $ 61.06 per barrel in 2009 showing an increase of almost 27 percent. PIA will have to link oil prices with fuel surcharge as oil prices are beyond the control of the airline. The operating expenses other than fuel decreased by 3.88 % over last year. This was due to the decrease in exchange loss by Rs. 4,409 million over last year due to stable exchange rate in 2010 as compared to the devaluation of 6.71% of Pak rupee against the dollar in 2009. During the AGM, Malik Nazir Ahmed was declared reelected as board member whereas Yousuf Waqar was declared elected as board member by the shareholders other than the Federal Government.APP
Emirates flight path set to anger European airlines DUBAI: The airline's aggressive expansion has been criticised by European carriers who say the Dubai-based company and other Gulf carriers are effectively subsidised, provoking fears that Gulf-based superjumbos will draw traffic from their hubs. Emirates, which is stateowned, will soon fly to "several hundred destinations" from 111 locations now, Emirates' Chairman Sheikh Ahmed bin Saeed al-Maktoum said after the airline reported a 52 per cent jump in 2010 profits. "I'm sure this will make a lot of people unhappy but the market is there to grow. Airlines in Europe don't want to see us there because we are giving them competition. But we get good market share because of the product," he said. "We have big plans. We will operate more to North and South America and also Asia," he added. Sheikh Ahmed indicated that Emirates would announce new aircraft orders at the Dubai Airshow in November. Dubai has led the charge in a war of words between North American and European carriers and their Gulf rivals over subsidies, export credits and landing rights, blaming their woes on
"parasitic" taxes. "If they spend as much time running their business as they do trying to run us down they might make even more money," Emirates president Tim Clark said last year. The UAE failed to gain greater access for Emirates and Abu Dhabi's Etihad Airways in Canada last year, leading to tension between the two countries. Meanwhile, German airline Lufthansa has asked that Emirates be denied landing slots at Berlin's new airport. Emirates is the largest customer for the Airbus A380 superjumbo and has so far ordered 90 of the aircraft. It plans to increase its fleet to eventually include 120 A380s, from the 15 it currently flies. That could turn the European aviation market upside down. "If Emirates continue to execute as they have done they will force a restructuring of the industry simply by deploying the 90 or so A380s they have on order or in service," Sudeep Ghai, a partner at London-based Athena Aviation, said. "Expect other markets to start making even more protectionist noises than they have been in defence of their local carriers."-Reuters
BAA says April traffic up to almost third LONDON:Passenger traffic at BAA airports rose almost a third last month compared to April 2010, which was hit by disruption caused by the volcanic ash cloud. BAA, majority owned by Spanish infrastructure group Ferrovial on Wednesday said 9.1 million passengers flew from its UK airports last month, up 31.1 percent on the same month last year. It said London's Heathrow, Europe's busiest airport, served 5.8 million passengers, up 31.5 percent. "The underlying trend is obscured by the severe disruption in air travel in April 2010 caused by the volcanic ash cloud, by the Easter holidays falling entirely in April this year and by the extra bank holiday for the Royal Wedding," said BAA Chief Executive Colin Matthews. However, BAA said Heathrow's punctuality was at its highest ever, equalling the record previously set in October 2009. BAA's Scottish airports recorded a 36.1 percent increase against the same month last year, while traffic at London's Stansted airport was up 26.2 percent on last year. BAA has, in recent months, reported a steady rise in longhaul business traffic, especially to China and India. The recovery in business travel and exposure to fastgrowing emerging markets are becoming the driving factors in the airline industry but those without it have no buffer against higher fuel costs.Reuters
Etihad named "Middle East Leading Airline" TFD Report
KARACHI: Etihad Airways has won four titles at the annual World Travel Awards ceremony for the Middle East, including the coveted title as the Middle East's Leading Airline. The ceremony took place at the Armani Hotel Dubai in the Burj Khalifa, the tallest building in the world, setting the scene for a hugely successful evening for Etihad. The Abu Dhabi-based airline also received the Middle East's Leading Airline First Class award, Middle East's Leading Cabin Staff award and Middle East's Leading Airline Inflight Entertainment award. Peter Baumgartner, Etihad Airways' Chief Commercial Officer, said: "It is truly an honour to win Leading Airline for the Middle East. Our home market is extremely important to Etihad, so I am especially pleased to be recognised by our guests and peers from the region in this way. "We continually aim to deliver exceptional service and superior product and to receive this award demonstrates that the airline industry and our guests believe we are consistent in doing so. I hope this award encourages more and more customers to fly with the best." Etihad's state-of-the art ebox on-demand system won the Middle East's Leading Inflight Entertainment. The EBOX allows customers to enjoy more than 600 hours of the latest movies, TV shows, music and interactive games as well as recharge laptop computers and mobile devices.
9
Thursday, May 12, 2011
Oil slips as cooling China economy comes to focus China oil demand 3rd largest, sings of economic cool-down LONDON: Oil prices slipped in choppy trading on Wednesday, reversing earlier gains as the focus shifted to signs China's economy might be cooling and to an expected increase in US crude oil stocks. US crude was trading $2.16 lower at $101.72 by 1339 GMT. ICE Brent crude futures were $1.53 lower at $116.10. China's inflation eased in April to 5.3 per cent, and other data including industrial output and loans suggested the world's second-biggest economy might be cooling, with less need for further aggressive monetary tightening. "Inflation has cooled slightly," Thorbjorn Bak Jensen with Global Risk Management in Denmark said. "But there is still heavy growth in retail sales and production." The US government is due to release weekly oil data at 1430 GMT. Analysts expect a fall in gasoline stocks for the 12th consecutive week, while crude oil stockpiles were forecast for
a 1.4 million barrel increase. Some analysts said the dip in prices was driven by shortterm profit-taking and technical indications to sell. Mike Witter with Societe Generale expected volatility would remain in the oil market.
up 8.8 per cent from a year earlier and the third highest ever. With the summer US driving season soon to start, investors are focusing on the flood along the Mississippi River, which threatened to disrupt oil refineries amid falling inventoUS mid-day ries of gasoline Crude oil sheds 4pc in the world's Oil prices tumbled 4 per cent as US gasoline top gas market. futures plunged limit down, triggering a brief "US gasoline halt in trade on the New York Mercantile inventories have been coming off, Exchange. US crude slumped $4.31 to $99.57 a barrel so we still see at 1622 GMT. In London, Brent crude dropped healthy demand despite concerns $3.87 to trade at $113.76 a barrel. of higher com"Macro data from the US, modity prices slowing conEurope and China has been sumption," said Serene Lim, an decidedly mixed in the last two ANZ Bank oil analyst based in weeks, helping to trigger fear Singapore. and extreme volatility," he said US gasoline stocks fell by 1.8 million barrels in the week in a research note. China's implied oil demand, to May 6, the American a combination of crude oil Petroleum Institute said late on throughput and net imports of Tuesday, versus an expected refined oil products, was at drop of 200,000 barrels. 9.32 million barrels per day Inventories are now nearly 11 (bpd) in April, Reuters calcula- million barrels below levels tions showed on Wednesday, this time last year. -Reuters
ATTCAK: Farmers carry newly harvested wheat at a field in Attcak village, in Punjab province, Pakistan. -Reuters
Silver drops 7pc, gold down in commodities rout NEW YORK: Silver fell more than 7 per cent on Wednesday, breaking a threeday rebound from last week's 25 per cent decline and dragging gold as crude oil tumbled and after China's industrial output growth eased much more than expected. Silver's losses accelerated as energy products plummeted, leading a sharp decline across the commodity sector. US government data showing rising crude oil and gasoline inventories triggered a steep sell-off in gasoline, crude oil and heating oil futures. Earlier, Chinese data showed industrial output growth eased much more than expected in April, while consumer inflation in the world's second biggest economy eased modestly from a 32month high in March. China is a major consumer of silver and the second-
largest consumer of gold. More than half of silver's global output is consumed by the industrial sector. The Reuters/Jefferies CRB index, a broad measure of commodity performance, fell 2.5 per cent.
"China is trying to contain inflation, and some of the measures it has enacted will likely to have an impact on economic growth. It's another reason for people to take money off the table for commodities in the short term," said Evan Smith, co-manager of US Global's Global Resources Fund, which has $1 billion assets. Spot silver rose as much as 2.7 per cent early, then reversed those gains and was
down 7.2 per cent to $35.70 by 1613 GMT. Silver lost nearly one-fifth of its value last week. Before Wednesday's dive, the metal had rebounded as much as 19 per cent since Friday. Sharply lower US gasoline futures, triggered a fiveminute halt in trading of energy products including crude oil futures. Spot gold fell 1 per cent to $1,500.57 an ounce. COMEX gold futures for June delivery were down $16.30 to $1,500.60. Silver's tumble pushed the gold/silver ratio, which measures how many ounces of silver an ounce of gold can buy, toward a three-month high. Silver, hit by a succession of margin increases that nearly doubled trading costs, fell 25 per cent last week, its biggest such decline since prices collapsed in 1980. Reuters
NY cotton rises as trade eyes USDA report NEW YORK: US cotton futures ended higher on Tuesday on investor shortcovering as the trade braced for release of a key government crop report on Wednesday, analysts said. The US Agriculture Department's monthly supply/demand report is due out tomorrow at 1230 GMT. It will contain the first estimate of global supply/demand conditions in the upcoming 2011/12 marketing year (August/July). 'Let's see the report,' said Keith Brown, president of commodity firm Keith
Brown and Co in Moultrie, Georgia. The key July cotton contract on ICE Futures US rose the 6.00-cent limit to settle at $1.514 per lb, with the day's low at $1.43. The new-crop December cotton futures went up 2.14 cents to close at $1.2592 cents per lb. Volume traded stood at almost 17,700 lots, about a fifth below the two-thirds below the 30-day norm, Thomson Reuters preliminary data showed. July shot up on switch trade and short-covering, running
Sugar, coffee fall; Cocoa steady LONDON: ICE sugar and coffee futures fell on Wednesday, in line with weaker commodity markets, as growth slowed in the world's second-biggest economy China. Cocoa bucked the trend to remain steady as dealers eyed the pace of exports out of top producer Ivory Coast. "Notice that everything is coming off together. It's the stronger dollar and there's a bit of risk aversion today," VTB Capital analyst Andrey Kryuchenkov said. In sugar, dealers locked in gains after a sharp rally on Tuesday following news of a growing line up of vessels in Brazilian ports. Dealers said the fundamental outlook for global sugar supplies remained bearish as the harvest in the centresouth of Brazil, the world's top producer and exporter, gathered pace, and due to larger than expected Thai output. ICE July raw sugar futures were down 0.64 cent or 3.1 per cent to 21.18 cents a lb at 1451 GMT. Prices had fallen to an eight-month low of 20.40 cents on Friday. Liffe August white sugar traded down $16.40 or 2.7 per cent to $596.20, above the eight-month low of $571.90 touched on Thursday. Coffee prices breached key technical levels, based on historical price charts, with potential for further losses. ICE July arabica futures traded down 6.4 cent or 2.3 per cent at $2.7620 a lb at 1454 GMT, while London July robusta futures were down $52 or 2 per cent at $2,533 a tonne. Cocoa prices were steady as dealers awaited a pick up in the pace of exports from Ivory Coast, where the cocoa industry has resumed activity, after being at a standstill for months following a disputed presidential election. ICE second-month, July cocoa was up $20, or 0.6 per cent at $3,125 per tonne at 1457 GMT. Liffe July cocoa was up 6 pounds or 0.3 per cent at 1,915 pounds per tonne. -Reuters
Tokyo rubber ends higher TOKYO: Key Tokyo rubber futures settled up 1.2 per cent on Wednesday and recovered to the level seen before last week's selloff, tracking gains in Shanghai, but the market later lost momentum on signs the Chinese economy might be cooling. The key Tokyo Commodity Exchange rubber contract for October delivery rose as much as 387.4 yen, up 2.6 per cent, before it settled up 5.7 yen at 383.2 yen per kg. "The market lost steam after the Chinese economic data that showed inflation had eased," said a trader. The Tokyo market tends to be more affected by the speculative Shanghai rubber market these days, making it hard to predict the future pricing trend, he added. The most active Shanghai rubber futures contract for September delivery fell 350 yuan to close at 31,130 yuan per tonne on Wednesday. Volume stood at 959,274 lots. Oil prices fell, turning negative after earlier highs, as the focus shifted from robust demand from China to signs that the world's second-largest economy might be cooling. -Reuters
Copper crumbles after China output data LONDON: Copper fell to its lowest since December last year on Wednesday after data from China suggested a cooling economy and potentially less demand from the world's largest consumer, but analysts say growth is still strong. Benchmark copper on the London Metal Exchange closed at $8,700 a tonne from $8,910 at the close on Tuesday. It touched a session low of $8,643, its lowest since early December. China's industrial output in April rose 13.4 per cent from a year earlier, compared with an average forecast of 14.7 per cent and easing from a pace of 14.8 per cent in March. "The government is doing everything it can to slow the economy, but it is still growing strongly," said Max Layton, analyst at Macquarie. "They are trying to rein in the race horse, but it is still winning the race ... They will target inflation, try to get it down, but they are not going to do it at the expense of creating a huge downside risk for growth." China's inflation eased in April to 5.3 per cent, slightly above the consensus, but below a 32-month high in March of 5.4 per cent, reinforcing expectations that pressures were peaking and would start to ease in the second half of 2011. "Translating these numbers ... the net effect would imply that the authorities seem to have things under control and that they may hold off another round of tightening for now," RBC Capital Markets said in a note. That was echoed in a Reuters interview with a government economist, who said China may cut rather than raise interest rates over the rest of this
year. In another sign of a cooling economy, China's refined copper production fell in April from March's record 470,000 tonnes, although primary aluminium production rose. "The metals production data is showing a picture of a wellsupplied market," Credit Agricole analyst Robin Bhar said. "China will be in no hurry to
Shanghai copper falls Copper prices fell on Wednesday after the release of slightly-higher-thanexpected Chinese inflation data, while fears of the euro debt crisis weighed. Copper for delivery in three months on the London Metal Exchange fell 0.8 per cent to $8,840 per tonne by 0736 GMT, while the mostactive July copper contract on the Shanghai Futures Exchange fell 1.1 per cent to 66,340 yuan at its close. come to the market and it's unlikely to this summer. Maybe we have to put back their return to the market until maybe the third quarter, possible going into the fourth quarter." China's absence from the copper market is reflected in inventory data. Stocks of copper in LME warehouses at 468,350 tonnes are at their highest since June and up nearly 35 per cent since Dec 9. Three-month aluminium closed at $2,611 a tonne from $2,652 at Tuesday's close. Zinc closed at $2,160 from $2,173, lead was $2,295 from $2,335, tinwas untraded, but bid at $29,100 from $29,600 and nickel was $24,550 from $24,850 a tonne. -Reuters
Palm up a 3rd day ahead of USDA report KUALA LUMPUR/JAKARTA: Malaysian palm oil futures extended gains for a third day on Wednesday ahead of a US agriculture report that may show tighter grains and oilseeds supply in the months to come. The US Department of Agriculture May supply and demand report is expected to confirm the US winter wheat crop has shrunk to its lowest in five years, a scenario that will boost soybeans and palm oil. Palm oil has lost about 14 per cent so far this year on rising stocks and still weak demand. It also fell to a six month low last week along with a broad sell-off in commodities as traders initially fretted over the state of the US economy and cut risk taking. "External markets are giving the boost to palm oil ahead of the US report. There are some weather concerns in Europe with regards to grains that could boost all the agriculture markets," said a trader with a foreign commodities brokerage. At the close, the benchmark July crude palm oil contract on Bursa Malaysia Derivatives rose 0.3 per cent to 3,269
Malaysian ringgit ($1,093) per tonne. It earlier hit a peak at 3,283. Overall traded volume was 12,155 lots of 25 tonnes each, compared with 11,373 lots on Tuesday. A Reuters technical analysis showed the benchmark palm oil contract is expected to correct moderately to 3,215 ringgit per tonne before choosing its next direction. Malaysian palm oil exports appear to be recovering in the first ten days of May with cargo surveyor Intertek Testing Services reporting an increase of 17 per cent from the same period a month ago. Higher exports come at a time when stocks in Malaysia, the No.2 producer, rose at a slower-than-expected pace that may eventually support prices. US soyoil for July delivery was flat in Asian hours ahead of the USDA report, which will give the first estimate of ending stocks for soybean crops and update global crop production numbers in Brazil and Argentina. The most active January 2012 soyoil on China's Dalian Commodity Exchange inched up 0.3 per cent. -Reuters
European vegetable oil prices ROTTERDAM: The following were the Wednesday's Rotterdam vegetable oil price's at 21:00 PST. SOYOIL: EU degummed euro tonne fob exmill Jun11 875.00-5.00, Jul11 875.005.00, Aug11/Oct11 880.005.00. RAPEOIL: Dutch/EU euro tonne fob exmill May11/Jul11 950.00-15.00, Aug11/Oct11 955.00-15.00, Nov11/Jan12 965.00-10.00, Feb12/Apr12 970.00-10.00. SUNOIL: EU dlrs tonne extank six ports option Jul11/Sep11 1390.00+0.00, Oct11/Dec11 1340.00-10.00. LINOIL: Any origin dlrs tonne extank Rotterdam May11/Jun11 1477.50-2.50. CRUDE PALM OIL: Sumatra/Malaysia slrs option dlrs tonne cif R'dam Jun11 1137.50-15.00, Jul11/Sep11 1130.00-12.50, Oct11/Dec11 1120.00-12.50. PALMOIL: RBD dlrs tonne cif Rotterdam Jul11/Sep11 1195.00. PALMOIL: RBD dlrs tonne fob Malaysia Jul11/Sep11 1140.00-5.00. PALM OLEIN: RBD dlrs tonne fob Malaysia Jul11/Sep11 1147.50-5.00, Oct11/Dec11 1115.00-7.50, Jan12/Mar12 1112.50-5.00. PALM STEARIN: Dlrs tonne fob Malaysia Jun11 1135.00+0.00. COCONUT OIL: Phil/Indon dlrs tonne cif Rotterdam Apr11/May11 2045.00+0.00, May11/Jun11 2020.00+0.00, Jun11/Jul11 2000.00+0.00. CASTOROIL: Any origin dlrs tonne extank Rotterdam Jul11/Aug11 2650.00-45.00. Reuters
Indian sugar closes flat MUMBAI: India's spot sugar prices stayed steady for the third straight session on Wednesday as oversupply in the domestic market offset an increase in demand for the sweetener in hot northern states, traders and analysts said. "Demand and supply is just equal to each other and there is no movement in the market. Prices are likely to remain at this level for next few days," said a member of Bombay Sugar Merchants Association. Demand for the sweetener from ice-cream and cool-drink makers typically goes up with the rise in temperature. The country, which consumes about 22-23 million tonnes of sugar annually, is likely to produce 25 million tonnes in 2010/11, up 33 per cent from the previous year. In Kolhapur, a key market in top producing Maharashtra state, the most traded S-variety was steady at 2,650 rupees ($59.6) per 100 kg. "There is no movement seen in sugar, it has been trading in the range of 2,700-2,750 rupees per 100 kg level for last 11 sessions," said Faiyaz Hudani, senior analyst with Kotak Commodity Services, talking about the futures markets. The most-active sugar for May delivery on the National Commodity and Derivatives Exchange (NCDEX) closed up 0.95 per cent at 2,747 rupees per 100 kg. -Reuters
National Commodity Exchange Ltd Trading Summary Date
Commodity
11-May-2011 CRUDE100 11-May-2011 CRUDE100 11-May-2011 CRUDE100 11-May-2011 SILVER - 500oz 11-May-2011 SILVER - 500oz 11-May-2011 GOLD 01oz 11-May-2011 GOLD 01oz 11-May-2011 GOLD 01oz 11-May-2011 GOLD 100oz 11-May-2011 GOLD 100oz 11-May-2011 GOLD 100oz 11-May-2011 GOLD 11-May-2011 GOLD 11-May-2011 GOLD 11-May-2011 KILOGOLD 11-May-2011 KILOGOLD 11-May-2011 TOLAGOLD50 11-May-2011 TOLAGOLD100 11-May-2011 MINIGOLD 11-May-2011 MINIGOLD 11-May-2011 MINIGOLD 11-May-2011 MINIGOLD 11-May-2011 MINIGOLD 11-May-2011 TOLAGOLD 11-May-2011 TOLAGOLD 11-May-2011 TOLAGOLD 11-May-2011 TOLAGOLD 11-May-2011 TOLAGOLD 11-May-2011 IRRI6W 11-May-2011 RICEIRRI - 6 11-May-2011 RBD PALMOLEIN 11-May-2011 KIBOR3M 11-May-11 KIBOR3M
Contract Date
Price Quotation
Open
High
Low
Close
JU11 JY11 AU11 JU11 JY11 JU11 JY11 AU11 JU11 JY11 AU11 MY11 JU11 JY11 AP11 MY11 MY11 MY11 MON TUE WED THU FRI MON TUE WED THU FRI 12MY11 AP11 AP11 11-Mar 11-Jun
US$ 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
102.08 102.62 102.87 38.33 38.55 1517.20 1517.50 1518.50 1517.10 1517.50 1519.00 41244.00 41250.00 41466.00 41411.00 41420.00 48301.00 48301.00 42548.00 42592.00 42505.00 42519.00 42534.00 48969.00 49500.00 49765.00 49695.00 48952.00 3502.00 3506.00 5134.00 86.47 85.4
104.38 105.03 103.66 39.33 39.40 1526.70 1526.70 1527.50 1526.00 1517.50 1527.10 41465.00 41500.00 41485.00 41430.00 41439.00 48323.00 48323.00 42554.00 42597.00 42612.00 42525.00 42540.00 48975.00 49500.00 49765.00 49938.00 48958.00 3502.00 3506.00 5142.00 86.48 85.42
100.74 101.40 102.87 37.78 37.75 1507.00 1507.20 1508.00 1507.50 1515.70 1515.00 41244.00 41250.00 41466.00 41411.00 41420.00 48301.00 48301.00 42548.00 42592.00 42505.00 42519.00 42534.00 48969.00 49019.00 48919.00 48935.00 48952.00 3501.00 3505.00 5134.00 86.47 85.4
102.68 103.26 103.66 38.01 38.02 1515.10 1515.70 1516.30 1515.10 1515.70 1515.70 41457.00 41467.00 41485.00 41430.00 41439.00 48323.00 48323.00 42554.00 42597.00 42612.00 42525.00 42540.00 48975.00 49024.00 49041.00 48941.00 48958.00 3501.00 3505.00 5142.00 86.48 85.42
Traded Volume in lots 339 151 85 193 2,757 2,581 2,868 81 25 13 8 1 2 80 -
Previous Settlement Price 101.92 102.48 102.87 38.47 38.47 1516.90 1517.50 1518.10 1516.90 1517.50 1518.10 41438.00 41448.00 41466.00 41411.00 41420.00 48301.00 48301.00 42548.00 42592.00 42505.00 42519.00 42534.00 48969.00 49019.00 48919.00 48935.00 48952.00 3502.00 3506.00 5134.00 86.47 85.4
higher because it was heavily oversold, dealers sad. The rest of the board posted much more modest increases. The level of investor interest in the cotton market remained weak. Open interest in the cotton market rose to 148,600 lots as of May 9, up from the 147,578 lots on May 6, which is the lowest level since October 2009, data from ICE Futures US showed. Volume traded in the cotton market was at 12,006 lots as of May 9, versus the previous tally of 14,795 lots, exchange data reported. -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 102.68 58 103.26 25 103.66 38.01 11 38.02 33 1515.10 925 1515.70 1,663 1516.30 1,674 1515.10 9 1515.70 1516.30 3 41457.00 2 41467.00 4 41485.00 41430.00 41439.00 48323.00 48323.00 42554.00 42597.00 42612.00 42525.00 42540.00 48975.00 25 49024.00 1 49041.00 2 48941.00 140 48958.00 2 3501.00 3505.00 5142.00 86.48 85.42 -
China's Ding Ning returns in her match against Zhu Fang of Spain in the second round women's singles of the Table Tennis World Championships in Ahoy stadium
10
Thursday, May 12, 2011
Sri Lanka in running to host 2012 Eng-Pak series COLOMBO: Sri Lanka is in the running to host the England-Pakistan Test and one-day series scheduled for early 2012, with continuing security concerns preventing England from travelling to Pakistan. Sri Lanka Cricket's secretary Nishantha Ranatunga said he was "very positive" about Sri Lanka being handed the hosting rights, though the PCB said it has yet to make a decision. "We're working on several options for [hosting] that series, and UAE and Sri Lanka are a couple of them," Subhan Ahmed, the PCB's chief operating officer, told ESPNcricinfo. "Nothing is confirmed just yet." Ranatunga said Sri Lanka was an ideal venue as it was a favoured destination of both English and Pakistan fans. "I have spoken to the cricket boards of both England and Pakistan and they have been very positive about playing the series in Sri Lanka," he said. "Pakistan chose Sri Lanka to play all their group matches of the 2011 World Cup and they had a lot of crowd
Shahida for holding Birbal coaching camp in Karachi KARACHI: The Chairperson of Subh-e-Nau and noted tennis promotor of the country, Mrs. Shahida Kausar Farooq has called upon the Pakistan Tennis Federation (PTF) for holding a training camp at the renovated City Sports Complex Tennis courts in Karachi. "We got a lot of junior talent in the biggest metropolis of the country and PTF should also arrange a coaching and training camp under the supervision of Indian coach Birbal Singh," she told APP on Wednesday. Experienced Indian coach is currently holding a training cum coaching of Pakistan junior players in Islamabad. "We are ready to arrange Karachi visa for Birbal Singh so he could travel to Karachi for holding a training camp," he said. Mrs. Farooq said she was ready to talk to Interior Minister Rehman Malik for Birbal Singh's visa for Karachi. She said by arranging a coaching camp for the juniors can greatly benefit in improving the overall standard of tennis in Karachi. -Agencies
Semi finals of Rustam-e-Pak dangal LAHORE: The Country's top grapplers will be seen in action during the semi finals of the ANF Rustam-e-Pakistan Dangal on May 13 at Hockey Stadium Divisional Sports Ground Multan. Defending champion,Mohammad Bashir Bhola Bhala will face off with Rustame-Punjab Usman Majeed in the first semi final at 4 pm. Hamid Khan,Rustam-eMultan will take on Nadir Daha, Rustam-e-Bahawalpur. Two wrestlers will qualify for the ultimate showdown which will take place on May 22 at Karachi. -APP
support. "England are also keen to play in Sri Lanka as their supporters, including the Barmy Army, have enjoyed previous tours here with the England teams." The financial aspect will also come into play in any final decision. SLC is reportedly in debt after the World Cup and any potential series will help alleviate that situation. "The series would also generate income for the Cricket Board and also improve our tourist industry," Ranatunga said. For Pakistan, Sri Lanka may provide a cheaper option for logistical costs than the UAE, where they have been holding most of their "home" internationals. Last October they hosted South Africa for a full tour and it is believed they are keen to look at other options given the higher costs the UAE incurs. It would also make more sense for England to play the three-Test, five-ODI series in Sri Lanka instead of the UAE, as they are due to tour Sri Lanka soon after, from early March to April 2012.
Sri Lanka are also scheduled to play a Test and ODI series against Pakistan this October, and that series is almost certain to be held in Sri Lanka, Ranatunga said. "We have put forward our proposal to the PCB and are awaiting a response from them. I am quite certain they would want to play the series in Sri Lanka." Sri Lanka were the last international team to play in Pakistan, in early 2009, with the second Test being called off midway after the Sri Lankan team bus was shot at in Lahore. The incident led to the ICC dropping Pakistan as one of the four countries co-hosting the 2011 World Cup, and Pakistan have been using Abu Dhabi and Dubai as neutral venues for their matches since. Sri Lanka previously hosted a neutral Test between Pakistan and Australia in Colombo in October 2002, after Australia cited security concerns over travelling to Pakistan in the aftermath of the 9/11 terror attacks and the ensuing war in neighbouring Afghanistan. -Online
Donald maybe Australia next bowling coach SYDNEY: Australia and New Zealand could be battling for the services of Allan Donald as bowling coach, after the South African made it to the final round of interviews to replace Troy Cooley in the Australian setup. Donald worked with New Zealand for several months before and during the World Cup, and while they are keen to retain him, the decision may be taken out of their hands. Craig McDermott, the former Australia fast bowler and Academy coach, and the Tasmania assistant Allister de Winter also made the cut for a second interview with Cricket Australia. However, Donald would be a more unexpected choice if he was offered the job, as Australia have traditionally not been inclined to employ foreign talent on their coaching staff. Cricket Australia's general manager of cricket, Michael Brown, has conducted the final round of interviews and was expected to put an offer to the chosen candidate this week. An announcement on who will replace Cooley, who is now the head coach at the Centre of Excellence in Brisbane, is likely to come over the next week. "I am waiting on a call from Cricket Australia in the next 48 hours [from Tuesday's final interviews] and then I'll make my decision," Donald told ESPNcricinfo on Wednesday. If he does not win the Australian position, Donald is expected to remain with New Zealand. Both teams could benefit from the experience of Donald, who is reportedly strong on the mental aspects of the game, not just the technical. That could be ideal for an Australian attack led by
Mitchell Johnson, although a New Zealand bowling group that has lost the veterans Shane Bond and Iain O'Brien in the past couple of years would also gain from working with a champion such as Donald. New Zealand's director of cricket, John Buchanan, said the role of bowling coach would be of great importance in the immediate future for their youthful attack. The veteran spearhead Chris Martin turns 37 later this year and can't go on forever, so young men like Tim Southee and Hamish Bennett will need to take on more responsibility over the coming seasons. "I spoke to [the coach] John Wright at length and he was very impressed with him [Donald], the way he went about what he did," Buchanan told ESPNcricinfo. "He probably spends more time with bowlers in terms of the way they think about the game and their game awareness, as opposed to being too technical about what bowling requires. John's comment was that his group responded very well to him and he was very keen to keep him on board if he could. "Having that sort of experience and knowledge around is one way of upskilling the younger guys who have less of that, but offer a lot of other things. It is a critical role, certainly for the next couple of years anyway." In addition to having taken 330 Test wickets at an average of 22.25, Donald has plenty of coaching experience on his CV. He spent a short time as England's bowling coach in 2007 and took charge of the Zimbabwe domestic side Mountaineers last year, before taking up his role with New Zealand. -Online
HYDERABAD: Players in action HPC Sports Festival in atable tennis match played at Press Club. -APP
Discipline problems keep Benn out of Pak series GEORGETOWN: Clyde Butts, chairman of the West Indies senior selectors, has said spinner Suleman Benn's omission from the team for the Digicel Home Series against Pakistan had to do with incidents at this year's ICC World Cup in Asia. "He did not have a very good report from the World Cup and we felt he needed some time to recuperate from that World Cup and all the situations that happened there," Butts told the media at a press conference at the Guyana National Stadium at Providence. Butts said the adverse reports came from team management and were "mostly off the field" incidents. The chief selector said there has been some follow-up with the player. "He has been spoken to. We have sat with him, the selectors and the coach, for a long time in Barbados when we had the camp and we actually explained everything to him." Asked what would be the next step for Benn, Butts replied: "The Board is actually supposed to reach Benn and decide how we're gonna move forward from there." Benn's omission is the latest in a string of disciplinary problems for a player given a central retainer contract by the West Indies Cricket Board (WICB) for 2010-11 after consistent performances last year. While he took 15 wickets in the three-Test series against South Africa, Benn also earned a one-match Test ban.
1st PTBF Ranking Bowling Tournament KARACHI: 1st PTBF Ranking Bowling Tournament was organized and managed by Royal Rodale Club in its 12 lanes Brunswick technology bowling alley with all parameters of international standards recently. More than 40 Bowling players from different cities of Pakistan participated in this mega tournament under the categories of Single Masters, Open Singles, Doubles, Trios and Team. The tournament was held under supervision of the able staff memebres of the Royal Rodale Club taking care of all the international rules and regulations whick were highly acclaimed by all the bowlers. Since its inception Royal Rodale is the only club in Pakistan who is promoting the game of bowling at all levels especially for our youth.
Nash keen to take first-class form into Tests GUYANA: Brendan Nash, the West Indies vice-captain, is confident he will take strong form in to the first Test against Pakistan, which starts in Guyana on Thursday. Nash is considered a Test specialist and therefore didn't take part in the recent one-day series against Pakistan, but in his most recent first-class innings, he made 207 for Jamaica against Trinidad and Tobago. That came early last month, during the final stages of the regional four-day competition, and Nash finished the tournament as the third-leading run scorer. He enters the Test series with the extra responsibility of being vice-captain to Darren Sammy, and Nash believes that he can help the home team beat Pakistan, despite West Indies being without veterans like Chris Gayle and Dwayne Bravo. "I'm feeling really good the way I'm batting," Nash said. "The last time I batted in a first-class match I got over 200. Admittedly, that was a little while ago, but I have carried that form with me. Pakistan have a good team, they have some good bowlers, but I believe I am experienced enough and capable enough to handle myself. We have a good team and things are taking shape, so we believe we will do very well against the Pakistanis. "We saw some great cricket
in the warm-up match and we had a good training session today. We will have another session as we prepare for the match and everyone is looking forward to Thursday. As the vice-captain I have added responsibility and I'm always happy to help the others in the team in any way I can. That has been my style from the first day I joined the team." Nash, 33, last played for West Indies back in December, during the rain-affected tour of Sri Lanka. He made two halfcenturies from his three innings, and he said he was happy with his form leading in to the Pakistan matches. "I'm feeling mentally and physically ready for the series," he said. "I am hitting the ball really well and I'm where I want to be in the lead-up to the Test series. I played in the WICB regional four-day tournament and I managed to get some good runs. I felt I batted really well. I'm happy to be part of the team unit for the Test series here against Pakistan. "I'm looking to get onto the field. I love Test cricket and I really enjoy playing for the West Indies so I'm happy to be back among the boys again. We have a few new players who I have not had the joy of playing a Test match with, so that's exciting for me. We have good camaraderie in the team and we are all focused on the two Test matches upcoming." -Online
KCCA to protest with PCB over unfairnesses KARACHI: The Executive Council of the Karachi City Cricket Association (KCCA) has decided to lodge a serious protest with Chairman of Pakistan Cricket Board (PCB) Ijaz Butt for ignoring outstanding Karachi cricketers by the National Selection Committee. This was decided in a meeting of the KCCA Executive Council held on Tuesday at KCCA Office, said a statement issued here on Wednesday. The Council felt that talented cricketers Sarfraz Ahmed, Khurrum Manzoor, Faisal Iqbal, Fawwad Alam, Khalid Latif, Sohail Khan and Muhammad Sami were ignored despite outstanding performance in domestic events. "This is a great injustice to
Karachi Cricketers. Ignoring of talented spinner Danish Kaneria on a mere accusation which was denied by ECB and ICC, is yet another case of gross injustice," KCCA statement said. "The KCCA Council felt that even all the eight members of support staff in the Pakistan team hailed from one city is another example of gross injustice and unfair play," it said. The Council also took a serious note of issuing show cause notice to KCCA Secretary Prof. Ejaz Farooqi by PCB for raising the voice for Karachi cricketers the other day "As a first step KCCA has allowed its cricketers to join a protest at Karachi Press Club on Saturday May 14, 2011 at 3.30PM.
Australia unlikely to press FIFA on WCup SYDNEY: Prime Minister Julia Gillard said Wednesday Australia worked "long and hard" to win the 2022 World Cup, but it was unlikely to pursue FIFA over allegations Qatar used bribes to secure the event. Her comments follow new allegations of corruption on Tuesday, with the former head of England's 2018 World Cup bid accusing senior officials of demanding cash and honours in return for votes. In an explosive session of a British parliamentary committee examining England's failed bid, six members of FIFA's graft-tainted executive were accused of involvement in bribery before last year's votes to decide the 2018 and 2022 hosts. British lawmaker Damian Collins said the hearing had received evidence FIFA vicepresident Issa Hayatou from Cameroon and Jacques Anouma from the Ivory Coast received bribes of $1.5 million to vote for Qatar's 2022 bid. Qatar won the race to host the tournament despite a damning evaluation report from FIFA on the oppressive heat in June and July in the Gulf nation. Australia received just one humiliating vote and was eliminated in the first round, leaving its delegation stunned. Canberra spent Aus$45.6 million ($49.5 million) trying to bring the World Cup to Australia and Gillard said it had been an "ethical and impressive" bid. "I'm not here to give a critique on World Cup voting systems, but we were very disappointed," she said, referring to the way the vote went. "We believed we put a bid in which was impressive, and we pursued that bid in an ethical and appropriate way."-Online
Table Tennis championship on 12th FAISALABAD: District Inter Schools Table Tennis championship will start at Sports Complex Jhang on Thursday, May 12. District Coordination Officer (DCO) Jhang Muhammad Shahid Niaz will inaugurate the championship at 10:00 am while District Officer (DO) Sports Jhang Chaudhary Tariq Nazeer will also present on the occasion. About 12 schools of district Jhang will participate in this championship which would remain continue up to May 14. -APP
US exports set record as trade gap widens
Canada trade surplus up, business confidence dips
n US imports rise 4.9 percent to $220.8 billion WASHINGTON: US exports set a record in March, buoyed by the weak U.S. dollar and strengthening globaldemand as US trade flows returned to levels last seen before the global financial crisis. U.S. exports grew 4.6 percent in March to $172.7 billion, surpassing the record set in July 2008 before world trade took a sharp downturn. The March export rise was the biggest month-to-month gain in 17 years, the Commerce Department said in a report on Wednesday. "It's taken two-and-a-half years, but the level of exports has finally returned to prerecession levels," said Paul Dales, senior U.S. economist with Capital Economics in Toronto. Despite the big gain, the U.S. trade deficit grew to $48.2 billion in March, the widest since June 2010, as rising oil prices helped push imports nearly 5 percent higher. Dales said he doubted the wider-than-expected trade gap in March would meaningfully worsen estimates of already weak first-quarter U.S. economic growth. "More generally, the latest surveys suggest that export growth will continue to accel-
erate, with the lower dollar providing further support. But the surveys suggest that imports will continue to grow at a faster rate," Dales said. Both US goods and U.S. services exports set records in March, as did two sub-categories - foods, feeds and beverages and industrial supplies. U.S. exports to Canada and South and Central America also set records and exports to the European Union were the highest since July 2008. A weaker dollar helps US. exports by making them cheaper in world markets. The dollar has fallen 5.2 percent against a basket of currencies since the beginning of the year. Against the euro, the dollar has been down nearly 7 percent so far this year. Imports grew 4.9 percent to $220.8 billion as the average price for imported oil hit $93.76 per barrel, the highest since September 2008. Oil prices continued to rise in April, but have receded in recent weeks back to early March levels. Pierre Ellis, senior global economist at Decision Economics in New York, said the trade data could provide ammunition for members of the Federal Reserve board that want to tighten monetary
policy to curb the threat of inflation. "This is a reassurance on growth, which is what the hawkish members of the Fed are looking for. This is a piece of evidence for them to consider removing accommodation before things start overheating a couple of years down the road," he said. US imports were the highest since August 2008, just as the global financial crisis was beginning to bite into trade. Imports hit a record $232.1 billion in July 2008, before tumbling sharply over the next six months. US petroleum imports were also the highest since August 2008 and the US petroleum trade deficit was the widest since October 2008. China's own data this week showed it posted its biggest surplus in four months in April, as exports hit a record on stronger global demand. US and Chinese officials sparred over China's exchange rate policies during high-level talks this week in Washington. The United States pressed for a faster rise in the yuan's value to help bring trade into balance, while China said it would continue exchange rate reform at its own pace.-Reuters
OTTAWA: Canada's trade surplus bounced higher in March after two months of declines as broad increases in exports outstripped higher imports, Statistics Canada said on Wednesday. In a separate release, the Conference Board of Canada said business confidence declined slightly in the first quarter from a 10-year high but businesses were still highly optimistic about the near-term future in Canada. The trade surplus rose to C$627 million ($653 million) in March from C$356 million in February, which was revised higher from an originally reported C$33 million. Exports rose 3.5 percent to C$37.37 billion and imports climbed 2.8 percent to C$36.75 billion. Both categories had fallen in February. Export volumes were up 2.5 percent and import volumes 3.2 percent, Statistics Canada said. "The high-flying Canadian dollar doesn't appear to be dampening enthusiasm for Canadian exports as they grew 14.2 percent annualized (after adjusting for inflation) over the past two quarters, despite the currency pushing through parity (with the U.S. dollar)," BMO Capital Markets economist Benjamin Reitzes said. The improved trade balance was roughly in line with a prediction of a C$500 million surplus in a Reuters survey of analysts. -Reuters
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issues of mutual interest. Both sides are to sign three Memorandums of Understandings to increase cooperation in various sectors. The President will address the Russian corporate sector and businesses and representatives of Pakistani businesses in the country. -Online
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named Khairiah Sabar, is one of three bin Laden wives who had been living in the Abbottabad compound. She, along with the other survivors, is in Pakistani custody. Sabar told Pakistani authorities she hadn't seen her son since the assault, London's Daily Telegraph newspaper reported. After the successful assault, the White House initially reported Hamza had been killed, but later said it was another son, Khalid, 24, who died. Pakistani authorities confirmed that one household member is missing. Hamza was implicated in the 2007 assassination of Pakistani Prime Minister Benazir Bhutto, who had written that the young bin Laden was organising one of "four suicide bomber squads" targeting her. Meanwhile, the FBI and Homeland Security said there could be terror strikes by "lone wolves" to avenge Osama's death. Also, federal prosecutors said Rageh Ahmed Mohammed Al Murisi, a Yemeni who tried to barge into the cockpit of a Chicagoto-San Francisco flight Sunday night, was trying to bring the plane down. -Online
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Committee said that Command and Staff College, Quetta is the oldest and one of finest institution of military learning. It plays significant role in grooming future leadership of the Army, he added. On arrival Chairman Joint Chiefs of Staff Committee was received by Lieutenant General Khalid Rabbani, Commandant, Command and Staff College Quetta. -Online
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aggression against the sovereignty of the country. He said the nation wants to know the whole facts and would not be satisfied until that was done. He said we should reach to the realities in transparent to satisfaction to of the nation. Replying to a question, Mian Nawaz Sharif said it is the right of Parliament to get briefing but similar briefings should come before the people of Pakistan through the media. He also stressed that the country should break the begging bowl as foreign aid has destroyed the country. -Agencies
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were kicked of in Balochistan, but work on most of them were stopped due to lack of funds. -Agencies
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to the Saudi government but Karachi police said it was too early to say if the attack was linked to the death of the Saudi-born militant chief. "We are very angry about this breach of trust," said the official, speaking on condition of anonymity. "The space for cooperating with the Americans on military and intelligence operations has been shrunk because of this incident." Pakistani cooperation is crucial for Washington's efforts to combat Islamist militants and bring stability to Afghanistan, and the U.S. administration appears keen to contain the fallout. Nevertheless, US lawmakers have questioned whether Pakistan is serious about fighting militants in the region after bin Laden was found living in a house just a few minutes' walk from the country's main military academy. Some have called for a suspension in U.S. aid to Islamabad. "We wouldn't be naive enough to be complicit in this affair. We would be risking not only the future of our country, but also the future of our children," the official said, adding that if there was a support network protecting bin Laden it did not come from within Pakistan's security establishment. The United States is hoping to question the three wives of bin
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Laden who were left in the Abbottabad compound after US raid and are now being detained, although Pakistani officials played down the possibility of any speedy access. US investigators, who have been sifting through a huge stash of material seized during the operation, believe the wives could help them trace bin Laden's movements and his network. ABC News quoted Pakistani officials as saying that they were interested in studying the remains of a US helicopter that crashed during the Navy SEALs' raid, which experts believe was a version of the Blackhawk modified with stealth features. Pakistan says bin Laden's death is an important step in the fight against militancy but it is angry that it was not informed about it and that US forces violated its sovereignty when they swooped in on helicopters from Afghanistan. -Reuters
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countries in which the exports carried out by sea have major share, he added. Chairman, APCMA also asked Minister to resolve the issue of Gumrak at the earliest in order to boost up cement exports amid its actual potential. The duty draw back on cement exports to Afghanistan is allowed based on Afghan Custom document called Gumrak. Earlier the Custom authorities were allowing the duty draw back based on photocopy of Gumrak but some time back they have started asking for the original Gumrak. He termed the Custom authorities' demands for original Gumrak against duty draw back illogical because it is unavailable with exporters themselves and retained by authorities in Afghanistan. "Issue should be resolved once and for all and duty draw back should be allowed on photocopy of Gumrak and the pending cases should be cleared accordingly", he said. He also requested FBR to reinstate the Supervised Clearance System (SCS) at the Chaman-Afghan border for keeping the record of every single export and if possible the system can be applied on internal sales of cement too to make the tax-collection transparent. Chairman, APCMA further requested the Minister for Finance to phase out tax burden over the industry including Federal excise duty @ Rs700 per ton, Special excise duty @ 2.5%, General sales tax @ 17% and 5% withholding tax on utilities in order to prevent cement makers from complete bankruptcy. -NNI
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Federal Finance Minister apprised the Cabinet about the salient features of the Budget Strategy Paper 2011-2014. It was informed in the Budget Strategy Paper that despite formidable and devastated floods, the economy is bouncing back and there are encouraging developments that augur well for its future performance of the economy. The Cabinet approved the Budget Strategy Paper 2011-2014 presented by the Ministry of Finance which was prepared in consultation with all the stakeholders. To revive growth at the earliest, Paper aims at following measures; fiscal deficit will be contained to 4.5 per cent of GDP in 2011-12 and thereafter to be further reduced by 0.5 per cent annually; tax-to-GDP ratio estimated at 9.1 per cent during the year, will be raised to 10.3 per cent over the next three years. The Cabinet was informed that as a result of recommended measures the inflation in the country is projected to be lower than 12 per cent in 2011-12 and economic growth at 4.2 per cent of GDP. Approval in principle was granted by the Cabinet to start negotiations and signing of the draft agreement on the security of information between Pakistan and Nato. Approval in principle was granted to start negotiation and signing of the draft 3rd Frame Agreement between Suparco and CNSA on cooperation in space science and technology. The Cabinet approved the signing of European Union's Four Financing Agreements by which European Union has offered grant assistance 80 million euros to Pakistan. The Cabinet approved Financial Protocol worth euros 33.44 million for extension of water resources for Faisalabad City phase-I. The Cabinet approved initiation of negotiations on MoU for Cooperation in the field of Housing between Ministry of Housing and Works, Pakistan and Ministry of Housing, Indonesia. The Cabinet approved the supplementary grant of Rs20 million for the Human Rights Division for Diyat, Arsh and Daman Fund in order to implement the decision of the Supreme Court of Pakistan.
ECB eyes price pickup, Berlin backs Draghi for top job PRATO: Inflation pressures in the euro zone are continuing to build, European Central Bank policymakers said on Wednesday, as Germany gave Italy's Mario Draghi its blessing to become the bank's next president. Financial markets expect the ECB to look past the euro zone's debt crisis and raise interest rates to 1.5 percent in July after hiking them to 1.25 percent last month. Belgium's Luc Coene and
influential ECB executive board member Lorenzo Bini Smaghi both underscored the concerns about rising euro zone inflation that are leading the ECB towards a second rate hike in three months. "Markets do currently anticipate a gradual withdrawal of the monetary accommodation," Belgian central bank governor Coene told a banking seminar. Financial markets are pricing in a July ECB hike after the
bank appeared to close the door on a June increase last Thursday by leaving "strong vigilance" and "heightened alertness" -- two phrases it has traditionally used to signal a coming rate hike -- out of its policy statement this month. But Juergen Stark, another of the ECB's six member board and head of its economics unit, warned against an overreliance on codewords for shaping hike expectations.Reuters
The Cabinet approved to initiate and sign the MoU between the Board of Investment, Pakistan and the Russian National Investment Promotion Agency. The Cabinet approved to initiate and sign the MoU between the Board of Investment, Pakistan and the Evras SA Russia International. The Cabinet approved to initiate and sign the MoU between the Board of Investment, Pakistan and Gazprom Russia International. Furthermore, while addressing the upper house Prime Minister Gilani urged the nation to remain united and warned of possible threats to the country. In his address aimed at taking the representatives into confidence on Osama Operation, Prime Minister said that differences should be set aside and it is the time of unity. Prime Minister defending country's armed forces, which have come under heavy criticism since United States' unilateral operation against Osama Bin Laden, commended their efforts against terrorism and paid tribute to the sacrifices being made by martyred soldiers in defense of the country. He repeatedly appealed to the representative to remain united and work together on a better strategy for national policy on security. "We should not provide others any chance to finger-point at us", he said. Responding to a point of order about Osama Operation and capability of the country's armed forces, the Prime Minister said that China, Britain, and Saudi Arab have lauded Pakistan's efforts in war against terrorism. Pakistan has not been isolated after the US raid on bin Laden's hideout, and that the international community continues to support the nation, he added. Gilani said that Chief of Army Staff (COAS) General Ashfaq Pervez Kayani was the first one to inform him about the operation, calling him at 2 am that night. However, he added, it was not known at that time whom the helicopters belonged to. Gilani said that bin Laden had not been invited to Pakistan, adding that, Osama Bin laden was involved in killing 30 thousand people. Osama, he said, was involved in killing of Politicians, innocent civilians, army men. He also said that if there were any shortfalls in the government's policies, then the Parliament could help in correcting them. He said Pakistan would not allow anyone to use its soil for terrorist activities against any other country. We are nothing without Pakistan, he said, adding that, we would have to make country stronger. -Online
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parties, Economic Advisory Council and Revenue Advisory Council about budgetary proposals and incorporate their views on how to ensure best utilization of available resources. He said their views should be made part of the budgetary proposals. The Finance Minister informed the Cabinet that the budget would focus on reduction of fiscal deficit, containing local borrowing, less dependence on State Bank borrowing, checking of inflation through tight monetary policy, and strengthening the role of Competition Commission to take effective action against cartels that jack up prices of different commodities artificially. The cabinet gave instructions for building strategic reserves of basic commodities like ghee, sugar and wheat flour to ensure their adequate availability before the onset of Ramzan when prices tend to increase. Prime Minister gave directions to ensure availability of adequate stocks of these items and that there is no disruption in supplies. -NNI
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fled, a police official said. Al Qaeda is violently opposed to the Saudi government and has vowed revenge for the killing of its leader, Saudi-born Osama bin Laden, by US special forces in Pakistan on May 2. Police said that both the culprits were on motor bike. No damage occurred due to bursting of crackers. Following the gruesome incident, stringent security measures have been taken in the said area while all consulates have been enveloped in security blanket to avoid any untoward incident following Osama's fiasco. -Agencies
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Pakistan to reduce its deficit by increasing revenue while cutting wasteful spending. The budget deficit for the first nine months of the current fiscal year was 4.5 percent of gross domestic product. The government has said it aims to keep the budget deficit to less than 5.5 percent of GDP for the year, but analysts doubt that can be achieved. Pakistani budgets have a "huge lack of fairness" in that some sectors are not taxed at all and some untargeted subsidies such as for electricity have yet to be eliminated, said the official. In Pakistan, tax revenue is equivalent to only about 10 percent of GDP, one of the lowest levels in the world. The IMF and other donors have pressed Pakistan to raise its ratio by implementing fiscal reforms. But it remains to be seen if the unpopular government will increase its tax base in the new budget, especially with an election due in roughly 18 months. "Pakistan will have to take tough measures to increase its revenue otherwise the economy will never head towards sustainable growth," said Khalid Iqbal Siddiqui, director at Invest and Finance Securities Ltd. Ways to generate revenue may include a gross asset tax or a wealth tax, along with a much-debated general sales tax. But political considerations may prevail. "Heading towards elections, I don't think there will be any substantial move on tax reform," said Sakib Sherani, a former economic adviser to the government, adding that there are many vested interests that benefit from tax-exemptions. Pakistan's foreign reserves, according to Pasha, are hovering around record high levels at $17.11 billion but of that, $8 billion is from the IMF and nearly $3.5 billion belongs to commercial banks. -Reuters
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chain also offered an optimistic outlook for the rest of 2011. Through Wednesday, 450 of the S&P 500 companies had reported, with 69 percent posting results above analysts' expectations, according to Thomson Reuters data. American International Group Inc gained 4.2 per cent to $30.85 after the insurer and the US Treasury said they will sell nearly $9 billion in AIG stock. The latest economic report from China showed industrial output growth eased in April, suggesting the world's second-biggest economy was cooling, reducing the need for more monetary policy tightening. But Chinese inflation remained high.-Reuters
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Brokerage Edelweiss forecast the Nifty would be rangebound at 5,500 to 5,650 in the short term. Lenders rebounded with State Bank of India, ICICI Bank and HDFC Bank rising between 0.1 per cent and 1.8 per cent.-Reuters
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Other stocks were down due to them going ex-dividend. These included BP, Inmarsat, Morrison Supermarkets, Randgold Resources, Rexam, Royal Dutch Shell, Sage, Unilever and Whitbread. GROWTH CONCERNS The US trade deficit widened more than expected in March, which could prompt analysts to trim their estimates of already weak first-quarter US economic growth. Wall Street was lower as the UK market closed after Walt Disney Co's quarterly results missed expectations. Richard Batty, Global Investment Strategist, Standard Life Investments, warned expectations for profit growth for global corporates has peaked. "While the Q1 2011 profits cycle has been robust, with outcomes ahead of initial expectations, investors are rightly worried about the outlook in view of policy headwinds such as tighter fiscal and monetary policy, plus a harsher regulatory environment. Indeed, expectations for profit growth have been moderating recently." Sentiment in the luxury sector was also boosted by a positive note on Europe's luxury companies from Credit Suisse. Marks & Spencer added 0.8 per cent after JPMorgan Cazenove's upgraded its recommendation and price target for the retailer.-Reuters
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data released by the TSE, encouraged by strength in overseas equities. Commodity shares such as oil stocks and mining shares outperformed on rising oil and gold prices. Declining shares outpaced advancing ones by 845 to 645. Reuters
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of 12,143 points (+ve 131 points). However, during the later half of the session market witnessed some selling pressure mainly by the local investors who preferred to book profits. The selling eroded most of the gains and crept into the negative zone for few second but continued support of foreigners allowed the index to bounce back and close the day on a green note. Investor participation also was on the higher side as 84.4 million shares traded during the day which was 24.5 million shares more as compared to 59.9 million shares exchanged hands a day earlier. Bank Alfalah was the volumes leader with 10.55 million shares followed by Lotte Pakistan with 10.11 million shares and Fauji Fertiliser Bin Qasim with 4.25 million shares. According to an expert, LOTPTA was amongst the volume leaders amid news of group showing interest in expanding operations in the country. However, despite a positive closing out of total 365 active issues; 141 declined and 121 advanced while 103 issues remained unchanged.
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Rehman Malik talks to Indian Television
Pak tells India not to let OBL-mess hurt ties Says West created Osama; Rejects Dawood in Pak ISLAMABAD: Interior Minister Rehman Malik has said he had sent a "private message" to India's Home Minister P Chidambaram that the Osama incident should not cast a shadow on the Indo-Pak equation and he appealed to the world to view Pakistan as a victim of terrorism. In an exclusive interview to NDTV, he said, he knew about the Osama operation "15-20 minutes after it started. "He also said that Pakistan's ISI had provided the initial intelligence about al Qaeda operatives to America's CIA. Asked why the ISI had not acted earlier, Malik said that "We'll fix responsibility, the agency as a whole hasn't failed." He also said, "We admit part failure of intelligence, a probe has been ordered. Pakistan's soil shall not be used for terror." Reiterating the point that Prime Minister Gilani made in his statement to the Parliament recently, Malik said Pakistan could not be faulted in the Osama incident. Osama, he said, had used guerilla
techniques to hide in the garrison town of Abbottabad. The al Qaeda chief, he said, was "a criminal, a terrorist" who had killed many people in Pakistan and also tried to assassinate former Pakistan Prime Minister Benazir Bhutto twice. No one in Pakistan, Malik said, questioned the killing of Osama. But they did question the way it was done, he said. "The sovereignty of Pakistan has been hit; the US should have shared information with us." Malik denied media reports that Pakistan had sanctioned a unilateral operation to get Osama. The Interior Minister echoed Gilani again when he said foreign agencies, including the CIA, had created Osama bin Laden. On whether Pakistan would accede to the US demand for access to Osama bin Laden's three widows and children, Malik said Pakistan had not received a formal request for this yet. They would decide, he said, once that request was made by the Americans and in accordance with domestic law.
He also said that Pakistan was open to allowing the Indian judicial commission access to 26/11 suspects, though he emphasised that this would be "only on a strictly reciprocal basis." "We are awaiting formal clearance for Pakistan's judicial commission to travel to India," Malik added. On the other hand, India has rejected Rehman Malik's claim that the Dawood Ibrahim was not in his country, insisting that Pakistan needed to disclose the whereabouts of the don who has houses in Karachi, Lahore and Islamabad. "If the Malik is so sure that Dawood is not in Pakistan, he should tell us where is he? According to our information, Dawood is in Pakistan," home secretary Gopal K Pillai said in a sharp riposte to Malik's assertion. Asked to comment on Malik's claim, Pillai asserted that India's most wanted criminal has houses in Karachi, Lahore and Islamabad. "We would welcome any more information from Pakistan about Dawood," he told reporters. Agencies
Abbottabad Operation
Pak lawmakers urge court trail ISLAMABAD: Vehemently condemning the US operation against al Qaeda leader Osama bin Laden in Abbottabad, Senators on Wednesday demanded court trial of the operation urging no compromise will be made on the sovereignty of the country. Taking part in debate over Abbottabad, the Senators strongly condemned the US operation against Osama bin Laden. Senators have demanded that the cooperation in war against terrorism should be made conditional with the country's interests and sovereignty. Senator Saleem Saifullah has said that the government always blames the previous regimes for all problems, but it included the previous regime in the alliance. He further said that strong opposition is essential for democratic government.
Saleem Saifullah said that if the US helicopters would had flew for more ten minutes then it could reach Islamabad and if tomorrow US would dislike our president or prime minister then it could target them in the Upper House. He demanded court trial of Abbottabad operation because such operations would be repeated in future if it would be neglected now. Senator SM Zafar has said that after Abbottabad operation all of us have to realise that we are a sovereign country. He said that no country should violate the territory of other country. SM Zafar further said that now we should say good-bye to America or make it clear that if now drone attack would be repeated then cooperation in war against terrorism would be stopped. -Online
Asia urged to tackle rising road accidents
ADB writes road safety action plan ISLAMABAD: The Asian Development Bank Wednesday marked the start of a worldwide 'Decade of Action for Road Safety' with a call for governments to tackle Asia and the Pacific's disproportionately high rate of road fatalities and serious injuries. An estimated 1.18 million fatal road accidents occur globally each year, 60 per cent of which take place in Asia and the Pacific, according to ADB statement received here. The Decade of Action for Road Safety 2011-2020 aims to stem projected increases in road accidents, averting an estimated three million fatalities and 120 million injuries in the region over the next decade, it added. "With its admirable economic growth rates, vehicle fleets in Asia and the Pacific are set to double every four to five years," ADB's Vice-President
Bindu Lohani said at a launch event in Manila, Philippines adding, "however, this growth need not be accompanied by an equally high and unnecessary loss of life on the region's roads and highways." The launch of the campaign is part of a series of events taking place in more than 90 countries around the world. With nearly a third of its lending dedicated to transport projects, ADB has developed a 'Road Safety Action Plan' which promotes safety in the planning, design, construction and operation of all ADB assistance to its developing member countries. The plan includes components for infrastructure and policy support, such as crash barriers, central median barriers, and pedestrian facilities, in addition to legislative, enforcement and public education programs. -APP
CJCSC address to War College, Quetta
Pak forces stand solid, says Wyne QUETTA: General Khalid Shameem Wyne Chairman Joint Chief of Staff Committee said that the Defence Forces of Pakistan are well equipped, highly motivated and fully capable to all dimensions of conventional and unconventional threat posed to security and integrity of the mother land. General Wyne, Chairman Joint Chiefs of Staff Committee (CJCSC) was addressing officers of Command and Staff College, Quetta on Wednesday.
Urging the officers to maintain their focus on professional pursuits, the Chairman Joint Chief of Staff Committee emphasised that excellence in the training is the key to operational preparedness. It is the leadership, which has emerged as the decisive factor in such environment and you must lead by personal example, he stressed. Appreciating the good standard of training, Chairman Joint Chief of Staff See # 3 Page 11
Zardari reaches Moscow, sign pact MOSCOW: Amid uncertainties in the region and peace process in Afghanistan, President Asif Ali Zardari arrived in Moscow Wednesday on a four-day state visit to Russia. He is visiting Russia on special invitation of Russian President Dmitry Medvedev, Pakistani foreign ministry sources said. The President will discuss in details the bilateral issues and review important regional and global matters of mutual interest with the Russian leadership. "Pakistan internal issues like economic crises, lack of foreign investment and others are so important that cannot be ignored in the discussion with the regional big and important country," official sources said. Followed by delegation level talks, the president will have a close format meeting with President Medvedev. The discussions are expected to revolve around enhancing bilateral cooperation and ways and means to further expand relations between the two countries. Situation in Afghanistan, India-Pakistan peace process and discussion on energy and trade collaboration will be considered during the meeting. The President is also scheduled to meet Russian Prime Minister Vladimir Putin where the two leaders will discuss bilateral cooperation and regional and international See # 1 Page 11
MOSCOW: President Asif Ali Zardari inspecting the Guard of Honor upon his arrival at Shrimetva-1 Airport here on Wednesday. - APP
AIG sets $9bn stock offer NEW YORK: American International Group (AIG) and the US Treasury will sell nearly $9billion in AIG stock, they said on Wednesday, a huge offering but less than half of what had been contemplated earlier this year. AIG shares fell more than 2 per cent in premarket trading on the news, continuing the sharp slide that has knocked more than a third off the company's value in the last four months. At the premarket price, AIG is less than 30 cents a share from the government's break-even point. To be sure, when AIG was rescued in September 2008, few expected it would even exist today.
The company received $182 billion in bailouts and managed to restructure while preserving two core businesses. But the prospective offering of 100 million shares by the company and 200 million shares by the Treasury has been pressured by the slide in AIG's stock. A mix of heavy interest from short-sellers betting the shares would fall further, dilution fears for those with long positions and operational questions linked to legacy charges at two AIG units weighed on the shares, driving them from the mid-$40s range to the upper $20s. The US Treasury also has the
option to sell an extra 45 million shares to cover any over-allotments, which would raise the value of the sale to more than $10 billion. Assuming the Treasury sells only the 200 million shares, the government's stake in AIG would fall to 77 percent from the current 92 per cent. AIG shares fell as low as $28.80 in premarket trading from a $29.62 close Tuesday. That marks the stock's lowest point since August 2010. Shares have closed lower in 31 of the last 42 trading sessions, going back two months, according to Thomson Reuters data. -Reuters
OBL youngest son escaped arrest: Pak WASHINGTON: Osama bin Laden's youngest known son is said to have escaped from the Pakistani compound where his father was killed by Navy SEALs. Pakistani authorities say Hamza bin Laden, 19, has been unaccounted for since the May 1 raid in which his father, an older brother and two trusted family friends were killed. Word of Hamza's disappearance came as one of the older of bin Laden's 20 or so children, Omar, blasted the United States for a "criminal mission" that "obliterated an entire defenseless family." Omar threatened to sue while demanding proof that his father died. Hamza's mother, a Saudi See # 2 Page 11
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